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financial
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INCLUDING
Public Utility Compendium
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SATURDAY, OCTOBER 8 1927.
VOL. 125.
Thronicle
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WILLIAM B. DANA COMPANY, Publishers,
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The Financial Situation.
It remained for the monthly Stock Exchange figures of brokers' loans, as distinguished from those
given out weekly by the Federal Reserve Board, to
reveal the full extent of the recent expansion in
brokers' loans. These figures, which we discuss
more in detail further below, show that the further
addition during September was not far from a quarter of a billion dollars and that the grand total of
these loans is fast approaching the huge figure of
four billion dollars. Simultaneously, the stock market the present week has furnished a new demonstration of its extreme vulnerability, or at least its
acute sensitiveness to changes in money conditions,
or anything suggestive of such changes. Not only
is borrowing on Stock Exchange account establishing new high peaks with each recurring month and
with each recurring week, but the level of stock
prices has risen so high as to furnish occasion for
the deepest solicitude and anxiety. There is the additional reason for caiition in the circumstance that
business prosperity, so long the motive power behind
the gigantic speculation, aided, of course, by the
extreme ease in money and the facility with which
credit could be obtained, both at the Reserve banks
and the ordinary banks, has for several months been
on the wane. The trade statistics furnish eloquent
testimony to that effect. So do declining figures of
railroad earnings in nearly all parts of the country.
Nevertheless, the speculation for higher prices
early in the week again got under full headway, the
volume of transactions reaching tremendous proportions, the shares sales on Tuesday aggregating well
in excess of three million shares, being in fact 3,152,473 shares. But just when the market appeared
strongest it proved weakest. Evidently, advantage
was being taken of its strength and its presumed
Bank and Quotation Section
Bankers' Convention Section
NO. 3250.
absorbing powers, to dispose of huge blocks of stock.
Simultaneously, call money advanced from 4 to
41/
2% and this proved the signal for attacks on prices
all round. Reams of stocks were thrown over. Confidence, so strong only an hour before, now dropped
to a low ebb. After the close of business on the
Exchange the figures of brokers' loans appeared.
The weekly returns of the Federal Reserve Board
had prepared every one for a substantial increase,
but no one looked for such an extraordinarily large
expansion as was actually reported. The figures
were really startling. The next day a further big
break in prices seemed inevitable. Actually, the
further recession in prices was extremely moderate.
The market acted as it has many times before and
evinced marvelous rallying powers. Obviously, supporting orders, extended by the big interests engaged
in manipulating the market, had much to do with
this, but there was also considerable buying by those
whose faith in the continued upward course of values
remained unshaken. By Thursday the market
sealed to have got back to the normal, with few
traces of the wreck of only two days before, but of
course, with the level of prices lower. A drop in the
call loan rate during the afternoon from 4/
1
2to 4%
aided the recovery. Yesterday there were further
occasions for solicitude in another week's figures of
the Federal Reserve Board, showing that the expansion in Stock Exchange borrowing was still in progress. But the market, while manifesting some hesitancy did not decline much further. Apparently the
market remains at the will and caprice of those who
have been directing its course for so long, embracing
people with ample means to carry the speculation
further, so long as credit and money remain easy.
The movement inspires caution, not alone because
prices have been carried to such extreme heights,
but also because it has a fictitious element in it,
since there is something unsubstantial and incongruous in efforts to continue speculation for higher
prices when trade and business is falling off, railway revenues are diminishing, and profits are dwindling or being altogether extinguished. Perhaps
those behind the movement think that by these means
prosperity can be coaxed back, and it must be admitted that trade is always sensitive to what is happening in the stock market. Strength and rising
prices on the Stock Exchange impart tone and confidence to the general business world. But obviously, prices cannot go on advancing for ever. In
the end the bubble will burst. Soon easy money and
easy credit will cease to have power to further inflate stock prices, just as they long since lost their
power to inflate commodity values. After the big
interests have unloaded their holdings on the general
1878
THE CHRONICLE
[vol.. 125.
public the market will be left to itself. Perhaps the ber banks at the Federal Reserve institutions is now
market is now being kept artificially strong in order again-increasing. During the week ending Wednesto effectuate the unloading. It behooves the out- day night, according to the returns issued on Thurssider to stand aloof in a situation so full of peril.
day evening, the Federal Reserve Bank at New York
As to the Stock Exchange figures of brokers' increased its volume of discounted bills from $148,loans, the exact amount of increase for the month of 383,000 to 173,485,000, enlarged its holdings of acSeptember was $240,736,237, and the exact total to ceptances from $84,011,000 to $104,528,000 and exwhich this class of borrowing has been carried is tended its holdings of United States Government se$3,914,627,570. The Stock Exchange figures, as far curities from $94,864,000 to $101,011,000. The reas the grand aggregate is concerned, have from the sult altogether is that total bills and securities Oct.
first been much larger than those of the Federal 5 stood at $379,024,000, against $327,258,000 Sept.
Reserve Board, and apparently the Stock Exchange 28 and comparing with only $243,471,000 on Oct. 6
compilation is all-inclusive, embracing borrowings last year. For the twelve Reserve banks combined
of every description from New York banks and trust the discounts during the week rose from $430,312,companies and from private bankers, brokers, for- 000 to $462,485,000, the holdings of acceptances from
eign banks, agencies, etc., in New York City, while $242,148,000 to $262,165,000 and the holdings of
the Federal Reserve figures relate entirely to the 52 Government securities from $494,352,000 to $504,reporting member banks in New York City; and 873,000. The total of bills and securities this week
even though these banks report borrowings, not only is $1,230,343,000, against $1,167,632,000 a week ago.
for their own account, but for account of out-of-town On Oct. 6 last year the total was $1,206,886,000.
banks and for the account of others, it is obvious
The member banks, notwithstanding this week's
that there may be other borrowing aside from that increase, are borrowing less than a year ago, but the
passing through the hands of these member banks. Reserve banks have more than made good the differAt all events, the Stock Exchange figures are al- ence by increasing their holdings of United States
ways very much larger than the Federal Reserve Government securities almost $200,000,000, such
figures, and the total of these borrowings on collat- holdings on Oct. 5 the present year being $504,873,eral by Stock Exchange members Sept. 30 was, as 000, against only $306,335,000 on Oct. 6 1926. In this
already stated, $3,914,627,570. At the low figure in manner the Reserve banks emphasize their deter1926, which was May 28, the amount was $2,767,400,- mination to keep the same amount of Reserve credit
514. Thus in the space of 16 months there has been (and a little more) employed as before, in pursuit of
an addition of $1,147,227,056. It would be superflu- the policy of maintaining easy money. The effect,
ous to dilate upon results which tell their own story of course, is to stimulate speculation, when the efmore eloquently than could be expressed by any fort ought to be to curb speculation and hold it
assemblage of words.
within proper bounds. Through increased borrowBut this week's return of the Federal Reserve ing, the member banks during the week increased
• Board bring the figures down to a still later date. their reserve account with the Reserve institutions
The Stock Exchange figures are for the close of and this enlarged the deposits of the Reserve banks,
business on Sept. 30. The Federal Reserve Board's which are now $2,426,327,000, against $2,389,768,000
new figures are for the close of business on Wednes- a week ago. At the same time the amount of Fedday of this week, namely Oct. 5. And these figures eral Reserve notes in actual circulation rose from
show that the expansion in these loans to brokers $1,705,765,000 to $1,717,040,000. The gold reserve,
and dealers is still going on. As compared with however, declined during the week from $2,988,853,Wednesday of last week (Sept. 28) the further addi- 000 to $2,965,784,000.
tion has been no less than $89,612,000. It is needAs a further indication of the general state of inless to say that these figures establish another new flation, and also of the strain to which this often
high record, and the only point that needs emphasiz- gives rise, reference should also be made to last Sating is that for five successive weeks now a new peak urday's return of the New York Clearing House
has been reached each week. We are told that the banks and trust companies. No doubt, owing to the
latest increase is to be ascribed to the payment for preparations for the 1st of October payments of
the "when issued" contracts for the General Motors dividends and interest, these being among the largstock, in which the dealings have been large since est of the year, all the items in the Clearing House
they first appeared on the Exchange on Aug. 19, statement recorded changes of huge amounts and of
But, as we stated last week, back in May it was simi- great significance. Their loans were expanded in
larly contended that the turning of the "when is- the sum of no less than $184,452,000, bringing the
sued" new shares of the United States Steel Cor- total of these loans and discounts up to $6,051,811,poration after the payment of the 40% stock divi- 000. We have seen no reference to the fact, but this
dend, into stock minus the right to the stock divi- is the first time these loans and discounts have
dend, had served to swell the total and in June the reached $6,000,000,000. The expansion in the loans
explanation for the continued expansion in these was attended by an increase of $202,953,000 in the
loans was the congestion in the bond market arising net demand deposits and of $11,950,000 in the time
out of the inability of a number of syndicates to deposits. Even with this increase the total of the
float several large new bond issues. Each of these deposits runs far below the loans, the demand deposseveral explanations doubtless played its part at the its aggregating $4,748,442,000 and the time deposits
time, but the fatal weakness in the whole series of $720,081,000, making $5,468,523,000 for the two comarguments is that even after the special influences bined. At the same time the reserve kept with the
referred to had ceased to operate, no contraction in Federal Reserve Bank was drawn down in amount
the total occurred. Instead the amount kept on of $22,608,000, while cash in own vaults was also
diminished by $1,086,000, though such cash does not
mounting higher and still higher.
As it happens, too, and emphasizing the general constitute legal reserve. The final result was a destate of inflation existing, borrowing by the mem- ficiency in reserve below legal requirements in
OCT.81927.]
THE CHRONICLE
amount of $23,772,560. This is the condition of
strain in which these Clearing House institutions
found themselves notwithstanding they still hold
S114,687,000 of Government deposits, the same as
during the two previous Saturdays.
1879
ery and tools, and chemicals; also in the printing
division and for bakers. A heavy iron failure was
mainly responsible for the large growth in the indebtedness of manufacturing defau:ts, and in some
measure the same thing applies to the insolvencies
among manufacturers of lumber. Liabilities were
September insolvencies in mercantile lines, as dis- also heavier last month in the clothing manufacturclosed by the records of R. G. Dun & Co., maintain ing class; for the divisions embracing hats and
much the same numerical increase over last year as gloves, leather goods including shoes, and tobacco.
has appeared in the earlier reports since January. On the other hand a smaller amount of indebtedness
There were 1,573 defaults in the United States last is shown in the manufacturing divisions last month
month, with liabilities of $32,786,125, as against in machinery lines, woolen goods, chemicals, earth1,708 insolvencies during August for $39,195,953, enware, printing and bakers. There were in all durand 1,437 failures in September a year ago involv- ing the month just closed 46 mercantile defaults
ing $29,989,817. As is customary, the number of where the liabilities in each instance were in excess
mercantile defaults in September this year is the of $100,000, the total of such being $17,181,924. A
lowest of the year and the total of liabilities re- year ago the corresponding figures were, respecported for that month is less than for any preceding tively, 40 as to the number of the larger defaults, and
month this year. For the nine months of this year $16,448,515 as to the indebtedness. It is in the manuthere have been 17,333 insolvencies in the United facturing division where quite an increase is shown
States, with $396,659,570 of defaulted indebtedness, in the liabilities for September this year, as has prein comparison with 16,111 during the corresponding viously been noted. The indebtedness for the larger
period of 1926, involving $287,697,987 of liabilities. defaults in the class embracing agents and brokers
The increase in the number of defaults for the cur- last month was also heavy, in part due to insolvenrent year to date over last year is 7.6%, while the cies among some stock brokerage concerns, but some
indebtedness shown for this year exceeds that re- very large failures also occurred in the class embracported a year ago by 37.9%. For September of this ing agents and brokers in September of last year.
year insolvencies were 9.5% more numerous than
The failure report for September completes the
they were a year ago, while the liabilities reported? record for the third quarter of the year, and the infor that month this year were 9.3% larger than in crease noted in the first and second three months is
September 1926. This is much the best showing as repeated in the third quarter in the comparison with
to liabilities for any month this year, but the im- both preceding years. There. were in all 5,037 merprovement is due almost entirely to the fact that the cantile insolvencies in the United States during the
larger defaults were somewhat less numerous in third quarter of 1927, with total liabilities of $115,September this year than in the earlier months.
132,052, these figures comparing with 4,635 similar
There were reported last month 389 defaults in defaults a year ago involving $87,799,486, an inmanufacturing lines for $15,348,867 of indebtedness; crease this year of 8.8% in the number and of 31.1%
1,083 failures among traders, owing $12,051,799, and in the indebtedness shown. Failures were more
101 insolvencies of agents and brokers for $5,385,- numerous for the third quarter of 1927, and the
459 of liabilities. The corresponding figures for amounts involved were larger, in the case of all three
September 1926 were 374 manufacturing defaults classes into which the figures are separated, as they
for $10,092,741 of indebtedness; 958 trading failures were in both preceding quarters this year. Manuinvolving $11,242,485, and 105 insolvencies of agents facturing defaults for the third quarter this year
and brokers owing $8,654,591. The increase in the number 1,275, with liabilities of $47,012,499; trading
number of defaults last month over the preceding failures, 3,444, involving $43,586,192 of indebtedness,
year was largely in the trading section—as to lia- and agents and brokers, 318, owing $24,533,361. In
bilities it was mainly among the manufacturing the corresponding period of last year there were
classes, while a marked contraction is shown this 1,219 manufacturing defaults for $33,775,810; 8,151
year in the indebtedness reported for the brokerage in trading lines owing $39,952,485 and 265 defaults
division. Insolvencies were more numerous last among agents and brokers with an indebtedness of
month than a year ago among dealers in clothing, in $14,071,191. There is an increase for this year, both
dry goods, in shoes, in furniture, in hardware and as to the number of failures and the liabilities for all
among druggists, the increase in the number of de- three divisions, but relatively the least satisfactory
faults in September this year over last year for these showing is for the division embracing agents and
six classes being quite marked. On the other hand, brokers. In the latter case four States contribute
there was quite a decrease last month in the number over 40% of these defaults in number, and nearly
of defaults among grocers, general stores and hotels 80% of the indebtedness, these four States being
and restaurants. The six classes first enumerated New York, Ohio, Florida and California. Included
also record some increase this year in the amount of with the New York return are a number of stock
liabilities, which is especially large for the clothing brokerage concerns. The New York figures constidivision and the indebtedness is heavier last month tute fully 35% of the total of this division for the
for the class embracing dealers in jewelry, while entire United States.
quite a reduction appears in the case of grocers, genFor all three classes of mercantile defaults during
eral stores and hotels and restaurants.
the third quarter there are three of the eight sections
In manufacturing lines more failures were re- of the United States into which the report is sepported last month in the divisions embracing lum- arated, where fewer failures occurred this year than
ber, tobacco and hats and gloves, but as to the last last. These sections include the Central South, the
two classes, the number was not very large. There Central West, the latter embracing the seven States
were, however, fewer insolvencies in September this of Minnesota, Missouri, the Dakotas and Kansas,
year among manufacturers of clothing, of machin- and the Western or Mountain division. Quite an
1880
THE CHRONICLE
[VOL. 125.
increase appears in the number of defaults for that goods under the Tariff Reform Act of Aug. 30.
period this year in the New England States, the Mid- Through this action tariff rates on American goods
dle Atlantic States, the South Atlantic, Central were raised by as much as 400% in some instance
s.
East, and the Pacific Coast States. There are two The American Government protested that ,many
sections where the liabilities this year are somewhat American products would thus be deprived
of the
less than they were a yea rago, the Southern Central possibility of competing in the French market
with
States, and the Western or Mountain division. The domestic products or with those of countrie
s with
other six geographical sections show quite an in- which France maintains reciproc
al agreements.
crease in the indebtedness reported, particularly the Sheldon Whitehouse, American Charge
d'Affaires in
nine South Atlantic States and the three Pacific Paris, formally requested on Sept.
10 that the old
Coast States. The increase in New England applies tariff rates be restored pending the
conclusion of a
to all of those States excepting New Hampshire and commercial accord, and on Sept. 12
presented a proRhode Island. New York State shows a consider- posed draft of the accord to the French
Government.
able increase, especially in the liabilities reported This, envisaging mutual most-favored
-nation treatfor the manufacturing divisions, and that embracing ment, was promptly rejected by France,
as was also
agents and brokers. This in both divisions last men- the quest for the restoration of the
tariff rates pretioned is due to a number of large defaults. Both viously applied. Correspondence
thereupon folPennsylvania and New Jersey show fewer failures lowed, embracing three aide memoirs
, in which the
this year than last.
tariff policies of the two countries were thoroughly
In the South Atlantic section practically all of the reviewed. These were made public
simultaneously
States contribute to the increase, but the heaviest in Paris and Washington Oct.
3 and are reprinted in
losses were in Florida. Maryland, the Virginias, full on subsequent pages
of this issue.
North Carolina and Georgia, however, add considerThe first of the aide memoirs made public was deably to the total. Texas and Oklahoma contribute livered by the French
Government Sept. 14 to Mr.
mainly to the decrease shown for the Southern Cen- Whitehouse in Paris.
In it France contended for
tral States, but liabilities reported for Kentucky are complete reciproc
al treatment of the tariff question
considerably heavier this year than they were a year as the indispen
sable starting point for the elaboraago. In the West many of the,States report quite an tion of a treaty
consistent with equity and the interincrease this year, among them Ohio, Indiana, Illi- ests of the two
countries. On the receipt of preliminois and Missouri. Liabilities are also heavier, but nary assurance that
this principle would be acceptit is worthy of note that there is quite a decrease in able to the United States,
the note stated, France
the amount of indebtedness shown this year in Michi- was prepared to enact a
decree diminishing by 50%
gan; furthermore, few defaults appear this year in the surplus rates institut
ed by the decree of Aug. 30
Minnesota, the Dakotas, Iowa and Kansas. There for the benefit of products
originating in and comis a reduction also in the number of mercantile fail- ing from the United States.
The American reply,
ures this year in Montana and Colorado, but other dated Sept. 19, expresse
d "both surprise and disapchanges are not of importance. California and pointment at the
attitude of the French GovernWashington report quite an increase in the number ment," adding that
the United States Government
of insolvencies this year, but there were fewer de- "had suppose
d that the French Government fully
faults in Oregon. The large increase in the liabili- understood that
the American law which fixes the
ties reported for the Pacific Coast States was almost tariff on imports
does not envisage the conclusion of
entirely in California.
a treaty of reciprocity in regard to rates of duty."
Banking defaults for the third quarter of 1927 The State Departm
ent, in this communication, inwere not so numerous as during the corresponding sisted upon most-fav
ored-nation treatment, contendperiod of last year, and there was a marked deduc- ing that "any
other policy . . . is opposed to the
tion in the indebtedness shown, the number, 55, in- soundest principl
es of world economics and essenvolving $20,857,350, comparing with 169 similar de. tially of world
good-will." After asserting that "disfaults in the third quarter of 1926 with liabilities of crimination in world
trade against the United States
$73,651,265. In the third quarter of 1925 only 46 has practically ceased," and
that "it is France alone,
banking failures occurred, for $11,613,262 of indebt- at the present time, which
seriously discriminates
edness. The noteworthy decrease this year is in the against American products," the
note referred to
South Atlantic States. It will be recalled that in Article 317 of the American tariff
law, which authorthe third quarter of 1926 banking failures were un- izes the imposition of additional
duties on goods
usually heavy in Georgia and Florida due to tem- coming from a country which
discriminates in its
porary and local conditions. As in recent preced- tariff against the trade
of the United States. The
ing years, the banking disasters this year are mainly note said further that the
American Government is
in the South and West. Combining the Southern very loath to increase its tariff
on articles imported
Central States with those of the West, and nearly from France and had so far
refrained from doing so,
80% of the number of banking defaults and the same since it believes "that upon
reconsideration the
ratio as to indebtedness are found.
French Government will realize the essential justice
of the American principle."
The controversy between the Governments of
The French rejoinder, dated Sept. 30, was conFrance and the United States over the new French strued in Washington as concilia
tory. The French
tariff, placed in effect Sept. 6, indicates that an Government declared that it had
never envisaged
early settlement of the differences is not probable. such a treaty of reciprocity as
would be forbidden
The events which precipitated the controversy were by the Fordney-McCumber tariff
law. After reviewthe granting by France to Germany of minimum tar- ing the tariff history of the two
countries, the note
iff rates upon the conclusion of a commercial treaty pointed out that "France is not
complaining of being
between the two countries, and the application by discriminated against by the United
States; what
France of maximum tariff rates against American she is complaining of is being
subjected together
OCT.8 1927.]
THE CHRONICLE
with other States to a restrictive regime. which in
view of the character of her production is more
prejudicial to it than to other nations, and which,
although applicable to everybody, has hit her commerce most particularly." French exports, the note
continued, encounter obstacles in America,"not only
by virtue of restrictions resulting from the new
American tariff but also by virtue of the methods of
its application not only in America at the moment
of customs clearance but also in France itself,
where with a view of this clearance, the American
customs administration asserts its right to resort to
practices which the French law forbids to the French
Government itself. In addition to the tariff and
customs formalities there exists a series of regulations of a sanitary or phytopathological nature which
are often completely fatal to agricultural exports
from France." In order to alleviate these conditions, the French Government suggested that the
flexible provisions of the Fordney-McCumber tariff
be invoked. According to these, the President, in
co-operation with the Tariff Commission, may raise
or lower customs duties 50% each way after an investigation of the differences in cost of production
between domestic and foreign products. Upon these
tariff alleviations and upon these "administrative
investigations which are called for by consideration
of simple equity," the French Government, the note
.added,"must make dependent the grant to America
of the most-favored regime which France grants to
all other countries."
That the reaction in Washington to the French
note of Sept. 30 would be far from unfavorable was
indicated in a special dispatch of Oct. 2 to the New
York "Times." The French suggestion for an investigation of costs would be accepted, it was said,
and the French Government so advised. Reductions
in the American tariff schedules would not necessarily follow, it was added, unless the Administration were fully satisfied that they were justified. In
France, according to Paris dispatches of Oct. 4, not
much confidence was felt that the commercial negotiations would be easily resolved. It was suggested that many weeks, and even months, will pass
in the negotiation of the mutual concessions suggested in the French aide memoir of Sept. 30. President Coolidge, moreover, let it be known Tuesday
that "this Government" is keenly hurt over the
French attitude. Newspaper men were informed at
the White House that the amount of American products involved in the alleged discrimination was not
proportionately large, being only about $10,000,000
annually, but that this Government believed an important principle was concerned and it intended to
stand on its rights in asserting that principle. It
was indicated flatly that the United States would
enter into no negotiations concerning the new
French tariff rates unless the discrimination of
which it complains was removed. The controversy
was further complicated Wednesday when Seymour
Lowman, Assistant Secretary of the Treasury in
charge of customs, issued instructions for meeting
the French tariff increases on American products by
increases on similar imports from France. Modifications of customs rates on imports of some products
from Germany were also made by Mr. Lowman, who
made it plain that his action was taken in pursuance
of the provisions of the Tariff Act of 1922 and had
no relation to the diplomatic exchange in progress.
The State Department nevertheless expressed com-
1881
plete surprise when informed of Mr. Lowman's action. This was heightened by a statement, attributed
to Mr. Lowman, that "the American policy is one of
reciprocity. That's our policy; they go up; we go
up. They go down; we go down." These remarks
were disavowed Thursday by Mr. Lowman, and it
was again pointed out in Washington that the American policy is precisely not one of reciprocity but of
general equality. The reaction in Paris to these increases was nevertheless unfortunate, French officials, according to an Associated Press dispatch of
Thursday, expressing "surprise and mystification,"
and the hope that the news would turn out to be
erroneous. The reaction in Paris to these increases
was nevertheless unfortunate, French officials, according to an Associated Press dispatch of Thursday, expressing "surprise and mystification," and
the hope that the news would turn out to be
erroneous.
A tremendous ovation was given last Sunday by
the people of Germany to Paul von Hindenburg,
leader of Germany's armies in war and President
of the Republic in peace, on the occasion of his 80th
birthday. Berlin, where the celebration was held,
seethed with excitement as all parties and hundreds
of thousands of people from all parts of the land
joined in the huge demonstration of affection and
admiration for the grim old figure of the Wilhelmstrasse. The vast multitudes greeted him, a dispatch
to the New York "Times" said, "with a spontaneous
enthusiasm and a whole-hearted fervor of affection
such as have fallen to the lot of few individuals in
the whole course of the world's history." The chief
event of the day was a celebration at the great stadium on the outskirts of the city, where 40,000
school children sang for the President, and where
many of his fellow Generals of the war awaited him.
Politics entered into the demonstration to some extent when the President, in reply to greetings extended by Chancellor Marx on behalf of the Government, said: "My deepest thoughts at this hour are
devoted to our compatriots in the Rhineland districts who,to our regret, have not been relieved from
foreign occupation. I greet them with a sad heart,
and the wish and hope that the land on the Rhine
may soon regain its liberty. To accomplish this will
be the foremost purpose of German policy." Political prisoners, said to number thousands, were
awarded amnesty by President von Hindenburg on
his birthday. The entire diplomatic corps, headed
by its dean, Mgr. Pacelli, Papal Nuncio, called at the
German White House to pay its respects. President
Coolidge also sent personal greetings last Saturday,
wishing for the German President that he "spend
many more years surrounded by the affection and
admiration of the German people, to whom the
American people send a message of sincere friendship."
Leon Trotzky, long the stormy petrel of Soviet
politics, was expelled from the executive body of the
Communist International on Sept. 30, together with
M. Vuyovitch, one of his chief aides in the long fight
of the Opposition against Joseph Stalin and the
Central Communist Committee. The expulsion was
effected by unanimous decision of the Communist
International Presidium. Trotzky was haled before
the disciplinary committee, after the discovery of
secret printing plants and the expulsion of fourteen
1882
THE CHRONICLE
members of the Opposition from the party. Defending his aides, Trotzky declared: "In their politics
these men tower over those who conceal their crimes
under party discipline. Nowadays no organization
deliberates or decrees; all they do is carry out orders. Even the Presidium of the Communist International is no exception." The Presidium announced
that it deemed Trotzky's and Vuyovitch's remaining
in the Communist International impossible because
of their violent struggle against the organization by
means of underground printing plants, coupled with
organizing illegal centres and inciting malicious
slander against Soviet Russia abroad. The expulsion was necessary, it was said, "to preserve unity
in the Lenin ranks and to counteract the undermining activities of the Oppositionist rebels." That the
expulsion from the International will silence
Trotzky is not deemed likely, as he is very popular
with some of his associates and with the mass of the
workers. The "Pravda," official organ of the Soviet,
issued a stern warning to the Opposition in an editorial last Sunday.
A formal demand for the recall of Christian Rakovsky, Soviet Ambassador to Paris, was addressed
to Foreign Minister Tchitcherin at Moscow, Oct. 5,
by the French Government. M. Herbette, French
Ambassador to Moscow, was said to have twice intimated to M. Tchitcherin that M. Rakovsky was persona non grata after the latter had been indiscreet
enough to attach his signature to a Communist document designed to further revolutionary activities
in all countries. M. Briand, the French Foreign
Minister, was inclined, reports said, to overlook the
indiscretion of the Soviet emissary, but the Cabinet,
at a meeting Sept. 30, decided that his recall would
be advisable in view of the intensive press campaign
throughout France against his continued presence.
The Soviet offer of a debt settlement with France
was believed to have a direct relation to the Soviet
desire to avoid M. Rakovsky's recall. According to
a Paris dispatch to the New York "Times," Moscow
tried several times to prevent a decision being
reached by renewing and increasing its most recent
offers of a debt settlement. It was stated that the
latest offer was nearly double that made last week,
and that Moscow was prepared to give a guarantee
in oil for the total amount of commercial credits
which it asked during the next six years. A small
naval mutiny at Toulon late in September increased
the agitation of the French press for the Soviet Ambassador's recall. The intensity of the press campaign, together with the unsatisfactory attitude of
Moscow, finally made the formal demand necessary.
Five separate agreements between Soviet Russia
and Persia were signed at Moscow last Sunday.
Their conclusion required nearly eight months of
negotiation between the Russian and Persian officials, but they were said to be destined to cement the
friendship between the two countries. The first
agreement is a compact of neutrality and mutual
non-aggression; the second is a trade convention; the
third concerns customs, the fourth fisheries and the
fifth regulations of the status of the Russian port of
Pechlevi on the Caspian Sea, which the Persians use
as a base for their fishing fleet. The ceremonies in
Moscow took place in the mansion of the former
sugar king, M. Haritonenko. The signatories for
Russia were Foreign Minister Georges Tchitcherin,
[VOL. 125.
Vice-Foreign Minister Karakhan and Minister of
Trade Mikoyan, and for Persia Ali Gouli Khan Anzari, the Persian Minister of Foreign Affairs.
The British Labor Party held its twenty-seventh
annual conference in Blackpool, England, during
the past week, attracting great interest throughout
the Empire. The proceedings of the party are of
considerable importance, as Labor is now His Majesty's Opposition in Parliament. Former Premier
Ramsay MacDonald received a tumultuous ovation
on his arrival in Blackpool last Sunday. He is now
said to be more firmly in the saddle of his own party
than ever before since the Trades Union Congress
at Edinburgh rejected the Communist counsels. He
showed clearly in his opening address the line on
which Labor is preparing to go before the country
when and if it can catch the Baldwin Government in
an untenable position and gain a general election.
Mr. MacDonald accused Premier Baldwin of conspiring with the coal mine owners to wreck the coal
unions and increase working hours. He denied also
that Sir Austen Chamberlain expressed the views of
the British people when he warned the League of
Nations that Britain could not extend the guarantees of European frontiers already given. "Under a
Labor Government," Mr. MacDonald added,"we will
march side by side and step by step with other nations and won't retard them." The first act of the
Conference Monday was to follow the lead of the
Edinburgh Trade Union meeting in turning a cold
shoulder to Communism. The Communist "powers
of dissension" were denounced and the national executive upheld in the expulsion of the Teachers' Labor
League, an organization under Red influence. Mr.
MacDonald further outlined Labor's policies
Wednesday when he told the Conference that if a
Labor Government took office it would nationalize
all British coal mines. A foreign policy resolution
was adopted at Thursday's session of the Blackpool
Conference. The resumption of normal political and
trading relations with Russia on the basis of mutual
recognition of non-interference with each other's
affairs was demanded, as was also a reopening of
negotiations with the United States, looking to the
settlement of all outstanding differences. The conclusion of a treaty outlawing war between Britain
and the United States was urged.
The permanent regulation and restriction of the
Cuban sugar industry was provided for in a bill
which was signed in Havana, Tuesday, by President
Machado. The stabilization of the industry and
market are the aims of the measure, which provides
for a pro rata export distributing organization and
a world-wide campaign of propaganda for increased
consumption of the Cuban staple. President Machado, in an address, declared that the better price
obtained for sugar last year, when temporary restriction was in effect, as compared with the price
received for the previous crop, showed clearly the
value of curtailment. He said he did not want any
measures taken that would tend to create artificial
prices. "On the other hand," he added, "it is evident that if the Government adopts a permanent
crop restriction without considering other factors
which affect the price of the product, this measure
would serve to stimulate production in other countries through higher prices, and the beneficial results we are seeking would be annulled. Therefore,
OCT.8 1927.]
T H 111 CHRONICLE
what we must seek is an agreement of sugar producers to take advantage of their mutual experience
and adapt production to the demands of the world
market." President Machado, according to a Havana dispatch of Oct. 4 to the New York "Journal of
Commerce," has not intimated the extent of production allowed under the new law. It is believed, however, the dispatch added, that a new low maximum
of 4,000,000 tons will be fixed. As the potential
yield is approximately 5,000,000 tons, such a restriction would amount to one-fifth of the normal annual
production.
A widespread military revolt in Mexico, ostensibly
headed by two of the three candidates for the Mexican Presidency, begun Oct. 3, had disastrous consequences for the instigators. The two candidates,
Generals Arnulfo Gomez and Francisco Serrano,
were both officers in the Mexican army and they
were joined in their insurrection by many fellow
officers and by several battalions of troops. President Calles, aided by the third candidate, General
Alvaro Obregon, moved against the rebels with loyal
troops. It was promptly announced by President
Calles that the Government was in full control of the
situation and that punishment of the perpetrators
would follow within forty-eight hours. The revolt
of Generals Gomez and Serrano was apparently
aimed at General Obregon, who was formerly President and for whom the Mexican law, which previously forbade a second term, was amended so as to
make a second but inconsecutive term possible. Both
Gomez and Serrano conducted their campaigns
chiefly on the basii of antagonism to the re-election
of General Obregon. The campaign became vitriolic
some weeks ago and trouble was feared. Part of the
Mexico City garrison revolted on the morning of
Oct. 3, while similar outbreaks were reported from
Torreon, State of Coahuila, and Vera Cruz. Eight
hundred soldiers were reported as rebelling in Mexico City. They proceeded toward Texcoco, not far
from the Federal capital, and several thousand loyal
troops were dispatched in pursuit. At Torreon one
battalion, acting under General Serrano's orders,
was said to be in revolt. They were immediately attacked by loyal troops and after a short battle were
defeated, the officers being taken prisoners and the
soldiers disarmed. Two regiments attempted to revolt at Vera Cruz, according to the official statements. These were led by General Gomez. Mexico
City remained calm during the revolt with 10,000
to 15,000 loyal troops on duty in and around the city.
One of the two revolting Generals, Francisco
Serrano, paid the supreme penalty within twentyfour hours of the start of the insurrection. A bulletin, issued Tuesday at the Presidential Headquarters, announced his capture in the State of Morelos,
together with the group accompanying him. They
were tried by summary courtmartial and immediately executed. Those shot were General Serrano,
Generals Carlos A. Vidal, Miguel A. Peralta and
Daniel A. Peralta ; Rafael Martinez de Escobar, a
lawyer; Alonzo Capetilli, Augusto Pena, Antonio
Jauregui, Ernesto Mendez, Octavio Almada, Jose
Villa Arce, Otilio Gonzalez, lawyer; Enrique Monteverde, Jr., and former General Carlos V. Ariza. A
further bulletin of Tuesday stated that the subversive movement of the Torreon troops had been suppressed, the Commander, Lieut.-Col. Agusto Manzillo, and his entire staff of battalion officers being
1883
courtmartialed and shot. President Canes also announced that he had been aware of the seditious
work of Generals Serrano and Gomez. "Despite all
this," the statement said,"the Executive maintained
a serene attitude and never molested those supporting Serrano and Gomez as candidates, gave them
every kind of guarantees, treated them as friends,
on various occasions of private conferences indicating the path of duty and patriotism and advising
them that the proper method was to appeal to the
public conscience, with the guarantee that sanctity
of the vote would be upheld. So clear was the Executive's conduct in this respect that Gomez and
Serrano never were able to make a justifiable charge
of partiality in the political struggle or that the Government had participated in it." Additional summary trials and executions followed Thursday. General Alfredo Rueda Quijano, Commander of one of
the garrison units that marched out of the capital
Sunday night, was executed at the San Lazaro Military Prison in Mexico City. Advices reaching Nogales, Ariz., asserted that General Vincent Gonzales
and thirteen members of the State Legislature were
executed in Morelos Thursday. At the Presidential
Bureau in the capital it was declared at the same
time that the combined forces of General Arnulfo
Gomez and General Hector Ignacio Almada were the
only rebel group in the field. The Bureau said it
was of the opinion that the rebellious troops could
not number more than 1,000 or 1,500 men, and that
they probably would be found to be fewer. President Calles, according to an Associated Press dispatch of Thursday from Mexico City, is called everywhere, even by those who differ sharply with some
of his policies, the strongest man Mexico has produced since the days of Porfirio Diaz.
The proceedings of the General Claims Commission of the United States and Mexico were interrupted Sept. 30, when instructions for the return of
the Mexican members were received from President
Calles of Mexico. The Commission, created under
the General Claims Convention, which was ratified
by the Senates of the two republics in February 1924,
was charged with the amicable adjustment of all
unsettled claims by the citizens of the two countries
against each other from July 4 1868 to the present
day. It was stipulated that the work of the Commission should terminate in three years, but the
United States, by resolution, provided for the Commission's continuance in the event that its duties
were not completed. When the time limit expired
some weeks ago, a new convention was signed in
Washington and the Americans were ready to proceed. The Mexicans at the time took the view that
they could not continue without the approval of the
Mexican Senate. Such approval was obtained Oct. 1
and it was made known in Washington that further
sittings of the Commission would be held in Mexico City, although as yet no definite date has been
set. The life of the Commission is prolonged for
two years more. One difficulty which must be settled before the Commission meets again is the selection of a new neutral member and presiding officer.
Dr. V. van Vollenhoven, who held this post, has returned to his home in Holland and has stated that
he would not return to either the United States or
to Mexico as head of the Commission. He informed
Secretary Kellogg months ago that he would not be
able to continue service on the Commission because
1884
THE CHRONICLE
of personal business. The second Mexican-American Commission, the Special Claims Commission,
has not held a session since April 1926 and some
doubt was expressed in Washington last week as to
whether it would meet again, either in Washington
or in Mexico City. The American claims before the
General Claims Commission total about $330,000,000 and those before the Special Commission about
$420,000,000.
[VOL. 125.
of last week. At Paris the open market discount
rate remains at 17
/8%,and in Switzerland at 3%%.
The Bank of England in its statement on Thursday for the week ending Wednesday showed an increase of £86,274 in its gold holdings, raising the
total now to £151,178,562, which compares with
£154,865,287 at the corresponding date in 1926 and
£157,916,689 in 1925. As notes in circulation, however,increased £484,000,the reserve of gold and notes
in the banking department declined £398,000. The
proportion of the Bank's reserves to deposit liabilities now stands at 25.93%. Last week it was 27.87%
and two weeks ago 28.22%. Public deposits fell off
£4,702,000, but "other" deposits increased £12,326,000. An increase of £1,535,000 was shown in the
item "loans on Government securities," while
"other" securities expanded £5,793,000. The total of
notes in circulation is now £136,989,000, against
£140,232,845 and £143,961,040 in 1926 and 1925, respectively. The official discount rate remains unchanged at 4/
1
2%. Below we furnish comparisons of
the various items in the Bank of England return for
five years:
An abrupt and startling change in the Chinese
civil war was reported Oct. 3 in an Associated Press
dispatch from Peking. Observers had intimated
more than a month ago that all Southern operations
for the capture of Peking would be discontinued as
a result of the disorganization of the Kuomintang
(Southern Nationalist) Party, and also because
military operations are usually discontinued in
Northern China during the winter months. It appeared, however, that General Yen Hsi-shan, Military Governor of Shansi Province, advanced swiftly
upon the Chinese capital, taking Kalgan approximately 100 miles away, on Oct. 3. The reports were
vague because Marshal Chang Tso-lin, the Manchurian Dictator, maintains a strict censorship, but it
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1927.
1926.
1925.
1924.
became known that the Northern troops were driven
1923.
Oct. 5.
Oct. 6.
Oct. 7.
Oct. 8.
Oct. 10.
back twenty miles and were withdrawn to Nankow
Circulation
140,232,845 143,961.040 124,484,485 123,909,130
Pass, thirty miles from Peking. General Feng Yu- Public deposits b136.989,000
20,992,000 15.798.046 9.547,367 10,866,507 13,501.395
Other deposits
109,864.000
106.860,338
109,508,232 113,881,925 104,910,991
hsiang, it was said, is allied to General Yen Hsi- Governm't securities 57,845,000
33,265,307 33,742,304 44,733,443 41,228,834
Other
securities
56,727,000
shan in the new move against Peking. The former,
72.678.386 69,237.587 73,911,624 71.309,461
Reserve notes di coin 33,939,000 34,382,442 33,705,549 23,746,589 23,511,428
sometimes called the "Christian General" because Coln and bullion_a151,178.0
00 154,865,287 157,916,689 128.481,074 127,670,558
of reserve
his troops marched to the tune of Christian hymns, Proportion
to liabilities
25.93%
28.52%
28%%
19%
19%%
has been active in the country between Hankow and Bank rate
4 M%
5%
4%
4%
4%
a Includes, beginning with April 29, 1925, £27,000,000 gold coin and bullion
Peking since the Communist disasters along the previously held as security for currency notes issued and which was transferred to the
of England on the British Government's decision to return to gold standard.
Yangtze. The actual hostilities near Peking were Bank
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
precipitated, dispatches said, by General Shang held up to that time In redemption account of currency note issue.
Chen, Commander under Yen Hsi-shan. General
In its latest statement, made public on Oct. 6, the
Feng was reported to have promised General Shang
Chen the place of war lord of Chili Province, if Mar- Bank of France showed an increase in note circulashal Chang Tso-lin were driven out of Peking. Some tion of 1,731,742,000 francs, raising the total of that
anxiety was expressed in Peking over the safety of a item to 55,890,347,530 francs. For the correspondlarge number of American missionaries who re- ing week last year the amount was 55,994,034,310
turned recently, without authorization, to the out- francs and in 1925 41,165,204,545 francs. Gold holdlying districts of Shansi and Chili in the belief that ings of all kinds again remained unchanged, the
a peaceful winter was certain. The Northern forces total being 5,545,833,327 francs, against 5,548,780,evacuated on Oct. 5 the important city of Paoting- 876 francs in 1926 and 5,547,299,705 francs the prefu, about eighty-five miles southwest of Peking, in- vious year. Advances to the State, which have been
dicating that the Shansi troops had won a major repeatedly reduced of late, showed no change, the
victory. The full significance of this movement total remaining at 24,400,000,000 francs, compared
could not be ascertained owing to the censorship. with 36,950,000,000 francs last year. In 1925 the
Important developments affecting the fate of Pe- total of this item was 30,350,000,000 francs.
king were, however, regarded as imminent. The for- "Divers," or sundry, assets, in which are included
eigners in Peking were not thought to be in any dan- holdings of foreign exchange, expanded 1,024,447,ger, as there are approximately 5,000 foreign troops 000 francs. Treasury deposits increased 14,361,000
in the city at present, while any fighting between francs, general deposits 8,478,000 francs, but bills
the Chinese factions for control probably will take discounted decreased 714,795,000 francs. Silver increased 286,000 francs and trade advances 14,927,000
place outside the city walls.
francs. Comparisons of the various items in the
The Bank of Germany on Tuesday (Oct. 4) raised Bank of France statement are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
its rate of discount from 6% to 7%. Otherwise offiChanges
Status as of
Week.
Oct. 5 1927.
Oct.0 1926.
cial discount rates at leading European centres have Gold Moldings— for
Oct. 7 1925.
Francs.
Francs.
Francs,
Francs.
undergone no change during the week. They remain In France
Unchanged
3,681,512,414 3,684,45'9,968 3,682,978,707
Abroad—Available- Unchanged
462,771,4781 1,864,320,907 1,864,320,907
at 7% in Italy; 6/
1
2% in Austria; 5% in Paris, Bel- Abroad—Non-avail. Unchanged 1,401,549,425f
gium, Denmark and Madrid; 4/
1
2% in London and Total
Unchanged
5,545,833,327 5,548,780,878 5,547,299,705
Norway; 4% in Sweden and 3/
1
2% in Holland and Silver
Inc.
286.000
342.900.381
338,966,855
309,988,192
Bills discountedDec 714,795,000 1,205,369,067 4,796,798,426 2,846,988,628
Switzerland. In London open market discounts yes- •Advances
Inc. 14,927,000 1,662,211.428 2,289,693,436 2,744,626,529
31,742.000 55,890,347,530 55,994.034,310 41,165,264,545
terday were 41/
4@4 5-16% for short bills, the same Note circulation—Inc.1.7
deposits_Inc. 14,361,000
19.359,587
9,819,061
35,529,080
as on Friday of last week and 4 5-16% for long bills, Treasury
General deposits Inc. 8.478,000 10,442,683,466 2,886,027.305 2,281,604,273
Unchanged
Advances
State
24,400,000,000
to
36,950,000,000
also the same as a week ago. Money on call in Lon- Divers assets____Inc.1,024
30,350,000,000
,447,000 24,757.934.796 5,311,194.393 3,767,355,465
don yesterday was 3/
1
2%,as against 3/
1
4% on Friday
OCT.8 1927.]
THE CHRONICLE
The latest statement of the Bank of Germany, under date of Sept. 30, showed an expansion of notes
in circulation of 634,793,000 marks, due, no doubt,
to the month-end settlements, making the total
4,182,435,000 marks, against 3,251,077,000 marks in
1926 and 2,649,135,000 marks the year before. There
was a decrease of 58,509,000 marks in other daily maturing obligations and 20,349,000 marks in other liabilities. Gold and bullion declined 149,000 marks.
The total of this item is now 1,852,097,000 marks,
compared with 1,598,111,000 marks and 1,174,709,000 marks in 1926 and 1925, respectively. Silver
and other coin decreased 16,861,000 marks, advances
expanded 117,973,000 marks and notes on other German banks decreased 16,890,000 marks. Other assets dropped 39,142,000 marks, bills of exchange and
checks rose 510,008,000 marks. Reserve in foreign
currency gained 799,000 marks, while both investments and deposits abroad remained unchanged. A
comparison of the various items in the German Bank
statement is shown below for three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changesfor
Reid. 30 1927. Sete. 30 1926. Sept. 30 1925
Week.
Relchrmarks. Reich:marks. Reichsoarks..
Reiehrmarks.
Assets,—
149,000 1,852,097,000 1,598,111,000 1,174,709,000
Gold and bullion
Dec.
98,620,000
Unchanged
66,543,000 201,778.000
Of which dopes.abed
Ree've in foen cum_ Inc.
799,000 153,805,000 521,871,000 318,923.000
Bills of exch.& checks_ _Inc.510.008,000 2,745,689,000 1,383,528,000 1,717,304,00
65,522,000
Silver and other coln Dec. 16,861,000
64,114,000 111,006,000
12,319,000
5,102,000
Notes on oth. Ger. bka_ Dec. 16,890,000
7,349,000
56,423,000
142,102,000
Advances
152,792,000
Inc.117,973,000
91,371,000 202,257,000
Investments
92,261,000
Unchanged
Other assets
Dec.39,142,000 494,135,000 555,996.000 460,002,000
Liabilities—
Notes in eirculation—Inc.634,793,000 4,182,435,000 3.251,077,000 2,649,135,000
0th.daily matur.obllg.Dee. 58,509,000 629,742.000 594,597,000 620,235.000
Other liabilities
Dec.20,349,000 385,081,000 203,540,000 429,494,000
1885
4% for 60 days,
yesterday were 4% for 30 days,4@41/
4@4%% for 90 days and four months, and also
41/
for fivnand six months. Commercial paper has displayed little activity and the rate for four to six
months' names of choice character continues at 4%,
though for the shorter choice names the quotation is
4@4%. For names less well known the quotation
33
is now 414%. For New England mill paper the
4%.
range is 4@41/
In the market for banks' and bankers' acceptances
the American Acceptance Council on Monday advanced the rate for call loans against acceptances
2%. The Council on Friday also ad1
4 to 3/
/
from 31
2 of 1%.
1
rate on acceptances /
90-day
the
vanced
This left the posted rates yesterday on prime bankers' acceptances eligible for purchase by the Federal
2% bid and 3% asked for bills run1
Reserve banks 3/
2% asked for bills
1
4% bid and 3/
/
ning 30 days; 31
running 60 days; 3%70 bid and 314% asked for 90
2% asked
1
days and 120 days, and 3%% bid and 3/
also
quotations
market
Open
for 150 and 180 days.
maropen
The
rate.
90-day
the
in
advance
show an
ket schedule is as follows:
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days-Asked.
Asked. Bid.
Asked. Bid.
Bid.
3M
3M
3M
3M
3M
3M
Prime eligible bills
Days—
—30
—90 Days— —60 Days—
Asked.
Asked. Bid.
Asked. Bid.
Bid.
3
3M
3g
3g
3R
3M
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
3% bid
Eligible member banks
3% bid
Eligible non-member banks
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
for the various classes of paper
The ease which has prevailed in the New York of rates now in effect
banks:
Reserve
money market over a period of months suffered a at the different
OF FEDERAL RESERVE BANKS ON ALL CLASSES
slight interruption this week. Call funds fluctuated DISCOUNT RATES
AND MATURITIES OF ELIGIBLE PAPER.
2% throughout, showing somewhat
1
between 4 and 4/
Previous
Dale
Raisin Wed
Rate.
Established.
more irregularity than in previous weeks. The deon Oa.7.
Federal Reserve Bank.
4
Aug. 5 1927
3M
mend rate was 4% all day Monday, with counter Boston
4
Aug. 5 1927
3M
New York
4
Sept. 8 1927
SM
4%. Calling of $25,000,000 Philadelphia
/
trades reported at 33
4
1927
6
Aug.
3M
Cleveland
4
Aug. 16 1927
3M
2%, with Richmond
1
loans on Tuesday sent the rate up to 4/
4
Aug. 13 1927
334
Atlanta
4
Sept. 7 1927
336
street trades absent. The counter market was re- Chicago
4
Aug. 4 1927
St. Louis
334
4
Bept.13 1927
334
Minneapolis
established Wednesday, with trades at the usual Kansas
4
July 29 1927
334
City
4
1927
12
Aug.
Dallas
334
2%. Ban Francisco
1
4% concession under the official figure of 4/
/
1
4
3M
Sept. 10 1927
On Friday the prevailing figure was 4%, though
withdrawals of $10,000,000 were reported. Record
Sterling exchange this week has been in good deincreases in brokers' loans against stock and bond mand, and the rate went to a new high for the year in
collateral were noted both in the weekly Reserve Tuesday's market, when cable transfers sold at
Board compilation and the monthly Stock Exchange 4.86 29-32, which is above the 1926 high of 4.86 13-16,
statement, issued Tuesday. The total figures have and a new high since Dec. 18 1914, when the rate
now been carried to fantastic heights. The increase was also 4.86 29-32. The present movement reprein the Federal Reserve Board compilation, covering sents a gain of 1 9-32 cents since Aug. 1. This is the
New York reporting member banks, was $89,612,000. more remarkable, inasmuch as the rise since August
It marked the fifth successive record high in the is unseasonable. Usually from August until February
weekly tabulations. The increase for September in the pressure from British and other European purthe Stock Exchange compilation was $240,736,417, chases of American cotton and grain depresses the
this being very much more than had been expected. sterling rate. The range this week has been from
4.863/s to 4.86 17-32 for bankers' sight, and from
Dealing in detail with the rates from day to day, 4.86 9-16 to 4.86 29-32 for cable transfers. Another
the renewal rate for call loans on the Stock Ex- circumstance which makes the strength in the pound
change on Monday was 4%,and all other loans were unusually noteworthy is the fact that there have
at the same figure. On Tuesday renewals were been larger offerings of cotton and grain bills, es2% later pecially grain bills, which under ordinary conditions
1
again at 4%, but the general rate rose to 4/
in the day. On Wednesday the renewal rate also should have been a depressing factor. One important
2%,and this was the charge likewise reason for firmness is the scarcity of spot exchange
1
moved up to 4/
for all other loans. On Thursday the renewal rate on the part of bankers requiring balances in British
2%, but the general rate declined to funds. The Federal Reserve Bank of New York
1
was again 4/
4%, while on Friday all loans were put through at points out in its monthly review of credit and busi4%, including renewals. Time loans also stiffened ness conditions that the strength in sterling exchange
somewhat for the shorter maturities. Quotations is due in part to the easier money rates in New York.
1886
THE CHRONICLE
FoL. 125.
The bank's review says: "A lower level of money seven-day grain bills at 4.853
4. Cotton and grain
rates in this market than in London has been one of for payment closed at 4.86%.
the causes of increasing strength in sterling exchange
during the past two months, in contrast to the tenIn the Continental exchanges there was more
dency a year ago. Last year sterling showed a activity this week. All the Continental currencies
steady decline from early in July through October. moved up in sympathy with sterling. German
During the first six months of 1927 sterling exchange marks were in demand and moved up to a new high
was, for the most part, only slightly above the point for the year in Tuesday's market, when cable transat which gold would move to this country, but, fol- fers sold at 23.843/ on news that the Reichsbank had
lowing easier money conditions here in July and raised its discount rate from 6% to 7%. There have
August, the exchange has risen steadily until on been considerable offerings -during the week of GerSept. 24 the demand rate was above 4.864 and the man commercial bills, but this pressure was offset by
cable rate advanced above par. This strength in other factors of a financial character. The Lombard
sterling exchange is particularly important at the rediscount rate (loans against stocks and bonds) in
present time, because sterling is the medium through Berlin was also increased from 7% to 8%. This
which a large proportion of European purchases of firmness in the German money rates is an important
American farm products are made, and the volume factor in bankers' demand for mark exchange, asthe
of these purchases and the prices at which they are higher rates in the money market are attracting
made are much influenced by the position of the funds from New York and other centres. Day-toexchanges. Strength in sterling exchange was ac- day funds in Berlin are rating at 8% to 9%. The
companied by strength in most other foreign ex- discounts of the Reichsbank increased about 510,changes in terms of dollars." The large volume of 000,000 marks at the end of September and now total
foreign financing being done in this country is un- approximately 2,745,000,000 marks, which is nearly
doubtedly an important factor in the present firm- double the total last year. The Reichsbank's stateness in sterling. Another reason, besides the trans- ment also shows an increase during the week of
fer of funds to the London and Continental money 634,793,000 marks in note circulation, and a slight
markets for short-term investments, is to be found in loss in gold of about 149,000 marks. These changes
the interest which many American investors are tak- indicate increased business and industrial activity in
ing in London issues, as well as in other foreign issues Germany, and indirectly throw light upon the intraded in on the London market. American interest cessant demand for foreign accommodation, which is
in these issues is undoubtedly greater than at any in turn reflected by heavy mark buying here and
previous time, and is largely responsible for the abroad for financial interests. Berlin financial auactivity of industrial shares on the London Stock thorities ascribe the rise in the Reichsbank rediscount
Exchange.
rate to the increase of loans and circulating notes,
The Bank of England statement for the week end- combined with the depletion of the reserves of gold
ing Oct. 5 showed a gain of £86,274 in;gold. This and foreign exchange. Italian lire have been in
follows upon the gain of £66,273 last week. On demand this week and especially active in the New
Tuesday the Bank sold £112,000 in gold bars to a York market, where some very large amounts were
destination not stated. On Wednesday the Bank of bought. A considerable part of the buying, both
England exported £14,000 in sovereigns to Spain. here and abroad, is of a speculative character, traders
On Thursday the Bank sold £29,000 in gold bars, to counting upon a sure rise in the valuation of the unit,
an unstated destination. At the Port of New York although Fascist Government officials have frequently
the gold movement for the week ended Oct. 5, as announced that there will be no change in the
reported by the Federal Reserve Bank, consisted of valuation this year. Despite the official statement,
imports of $1,193,000, of which $972,000 came from the general attitude of foreign exchange traders indiEcuador, and exports of $50,000 to a source not cates that a higher valuation is to be expected at no
stated. There was no Canadian movement of gold very distant date. Lire sold as high as 5.523/ for
either to or from the United States. Canadian ex- cable transfers this week, twelve points above the
change continues at a premium, which ranged this approximate stabilization point fixed by the Italian
week from 3-32 of 1% to % of 1%.
Government, though moving lower again the last
Referring to day-to day rates, sterling last Satur- two days. The recent strength in Italian dollar
day was steady in a dull market. The range was bonds was also an important factor, stimulating spec4.863/s@4.86Yi for bankers sight, and 4.86 9-16@ ulative interests in the currency. Italian lira issues
4.86 11-16 for cable transfers. On Monday demand have likewise been attractive and Italian common
ranged between 4.86 3-16 and 4.86%, and cable stocks have risen in Rome and Milan for several
transfers between 4.864 and 4.863
4. On Tuesday weeks. This reflects an improvement in the general
sterling exceeded the 1926 high. Demand ranged situation and in the prospects of a stable lira, all
at 4.86 5-16@4.863/2, and cable transfers at 4.86%@ influences which tend to create active buying of the
4.86 29-32. On Wednesday sterling reacted. Bank- currency for investment transactions. Hqwever, the
ers sight ranged from 4.86% to 4.863/
2. Cable trans- Italian Government again showed its disapproval this
fers ranged from 4.86 13-16 to 4.86 8. On Thursday week of the too sudden rise. Premier Mussolini and
the market was steady at 4.86%@4.86 15-32 for the Finance Minister, Count Volpi, have assured
bankers sight and at 4.86 25-32@4.86 27-32 for cable Italian business men that they could make plans for
transfers. On Friday the range was 4.863
%@ the future based on lire valued at approximately
4.86 17-32 for bankers sight and 4.86%@4.86 29-32 90 to the pound, or 5.40 cents. In keeping with this
for cable transfers. Closing quotations yesterday program, the Government sold lire in the latter part
were 4.863/ for demand and 4.897' for cable trans- of this week, with the result that the rate yesterday
fers. Commercial sight bills finished at 4.86%, was down to 5.46 for cable transfers. De Stefani,
60-day bills at 4.82 7-16, 90-day bills at 4.80k, late Finance Minister of Italy, urges lowering
the
documents for payment (60 days) at 4.82 7-16, and Bank of Italy rediscount rate, owing to the
abundance
•
OCT.8 1927.]
THE CHRONICLE
1887
of credit available there. The Italian rediscount ket, coincident with sterling touching its post-war
high. Bankers' sight on Amsterdam finished on
rate has been 7% since June 18 1925.
on Friday of
French francs were firm largely as the result of Friday at 40.083/2, against 40.063/
against
2
40.083',
the firmer tone in sterling. While the rate continues last week; cable transfers at 40.103/,
40.033'.
against
40.053',
at
bills
sight
commercial
and
de
of
levels
present
at
around
practically pegged
bills
sight
bankers'
for
19.28
at
facto. stabilization at 3.92, nevertheless, there is also Swiss francs closed
with
comparison
in
transfers,
cable
for
a strong speculative inclination to regard the franc and at 19.283
as due to rise when the de facto position gives place 19.28 and 19.283/2 a week earlier. Copenhagen checks
to legalized stabilization. In this exchange also finished at 26.78 and cable transfers at 26.79, against
traders learn that any attempt at bulling the currency 26.77 and 26.78. Checks on Sweden closed at 26.91
for future advance will be offset by official selling by and cable transfers at 26.92, against 26.89 and 26.90,
the Bank of France, which with its present large while checks on Norway finished at 26.39 and cable
exchange holdings, is in a good position to counteract transfers at 26.40, against 26.37 and 26.38. Spanish
for
any speculative operations. This week the "sundry pesetas closed at 17.42 for checks and at 17.43
17.44
and
17.43
assets," which include the Bank of France holdings cable transfers, which compares with
of foreign exchange,show an increase of 1,024,500,000 a week earlier.
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
francs. Last week reports reached the market that FOREIGN
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
OCT. 1 1927 TO OCT. 7 1927. INCLUSIVE.
Poland had interrupted negotiations for a loan of
$70,000,000 for stabilization purposes. This week
Noon Buying Rate for Cable Transfers to New York.
Value in United Stales Money.
Monetary
reports stated that the negotiations have been re- Country and
Unit.
Oct. 1. I Oct. 3. Oct. 4. Oct. 5. Oct. 6. 1 Oct. 7.
sumed, and it is possible that the details may soon
$
$
$
$
$
$
EUROPE.14072
.14077
.14080
.14074
.14082
be made public. The majority of the Polish Cabinet Austria.
.14073
schilling
.1393
.1393
.1393
.1393
.1392
.1392
belga
007258 .007242 .007217 .007205 .007218 .007218
insist that the loan is a virtual necessity. London Belgium.
Bulgaria, lev
Czechoslovakia, kron .029627 .029628 .029626 .029626 .029628 .029625
.2678
.2678
.2678
on
Oct.
issued
.2678
be
.2677
would
loan
2677
reports stated that the
Denmark, krone
England, pound ster
4.8676
4.8674
4.8681
4.8675
4.8664
.8658
10, of which probably $45,000,000 would be placed sterling
.025185 .025186 .025188 .025183 .025195 .025182
Finland, markka
.0392
.0392
.0392
.0392
.0392
0392
in New York and £2,000,000 in London. Polish France, franc
.2383
.2383
.2384
.2384
.2382
Germany, reichsmark. .2382
.013228 .013233 .013234 .013229 .013238 .013212
zloty, as explained here last week, do not reflect the Greece, drachma
.4010
.4010
.4010
.4009
.4009
.4009
Holland, guilder
.1746
.1746
.1746
.1746
.1747
.1747
Peng()
contemplated loan in any way, as the currency is Hungary.
.0546
.0547
.0547
.0546
.0546
.0545
Italy, lira
.2635
.2634
.2635
.2836
.2634
2637
Norway, krone
practically pegged at slightly above 11 cents through Poland,
.1116
.1123
11.21
.1120
.1120
.1124
slot •
.0495
.0493
.0493
.0493
.0494
.0497
escudo
operations of the Bank of Poland. Aside from this, Portugal,
.006220 .006212 .006209 .006210 .006215 .006213
Rumania,leu
.1743
.1739
.1741
.1739
.1742
1745
peseta
Spain,
zloty trading does not run to very large figures in the Sweden,
.2691
.2691
.2691
.2690
.2690
2689
krona
.1928
.1928
.1928
.1928
.1928
Switzerland, franc__ _ .1928
New York market.
.017608
.017607
.017601
.017608
.017605
.017604
Yugoslavia. dinar
ASIAThe London check rate on Paris closed at 124.02 China.6396
.6408
.6398
.6381
.6360
.6375
tadl
.6242
on Friday of this week, against 124.02 on Friday of Chetoo
.6254
.6248
.6240
.6227
6233
Hankow tadl
.6151
.6147
.6153
.6140
.6103
6139
tael
.6454
.6448
last week. In New York sight bills on the French Shanghai
.6460
.6444
.6423
.6433
Tientsin tadl
.4866
.4860
.4869
.4857
.4854
.4854
Hong Kong dollar
centre finished at 3.92/, against 3.92 a week ago; Mexican dollar _ _ _ _ .4448 .4455 .4465 .4465 .4465 .4460
Tientsin or Pely.
.4433
.4439
.4438
.4438
.4421
cable transfers at 3.92/, against 3.923's, and comdollar
4413
.4388
.4396
.4404
.4404
.4388
Yuan dollar
.4379
.3641
.3640
.3641
.3640
Antwerp
.3640
8.
India,
sight
rupee
3.91
against
.3636
mercial
bills at 3.92,
.4669
.4662
.4656
.4662
.4665
Japan, yen
.4660
belgas finished at 13.92 5-16 for checks and at 13.93 for Singapore(S.S.)dollar .5598 .5598 .5598 .5598 .5598 .5698
NORTH AMER.
1 000823 1.000960 1.000864 1.000809 1.000850 1.000887
dollar
cable transfers, as against 13.92 and 13.93 on Friday Canada,
999438 .999438 .999438 .999375 .999344 .999375
Cuba, peso
476667 .477167 .477333 .477333 .475167 .475500
Mexico, peso
of last week. Final quotations for Berlin marks were Newfoundland,
dollar. .998438 .998656 .998688 .998250 .998469 .998375
SOUTH AMER.23.83 for checks and 23.84 for cable transfers, in com- Argentina,
.9717
I .9716
.9716
.9714
.9713
peso (gold) .9715
.1188
.1188
.1188
.1188
.1188
1189
milreis
parison with 23.82 and 23.83 a week earlier. Italian Brazil,
.1217
.1217
.1216
.1207
.1211
.1216
Chile, peso
-...
_
_ _
_ _
_ _
.1.0100
Uruguay.
10174
1.0157.
peso
lire closed at 5.46 for bankers'sight bills and at 5.463/2
The South American exchanges continue dull, with
for cable transfers, as against 5.45 and 5.453/ last
week. Austrian schillings have not been changed considerably lessened volume of trading here since the
8. Exchange on Czechoslovakia finished at recent flow of gold to Argentina from proceeds of
/
from 141
2.961
8, against 2.96%; on Bucharest at 0.623, securities sold by that country in this market. The
/
against 0.62; on Poland at 11.20, against 11.20, and Federal Reserve Bank of New York stated that the
on Finland at 2.52, against 2.51%. Greek exchange net gold export in September-the first net export
4 for cable movement for any month of this year-was due to
closed at 1.32% for checks and at 1.323
the shipment of $23,000,000 of gold to the Argentine.
transfers, against 1.323 and 1.323/i a week ago.
The special features attaching to Argentinian exIn the exchanges of the countries neutral during change were covered in this column a few weeks ago.
the war, interest this week centred in speculative There are no new features in any of the South Ameribuying of pesetas. Spanish pesetas closed last week can exchanges calling for special comment. Argenat 17.43 for checks. After an advance to 17.51 on tine paper pesos closed yesterday at 42.73 for checks,
2 on Tuesday, as compared with 42.71 last week, and 42.78 for
Monday, there was a decline to 17.333/
at
17.42. Speculative cable transfers, against 42.76. Brazilian milreis
with the close yesterday
however, than a finished at 11.91 for checks and at 11.92 for cable
less
evidence,
in
transactions were
week ago, as interest was directed toward Italian transfers, against 11.94 and 11.95. Chilean exexchange. Exchange on Holland was firm, although change closed at 12.16 for checks and at 12.17 for
there were considerable offerings of guilder com- cable transfers, against 12.12 and 12.13, and Peru
2 for at 3.87 for checks and 3.88 for cable transfers,
mercial bills. Guilders moved up to 40.103/
cable transfers, which was the prevailing rate Tues- against 3.87 and 3.88.
In the Far Eastern exchanges Japanese yen conday to Friday. The Scandinavian exchanges were
all firm, though only slightly dealt in. The firmness tinue to show the firmness which began a week ago.
was, as with most of the European exchanges, simply As stated last week, the firmness is due to the cessaa reflection of the sterling market. Swedish krona tion of Chinese bear operations. Closing quotations
reached another high of 26.913/i in Tuesday's mar- for yen checks yesterday were 46 9-16@467A,against
1888
THE CHRONICLE
46.40@,46N on Friday of last week. Hong Kong
closed at 48.80@48 15-16, against 48.85@48%;
Shanghai at 61 9-16@61%, against 61N(0,61 15-1.6;
Manila at 49 9-16, against 49 9-16; Singapore at
5631@56 7-16, against 563'@56 7-16; Bombay at
363/2, against 363/2, and Calcutta at 363/2, against
36
[VOL. 125.
the American reply to the French note of Sept. 30
still in preparation, should have injected into the
tariff controversy between the two countries an
action which, however, automatic in form, is almost
certain to be looked upon in both countries as retaliatory in substance, and that it should have done
this, if Washington reports are to be accepted, without consultation with the Department of State, in
Owing to a marked disinclination on the part of two whose hands the tariff negotiations with France
or three leading institutions among the New York properly belong.
Clearing House banks to keep up compiling the figures
Yet even a cursory reading of the diplomatic corfor us, we find ourselves obliged to discontinue the respondence which was made public on Monday
publication of the table we have been giving for so makes clear the existence of a fundamental conflict
many years showing the shipments and receipts of such as the Fordney-McCumber tariff contemplated,
currency to and from the interior.
and for which the Act provided what was intended
As the Sub-Treasury was taken over by the Federal to be a drastic treatment. Few documents of recent
Reserve Bank on Dec. 6 1920, it is also no longer date have been better worth a careful study than the
possible to show the effect of Government operations French note of Sept. 14, the American reply of the
on the Clearing House institutions. The Federal 19th, and the exhaustive French rejoinder of the
Reserve Bank of New York was creditor at the Clear- 30th. What new facts or arguments the Department
ing House each day as follows:
of State may be able to adduce in the new note which
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE is shortly to be dispatched
will be known in due
AT CLEARING HOUSE.
time, but the three notes already published contain
Saturday. Monday, Tuesday, Wednestry, Thursday FrfdaY.
Aggregate
an informing exposition of the tariff policies of the
Oct. 1.
Oct. 3.
Oct. 4.
Oct. 5.
Oct. 6.
Oct. 7.
for Week.
two Governments, and, from the French point of
123,000.000 123.000,000 102,000.000 117,000.000 104.000,000 102,000.000 Cr. 071.000 000
view, a weighty criticism of the American position.
Note.—The foregoing heavy credits reflect the huge mass of checks which come
The substance of the first French note is an offer,
to the New York Reserve Bank from all parts of the country In the operation
of
the Federal Reserve System's"par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing on the part of the French Government, to proceed
House institutions, as only the items payable In New York City are represented in
the daily balances. The large volume of checks on Institutions located outside of with the negotiation of a commercial treaty with the
New York are not accounted for In arriving at these balances, an such checks do
not pass through the Clearing House but are deposited with the Federal Reserve United States, provided it can be assured that a
Bank for collection for the account of the local Clearing House banks.
guarantee to the United States of "more complete
equality with its most favored competitors in the
The following table indicates the amount of bulFrench market, under the regime of granting the
lion in the principal European banks:
minimum tariff to the principal exported products"
Oct. 6 1927.
of
this country, will be matched by a guarantee to
Oct. 7 1926.
Banks of
Gold.
Total.
Gold.
Silver.
French exports of "advantages of the same nature in
Total.
£
£
the American market, not only by the application
England._ 151,178.5621I
151,178,562154,865.287
154,865,287
France a__ 147,260,559: 13,680,000 160.940.559147,378.399 13.520,000160,898,399
Germany 89,277,700 c994,6001 90,272,300 69.820,000 c994,600 70,814,600 without discrimination of the tariff of the United
Spain
103,908,000, 27,107.000131,015,000 102,261,000 26,765,000 129.026,000
Italy
46,878,000, 3,864,000 50,742,000: 45,439,000 4,156.000 49,595,000 States, but also, should there be occasion, by such
Netherrds. 32,181,000, 2,328,000 34,509.000 34.927,000 2,210.000 37,137,000
Nat. Belg_ 19,060,000, 1,180,000 20,240,0001 10,955,000 3,386,000 14,341,000 reductions or adaptations of this tariff as might
Switzerl'd_ 18,856,000: 2,586,000 21,442,000 16,991,000 3,437,000 20,428,000
appear necessary to permit the sale of certain speSweden
. , ,
12,269,000 12,600,000
12,600,000
Denmark _ 10,121,0001
723,000 10.844,000k 11,617,000
878,000 12,495,000
French goods in the American market." If
cific
Norway__ 8,180,000,
8,180,000 8,180.000
8,180,000
Total week 639,169,8211 52,462,600691.632,421 615,033,686 55,346,600670,380,280 such an assurance is given, the French Government
Prey. week637,900,997 52,440,600690,341,597614,488,753 55,318,600669,807.353
is prepared to lower at once by 50% the surplus
a Gold holdings of the Bank of France are exclusive of gold held abroad, amounting
the present year to £74,572,836. b Gold holdings of the Bank of Germany are ex- rates established by its decree of
Aug. 20 under
clusive of gold held abroad, the amount of which the present year is £3,327,150.
C AB of Oct. 7 1924.
which certain American products find themselves
subject to the new maximum duties. The French
The Trade Negotiations with France.
Government, however, the note declares, now as durThe action of the Treasury Depailtment in order- ing the tariff negotiations carried on from 1897 to
ing an immediate increase in the duties to be as- 1920, "believes that it is not possible to place on the
sessed upon certain imports from France gives un- same level the indiscriminate application of the comexpectedly prompt effect to the veiled threat con- mon customs law practiced by the United States,
tained in the note addressed on Sept. 19 to the which precludes any present or eventual favor beFrench Government in reply to the French note of ing granted to third States, and the positive advanSept. 14. With the increases on French imports go tages of the most favored nation treatment
and of
also reduced duties on certain imports from Ger- the granting of the minimum France tariff."
It is
many. Both increases and decreases, it is stated, further of the opinion "that the prohibitive
regime
are designed to meet the changes in French and Ger- resulting for certain French products from the parman tariffs brought about by the recent commercial ticularly high tariff which the United States has in
treaty concluded between France and Germany, un- force at present, and the moderate rates of the
der which tariff levies have been adjusted on a re- French minimum tariff, which offer to American
ciprocal basis. While the changes in the American exporters generous possibilities in the French marrates which have just been ordered are, of course, ket, cannot be considered as equivalent"
such as are contemplated by the Fordney-McCumber
The reply of the American Government, in addiAct, they are not, the Treasury Department has ex- tion to expressing surprise and disappointment at the
plained, retaliatory, since retaliatory increases can attitude of the French Government, frankly admits
be ordered only by the President and put in force that the present American tariff law "does not enafter thirty days' notice. It seems surprising, how- visage the conclusion of a treaty of reciprocity in
ever, that the Treasury Department, with the ques- regard to rates of duty." Its principle, on the contion of a commercial treaty with France pending and trary, is declared to be that of "equal treatment
of
OCT.8 1927.]
THE CHRONICLE
the trade of all nations." Conceding that tariff
rates "are matter solely of internal policy," the
United States nevertheless feels "that a protest is
justified when these rates do not apply equally to all
nations," and it accordingly "objects only to the
fact that France is discriminating against the trade
of the United States by applying to many categories
of American goods rates in some cases four times as
high as upon similar articlesimported from Germany
and other countries competing with the United States
in the French market." The note concludes with a
warning that American rates on French imports
may be increased if the discrimination objected to is
continued, or a treaty according to the United States
most favored treatment is not concluded.
How profound is the rift between the tariff policies of the two countries is made clear in the French
rejoinder of Sept. 30. The French Government not
only rejects "the principle of equality of commercial
relations which the Government of the United States
declares is the only sound basis of international relations, and the only guarantee against a number of
political or economic dangers which it sets forth in
detail," but also denies that the principle has received the unanimous support which the United
States, in its note of Sept. 19, claimed for it. It was
not considered by the Peace Conference "as a sufficient guarantee in itself to enforce fair and peaceful
relations between nations," nor by the Genoa Conference, nor'by the International Conference for
the Simplification of Customs Formalities, nor
by the recent International Economic Conference at Geneva, nor is it the doctrine of'France. In
none of these cases was the most favored nation
treatment which was desired as an end looked upon
as practicable of attainment save through the dual
process of control by each nation over its own tariffs, and mutual concessions resting upon reciprocal
advantage. Not until 1922, when the Fordney-McCumber tariff was adopted, did the United States
itself turn its back upon the principle of reciprocity,
and inaugurate a tariff system under which reciprocity is no longer possible. In the opinion of the
French Government, which has already applied reciprocity in a treaty with Germany and "is preparing other treaties on the same basis," "most of the
countries of Europe would consider not as progress,
but as a step backward in commercial policy," a
tariff procedure by which, "whatever commercial
advantages may be exchanged, most favored nation
treatment should be granted indifferently to all
countries without taking into account the protectionism of some and the liberalism of others, in such
a manner that there would result a benefit for the
former to the detriment of the latter and a miscarriage of justice as regards the contracting State
itself."
What France complains of, the note continues, is
not that it is being discriminated against by the
United States, but that it is "being subjected, together with other States, to a restrictive regime
which, in view of the character of her production, is
more prejudicial to her than to other nations, and
which, although applicable to everybody, has hit her
commerce most particularly." An examination of a
list of fifteen articles or classes of articles, upon
whose importation into the United States from
France the Fordney-McCumber tariff imposes restriction, shows that the duties in question "are, in
most cases, higher than those of the French general
1889
tariff for the same articles, and these duties are
quadruple those of the minimum tariff." To the
direct burden of the American duties are to be
added an administrative procedure under which the
American customs service "asserts its right to resort to practices" in France "which French law forbids to the French Government itself," and sanitary
regulations "which are often completely fatal to agricultural exports from France." Even so, the recent increases of duties affect only about 18,000,000
2% of the 7,561,834,000 francs
1
francs, or scarcely 2/
of American imports into France for the year ending June 30 last. The French Government, the note
declares,"must express its deep surprise to see that,
as a result of respecting the laws by which it is
bound,it finds itself threatened with reprisals whose
injustice or excess becomes apparent as soon as one
tries to evaluate the actual damage of which the
United States allege they have to complain."
Here, surely, is a situation which calls for diplomacy of a high and serious kind. A solution of the
problem has certainly not been helped by the precipitate action of the Treasury Department in ordering a readjustment of duties to meet the altered
duties of the Franco-German commercial treaty, and
Mr. Lowman's reported assertion that "the American policy is one of reciprocity," was not merely
tactless, but appears also to have found no
Mr. Coolidge's
support from his superiors.
reported feelings of pain at the alleged disregard by France of the cordial relations hitherto
existing between the two nations will also, we
fear, be of small avail in straightening the matter
out. There is apparently more to the matter, too,
than the adjustment of the particular controversy
with France. Anyone who will read between the
lines of the second French note will perceive that
France,in standing out for its right to conclude commercial treaties on a basis of reciprocity, and to impose discriminating duties on imports from countries that refuse to accept reciprocal arrangements,
regards itself as in a way a spokesman for Europe.
It is possible that the anti-American bloc which
some have professed to see forming in Europe is only
a creature of fear, but it is nevertheless evident
enough, as more than one European journal has
pointed out, that if the United States can compel
France, through retaliatory duties or other devices,
to accept with no modification whatever the principle of the Fordney-McCumber tariff, a similar surrender may be looked for in other countries, and
American high protection will dominate the economic life of Europe. Nothing, we may be sure,
would do more to array Europe against America
than such an outcome. It is in every way to be
hoped that the tariff war which has suddenly loomed
on the horizon may be averted, and that the concessions which France has offered may be met at least
halfway, and in a generous spirit, by the Administration.
The Anti-Trust Law.
A dispatch from Rapid City, S. Dak., early last
month indicated that President Coolidge has had
under consideration amendments to the Sherman
Anti-Trust Law with a view to its "clarification"
and that he may have something to say on the subject in his next message. It is announced that Assistant Attorney-General Donovan advocated an extension of the law "so as to prevent a corporation
mEmimmomENMW
1890
THE CHRONICLE
[VOL. 125.
from owning the stock assets of other companies and away from the binding chains of the
law. And to
thereby creating a monopoly without coming tech- "extend" it by way of making exceptions its
to
opernically under the scope of this law." Secretary ation is merely to admit that it is
generally ineffecWork,it appears, thinks the law ought to be "amend- tive. As for placing a "director"
over the "trust"
ed so as to permit combinations of oil concerns form- thus specifically permitted to form—this
is but a
ing to prevent the waste in oil." Secretary Davis, further interference by Government
, and a further
the dispatch said, "desired to reach a similar end in invasion of the rights of private
ownership. And
connection with the production of soft coal." Ac- if one trust can save waste why cannot
all do so?
cording to him, the present labor trouble in the bitu- And as "saving of waste" is one of the
strongest reaminous mines is due to an overproduction of coal, sons for consolidating corporation
s, is this not of
which is being wasted and produced at non-paying itself proof patent that the alleged
"trust" is a good
prices. He urged a consolidation of the soft coal thing?
industry, the placing of a director over it, so as to
Monopoly has been a bugbear of politicians for
produce only such coal as is needed. "This," he said, many a long year. But the theory that political
Gov"could be done only by amending the Sherman Anti- ernments can so control it as to banish its growth
Trust laws," and, in his opinion, it is vitally neces- soon runs into difficulties. Its origin, growth
and
sary to conserve the coal deposits. He said, further- life have not been clearly defined. Is its
cause the
more, that "such a combination as he proposed could inordinate acquisitiveness of man or does
it lie in
not control prices and form a trust that would be the natural cause of progress—say mass
production
injurious to the consumer."
and the saving of waste and cost? Can.the artificial
It is thought there is little likelihood that these law ever overcome the natural one? What is done
proposals will receive much attention in the coming by legislators is ostensibly done in the interest of
Congress which will have important constructive the people. Yet the people do not use their one
legislation on its hands and a general election just weapon of defense against it—refusal of patronage.
ahead of it. For this reason comment might well It is idle to say they cannot—for there are
independbe postponed until the amendments are in form, ents in everything, that in themselves
graduate into
were it not for the fact that even the announcement lesser monopolies. Again, thepeople continue to
must have a disturbing effect upon business. The buy where they can buy cheapest,
and actually patfact is that this Sherman Anti-Trust Law, a product ronize known monopolies or consolidate
d corporaof political onslaught upon monopolies, has been a tions. The tendency of the statute of control
is opsubject of controversy ever since it was passed. It posed, thus, in many instances, to the welfare of the
is an arbitrary attempt by Government to prevent people. The people do not attempt to discriminat
e
the operation of natural laws. In spite of it, and in their purchases, and refuse the attempted benefits
regardless of certain "prosecutions" under it, con- of their own laws.
solidated corporations have increased rapidly in the
The so-called "trust" is intimately bound up with
country and many are in process of forming to-day. the whole fabric of business. The interest of
the
In Europe the process goes on tremendously. If, in people is a unit made up of many parts. For examthe two instances cited last above, "extension" is to ple, a Bishop has lately proposed a ten-year
recess
be considered as exemption in oil and coal, why not in scientific invention. It is called a poke
in a
wipe out the law as to all other products?
mechanistic age. President Green of the A. F. of L.,
We recall that labor unions were directly ex- foreseeing a coming vast unemployment
through the
empted from the operation of this law, yet they con- increase of machinery, and too much mass
producstitute the largest wage-making monopoly in the tion, which brings "better living conditions,
" seeks
country, if not in the world. We further recall that for some way to take up the slack labor
caused by
when a certain President undertook to delve into the machine which brings mass production.
These
the constitution and bearing of "trusts" he was things prove that a law to prevent monopolies
comes
forced to admit that there were good trusts and bad in contact, and we may say conflict, with all the
trusts. Under the operation of the law, when tried agencies of production. No sooner is it enacted than
in the courts, the Standard Oil Co. was forced to seg- it is found desirable in some quarter to amend it.
regate its various parts, while the United States The more it is amended the more it interferes. Great
Steel Co. was allowed to continue as an original unit. consolidated corporations, it is averred, must come
This leads an inquirer to believe that as far as "con- if we are to compete with the rising tide of manufacservation" is concerned there must be contradictions ture and sale by the inevitable recovery in Europe.
in the law (or circumstances and business conduct The truth is that examination discloses that
the poalter cases) as to the defining of judicial decisions litical "monopoly" so feared by many is a myth.
of the word "monopoly." According to the pragYet there is a natural cure for the economic momatical principle, if a thing works (in this case in nopoly, if such a thing can be said to exist. And
the interests of the consumers) it is right. And it this cure is another monopoly. And one is always
must follow that a statutory law, regulating the con- in process of forming. Monopoly of natural reduct of industry, which musttry every corporation on sources does not easily coalesce with the monopoly
its merits or demerits as to facts of procedure, will in manufactured products. True, there are some
be exceedingly hard to administer.
companies that own resources and railroads and
Taking the whole range of manufacture and trade products. But they do not and cannot exert the
into consideration, it must be said that this is one control proposed. The end of such a single monopof the "save the people" laws that has fallen far oly would be one gigantic corporation absorbing
short of expectations. Consolidation is the order of everything. No such combination is possible. In
the day. Railroads are now permitted to consoli- the meantime, while consolidation is responding to
date under the supervision of the Inter-State Com- the natural law of saving waste, cost and giving
merce Commission, which is merely an obstacle to mass production, it must succeed or it will fail. It
the natural law. The whole trend of business is must face all improvement. It must keep on grow-
OCT.8 1927.]
THE CHRONICLE
1891
ultimate salvation, these countries are employing
this device of obstruction, until the whole of Europe
is an entanglement of restricting tariff laws.
What does the sacred tariff mean then, here and
elsewhere? It means that with passionate and ear
nest desire for international trade the nations are
establishing high walls to obstruct that trade.
France has made a trade treaty with Germany, ofThe Wars of the Tariffs.
fering, it is said, more "reciprocity" than its new
No one has yet proposed a world conference on rates give to the United States. But where is the
reduction of the tariffs. And if one was proposed, common sense in establishing long schedules of
and proportional reduction discussed, it would end rates that must at once be modified at the cost of
much as efforts to reduce armaments. Yet never long negotiations and which never can be reconbefore did the tariff stand out so prominently as an cued with the natural laws and lines of exchange?
enemy to human progress and an obstacle to peace. The sacred ox is always kicking down its own stall.
Wells, writing on "The British Empire's Worth to We are told our own tariff laws front all nations
Mankind," says: "I am all for cosmopolis and the alike, that save for the power given the President
high road, and when I find nationalism rising to in. to establish rates- under a flexible tariff, we are
tricate interferences with trade and money, the free powerless to meet the special rates levied against us.
movement of men and goods about this none too All are using the same machine. No sooner is it in
large a planet, blastings, hostilities, armies and action than it must be overhauled, made less objecthe strangulation of the general welfare in the inter- tionable, readjusted to the work it is to do, and
ests of the gangs exploiting patriotic instincts, my steered carefully to avoid collisions with friendly
lack of enthusiasm deepens to positive hatred." And peoples.
Does not this Tariff seem to be as much an "outthis is a voice from "free trade" England! All over
the world the Tariff is making trouble. Our pres- worn creed" as war itself? When we boast of free
ent clash with France over high duties is but an trade between our States, and advise Europe to go
incident in the universal war. It may or may not and do likewise (an utterly impossible proposition
precipitate the old question into our political cam- in the absence of central unity) we are giving up the
paign, but there never will be trade peace in the last argument for this "strange device." We talk
of internationalism, of world unity. But what is a
world until this means of reprisal is abolished,
What, then, in fact, is this institution in the econ- nation, a people, a race? These are not interchangea
omy of the peoples of earth? For it is an institu- able terms. A nation is a Government, covering
instances
most
in
which
of
boundaries
the
territory
reasonand
tion—and, though it has less reasonable
ing defenders than ever before, it is fixture. That have been set up by militarism. These lines of sepit is a production of nationalism is true, but it is a aration have no relation to the wants and needs
are deproduct of government as the arbiter of the desti- inherent.in a people or a race, save as they
by the
abetted
selfishness
of
form
a
by
nies of the people. It is akin to that force in govern- termined
is
trade
as
far
as
is,
That
Government.
a
of
power
ment which undertakes, in the asserted interest of
into
lines
imaginary
these
build
To
concerned.
the people to "control" their domestic trade affairs.
Its excuse for being is that it is a form of taxation. fences by reason of tariff walls destroys a commuBut even in the United States, with the income tax nity of interest common to all peoples—the only
in existence, that excuse is insufficient. And if we true internationalism. Trade must cross them. In
are to have a renewal of discussion, which is un- no other way can the natural resources of earth and
likely, for the present trouble will somehow be corn- the energies of peoples be distributed for the mutual
posed, it will,take a broader ground than our pre- good.
Though it is an overwrought statement, now that
vious political debates, and become a world view of
the "thing" as a tremendous factor in human af- aerial communication is to hasten trade and the
fairs. It will appear as an ill-begotten progeny of consequent common good, the Tariff becomes obnational selfishness. It will be proven to be con- solescent—a stubborn obstacle to be overcome. Mutrary to natural laws and lines of trade. Yet we tual good through commerce, the great civilizer, requires a freer exchange according to the needs of
have it.
There has been a suggestion of a tariff union of all peoples. Environment is fixed. Genius in trade
European States. Yet no sooner is the partition must have outlet. That which one people, and also
of Austria-Hungary accomplished than the new one part of earth, has must be given for that which
States invoke the tariff as a means of protection. it has not. Tariff, starting as a tax, as a revenue
True, the need of revenue over there is great. These producer, ends as reprisal. A fit for tat tariff
impoverished countries jump at so easy a plan to breeds enmities that breed overt war. Reducing
fill their coffers. Yet a recent investigator writes tariffs, obliterating them, makes for peace. Tariffs
that Europe is now producing a small percentage sow the seeds of war. Yet they are increasing in
more than before the war, and that "allowing for the earth—are a constant source of turmoil and
. . . reservations, for all doubt and uncertain- trouble. And they are political instruments, not
ties, it may be set down as established that Europe economic. It is said the peoples of Europe recoveris stronger industrially to-day than it has ever been ing from the World War are thinking now of ecobefore. In spite of the devastation of territory and nomics—of the way to gain new outlets of trade for
industrial plant, in spite of staggering losses of their rapidly increasing industries through and by
men and materials, the factories, mines and mills of which alone they may live.
A. tariff between two peoples affects all peoples.
Europe are actually producing more to-day than
they did before the war." Still, with colossal debts A single tariff front against all alike, is an interto pay, with the need of world trade as their only ference with all. There is no amity or good-will in
ing or it will fail. Any day a new invention may
destroy it. There are too many men to be served,
too many minds at work to do the serving, for the
monopoly to fasten its toils irrevocably upon the
people. And a fair conclusion is that these "trust"
laws are inimical to the best interests of the people
and throttle competition rather than free it.
1892
THE CHRONICLE
a barrier to the natural course of trade. Thus a
tariff is against the progress of the world. It is
against the happiness of mankind. It is against the
Great Will that created the earth and distributed
is varied resources and human energies. Yet all
Governments employ it. To set it up, is to show at
once the need of modifying it, of reducing its power
to stop the flow of goods. Is it sacred, is it even
sacrosanct? By no means. Only selfishness cries
for a system which sustains better wages, better
living conditions of one people (its alleged merit) at
the expense of all others. It is a barbarism growing out of feudal times when the King, Prince or
ruler took what he could by force Of arms and kept
his plunder in the same way. To sell, a people must
buy. All now know this. Yet in the grasp of selfish
politics this agency of spoliation continues to shatter the concord of the world. And will!
Warning Signals—Brokers Loans and Stock
Exchange Speculation.
[Editorial from New York "Journal of Commerce," Oct. 6 1927.]
[WT.. 125.
not a theory. More and more people have praci:cally taken
to gambling in stocks without knowing ranch ab..tit the warket and without having an adequate line of defer•se against
temporary shrinkage. It is in these eircumstances, of
course, that people easily get "wiped oat" and also in ttese
conditions that `insiders" begin to withdraw and leave
others to "hold the bag."
There ar a gord many men, some t•I' them of exnericnce
and undoubted sincerity, who are of the opinian that such
shrinkages as the market may underge ar this 'me TR be
merely "corrective" and will result in a stronger and better
situation. Nobody can foresee the future, "business cycle"
theorists to the contrary notwithstanding, and it is oily fair
to say that there is a division of opinion as to the duration of
present conditions and the probability of a shArp rcversal.
When all due allowance has been made, however, to such
evidence as there may be on both sides of tne case. the
underlying fact will remain. This is, that whether it be true
or not that present market tendencies can be maintained for
some time, the speculative activities of the country are absorbing far too large a proportion of
funds and ar- bringing its cred't and banking system into a positlen of (larger
from which it will find difficulty in escaping.
Supreme Court Opens 1927 Term.
The new term of the Supreme Court of the United States
So much has been said, and said with so much force about opened on Monday
Oct. 3. With traditional solemnity
the general credit and stock market situation that turther Chief Justice Taft and seven of the
eight Associate Justices,
emphasis upon it seems at times a work of pure superero- Mr. Justice Sutherland
being absent, filed into the courtgation. Nevertheless, as is always the case in euch circum- room in the Capitol at
noon, to resume for the next eight
stances, the stock market has become so closely intertwined or nine months their task
of considering some 600 cases now
with other branches of business and particularly with Welk- pending, as well as many others
that will come before the
ing that its position is to-day a matter of first imp(rtance Court during its present term. The
Court has been in recess
from the general standpoint of our prosperity and the na- since last June.
tional economic soundness. This makes it essential to note
Important social, economic and financial questions of great
from time to time the warning signals that show themselves. national interest will be dealt with during the coming
session
The latest of such signals is a broke-s' loan a^r onnt which of the Court. These include many vital issues
affecting
now runs to the highest figure on record and is little short railroads, labor, taxation, bankruptcy, tariff, anti-trust
laws
of $4,000,000,000. It is an enormous, a stagge-ing sum to and Prohibition.
have engaged in margin trading. Be it umterstoad that this
Under the Act of Feb. 13, 1925, which reduced the number
sum does not measure the amount that is engaged in financ- of cases to the Court as a matter of right, the Court
hopes
ing operations in stocks and bonds—not at all. It
.Is merely to be able, in the future, to dispose of all cases before it
the amount that is being loaned to broken; and by t:Aem to during the term in which they are filed.
the public. Along with this fact, moreover, should be
The proceedings to-day opened with the customary adgrouped the circumstance now generaby admitted that the mission of attorneys to practice, after which the Solicitor
recent immense expansion of credit at the banks of the General of the United States, William D. Mitchell, moved
country, amounting to about $1,000,000,000 diving the past the Court t3 advance the case of United States and Interstate
reporting month, has brought the rank and fte of instlu- Commerce Commission against the Kansas City Southern
tions up to a position in which a good many of them have Railway and eight other railroads. This case, which is
very little spare loaning power. If there be much further regarded as one of the most important before the Court,
expansion,,t will have to be carried by the Fed lral Reserve involves the question whether the valuation orders of the
System in form of rediscounts.
Interstate Commerce Commission are subject to review by
The second indication or signal which cannot be too care- the courts.
The motion to advance the case was taken under advisefully heeded is furnished by the fact that business eLes not
expand in response to the present extraord,narily easy ment.
The Government maintained that the question was
money condition. Business is apparently satiated so fal: as
credit is concerned. We have an enormously larger line of settled in favor of the Commission during the last term
credit outstanding than we had a year ago, but we have less of Court in the case of United States against Los Angeles
business. The various business indexes that are published & Salt Lake RR. Co. and that there was nothing left for the
show in a few instances a larger turnover than a ye..r ago, Court to do but reverse the decree of the United States
but in most cases a decidedly smaller one If there sh.Aild District Court for the Western District of Missouri which
be any great business change, any call for widespread or enjoined the Inter-State Commerce Commission from using
urgent liquidation, It is quite probable that the result weeld the valuation order as prima facie evidence in determining
be an immediate expansion of business nemand for bank rates.
The constitutionality of the flexible tariff provision of the
funds. Thai.. however, would be an emerg,ncy 'matter The
Fordney-McCumber Act, whereby the President is empowpresent poll,
with
. is that
things as they stand, business does
not need any more loans. It is well capitalized and wnen ered to raise or lower tariff rates not exceeding 50%, was
cheaper money is offered to it, it uses that money merely for involved in a motion to advance made by counsel for the
petitioner in the case of J. W. Hampton and Co., against
the sake of refunding its already outstanding obligathms
the United States. The Court took the motion under adat lower rates, but it does not use it for the enlargement of
visement.
production yr trade.
Other motions which the Court took under advisement
There is a thud indication of present conditions that
were as follows:
should certainly not be neglected. TI•is is the broadening
The case of Celina Mutual Casualty Company against
circle of those who are in some way involved in the stock
William C. Safford, Superintendent of Insurance of Ohio
market. Of course, that does not signify mprely the increasinvolving the question whether the state superintendent of
ing number of those who own stocks and have paid for them.
Insurance has authority to determine what is reasonable
That in itself would be an indication of wholesome df-velop- compensation
for agents and officers of solvent insurance
ment. What is referred to is the vastly il.creasIng °umber companies;
of individuals win, are buying and holding stoel:s on a very
The case of Middlesex Water Company against Board of
thin margin, in many cases almost on a bucket shop basis. Public Utility Commissioners of
the State of New Jersey
It is quite true that this increase seems to be 'innited'o a in which the water company sought to
enjoin the Commisrelatively small number of issues, but it Is a condition and sioners from enforcing the rates
prescribed by them. The
OCT.8 1927.]
THE CHRONICLE
1893
Another case now pending for decision involves the question
water company lost its case in the District Court and appealed
directly to the Supreme Court of the United States. The whether a railroad company is liable for misrepresenting the
Board moved the Court to dismiss the appeal because place where the goods were going to be stored, whereupon
under the Judicial Code a direct appeal from the District the shipper misstated the location of the goods in the insurCourt to the Supreme Court can be had only in cases origi- ance contract and consequently the insurance company was
nating with a preliminary injunction and both the prelim- not liable when the goods were destroyed.
inary and final hearings are had before three judges. In
Labor Cases.
the instant case there was no prayer for a preliminary
Most of the eases involving labor questions now before
injunction.
the Court deal with the various phases and applications of
Charles Elmore Cropley, who after the death of William the Federal Employers Liability Act, the main difficulties
R. Stansbury last spring was appointed Clerk of the U. S. being whether the employee at the time of the injury was
Supreme Court, presented over two hundred cases in which or was not engaged in inter-State commerce; whether the
the Court is asked to review decisions of the U. S. Circuit employee or the railroad was negligent; or whether the
Court of Appeals and other federal and state courts.
employee assumed the risk which resulted in his injury.
The Court then preceeded hearing the arguments in the
The most outstanding eases from the viewpoint of the
case of Red Star Motor Drivers Association and the Blue general public interest,. however, are those involving the
Ribbon Auto Drivers Association against the city of Detroit. activities of labor unions. These concern a number of
The city issued an ordinance prohibiting jitneys from oper- injunctions issued against certain unions and their officers
ating on the principal streets and avenues, though permitting under the provisions of the Clayton Act. The eases are of
the operation of taxicabs and motor busses on the same tremendous importance not only because of their effect on
streets. The Motor Drivers Association argued that the the activities of labor but because they likewise affect the
ordinance is discriminatory and deprives their members of activities of trade associations, or any individuals or
property without due process of law contrary to the Four- corporations confronted with the provisions of the AntiTrust Act.
teenth Amendment to the Constitution.
Anti-Trust Cases.
Thus the Supreme Court resumed its double task of disClosely related to the above cases is one involving the
posing of the cases before it and of bringing its docket up to
date. At the opening of the 1926 term there were 451 cases constitutionality of the Kentucky Co-operative Marketing
which had remained undisposed of by the Court during its Act relating to agricultural products. There are similar
previous term. This year the Court started with about 285 co-operative marketing acts in 41 other states, and the
cases which were docketed during the 1926 term, but which decision will probably have a marked influence on the entire
had not been disposed of. In other words, the Court gained co-operative marketing movement in this country.
The powers of the Federal Trade Commission are again
about 165 cases in the reduction of its arrears. This was made
possible by the Act of Feb. 13 1925 which reduced the number questioned in a case before the Court. The Federal Trade
of cases that could come into the Supreme Court of the United Commission Act provides that the Commission's findings
States as a matter of right, and increased the number of cases as to facts, if supported by testimony, shall be conclusive.
which could come before it by a preliminary application, The Commission had issued an order against a trade association to cease and desist from certain unfair practices. The
known as the petition for a writ of certiorari.
It is hoped that with the Act of Feb. 13 1925, the Supreme association now maintains, among other things, that the
Court will soon be able to dispose of all the eases before it above provision in the Federal Trade Commission Act,
during the term in which they are filed. The Act has met making its findings as to facts conclusive, is unconstitutional.
with general approval, but there is now a personal injury ease
Taxation.
before the Court in which the petitioner for a writ of certiorari
Many interesting cases relating to Federal and State taxamaintains that the Act is unconstitutional in so far as it tion are also pending before the Court. It is maintained
deprives the petitioner of an appeal to the Supreme Court as that a State tax on corporations operating taxicabs, which
a matter of right.
tax is not imposed on individuals or general partnerships
There are now more than 550 cases pending before the operating taxicabs, is discriminatory and therefore unconCourt. Some of these have already been argued and are stitutional.
ready for final decision. Most of the cases are ready for
In another case the question arises whether a State may tax
decision on petition (for certiorari) to review the decisions of a resident beneficiary of a trust, where the trust was created
the United States Circuit Court of Appeals or of the State by a non-resident, the property is entirely outside the State,
Courts.
and the trustee is also a non-resident.
Railroad Cases.
A number of interesting tax cases question the validity of
Porto Rican "Excise Tax Acts" alleged to be discriminathe
treof
are
Court
the
before
pending
eases
the
of
Many
mendous national interest. Some of them involve a number tory against American manufacturers who sell their products
of important railroad questions. Probably the most in Porto Rico.
The cases involving Federal taxation deal mainly with the
important of these is whether the valuation orders of the
Inter-State Commerce Commission are subject to review by provisions of the Internal Revenue Acts. For example,
the courts. Another question is whether the Inter-State whether the value of a right to receive income under a trust
Commerce Commission has exclusive jurisdiction over the created for the life of the beneficiary, is deductible in comdistribution of cars by railroads, or whether the action puting the net taxable income; whether annuities received
against a railroad company for failure to furnish cars can be under a bequest are taxable under the Income Tax Act of
maintained in the State Courts. A very interesting ease 1918; whether a loss sustained on the sale of a residence is
involving the conflict between State and Federal authoritity one which is deductible from gross income as a loss incurred
is whether the Inter-State Commerce Commission may in a transaction entered into for profit; whether real estate
permit or order a railroad company to do something, for situated in Missouri is subject to tax under the Federal
example, to build a road, contrary to the constitution or the Estate Tax of 1921; questions relating to refunds of taxes
laws of the State from which the company obtained the erroneously collected; computation of interest; taxation of
charter. This is analogous to the question which is arising the income of insurance companies, &c.
with reference to the proposed bill for the consolidation of
Bankruptcy Cases.
railroads. There the question is whether the Inter-State
Another group of cases of immediate interest to all people
Commerce Commission may permit or order railroads to in business, arises under the National Bankruptcy Act.
consolidate contrary to the anti-trust laws of the various Among this group are found such questions as whether a
States from which the railroads derive their charters.
bankrupt who filed a voluntary petition in bankruptcy, who
Some of the railroad cases deal with the rights of shippers listed no assets and made the sworn statement that he had
and carriers. For example, in one ease lumber was shipped made no assignments for the benefit of creditors can, after
to various points, and the shipper gave instructions to being discharged, bring suit and recover for the benefit of
reconsign the shipments to various destinations; the recon- alleged assignees; whether an assignment of "future accounts
signment instructions were refused by the railroad because receivable" to one creditor is fraudulent as to other creditors,
the destinations were embargoed; demurrage charges were &c. Other pending cases involve various questions as to
assessed for the detention of cars while awaiting further the priority of claims and the validity of liens against the
shipping instructions. The Inter-State Commerce Com- bankrupt estate.
Prohibition Cases.
mission ordered the railroad to refund the demurrage charges
The Court will also consider many problems relating to
and the question now is whether the demurrage charges were
the National Prohibition Act and its enforcement. Many of
illegal.
1894
T FTE CHRONICLE
the pending cases involve the question of searches and
ssizures as permitted under the Constitution. May ears
be searched on the public highway by State troopers without a warrant and upon suspicion only that illegal liquor was
being transported? May a restaurant proprietor permit his
patrons to bring their own liquor to the restaurant and
may he furnish drinking glasses for them without violating
the Prohibition Act? In two cases arising in Chicago the
lower courts held that such action by the restaurant proprie-
(VOL. 125.
tors was a violation of the law and the premises were ordered
to be closed for a year as a public nuisance. From the commercial point of view the prohibition cases are important
in that they effect the leases on premises where liquor is
being sold. Another important factor is the business of
corporations which finance the purchasing of automobiles
on the installment plan, since many automobiles are seized
by prohibition officers and become subject to condomnation
proceedings.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
one time seemed possible. The Government estimate next
Fridgy Night, Oct. 7 1927.
week is likely to be larger than the last one. There has been
General trade in this country has been unfavorably af- a small export business in rye during the
week, and it is
fected by unseasonably warm Weather. That is good for the believed that later on the demand from Scandinavia
for this
crops, but it has checked the retail trade and also interfered grain will be greater. Coffee has declined about
half a cent
more or less with wholesale transactions. Rains in the on futures, although spot prices advanced at
one time owing
Southwest, together with floods in some of the Arkansas to the scarcity of the better grades of Santos and
mild cofrivers, have interfered with cotton picking and the seeding fee. Lower Brazilian prices showed the
effects of an inof winter wheat. In the industries the clothing trades still creased marketing of the Brazilian crop.
The price has
make the best exhibit. Industries like iron and steel are recently been maintained, it would seem, more
by the moral
still more or less backward, although there is a larger de- effect of granting large loans to Brazil than
to anything
mand for steel rails. Coarser grades of cotton cloths have else. Certainly the indications seem to point
to an abundant
been quiet here. There was a fair business in brown sheet- supply.
ings for delivery during the rest of the year and into JanuSugar has declined under the weight of existing supplies
ary. Finished cotton goods have been quiet. Woolens and and an indifferent demand. The Cuban
restriction bill has
worsteds have been slow, partly owing to continued warm been passed and signed by the
President of Cuba. But lookweather in many parts of the country, the temperatures in ing before and behind he seems
to be in no hurry to take
the West of late being in some cases as high as 86 degrees, steps for its enforcement.
It is recognized that sugar rewhile it has been up to 77 degrees here, following the recent striction in Cuba tends
to increase production in other
remarkable hot wave and temperatures up to 87 on Oct. 2. countries. Of course it
is artificial, like the attempt to
Trade in general does not make a very favorable comparison bolster up coffee prices in Brazil.
Sooner or later the parawith that of a year ago. Business then was quite brisk. mount law of supply and demand will
have to be recognized.
But with normal weather conditions there is no doubt that In the end there is no way of getting
around it. Rubber
the demand for goods would quicken. As the case stands, has advanced slightly during the week, but
trading has not
however, high temperatures lessen distribution of most been large. The future of rubber prices hinges
largely on
goods. The automobile manufacturing is not making a good whether Great Britain will adhere to its policy
of restrictshowing, compared with former times. What is wanted is ing exports. Here, again, we have
paternalism trying to
cool weather. That would put snap into the retail trade. outwit natural law. Restriction of rubber
exports from
What is also wanted Is a sharp transition from the summer British possessions has had a tendency to
increase exports
dulness into autumn activity in some of the big industries. from other rubber raising countries. It
will be so, not only
Meanwhile it is reported that the Illinois soft coal strikes In rubber but in coffee and sugar eventually.
have been settled. There is a good business in cotton and
The stock market has been very active, with scome erratic
grain. The higher grades of cattle are selling at the best fluctuations. On the 4th inst. the
transactions reached
prices on record. Mail order and chain store sales make, 3,152,473 shares, a new high record
for the year, and the
on the whole, a good showing, and they will undoubtedly ticker was 15 to 20 minutes behind
the trading. Brokers'
make a better one with lower temperatures. For the third loans have reached a new peak. Sterling
exchange has been
successive month index number prices show an advance, the up to the highest quotation seen
since 1914. That may
latest, in September, being nearly 3%. Building expendi- fairly be regarded as a sign of the
times. General Electric
tures in September, however, fell off 12% as compared with and General Motors have at times led
the rise, with Houston
the same month last year. For nine months the decrease is 011 and American Express also noticeably
strong. A sharp
close to 10%, as against a decrease for the same period last increase in the demand for steel rails was
one of the trade
year of nearly 6%. Evidently there is a slowing up in build- features of the week. August gross earnings
of 183 Class I
ing after years of unexampled activity to fill up the gap railroads decreased 3.99% and for eight
months decreased
created by the war. The coal trade is quiet, owing to the 2%. But the market has been indifferent to this.
The tenunseasonably warm weather. Raw silk has been firmer, dency is towards increased estimates of the crops of
grain
with a fair business.
and cotton. To-day there was some decline in stocks, though
There has been a good demand for new lines of silk fab- money was at 4%. Bonds have been active and in not
a few
rics. otton has declined $3 a bale, owing, on the whole, to cases prices have reached new highs. The tendency is
for New
better weather and an impression that the crop is going to York to become a larger market for foreign bonds;
that is,
turn out larger than was at one time expected. An event a world market. It is a sign of the times.
Certainly the
this week will be the Government cotton report to-morrow, trading in foreign bonds here is steadily
increasing. Italian
on the probable size of the crop. The September estimate Issues have reached a new high on large
transactions.
was 12,692,000 bales, but a quite general impression now is
At Saco, Me., with business steadily Increasing, there is
that the estimate to-morrow will be in the neighborhood of an unofficial report that the mills of the York
Manufactur13,000,000 bales. Cotton within a month has fallen about ing Co. will be operating at close to
capacity next year. It
4 cents a pound, but it is still about double the pre-war price Is stated that some of the mills in New
England, working
level. It is about treble what it was at times in the last entirely on very fine yarns and cloth, are running
overtime,
century.
19th
decade of the
Cotton exports are not keeping a thing not seen in that division of the business for
many
up to the high record of last year and there is some decrease years.
in the spinners' takings. But the mills have a good deal of
Representatives of approximately 450 cotton mills in the
cotton to buy after having practiced dilatory tactics for United States, it is announced will meet in New York
on
some months past. Wheat showed little net change in Oct. 19 for the purpose of considering results of
the first
prices for the week. Speculation has died down, but there year of co-operative efforts through the Cotton Textile
Instihas been some delay in seeding the winter wheat crop in tute and the meeting is expected to be an industrial
conferthe Southwest, and to-day the export sales were estimated ence of real significance.
at as high as 700,000 bushels. Export trade is favored by
Montgomery, Ward & Co.'s sales for September totaled
the fact that Continental freight room cost at this time is $16,377,863, an increase of 0.75% over September
1926.
only about a quarter as much as a year ago. Corn has de- Sales for the first nine months of
this year
clined partly because of Indications of a larger crop than at amounted to $134,455,892, against
8132,126,697 in the
OCT.8 1927.]
THE CHRONICLE
1895
same time last year, a decrease of 1.2%. Sears,
Roebuck & Co.'s sales in September were $24,608,712,
against $21,647,835 in September last year and $23.969,681
in August 1927; for nine months this year $199,265,662,
against $187,885,758 for the same period last year, an increase this year of 6.1%. The S. S. Kresge Co.'s sales for
September amounted to $10,421,615, an increase of 10.4%
over September 1926. Sales for the first nine months of this
year amounted to $86,627,020, an increase of 12.6% over
the corresponding period last year.
Oct. 1 was a day of extraordinary heat here. The thermometer registered 85, the highest for Oct. 1 since 1881 and
2 degrees higher than in some charts of the South. Yet there
were three inches of snow in Wyoming. On Oct. 2 it was
still worse, 1. e. 87 degrees, the highest on record for that
date. The beaches were crowded, 400,000 people visited
Coney Island and 135,000 Rockaway. The maximum of 87
degrees here was 25 degrees above the average on Oct. 2 for
46 years. It was 84 at Albany, 86 at Philadelphia, Cincinnati and Cleveland, 82 at Chicago, 84 at Detroit, 80 at Milwaukee, 88 at Pittsburgh, 62 at St. Paul, 68 at Montreal,
54 at Winnipeg. New York was 5 degrees higher than at
Charleston, S. C., and 9 degrees higher than at Jacksonville,
Fla. Latterly the weather here has at times been somewhat
cooler, but still warm, with the temperatures up to summer
heat, namely 76 degrees. To-day, in fact, the maximum was
77 degrees, with the minimum 61. The forecast was for
showers to-night and clear and cooler to-morrow. Latterly
Chicago has been 70 degrees, Cincinnati 86, Cleveland 82,
Milwaukee 58, St. Louis, 86, Winnipeg 52, Philadelphia 76,
Pittsburgh 84, Omaha 50, and Minneapolis 44.
•
.
4...
.4Gnet.C.730A.C..A. )4Ca ..4 to
1
Autumn in 1927 finds conditions diametrically reversed. The summer
production and distribution volumes have been moderate. Some have
even said that commerce was exceptionally quiet. Certain it Is that there
has been no overproduction, no excessive out-of-season drive for business,
no saturation of the consuming public. We have not used up the year's
fuel by overdriving the motor through the summer, and we therefore have
enough In the tanks to run the machine at a natural rate of speed throughout
the fall. There is certainly sound basis for believing that the distributor of
merchandise in the concluding quarter of 1927 has a far better market
awaiting him than he had a year ago.
A cool billion dollars was the estimate made a month ago of the farmers'
extra income in 1927 over what he got in 1926. This was supported both
by reports of private statistical agencies and of no less an authority than
Eugene Meyer, Chairman of the Federal Farm Loan Board. During the
month of September. crops, particularly corn, were affected in two ways.
The price went down and the crop went up. The midsummer temperature
which prevailed during the first two weeks of September had wovel an unexpected boon to midwestern farmers, who had been forced by incessant
spring rains to plant the crops unprecedentedly late. To get the latest information the Tribune Survey sent a request to the official heads of the agricultural departments in the five states comprising Zone 7.
Herbert E. Crowell, Commissioner of Agriculture of Michigan. estimates
that the corn yield In that state was increased by as much as 10% by the
hot weather, althorgh W. H. Ebling, aver-1111ra' statistician of Wisconsin,
placed the increase S r that state at three to row percent. In Iowa, where
the crop was a very fair one, the best in
corn belt, in fact, Sccretary of
Agriculture Thornburg reports that the principal effect of the hot weather
was to ripen corn that was already well along in development. Farm income
prospects are thus improved in the midwestern states where the crop was the
poorest.
Taking the statements of the Secretaries along with other reports, the
conclusion Is reached that the corn crop for the country increased by as
much as one hundred million bushels during September. and that there is a
possibility that the actual yield will run as high as last year's crop of 2,647
million bushels. With December corn selling at 20 cents per bushel more
than a year ago, the value of this crop alone will be a half million dollars
more than In 1926.
Although the wheat crop is larger than a year ago the price is also lower,
and the aggregate yield of the farmer from this c weal will approximate
last year's aggregate. Rye will net the farmer about twenty million dollars
more than a year ago, and barely an additional thirty million dollars.
Cattle and pork will also bring the farmer more, In view of the higher prices
now prevailing. Cattle at the close of the month sold in the Chicago market
at the highest price since 1920.
Summarizing farm income prospects, it seems that the farmers will receive
Business Indexes of Federal Reserve Board.
nearly, if not fully, a billion dollars more than they did In 1926. The
The indexes of production, employment and trade igsued only effect of the late growing weather in September and the consequent
drop In crop prices has been to cause a different distribution of the farm
Oct. 1 by the Federal Reserve Board follow:
Income than appeared likely a month ago. Agricultural income in the
INDEX OF INDUSTRIAL PRODUCTION.
northwest is likely to be somewhat less, and in the midwest somewhat more.
(Adjusted for seasonal variations. Monthly average. 1923-25 equals 100).
than was indicated by crop and price conditions prevailing on Sept. 1
Meanwhile. the settlement of the coal mine strike in Illinois returns to an
Aug. July Aug.
Aug. July Aug. income receiving status. 72.000 men who have been out of employment
1927 1927 1926
1927 1927 1926 for six months. As this is the period of steady mine operations. this
creases the prospective'income of Illinois people by $500.000 per day.
Total
107 105 111
ManufaauresManufactures
107 106 112 Iron and steel
101
120
$12.500.000 per month, or $75,000,000 in the next six months.
Minerals
106 *98 109 Textlkn
118
105
Food products
96
103
MineralsPaper and printing__ 111
115
Bituminous
90
81 103 Lumber
94
94
Anthracite
110
74 121 Automobiles
88
128
Samuel H. Barker, of Bankers Trust Company of
124 *124 106 Leather and shoes__ 110
Petroleum
103
Iron ore
101
98 128 Cement, brick. glass_ 116
Philadelphia, Following Trip to Pacific Coast,
119
Copper
101 102 108 Nonferrous metals__ 109
111
Presents Optimistic Picture of Industrial and
112 100 119 Petroleum refining__ 136
Zinc
128
113 116 116 Rubber tires
Lead
119
128
Banking Conditions.
Silver
89 .94
93 Tobacco nibs
lig
112
INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURIk0
INDUSTRIES.
(Without seasonal adjustment. Monthly average 1919 equals 100.)
_
Employment.
Pagrolls
Total
Iron and steel
Textiles--Oroup
Fabrics
Products
Lumber
Railroad vehicles
Automobiles
Paper and printing
Foods, dal
Leather, do
Stone, clay. glass
Tobacco. .tc
Meaning:Oa bt.
Aug.
1927.
July
1927.
Aug.
1926.
Aug.
1927.
July
1927.
Aug.
1926.
91.2
85.0
92.3
95.6
88.2
92.4
76.7
114.3
106.9
85.8
88.2
120.2
74.4
73.3
90.7
85.4
91.0
94.8
88.2
91.2
78.2
109.9
106.3
86.7
85.3
119.5
80.3
75.0
94.4
91.7
88.4
88.6
88.0
100.3
84.9
125.1
106.6
86.0
89.5
129.7
76.7
MS
104.4
89.8
1022
105 8
98.9
105.8
85.4
101.0
86.7
99.1
102.8
94.6
101.1
83.0
125.2
145.4
103.1
90.2
143.7
85.7
1(135
107.6
96.7
96.5
96.0
97.0
112.6
93.1
152.7
144.4
100.5
97.6
162.3
82.8
101 I
136.3
147.2
101.7
97.5
149.0
79.7
103.2
INDEXES OF WHOLESALE AND RETAIL TRADE.
Wholesale Trade-Total
Groceries
Meat
Dry goods
Shoes
Hardware
Drugs
Aug. July Aug.
1927 1927 1926
88
83
75
108
79
99
126
*77
•78
72
75
53
94
118
88
82
81
102
73
99
115
Retail TradeDepart't store salesAdjusted
Unadjusted
Dept. store stocksAdjusted
Unadjusted
Mall order salesAdjusted
Unadiusted
Aug. July Aug.
1927 1927 1926
143
113
130
97
134
105
130
130
133
124
130
130
149
112
135
100
130
98
•Revised.
Chicago "Tribune" Survey Finds Business Expanding.
"Business is expanding and the operation gives every
indication of being a substantial and well-sustained movement" says the Chicago "Tribune" survey issued Oct. 6,
which goes on to state:
This is In marked contrast with the condition a year ago. Throughout
the summer of 1926 production and trade were on an unseasonably high
plane. A collapse last autumn was inevitable. Possibly the low price of
last year's amazingly large crop of cotton contributed to the debacle. And
the cutting off of the demand for American coal through the settlement
of the English mine strike also may have had something to do with It.
But far and away the dominant factor in the abrupt and untimely end of last
fall's business was the saturated market.
Back this week from a trip to the Pacific Coast, in the
course of which he traversed nineteen States and visited
chief cities, from Chicago west, conferring with many leading
bankers and others, Samuel H. Barker, President of Bankers
Trust Co. of Philadelphia, is enthusiastic over the outlook
for the country. "Throughout the vast extent of the
United States,", he said, "abundant eviden6e appears of
the big and substantial progress which is making in develop-.
ment and increased capacity to produce. Almost everywhere the forward march proceeds. In the aggregate,
compared with only a very few years ago, it is enormous.
Another decade will build greatly upon the present foundations. The economic prospect for the American people of
the generation which is now taking hold is so expanding as
to inspire utmost confidence and enthusiasm. It is thrilling
with its possibilities and probabilities." Mr. Barker adds:
Never were the railroads of the country in such high physical condition
as they are now. Consequently they are providing a transportation service
better than ever before and so performing a greatly constructive part in
the current Industrial and other activities of the American people. Track
and equipment of big Western lines are fully up to the standards which
leading Eastern railroads were able to reach some years ago. Increased
traffic is easily sustaining such condition.
The West now possesses investment capital and also money to loan.
It is both investing and loaning, not only in its own enterprises, but also
in the East, and even to some extent abroad. One of the big California
banks is among the large stockholders of the Pennsylvania RR. Irrigation
has done wonders, and through its medium further wide areas of now
barren, but, given water. wonderfully fertile land will be brought into
cultivation and yield bountifully.
By natural growth reflecting the prosperity of their territories, and now
by big consolidations of State and national banks, there have come to be
financial institutions in California ranking close up In size with the largest
in the country. They thrive as institutions of active, out-reaching, live
service. As here, so in Chicago, Los Angeles. San Francisco, Seattle and
elsewhere throughout the country, bank stocks are being bought confidently
r investment, this not only by wealthy men but by thousands of people
of small means. The largest California bank is now owned by above 15.000
stockholders; another has cono owners. With the people owning the
country. Its resources, its railroads, its Industries, its farms, Its banks, as
they now do, more generally than ever before and In rapidly increasing way,
there need be no doubt concerning the economic and social health and
welfare of the American people and nation. On such basis and assurance
wise projects and constructive enterprise can go forward safely.
1896
THE CHRONICLE
Canadian Business Situation as Viewed By Royal
Bank of Canada.
Factors which bespeak prosperity are pointed to an article
on the Canadian business situation in the Monthly Letter of
the Royal Bank of Canada made public Oct. 6, and from
which we quote as follows:
The prospect of an excellent wheat crop in the West is the outstanding
factor in the Canadian agricultural situation. Alberta expects to harvest
the largest crop in the history of the province, and the reports from Manitoba, Saskatchewan and Ontario are sufficiently favorable so that there is
little question but that this year's crop will be nearly 100,000,000 bushels
larger than that of 1926. Fall wheat is now being planted and the farmers
of Ontario apparently intend to plough twice as large an acreage as was
ploughed in the fall of 1926.
Naturally, the prospect of good business in the farming districts is
having a satisfactory effect upon wholesale and retail trade and manufacturing. The chart on the second page of this Letter (this we omit Ed.)
gives an outline of the condition of Canadian business. The situation
by this chart is exceptionally satisfactory. While no factors in the general
situation are classified as very unfavorable, and only two as unsatisfactory,
there are four major feelers mentionod as excellent, sixteen as favorable
and four as medium Such a record bespeaks prosperity.
The manufacturing situation is classified as eccellent because a high
level of activity prevails in almost every manufacturing industry in the
Dominion. While the newsprint industry was working at higher capacity
in 1926 than in 1927, the capacity of the industry has been much increased
in tho pt st year; production is increasing in Canada, and decreasing in the
Un:ted States. Electric energy generated has attained new high levels
during the year, bat rapid exparslon in this industry can no longer be considered except! mal in Canada. There might be some question as to the
classification of the forest industry but for the fact that the had times
in the lumber industry have already been discounted and that the actual volume of business in 1927 is well ahead of that recorded in 1926. The continued low level of the price indec of lumber and annual products is the
only important unfavorable element in the general price situation.
The expansion in various lines of Canadian business which has taken
place in the past few years may be measured in a number of ways; but to
secure any very accurate picture of the per capita productive capacity
of the country, it is necessary to have statistics showing the aggregate
value of all the different products manufactured as well as the value
of
field and mine and forest products. Statistics of this type are not available
until they are too old to be of much more than historical value. The
above table, however, can be broeght up to date from current sources.
The picture thus presented seems most encouraging.
Producticn cf Electric Power in the United States
Continues to Show Increase,.
According to the Division of Power Resource3, Geological
Survey, the total output of electric power by public utility
power plants in the United States for the month of August
amounted to 6,632,402,000 kilowatt hours, and increase of
about 7% over the same month a year ago. Of this amount
2,385,7€0,000 kilowatt hours were produced by water power
and 4,246,612,000 kilowatt hours by fuels. Production for
the month of July 1927 was 6,455,967,000 kilowatt hours,
au increase of approximately 8% over July 1926. The
"Survey" further reports:
PRODUCTION OF ELECTRIC POWER BY PUBLIC UTILITY
POWER
PLANTS IN THE UNITED STATES (IN KILOWATT HOURS).
Division and Mate.
New England
Middle Atlantic_ _ _ _
East North Central.
West North Central_
South Atlantic
East South Central_
West South Central_
Mountain
Pacific
June 1927.
July 1927.
August 1927.
427,062,000 420,198,000 440,391.000
1,701,750,000 1,657,462,000 L677,725,900
1,500,631,000 1,475,122,000 1,523.285.000
385,591.000 398,233,000 407,749,000
686.220,000 675,608,000 703.435,000
284,837,000 282,400,000 303,575,000
275,030,000 289,069,000 293,970,000
299,327,000 310,999,000 317,898,000
914,273,000 946,876,000 964,374,000
Change In Output
from Previous Year.
July.
August.
+10
+5
+6
+4
+18
+13
+30
+5
+7
+8
+1
+5
+5
+18
+21
+27
+3
+12
Total United States 6,474,721,000 6,455,967,000 6.632,402,000
+8
+7
The average production of e ectricity in public utility power plants in
the United States in August was 213,900,000 kilowatt hours per day,
about 23i,% more than the average output for July.
The usual increase in the demand for electric power began in August this
year, the same as in other years. The monthly output for 1927 was probably more satisfactory than in 1926. The total production of electricity
for the eight months of this year was more than 9% larger than for the
same period in 1926.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY BY PUBLIC UTILITY
POWER PLANTS IN 1926 AND 1927.
January
February_ _ _ _
March
April
May
June
July
August
September_
October
November_.._
December
1926.
1927.
6,150,000,000
5,621,000,000
6,178,000,000
5,812,000,000
5,849,000,000
5,920,000.000
5,955,000,000
6,175,000,000
6,221,000,000
6,594,000,000
6,482,000,000
6,817,000,000
6,730,000,000
6,080,000,000
6,717,000,000
6,416,000,000
6,582,000,000
6,475,000,000
6,456,030.000
6,632,000,000
Total
Increase Produced by Wafer Power
1927
Over 1926.
1926.
1927.
9%
8%
9%
10%
12%
9%
8%
7%
-___
—
---
32%
34%
37%
40%
40%
38%
34%
34%
33%
33%
35%
35%
35%
36%
38%
40%
41%
39%
38%
36%
------- -
73.791.000.000
35%
---The quant ties given in the tables are based on the operation of all power
plants producing 10,000 kilowatt hours or more per month, engaged in
generating electricity for public use, including central stations and electric
railway plants. Reports are received from plants representing over 95%
of the total capacity. The output of those plants which do not submit
reports is estimated; therefore the figures of output and fuel consumption
as reported are on a 100% basis.
[VOL. 125.
Loading of Railroad Revenue Freight Large but Not
Up to Last Year.
Loading of revenue freight for the week ended on Sept. 24
totaled 1,125,868 cars, according to reports filed on Oct. 4
by the railroads with the Car Service Division of the American Railway Association. This was a decrease of 49,539
cars compared with the corresponding week last year but an
increase of 4,843 cars above the corresponding week in 1925.
The total for the week of Sept. 24 was a decrease of 1,745
cars compared with the preceding week when loadings totaled
1,127,613 cars instead of 1,124,231 cars as previously announced, the change being due to a correction made by one
of the railroads in its report for last week. Particularizing,
tbe statement says:
Miscellaneous freight loading for the week totaled 447,436 cars,
a decrease
of 1,474 cars under the corresponding week last year but 9,064
cars above
the same week in 1925.
Loading of merchandise and less than carload lot freight totaled
269,007
cars, a decrease of 478 cars below the same week last year and
3,739 cars
below the corresponding week two years ago.
Coal loading amounted to 184,088 cars. This was a decrease
of 27,211
cars under the same week last year but an increase of 5,752 cars
compared
with the same period two years ago.
Crain and grain products loading totaled 60,157 cars, an increase of
10,7C8
cars above the same week in 1926 and 4,869 cars above the same period in
1925. In the Western districts alone, grain and grain products loading
totaled 45.238 cars, an increase of 12.189 cars above the same week last
year.
Live stock loading amounted to 32.588 cars, a decrease of 7,185 cars under
the same week last year arid 4,266 cars below the same week in 1925. In
the Western districts alone live stock loading totaled 24,894 cars, a decrease
of 6,570 cars under the same week last year.
Forest products loading totaled 69,034 cars, 860 cars below the same week
last year and 3,032 cars below the same week in 1925.
Ore loading totaled 54,055 cars, 20,208 cars below the ame week in 1926
and 1,400 cars below the corresponding period two years ago.
Coke loading amounted to 9.503 cars, a decrease of 2,831 cars under the
same week in 1926 and 2.405 cars below the same period in 1925.
All districts except the Pocahontas and Southern reported decreases in
the total loading of all commodities compared with the corresponding period
in 1926. All districts except the Eastern, Southern and Central Western,
however, reported increases compared with the corresponding period in
1925.
Loading of revenue freight this year compared with the two previous
years follows:
1927.
1926.
1925.
Five weeks in January
4,524,749
4,456.949
4,428.256
Four weeks in February
3,823,931
3,677,332
3.623,047
Four weeks in March
4,016,395
3,702,413
3,877,397
Five weeks in April
4.890.749
4,710,903
4,791,006
Four weeks in May
4,096,742
4,145,820
3,869,306
Four weeks in June
3.974,160
3,965,872
4,089,340
Five weeks in July
4,935,397
4,945,091
5,213,759
Four weeks in August
4.249,359
4,321,427
4,388.118
Four weeks in September
4.360,022
4,297.936
4,523,112
Total
38.871.504
39.134.140
37,892,944
Silberling Business Service Reports Pacific Coast
Business Activity 3% Below Normal.
Summarizing Pacific Coast business, the Silberling Busi,
ness Service of Berkleley, Calif.,-under date of Sept. 26,says:
During July and August our index of Pacific Coast business activity
remained practically steady at about 3.5% below the normal trend. During
the balance of this year it is more likely that some further recession will
occur than that business will resume the prosperity levels of 1925 or 1926.
The moderately quiet general condition prevailing in trade and industry
finds definite and clear expression in the employment situation and the reported earnings of wage earners. Business cannot be good when the payrolls of large numbers of consumers are diminished and a surplus of lumbering and agricultural labor exists.
The total pay-rolls of industrial establishments in California in August
were 6.6% below these of identical establishments last year. The reduction
has been especially severe in production of automobiles, cans, hardware
and machine supplies, oil, chemicals, paint and in the fruit canneries.
Labor demand has been relatively good, however, in such lines as agricultural implements, millinery, brick and tile, and glass. In the Northwest surplus labor is reported in the larger centres, although in the Spokane
area demand for workers has been more satisfactorily sustained. With the
large wheat harvest drawing on the labor supply and somewhat improved
conditions in lumbering, the Northwest situation is regarded as rather
better than it was two months ago.
The available coastwide data on wholesale trade, railway freight traffic,
and sales and collections in the retail field confirm the information provided
by the index. The "probable range" forecast indicates the upper and
lower limits within which activity will fluctuate during the next ten months,
after purely seasonal changes are allowed for.
Indiana Limestone Co. Finds Record of Building
Projects Large and Promising.
New building has cost the nation five and a quarter
billion dollars in the first nine months of the year, according
to a survey concluded Oct. 6 by the Indiana Limestone Co.
"A total expenditure of approximately $600,000,000 for
September is indicated in returns from several hundred
cities and towns," says Thomas J. Vernia, vice president.
"This figure is slightly below that for the same period last
year. But projects planned indicate a big program for the
remainder of the year. When the present year opened
pessimistic warnings of an immediate building reaction were
heard. Yet this year now gives every promise of establish-
OCT.8 1927.]
THE CHRONICLE
ing a new high record in point of volume. It may be stated
moreover, that inflation has been avoided, speculative building has been discouraged and reduced, and the industry
seems to be on a sound, safe footing with prospects of a
steady course for some time to come." The report proceeds
as follows:
Winter's terrors for the industry have disappeared. Under the new
methods workers are busy 20% more days than before the war. This
has lifted the burden of long periods of idleness with subsequent disturbances. The smooth distribution of the industry's activities over the entire
year has brought greater efficiency as well as other economic benefits.
Demand for public works and engineering projects shows little sign,of
recession. Many cities are going through a course of modernizing their
local improvements.
Residential construction continues to lag behind the enormous programs
of last year. There is still a need for homes in many sections, however.
Industrialconstruction,which had notkept pace with last year, rebounded
in September and exceeded the same month in 1926.
Construction in New York and Northern New Jersey shows increased
activity, residential, commercial and public works constituting the bulk
of the program. New England states also report a slight increase in the
same type of work. The Middle Atlantic, Pittsburg and Northwest district
have been busy with public works construction, with residential, commercial and industrial also showing considerable volume. The Central West
continues active, with Chicago lighting the way and indicating a gain of
several million dollars over the first nine months of last year.
In point of valuation of building permits in fifteen important cities, New
York leads for the nine months of the year, with Chicago, Detroit, Philadelphia, Los Angeles, San Francisco, Boston, Cleveland, Baltimore,
St. Louis,Pittsburg, Milwaukee, Seattle, Buffalo and Minneapolis following
in about the order named.
High Record Seen in Engineering Construction Awards
—Money Value of Contracts Let Since First of
Year Well Ahead of 1926—Costs Easier.
This year, thus far, has provided ample grounds for
belief that 1927 will hold the record for money spent on large
engineering construction projects. The total involved in
contracts let throughout the country in the first nine months
of the year is placed at $2,368,960,000 as against $2,176,518,000 in the corresponding period last year. Engineering
News-Record reports. Gains in activity on large jobs have
occurred in all sections of the country except New England
and the Seuth, It is added:
1897
"The building burden on manufactured goods is directed in the charge
for factory and office buildings, indirect in the rent element in every salary
check and in every wage envelope. If home rents are abnormally high.
salaries and wages must be raised proportionately, and the cost of goods
goes up. If house rents are low, selling prices can be proportionately
reasonable.
"Index figures show that the cost of building has risen more in this
country since 1913 than have the selling prices of most of the items that
enter into our everyday life. As against prices in 1913 food prices for
the country are up 59%; clothing, 65;fuel and light, 81; house furnishings.
105; building cost, 110."
While building costs since the pre-war period have more than doubled
generally, Mr. Mehren said the increase had been greatest in New York
City, where the percentage is now 114.
"The motive of self-interest should prompt us to inquire whether the
public will not punish us if we callously allow our costs to remain out
of line," he continued. "We feel a certain sense of security because ours
is a protected security. If a man wants a building in New.York, only
New York can give it to him.
"But that protection afforded our industry by the nature of our business
is not a guaranty of immunity from public displeasure and discipline. The
community is always more powerful than any of its parts. It can administer a severe punishment. It starved the railroads which incurred
Its displeasure. It forced electric railways by the dozens into receivership.
It promises to go to the bottom of public utility fmancing and no one can
foresee the results. We cannot say that the public cannot punish us.
"So long as our costs continue to be out of line, so long as other industries show sharp downward price trends and even sell goods at or below
the 1913 figure, we shall be challenged by our fellow-citizens; the more
so in the immediate future, when our trade will be challeAged by stiff
European competition."
Labor, Mr. Mehren said, was not the only factor in high building costs.
He advocated also study of the city building code, the State factory laws,
and an inquiry into the relations between architects, contractors and
material dealers. An inquiry, he suggested, might be conducted through
an extension of the State Industrial Survey Commission.
Business Conditions in Philadelphia Federal Reserve
District—Continued Expansion in Volume of Trade.
The expansion in the volume of trade and industry in the
Philadelphia Federal Reserve District, which first became'
evident in August, has continued during September,although
it is quite evident that the recent improvement in business
has been little more than seasonal in extent, says the Federal
Reserve Bank of Philadelphia in its Oct. 1 "Business Review," The bank's summary goes on to say:
Retail merchants in the district reported a Considerable gain in August
sales and a slightly larger volume in that month than in 1926. but this was
the second month this year that such a gain has occurred, and the cumulative total for 1927 is still more than 3% below last year's sales. Most lines of
wholesale trade also showed substantial seasonal gains over the previous
month, and in the drug, dry goods, grocery and paper trades, August sales
were in larger volume than those of a year earlier. The total sales of reporting wholesale dealers were slightly in excess of those of 1926. Sales of
lower priced automobiles continue in large volume, while the more expensive
makes are finding a much less active market. The dollar volume of business
payments, as measured by checks cleared in the principal cities of the district, continues to run ahead of last year, but railroad freight shipments in
the Allegheny District in recent weeks have been smaller than in 1928.
Merchandise shipments, however, were in larger volume than last year.
Perhaps the most striking evidence of increased mercantile activity is the
recent upturn in the wholesale price trend, which had moved steadily downward for almost a year. The present level is still slightly below that preveiling a year ago.
Industrial activity in the district, as indicated by factory wage payments
and employee hours worked, experienced a seasonal upturn in August and
W. J. Greenebaum Points to Building Increase—Says preliminary reports indicate a further gain in September. But factory
activity continues to run at least 5 or 6% behind last year's level and the
Pessimistic Predictions have Not Been Fulfilled.
output of many important commodities has been smaller during the past
few
months than in the corresponding period of 1926. Noticeable is the
Actual figures involved in new Ibuilding contracts up to
that, although output of electric power by reporting stations in the disSept. 16 of this year show an increase of $16,000,000 over the fact
trict has gained about 5%.consumption of power by industries, which norsame period of last year, it is announced by Walter J. Greene- mally shows a strong upward trend in August, was less than 1% greater than
baum, Vice-President of Greenebaum Sons Securities Corp., in the same month of 1926.
Conditions in the iron and steel industries are far from satisfactory to
who remarked that actual figures exceeded the predictions producers.
Though some betterment has occurred since midsummer, puce
of the most optimistic at the first of the year. "With three- weakness is manifest for a number of products and production of pig iron,
quarters of the year past," said Mr. Greenebaum, "it is in- steel ingots and iron and steel castings is running much behind last year's
levels.
teresting to note that new building construction throughout
The textile industries, on the other hand, are considerably more active.
the country exceeds the same period of last year. Those Mill operations in the silk and wool industries have increased substantially
who issued pessimistic forecasts last January are finding of late and the output of cotton goods is much larger than that of a year ago.
Increased demand and some price increases are reported for both full-fashjustification difficult. There are always those who talk of ioned and seamless hosiery and some improvement has occurred in the caroverbuilding but fail to take into account the continual pet and rug business.
The leather and shoe industries are more active and many grades of hides
growth of the larger and more progressive cities."
and leather have strengthened further in price.
Building and real estate activities in August were considerably ahead of
year, as indicated by permits and contracts issued in the district and by
Warning Issued on Building Costs—E. J. Mehren Sees last
sales of real estate in Philadelphia. There is comparative quiet in the resiPossibility of "Buyers' Strike" if High Rentals dential market, however, and much of the recent construction has cnosisted
of public works.
Are Continued.
The coal markets continue rather sluggish despite some recent betterHigh rentals resulting from possibly excessive costs of ment in demand. August production of both anthracite and bituminous
building in the United Stittes may induce a "buyers' strike," coal in Pennsylvania, though substantially larger than in July, was leas
than in August 1926.
helped on by • increased economic pressure from Europe,
Agriculture in the district has been favored by warm weather in Septemaccording to E. J. Mehren, Vice-President of the McGraw- ber and the yield of buckwheat, oats, potatoes and hay will exceed that of
development in recent weeks has been a
Hill Co., publishers, speaking at a luncheon of the New York last year. Another favorable
further rise in prices of farm products, which has brought the level considBuilding Congress at the Hotel Commodore, this city, on erably above that of a year ago.
The money value of heaVY Construction operations for which contracts
were awarded during the month of September totaled $323,987,000, and
compares with $289.344,000 in August, and $276,457,000 in September,
1926. The gain of 17% in money value of September awards, compared
with the same month last year, is accentuated by the fact that materials
prices are somewhat lower. September gains, compared with a year ago,
were largely in public work. Activity in commercial building operations
also showed a gain, the increase amounting to 20%,compared with September of last year. Public buildings and Federal Government work were just
about even with September, 1926.
Engineering News-Record's construction cost index number on Oct. 1
was 204.40, as against 203.60 a month previous, and 209.80 a year ago.
The slight increase over the September figure reflects a firmer price situation in 3-in. timbers. Labor rates were virtually unchanged. General
construction cost is 214% below October, 1926. and 25% under the peak
in June, 1920. The construction volume index number for the month of
September is 273, and compares with 228 for the whole of 1926.
Oct. 5. The foregoingis quoted from the New York
"Times" of Oct. 6, which added:
Mr. Mehren, who was a delegate to the World Economic Conference at
Geneva last summer, said the application of American business and industrial methods by Europeans is proceeding with such intensity that
the rehabilitated Old World looms as a serious competitor to the United
States in home and world markets.
Referring to the building trade as an important factor in world commerce
Mr._Mehren said:
City Conditions.
Industrial activity, while showing betterment from July to August, conbefore, factory wage payments being smaller
year
rate
of
a
tinued below the
in most of the leading cities of this district. In the value of building permits and in the consumption of electric power, the majority of the cities
exceeded the totals of August 1928.
The dollar volume of retail trade increased in eight out of thirteen cities
as compared with a year before. Sales between July and August in nine
city areas increased while in four areas there were declines. Commercial
1898
[vol.. 125.
THE CHRONICLE
payments by check also were somewhat greater in the majority of cities than
a year earlier and savings deposits surpassed the total of August 1926.
Business Conditions in Cleveland Federal Reserve District-Hand-to-Mouth Policy Still Prevails-Operations in Tire Factories.
The fact that the "hand-to-mouth" policy still prevails in
its district is indicated in the following relative to the business
situation, taken from the Oct. 1 issue of the "Monthly Business Review" of the Federal Reserve Bank of Cleveland:
In the Fourth (Cleveland) District, the iron and steel industry is still
sluggish. Tire manufacturers continue relatively high operations, and are
In better shape than a year ago. The shoe trade appears to be on the upgrade. Coal production has increased, regardless of the strike. West Virginia and Kentucky are producing at record high levels and Pennsylvania
has been running around 80% of last year; but conditions in the Ohio fields
are extremely depressed. The paint and varnish trade has enjoyed a prosperous summer. Makers of trucks and motor accessories have been suffering from the reaction in the automobile Industry. The lumber trade is
quiet but building was ahead of August 1926. Crop conditions are still
somewhat unfavorable for the most part, although corn has been aided by
hot weather early in September.
Hand-to-Mouth Buying.
In view of the advance In the general level of wholesale prices during
July and August, it was felt to be a matter of interest as to whether buyers
In the Fourth District have been showing any tendency to get away from
the restricted buying policy of the past few years. In September this bank
therefore requested information on this point from a number of the leading
manufacturers in the district, and the results show clearly that in general
the hand-to-mouth policy still prevails. Of 31 replies, 27 reported this to
be true: and in some industries, notably lumber, purchasing has become even
more restricted to immediate needs than in the past. Slight price advances
In one or two lines of trade appear to have had little, if any,effect upon buying; on the other hand, it is noteworthy that of the four companies reporting
customers as buying more freely, two were cotton goods manufacturers.
both of which experienced a material increase in forward buying following the
rapid rise in cotton prices.
Manufacturers in general appear to have adjusted themselves to the existing buying policy, and to be more reconciled to it than formerly. A few
definitely stated that they favored it, but the majority have treated it more
as something which must be taken into account, regardless of how the individual manufacturer may view it.
practically the same as a year ago. Although the volume of distribution is
large, dealers report that merchants generally are buying conservatively.
While there has been a substantial amount of forward buying,commitments
appear to be well within prospective demand. Collections have shown a
considerable improvement. Prices on cotton goods have advanced in response to the higher market for raw cotton. Dealers report that the out-,
look points toward good fall business.
The sales of reporting grocery firms reflected a gain of 22.7% as compared
to the previous month and were 0.3% above the corresponding month a
year ago. With the picking of cotton progressing rapidly, the increased
demand for groceries has become general throughout the district. Prices
have shown no material changes. Collections reflected a substantial improvement over the previous month, but are still slightly below a year ago.
The outlook for fall trade is reported to be very good.
The distribution of farm implements continued on a small scale. Sales
wee 6.4% less than in July and were 14.2% below those of August 1926.
While the buying of implements has been extremely light during the past
year, dealers report that the outlook for the future is considerably improved.
Prices are generally steady.
While the demand for drugs at wholesale during August reflected a substantial seasonal gain, it was considerably smaller than a year ago. Sales
were 19.3% greater than in July. but 9.3% less than in August 1926. Reports indicate that since cotton has begun to move in substantial volume,
the demand has shown some improvement. While collections continued
generally slow during August. they have improved considerably since the
first of September. Prices remained generally steady. The trade is optimistic regarding fall business.
The August sales of reporting wholesale hardware firms reflected a gain of
15.6% as compared to the previous month, but were 10.1% less than in the
corresponding month last year. Although collections during August continued slow, they have shown some improvement recently.
Retail Trade.
The August sales of reporting department stores were 14.3% greater than
In July, but were 6.2% less than in the corresponding month last year.
The aggregate sales during the first eight months of the year were 1.5%
less than in the same period a year ago. While the sales in some lines of
fall merchandise have shown a gain over a year ago, distribution generally
has been retarded by the continuance of warm weather.
While stocks on hand at the close of August were 11.4% greater than a
month earlier, they were 4.9% less than a year ago. The percentage of sales
to average stocks during the first eight months of 1927 was 174.6 as compared to 166.6 during the same period in 1926.
There was a further slowing down In collections during the past month.
The ratio of August collections to accounts receivable on Aug. 1 was 30.9
as compared to 33.5 in July and 32.4 in August 1926.
Regarding the rubber and tire market the bank says:
Lumber Buying Brisk-Softwood Business Larger Than
Corresponding Week Last Year.
Marked increases in softwood lumber orders and shipments, with production about the same, were noted in telegraphic reports received by the National Lumber Manufacturers' Association from 343 of the larger commercial softwood lumber mills of the country fOr the week ended Oct. 1,
compared with reports for the preceding week, when 17 more
mills reported. In comparison with the same period a year
ago, when 25 more mills reported, there are substantial increases in production and new business and shipments about
the same.
Disparity in the number of hardwood mills reporting this
Dallas Federal Reserve Bank Finds Business Working week, in reference to reports for the previous week, make
into Soundest Position Experienced in Several accurate comparisons somewhat difficult. There was con..
siderable increase in new business, with some increases in
Years.
Reviewing conditions in its district, the Federal Reserve shipments and production. When compared with reports
for a year ago, when 121 mills reported, production was about
Bank of Dallas under date of Oct. 1 says:
Despite the violent fluctuations that have occurred in the price of cotton the same and slight decreases in shipments and new business,
during the past thirty days. the moderate net gain scored by cotton during states the National Association's summary, for the week,
that period has served to strengthen confidence in the business situation and
to increase returns from the district's major crop. Returns from the cot- from which we add:
Reports indicate that operations in Fourth District tire factories in
August were on a somewhat heavier scale than in July. The demand for
tires as original equipment has fallen off slightly, but dealer requirements
are holding up well. Although August figures are not yet available, tire
shipments during both June and July exceeded production, and stocks in
manufacturers' hands were consequently reduced as is usual during the
summer.
The crude rubber market has been quiet, with a tendency toward weakness. On Sept. 19 crude rubber (first latex, spot) was quoted at 33)5 cents
a pound, about 3 cents lower than a month previously. Interest now centres in the possibility of a change in the Stevenson Restriction Act after
Nov. 1. At present, under the provisions of the Act. only 60% of "standard" production may be exported from British-owned plantations, but the
price trend has been downward in spite of this. Large world stocks and the
increasing importance of production in the Dutch East Indies have aided in
keeping prices down.
ton crop have already been reflected in the liquidation of indebtednesss
at both banks and mercantile establishments and to some extent In the expansion of trade. The distribution of merchandise at wholesale has shown
a marked seasonal increase but in some lines of trade it is still falling short
of a year ago. The decline from a year ago may be accounted for by the
fact that business was exceedingly active during August and the early part
of September, 1926. Furthermore, due to the low price obtained for cotton
last fail, there was a heavy carryover of indebtedness and farmers are showing a disposition to liquidate their indebtedness before making extended
purchases. An outstanding feature of the present situation is that farmers.
during the past year, have raised their living largely at home and have paid
out relatively small amounts for labor in the cultivation of corps, with the
result that they have a large equity in their crops and owe less money for
this year's living expenses. A large portion of the money from the current
crop, therefore, will be available for the liquidation of old indebtedness and
for current expenditures. Thus, while the full force of the new purchasing
power has not made its appearance, business is working into the soundest
position experienced in several years.
Unfilled Orders.
The unfilled orders of 221 Southern Pine and West Coast mills at the end
of last week amounted to 589.406.653 feet. as against 602.867.418 feet for
222 milts the previous week. The 102 identical Southern Pine mills in the
group showed unfilled orders of 219.750,400 feet last week, as against 227.655,680 feet for the week before. For the 119 West Coast mills the unfilled
orders were 369.656.253 feet, as against 375,211.738 feet for 120 mills a week
earlier.
Altogether the 327 comparably reporting softwood mills had shipments
99% and orders 96% of actual production. For the Southern Pine mills
these percentages were respectively 105 and 93: and for the West Coast
mills 96 and 94.
Of the reporting mills. the 302 with an established normal production for
the week of 222.470.9)2 feet, gave actual production 104%,shipments 103%
and orders 100% thereof.
The following table compares the lumber movement, as reflected by
the reporting mills of seven softwood and two hardwood regional associations for the three weeks indicated:
As to wholesale and retail trade the bank says:
Wholesale Trade.
A pronounced seasonal gain in the demand for merchandise in wholesale
channels was noticeable during August and the early part of September.
Sales in all reporting lines of trade except farm implements reflected a large
increase as compared to July and the sales of dry goods and groceries were
greater than the large volume in August 1926. With the continued rise in
the price of cotton, optimism is becoming more general, but there is a distinct tendency toward conservatism. Retailers appear to be limiting commitments largely to well defined needs and are making replacement orders
as consumer demand develops. The heavy marketing of cotton has brought
about considerable liquidation of both current and carryover indebtedness
and this has been reflected in a substantial improvement in the collections
of wholesale establishments.
The de.nand for dry goods at wholesale reflected a marked expansion during the past month. August sales were 97.5% greater than in July and were
14.8% larger than in the corresponding month last year. Sales during July
and August averaged 14.2% larger than in the same period of 1926. Stocks
on hand at the close of August were 7.6% less than a month earlier and were
Past IVeek.
Softwood.
Hardw'd.
Corresponding
Week 1926.
Softwood. 'Hard:ed.
Preceding Week 1927
(Revised).
Softwood
Ifardw'd.
327
120
352
Mills
3441
121
140
Production_ 243,979.000 17,987,000 232.955,000.18,695,000 245,693,000 21.654.000
Shipments _ 240,440,000 18,127,000 254,090,000 20,682,000 236,499,000 20,792.000
233,777.000 20,041,000 225,681,000 23,155.000 223,167,000 19,708,000
Orders
The mills of the California White & Sugar Pine Association make weekly
reports, but not being comparable, are not included in the foregoing tables.
Sixteen of these mills, representing 51% of the cut of the California pine
region, gave their production for the week as 23.432,000. shipments 19.911.000 and new business 17,621.000. Last week's report from 15 mills,
representing 46% of the cut. was: Production, 21.525,000 feet: shipments,
16.913.000. and new business. 14.481.000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 119 mills reporting for the week ended Oct. 1 was 6% below
OCT.8 1927.]
THE CHRONICLE
production, and shipments were 4% below production. Of all new business
taken during the week 49% was for future water delivery, amounting to
58,227.030 feet, of which 30,544.853 feet was for domestic cargo delivery
and 27.682,177 feet export. New business by rail amounted to 54,396.357
feet, or 46% of the week's new business. Forty-six per cent of the week's
shipments moved by water, amounting to 55.213,788 feet, of which 36.073,133 feet moved coastwise and intercoastal, and 19,140,655 feet export.
Rail shipments totaled 59,487.875 feet. or 49% of the week's shipments,
and local deliveries 5,474.345 feet. Unshipped domestic cargo ordeal
totaled 117,317,417 feet, foreign 125,855,358 feet and rail trade 126.483,478 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 102
mills reporting, shipments were 5.34% above production and orders were
7.23% below production and 11.93% below shipments. New business
taken during the week amounted to 58,368.000 feet (previous week 60,354,560),shipments 66,273,280 feet (previous week 63,590,400), and production
62.914,117 feet (previous week 64.045.125). The normal production of
these mills is 69.682,875 feet. Of the 95 mills reporting running time, 59
operated full time, 15 oj the latter overtime. No mills were shut down,
and the rest operated from 3 to 6 days.
The Western Pine Manufacturers Association of Portland. Ore., with
4 fewer mills reporting,shows a slight decrease in production and shipments
and new 'minces well in advance of that reported for the preceding week.
The California Redwood Association of San Francisco. Calif., with
one more mill reporting, shows a nominal increase in production, a slight
decrease in shipments and a fair gain in new business.
The North Carolina Pine Association of Norfolk, Va., with five fewer
mills reporting, shows a small increase in production and substantial
increases in shipments and new business.
The Northern Pine Manufacturers Association of Minneapolis. Minn..
with one more mill reporting, shows some increase in production, a noticeable decrease in shipments and a good gain in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., (in its softwood production) with one more mill reporting,
shows a slight decrease in production, a heavy increase in shipments and
new business.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis., reported from sixteen mills. (one more mill than reported
for the previous week) some decrease in production and shipments and a
slight gain in new business.
The Hardwood Manufacturers Institute of Memphis, Tenn.. reported
from one hundred and four mills (twenty one fewer units than reported
for the week earlier) marked decreases in production and shipments and
new business about the same as reported for the preceding week. The
normal production of these mills is 17,472,000 ft.
1899
coupe Victoria at $1,395, club sedan at $1,445, and the standard five-passenger sedan at $1,495, all prices f. o. b. St.
Louis.
Nash Motors Co. on Oct. 6 introduced three new models:
A special six 4-door coupe at $1,445; a special six 4-passenger victoria at $1,295, and a standard six convertible cabriolet at $995, all f. o. b. factory. This makes the price list
stand as follows:
Advanced Six Series (Extra Long Wheelbase): 7-pass. sedan, $1.990;
5-pass. "Ambassador". $1,925; 4-pass. coupe (rumble seat), $1,775; 4-pass.
victoria, $1,595; (regular wheelbase), 5-pass. sedan (4-door), 31.545;
5-pass. sedan (2-door), $1,425; (f. o. b. Kenosha) (Special Six Series):
5-pass. coupe (4-door), $1,445; 5-pass. sedan (4-door), $1,335; 5-pass.
sedan (2-door), $1,215; 4-pass. cabriolet, $1,290; 4-pass. victoria, $1,295;
2-pass. coupe,$1,165; (f. o. b. Milwaukee) , (Standard Six Series) 5-paas.
landau sedan, $1,085; 5-pass. 4-door sedan. $995; 5-pass. 2-door sedan,
$895; 4-pass cabriolet, $995; 2-pass. coupe, $875; if. o. b. Racine).
The Willys-Overland Co. reduced prices $255 each on two
models of the Willys-Knight line. The 7-passenger sedan
and limousine formerly listing at $2,850 and $2,950, respectively, are now priced at $2,595 and $2,695 at the factory.
General Motors Truck Co., a division of the General Motors Corp., now includes a de luxe delivery truck (light
duty) powered by the Pontiac engine, priced at $585 (chassis), $760 (screen body) and $770 (panel body). All other
models manufactured by the truck division include six-cylinder fast-duty trucks powered by Buick engines, priced at
$1,095 (1-ton); $1,950 (2-ton), with pneumatic tires and
bevel gear drive; $2,050 (2-ton), with solid tires and worm
gear drive. Heavy duty trucks end tractors powered by the
"Big Brute" engine are priced as follows: 2W-ton, $3,690;
3-ton, $3,830; 3%-ton, $4,390; 5-ton, $4,920; tractors up to
15 tons capacity range up to $6,000 in price. All prices
given are for chassis only.
President Machado of Cuba Signs Sugar Restriction
Bill.
The Tarafa bill, sponsored by the Government, was passed
West Coast Lutabermen's Association Weekly Report. by the Cuban House and Senate Monday night (Oct. 3) and
One hundred twenty mills reporting to the West Coast was signed by President Machado on Oct. 4, thus making it
Lumbermen's Association for the week ended Sept. 24 manu- a law, say Havana advices to the "Wall Street Journal,"
factured 124,448,239 feet, sold 112,571,065 feet and shipped which also stated:
No changes were made in the form of the bill by the Senate with the
115,299,481 feet. New business was 11,877,174 feet less than
of one article which makes the restriction effective from the
production and shipments 9,148,758 feet less than produc- exception
years 1927-28 to 1932-33. Before May 30 1933 the President must ask
tion.
Congress to continue the law in force if he so desires. Otherwise, its operCOMPARATIVE TABLE SHOWING PRODUCTION. NEW BUSINESS. ation will cease.
SHIPMENTS AND UNFILLED ORDERS.
The export company created by law becomes invalid on expiration of the
Sept. 3.
Sept. 10.
Sept. 17.
Sept. 24.
Week Ended—
law.
113
123
120
120
Number of mills reporting
Associated Press dispatches from Havana had the follow124,448,239 122,134,027 107.176,343 118,790,960
Production (feet)
98,343,611
96,858,703
112,571,065 111.431,497
New business (feet)
89,695,355 106,821.333 ing to say regarding the measure:
115,299,481 111,981,744
Shipments (feet)
The sugar restriction bill passed the Cuban House of Representatives
Unshipped Balances—
Rau (feet)
131,269,450 130,012,621 133,486,379 124,401.087 to-night and was immediately sent to the Senate for similar action. PresiDomestic cargo (feti)_. 131,381,913 128,772.778 126,434.008 114.578,150 dent Machado sent his sugar message to the House, soliciting immediate
112,560,375 118,459,416 126,925,804 106,910,677
Export (feet)
action in order to obtain "a reasonably remunerative price" for all produc375,211,738 375,244,815 386,846,191 345,889,914 ers. He asked Congress to enact a law embodying the following measures.
Total (feet)
1924.
1925.
1926.
1927.
First 38 lrecks of—
1. Authorizing the President to appoint a special commission of five
116
124
106
89
Average number of mills_
on sugar problems to assist the President
3 260,020,438 3,985,802,002 3,841,207,931 3,539,150,021 members of recognized authority
Production (feet)
3,325,961,207 4,114,974.211 3,976,078,011 3,588,966,002 in studying sugar problems and the convenience of restricting crops accordNew business (feet)
3,291,074,217 4,079,466,228 3.997,810,258 3,702,633,772 ing to the visible world sugar supply, production estimates and statistics.
Shipments (feet)
2. If crop restriction is established a penalty of $20 will be collected on
every bag of 325 pounds and 96 degrees polarization prodced in excess of the
allocated Quantities to each mill.
New Automobile Models and Price Changes.
3. The cane of Colonos will be ground only with the reduction of perThe H. H. Franklin Mannfacturing Co. has introduced centage curtailed of the crop.
4. To authorize the creation of a stock company to attend to the sale.
new Franklin models mounted on a new chassis of 128-inch
shipment and distribution of the national sugar superproduction.
wheel base. It. will be known as the Airman, as it contains
so many mechanical and riding characteristics similar to
those in an airplane.
Important mechanical improvements have been made, providing increased engine power and quicker acceleration and raising the speed capabilities of all models to sixty-five miles an hour.
A new type of hydraulic brakes is installed, enabling a fully loaded car
traveling 40 miles per hour to stop within 67 feet. The former service
brake operating on the transmission is retained, but is connected so that
It is controlled by the emergency lever.
The air-cooling principle is continued without change, the extra air
for the more powerful motor being taken care of by fins on the cylinders.
Introduction of the new 128-inch chassis does not imply the abandonment
of the 119-inch chassis, and each size is presented in six models, designed
by Be Causse. Several features have been added, embracing the body
lines and interior comfort.
A cabriolet model finished in two-color tones and with
smart body lines has just been added by Reo to its Wolverine six-cylinder models. A compartment provides for golf
sticks and packages. Equipment includes front and rear
bumpers, seven-bearing crankshaft, four-wheel internal expanding hydraulic brakes and hydraulic shock absorbers
on the front springs.
Announcement has just been made that the Gardner Motor Co. of St. Louis has decided to bring out a complete line
of five body styles for its new model 75 straight eight.
These five body styles, all on the Gardner eight-in-line
chassis, will be the roadster at $1,925, sport coupe at $1,395,
Last night (Oct. 7) the following was reported from
Havana by the "Wall Street Journal":
Local press says probable makeup of the Cuban Sugar Commission will
be: Earl Babst, Chairman of American Sugar Refining Co.; Manuel Rionda
of Czarnikow Blonds Co.; Charles Hayden, Chairman of Cuba Cane Sugar
Corp.: Falla Rodriguez and Jose Tarafa.
Increase in Newsprint and Wood Pulp Production
in August.
The August production of paper in the United States as
reported by identical mills to the American Paper and
Pulp Association and co-operating organizations, showed
an increase of 12% as compared with the July's production
(following a 9% decrease in July over June), according to
the Association's monthly statistical summary of pulp
and paper industry, made public Oct. 3. All grades showed
an increase in production as compared with July. The
summary is prepared by the American Paper and Pulp
Association as the central organization of the paper industry,
in co-operation with the Binders Board Manufacturers
Association, Converting Paper Mills Association, Cover
Paper Association, Newsprint Service Bureau, Wrapping
Paper Manufacturers Service Bureau, Writing Paper Manufacturers Association and Paperboard Industries Association.
The figures for August for same mills as reported in July are:
1900
THE CHRONICLE
,
... tam
II M
-IF
Grade.
gli
No.of Produdton. Shipments.
MM. Net Tons. Net Tons.
Newsprint
Book
Paperboard
Wrapping
Bag
Fine
Tissue
Hanging
Felts
Othergrades
Total—All grades
71
66
115
67
23
74
49
9
13
60
127,129
97,611
216,757
52,721
14.159
29,678
14,494
5,339
10,564
23,141
sot Sfla
124.402
96,074
214,730
51,809
13,808
28,539
14,452
4,815
10,960
22,756
052.430
The fact that the big company has been booking a lively business on
these popular fabrics for both late fall and spring suits is apparent in the
price change, and in some quarters of the market it was regarded as likely
that the American would continue to book volume orders because of attractive prices.
No. 09273, 10 to 103..6-oz. poiret twill, opened at 32, which was the same
price as last spring, comparing with $2.17% for the spring of 1026.
while
No.09633 and 0264 are new fabrics introduced at the opening on Sept. 6.
Stocks on
Band End
of Month.
Net Tons.
30.335
54.638
51,702
43,939
9,477
40,159
15,973
1,857
2.119
19.138
260.337
During the same period, domestic wood pulp production
increased 4%,this increase being distributed over all grades,
with one exception. The August totals (mills identical with
those reporting in July) as reported by the American Paper
and Pulp Association, are as follows:
4
Grade.
1..a....
101111 r.t...4
No. of Produdton.
Mills. Net Tons.
Groundwood pulp
Sulphite—News grade- Bleached
Easy bleached
Mitscherlich
Sul'hate pulp
Soda pulp
Other than wood pulp
Total—All grades
88
38
22
7.
6
10
11
2
__
67.136
41,280
23,417
4,086
6,489
17,755
17,007
35
177.205
Used.
Net Tons.
Shipments.
Net Tons.
86,615
39,024
21.792
3,390
5,916
16.332
12,358
2,132
2,782
1,793
272
733
1,488
4,201
185-5127
13:401.
Stocks on
Hand End
of Month.
Net Tons.
120,606
8,335
2,822
1,878
336
3,387
3,223
146
140.733
September Figures of Raw Silk Imports, Stock,
Deliveries, &c.
Increasing consumption of raw silk is indicated in the
statistics made public on Oct. 5 by the Silk Association of
America, Inc., which shew approximate deliveries to American mills during September of 50,107 bales as compared
with 47,042 bales in August. The imports during September
amounted to 52,475 bales compared with 59,819 bales in
August. Stocks Oct. 1 at 58,986 bales compare with 56,618
bales Sept. 1. The details follow:
RAW SILK IN STORAGE OCTOBER 1 1927.
(As reported by the principal warehouses in Now York City.) Figures In We:.
European.
Stocks Sept. 1 1927
Imports month of September 1927_•
ll
Total amount available during September
Stocks Oct. 1 1927a
All
Japan. Other.
805 51,015
229 45,107
Total
4,798 56,618
7,139 52,475
1,034 96.122 11,937 109,093
794 52,601
5,591 58.986
Approximate deliveries to American mills during
September_ b
240 43,521
6.346 50.107
SUMMARY.
January
February
March
April
3,457
June
July
August
September
October
November
December
Total
Average monthly
Imports During the Month.'
Storage at End of Month a
1927.
1926.
1925,
1927.
1926.
1925.
48.456
33.991
38.600
48.486
49.264
42,809
47 856
59.819
52.475
43.650
38.568
31.930
31.450
35.120
35.612
37,842
46.421
50,415
48,403
59,670
45,119
37,084
39,046
31.571
32.648
41,512
41.074
35.595
40.466
52,375
43,530
49,238
45.495
52,627
43.758
33.116
31.749
35,527
37.024
43.841
56 618
58,986
-
47,326
43.418
35,948
30,122
31.143
29,111
27.528
28.006
34,459
35,094
47.130
52,478
58.732
60,249
46.663
39.271
42,517
44.016
35,598
32,017
42,708
39.423
46.813
49.824
504,200
42,017
489,634
40.803
43:iii
36:171ii
4,016
419,756
46.640
Approximate Deliveries
I,, American MW: b
January ______
February.........
Mar,It......
April
May
June
..
July
Austpt
September
October
November
December
Approximate Amount in Transit
between Japan and New York
—End of Month.
'557.
1526.
1925.
1927.
1926.
1925.
48,307
42.860
49.242
47.853
45,486
41,312
41 039
47.042
50,107
46,148
42.476
39.400
37.276
34.099
37.644
39,425
45.943
43,962
47.768
47.634
39,771
39.885
37,529
45.157
40.040
38.266
39.575
44.013
44.047
41.684
46.815
41,848
42,484
17.700
19.000
21.700
25.000
22.900
26.600
29.000
28.400
21,500
14.800
14,400
18,400
18.700
111.000
18.300
23,000
24.000
23,900
32.400
19.700
26,500
18,900
12,400
12,705
16.969
19,100
15.000
19.500
27.600
19,162
27.800
23.500
29,100
Total
413,248
" a-0(1,qm,, _
Aver'
,
40.016
501,546 501,343
41,796
41,779
23-i55
2105.3
20:148
* Imports at New York during curren month and at Pacific ports previous to
the time allowed in transit across the Continent (covered by manifests 55 to 175
Inclusive. b Includes re-exports. a Includes 2,487 bales held at railroad terminals
at end of month (part of manifests 170. 173 and 174).
American Woolen Company Advances Three Spring
Poiret Twills Five Cents a Yard.
The American Woolen Co. announced an advance of
5 cents a yard on three worsted poiret twill or twill cord
women's suiting and coating numbers for the spring season,
the new prices taking effect at the close of business on Oct.4,
according to the New York "Journal of Commerce," which
adds:
Transactions in Grain Futures During September on
Chicago Board of Trade and Other Markets.
Revised figures showing the volume of trading in grain
futures on the Board of Trade of the city of Chicago, by'
days, during the month of September, together with monthly
totals for all "contract markets," as reported by the Grain
Futures Administration of the United States Department
of Agriculture, were made public Oct. 6 by L. A. Fitz,
Grain Exchange Supervisor at Chicago... The total transactions at all markets during September are shown as 1,946,019,000 bushels, as compared with 1,653,531,000 bushels.
On the Chicago Board of Trade the transactions in September
totaled 1,620,183,000 bushels, this comparing with 1,653,531,000 bushels a year ago. Below we give the details for
September—the figures listed representing sales only, there
being an equal volume of purchases:
VOLUME OF TRADING.
,
Expressed in Thousands of Bushels, i.e., 000 Omitted.
Date—Septmnber 1927— Wheat.
Corn.
Oats.
Rye. Barley. Flax. Total.
1
30,506 27,379
7,272 1.986 --------07,143
2
31,907 14,353
4,601 1,794 --------52,655
3
25,625 31,632 3.989
63,029
4 Sunday
5 Holiday
6
30,241 41.561
5,929 2,222
79,053
7
24,512 25,932 3,469 1,579
4557:438092
8
20,347 22,499
2,507 2,027
9
19.437 19.261
4,654 2.957
46,309
10
32.344 32,730
4,489 1.884
71,447
11 Sunday
12
33.912 60,183 3.703 2,280
100.078
13_
50.805 43,754
7,276 2.907
104,742
14
30.791 27,671
2,962 2,276
83,700
15
34,469 24,611
2,858 1,981
63
3"°
,919
16
32,050 41,603
3,455 1,634
6748:880742
17
36,971 24,322
2,471 1,116
18 Sunday
19
30,911 36.862
2.535 1,571 --------71,879
20
28,284 59,514
5,314 1,593 --------04.705
21
33,744 44,670
3,428 1,243 --------83.085
22
16.408 25,492
1.897 1,213
23
21,022 16.266
1,325 1,604 ---------45.01040 17
24
29.579 25,908
3,092 1,496 --------60,075
25 Sunday
26
28,119 27.985
2,554 1,517
.--60,175
27
20,946 42.599
2,027 1,389 ---66.961
28
28,725
3,330
894
6
53..9
06
53
1
29
19,571 23,814
1,699 1,295
---48,379
30
16,644 18,122 2,749 1,660 -...
39,175
Total Chicago Bd.of Tr_ 699,249 787,448 89,585 43.001
1,620,183
Chicago Open Bd.of Tr_
23,918 13,740
1.182 ------------38.840
Minneapolis C. of C_ ...._
89,184
___ 12,744 5,117 7051 4695 16
12
8:7
795
1
Kansas City Bd. of Tr
35,664 27:111
20
Duluth Board of Trade_ *63,849
--------16.432 -iii 5-ii.:1
86.361
St. Louis Merch. Exch._
a3,617 36
____ ____
7,303
Milwaukee C. of C
1,719
3,553
"iaa -iWI --------6,251
New York Prod. Exch._
4,390
--------------------4,390
Seattle Merch.Exch.
1,088
--------------------1,086
Los Angeles Grain Exeh
17
17
San Francisco C.of C_
Baltimore C. of C
Total all markets.... 922,678 835,538 104,330 65.630 7.194 10849 1,946,019
Total all mkts. year ago 1,155,000 367,574 86.507 36,258 2.875 5,317 1,653,531
Chic. Bd.of Tr. year ago 942,762 341,648 70,514 25,843
1.380,767
•Durum wheat with exception of 418 wheat. a Hard wheat with exception of
219 red wheat.
"OPEN CONTRACTS"IN FUTURES ON THE CHICAGO BOARD OF TRADE
FOR SEPTEMBER 1927 (BUSHELS).
("Short" side of contracts only, there being an equal volume open on the "long" side.)
September 1927. Meat.
Corn.
Oats.
Rye.
Total.
1
75,381,000 a78.255,000 34,959,000 10,847,000 199,442,000
2
74,293,000 76.825,000 834.781,000 10,872,000 196,776,000
3
73,976,000 75,295,000 35,098,000 10,755,000 195,124,000
4 Sunday
5 Holiday
6
74.215.000 72.468.000 35,447.000 10.753,000 192.883,000
7
74,012.000 72,760 000 35.965.009 10,707.000 193.444,000
8
75,306,000 73,109,000 36.290 000 11,070.000 195.784,000
74,644,000 73,489,000 36.532.000 11,390.000 190,055,000
a
10
873,870,000 73,674,000 36,549,000 11,660,000 195.753,000
11 Sunday
12
76,194,000 73,670,000 a37.082.000 al1,980,000 198,926,000
13
77,561,000 71,845,000 36,094,000 11,690,000 197,190,000
14
78.348.000 72.573.000 36,336.000 11,336,000 198,593,000
15
82,946.000 73,745.000 36,087.000 11,120,000 a203.898.000
16
81,931,000 67,818.000 35.721.000 11,174.000 196,644,000
17
83,870,000 67.520.000 35,710,000 10,829,000 197,929,000
18 Sunday
19
82,885,000 68,733,000 35,840,000 10.613.000 108,071,000
20
83,857,000 66,603.000 35.740,000 10,329,000 196.619,000
21
83.163,000 65.940,000 35,698,000 10.286,000 195,087,000
22
83.420,000 66.056.000 35,874,000 10.268,000 105,627,000
23
82.837.000 66,350,000 35.868.000 10.189,000 195.244,000
24
82,735,000 64,891,000 35,911,000 0,532,000 193,469,000
25 Sunday
84.995.000 65,566.000 36.151,000 9,862.000 196,574,000
26
1
85.146.000 63,926,000 36,147.000 9,797,000 195,016,000
27
28
85,079,000 65.043,000 36.503,000 9,751.000 196.376,000
a85,537,000 65,296,000 36.502.000 9,486.000 196,821,000
29
81.860,000 662,796,000 35,730,000 69,408,000 6192,704.000
30
Average-September 1927— 80,043.000
September 1926— 102,235,000
82.883.000
August 1927
79,704.000
July 1927
74.075,000
June 1927
668,957,000
May 1927
80.193.000
April 1927
80,898,000
March 1927
February 1927.-- 87,976,000
January 1927.... 90.024,000
December 1926._ 94,547,000
November 1928 a108.933,000
1926._ 100.156,000
October
The new prices on these ranges are: No. 09275. 82.05; No. 09633.
-$2.1234. and NO. 0264. $2.40; terms 10%-30 days.
a High. b Low.
[VOL. 125
69,773,000 35,944.000 10.645.000 196,405.000
46,780,000 46,899,000 12.814.000 208,728,000
82,329.000 30.721.000 11,163.000 207,096,000
78,319,000 627.803.000 10.544.000 196.370,000
76.816,000 32,549,000 10.154,000 193,585,000
69,326,000 32,798,000 08,507.000 179,588,000
80,418,000 43,551.00013,585,000 217,745,000
a84,959.000 48,396,000 15,099,000 235,350,000
77.933.000 49,714.000 al5,683,000 231,306,000
68,528.000 48,960,000 13,468,000 220,978,000
60,192,000 46.278.000 13,099,000 214.116,000
63,758,000 530.015,000 15,144,000 a237,850.000
54,427,000 49,162,000 13,823,000 217,568,000
MI
OCT.8 1927.]
THE CHRONICLE
1901
August Report of Finishers of Cotton Fabrics-Statis- Liverpool Cotton Exchange to Remain Open To-day
tics Compiled at Instance of Federal Reserve
(Oct. 8) on Account of United States Cotton
Board.
Report.
The National Association of Finishers of Cotton Fabrics,
A Liverpool cablegram Oct. 3 (copyright) to the New
at the request of the Federal Reserve Board, has arranged
York "Times" stated:
for a monthly survey within the industry. The results
The Cotton Exchange here will remain open for business next Saturday
of the inquiries are presented below in tabular form. The afternoon. The reason is that on that day the United States Bureau
and probable production of the
Secretary of the Association makes the following statement report will be issued on theofcondition
bales ginned. America's action in issuing
cotton crop and the number
concerning the tabulation:
a non-trading day, has caused
practically
is
which
Saturday,
a report on a
The accompanying figures are compiled from statistics furnished by
28 out of 50 members of the Association.
It is probably fair to state that in the absence of having specific details
at hand, but according to our best estimate, it is probably well within the
facts that the figures given for the various classes of work would cover
approximately the following percentage of the entire industry.
White Goods
70%
Dyed Goods
55%
Printed Goods
25%
Note: Many plants were unable to give details under the respective
headings of White Goods, Dyed Goods, and Printed Goods, and reported
their totals only; therefore, the column headed "Total" does not always
represent the total of the subdivisions, but is a correct total for the district.
PRODUCTION AND SHIPMENTS OF FINISHED COTTON FABRICS.
Dyed
Goods.
tVlaite
Goods.
Printed
Goods.
Total.
July 1927.
Total finished yards billed during
month:
District 1
2
3
5
8
8,458,188 16,912.005 9,177,138 37,435,970
825,081 1,701,218 13,679,844
4,114,245
11,069,495
5.863,046 5,206,449
7,588.446
6,458,917 1,129.529
2,561,236
2,561,236
27,455,632 24,073,064 10,878,356 72,334,091
Total
Total average % of capacity operated:
79
62
57
District 1
61
77
57
2
53
50
68
65
3
68
68
68
5
119
119
8
63
79
Average for all districts
61
61
Total gray yardage of finished orders
received:
District I
8,776.824 15,877,427 9.197,914 35,685,929
2
4,555.714 1,521,568 1,839,338 15,134,224
10,446,791
3
6,172,315 4,374,476
7,657,217
6,943,766
713,451
3,035,066
3,035.066
Total
29,483,685 22,386.922 11,037,252 71,959,227
Number of cases of finished goods
shipped to customers:
2,422
District I
20,879
3,710
4,861
2
3
5
8
Total
Number of cases of finished goods held
In average at end of month:
•
District 1
2
•
3
•
5
•
8
•
868
2,280
14,120
8,009
2,422
43,154
3,510
5,775
360
2,876
1,499
434
1,901
17,343
14,466
4.929
3,274
478
4,809
1,901
40,390
478
Total
Total average work ahead at end 0
month expressed in days:
District 1
•
2
•
3
•
5
•
8
•
10,123
3.1
5.3
5.9
5.8
19.0
3.5
16.5
3.8
Average for all districts
5.3
5.3
August 1927.
Total finished yards billed during
month:
District 1
2
3
5
8
11,077
5.935
3,839
1,424
3.746
3,655
1,585
1,424
11.5
20.8
•
12.7
4.7
9.6
4.0
5.8
19.0
5.9
9,465,523 18,555,714 10,588,727 41,878,00
672,956 2,524.076 15,648,570
5,837,253
8.258,256 5,510,588
13,768,840
8.472.993
954,080
9327.070
4,057,434
. 4.057,434
Total
. 36,091,45925.693,338 13.112,80384,780.224
Total average % of capacity operate :
District 1
2
3
5
8
Average for all districts
Total grey yardage of finished orderlc
66
57
91
75
148
63
45
76
85
70
67
55
77
75
148
71
63
80
68
received:
District 1
2
3
5
8
_ 11,188.895 18,980,787 10.769,466 42,781,513
4.437,304 1,394,279 1,654.115 13,982,857
13,135.791
8,246,315 4,889.476
8,940,217
7,636,7J0 1,303,427
3,566.763
3,566,763
Total
35.076,007 26,567,969 12,423.581 82,407.141
Number of cases of finished good I:
shipped to customers:
District 1
2
3
Total
Number of cases of finished goods held
in storage at end of month:
District 1
2
3
4,108
4,834
4.032
2,036
1.869
5,605
704
3,037
3.060
26,217
11.927
7,069
5,317
1,869
16,879
9,346
3,060
52,399
3,188
6,214
512
3,860
1,012
398
1,933
15,420
13,225
4,980
2,971
496
4,270
1,933
37.092
496
8
10,410
Total
Total average work ahead at end If
month expressed In days:
District 1
2
a
5
8
Average for all districts
_
2.9
4.2
9.9
5.8
17.7
4.0
17.1
2.3
11.6
12.8
4.9
8.9
3.1
5.8
17.7
5.1
5.4
11.8
5.8
much comment in Liverpool.
British Yarn Price Fixed-Curtailment of Production.
Manchester, England, Associated Press advices Sept. 30
stated:
A new scheme agreed upon by the Federation of Master Cotton Spinners
and the Cotton Yarn Association whereby it is hoped that the American
section will be placed on a profitable basis, was ratified by the American
Section General Committee to-day.
The federation issued a scale of minimum selling prices for yarns which
will be operative on Monday.
Adviees to the New York- News Bureau from London
Sept. 29 said:
Master spinners and the Cotton Yarn Association have reached a definite
agreement on curtailment of production and minimum prima. In consequence of these developments it is expected that the banks will now be
prepared to assist in the recovery of the British cotton industry.
Further advices from Manchester were reported by the
News Bureau Oct. 1 as follows:
Two documents issued by the Master Cotton Spinners' Federation
and the Cotton Yarn Association say that minimum prices were agreed
upon by the committees of the federation and tile association who request
that the figures be kept private. The documents assert that it is imperative that every firm using American cotton adhere to the prices rigidly.
A joint committee will meet from time to time to review the minimum
prices and make variations as warranted by general conditions. If sufficient support of the sectionalizing is forthcoming, a joint committee
will meet Oct. 17 for the purpose of reviewing and making necessary
recommendations as to curtailment or production.
No Change in Crude Oil Price-Gasoline Prices
Reduced in Several States.
Crude oil prices remained unchanged throughout the week
just ended. On the other hand, gasoline prices have been
reduced in several sections. the cuts amounting to so-called
"pr ce wars" at certain points.
Following the 2c. reduction put into effect Oct. 1 by the
Standard- Oil Co. of Ohio, mentioned last week on page 1775,
the Hickok Producing Co. made a similar cut to 19c. service
station and 17c. tank wagon price. On Oct. 4 the Sinclair
Refining Co. reduced gasoline at retail stations 3c. a. gallon
to 16e. per gallon. A press discpatch from Toledo, Ohio, on
Oct. 4 says in part:
Although Rexene Petroleum Co., Paragon Refining Co. and Sun 0
Co. are still maintaining price of 19c. at stations, it is expected that a
price war soon will start hero (Toledo) following Sinclair's reduction and will
eventually spread throughout Ohio.
Large companies have established many stations here in attempt to rout
others from the territory and more are being built. One large company
is said to be selling at Sc. a gallon wholesale in tank cars to enable its filling
stations to make expenses during present competition.
The Standard Oil Co. of New Jersey on Oct. 4 reduced the
price of bunker fuel oil at New York, Philadelphia and Baltimore to $1.55 a barrel and at Charleston, S. C., to $1.50.
These prices were made effective as of Oct. 1. The previous
price was $1.65 a barrel.
At Detroit on Oct. 4 the Sinclair Refining Co. cut the
price of gasoline 2c. a gallon to 17.8c., including tax. The
tank wagon price was also cut 2c., to 14.8c. a gallon.
On Oct. 6 the Standard Oil Co. of Indiana reduced the
retail price of gasoline 2c. a gallon, to 14.8c., excluding tax.
The tank wagon price was also cut 2c., to 12.8c., the reduction following similar reductions by Sinclair Refining and
other large distributers.
Information from New Orleans says in part that the price
of gasoline there has dropped Sc. a gallon in the last two
weeks as a result of price cutting competition between large
distributers and independent concerns. The price in New
Orleans is now 13%c. a gallon, against 1.81141e. a gallon two
weeks ago.
The wholesale prices at Chicago on Oct. 6 were: U. S.
motor grade gasoline, 6%@6%c.; kerosene, 41-43 water
white, 4%(4%c.; fuel oil, 24-26 gravity, 85@87%c.
Crude Oil Production Again Increases.
Another increase, this time amounting to 2,850 barrels,
was reported by the American Petroleum Institute in the
estimated daily average production of crude oil during the
week ended Oct. 1 as compared wit* the preceding week.
The Institute estimates that the total daily average gross
production in the United States for the week ended Oct. 1
1902
THE CHRONICLE
was 2,536,950 barrels as compared with 2,534,100 barrels
for the week of Sept. 24. The daily average production
east of California was 1,901,650 barrels, as compared with
1,896,300 barrels, an increase of 5,350 barrels. The following
are estimates of daily average gross production by districts
for the weeks given:
(In barrels)Oklahoma
Kansas
Panhandle Texas
North Texas
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
DAILY AVERAGE PRODUCTION.
Oct. 1 '27. Sept. 24 '27. Sept. 17'27.
809.700
800,400
782,400
105,000
105,200
105,250
90,200
93.750
97,750
82,700
81,400
82,250
65,350
65,660
67.000
208,050
206,450
178,200
30,050
30,300
30,500
28,900
30,400
28.750
52,350
53,350
53,400
100,550
101,100
101,500
125.550
129.200
128,750
15,250
15,750
16,400
110.500
109,000
110.500
54,900
51.800
50,050
13,800
13.750
13,800
6.850
6,800
6,650
1,950
2.100
2,550
635,300
637,800
639,100
Oct. 2'26.
470,500
115,150
125,950
86,050
52.900
45,600
57,800
44.950
58,200
151.100
166,450
12,950
110,000
67.500
20.900
8.500
4,750
600,000
Total
2 536,950
2,534,100
2,494,850
2,194,250
The estimated daily average gross production of the Mid-Continen
t
field including Oklahoma. Kansas. Panhandle, North, West
Central. West
Texas, East Central and Southwest Texas, North Louisiana
and Arkansas,
for the week ended Oct. 1 was 1.572,850 barrels, as compared
with 1.567,900
barrels for the preceding week, an increase of 4,950 barrels.
The Mid'.
Continent production, excluding Smackover, Arkansas
heavy oil was
1,494.500 barrels as compared with 1,489,400 barrels, an increase
of 5,100
barrels.
The production figures of certain pools in the various
districts for the
current week compared with the previous week follow
(figures in barrels
of 42 gallons):
OklahomaOct. 1. Sept.24.
Southwest TexasOct. I Sept.24
North Braman
2,800 2,900 Luling
15.650 15,850
South Braman
2,450 2.250 Laredo District
9,100
9.350
Tonkawa
18,850 18,650
North LouisianaGarber
10,850 10.950 Haynesville
7,050 7,100
Burbank
35.450 35.850 Urania
9,900 10,000
Bristow Slick
24,950 24,950
ArkansasCromwell
13.200 13.250 Smackover, light
9.950
9,850
Wewoka
14,200 14,200 Smackover. heavy
78,350 78,500
Seminole
71.750 73,300
Coastal TaasBowlegs
140,900 143,250 West Columbia
10,500 10.800
Searight
30.500 31.300 Blue Ridge
4,300 3.800
Little River
31,550 25,450 Pierce Junction
7.700 9,050
Earlsboro
179.650 171,350 Hell
15,850 14,700
Spindietop
Panhandle Texas54.250 57,050
Hutchinson County- _ 69,150 74,000 Orange Ccunty
4.600 4,600
Carson County
8,600 8,650 WyomingSalt
Creek
Gray
35,800 32.750
11,000 9,700
Wheeler
1,400
1,350 MontanaSunburst
11,500 11,500
West Central TexasCaliforniaBrown County
23,000 24,000 Santa
Fe Springs
38,500 39,000
Shackelford County.- 5,650 5,700
Long Beach
91,000 90,500
West TexasHuntington Beach
63,000 65,500
Reagan County
24,050 23,600 Torrance
20,500 21,000
Pecos County
24,500 23,350 Dominquez
15,000 15.000
Crane and Upton Cos_ _ _137,150 136,350 Rosecrans
8,000 8,000
Winkler
9,950 10,150 Inglewood
33,000 33,500
East Central TexasMidway-Sunset
84,000
84,000
Corsicana Powell
14,800 14.900 Ventura Avenue
57,300 57.800
Nigger Creek
1.650
1.700 Seal Beach
70,000 68,500
[VoL. 125.
The world's output for 1927 is estimated at 1,229,500,000
barrels, an
increase of 133,566,000 barrels over 1926. The daily average
production
for 1927 is estimated at close to 3,370,000, the fields on
the American continent accounting for 85.5% of the total.
The outstanding development of the year has been the
sharp increase in
output in the United States, bringing about over-production
with its accompanying evils and waste. The increase in this country
estimated
is
at 119,000,000 barrels, which is equivalent to the combined production
of Mexico
and Venezuela. This unexpected over-production, which was
a direct result of the discovery and uncontrolled development of pools
in California,
Oklahotna and Texas, has brought about a serious dislocation
of the entire
industry.
Other important changes in 1927 have been the gain in output
of Venezuela and Colombia and the rapid decline of Mexican production,
which will
show a decrease of about 30% from 1926. These changes
have enhanced
the proportionate production of the American fields and placed
Russia, and
possibly Venezuela, ahead of Mexico, which will drop from
second to third
or fourth position for the year. Russian production probably
will take
second place with a total of about 70,000,000 barrels, an increase
of 7,000,000 over 1926, the Russian output now being about 5.7%
of the world's
total.
Production for 1927 clearly indicates that stabilization of
the world's
petroleum industry hinges on control of American output Now, more
than
ever, there is emphasized the urgent need of establishing in
this country
effective machinery that will make impossible a repetition of the
concentrated over-production with its accompanying inevitable waste.
The following table shows the world's production for 1925,
1926 and
1927, the figures for the first two years being furnished by the
United
States Bureau of Mines, while the 1927 figures are the author's estimates.
WORLD'S PETROLEUM PRODUCTION.
1925.
1926.
1927.
CountryBarrels.
Barrels.
Barrels.
United States
763,743,000
770,874.000
890,000,000
Russia
52,448,000
62,941,000
70,000,000
Mexico
115,515,000
90,421.000
63,000,000
Venezuela
19,687.000
37,381,000
60,000,000
Persia
35,038,000
35,842,000
36,000,000
Rumania
16,650,000
23.292,000
28,000,000
Dutch East Indies
21,422,000
20.817,000
20.000,000
Colombia
1,007.000
6.444,000
14,000,000
Peru
9,252,000
10,782.000
11.000,000
India
8,274,000
8,270,000
8,000,000
Argentina
6,336.000
7,947,000
8,000,000
Poland
5.960,000
5.844,000
5.900,000
Trinidad
4,387,000
5,278.000
5,400.000
Sarawak
4,257,000
4,942.000
6,000,000
Japan
1,694,000
1,557.000
1,700,000
Egypt
1,226,000
1,181.000
1,150,000
Germany
541.000
653,000
700.000
France
459,000
478,000
500,000
Canada
332.000
365.000
600.000
Ecuador
160,000
214,000
320,000
Czechoslovakia
158,000
150,000
150,000
Others
195,000
261,000
180,000
1,068,741,000
1,095,934,000 1,229,500,000
Frazier Jelke & Co. on Increasing Output of Copper
in North and South America.
American copper producers during the past year have
made phenomenal strides in stabilizing world markets for
this essential metal, according to a review by Frazier Jelke
& Co., made public Sept. 30. "Faced a year ago with
prospects of a decreasing demand for copper in the United
States, new markets were discovered abroad which have
Output of Natural-Gas Gasoline Shows Increase.
enabled the industry this year to exceed the record output of
According to the Department of Commerce, Bureau of 1926," the review points out. It continues:
The world output of copper has increased approximately 75,6%. while
Mines, the production of natural-gas gasoline recorded a
consumption in the
States had declined 8% during the past eight
slight increase in August 1927, when the total output was months. Figures forUnited
the first eight months of 1927 show an output of
135,000,000 gallons, a daily average of 4,350,000 gallons. 985,287 tons of copper from North and South America, representing
This is a little over 20% above the production the previous more than 90% of world production. This is an increase of 454% over
1926 production for the first eight months.
year, but is considerably below the record established in
A year ago exports represented 35% of the combined American shipApril 1927. By far the most important event of the month ments, but this year thus far overseas shipments comprise 42% of the
total from this hemisphere. The actual increase in exports was nearly
was the very material decline in stocks. Stocks had risen 25%
over 1926.
steadily from 19,057,000 gallons on hand at the end of 1926
By clearing away the unfavorable speculative element controlling the
price
of copper in Europe, the industry here has been able to compete
to 41,670,000 gallons at the end of July 1927. In August
with foreign producers on the basis of supply and demand.
1927, however, an unsuually brisk demand was created by
Germany has received 30% of the copper exported thus far this year,
buyers who were anxious to take advantage of bargain while Great Britain obtained 20% of the exports. France, Holland, and
Italy
each received approximately 10% of the American copper shipments
prices before it was too late. The result was that stocks
abroad.
declined by over 14,000,000 gallons, or 34%. The Bureau
also reports:
Steel Situation Remains Practically UnchangedPRODUCTION OF'NATURAL-GAS GASOLINE.
Demand for Pig Iron is Light.
Pig
statistics
iron
throw some light on the present state of
Production.a
Stocks End of Month.
July 1927. Aug. 1927. Aug.1926. July 1927. Aug. 1927. activity in iron and steel. On Oct. 1 there were 179 blast
furnaces in operation making iron at a rate of 90,800 tons a
Appalachian
5.400,000 5,700,000 5,100,000 3,047,000 2,558,000
Indiana, Illinois, dm_
1,100.000 1,200,000 1,200,000
501,000
306,000 day. A year ago 215 furnaces were active producing 105,480
Oklahoma,Kan.,,te. 48,200,000 48.700.000 42.900,000 20,010,000 10,645,000
25,500,000 27,200,000 19.200,000 15,243,000 10.709,000 tons daily, declares the Oct. 6 "Iron Ago" in reviewing
Texas
Louisiana dc Ark._ _ _ 7,000,000 7,300,000 6,500,000 1,004.000 1,252,000 developmen
ts in the steel trade during the week.
Rocky Mountain_ _ _ 4.100,000 3,900.000 4,000.000
541.000
672,000
making operations have not expanded from the rate
Steel
Total east of Calif_ 91,300,000 94,000.000 78,900,000 40.346,000 26,142.000
California
39,700,000 41,000,000 33,000.000 1,324,000 1,260,000 reached in the last week of September, and there are as yet
Tot. United States 131,000.000 135,000,000 111,900,000 41,670,000 27,402,000 no well defined indications of improvement in the general
Daily average
4,230,000 4.350.000 3,610,000
business situation. Steel production of the 9 months of
a Approximately 97% net production; 3% gross.
this year is considerably ahead of that for the same period
of 1925, the best year, save 1926, that the industry has ever
known. The fourth quarter then was active, but if the
Gain in 1927 World Oil Production Seen.
After remaining practically stationary for four years, the expected expansion this last quarter approximates 15%
world's petroleum production for 1927 will show an increase over the third, 1927 will be on a parity with 1925, observes
of about 12% over 1926, according to Valentin R. Garfias, the "Age," from which we quote further:
The September output of pig iron was 2.774,949 tom or 92,498 tons a
Manager of the Foreign Oil Department of Henry L. Do- day,
comparing with 2,947.276 tons, or 95.073 tons
herty & Co., in his annual survey of petroleum production of (Further details appear this week in another column.] a day in August.
Demand
that is only slightly above the summer level is having an effect
the world. Mr. Garfias says in substance:
on prices. The week has seen a decline
of $2 a ton in automobile body
OCT.8 19271
THE CHRONICLE
sheets. Blue annealed sheets have weakened $2, or to 2.15c.. Pittsburgh
chiefly in the narrow widths in meeting competition with strip sheets.
Like deviations in black and galvanized sheets, however,are only occasional,
although 2.75c.. Ohio mill, has been done on the latter.
The effort to establish a premium of $2 a ton,in bars, plates and shapes
on small lots has not been thoroughly successful. Somewhat lower prices
rule on large diameter pipe, including oil industry products, as a result of a
revision of the supplementary discounts, although the move is regarded as
one for stabilization.
Wire nails are facing a test, because buyers, still getting deliveries on
third quarter purchases, have not had to specify against the $2.55 per keg
price.
The establishing of quantity differentials on hot rolled strips has been
followed by several sales to Michigan automobile companies.
Rail orders for 80,000 tons are reported from Chicago. and the Pennsylvania has allocated 200,000 tons, plus 100,000 tons on option. Among
fresh inquiries is that of the Missouri-Kansas-Texas road for 12,500 tons of
90-lb. sections for the second half of 1928.
Lettings of 24,000 tons of fabricated structural steel were noteworthy as
not covering any contract of outstanding size. Among new projects is a
bridge at Cleveland, which will require 18.000 tons, and a pipe line near
San Francisco, taking 6,000 tons. Altogether some 42,000 tons was added
to pending structural business.
Pig iron demand is unusually light in all centres, and in the Birmingham
district there is less forward buying than at any time since 1921. In most
market prices are untested because of a dearth of inquiries, but in southern
Ohio and in central Indiana a new low price of $16.50. base furnace, is reported on Lake foundry iron. Aggressive competition by Lake Erie furnaces has also been felt by Chicago producers, who have been forced to cut
prices $1.50 to $2 a ton to hold trade in northern Indiana and western
Michigan. In the Valleys an effort to make a speculative purchase of
10,000 tons of basic at $1 a ton below the market was unsuccessful.
Heavy melting scrap has declined 50c. a ton at Pittsburgh and 25c. a
ton at Chicago, St. Louis and Detroit. With demand from steel companies
diminishing and with railroad scrap offerings increasing, the only sustaining
marketinfluence Is the reluctance of yard dealers and industrial producers
of scrap to sell their accumulations at prevailing low prices.
With the settlement of the coal strike in Illinois, non-union mines in
West Virginia and elsewhere no longer expect extra demands on them from
the Middle West. Reductions in the production of beehive coke in the
Connellsville district have failed to stiffen prices. There is almost no
call for furnace coke and the demand for other grades is limited.
British competition in pig iron is reported in our Berlin radiogram
as
Increasing, and the German pig iron syndicate has reduced prices 75c.
and
$1.50 a ton on steel making and other irons. Competition there is
also
developing concessions in medium and thin sheets.
A Belgian-French rail syndicate has secured a
51.000-ton rail order from
Manchuria.
Exports of machinery from the United States in August at $41,018,628
represent the largest month's shipments since 1921.• July also was an
unusually large month, but lacked 2% of the August total. The trend has
been consistently upward since 1921.
Both the "Iron Age" composite prices are unchangec this week, finished
steel remaining at 2.346e. a lb. and pig iron at $18.09 a ton, as shown in
the following table:
Finished Steel.
Mg Iron.
Oct. 4 1927. 2.346e. per Lb.
Oct. 4 1927, 918.09 per Gross Ton.
One week ago
2.346c. One week ago
918.09
One month ago
2.367c. One month ago
18 04
One year ago
2 4'19c One year ago
19.53
10-year pre-war average
1 889c. 10-year pre-war average
15.72
Dazed on steel bars, beams, tank plates,
Based on average of baste iron at
plain wire, open-hearth rails, black pipe Valley furnace and foundry irons at
and black sheets. constituting 88% of Chicago. Philadelphia.
Buffalo. Valley
the United States output.
and Birmingham.
High.
Low.
Htgh.
1927_2.453c. Jan. 4; 2.339c. Apr. 26 1927_919 71 Jan. 4; $18.00Low.
13
1926_2.453c. Jan. 5; 2.403c. May 18 1928._ 21.54 Jan. 5; 19.46 Sept.
July 13
1925_2.580c. Jan. 8; 2.396c. Aug. 18 1925_ 22.50 Jan 13;
18.98 July 7
1924_2.789e. Jan. 15; 2.460c, Oct. 14 1924__ 22.88 Feb. 26;
19.21 Nov. 3
1923_2.824o. Apr. 24; 2.446c. Jan. 2 1923_ 30.86 Mar. 20: 20.77
Nov.20
While the whole iron and steel movement is not yet what
it should be, signs of improvement appepr, and the outlook
for fourth quarter is.more promising, states the "Iron Trade
Review" of Cleveland on Oct. 6. In this opinion it expresses
a different view of the situation than that reported
above.
Automobile and car foundries are melting pig iron at a slightly
faster rate than they did in September, while finished steel
demand is accelerated, due in part to moderate revival in
rail and structural shape business, says the "Review," adding:
Since 1923 the upturn in pig iron production each year has occurred in
September, but this year the month proved a disappointment as output
continued to drop, for the fifth consecutive month. The daily
average
for September was 92,720 tons, the lowest for any month since 1925. The
decline from the daily average in August, however, was only 2,463 tons,
or 2.6%. The total figure for September, with 30 days. was 2,781,594
tons, compared with 2.950.674 tons for the 31 days in August.
The number of stacks in blast Sept.30 was 181,eight less than on Aug.
31.
and the lowest number since September 1924, with 174.
Pig iron sales are at a low point, and prices in New York, Ohio and at
Chicago show an easier tendency. Many furnace companies are carrying
over third-quarter orders on which buyers deferred shipments.
Pennsylvania RR. has placed 200,000 rails with an option for an additional 100,000 tons. Bids were opened Monday by the same company on
320,000 tie plates, 2,000,000 pounds of spikes and 46,000 pairs of joint bars.
The company also opened bids on 17.000 tons of plates, 7,500 tons of shapes
and 1.000 tons of bars.
An award of 53,000 tons of rails for the Chesapeake & Ohio and of 30.000
tons for a Western railroad also are bright spots in the railroad market.
Rolling stock demand is improving slightly. Current sheet business shows
a slight improvement, especially in the Eastern district, but large tonnage
requirements have not yet appeared. The market for auto body sheets
has been unsettled temporarily by the fact some consumers have been
enabled to place orders at 4.15c., or $2 below the recent general price.
Some leading makers still quote 4.25c. Black sheets, galvanized and blue
annealed are gelding fairly steady, although concessions are reported in all
throe grades. Blue annealed is meeting strip steel competition in the narnow widths at 2.15c. Keener competition also is manfifest in the market
for tin plate, recent quotations having appeared at $5.35 and lower.
Structural shapes are featured by the opening of bids on one of the largest
jobs ever figured, the New York Hudson River Bridge, requiring 135,000
tons of steel. New inquiry in the Chicago district developed in better volume during the week, with a total of 12,000 tons. Awards include 5.000
1903
tons for a Koppers Co. building, Pittsburgh. Concrete reinforcing bar
sellers look for an active fall demand, based on current inquiries. Interest
centres on 7,700 tons for the second section of a sewer at St. Louis.
Demand for plates for oil tanks shows some signs of reviving, with new
orders placed with Chicago district mills for 4,500 tons, for Southwestern
fields, and inquiries for 6,000 tons additional pending. Buying of bars
continues to lead all finished steel products. Chicago mills have made
practically no headway in seeking to stabilize the market on bars, plates
and shapes at 1.90c. and the more general price now is 1.85c. The Pittsburgh market on all three products is steady at 1.75. Shape prices in the
Eastern district have been clarified at 1.75c. on new business booked by the
leading makers, although some lower quotations still are out as protections.
Farm implement makers are continuing to specify at a heavy rate. Road
machinery builders are doing less of a seasonal business. and as the replacement of this machinery is heavy, they are importai3t buyers, particularly
of bars. It is significant to note that the slack automotive business seems to
give the Western steel markets far less concern than is the case in Eastern
markets. Automotive parts makers, frameS and bumper manufacturers
and others are continuing at a fairly active pace.
The "Iron Trade Review's" composite of 14 leading iron and steel products is off 4 cents this week to $36.05.
September Pig Iron Output Lowest for Year.
A rather sharp decrease in pig iron production was recorded
in September, as shown by the monthly statistics prepared
by the "Iron Age." The rate fell to 92,498 gross tons per
day, a decrease from August of 2,575 tons or 2.7%. This
contrasts with a decline in August from July of qnly 126 tons
per day. The September falling off is the sixth month in
succession, the first having been in April. The September
daily rate of 92,498 tons is the smallest since September
1925, when it was 90,873 tons per day.
September's total output of coke pig iron was 2,774,949
tons or 92,498 tons per day, against 2,947,276 tons or 95,073
tons per day in August, a 31-day month, as contrasted with
the 30 days in September. The decline last month of
2,575 tons per day compares with 126 tons in August, with
7,789 tons in July, Pnd with 6,397 tons per day in June. The
cheek in the falling off, possibly indicated in August, did
not materialize. A year ago the September daily rate was
104,543 tons,•and an upward trend then appeared, says the
"Age," from which we quote the following data:
Net Loss of Eight Furnaces.
Furnaces shut down totaled 11. with 3 blown In-a net loss for the month
of 8. This compares with a net loss of 3 in August, of 8 in July, of 13 in
June,of9 in May and of 3in April. March showed a net gain of6furnaces.
Of the 11 furnaces shut down last month,4 were steel Corporation stacks.
3 belonged to independent steel companies and 4 were merchant. The
3 furnaces blown in included 2 independent steel company and 1 merchant
stack.
No change has been made in the number of possibly active furnaces,
which is still 362.
Capacity Active on Oct. 1.
On Oct. 1 there were 179 furnaces blowing compared with 187 on Sept. 1.
The estimated rate of the 179 furnaces was 90,800 tons per day; on Sept. 1
the 187 furnaces had an estimated operating rate of 93,800 tons per day.
Manganese Alloy Produaion.
Ferromanganese made in September amounted to 20,675 tons, or the
smallest this year. It compares with 21,279 tons in August, up to that
time the smallest for this year. Spiegeleisen at 6,037 tons in September
was the smallest this year; in August 9, 104 tons was made.
Furnaces In and Out.
Among the furnaces blown in during September was 1 furnace at the
Lackawanna plant of the Bethlehem Steel Corp. in the Buffalo district;
1 furnace of the Alan Wood Iron & Steel Co. in the SchuylkR1 Valley and
1 Shenango furnace In the Shenango Valley.
Among the furnaces blown out or banked during September was the
Mary furnace of the Thomas Iron Co. and 1 spiegeleisen furnace of the
New Jersey Zinc Co.in the Lehigh Valley; 1 Clairton furnace of the Carnegie
Steel Co. and 1 Aliquippa furnace of the Jones & Laughlin Steel Corp. in
the Pittsburgh district; 1 Newcastle furnace of the Carnegie Steel Co. in
the Shenango Valley; the Norton furnace in Kentucky; the Top Mill furnace
of the Wheeling Steel Corp. in the Wheeling district; 1 Ohio furnace of the
Carnegie Steel Co. in the Mahoning Valley: 1 Detroit furnace of the M.A.
Hanna Co. in Michigan; 1 Bessemer furnace of the Tennessee Coal, Iron &
RR. Co. in Alabama, and the Johnson City furnace in Tennessee.
JAILV RATE OF PIG IRON PRODUCTION BY MONTHB-GROSS 'TONS
104
Steel Worts
Merchant.*
Tor
.54
413
1926 August
78,218
25.026
103.241
lieptember
81,224
23.319
O
Ncottoeb,nerber
83.188
107,553
21366
107.89C
20
70
December
8
724.
.909
820
99,712
24.803
1927-January
2244..452194
100,123
February
105,024
8075..56359
112,366
26.082
April
March
.30
09:0
8
87
2,9
6930
74
. 4
26.144
1 14
May
6849:478768
24.899
June
102.988
78.110
24.878
July
95.199
25,421
August
71.413
September
2
96
2:4
09
78
3
23
2.8
62
60
5
• Includes pig iron made for the market 6
b3y.6
8tee
31 companies
ttti
PRODUCTION OF STEEL COMPANIES FOR OWN USE-GROSS TONS
Spiegeletsen and Ferromanganese.•
Total Iron.
Sg.egel and Ferro. -1926- -1927
1926.
1927.
Fe-Mn. Spiegel. Fe-Mn. Spiegel.
January
2.599.878 2.343,881 29.129
7,746 31.844
7,486
February
2.272.150 2,256.651 22.309
7,084 24.560
7,045
March
2.661,092 2.675.417 24.064
7.339 27.834
7,650
Apri.
2,677,094 2.637,919 24.134
7,051 24.735 12,907
May
2,887,138
2.6 9.078 23.159
6.999 28.734
9,788
J ye
2 465.583 2.343.409 25.378
5,884 29,232 10.535
Half year
July
August
September
October
November
December
15,382.933 14.876.355 148.173
2,461,161 2,163.101 26,877
2,424,887 2.213.815 23.557
2,436,733 2,090,200 25.218
2,578,830
28.473
2,484.620
31,903
2,322,180
31,627
30.071.144
Year
•Includes output of merchant furnaces.
315.828
42.083 186.939
3.899 26.394
4.372 21.279
2.925 20,675
8.295
7,565
7,157
74.098
55.411
9.350
9,104
6,037
THE CHRONICLE
1904
January
February
Mardi
April
May
June
TOTAL PRODUCTION OF PIG IRON.
Beginning Jan. 1 1925—Gross Tons.
1925.
1926.
3.370.3.36
3,316,201
3,214.143
2,923,415
3.564.247
3,441.986
3.258,958
3.450,122
2,930.807
3,481,428
2.673,457
3.235,309
Ralf year
July
August
September
October
November
December
19,011.948
2.664.024
2.704.476
2.726.198
3.023.370
3,023.006
3,250.448
Years
36.403.470
•These totals do not Include charcoal pie iron
was 163,880 tons.
19,848,461
3.223,338
3,200,479
3,136,293
3,334,132
3,238.707
3.091,060
1927.
3.103,820
2,940.679
3,483.362
3,422.228
3,390.940
3,089,651
19,430,678
2.951,160
2,947.276
2,774.949
39,070.470
The 1926 production of this Iron
Coal Mining Resumed—Operators in Illinois and Other
Western States Agree to Jacksonville Scale—Settlement Temporary, Local Belief.
The following is from the "Wall Street Journal" of last
night (Oct. 7):
[Vol,. 125.
nois mines on April 1. The operators at the Miami meeting contended
they would not pay the Jacksonville wage scale and compete with the Eastern non-union bituminous fields. The miners demanded a continuation of
the Jacksonville contract.
Scale Set at Jacksonville.
The Jacksonville scale specifically called for a day wage of $7.50 for laborers and for a rate of $1.08 a ton for tonnage men, a scale that had been in
effect for a number of years.
The operators and miners twice before yesterday endeavored to adjust
the Illinois dispute. They met the first time in July and again three weeks
ago, but both meetings failed to bring results.
Bituminous Coal Markets Weaken as Illinois Strike is
Settled—Anthracite Markets Dull.
Settlement of the six months' tie-up of the major Illinois
mines by the truce signed between the union and the operators late last Saturday has weakened spot bituminous coal
markets, throughout the territory east of the Mississippi,
the "Coal Age News" reports, in its Oct. 6 review of conditions affecting the markets. Prices on Kentucky coals
and upon tonnage from the high-volatile districts of southern
West Virginia began to give ground as soon as announcement
that negotiations had been resumed was made. The full
effect of cancellations and the backing up of tonnage already
sent forward on consignment, however, will not be felt for
several days, continues the weekly summary from which
we quote the following details:
Agreement of bituminous coal operators in five Western States to resume
mining operations and pay miners the Jacksonville wage scale ends a strike
in those fields which began April 1 and has persisted since because of
refusal of miners to accept any wage cut. Indiana, Ohio and Pennsylvania
operators are still holding out for lower wages.
Bituminous coal men in New York believe the settlement in Illinois,
Missouri, Kansas, Oklahoma and Texas coal fields will last only as long
as coal prices continue active and the demand good. Inactivity of union
fields for six months has allowed fuel stocks all over the country to decline
The "Coal Age News" index of spot bituminous prices settled at 167 and
to a point which has strengthened prices. Higher prices enable operating
the corresponding weighted average price at $2.02, a decline of 4 points.
in some fields on the Jacksonville wage scale.
levels are conIllinois operators agreed to the Jacksonville scale for four months, and 5 cents compared with last week's figures. Current
was In full
until the report of a specially appointed investigative body might be siderably below those in effect a year ago, when export buying
prepared. Operators in Missouri, Kansas. Txeas and Oklahoma have swing.
The situation in anthracite Is still unsatisfactory to the hard-coal trade.
signed an agreement which expires March 31 1928, or through the winter
Operations that speeded up production after the Labor Day holiday are
season.
now faced with surplus tonnage. The Illinois settlement. it Is predicted,
In Kansas City (Mo.) advices the same paper in its Oct. 7 will add to the-difficulties by curtailing the market for chestnut coal. Steam
are less buoyant in the Philadelphia market and slow at New York.
sizes
said:
issue
The coal miners of the Southwest started working at normal for the
during the closing days of September did not
Anthracite
first time since April, when the nation-wide strike occurred. An agreebriskly nor close the month with the fanfare
ment by which miners of Oklahoma, Arkansas. Kansas, Missouri and step quite as
Texas returned to work was reached hero Thursday. Virtually the same of trumpets or the beating of toms-toms that followed the
wage scale as that under which the men worked before the strike will be closing days of August, when a near-record-breaking week
paid. Several thousand men were affected by the walk-out in this region.
followed a good month in production, osberves the "Coal
Renewed efforts brought under way Sept. 30 to effect a and Coal Trade Journal" this week, adding:
settlement of bituminous coal mine strike in Illinois, resulted
There was no incentive to accumulate through an advance in price, as
by the companies in general; though some
in the reading of a settlement on Oct. 1, when representatives there was September first,
independents, sold well ahead into October. have announced advances.
of the miners and operators accepted a proposal from a joint Rather the industry has settled down to the long steady pull ahead for the
committee of eight through which operations may be re- fall and winter. A good healthy condition prevails, and a satisfactory
sumed. According to the Chicago "Tribune" the peace outlook is the forecast.
Bituminous, in the opinion of some worth while, seems to have resolved
proposal required ratification by each side and both sides itself, in so far as the Eastern trade is concerned, into a heads-I-win-tailsratified it, although the representatives of each said that you-lose market, with the operators now flipping the coins. Such believe
no matter now how the differences'between Western operators and
was a more formality. In its issue of Oct. 4 the "Tribune" that,
mines now idle adjust themselves, the Eastern market will improve. It
said:
goes without saying that, if there is not a satisfactory working adjustment
Illinois mining towns yesterday were the scenes of great activity as the
72,000 coal diggers began a trek back to mines which they left when the
Many of the miners had been
general strike order was issued on April 1.
working on railroads in St. Louis and Chicago. They returned to their
homes in mining centres as soon as announcement of the settlement was
made.
The Illinois settlement was hailed with joy by merchants in the mining
towns as many of them were on the brink of bankruptcy because of credit
extended to striking miners and their families.
Regarding the arrangements agreed on for the resumption
of mining the "Tribune" had the following to say in its
issue of Oct. 2:
Operations, under the proposal, will be resumed under the Jacksonville
agreement of 1924, calling for a wage scale of from $5 to $7.50 a day. It
was the expiration of that agreement that caused the differences which
brought on the strike six months ago.
between operators and miners in the West, there must necessarily be a
large amount of Western buying of Eastern coal that cannot but advance
Eastern mine prices. On the other hand, if the Western operators resume
work as a whole, that will mean increased needed revenue to the Union,
whose officials will at once strengthen their fight against the Eastern mines
endeavoring to change from closed to open shop with the promise of further
assistance. It Is predicted that such effort will have its effect on production
of Eastern mines.
The railroads and utility companies control a very large production in
Illinois. Their stocks are reported low, and their influence is often one of
present expediency rather than future consideration for the operators.
Mr. Lewis is believed to have been watching stocks and may be "laughing
up his sleeve." Or maybe he got "cold feet" over the prospect of operators
and miners in his last stronghold dealing direct with each other. Take
your choice. If anybody really knows, he "ain't tellin'."
Coal Increases but that of
Production of Bituminous
Group to Study Situation.
Anthracite Declines—Coke Gains.
Under the plan of settlement agreed on, the Jacksonville wage scale—
so-called because it was made in Jacksonville. Fla.—will be continued until
by the United States Bureau of Mines
compiled
Reports
a commission of four completes a thorough study of the Illinois mine situation. The report of that commission is to be submitted to the joint wage show that the production of bituminous coal during the
scale committee of the operators and miners next Feb. 7.
week ended Sept. 24 gained about 223,000 net tons over
If a new wage sole and other working conditions are found to be necesthe preceding week and thereby established a new high
sary, the wage wag committee will then determine on them.
The settlement affects Illinois mines only, but spokesmen for both the record for weekly output since March last. In the same
miners and operators freely predicted that the accord in this state is indica- comparative weeks the production of anthracite fell off by
tive of a settlement of the miners-operators controversy in the entire central
around 94,000 net tons. Coke output, reports the Bureau
competitive field.
Representatives of both miners and operators said that the settlement in of Mines, increased 4,000 net tons for the week of Sept. 24.
Illinois will probably provide a sound basis for negotiations that will result The report then goes on to say:
in a general resumption of work in the whole affected area. It was anBITUMINOUS COAL.
nounced that the mines would be reopened as rapidly as possible and that
some of them might be in operation to-morrow.
The total production of soft coal during the week ended Sept. 24,including
The commission which is to make the study of the Illinois situation and lignite and coal coked at the mines, is estimated at 9,871,000 net tons—
submit its report to the wage scale committee on Feb. 7 will be composed the highest figure of weekly output recorded since March. Compared
of Rice Miller and F. G. Perry, President and Vice-President of the Illi- with the production in the week of Sept. 17, this shows an increase of
nois operators,and Harry Fishwick and William Smeed,President and Vico- 223,000 tons, or 2.3% •
President of the miners' union, it was announced.
UnUed Stales Production of Bituminous Coal (Net Tons), Incl. Coal Coked.
The agreement provides that these four—in the event they become dead- Estimated
1926
1927
locked on any question—may call in a fifth person to assist in adjusting
Cal. Yr. to Date.
Week.
Week. Cal.Yr.to Date.a
372,959,000
365,453.000
10.257,000
8,980.000
any disputed point.
Sept. 10
1,899,000
1,710,000
1,745.000
1,663,000
Daily average
Longest Suspension on Record
11,447,000
375,101,000
9,648,000
384,406.000
17
Sept.
The settlement ends the six months' suspension of operations in the Illi- Daily average
1,707,000
1,908,000
1 608,000
1,750,000
9871.000
nois mines that has resulted from the prolonged wage dispute. The mines Sept. 24.13
384,972,000
11,717,000
396,123,000
1.765,000
1,706,000
1,953.000
1,645,000
closed down just six months ago yesterday and the suspension of operations Daily average
a minus one day's production first week in January to equalise number_of days
has been the longest on record,the longest previous one being of five months
in the two years. b Subject to revision.
and 18 days' duration.
The total quantity of soft coal produced during the calendar year 1927
Failure of a joint conference of operators and miners held in Miami. Fla.,
last February to agree on a new contract caused the shutdown of the 1111- to Sept. 26 (approximately 226 working days) amounts to 384,972,000 net
OCT.81927.]
THE CHRONICLE
tons. Figures for corresponding periods_in other recent years are given
below:
1926
396,123,000 net tons1924
335,780,000 net tonsZ
1925
354,333,000 net tonsI923
417,386,000 net tonsZ
1922
278,093,000 net tons
As already indicated by the figures above, the total production of soft
coal during the week ended Sept. 17 amounted to 9,648,000 net tons as
against 8.980,000 tons in the preceding holiday week.
The following table apportions the tonnage by States and gives comparable
figures for other recent years:
No
Estimated Weekly Production of Soft Coal by Statef,(Net Tons).
-TotalProduction for Week Ended
- September
Sept. 17
Sept. 19
Average
Sept. 10
Sept. 18
State1927.
1925.5
1923.b
1927.
1926.
Alabama
359,000
368,000
423,000
429,000
405.000
Ark., Kan., Mo. & Okla
248,000
183,000
223,000
222,000
264,000
Colorado
218,000
215,000
218,000
230,000
214.000
Illinois
237,000
169,000 1,253,000 1,296,000 1,584,000
Indiana
300,000
275,000
467,000
391,000
549,000
Iowa
16,000
12,000
94,000
85,000
117,000
Kentucky-Eastern
1 083,000 1,029,000
982,000
935,000
712,000
Western
515.000
281,000
419,000
248,000
310,000
Maryland
67,000
61,000
67,000
59,000
40,000
Michigan
16,000
16,000
27,000
16,000
8,000
Montana
69,000
71,000
64,000
65,000
68,000
New Mexico
59,000
59,000
50,000
49,000
56,000
North Dakota
15,000
15,000
26,000
26,000
27,000
Ohio
158.000
128,000
567,000
580,000
860.000
Pennsylvania
2 420,000 2,246,000 2,954,000 2,722,000 3,580,000
Tennessee
93,000
95,000
119,000
116,000
115,000
Texas
22,000
23,000
22,000
21,000
26.000
Utah
92,000
83,000
103,000
86,000
120,000
Virginia
249,000
261,000
244.000
260,000
277,000
Washington
44,000
49,000
56,000
55,000
58,000
West Virginia-Southens.c2,332,000 2,273.000 2,210,000 1.940,000 1,510,000
Northern_d
880,000
826,000
818,000
830,000
751,000
Wyoming
154,000
102,000
165.000
159,000
148,000
Others
2,000
2,000
3,000
4,000
5,000
Total
9 648,000 8.980,000 11,447,000 10,819,000 11,798,000
a Revised. b Weekly rate maintained during the entire month. c Includes
operations on the N.& W.,C.& 0., Virginian, K.& M.. B. C.& G.and
Charleston
division of the B. & O. d Rest of State, Including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended
Sept. 24 is
estimated at 1,519,000 net tons. Compared with the
revised estimate
for the preceding week, this shows a decrease of
94,000 tons. or 5.8%.
Estimated United States Production of Anthracite (Net
Tons).
1927
1926
Week EndedWeek.
Cal. Yr. to Date.
Week.
Cal.Yr.to Date.a
Sept. 10
1,330,000
1,690,000
55.731.000
55,876,000
Sept. 17_ b
1 613,000
57,344,000
2,003,000
57,879,000
Sept. 24_c
1 519,000
58,863,000
2,059,000
59,938,000
a Minus one day's production first week
In January to equalize number of days
in the two years. b Revised since last
report. c Subject to revision.
BEEHIVE COKE.
MONTHLY_OUTPUT OF BY-PRODUCT AND BEEHIVE COKE IN THE
UNITED STATES (NET TONS)a.
By-Product
Coke.
1924 monthly average
1925 monthly average
1926 monthly average
May 1927
June 1927
July 1927
euguat 1027
United States total
106,000
102,000
197,000 5,747,000 8,809.000
Daily average
18,000
17,000
33,000
25,000
39,000
a Minus one day's production first week in January to equalize
number of days in
the two years. b Subject to revision. c Revised since last
report.
The weekly estimate of soft coal production in the United
States, compiled by the National Coal Association from preliminary shipping reports, shows that the quantity of bituminous coal mined during the week ended Oct. 1 was about
10,350,000 net tons. This is the largest quantity of bituminous coal produced in any week since the first of last
April.
Beehive
Coke.
Total.
2,833,000
3,328,000
63.698,000
806,000
946,000
b1,041,000
3,639,000
4,272.000
b4,739,000
3,792,000
3,598,000
3,658,000
3.665.000
630,000
577,000
467,000
487,000
4,422,000
4,175,000
4,125.000
4,152,000
a Excludes screenings and breeze. b Revised since last report.
The quantity of coal consumed at coke plants during August was about.
6.034.000 tons, of which 5,266,000 tons was charged in by-product ovens.
and 768,000 tons in beehive ovens.
ESTIMATED MONTHLY CONSUMPTION OF COAL IN THE MANUFACTURE OF COKE (NET TONS).
1924 monthly average
1925 monthly average
1926 monthly average
May 1927
June 1927
July 1927
August 1927
Consumed in
By-Product
Ovens.
Consumed in
Beehive
Ovens.
Total
Coal
Consumed.
4,060,000
4,759.000
a5,304,000
1,272,000
1,452,000
81,602,000
5,332,000
6,211,000
26,906,000
5,448,000
5,169,000
5,258,000
5,266,000
994,000
910,000
737,000
768,000
6.442,000
6,079,000
5.993,000
6.034.000
a Revised since last report.
Of the total production of by-product coke during August,2,966,000 tons;
or 80.9%, was made In plants associated with iron furnaces, and 699,000
tons, or 19.1%, was made at merchant or other plants.
PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
FURNACES AND BY OTHER PLANTS 1922-1927.
nw."11 ii
Month.
1922.
1923.
I
1924.
FurFur1Furnace. Other nace. Othennace Of
January
February
March
April
May
June
July
August
September_ _
October
November
December
The output of beehive coke during the week
ended Sept. 24 showed an
increase of 4,000 net tons over that for the
preceding week.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1927
1926
Sept. 24
Sept. 17
Sept. 25
to
to
1927.b
1927.c
1926.
Date.
Date.a
Pennsylvania and Ohio_ _ _. 73,000 - 66,000
183,000 4,431,000 7,170,000
West Virginia
16,000
19,000
15,000
596.000
562,000
Ala., Ky., Tenn.& Ga._ _ 4,000
4,000
6,000
193,000
491,000
Virginia
6,000
6,000
6,000
252,000
266,000
Colorado &New Mexico...
4,000
4,000
4,000
148.000
193,000
Washington & Utah
3,000
3.000
3,000
127,000
127,000
1905
82.4
83.3
83.3
83.7
85.5
85.7
86.0
80.3
82.7
83.3
83.1
82.9
17.6
16.7
16.7
16.3
14.5
14.3
14.0
19.7
17.3
16.7
16.9
17.1
82.8
82.3
82.6
82.6
82.7
83.1
83.3
82.7
82.2
82.2
82.2
82.6
17.2 82.8
17.71 83.6
17.4 84.
17.4 83.
17.3 80.
16.9' 80.
16.71 80.8
17.3, 79.5
17.8 82.0
17.8 82.9
17.8 83.4
17.4 84.6
1925.
I
1926.
IFurFurnace Otheri nace. 0th
17
84.8
16. 83.7
16
83.7
16
83.7
20.' 83.2
19., 83.1
19.2 82.6
20.5 82.1
18.0 82.2
17.1 82.3
16.6 83.i
15. 82.9
15.21 82.9 17.1
16.3, 81.7 18.
16.3 82.5 17.
16.3, 82.6 17.
16.8, 82. 17..
16.91 82. 17.
17.4 83.2 16.8
17.9 83.0 17.0
17.8 82.7 17.3
17.7 82.6 17.
17.0 82.51 17.
17.11 81.8j_18.2
1927.
Furnate. Other
81.1
81.5
83.
83.
82.
83.
80.9
80.9
18.9
18.5
17.0
16.5
17.4
16.5
19.1
19.1
8381 18.4 528 17.4 52.3 17.7 83.1 16.9 82.6 17
Production of Bituminous Coal by States in August
Below are estimates of the production of bituminous coal,
by States, for the month, as reported by the United States
Bureau of Mines. The distribution of the tonnage is based
in part (except for certain States which themselves supply
authentic data) on figures of loadings by railroad divisions,
furnished by the American Railway Association and by
officials of certain roads, and in part on reports on waterways shipments made by the United States Engineers'
Office.
There were 27 full working days in the month of August
and 25 in July. The average daily rate of output for the
country as a whole in August was 1,545,000 tons, as against
1,345,000 tons in July-an increase, in August, of 14.9%.
ESTIMATED PRODUCTION OF SOFT COAL BY STATES IN AUGUST
(NET TONS).a
Stale.
Alabama
Arkansas
Colorado
Illinois
Indiana
Iowa
Kansas
Kentucky-Eastern
Western
Maryland
Michigan
Missouri
Montana
New Mexico
North Dakota
Ohio
Oklahoma
Pennsylvania
Tennessee
Texas
Utah
Virginia
Washington
West VIrginia-Southern_b
Northern_c
Wyoming
Other States.d
Aug. 1927. July 1927. Aug. 1926. Aug.1925. Aug.1923
1,714,000 1,292,000 1,780.000 1,762,000 1,741,000
Coke Production During the Month of August.
128,000
200,000
128,000
105,000
116,000
534,000
860,000
778,000
763,000
758,000
The output of by-product coke during August remained
720,000
362,000 4.935.000 5,431,000 5,973,000
1,315,000
880,000 1,730,000 1.625,000 1,927,000
practically stationary. The total for the month was 3,665,47,000
37,000
331,000
370,000
438.000
000 net tons, an increase of 7,000 tons over the July produc180,000
129,000
326,000
373,000
369,000
4.923,000 4,101,000 4,200,000 4,039,000 3.353,000
tion of 3,658,000 tons, according to estimates made by the
2,226,000 2,003,000 1,230,000 1,176,000
950,000
293,000
234,000
283,000
245,000
194,000
U. S. Bureau of Mines. With the exception of 1926 this
76,000
62,000
42,000
60,000
92.000
163,000
is the largest August output ever recorded. There were
127,000
193.000
217,000
268,000
256,000
134,000
214,000
243,000
219,000
31 working days in July and in August, and the average daily
247,000
178,000
213,000
194,000
216,000
59,000
33,000
71,000
80,000
90,000
rate of production was 118,000 tons for July and 118,225
613,000
553,000 2,056,000 2,293,000 3,817.000
246,000
188,000
168,000
197,000
241,000
tons for August. There were 78 active plants and one idle
10,340,000 8,580,000 12,003,000 11,084,000 16,370.000
423,000
one, and these plants produced about 80% of their capacity.
383,000
477,000
486,000
517,000
104,000
88,000
89,000
95,000
106,000
According to the "Iron Age," the production of pig iron
426,000
324,000
374,000
413,000
365,000
1,156,000 1,048,000 1,127,000 1,128,000 1,090,000
during August was 2,947,276 gross tons, or 95,073 tons per
199,000
146,000
191,000
212,000
204,000
10,488.000 8,523,000 9,430.000 8,372.000 6,845.000
day, against 2,951,160 tons in July, or 95,199 tons per day,
3,943,000 3,200,000 3,472,000 3,157,000 3,630,000
479,000
both months having 31 days. The decline in the daily
364,000
495,000
495,000
672000
9,000
16,000
6,000
18,000
17,000
rate was 126 tons. A year ago the August daily rate was
103,241 tons, and, with this exception, August 1927 is the
a Figures for 1925 and 1923 only are Inst. b Includes operations on the
N. W.,
largest for that month since 1923.
C. & 0., Virginian. K. & M., B. C. & G., and Charleston division of the B.&
& 0.
C Rest of State, including Panhandle. d This group is not strictly comparable
In
beehive
production
The
of
coke during August showed a the several years.
slight gain, the total for the month-487,000 net tons-being
20,000 tons more than that for July.
Analysis of Imports and Exports of the United States
Output of all coke was 4,152,000 tons, of which 88% was
for August.
contributedibythe by-product ovens, and 12% by the
The Department of Commerce at Washington Sept. 28
beehive ovens, reports the Bureau, adding the following issued its analysis of the foreign trade of the
United States
tables:
for the month of August and the eight months ending with
1906
August. This statement indicates how much of the merchandise exports for the two years consisted of crude or of partly
or wholly manufactured products. The following is the report in full:
Eight Months Ended August.
Month of August.
Group.
(Value in 1,000 Dols.)
1926.
1927.
1926.
Per
Per
Value. Cent. Value. Cent.
Domestic ExportsCrude materials
75,790
Crude foodstuffs and
food animals
50,088
Manuf'd foodstuffs_ _ _ 42,760
Semi-manufactures.. _ _ 53,222
Finished manufactures 156,483
20.1 55,137 15.0
Value.
Per
Cent.
645,104 22.3
1927.
Value.
Per
Cent.
666,895 22,1
13.2 46,770 12.7 188,418 6.5 219,227 7.3
11.3 34,163 9.3 314,771 10.9 294,653 9.8
14.1 59,783 16.3 423,289 14.6 474,127 15.7
41.3 171,746 46.7 1,321,779 45.7 1,356,477 45.1
bales having been shipped out in August 1927, against 391,295 bales in August 1926, and the value of these exports was
placed at $31,311,534 in August this year as compared with
$39,423,866 in August last year. For the eight months
period ending with August 1927 the exports of raw cotton
have been no less than 5,951,029 bales as against 3,866,387
bales in the eight months ending with August 1926. The
value of these shipments was $440,160,120,against $399,944,950. The exports of cotton manufactures increased somewhat in August, but show a falling off for the eight months
period. Below is the report in full:
DOMESTIC EXPORTS OF COTTON,COTTON CLOTHS,YARNS,THREADS
AND HOSIERY.
Month of August.
Total domestic exports 378.324 100.0 367,599 100.0 2,893,361 100.0 3,011,379 100.0
72,130
Foreign exports
7.235
66,257
6,125
Total
ImportsCrude materials
Crude foodstuffs and
food animals
Manufact'd foodstuffs
Semi-manufactures. _ _
Finished manufactures
Total
f• Vol, 125
THE CHRONICLE
384.449
374,834
2,959,618
3,083,509
124,289 38.9 144.212 39.0 1,243,107 41.8 1,110,567 39.5
42,050 12.5 42.663 11.6
30,557 9.1 35,470 9.6
64.308 19.1 66,702 18.1
75,274 22.4 79,955 21.7
351.278 11.8
272,984 9.1
546,313 18.4
563,793 18.9
326,543
311,891
499,581
562,962
11.6
11.1
17.8
20.0
336.477 100.0369.001 100.0 2,977.476 100.0 2,811,544 100.0
Domestic Exports of Cotton, Cotton Cloths, Yarns,
Threads and Hosiery.
The Department of Commerce at Washington on Sept. 26
issued its monthly report on the domestic exports of cotton,
cotton cloths, yarns, thread and hosiery for the month of
August and the eight months ending with August, with comparisons for the corresponding periods a year ago. The exports of raw cotton were smaller in both quantity and value
in August of this year than in August last year, 340,311
1926.
I
Eight Months Ended August
1927.
1926.
1927.
Raw cotton, incl. linters_ _bales
391,295
340,311
3,866,387
5,951,029
Value
$39,423,866 $31,311,534 $399,944,950 5440,160,120
Cotton manufactures,total__ _1 $9,663,852 $11,699,207 $89,813,631 $87,304,193
Cotton cloths, total_ _ _ _sq.yds. 38,508,446 48.226.015 345,307,376 375,411,409
$5,451,693 $6,662,335 $51,613,916 149,967,452
Value
Tire fabrics
sq.yds.
281,887
447,693
1,232,537
3,177,273
Value
$142,560
$151,853
$524,261 81,080,027
sq.yds
820,403 1.391,151
Cotton duck
7,783,106 110,931,248
Value
$305,495
$431,299 32,965,312 $3,348,914
Other cotton clothssq.yds
Unbleached
8,647.559 9,130,949 77,999,896 86,199,911
Value
$879,928
$857,942 $8,500,967 $7,647,415
Bleached
sq.yds. 6,923,991 7,490,008 67,282,803 57,951,462
Value
$803,852
$890,182 $8,721,195 $6,557,052
Printed
sq.yds. 7,421,546 10,342,125 64,454,733 77,285,242
$1,011,284 $1,376,022 $9,386,712 $10,306,220
Value
Piece dyed
sq.yds. 8,285,745 10,509,368 70,377,964 80,103,506
$1,372,991 $1,678,781 $12,456,795 $12,407,688
Value
Yarn dyed
sq.yds. 6,127,315 8.914,721 56,176,337 59,762,767
Value
$935,583 81,276,258 59,048,674 $4,620,136
Cotton yarn, thread, &c.9,923,357 12,034,526
Carded yarn
lbs
1,179,716 1,487,503
Value
$466,336 $3,642,894 53,782,286
5404,458
Combed yarn
824,878
6,194,673
7.268,925
lbs
706,343
Value
8526,328
$624.142 $4,743,801 $5,455,599
Sewing, crochet, darning and
embroidery cotton
lbs
937.722
940,337
117,839
101,076
$868,243
Value
5124,382
398,264
8957,777
Cotton hosiery
3,175,691
doz.prs
330,849
341,497
3,501,725
Value
3569,666
8801,042 56,285,180 55,335,824
1
Current Events and Discussions 7
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Oct. 5, made public by the Federal Reserve
Board, and which deals with the results for the twelve
Federal Reserve banks combined, shows increases for the
week of $62,700,000 in bill and security holdings, of $23,800,000 in member bank reserve deposits, and of $11,300,000 in
Federal Reserve note circulation, and a decrease of $23,600,000 in cash reserves. Holdings of all classes of bills and securities were higher than a week ago-discounts by $32,200,000, acceptances purchased in open market by $20,000,000,
and Government securities by $10,500,000. After noting
these facts, the Federal Reserve Board proceeds as follows:
Discount holdings of the New York bank increased $25,100,000, of San
Francisco $11,000,000 and of Cleveland 86.400.000, while the Federal Reserve Bank of St. Louis re,ported a decline in discounts of $7,700,000 and
Philadelphia of $4.100,000. The System's holdings of acceptances purchased in open market increased $20,000,000, of Treasury certificates $16.000.000 and of United States bonds 52,500,000. while holdings of Treasury
notes declined $7,900,000.
The principal changes in Federal Reserve note circulation for the week
comprise increases of $3,600,000 at the Federal Reserve Bank of Minneapolis, $3,200.000 at Richmond and $3.100.000 at San Francisco, and a decrease of $3,900,000 at the Philadelphia bank.
covering the entire body of reporting member banks-now
660-cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of the reporting bani,s, which this week established
still another high record-the fifth in as many weeksthe grand aggregate of these loans for Oct. 5 being $3,395,235,000, against $3,305,623,000 for Sept. 28, which latter
was the previous peak.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-52 Banks.
Oct. 51927. Sept. 28 1927. Oct. 6 1926.
$
$
6,840,666,000 6,750,125,000 6,245,983,000
Loans and investments-total
Loans and discounts--total
5073,024,000 4,964,690,000 4,524,913,000
41,719,000
Secured by U.S. Govt. obligations__ _
38,525,000
42,481,000
2,361,999,000 2,274,294,000 2,016,190,000
Secured by stocks and bonds
2,869,306,000 2,651,871,000 2,466,242,000
All other loans and discounts
1 767,642,000 1,785,435,000 1,721,070,000
Investments-total
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be
found on subsequent pages-namely, pages 1941 and 1942.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
Oct. 5 1927 is as follows:
U. S. Government securities
882,025,000 896,133,000 875,710,000
Other bonds, stocks and securities_ _ _ _ 885,617,000 889,302,000 845,360,000
715,091,000 748,004,000 647,133,000
Reserve balances with F. R. Bank
59,745,000
Cash in vault
56,966,000
65,505,000
5,268,975,000 5,184,920,000 5,006,040,000
Net demand deposits
1 008,167,000 1,011,384,000 833,302,000
Time deposits
123,521,000 126,934,000
Government deposits
63,096,000
115,340,000 101,097,000 107,081,000
Due from banks
1 261,800,000 1,170,918,000 1,086,891.000
Due to banks
124,476,000
Borrowings from F. R. Bank-total__
96,055,000
91,041,000
Increases (-I-) or Decreases (-)
During
Year.
Week.
-$23,600,000 +8160,500,000
-23.100,000
+152,400,000
+62.700,000
+23.500.000
+32,200,000
-161,100,000
+14,500,000
-96,200,000
+17,600,000
-114,900,000
-11100,000
+20,000.000
+10,500,000
+198,500,000
+2,500,000
+202.400,000
-7,900,000
-8,800,000
+16.000,000
+4,900,000
+11.300,000
13,900,000
+36,600,000
+166,500,000
+23,800,000
+148,500,000
+12,700,000
+13,700,000
82,500,000
Secured by U. S. Govt. obligations_._
55,100,000
50,800.000
41,976,000
All other
40,955,000
40,241,000
Loans to brokers and dealers (secured by
stocks and bonds):
For own account
1,175.491,000 1,092.479,000 053,508,000
For account of out-of-town banks
1,297,239,000 1,295,512,000 1,144,063,000
For account of others
922,505,000 917,632,000 711,436,000
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations
F Other bills discounted
Bills bought in open market
U.S. Government securities, total
L Bonds
Treasury notes
Certificates of Indebtedness
Federal Reserve notes In circulation
Total deposits
Members' reserve deposits
Government deposits
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 last the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve Dictrict
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
Total
On demand
On time
3,395.235,000 3,305,623,000 2,809,007,000
2,593,722,000 2,523,595,000 2,080,624,000
801,513,000 782,028,000 728,383,000
Chicago-45 Banks.
1 864,143,000 1,840,930,000 1,793,263,000
Loans and Investments-total
Lpans and discounts-total
Secured by U. S. Govt. obligations
Secured by stocks and bonds
All other loans and discounts
Investments-total
1,463,885,000 1,441,609,000 1.400,991,000
12,013,000
768,786,000
683,086,000
400,258,000
13,764,000
758,341,000
669,504,000
399,321,000
13,094,000
673,452,000
713,545,000
392,272,000
176,318,000 174,311,000 166,564,000
U.S. Government securities
Other bonds, stocks and securities_ _ _ _ 223,94(1,000 225,010,000 225,708,000
187,847,000 183,208,000 180,914,000
Reserve balances with F. R.Bank
Cash in vault
19,135,000
19,156,000
21,310,000
1,269,205,000 1,241,157,000 1,228,499,000
Net demand deposits
565,223,000 558,157,000 515,828,000
Time deposits
21.672,000
Government deposits
22,677,000
15,149,000
145,863,000 139,160,000 153,020,000
Due from banks
386,427.000 361,995,000,156,000
Due to banks
Borrowings from F. R. Bank-total_ _._
10,245,000
9,830,000
31.061,000
Secured by U. S. Govt. obligations_
All other
9.820,000
625,000
8,991,000
839,000
19,865,000
11,190,000
OCT.8 1927.]
THE CHRONICLE
Complete Return of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks
themselves, and covering the same week, instead of being
held until the following Monday, before which time the
statistics covering the entire body of reporting member
banks, now 660, cannot be got ready.
In the following will be found the comments of the Federal Reserve Board respecting the returns of the entire body
of reporting member banks of the Federal Reserve System,
for the week ending with the close of business Sept. 28:
1907
great promise and the silk crop is estimated by the trade to be the best
in years. Rice and wheat crops also are reported promising, except In
Shantung, where the autumn crop will probably be but SO% normal.
CZECHOSLOVAKIA.
The capacity activity of industry during recent months was maintained
in September, but is believed to have passed ite peak, with indications to
that effect, particularly in the iron and steel and lumber industries. Money
remained easy throughout the month and credit demands moderate. There
were further declines in the number of unemployed, as well as in the retail
and wholesale price indices.
DENMARK.
Dulness continued to characterize Denmark's economic situation during
September, although the slight improvement in certain lines, notably textiles and footwear, has apparently continued. General commercial activity
continues low, collections are more difficult and commercial failures are
on the increase. Improved weather conditions, following very heavy rains,
have enabled practical completion of the harvests which are estimated to
be somewhat below average, both in quality and in quantity. The yields
are more satisfactory than expected a month ago. The production of dairy
products continues high and prices for butter showed an improvement. The
money market showed an easier tendency due largely to the influx of foreign
capital through recent loans. Both deposits and loans continue to decline.
The currency remained finn and stable. Unemployment continued to decline closely, totaling 47,000 at the end of the month. Labor conditions
in general continued quiet.
EGYPT.
Preliminary data on foreign trade for the first eight months of 1927
show a favorable balance of £E469,800, as against an adverse balance of
.eF.:6,383,600 for the same period of 1926. Exports were valued at £E29,889,000 for this period, as against £E27,205,400 in 1926, while imports
were £E29,419,200 and £E33,589,000, respectively. Cotton shipments
showed an increase of 7.6% in value over i926.
The Federal Reserve Board's condition statement of 660 reporting
member banks in leading cities as of Sept. 28 shows increases for the week
of $50,000,000 in loans and discounts. $2,000,000 in investments. $11.000,000 in net demand deposits,$40,000,000 in time deposits and $9,000,000
In borrowings from the Federal Reserve banks.
Loans on stocks and bonds, including United States Government obligations, were $78,000,000 above the Sept. 21 total at all reporting banks and
$53,000,000 above at banks in the New York district. "All other" loans
and discounts declined $28,000,000, of which $22,000,000 was in the New
York district.
Holdings of United States securities increased $7,000,000 at banks in
the Cleveland district and $11,000,000 at all reporting banks. Other
bonds, stocks and securities were $9,000,000 less than the previous week's
total, the larger decline of $14,000,000 in the New York district being
partly offset by small increases in some of the other districts.
Net demand deposits increased $11,000,000 during the week, the principal changes being an increase of $10,000,000 in the New York district
FRANCE.
and a reduction of $18,000,000 in the San Francisco district. Time deAnnouncement has been made that Parliament may reconvene on Oct. 18,
posits were $40,000,000 above the total reported a week ago, an increase
of $14,000,000 being reported by banks in the New York district and but the date depends on the progress made by the Finance Committee in
$11,000,000 and $6,000,000 in the Atlanta and San Francisco districts, completing its reports on the budget. It is reported intended to present
the budget proposals for discussion at once and before undertaking considrespectively.
Borrowings from the Federal Reserve banks increased $9,000,000, eration of other matters. It is probable that the work of the Finance Comthe principal changes comprising an increase of $20,000,000 in the New mittee will be completed by Oct. 10 and that the budget will be printed
and ready for the Chamber shortly thereafter.
York district and a reduction of $7,000,000 in the Cleveland district.
A summary of the principal assets and liabilities of 660 reporting member
GREAT BRITAIN.
banks, together with changes during the week and the year ending Sept. 28
Commercial indices show a slight but steady trade increase. The volume
1927, follows:
Increase or Decrease During of employment at the beginning of the autumn is greater than has been the
Sept. 28 1927.
case at this season for several years, and the industrial activity during the
Week.
• Year,
3
remainder of 1927 is expected in England to be better than during any
Loans and Investments—total
20,984,360,000 +51.610,000 +995.101,000
corresponding period since 1921. Total unemployment on Sept. 19
Loans and discounts—total
14,942,248,000 +49,781,000 +546,820,000 amounted to 1,048,000 persons, as compared with 1,401,000 at the end of
September 1925. The Ministry of Labor cost of living index for Sept. 1
Secured by U.S. Govt. obligations_ 122,113,000
+111.000 —31,853,000
Secured by stocks and bonds
6,069,780,000 +77,626,000 +468,753,000 stood at 65% above the pre-war level, as compared with the previous
All other loans and discounts
8,750.355,000 —27,956,000 +109,920,000 month's figure of 64% above and 72% above for one year ago. The latest
Investments—total
6,042,112,000 +1,829,000 +408,281,000 foreign trade returns show moderately increased exports and decreased imports. Exports of iron and steel, electrical equipment and machinery and
U.S. Government securities
2,599,306,000 +11,125.000 +97,564.000
Other bonds, stocks and securities
3,442,808,000 —9,296,000 +310,717,000 engineering lines are well maintained, but coal and textile exports show
Reserve balances with F. R. banks
1,722,538,000 +18,032,000 +54,347,000 reductions. Railway traffic receipts show a slight improvement. The
Cash In vault
260,609,000
+614,000 —24,753,000 monetary outlook is still uncertain; the exchange on New York is improved,
Net demand dePosIts
13,230,140,000 +10,571,000 +226,984.000
Time deposits
6,332,327,000 +40,392,000 +658.589.000 but gold movements continue unfavorable and money rates are high. HowGovernment deposits
352,250,000
+497.000 +90,080.000 ever, given a continued improvement in external trade and a cessation of
Due from banks
1.166,370,000 —17,786,000
the abnormal gold demands, the situation is expected to be relieved. Iron
Due to banks
3.331,204,000 —10,618,000
Borrowings from F. R. banks—total... 278,481.000 +8,765,000 —216,560.000 and steel makers report a slight improvement in production, although the
usual autumn trade expansion is not apparent.
Secured by U. S. Govt. obligations
165,016,000 +5,020,000 —110,050,000
All other
INDIA.
113.465,000 +3,745,000 —106,510,000
The favorable advance of the monsoon is causing an optimistic feeling and
all indications point to good business during the coming season. The deSummary of Conditions in World's Market According mand
for jute from local mills and exporters has been light during the
to Cablegrams and Other Reports to the Depart- past week, but hessians remain steady. Despite small stocks, the price of
shellac
is declining and further price reductions are reported anticipated
ment of Commerce.
with October deliveries. Imports of merchandise in August reached the
The Department of Commerce at Washington releases for value of 212,700,000 rupees, as compared with 179,438,060 during the same
publication to-day (Oct. 8) the following summary of month last year, while exports of merchandise enjoyed a corresponding
increase from 261,350,000 to 271,400,000 rupees.
conditions abroad,
based on advices by cable and other
means of communication:
ARGENTINA.
Business continues good and the general tone is optimistic. Recent rains
have cane in time .to avert drought. Crop conditions are reported practically normal at this time over a large part of the crop belt. Farmers
to the south—around Bahia Blanca—are planting linseed in place of wheat.
Revised first official estimates of the area in acres sown for 1927-28 are
as follows: Wheat, 19,478,420; linseed, 0,817,200; oats, 3,196,180; barley, 1,197,950; rye, 815,100; birdseed, 91,390; showing an increase in
each case over the previous season. The Federal Budget for 1927 has been
adopted to cover 1928.
CANADA.
Grain crops in Western Canada are practically all cut, and threshing has
been resumed, with the return of more favorable weather. A
further
improvement in the employment situation is indicated by records for early
September, although there has been no increase in the number of persons
credited to direct manufacturing operations. Coal import and production
figures for July exhibit the usual seasonal decline, but are still above the
average for previous years: Coke output increased 6% over the Jul)
, 1926
figure. The weighted index number of the 25 best selling industrial and
public utility common stocks on the Montreal and Toronto exchanges was
446.1 for the week ended Sept. 24, as compared witwh 430.1 for the previous week.
CHINA.
The collapse of the Hankow Central Bank of China has been reported in
the press. The bank's liabilities are estimated at 60,000,000 silver dollars
in unsecured paper, including outstanding Treasury bonds, all of which
the Ilankow authorities claim will be redeemed at 20 cents on the dollar.
The Ilankow Government banks have declared a 60-day moratorium to settle
the financial situation. Canton authorities continue their efforts to support
Central Bank of China note and bond issues by the negotiation of loans from
Canton merchants, but Canton is now unable to make remittances to the
Nanking Government, which formerly received about 4,000,000 Mex. dollard
from Canton. Commercial and passenger services on the southern
section
of the Tientain-Pukow and the greater portion of the Peking-Hankow
railways have been suspended due to military operations. Excellent
harvests
are indicated throughout China generally. The cotton crop, it is said,
shows
ITALY.
Although general depression continues, the morale of Italian business
circles has been very greatly improved. The business community is more
optimistic, believing that a gradual revival is in store. Interest rates are
lower, credit is less stringent and security prices are rising. It is said that
the Government has definitely abandoned its former policy of currency
revalorization. With the exception of the question of readjustment of
wages, the progress towards lower production costs has been satisfactory,
but due to the still prevailing high level in the cost of living index, further reductions in wages are now thought impossible. The number of
failures is growing. Government revenues and expenditures showed a decline during August, reflecting the lower economic activity. At the end of
July Treasury cash was 711,000,000 lire higher than at the close of the
June accounts because of the lower interest payments. The note circulation of the Treasury was reduced 574,000,000 lire and that of the Bank of
Italy now stands at 4,227,000,000 lire on "State account" and 13,558,000,000 lire on "trade account," which is a decrease in the total of 63,000,000
lire. Ordinary discounts fell off 237,000,000 lire and discounts of the Institute of Liquidations, 12,000,000 lire. Private banks are said to have
abundant funds, but owing to their unwillingness to assume risks the application of these funds has been very cautious. Interest rates on short-term
loans, with best security has been reduced to 6
/
1
2%.
JAPAN.
Nov. 1 has been set as the opening date for the new Bank of Japan, which
is being formed by a merger of banks that closed during the financial
crisis last spring. The Nankai and Mural banks are the first to join the
new bank, which is to be capitalized at 10,000,000 yen. Many new debenture issues, paying 61
/
2%, have been proposed for retirement of older issues.
The first forecast of this year's rice crop estimates production at 61,500,000 koku for Japan proper, as compared with an estimate of 56,600,000
koku this time last year, and a final output in 1926 of 55,600,000 koku. It
Is also estimated that the Chosen crop will reach 17,000,000 koku, a considerable increase over last year's production. (1 koku equals 5.12 bushels.)
MEXICO.
The general trend of business in Mexico was slightly downward
during
the week ended Sept. 30. Orders for the fall trade have
stimulated business
In some lines.
1908
THE CHRONICLE
NETHERLANDS EAST INDIES.
Importers anticipate increased demand for fertilizers in the forthcoming
period of crop planting. Reports of current harvests continue favorable,
due in a measure to the increasing use of fertilizers during the crop season
just closed.
PANAMA.
Salt production in Aguadulee was short, due to the short dry season,
and increased the market price 100%. Business conditions continue unchanged.
PORTUGAL.
The general absence of press discussions concerning the proposed foreign
loan has led to the assumption that such negotiations have been dropped.
The Government is reported operating at a considerable deficit. The exchange control at about 19.58 escudos to the dollar has acted unfavorably
on exporting and general business. Foreign exchange at this rate is practically unobtainable and recently quotations on private checks have gone
as high as 21 escudos to the dollar.
RUMANIA.
Customs revenues for the first seven months of the current year, according to data published by the Ministry of Finance, totaled 5,397,331,000 lei
(average rate of exchange, 1 leu $0.0060), which compares with 4,505,937,000 lei for the same period of 1926, thus showing an increase in 1927
of 891,394,000 lei. The increase occurred in the receipts of import duty
only-1,466,654,000 lei—while collections from export taxes and other
charges show a decrease of 575,260,000 lei. These variations are accounted
for on the one hand by the higher import tariff of April 1927 and, on the
other, by the abolition of .certain export taxes and a lowering of others.
The effect of the higher import tariff is seen from the fact that while imports for the seven months show a decrease in value of nearly 10%, import
duties have increased by about 17%. The above total of actual collections of customs revenues for the period exceeded budgetary estimates by
1,329,005,000 (more than -28%)
.
.
SOUTH AFRICA.
The general dulness which has developed in trade is attributed to losses
on the diamond diggings and the effects of drought on the spending power
of the farming community. Prospects for some immediate improvement in
the drought areas are encouraging, as recent rains have brought temporary
relief. The mining material market is comparatively quiet. General industrial expansion continues. The Conference steamship lines have announced further important freight reductions, affecting principally chinaware, steel bars, structural steel, paints, toys, cyanide and glassware. The
wool season is in full swing and deliveries are increasing daily. Values
are well maintained despite large offerings.
SPAIN.
Spanish custans statistics indicate that imports showed a marked increase during August. In the absence of wide fluctuations in peseta exchange, these statistics are accepted as indications of the development of
Spanish import trade. During August imports totaled 51,316,000 pesetas,
as against 50,176,000 pesetas during July and 49,145,000 pesetas during
June. Furthermore, the August customs collections were greater than during any month of the present year, and exceeded the amounts collected during August of 1925 and 1926. Imports of raw cotton at Barcelona showed a
substantial increase. The greater imports are accepted as indicating an
Impending improvement of business in the Spanish market.
Dwight W. Morrow Assumes Post as Ambassador of
Mexico.
Dwight W. Morrow relinquished his partnership in the
firm of J. P. Morgan & Co., on Sept. 30, and on Oct. 6
took the oath of office as Ambassador to Mexico. His
appointment to that post was noted in these columns, Sept.
24, page 1660.
New York Reserve Bank Called Cause of Prussian Loan
Ban—President Schacht of Reichsbank Said to
Have Asked Halt on Loans—Money Borrowed
Here Went for Reparations—Wants Funds Earmarked.
Writing in the New York "Journal of Commerce" of
Oct. 4, Jules I. Bogen, says:
The Federal Reserve Bank of New York is behind the hesitation of the
State Department in approving a 830.000.000 loan to Prussia which had
already been negotiated by a syndicate headed by Harris, Forbes & Co., it
was learned from a reliable banking source here yesterday. The local
Reserve bank is said to oppose the loan as a result of policies worked out at
the conference of central bank heads held here last summer, involving a
halt of the flow into Germany of dollars that merely go to pay reparations
to the Allies.
At this banking conference, according to reliable information, Dr.
Hjaimer Schacht, head of the Reichsbank, strongly opposed the further
movement of American capital into Germany through the flotation of
dollar securities here. Dr. Schacht said that while Germany was in
need of working capital, the flotation of loans in America merely went
to pay reparations, and really resulted in Germany's incurring obligations
abroad without any corresponding return for herself. It was pointed
out that reparations for the fiscal year ended September amounted to
1,500,000,000 gold marks, of which 780,000.000 gold marks, or about
1200.000.000, were transferred in the form of foreign exchange. This
accounts for the larger part of the proceeds of the dollar loans floated by
Germans in this country.
Wants Funds Earmarked.
Dr. Schacht suggested an alternate proposal, which is now receiving
consideration here. He proposed that the proceeds of the sale of German
bonds here be specially earmarked and made unavailable for retransfer
abroad by the Agent-General of Reparations to the Allies. In this way,
he pinted out. Germany would secure the working capital still sorely
needed to permit her to further restore her industries, while assurance
would be given that this money would not pass through Germany as
through a sieve, leaving the country with another foreign debt to pay
in the future, while giving hero no present aid.
Dr. Schacht urged on the other bank heads present, including Benjamin
Strong, Governor of the Federal Reserve Bank of New York. that the
ea.1 of further dollar bonds in this country should be halted. In this
[VOL. 125.
way, he said, the real test of the workability of the Dawes Plan could be
had hmnediately, and thus there would not be a postponement of the
day of reckoning, when the ultimate ability of Germany to pay reparations must be decided once and for all.'
The next development in Gorman financial policy, it is expected in
banking circles here, will be an advance in the Recihsbank rediscount
rate from the present 6%. This will be taken, it is said here, to reflect
tno actual shortgage of funds which it is alleged exists in Germany,and
which is now expected to become more acute with the slowing down or total
cessation of the flow of American money into Germany. (The rate was
raised to 7% on Oct. 4.—Ed.1
State Department's Stand.
The State Department has not actually refused to sanction the loan to
Prussia. It has merely withheld the usual statement to the effect that the
loan is in accord with public policy, and therefore might be floated. In
doing this, however,it has practically assured that the loan will not be forthcoming until it decides to change its attitude and hand on its formal approval. This, it is said, will not occur until either a plan is aopted for
segregating dollar loan proceeds to make them available for reparation payments or representations are made from Germany that individual loans
are needed and will not constitute an additional burden on the country's
balance of payments.
The amount of foreign exchange that Germany will have to transfer during the coming year will be considerably larger than in the year just closed.
It will be, according to reliable estimates, at least 8250,000.000. As this
large sum is transferred, and additional loans from here are halted, the expectation here and in Germany is that German exchange will start declining and that interest rates in Germany will make a further sharp advance,
thus bringing up the reparation issue in full force and making some solution
of this vexing problem necessary, be It a continuation of the present scheme
of payments or a modification in the direction of relieving the balance of
international payments of Germany from part of the burden it now bears
on account of reparation transfers.
In corroborating the statement abovs, a Berlin message
Oct. 6 (copyright) to the New York "Time; s ated:
Assertions of the New York "Journal of Commerce" that Reichsbank
President Schacht was author oft i) ply of restricting American loans to
Germany which was responsible for the withholding of the recent Prussian
830,000,000 loan are echoed here in the sharpest criticism in nationalistic
quarters.
Until to-day it was believed thnt the Rennr•qions Commission was
responsible for the delr y,though Herr Schacht was m tioned frequently as
being a supporter of tl e idea of restrict! az ,cans. The "Boersen Zeitung,"
a reactionary financial organ, says in comment on the article:
"This report throws an interesting light on the events that caused the
delay in the -Prussian loan. In various contradictory reports Herr Schacht
and his views in regard to foreign loans were repeatedly mentioned. The
Reichsbank President more than once has voiced opposition to short term
foreign loans, and he also opposes long term loans.
"The only new point is that Herr Schacht is against the loans because
they serve as reparation payments and delay the decision on Germany's
ability to live up to the Dawes plan. All German authorities and wellInformed foreigners know that the Dawes plan cannot be fulfilled. For
the present, however, the Government is determined to continue the payments at all cost.
"The Reich's honest policy of fulfillment certainly does not agree with
the intention ascribed to Herr Schacht to bring about a quicker decision of
the country's ability to pay."
Hugenberg's ultra-Nationalist paper "Der Tag," writes:
"The comment of the New York "Journal of Commerce"covers thesituation only too well. Contrary to the intention of the Dawes plan to raise
reparations from the industrial and economic surplus, all payments have
been made so far directly or indirectly from loans. Industrial improvements
are only made possible by big foreign loans.
"Calculations of large financial institutions agree that the total Dawes
tribute already paid almost exactly tallies with the amount borrowed abroad
in the last three years. The New York banker Baruch recently pointed out
that the moment must come when reparations payments can no longer be
made from loans. As German industry has no surplus the Dawes plan.
which is based on false theories, must then collapse.
"Certain people in foreign countries will not like this statement of plain
facts on account of illusions formed in regard to Germany's economic
strength. It will be claimed that two and a half billions is only 5% of the
&amines of the German people. On the basis of such cynicism it is easy to
chant the old song about Germany's bad will and plotted bankruptcy.
"But we have paid 4,000,000,000 gold marks within three years. Doesn't
this show we are willing to pay? The true conditions in regard to reparation
payments may as well be discussed openly, all the more because the Dawes
plan has valves that must be opened.
"First the sum to be paid must be reduced in accordance with the repayments have to be adjusted to the Reich's ability to pay, and thirdly, the
total sum we have to pay has to be reduced in accordance with the reduction
of the interallied debts."
President Schacht of Reichsbank Asks Ban on Foreign
Loans—Would Alter Council Power and Check
Influx of Capital.
Copyright advices from Berlin, Oct. 7, to the New York
"Evening Post" state:
In order to check the influx of foreign loans, President Schacht of the
Reichsbank has made a proposal to the Government to change the organization of the Adivsory Council on Foreign Loans, on whose approval the
possibility of contracting foreign loans depends.
The Advisory Council, on which the Government and the Reichsbank are
represented, now may approve loans by a majority, while Dr. Schacht asks
that hereafter approval be only by a unanimous vote.
Should the proposal be passed, the Reichsbank' will be able to veto any
foreign loan plan and, as the "Vorwaerts" said to-day, "Dr. Schacht will
have dictatorial powers."
Finance Minister Koehler, however, does not quite agree with Schacht
in regard to loans and is being supported by the Government.
The "Berliner Zeitung am Mittag" says that a compromise between the
Government and the Reichsbank is possible through the Government
giving to the Advisory Council new instructions emphasizing the necessity
of protecting German currency.
London advices, Oct. 5, published in the same paper,
stated:
The German Cabinet is considering the proposal of Dr. Schacht, Reichsbank President, to make the Advisory Board's loan restrictions more
severe. Several American bankers have left Berlin because of an expectation of further difficulties in the path of new loans. Cities seeking to convert their short term credits into long term loans will got the prefererce.
The Advisory Board has postponed approval of the Frankfurt and other
foreign municipal loans pending a decision of the Cabinet regarding the
general policy of future foreign borrowing.
OCT.8 1927.]
THE CHRONICLE
Report That Walter W. Stewart, Formerly of Federal
Reserve Board, Will Become Adviser of Bank
of England.
It is reported that Walter W. Stewart, a partner in the
banking house of Case, Pomeroy & Co. of New York, is to
become associated with the Bank of England as adviser.
From the New York "Times" of Oct.6 we take the following
regarding the report:
The Bank of England, known the world over as the Old Lady of Threadneedle Street, has paid the fourteen-year-old Federal Reserve System the
compliment of selecting the former economic adviser of the Reserve Board
as American adviser.
Dr. Walter W. Stewart, Vice-President of the private banking house of
Case, Pomeroy & Co. and from 1922 to 1926 adviser to the Federal Reserve
Board and editor of the Federal Reserve Bulletin, published In Washington, D. C., has been selected by Montagu Norman, Governor of the Bank
of England, as liaison officer in line with his policy of closer co-operation
between the Bank of England and the Federal Reserve Board.
The growing interdependence of the central banks of London and New
York has been emphasized by the conferences held annually by Montagu
Norman and Benjamin Strong, Governor of the Federal Reserve Bank of
New York. At one time, a few years ago, when readjustment of the rediscount rate was more frequent than now, many believed that a change
in the rate of one central bank implied a similar change in the rediscount
rate of the other so that the ratio might be maintained.
The appointment of Dr. Stewart, therefore, is viewed in Wall Street as
a further step in the direction of international co-operation in finance.
By virtue of his background as head of the Division of Analysis and Statistics
of the Federal Reserve Board, Dr. Stewart is well qualified to interpret
American practices and to furnish data to Mr. Norman on Anglo-American
financial problems.
Prior to his association with the Federal Reserve Board Dr. Stewart
was Professor of Economics at Amherst College from 1916 to 1922. specializing in banking.
When asked concerning the appointment yesterday, Dr. Stewart declined
to confirm or deny the report, stating that "any announcement must come
from London." From other sources it was learned that Dr. Stewart will
assume his new post not later than Jan. 1, neanwhile resigning from Case.
Pomeroy & Co.
1909
security for the 7% loan of 1927, which consists of $4,000,000
7% bonds offered in this country by FIallgarten & Co., and
of £700,000 7% Sterling bonds issued in Europe, amounted
during the period from June- 16 to Sept. 9 1927, to
Emks.127,621,224,the equivalent of approximately $340,000
which sum has been paid into the Bank of Estonia to the
account of the Trustee of the Loan, Mr. Albert Janssen.
The sum payable for the service of the Loan for six months
amounts to less than $280,000, so that it appears pledged
revenues for less than three months exceed the service requirements for a half year period. Estonia's foreign trade
figures for June and July are now available, and a balance
of exports over imports, it is stated, is shown for both
months, these amounting to over $270,000 and $450,000,
respectively.
Deutsche Bank Notes Oversubscribed in Holland.
Cable advices received by Dillon, Read & Co. from
Mendelssohn & Co., of Amsterdam, their associates in the
foreign distribution of a portion of the $25,000,000 loan
for the Deutsche Bank, Berlin, report heavy oversubscription of the note issue in Holland. The general allotment
of the notes was only about 10% of subscriptions. This
offering was referred to in our issue of Sept. 17, page 1533.
Gain in Receipts of French Railroads.
Receipts of the seven principal French railroads from
Jan. 1 to Sept. 2 1927, according to official figures transmitted to the Bankers Trust Co. of New York by its French
Information Service, totaled 8,568,136,000 francs, showing
a gain of 322,829,000 francs when compared with the corresponding period of 1926, due chiefly to last summer's increased tariffs. The trust company, under date of Oct. 6,
also says:
In spite of the increase of receipts over the first eight months of 1926,
the French railroads have been affected by the general business inactivity
as well as by the increasing use of motor cars both for travel and for transportation of merchandise.
The decline in receipts for the five weeks from July 30 to Sept. 2, when
compared with these for August 1926, when the passenger tariff was
increased by 30% and that for merchandise from 24 to 28%. amounts to
over 102 million francs. If receipts for 1927 and 1926 be compared on the
basis of the former tariff, the decline from Jan. 1 to Aug. 26 totals
329,060.000 francs or 13.36% during 1927.
The number of carloadings from Jan. 1 to Sept. 2 was 14,816,611 in 1925,
15,622,596 in 1926 and 14,512,639 in 1927.
Offering of $2,122,5007% Bonds of Province of Tucuman
(Argentine Republic).
Public offering was made Oct. 3 by Paine, Webber & Co.,of
$2,122,500 7% external sinking fund gold bonds of the
Province of Tucuman, Argentine Republic. The bonds
were offered at 943/i and accrued interest yielding over
7.50%. The books were closed the same day they were
opened. Reference to the loan was made in these columns
last week, page 1785. The bonds will be dated Oct. 1 1927.
and will become due Oct. 1 1950. A cumulative sinking fund
of 2% per annum, operating semi-annually is calculated to
retire the entire issue before maturity through redemption
by lot at par or purchase in market if less than par. The
sinking fund may be increased at the option of the Province.
The bonds, coupon, in denomination of $1,000 and $500,
will be registerable as to principal. Prin. and int. (April
1 and Oct. 1) will be payable in New York, in United States
gold coin of the present standard weight and fineness, without deduction for any Argentine national or local taxes,
present or future. Regarding the security, purpose of the
issue, etc., it is stated:
Security.—These bonds are direct and unconditional obligations of the
Province of Tucuman and are specifically secured by a lien first on the land
tax. The Province agrees to deposit the proceeds of the land tax in the Bank
of the Province of Tucuman each year until the annual service is covered.
The annual service on these bonds for interest and sinking fund amountsto
$191,025 United States currency. The average annual revenue for the last
seven years from the land tax exceeded three times the service on these
bonds. The tax is levied annually and is based on an assssed valuation and
not upon income.
Purpose of Issue.—The law authorizing these bonds provides that the
proceeds shall be destined exclusively to increase the capital of the Bank
of the Province of Tucuman. This bank was established in 1908 and has
been profitably operated by the Province. The Bank is required by law
to provide each year one-third of the service of the loan.
Revenues.—The Province of Tucuman, with the exception of a few years.
has conducted its government with a balanced budget and its expenditures
for government purposes have not increased greater proportionately than
its revenues. The provincial budget for 1927 estimates the revenues at
$5,514,699. as against expenditures of $5,448,618. For purposes of taxation, sugar production in 1927 is conservatively estimated 280.000 tons
against production in 1926 of 400,000 tons. Nearly one-fourth of the
provincial income is assigned to education.
Public Debl.—The direct funded debt of the Province,including this issue.
but not including an internal conversion loan chargeable exclusively against
the provincial savings bank, is approximately $5.703.000 or $14.25 per
capita. The unfunded or floating debt as of Dec. 31 1926 was in the
neighborhood of $5,600,003. The total provincial debt therefore is under
$12,000,000 against an assessed value for the land tax levy of about $163.000,000.
Bucharest Request for Bids on Loan Meets
Daylight Saving Time Ends in France.
Cold Response.
France returned to winter time at midnight, Oct. 1, when
From the New York "Journal of Commerce" of Oct. 6
the clocks were set back one hour.
we take the following:
The request of the City of Bucharest. Rumania, for bids from a large
of banking houses here on a $10,400,000 7% loan has met with
French Wheat Crop Expected to Yield 89,513,120 anumber
cold response, it was learned in Wall Street yesterday. The broadMetric Quintals.
casting requests for tenders on a credit so little known has aroused condissatisfaction with the larger banking houses.
In spite of unusually heavy rains, France's wheat crop siderable
Several large banking houses have already informed Rumanian reprefor 1927 is expected to yield 89,513,120 metric quintals, as sentatives here that they are not interested in the loan and will make
against 67,659,730 in 1926. Such, according to advice no bid whatsoever on the proposition as presented. Many other houses
ignoring the matter entirely.
received by the Bankers Trust Co. of New York from its areOnly
one important baking house, as far as could be learned, is making
French Information Service, is the estimate of Ernest Sicot, an active study of the matter and is contemplating forming an interare acepted. Tins
a French expert in agricultural statistics. In calculating the national syndicate to make the offering if its terms
house is now in touch with the Rumanian Minster here. It has not reached
above, says the trust company under date of Sept. 28, any
definite conclusion on the matter as yet, however.
allowance has been made for the shortage due to the inferior
request for bids was referred to in out issue
Bucharests'
this
year's
crop. The trust
quality and light weight of
Oct. 1, page 1784.
of
company adds:
If Mr. Sicot's estimate is correct there should be almost enough to meet
the country's need, as France's consumption of wheat is estimated at 90
million metric quintals per annum. Imports of foreign wheat would
therefore be necessary only to improve the quality of the bread.
Tenders Asked for Purchase of Argentine Government
Bonds for Sinking Fund.
J. P. Morgan & Co.; and the National City Bank, as fiscal
Receipts of Pledged Revenues for Service of Republic agents, have issued a notice to holders of Argentine Government loan 1926, external sinking fund 6% gold bonds, public
of Estonia Loan.
According tO a statement by the Estonian Treasury, the works issue of Oct. 1 1926, due Oct. 1 1960, to the effect that
yield of those excise revenues of the Republic assigned as. $87,309 in cash is available for the purchase for the sinking
1910
THE CHRON/CLE
(Vol,. 125.
fund of such bonds of this issue as are tendered and accepted
The detailed tabulation follows:
for purchase at prices below par. Tenders of such bonds
Demand Loans. Time Loans.
Net borrowings on collateral from New York
with coupons due on and after April 1 1928, should be made (I)banks
or trust companies
$2,538,526,242 $801,122,745
Net borrowings on collateral from private bankers,
at a flat price, below par, at'the office of J. P. Morgan & Co. (2)brokers,
foreign bank agencies or others in the City
of New York
or at the principal office of the National City Bank, 5F Wall
479,148,083
95,830,500
Street, prior to 3 p. m. Nov. 1 1927. If the tenders so
$3.017,674,325 $896.953.245
Combined total of time and demand loans, 33,914,627,570.
accepted are not sufficient to exhaust the available moneys
The scope of the above compilation Is exactly the same as in the loan
aforesaid, additional purchases upon tender, below par, may report
issued by the Exchange a month ago.
be made up to Dec. 30 1927.
The monthly figures of the Stock Exchange since the
J. P. Morgan & Co. and the National City Bank, as fiscal
agents have also issued a notice to holders of Government of issuance of the monthly figures by it, beginning in January
a year ago, follow:
the Argentine Nation external sinking fund 6% gold bonds, ofWO—
Demand Loans.
Time Loans,
Total Loons.
issue of Oct. 1925, due Oct. 1 1959,to the effect that $162,578 Jan. 30
$2,516,960,599
$996,213,555 $3,513,174,154
Feb 27
2,494,846,264
1,040,744,057
3.535,590,321
in cash is available for the purchase for the sinking fund of Mar..1
2,033,483.760
966.612,407
3,000.090,167
30
1.969.869.852
865.848.657 2.835,718,509
such bonds of this issue 9,3 shall be tendered and accepted for april
May 28
1,987,316.403
780.084311
2,767,400,614
June
30
purchase at prices below par. Tenders of such bonds with
2,225.453,833
700.844,512 2,926,298,345
July 31
2,282,976.720
714.782,807
2.996,759,527
coupons due on and after April 1 1928, should be made at a Aug.31
2,363,861,382
778.286,686
3.142,148,068
Sept.30
2,419,206,724
799,730,286
3,218,937,010
flat price, below par, at the office of J. P. Morgan & Co. or Oct.
31
2,289,430,450
821.746,475 3,111,176,925
Nov. 30
2,329,536,550
799,625,125 3,129,161,675
at the principal office of the National City Bank, 55 Wall Dec.
31
2,541,681.885
751,178,370 3,292.850,255
1927—
Street, prior to 3 p. m., Nov. 1 1927. If the tenders so
31
2,328,340.338
810,446,000
3.138,786,338
accepted are not sufficient to exhaust the available moneys Jan.
Feb. 28
2.475.498,129
780.961,250 3.256,459,379
Mar.31
2.504.687,674
785,093,500 3,289,781.174
aforesaid, additional purchases, upon tender, below par, Apr.
30
2.541,305,897
799,903,950 3,341,209,847
May 31
2,673.993,079
may be made up to Dec. 30 1927.
783,875.950 3.457.869.029
:une 30
2,756.968,593
July 30
2,764.511.040
811,998,250
877,184,250
3,568.966,843
3,641.695,290
Aug. 31
2,745,570,788
928,320,545 3,673,891,333
Bonds of Republic of Uruguay Retired Through Sept.
30
3,017,674,325
896,953,245
3,914,627,570
Sinking Fund.
Hallgarten & Co. and Halsey, Stuart & Co., Inc., fiscal
agents of the $30,000,000 6% external sinking fund gold Reported Undue Influence by Banks Over Stock
Market Operations.
bonds of the Republic of Uruguay, due 1960, have retired
The folldwing is from the New York "Journal of Com$169,000 principal amount of the bonds out of moneys
received from the Government for the Sinking fund, leaving merce" of Oct. 6:
Charges that the large banks are.endeavoring to exercise an undue
outstanding $29,513,500 bonds of this issue.
Influence over the stock market
Tenders Sought on Buenos Aires Bonds.
Hallgarten & Co., and Kissel, Kinnicutt & Co., as fiscal
agents, are requesting tenders of definitive bonds or interim
receipts for 7% external sinking fund gold bonds, Province
of Buenos Aires, Consolidation Loan of 1926, sufficient to
exhaust the sum of $53,067.50 now held in the sinking fund
for purchase or retirement of these bonds. .Notice of acceptance of tenders will be mailed Oct. 13, the definitive bonds
or interim receipts to be delivered to the fiscal agents on
or before Oct. 17.
Continued Increase in Outstanding Brokers' Loans
on New York Stock Exchange Brings Figures to
New High Total of $3,914,627,570.
Outstanding brokers' loans on the New York Stock
Exchange are nearing the four-billion dollar mark, a total
of $3,914,627,570 on Sept. 30 being shown in the figures
made public by the Exchange on Oct. 4. The Sept. 30
figures represent an increase of $240,736,237 in a month, the
loans outstanding on Aug. 31 having aggregated $3,673,891,333. Of the Sept. 30 total the demand loans reach
$3,017,674,325, while the time loans amount to 96,953,245.
Comment on the latest figures appeared as follows in the
New York "Times" of Oct. 5:
through their control over the supply of call
money were freely discussed in brokerage houses yesterday. The sudden
halt in the advance of the stock market Tuesday morning, it was claimed.
had been brought about through the action of the banks in
withdrawing
money and thus getting the cai rate up from 4 to 4%%, although
no
external reason existed for this step.
The market was moving forward at a furious pace at about 11 a. m., it
Is said, and about $25,000,000 was being offered on the floor of the
Exchange by money brokers for the banks. At that time, according to the
version which went the rounds of the brokerage houses, outside influence
made itself felt, the money offered suddenly evaporated, and in addition
several loans were called. The subsequent rise in the call money rates
to 4.1,6%, effectively halted the speculative movement.
The criticism heard of the banks by brokerage houses largely was based
on the claim that undue influence over market movements would be given
the banks if they used at will their power to control prices by regulating
the supply of money. This is said to be especially true at the moment,
because of the important part taken by the money supply in current market
movements. The steady rise in brokers'loans is causing many to scrutinize
closely every change in money conditions, and manipulation of the supply
of money available for speculation therefore has a very important bearing
on security prices.
Banks Tighten Up Lending Policy on Collateral Loans
—Sharp Advances of Market Creates Suspicion of
High Priced Issues.
The leading Wall Street banks have adopted, by common
agreement, a policy of increased caution in making loans
secured by Stock
- Exchange collateral, it was learned in the
financial district on Oct. 5, according to the New York
"Journal of Commerce" of Oct. 6,from which the following
is also taken:
A Shock from "Brokers' Loans."
Heads of the leading banks making large loans secured by stocks have
The increase of nearly a quarter of a billion dollars in brokers' loans as decided upon this
policy of caution because of the rapid upswing in security
shown by the New York Stock Exchange's compilation gave the financial prices, and a
consequent desire to protect themselves against any severe
district its greatest surprise since publication of the figures was begun reaction.
early in 1926. A gain of considerable size had been looked for, but few
The chief protective measure adopted by the banks Is the marking down
in Wall Street were prepared for the large expansion in borrowings that of the prices at which they
accept stocks as collateral for loans. This
the compilation revealed. It seemed to be the general opinion that the applies especially to securities
selling at high prices. Banks are loath to
settlement of trades in "when issued" contracts of the General Motors value a stock at more
than 200, although it may be soling a hundred points
Corp. was the main cause of the inrease. In responsible stock market higher. This
applies especially to specialties that have enjoyed a very
quarters the figures were received with sober concern, perhaps with un- sharp advance
recently.
easiness. The increase of $240,736,000 reported by the Stock Exchange
It was learned from brokerage houses that the banks are also insisting
for September, compared with an increase of only $121,565,000 between upon marking down such
leaders as General Motors new stock, selling
the Reserve Bank's weekly statement as of Aug. 31 and its statement of at lower levels,
because of the sharp advance this issue has enjoyed recently.
Sept. 28.
The usual practice is to give General Motors a value of 115 to
although
Further observations by the same paper appeared asfollows the current market is about 135. And the assumed value is120,
lowered still
further when the stock declines. The loan is then made up to
in its issue of Oct. 6:
75 to 80%
of the assumed value of the stock. The bank in this way gets an actual
The Two "Brokers' Loans" Reports.
margin of 30 to 40% from present market values, which is considered ample
The discrepancy of nearly $120,000,000 between the $240,736,000 as a guard against a recession in values.
Several bankers have recently Indicated that they are in favor of basing
increase in brokers' loans reported for September by the Stock Exchange
and the $121,565,000 shown by the weekly statements of the Federal collateral loans on the earning power of stocks, rather than their selling
Reserve for approximately the same period continued to be a topic of prices. In this way, they say, it would be possible to avoid involving the
discussion yesterday. It was found from the records that as a rule the banks in a speculative scale of values which would shrink as soon as liquidaStock Exchange's monthly compilations have been larger: notably in tion was brouught about. To some extent this is being done at the present
June, when the Stock Exchange showed increase of $111,097,000, while time, but the proposal is to put this work upon a thorough and sound basis.
the increase reported by the Federal Reserve was only $56,029,000. On
This plan is strongly opposed by others because of the great mass of
the other hand, the Stock Exchange reported for May an increase of statistical work involved. While it is admitted that enormous strides have
$116,659,000, while the Federal Reserve gave the much larger figure of been made in security analysis during the past few years, the maintenance
$178,897,000. But so far as the record showed, however, there has never of an organization for actually investigating stock values was held to be
too expensive a matter to be applied to any important extent.
been so wide a discrepancy ag was shown for September.
As a matter of fact, however, industrial specialties which obviously have
The following is the statement issued by the Stock Ex- been
pushed upward in price without much regard to actual earning power
change on Oct. 4:
are being handled gingerly and often are pledged for 20 to 35 points below
Total net loans by New York Stock Exchange members on collateral, their market price even though they sell at $150 or less a share. Stocks
contracted for and carried in New York as of the close of business Sept. 30 which, like Houston Oil, have shown wide fluctuations In recent trading,
1927, aggregated $3,914,627,570.
are also considered in the same way.
OCT.8 1927.1
THE CHRONICLE
the banks in advocating
Conservative brokerage houses are fully behind
conditions. Several of the
present
under
loans
collateral
for
policies
careful
of their own accord. They
larger houses, in fact, follow the same policies
necessary to secure an advance,
will send a larger amount of securities than
will be no need for the banks
so that,in the event the market declines, there
action of the banks in into demand additional collateral. The present
primarily at the houses
creasing the margin of safety above loans is aimed
which follow a policy of borrowing up to the limit.
1911
Mr. R. L. Redmond of
Economist to the New York Stock Exchange; and
delegated to study this
Counsel for the New York Stock Exchange, was
to the Exchange. Durwhole question here and abroad,and report upon it
studies in the leading
ing the past summer these gentlemen made detailed
Amsterdam, Berlin.
European financial centres, including London, Paris,
have reduced their
they
tly
Milan, Rome, Vienna and Brussels. Subsequen
sly concurred.
findings to a definitive report,in which they have unanimou
Thursday, Oct. 6
At a special meeting of the Governing Committee on
Stock List drew up.
e
1927, this report was approved. The Committe on
nts for foreign inIn accordance with it, a formal set of listing requireme
these new listing
ternal securities. Thus it is now possible to make public
upon which
requirements for foreign internal issues, and the special report
they have been based.
a reasonI
adopted
feel,
has,
In this way the New York Stock Exchange
of listing foreign internal
able middle course between the possible extremes
at all. The way
securities with great liberality, or of refusing to list them
and best internal
has been opened to admit to this market the soundest
to establish
made
been
has
Issues of foreign countries and every effort
of the wide differences
suitable precautions especially called for because
financial and corporate practice.
whi h exist between our own and foreign
conclusively establish the
Naturally, only considerable experience can
listing requirements, composed
adequacy and suitability of these new
advance of their extensive emas they necessarily have been, quite in
ployment.
stand, and with such changes
With these new listing requirements as they
more extensive experience in the
as may be made in them as a result of our
Exchange to establish the
future, it is the purpose of the New York Stock
American capital into and
best possible facilities for the smooth flow of
the same time to secure the
out of foreign business enterprise, and at
investing public.
greatest possible protection for the American
The Rise in Stock Exchange Prices.
five billion dollars have been added to the
than
More
three
market value of 100 active stocks during the first
by
quarters of 1927, according to an analysis just compiled
This
.
bankers
ent
investm
York
New
Frazier Jelke & Co.,
of
advance represents nearly one-third of the market value
100
of
the
value
total
The
1.
Jan.
on
es
securiti
the same
stocks Sept. 30, was $22,110,392,000. This is an increase
of $1,122,191,000, or 5% during September, and an advance
of $3,233,148,000,or 17%,for the past quarter. The market
value of these 100 stocks June 30, was $18,877,244,000, while
0.
at the first of the year their value was $16,982,902,00
Motors made an advance of 30% for the third quarter,
months.
indicating a rise of $765,082,000 during the summer
573,000
$3,224,
of
value
market
a
The following are the special requirements for listing forThe 13 motor shares had
78,- eign shares:
on Sept. 30. The 45 industrial shares advanced $1,869,8
nts, the Committee
value of
Subject to its right to waive or amend these requireme
000, or 20% during the quarter, showing a market
listing foreign
List has adopted the following requirements for
Stock
on
of
gain
net
a
made
rails
$11,184,644,000 Sept. 30. Thirty
shares:
total
of certifia
form
the
1. To be available for listing, foreign shares must be in
$450,620,000, or 9% during the quarter, having
12
American institution or by the American branch
The
approved
an
by
month.
issued
last
cates
of
close
the
at
value of $5,597,218,000
n based upon the deposit with a foreign
quarter of an approved foreign institutio
oil shares advanced $147,568,000, or 8%,during the
correspondent of the original foreign shares.
The
and endorsed by bankers
2. Applications must be signed by the company
to $2,003,957,000, the highest mark for the year.
to the Committee on Stock List or must be made on
ry
30,
June
satisfacto
issue
the
389,000
to
$1,856,
was
oils
aggregate value of these
ry to the Committee
behalf of and signed by bankers to the issue satisfacto
and $1,937,846,000 Dec. 31, last.
on Stock List.
be such that
3. Conditions of Issuance of certificates of deposit must
advice upon the canshares deposited abroad may be released upon cable
and that additional certificates of
New York Stock Exchange Makes Known Requirements cellation of such certificates of depositupon
cable advice from the foreign
issued in New York
Be
be
may
Must
ies
deposit
Securit
Shares—
Foreign
for Listing
Committee may
depositary of the deposit of additional shares. The
cement
Announ
for a reasonable period.
Those of Countries on Gold Basis—
approve restrictions upon such interchangeability
registered form
in
be
should
4. Until further action certificates of deposit
by President Simmons.
be considered at the time of application without,
will
form
precise
The
only.
such
Arrangements for the opening of the New York market for until further notice, prescribed rules in relation thereto, excepting thatas
to
requirements of New York State law
the admission of internal issues •af foreign countries were an- certificates should comply with covering
must
deposit
of
certificates
such
t
agreemen
The
a
ity.
6,
Oct.
negotiabil
on
nounced by the New York Stock Exchange
which there are any outprovide that no original foreign shares against
statement in the matter issued by President E. H. H. Sim- standing "oppositions" shall be accepted for deposit and must also ,provide
e holders of a summary in the
mons being accompanied by a list of requirements adopted for the publication to American certificat
language, of the current annual reports of the company.
by the Committee on Stock List for listing foreign shares. English
which the security is
5. Application should name the Exchanges upon
These requirements were drawn up in accordance with the listed and whether it is dealt in for the term settlement or for the cash
findings embodied in a report of a special committee which settlement only. n must state affirmatively that there are no govern6. The applicatio
to American
had been delegated to study the question, which report was mental
restrictions against the payment of interest or dividends
approved by the Governing Committee of the Exchange on holders or against the payment of the proceeds of sale to an American holder
of origin.
Oct. 6. Early this year we referred (Jan. 29, page 591) to who sells in the market
e will give con7. In determining availability for listing, the Committe
total number
the plans of the Exchange to broaden its market by the in- sideration
to all matters affecting marketability, including the
and the
market,
would
clusion of foreign corporations, as a result of which it
of shares issued, the initial number upon the American
be effected.
may
ons
transacti
nal
and internatio
domestic
which
ee
with
The
Committ
facility
market.
world
a
of
aspect
the
partake of
determination of
The application should give all facts necessary for the
on Stock List announces that,"to be available for listing, for- these questions.
or its
8. No foreign share securities will be listed unless the company
eign shares must be in the form of certificates issued by an
nt companies has been in operation for at least
constitue
or
or
predecess
n
branch
America
the
by
or
ion
approved American institut
balance
two full years. The application should include the last two annual
of an approved foreign institution based upon the deposit sheets and income statements for at least two full years.
conIn
listed.
9. The share securities of small companies will not be
with a foreign correspondent of the original foreign shares."
the nominal capitalization, the market
listing,
for
available
size
sidering
for
end
not
will
recomm
will be acThe committee also states that "it
price of securities to be listed, and the amount of the earnings
listing corporate securities the nominal value of which is corded due weight.
company which is in default
10. No securities will be listed of any foreign
expressed in terms of,or the income from which is payable to
by currency deany of its obligations, other than default occasioned
statement in regard to this
security holders in, a currency which is not upon a gold in
A
preciation beyond control of the company.
basis." With reference to the adoption of a new code of should appear in the application.
it will not recommend for
11. Until further action by the Committee,
listing requirements for foreign internal shares, President
which is expressed in terms
listing corporate securities the nominal value of
g
statethe
followin
e
issued
Exchang
Stock
in, a currency
the
of
s
Simmon
of, or the income from which is payable to security holders
which is not upon a gold basis.
ment on Oct. 6:
been made
For many years the New York Stock Exchange has maintained very extensive and searching requirements in regard to the securities in which
dealings were permitted on its floor. Until quite recently, however, almost all our listed issues were American securities. For this reason the
listing requirements of the Exchange were inevitably based upon American
corporate laws and practices, and contained no specific provisions for the
listing of the internal securities of other countries.
In the years following the war the New York Stock Exchange has for the
first time become an important capital market in the international sense,
through the listing here of many foreign securities. Practically all these
bonds and have been
new foreign listings, however, have taken the form of
written in terms of American dollars. It has therefore been necessary to
expand our listing requirements only to cover foreign dollar Government
bonds; this was done by the establishment of special requirements for this
class of issues in February 1925.
and the continued exWith the continued economic recovery of Europe
into the internapansion of the New York Stock Exchange capital market
of listing here foreign internal
tional securities field, the further question
been
have
admitted here,
issues
such
shares has arisen. Thus far only four
were in form of American
and in each case the securities which were listed
deposited original foreign internal
certificates of deposit issued against the
applications here to list
securities. With the prospect of more frequent
tly become necessary to desuch foreign internal issues, it has consequen
s foreign internal
condition
what
termine in advance in what form and under
be admitted to our list.
securities—particularly shares—could and should
M. B. Hoxsey,
Accordingly, a special committee consisting of Mr. J.
Mr. J. E. Meeker,
Executive Assistant to the Committee on Stock List;
has
12. Applications should state specifically that provision
where all dividends
for maintenance of a Fiscal Agent in New York City
current rates of
on outstanding American certificates will be payable at
and paid to certifiexchange. Such dividends should be remitted promptly
charges and
cate holders by check without deduction except for reasonable
be the same
necessary expenses. Where desired the Fiscal Agent can
Fiscal Agent or
institution which issues the American certificates. Such
registhe institution issuing the American certificates must agree to mail to
all notices reof
copies
address,
tered holders thereof, at their last known
securities.
ceived affecting the interests of such holders in the deposited
which, under existing
13. Each application should state clearly all taxes
s,
directly or
certificate
law, may be imposed upon the holder of American
indirectly.
n must be in form
14. Accounting statements appearing In the applicatio
possible, should disclose the
satisfactory to the Committee and, as far as
the
foreign company
of
same amount of information in regard to the affairs
company.
as are normally desclosed by the application of an American
of all important provisions
15. The application should contain a summary
securities to be listed are isof the actions under the authority of which the
n of all papers
sued and should be accompanied by an English translatio
and documents required for domestic listings.
proceeds of a corporate issue will
16. The nature of the disposition of the
be a factor affecting its availability for listing.
t of any fees, other
17. The application should include a detailed statemen
of domestic securities, which may
than those ordinarily applying in the case
and should state
securities
the
in
dealing
or
be charged to any one holding
to whom such fees are payable.
1912
THE CHRONICLE
New York Curb Market Extends Ticker Service.
Through the medium of the Curb Ticker Co., Inc., the
New York Curb Exchange spreads its direct transmission
ticker service into four additional cities on Oct. 3. Hereafter, Albany, Rochester, Schnectady and Syracuse will
take their place beside New York, Boston, Chicago and other
cities as focal points for the receipt of instantaneous
and
continuous record of transactions on the Exchange.
Since
Jan. 1, ten large cities have been added to the list. It
is
estimated that more than 1,000 tickers are now in operation.
[VOL. 125.
industrial empire, and points out that "the centre
of population is continuing its march westward with
a degree of
rapidity which is commanding national attention.
Natural
resources, an advantageous outlook on the expansi
ve and
developing Pacific, favorable climatic conditions and
variety
and beauty of surroundings are all potent factors
which insure to California and the entire Western Coast
a continuation of rapid increase in population and expaad
ing industries." He reminds the members of the Exchan
ge that:
We are challenged by
the progress that stands at our door to
continue
energetically building for the entire Pacific Coast
area a securities market
that meets its every financial need and insures
to hidustry and commerce
the marketing service for their securities
which is essential to development
and expansion.
Proposed Call Loan Market for San Francisco.
An effort will be made to establish a call loan market on
The price of memberships on the San Francis
the Pacific Coast, according to a dispatch received here
co Stock and
in Bond Exchange has continued to
advance throughout the
this city on Oct. 4,it is learned from the New York "Eveni
ng year, the last sale, at 0,000, being
just twice the high record
Post," which further says:
of 1926. There are now 50 active member
It states that the San Francisco Stock and Bond Exchang
ships, and 16
e proposes t
set up a call money market in San Francisco.
bank and associate memberships in the Exchan
ge. The
Coming soon after word of a similar step being considered
in Chicago the present price of memberships on thc
San Francisco Stock
report aroused considerable interest in Wall Street.
and
Bond Exchange is far in excess of that of any
At present the only important call money market in the
other secountry is at the
New York Stock Exchange. Banks from all over the country
send money curity exchange in the United States, outside of the New
to New York to be lent on call.
York
Stock
Exchange.
It is believed here that there is not a great enough volume
of business on
Twenty-four corporations whose securities were
the San Francisco Exchange to warrant a call money
market. California
listed on
brokers in need of accomodation make private
.arrangements with their the Exchange applied for additional listing and in additio
own bankers.
n
15
new applications were approved. The additions throug
Doubt About San Francisco Plan.
hout the year added 8578,000,000 to the market value of securiThat the San Francisco Exchange can guarante
e enough business to
warrant California banks sending part
of their funds to that exchange ties listed on the Exchange, the grand total of which amounts
Instead of to New York is a question. At any rate, it is thought
that the to over $5,000,000,000.
requirements of either the San Francisco Exchang
e or the Chicago Exchange
The Exchange has initiated a plan whereby those interwould be so small that their new plans could not possibly
cause any shortage
of call money at this center.
ested in stamping out fraud in the investment field
will cenThe idea back of the movement probably is that
California stock brokers tralize their information in a general
believe that with a regular organized call money
clearing house, thereby
market in San Francisco
creatin
they could get greater accommodation at cheaper
g a medium through which the records of fraudulent
rates.
Out-of-town loans play an important part
in the New York Stock stock operators will become available for the
purpose of deExchange. Approximately 41% of the money lent
on call here is advanced tecting guilty parties
, and protecting against them. As a
for the account of out-of-town banks.
part of the supervision which the Exchan
ge maintains over
Elaborate Call Money Machinery.
its members,the cheek of their financial condition
shows their
The call money machinery on the New York Stock Exchang
e is eloborate financial position to be satisfa
and would not be easily duplicated. All lending
ctory in every way. It is
banks in the financial
claimed on behalf of the Exchange that throug
district arrange with one or more Stock Exchange member
firms to handle
hout its 45
their call loans on the floor of the exchange.
years' experience it shows proportionately fewer
financial
The procedure is for the bank to telephone to the
office of the Stock failures than are to be found
in any other comparable field.
Exchange member instructions to lend a sum of money
at the current or at
a specific rate.
William C. Murdoch Jr. was on Oct. 3 re-elected
as ViceThese instructions are relayed in turn to the money
desk on the floor of President, and the Anglo-California Trust
Co. was conthe Exchange, where they are duly recorded. In like
manner the borrowing tinued as Treasur
er for the Exchange. Three members of
broker files at the money desk a memorandum
stating how much money
he requires. Thus lender and borrower meet in
their turn and both are the Governing Board were elected at this time, all for a
promptly notified of the identity of the other party
to the transaction by two-year period. George N. Keyston
and Charles E. St.
the money clerk of the Exchange.
Goar were re-elected, and Richard 0. Simon was elected
to
fill the vacancy caused by the retirement of Robert
C. BolRecord Volume of Business on San Francisco Stock
ton.
Bolton, in retiring from the Governing Board,
and
has
Bond Exchange During Year Ended Sept. 30
terminated service as an official of the Exchange,
1927.
both in
The volume of business on the San Francisco Stock
the
capacit
y as President and member of the Governing
and
Bond Exchange for its fiscal year, ended Sept. 30,
attained Board, extpanding almost continuously over the past twenty
record proportions and new records were achieved both
in years.
volume of shares traded in and in the market value
of the Herma
n W. Booth, Bankrupt Broker, Arrest
securities. The record is outstanding inasmuch as
ed for
each year
for the past ten years has seen a new high record establi
Alleged Embezzlement.
shed.
On
Sept. 30, Herman W. Booth, who on Sept. 21
Last year the money value of securities traded in was
was
100%
expelled from the New York Stock Exchange for
greater than in 1925 and the year just closed shows a
violation
figure
of the rules and petitioned into bankruptcy on
which is still in advance of the previous high record.
Sept. 27,
Total
was arrested at his office, 120 Broadway, this city,
transactions for the Exchange fiscal year amounted
for the
to alleged
embezzlement of stocks and bonds valued at $150,0
$122,507,832, which represents the actual value of 11,332,159
00,
the
propert
y of Mrs. Jennie C. Denton of 155 Riversi
shares dealt in. The value of bonds amounted to $6,791,000
de
for this same period. This is disclosed in the annual report Drive, according to the New York "Times" of Oct. 1.
Mrs.
Denton
herself
made the arrest and accompanied by a
of President Sidney L. Schwartz. President Schwartz
again heads the Exchange, having been re-elected Oct. 3 to detective of the Missing Persons Bureau escorted the broker
serve his fifth year in that capacity. Mr. Schwartz points to Police Headquarters where he was locked up charged
out that the market of the San Francisco Stock and Bond with grand larceny. Mr. Booth's arrest came two hours
Exchange has broadened to such an extent that trading in after he had voluntarily placed himself at the disposal of
industrial shares has more than doubled in volume during his receiver, Edward H. Childs. Fears that he might have
the past year and in total volume has exceeded the total ended his life had arisen earlier in the day when Mr. Childs
number of oil shares. It is pointed out that among the out- filed an affidavit in the Federal Court in support of an
standing points of growth of the major security market of application for an order permitting the examination of the
the West, in addition to the development of a broad and broker's safe deposit box to which was attached a letter
active market, with its attendant large volume of trading, written by Booth which read in tart:
I have decided to put all my transactions
through II. W. Booth & CO..
the adoption of rigid requirements for listing securities and Inc.,
a corporation that never dies, so
should anything occur to me
the remarkable increase in the value of seats, has been the through accident or otherwise from nowthat
on you would not have to bother
efficient performance and seasoning of the post-trading sys- with any estate matters whatever.
Shortly after the affidavit was filed, howeve
tem. The Exchange is said to be the only exchange outside
r, Booth
a New York City which has adopted the specialist form of appeared and voluntarily opened his safe deposit box in the
trading. The transition from the old call system to the vaults of the Empire Safe Deposit Co. Nothing of value
post trading system has made possible the handling of the was found, according to the receiver, it was said:
Continuing the "Times," said:
tremendously increased volume of business.
In the brief conversation that Booth had
with Mr. Childs and his
President Schwartz lays emphasis in his report on the fact attorneys he informed them that he
expected to be able to pay all
his
that the entire Pacific Coast, led by California, is becoming creditors, and would not have been involved
in any difficulties had not all
more and more financially independent, and constitutes an of them descended upon him at the first Intimation that he was in trouble,
according to Burgess Osterhout of Gleason, McLanahan.
Merritt
& In..
OCT.8 1927.]
THE CHRONICLE
1913
were on deposit with the committee on Oct. 1 1927. There
were about $60,000,000 Miller bonds outstanding when the
company went into receivership. Of the 78 issues called
20 settlement agreements have been entered into by the
committee, of which 16 settlements have been approved by
the court; 7 settlements approved and closed, and 9 settlements approved and closing not yet effected.
As the trustees for many Miller bond issues were agents
of the Miller management, counsel for the committee provided 98 new trusteeships. There were 3 issues in which
American Trust Co. was the original corporate trustee and
34 issues in which no substitutions have yet been made (of
which 10 require no substitution).
The committee has supervised the distribution on account
of coupons and matured bonds on 11 issues for which deposits
interest and amortization on 46 issues
A more recent issue of the "Times" (Oct. 6) contained the were asked and also
not asked. There were 57 issues for
were
deposits
which
for
affairs:
broker's
failed
following in regard to the
broker.
a
Booth,
were issued. Uncalled issues on a
W.
calls
Herman
of
deposit
week
no
last
which
failure
Further details of the
Booth again was
when
Court
Tombs
the
in
5,
Oct.
yesterday,
and uncalled issues requiring no
light
to
42
number
came
on a grand paying basis
remanded to the Tombs without bail for a hearing to-morrow
by other committees number
supervised
are
that
or
Drive.
attention
Riverside
155
of
larceny charge made by Mrs. Jennie Denton
James
lawyer,
which deposit calls were
for
Booth's
issues
when
of
0
yesterday
$27,000,00
10. The
Mrs. Denton was not in court
William C.
of issues on which pay$5,000,000
C. Duress, asked for another adjournment. Magistrate
about
include
made
not
pro1Vasser had
Dodge set to-morrow, after Assistant District Attorney
other.
or
way
some
in
in
irregular
were
are
Booth
ments
tested against longer delay. Other claimants against
she entrusted
Settlements Arranged. -court, including Miss Edith Perry of Yonkers, who said
of 168 West
$35,000 to the man, and Mrs. Alexandrine Van Wangenheim
Among the bonds for which settlements have been arranged
from her account
Eighty-eighth Street, who alleged that $3,000 was due her
are the following 20 issues:
with Booth.
his liabilities at
graham, attorneys for the receiver. Booth estimated
$1,000,000.
between $560,000 and $600,000 and his assets at about
of the reasons
office—one
The chaotic condition of the records in Booth's
failure to keep proper
given for his expulsion from the Stock Exchange was
financial condition
records—has prevented any accurate estimate of Booth's
to be creditors have
as yet, Mr. Childs said. About 100 persons claiming
claims alone total more
so far communicated with the receiver, and their
Vernon, N. Y., in an
than $1,000,000. One creditor, Francis A. Cody of
by the Attorney
affidavit filed yesterday in support of an application
from disposing
General under the Martin Act for an order restraining Booth
in collateral with
of any of his assets, said that he had deposited $1,700,000
of $1,indebtedness
an
Booth to support a trading account and to cover
of $600,000.
100,000 and had been unable to collect the balance due him
has found
The only assets of any considerable value which the receiver
balance due Booth
are a country home at Sauquoit, N. Y., near Utica; the
for
$235,000,
22
Sept.
from the forced sale of his Stock Exchange seat last
due Stock
from which must be deducted between $18,000 and $20,000
proceeds of the sale;
Exchange firms which consitutes a first lien upon the
all of which are
a Summer home at Monroe, N. Y., and six bank accounts,
said to have been small.
L
not guilty plea,
• Terms Net to Depositors and Present Status.
When the adjournment had been granted on Booth's
Issue—
Edwards H. Childs,
922-5% cash. Approved by court and closed.
$84,400 Belmont Apts.
Burgess Osterhout of counsel for the Federal Receiver,
case." He
extraordinary
Ga.
"most
Atlanta,
a
it
considered
he
that
court
the
told
97% sash. Approved and being closed.
were
Apts.
whom
Belvedere
of
100,800
added that, although there were about 150 creditors, 90%
Atlanta, Ga.
by the Re30% cash. Approved Sept. 30.
women, no books of customers' accounts had been uncovered
Hotel
Apt.
Ct.
Brazilian
270,000
Judge Thacher
Palm Beach, Fla.
ceiver and that because of this he would apply to Federal
from the Tombs,
9614% cash. Approved and closed.
260,000 Castle Hill Apts.
to-day for a writ of habeas corpus for the release of Booth
out his
Philadelphia. Pa.
so that the broker could aid in uncovering assets and straightening
30% cash. Court hearing Oct. 13.
1,600,000 Columbus Hotel
books. Miami, Fla.
Mrs.
on
arrest
his
before
Receiver
the
with
64% cash. Approved and closed.
conference
266,500 Esplanade Gardens
Booth, in his
he had liaMt. Vernon, N.Y.
Dentons charge, had told Mr. Childs, Mr. Osterhout said, that
50% cash and 50% preferred stock. Court
Hotel
asLafayette
965,000
bilities of about $400,000 and assets of about $700,000. Mr. Osterhout
hearing of Sept. 30 adjourned to Oct. 14.
Little Rock, Ark.
of
serted, however, that claims thus far filed with the Receiver by some
Exchange for 2d mtge. income bonds. ApCourt
Lebanon
184,000
least
at
be
would
liabilities
Booth's
proved but settlement held up by suit to
that
Philadelphia, Pa.
the Booth creditors indicated
restrain construction of building.
$2,000,000, with assets approximately $700.000.
cash plus $430,000 in 1st mtge. on
$17d,000
Bldg.
Office
Madison
825,000
Thus far, Mr. Osterhout went on, the Receiver had come into possession
Arkansas cotton lands. Approved Sept. 9.
Memphis, Tenn.
securities.
Interest reduced to 6% and bond maturities
of about $10,000. $2,000 of it being in cash and the remainder in
595.000 Maple Terrace Apts.
extended. Court hearing Oct. 13.
Dallas, Texas.
The Receiver would come into possession, however, of more than $200,000
48),'% cash plus 5014% in 2d mtge. bonds.
535,000 Martin Office Bldg.
through the forthcoming sale of Booth's seat in the Stock Exchange, about
Approved Sept. 21.
Ala.
Birmingham,
and
900 acres of property, valued at about $100,000, near Utica, N. Y..
New trustee (Girard Trust Co.) annotated,
418.000 Merlon Manor Apts.
Interest paid and bond.returned.
Philadelphia, Pa.
Booth's former home at Monroe, N. Y., estimated to be worth about
Plan or reorganization. Hearing of Sept. 21
425,000 New Albany Hotel
$50.000.
to Oct. 20.
adjourned
Ga.
Albany,
his
of
told
had
Booth
said,
Osterhout
In addition to these assets: Mr.
24,100 Realty Commerce Bldg. 40% cash. Approved,but closing still peeling.
holdings in the Idaho Asbestos Co.. valued by the broker as worth about
Haven, Ha.
Winter
was in321i% cash. Approved and closed.
402,000 Richmond Hotel
$300,000. Booth had added that Senator Reed Smoot of Utah
Augusta, Ga.
terested in this company.
of net proceeds of claim of San Jacinto
75%
Hotel
Jacinto
San
that
1,250,000
showed
on,
lawyerrent
Examination of Booth's check book, the
Co. against Miller estate. Approved.
Houston, Texas.
checked
had
broker
e
instituted,
was
proceeding
before the bankruptcy
8714% cash. Approved, but closing still
375,000 Stillwell Office Bldg.
pending.
Savannah, Ga.
out $20,000 to several creditors and another $27,000 to a Mrs. W. R.
for bonds of new issue at 6%.
Exchange
725,000 Terminal Bldg.
Chapman of Bethel, Me. Mr. Osterhout said the Booth bankruptcy
Approved and closed.
Y.
N.
Island,
Coney
Vesey
20
at
Miller
Seaman
hearings would begin before Federal Referee
Approved and closed.
cash.
87%
Manor
Lynne
York
460.000
to
Street on Oct. 20, and that all the broker's creditors had been requested
Philadelphia, Pa.
Curtis
appointed
102% in new bonds. Approved,
cash
had
or
101%
Court
Federal
Ave.
the
Park
that
575
developed
also
It
attend.
but owner's refinancing fell througl.
New York, N. Y.
Alliaume of Utica as an ancillary receiver in the failure.
TRUSTEESHIP UNCALLED ISSUE.
to yesterday's "Times" (Oct. 7) Judge Thomas
According
(A) Trust Company of Georgia has already been substiD.Thatcher of the United States District Court on Thursday
as trustee of the following 20 uncalled issues:
(Oct. 6) signed a writ of habeas corpus demanding Booth's tuted
Lawrence Apartments (Trust Co. of
Alhambra Hotel
Tuesday
next
Broadway)
(120
Georgia was original corp. trustee)
presence in his own office
Clifford Apartments
Mauretania Apartments
Apartments
Dulion
accounts.
(Oct. 11) where he is expected to help untangle his
Properties
Merrick
Federal Square Building
Mirasol Apartments
Apartments
Seaman Miller, referree in bankruptcy, will examine Booth Granada
New Gallat Apartments
Halsema Apartments
Redmont Hotel
informally at that time, seeking to ascertain the where- Harris Apartments
Riverside Apartments
Henry Grady Hotel
Sebring Hotel
abouts of his clients' property. James E. Duross, the Highland Plaza Apartments
Worthington Apartments
Apartments
6
View
Oct.
the
of
night
Highland
saying
as
quoted
broker's attorney, was
101 Marietta Street
that he believed Booth could give "material" assistance
substituted in the following
been
have
(B) Other trustees
and would be able to straighten out the accounts of the 20 uncalled issues:
company. It was furthermore stated that Burgess Oster- (I) Atlanta Trust Co.: Bolling Jones Building, Cecil Hotel, Kurt
New Cecil Hotel.
hout, attorney for Mr. Childs, the receiver, had told Judge Building,
(2) American Trust Co., New York: Alexander Building, Harrison
over
to
turn
had
promised
Booth
Gardens, Bartley Hall, Howard Arms (American Trust Co. was original
Thatcher on Oct. 6 that
corporate trustee), Milburn Apartments (American Trust Co. was original
a record book of his clients' accounts. The broker, it is corporate trustee), Sagamore Apartments, 41st Street and 7th Avenue.
(3) Miscellaneous: Berkeley Carteret, Seacoast Trust Co.; Cadwalader
understood, is held in the Tombs without bail.
Apartments, Trenton Trust Co. (appointment not completed); Hart
Building, Capital National Bank New York; One 5th Avenue, New York
Co.; Pelham Arms, Seaboard National Bank (appointment not comG. L. Miller Bond Issues—Settlement Announced on Trust
pleted); Tennessee General Office Building, Bankers Trust Co.. Knoxville,
lean.; Washington Hall Apartments, Times Square Trust Co.; West End
Twenty Issues By Roosevelt Protective Committee.
Apartments, Klein. Kinsley & Klein, New York, N. Y.; 100 West 58tb
Cloyd Laporte of counsel for the bondholders protective Street, Liberty National Bank of New York.
(C) No substitutions have yet been made in the following
committee (Geo. E. Roosevelt, Chairman) for the several
bond issues brought out by the real estate mortgage bond 17 uncalled issues:
Birchbrook Hall Bronxville, N. Y.,G.L.Miller.trustee; Cherokee Arms,
house of G. L. Miller & Co., which went into bankruptcy Memphis,
'Fenn.. Miller Co.. trustee; Frances Court, Jacksonville, Fla.,
Co., trustee; Lakeview Apartments. Atlanta, Ga.. Miller Co.,
6
Oct.
Miller
settlement
announced
1192)
p.
Sept. 3 1926 (V. 123,
trustee; Marlborough Hotel, Miami Beach, Fla., Miller Co., trustee',
Metropolitan Warehouse, New York City, Miller Co. turstee; New Hill
for approximately $10,000,000 of the bonds. The settle- Building,
Jacksonville, Fla., G. L. Miller, trustee; New Medical Building
Building, Raleigh,
ments include cash adjustments ranging from 30 to 97% New Orleans, La., 11filler Co., trustee; Odd Fellows
Co: trustee; Shaw Apartments, Miami. Fla., Miller Co.,
C.,
Miller
N.
of
n
second
mortreduction of interest rates and substitutio
Co.,
Miner
trustee.
Fla.,
Petersburg,
trustee; Soren° Hotel, St.
gage bond or preferred stock in part liquidation of the original
No substitution of trustees required in the following issues:
Englewood Gardens, N.J.,and Franklin Arms, N. J.,R.J. Francis,trusissues.
tee (separate committees); Greystone Apartments, St. Louis, Mo. (entire
Life Insurance Co.); Highland Hall ApartAt the time of the Miller bankruptcy there were 135 issues Issue owned by Missouri State
ments, Rye, N. Y. (entire issue redeemed); Holbrook Hall, Mt. Vernon,
outstanding of which calls for deposit of 78 issues were issued N.
Y. (entire issue redeemed); R. & R. Theatre Building, Corpus Christi,
by the Roosevelt committee. The original principal amount Tex. (settled with trustee in bankruptcy).
Trust Co. of Georgia has already been substituted as
of called issues totalled $36,360,500 of which the amount
outstanding is $33,803,300. Of this amount $29,307,700 trustee of the following 27 called issues:
1914
Aeolian Apartments
Belvedere Apartments
Berkeley Court
Brazilian Court
Butler Miller Stock Ranch
Cape Fear Hotel
Clark Estate Office Building
Covington Arms
Edgehill Apartments
El Verano Hotel
Everglade Inn
Ft. Harrison Hotel
Hampden Hall Apartments
Helene Apartment Hotel
THE CHRONICLE
Henrietta Apartments
Henry Grady Annex
Madison Office Building
Maple Terrace Apartments
Montrose Boulevard Apartments
Point Pleasant Apartments
Realty Commerce Building
Richmond Hotel
State Bank & Trust Co. Building
Tattershall Hotel
Third Avenue Building
Walton Way Apartments
William Penn Hotel
Resignation of original trustee has been executed and
forwarded to Anderson, Rountree & Crenshaw, and substitution of Trust Co. of Georgia will be effected by Committee, as soon as notice of resignation is given mortgagors,
on the following 17 called issues:
Altamont Apartments
Bayshore Apartments
Cathcart Warehouse
Elmwood Apartments
Florida Hotel
McGlawn-Bowan Building
New Albany Hotel
New Oaks Hotel
Peachtree Terrace Apartments
Peachtree Terrace South Apartments
Fitt Belmont Apartments
St. Andrews Apartments
St. George Apartments
Somerset Apartments
Southland Apartment Building
Watson Hotel
Wynne Claughton Office Building
Other trustees have been substituted in the following 17
called issues:
(1) American Trust Co. New York.—Carnegie Hill
Apartments;
Esplanade Gardens—American
' Trust Co. was original corporate trustee;
Terminal Bldg.; 575 Park Ave.
(2) Fulton National Bank, Atlanta. Ga.—Canterb
ury Manor Apartments; Pershing Point Apartments; Stratford Hall Apartments.
(3) Pennsylvania Co. for Insurance on Lives, &c., Philadelphia,
Pa.—
Haverford del Rey; Lebanon Court Apartments.
(4) Biscayne Trust Co., Miami, Fla.—Columbus Hotel;
Venetian
Way Apartments.
(5) National Bank of Commerce In New York, N. Y.—Garden
City
Court Apartments.
(6) Pacific Coast Trust Co., New York, N. Y.—Lafayette
Hotel.
(7) Girard Trust Co., Philadelphia, Pa.—Marion Manor Apartments.
(8) Guardian Trust Co., Houston, Tex.—Plaza Apartments.
(9) New York Trust Co., New York, N. Y.—Stoneleigh
Court Apartments.
(10) Paul W.Reilly, Philadelphia, Pa.—York Lynne Manor.
No substitutions have yet been made in the following 17
called issues:
Almadura Apartment Bldg., Memphis, Tenn.
Belmont Apartment Bldg., Atlanta, Ga. Bonds. sold.
Blind Brook Lodge, Rye, N. Y.
Bon Air Apartments, Atlanta, Ga.
Bonaventure Arms, Atlanta, Ga.
Castle Hills Apartments, Philadelphia, Pa. Bonds sold.
Claridge Manor Apartments. Birmingham, Ala.
CUff Haven Apartments, Dallas, Tex.
Ft. Sumter Hotel. Charleston, S. C.
Harvey Apartment, Indianapolis, Ind.
Larchmont Gables, Mamaroneck, N. Y.
Martin Office Bldg.Birmingham, Ala.
Newburgh Hotel, Newburgh, N. Y.
Orange Court Apartment Hotel, Oralando, Fla.
San Jacinto Hotel, Houston, Tex.
St. Charles Apartments, Mobile, Ala.
Stillwell Office Bldg.. Savannah, Ga.
UNCALLED ISSUES ON WHICH PAYMENTS OF INTEREST
AND
MATURED PRINCIPAL HAVE BEEN MADE—TOTAL 46.
Date of
Date of
Amt. Matured
Amt.
Coupon.
Issue-Paid.
Bonds.
Paid.
Where Payable.
Alhambra Hotel._ April 1 1927 full April 1 1927 full Tr. Co. Ga.
Berkeley Carteret_ Jan. 1 1927 2-3 Mar. 1 1927 34 Am. Tr. Co.
July 1 1927 full
Birchbrook Hall
Feb. 1 1927 full Aug. 1 1927 full Tuckahoe Nat. Bk.
Apartments ____ Aug. 1 1927 full
Bolllng Jones Bldg_ Sept.15 1926 1-6 Sept.15 1926 31 Fulton Nat. Bk.
Mar. 15 1927 full
Cadwalader Apts-- Feb. 15 1927 full Aug. 15 1927
TrentonTr..
Tr. Co.
.)
Cecil Hotel
Oct. I 1926 1-6 April 1 1927
April 1 1927 full
Cherokee Arms__. Dec. 15 1926 full Dec. 15 1926 34 Tr. Co. Ga.
June 15 1927 full
Clifford Apt. Bldg_ Dec. 1 1926 2-3 Dec. 1 1926 1-3 Tr, Co. Ga.
June 1 1927 full
Dillon Mats
Jan. 11921 full Jan. 1 1927 5-12 Tr. Co. Ga.
Federal Square
Oct. 15 1926 1-3 Oct. 15 1926 1-6 'Pr. Co. Ga.
Building
April 15 1927 full
Frances Court Apts Feb. 1 1927 full Feb. 1 1927 full Tr. Co. Ga.
Granada Apt.
Nov. 15 1926 34 May 15 1927 34 Tr. Co. Ga.
Hotel
May 15 1927 full
Halsoma Bros.
Oct. 1 1926 1-3 April 1 1927 full Tr. Co. Ga.
Bldg
April 1 1927 full
Harris Apt. Hotel_ Sept. 1 1926 2-3 Mar. 1 1927
Tr. Co. Ga.
Mar. 1 1927 full
Harrison Garden
Jan. 1 1927 )4 July 1 1927 34 Am.Tr. Co.
Apts
July 1 1927 full
Hart Bldg
Dec. 15 1926
Dec. 15 1926
Capitol Nat. Bk. of
June 15 1927 full
N.Y.
Henry Grady Hotel Nov. 16 1926 full Nov.15 1926 M Tr. Co. Ga.
May 15 1927 full
Highland Plaza
Dec. 1 1926 full June 1 1927 11-12 Tr. Co. Ga.
June 1 1927 full
Ants
Highland View
Sept. 15 1926 1-3 Sept. 15 1926 1-12 Tr. Co. Ga.
Mar. 15 1927 full
Apt
Hurt Building.....- Jan. 1 1927 5-6 Jan. 1 1927 5-12 Tr. Co. Ga.
July 1 1927 full
Sept. 1 1926 7-12 Sept. 1 1926 7-12 Tr. Co. Ga.
Lakeview Apts
Mar. 1 1927 full
Lawrence Apts— _ _ Feb. 1 1927 full Feb. 1 1927
'Pr. Co Ga.
Marlborough Hotel(Sept. 15 1926 full Sept.15 1926
_ Tr. Co. Ga.
(Mar. 15 1927 full
Mauretania Apts_ _ _Mar. 1 1927 full Mar. 1 1927 34 Tr. Co. Ga.
Merrick Properties(Sept. 15 1926 full Mar. 15 1927 5-6 Tr. Co. Ga.
Mar. 15 1927 full
Metropolitan
Dec. 15 1926 5-6 Dec. 15 1926 full Karelson & Karelson
June 15 1927 full
Warehouse
None
___..Am. Tr. Co.
Milburn Apts.,— Dec. 15 1926
matured
June 15 1927 full
Mirasol Apts
Feb. 1 1927 full Aug. 1 1927 full Tr. Co. Ga.
Aug. 1 1927 full
New Cecil Hotel_ Oct. 1 1926 1-6 April 1 1927 7-12 Atlanta Tr. Co.
April 1 1927 full
Jan. 1 1927 34 Jan. 1 1927 34 'Tr. Co. Ga.
New Hill Bldg
July 1 1927 full
New Medical Bldg_ f Dec. 15 1926 full Dec. 15 1926 full Tr. Co. Oa.
Marine Bk.& Tr. Co.
(June 15 1927 full
of New Orleans.
Odd Fellows Bldg_(Dec. 15 1926 full Dec. 15 1926
Tr. Co. Ga.
1June 15 1927 full
Pelham Arms Apts. Dec. 1 1928 full June 1 1927 5-6 Nat. City Bk.of New
Rochelle.
June 1 1927 full
Redmont Hotel
Dec. 1 1926 full June 1 1927 11-12 Tr. Co. Ga.
June 1 1927 full
[Vol,. 125.
Date of
Date of
Amt.
Matured
Amt.
Issue-Coupon.
Paid.
Bonds,
Where Payable.
Riverside Apts__ Nov. 1 1926 35 Nov. 1 1926 Paid,
34 Tr. Co. Ga.
May 1 1927 full
Sagamore Ants__ _ Dec. 1 1926 34 June 1 1927 full
Am.Tr. Co.
June 1 1927 full
Sebring Hotel
Dec. 1 1926 full June 1 1927
Tr. Co. Ga.
June 1 1927 full
Shaw Apts
Feb. 1 1927 full Aug. 1 1927 _
Tr. Co. Ga.
Aug. 1 1927
Soren° Hotel
1Jan. 1 1927 5-6 Jan. 1 1927 5-12 Tr. Co. Ga.
July 1 1927 full
Tenn. General
Nov. 15 1926 3-5 Nov. 15 1926 3-5 Bankers Trust Co.,
Office Bldg
May 15 1927 defaulted
Washington Hall Jan. 1 1927 34 Jan. 1 1927 34 Times
Sq. Tr. Co.
ADtS
July 1 1927 full
West End. Apt.
Jan. 15 1927 5-6 Jan. 15 1927 1-12 Klein, Kinsley
&
Bldg
July 15 1927 full
Klein.
Worthington Apts_ Jan. 1 1927 2-3 Jan. 1 1927 1-3 Tr.
Co. Ga.
(July 1 1927 full
101 Marietta St. (Feb. 15 1927 full Feb. 15 1927
34 Tr. Co. Ga.
Bldg
Aug. 15 1927 full
100 West 58th St Jan. 1 1927
Liberty Nat. Bk. of
July 1 1927 full
N.Y.
41st Street & 7th Jan. 1 1927 5-6
Am.Tr. Co.
Ave. Bldg
July 1 1927 full
ISSUES CALLED FOR DEPOSIT—PAYMENTS OF
COUPONS AND
MATURED BONDS—TOTAL 11.
Date of
Amt.
Date of
Amt.
Issue—
Coupon.
Paid.
Bonds.
Where Payable,
Blind Brook Lodge_Oct. 15 1926 full Apr1115 1927 Paid.
Nat. Bk.of Comm.
Cape Fear Hotel_ __Dec. 1 1926 full Dec. 1 1926
Nat.
Bk.of Comm.
Covington Arms
Ants
Sept. 15 1926 --- Sept. 15 1926 1-24 Tr. Co. Ga.
El VeranoHotel
Nov. 1 1926 34 May 1 1927 -- Tr. Co. Ga.
Garden City Court Dec. 15 1926 full June 15
1927
Nat. Bk.of Comm.
Apts
June 15 1927 full
Hampden Hall
Dec. 1 1926 2-3 June 1 1927 --- Tr. Co. Ga.
June 1 1927 full
Henrietta AptHotel.Nov. 1 1926 1-6 May 1 1927 Tr. Co. Ga.
Maple Terrace
(Sept. 15 1926 M Mar. 15 1927 19-24 Nat. Bk. of Comm.
Apts
Mar. 15 1927 full
Sept. 15 1927 full
Merlon Manor
bet. 1 1926 1-3 April 1 1927 2-3 Nat. Bk.of Comm.
Aprll 1 1927 full
Venetian Bay Apt.
Hotel
Dec. 1 1926 M Dec. 1 1926 yi Tr. Co. Ga.
575 Park Ave
(Oct. 1 1926 full
Nat. Bk. of Comm.
April 1 1927 full
(Oct. 1 1927 full
First Mortgage Investments Experiencing Period of
Unusual Activity.
Sales of first mortgage securities yielding 5%% show a
marked increase over last year, according to H. A. Kahler,
President of the New York Title & Mortgage Co., who states
that first mortgage investments are undergoing a period of
unusual activity due to the fact that these preferred securities are still returning a comparatively high yield at a time
when money rates are low.
"For the first eight months ending Sept. 1," said Mr.
Kahler, "sales of mortgage securities by the New York
Title & Mortgage Co. totaled $143,803,000, an increase of
17% over the same period last year. The volume of loans
made by the company showed an increase of 15% over the
corresponding period in 1920." Mr. Kehler adds:
An important development is found in the growing demand for guaranteed mortgage certificates, which are issued on groups of mortgages.
This
is presumably due both to the safety accorded by such diversification
of
Investment, and also to the need for flexibility in investment
holdings.
These certificates can be called within three years after the
date of sale,
and are paid from the proceeds of maturing mortgages. In this
way advantage may be taken of changing market trends.
Yearly Figures of New York Clearing House—Record
Transactions—William Woodward Elected President.
Record clearing house transactions are disclosed in the
annual figures of the New York Clearing House Association
made public this week. The annual report for the year
ending Sept. 30 1927 shows total clearing house transactions
for the year of $341,828,210,316, comparing with $325,640,437,707 for the year ending Sept. 30 1926. The largest
day's transactions on record are those for July 2 1927, when
they reached $2,113,063,547. The previous record had been
established Jan. 2 1926, when the total transactions were
$2,041,710,213. The following are the details for the year
ending Sept. 30 1927 as presented in the General Manager's
report:
The Clearing House transactions for the year have been as
follows:
Exchanges
$307.158,631,043.07
Balances
34,669,579,273.47
Total transactions
2341,828,210,316.54
The average daily transactions:
Exchanges
$1,013,724,854.92
Balances
114,421,053.70
Total
$1,128,145,908.62
Total transactions since organization of Clearing House (74 years):
Exchanges
$5,315,162,080,164.48
Balances
395,421,465,966.25
Total
$5,710,583,546,130.73
Largest exchanges on any one day during the year (July 2 1927)..21,950,423,204.49
Largest balances on any one day during the year (June 16 1927) _ 221,789,053.47
Largest transactions on any one day during the year (July 2 1927). 2,113,063,547.18
Smallest exchanges on any one day during the year (Aug. 291927). 443,606,267.67
Smallest balances on any one day during the year (Apr. 16 1927)—
75,313,628.96
Smallest transactions on any one day during the year (Aug.29 1927) 527,991,539.88
Largest day's transactions on record, July 2 1927.
Exchanges
01,950,423,204.49
Balances
162,640,342.09
Total transactions
22.113,063,547.1
Largest exchanges. July 2 1927
11,950,423,204.48
Largest balances. June 16 1927
221,789,053.49
7
OCT.8 1927.]
1915
THE CHRONICLE
Transactions of the Federal Reserve Bank of New York:
$2,826.966,011.29
Debtexchanges
32,331,596,278.20
Credit exchanges
29.504,630,266.91
Credit balances
The association Is now composed of 11 national banks.7 State banks, and
11 trust companies. The Federal Reserve Bank of New York, and the
Clearing House City Collection Department also make exchanges at t
institutions clearing direct.
Clearing House, making
There are 4 banks and trust companies in the city and vicinity .ot
members of the Association, that make their exchanges through banks that
are members, in accordance with constitutional provisions.
31
At the annual meeting on Oct. 4 William Woodward,
President of the Hanover National Bank of New York, was
elected President of the New York Clearing House Association succeeding Stephen Baker, whose term as President
expired. G.Edwin Gregory,Vice-President and Comptroller
of the National City Bank of New York, has been elected
Secretary of the Clearing House succeeding Saniuel H. Miller.
The following continue in their respective posts: Manager
Clarence E. Bacon; Assistant Manager, Edward L. Beck;
Department of Inspection and Examination, Charles A.
Hanna, Examiner. The Clearing House Committee as
now constituted is as follows: Seward Prosser (Chairman)
Bankers Trust Co.; Stevenson E. Ward, President, National
Bank of Commerce; Jackson E. Reynolds, President, First
National Bank; Arthur W. Loasby, President, Equitable
Trust Co. and Chellis A. Austin, President, Seaboard
National Bank. As Chairman Mr. Prosser succeeds W. E.
Frew, President of the Corn Exchange Bank.
Proposed Organization in Twelve Federal Reserve Districts of Iroquois National Bank to Be Controlled
by Iroquois Trust Co.—Nationwide Banking and
Security Service Planned.
With regard to plans, reported as under way,sponsored by
certain Illinois and New York interests, to organize in each
Federal Reserve district a bank to be known as the Iroquois
National Bank, the stock of which is to be controlled by the
Iroquois Trust Co., a recently organized trust company
under the Illinois State banking laws and situated at Evanston, Ill., the "Wall Street Journal" of Aug. 2 said:
Arrangements are now being made to organize the Iroquois National
Bank of New York, and so-called treasury stock, in units of capital shares,
are being offered for sale in this market. The opening of this nation-wide
chain system of national banks, with a possible further network of branches,
Is said to be made possible as a result of the lately enacted McFadden
Banking Act, notwithstanding that that law sought to restrict branch
banking by national and State member banks to within city limits, or
within existing State branch systems.
The Iroquois National Bank of New York is to have a capital of
par value. Capital of the
and surplus of $600.000, the shares being of
voting preferred, par
shares of
Iroquois Trust Co. consists of
shares voting non-par common. A unit of capital shares
$100. and
shares of fully paid stock of Iroquois National Bank and
consists of
Iroquois Trust Co.
According to John C. Gray, President of the Iroquois Trust Co., the
"Iroquois plan is identical with that of the successful Federal Reserve
System. The shareholders of the Iroquois Trust Co. are causing to be
chartered an Iroquois National Bank in each of the twelve Federal Reserve
districts, under the provisions of the National Banking Laws, as amended
Each of the national banks will become a member of
by Congress in
the Federal Reserve System and will function as a national bank in its
particular Federal Reserve district under the close scrutiny of the Comptroller of the Currency of the United States. The Iroquois Trust Co. will
own a majority of the treasury stock of each of the twelve national banks.
Such ownership of the majority of the shares will vest control of the twelve
national banks in the Iroquois Trust Co.
"Every unit of treasury shares will participate in the profits of the entire
banking chain, the trust company as well as in the twelve national banks.
For example, the subscriber in New York, through ownership of shares in
the Iroquois National Bank of New York, receives his porportionate part
of the profits of the Iroquois National Bank of New York and through his
ownership of shares of the Iroquois Trust Co. receives his proportionate
part of the earnings not only of the Iroquois Trust Co. but also his proportionate part of the earnings of each of the other eleven national banks—
through the fact that the Iroquois Trust Co. itself owns a majority of each
of the entire chain of Iroquois National Banks.
"The Iroquois Trust Co. and the Iroquois National Banks will maintain
a nationwide banking and security service. The charter of the Iroquois
Trust Co. permits it to establish branches, the new national banking laws
permit national banks to establish branches. The Iroquois System of
Banks will be prepared to maintain a most comprehensive service throughout the country."
Advices from Washington are to the effect that the Comptroller of the
Currency has had no application for charter for the Iroquois National Bank
of New York. The Comptroller refused a charter under somewhat similar
circumstances for another bank to be located in the West recently.
80.000
20
20,000
$40
$2.000.000
6%
1926.
Roy A. Young Designated as Governor of Federal
Reserve Board Assumed Duties Oct. 4.
Roy A. Young who on Sept. 21 was named by President
Coolidge as a member of the Federal Reserve Board succeeding D. R. Crissinger resigned, took the oath of office as a
member of the Board on Oct. 4. After being sworn in Mr.
Young was designated by President Coolidge as Governor
of the Reserve Board. Mr. Young, who had previously
been Governor of the Federal Reserve Bank of Minneapolis,
was sworn in by the Chief Clerk of the Treasury in the
presence of the Board's members, Secretary Mellon and
Comptroller General MoCarl. Mr. Young's appointment to
deral Reserve Board was reported in these columns
the
S . 24, page 1658.
Roger W. Babson on Federal Reserve and Investments.
The Babson Statistical Organization, in its report of Sept.
27 1927, discussing the Federal Reserve policies and investments, urges investors to cease relying upon the stacks of
gold in the show windows of the Federal Reserve banks and
to take the same precautions they would if they were living
over again the experiences of 1919, 1914, or any other great
critical year in the financial markets." The statement in
full is as follows:
In spite of the storm of criticism, we believe the Federal Reserve Board
will stick to the course it has started; that is, let money rates seek their
own level regardless of dangers of speculations which result. Such a rightabout-face on the part of the Board could have been forced only by the
danger of more serious consequences from abroad. Perhaps it would be
better if the Board would make a frank statement of the situation as it has
been presented to it. We imagine that if it did, the present evil of reckless
speculation would quickly curb itself.
European financial reconstruction is by no means as complete as most
people think. Its present stage is precarious and it carries enough dynamite
to blow our present security market into small pieces if it is not handled
carefully. Certainly the Federal Reserve System has something to do besides making the United States safe for speculation. Its prime task right
now is to keep money rates here as easy as possible and to check the decline
in American commodity prices. This it is now trying to do. As far as
preventing over-expansion and consequent reaction is concerned, the hands
of the System are tied just as they were tied by Treasury financing and
public opinion during 1919.
Danger signals already are evident in the financial markets. What stork
prices will do during the next few months is simply a matter of public
confidence. As far as the gold supply is concerned there will be plenty of
money available to the banks, but that does not mean that member banks
and other lenders will be willing to sew themselves up without limit on an
orgy of speculation. The moment that something happens to upset public
confidence the banks will call loans and stack prices will tumble as quickly
as before. Again, we urge investors to cease relying upon the stocks of
gold in the.show windows of the Federal Reserve banks and to take the
same precautions they would if they were living over again the experiences
of 1919, 1914, or any other great critical year in the financial markets.
Second
Liberty
Loan
4%
41
Bonds
Approximating
$368,000,000 Exchanged for Treasury Notes—Bonds
Outstanding $830,481,200.
In accordance with Secretary Mellon's prior announcement
the privilege of exchanging Second Liberty Loan 41i%
bonds for 33% Treasury notes of Series B-1930-32 expired
at the close of business, Oct. 1. On Oct. 3 Secretary Mellon
stated that the exchange subscriptions totaled $368,000,000.
It is estimated that Second Liberty bonds still outstanding,
and which must be retired Nov. 15 next, amount to $830,481,200. Secretary Mellon estimates that the Government
will save at least $28,000,000 a year in interest alone as the
result of the exchange of Second Liberty 4%s for lower interest bearing Treasury notes. A Washington dispatch to
the New York "Times" Oct. 3, quoted him as saying:
Exclusive of the Second Liberty Loan bonds to be retired from the
proceeds of the sale of short-term securities, the interest saving on which
cannot be estimated until the operation is brought to a final conclusion
on Nov. 15 next and exclusive of retirements from sinking fund and surplus.
the annual interest saving on the securities issued, as contrasted with an
equivalent amount of Seconds, amounts to over
If interest on Second Liberty Loan bonds retired from surplus and
sinking fund since the operation was begun in March last also be taken
into consideration, the interest reduction amounts to approximately
annually.
111
$15,000,000.
$28.000,000
In the October issue of its "Monthly Review and Credit
Conditions" the Federal Reserve Bank of New York presented the following on the retirement of the Second Liberty
Loan:
Largely through successive offers that have been made this year, the
amount of outstanding Second Liberty Loan bonds has been reduced from
on Nov. 15
to approximately
an original issue of
When the first step towards the refunding
$830,000.000 on Oct. 1
of the issue was taken in March of this year the amount outstanding had
been reduced by prior redemptions to
During March
of these bonds were exchanged for 334%,
approximately
Treasury notes. In June the remaining holders of Second Liberty Loan
bonds were offered a long-term issue of Treasury bonds in exchange, and
near the end of the month the Treasury called for tenders of the bonds for
purchase at prices not to exceed 100M. Additional purchases were made
with funds in the surplus money account and for the sinking fund, and
in September a note issue similar to that offered in March was made available. As the result of these later operations nearly half of the bonds outstanding at the end of March were retired.
The principal steps toward the retirement of these Second Liberty Leon
bonds and the amounts outstanding after each step are outlined below:
93,807,865,000
Originally issued Nov. 15 1917
703,344.960
Retired prior to Feb. 28 1927
$3,807,865,000
1927.
$3,104,520,050.
45%
Balance outstanding
Exchanged during March for
1917
3 to 5 year
13,104,520.050
% Treasury notes, Series A,1930-32_ 1.360,456,450
Balance outstanding
Exchanged during June for 3It% Treasury bonds of 1943-47
$1,744.063,600
245,256,450
$1,498,807,150
Balance outstanding
Purchases for Treasury sinking fund,from surplus money in Treasury,
300,325,950
and miscellaneous. March to August
Balance outstanding
11,198,481,200
Exchanged during September for 3Ji% Treasury notes, Series B,
193042 (estimated)
368.090.000
Balance outstanding (estimated)
1830,481,200
1916
THE CHRONICLE
These operations leave less than one-fourth of the original amount to be
retired on Nov. 15, when the issue has been called for redemption. The
remainder now outstanding includes a large proportion of small holdings,
and it appears probable that, notwithstanding all possible efforts to notify
the holders that the bonds have been called, and that interest will cease on
Nov. 15. a considerable part of the small denominations will not be presented promptly for retirement. After the books had been closed in March
on the exchange of notes for Second Liberty bonds, it was found that twothirds of the $10.000 bonds had been offered for exchange, but that the
proportion of exchange diminished rapidly with the denomination of the
bonds. At the end of August nearly $300.000,000 of $50. $100 and $500
Second Liberty bonds were outstanding, and it is probable that a large
part of them remain in the hands of small holders. The following table
shows the amounts of the various denominations outstanding at the end
of February and the amounts remaining to be retired before the September
exchanges:
Outstanding
Outstanding
DenominationAug.31 '27.
Feb. 28 '27.
350
$53,111,300
$65,960,150
100
110,110,400
143,290,900
600
128,737,500
186,534,000
1.000
739,360.000
424,442,000
5.000
298.345,000
139,640,000
10,000
1,464,280,000
317,990,000
50.000
10,150,000
28,350,000
100,000
14,300,000
178,400,000
Total
$3,104,520,050 $1,198,481,200
References to the Treasury September offer to exchange
the bonds for Treasury notes will be found in our issues of
Sept. 10, pages 1410-1412;T_Sept. 17, page 1538, and Oct. 1,
page 1789.
President Coolidge Views Reduction of National Debt
of Paramount Importance—Withholds Views on
Tax Reduction.
In a meeting with newspaper men on Oct. 4 President
Coolidge referred to the urgency of the reduction of the
public debt, advising theem that he can conceive of no
project that would benefit the country to the extent that it
would benefit by the wiping out of the nation's debt. We
quote from the Baltimore "Sun," its Washington correspondent also stating:
He has pointed out, by way of Illustrating the drain that is being made
by interest charges of mere than $700,000,000 annually, that if there were
po national debt the Federal Government could afford to pay for all the
aamage by the Mississippi river floods and still have a lot of money left.
Opposes Tax Reduction.
The country, he believes, has made a wonderful beginning in the reduction of the debt, which, at his peak in August. 1919. amounted to $26.596.000.000. He has confided to friends he regards the reductions that have
been made while he has been President as one of the greatest satisfactions
of his Administration.
While there was no discussion of tax reduction, the White House attitude toward the debt, as it was expressed to-day, was interpreted as a
warning that the Administration will not countenance any large reduction
In revenue. In some quarters the thought was expressed that the Administration might even go so far as to sidetrack tax reduction altogether,
though the general view was that Mr. Coolidge will recommend some reduction, notably in corporation taxes and the abolition of the so-called nuisance
taxes.
Associated Press advices from Washington Oct 5 referring
to the President's remarks and the likelihood of legislation
looking toward the reduction of taxes said:
[VOL. 125.
Correspondence Between United States and France
Arising From American Protest Against New French
Tariff—France Proposes Investigation by President
of United States of Differences in Cost of Production Here and Abroad with View to Mutual Concessions.
Several communications which have passed between the
United States and France as a result of new tariff duties,
made effective by France on Aug. 30 last, were made public
at Washington on Oct. 3. Incidentally proposals for a
trade treaty between the two countries figure in the correspondence. To the protest which the United States lodged
against the new French duties, that country under date of
Sept. 14 indicated that it "would like to receive the assurance
of the American Government that it agrees to consider
that the negotiations which are about to be undertaken
must on the one hand guarantee to America a treatment of
more complete equality with its most favored competitors
on the French market under the regime of granting the
minimum tariff to the principal exported products and on
the other hand guarantee to French exports advantages of
the same nature on the American market, not only by the
application without discrimination of the tariff of the
United States, but also should there be occasion by such
reductions or adaptations of this tariff as might appear
necessary to permit the sale of certain specific French goods
on the American market." With such assurance, said the
French note, that Government would be disposed to enact
a decree diminishing by 50% the surplus rates instituted by
the decree of Aug. 30 for products originating in and coming
from the United States. In its answer, under date of
Sept. 19, the American Government declared that it is not
"making any criticism of the non-discriminatory rates France
has adopted, but objects only to the fact that France is
discriminating against the trade of the United States by
applying to many categories of American goods rates in
some cases four times as high as upon similar articles imported
from Germany and other countries competing with the
United States in the French market." The answer also
stated:
The French Government appears to entertain the view that France
is justified in discriminating against American trade because it considers
that the average rate of duty imposed by the United States on imports
from France is higher than the average rate imposed by France on imports
from the United States.
But this is not discrimination.
Our rates are uniform on these imports,
they are the same for others as for France. This argument, moreover, Is
not admitted by the Government of the United States, which, as stated
above, considers tariff rates a domestic matter and at the same time considers all discrimination to be unjustified.
If the rates of duty on articles imported into the United States from
France are proportionally higher than on those exported from the United
States to France the reason is merely that a large part of American imports
consists of manufactured articles and luxuries, whereas an equally large
proportion of French imports from America are raw materials.
Reduction of both taxes and the public debt are expected to be included
In expressing surprise and disappointment at the attitude
in Treasury Department recommendations to Congress at the next session.
of the French Government, the American note said:
While Treasury officials declined to-day to discuss the details of the recomIt[the American Government] had supposed that the French Government
mendations, they will attempt to strike a compromise between the demands
fully understood that the American law which fixes the tariff on imports
for both heavy debt retirement and a substantial tax reduction.
The statement from the White House yesterday that President Coolidge does not envisage the conclusion of a treaty of reciprocity in regard to
regarded retirement of the public debt as of prime importance has dampened rates of duty.
Passing. Indeed, beyond the mere limitations of the law into the broader
the hopes of those who had expected a big slash in taxes. Supporters
field of international trade relations, it Is the profound belief of the American
of debt retirement, however, do not expect to keep up the pace reached
Government that the only satisfactory basis of such relations is to be found
In the last fiscal year, when the debt was curtailed $1.131,309,383 by
in the domain of equal treatment of the trade of all nations. Any other
application of the entire surplus. At the same time, they hope to bring policy
can lead only to confusion and misunderstanding. and,In the opinion
the retirement this year above the normal reduction of $587,000,000 that of the
American Government, is opposed to the soundest principles of world
will accrue from the two permanent sources of debt retirement, the sink- economics
and essentially of world good-will.
ing fund and foreign debt payments.
Hope was expressed in the note that the French GovernThe debt had been reduced from its peak in 1919 of approximately
326,594.000,009 to approximately $18,511.000.000 at the end of the last ment would "see its way clear both to the negotiation of a
fiscal year. Four times during this period the annual reduction exceeded
treaty guaranteeing general most-favored-nation treatment
the billion dollar mark.
IIPTreasury officials pointed out that they cannot make an accurate forecast and to suspending in the interim its manifest discrimination
until the departmental estimates of expenses have been submitted. They against
American products."
are understood, however, to be giving special attention to the corporation
The reply made by France under date of Sept. 30 points
tax. which Administration leaders say should be reduced, and to the intermediate brackets, which are regarded as being out of line.
out that "the tariff law of the United States, and notably
No official treasury information is expected to be given until Secretary
Section 315 of the Fordney Act, gives the President the
Mellon appears before the House Ways and Means Committee later this
power, after an investigation of the possible differences in
month.
Representative Madden Foresees $300,000,000 Tax Cut
After Talk With President.
A tax reduction of not less than $300,000,000 was the prediction of Representative Martin B. Madden, Chairman
of the House Committee on Appropriations, following a
conference he had with President Coolidge on Oct. 3, according to a Washington dispatch of the New York "Times,"
whioh also said:
Mr. Madden said he was confident the Federal levies could be reduced
costs of production between articles wholly or in part the
growth or product of the United States and of like or similar
articles wholly or in part the growth or product of competing
foreign countries, to change the classification and to decrease
the rates of duty in such measure as may be necessary to
equalize the costs of production." "Upon these tariff
alleviations,. . .and upon these administrative investigations which are called for by considerations of simple equity,
the French Government," says the reply, "must make dependent the grant to America of the most-favored regime
which France grants to all other countries." In conclusion,
French Government said:
in the amount named without incurring a deficit in the Treasury. lie
mentioned a 1% reduction in the corporation tax as one of the probable
cuts, but did not mention other possibilities. The question as a whole.
On the ground of practical measures the reciprocal good-will of the two
he explained, is a matter for the Committee on Ways and Means to work countries can easily show itself by provisional amelioration of the damages
out.
which each of them claims.
OCT.8 1927.]
THE CHRONICLE
1917
The French Government has already shown this good-will in proposing growth ofcustoms tariffs and to reverse the direction of the movement by
to alleviate in a certain degree the tariffs recently raised to the detriment of an effort along three lines, viz.:
"1. Individual action by States with regard to their own tariffs.
a part, negligible it is true, of American exportation. It is prepared to
"2. Bilateral action through the conclusion of suitable commercial
contemplate others which would not be of a nature to prejudice further
treaties.
negotiations for a long-term treaty or to render such a treaty futile if the
"3. Collective action by means of an inquiry, with a view to encouraging
American Government will not refuse, as it has hitherto done, to examine the expansion of international trade on an equitable basis by removing or
the barriers to international trade which are set up by excessive
lowering
exporters.
French
the
of
within the limits of its own legislation the just claims
tariffs."
If this proof of common conciliation should result within a few days in a customs
Economic Conference at Geneva associates with the idea
the
Thus
provisional agreement, the French Government does not doubt that
commercial conditions the reduction by autonomous or
negotiations immediately to be undertaken may lead to a durable treaty of equality of
contractual means of the excessive tariffs at present in force, and it is in
protecting the interests of both countries.
conformity with the doctrines of this conference, warmly upheld by
On Oct. 5 the Customs Division of the Treasury Depart- full
the French delegation, that the French Government has proposed to the
ment, of which Seymour Lowman, formerly Lieutenant- Government of the United States a treaty based both on the application in
of the most-favored-nation clause and on the
Governor of New York, is the head, notified customs as large measure as possible
customs adjustments which might seem necessary in order to favor the comcollectors that tariff duties on certain imports from France merce of the two countries.
France, on the other hand, has already applied the two inseparable
had been raised, while duties on certain imports from
proclaimed by the Geneva Conference in a recent
Germany had been lowered. As to this a Washington aspects of the doctrine
agreement with Germany.
dispatch Oct. 6 to the New York "Times" said in part:
She is preparing other treaties on the same basis, and she Is able to
The action of the Treasury Department in advising its collectors ofcustoms note in the course of the negotiations which she is pursuing that most of
that under the provisions of the Fordney-McCumber Act of 1922 certain the countries of Europe would consider not as progress, but as a step backAmerican tariff rates must be raised to meet the increases made by France ward in commercial policy, a partial application of the Geneva doctrine by
on the importation of American goods caused something of a stir in official virtue of which, whatever commercial advantages may be exchanged, mostcircles to-day, but after a series of conferences the conclusion was reached favored-nation treatment should be granted indifferently to all counthat nothing had happened which would seriously interfere with the diplo- tries without taking into account the protectionism of some and the liberalmatic negotiations now in progress to bring about a settlement of the ism of others in such a manner that there would result a benefit for the fordifferences that have caused so much trouble.
mer to the detriment of the latter and a miscarriage of justice as regards
The order to American customs collectors was issued yesterday by the contracting State itself.
Assistant Secretary Lowman with the approval of Secretary Mellon, and
2. This opinion is furthermore in accordance with the one which the
to-day Mr. Mellon insisted that the whole affair was a routine matter and United States endeavored to cause to prevail in the world when, in 1778,
dictated
that his Department simply had done what the Tariff Law of 1922
in their treaty with France. they introduced the conditional clause of most,it must do.
favored-nation treatment and the obligation of a fair compensation for the
Provisions of the Law.
advantages accorded by them to a third State and claimed by the contractUnder various sections of this law it is provided that if a foreign nation ing State.
the
of
Division
increase its tariff on certain American goods, the Customs
The later declarations of President Monroe and President John Quincy
Treasury Department shall automatically put into effect increases which in Adams also proclaimed that the most-favored-nation clause could only be
some instances bring the American tariff up to a level that would equal the granted in exchange for special advantages.
oreign tariff rate and in others as nearly as possible to that level, without
It would also be easy to invoke the Jurisdiction of the Supreme Court
having the tariff exceed 50% of the value of the commodity involved.
of the United States, which decided, notably with rezard to a treaty beWhen the French Government raised its tariff rate on these commodities, tween the United States and Denmark,that the clause of the most-favoredMr. Mellon explained, the Treasury Department merely went about the nation obliged the two countries to avoid a hostile or discriminatory legisroutine business of carrying the provisions of the Fordney-McCumber Act lation, but that its object was not to interfere with the commercial arrangeinto effect and published the Instructions to its collectors as soon as it had ments with other countries based on the concession of reciprocal privileges.
collected the neressary information.
Lastly it was to respond to that constant rreoccupation of equilibrium
This action was taken without any thought of interfering with diplomatic that the United States, during the Nineteenth Century. drew up a series of
negotiations being carried on by the State Department and, as it was a contractual system, the history of which was recently written by one of the
routine matter made necessary by law, the step was taken without consulta- late Presidents of the Tariff Commission and which all tended to establish
tion with the other department.
a reciprocity in fact.
State Department officials, therefore, got their first information of the
When the Government of the United States abandoned is efforts in this
publication of the order when it was called to their attention by the news- direction a few years ago, one may wonder if the principal reason was not
paper correspondents. There was some excitement at first, but this in view of the rising level of its rates that it preferred the liberty of autonocalmed down after Under Secretary Mills had conferred with Secretary mous tariff action to a policy of tariff contracts whose first result would
Kellogg and explained the Treasury's position.
have been, generally speaking, to impose stcrifices upon it.
It is true that the Government of the United States thought it couid
The following is the text of the French not6 of Sept. 30,
invoke not only international doctrine, but French law itself. In order to
referred to further above:
bring out the spirit of this law it relies upon the statements of M. Menne
and M.Jean Morel. But the French Government cannot approve the preFrench Note of Sept. 30.
French tariff law which the Government of the United States
The aide memoire which the Government of the United States delivered sentation of
make to it, any more than it can its exposition of
on Sept. 20 to the French Government has been the object on the part of believed it its duty to
the latter of an especially exhaustive examination, which gives rise to the international law.
The tariff doctrine of France has been unvarying since 1892, but it does
following remarks:
the American Government's notion of it.
The principle of the equality of commercial relations, which the Govern- not correspond to
Indeed, the law of 1892 stipulated in its first article that "the m'nimum
ment of the United States declares is the only sound basis of international
to goods of countries allowing French goo is to benefit
relations and the only guarantee against a number of political or economic tariff may be applied
and which will apply to them their lot-est tariffs."
dangers which it sets forth in detail, is far from having received the unani- by correlative advantages
This text expressly provides, therefore, that the absence of discriminamous adhesion which the Government of the United States considers as
tion does not suffice to justify the granting of the minimum tariff, but
obtained.
must exist advantages correlative to those included in
It is true that this doctrine was formulated in the United States during that in addition there
minimum tariff.
the latter part of the nineteenth century, and "the equality of commercial the French
Since the law of 1892. commented upon by M. Meline, and since the
conditions," completed, it is true, by "the abolition of economic barriers," report of M. Morel in 1906. the French Government has always subordiwas presented thus to the Allied and Associated Powers as one of the condi- nated the venting of the minimum tariff, that is to say, the most-favoredtions for the re-establishment of peace.
nation clause, to the reciprocal granting of a regime favorable to its trade.
But the principle of equality of economic conditions, oven completed by
From 1892 to 1914 France concluded many treaties of commerce in
the abolition of economic barriers, was not considered by the Peace Con- which the concession of the French minimum tariff is limited to certain artiference of 1919 as a sufficient guarantee in itself to ensure fair and peaceful cles, in view of the not very favorable regime which the contracting States
relations between nations, and it is not the equality of commercialt:onth- granted in general to the French export trade, and it is on the basis of this
tions, but the more comprehensive formula of the equitable treatment of very French tariff law that the Governments which from 1897 to 1910 negocommerce which is contained in Article 23 (E) of the Covenant of the tiated with the United States, in conformity with the doctrine which the
League of Nations. There is no doubt, either, that the choice of this Government of this country is invoking, were not able to see their Way clear,
formula was dictated by reasons of necessary fair reciprocity and liberalism. in view of the disparity of French and American tariffs and in view of the
When in 1922 the nations of Europe again met at Genoa it was again inequality of the advantages resulting from the general tariff establishment
not the simple formula of equality of commercial conditions that they by the United States and the minimum tariff in force in France to establish
envisaged as the guarantee of economic restoration. Article 9 of the the relations of the two countries on the reciprocal granting of the most- •
Genoa deliberations states in effect:
favored-nation treatment.
"The conference recalls the principle of equitable treatment of comThe granting of the minimum tariff has never been considered by the
merce set forth in Article 23 of the Covenant of the League of Nations and French Government as the starting point of a negotiation which has secured
strongly recommends the resumption of commercial relations on the basis for French export trade the necessary safeguards.
of commercial treaties, resting on the one hand on the system of a reciproIt is in conformity with this spirit that the law of 1919 (which the Govcity adapted to special circumstances and applying on the other as far as ernment of the United States did not mention) stipulated that in commerpossible the clause of the most favored nation."
cial conventions France could accord "reductions in the rates of the general
All later technical conferences, in the first rank of which should be placed tariff calculated in percentages on the difference existing between this genthe International Conference for the Simplification of Customs Formalities. eral tariff and the minimum tariff." The law of 1919 thus makes it clear
admit thrt discrimination can be envisaged and content themselves with that the granting of the minimum tariff does not indicate the minimum
condemning unfair discrimination (Article 2 of the said Convention).
concession and the usual regime, but the maximum concession and excepLastly, since the Government of the United States desires in its aide tional treatment which negotiators can in exchange for correlative advanmemoir° to refer to the conclusions of the recent International Conference tages accord to foreign countries.
In the opinion of all the French Governments which have succeeded
at Geneva, it should be specified that the latter, while proclaiming that the
reciprocal granting of the unconditional clause of the most-favored-nation each other the granting of the minimum tariff may not be claimed as a
treatment as regards customs duties and trade conditions constitutes an matter of law, but can only be obtained as a matter of fact by the States
essential element of the free and normal development of exchanges between which assure to French products real possibilities of sale on their market.
It is in conformity with this same conception that the French Governnations, admits immediately afterward that it is for each country to decide
In which cases and in what measure this fundamental guarantee should be ment in its explanatory statement of the Draft Tariff bill, which it recently
submitted to Parliament, contemplated that in case the needs of the French
Inserted in a given treaty.
But what is most important to note is that the Economic Conference of export trade should be met by an equitable regime, the most liberal appliGeneva. to which the American Government refers, did not only recom- cation could be made of the law of 1919. namely, the general and uncondimend the reciprocal granting in as large a measure as possible of the most- tional granting of most-favored-nation treatment.
It is this treatment which the French Government has envisaged for the
favored-nation treatment, but placed in the foreground of its declarations
the necessity of lowering excessive tariffs by common agreement. At the United States. If, however, the United States is disposed to smute to
beginning the chapter relating to commercial policy and commercial treaties French commerce equitable conditions and possibility of the use of facilities
to which,in order to respect the fundamental laws of the Republic, the Govdeclares:
"The main conclusion to be drawn from the work of the conference in the ernment must subordinate the favorable tretament which it offers to the
field of commercial policy is that the time has come to put a stop to the United States.
1918
THE CHRONICLE
[VoL. 125.
American products, in spite of the restrictions to which at the present
moment French products are subject, a treatment as favorable as that
granted the products of other countries, which, on the contrary, in order
to obtain it have withdrawn the restrictions which they themselves opposed
to French exports.
The French Government, moreover, cannot fail to regret that the aide
memoir° saw fit to mention Article 317 of the American Tariff Act, whose
application would be in conformity neither with the common desire for
agreement on economical questions nor with the still too recent memory
of the struggles which our two countries waged upon the ground of international justice.
The French Government must express its deep surprise to see that as a
result of respecting the laws by which it is bound it finds itself threatened
with reprisals whose injustice or excess becomes apparent as soon as one
tries to evaluate the actual damage on which the United States allege that
they have to complain.
The recent increases of duties only touch,in fact, 18.000,000 francs worth
of American exports, which from July 1 1926 to June 30 1927 reached
7,561,834,000 franca,that is to say,scarcely 23 % of American exporation.
Furthermore, the French Government has been willing to propose a notable
diminution of the duties to which since Sept.6 last this negligible proportion
of American interests has been subject.
The American Government felt it could not agree to this proposition and
replied to it by a note of principle to which the present note, in the eyes
of the French Government, carries a decisive response.
The American Government will doubtless recognize, after having weighed
the considerations above set forth, that on the ground of principles and of
systems a compromise can doubtless not be found between the opposing
points of view which the legislation of each of the two Governments obliges
War.
If the regime which the United States imposed on French exportation had it to maintain.
On the ground of practical measures, however, the reciprocal good-will
been subjected since 1913 to regular restrictions, both by the schedule of
rates of the Fordney bill and by the manner in which they have been of the two countries can easily show itself by provisional amelioration of
applied, the figure of $136,877,990 for 1913 should have amounted in 1926 the damages which each of them claims.
The French Government has already shown this good-will in proposing
to about $200,000,000, taking into account the increase which prices
specified in dollars have undergone and the new possibilities of French to alleviate in a certain degree the tariffs recently raised to the detriment
of
a part, negligible it is true, of American exportation. It is prepared to
exports.
It may therefore be rightly concluded that if the French exports of 1913 contemplate others which would not be of a nature to prejudice further
calculated on $136,877,990 and if the exports of 1926 are limited to $152,- negotiations for a long-term treaty or to render such a treaty futile if the
030.000 that signifies that French export trade to the United States has American Government will not refuse, as it has hitherto done, to examine
within the limits of its own legislation the just claims of the French exporters
undergone a formidable restriction.
If this proof of common conciliation should result within a few days in
American Tariffs Affecting French Products.
a provisional agreement. the French Government does not doubt that
It is impossible not to recognize that this restriction is due to the excessive negotiations immediately to be undertaken may lead to a durable treaty
elevation of American tariffs affecting the principal French products, as is protecting the interests of both countries.
shown by examples here given:
Below we give the French note of Sept. 14:
Fresh or dried or preserved mushrooms. 46% ad valorem.
French Note of Sept. 14.
Perfumery, cosmetics, et al., containing alcohol, 40 cents per litre plus
The French Government has noted the proposals and requests concontaining
valorem;
not
valorem.
ad
alcohol,
75% ad
75%
tained in the aide memoire which the First Secretary of the Embassy of
Porcela. 55 to 70% ad valorem.
the United States was good enough to forward to the Political Director of
Cutlery dutiable by the piece increased on an average by 45%.
the Ministry for Foreign Affairs on Sept. 7.
Cotton plush, 50% ad valorem.
The French Government has considered, with the most cordial desire to
Upholstery fabrics, 45% ad valorem.
do justice to American interests, the situation arising from the tariff reform
Yarns, weaves and fabrics of wool, dutiable by the pound, increased by of Aug. 30 1927.
from 30 to 50%.
It does not intend to deny that this reform implies, as regards certain
Twisted silk threads. 25% ad valorem.
products originating in and coming from the United States which are not
Sewing threads and floss silk, 40% ad valorem.
Included in lists A and B of the modus vivendi of March-April 1910, an
Silks in piece and knitted fabrics, 55% ad valorem.
augmentation resulting both from the increase of basic duties and the withVelvet and silk plush, 60% ad valorem.
drawal of the benefits which Article 2 of the decree of Aug. 28 1921 assured
Tulle and silk lace, 90% ad valorem.
to the said products.
Clothes, articles of clothing of all sorts, 60% ad valorem; clothes containBut it has appeared to the French Government that the benefits assured
ing lace or embroidery, 90% ad valorem.
by this decree as to American products without any contractual obligation
Articles of jewelry or imitation jewelry, 80% ad 'valorem.
constituted a measure motivated in 1921 by exceptional circumstances, and
Men's gloves, $5 per dozen pairs, or 10 francs per pair.
particularly by the momentary position of certain European States to which
Duties of this nature are in most cases higher than those of the French other States had taken exception or had claimed the benefit of these adgeneral tariff for the same articles, and these duties are quadruple those vantages, and that finally the exceptional treatment which they implied
of the minimum tariff.
for the United States was not in harmony with the constant increase in
It is to be noted, moreover, that from 1913 to 1927 exports from the American tariffs and the re-enforcement of customs barriers practiced by
United States to France passed from 890,302,000 gold francs in 1913 to America since that time to the detriment of certain specific products of the
1,512,968,000 gold francs from the period July 1 1926. to June 30 1927. French trade.
although during that period the purchasing power of France was markedly
The French Government has therefore deemed that it should return.
diminished as a result of the monetary crisis, and the Increased production on the occasion of the customs reform instituted in consequence of the
of France most probably allowed her to dispense with such large imports. Franco-German treaty, and within the limit of this reform,to the legal posiIt can therefore not be contended that the present regime to which imports tion which resulted from the simultaenous Acts of 1910.
from France into the United States are subject has not seriously prejudiced
It welcomes, on the other hand, with the greatest satisfaction, the offer
French exports and that the balance of benefits established by the simultan- made to it by the Government of the United States to substitute for these
eous decrees of 1910 has not since that time been profoundly altered to our simultaneous acts, which have only given an incomplete status to exchanges
disadvantage.
between the two countries, a treaty giving to individuals and corporations
Moreover, French exports encounter obstacles, not only by virtue of of each of the two States, as well as to their trade and navigation, extended
restrictions resulting from the new American tariff but also by virtue al guarantees consistent in all points with their traditional friendship.
the methods of its application not only in America at the moment of customs
As the American Government suggests, it (I. e., the French Government)
clearance but also in France itself, where, with a view of this clearance, the is ready to begin within a few weeks the negotiation of a treaty of this nature,
American customs administration asserts its right to resort to practices but it believes, however, that it should subordinate its adhesion to a prewhich the French law forbids to the French Government itself.
liminary assurance.
In addition to the tariff and customs formalities there exists a series of
To-day, as during the laborious negotiations carried on from 1897 until
regulations of a sanitary or phytopathological nature which are often 1910. the French Government believes that it Is not possible to place on the
completely fatal to agricultural exports from France.
game level the indiscriminate application of the common customs law pracTo the argument of principle invoked by the American Government ticed by the United States, which excludes any present or eventual favor
to establish that no concession can be made by America and that that being granted to third States and the positive advantages of the most-.
country cannot contemplate any treaty of reciprocity, the French Govern- favored-nation treatment and of the granting of the minimum French tariff.
ment is obliged to reply that it does not believe that these concessions are
On the other hand, the French Government is of the opinion that the
impossible under the American law and that it had, moreover, never prohibitive regime resulting for certain French products
from the parenvisaged such a treaty of reciprocity as would be forbidden by that law.
ticularly high tariffs which the United States has in force at present and the
moderate
rates
of the French minimum tariff, which offer to American
Investigations by President Under Tariff Law of Differences in Cost of
exporters generous possibilities on the French market, cannot be considered
Production.
as equivalent.
The tariff law of the United States,and notably Section 315 of the Fordney
The French Government cannot therefore consider that Article 7 of the
Act, gives the President the power, after an investigation of the possible preliminary draft presented by the American
Embassy under date of Sept. 12
differences in costs of production between articles wholly or in part the constitutes a favorable basis for the negotiations which
it is disposed to
growth or product of the United States and of like or similar articles wholly undertake.
or in part the growth or product of competing foreign countries, to change
It would like to receive the assurance of the American Government
the classification and to decrease the rates of duty in such measure as may that it agrees to consider that the negotiations which are about to be
be necessary to equalize the costs of production.
undertaken must on the one hand guarantee to America a treatment of
As regards the regulations concerning the application of tariffs and the more complete equality with its most favored competitors on the French
regulations of a sanitary phytopathological nature, it likewise does not market under the regime of granting the minimum tariff to the principal
seem that alleviations can be found of the treatment which in many cases exported products and on the other hand guarantee to French exports
appears unjust to French exporters.
advantages of the same nature on the American market, not only by the
Upon these tariff alleviations, which in all respects conform ts the application without discrimination of the tariff of the United States, but also
Constitution and laws of the United States, and upon these administrative should there be occasion by such reductions or adaptations of this tariff as
investigations which are called for by considerations of simple equity. the might appear necessary to permit the sale of certain specific French goods
French Government, by virtue of the unchanging doctrine of France and on the American market.
of her laws, must make dependent the grant to America of the most-favored
If the French Government were to receive this preliminary assurance
regime which France grants to all other countries.
Which appears to it to be the indispensable starting point for the elaboration
These countries have, in fact, only themselves obtained this regime by of a treaty consistent with equity and the interests of the two countries,
giving France similar guarantees, and it would constitute a failure to it would be disposed, in order to facilitate the negotiations and to permit of
°cognize their interests as well as those of French exportation to grant to their development, in an atmosphere of active cordiality, to enact imme.
The United States cannot be surprised that France should wish, in order
to safeguard her exchanges and commercial balances, to obtain contractual
guarantees. She must do so in the interest not only of her monetary and
economic restoration, but also of her international engagements. As the
American experts were the first to say in the Dawes Plan, any country
can only secure for itself possibilities of transfer by the sale of its goods.
The Government of the United States draws, moreover, from its trade
with France and with foreign countries an ensemble of deductions that is
tending to prove that France is not subjected to any discrimination; that this
general regime which the United States accords has not been unfavorable
to her commerce, and that in order to improve this commerce there is no
need to provide any concession.
France is not complaining of being discriminated against by the United
States; what she is complaining of is being subjected together with other
States to a restrictive regime which in view of the character of her production is more prejudicial to it than to other nations, and which, although
applicable to everybody, has hit her commerce most particularly.
When the Government of the United States invokes in support of its
argument the comparison of our exports of 1921 and 1926 specified in
dollars, it is no doubt fair to object that the year 1921, when France still
bruised by the German devastation was incapable of exporting cannot
serve as a term of comparison.
Even if the figures of 1921, that is, $141,885,000 are a trifle higher than
those of 1913 amounting to $136,877,990 in order to appreciate in an
equitable manner the fate of French exports to America, it is from these
latter figures that calculations must be made, taking into account, moreover, the worldwide increase of prices even when specified in dollars and
France's present power of exportation as compared with that before the
OCT.8 1927.1
THE CHRONICLE
1919
n, in view of the varying commodities entering into
rates instituted by the decree of the French contentio
differences in price levels, purchasing
diately a decree diminishing by 50% the surplus
coming from the International trade as well as the
and
in
ng
originati
products
of
benefit
the
the respective countries.
of Aug. 30 for
of
s
condition
other
and
power
themfind
1910.
statute of
of the
United States which, not being covered by the
In the trade between the United States and Brazil the position
of the said tariffs.
About 95%
selves at present subjected to the maximum rates
after United States is the reverse of that existing with France.
ely
immediat
place
take
would
This highly conciliatory measure
States from Brazil are entirely free of duty,
which the two Governments of the imports into the United
an exchange of letters specifying the object
while a large proportion of all American exports to Brazil are dutiable.that
definite treaty.
a
for
ons
the
negotiati
contend
opening
in
view
in
have
Yet the American Government does not, for this reason,
not bring forth the
Brazil
It may be withdrawn if those negotiations should
the goods from the United States which are imported into
of
95%
for.
hope
ent of the
happy result that the two Governments
should be admitted free of duty. On the contrary the Governm
Govern
or
an
France
Americ
by
The reply to the above, made by the
United States cannot object to whatever duty may be levied
nation, when there is no discrimination as between the
other
any
or
Brazil,
:
ment, follows
ation is a cardinal
United States and other countries. Absence of discrimin
American Government's Reply of Sept. 19.
principle of clean-cut and friendly trade relations.
memoire
aide
ation whatsoreceived the
The policy of the American tariff law makes no discrimin
The Government of the United States has
Furthermore,
tariff arrangements to
between articles imported from different countries.
ever
of the French Government on the subject of possible
the negotiation of a defini- discrimination in world trade against the United States has practically
be made between the two Governments pending
French conception of
time, which seriously discriminceased. It is France alone, at the present
tive treaty. This aide memorie touches also on the
such treaty. The Govern- ates against American products. Article 317 of the present American
certain principles which might be included in
attitude
the
at
ted
additional duties on goods
disappoin
tariff law gives the Executive the right to impose
ment of the United States is both surprised and
. It had supposed that the coming from a country which discriminates in its tariff against the trade
of the French Government as therein expressed
American law which fixes
of the United States.
French Government fully understood that the
its tariff on articles
n of a treaty of reciproThe American Government is very loath to increase
the tariff on imports does not envisage the conclusio
practicing serious
from France, which is clearly at the present time
imported
city in regard to rates of duty.
the law into the broader discrimination as contrasted with its treatment of similar goods imported
Passing, indeed, beyond the mere limitations of
United States.
belief of the Amerifrom other nations which are competitors of the
field of international trade relations, it is the profound
such relations is to be
it believes that upon reIt has so far refrained from doing so, since
can Government that the only satisfactory basis of
Any
nations.
of all
the essential justice of
realize
trade
will
the
of
ent
t
Governm
treatmen
French
equal
the
of
tion
domain
the
in
considera
found
misunderstanding, and, in the the American principle already, as noted above, endorsed by representaother policy can lead only to confusion and
to the soundest principles tives of the other nations of the world assembled in conference at Geneva,
opinion of the American Government. is opposed
which has always main-will.
that it will hesitate to discriminate against a nation
of world economics and essentially of world good
all is admitted there can tained an intimate friendship with France, and will therefore see its way
Unless the principle of equality of treatment to
of
beginning
the
general most-favoredand
clear both to the negotiation of a treaty guaranteeing
be no confidence in the stability of trade relations
extension throughout the nation treatment and to suspending in the interim its manifest discriminasuch discriminatory action can only lead to its
against weaker nations, tion against American products.
world, thus creating trade groups, combinations
economic dangers.
reprisals and a long train of political and
treatment in its broadest
The principle of general most-favored-nation
unanimously recommended
form, as the basis of commercial treaties, was
During August in Railway Operating Income
recently held in Geneva as a Decline
by the members of the Economic Conference
the
had the endorsement of
The net railway operating income of the class 1 railroads in
principle to be followed. This principle there
French members.
amounted to $118,226,507 which, for that month,
Government that the principles August
It Is the understanding of the American
1891
in
annual rate of return of 4.77% on their property
expressed
the
at
those
was
are
tariff
its
fixes
ent
on which the French Governm
Deputies
of
Chamber
the
to
3
March
on
according to reports just filed by the carriers
report
ent,
his
investm
by M. Menne in
Moline said at that time:
of Railway Economics and made publics
Bureau
the
with
that account be taken of the
The producer demands, as is his right,of
which
their net railway operating income was
to
1926,
tages
disadvan
Aug.
In
the
7.
Oct.
and
heavy costs which burden his laborformatio
n of a customs tariff he asks
their property investment.
he should not be subjected. In the
al which separates him $132,959,651 or 5.50% on
that the Legislature measure exactly the differenti
in the act be
ent is the value of road and equipment as
investm
from his foreign competitor, and that the tariff rate inscribed
y
Propert
ls,
the representation of this differential.
and it is upon this basis shown by thq books of the railways, including materia
Your commission believed this demand proper,
which you have entrusted to
operating income is
railway
that it has tried to perform the difficult workseemed
net
The
each
for
able
cash.
indispens
and
s
supplie
which
it. It has searched for the exact rate
and free developpayment of operating expenses, taxce
branch of industry and agriculture to assure its existence
a real value and to give what is left after the
ment. It has considered that to give to the tariff
above
t,
importan
interest and other fixed
Is
it
courage and confidence to French production,to them and below which and equipment rentals but before
all, to fix the minimum rate which will be assured
on to say:
goes
Bureau
The
paid.
are
In future there will be no concessions.
tariff policy is charges
is based on reports from 183
It is upon this fundamental principle that our.minimum
This compilation as to earnings in August
character
real
238.388 miles.
its
of
es
based; it is this that determin
class 1 railroads representing a total mileage
d to $557.who said:
operating revenues for the month of August amounte
Gross
This theory was restated in 1906 by M. Morel, tal
decrease of 3.9%.
rules laid down by
We have been entirely guided by the fundamen
compared with $580,257,258 in Aug. 1926 or a
436,012
.
.
.
$393,294,245 compared with $400.the founders of the customs regime of 1882.measure
exactly the differences Operating expenses in August totaled
Your commission . . . has tried to
his foreign competitor by 423,300 in the same month in 1926 or a decrease of 1.8%.
which exist between the French producer and
which
tages
in taxes. This brought the
disadvan
and the
Class 1 railroads in August paid $35,934,315
reason of the costs which burden his work
minimum tariff the
eight months in 1927 to
exist through no fault of his, and it has placed in the
total tax bill of the class 1 railroads for the first
-tenths of 1% below the
figure representing this difference.
$253.081,952, a decrease of $2,063,944 or eight
the
of
duty
of
rates
the
It is precisely on this theory of protection that
ding period in 1926.
tariff designed for the correspon
of which six were
American tariff law rest, and it is believed that a
Fifteen class 1 railroads operated at a loss in August,
objection
to
open
is
District.
not
revenue
of
raising
the
and
s
protection of producer
Eastern, two in the Southern and seven in the Western
the
in
had a net railway
by other Governments when It is applied equally to all.
Class 1 railroads for the first eight months in 1927
criticize
not
,
the annual
The Government of the United States would, therefore
income amounting to $675.223,533 which was at
considers that operating
on their property investment. During the cornon-discriminatory tariff rates imposed by France. since it
4.52%
of
return
of
rate
that a protest
operating income
rates are matter solely of internal policy. It feels, however,
responding period of the preceding year, their net railway
investment.
Is justified when these rates do not apply equally to all nations.
amounted to $745,528,187 or 5.13% on their property
amounted to
of the nonGross operating revenues for the first eight months in 1927
The American Government is not now making any criticism
only to the fact $4,089,223,817 compared with $4,172,866,095 during the corresponding
discriminatory rates France has adopted, but objects
first eight
the
for
expenses
g
the United States by period in 1926 or a decrease of 2%. Operatin
that France is discriminating against the trade of
in some cases four months period of 1927 totaled $3.085,923,288 compared with $3,100,899,008
applying to many categories of American goods rates
and other during the corresponding period the year before or a decrease of five-tenths
times as high as upon similar articles imported from Germany
market.
of 1%.
countries competing with the United States in the French
first eight months with
the same theory
Net railway operating income by districts for the
While the rates of duty of the American tariff rest upon
it may be the percentage of return based on property investment on an annual basis
of protection as do the "minimum" rates of the French tariff,
the French follows:
pointed out that the so-called "general" or "maximum" rates of
4.81%
827,828,185
on on Tariffs and New England Region
4.88%
tariff, in the words of the report of French Commissi
126.433.647
of Deputies on March Great Lakes Region
4.92%
157,234,443
Commercial Conventions submitted to the Chamber
Region
Eastern
to the ne- Central
leave
to
8.39%
order
6
"in
devised
55,802,96
are
4220)
t
No.
25 1927 (documen
Region
s
Pocahonta
5.22%
41
in
367,299,2
the
duties
the
Total Eastern District
gotiators of commercial agreements the margin between
4.67%
8
90,236,14
in
give
exchange
may
they
which
District
rt
Total Southern
2.99%
two columns as the essential counterpa
5
56,818,61
rates of the Northwestern Region
3.92%
77
109,202,0
for the advantages which they wish to procure." The existing
Region
tern
g. Centralwes
for
bargainin
4.03%
margin
such
no
2
embody
51,667,45
noted,
be
should
it
American tariff,
ern
Region
Southwest
3.65%
44
is
France
217,688,1
Total Western District
The French Government appears to entertain the view that
4.52%
33
675,223,5
that
considers
it
United States
justified in discriminating against American trade because
fluctuate from
from
In view of the fact that railway business and earnings
the average rate of duty imposed by the United States on imports
from year to year, only the showing of results over a period of years can indicate
France is higher than the average rate imposed by France on imports
investthe real trend of railway returns. The rate of return on property
the United States.
has averaged
imports,
on
these
ment for the five years ending with the month of Aug. 1927
But this is not discrimination. Our rates are uniform
, moreover,
they are the same for others as for France. This argument
which, as stated 4.60%.
Eastern District.
Is not admitted by the Government of the United States,
at the same tile conEastern District
above, considers tariff rates a domestic matter and
Complete returns show that the class 1 railroads in the
operating income of
siders all discrimination to be unjustified.
for the first eight months in 1927 had a net railway
States
from
United
the
into
on their
If the rates of duty on articles imported
which was at the annual rate of return of 5.22%
exported from the United $367,299,241
France are proportionally higher than on those
nt. For the same period in 1926, their net railway
investme
property
part of American imports
States to France the reason is merely that a large
$388,847,930 or 5.68% on their property investment.
whereas an equally large operating income was
in the Eastern District
consists of manufactured articles and luxuries,
Gross operating revenues of the class 1 railroads
.
materials
raw
are
a decrease of
proportion of French imports from America
for the first eight months in 1927 totaled $2,071.544,911,
in
charged
law
the
tariff
present
the
while operating exin
before
year
ding period the
Furthermore, the higher duties
correspon
the
under
1.4%
have not decreased the flow of
of 1% under the
United States on the imports from France
totaled $1,547,562,180. a decrease of seven-tenths
1921 imports from France penses
French goods as is evidenced by the fact that in
same period in 1926.
to
000.
amounted
$152.030,
of August had
amounted to $141,885,000, whereas in 1926 they
Class 1 railroads in the Eastern District for the month
between France and
with $65.682,605
Moreover, in any consideration of trade relations
a net railway operating income of $59,549.827 compared
large
very
invisible
the
mind
in
bear
to
necessary
the United States, it is
in August, 1926.
American tourists amounting
Southern District.
exports of France by reason of expenditures of
annually.
,000
$200,000
over
well
to
in the Southern District for the first eight months in
railroads
1
Class
able
entirely
impractic
is
operating income of $90,235,148 which was at the
The American Government points out that it
or even approximately 1927 had a net railway
for countries to apply to each other's trade exactly
annual rate of return of 4.67% on their property investment. For the same
n
logical
conclusio
the
be
to
appears
which
duty,
the same average rates of
1920
T EYE CHRONICLE
[VOL. 125.
period in 1926 their net railway operating income
amounted to $105,938,308
which was at the annual rate of return of
5.77%. Gross operating revenues outlined. The November "Mining Congress Journal" will
of the class 1 railroads in the Southern District
for the first eight months in continue the series with a discussion of
Government owner1927 amounted to $545,348,485, a decrease of
6.6% under the same period ship of industries, and
the series will end in the December
the year before while operating expenses
totaled $416,072,047. a decrease
of 3.8%•
issue when a symposium of public opinion
on taxation will
The net railway operating income of the
class 1 railroads in tho Southern be the feature. Notwithstanding
District in August amounted to
endorsement by labor
$12,064.935 while in the same month in leaders
of the five-day week as proposed by Henry
1926 it was $12,962,231.
Ford,
more than two-thirds of the replies to the
Western District.
questionnaire of
Class 1 railroads in the Western District
for the first eight months in the American Mining Congress are in opposit
ion to the short
1927 had a net railway operating income of
$217,688,144 which was at the week in any form for any
annual rate of return of 3.65% on their
phase of industry. The National
property investment. For the first
eight months in 1926, the railroads in that
district had a net railway operat- Association of Manufacturers and many employer groups
ing income of $250,741,949, which was
at the annual rate of return of 4.28% have also indicated their opposit
ion to the five-day week.
on their property investment. Gross
operating revenues of the class 1 In obtaini
ng the views of a selected group of 500 persons
railroads in the Western District for
the first eight months this year
amounted to $1,472,330,421, a decrease
of 1.1% under the same period divided into smaller groups of ten, representing fifty each of
last year, while operating expenses
totaled $1,122,289,061, an increase of economists, tax experts,
bankers, manufacturers, producers
1.1% compared with the first eight months the
year before.
of raw materials, wholesalers, editors, nationa
For the month of August, the net railway operatin
g income of the class 1
l associations,
railroads in the Western District amounte
d to $46,611,745. The net professional men, transportation executives, and
men and
railway operating income of the same roads
in Aug. 1926 totaled women in miscellaneous positio
ns in public life, the Ameri$54,314,815.
can
Mining
Congress sought to determine whether "efficiency
CLASS ONE RAILROADS—UNITED STATES.
Month of August.
would be maintained and production costs lowere
d" by adop1927.
1926.
Total operating revenues
tion of the five-day week. Another question
$557,436,012
$580,257,258
propounded
Total operating expenses
393,294,2
45
400,423.3
00 was "would it tend toward an increas
Taxes
e in unit production.
35,934,315
36,654,444
Net railway operating Income
118,226,507
132,959,651 cost, and add to the general burden of the consumer?"
Operating ratio—%
Less
70.55
69.01 than a
Rate of return on property investment
fifth of those answering are in favor of the adoption
4.77%
5.50%
Eight Months Ended Aswan 31st.
of the five-day week. Two per cent say it might be applied
Total operating revenues
84,089,223,817 $4,172,866,095 in a limited number of
Total operating expenses
cases, but never as a national principle.
3,085,923
,288
3,100,899
,008
Taxes
253,081,952
255,145,896 Of the other replies, slightly over one-tenth state that
Net railway operating income
they
675,223,533
745,528,187
Operating ratio--%
75.46
74.31 have no opinion on the matter. "A fairly representative
Rate of return on property investment
4.52%
5.13% percent
New York Chamber of Commerce Adopts
Resolution
Urging Defeat of Constitutional Amend
ment
Extending New York City Debt Limit.
Urging the defeat of the constitutional
amendment
authorizing the extension of the city debt limit by
$300,000,000 for transit purposes until such time as the city
authorities
adopt a unification rapid transit plan which will make
the
subways self-supporting, James Brown, Chairman
of the
Executive Committee of the Chamber of Commerce of
the
State of New York, presented a report and resolutions
at
the regular monthly meeting of that organization, calling
on
the voters of the city to oppose the amendment at the
next
election in November. President William L.
DeBost
presided at the meeting. Frederic R. Coudert
was the
principal guest and speaker and spoke on "State Rights
and
the United States Senate." Mr. Brown's resolutions,
which
were unanimously adopted, follow:
age of replies was received from each group from whom
an expression of opinion was requested," said the Americ
an
Mining Congress.
Federal Reserve Bank of New York on Causes
of
Easier Money.
The Federal Reserve Bank of New York in its
Oct. 1
"Monthly Review of Credit and Business Condit
ions" notes
that money continued generally easy during Septem
ber as
compared with a year ago, and in citing the causes of
easier
money says:
The principal causes of easier money this year than
a year ago may
be found in—
(1) A smaller demand for currency because of slightly less
activity
in Industry.
(2) Net gold imports in each month of the year up to Septembe
r.
(3) An increase in holdings of securities by the Reserve banks.
(4) Lower Federal Reserve discount rates.
The first two of these factors have been influential In reducing
, as compared with a year ago, the demands for Federal Reserve
credit, and total
bills
and
securitie
s
of
the
System
averaged
$1,135,0
Whereas, The voters of the State of New
00,000 compared with
York will consider at the $1,225,000,000 in September 1926.
The average amount of mdmber bank
November election a referendum which provides
for an amendment to the borrowing for the System as a whole
was $421,000,000 in the first 27 days
State Constitution, enabling the City of New
York to increase its debt of September this year as compare
d with $642,000,000 in September 1926.
limit to the amount of $300,000,000 for transit
purposes; and
Member banks in New York City this year were borrowin
Whereas, The Chamber of Commerce of the
g an average
State of New York has of $106,000,000 compared with $138,000
,000 at the same time last year—
favored this debt extension only upon certain
stated conditions, namely; an amount of borrowing which is sufficien
t to avoid surplus money in
that the City shall have made arrangem
ents for unification of the rapid the market.
transit facilities; shall have declared a
policy to make the subways selfRelated Developments.
supporting; shall not use the sums authorized
for transit lines to be muniAccompanying, and somewhat related to, the continued
cipally operated; and shall have found that
ease in money.
no other financial resource is there have
been three Important developments:
available for carrying on construction of
new lines; and
(1) A large domestic flow of funds from New York to other
Whereas, The Chamber memorialized the
districts.
State Legislature in a report(2) Strength of sterling exchange.
adopted Feb. 3 1927, not to authorize a referend
um vote of the State on
(3) A gold export movement in September for the first time
the subject of increasing the debt limit
this year.
in the City of New York until the
Since July 1 as much as 300 million dollars has been transferr
city had completed arrangements for unificati
ed from
on under private operating New York to the interior
—a movement far greater than the usual seasonal
management of all rapid transit properties upon
a self-supporting basis; and flow of funds westward
from New York during the late summer and early
Whereas, The Legislature authorized a referendum
vote to be held at the autumn. This movement of
funds has made it unnecessary for banks in
election, Nov. 8 1927, although the city had
failed to adopt.a transit plan districts outside New York
to increase their borrowings at their local
of the character which this Chamber and many other
commercial and civic Reserve banks to meet the usual requirem
ents of the fall season for financing
associations had agreed were essential before the city
debt limit should be the harvesting and movement the crops
of
and early fall trade. Borrowing
extended; therefore, be It
by
member
banks
in other districts has in fact decreased slightly
Resolved. That the Chamber of Commerce of the State of
in the
New York urges past two months, whereas there has
been some increase in borrowing by
upon its members that they vote against the Constitut
ional Amendment New York City banks.
to- extend the city debt limit by $300,000,000 for transit
purposes; and that
A lower level of money rates in this market than in London
they bring to the attention of other voters the unwisdo
has been
m of extending the one of the causes of increasing strength
in sterling exchange during the past
city's debt limit under existing conditions; and, be it further
two
months. in contrast to the tendency a year ago. Last
Resolved, That the Executive Committee be empower
year
sterling
ed to take such showed a steady decline from early in July
action as may seem desirable to inform voters, in
through October. During the
general, regarding the first six months of 1927 sterling
exchange was, for the most part, only
reasons for opposing at this time a Constitutional
Amendment to extend slightly above the point at
which gold would move to this country,
the city's debt limit.
but
following easier money conditions here in July and
August the exchange
has risen steadily until on Sept. 24 the demand rate
was above $4.1383i,
Opposition to Five-Day Week for Industry Disclosed and the cable rate advanced above par. This strength In sterling exchange
is particularly important at the present time, because
in Answers to Questionnaire of American Mining through
sterling is the medium
which a large proportion of European purchases
of American farm
Congress.
products are made, and the volume of these purchase
s and the prices at
which
they
made
are
much
are
influence
d
by
the position of the exchanges.
Opposition to the proposed five-day week for industry Strength sterling
In
exchange was accompanied by strength in
most other
has been expressed by leading economists, professional men, foreign exchanges in terms of dollars.
A net gold export in September—the first net export
editors, bankers, manufacturers, transportation executives,
movement for any
month of this year—•was due to the shipment of 23
million dollars of gold
wholesalers and producers of raw materials, in response to a to
the Argentine from the proceeds of securities sold
by that country in
questionnaire of the American Mining Congress. A special this market.
article, and editorial analysis of the views of these leaders in
industry appears in the October "Mining Congress Jour- Investment Trusts and
State Supervision—Blue Sky
nal," as the third of a series of five special articles devoted
Securities Commissioners Review Situation
at
to the consideration of outstanding national economic probMeeting in Atlanta.
lems. The first article appeared in August and considered
Securities Commissioners, representing every State
in the
the question of railroad consolidations. In September the
union that has in force "Blue Sky" securities acts, have
control by the Government of public lands in the West was in
been
session in Atlanta this week to review the conditions
which
.
OCT.81927.1
THE CHRONICLE
1921
the in- as to what would constitute a proper title for the consolihave developed as a result of the rapid growth of
dated association that would best avoid confusion, and at
meeting
this
vestment trust since the war. The purpose of
means of the same time protect the rights of all parties interested.
among other things, was to discuss ways and
pro- The outstanding court action was that brought in the Disulous
unscrup
protecting American investors against
Ad- trict of Columbia Supreme Court, seeking to enjoin the
moters, blind pools or unsound and fraudulent trusts.
on Comptroller of the Currency from authorizing the use of
spoke
Conner
dressing the Commissioners, Thomas B.
ng the name "First National-Consolidated Bank & Trust Co."
"Investment Trusts and State Supervision" reviewi
the
In making his decision, Chief Justice McCoy cited the many
of
side
bankers
the
current conditions and presenting
naCalvin
statutes enacted by Congress since the beginning of the
with
ted
situation. Mr. Conner, who is now associa
to
ty
authori
y
Currenc
of
the
ller
Comptro
for five tion, giving the
Bullock, investment banker of New York City, was
and naming of nadation
ation,
consoli
organiz
es
the
on
Securiti
pass
State
years administrative officer of the Georgia
es tional banks. He said it was plain that the courts have no
Commission and drafter. of the Georgia State Securiti
Items
which
ago
right to interfere in a purely administrative matter.
years
several
Act. He started the investigation
columns Aug.
these
in
d
appeare
ersy
controv
ing
apprais
ng
the
the
regardi
resulted in reform measures being adopted in
1280.-20, page 1002; Aug. 27, page 1135, and Sept. 3, page
of real estate mortgage securities.
given among our items
were
dation
in
consoli
0,000
the
$500,00
of
Details
placed
Mr. Conner said Americans have
equal about banks, trust companies, etc., on page 1417 of our issue
investment trusts during recent years, an amount
London
the
on
listed
of Sept. 10.
trusts
to the par value of investment
•
he
Stock Exchange. "The American Investment Trust"
to
Replies
ation,
Corpor
aly
Bancit
to be A. H. Giannini, of
said "is no cancerous growth on the body financial
Control of
y
Former Governor Stokes's Criticism of
excised by official surgeons, but a natural and perfectl
Stokes
—Mr.
ations
Corpor
by
tions
Institu
position
g
Bankin
legitimate development incident to our change in
ent
Presid
to
Letter
in
de
Further Indicates Attitu
from a debtor nation to the world's greatest creditor."
Co.
ies
Securit
s
Banker
now
Jersey
trusts
New
of
ent
Reviewing the various classes of investm
reof
Former Governor Stokes of New Jersey, whose views
operating in this country, Mr. Conner says that because
ent
investm
and
tions
ate
corpora
legitim
by
"few
custom
general
in
growing
garding the
the attitude of American investors
broad trusts of buying stocks, and in many cases, actual control
American investment trusts have been organized on as
some re- of banks, was the subject of an item in our issue of Sept. 10
lines as those followed in England. In all of them
different (page 1406), has since indicated that his criticisms were
widely
So
strictions are laid on management.
r, that chiefly directed to the Bancitaly Corporation. Mr. Stokes
howeve
ions,
restrict
those
of
scope
the
has been
Weinberger,
classes,
two
into
divided
broadly
American trusts may be
states this, in a letter addressed to Harry H.
Co., in
namely; the management trust, or mobile English type; and President of the New Jersey Bankers' Securities,
us
article,
numero
my
the
in
of
l
Each
persona
trust."
of
type
nothing
the second or fixed
which he says "there was
types of trusts, Mr. Conner said "has its peculiar advantages and while I do not believe in corporations owning bank
l
and its possible abuses to be guarded against by watchfu stocks or the control of banks, I trust you will thoroughly
securities commissioners. Opportunities for unconscionable understand that I had no knowledge of your action when I
profits in the hands of unscrupulous managers occur in both wrote the letter." Mr. Stokes's letter to Mr. Weinberger,
until Sept. 26.
kinds but in widely differing ways."
although dated Sept. 12, was not made public
country none
On account of the newness of investment Trusts in this
Undoubtedly
of the securities laws now in force is adapted to them.
no legitimate
regulation is necessary for the protection of the public and
e application
investment trust, so far as I know, has objected to a reasonabl
nts.
of existing laws to bring them under the scope of securities departme the
that
and
abuses
serious
to
That the investment trust idea is subject
to investors,
situation which has already developed is fraught with danger
Is freely admitted.
as every
just
bad,
Securities offered as investment trusts are good and
on is to assist
other type of securities and the function of State supervisi
may be done.
Investors in descriminating between good and bad. 'this
no honorable innot by setting up technical barriers in your laws which
application of the
vestment trust originator can meet, but rather in the
no provision
spirit of existing acts to a situation that the lawmakers had
of and therefore could not care for. ,
In it he said:
In conclusion Mr. Conner told the Commissioners that—
written to the State
A day or two ago I gave out a letter which I had
n with the growing
Commissioner of Banking and Insurance in connectio investment trusts
practice throughout the country of corporations and
a matter that has
owning bank stocks and the control thereof. This is
time and involves
some
for
"
Chronicle
l
"Financia
the
in
been discussed
country. Frankly, I am
a very radical change in our banking policy in this
y owned and the
opposed to it because I think the banks could be communit
and that we
money deposited used for the good of the localities therein,
great central control
should not follow the European system of having a
with a large number of branches.
general without
The difficulty is that people can't read an article in
by somebody from
attaching some specific object thereto. I was called up
good self and my
Passaic Friday and told of some action on the part of your
asked if I had
very good friend, Senator Edwards, in this connection and
y of any indiyou in mind. I distinctly said that I did not know personall article I had
the
vidual engaged in such a movement, and that when I wrote
of my other
not the slightest reference to you or Senator Edwards or any
friends. I have already written this fact to Senator Edwards. thought or
There was nothing personal in my article either in motive,
not believe
expression, so far as my purpose was concerned, and while I do trust that
I
in corporations owning bank stocks or the control of banks,
action
your
of
you will thoroughly understand that I had no knowledge
my mind. My
when I wrote the letter, and that no such idea was in
on, which controls
article was founded chiefly on the Bancitaly Corporati
some, I think,
220 banks in California and a number of banks in New York,
the oontinent.
in Cleveland, and they intend to form a chain across
tion that
"it you will give to the study of this subject the serious considera the unand
the capital already involved, aggregating almost $500.000.000
are dealing
precedented rate of growth, warrant, you will find that you
t place in
with a type of security that LS making for itself a very importan
on of your
applicati
e
our financial machinery and that in the reasonabl
unsound and the
laws to this situation, with a view to eliminating the
as it has ever
fraudulent, you will be performing as great a public service
yet been your privilege to render.
of American
plan
A specific instance may perhaps snake clear the general
and power securities
trusts. One, for example, is based upon electric light
of all the light and
of companies serving fifty largest cities and doing 50%
in this trust obtains
power business in the country. The owner of shares
section of the strongest
of
his proportionate interest in the income from a cross
no opportunity for
Senator Edward I. Edwards is Chairman of the Board
companies in the industry. This particular trust offers
latter,
the
of
nt
the
investor
to
Preside
suitable
are
only
The
Co.
securities
es
the New Jersey Securiti
speculation or quick profits. Its
for safety and income.
had the
who is in the habit of buying a sound, long-time bond
Mr. Weinberger, in answer to Mr. Stokes Sept. 26
•-•
Bank
Comptroller of Currency Approves Los Angeles
s-First
Angele
Los
of
Name
Under
n
idatio
Consol
National Trust & Savings Bank—Dismissal of
Court Cases.
following to say:
for the
I know the New Jersey Bankers' Securities Co. does not stand
was founded pridestruction of a community bank, but on the contrary
additional privimarily for the perpetuation of the community bank, with
leges given to depositors to become participants in the profits of the banks
in which they deposit and for which they snake so much money.
given the
It is my firm opinion and belief that all depositors should be
them
right to receive the profits of a bank in addition to the interest paid
of a bank
on their deposits, and it is likewise true that in the perpetuation
e of
directorat
we at all times seek to continue the official family and the
we may be assured of the fact that the community
so
that
n
institutio
each
name of the consolidated institution, as finally approved by needs and the individual necessity are being equally as well as better served.
correcting
I desire to take this opportunity of again thanking you for
Comptroller of the Currency McIntosh is Los Angeles-First
may be an erroneous impression that you were desirous of, in some
Co.
National Trust & Savings Bank. The consolidated banking what
Securities
manner, attacking or reflecting upon the New Jersey Bankers'
The consolidation of the Pacific-Southwest Trust & Savings
Bank with the First National Bank of Los Angeles became
effective at the close of banking business on Sept. 1. The
association, with the approval of the Comptroller, had at
first sought to use the name First National-Consolidated
Bank & Trust Co. As we have previously indicated, the
First National banks in the communities where the consoliname with prodated bank has branch banks, opposed this
all of
tests and litigation. Amicable conferences between
n of the name
selectio
in
the
d
resulte
ed
concern
parties
the
and upon
Los Angeles-First National Trust & Savings Bank,
cases were disthis agreement, it is announced, the court
The
missed and the Comptroller approved the latter name.
Only point in controversy at all times, it is noted, had been
A. H. Giannini, Vice-President of the Bancitaly Corporation, and President of the Bowery & East River National
s
Bank, made public on Sept. 24 an answer to Mr. Stokes'
criticisms, and we give herewith what he has to say as reported in the New York "Journal of Commerce" of Sept. 24:
sharp
A vigorous defense of the holding company in the banking field and
on the
criticism of ex-Governor E. C. Stokes of New Jersey for his attack
Vice-Presi
Bancitaly Corporation were made yesterday by A. H. °tannin',
on his
dent of the company and head of several banks which it controls
return yesterday from a trip to the West. Mr. Giannini went into detail
regarding advantages which have accrued to the small communities of the
Far West from his chain banking system. The Bank of Italy, National
1922
THE CHRONICLE
Trust & Savings Association, which is controll
ed by the Bancitaly Corporation, now has 250 banks in California, and
has become a national bank
under the provisions of the McFadden Act.
Types Differentiated.
Mr. Giannini decried the recent
suspicion cast around the holding company idea. It has gained great vogue,
especially since the Bancitaly Corporation has met very considerable
financial success in connection with its
program. The principle has been taken
up here by such organizations as
the Financial & Industrial Securities
Corporation and the National American
Co., as well as by a number of smaller
concerns.
Mr. Giannini also differentiated the
holding company of the type of the
Bancitaly Corporation from the chain
banking principle. He said a group
of banks operating in different towns did
not constitute a chain.
"The acquisition of a series of banks
in California," Mr. Giannini said,
"has made available to country
communities the power and resources of
metropolitan banks at metropolitan rates
of interest, and that money was
coating customers of small banks acquired
there the same as customers in
the big cities, whereas formerly customers
of the small banks paid as much
as 8% for money." Mr. Giannini ridiculed
Governor Stokes's idea that
legislation should be enacted forbidding corporations
to buy bank stocks.
Defends Investments.
"Why should we not invest our money in bank stocks?
We know banks,
we have dealings with them, we operate them.
As to chain banking, I do not
believe in it and purchase of stock in and control
of banks in different cities
does not constitute chain banking. Furthermore,
we do not own a coast-tocoast chain of banks. We have banks in Californ
ia and in New York, but
none in between.
"What is particularly objectionable in Mr.
Stokes's recent public letter
to the New Jersey bank authorities is
that he talks about and warns of
bank failures and in juxtaposition he
criticises Bancitaly Corporation by
name. If he feels that there is anythin
g improper about the way we conduct business, that we have made imprope
r investments or has any other
criticism, let him take it to the bank
examiners. Our national banks are
at all times under the supervision of the
national bank examiners, just as is
the bank Mr. Stokes heads."
In discussing the recent stock dividend
of the Bancitaly Corporation, Mr.
Giannini said that it was designed to bring
down the market value of the
stock. The Bancitaly Corporation, he
said, is not planning at present the
acquisition of other local banks. He said
the dividend rate would remain
at 22.24 per share.
The dividend policy of the company,
he pointed out, was based on the
expansion of the company into the investm
ent
profitable securities, and it would be necessar trust field. It held many
y to dispose of some of them
if larger cash dividends were to be paid.
[VoL. 125.
will be held beginning Monday, Oct. 24, has been
designated
as the convention headquarters. The genera sessio
l
ns, which
open Tuesday morning, Oct. 25, will be held in the
City
Auditorium, as follows:
General Convention—First Session Tuesday,001.25,
City Auditorium.
9:45 a. m., orchestral concert.
10:30 a. m., call to order, President Melvin A.
Traylor, President First
Trust & Savings Bank. Chicago, Ill.
Invocation, Right Reverend Clinton S. Quin,
Episcopal Bishop, Diocese
of Texas.
Address of President.
Report, Official Acts and Proceedings of the
Executive Council.
Address, "A Few of the Fruits of Combined
Capital," James Francis
Burke, Pittsburgh, Pa., General Counsel,
Pittsburgh Clearing House
Association.
Appointment of resolutions committee.
Communications, announcements, adjournment,
Second General Session, City Auditorium,
Wednesday. October 26.
9:45 a. m., Orchestral concert.
10:30 a. m., Invocation, Reverend Monsignor
George T. Walsh, Pastor,
Church of the Annunciation, Houston.
Address, "Within the Law," Silas H. Strewn,
President American Bar
Association.
Report of nominating committee and election
of officers.
Report of resolutions committee.
Communications, announcements. adjournment.
Third General Session, City Auditorium,
Thursday, October 27.
9:45 a. m., Orchestral concert.
10:30 a. m., Invocation, Reverend H. Barnston,
Rabbi, Temple Beth
Israel, Houston.
Address, "Early European Banking and Big
Business," James Westfall
Thompson, Professor, History and Philoeophy.
University of Chicago.
Unfinished business, new business,installation
of officers, announcements,
adjournment.
The programs of the divisions and sections of the Associ
ation follow:
Savings Bank Division, Ball Room, Rice Hotel, Monday
.
9:30 a. m., call to order, President W. R. Moreho
use, Vice-President
Security Trust & Savings Bank, Los Angeles,
Calif.
Address of the President.
Appointment of committees.
Address,"School Savings," W.Espey Albig.
Deputy Manager, American
Bankers Association.
Address. "Gold Brick Financing," Harry
L. M. Ciannini Warns Against Unwarrante
W. Riehl, Manager, Better
d
Business Bureau, St. Louis, Mo.
Speculation in Bancitaly Stock.
Address,"Fundamentals in Savings Banking,"
Stephen I. Miller, Educetional Director, American Institute of Bankin
The recent rapid rise of Bancitaly Corporation
g.
stock on
Unfinished business, new business, reports of
committees, election and
the New York Curb Market brought forth the
installation of officers, adjournment.
statement from L. M. Giannini, Executive Vice following
State Bank Division, Ball Room, Rice Hotel,
-President of
Monday, Oct. 24.
the corporation, warning the investment public
2:30 p. m., call to order, President G. E. Bowerm
an, President Fremont
of the County
Bank, Sugar City, Idaho.
"danger of unwarranted speculation" in the
corporation's
Address of the President.
stock. As contained in a special dispatch from
Appointment of committees.
San Francisco on Thursday of this week (Oct. 6) the statem
Address, "Relation of Government to Busines
s." Walter F. George;
ent
read:
Due to the recent rapid rise in Bancitaly Corp.
United States Senator, Georgia.
stocks, we wish to call
attention of the investing public to the danger of
Address,"Adjusting Banking to Changing
Conditions," Dan V. Stephens;
unwarranted speculation
In this issue. Trading in the stock on the
New York Curb Market has President Fremont State Bank, Fremont, Nebr.
resulted in increased distribution of the shares
Address,"Archaic Court Decisions Affecting Check
and a consequent broader
Collections," 0.Howmarket. It has also attracted the attention of
the purely speculative public. ard Wolfe,Cashier,Philadelphia-Girard National Bank,Philadelphia,Pa.
This is due to the fact that the professional
Address, "The Commercial Banker's Responsi
speculator realizes that there
bility for His Investment
exists a favorable foundation for speculation in
Account," Hugh H. Saxon, Vice-President,
the profound faith which
Continental & Commercial
bona fide investors have in the Bancita
ly Corp., and in their reluctance to Trust & Savings Bank. Chicago.
part with any of their holdings. The manage
Open forum for general discussion and for brief
ment regards this fact as a
presentation of problems
disadvantage in that speculative excesses
may result in the stock being of special interest to State bankers.
bid up to a figure too far beyond its present
Unfinished business, new business, reports of
value. While the management
committees, election and
has profound faith in the future of the
installation of officers. adjournment.
Bancitaly Corp. and the steady
enhancement of value of its shares, it does
not recommend the purchase of State Secretaries Section, Banquet Room B, Rice
Hotel, Monday, Oct. 24.
this stock at current levels, and takes this
opportunity to advise investors
2:30 p. m., call to order, President Harry G.
Smith, Secretary Kentucky
against purchases at the present time.
Bankers' Association.
Should Bancitaly Corp. stock continuo to
Each leader given five minutes to introduce his
be as closely held as at present,
subject
It is quite likely it will be removed from
trading by the New York Curb utes to develop it in discussion with other secretaries. , then fifteen minMarket, which action would have our approva
"County Organizations," Leader, M. A.
l as the stock was placed on
Graetti
nger, Secretary Illinois
the Curb in the face of our opposition and without
our sanction. The Bankers' Association: (a) County Credit Bureaus; (b)
public has not shown a disposition to sell its holding
Rural Clearing
s in the stock, and with Houses; (c) Activities for County Organizations.
no new stock offering contemplated for the present
or in the near future,
"How Can Banks Make More Money?"
It is apparent to us that the market might soon get
Leader, W. G. Coapman,
completely out of control, Secretary Wiscons
in Bankers Association: a. Service
and it is for that reason that we consider it necessary
Charges; b. Reducto issue this statement. r ion in Interest
Rates.
With issuance of shares in payment of the recently approve
d stock dividend
"Bank Taxation," Leader, F. P. Fellows
of 14 2-7% Bancitaly Corp. will have a total of
, Secretary Minnesota Bankers
5.200,000 shares outstand- Association: a. Test
Cases on Federal Taxes in Minnesota,
ing. with a book value of approximately 345 a share.
Wisconsin and
Ohio; b. City, County and State Tax Re-adju
stments.
Mr. Giannini's statement was followed by a break
"Protective," Leader, Frank Warner, Secreta
ry Iowa Bankers Associain
tion: a. Organizing the Vigilantes System;
Bancitaly stock on the New York Curbon Thurs
b. Keeping Interest Alive
day. The when There
Are No Robbers to Chase;c. State Competi
stock on Wednesday had sold up to 118. On Thurs
tions with Firearms.
"The Low Down on This Public Education
day it
fell to 1113I. Yesterday it closed at 114.
Zimmerman, Secretary Pennsylvania Bankers Business," Leader, C. F.
Associa
tion: a. Does the
Public Crave Education?: b. How to Make
a
"Should There Be a Limit to the Variety Committee Stay Put.
Program of Annual Convention of American Banke
of A
.ations'
Activities?",
rs Leader, Haynes McFadden, Secretary Georgia Bankers Associa
Association to be Held at Houston, Tex.,
tion.
"Financing the State Banking Association,"
Week Secreta
Leader, Henry S. Johnson,
ry South Carolina Bankers Association: a.
of Oct. 24.
How
About
Hot Suppers?;
Amateur Journalism?: c. Insurance
Commissions?
The program of the annual convention of the American b."The
Young Banker Behind
Grills, What Can We Do for Him?",
Bankers Assooiation, which will be held at Houston, Tex., Leader, R. E. Walt, Secretary the
Arkansas Bankers Associa
Oct. 24-27, as announced this week by F. N. Shepherd, "Group Trip Excursions," Leader, W. A. Philpott, Jr., tion.
Secretary Texas
Bankers Association:a. Making'em Like Upper
Berths; b. Costs and Where
Executive Manager of the organization, shows that
a to Collect.
number of questions of general public character as well
Free-for-All—Random Shots: a. Holding
State Conventions to Practical
as Bankin
g Lines: b. How Far Should
numerous problems of technical banking interest will
' Associations Go in Politics?:
be C. What Work Can Groups Do BetweeBankers
n Meetings?: d. Does a Legal Departunder discussion in the sessions of the main association
ment
of
an
Associa
tion
Pay?:
and
e. How Much Publicity Does a Bank Need?:
f. Christmas Savings Clubs.
its various Committees, Commissions, Sections and
Divisions. Remarks bearing on the Federal Reserve Act andUnfinished Business, New liminess, Reports of Committees, Election
Installation of Officers, Adjournment,
will be brought before the Convention to during the sessio
n
National Bank Division, Ball Room,Rice Hotel,
Tuesday Oct. 25.
of the Clearing House Section on Oct. 25, when Senato
2.30 p. m.,call to order, President C. W.Carey,
r
President First National
Carter Glass will talk on "Some Federal Reserve Thoughts." Bank, Wichita, Kan.
Address of the President.
The Rice Hotel, where the various subordinate meetin
gs
Appointment of committees.
OCT.8 1927.]
THE CHRONICLE
Character,"
Address, "The Financial Statement—Its Purpose and
Co., Utica, N. Y.
M.H. Cahill, President Utica National Bank & Trust
Packers
Address, "Bank Investments," H. C. Nicholson, Vice-President
National Bank, Omaha.
President
Cooke,
Thornton
Address, "Taxation—National Safeguards,"
Columbia National Bank, Kansas City, Mo.
and
Unfinished business, new business, reports of committees, election
Installation of officers. adjournment.
Clearing House Section, Ball Room, Rice Hotel, Tuesday, Oct. 25.
Vice-President
8:00 P. m., call to order, President John R. Downing,
Citizens Union National Bank, Louisville, Ky.
Address of the President.
Appointment of committees.
United
Address, "Some Federal Reserve Thoughts," Carter Glass,
States Senator, Virginia.
Banks,'
Independent
American
of
Address, "The Clearinghouse:Preserver
Minn.
C. A. Chapman,President First National Bank, Rochester,
Ten-minute presentations of topics of special interest:
"How Co-Operative Advertising Cuts Costs and Builds Business,"
Co., New
Fred W. Ellsworth, Vice-President Hibernia Bank & Trust
Orleans, La.
"Declining Income and Rising Banking Costs," John S. Love, Superintendent of Banks, Jackson, Miss.
special
Open forum for general discussion and presentation of topics of
interest to clearing house banks,
and
linifinished business, new business, reports of committees, election
nstallation of officers, adjournment.
Harbin, Manchuria, for this corporation. Mr. Goldmann
returned to the Pacific Bank as Cashier in 1920 and was
elected a Vice-President in May, 1924. Upon the consolidation of the Pacific Bank with the American Exchange
National Bank in 1925 he was appointed Assistant Vicepresident. Until recently Mr. Goldmann was in charge of
the Pacific Office of the American Exchange-Irving Trust
Co. at 470 Broadway. He is a native of New York.
The newly organized Midtown Bank of New York, of
which Peter E. Kassler was elected President on Sept. 29,
will be located at 27th Street and 7th Avenue. The bank
will be open for business on Nov. 1. It has been organized
with a capital of $500,000 and surplus of $250,000. The
stock is in shares of $100. In addition to President Kassler,
the officers are: Robert E. Wilson and Isaac Ross, VicePresidents; Clifton Stanton, Cashier; George Silver, Assistant Cashier. The Chairman of the board of directors is
Peter Schmuck.
Trust Company Division, Ball Room, Rice Hotel, Wedensday, Oct. 20.
Easton
2:30 p. m., call to order, President Edward J. Fox, President
Trust Co., Easton, Pa.
Address of the President.
Appointment of the committees.
Address,"The Investment Trust."
Vice-President
Address, "Pooling Trust Investments," L. H. Roseberry,
Security Trust & Savings Bank, Los Angeles.
rate,"
Address, "How the Insurance Underwriter Desires to Co-Ope
general discussion.
Open forum, current fiduciary topics.
and
Unfinished business, new business, report of committees, election
nstallation of officers, adjournment.
Mrting of Executive Committee at close of session.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c
New York Stock Exchange memberships reached new high
records this week when arrangements were reported to have
been made for a sale at $240,000 and $250,000. The preceding high record was $235,000. Another transfer was
reported earlier in the week, that of Gordon B. Todd to
W. S. Flagg for a consideration of $235,000.
The Boston Stock Exchange membership of Charles S.
Price was reported sold this week to Ralph E. Williams for
$10,000.
George D. Buckley, Vice-President of the National City
Bank of New York and of the National City Co., returned on
Oct. 4 on the steamship "Voltaire" from a four months'
business trip to South America.
The stockholders of the Morris Plan Company of this city
on Sept. 30 voted to increase the capital stock of the company from $1,000,000 to $2,000,000. The new stock will
be offered to the present shareholders at $125 a share in the
ratio of one new share for each share held. The enlarged
capital will become operative Jan. 3 1928:
The statement of condition of the Bank of United States
of New York as of Sept. 30 1927 shows record deposits and
resources. Resources well above the hundred-millipn-dollar mark, aggregating $103,011,000, compared with $98,736,000 reported on June 30 1927, a gain of $4,275,000.
Total deposits aggregated $90,537,000, also a new high
record and a gain of $4,526,000 compared with deposits of
$85,011,000 reported as of June 30. The statement shows
surplus and undivided profits amounting to $5,105,000,
an increase of $196,000 compared with the total of $4,909,000 reported on June 30. This showing indicates earnings
at the rate of $29 per share on the $5,000,000 capital stock
for the three months' period, against actual earnings of $19
per share reported for 1926.
W. C. Potter, President of the Guaranty Trust Co. of
New York, announced on Oct. 6 the appointment of Thomas
L. Robinson as Vice President in charge of the company's
Fifth Avenue office, to succeed George L. Burr, who has
resigned from the trust company, after eleven years connection with it, to become a partner in the banking house
of Lazard Freres. Mr. Robinson went with the Guaranty
as a Vice-President from the American Exchange National
Bank, of which he was Vice-President, a year ago. He has
had charge of the commercial banking and foreign departments of the Fifth Avenue office of the Guaranty. Prior
to that he had achieved distinction in the fields of manufacturing, law and finance. In 1917 he went to Europe
as Deputy Commissioner of the Red Cross for Italy, under
appointment by President Wilson, and later served as a
major in the United States Army in France and Germany.
He was decorated with the Order of the Crown by Italy
and was the recipient of a similar honor from the Belgian
Government.
The condensed statement of condition of the Guaranty
Trust Co. of New York as of Sept. 30 1927, issued Oct 4,
shows deposits of $601,998,124 and total resources of $765,128,460. The company's surplus and undivided profits
account is $33,657,084, which represents an increase in undivided profits of 17,855 since June 30, the date of the
last published statement. Total resources are $10,415,105
more than on June 30.
The Bank of the Manhattan Company of this city on
Oct. 4 acquired controlling interest in the Bronx National
Bank, at 369 East 149th Street. The interest in the latter,
which has been purchased by the Bank of the Manhattan
Company, had been held by the National American Company. Control of the Bronx National Bank had been
acquired by the National American Company in August.
The Bronx National Bank will be conducted as a branch of
the Bank of Manhattan Company, which now has seven
branches in the Bronx. On June 30 the Bronx National
Bank had a capital of $300,000, surplus and undivided profits
were $415,725 and deposits were $8,399,278. An item regarding the proposed merger appeared in our issue of Aug.6,
page 738.
Frederick E. Goldmann has been elected a Vice-President
and director of the Times Square Trust Co., of New York
and took up his new duties on Oct. 5. Mr. Goldmann began
his banking career with the Hamilton Bank of Harlem in
1903. In 1911 he became a member of the staff of the Pacific
Bank and was appointed Assistant Cashier in September,
1917. In 1919 he resigned to go with the American Foreign
Banking Corporation, and organized a branch office in
1923
The statement of condition of the Chelsea Exchange Bank
of New York on Sept. 30, 1927,issued in answer to the latest
call of the Superintendent of Banks, shows total resources
of $23,966,720, a new high record in the history of the institution. Total deposits as of Sept. 30, 1927, also a new high
record for all time, amounting to $21,220,961, an increase
of $510,207, compared with total deposits of $20,710,754
reported on June 30 1927. The statement just issued showed
undivided profits of $652,213 after dividend payments,
compared with undivided profits of $624,258 reported on
June 30.
Charles S. McCain, Vice-President of the National Park
Bank of this city, was on Oct. 4 elected a director of the
institution and was nominated as President of the bank to
succeed the late John H. Fulton. Action on Mr. McCain's
election to the presidency will be taken at a meeting of the
directors on Oct. 11. Mr. McCain, who is 43 years of age,
has been connected with the National Park Bank since
Jan. 1 1926. Prior to his election as Vice-President of the
National Park Bank, he was President of the Bankers Trust
Co. of Little Rock, Ark. Mr. McCain was a member of the
Executive Council of the American Bankers Association,
James V. Forrestal, of Dillon, Read Co., has been appointed
a director of the National Park Bank to succeed Benjamin
Joy, resigned. The death of Mr. Fulton, President of the
bank, occurred on Sept. 25.
1924
THE CHRONICLE
William H. English has been elected a director
of the
United States Mortgage & Trust Co. of New York to
fill a
vacancy. Mr. English is associated with large financi
al
interests.
[VoL. 125.
Chemical Foundation and was formerly Alien
Property
Custodian.
An application to organize the First
National Bank of
Glen Cove, N. Y., was received by the
Comptro
ller of the
Oct.
On
6 officers and employees of the New Netherland Currency on Sept. 24.
The institution will have a capital
Bank of this city gathered at the Hotel McAlpin to
of
$100,000 and surplus of $50,000. The officer are:
celebrate
s
Harry
the twenty-fifth anniversary of the founding
of the bank. L. Hedger, President; Dr. J. E. Burns,and Maurice Steisel,
The party started with dinner and concluded with
Vice
-Presidents; John D. Cosgrove, Chairman
a vaudeof Executive
ville entertainment and informal dance. The
bank opened Committee.
•
for business at its present location, 41 West 34th
Street, on
Oct. 6 1902, as the Thirty-fourth Street National
The
Mahopac National Bank of Mahopao, N.
Bank.
Y., opened
With capital of $200,000, deposits of less than
$100,000 and for business on Sept. 27. The bank received its charter
a staff of half a dozen clerks, it was the first nationa
from
the
Comptroller of the Currency on Sept. 19.
l bank
The
In the uptown section. In 1907 the bank was
converted into institution has a capital of $25,000 and a surplus of $10,000.
Edward
a State institution under its present name. The latest
S.
Agor
is
Preside
nt of the bank, Wm. H. Spain is
finanVice-President and Herbert S. Bell is Cashier.
cial statement, that of May 1 last, showed capital
of $600,The stock
000; surplus and undivided profits of $603,462, and deposit is in shares of $100; it was placed at $140 per
share.
s
of $13,753,190. Three members of the present board
of direcAdvices from Geneva, N. Y., on Sept. 27, printed
tors were on the board when the bank was
in the
organized. Syracus
e "Post" of the following day, stated that, accordi
W. F. H. Koelschh, President of the bank, is
ng
President of to an
announ
cement on that day, Wolcott J. Humphrey, a
the Thirty-fourth Street Midtown Association.
Warsaw (N. Y.) banker, has purchased a large interes
t in
the National Bank of Geneva and will devote much of his
time to its affairs and management. On the same day
(Sept. 27) Mr. Humphrey was elected a member of the
directorate, together with Harry E. Hovey and Henry
0.
Palmer, the three new members taking the place of John
B.
Anderson, Louis J. Licht and Samuel K. Nester, who resigned. The other members of the board, which consist
s
of thirteen members, are: James S. Allen, W. W. Malone
y,
Henry T. Maxwell, W. S. Smith O'Brien, E. H. Palmer
,
Claire H. Pierce, C. Willard Rice, W. H. Rogers, Theodo
re
J. Smith and Edwin S. Thorne. The dispatch,furthe
rmore,
stated that there will be no change in the officers
of the
institution, which continue as follows: E. H.
Palmer,
President; W. W. Maloney, Vice-President; W. H.
In commemoration of the celebration of the twentyRogers,
fifth Cashier, and W. A. Allen. Assista
nt Cashier.
anniversary of its establishment, the Empire Trust
George S. Emory, President of the Nassau County
Trust
Co. of Mineola, L. I., died on Sept. 12 at his summe
r home
in Sharon, Conn. Mr. Emory was sixty-five years
of age.
He began his career in the publishing line. He
became
President of the Nassau County Bank, of which the
Nassau
County Trust Co. was a successor, in 1907 (name
changed
to Nassau County Trust Co. in 1910), but did
not assume
active duties as such and devote his whole time
to the same
until 1913. Mr. Emory was a director of the
Floral Park
Bank, the Nassau & Suffolk Bond & Guarantee
Co., the
Roslyn Savings Bank, the Glen Cove Mutual Insuran
ce Co.
and the Nassau Hospital.
Co. has
issued to stockholders and depositors a review of
the last
quarter of a century showing how its growth has
coincided
and kept pace with the development of New.York.
Founded
as the Empire State Bank, the institution opened
for business on October 15 1901 in the Empire
Building at
71 Broadway. Leroy W. Baldwin, Preside
nt of the
company to-day, was President of the institution
at the time
of its formation. Of the original office force
of the new
Institution consisting of six men, two are still
with the company: Myron J. Brown, Vice-President, and
Francis R.
Halsey, Assistant Secretary. The bank began
business with
Robert Winthrop Kean was elected President of the
Livingston National Bank of Livingston, N. J., on
Sept. 21.
The other officers elected are: School Commissioner
Freeman Harrison, First Vice-President; Ralph D. De
Camp,
Second Vice-President, and W. H. Conover, Cashier.
The
bank plans to open about Dec. 1 in a remodeled buildin
g at
Mount Pleasant and Livingston avenues. The bank will
be
located so that the people of Livingston, which is a
township, will find it easy of access. The main part of
the building will be of white limestone. An item regardi
ng the orga nization of the bank appeared in these column
a capital of $100,000 and surplus of $100,000.
s July 30,
Deposits the page 606.
first day totaled $61,903.31, made by thirteen
'depositors.
Early in 1902 the bank, changing its name
to the Empire
A charter was issued on Sept. 22 to the Lincoln Nation
al
State Trust Co., moved to the Tontine Buildin
g at the Bank of Passaic, N. J. The application to
organize the
corner of Wall and Water streets on
the site of the old bank was approved by the Comptroller of
the Currency
Tontine Coffee House. Two years later,
following its on Aug. 31, and it began business on Oct. 1.
The institution
merger with the McVickar Realty Trust Co.,
the company has a capital of $500,000 and surplus of $250,00
0; its stock
assumed its present name and moved to the newly
com- (par $100) has been disposed of at $170 per share.
The
pleted 42 Broadway building, where it remained
until its officers are: Harry Meyers, President; Miss Ruth Troy,
removal in May 1915 to Its present quarters in the
Assista
nt to President; Harry B. Haines, Laurence W.Stern,
Equitable
Building at 120 Broadway. In 1906 the company
opened Richard Morrell and Harry Stein, Vice-Presidents; Frederick
an office on Fifth Avenue, near 42d Street. Subsequ
ently, G. Hardifier, Cashier.
the Windsor Trust Co., a few blocks uptown, was merged
with the Empire and in 1913 the enlarged Fifth Avenue
Work on the superstructure at St. George, Staten
Island,
office was moved to the corner of Fifth Avenue and
47th of the new office building to be occupied by the American
Street. On this site, a new 35-story building is now
under Trust Co. and the New York Title & Mortgage Co. will be
construction and when completed will be the home
of the started about Oct. 15; the building, which will be seven
Fifth Avenue office, at present occupying temporary
quar- stories in height, will be located between the Edison Co.'s
ters at 15 West 47th Street. A second merger, that
with building and the Corn Exchange Bank overlooking the ferry
the Hudson Trust Co. at Broadway and 39th Street in 1924, slip. Progress on the constru
ction to date has been confurther extended the uptown influence of the Empire Trust. fined to excavation and
the erection of the retaining wall
Since 1906 the deposits of the Empire Trust Co. have prac- at the rear of the
plot. The actual construction of the
tically doubled every five years. On Dec. 31 1901 its depos- building is only waiting
upon the completion of this work.
its aggregated $194,051 and its total resources $389,999. It is expecte that the
d
building will be ready for occupancy
Twenty-five years later, on Dec. 31 1926, its deposits had by about May 1 1928.
The new structure will be of modern
risen to $75,748,303 and its resources to $92,596,022. This fireproof construction
throughout, with a frontage of 50
week, with its twenty-sixth anniversary approaching, the feet on Bay Street, runnin
g back to a depth of 100 feet. The
directors of the company approved a proposal to increase first floor and baseme
nt will be occupied by the American
Its capital stock from $4,000,000 to $6,000,000 through
the Trust Co. The second floor, and additional space on the
sale of 20,000 shares of new stock.
upper floors, will be occupied by the New York
Title &
Francis P. Garvan has been elected President of the Wheat- Mortgage Co. The remaining floors will be for rent as
offices.
ley Hills
National Bank of Westbury, L. I., to succeed
S. A. W. Baltazzi, who has become Chairman of the Board,
On Sept. 26 the Comptroller of the Currency ihsued
a
a newly created office. Mr. Carvan is President of the
charter for the Williston National Bank of Williston Park,
OCT.8 1927.]
THE CHRONICLE
1925
owning all but a
ell is Presi- Real Estate Title Insurance & Trust Co.,
N.Y., with capital of $50,000. Henry H.Tredw Cashier.
anding shares of capital
0
outst
20,00
ny's
compa
the
of
few
st in
dent of the new bank and Charles E. Patterson,
stock. The Pennsylvania Co. will retain its intere
a large shareholder
e
becom
will
and
said,
is
it
,
stock
this
the
ident of
sed merger becomes
Walter C. Heath was elected a Vice-Pres
to succeed in the new organization when the propo
National State Bank of Newark, N.J., on Sept. 29 an, Vice- effective, probably Nov. 1. The new Real Estate-Land
Freem
southwest
the late Samuel W. Baldwin. Lloyd R.
Title & Trust Co. will have its main office at the
home of
the
now
s,
President was appointed Trust Officer.
Street
nut
Chest
corner of Broad and
h office at 517
branc
a
and
Co.,
Trust
&
Title
Land
the
at Jersey
The stockholders of the Trust Co. of New Jersey
main office of the Real Estate
of the institu- Chestnut Street, the present
to the consumption of
City voted on Sept. 29 to increase the capital
issuance of Title Insurance & Trust Co. Prior
tion from $3,500,000 to $4,000,000 through the offered to the merger, it is understood, the building of the Land Title
be
building corporation for
5,000 new shares of stock. The new stock will
.present & Trust Co. will be conveyed to a
their
to
rtion
propo
in
rs
holde
nt
share
the Land Title & Trust
thel prese
of
rs
holde
stock
the
of
it
benef
will become the
lease its quarters from
holdings at $400 a share. The increased capital
will
ution
instit
ged
Co. and the enlar
lease. It is
effective Oct. 17.
the building corporation under a long-term
started in the
be
will
ns
iatio
negot
that
said,
is
it
Philadelphia, believed,
J. W.Cochran,President,Fire Association of
the 13-story office building at
nal Bank of near future for the sale of
Natio
First
the
of
or
a
direct
d
Street and South Penn
has been electe
Broad
of
r
corne
west
south
the
the West End Trust Co.,
of
rs
Philadelphia.
uarte
Square, the present headq
rces of the company,including
resou
the
g
amon
it
lists
which
orate of the
at $1,000,000.. J. Willison Smith,
Four new members were added to the direct
Sept. 13, furniture and fixtures,
on
,
Conn.
dent of
ord,
Hartf
of
Co.
Park Street Trust
of the West End Trust Co., will be Presi
ors from fifteen to President
President
lson,
Nicho
R.
m
Wha
and
on
izati
thereby increasing the number of direct
organ
new
ant" of Sept. 14. the
nineteen, according to the Hartford "CourBrady, Franz J. of the Land Title & Trust Co., will be Chairman of the board
on
be as
Jacks
John
The new members are:
ors. Other officers of the new company will
P.
Edward J. Turbert. of direct
Lewis
Dr.
ick,
and
Cowdr
y
Kane
F.
Oakle
am
ll,
Willi
Bonsa
H.
on,
rd
Carls
was follows: Edwa
board
the
A.
ors
e
direct
Claud
and
new
Jones
the
H.
of
m
on
Antri
,
Daniel Houseman
Prior to the electi
Belanger, Dominick Geiger,
, Secretary;
Hayes
L.
el
Samu
s;
ident
-Pres
comprised of the following: Theophile
Vice
er,
L. Fischer, John F. Simpl
on, Treasurer; John M.Strong and A. King
F. Burns, Stewart N.Dunning, Camillo
Hayes, Fred P. Wiliam S. Johns
M.
s
Jame
win,
Good
S.
rs; Peirce Mecutchen and S. Eugene
Office
Gaffey, Edward
Trust
on,
Dicks
Loeser, Frank D.
and William McKee Jr., manager of
rs,
Holt, George M. Kofsky, Frederick C.
Office
, Richard M. Kuen, Title
mara
McNa
M.
J.
of the new
,
rnach
Mante
C.
Mann, M.
the title department. The board of directors
all walks
cally
practi
in
rs
leade
de
inclu
O'Brien and John S. Winialski.
will
which
company,
ers of
memb
of
t
consis
will
ia,
of business life in Philadelph
ing the conIncorporators,
enter
Bank
nies
of
compa
Board
three
State
the
tts
of
chuse
orate
Massa
the direct
The
House, Boston, on solidation.
following a public meeting at the State
Co.,
Trust
nt
Sept. 27, granted a charter to the Belmo l of $100,000
on Sept. 15 apcapita
Belmont (Boston), which is to have a
The Connecticut State Bank Commission
e
centr
ess
busin
Side Bank &
the
North
e,
petition for a charter for the
and will be located in Cushing Squar
of Sept. proved a
t"
organization,
scrip
of
"Tran
n
ss
proce
Bosto
in
the
to
now
,
ding
Conn.
l,
accor
of the town,
Trust Co. of Bristo
The insti16.
Sept.
of
27, which continuing said:
according to the Hartford "Courant"
rs of
office
sh a national bank in Belmont
by
ized
organ
being
is
,
stood
Efforts of outside interests to establi
tution, it is under
petition for the new trust company.
the
ution,
instit
ated
were said to have resulted in the
of
affili
t
six bills providing for establishmen
the Bristol National Bank and its
Last spring Governor Fuller vetoed
included in the six was the
and
tion,
legisla
place.
special
that
of
by
Co.
ies
American Trust
branch trust compan
(Belmont) for a branch in Belmont.
petition of the Waverley Trust Co.
d
d to such special legislation and believe
The Governor said he was oppose
l
d, they should be provided for by genera
that, if branches were to be allowe
n.
oratio
Incorp
Bank
of
Board
the
of
al
approv
law subject to the
for the new trust company in BelTo-day's (Sept. 27) list of petitioners
of the branch trust company of the
mont includes some of the sponsors
ted in the bill earlier in the year.
Waverley institution who were interes ners, to-day, said the men interpetitio
Amos L. Taylor, counsel for the
the Belmont Savings Bank and the
ested in the Waverley Trust Co.,
as town officials and prominent
Waverley Co-operative Bank, as well
ishment of the new institution.
business men, all favor the establ
Alfred P. Kendall, treasurer, of the
Edwin E. Farnham, President. and
n and said the district to be served
petitio
the
for
spoke
Co.,
Waverley Trust
new trust company.
the
of
s
succes
the
assure
to
te
Is adequa
a director of the
Irving D. Rossheim was recently elected
ia to fill the
delph
Phila
of
Bank
nal
Natio
City
r
Quake
Wyeth.
ll
Maxwe
of
n
natio
resig
the
by
vacancy caused
of WaynesReorganization of the Citizens' National Bank
as the
last,
17
Aug.
on
doors
d
its
burg, Pa., which close
progress, acFirst National Bank & Trust Co. is now in
3. Applicacording to the Philadelphia "Ledger" of Sept.
A. J.
made.
been
has
tion for a charter for the new bank
nced
annou
has
ution,
instit
the
er
for
receiv
rary
White, tempo
rs,
membe
seven
of
t
consis
to
,
the formation of a new board
Judge A. H.
ws:
follo
as
ed,
select
been
have
whom
five of
Mong and S. M.
Sayers, Dr. James A. Knox, Charles L.
of Uniontown.
Smith, of Waynesburg, and James R. Gray,
anization"
reorg
lete
"comp
a
for
bank
The closing of the
1012.
page
20,
was reported in our issue of Aug.
by the respective
As a result of action taken this week
Land Title &
the
ved,
invol
utions
directors of the instit
proposed conthe
in
d
joine
Trust Co. of Philadelphia has
Real Estate
the
and
Co.
Trust
End
West
solidation of the
ed to in our
referr
city,
that
of
Title Insurance & Trust Co.,
tite consolidation,
tripar
This
1541.
page
17,
issue of Sept.
largest trust company in
when effected, will form the third
delphia "Ledger" of
Phila
Philadelphia, according to the
Title & Trust
be known as the
will
which
ution,
A new financial institution—the Lansdale
instit
Oct. 6. The new
capital of
with
of
l
a
Pa.,
capita
have
ale,
will
Lansd
in
ized
Co.,
organ
Trust
Co.—is being
Real Estate Land Title &
according
ty,
0,
vicini
00,00
and
of
$15,0
s
place
profit
$125,000 by residents of that
$7,500,000, surplus and undivided
of the
2.
name
49,56
The
$86,7
8.
of
Sept.
rces
of
er"
resou
"Ledg
ia
total
delph
and
Phila
5
to the
deposits of $54,486,90
tDepar
al
State
Speci
the
by
54.
ved
033,9
appro
$127,
been
proposed institution has
Its total trust funds will amount to
be ment of Banking and a home acquired for the company a
will
nies
compa
three
the
of
rs
holde
stock
meetings of the
sed merger. Stock of the corner of Main and Broad streets. A charter would be
held on Oct. 24 to vote on the propo
Real Estate Title Insurance applied for immediately, it was said. The stock of the bank
the West End Trust Co.and the
will be exchanged for will have a par value of $50 a share and will be sold at $65
says,
er"
"Ledg
& Trust Co., the
-share basis. Stock- a share, $50 going to capital account and $15 to a surplus
-for
shares in the new company on a share
receive one and fund. Officers of a temporary general committee charged
will
Co.
Trust
&
Title
Land
holders of the
for each share with the organization of the new bank are given as forows:
any
comp
new
the
in
one-sixth shares of stock
addition, Land Title Frank M. Weaver, President of the Weaver Structural Iron
In
held.
now
stock
Title
of Land
building corporation & Steel Co., Chairman; John T. Daub, real estate operator,
stockholders will have an interest in a
extensive bank and Secretary; Harry Z. Krupp, Treasurer of the Philadelphia
ny's
compa
which will receive title to the
rt Nase, Counsel.
of Broad St. to
side
West
the
along
ding
exten
Wholesale Drug Co., Treasurer, and Stewa
office building
ing,
the
s
build
carrie
any
comp
Title
Sansom St. The Land
es, on its books at $7,050,000.
owne,Pa.,entered
including furniture and fixtur
The Lansdowne National Bank of Lansd
ance on Lives & Granting
Insur
for
g been absorbed
havin
30,
Aug.
on
ation
liquid
tary
The Pennsylvania Co.
principal stockholder in the into volun
the
is
ia
delph
Phila
of
Annuities
1926
THE CHRONICLE
by the Lansdowne Trust Co.of Lansdowne,Pa.
The merger
became effective on Aug.8. An item regarding
the proposed
consolidation appeared in these columns April
30, page 2543.
The merger was approved by the stockholders
of the Lansdowne National Bank on May 27, and
by the stockholders
of Lansdowne Trust Co. June 29. No new stock
was sold.
The stockholders of Lansdowne National Bank
received one
share of stock of Lansdowne Bank & Trust
Co. in
for each share held, plus $32 in cash. The deposi exchange
ts of Lansdowne Bank & Trust Co. Sept. 14 are repor
ted as approximately $5,300,000.
[VOL. 125.
ncrea,se in the bank's capital was made in
our issue of Aug.
13, page 874.
The Ohio State Bank & Trust Co.of Akron,
Ohio,recently
increased its capital from $500,000 to $1,000,000
, giving the
institution a capital of $1,000,000, surplus of $500,
000 and
undivided profits of $200,000. The additi
onal stock was
disposed of to old shareholders at par ($100 a
share) in the
proportion of one share of new for each share of
old stock held.
The Title Guarantee & Trust Co. of Cincin
nati, Ohio,
announces the death of their President, Morri
s F. WestAt a recent meeting of the directors of the
heime
r, which occurred on Sept. 1.
Mellon National Bank of Pittsburgh, $1,000,000 was added
to surplus
account, making it $9,500,000. The total capita
Ordinarily, when a new business edifice is erecte
l and surd, there is
plus is now $17,000,000.
a bronze tablet in the lobby. This usuall
y contains the
names of the directors and officers of the compa
ny.
The Philadelphia "Ledger" of Sept. 17 stated that
Union Trust Co. of Detroit is building a new forty- The
the
story
directors of the Citizens' Trust Co. of Bellevue,
edific
e. Its president, Frank W. Blair, plans to
Pa., an
have a
institution incorporated on Sept. 1 to take over
the Citizens' bronze tablet which will carry the names of the working
National Bank of that place, has elected Robert
J. Gibson as men employed on the job, who demonstrated exceptional
President. Other *officers chosen for the new
craftsmanship in the erection of this structure.
In addition
Clarence C. Elste, John R. Longabaugh, and bank are to this recognition
of their capacity, the Trust Co. is working
Charl
es
F.
Neetrour, Vice-Presidents. and Ansley D.
out
a plan to reward the most capable men in each of
Smith, Secretary
the
and Treasurer. It was furthermore stated
crafts employed in the erection of the structure with
that
the
new
subbank was capitalized at $150,000 with surpl
stanti
al
cash awards. Homer Guck, Director of Public
us of like amount
and would take over the old institution on
Relations, in advising us of this adds: "I believe the Union
Dec. 1 next.
Trust Co. will be the first Detroit institution to adopt
this
According to the Baltimore "Sun" of Sept.
16, Edward L meritorious idea and we hope that when we have demonRobinson, a Vice-President of the Citize
ns' National Bank strated its worthwhileness, our example will be followed by
of that city, has been elected President of
the Eutaw Savings many other Detroit organizations."
Bank of Baltimore and assumes his new
duties to-day, Oct. 1.
Mr. Robinson will continue to serve as
The Wabash National Bank, Wabash, Ind., capita
a director of the
lized
Citizen's National and will retain his
position as a Vice- at $200,000, was placed in voluntary liquidation as of Aug.
President at least temporarily, it was
stated. It appears 25. The institution has been absorbed by the Farmers'
that Clinton G.Morgan recently resigned as a
& Merchants' National Bank of Wabash.
Vice
of the institution. The "Sun" also said that -President
Alber
t
D.
Graham,President of the bank,is out of the
Organization of a new financial institution in Chica
city and will not
go—
return until October. Until his return no
action is likely the Old Colony State Bank—to be located at 1215 North
to fill the vacancy caused by the resignation
Clark
St., that city, was recently completed, according
of Clinton G.
Morgan as a Vice-President or to make any
other changes to the Chicago "Journal of Commerce" of Sept. 14, with the
in the official personnel.
election of officers and directors. Arvid L. Peterson
was
elected President, Didezich Lunde and Morris Jopsen ViceDirectors of the Old Town National Bank
of Baltimore Presidents, and Charles H. Waterman, Cashier. The new
have approved an offer to purchase its
business made by bank will be capitalized at $200,000, with surplus of $40,000,
the Drovers' & Mechanics' National Bank
of that city, and a contingent fund of $20,000. The directors chosen for
according to a special dispatch from
Baltimore on Sept. 22, the institution include the following:
to the New York "Times," which continuing
Arthur Biome of Paul Biome & Co.; John L. Porch Jr.,
Vice-President
said:
Under the plan the Old Town Bank, one
of the oldest in Baltim
continue at its present location, but will
ore, is to
be known as "The Old Town
Branch of the Drovers & Mechanics
National Bank."
A real estate company is to be formed
by holders of Old Town
Bank
stock to take over the building occupie
d by the bank and office
space
above it. Stockholders of the Old Town
Bank will have an interes
t in
this company and also will receive a liquida
ting dividend from the sale
certain other assets and the purchase
of
money paid by the Drovers
& Me.
chanics Bank. The latter amount
is withheld for the present.
Old Town Bank stock closed to-day on
the Baltimore Stock Exchange
at
8, the lowest price it has reached this
year. The highest 1927 price
was
123.
and Treasurer of the Lanquist Construction Co.; Eric
F. Grundin, attorney; Thomas J. Houston, President Thomas J.
Houston Co.; Robert
Showers of Angell, Showers & Co.; C. Wallace Johnso
n, President of G. A.
Johnson & Son; August Skoglund, contractor; Arvid
L. Peterson; Morris
Jepson and Diderich Lunde.
Organization of the bank, it was stated, was origin
ally
started by other interests under the name of the Clark Divisi
on
State Bank.
Reports of a proposed consolidation of the Continenta
l
and Commercial Trust & Savings Bank with the Continenta
l
Comme
&
rcial
Natio
nal
Charles G.Williams,for the past twenty
Bank of Chicago were confirmed on
-five years Cashier Tuesday of this
week (Oct. 4) by affirmative action of the
of the First National Bank of Merce
r, Pa., was recently boards of direct
ors of the two institutions. The new name
made active Vice-President of the instit
ution, according to of the consolidated bank
will
the Philadelphia "Ledger" of Oct. 4.
Mr. Williams, it & Trust Co. The capita be Continental National Bank
l of
was stated, is Succeeded in the Cashiership
by W.V. Ander- increased to $35,000,000 and the consolidated bank will be
surplus to $30,000,000. A libson, who resigned as Cashier of the First
National Bank of eral undivided profit account will
be provided. Reports of a
West Middlesex, Pa., to accept the positi
on.
40% stock dividend to stockholders of the National
Bank
were also confirmed. Maintenance of the present
Earl M. Galbraith, heretofore in charge
dividend
of the Vine Street rate $16 a share
, on the new capital stock is contemplat
branch of the Bank of Commerce & Trust
ed.
Co. of Cincinnati, This will be equiv
alent to a dividend of $22.40 on the
was elected Cashier of the institution by
old
the directors on shares. In additi
on there is the large equity in the land
Sept. 6 at a meeting held at the bank's
and
new quarters at bank building
of perhaps $15,000,000, not on the books
Fourth and Main Streets, according to
.
the Cincinnat Deposits of the consol
idated institution will be upwards of
"Enquirer" of Sept. 7. Mr. Galbraith succe
eds H.C. Lucas $500,000,000 and resour
ces will exceed $600,000,000.
who resigned the Cashiership, his resignation
to take effect
The boards also authorized the organization of
Oct. 1. The latter, it was said, would proba
a new combly remain in pany to be known as
the "Continental National Mortgage
the employ of the bank in the capacity of
Vice-President in Co.," with capita
l of $1,00
charge of out-of-town accounts. Another
election at the provided from the undiv 0,000. The new capital is to be
ided profits of the Continental &
same meeting was that of John J. Bredestege,
as an Assistant Commercial Trust &
Savings Bank. These shares will be
Cashier. At a meeting of the stockholders
of the bank on trusteed for the stockh
olders of the Continental National
Sept. 6 which preceded the directors' meeting,
it was voted Bank & Trust Co. It is
the plan to make the actual consolidato increase the capital of the bank from $500,
000
to
$750,
000 tion effective Dec. 1 1927. The new
in accordance with the previously annou
arrangement is being
nced recommenda- worked out under the
tion of the directors, who at their meeting
on Sept.6,decided Bank Act. A meeti McFadden Act amending the National
ng of the stockholders of the Continental
to offer the additional issue of $250,
000 to present stock- & Commercial Natio
holders at $150 (par value $100
nal Bank has been called for Nov. 15.
per share), payment to be
George M.Reynolds, Chairman of the Board, and
made on or before Oct. 1. Refer
Arthur
ence to the proposed Reynolds,Presi
dent of the two institutions, stated that while
OCT.8 1927.]
THE CHRONICLE
1927
the consolidation places added financial strength behind 1882 and the
Securities State Savings Bank in 1890. The
each department, it was designed above all to give Chicago dispatch
furthermore stated that the merger had been apa bank proportionate to the city's size and business proved by
the Comptroller of the Currency.
importance.
The Middle West is to-day the industrial, merchandising and agricultur
al
J. Ernest Jones,for the past 5 years Cashier of the Mercentre of the country. Chicago is its business capital. And we feel that
future growth will far surpass any development of the last few decades. chants' National
Bank of Topeka, Kan., was promoted
It may seem an extravagant statement, but we believe that Chicago,
in to a Vice-Presidency at a meeting
time, will be the largest city in the world.
of the directors on Sept.6
to succeed the late Francis M. Bonebrake,. whose
The consolidation proposed is preparation for the.banking needs
that we
death
now foresee. A large bank with large capital is designed not only
to keep occurred on Aug. 25, according to the Topeka
"Capita
pace with the growing requirements of the community, but
l"
also to aid of Sept. 7. At the same
meeting C. L. Carlson, Assistant
and augment that growth.
An important feature of the consolidation (according to Arthur Reynolds( Cashier since October 1921, was appoint
ed Cashier in lieu
is the large capital and surplus of 65 million dollars which provides
an added of Mr. Jones, and Robert M. Bunten an
Assistant Cashier,
factor of safety for savings deposits and greater protection for trust funds.
was advanced to First Assistant Cashier. W.0. Anderso
Savings and trust department customers will do business with
n,
the same
men in the same places as at present. Commercial customers
of the State President of the W. 0. Anderson Commission Co., was
bank can continue to do business with officers who are now handling
their elected a director to succeed the late Mr.
Bonebrake in that
accounts.
Of course, one of the reasons for the consolidation is that some economies capacity.
of operation are expected. But more important, there will be a further
unification of executive control that should result in more effective
The following in regard to the affairs of the defunct
service.
The increase in capital and surplus will permit loans of any amount
up Broadway National Bank of Denver
is taken from the Denver
to $6,500,000 to a single customer.
"Rocky Mountain News" of Sept. 22:
The change in the title of the bank (President Reynolds
stated)
with the popular practice of calling the present two institutioisnsin line
Seven thousand depositors of the defunct Broadway National
"the
Bank will
Continental," ever since the merger, in 1910, of the Continent
al National receive checks totaling slightly less than $200,000 within the next few weeks,
Bank and the Commercial National Bank. Besides, the new title indicates it was revealed yesterday.
that there will be no abandonment of trust activities or change
The checks will represent 10% of the losses incurred by
in that
the depositors.
department. The consolidation provides for the continuance of all the
They have been drawn and sent to Washington for
signing by George
services of the two banks.
A. Stahl, receiver. It will be three weeks or more
before they will be
returned and ready for distribution, Stahl said.
The name of the Continental
& Commercial Co. will be
changed to "Continental National Co." and the title of the
Continental & Commercial Safe Deposit Co. will become
"Continental National Safe Deposit Co." Reference to the
proposed consolidation of these important banks appeared
in our issue of Sept. 24, page 1665.
The Broadway National Bank is one of five Denver banks
which failed in Dec. 1925. In our issue of Aug. 21 1926,
page 947, (our last reference to the bank's affairs) we
reported the "Rocky Mountain News" of Aug. 12 as saying
that a dividend of 50% of their claims was to be paid
the
depositors beginning Aug. 16. The South Broadw
ay
Nationa
l Bank succeeded the institution in Aug. 1926.
Effective Aug.1 1927, the West Englewood National Bank
of Chicago, capitalized at $200,000, went into voluntary
Miss Emma Leah Meyer, Assistant Cashier of the Guariquidation. The institution has been absorbed by the
anty National Bank of Houston, Texas, has extende
Ashland Sixty-Third State Bank of Chicago.
d the
The directors of the First Wisconsin Co. of Milwaukee
announce the election of William H.Brand as Vice-President,
Joseph A. Auchter as Treasurer and William F. Style as
Assistant Treasurer. The complete list of officers of the
First Wisconsin Co.follows: Walter Kasten, Chairman of the
Board; Robert W. Baird, President; Hugh W. Grove and
William H. Brand, Vice-Presidents; Milton 0. Kaiser, Secretary; Joseph A. Auchter, Treasurer and William F. Style,
Assistant Treasurer.
An application to organize the University Avenue National Bank of Madison, Wis., was received by the Comptroller of the Currency on Aug. 16. The institution will
have a capital of $100,000. We are advised that the application has been approved, but nothing will be done further
with the organization until some time the coming winter
or next spring.
hospitality of her city to the American Bank Women. Because the American tankers Association is to hold its
national convention in Houston for 1927, and because that
association and the Association of Bank Women usually
hold joint meetings, Miss Meyer decided to extend the
invitation to the women officials as well. Membership in
the
association is limited to officers or heads of departm
ents,
and since there were no other members in Houston and
only
one other woman official eligible, Miss Meyer wrote
to Miss
Jean Arnot Reid of the Bankers Trust Co., New York,
National President of the Association of Bank Women,
asking
that organization to Houston for the convention
to be held
Oct. 23 to 27, inclusive. The Women's Advertis
ing Club of
Houston, of which organization Miss Meyer is
a member,
pledged themselves to act as hostess in whateve
r capacity
requested. Other clubs express themselves as
anxious to
assist wherever needed. Delegates will have
rooms at the
Warwick Hotel. Various entertainments for
the guests are
planned.
Lester Bigelow, formerly Vice-President of the First
Minneapolis Trust Co. of Minneapolis, has been admitted
to general partnership in the firm of Kalman & Co. of
The application to convert the Merchants Bank
of Mobile,
St. Paul and Minneapolis. Mr. Bigelow will be at the Ala., into the Merchants National
Bank, was approved by
Minneapolis office on the ground floor of the McKnight the Comptroller of the Currenc
y on June 21. The Institubuilding.
tion was organized as a State bank in June 1901,
with a
Closing of the American State Bank of Minneapolis, paid-in capital of $150,000. Its statement of condition at
the
close
of the first day's business as a national bank
Minn., by a State Bank Examiner following the suicide of
its Cashier, was reported in advices from that city on (June 30 1927) shows a capital investment of $1,200,000, of
Sept. 26 to the "Wall Street Journal," which furthermore which $500,000 represents capital, $500,000 surplus and
stated that the bank was capitalized at $25,000, with surplus $200,000 undivided profits. The deposits on June 30 were
and undivided profits of $5,000, and had aggregate de- $12,310,607, while resources aggregated $14,592,165. The
par value of the stock is $100 and the
posits of $347,600.
last sale was at
$355. The bank's regular dividend rate
is 4% quarterly,
The Richfield National Bank, Richfield, NIinn., on Sept. an aggregate of 16%. During
the last fiscal year, July 1
26 changed its title to "The Richfield National Bank of 1926 to July 1 1927, one extra
dividend of 1% was paid, or
Minneapolis," that portion of the village of Richfield in a total of $85,000 during
the year. The officers of the bank
which the Richfield National Bank is located having been are E. F. Ladd, President; G.
A. Michael, J. F. McRae,
annexed to the City of Minneapolis.
Vice-Presidents; William B. Taylor,
Vice-President and
Consolidation of the Fremont National Bank, Fremont, Trust Officer; W. J. Parham Jr., Vice-President; Joseph S.
Neb., and the Securities State Savings Bank of that place Norton, Cashier, and Porter King, Assistant Cashier. The
(affiliated institutions) into one institution with resources directors are Louis Forchheimer, Secretary M. Forchheimer
aggregating $2,108,000, and bearing the title of the former, Grocery Co., Inc.; Joseph M. Walsh, Walsh Stevedoring
was announced on Sept. 24 by Charles F. Dodge, President Co.; D. R. Dunlap, President Alabama Dry Dock & Shipof the Fremont National Bank, according to special advices building Co.; Gordon Smith, President Smith's Bakery,
from Fremont on Sept.26 to the Omaha "Bee." In addition Inc.; G. Russell Ladd, Thames & Batre; R. D. Walker,
to President Dodge, the officers of the enlarged bank were President R. D. Walker Lumber Co., Inc.; John T. Cochrane,
given in the dispatch as follows: J. Rex Henry, C. E.Abbott President A. T. & N. RR. Co.; Thomas J. Taylor, Taylor,
and J. Dale Milliken, Vice-Presidents, and Irvin McKennan, Lowenstein & Co.; G. A. Michael, Vice-President; E. F.
Cashier. The Fremont National Bank was established in Ladd, President.
1
1928
THE CHRONICLE
enlarged
Commemorating the opening of its new and
National
First
the
banking rooms and safe deposit vaults,
attractive illusan
issued
recently
Ala.,
mery,
Montgo
of
Bank
institution's
trated brochure, giving a brief history of the
ion of its
progress since its organization in 1871, a descript
s and
service
the
of
outline
an
and
home,
present banking
which befacilities it offers its clientele. The institution,
is capitalized
gan business with a capital of $100,000, to-day
undivided
and
surplus
n
at $1,000,000 and has in additio
1927, aggre15
Aug.
of
as
,
deposits
Its
.
$738,281
of
profits
$12,085,428. The
gated $10,341,747 and its total resources
Stock Land
First Finance Corporation and the First Joint
The comions.
institut
ed
affiliat
are
Bank of Montgomery
$21,915,te
aggrega
ions
bined resources of the three institut
41. The
$3,715,5
of
year
past
the
during
e
increas
691, an
follows: A. M.
roster of the First National Bank is as
Bowman (and
Baldwin, President; A. S. Woolfolk, W. C.
Vice-PresiGaston,
L.
J.
and
n
Baldwi
0.
Trust Officer), W.
, Assistant
dents; J. A. Ledbetter, Cashier; Henry C. Meader
n, and Felix
Trust Officer, and E. L. Cullom, Felix Robinso
P. Clay, Assistant Cashiers.
Co.
The Board of Directors of the Hibernia Bank & Trust
dividend
.of New Orleans have declared the usual quarterly
quarter
of 43/2% to be paid Oct. 1 out of the earnings of the
s also
ending Sept. 30. At the same meeting the director
of all
salaries
the
on
d
dividen
ly
quarter
usual
the
d
declare
of
amount
on
both
based
be
employees, this dividend to
salary and length of service in the bank.
[Vol,. 125.
Will C. Wood, State Superintendent of Banks for Califorbank
nia, on Sept. 29 approved the organization of a new
accordBank,
ey
Monter
the
as
known
at Monterey,Cal.,to be
ing to the San Francisco "Chronicle" of Sept. 30. The
0,
new institution will have an authorized capital of $250,00
.
a paid up capital of $100,000, and a surplus fund of $25,000
George
Doud,
Thomas
Allen,
M.
A.
are
ers
The organiz
Harper and H. A. Hansen.
The following official letter was sent recently to the stockin
holders of the United Bank & Trust Co. of San Francisco
Bank
United
former
the
of
dation
consoli
the
of
explanation
& Trust Co. of California of San Francisco and the former
French-American Bank of that city and details incident
nt of
thereto. It was signed by James D. Phelan, Preside
the United Bank & Trust Co.,and Leon Boequeraz, Chairman of the Board of Directors, (formerly President of the
French-American Bank). As printed in the San Francisco
"Chronicle" of Sept. 19, it read:
Trust Co. from $100
The change in par value of stock of United Bank &
and the articles of inper share to $25 per share has been accomplished,
French American
corporation of the auxiliary corporation, now named the
the issuance of stock without
Corp., have been amended to provide for
Bank & Trust
United
of
nominal or par value. Each former stockholder
in 4 2-3 shares of stock of
Co. of California who held the beneficial interest
ofsaid bank held by him and
the auxiliary corporation for each share of stock
Bank are now entitled,
each former stockholder of the French American
beneficial interest in one
pursuant to the consolidation agreement, to the
Corp. for each share
American
share of stock without par value of French
by him. Such beneficial
of stock of United Bank & Trust Co. owned
of the certificates
Interest will be evidenced by endorsement on the reverse
in exchange for the former
of stock of the bank, which are now being issued
United Bank &
Act,
certificates. Under the provisions of the State Bank
Bank ceased to be corporaTrust Co. of California and the French American
corporation, United Bank
tions upon their consolidation into the present
& Trust Co.
of stock to
By action of the board of directors. 98,000 additional shares
number of shares of
the bank, together with the beneficial interest in a like
1 and 10 1927.
stock of French American Corp., will be sold between Oct.
will be retainedat the rate of $67.50 per share of bank stock, $25 of which
Corp. Stockby the bank and $62.50 of which will go to French American
are hereby
holders of record at the close of business on Sept. 12 1927,
with the beneoffered the right to purchase shares of bank stock, together
Corp. (which
ficial interest in a like number of shares of French American
) in the prowill be appurtenant thereto and only transferable therewith
then owned
stock
bank
of
shares
four
portion of one share of each for every
the subscription
by them. Stockholders may accept this offer by executing
ion warrant enclosed
agreement endorsed upon the full share subscript
purchase price of the
herewith and returning the same, together with the
of
Oct. 10 next, at which
m.
p.
3
than
shares therein subscribed for, not later
Certificates for stock
time any warrant not received will become void.
and will not be entitled
subscribed for will not be issued prior to Oct. 1 next
es will be issued for full
to dividends declared before that date. Certificat
l share warrant is enclosed
shares only, but where appropriate a fractiona
in an amount representing
which, when assembled with similar warrants
one or more full shares, and
in the aggregate the right to subscribe for
ion agreement on the back
completed by executing the form for subscript
the holder to subscribe for
of one of such fractional warrants, will entitle
in respect of fractional
such full share or shares. The terms of this offer
of full shares.
shares are otherwise the same as in the case
payable at the main
A dividend of 5734 cents per share has been declared
the records of the bank at the close
office to the stockholders according to
of a like amount has
of business on Sept. 6 1927. and a further dividend
on Oct. 1 1927, to the
been declared payable at the main banking office
the former dividend is
stockholders of record on Sept. 30 1927. Check for
enclosed.
Acquisition of the First National Bank of Beverly Hills,
ed
Cal., by Richard L. Hargreaves and associates identifi
of
with him in the ownership of the Liberty National Bank
instiBeverly Hills and the subsequent consolidation of the
Beverly
of
Bank
l
Nationa
First
the
of
tutions under the title
of Sept. 1.
Hills, were reported in the Los Angeles "Times"
nt of the
Preside
Meeker,
Leo
from
made
was
The purchase
l Bank
First National Bank. On Sept. 1 the Liberty Nationa
ion
institut
d
enlarge
the
and
ion
liquidat
in
placed
oas
the
of
home
banking
former
the
opened for business In
Acquired bank at Santa Monica Boulevard and Beverly
Drive with Mr. Hargreaves as President. The new organi•zation .has a paid-in capital of $200,000, surplus of $75,000
and undivided profits of $25,000. The Liberty National
Bank (which was founded in the spring of 1926) has
brought to the new organization, it is understood, deposits
of slightly more than $1,900,000, and this, when added to the
$2,000,000 deposits of the Meeker bank, makes the total
deposits approximately $4,000,000. The resources exceed
$4,::50,000. With the exception of Mr. Meeker and C. L.
Hill (former Vice-President and Cashier of the acquired
bank, who decided to retire with Mr. Meeker) the staff of
ed
'the former First National Bank continues with the new
A later issue of the paper mentioned (Sept. 22) contain
Institution. The personnel, in addition to President Har- the following:
made public concerning
-PresiIn a supplementary letter to the one recently
greaves, is as follows: Fred Le Blond, First Vice
of stock and issuance
N.
of the United Bank & Trust Co.for the exchange
H.
plans
;
esident
Vice-Pr
Second
an additional announceder t; William G. Walby,
of rights, Robert R.Yates. cashier, yesterday made
and
Storm
B.
P.
,
ment concerning fractional shares.
Thompson, Cashier, and F. E. Mauldin
shares at $130 per share
The company will either buy or sell fractional
basis,
B. S. Hartz, Assistant Cashiers.
wishing to sell may dispose of their fraction on this
rate. Those
This will be done through
while others may buy the remaining fraction.
the sale of the auxiliary corporation.
The Los Angeles"Times" of Sept. 21 states that
National
the
to
Cal.,
,
Monica
Santa
of
W. J. Patterson, former Cashier and Manager of the deFirst National Bank
Bank of
funct Hayes & Hayes State Bank of Aberdeen, Wash. (the
Ban.italy Co., affiliated in ownership with the
announced
failure of which on Feb. 7 last was reported in the "ChronItaly National Trust & Savings Association, was
Monica
Santa
the
of
nt
Preside
,
icle" of Feb. 19, page 1009), pleaded "guilty" on Sept. 10
on Sept. 20 by C. D.Francis
mergbank. Bank of Italy executives, it was said, plan the
before Judge Abel in the Superior Court at Montesano,
with
Monica
Santa
in
office
Italy
of
Bank
ing of the present
Wash., to having borrowed $25,000 from the bank on March
of the
the banking business conducted at the headquarters
25 1920 without the authorization of the directors, as rery
purchased bank in the Bay City just as soon as the necessa
quired by statute, according to a special dispatch from
Santa
of
Bank
l
Nationa
First
The
d.
permission is receive
Montesano on that day (Sept. 10) to the Portland "Orefor busiMonica, a pioneer bank in that community, opened
gonian." The defendant had previously pleaded "not guilty"
of $2,700,000.
ness in 1907 and to-day has resources in excess
to the charge. Sentence N'as deferred by the court until
of the acquired
Officers, directors and the entire working staff
Dec. 1 next, the order for deferring same being granted on
new regime.
bank, it was stated, will be retained under the
application of Assistant Attorney-General Donley. Conin addition to the
The active officers of the Santa Monica bank,
tinuing, the advices said:
A. W. Mcthis time would
The application set forth that to sentence Patterson at
President Francis, are G. B. Dickinson and
Cashier. interfere with the rapid liquidation of the bank. A letter from Robert
Kibbe,
C.
Vance
and
Pherson, Vice-Presidents,
of
Banking, was
r
Superviso
Oldham of Seattle to C. S. Moody, Deputy
"pending about 25 civil
The "Times" also said:
of the placed in evidence. It set forth that there are
yesterday that the purchase
Executives of the Bank of Italy stated
these will be tried during October." These cases involve
their faith in the Bay district. cases, most of
of payment by reason of some trust
• Santa Monica bank is added expression of
further strengthening rights of various persons to priority
is
Italy
of
Bank
the
business
the bank, based on special agreements, relative
In taking over the new
now operating a total of fund or of recovery against
is
bank
The
a.
Californi
in
Southern
its position
into by Patterson on behalf of the bank. Patter.
of the Tehachapi. Aggre- to the deposit entered
g83 branches in California. 119 of which are south
as a witness in these cases is declared to be imperative.
presence
son's
000.
of
$675.000.
excess
in
were
with
gate resources of the bank at the last call
Another criminal case is on file in court here charging Patterson
share by stockStock of the National Itancitaly Co. is owned share for
bank to be insolvent.
having received deposits after he knew the
holders of the Bank of Italy.
OCT.8 1927.1
THE CHRONICLE
the capital increase of the West Coast National Bank of
Portland, Ore., the authorization of which by the sharehold
ers on June 1 was noted in our June 11 issue, page 3457,
wait approved by the Comptroller of the Currency and became effective Aug. 1, the new stock having been fully subscrilsed prior to that date, according to the "Oregonian" of
Aug. 3. By the increase the bank's capital has been raised
from $300,000 to $500,000 and its surplus from $100,000 to
$200,000.
1929
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
After tremendous activity at rising prices on Monday
and the early part of Tuesday, the stock market on the
latter day suffered a serious relapse on higher money rates,
and has been ragged and irregular since. On Saturday
last the market, under the leadership of the railroad issues
and industrial stocks, continued its upward spurt during
the two-hour session on Saturday. Trading was unusually
The New York agency of the Anglo-South American heavy and gains ranging from 1 to 4 points or more were
Bank, Ltd., is in receipt of cable advices from its head quite common throughout the list. Railroad
shares were
office in London to the effect that the directors of the bank particularly strong,
Canadian Pacific climbing 6 points to
have declared a final dividend of 5 shillings per share, less
1993
A-the highest since 1914-while Ches.& Ohio bounded
tax, payable on October 24, making 10% for the year ending
June 30 1927. This is at the same rate as paid in 1926. forward to a record top at 209. Nickel Plate also reached a
%. Erie common had a downward reaction
The annual general meeting of shareholders will be held on new peak at 1353
October 18.
from the high level established on Friday, but the preferred
stock closed somewhat higher. Many industrial stocks also
THE CURB MARKET.
moved into new high ground, notably Greene Can'anea
Curb stocks moved to higher levels this week, though not Copper, Calumet & Arizona, Gillette
Safety Razor and
without considerable irregularity. The volume of business Internatio
nal Silver. United States Steel corn, advanced
was only fair. Motor stocks were in demand. Reo Motor
3 points to 1525
%. Public utilities were active and strong
advanced from 228
/
8 to 25 and ends the week at 243/2. Stutz
all
through
the
day. General Motors (old stock) advanced
Motor gained over seven points to 213
%, weakening finally
to 18% Marmon Motor Car after a loss of two points 3 points and crossed 268 and the new stock closed above 134.
to 393/2 jumped to-day to 46%, but reacted and finished at
Standard dividend-paying railroad stocks were again the
43%. Bancitaly Corp. was heavily traded in up from 1053/2 outstanding feature of the market on
Monday, Ches. & Ohio
to 118, then down to 1113. To-day it advanced to 114, being particular
ly conspicuous because of its sharp upswing
closing at this• figure. Celluloid new common moved up
from 79 to 1093
4 and closed to-day at 107. Deere & Co. of 9 points to 218,2 points of which were lost later in the day.
common from 1773/2 reached 206, the final figure to-day Atchison shot forward from 1923 to 195%. but lost 1 point
being 2053/2. Fajardo Sugar gained over six points to 1673 in the last hour. Canadian Pacific also moved upward from
and ends the week at 1663
/. Johns-Manville rose from a low of 1983/i to a high of 2023/8, and Union Pacific showed
1163/2 to 1233
4 and reacted finally to 120. Celanese Corp. a net gain of 3% points at the close. New York Central
of America common advanced from 1083/2 to 1113
%, then was an important feature in the late trading and
reached
dropped to 106. It again moved upward, reaching 1103/8•
with a final reaction to 1073/2. Oils were very little changed, its highest price in 20 years above 170, followed by Norfolk
Chesebrough Mfg.sold up from 107 to 115 and at 113 finally. & Western, which moved forward 5 points. General Motors
A complete record of Curb Market transactions for the old stock was in persistent demand and lifted its high record
week will be found on page 1959.
of 2773/a, made about 2 weeks ago, and the new stock crossed
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
138 with a gain of more than 4 points. Other strong stocks
of
the group included Hudson Motors, which moved rapidly
STOCKS (No. Shares)
BONDS(Par Value).
Week Ended Oct. 7.
Ind& Mize
Oa.
Alining.
Domestic. Foreign Griot. forward 2 points to 81%, as compared with its previous close
Saturday
98,365
28,500
33,600 $2,467,010
$123,000 at 79, and Chrysler, which gained nearly 2 points. United
Monday
283,670
67,030
63,220
3,843.000
364,000
Tuesday
272,905
51.600
73,700
3.446.000
269,000 States Steel common moved up a point on the late trading,
Wednesday
227,450
58.410
55,680
3,119.000
452,000
Thursday
187,975
63,131
50,500
2,689,000
455,000 reaching a new high level since the recovery started, and
Friday
227,985
117,720
115,100
3,352,000
337,000
Calumet & Arizona shot upward more than 2 points to 8631,
Total
1,297,350
408,490
379,700 $18,916,000 82,000.000
but reacted later in the day to 843-i. Public utilities conCurb Market Transactions-Concluded from page 1962.
tinued to attract attention, North American moving into
Friday
Foreign Government
new high ground for the year and Consolidated Gas selling
Last Week's Range Sales
Range Since Jan. 1
and Municipalities
Sale
ofPrices
for
up to 120 at its high for the day. Numerous specialites,
Price Low, High. Week.
DOm.
High.
including General Railway Signal, American Can and AmerAgricul Mtge 13k Rep of Col
20-year sink fund 78 1946 99
9734 9934 124.000 9534 Mar 9134 Oct ican Safety Razor were in strong demand
at improving
20-year 78.__Jan 15 1947
9734 0934 139,000 9634 Apr 993.4 Oct
Baden (Germany) 78-1951 9934 9934 1003.4 15,000 98
June 10234 Jan prices.
Bank of Prussia LandOn Tuesday price records were shattered in one of the most
owners Assn 6% notes'30 9654 ggh 9631 49.000 9434 June
993.4 Mar
Brisbane (City) 5s_1957
9454 9434 6,000 93
9634 Mar sensational declines that the market has experienced in
Buenos Aires(Prov)7 ha '47 10034 100 10054 62.000 9734 June
Jan 10034 Aug
78
1936
22,000 9534 Jan 99
9834 99
July many months. Buying orders deluged the market and, with
Ta
964.4 9734 51,000 9434 Feb 99
1952
Sept approximately
78
1957 9634 9514 9634 128,000 93 June 97
680 separate issues traded in, the day's
Apr
78
1958 96
9534 96 103,000 94 June 96
Sept transactions were the largest aggregate turnover since
Cent Bit of Germ State &
March
IA Frov Bits lot 68 ser A '52
9434 9454 10.000 9414 Aug 9634 Aug 1926. At one time the
ticker service was 22 minutes behind
Copenhagen (City) 53_1952 9534 9554 963.4 297,000 95
Sept
June
9734
Danish Cons Munic 534855
9934 10034 65,000 9734 Jan 10034 Oct the market. During the greater part of the day many
leading
Danzig P & Waterway 13c1
External s f 6,4s...1952 9034 90
9014 64,000 90
Aug 9034 Sept stocks and numerous previously inactive issues moved over
Denmark(K1ng'm) 63.4s'55 10114 10134 102
30,000 9954 Jan 10234 Aug a wide
range, the swing being both upward and downward.
6s
1970
10054 10034 31,000 100
Mar 102
Apr
German Cons Munic 7547 10034 10034 10034 45,000
9834 June 102
Jan General Motors (new stock) shot forward into new high
Hamburg (State) Ger 68'46 06
9514 0634 203,000 9534 Jan 9934 Apr
Hungarian Land Mtge Inat
ground at 141, though this gain turned into a substantial
734s series A
1961
9934 100
5,000 97 June 101
Mar loss in the final hour.
Indus Mtge Bank of Fluid
The old stock sold up to 28231 at
k 1st rings coil a(78_ A944
101 10134 7,000 9934 Jan 102
Jan its high for the day, but closed with a net
Medellin (Colombia) 75 '51 9434 933.4 9434 22,000 91
loss at 276. United
July 96
Feb
88
1948
10334 10434 10,000 10234 June 10514 June States Steel common moved to its
best in the past 10 days at
Mendoza (Prov) Argentina
1951
73.4,
0634 9734 41.000 95 June 9934 Jan 154. In the early trading, railroad stocks were in active
Montevideo (City) 68_1959 9334 9334 94
66,000 9134 July
Mtge Ilk of Bogota 76.1947 9234 9134 9234 35,000 9134 Sept 9414 Feb demand at improving prices, though the advances were not
9534 Aug
Mtge Bk of Chile 68.-1931 9634 9634 97
14,000 94
July
Mtge Bk of Jugoalavia 78'57 8754 8734 88 120,000 82 June 9954 Feb as brisk as on the preceding day. The leaders were Balt.
9234 Apr
Neth'da (Kingd'm) 68 B '72
I0634 1063.4 6.000 10534 Sept
Jan & Ohio, which moved close to its high record of 1906 at 125,
Nuremberg (City) 68_1952 9414 9434 9534 118,000 9434 Sept 109
9534 Oct New
Peru (Republic of) 79_1959 9834 98
York Central, which reached its best when it sold above
9934 77,000 9534 May 102
Sept
Prussia (Free State) 634851 99
99
9934 51,000 96 June 10014 Feb
/
1711
2, Pennsylvania, which reached its highest top since
ltio Grande do Sul (State)
Brazil ext 7a(of 1927) '66 98
973.4 98
33,000 96
July 9834 Jan 1907, and Union Pacific, which touched
its highest since
p Extl 8 f 7a (of 1927)-1967 97
17,000 96
9635 97
Aug 973.4 June
Russian Govt 634s_._1919
153.4 16
12,000 12 June 2034 Sept 1910. As the afternoon advanced many stocks turned down6348 Ws
1919
1434 1634 114,000 1134 July 2034 Sept
534s
1921
46,000 1134 July 2034 Sept ward and in many instances the gains of the morning were
1534 17
5545 certificates_ _1921
1534 16
3,000 12 June 2034 Sept ;Tony or partly lost.
The noteworthy declines included
Santa Fe (City) Argentine
_
Republic extl 7s.„1945 94
93
94
20,000 9134 June 9534
such stocks as American Smelting 331, Commercial Solvents
Saxon State Mtge Inv 73'45 10054 10034 10034 2,000 9934 Apr 10234 May
Feb
Ohs
i)33/2 and nearly 3 points in Timken Roller Bearing. The
1946 98
98
9834 17,000 9634 June 101
Sent
Serbs Croats & Slovenes
43
(MN()
ext sec 7s ser B '62 8834 8834 89 419.000 86 June 9234 Apr ;Met turned downward on Wednesday, though there were
Raritenelantl !Inv. IL ILE 5000
in,., 1011, in 'Inn int
1019 in9 it tuns
occasional,strong ispotsjamong the so-called specialties.
[VOL. 125.
TUE CHRONICLE
1930
General Electric moved to the front early in the trading and
sold up to 140 at its high for the day. Railroad shares
continued in moderate demand, but there was little or no
less
change in prices. Steel and motor stocks were more or
erratic and most of the industrial issues sold off from 2 to 3
points. Houston Oil was strong in the final hour and made
a brisk advance of 8% points. Du Pont declined 2 points
and gained more than 5, and International Harvester made
a net gain of 5 points.
The usual speculative favorites were more or less irregular
on Thursday, though the market in general maintained a
good tone throughout the day. Some special stocks reached
new record levels, including Abitibi Power & Paper, Montana
Power and a few of the public utility issues. United States
Steel common was forced down nearly 2 points to 146%,
but turned upward at that point and advanced 3 points,
%. Motor stocks moved higher, Packard
closing at 1483
Motors and Mack Truck leading the upswing in that group,
followed by Hudson and Studebaker. On the other hand,
General Motors, generally the strongest issue of the group,
moved in a somewhat erratic manner, advancing from a low
of 2723/i to a high at 2773' and closing at 2763g. Railroad
stocks were uniformly strong, Missouri Pacific preferred
moving up over 4 points and the common 2 points. Substantial advances were also recorded by Canadian Pacific,
North Western, Reading, Norfolk & Western and Ches..&
Ohio. Houston Oil made a spectacular advance of 4 points
and crossed 172, and A. M. Byers shot upward over 5 points
to 86. General Electric continued in the foreground and
sold up to 142 at its high for the day. Price movements
were somewhat confused and uncertain on Friday, and,
though there were numerous exceptions among individual
issues, the general trend was downward. Most of the
leaders slipped back, including General Motors new and
old stock, United States Steel common, American Smelting &
Refining and General Electric. Public utilities were moder-
ately strong, Brooklyn Edison and Brooklyn Union Gas
moving briskly forward and closing with substantial gains.
Abitibi Power & Paper bounded upward 6 points to a new
record high at 138. Oil shares were under pressure, Phillips
going into new low ground for the year at 37%. The final
tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
United
States
Bonds.
Stocks,
Number of
Shares.
Railroad,
etc•.
Bonds.
State,
Municipal &
Foreign Bonds.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
1,244,335
2,650.190
3,152,473
2,380.715
2,053,710
2,013,500
$3,607,000
6,783,500
8,642,000
8,055,500
8,000,500
8,795.000
$2,115,000
2,499.500
4,737,000
4,683,500
3,662,000
3,101,000
$154,500
534,000
1,140,500
345,500
357,600
597,000
Total
13.494.923
643.883.500
820.798.000
82129.000
Week Ended Oct. 7.
1926.
1927.
Stocks-No,of shares_
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad ec misc. bonds
Total bonds
Jan. 1 (o Oct. 7.
Week Ended Oct. 7.
Bales at
New York Stoat
Exchange.
1926.
1927.
13,494.923
12,003,367
426,642,076
352,203.695
$3,129,000
20.798,000
43,883,500
63,661,400
11,846,500
31,390,500
$234,928,800
637,808,600
1,676,859,800
6204.773,400
499.936,450
1,541,978,700
$67,810,500 $46,898,400 $2,549,597,200 62,246,688,550
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Oct. 7 1927.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares, Bond Sale.
610.300
21,215
25,500
35,500
30,365
6,000
*18,952
*31.364
*42,447
*33,934
*34,583
20,619
16,497
41,583
36,748
20,255
29,377
16.172
$8,100
31,200
40,700
40,500
35,300
29,000
04,304
04,035
07,237
a4,949
a4,442
a3,894
817,500
28,100
21,000
47,000
16,000
8,500
28,861 $138,100
6128,880 160,632 $184.800
17.949 8260.200
6125.100
205.509
$104.300
175.202
Prey, week revised
* In addition, sales of rights were: Saturday, 1,010; Monday, 79; Tuesday, 157'
Wednesday, 76; Thursday, 89.
a In addition, sales of rights were: Wednesday,632; Thursday,472; Friday, 779.
Total
181.899
Course of Bank Clearings
Bank clearings this week will show a satisfactory increase
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. 8), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 13.6% larger than for the corresponding week
last year. The total stands at $11,672,173,507, against
$10,277,284,913 for the same week in 1926. At this centre
there is a gain for the five days of 25.5%. Our comparative
cummary for the week is as follows:
1927,
1926.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5,977,000,000
615,507,499
498,000,000
541,000.000
119,013,300
139.600.000
188.396,000
150,140.000
150,877,636
146,002,563
124,290.977
103,406.001
53,122,235
$4,763,000,000
547,414.848
488,000.000
471,000,000
122,622,601
831,500,000
165.822,000
160,062.000
157,094,739
166,710,350
112,486.684
92,543,143
78,636,482
+25.5
+12.4
+2.0
+14.9
-2.9
+6.2
+13.6
-6.2
-4.0
-12.4
+10.5
+11.7
-32.4
Thirteen cities, 5 days
Other cities, 5 days
68,806,316,211
1,087,122,545
87,456,892.847
1,172,809.765
+18.1
-7.3
Total all cities, 5 days
All cities, 1 day
irmat n11 Piling fnr ma/74c
69,893,478,756
1,778,695,751
68,629,702,612
1,647,582,301
+14.6
+8.0
611.672.173.507 810.277.284.913
+13.6
Clearings-Returns by Telegraph.
Week Ended Oct. 8.
by the
Complete and exact details for the week covered
We cannot
foregoing will appear in our issue of next week.
week ends to-day
furnish them to-day, inasmuch as the not be available
will
figures
y
(Saturday) and the Saturda
gly, in the above the last day
until noon to-day. Accordin
to be estimated.
had
cases
of the week has in all
t, however, which we
statemen
detailed
e
elaborat
In the
final and complete
give
to
able
are
we
present further below,
week ended Oct. 1. For
-the
previous
week
the
for
results
5.2%, the 1927 aggregate
that week there is an increase of
and the 1926 aggregate
127,831
of clearings being $10,857,
City,however,there is.a
k
NewYor
of
Outside
$10,315,619,438.
at this centre having
es
exchang
decrease of 1.9%, the bank
now according to the
cities
the
group
We
10.5%.
d
increase
located, and from
are
they
which
in
Federal Reserve districts
District (inReserve
York
this it appears that in the New
10.3% but
by
larger
are
s
clearing
the
city)
this
cluding
2.3% and
of
loss
a
is
there
n the Boston Reserve District
in the Philadelphia Reserve District of 1.9%. In the
Cleveland Reserve District the totals show 5.8% loss, in the
Richmond Reserve District of 8.4% and in the Atlanta
Reserve District 4.8%, the latter due largely to the falling
off at the Florida points, Miami having a decrease of 40.9%
and Jacksonville of 27.8%. In the Chicago Reserve District the totals record a falling off of 1.0% and in the St.
Louis Reserve District of 3.5% but in the Minneapolis
Reserve District there is an expansion of 24.2%. The
Kansas City Reserve District shows a decrease of 7.2%, the
Dallas Reserve District of 6.2% and the San Francisco
Reserve District of 1.7%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Oct. 1 1927.
1927,
$
Federal Reserve Dist..
544,720,458
1st Boston.---12 cities
6,704,606,012
2nd New York-11 "
605,712,373
3rd Philadelphial0 "
411,391,521
4th Cleveland__ 8 "
188,180,468
5th Richmond _16 "
208,603,618
6th Atlanta__ -_13 "
952,506,214
"
....20
7th Chicago_
217,482,039
8th St. Louis_ _18 "
160,623,520
Dth Minneapolls17 "
235,066,526
10th Kansas City12 "
92,511,198
15 "
11th Dallas
535,714,880
12th San Fran..17 "
1926.
$
557,415,016
6,062,802,899
617,233,575
439,426,757
105,458,411
219,171,105
962,491,786
335,298,460
129,371,494
253,342,143
98,641,861
644,935,931
1,56.0,
Dec.
1925.
1924.
$
6
%
449,892,792
--2.3
584,751,573
+10.3 6,553,633,029 5,591,883,408
574,010,033
712,135,899
-1.9
390,891,388
429,934,956
-5.8
194,641,424
225,955,502
-8.4
181,863,890
285,287,888
-4.8
884,02.5,812
-1.0 1,046,7e2,e81
219,562,712
262,715,119
-3.6
167,289,179
+24.2
155,623,642
258,463,598
265,253,944
-7.2
90,0524611
92,862,899
-6.2
468,628,013
-1.7
536,512,579
129 cities 10,857,127,831 10,315,619,438 +5.1 11,131,450,009 9,471,514.808
Total
4,287,218,733 4,368,151,997 -1.9 4,718,357,561 3,996,701,518
Outside N. Y. City
397.684.217
398.369.312
319,227.748 +20.4
384,413,579
C1t103
31
Canada
We also furnish to-day a summary by Federal Reserve
districts of the clearings for the month of September. For
that month there is an increase for the whole country of
14.3%, the 1927 aggregate of the clearings being $45,840,754,506, and the 1926 aggregate $40,108,227,999. While
the present year's total does not establish a new high monthly
record, it is the largest total ever reached in the month of
September. The gain, however, is due almost entirely to the
the
increase at New York City. Outside of New York City
increase for the month is only 2.6%. The Boston Reserve
DisDistrict shows a gain of 9.9%, the New York Reserve
phia
trict (including this city) of 24.0% and the Philadel
d Reserve DisClevelan
the
In
1.8%.
of
District
Reserve
Atlanta Reserve
trict the increase is only 0.6%, but in the
Florida points
District it is 2.4%, notwithstanding the
OCT.8 1927.]
THE CHRONICLE
1931
show big losses, Miami of 37.3%, Tampa of 37.9% and
The course of bank clearings at leading cities of the country
Jacksonville of 27.8%. The Richmond Reserve District for the month
of September and since Jan. 1 in each of the
shows a falling off of 7.1%. In the Chicago Reserve Dis- last four
years is shown in the subjoined statement:
trict the totals are larger by 8.3% and in the Minneapolis
BANK CLEARINGS AT LEADING CITIES.
Reserve District by 18.9%, but in the St. Louis Reserve
September
Jan. 1 to Sept. 30District there is a loss of 1.6%. The Kansas City Reserve
(000,000s
1927. 1926. 1925. 1924. 1927.
1926.
1925. 1924.
omitted.)
$
$
$
$
$
District has a loss of 4.9%, the Dallas. Reserve District of New York
$
$
$
26,599 21,360 21,774 19,290 233,858 217,055 207,231
180,224
Chicago
2,980 2.651 2,858 2,544 26,945 26,391
6.3% and the San Francisco Reserve District of 3.3%.
26,399
Boston
2,030 1,843 1.691 1.602 19,025 18,320 16,163 23,416
15.511
September
1927.
Federal Reserve Dists.
let Boston.._ _14 cities
2nd New York _14 "
3rd Philadelphial4 "
4th Cleveland_ _15 "
5th Richmond _10 "
6th Atlanta._ _ _18 "
7th Chicago.. _29 "
8th St. Louis_ _10 "
9th Minneapolis13 "
10th Kansas City16 "
11th Dallas
12 "
12th San Fran_ _28 "
September Ine.or
1926.
Dec.
September
1925.
September
1924.
$
$S
$
2,282,128,476 2,076,193,067 A.9 1,918,621,087 1,918.225,832
27,254,273,160 21,987,787,540 +24.0 22,378,759,956 19,798,506,515
2,500,860,135 2,456,849,212 +1.8 2,592,487,196 2,267,144,852
1,781,737,482 1,770,988,040 +0.6 1,703,848,880 1,518,500.341
823,504,148
885,987,821 -7.1
919,329,020
779,103,427
981,381,759
958,212,231 +2.4 1,282,276,809
861,706,274
4,374,901,704 4,041,229,574 +8.3 4,173,984,826 3,721,616,007
944,521,824
959,880,551 -1.6 1,001,656,538
878,888,768
698,003,529
586,860,362 +18.9
672,694,685
615,152,688
1,199,613,566 1,260,946,416 -4.9 1,202,767,861 1,177,291,656
606.467,926
647,048,523 -6.3
609,136,268
590,939,439
2,393,460,797 2,476,244,662 -3.3 2,300,845,897 1,984,572,582
1
'Total
193 cities 45,840,754,506 40,108,227,999 -14.3 40,756,409,028 36,001,648,381
Outside N. Y. City
19,241,362,817 18,748,209,251 +2.6 18,981,970,549 16,710,997,645
Canada
29 cities 1.644.385.460 1.378 163 172 -1-19.3 1.339.070.279 1.363.399.046
We append another table showing the clearings by Federal
Reserve districts for the nine months back to 1924:
Nine Months.
1927.
1926.
Dec.
Federal Reserve nista
let%Boston ..... _14 cities 21,302,274,054 20,577,208,263
2nd New York_14 " 229,904,585,219 222,960,959,425
2rd j Philadelphial4 " 22,625,830,140 23,437,713,542
4th Cleveland...15 " 16,473,842,552 15,994,085,955
5th Richmond _10 .1
7,655,661,608 8,166,449,634
6thAtlant
)
a_ _ _18 ••
8,110,285,362 9,507.467,662
7th Chicago _ _ _29
39,431,996,571 38,931,666,892
8th St. Louis. _10
8.570,318,501 8,742,802,849
9th Minneapolls13
4,684,146,186 4,904,888,520
10th Kansas City16
10,903,262,972 10,941,588,685
11th Dallas
12
4,768,255,687 4,845,061,1W
12th San Fran. _28 1.
21,520,458,657 21,513,651,337
l
1925.
1924.
T
'
3.5 18,371,918,506 17,487,117,768
+7.6 212,677,174,519 185,167,327,455
-3.5 23,382,102,618 20,580,978,918
+3.1 15,374,377,572 14,041,421,937
-6.3 7,967,874,826 7,243,048,539
-14.7 9,481,010,983 7,394,632,856
+1.3 38,099,528,637 34,099,770,963
-2.0 8,604,022,281 7,947,624,414
-4.5 5,114,838,409 4,480,696,275
-0.1 10,617,295,868 9,701,874,962
4,623,401,657 4,003,581,093
+0.1 19,623,321,954 18,058,368,762
l Total
193 cities 405,950,917,409 390,523,543,944 +4.0 373,936,867,830 330,206,442,94
2
Outside N. Y. City
172,092,494,093 173,468,808,188 -0.8 166,726,234,152 149,975,562,56
3
Canada
29 cities 13,916,724,997 12,534,425,270
11,467,258,552 11,858,528,626
Philadelphia
2,322 2,282 2,375 2.074 20.994 21,827 21,395
18,755
St. Louis
581
612
623
575
5,473
5,611
5,587
526
Pittsburgh
732
760
703
622
7,019
6,800
6,522
5,931
San Francisco
838
836
791
609
7,260
7,361
6,841
6,183
Cincinnati
318
304
307
270
2,874
2,891
2,739
2,476
Baltimore
443
491
495
394 4,198
4,550
4,252
3,704
Kansas City
574
624
589
590
5,439
5.348
5.144
4,768
Cleveland
534
510
503
447 4,800 4,569
4.431
4,012
New Orleans
292
267
305
271
2,197
2,249
2.252
2,090
Minneapolis
450
367
432
389 2,826
2,995
3,184
2.660
Louisville
153
140
135
129
1,379
1,346
1.296
1,182
Detroit
750
749
716
618 6.543 6,623 6,159
5,500
Milwaukee
181
176
169
151
1,677
1,636
1,532
1,410
Los Angeles
705
753
655
549 6,974 6,631
5,821
5,371
Providence
54
55
50
44
518
507
516
447
Omaha
178
174
174
182
1,553
1,575
1,621
1,474
Buffalo
229
221
230
184
2,021
2,036
2,020
1,685
St. Paul
127
127
132
126
1.109
1,186
1,183
1,173
Indianapolis
96
96
69
81
901
887
652
747
Denver
148
147
144
137
1,190
1,226
1,256
1,161
Richmond
212
212
244
229
1,828
1,921
2,035
2,023
Memphis
102
98
127
77
796
847
814
704
Seattle
214
202
204
166
1.746
1,761
1,609
1,522
Hartford
74
60
58
51
604
611
548
488
Salt Lake City....
76
80
80
66
649
661
623
568
Total
41,992 36,197 36,633 32.557 372,396 355.421 339,825 295,711
Other cities
3,849 3,970 4,123 3,444 33,555 40,555 34,112 34,489
Total all
45,841 40,108 40,756 36,001 405,951
Outside N.Y.City.19,241 18,748 18,982 16,710 172,092 390,523 373,937 330,200
173.469 166.706 149,926
Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
September and the nine months of 1927 and 1926 are given
below:
Month of September.
Description.
1927.
1926.
Nine Months.
1927.
1926.
Stock, number of shares_
51,576,590 37,030,166
352,959.32
337,120.666
Railroad and misc. bonds $154,387,250 $121,532,000 $1,632,976. 0
300 $1,504,658,000
State, foreign, &c., bonds 60,193,300 56,183,500
617.990.600
202,519,050
U.S. Government bonds_
23,787,250 15,216,400
231,800,100
486,719,450
Total bonds
$238,367,800 $192.931,900 32,482.767.000 32.193.896.500
The volume of transactions in share properties on the
The following compilation covers the clearings by months
New York Stock Exchange for the month of September in
since Jan. 1 in 1927 and 1926:
1924 to 1927 is indicated in the following:
MONTHLY CLEARINGS.
Clearing,, Total AU:
Ifnth.
1927.
1926.
1927.
Clearings Outside New York
%
1927.
1926.
%
$
$
$
$
Jan.__ 45,209,424,033 47,611,459,198 -5.1 19.6s.7.510,562
20,510,360,932 --4.2
Feb__ 443,361.508,74938,768,757,643 +4.1 17,303
381,426 17.305,400,168 -0.03
Mar..48,948,371,418 48,460,993,827 +1.020.219.526.56920
,369,120,836 -0.7
lat qu. 134519304 200 134831210668 -43.257.170,418,55758,184,881,
985 -18
Apr __ 45,718,620,044 45,468,511.618 +0.5 19.253.159,395
May.. 43.977,075.05442.370,008.700 +3.8 19.233.954,625 19.504.450,850 -1.3
June__ 47.694,486,950 44.099,611,887 +8.2 19,818.739,614 18,983,923,067 +1.3
19,904,622,301 -0.4
26 qtr. 137390,182.048 131938,192,205 +4.1 58,305.853.632 58,392,996,
218 -0.1
0 0856_ 271909.486,248 266769402,873 +1.9 115476,272.189 116577.878.
203 -0.9
July -_ 44.242,150,509 43.740,219,022 +1.1 18,795,919.821
Aug __ 43,958,526.146 39,905,694,050 +10.2 18,578,939,266 19,913,006.383 -5.6
Sept _ _ 45,840,754,506 40,108,227,999 +14.3 19,241,362,817 18,229,714,351 +1.9
18,748,209,251 +2.6
3d qu_ 134041,431,161 123754,141,071 +8.3 56,616,221,904
56,936,035,287 -0.6
A rens minfmn 017 409 300522542 944 .3.40 172092 494 002 1734641609
199 -116
1926.
1925.
1924.
No. Shares. No. Shares. No. Shares. No. Skates.
Month of January
February
March
34,275.410
44,162,496
49.211.663
38,987.885
35,725.989
52,271.691
41,570,543
32,794,456
38,294.393
26,857.386
20,721,562
18.315,911
87.649.569 126,985,565 112.659.392
65,894.859
49,781.211
46,597.830
47.778,544
30.326.714
23,341.144
38.254,575
24.844,207
36,647,760
30,750,768
18.116.828
13,513.967
17,003.140
Second quarter
144,157,585
91,922.433
92,242.735
48.633.935
Month of July
August
September
38.575,576
51.205,812
51.576.590
36.691,187
44,491,314
37,030,166
32.812,918
33,047,248
37,109,231
24,318,182
21,809.031
18,184,160
141,357,978 118.212,667 102.969.397
64.311.373
First quarter
Month of April
May
June
Third quarter
We now add our detailed statement showing the figures
for each city separately for September and since Jan. 1 for
two years and for the week rnding Oct. 1 for four years:
CLEARINGS FOR SEPTEMBER, SINCE JANUARY AND
1
FOR WEEK ENDING OCT. 1.
Month of September.
Nine Months.
Clearings al
1927.
1926.
$
$
First Federal Rese rye District- BostonMaine-Bangor
3,892,044
3,234,009
Portland
17,538,835
14,849,143
Mass.-Iioaton
2,030,212,730 1,842,703,947
Fall River
7,827,410
7,674,309
Holyoke
3,581,162
3,478,827
Lowell
4.496,784
4,105,263
Lynn
a
a
New Bedford
4,841,445
4,727,949
Springfield
21,443,796
24,522,279
Worcester
14,019,752
14,228.209
Conn.-Hartford ___ 74,688,409
59,438,017
New Haven
32,318,750
29,438,017
Waterbury
9,919,100
9,810,800
R. 1.-Providence.. _
54,334,000
54,867,900
N.H.-Manchester
3,014,259
2,908,309
Inc.or
Dec.
1927.
%
$
Week Ending October 1.
1926.
Inc. or
Dec.
1927.
1926.
Inc. or
Dec.
1925.
$
%
$
$
%
$
1924.
*
+20.3
31,865,738
28.787,396 +10.7
718.572
922,598 -22.2
+18.1
985,772
1,151,002
146.602,263
140,983,246
+4.0
5,089.767
5,751,789
-11.5
+10.2 19,025.043,160 18,320,485,842
6.022,583
5,103,484
+3.8 488,000,000 492,000,000 -0.8 499.000,00
+2.0
0 392,000,000
75,872.994
76,219,514 -0.5
1,682,906
2,059,025 -18.3
+2.9
2,374,585
33,686.330
2,036,633
35,859,544 -6.1
a
a
a
a
+9.5
46,615,924
a
40,727,702 +14.5
1,092,800
953,125 +14.7
1,082,286
a
1,086,187
a
a
a
a
a
a
a
+2.4
a
46,411,833
49,833,931 -6.9
1,095,173
1,031,546
+6.2
-12.6
1,526,204
1,492,887
208,776.363
224,053.317 -6.8
4,971.574
6,979.782 -28.8
-1.5
7,906,198
5,369.931
139,382,292
141,725,935 -1.7
3.402,359
3,918,496 -13.2
+25.7
4.277,955
4,148.000
604,044,027
610,539.946 -1.1
16.709,689
16,979,527 -1.6
17.660,478
+9.8
15,719.049
299,471,505
277.203.021
+8.0
7,812.517
7,960,759 -1.9
8,180,726
+1.1
8.307.584
97,171,500
93,199,600 +4.3
-1.0
518,695,600
507.422,700 +2.2
13,519,500
18,035,300 -25.0
14,825,300
+3.6
12,591,900
28,634,525
30,166,569 -5.1
625.611
823.069 -24.0
909,486
886,135
Total(14 cities)... _ _ 2,282,128,476 2,076.193,067 +9.9 21,302,274,054
20,577,208,263 +3.5 544,720,468 557.415.016 -2.3 564.751,573
449,892,792
Second Federal Re serve District -New York
N. Y.-Albany
26,393,235
26,976,268 -2.2
245.776.500
250,884,355 -2.0
5,887,235
Binghamton
6.566.458 -10.3
4,909,400
7,223,635
4,568,914
6.743.207
+7.5
49,295,364
45,227,914
+9.0
1,024,500
Buffalo
1,186.562 -13.7
228,633,205
1,409,600
220,706,806
1,258,500
+3.6 2,020.786,919 2,036,171.507 -0.8
55,882,876
52,785,569
Elmira
+5.7
3,682,600
56,858,542
4,207,508 -12.5
48,022.389
40,728,976
39,999.693
+1.8
891,025
1,060,660 -16.0
Jamestown
5,518,333
1,056,516
6.536,499 -15.6
54,461,840
842,315
58,526,110 -6.9
1,096.297
1.141,266 -3.9
New York
26,599.391,689 21,360,018.748 +24.5233.8
1,638,683
1,085,383
58.423,316217,054,735,756 +7.7 6.569.909.0985,947.467.441
Niagara Falls
+10.56.415.092.4375,474.813,292
5.290,306
4,413,636 +19.9
46,284.945
40.878.720
+13.2
Rochester
57,342,004
63,211.690 +7.8
538,467,103
509.987,191
+5.6
13,979,751
15,870.642 -11.9
Syracuse
16,691,107
26,441,283
24,637,988 +7.3
14,101,031
251,426,439
238.043,639 +5.6
6,042,895
6,517,292 -7.3
Coon -Stamford....
7,579,168
14,580.791
16.618,633 -12.3
146,679,344
6,756,766
139,806,107
c3,314,390
+4.9
3,354,533 -1.2
N. 1.-Montclair....
3,947,272
3,542,044
3,941.786 -10.1
33,917,373
3,733,257
31,788,077
791.643
Newark
+6.7
792,858
-0.2
104,169,765
947,076
98,582,371
+5.7 1,002.997,704
567,945
970,397,09
4
+3.3
Northern N. J
1138,285,830
157,595.688 +6.8 1,555,036,838 1,487,878.060 +4.5
45,785,302
41,723.382
Oranges
+9.7
6,092.675
41,188,993
5,771.005 +5.8
60,302,558
33,959,321
56,635,202 +6.5
Total (141 althea _ 27.2A4 272 lan 91 OW? 127 P.M .4.24.0 229.1104.59
5.219 222.960.050426
4.- 7 fl 6.704 605 012 A.07/1 4RR ftfla 4.102 A 664 AI, non g en.
one Anse
fVOL. 125.
THE CHRONICLi
1932
CLEARINGS--(Continued)
1926.
1927.
$
Third Federal Res erve District
7,091,718
Pa.-Altoona
16,892,101
Bethlehem
5,983,911
Chester
20,272,693
Harrisburg
9,305,079
Lancaster
2,536,227
Lebanon
3,684,174
Norristown
2,322,000.000
Philadelphia
17.412.494
Reading
32,468,830
Scranton
18,557,576
Wilkes-Barre
7,320,053
York
10,617.786
N.J.-Camden
26,717,493
Trenton
a
Del.-Wilmington_
Inc. or
Dec.
_
Inc. or
Dec.
1.781.737.482 1.770.988,040
251,842,000
162,183.772
2,873,602,256
4,800,841,724
684,698,300
a
37.080,746
a
17,493,710
78.397,424
a
a
215,357,009
28.016,203
a
12,235,486
56,280,806
7,019,444,221
71,887,341
164,481,554
1924.
1925.
$
*
1,580.335
4,624,712
1,483,847
1,899.215 -16.8
4,749,631 -2.8
1,654,433 -10.3
1,722,971
4,725,427
1,627,373
1,681,088
3,077,960
1,645,972
2,303.637
2,819,052 -18.3
1,568,338
3,523,673
572,000,000
4,553,751
6,609,672
d4,534,786
1,795,190
578,000.000 -1.0
6,826,514 -33.3
8,230,260 -19.7
4,144,783 +9.4
2,183,455 -17.8
677,000,000
4,448,933
7,009,000
4,335,375
3,003,329
539,000,000
4,037,538
8.066,016
3,998,596
2,547,817
6,726,232
-7.4
a
6,695,153
a
5,541,343
a
-3.5
605,712,373
617.233.575
-1.9
712,135,899
574,020,003
240,390.000 +4.8
160.756,815 +0.9
2,890,695.081
+5.1
4,569.197,961
654,197,300 +4.6
a
a
37,591,625 -1.4
a
a
17,877,861 -2.1
80,991,571 -3.2
a
a
a
a
200,038,254 +3.0
29,155,679 -3.9
a
a
13,891.317 -11.9
55,081.850 +2.2
6,800,065,468 +3.2
71,811,793 +0.1
163,343.380 +0.7
8.629,000
3,324,365
72,514,246
120,161,045
18,462,200
a
9,941,000 -13.2
3,269,653 + 1.7
74,477,531 -2.4
131.796,575 -8.8
19,275,400 -4.2
a
a
7,571,000
4,097.732
76,241,928
127,477.004
18,046,400
a
7,343,000
4.780.903
68,750,271
122,719,113
17,484,900
a
181,290,705
192.957,186
-6.1
186,150.486
162.337,055
+3.1
411.391,521
439,426.757
-5.8
429,934,956
390,891,368
+0.6 16,473.842,552 15,994,085,955
Fifth Federal Rese rve District- Richmond6.186,658 -17.1
5,127,627
W. Va.-Huntington_
a
a
Va.-Newport News_
37.7
8
33,884.411
21.098.840
Norfolk
211,568,000 +0.7
212.953,000
Richmond
a
a
a
N. C.-Asheville
10,706,070
10,043,913
Raleigh
a
a
a
Wilmington
-11.7
12,024,507
10,617,458
B. C.-Charleston._
9,975,467 -2.0
9,775,621
Columbia
490,854,578 -9.6
443,578,025
Md.-Baltimore _ _ _
2,120,113 +5.6
2,230,371
Frederick
3,279.228 +6.5
3,490,942
Hagerstown
-1.0
105,608,791
104,579,351
-Washington
D. C.
Inc. or
Dec.
1926.
1927.
6,226,443
a
+1.8 22,625,830,140 23.437,713,542
Fourth Federal Re serve District -Cleveland29,284,000 -1.2
28.924,000
Ohio-Akron
20.418,013 -7.2
18,942.316
Canton
+4.7
303,760.249
318,081.172
Cincinnati
+4.8
510,212,974
534,664,986
Cleveland
+5.9
72,349,600
76,593,900
Columbus
a
a
a
Dayton
+5.8
4,513.961
4,774,813
Hamilton
a
a
a
Lima
2,080.434 -8.1
1,911,863
Lorain
9,906,605
9,053,350
Mansfield
a
a
a
Springfield
a
a
a
Toledo
22,241,358 -3.4
21.493,129
Youngstown
3,509,534 -17.1
2,911,068
Pa.-Beaver County_
a
a
a
Erie
1,483,759 -2.6
1,445,456
Franklin
-5.9
6,626,607
6.233,712
Greensburg
760.093,931 --3.6
732,487,858
Pittsburgh
+8.5
6,303,622
6,837,364
Ky.-Lexington
18,203.393 -4.5
17,382,495
W. Va.-Wheeling..
Total(15 cities) _
1926.
1927.
$
-Philadelph ia62,023,252 +5.0
65,133.770
7,443,124
168,838,328 +1.2
170,817,900
18,645,203 -9.4
+0.1
54,625,296
54,642,883
6,077,201 -1.5
188,476,208 -1.8
184.411,639
20,482,758 -1.0
90.292,445
86,000,508
8.889.388 +4.7
25,243,444
25,088,702
2,653,132 -4.4
+0.7
35,227,187
35.462,182
3,997,248 -7.8
2,282.000,000 +1.8 20,994,000,000 21.827,381,000 -3.8
160,598,807 -2.4
164,452,553
18,788,692 +3.7
240,567,129 +3.0
247,773,701
27,022:813 +20.2
142,155,259 +12.4
159,735,877
18,101,325 +2.5
73,566,558 -4.4
70.308,485
7.965.950 -8.1
126,437,900 -14.8
107.765,436
11,318,286 -6.2
242.280.720 +7.4
260,236,504
+4.9
25,464,092
a
a
a
a
a
2,500,860.135 2.456,849,212
Total(14 cities) _ _
Week ending October 1.
Nine Months.
Month of September.
Clearings al-
a
a
a
a
2,064,325
a
a
8,286,081
2,059,239 -12.2
a
a
a
a
5,650.123 -7.9
d1,808,200
a
a
5,201,760
a
a
a
a
a
1,749,658
a
a
5.726,488
50,796,144
a
228,219,839
1,828,853,272
a
101.000,785
a
89,158,242
77,090,816
4,198.470,75
19,011,913
31,859,481
1,031,200,264
58,116,955 -12.6
a
a
315.832,242 -27.7
1,921,086,000 -4.8
a
a
103,988,343 -2.8
a
a
95,521,853 -6.7
65,213,003 +18.2
4,529,527,713 -7.3
18,787,445 +1.2
30,679,205 +3.8
1,027.718,875 +0.3
1,353,848
a
d4.379,072
54,292,000
a
1,729,068 -21.7
a
a
8,119.143 -46.1
52,701,000 +3.0
a
a
1,518,444
a
8,478,281
60,640,000
a
1,715,903
a
7,416,097
56,493,000
a
a
d2,412.778
a
a
3,030,040 -20.4
a
3.215,790
a
2,162,648
99,893,600
113,930,884 -12.3
125,393,206
1013,998,778
25,849,168
25,977,376
-0.5
26,709,781
19,855,000
-7.1
7,655,661.508
8,166,449,634
-6.3
188,180,466
205,488,411
-8.4
225,955,502
194,841,424
Sixth Federal Rese rye District- Atlanta-.
34,053,939
37,916,774
Tenn -Chattanooga.
13,147,601
13,337,912
Knoxville
90,386,779
98,406,521
Nashville
232,135,060
242,018,230
Ga.-Atlanta
12,118,311
13,611,653
Augusta
5,394,628
5,410,262
Columbus
8,736,804
14,114,732
Macon
a
a
Savannah
94,680,162
68,326,316
Fla.-Jacksonville_ _ _
23,967,576
15,037.000
Miami
24,391.362
15,147,925
Tampa
111,733,086
123,018,663
Ala.-Birmingham _
8.639,178
8,266.512
Mobile
7.213,181
9.789,358
Montgomery
10,738,884
8,674.000
Miss.-Hattiesburg _
7,459,135
10,055.000
Jackson
4,097,931
4,260,484
Meridian
1,895,666
2,065,923
Vicksburg
267,422,948
291,924,494
La.-New Orleans__
+ 11.3
+1.4
+8.9
+4.3
+ 12.3
+0.3
+61.6
a
-27.8
-37.3
-37.9
+10.1
-4.3
+25.7
-19.2
+34.8
+4.0
+8.9
+9.2
311,640,719
127,670,559
870,117,425
1,930,2903,621
80,687,257
41,322,326
82,811,113
a
778,422,584
213,725,415
185,620,039
959,281,256
76,648,986
62,434,096
70,505,901
68,080,589
38,238,528
15,798,623
2,196.983,325
293,482,761
127,015,837
842.632,414
2,406,211,608
78,180,332
41,229,922
69,413,895
a
1,195,968,934
534,828,096
334,378,265
993,610,171
80.981,965
63,439,814
77,651.437
63,786,162
34,806,540
15,777,307
2,249,092,391
+4.4
+0.1
+0.3
-19.8
+3.2
+0.2
+19.3
a
-34.9
-60.0
-44.5
-3.5
-5A
-1.6
-9.2
+6.7
+9.9
+0.1
-2.4
8,241,983
2,798,975
22,976.415
54,243,625
3.538.477
+9.3
7,542,761
2,858,923 -2.0
21,409,655 +7.3
55,651,015 -2.5
2,980,060 +18.7
6,833,021
3,223,583
22,006,210
81,649.145
2,950,056
4,487,703
3,225,962
19,511,786
55,161,808
.2.500,000
2,809,718
a
13.711,973
2,857.000
2,371,592 +18.5
a
a
18,983,546 -27.8
4,832.254 -40.9
2,320,783
a
30,095,599
26,341,968
1,898,443
a
13,474,381
3,569,934
30,750,336
1,780,137
27,455.254 +12.0
2,220,016 -19.8
29,938,791
2,248,588
26,767,894
2,133,474
958,212,231
+2.4
8,110,285,382
9,507,467,660 -14.7
208,803,616
219,171,105
Total(10 cities)-
-
Total(18 cities)....
823.504,148
981,381,759
885,987,821
Seventh Federal R eserve Distric t-Chicago1,071.859
,151.327
Mich.-Adrian
4,363,339
4,408,332
Ann Arbor
748.790,410
749,858,986
Detroit
14,817.007
16,192.053
Flint
35,986,594
34,101.438
Grand Rapids
7,428,854
7,575.711
Jackson
11,505,791
15,840,393
Lansing
12,301,742
11,756,878
Ind.-Fort Wayne__ 31.698,414
24,412,345
Gary
96,363.000
96,029,000
Indianapolis
13,323,419
12,101,900
South Bend
22,762,644
24.366,810
Terre Haute
14,301.809
14,543,713
Wis.-Madison
175,855.052
181,371,999
Milwaukee
4.240.221
4,522.201
Oshkosh
11.013,774
12,279,742
Iowa-Cedar Rapids.
42.054,915
44,230,089
Davenport
42,881,217
41,118.422
Dec Moines
2,280,227
2,326,772
Iowa City
f
Mason City
26,731,633
26,208,550
Sioux City
5,592,354
5.052,132
Waterloo
7,044,062
6,470,837
Ill.-Aurora
6,756.286
7,350,028
Bloomington
2,980.377.396 2,651,021.628
Chicago
a
a
Danville
5,645,439
6,598,277
Decatur
20,960,976
20.517,981
Peoria
13,673,799
14,027.509
Rockford
11,062,109
10,111,083
Springfield
Total(29 cities)._
4,374,901,704 4,011,229,574
+7.4
+1.1
+0.2
+11.5
-5.2
+2.0
+37.7
-4.4
-23.0
-0.4
-9.2
+7.0
+1.7
+3.1
+6.8
+ 11.4
+5.2
-4.1
+2.0
I
+8.8
+12.4
a
+16.9
+2.8
-8.6
+8.3 39,431,996,571 38.931,866,892
LouisEighth Federal Re serve District -Sc.
22,181,985 +15.7
25.665,427
Ind.-Evansville
747,719 -5.3
*708,000
New Albany
612,400,000 -5.2
580,800,000
Mo.-St. Louis
a
a
a
Springfield
140,412.305 +9.3
153,426,840
Ky.-Louisville
+16.3
1,283,846
1,493,289
Owensboro
7.596.982 +23.0
9,342,481
Paducah
98,342,013 +3.9
102,158.507
Tenn.-Memphis_ _
68,807,766 -8.6
62,816.319
Ark.-Little Rock__ 1,671,474 -5.6
1,577,554
111.-Jacksonville_ _ _ _
+1.5
6.436,481
6,533,407
Quincy
-1.6
959.880,551
944.521.824
Total(10 cities)._
+4.9
9.366.966
9,826,051
43,034.407 -0.5
42,802,372
6,542.903,462 6,823,169,207 -1.2
113,183.857 +17.3
132,746,954
327,960,407 -5.1
311,120,477
68.288,059 +5.8
72.235,864
112,284,588 -5.4
106,201,949
112,321,479 +1.4
113,853,552
243,618,178 -4.1
233,730,777
887,357,000 +1.6
901,803,410
120,145,263 -1.0
118,908,180
228,604,346
228,315.579
140,741,435 -0.7
139,708,206
1,676,649,812 1,635,966,234 +2.5
+5.8
36,678,907
38.822,520
+7.6
102,456,681
110,237,162
+4.2
378,390.647
394,476,591
405,262,935 -4.4
387.347.970
+3.1
18,660,778
19,236,142
I
I
263,645,284 -7.4
244,247,618
+3.6
47,900,816
49,628,416
66,486,213 -3.6
64,069,730
-3.1
64,478,541
62,511,088
26,945,506,579 26,390.689.912 +2.1
a
a
a
52,760,109 +2.4
54,029,431
200,324,80
190,792,790
+6.4
126,982.216
135,186.127
-5.2
110,927,61
105,117,822
+1.3
230,862,400
7,478,984
5,472,521,186
a
1,379,483,557
14,539,244
85.433.424
795,693,484
509,210,106
1,5,347,080
59,749,036
215,019,187
7.780,961
5,610.677,520
a
1,345,544,613
15,255,310
81,918,947
847.163,065
538,432,541
16,953.741
64,556,964
+7.4
-3.9
-2.5
a
+2.5
-4.7
+4.3
--6.1
--5.4
--9.5
--7.4
8,570.318,501
8,742,802,849
-2.0
+8.9
1,740,000
1,438.198
482,029 -2.3
70,627,000 -11.4
561,744
75,378,418
529,368
47,164,961
-4.8
285,287.886
181,863,890
275,176
*1,250,000
161,964,249
236,015 +16.6
1,358,070 -8.0
169,467,829 -4.4
237,154
1,141,563
177,002,723
265,634
1,101,267
128,926,834
6,944,915
8,782,961 -20.9
8,046,642
7,704,495
2,925,132
2.737.276
2.870,639
2.801.295
+1.9
-2.3
2.794,994
2,435,107
2,6613,551
2,395,941
21,314,000
2,618,300
5.509.977
21,783.917 -2.2
3,034,900 -13.7
+3.3
5,334,911
16,523,000
3,367,825
3,527.756
19,657,000
2,537,8W
4,941.828
39.499,947
41,974.276
-5.9
39,841,571
39,601,908
2,757,688
2,758,451
+0.1
3,853,798
3,239,631
8,960,089
9,622,116
-6.9
13,002,894
12,763,067
5,911,270
1,211.956
6,860,002 -13.8
1,422,330 -14.8
7,308,785
1.707,931
7,202,287
1,800,524
1,880,000
471,116
62,543,861
1,759,000
1,525,420
675.970.690
a
1.264,680
4,317,317
3,131,019
2.417,113
1,510,278
670,928,222
a
1,245,836
4,764,588
3.189.138
2,550,212
+1.0
+0.8
a
+1.5
-9.4
-1.8
-5.2
1,653,848
752,132,846
a
1,458,037
5,250,236
3,093,732
3,202,539
1,638,639
636,435,055
a
1,383,913
4,847,690
2,293,717
2,622,131
952,506,214
962,491,788
-1.0 1,046,782,981
884,025,812
5,798,441 -15.3
5,531,871
4,875,750
130,800.000
141,400,000
-7.5
169,300,000
144,800,000
32,996,967
281.435
30,954,891
282,052
+6.6
-0.2
31,189,006
298,068
30,896,879
342,928
31,046,207
15,788,007
320,263
1.337,130
28.485,545 +9.0
16,645,321 -5.2
408,039 -21.5
1,324,171
+1.0
35,728,116
18.564,631
496,578
1,606,851
22,181.170
15,199,539
486,510
1,279,936
-3.5
262,715,119
219,862,712
4,912,030
217,482,039
225,298,460
OCT.8 1927.]
THE CHRONICLE
1933
CLEAR!NGS--(Concluded).
Month of September.
Nine Months.
weer enaing octooer 1.
Clearings at-
3
S
%
Ninth Federal Res erve District -Minneapoli sMinn.-Duluth
61,991,726
39,346,396 +57.6
Minneapolis
450,273,465
366,855,937 +22.7
Rochester
2,739,660
2,548,741
+7.5
St. Paul
127,140,928
127,215,505 -0.1
No. Disk.-Fargo _
8,100,253
7.972.730 +1.6
Grand Forks
6,479,000
6,778.000 -4.4
Minot
1,812,770
1,540,940 +17.6
S. D.-Aberdeen.._ _
7,743,338
5,888,149 +31.5
Sioux Falls
6,738,577
6,264,663 +7.6
Mont.-Billings
3,401,317
2,945,671 +15.5
Great Falls
5,941,027
4,525,510 +31.3
Helena
14,708,326
13,826,760 +6.4
Lewistown
933,142
1,151,360 -19.0
Total(13 eities)____
698,003,529
Total(15 cities)___
$
$
%
$
%
$
4,904,888,520
-4.5
160,620,523
15,636,833
18,496.304
190,537,456
1,552,844,009
91,382,576
a
a
124,823,880
318,977,125
61,313,751
5,438.561,005
252,614,315
14,932.050
21,682,938
183,273.316
1,574,968,791
174.742,726
a
a
132,910.521
329,734.094
70,172,198
5,347,523,891
285,650,509
d280,205
395,987
4,336,901
38.510,931
307,090
434,460
4,569,305
40,703,340
d2,373,040
d6,791,078
2,578,447
7.113,700
aa
666,406
7,862,164
a
a
1,102,758.468 1,098,324,489
447,429,573
381,189.928
46,932,800
46,445,361
1.189,524,467 1,225.789,940
50,764,004
46,395,769
+4.7
-14.7
+4.0
-1.4
-47.7
a
a
-6.1
-3.2
-12.6
+1.7
-11.6
a
-92.5
a
+0.4
+17.4
+1.0
-3.0
+9.4
-4.9 10,903.262,972 10,941.588,685
-0.1
235,066,526
-6.3
4,768,255,693
4.845,061,180
Twelfth Federal , °serve Marie t-San Franc iscoWash.-Bellingham 3.658,000
3,992,000 +0.2
Seattle
•
214,089,058
201.826,918
+6.1
Spokane
58,443,000
57,150,000 +2.3
Tacoma
a
a
a
Yakima
6,575,921
6.958.976 .-5.5
Ida.-Boise
5,933.027
6,041,564 -1.8
Ore.-Eugene
2,184,000
2,329,129 -6.2
Portland
174.514,626
181,831,631 -4.0
Utah-Ogden
10,116.769
8,230.773 +22.9
Salt Lake City
.
76,518,730
80,386,364 -4.8
Nev.-Reno
3,306,800
3.255.098 +1.6
Ariz.-Phoenix
11,148.000
10,712,000 +4.1
Calif.-Bakerstield .
5.361,798
5.050,719 +6.2
Berkeley
20.852,572
19,330,680 +7.9
Fresno
20,483,777
23,931,043 -14.4
Long Beach
27.834,321
30,036,433 -7.3
Los Angeles
704,966,000
752,816,000 -6.4
Modesto
4,240,493
4,601,050 -7.7
Oakland
75.734,866
92,262,693 -17.9
Pasadena
25,392,185
25,190,408 +0.8
Riverside
3,783,200
3,523,221
+7.4
Sacramento
36,877,006
47,040,362 -21.6
San Diego
20,595.287
25.851,847 -20.3
San Francisco
837,898,702
835,830,382
+0.2
San Jose
12.726,726
14,964.944 -14.9
Santa Barbara
.
6,362,245
6,859,357 -7.2
Santa Monica_
9,126,282
11,015,724 -17.2
Santa Rosa
2,472,906
2,575,446 -4.0
Stockton
12.258,500
12,649.900 -3.1
35.786,000
1,746.394,469
478,083,000
a
51.505,543
43,349,687
19,682,750
1,454,039,761
57,750,554
649,073,107
26,530.782
107,660,900
47,987.655
190.660,107
150,081,882
275,250,590
6.973,787.000
32,638,143
718,984,260
262,908,707
44.843,404
299,160,450
222,464.743
7,260.110,628
105,381,344
56,090,929
86,409,056
18,618,606
105,215,600
35.754,000
1,761.374,610
468,652,000
a
55.740.616
41,624,284
20,874,595
1,552,230,569
58,788,804
661,248,097
26.830,060
96.460.000
48,278,646
172,676.743
152.295,142
275,135,775
6,630,948,000
32,789,227
821,224,922
248,418,520
39.848,903
326.181,992
235.308,455
7,360,820,601
115.117.207
58,769,572
90,448,296
19,379.102
108,432,600
Total (28 cities)___ . 2,393,460,797 2,476,244,662
1925.
$
4,684,146,186
62,855,078
63.638.313
1,808,159,222
186,118,143
514,372.701
402,815,000
1.336,663.891
22,424,297
27,377,169
79.819,891
136,639,225
204,178,250
647.048.523
Inc. or
Dec.
d18,166.730
106,727,667
60,976.155
77,162,000
1,866,343,361
181,607,932
457,829.236
336,635,000
1,359.323,442
24,134,282
23,339,040
64,764,624
110.689,274
205.451,341
606,467,926
1920.
+4.3
-5.7
+16.1
-7.5
+2.0
+0.3
-0.1
-14.3
+10.2
+5.9
+14.5
+2.8
+4.3
+19.8
+2.1
+11.5
+3.5
-13.3
-52.3
-10.7
+14.8
+8.5
-34.8
-27.1
+2.3
Total(12 cities)_._
1927.
289,229,938
2,995,311,878
20,417,395
1,185,902,023
69.770,720
51,280,000
11,243.157
54,795,020
58,604,933
21,743.014
31,308,000
109,672,944
5,609.498
586,860,362 +18.9
1,199,513,566 1,260,946,416
1926.
301,662,855
2,826,074,431
23,707,936
1,108,895.428
71.182,048
51,423,000
12,211,756
46,948,713
64,574,528
23.031,240
35,842,668
112.742,710
5,848,873
Tenth Federal Res erve District -Kansas Cit yNeb.-Fremont
1,587,908
1,493.394 +6.3
Hastings
2,144,638
2.236,742 -4.1
Lincoln
20,984,768
19.948,983 +5.2
Omaha
178,306,558
174,445,477
+2.2
Kan.-Kansas City_ _
10,191.869
20,067.024 -49.2
Lawrence
a
a
a
Pittsburg
a
a
a
Topeka
13,501,022
13,475,882
+0.2
Wichita
33,963,057
35,059,251 -3.1
Mo.-Joplin
7,058,949
8,015,558 -11.9
Kansas City
574,018,370
623,858,764 -8.0
St. Joseph
27.624,028
27,661,995 -0.1
Okla.-Lawton
a
a
a
McAlester
684,124
Muskogee
a
a
a
Oklahoma City_ _122,634,310
129.592,102 -5.4
Tulsa
47,741.274
45,609,172
+4.7
Cob -Cob. Springs
5,561,638
5,718,196 -2.7
Denver
148,317,022
147,329,701
+0.7
Pueblo
5,878,155
5,749,991
+2.2
Eleventh Federal Reserve Dlstr ict- DallasTex.-Austin
9,836,950
8.213,127
Beaumont
8,010,000
7,855.000
Dallas
255,592,042
229,214,776
El Paso
19,598,210
18,939,661
Fort Worth
55,624.110
64,255,513
Galveston
30,301,000
63,410,000
Houston
174,094,429
194,938,100
Port Arthur
2,774,626
2,417,717
Texarkana
3,731,309
3,450,033
Waco
8,956,616
13,173,649
Wichita Falls
10,406,000
14.273,000
La.-Shreveport
•
27,533,634
26,907,947
1927.
-3.3 21.520.458.657 21,513,651,338
-3.0
+21.3
+3.2
-2.4
-11.0
-16.4
+1.7
+7.7
-14.8
-18.2
-19.0
+0.6
bLob
1926.
Inc. or
Dec.
iiiiillit+Ir++Ititil+LI+1.+1+
..
1927.
Inc. or
Dec.
+0.1
9,242,684 +96.5
83,563,837 +27.7
27,890,535
1,788,360
801,508
3
12,301,524
102,875,477
15,637,328
110,949,161
-4.3
-1.6
32,870.824
1.798,243
32,497,758
2.218.703
1,465,565 +13.8
1,795,087
1,769,060
29,136,933
1.816,728
1,667,723
1924.
779.271
+2.9
833.723
733,284
3.366,476
+6.3
3,148,764
3.483,885
129,371,494 +24.2
155,623,642
167,289,179
-8.8
-8.9
-5.1
-5.4
402,514
630.534
5,240,848
42,128,252
176,178
759,438
4,846,788
42,761,100
-8.0
-4.5
3.425,652
7,877,581
2,413,664
7.970,761
124,487,531
d6,042,562
138,710,641 -10.3
6,145,042 -1.7
142,786,143
6,814,599
140,398,690
6,272,995
a
d28.480,380
a
213,191
21,873,082
el.281,638
a
a
29,868,407 -4.6
a
a
442,501 -51.8
21,288,018 +2.7
1,181,192 +8.5
a
27,945,991
a
641,405
26,078,641
1,281,784
28263,307
a
800,392
22,367,528
1,032,757
265,253,944
258,463,598
•
3,578,000
253,342,143
-7.2
1,921,834
2,117,670
-9.2
2,206,030
1,733,944
62,008,837
59,299,429
+4.6
58,363,780
56,135,464
d14,660,482
7,910,000
a
15,179,267
15,820,000
a
-3.4
-5.0
a
12,856,123
13.218,000
a
14,821.795
11.951,455
a
•
6,020,041
6.225,495 -50.0
6,218,966
5,409,953
92,521,196
98.641,861
-6.2
92,862,899
00,052,611
46,645,054
12,653,000
a
1,609,747
48,795,209
13,558,000
a
1,681,552
-4.4
-6.7
a
-4.3
45,604,254
12,275,000
a
1,863.625
39,392,618
11,837,000
a
1,621,822
38,103,737
40,462,435
-5.8
42,129,723
39,683,133
17,959.454
a
a
20,100,020 -10.6
a
a
a
a
19,623,968
a
a
17,317,121
a
a
4,904,509
6.160,354
162,668,000
5,323,359
6,607,173
173,173,000
-7.9
-6.8
-6.1
5,579,690
6,486,360
159,093,000
4.767.261
6,063,808
130.333.000
17,560,656
5,373,616
17.626.719
5,423,175
-0.4
-0.9
21.631,865
5,575,020
19,061,141
4,944,015
7.704,779 -19.9
5,354,906 -20.4
189,567,000 +7.0
3,617,477 -15.5
1,319,343 -7.4
2,112,284 -7.5
8,688,827
5,803,124
192,803,000
3,338.195
1.379.549
2.045.379
8,246.472
4,036,156
172,500,000
3,298,952
1,106,919
1,685,095
d6,169,514
4,262,661
202,892,000
3.058,363
1.221,781
1,952,834
c2,519,600
2,509,500
+0.4
2,592,000
2,733,000
535,714,880
544,935,931
-1.7
536.512,579
468,628,013
Grand total(193 cities 1 45,840,754,506 40,108,227.999 +14.3 405,950,917,409
390.523,543.944
+4.0 10,857,127,831 10325619.428
+5.2 11131450.0099.471,514.808
Outside New York__ . 19.241.362.817 18.748.209.251
-0.8 4_iR7.218 733 4.378.151.987
-1.9 4.716.357.582 3.996.701.516
+2.6 172.092.494.093 173.468.808.188
CANADIAN CLEARINGS FOR SEPTEMBER, SINCE JANUARY
1, AND FOR WEEK ENDING SEPT. 20.
Month of September.
Clearings at-
1927.
Tn.el (90 nitlaw9
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CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William
New WestminsterMedicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
sChatham
sfiarnia
NN.
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.
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et No longer report elearings.
Not Included In total.
$
436,330,004
412,899.036
203,396,078
71,739,665
26,482.275
28.749.366
11,616,308
25,245,334
22,253,539
10,374,342
8,819.733
10,789,588
19,803,070
20,371.860
2,613,768
2,168.195
8.618.798
5,586,640
4,305,999
4,322.636
3,509,468
1,288.149
3.685.958
3,686.876
4,045,961
18,972,913
1,536,597
3.459.623
3.447,393
2.687,040
2,777,889
Nine Months.
Inc. or
Dec.
%
+25.3
+35.8
-9.8
+3.6
+13.9
+2.9
+10.8
+0.5
+32.8
+0.3
+10.5
+19.5
+15.6
+0.2
+3.1
+25.6
+12.3
+4.4
+28.3
+0.2
+5.5
+12.2
+5.2
+3.7
+15.7
+2.2
+12.2
+6.8
+24.5
+23.7
+23.2
1927.
9
4,579,528,658
4,469,347,083
1,761,536,533
668,347,106
260,829,359
248,433,299
116,271.273
215,044,507
283.793,850
97,610,150
85,499,020
118,373,221
198,834,923
162,465,427
21,368,525
20,469.982
74.063.792
46,621,215
44,714,338
36,112,491
31,451,620
11,109,095
32.695,301
35.244,879
43,001,462
175.197,467
14.448.604
33.084,066
31.227,751
1926.
9
4,035,184,387
3,777,275,193
1,784,760,188
653.272,264
244.219,815
224,429,720
111,485,528
192,008,846
273.249,371
102.612.697
83,413.544
102,853,395
187,245,385
150.832.122
21.229.505
20,738,505
71,271.862
46,992,896
39,634.782
32,550,025
27,847,122
11,510,076
29,928,667
32,312,631
37,132,989
158.874,629
14,335,068
31,753,210
27.671.028
Week Ended September 29.
Inc. or
Dec.
%
+13.5
+18.3
-1.3
+2.3
+6.8
+10.7
+4.3
+12.0
+3.8
-4.9
+2.5
+15.1
+6.2
+1.6
+0.7
-1.3
+3.9
-0.8
+12.8
+10.9
+13.8
-3.5
+9.2
+9.1
+15.8
+10.3
+0.8
+4.2
+1.3
1927.
$
127,443,129
132,349,430
44,582,718
16,573,652
6.069,045
5,816,285
2.890,287
5,658,749
6,738,999
2,233,761
2.108,493
2,956,841
5,527.168
4,616,021
572,496
563,116
2,041,040
1,272,118
1.330.722
963.990
860,158
360.194
801,496
711,638
1.058,875
4,732,924
368,811
735,285
1,075,302
766,353
834,483
1926.
Inc. or
Dec.
$
%
98,117,384 +29.9
90,421.827 +46.4
58,667.253 -24.0
15,437,937 +7.4
5,419.808 +12.0
5,966.707 -2.5
2.769,611
+4.4
4.852,568 +16.6
4.727,310 +42.5
2.253,958 -0.9
1,769.990 +19.1
2,230,523 +32.6
4,438,469 +24.5
5,387,532 -14.3
588.683 -2.8
434,147 +29.7
1,836,445 +11.1
1,429,527 -11.0
932.607 +42.7
786,305 +22.6
768,759 +11.9
272,053 +32.4
847,535. -5.4
775,104 -8.2
934,339 +13.3
4,221,449 +12.1
330,548 +11.6
781,181 -5.9
616.239 +74.5
580,156 +32.1
631,792 +0.4
1925.
$
119,013,863
131,648,991
73,197,888
16,889,876
5,480,496
6,139,963
3,701,843
5,009.312
4,374.028
2,285.978
2,112.798
2,274.751
4,768.844
6,879.324
829,877
550,103
1,799.169
1,329.186
931,662
909,848
861,267
301,594
685,470
705,077
904,729
3,229,657
263,735
805,082
684,901
1924.
$
135,926,000
135,486,322
54,037.462
15.875,282
6,002,106
5,623,325
3,124,774
5,096,820
6,258,413
2,463,755
1,909,815
2,723.705
5,029,039
3,614,101
682,221
.557,945
1.517,303
1,245,487
861,831
1,395,564
757,317
331,318
787,654
674,705
917,157
2.882,350
309.107
731,661
861,678
1 275 IAA 172 -I-10 2 IS 0151 79/ 007 12 525 495 9111
-I-11 et
384.413.579 319.227.746 -1-20.4 395 250 219 209 AAA 01'7
b Do not respond to requests for figures. c Week ended
Sept. 28. d Week ended Sept. 29. e Week ended Sept. 30.
•Estimated.
[VOL. 125.
THE CHRONICLE
1934
Government Revenues and Expenditures.
THE ENGLISH GOLD AND SILVER MARKETS.
the courtesy of the Secretary of the Treasury we
Through
of
circular
weekly
We reprint the following from the
to place before our readers to-day the details
enabled
are
Samuel Montagu & Co. of London, written under date of
t receipts and disbursements for September
Governmen
of
Sept. 21 1927:
GOLD.
1927 and 1926 and the three months of the fiscal years
The Bank of England gold reserve against notes amounted to £149,498,150 1926-27 and 1927-28.
-Month of September- -Three Months-on the 14th inst. as compared with £150,330,600 on the previous Wednesday
1926.
1927.
1926.
1927.
The Bar Gold available in the open market this week-about £92.000Receipts.
Trade.
$
$
$
$
was absorbed by India, the Straits, and the Home and Continental
Ordinaryhave
England
of
Bank
54,409.817 55,596.075 157,873,595 156.762,575
The following movements of gold to and from the
Customs
beenlannounced:
Internal revenue:
446,004,860 441,964,968 518,870,978 536,212,192
Income tax
Sept. 15. Sept. 16. Sept. 17. Sept. 19. Sept. 20. Sept. 21.
Miscellaneous internal revenue 52,389,079 53.953,577 163,653,864 162,548,542
£500,000
Received
Withdrawn__ _ £196,000 £43.000 £757.000 £10,000 £82,000 £48,000 Miscellaneous receipts:
The receipt of £500.000 on the 19th inst. was in sovereigns "released
from set aside account South Africa." The £816,000 soveriegns withdrawn
."Set aside account ,South Africa" £750,000,
were destined _as follow:
£9,000 and Spain £45000. During the week under
Ho1land-£12,000,
Increasing
review £636,000 on balance_hiS- been-withdrawn from the Bank.
cthe net,efflux this year to £1,993,000, and since the restoration of an-effe
riVe- gold standaid-to £7,317,000, as set out in the daily bulletins at
Bank.
The following were the United Kingdom imports and exports of gold
registered in the week ended the 14th inst.:
ImportsBritish West Africa
Other countries
Total
ExportsSweden
Germany
Netherlands
France
Switzerland
Italy
Austria
Other countries
£25,442
826
.._
£16,000
8.480
5,300
5,500
50,200
10,000
5,780
850
£102,110
Total
£26.268
It is officially stated that the gold production of Ontario for the first
six months of this year constitutes a fresh record, being valued at L15.824,821. almost a quarter of a million dollars increase over the production
returned for the corresponding period last Year.
SILVER.
The prices have for some time been showing an appreciative tendency.
The cause to some extent has been yen speculation. On Monday, however, the market overshot itself, and yesterday a sharp fall of %d. took
place in both quotations. This week the steamer leaves in time to catch
a
the October Bombay Settlement. However, this can hardly be called
stiffening factor, though a considerable shipment will be made for the
Bazaars, for Indian operators have mostly bought for cash and sold
for two months delivery. Some covering orders came from China to-day
and the price recovered %cl.
The following were the United Kingdom imports and exports of silver
registered in the week ended the 14th inst.:
ImportsUnited States of America_ _ _ £29,287
4,730
Other countries
Total
ExportsGermany
Other countries
£34,017
£43,650
5,586
£49,236
Total
INDIAN CURRENCY RETURNS.
Aug. 31. Sept. 7. Sept. 15.
(In lacs of rupees.)
18091
18046
18048
Notes in circulation
11493
11476
114,90
Silver coin and bullion in India
3
3
Silver coin and bullion out of India
2976
2976
2970
Gold coin and bullion in India
Gold coin and bullion out of India
3586
3572
3563
Securities (Indian Wovernment)
33
19
19
Securities (British Government)
No silver coinage was reported during the week ended the 15th inst.
The stock in Shanghai on the 16th inst. consisted of about 59,900,000
ounces in sycee, 76,100,000 dollars, and 4,060 silver bars, as compared
with about 58,700,000 ounces in sycee, 79,100.000 dollars. and 4,680 silver
bars on the 9th inst.
Quotations during the week:
Bar Gold.
-Bar Silver, Per Oz. Std.Per Oz. Fine.
2 Mos.
Cash.
84s. 113.d.
259-16d.
25%d.
Sept. 15
84s. 113cl.
25%d.
25%d.
16
84s. 1154d.
25 11-16d.
25 11-16d.
17
84s. 113.d.
%cl.
25
25%d.
19
84s. 11%d.
25%d.
25%d.
20
84s. 111'd.
253.4d.
253d.
21
84s. 11.5d.
25.687d.
25.677d.
Average
are each
delivery
months'
two
and
cash
for
to-day
The silver quotations
3-16d. above those fixed a week ago.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Week Ending Oá. 7.
Oct. 1. Oct. 3. Oct. 4. Oct. 5. Oct. 6. Oct. 7.
Fri.
Than.
Wed.
Mon. Tues.
Sat.
25%
2511-16
2511-1625%
2551
2551
84.11% 84.11;5 84.1134 84.1134 84.11)4
84.11
Silver, per ox
Gold, per fine ounce
-Consols, 25 per cents
British,5 per cents
British,4% per cents.......
French Rentes (in Faris), fr. ____
French War Loan(in.Earis),fr
54 5-16 5451
10251 102%
97%
97%
56.60
56.50
5534
1023(
97.%
56.65
76.70
76.80
76.75
554
10251
97
97%
58.90
57.05
55%
10251
76.95
76.95
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(eta.):
Foreign
55%
z Ex-Interest.
55%
55%
5551
55)5
5551
Proceeds Govt.-owned securitiesForeign obligationsPrincipal
Interest
3,469,194
Railroad securities
494,811
All others
Trust fund receipts (reapproprl4,772.878
ated for Investment)
769,080
Proceeds sale surplus property2,266,868
Panama Canal tolls, ea
Receipts from raised'. sources
539,731
credited direct to approp'ns_
25,075,229
Other miscellaneous
3,000
53,425
10,028,970 10,000.168
3,736.945 33,568,585 23,681,749
734,273 56,425,850
3,417,649
15,909,968
1,890,741
6,684.984
2.904,830
554,715
2,649.381
11.649,978
3,029,660
6,200.244
2,119.358
1,366,009
978,296
10,771,617 55,708,224 36,868,352
590,191,547 576,528,053 966,343,6141005501,867
Total ordinary
Excess of ordinary receipts over
total expenditures chargeable
302,749.748 286,063,258 218,142,103 238,139,557
against ordinary receipts
Expenditures.
Ordinary (Checks and warrants
paid, &c.)159,194,662 157,878,578 485,623,436 474,688,982
General expenditures
86,000,867 71,816,168 107,737.869 93,740,108
Interest on public debt_a
Refund of receipts:
4,358.401
4,971,908
1,475,617
1,503,927
Customs
7,796,156 14,245,515 38,398,808 42,681,269
Internal revenue
15.648
13,000,000
5,000,000
Postal deficiency
1,712,900
2,219,834
407,174
717,294
Panama Canal
Operations in Special Accounts:
138,640
151.483
71,833
114,213
Railroads
5593,226 52,008,376
D790,648
5343,961
War Finance Corporation_ _ _
6,014.032
7,860,622
1,531,361
2.405,091
Shipping Board
248,122
939,303
290,968
83,101
Allen property funds
5168.622
461,112 51,040,355
314,411
fund_
certificate
e
Adjusted-servic
5190,782
50,009
164,283
5110,135
Civil Service retirement fund _ _ _
Investment of trust funds:
4,711,422
Government Life Insurance__
District of Columbia Teachers'
Retirement
56,805
Foreign Service Retirement
61.455
General Railroad Contingent
2,911,335
15,614,729
11,495,034
56,000
56,504
222,701
140,101
72,538
22,888
133.812
132,254
267,441,699 250,450,794 675,389,760 633,012,110
Total ordinary
Public debt retirements chargeable against ordinary receipts:
20.000,000 40,000,000 74,810,650 134,335,500
Sinking fund
100
100
Received for estate taxes
14,500
21,000
14,000
Forfeitures, gifts. dic
20.000,100 40,014,000 74,831,750 134,350,000
Total
Total expenditures chargeable
767,382,110
against ordinary receipts_ _287.441,799 290,464,794 750,201,510
included.
Receipts and expenditures for June reaching the Treasury in July are
1928 to
a The figures for the month include 8102,471.48 and for the fiscal year
series, and
date $359,560.03 accrued discount on war-savings certificates of matured
$770,and
$234,012.86
figures
the
include
year
for the corresponding periods last
954.42, respectively.
I Excess of credits (deduct).
Treasury Money Holdings.
The following compilation, made up from the daily Government statements, shows the money holdings of the
Treasury at the beginning of business on the first of July,
August, September and October 1927:
Holdings in U. S. Treasury July 1 1927. Aug. 1 1927. Sept. I 1927, Oct. 11927,
$
$
g
$
Net silver coin and bullion
Net United States notes__
Net national bank notes__
Net Federal Reserve notes
Net Fed'I Rea. bank notes
Net subsidiary silver
Minor coin, Am
313,686,020
11,656,709
3,235,483
19,029,816
979,355
192,906
5,347,024
5,625,362
305,932,489
14.469,957
3,617,839
19,370,257
1,300,441)
55,720
4.884,173
5.407,077
293,857,056
13,315.898
2,985,087
21.351,027
2,126,835
116,314
4.460,603
4,936.854
300,312,191
13,136,584
3,239.383
21,788,712
3,062,395
170,332
4,034,515
6,123,330
Total cash In Treasury_
I.,ess gold reserve fund
359,752,675
155.420.721
355,037.952
155,420,721
342.949,674
155.420,721
351,867,442
155,420,721
Cash balance In Treafey 204,331,954
Dep.in spee'l depositories.
acct. Treasury bonds,
199,617,231
187,528.953 *196,446,721
Net gold coin and bullion_
Treasury notes and certificates of indebtedn'ss 198,609,000
38.184,932
Dep. In Fedi Res. banks_
Dep. In national banks:
8,628,565
To credit Treas. U.S.
19,834,790
To credit disb. officers_
609.134
Cull In Philippine Islands
485,750
Deposits In foreign depts.
Dep. In Fed'I Land banks
Net cash in Treasury
and in banks
Deduct current liabilities_
470,684,125
236,626,715
133,049,000
32,057,480
55,948,000
18,394.794
454,012,000
40,057,683
7,184.971
19,574.832
1,385,661
502,439
7,531.496
19.521.457
1,178.895
528,283
7,359,043
19,038.171
941,228
816,260
393,371.614
228,830,654
290,629.878
220,343,169
718,471.106
227,927,090
AvaiIhle 05811 balance.. 234,057,410 164,540,96070.286.709, ,
*Includes Oct. 1. $8.847,030.48 silver bullion and $2,664,835.74 minor coin, ao.
not Included In statement "Stock of Money."
OCT.8 1927.]
Preliminary Debt Statement of the United States
Sept. 30 1927.
The preliminary statement of the public debt of the
United States Sept. 30 1927, as made upon the basis of the
daily Treasury statements, is as follows:
BondsConsols of 1930
Panama's of 1016-1936
Panama's of 1918-1938
Panama's of 1961
Conversion bonds
Postal Savings bonds
$599,724,050.00
48,954,180 00
25,947,400 00
49,800,000 00
28.894,500.00
13,951,780 00
$767,271,910.00
First Liberty Loan of 1932-1947
Second Liberty Loan of 1927-1942
Third Liberty Loan of 1928
Fourth Liberty Loan of 1933-1938
$1,939,158,200.00
892,843,200.00
2,147,659,850.00
6,296,905,350.00
11,276,566,600.00
Treasury
Treasury
Treasury
Treasury
bonds of 1947-1952
bonds of 1944-1954
bonds of 1946-1956
bonds of 1943-1947
5762,320,300:00
1,042,401,500.00
491,212,100.00
494,854,750.00
2.790,788.650.00
$14,834,627,160.00
Total bonds
Treasury NotesSeries A-1927, maturing Dec. 15 1927
Series A-1930-32, maturing March 15 1932_ _
Series B-1930-32, maturing Sept. 15 1932
Adjusted Service-Series A-I930
Series A-1931
Series B-I931
Series A-1932
Civil Service-Series 1931
Series 1932
$335,779,900.00
1,320,914,650.00
556,160,600.00
49,800,000 00
53,500,000 00
70.000.000 00
123,400,000 00
31,200,000.00
14,400,000 00
Treasury CertificatesSeries TM-1928. maturing March 15 1928
Series TM2-1928, maturing March 15 1928
Civil Service Retirement Fund Series
Foreign Service Retirement Fund Series
$306,208.000.00
250,577,500.00
3,100,000.00
147,000.00
560,032.500.00
Treasury Savings Certificates.Series of 1922, Issue of Sept. 30 1922
Series 1023, Issue of Sept. 30 1922
Series 1923. Issue of Dec. 1 1923
Seri= 1924, Issue of Dec. 1 1923
$14,435,226.35
127,480,460.50
23.158,977.50
93,473,052.35
258,547.716.70
118,208,362,526.70
Total Interest-bearing debt
Matured Debt on Which Interest Has CeasedOld debt matured-issued prior to April 1 1927_
Certificates of indebtedness
Treasury notes
8 % Victory notes of 1922-23
% Victory notes 01 1922-23
Treasury Savings certificates
$2,052,350.26
1,615,000.00
4,166,000.00
28.250.00
2.921.250.00
16,303,975.00
3,594,939.96
$18,477,419,684.89
Treasury Cash and Current Liabilities.
The cash holdings of the Government as the items stood
Sept. 30 1927 are set out in the following. The figures are
taken entirely from the daily statement of the United States
Treasury of Sept. 30 1927.
CURRENT ASSETS AND LIABILITIES.
GOLD.
701,922,095.04 Gold ctfs. outstanding_.1,622,860,229.00
2 994,120,160.79 Gold fund, F. R. Board
(Act of Dec. 23 1913,
as amended June 21
1917)
1,772,869,835.92
Gold reserve
155,420,720.98
Gold in general fund
144,891,469.93
Total
3,696,042,255.83
Total
3,696,042,255.83
Note.-Reserved against $346,681.016 of U. S. notes and $1,320,850 of Treasury
notes of 1890 outstanding. Treasury notes of 1890 are also secured by silver
dollars In the Treasury.
SILVER DOLLARS.
Assets$
Liabilities$
Silver dollars
477,249,332.00 Silver ctfa. outstanding_ 469,638,928.00
Treasury notes of 1890
outstanding
1,320,850.00
Silver dollars in gen.fund
6,289,554.00
AssetsGold (see above)
Sliver dollars(see above)
United States notes__
Federal Reserve notes__
Fed'I Reserve bank notes
National bank notee__
Subsidiary silver coin._
Minor coin
Silver bullion
Unclassified,-Collections.
Deposits in F. R. banks
Deposits In special depositaries account of
sales of certificates of
indebtedness
Deposits in foreign depositaries:
To credit of Treasurer
United States
To credit of other
Govern't offieers
Deposits in nat'l banks:
To credit of Treasurer
United States
To credit of other
Govern't officers...
DepositsIn Philippine
Treasury:
To credit of Treasurer
United States
Total
477,249,332.00
Total
Net balance
227,927,089.55
490.544.016.20
941,227.75
718.471.105.75
Total
Wheat.
Oats.
Corn.
Barley.
Rye.
551,000 20,068,000
545,000 9,212,000
445,000 12,374,000
3,344,000
3,978,000
4,213,000
3,289,000 2,952,000 2,397,000
2,636,000 1.214,000
684,000
5,651,000 2,598,000 1,225,000
4,396,000118,889,000 35,263,000 86,560,00027,814,000 8,765.000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Oct. 1, follow:
Wheat.
Flour.
Barrels.
255,000
New York _
Philadelphia..
53,000
31,000
Baltimore_ _ _ _
1,000
Newport News
Norfolk
1,000
New Orleans *
66,000
Galveston_
55,000
Montreal __ _
51,000
Boston
Corn.
Bushels.
1,999,000
177,000
178,000
Oats.
Barley.
Rye.
Bushels. Bushels.
Bushels.
Bushels.
602,000
128,000
186,000
76,000
39,000
24,000
2,000
80,000
4,000
8,000
128,000
948,000
360,000
3,107,000
2,000
90,000
18,000
9,000
57,000
9,000
110,000 2,100,000
1,000
65,000
Total week '27
513,000 6,899,000
Since Jan.1'2716,166,000 204,267,000
298,000
793,000 2,332,000
185,000
7,802,000 18,924,000 2.389,000 5,078,000
Week 192&._
511,000 7,970,000
Since Jan.1'2618,896,000165,604,000
141,000
249,000 1,387,000
426,000
5,455,000 38,713,00024,615,00027,625,000
* 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. 1 1927, are shown in the annexed
statement:
ExportsfromNew York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Houston
Vhear.
Corn.
Bushels. Bushels.
892,806
86,000
246,000
317,000
128,000
330,000
256,000
5,717,000
80,000
4,000
Total week 1927_ 8,052,806
Same week 1026
7400 R01
4,000
41 non
Flour.
Oats.
Barrels. Bushels.
69,437
15,000
18,000
1,000
1,000
49,000
2,000
78,000
18,000
251,437
211715
Rye.
Barley.
Bushels. Bushels.
217,792 402,954
30,000
11,000
157,000
162,000 1,686,000
30,000
500,000
10,000
172,000 1,914,792 1,119,954
4A Aso WM rlfrt 007 nnn
477,249,332.00
GENERAL FUND.
$
Liabilities$
144,891,469.93 Treasurer's checks out6,289,554.00
standing
12,138,945.47
3,239,383.00 Deposits of Government
3,062,395.00
officers:
170,332.00
Post Office Departm't
4,447,767.96
21,788,712.00
Board of trustees, Pos4,034,514.52
tal Savings System:
2,664,835.74
5% reserve, lawful
6,847,030.48
money
6,428,700.49
Other deposits
349,681.62
3,458,494.39
Postmasters, clerks of
courts, disbursing
40.057,683.41
officers, Ac
39,185,504.42
Deposits for:
Redemption of F. R.
454,012,000.00
notes(5S fd., gold) 136,476,396.52
Redemption of national bank notes (5%
fund, lawful money) 25,974,665.49
Retirement of addi103,516.98
tional
circulating
512,742.53
notes, Act May 30
1908
2,830.00
Uncollected Items, =7,339,042.54
changes, 4te
2,922.597.58
19,038,171.48
Total week '27
Same week '26
Same week '25
Receipts at-
45,068,702.00
2,046,395.95
241,970,332.93
Total
Flour.
bbls.196lbs. bush. 60 lbs.bush. 56 lbs.bush. 32 lbs.bush.48lbs.bush.S6lbs.
Chicago
281,000
386,000 1,721,000 1,000,000
232,000
46,000
Minneapolis
5,404,000
117,000
882,000
637,000
155,000
Duluth
10,503,000
74,000 1,627,000 2,102,000
Milwaukee_ _ _
88,000
122,000
229,000
250,000
340,000
9,000
81,011
333,000
Toledo
28,000
3,000
31,000
Detroit
23,000
20,000
10,000
59,000
Indianapolis
313,000
178,000
6,000
3,000
760,000
220,000
322,000
St. Louis_ _
124,000
76,000
89,000
Peoria
58,000
18,000
267,000
107,000
27,000
1,441,000
Kansas City_
140,000
55,000
Omaha
437,000
167,000
152,000
St. Joseph._ _ _
179,000
70,000
34,000
Wichita
319,000
6,000
6,000
5,000
Sioux City
76,000
43,000
188,000
2,000
1
$191,260,295.02
Total gross debt
•Net redemption value of certificates outstanding.
Breadstuffs figures brought from page 2000.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
1925
$346,681,016.00
155,420,720.98
Deposits for retirement of national bank and
Federal Reserve bank notes
Old demand notes and fractional currency
Thrift and Treasury Savings stamps, Unclassified sales,
X.orinnverciai andAXiscellanconsRem
Since Aug.11927
4,294•000155
.-.
. •042
. •000 38,919,000 41,127,00025,064,00013,793,000
_._
___ ...
27,086,825.26
Debt Bearing No InterestUnited States notes
Lees gold reserve
Note.-The amount to the credit of disbursing officers and agencies to-day was
$392,013,546.39. Book credits for which obligations of foreign governments are
held by the United States amount to $33,236,629.05.
Under the Acts of July 14 1890 and Dec. 23 1913, deposits of lawful money for
the retirement of outstanding national bank and Federal Reserve bank notes are
paid into the Treasury as miscellaneous receipts, and these obligations are made
under the Acts mentioned a part of the public debt. The amount of such obligations
to-day was $45,068,702.
$2,840,135 in Federal Reserve notes and $21,686,087 in national bank notes are In
the Treasury in process of redemption and are charges against the deposits for the
respective 5% redemption funds.
Receipts at-
$2,555,155,150.00
Assets-Gold coin
Gold bullion
1935
THE CHRONICLE
718.471.101.75
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE APPROVED.
Capitol.
Sept. 30-The First National Bank of Cedar Grove, N. J
$50,000
Correspondent, M. Warren Jenkins, Cedar Grove, N. J.
CHARTERS ISSUED.
Sept. 26-The Williston National Bank of Williston Park, N.
President, Henry II. Tredwell; Cashier, Charles E.
Patterson.
Sept. 27-The First National Bank of Marlton, N. J
25,000
President, John C. Hurff; Cashier, Horace C. Wills.
Sept. 27-The First National Bank of Glen Head, N. Y
50,000
President, G.Thomas Powell; Cashier, Robert S. Miller.
Y__ $50.000
VOLUNTARY LIQUIDATIONS.
Sept. 26-The West Englewood National Bank of Chicago in
$200,000
Effective Aug. 1 1927. Liquidating agent, John Bain,
6209 S. Laflin St., Chicago, Ill. Absorbed by Ashland
Sixty-Third State Bank of Chicago.
Sept. 26-The State National Bank of West, Texas
Effective Jan. 11 1927. Liquidating agent, H. C. Edwards, West, Texas. Succeeded by the State National Bank in West.
Sept. 27-The Commercial National Bank of Council Bluffs,Iowa3100,904it
Effective Sept. 10 1928. Liquidating committee, R. B.
Barnum, A. F. Smith and F. F. Everest, Council
Bluffs, Iowa. Absorbed by State Savings Bank of
Council Bluffs, Iowa.
50,000
1936
CHANGE OF TITLE.
Sept. 26—The Richfield National Bank, Richfield, Minn., to "The
Richfield National Bank of Minneapolis," that portion of the Village of Richfield in which the Richfield
National Bank is located having been annexed to the
City of Minneapolis.
By R. L. Day & Co., Boston:
CONSOLIDATIONS,
Sept. 28—The Broad and Market Nat. Bank & Trust Co. of Newark, N. J
$1,200,000
The Forest Hill National Bank of Newark, N. J
200,000
Consolidated to-day under the Act of Nov. 7 1918 under
the charter and corporate title of "The Broad and
Market Bank & Trust Co. of Newark," with capital
stock of $1,325,000.
Sept. 29—The Cataract National Bank of Niagara Falls, N.Y
300,000
The Bank of Niagara, Niagara Falls, N. Y
500,000
Consolidated to-day under the Act of Nov. 7 1918, as
amended Feb. 25 1927, under the charter of the Cataract National Bank of Niagara Falls, and under the
corporate title of "National Bank of Niagara & Trust
Co. of Niagara Falls," with capital stock of$1,200,000.
BRANCHES AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
Sept. 26—Bowery & East River National Bank of New York, N. Y.
Location of branches—Vicinity of 316-320 Seventh Ave. and
vicinity of Avenue U and West 6th St., Brooklyn.
Sept. 28—The Broad and Market National Bank & Trust Co. of Newark,
N. J. Location of branch—Vicinity of 37 Bloomfield Ave.,
Newark.
Sept. 29—The Peoples National Bank of Elizabeth, N. J. Location of
branch—Vicinity of 562-564 South Broad St., at the intersection of Summer St., Elizabeth.
Sept. 29—National Bank of Niagara & Trust Co. of Niagara Falls, N. Y.
Location of branch—Vicinity of corner of Main St. and Michigan Ave., Niagara Falls.
New York City Banks and Trust Companies.
Banks—N.Y. Bid Ask
America._ ___ 375 385
Amer Union._ 240 250
Bowery EastR 650 670
Bronx Boro._ 520 535
Bronx Nat.__ 650 675
Bryant Park* 220 250
Capitol Nat.
Bank & Tr. 305 315
Cent Mere I3k
& Trust Co. 330 338
Central
218 225
Chase
585 590
Chath Phenix.
Nat Bk & Tr 640 550
Chelsea Exch. 305 315
Chemical_ _ _. 970 990
Colonial._ _.1000 1200
Commerce_ __ 548 553
Continental_• 300
Corn Exch.__ 600 iio
Cosmop'tan5 415 440
Fifth Avenue_ z2225 2325
First
3625 3575
Garfield
480 550
Globe Exch•_ 250 380
Grace
325
Hamilton_ _ _ _ 237
29`3
Hanover
1320 1350
Banks.
Bid
Harriman_ _
810
Manhattan* 607
Mutual*
800
National City 720
New Neth'ds. 455
Park
610
Penn Exch._ _ 182
Port Morris.. 400
Public
670
Seaboard _ _ _ 770
Seventh
9225
State.
620
Trade.
265
United
355
United States. 548
Yorktown* _ _ 215
Brooklyn.
Coney Island. 425
Dewey •
300
First
400
Mechanics'* _ 367
Municipal* _ _ 9423
Nassau
415
People's
750
Ask
615
727
48()
620
192
__
980
780
250
630
375
555
___
__
925
374
430
430
State banks.
!New stock.
t Ex-dividend
v Ex-stock dividend.
All prices dollars Per share. y Ex-rights.
Trust Cos. Bid
New York.
Am Ex Iry Tr. 422
Bank of N Y
, & Trust Co 690
Bankers Trust 900
Bronx Co Tr_ 325
Central Union 1260
County
421
Empire
422
Equitable Tr. 415
Farm L & Tr_ 685
Fidelity Trust 350
Fulton
505
Guaranty Tr_ 580
'Interstate...... 285
Lawyers Trust
Manufacturer 747
Murray Hill.. 290
Mutual(Westcheater)
285
N Y Trust_ _ _ 683
Terminal Tr_ 270
Times Square 194
Title Cu & Tr 755
U S Mtg & Tr 570
United States. 2550
Westchest'r Tr 900
Brooklyn.
Brooklyn- - - 1050
Kings Co_ _ _ ___
Midwood_ _ _ _ 290
Ask
428
700
910
350
1280
427
428
420
692
355
525
585
295
795
300
689
280
198
765
585
2625
__
1100
2400
New York City Realty and Surety Companies.
All prices dollars per share.
Bid
Alliance R'Ity' 48
Amer Surety. 325
Bond & M G. 380
Lawyers Mtge 333
Lawyers Title
& Guarantee 315
Ask
53
335
390
339
Mtge Bond__
Nat Surety.
__
N Y Title &
Mortgage_ _
US Casualty_
325
Bid
150
260
520
375
Ask
Bid
158 Realty Assoc's
265
(13klyn)corn 295
lot prof._.. 94
24 pref _ _ _ _ 88
527
Westchester
Title & Tr_ 580
Ask
300
97
91
___
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Dec. 15 1927._
Mar. 15 1928
Mar. 15. 1928._
[Vol,. 125.
THE CHRONICLE
Int.
Rate.
Bid.
% 1007n
3% 41 100
3% 99fts2
Asked.
Maturity.
1001122 Sept. 15, 1930-2
100ire Mar. 15 1930-32
992122
Int.
Rate.
Asked
318% 991114
% 99iire
100
100
Auction Sales.—Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
per sh.
500 Crusader Pipe Line Co. of Arkansas, class A
$150
Crusader Pipe Line Co. of Arlot
kansas, corn
1,000 Canadian Fairbanks Morse
Co., Ltd., corn., no par_ _.$12,000 lot
1,300 Brunswick Site Co., par $10_ 6%
38 Broad Exchange Co
85
15 Lake Helen Mfg. Co.(Fla.corp)S10 lot
60c.
85 Mullohand Co
1,600 Saguenay Pulp & Paper, com.1$100
480 Saguenay Pulp & Paper, pref _I lot
40 Interboro Cons. Corp., corn.,
DO par
100 bland 011 & Transport Corp.
temp. v. t. c., par $10
1,000 Allied 011 Corp.,com..par$1
$300 Whitmer Parsons Pulp & $41 lot
Lumber Co.7% 20-year inc.78.
Sept. 1 1943, coupons NOM. I40, inclusive
$100 Whitmer Parsons Pulp &
Lumber Co., class A. certif. of
Indebtedness
400 Nomad Kit Bag Co., Inc., pf_825 lot
900 Nomad Kit Bag Co., Inc., corn.
no par
$25 lot
80 Nevada Sliverfields Co.. par $5
500 Parma° Porcupine Mines,Ltd.,
par St
$101
100 Crystal 011 & Ref. Co.. par $5_
lot
5,000 Lost City Oil & Gas, Dar $1._
Shares. Stocks.
$ per oh.
Offered by Empire Trust Co. as
trustee under a trust agreement of
Banner Consol. Mines, Inc., dated June 13 1925, mortgage for
$55,000, made by Western Mines
Consol., Inc., to Banner Consol.
Mines, Inc., dated Sept. 27 1926,
due March 1 1929. and assigned
to Empire Trust Co., as trustee,
on May 26 1927
$1,005 lot
500 Miami Consol. Mines Co.,
par $1
100 Cont'l Candy Corp.. no par..
100 Saxon Motor Car Co., corn.,
no par
50 Okmulgee Prod. & Ref. Co.,
par $5
850 lot
40 Bond Distrib. Corp., corn.,
no par
20 Bond Distrib. Corp.. pref.__
250 Lance Creek Royalties Co..
par $1
51 New Paha & Wallkill Val.RR.
Per cent.
Bonds.
$15,000 Seventy-Five Malden Lane
Corp., 10-year deb. 6s, series B,
80
Oct. 1 1935
$10,000 Real Estate Board of N.Y.
Building Co., Inc., 24 mtge. 2070
yr. 75, Jan. 1 1946
$5,000 Bankers Joint Stock Land
Bank of Milwaukee 5A% bonds
due 1951, optional 1931
65
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
9 National Shawmut Bank
332
13 Boston Wharf Co
114
50 First National Bank
493
10 Scituate Water Co., pref
90
78 National Shawmut Bank
332
3special units First Peoples Trust.. 6
20 Merchants National Bank
437% 50 Batchelder & Snyder Co., pref._ 85
10 Atlantic National Bank
300
30 New England Fire Ins. Co.,
10 Blackstone Canal Nat. Bank,
par $10
50%
Providence, R. I., par $25
84
2 units First Peoples Trust
30
15 Naumkeag Steam Cotton Co_ __188
35 Nicholson File Co
230
10 Androscoggin Mills
55
100 Amer. Investment Securities
83 Hamilton 511g. Co
$33 lot
Co., corn., undep., par $10
25
10 Lawton Mills
04% 4 special units First Peoples Trust__ 5
24 Pepperell Mfg. Co
1103j-110% 33 Heywood-Wakefield Co.. let pt. 84%
2 Ludlow Mfg. Associates
184
25 Manville Jenckes Co., 7% cum.
12 Lancaster Mills, pref
27
pref. A
30
10 Pepperell Mfg. Co
110% 10 Merrimac Chemical Co., par $50 88%
45 Arlington Mills
47-47% 15 Penobscot Chemical Fibre Co.,
50 Pepperell Mfg. Co
110-110%
corn
90
100 Amer. Founders Trust, corn__ 72
3 Laconia Car Co., 1st pref
85
36 Mass. Bonding & Ins. Co
515
2 Laconia Car Co., 2d pref
8
IOU. S. Envelope Co., pref
116
5 New England Brick Co., pref.... 65
10 U.S. Envelope Co., corn
Bonds.
220%
Per Cent.
24 Quincy Market Cold Storage &
$2,000 Northern Texas Electric Co.,
Warehouse Co., corn
30%
55, Jan. 1940
82A-85
100 Hood Rubber Co., 7 A % pref.._ 98
51,500 Federal Power & Light Co.
2 Boston Insurance Co
850
65, Nov. 1965, reg
88
40 Merrimac Chemical Co., par $50 88
$1,000 Rockland & Rockport Lime
IGO Amer. Dint. Corp., part. pf _ _$35 lot
Corp. 6s, Feb. 1940
100
320 Amer. Disct. Corp., pref ____330 lot $500 New England Brick Co. lot
88
(is Jan 1943
5 Copley Square Trust pref
102 & int.
By Wise, Hobbs & Arnold, Boston:
$ per sh. Shares. Stocks.
Shares. Stocks.
$ Per oh'
20 Beacon Trust Co
266% 710 Franklin Mining Co., $20.70
332
paid In, par $25
30 National Shawmut Bank
$15 lot
50 First National Bank
493
10 Craton & Knight Co., corn
13
22 King Philip Mills
143% 4 Craton dr Knight Co., pref
6334
15 Arlington Mills
473.4 4 Puget Sound P.& L. Co.,6% pref
2413. B. & R. Knight Co., corn.,
88, ex-div.
class A
2534 5 Merrimac Cherhical Co., par $50_ 8834
100 Fairhaven Mills, corn
$4 lot 22 American Glue Co., pref._ _10934410
75%- A
10 West Point Mfg. Co
143
10 Draper Corporation
19 New Hampshire Spinning Co.. 30
15 Hood Rubber Co.. 73.4% prior pf 953.4
15 Lyman Mills
1643.4 1,500 Norfolk Realty Trust
$100 lot
54%
35 Flintkote Co., corn
70 Connecticut Mills, corn., class A,
par $10
85c. 5 Charlestown Gas & Elec. Co.,
141
10 Pepperell Manufacturing Co_ _ _ _108 A
par $25
35
17 Chicago Junction Rye. & Union
95 Hale Co., Pre
90
Stock Yards Co., corn
'
180
5 Metropolitan Ice Co., pref
327 Edison Elec. Ilium. Co. or Bos_265% 15 Charlestown Gas & Elec. Co.,
142
10 Puget Sound P. & L. Co., 6%
par $25
pref
883.4, es-div. 30 Greenfield Tap & Die Corp.,8%
4 Mass. Lighting Cos., corn
150
pref
9534 dr accrued div.
20 Mass. Lighting Cos., 6% pref.
5 Greenfield Tap & Die Corp., 8%
share trust certifs
106, ex-div.
pref
9534 & accrued div.
By Barnes & Lofland Philadelphia:
Shares. Stocks.
3 per sh.
56 Philadelphia Auction Co
100
10 Drovers & Merch. Nat. Bank_ _205 A
10 Drovers & March. Nat. Bank_ .205
4 Philadelphia Bourse, corn., par
40
$50
8 Philadelphia Bourse, corn., par
40
$50
4 Philadelphia Bourse, corn., par
40
350
1 Philadelphia Bourse, pref., par
25%
$25
3 Mortgage Security Trust Co....132
678
3 Penn National Bank
803
20 Corn Exchange Nat. Bank
10 Nat. Bank of Nor. PhIladelphla_275
361
50 Union National Bank
365
25 Union National Bank
369
13 Union National Bank
371
2 Union National Bank
365
100 Union National Bank
736
5 Phila. Girard National Bank
736
20 Phila. Girard Nat. Bank
26 Franlkin-Fourth St. Nat. Bauk_602
364
13 Tenth Nat. Bank of Phila
5 National Bank of Commerce.....290%
10 National Bank of Commerce_ __ 290%_
2 Overbrook National Bank
175%
3 First Nat. Bank & Trust Co.,
206
Woodbury, N. J., par $50
8 Farmers & Mechanics Nat. Bank
563
of Woodbury, N. J
6 Mitten Bank & Trust Co., par
135
$50, unstamped
20 Allegheny Title & Trust Co.,
76%
par 550
10 Allegheny Title & Trust Co.,
76%
par $50
15 Allegheny Title & Trust Co.,
75
par $50
340
5 Southwark Title & Trust Co
168
25 Mutual Trust Co., par $50
10 Colonial Trust Co., par $50..._245
88
50 Bankers Trust Co., par $50
6 Logan Bank & Tr. Co., par $50._ 92
820
25 Prevident Trust Co
6 per sh
Shares. Stocks.
35 Provident Trust Co
818
5 Tioga Trust Co., par $50
170
5 Industrial Trust, Title & Savings
506
Co., par $50
25 Broad St. Trust Co., par $50_
86%
5 Federal Trust Co
450
10 West End Trust Co
615
2 Franklin Trust Co
538
10 Susquehanna Title & Trust Co.,
par $50
62
1 Fidelity Philadelphia Trust Co__ _752
4 Woodbury (N. J.) Trust Co
535
5 Glenside (Pa.) Tr. Co., par $50
5534
100 Lebanon Iron Co., no par
1
17 Gloucester Co. (N. J.) Title &
1°4
Mortgage Guarantee Co
10 John B.Stetsm Co.,com.,no par_100%
70 John B.Stetson Co.,com.,no par.100%
_100%
73 John B.Stetson Co.,corn.,no par.
7 Mine Hill & Schuylkill HavenRR.
par $50
5534
15 Reliance Insurance Co., par $10. 28
20 Reliance Insurance Co., par $10_ 27
15 Reliance Insurance Co., par $10_ 26
27
25 Victory Ins. Co., par $10
20 Constitution Indemnity Co.,
par $10
31%
30 Nlanutacturers Casualty Ins.
Co., par $10
30%
25 Camden Fire Ins. Assn., par 35_ 27
25 Camden Fire Ins. Assn., par $5.. 26
10 Commonwealth Casualty Co..
22
par $10
10 John C. Winston Co., pref., per
$50
40%
171
25 Republic Trust Co
5 Aldine Trust Co
265
115
8 West Phila. Pass. Ry
7 Broadway Merchants Trust Co .._385
Per Cent.
Bonds.
$1,000 Manufacturers Club of
Phila., 2(1 M.60, 1940
9734
$4,000 Phila. & Garrettford St.
Ry. 1st 55, 1955
72%
By A. J. Wright & Co., Buffalo:
$ per sh.
Shares. Stocks.
3 Buff. Mag.& East. Pow., no par_ 38
500 Chaput Hughes, par S1.. 1034c.
5,200 March Gold, Inc, (old), Par
3c.
10c
$ per sh.
Shares. Stocks.
11 Hill Pierce Oil & Ref., par 510.81 lot
2 Buff. Mag. & East. Pow., pref.,
par $25
26%
1,000 Baldwin Gold Mines, par 51.2340.
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 sh w the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atchison Topeka & Santa Fe, corn. (qu.) *1% Dec. 1 Holders of rec. Oct. 286
Common (extra)
.75e. Dec. 1 Holders of rec. Oct. 28a
United N. J. RR.& Canal Cos.(guar.)- .234 Oct. 10 *Holders of rec. Sept. 20
Public Utilities.
2
Amer. Light & Traction, corn. (guar.)._
Preferred (guar.)
134
Amer. Water Wks.& Elec., corn.(rm.).. 20e.
Bangor Hydro-Elec. Co., corn. (guar.)._
1%
Cape Breton Electric Co.. pref
3
Central dr Southwest. Utilities—
Prior lien and preferred stocks (att.).- •$1.75
Columbia Gas & El. Co., corn. (guar.). _ $1.25
134
6% preferred (guar.)
Nov. 1
Nov. 1
Nov. 15
Nov. 1
Nov. 1
Oct. 15 to Oct. 27
Oct. 15 to Oct. 27
Holders of rec. Nov. 1
Holders of rec. Oct. 10
Holders of rec. Oct. 17a
Nov. 15 *Holders of rec. Oct. 31
Nov. 15 Holders of rec. Oct. 20
Nov. 15 Holders of rec. Oct. 20
OCT.81927.]
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Community Power & Light,Ist pref.(qu.)
Nov. 1 Holders of rec. Oct. 21
*2
Dec. 1 Holders of rec. Nov. 21
8% preferred (guar.)
Edison Elec. Ilium., Boston (quar.).....
3
Nov. 1 Holders of rec. Oct. 15
Elwood Consolidated Water. pref.(qu.). 8736e. Oct. 1 Holders of rec. Sept. 20
Empire Gas & Fuel, 7% pref. (m'thly)_* 58 1-3c Nov. 1 *Holders of rec. Oct. 15
Eight per cent preferred (monthly)..-* 66 2-3c Nov. 1 *Holders of rec. Oct. 15
Fall River Gas Works (guar.)
75c. Nov. 1 Holders of rec. Oct. 14a
Ft. Worth Power & Light, pref. (quar.)_
Nov. 1 Holders of rec. Oct. 15
Green & Coates Sts. Pass.Ry.,Phila.(qu) $1.30 Oct. 7 Holders of rec. Sept. 22a
Havana Elec. & Utilities, let pref.(qu.)_ *$1.50 Nov. 15 *Holders of rec. Oct. 20
Preferred (guar.)
.$1.25 Nov. 15 *Holders of rec. Oct. 20
Lawrence Gas & Electric (guar.)
620. Nov. 1 Holders of rec. Oct. 15
Long Island Lighting, com.(guar.)
75c. Nov. 1 Holders of rec. Oct. 17
Mass. UHL Inv. Tr., pref.(guar.)
*6236c Oct. 15 *Holders of rec. Oct. 5
Municipal Gas of Texas, pref.(quar.)_ - _ $1.75 Oct. 1 Sept. 16 to Sept. 30
Packard Elec. Power Corp. of CanadaCommon(No.1)
*70c. Oct. 15 *Holders of rec. Sept. 30
Participating preferred (No. 1)
*75c. Oct. 15 *Holders of rec. Sept. 30
Public Service Corp. of Nor.III.Common (no par) (guar.)
Nov. 1 *Holders of rec. Oct. 15
*$2
Common ($100 Par) (guar.)
*2
Nov. 1 *Holders of rec. Oct. 15
6% preferred (guar.)
•136 Nov. 1 *Holders of rec. Oct. 15
•136 Nov. 1 *Holders of rec. Oct. 15
7% Preferred (guar.)
Sierra Pacific Elec. Co., com.(guar.)-- 50c. Nov. 1 Holders of rec. Oct. 17a
Preferred (guar.)
131 Nov. 1 Holders of rec. Oct. 17a
Southern Colorado Power.com. A (qu.)_ 50c. Nov. 25 Holders of rec. Oct. 31
Tampa Electric Co., common (guar.)--- 50c. Nov. 15 Holders of rec. Oct. 250
West Penn Electric Co., 7% pf.(gu.)-1% Nov. 15 Holders of rec. Oct. 20
6% preferred (guar.)
144 Nov. 15 Holders of rec. Oct. 20
Banks.
Corn Exchange (guar.)
5
Nov. 1 Holders of rec. Oct. 31
M scelIa neous.
Allis-Chalmers Mfg., common (guar.)-- '134 Nov. 15 *Holders of rec. Oct. 24
American Cigar, common (guar.)
Nov. 1 Holders of rec. Oct. 15
2
Amer. Fork & Hoe, preferred
3% Oct. 15 Holders of rec. Oct. 5a
Amer. Machine & Foundry, corn.(guar.) 50c. Nov. 1 Holders of rec. Oct. 20
131 Nov. 1 Holders of rec. Oct. 20
Preferred (quarterly)
American Sales Book, pref. (guar.)
'134 Nov. 1 *Holders of rec. Oct. 15
Amer. Smelt. dr Refg. corn. (guar.)
*2
Nov. 1 *Holders of rec. Oct. 14
•1% Dec. I *Holders of rec. Nov. 4
Preferred (guar.)
Amer. Thermos Bottle, pref. (guar.)-- *8731 Nov. 1 *Holders of rec. Oct. 10
Archer-Daniels-Midland. com. (quar.)-- *75c. Nov. 1 *Holders of rec. Oct. 21
Preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 21
Atlantic Refining, pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 15
Balaban & Katz, com.(monthly)
*260. Nov. 1 *Holders of rec. Oct. 20
Common (monthly)
.250. Dec. 1 *Holders of rec. Nov. 19
Common (monthly)
*25c. Jan. 2 *Holders of rec. Dec. 20
Preferred (quarterly)
4.1% Jan.
*Holders of rec. Dec. 20
Bancroft (Joseph) & Sons Co., pf.(qu.)- 1% Oct. 3 Holders of rec. Oct. 15
Bigelow-Hanford Carpet, com & pf.(qu.) 111.50 Nov.
*Holders of rec. Oct. 13
Borden Co., corn. (guar.)
•
*$1.25 Dec. 1 *Holders of rec. Nov. 15
Brown Shoe, pref. (guar.)
1% Nov. 1 Holders of rec. Oct. 20
Bunte Bros., pref. (guar.)
'131 Nov. 1 *Holders of rec. Oct. 25
Century Ribbon Mills, pref. (guar.).- •1
Dec. 1 *Holders of rec. Nov. 19
Cerro de Peace Copper Corp. (quar.)--- 81
Nov. 1 Holders of rec. Oct. 13
City Stores Co., class A (guar.)
*8736c Nov. 1 *Holders of rec. Oct. 15
Class A (guar.)
*8736c Feb. 1 *Holders of rec. Jan. 15
Cluett,Peabody & Co.,Inc.,com.(qu.)- $1.25 Nov. 1 Holders of rec. Oct. 21
Consolidated Ice (Pittsburgh), prof
*75e. Oct. 20 *Holders of rec. Oct.
Preferred
*750. Dec. 20 *Holders of rec. Dec.
Credit Alliance Corp., corn.& el A (qu.). 75c. Oct. 15 Holders of rec. Oct.
Common and class A stocks (extra).- 31.25 Oct. 15 Holders of rec. Oct.
Preferred (guar.)
1% Oct. 15 Holders of rec. Oct.
Columbian Carbon (guar.)
Nov. 1 *Holders of rec. Oct. 1
*$1
Commercial Alcohols, ord. (guar.)
251. Oct. 20 Holders of rec. Oct. 1
Preference (guar.)
2
Oct. 15 Holders of rec. Sept.3
Dennison Mfg.
Nov. 1 Holders of rec. Oct. 2
let pref. (quar.)--- $2
Second preferred
$1.75 Nov. 1 Holders of rec. Oct. 2
Co.,
(quar.)
Diversified Investments, Inc., cl A (qu.) $1
Oct. 15 Holders of rec. Oct.
Class A (extra)
50e. Oct. 15 Holders of rec. Oct.
Preferred (guar.)
1% Oct. 15 Holders of rec. Oct.
Doehler Die-Casting, pref. (guar.)
8731c Oct. 1 Holders of rec. Sept.2 a
Allotment Certificate, 50% paid
$1.75 Oct. 1 Holders of rec. Sept. 2 a
Elyria Iron dr Steel, coca.(guar.)
75c. Oct. 31 Holders of rec. Oct. 2 a
Eureka Vacuum Cleaner (guar.)
Nov. 1 *Holders of rec. Oct. 2
.31
Exchange Buffet Corp.(guar.)
3736e Oct. 31 Holders of rec. Oct. 15a
Fajardo Sugar (guar.)
2% Nov. 1 'Holders of rec. Oct. 20
Federal Terra Cotta (guar.)
*2
Oct. 15 *Holders of rec. Oct. 5
Firestone Tire d, Rubber, corn. (guar.)- _ $1.50 Oct. 20 Holders of rec. Oct. 10
1
Fisk Rubber Co., let & cony. pf.(Qu.).Nov. 1 *Holders of rec. Oct. 15
Second preferred (guar.)
•136 Dec. 1 *Holders of rec. Nov. 15
Gemmer Mfg., class A (guar.)
75c. Oct. 1 Holders of rec. Sept. 26a
Gibson Art, common (guar.)
*65c. Oct. 1 *Holders of rec. Sept. 20
Gimbel Bros., pref.(quar.)
'131 Nov. 1 *Holders of rec. Oct. 15
Grand (F.W.) 5-10-25e. Stores, Pt. (qu.) '131 Nov.
*Holders of rec. Oct. 15
Grennan Bros. Pie Co.,class A pt.(qu.)- $1.75 Oct. 1
Holders of rec. Oct. 5
•15.i Nov. 15 *Holders of rec. Nov. 5
Hercules Powder, pref.(guar.)
Homestake Mining (monthly)
*500. Oct. 25 *Holders of rec. Oct. 20
International Cigar Mach. (guar.)
*50c. Nov. 1 *Holders of rec. Oct. 20
International Nickel, pref.(guar.)
*1% Nov. 1 *Holders of rec. Oct. 13
Kaufman Stores (guar.)
Oct. 28 *Holders of rec. Oct. 20
*32
Kelsey Hayes Wheel (guar.)
•31.75 Nov. 1 *Holders of rec. Oct. 21
Kidder-Peabody Acceptance, pref. A. 236 Nov. 1 Holders of rec. Oct. 14
4,3
Preferred B
Nov. I *Holders of roe. Oct. 14
Preferred C
*236 Nov. 1 *Holders of rec. Oct. 14
Lakewood Engineering (guar.)
Oct. 15 *Holders of rec. Oct. 5
411
Landay Bros., Inc., class A (guar.)
750 Nov. 1 Holders of rec. Oct. 14a
McCrory Storm Corp., pref. (quar.)---- *$1.50 Nov. 1 *Holders of rec. Oct. 20
Miami Copper Co. (guar.)
3736c Nov. 15 Holders of rec. Nov. la
Motor Products, common (guar.)
*50c. Nov. 1 *Holders of rec. Oct. 20
Prernsred (guar.)
'$1.25 Nov. 1 *Holders of rec. Oct. 20
Mullins Body, prof. (guar.)
*2
Nov. 1 *Holders of rec. Oct. 15
National Department Stores, let pf.(qu). *136 Nov. 1 *Holders of rec. Oct. 15
2d preferred (guar.)
•131 Dec. 1 *Holders of rm. Nov. 10
National Casket, common (guar.)
*81.50 Nov. 15 *Holders of rec. Nov. 1
National Tea, preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 15
New River Co. pref. (guar.)
'81.50 Nov. 1 *Holders of rm. Oct. 15
Ontario Steel Products,com.(guar.)
131 Nov. 15 Holders of rec. Oct. 31
Preferred (guar.)
191 Nov. 15 Holders of rec. Oct. 31
Oppenheim Collins dr Co.,Ino.,com.(qu) 81 Nov. 15 Holders of rec. Oct. 28
Orpheum Circuit, common(monthly)* 162-3cNov. 1 *Holders of rec. Oct. 20
Outlet Co., common (guar.)
411
Nov. 1 *Holders of rec. Oct. 20
First preferred (guar.)
4.131 Nov. 1 *Holders of rec. Oct. 20
Second preferred (guar.)
•136 Nov. 1 *Holders of rec. Oct. 20
Phillips-Jones Corp.. pref.(guar.)
1% Nov. 1 Holders of rec. Oct. 20a
Phoenix Factors Corp., corn. (annual)
8
Holders of rec. Sept. 30
Common (extra)
Holders of rec. Sept. 30
Preferred (guar.)
2
Holders of me Sept.30
Pick (Albert), Barth & Co.,Dart. pf.(qu.) *43%0 Nov. 15 *Holders of rec. Oct. 26
Postum Cereal (quar.)
*31.25 Nov. 1 *Holders of rec. Oct. 21
Richmond Radiator,7% pref.(guar.)
*87360 Oct. 15 *Holders of rec. Sept. 30
75e. Nov. 1 Holders of rec. Oct. 15a
Salt Creek Producers Assn.(au.)
Sears, Roebuck & Co., corn. (guar.)._ -- '6234c Nov. 1 *Holders of rec. Oct. 15
Stover Mfg. & Engine, pref. (guar.)._ __ •14.‘ Nov. 1 *Holders of rec. Oct. 20
10
Nov. 15 Holders of rec. Nov. 1
South Porto Rico Sugar, com
81.50 Oct. 15 Holders of rec. Oct. 5
Superheater Co.(User.)
$1
Oct. 15 Holders of rec. Oct. 5
Extra
Tooke Bros. Ltd., 7% pref.(guar.).- 1% Oct. 15 Holders of rec. Oct. 1
*736c Oct. 21 *Holders of rec. Sept. 30
Tonopah Mining of Nevada
Tung Sol Lamp Works, corn. (quar.)-- *20o. Nov. 1 *Holders of rec. Oct. 20
*20c. Nov. 1 *Holders of rec. Oct 20
Common (extra)
*45c. Nov. 1 *Holders of rec. Oct. 20
Class A (guar.)
*20c. Nov. 1 *Holders of rec. Oct. 20
Class A (extra)
1% Oct. 15 Holders of rec. Oct. 5
Union Biscuit, prof. (guar.)
*500. Nov. 10 *Holders of rec. Oct. 15
Union Oil of California (gnat.)
Oct. 15 *Holders of rec. Oct. 5
Union Stock Yards(Omaha),stk. div_ _ *450
136 Nov. 1 Holders of rec. Oct. 17
United Cigar Stores. prof. (guar.)
United Verde Extension Mining (guar.). 750. Nov. 1 Holders of rec. Oct. 6a
1937
THE CHRONICLE
Name of Company.
Per
When
Cod. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
U.S.& Foreign Sec., lst pref.(quar.)_ _ _ $1.50 Nov. 1 Holders of rec. Oct. 11
Allotment certificates
1.1236 Nov. 1 Holders of rec. Oct. 11
U. S. Rubber, 1st pref. (guar.)
2
Nov. 15 Holders of rec. Oct. 20
Vick Chemical (quar.)
Nov. 1 Holders of rec. Oct. 15
$1
Warner (Charles) Co., common (quar.)_ 50c. Oct. 10 Holders of rec. Sept. 30
First and second pref. (quar.)
194 Oct. 27 Holders of rec. Sept. 30
White Sewing Machine, prof. (guar.)- -- *$1
Nov. 1 *Holders of rec. Oct. 19
Willcox,(H. F.) 011 & Gas (guar.)
50c. Nov. 10 Holders of rec. Oct. 15
Worcester Salt (guar.)
136 Sept.30 Holders of rec. Sept.23
436 Oct. 15 Holders of rec. Oct. 1
Yale Leasing Corp.(annual)
*50c. Oct. 15 *Holders of rec. Sept. 30
Zellexbach Corp. (guar.)
Below we give the dividends announced in previous weeks
and not yet pail. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
136 DM. 1
Baltimore & Ohio, com.(guar.)
Dec. 1
Preferred (guar.)
1
Carolina Clinchfield & Ohio
% Oct. 10
Stamped certificates
31.25 Oct. 10
Chesapeake & Ohio, preferred
331 Jan1'28
Cincinnati Sandusky & Cleve., pref.(gu.) 134 Nov. 1
Cloy. Cin. Chic. AC St. L., coin.(quar.).... 2
Oct. 20
Preferred (guar.)
134 Oct. 20
Cuba RR., preferred
Febr28
3
Delaware, Lackawanna & Western (qu.) $1.50 Oct. 20
Georgia Railroad & Banking (quar.)_
234 Oct. 15
1
Kansas City Southern, pref.(guar.)
Oct. 15
Mahonlng Coal RR.,corn.(guar.)
812.50 Nov. 1
Midland Valley, common
$1.25 Oct. 15
Missouri-Kansas-Texas, pref. A (guar.). 136 Nov. 1
2
Nov. 1
New York Central RR.(guar.)
1
Nov. 19
Norfolk dr Western, adj. pref.(guar.)
Northern Pacific (guar.)
134 Nov. 1
eere Marquette, common (guar.)
131 Nov. 1
131 Nov. 1
5% preferred (guar.)
136 Oct. 31
Pittsburgh & West Virginia (guar.)
$1
Nov. 10
Reading Company, corn. (guar.)
Seecnd preferred (guar.)
500. Oct. 13
St. Louis-San Fran. By., pref. (quar.)__
136 Nov. 1
Southern By., common (guar.)
Nov. 1
Preferred (guar.)
131 Oct. 15
Wabash By., pref. A (guar.)
134 Nov. 25
West Jersey & Seashore
$1.25 Oct. 15
134
Books Closed.
Days Inclusive.
Oct. 16 to Oct. 17
Oct. 16 to Oct. 17
Holders of rec. Sept. 30a
Holders of rec. Sept.30a
Holders of rec. Dec.Oct. 26 to Nov. 1
Holders of rec. Sept. 300
Holders of rec. Sept. 300
Holders of rec. Jan. 160
Holders of rec. Oct. 80
to Oct. 14
Oct. 2
Holders of rec. Sept.300
Holders of rec. Oct. 240
Holders of rec. Sept. 300
Holders of rec. Oct. 15a
Holders of rec. Sept. 30a
Holders of rec. Oct. 310
Holders of rec. Sept. 30a
Holders of rec. Oct. 14a
Holders of rec. Oct. 14a
Holders of rec. Oct. 15a
Holders of rec. Oct. 13a
Holders of rec. Sept.20s
Holders of rec. Oct. 154
Sept. 21 to Oct. 12
Sept. 21 to Oct. 12
Holders of rec. Oct. 254
Holders of rec. Oct. 10
Public Utilities.
American Gas (guar.)
2
Oct. 13 Holders of rec. Sept.30a
1% Nov. 1 Holders of res. Oct. 10
American Gas & Elec., pref.(quar.)__
Amer. Telephone & Telegraph (quar.)_
234 Oct. 15 Holders of rm. Sept. 20a
Associated Gas dr Elec., class A (quar.)_ _ 50c. Nov. 1 Holders of rec. Sept. 30
2
Oct. 15 Holders of rec Sept. 230
Bell Telephone of Canada (guar.)
1% Oct. 15 Holders of rec. Sept. 200
Bell Telephone of Pa.. Prof. (guar.)
Brooklyn Borough Gas, com. (quar.)_ _ _ $1.50 Oct. 10 Holders of rec. Sept. 30a
Bklyn.-Manhattan TransitOct. 15 Holders of rec. Oct. la
Common (guar.)
$1
$1.50 Oct. 15 Holders of rec. Oct. 14
Preferred, series A (guar.)
Preferred, series A (guar.)
81.50 Jan16'28 Holders of rec. Dec. 314
$1.80 Apr16'2.9 Holders of rec. Apr 1'28a
Preferred, series A (guar.)
1% Oct. 15 Holders of rec. Sept. 30
Canada Northern Power,7% pref.(qu.)_
Central Illinois Public Service, of.(qu.)_ $1.50 Oct. 15 Holders of rec. Sept.30a
136 Oct. 15 Holders of rec. Sept.30a
Central Power, pref.(guar.)
CentralPower & Light. prof.(guar.) -131 Nov. 1 Holders of rec. Oct. 156
Central & Southwest Utilities (quar.)_
75e. Oct. 15 Holders of rec. Sept. 30
Ches. & Potomac Tel. of Bait., pf. (qu.) 1% Oct. 15 Holders of rec. Sept.30
Chic.Rap.Tran., pr. pf. A (monthly)_ _ 650. Nov. 1 Holders of rec. Oct. 184
Prior preferred A (monthly)
650. Dec. 1 Holders of rec. Nov. 150
Prior preferred B (monthly)
60c. Nov. 1 Holders of rec. Oct. 186
Prior preferred B (monthly)
60c. Dec. 1 Holders of rec. Nov. 154
Cities Service Pow.& Lt.7% pf (mthly.) 58 1-3c Oct. 15 Holders of rec. Oct. la
Cities Service Pow.& Lt.,$6 pf.(mthly.) 600. Oct. 15 Holders of rm. Oct. 1.0
Cleve. Elec. III., common (guar.)
2% Oct. 15 Holders of rec. Oct. 10
Preferred (guar.)
'114 Dec. 1 *Holders of rec. Nov. 15
Columbus Hy.,Pr.& Lt., pref.B (qu.)-- 1% Nov. 1 Hodlers of rec. Oct. 154
*2
Nov. 1 *Holders of rec. Oct. 18
Commonwealth Edison Co.(guar.)
Commonwealth Power Corp., com.(qu.) 6234c. Nov. 1 Holders of rec. Oct. 116
Preferred (quar.)
136 Nov. 1 Holders of rec. Oct. 11
Consolidated Gas(N. Y.), pref.(guar.). $1.25 Nov. 1 Holders of rec. Sept.306
Detroit Edison Co.(guar.)
2
Oct. 15 Holders of rec. Sept. 200
Diamond State Teleo.,
% prof. (qu.) 1% Oct. 15 Holders of rec. Sept. 200
Dominion Power & Transmls.. Pref.(qu) 1% Oct. 15 Holders of rec. Sept. 23.2
East Bay Water, pref. A & B (guar.)_ _
1% Oct. 15 Elolcicrs of rec. Sept. 300
Eastern States Power Corp.. pref. (go.). $1.75 Nov. 1 Holders of rec. Oct. 150
Edison Elec. III. Co. of Brockton (guar.) 6254e. Nov. 1 Holders of rec. Oct. 14
136 Nov. 1 Holders of rec. Oct. 14
Electric Bond & Share, pref. (quar.)_ _
Electric Bond & Share Securities(qua?.). 25c. Oct. 15 Holders of rec. Sept. 17
El Paso Electric Co.. pref. A (quar.)-- 134 Oct. 15 Holders of rec. Oct. 30
250. Nov. 15 Holders of rec. Oct. 310
Fairmount Park Transportation
Foshay (W. B.) Co., com.(monthly)_ _ _ 67e. Oct. 10 Holders of rec. Sept. 26
Seven per cent preferred (monthly)-- 58c. Oct. 10 Holders of rec. Sept. 26
Eight per cent preferred (monthly)--- 67c. Oct. 10 Holders of rec. Sept. 26
General Gas & El. Corp., corn. A (qu.).' b3736c Jan. 1 *Holders of rec. Dec. 12
*01.50 Jan. 1 *Holders of rec. Dec. 12
Common class B (No. 1)
Jan. 1 *Holders of rec. Dec. 12
$8 preferred class A (guar.)
*$2
*$1.75 Jan. 1 *Holders of rec. Dec. 12
$7 preferred class A (guar.)
$7 preferred class B (guar.)
*$1.75 Jan. 1 *Holders of rec. Dec. 12
General Public Service $6 pref. (guar.)-- $1.50 Nov. 1 Holders of rec. Oct. 10
Convertible preferred (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 10
Illinois Northern Utilities,6% pref.(qu.) •1 3.4 Nov. 1 *Holders of rec. Oct. 15
Seven per cent preferred (guar.)
•15( Nov. 1 *Holders of rec. Oct. 15
Internat. Telep. & Teleg. (guar.)
134 Oct. 15 Holders of rec. Oct. 30
International Utilities Corp.. cl. A(qu.). 8734c. Oct. 15 Holders of rec. Sept. 30a
Kentucky Securities, pref.(guar.)
1% Oct. 15 Holders of rec. Sept. 20a
Laclede Gas & Electric Co.-see note (k)
Laurentide Power (guar.)
11( Oct. 15 Holders of rec. Sept. 30a
Louisv. Gas & El. of Ky.,7% pf.
134 Oct. 15 Holders of rec. Sept.304
Six per cent preferred (guar.)
1% Oct. 15 Holders of rec. Sept. 30a
Manila Electric Co.(guar.)
6231c Nov. 1 Holders of rec. Sop'.300
Manufacturers Light dr Heat (guar.)--- $1.25 Oct. 15 Holders of rec. Oct. 304
Massachusetts Gas Cos., corn. (qua?.)... 136 Nov. 1 Holders of rec. Sept. 15
Massachusetts Ltg. Cos., 6% pref. (qu.) 2
Oct. 15 Holders of rec. Sept. 26
Eight per cent preferred (guar.)
2
Oct. 1 Holders of rec. Sept.26
*Holders of rec. Oct. 15
Michigan Gas .1, Elec., prior lien (guar.)_ 4.1 5,1 Nov.
•1 34 Nov. 1 *Holders of rec. Oct. 15
Preferred (guar.)
Middle West Utilities. pref. (quar.)
1% Oct. 1 Holders of rec. Sept.30
$6 preferred (quarterly)
81.50 Oct. 1 Holders of rec. Sept. 30
Milwaukee Elec. By.& Light, pref.(MO 136 Oct. 3 Holders of rec. Oct. 20a
Missouri Gas & El. Serv.. prior lien (q.) $1.75 Oct. 1 Holders of rec. Sept. 300
Montreal Lt. Ht.& Power Cons.(qu.). 50c. Oct. 3 Holders of rec. Sept. 30
Oct. 15 Holders of rec. Sept. 300
Montreal Telegraph (guar.)
2
Mountain States Power. pref.(quiz.).... 1% Oct. 20 Holders of rec. Sept.30
251. Oct. 15 Holders of rec. Sept. 304
National Fuel Gas(guar.)
Nevada-Calif. Elec. prof. (guar.)
1% Nov. 1 Holders of rec. Sept.30
New England Power Assoc., corn.(qui
50c. Oct. 15 Holders of rec. Sept. 300
New England Public Serv., Prof.(guar.)- *31.75 Oct. 15 *Holders of rec. Sept. 30
*$1.54 Oct. 15 *Holders of rec. Sept. 30
Adjustment pref. (guar.)
134 Oct. 15 Holders of rec. Sept. 20
New York Telephone. oref.(guar.)
Niagara Fails Power43Mc. Oct. 15 Holders of rec. Sept. 300
Preferred (guar.)
North Boston Ltg. Prop., corn.(guar.)... 81.13 Oct. 15 Holders of rec. Oct. So
$1.50 Oct. 15 Holders of roe. Oct. 3a
Preferred (guar.)
Nov. 1 Holders of rec. Sept. 30
Northern States Power,com.el. A (go.). 2
20e. Nov.
Holders of ree. Sept. 30
Common class B (guar.)
134 Oct. 20 Holders of rm. Sept. SO
7% pref.(guar.)
8% pref.(guar.)
154 Oct. 20 Holders of rec. Sept. 30
Northwestern Bell Teter',654% pl. go.) 194 Oct. 1 Holders of roe. Sept. 20a
1938
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Ohio Edison Co.,6% pref.(guar.)
1)4 Dec. 1 Holders of rec. Nov. 15
6.6% preferred (guar.)
1)4 Dec. I Holders of rec. Nov. 15
Seven per cent preferred (guar.)
1% Dec. 1 Holders of rec. Nov. 15
Six per cent preferred (monthly)
50c. Nov. I Holders of rec. Oct. 15
Six per cent preferred (monthly)
50c. Dec. I Holders of rec. Nov. 15
6.6% preferred (monthly)
55c. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
550. Dec. I Holders of rec. Nov. 15
Ottawa-Montreal Power Co., pref. (qu.) 1% Oct. 15 Holders of rec. Sept. 30a
Pacific Gas & Electric, corn. guar.)..._ 50c. Oct. 15 Holders of rec. Sept. 30a
Pacific Ltg.Corp..corn., pay.In corn.stk. *1900 Nov. 15 Holders of rec. Nov. la
Pacific Telep. az Teleg., pref. (guar.)_
1% Oct. 15 Holders of rec. Sept. 30a
Penn-Ohio Edison, corn.(guar.)
25e. Nov. 1 Holders of rec. Oct. 15
Common (1-50th share corn. stock)__ _ (f) Nov. 1 Holders of rec. Oct. 15
$6 preferred (guar.)
$1.50 Oct. 15 Holders of rec. Sept. 30
Penn.-Ohio Power & Light86 preferred (guar.)
81.50 Nov. 1 Holders of rec. Oct. 20
Seven per cent preferred (guar.)
131 Nov. 1 Holders of rec. Oct 20
7.2% preferred (monthly)
60c. Nov. 1 Holders of rec. Oct. 20
6.6% preferred (monthly)
55e. Nov. 1 Holders of rec. Oct. 20
Penn-Ohio Securities Corp.. corn.(guar.) 180. Nov. 2 Holders of rec. Oct. 15
Peoples Gas Light & Coke ((mar.)
2
Oct. 17 Holders of rec. Oct. 3a
Philadelphia & Camden Ferry
51.25 Oct. 10 Holders of rec. Sept. 30a
Philadelphia Company, common (guar.) $1
Oct. 31 Holders of rec. Oct. la
Corn.(stk. div., 1-120th sh. corn. stk.) (I) Oct. 31 Holders of rec. Oct. la
Six per cent preferred
$1.50 Nov. 1 Holders of rec. Oct. la
Philadelphia Rapid Transit, corn.(guar.) $1
Oct. 31 Holders of reo. Oct. 15a
Preferred
$1.75 Nov. 1 Holders of rec. Oct. la
13( Oct. 15 Holders of rec. Sept. 30a
Philadelphia & Western Ry., pref. (qu.)_
Power Coro. of Canada,6% pref.(guar.) 134 Oct. 15 Holders of rec. Sept. 30a
Public Serv.of No.111.,com.$100 par(qu.) *2
Nov. 1 *Holders of rec. Oct. 15
Common (no par) (guar.)
112
Nov. 1 *Holders of rec. Oct. 15
Six per cent preferred (guar.)
Nov. 1 *Holders of rec. Oct. 15
Seven oer cent preferred (guar.)
*131 Nov. 1 *Holders of rec. Oct. 15
Puget Sound Power az Light, pref. (qu.)_ 1% Oct. 15 Holders of rec. Sept. 200
Prior preferred (guar.)
Oct. 15 Holders of rec. Sept. 20a
Quebec Power, corn. (guar.)
2
Oct. 15 Holders of rec. Sept. 30
St. Maurice Power Co.(No. 1)(gu.) - - SI
Oct. 15 Holders of rec. Sept. 30a
San Diego Consol. Gas az Elec., Pr.(qu.).
Oct. 15 Holders of rec. Sept. 30
Securities Management Corp., cl. A (qu.) 134 Oct. 15 Holders of rec. Oct. 1
Shawinigan Water & Power (luer.)
50c. Oct. 10 Holders of rec. Sept. 23
South Pittsburgh Water, pref.(quar.)_. 134 Oct. 15 Holders of rec. Oct. 1
Southeastern Pow. & Lt., corn. (quar.). 25c. riot. 20 Holders of rec. Sept. 30
Southern Calif. Edison, original pf.(qu.) 50e. Oct. 15 Holders of rec. Sept. 20a
Preferred series C (guar.) (No. 1)___
3434c Oct. 15 Holders of rec. Sept. 200
Southern Canada Power, corn. (guar.)_ _
1
Nov. 15 Holders of rec. Oct. 31
Preferred (quar.)
114 Oct. 15 Holders of rec. Sept. 240
Southern New England Telep. (guar.) _
2
Oct. 15 Holders of rec. Sept. 303
Southern Wisconsin Elec. Co., pref.(qu.) *134 Oct. 15 *Holders of rec. Sept. 30
standard Gas St Elec., corn. (guar.)_
873-dc. Oct. 25 Holders of rec. Sept. 30a
134 Oct. 25 Holders of rec. Sept. 30
7% Prior preferred (cmar.)
Tennessee Elec. Power,6% 1st pref.(qu.) 134 Jan. 3 Holders of rec. Dec. 16
7% first preferred (guar.)
134 Jan. 3 Holders of rec. Dec. 15
7.2% first preferred (guar.)
1.80 Jan. 3 Holders of rec. Dec. 15
6% first preferred (monthly)
500. Nov. 1 Holders of rec. Oct. 15
6% first preferred (monthly)
50c. Dec. 1 Holders of rec. Nov. 15
6% first preferred (monthly)
50c. Jan. 3 Holders of rec. Dec. 15
7.2% first preferred (monthly)
60c. Nov. 1 Holders of rec. Oct. 15
7.2% first preferred (monthly)
60c. Dec. 1 Holders of rec. Nov. 15
7.2% first preferred (monthly)
600. Jan. 1 Holders of rec. Dec. 15
Trinidad Electric Co.(guar.)
134 Oct. 10 Oct. 1 to Oct. 10
United Gas Improvement (guar.)
$1
Oct. 15 Holders of rec. Sept. 30a
United Light & Pow., corn. A new (nu.). 12c, Nov. 1 Holders of rec. Oct. 15
Common B new (guar.)
12c. Nov. 1 Holders of rec. Oct. 15
Common A and B old (guar.)
60c. Nov. 1 Holders of rec. Oct. lb
Utility Shares Corp., corn.(guar.)
30c. Nov. I Holders of rec. Oct. 10
Participating preferred (guar.)
300. Dec. 1 Holders of rec. Nov. 14
Washington Water Pow., Spokane(qu.)_
2
Oct. 15 Holders of rec. Sept. 230
West Penn Power Co., 7% pref. (quar.).
Nov. 1 Holders of rec. Oct. ba
Six per cent preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 5a
Western Power Corp., 7% pref. (guar.)_
134 Oct. 15 Holders of rec. Sept. 300
Western Union Telegraph Co. (guar.)._
2
Oct. 15 Holders of rec. Sept. 24a
York Railways, corn. (guar.)
750. Oct. 15 Oct. 7 to Oct. 16
Preferred (guar.)
62.14c. Oct. 31 Oct. 15 to Oct. 24
Fire Insurance.
Home Insurance (guar.)
5
Oct 10 Holders of rec. Sept. 30
Name of Company.
[VOL. 125.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive,
Miscellaneous (Continued).
Bloomingdale Bros., Inc.Preferred (guar.)
134 Nov. 1 *Holders of rec. Oct. 20a
Bon Arni Co.. common A (guar.)
$1
Oct. 30 Holders of rec. Oct. 15a
Borne Scrymser Company
Si
Oct. 15 Sept. 24 to Oct. 14
Extra
750. Oct. 15 Sept. 24 to Oct. 14
Boston Woven Hose & Rubb.,com.(ext.) $2
Nov. 15 Holders of rec. Sept. 19
British Columbia Fishing, corn. (guar.). $1.25 Dec. 10 Holders of rec. Nov.30
Common (guar.)
$1.25 3-10-'28 Holders of rec. Feb.28'28
Preferred (guar.)
1% Dec. 10 Holders of rec. Nov. 30
Preferred (guar.)
1% 3-10-'28 Holders of rec. Feb.28'28
Bromoton Pulp & Paper com. (quar.) 50c. Oct. 15 Holders of rec. Sept.300
Burns Bros., prior pref. (guar.)
1% Nov. 1 Holders of rec. Oct. 14a
Bush Terminal Co., corn. (guar.)
12
Oct. 15 Holders of rec. Sept. 300
Seven per cent debenture stock (qu.)-- 134 Oct. 15 Holders of rec. Sept. 300
Byers(A. M.) Co., 7% pref. (guar.)._
1% Nov. 1 Holders of rec. Oct. 15a
Canada Cement, Ltd.. corn. (quar.)__ - 1% Oct. 17 Holders of rec. Sept.300
Canada Dry Ginger Ale (quar.)
75c. Oct. 15 Holders of rec. Oct. la
Extra
25c. Oct. 15 Holders of rec. Oct. la
Canadian Canners. Ltd. .com. (guar.)._
13-4 Oct. 17 Holders of rec. Sept.30a
Canadian Car & Foundry, oref. (guar.). 1% Oct. 10 Holders of rec. Sept.260
Canadian Fairbanks-Morse. pref. (mi.)_
1% Oct. 15 Holders of rec. Sept.30a
Canadian Industrial Alcohol (guar.).
32c. Oct. 15 Holders of rec. Sept.30
Canfield 011, corn.(guar.)
1% Dec. 31 Dec. 21 to Jan. 4
Preferred (guar.)
1% Dec. 31 Dec. 21 to Jan. 4
Central Alloy Steel, corn.(quar.)
50c. Oct. 10 Holders of rec. Sept. 240
Chicago Pneumatic Tool (guar.)
'134 Oct. 25 *Holders of rec. Oct. 15
Chicago Yellow Cab (monthly)
33 1-3c Nov. 1 Holders of rec. Oct. 210
Monthly
33 1-3c Dec. 1 Holders of rec. Nov. lila
Childs CompanyCommon (payable in no par corn. stk.) 11
Dec. 30 Holders of rec. Nov.250
Christie. Brown & Co., corn.(quar.)____ 301. Nov. 1 Holders of rec. Oct. 150
Preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 20
Chrysler Corp., pref. A. (guar.)
$2
Jan 3'28 Holders of rec. Dec. 1 ba
Cities Service, common (monthly)
14 Nov. I Holders of rec. Oct. 15
Common (payable in common stock)
135 Nov. 1 Holders of rec. Oct. 15
Preferred and preferred BB (monthly)
Nov. 1 Holders of rec. Oct. 15
Preferred B (monthly)
Sc. Nov. 1 Holders of rec. Oct. 15
Consolidated Royalty Oil (guar.)
2
Oct. 25 Holders of roe. Oct. 15
•12i Jan. I *Holders of rec. Dec. 31
Consumers Co., prior pref.(guar.)
Continental Motors Corp. corn.(guar.)_ 20c. Oct. 31 Holders of rec. Oct. lba
Cooper Corporation, common (guar.)._ $1
Oct. 15 Holders of rec. Oct. la
Corn Products Refg., corn. (guar.)
50c. Oct. 20 Holders of rec. Oct. 30
1% Oct. 15 Holders of rec. Oct. 3a
Preferred (guar.)
Cosgrove-Meehan Coal. pref. (guar.).- 134 Dec. 21 Holders of rec. Dec. 19a
Crane Company, corn. (in corn. stock)._ /10 Nov. 1 Holders of rec. Oct. 20
Creamery Package Mfg., corn. (quar.)_ _ 50c. Oct. 10 Oct. 1 to Oct. 10
Preferred (quar.)
1% Oct. 10 Oct. 1 to Oct. 10
Cresson Consol. Gold Min.& Mill.(qu.)
10c. Oct. 10 Holders Of roe. Sept. 30a
Crocker-Wheeler Elec. Mfg., pref. (qu.) •1U Oct.: 15 *Holders of rec. Oct. 5
Crucible Steel, corn. (guar.)
1% Oct. 31 Holders of rec. Oct. lba
Cudahy Packing, corn. (guar.)
Oct. 15 Holders of rec. Oct. ba
$1
Six per cent preferred
3
Nov. 1 Holders of rec. Oct. 20
Seven per cent preferred
334 Nov. 1 Holders of rec. Oct. 20
Cuneo Press, class A (war.)
$1
Dec, 15 Holders of rec. Dec. la
Davega, Inc. (guar.)
25c. Nov. 3 Holders of rec. Oct. 17
Extra
25c, Nov. 3 Holders of rec. Oct. 17
Detroit Motor Bus (guar.)
114 Oct. 15 Oct. 1 to Oct. 16
Dodge Bros.. pref. (guar.)
1% Oct. 15 Holders of rec. Sept. 270
Dome Mines, Ltd.(guar.)
25c. Oct. 20 Holders of rec. Sept.30a
Dominion Textile, pref. (guar.)
134 Oct. lb Holders of rec. Sept. 30a
Dunhill International, corn. (guar.)._
$I
Oct. 15 holders of rec. Oct. la
Common (quar.)
$1
Jan1518 Holders of rec. Jan.I'28a
Common (guar.)
$1
Apr15'28 Holders of rec. Apr.1'28a
DuPont (E. I.) de Nemours & Co.
Debenture stock (guar.)
13-4 Oct. 25 Ilolders of rec. Oct. 10a
Eagle-Picher Lead, corn. (guar.)
40c. Dec. 1 Holders of rec. Nov. lba
134 Oct. 15 Holders of roe. Sept. 30a
Preferred (guar.)
Preferred (guar.)
13-4 JanI5 28 Holders of rec. Dec. 31
Early az Daniels. common (guar.)
62)40. Jan 1'28 Holders of rec. Dec. 20a
Common (extra)
25c. Jan 128 Holders of rec. Dee. 20a
Preferred (guar.)
$1.75 Jan 1'28 Ilolders of rec. Dec. 200
Eastern Bankers Corp.. pref. (guar.).- $1.75 Nov. 1 Holders of rec. Sept.30
Preferred (quar.)
$1.75 Feb. 1 Holders of rec. Dee. 31
Eastern Steamship Lines, pref.(guar.)
8734c Oct. 15 Holders of rec. Oct. 60
50c. Nov. 1 Smolders of rec. Oct. lba
Eaton Axle & Spring, corn. (guar.)
Economy Grocery Stores (guar.)
25c. Oct. 15 Holders of rec. Oct. 1
Miscellaneous.
Elgin National Watch (guar.)
'5234c Nov. 1 *Holders of rec. Oct. 15
Abitibi Power & Paper,coin.(quar.)____ $1.25 Oct. 20 Holders of rec. Oct. 100 Empire Bond & Mtge.,corn.(qu.)(No.1) 81.50 Oct. 15 Holders of roe. Sept.300
Abraham & Straus. Inc.. pref.(quar.)_. 15.4 Nov. I Holders of rec. Oct. 150
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept.30a
Air Reduction Co.(guar.)
$1.25 Oct. 15 Holders of rec. Sept. 30a Eureka Pipe Line (guar.)
El
Nov. 1 Holders of rec. Oct. 15
Extra
E2
Oct. 15 Holders of rec. Sept. 30a Fair (The). common (monthly)
200. Nov. 1 Holders of rec. Oct. 210
Alliance Realty (guar.)
62340. Oct. 18 Holders of rec. Oct. 8a
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 21a
Allied Chemical & Dye,corn.(guar.)._ $1.50 Nov. 1 Holders of rec.Oct. ha Fairbanks, Morse & Co., corn. (guar.)._ *75c. Dec. 31 *Holders of rec. Dee. 12
Aluminum Manufacturers con,. 02 ua,.2. *50C. Dec. 31 Holders of rec. Dec. I50
•134 Dec. I *Holders of rec. Nov. 12
Preferred (guar.)
Amalgamated Laundries, pref.(mthly.)_ 3012e. Nov. 1 Holders of rec. Oct. 15a Federal Knitting Mills, corn. (guar.)._ *62)40 Oct. 15 *1121ders of rec. Oct. 5
Preferred (monthly)
5812e. Dec. 1 Holders of rec. Nov. lba Fifth Avenue Bus Securities(guar.)
loc Oct. 17 H ,Iders of rec. Oct. 30
Preferred (mon t hly)
Oct. 15 H ,Iders of rec. Oct. ba
5812c. Jan 2'28 Holders of rec. Dec lba Finance Co. of Am (Balt.), corn. A(qu.) 12
Preferred (monthly)
12)0. Oct. 15 II ,Iders of rec. Oct. ba
5812c. Feb 1'28 Hold. of rec. Jan. 15 '28a
Common B (guar.)
Preferred (monthly)
5912c. M'rl'28 Hold,of rec. Feb. 15 28a
7% pre'erred (guar.)
43540. Oct. 15 Madera of rec. Oct. ba
Preferred (monthly)
5813c Apr 1'28 Hold.°free Mar. 15'28a Financial & Industrial SecuritiesPreferred (monthly)
tz Common (payable in corn. stock)__ _ af5
Nov. 15 *Holders of rec. Oct. 31
5812c M'yl'28 Hold, of roe. Apr. 15 '28a
5812e Jun 1'28 Hold. of rec. May 15'28a Firestone Tire az Rubber 6% pf. (qu.)__
Preferred (monthly)
1Si Oct. 15 Holders of rec. Oct. 1
Amerada Corporation (guar.)
50c. Oct. 31 Holders of rec. Oct. 15a First Federal Foreign Invest. Trust (qu.) 31.75 Nov. 15 Holders of roe. Nov. I
American Art Works,corn,and pref.(qu.) 114 Oct. 15 Holders of rec. Sept. 30
Foote Bros. Gear az Mach., coin.(qu.) _ _ 30c. Jan 1'28 Dec. 21 to Dec. 30
134 Jan 128 Dec. 21 to Dec. 30
American Can, corn.(guar.)
Preferred (guar.)
50c. Nov. 15 Holders of rec. Oct. 31a
25c. Jan 1'28 Holders of rec. Dec. 15
American Coal (guar.)
Formica Insulation (guar.)
51
Nov. 1 Oct. 12 to Nov. 1
10c. Jan 128 Holders of rec. Dec. 15
Extra
American Glue, pref. (guar.)
*2
Nov. 1 *Holders of rec. Oct. 15
25c. Nov. 15 Holders of rec. Nov. le
Amer. Home Products Corp (monthly)-- 200. Nov. I Holders of roe. Oct. 140 Foster & Eleiser Co.. corn. (guar.)
Oct. 15 Holders of rec. Sept.30
American Ice, corn.(guar.)
50c. Oct. 25 Holders of ree. Oct. 70 Fox Film Corp.. corn. A and B (guar.).- $1
114 Oct. 25 Holders of rec. Oct. 7a Freeport Texas Co.(guar.)
Nov. 1 Holders of rec. Oct. lba
$1
Preferred (guar.)
Extra
50e. Nov. 1 Holders of rec. Oct. lba
American Mfg. Co.. corn. (guar.)
134 Dee. 31 Holders of rec. Dec. 16a
Nov. 1 Holders of rec. Oct. 20a
Preferred ((mar.)
134 Dec. 31 Holders of rec. Dec. 16a General Cigar, Inc., Common (quar.)..... 1
American Rolling Mill. common (guar.) 500. Oct. 15 Holders of roe. Sept. 300
Preferred (quar.)
134 Dec. 1 Holders of roe. Nov. 230
2
Nov. 1 Holders of rec. Oct. 150 General Electric Co.(guar.)
American Shipbuilding. corn. (guar.) _ _
Oct. 28 Holders of rec. Sept.230
$1
Preferred (guar.)
Special stock (quar.)
15c. Oct. 28 Holders of rec. Sept.230
134 Nov. I Holders of rec. Oct. 15
$1
Amer. Steel Foundries. corn.(quar.)- -- 75e. Oct. 15 Holders of rec. Oct. la General Ice Cream Corp
Oct. 15 Holders of roe. Oct. 1
American Thermos Bottle. corn.(guar.)_ *25c. Nov. I *Holders of rec. Oct. 10
50e Oct. 15 Holders of rec. Oct. 1
Extra
Amer. Type Founders, corn. (guar.)_ _ _
2
Oct. 15 Holders of rec. Oct. ba General Motors Corp.,6% pref.(guar.). 13-4 Nov. 1 Holders of rec. Oct. 104
Preferred (guar.)
134 Oct. 15 Holders of roe. Oct. ba
Seven per cent preferred stock (guar.). 134 Nov. 1 holders of rec. Oct. 10a
Amer. Vitrified Prod.. corn.(guar.)
500. Oct. 15 Holders of rec. Oct. 522
Six per cent debenture stock (quar.)_ _ 1% Nov. 1 Holders of rec. Oct. 10a
Anaconda Copper Mining (guar.)
75c. Nov.21 Holders of rec. Oct. lba Gen'l Outdoor Advertising, corn.(qu.)-- 500. Oct. 1
Holders of rec. Oct. 50
Artloom Corp., Pref. (guar.)
13.4 Dec. 1 Holders of rec. Nov. 18
General Refractories (guar.)
75c. Oct. 1
Holders of rec. Oct. 711
Asbestos Corp., Ltd., pref. tquar.)
Gilchrist Company (guar.)
751. Oct. 3 Holders of rec. Oct. 15
134 Oct. 15 Holders of rec. Sept. 30
•134 Nov.
62c. Nov. 1 Holders of rec. Oct. 80 Gobel (Adolph), Inc., pref. (guar.)
Associated Dry Goods, corn.(quar.)_ _
*Ilolders of rec. Oct. 20
Filet preferred (guar.)
134 Dec. 1 Holders of rec. Nov. 12a Gold Dust Corp.(No. 1) (guar.)
75c. Nov.
Holders of rec. Oct. I70
134 Doe. 1 Holders of rec. Nov. 120 Gotham Silk Hosiery, Inc., pref. (qu.)_ _
Second preferred (guar.)
134 Nov.
Holders of rec. Oct. lba
Oct. 15 Holders of rec. Oct. lba
Associated Industrials, first pref. (guar.) 2
Guenther Publishing Co.. pref. (guar.).
Nov. 2 holders of rec. Jan. 200
El
Oct. 15 Holders of rec. Oct. la Gulf States Steel, 1st pref. (guar.)
Atlas Plywood (guar.)
134 Jan3'2 Smolders of rec. Dec. 13a
I% Nov. 1 Holders of rec. Oct. 20a Harbison-Walker Refrao., oref. (guar.). 1% Oct. 2 Holders of rec. Oct. 10a
ALIAS Powder, preferred (guar.)
134 Jan 1'28 Holders of rec. Dec. 20a Hathaway Banking, class A (quar.)---- 2
Babcock & Wilcox Co.(quar.)
Oct. 1
Holders of rec. Oct. la
134 Aprl'28 Hold. roe. Mar. 20'28a Hartman Corporation,class A (guar.)
50c. Dec.
Quarterly
Holders of roe. Nov.17
1% Dec. 1 Holders of rec. Nov. 12a
Class B (payable in class A stock) _ _ (0 Dec.
Bamberger (L.)& Co.. oref. (guar.)
Holders of rec. Nov.17s
e14 2-7 Oct. 15 rSept. 25 to Sept.30
Hawaiian Commercial & Sug.(mthly
25c. Nov.
Bancitaly Corp.,stock dividend
Oct. 26 to Nov. 4
Oct. 15 Holders of rec. Sept. 30
Extra
250. Nov.
Bankers Capital Corp.. pref.(guar.)
.
- $2
Oct. 26 to Nov. 4
Jan16'28 Holders of rec. Dec. 31
$2
250. Dec.
Monthly
Preferred (attar.)
Nov. 26 to Dec. 4
Extra
25c. Dec.
Barnhart Bros. & SpindlerNov. 26 to Dec. 4
13.4 Nov. 1 Holders of rec. Oct. 22a Hawaiian Sugar (monthly)
*30c. Oct. 1 *Holders of rec. Oct. 10
First and second pref ((Mar.)
.20e. Oct. 1 *Holders of rec. Oct. 10
Barnsdall Corp.Extra
.30c. Nov. 1 *Holders of rec. Noy. 10
Class A & B (pay.in class A Steck). -- e234 Nov. 1 Holders of rec. Sept. 260
Monthly
110c. Nov. 1 *Holders of rec. Nov. 10
134 Oct. 15 Holders of rec. Sept.30a
Bayuk Cigars 1st and 2d pref. (quar.)-Extra
Oct. 15 Holders of rec. Sept.30a
2
*30c. Dec. 1 *Holders of roe. Dec. 10
8% second preferred (guar.)
Monthly
110c. Dec. 1 *Holders of rec. Doc. 10
Beech-Nut Packing, corn. (guar.)
60c. Oct. 15 Holders of rec. Sept. 24a
Extra
134 Oct. 15 Holders of rec. Oct. Is Hibbard, Spencer, Bartlett Co.(mthly.) 30c. Oct. 2 Holders of rec. Oct. 21
Preferred (guar.)
30c. Nov. 2 Holders of rec. Oct. 18
Belgo-Canadian Paper, corn.(guar.).-- 134 Oct. 10 Holders of rec. Sept.30
Monthly
30c. Dec. 3 Holders of sec. Dec. 23
*25c. Nov. 1 *Holders of rec. Oct. 14
Hinman Elec. Co.,- corn.(guar.)
Monthly
134 Oct. 1 Holders of roe. Sept. 30a
Common (extra)
1150. Nov. 1 *Holders of rec. Oct. 14
Hillcrest Collieries, corn. (guar.)
Nov. 1 *Holders of roe. Oct. 14
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 30.
Preferred (guar.)
•131
Holders of roe. Oct. 15
Illaw-Knox Co.. corn. boar.)
Holly Sugar Corp.. Pref. (guar.)
134 Nov.
75c. Nov. 1 Oct. 22 to Nov. 1
2.1%
, Nov.
*Holders of rec. Oct. 20
Preferred (guar.)
Hood Rubber Co..7% Pref.(guar.)
134 Nov. 1 Oct. 22 to Nov. 1
Blucti Bros.Tobacco, corn. (guar.)
13-4% preferred (guar.)
*$1.88 Nov.
*Holders of rec. Oct. 20
3714e. Nov. 15 Holders of rec. Nov. 10
•15i
Dec.
Preferred (guar.)
*Holders of rec. Nov. 21
Hood Rubber Products, pref. (guar.).
154 Dec. 31 Holders of rec. Dec. 26
*134
131
134
134
OCT.8 19271
THE CHRONICLE
1939
Per
When
Books Closed
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Name of Company.
Cent. Payable.
Days industee.
Miscellaneous (Continued).
Miscellaneo
(Concluded).
us
Horn & Hardart, com.(quar.)
3754c Nov. 1 Holders of roe. Oct. 106 Truscon Steel. com. (quar.)
30c. Oct. 15 Holders of rec. Oct. 56
Common (extra)
250. Nov. 1 Holders of rec. Oct. 106 'Puckett Tobacco, corn. (quar.)
1
Oct. 15 Holders of rec. Sept.30
Howe Sound Co.(quar.)
Oct. 15 Holders of rec. Oct. la
$1
Preferred ((Mar.)
134 Oct. 15 Holders of rec. Sept.30
Hupp Motor Car, com.(quar.)
Nov.
35o.
I Holders of rec. Oct. 15a Union Steel Castings, com.(guar.)
50c. Oct. 10 Holders of res. Sept.30
(w)1111nois Brick (quar.)
600. Oct. 15 Oct 5 to Oct. 16
Preferred (quar.)
131 Oct. 10 Holders of rec. Sept.30
Indeoendent 011 & Gas (quar.)
250. Oct. 31 Holders of rec. Oct. 17a Union Storage
62310. Nov. 10 Holders of rec. Nov. la
(guar.)
Indiana Pipe Line (guar.)
$1
Nov. 15 Holders of rec. Oct. 21
Bolted Drug, COM. (CIIIFIr.)
231 Dec. 1 Holders of rec. Nov. 150
Extra
$1
Nov. 15 Holders of roe. Oct. 21
preferred
First
(quarterly)
87.34e. Nov. 1 Holders of rec. Oct. 150
Internat. Business Machines (quar.)
$1
Oct. 10 Holders of rec. Sept. 220 United Paper Board. pref.(quar.)
134 Oct. 15 Holders of roe. Oct. la
International Harvester, com.(quar.)
134 Oct. 15 Holders of rec. Sept.246
Preferred (guar.)
1)4 Jan167.8 Holders of rec.Jan.2'28a
International Match, com.(guar.)
80c. Oct. 15 Holders of rec. Sept. 240
Preferred (quar.)
1)4 AprI6'28 Holders of rec. Apr.'28a
Participating preferred (quar.)
80e. Oct. 15 Holders of reo. Sept. 24a United Profit Sharing, preferred
5
Oct. 31 Holders of rec. Sept. 300
International Paper, com.((mar.)
60e. Nov. 15 Holders of rec. Nov. la United Shoe MachinerySeven per cent preferred (quar.)
lid Oct. 15 Holders of rec. Oct. la
Common (payable in corn. stock)_ _ _ _ /20 Nov.30 Holders of rec. Sept.320
Six per cent preferred (quar.)
134 Oct. 15 Holders of roe. Oct. la United Verde Extension Mining (quar.)- *75e. Nov. 1
*Holders of ree. Oct. 6
Interstate Iron dr Steel, common (quar.) $1
Oct. 15 Holders of rec. Oct. 8
U.S. Cast Iron Pipe & Fdy.. com.
231 Dee. 15 Holders of rec. Dec. la
Common (quar.)
Si
Jan16'28 Holders of rec. Jan. 9'28
Preferred (guar.)
134 Dec.
Holders of rec. Dec. la
Isle Royale Copper Co
50e. Oct. 15 Holders of rec. Sept. UM U. S. Industrial Alcohol, com. (quar.)- $1.25 Nov. 15
I Holders of rec. Oct. 150
Johns-Manville Corp., corn. (quar.)
75e. Oct. 15 Holders of rec. Oct. 1
Preferred (guar.)
Oct.
15
Kawneer Company (quar.)
Holders
134
of rec. Sept. 30a
62 Me Oct. 15 Holders of rec. Sept. 300 United States Radiator, corn,(quar.)_
*50c. Oct. 15 *Holders of rec. Oct. 1
Kaynee Co., common (extra)
12310. Jan 1'28 Holders of rec. Dec. 20a
Preferred (qua:.)
*134 Oct. 15 *Holders of tee. Oct. 1
Common (extra)
1231c A pr 1'28 Holders of rec. Mar.200 U.S. Smelt., Ref. & Mining, corn.
(qu.) 87 Mc Oct. 15 Holders of rec. Oct. 66
Common (extra)
12 Mc rly I'V Holders of rec. June 200
Preferred (guar.)
87 Me Oct. 15 Holders of rec. Oct. 66
Kayser (Julius) & Co.. com.(guar.)._ Si
Nov. 1 Holders of rec. Oct. 17a Universal Leaf
Tobacco, common
75e. Nov. 1 Holders of rec. Oct. 150
Kellogg Switchboard & Supply,com.(qu) 3231c Oct. 31 Holders of
rec. Oct. 8
Universal Pipe dr Radiator, pref.(quar.)- lid Nov. 1 Holders of rec. Oct. 15a
Preferred (quar.)
lid Oct. 31 Holders of rec. Oct. 8
Upson
Co.,
corn.
A & B (quar.)
•40c. Oct. 15 *Holders of rec. Oct. 1
Kelsey-Hayes Wheel. pref. (quar.)
lid Nov. 1 Holders of rec. Oct. 210
Common A & B (extra)
•10c. Oct. 15'Holders of rec. Oct. 1
Keystone Steel & Wire,corn.(quar.)_ _
•51
Oct. 15 *Holders of rec. Oct. 5
Victor Talking Machine, pref. (quar.)
$1.75 Oct. 15 Holders of roe. Oct. Sc
Preferred (quar.)
Oct. 15 *Holders of rec. Oct. 5
Prior preference (guar.)
134 Nov. 1 Holders of rec. Oct. 36
Keystone Watch Case Corp.. pref. (qu.) lid Nov. I Holders of rec. Oct.
20a
$6 cony. preferred (guar.)
$1.50 Nov. 1 Holders of roe. Oct. Sc
Kirby Lumber, common (quar.)
lid Dee. 10 Holders of rec. Nov. 30
V.
Vivaudou
Co.,
common
(guar.)
75e. Oct. 15 Holders of rec. Sept.30a
Kress (S. H.)& Co.. corn.(quar.)
25e. Nov. 1 Holders of rec. Oct. 106
Preferred (quarterly)
1)4 Nov. 1 Holders
Common (payable in special pref. stk.) m50c. Nov. 1 Holders of rec. Oct. 100
Vulcan Detinning. pref. ds pref. A (guar.) 1)4 Oct. 20 Holders of tee. Oct. 144
Lion 011Refining (quar.)
of rec. Oct. 84
500. Oct. 27 Holders of roe. Sept.306
Preferred (account aceum. dividends)- 82
Oct. 20 Holders of roe. Oct. 86
Liquid Carbonic Co., corn. (quar.)
90e. Nov. 1 Holders of rec. Oct. 200 Western Grocers, Ltd., pref.(quar.)_ _ _
_
Loose-Wiles Biscuit, corn. (quar.)
154 Oct. 15 Holders of roe. Sept.30
400. Nov. 1 Holders of rec. Oct. 100 Westinghouse Air Brake,no par stk.(qu.)
50e. Oct. 31 Holders of rec. Sept.306
Second preferred (qua:)
lid Nov. 1 Holders of rec. Oct. 100
$50 par stock (fluor.)
$2 Oct. 31 Holders of rec. Sept. 30
Lord & Taylor, 2d pref. (quar.)
Nov. 1 Holders of rec. Oct. 170
2
Oct. 31 Holders of rec. Sept.30a
MacAndrews & Forbes Co., corn.(qua:.) 650. Oct. 15 Holders of rec. Sept.300 Westinghouse Elec. ds Mfg..com.(q1191.) SI
Preferred
(qua:.)
Si
Oct. 15 Holders of rec. Sept. 30a
Preferred (guar.)
1il Oct. 15 Holders of rec. Sept.30a White Eagle Oil & Refg.(quar.)
50e.
Oct. 20 Holders of rec. Sept. 300
Macy (R. H.) & Co., com.(guar.)
$1.25 Nov. 15 Holders of rec. Oct. 290 Wire Wheel Corp., pref.
$1.75 Jan1'28 Holders of rec. Dec. 201
Madison Square Garden Co.(quar.)
250. Oct. 15 Holders of rec. Oct. 50 Wrigley (Wm.) Jr. & Co.(quar.)
(monthly)
25e. Nov. 1 Holders of rec. Oct. 20a
Magma Copper Co.(quar.)
75e. Oct. 15 Holders of rec. Sept.300
Monthly
25e. Dec. 1 Holders of rec. Nov. 20a
Mandel Bros., Inc. (quar.)
6234c Oct. 15 Holders of rec. Sept. 30a
Manufactured Rubber, pref.(guar.)._ _ _
134 Oct. 10 Holders of rec. Sept.300
'From unofficial sources. t The New York Stock Exchange has
Maple Leaf Milling, pref.(guar.)
ruled that stook
131 Oct. 18 Holders of rec. Oct. 3
Margay 011 Corp. (quar.)
will not be quoted ex-dividend on this date and not until further notice.
50e. Oct. 10 Holders of rec. Sept. 20
The
Mathews Industries, class A (qua?.).__ _ *400. Nov. 1 *Holders of rec.
New
York Curb Market Association has ruled that stock will not
Oct. 20
be quoted exMcCall Commotion, corn.(guar.)
50e. Nov. 1 Holders of rec. Oct. 200 dividend on this date
and
not until further notice.
McCrory Stores Corp., pref.(quar.)
llt Nov. 1 Holders of
Oct. 20a
McLellan Stores. corn. A and B (guar.) 25c Jan2'28 Holders of rec.
a Transfer books not closed for this dividend. it Correction.
rec. Dee. 20
e Payable in stook.
Merck.& Mfrs. Securities, prior pf.(qu.) $1.75 Oct. 15 Holders
of rec. Oct. la f Payable in common stock. gPayable in scrip. h On
Metropolitan Chain Storesaccount of accumulated
dividends.
First and second preferred (quar.)
lid Nov. I Holders of rec. Oct. 21
Mexican Petroleum, com. (calor.)
3
Oct. 20 Holders of rec. Sept. 300
b Holders of Class A and Class B stock are given the privilege of
subscribing to
Common (special)
$75
Oct. 20 Holders of rec. Sept.930a the extent of the dividend to
their respective stocks at $25 per share.
Preferred (quar.)
2
Oct. 20 Holders of rec. Sept.300
Miller Rubber, corn.(guar.)
t Seagmve Corp. dividend, 300. cash or 231% Kock.
50c. Oct. 25 Holders of roe. Oct. 66
Motion Picture Capital Corp., pf.
.(qu.) 2
Oct. 15 Holders of rec. Oct. 1
m Payable in preferred stock.
Mountain & Gulf 011(quar.)
20. Oct. 15 Holders of roe. Sept.300
g Mexican Petroleum not to be quoted except the 275 dividend until Oct.
Extra
20.
lo. Oct. 15 Holders of rec. Sept.300
Nash Motors (quar.)
r New York Curb Market rules Bancitaly Corp. be ex-stock div. on Sept. 23s
Si
Nov. 1 Holders of rec. Oct. 200
Extra
t Hartman Corp. class B stock dive, are one-fortieth share of class A
500. Nov. 1 Holders of rec. Oct. 200
stockt
National Biscuit, com.(qua:.)
$1.25 Oct. 15 Holders of rec. Sept. 30a
u Subject to increase in capital.
National Cash Register, class A (quar.)_ 75e. Oct.
15 Holders of rec. Sept. 300
to Payable also on Increased capital.
National Lead, pref. B (guar.)
134 Nov. 1 Holders of rec. Oct. I40
National Fireproofing, ore'. (auar.)---lid Oct. 15 Holders of rec. Oct. 1
y Subject to approval of Inter-State Commerce Commission.
New Bradford Oil (quar.)
Commission not
12 Mc Oct. 15 Holders of rec. Sept. 300 having given
its approval as yet company will make no record of stockholders
Newmont Mining (qua:.)
$1
Oct. 15 Holders of rec. Sept.30
at
New York Air Brake (quar.)
750. Nov. 1 Holders of rec. Oct. 60 close of business Sept. 7.
New York Transportation (quar.)
50e. Oct. 15 Holders of roe. Oct. is
x
Four
shillings
per
share,
equivalent
to
50.9733
Nipissing Mines Co.. Ltd.(quar.)
per share.
734c Oct. 20 Holders of rm. Sept. 300
Ohio Brass, common A and B (quar.)
Si
Oct. 15 Holders of rec. Sept.300
Common A and B (extra)
$1
Oct. 15 Holders of rec. Sept.300
Preferred (quar.)
131 Oct. 15 Holders of rec. Sept.300 Weekly Returns of New York City Clearing
Oil Well Supply, pref. (quar.)
House
131 Nov. 1 Holders of rec. Oct. 12
Otis Elevator, corn.(quar.)
Banks and Trust Companies.
$1.50 Oct. 15 Holders of roe. Sept. 300
Preferred (quar.)
15
Oct.
Holders
134
of rec. Sept. 300
Preferred (guar.)
The following shows the condition of the New York City
134 Jan15'28 Holders of roe. Dec. 31a
Package Machinery, let pref. (quar.)
131 Nov. 1 Holders of rec. Oct. 200 Clearing
Packard Motor Car, monthly
House members for the week ending Oct. 1. The
200. Oct. 31 Holders of roe. Oct. 150
Monthly
200. Nov. 30 Holders of too. Nov. 1150 figures for the separate banks
Pan-American Petroleum & Transport,
are the averages of the daily
Common & common B (quar.)
$1
Oct. 20 Holders of rec. Sept.30a results. In the case of the grand totals, we
also show the
Paramount Famous Lasky Corp.
Preferred(quar.)
Nov. 1 Holders of rec. Oct. 156 actual figures of condition at the end of the week.
2
Patino Mines & Enterprises Consolidated
(2) Oct. 15 Holders of rec. Oct. 30
NEW YORK WEEKLY CLEARING
Penmans, Ltd., corn. (quar.)
HOUSE RETURNS.
Nov. 15 Holders of rec. Nov. 5
$1
Preferred (quar.)
(Stated in thousands of dollars-that is. three
1M Nov. 1 Holders of rec. Oct. 21
ciphers [000] omitted.)
Pennsylvania Salt Mfg. (guar.)
$1.25 Oct. 15 Holders of rec. Sept. 300
Pierce; Butler & Pierce Mfg., common
New
($25 par) (qua:.)
50o Oct. 15 Holders of rec. Oct. 5
Copan!. ProfitsI Loans,
Common ($100 par) (quar.)
Reserve
Oct. 15 Holders of rec. Oct. 5
2
Week Ending
Discount. Cash
Seven per cent preferred (quar.)
with
Net
Time Bank
131 Nov.
Holders of rec. Oct. 20
Oct. 1 1927. Nat'l, une 30 InvestEight per cent preferred (quar.)
1,5
Legal Demand
Nov. 1 Holders of rec. Oct. 20.
2
State, une 30 meats, Vault. Deposi- Deposits. De- CircaPilgrim Mills (extra)
12
posits.
Oct. 15 Holders of rec. Sept.22
lotion.
(000 omitted.) Tr.Cos. une 30
&c.
Pittsburgh Screw & Bolt (quar.)
tortes,
•75e Oct. 15 *Holders of rec. Oct. 4
Plymouth Cordage (quar.)
Oct. 20 *Holders of rec. Oct. 1
'131
Members
of Fed. Res. Bank. Average. Average Average Average.
Porto Rican-American Tob.. el. A (qu.). 131 Oct. 10 Holders
Average Aro.
of rec. Sept. 20
Bank of N Y & $
Prairie Pipe Line (guar.)
$
234 Oct. 3 Holders of rec. Sept. 300
Trust Co_ _
6.000 12,326
Procter & Gamble. pref. (quar.)
81,922
471 7,488
56,800
8,214 ___
Oct. 15 *Holders of rec. Sept.25
*2
13k of Manhat'n 12.500 18,453 187,822 3,678 19.532
Eight per cent preferred (quar.)
140,206 32,004
2
Oct. 15 Sept. 25 to Oct. 12
Bank of America
Pro-phy-lac-tie Brush, corn. (quar.)
92,684 1,115 11,431
88,333 4.306
50e. Oct. 15 Holders of roe. Sept. 300 National City__ 6,500 5,289
75,000 68.777 846,563 4,020 8.479 *819,750 152,993
Prudence Co., Inc., pref., series of 1926_
334 Nov. 1 Holders of rec. Oct. 20
97
Chemical Nat'l_
Q It 8 Music Co., com.(quar.)
122.136 4.660
15o. Oct. 15 Holders of rec. Oct. 30 NatBk of Comm 5,000 18.745 142,209 1,442 16.168
346
Common (quar.)
458 43.754
327.833 34.936
15o. Nov. 1 Holders of rec. Nov. la ChatPhNB&T 25,000 43.624 397.387
13,500
13,846
Common (quar.)
220.345
2.437
21.709
155.109 43,492 6.110
150. Dec. 15 Holders of rec. Dec. la Hanover Nat'l_
Quaker Oats. common (quar.)
$1
Oct. 15 Holders of rec. Oct. la Corn Exchange_ 5.000 26,097 140,899 1,514 16,718
126,290 2,816
11.000 16,561 202,962 4,440 23,944
Preferred (quar.)
134 Nov.30 Holders of rec. Nov. la National Park
173,538 30.
_
10,000
Realty Associates, common
24,517
175,102
884 17.699
$2.50 Oct. 1 Holders of rec. Oct. 5
134.327 9.074 4,741
Bowery & E Riv 3.000 3,757
Second preferred
77.475 2,119 7.352
3
Oct. 1
50,858 22,175 2,974
Holders of rec. Oct. 6
First National__ 10.
Red Lion Oil (quar.)
80,758 313.879
616 28,311
•50o. Oct. 27 *Holders of rec. Sept. 30
215,200 12,067 6,823
Am Ex Irving Tx 32,000 29.772 437,305
Rico-Stlx Dry Goods. corn. (guar.)
3.364 52,474
37310 Nov.
394,092
Holders
38,63
of
rec.
Oct.
15
Continental
Bk_ 1,000 1,324
Richfield 011, corn. (quar.)
7.970
122
937
*250. Nov. I *Holders of rec. Oct. 5
5.975
539
Chase National_ 40,000 39,707 611.852 6,497
Preferred (qua:.)
69,418 4539,768 44,552 2,464
•131 Nov. 1 *Holders of rec. Oct. 5
Fifth
Avenue__
500 3,070
Safety Cable (quar.)
29,454
892 3,265
$1
Oct. 1 Holders of roe. Sept.30a Garfield Nat'L.ç
24.686
947
1,0001 1.882
St. Joseph Lead (quar.)
16,409
504
50c. Dec. 20 Doe. 10 to Dec. 20
2,375
15,876
472
Seaboard Nat'l_ 8,000 12,260 132,909
Extra
772 16,453
2.50. Dec. 20 Dec. 10 to Doe. 20
122.275 2,946
as
Bankers TrustI 20,000 38.507 360,317
Savage Arms, 2d pref. (quar.)
viyi Nov. 15 *Holders of reo.
941 35.531
304,735 40.803
Nov. I
U S Mtge & Tr_ 3,000 5.005
Schulte Retail Stores. common (quar.)
59,844
860 7,160
Holders of roe. Nov. 15a Guaranty Trus
52.678 4,9
87310. Dec.
30.000 32,839 479,608 1,406 50,122 *434,960 67,02
Scullin Steel, pref. (quar.)
75e. Oct. 15 Holders of rec. Sept. 30
Fidelity Trust__ 4,000 3.339
Seagrove Corp., cont. (qua:.)
46,506
574 5,327
1300. Oct. 20 Holders of rec. Sept. 304 New York
40,051 4,2
True 10,000 22,575 181,091
Seeman Brothers, Inc., com.(quar.)._ 50e. Nov.
605 18,605
137,634 30,73
Holders of roe. Oct. 14
Farmers L & Tr. 10.000 20,979 142.069
Shaffer Oil& Refining, pref. (quar.)
659 14.542 •108,946
134 Oct. 25 Holders
Equitable Trust4 30.000 23,770 308,319 1,129 32,539 *341,648 19.0
Shattuck (Frank G.) Co.. com.(guar.)._ 50o. Oct. 10 Holders of roe. Sept.30
28,527
of
too.
Sept.
20a
Smith (Howard) Paper Mills, pref. (qu.) 2
Oct. 10 Holders
Total of averages 372,000 567,7895,692,902 41,519 603.331 c4.462,080
Spalding (A. G.)& Bros.. ccm.(guar.)._ $1.2 Oct. 1 Holders of rec. Sept.30
640,77723,603
of reo. Oct. 8
Spanish Riv.Pulp & Pap.IvIllIff,com.(qu.) 131 Oct. 1 Holders
of roe. Sept.20
Totals, actual condition Oct. 1 5.820.130 40,755 596,586 c4.625,607
Preferred (quar.)
645,405 23,551
134 Oct. 1 Holders of roe. Sept.20
Totals, actual co odltion Sept.24 5,636,
Stanley Works, pref. (quar.)
41.841 619.194 c4.424,361
4334c Nov. 1 Oct. 30 to Nov. 14
Totals,
actual co ndltion Sept.17 5,745,775 39,759 576,871 c4.524,702634.09123.693
Steel Co. of Canada, corn. & pref.(qu.)_
647.01623,583
131 Nov.
Holders of roe. Oct. 7
Sterling Products (qua:.)
21.2 Nov. 1 Holders of roe. Oct. 146
State Banks Not M -others f Fed'I es've Bank.
Stroock (S.) & Co.. Inc
7543. Dec. 2 Holders of roe. Doe. 10a
Sullivan Machinery (guar.)
$1
Oct. 1
Oct. 1 to Oct. 13
State Bank---- a.III 6.041 106.458 4,60
Sundstrand Corp., $7 pref. ((mar.)
2,241
36,872 63.571
$1.75 Oct. 1 Holders of rec. Sept.30a Colonial Bank_ 1,400 3,305
33,451 3,220 2,131
Telautograph Corp., corn.(quar.)
27.081 6,239
•30e. Nov
*Holders of rec. Oct. 15
Preferred (qua:.)
lid Oct.
Holders of rec. Sept. 30
Total of aver
9,347 139.909 7.82
Thompson (J. R.) Co., com.(mthly.)-- 30e. Nov..10 Holders
4.372
63.953 69,810
of rec. Oct. 210
Common (monthly)
30o. Dee.
Holders of rec. Nov.23a Totals, actual
,dltion
. 1 141.238 7.8
Tide Water 011, pref. (quar.)
4,141
65.375 70,236
$1.2 Nov. 15 Holders of rec. Oct. 31a Totals, actual condition Sept.24 140,837 7,507
Tobacco Products Corp.. 00M.(quar.)..
4,002
64,523 69,565
$1.7 Oct. 15 Holders of rec. Sept.28e Totals, actual condition Sept.17 10,676 8,04
4,058
65.580 69,288
3
New
Capital. Profile. Loans,
Discount
Week ending
Oct. 1_1927. Nat'l June 30 InvestState. June 30 menu,
&c.
1000 omitted.] Tr.Cos. June 30
Time Ban*
Net
Reserve
IrmaDeDemand
with
Cash
in
Legal Deposits. posits. anon.
Vault. Deporttortes.
Average. Average AMMO Average. Average Avge.
$
$
$
$
$
$
8
$
Trust Companies Not Members of Fed'I Res`v e Bank
40,609 2,304 _
68,102 1,682 4,410
Title Guar & Tr 10,000 19.642
16,550 2,156 -- -931 1,604
22.868
Lawyers Trust_ 3.000 3.515
Total of aseraies 13,000 23,158
Totals, actual condition Oct. 1
Totals, actual condition Sept.24
Totals, actual condition Sept.17
90,970
90,443
90.393
90,341
2.613
2,527
2,526
2,546
6,014
57,159
4,460 --
6,167
6,133
6,191
57,460
56,605
56,950
4,440
4,475 --- 4,382, __--
Banks and Trust Companies in New York City.-The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
Gr'd aggr.. avec 391,400600,2945,923,781 51,955 613.717 4,583.192 715,04723.603
+9.069+6.070 +80
Comparison with prey.week _ _ +12,227 +565+2.569
720,081 23,551
4,748.442
51,166606,894
Ord aggr., aa'icond'n Oct. 16.051.811
-142
Comparison with prey. week_ _ +184,452 -708-22,435 +202.953+11.950
Or'd
Ord
Gr'd
Or'd
Gr'd
aggr., act'l vend n
aggr., eelcond'n
aggr.. furlcond'n
aggr.. act'l°earn)
seer., aer/cond'n
Sept.24 5.867,359
Smt.175.976.792
Sept.10 5,890,984
Sept. 35,833,217
Aug 275,704.208
51,874629,329
50,345587.120
52.963673.313
46,950630.354
49,294622,064
4,545,489708,131 23,693
4,647,232720,686 23.583
4,659.533715,228 23,459
4.626.115717,678 23,469
4,528,600 715.933 23.328
Note.-U. S. deposits deducted from net demand deposits in the general total
above were as follows: Average total Oct. 1, $114,676,000. Actual totals Oct. I,
$703,000;
$114,687,000; Sept. 24, $114,687,000; Sept. 17, $114:887,000; Sept. 10,
Sept. 3, $1,766,000; Aug. 27. 33,465,000. Bills payable, rediscounts, acceptances
and other liabilities, average for week Oct. 1, $684,405,000; Sept. 24, $673,797,000;
Sept. 17. $660,872,000; Sept. 10, $675,194,000; Sept. 3, $620,972,000; Aug. 27.
$608,105,000. Actual totals Oct. 1, $658,975,000; Sept. 24. $691,116,000; Sept. 17,
$633,732,000; Sept. 10, $738,252,000; Sept. 3, $661,715,000; Aug. 27, $631,797,000.
*Includes deposits in foreign branches not Included in total footings as follows:
National City Bank, $243,435,000; Chase National Bank. $13,369,000; Bankers
Trust Co., $40,574,500; Guaranty Trust Co., $72,784,000; Farmers' Loan & Trust
Co.. $2,504,000; Equitable Trust Co., $198,958,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank, $37,750,000;
Chase National Bank, $2,384,000; Bankers Trust Co.,$1,368,000; Guaranty Trust
Co., $2,724,000 Farmers' Loan & Trust Co., $2,504,000; Equitable Trust Co.,
87,994,000.
c Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
in Vault.
Reserve
in
Depositaries
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
Members Federal
Reserve Bank_
tate banks*
Trust companies'-_ _
$
$
603,331.000 603,331,000 599.293.710
7,823,000 4,372.000 12,195,000 11,511,540
2,613,000 6,014,000 8,627,000 8,573,850
4,037,290
683,460
53,150
Total Oct. 1_ _
Total Sept. 24__
Total Sept. 17___ _
Total Sept.10_...
10.436,000 613,717,000 624,153,000 619,379,100
10.541.000 611,148,000 621.689,000 618,064,730
10,644,000 627,133,090 637.777.000 630,912,040
10,296,000 615.400.000 625,696.000 624.277.350
4,773,900
3,624,270
6,864,960
1,418,650
•Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank. includes also the amount of reserve required on net time deposits, which was as follows:
Oct. 1.319,223,310: Sept. 24, 319,052,760; Sept. 17, $19,302,750; Sept. 10, $19,248,420; Sept. 3, $19,343,220; Aug. 27. $19,362,630.
Cash
Reserve
in Vault.
Total Oct. I_
Total Sept. 24
Total Sept. i7
Total Sept.10
Reserve
in
Depositaries
Total
Reserve.
Reserve
Required.
Week EndedJune 4
June 14
June 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Dot. 1
Loans and
Investments.
Demand
Deposits.
$
7,193,666,300
7.194.292,400
7,252,983,200
7.197.444,000
7,287.488,800
7,305,578,900
7.152,547.900
7.106.073,800
7,110,323.700
7,181.738.200
7.177.325.100
7,115,836,600
7,069.889,900
7,107,725,500
7,179,503,300
7,276,682,800
7,290,010,700
7.304.600.300
8
6,000.106.000
6,008.429,100
8,084,075.000
5.978,960.700
6.082,939,600
6.087.209,400
5.930.407,000
5,921,931,500
5,921,572,000
5.950.261.700
5.931,055.300
5,879,977,900
5,845,207.700
5,901,639,100
5.916,180,700
5,990,245,100
5.885,011,200
5.897.049.400
Total Cash
in Vaults.
Reserve In
Depositaries.
8
83,095,800
84,973,500
82,303,900
80,355,400
80.744,400
86,222.100
82.586,100
79,187,600
80,246,400
80,359,900
80.989.500
79,489,400
78,875.900
78,364,200
82.029,500
83,361,800
81,144,800
82.314.800
$
788,409,400
796427,300
790,267,700
773,532,900
797,870,400
788,623.300
768,772,500
765.494,700
758,805.100
778,669.200
768,301.300
763,241,000
751,445,600
765,329.800
763,450,100
771,680,400
760,449,500
760.172.500
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member.insitutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers 10001 omitted.)
Loans,
Diacounts,
Net
Profits, Investmasts,
&c.
CLEARING
NON-MEMBERS Capital.
Week Ending
CCt. I 1927.
Members of
Fed'i Res've Bank.
Grace Nat Bank__
State Bank
Not Member of the
Federal Reserve Bank
Bank of Wash lit,.
Trust Company
Not Member of the
Federal Reserve Bank
Mech Tr, Bayonne_
Cash
in
Vault.
$
1,970
$
13,785
•
•
••
II
687
9,247
373
1,500
Ord agar.. Sept. 24
Comparison with prev. week
2.658
23,032
1,500
1,500
1.500
I. ii
2,658
2,658
2,658
2,658
'-I
23,077
23,228
23,055
22,650
442
+36
Clr'd
Ord
Ded
Gird
tiger.. Sept. 10
aggr.. Sept. 3
aggr., Aug. 27
aggr.. Aug. 20
Reserve
Net
Net
with
Legal Demand Time
Depost- Deposits. Deposits,
107161.
Average Average Average. Average,
S
$
$
$
4,125
7,890
1,221
69
$
1,000
•
188
406
470
404
445
•
•
3,342
5,809
1,406 al1,232
+32
-74
9.934
+75
1,374
1,396
1,356
1,344
59
9,879
9.862
11.306
12.010,
11,495;
1I,322
•Bank of Washington Heights merged with Bank of Manhattan Co.
a United States deposits deducted, $156,000
Bills payable, rediscounts. acceptances and other liabilities. $2,777,000. Excess
In reserve, 585.220. increase.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
Oct. 5
1927.
Surplus
Reserve.
$
$
$
596,586,000 596,588,000 620,691,060 -24.105,060
257,500
7.884,000 4,141.000 12,025,000 11,767,500
75,000
2,527,000 6,167,080 8,694,000 8.619,000
10,411,000 606,894,000 617.305.000641.077,560 -23,772,560
10,033,000,629.329,000 639,362.000 614,294,550 25,067,450
10,586.0001587,120,000 597,706.000 627,968,640 -30,262,640
10.363,000 673,313.000 683,676.000 629,319,100 54,356,900
•Not members of Federal Reserve Bank.
banks
a This is the reserve required on net demand deposits In the case of State
Reserve Bank inand trust companies, but in the case of members of the Federal
as
was
follows:
which
deposits,
time
net
on
required
cludes also the amount of reserve
$19,253,Oct. 1.319,362.150: Sept. 24, 319,022,730; Sept. 17, $19,410,480; Sept. 10,
700; Sept. 3, $19,331,940; Aug. 27, $19,268,800.
State Banks and Trust Companies Not in Clearing
House.-The State Banking Department reports weekly
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK. NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
Differencesfrom
Previous Week.
Oct. I.
Inc. $2,362,600
31,380,819,300
Investments
Loans and
42,300
5,140,600 Dec.
Gold
647,300
25,219,200 Inc.
Currency notes
Dec.
606,000
106,499,700
York
New
of
Bank
Reserve
Federal
Deposits with
472,100
1,403,335,500 Dec.
Time deposits
Deposits, eliminating amounts due from reserve
comtrust
&
depositaries St from other banks
2,969,200
1,313,857,400 Inc.
panies In N.Y.City, exchange & U.S.deposits_
176.815,300 Dec. 2,241.000
Reserve on deposits
Percentage of reserve, 20.8%.
RESERVE.
Trust Companies-State Banks
308,434,500 15.74%
$38,425,000 17.24%
Cash in vault*
28,521.600
4.56%
5.13%
11,434,200
cogtrust
and
banks
in
Deposits
8126,956,100 20.30%
$49,859,200 22.37%
Total
which for the
•Includes deposits with the Federal Reserve Bank of New York,
State banks and trust companies combined on Oct. 1 was $108,499,700.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
BOSTON CLEARING HOUSE MEMBERS.
Actual Figures.
Members Faders
Reserve Bank._ -State banks*
Trust companies'.__
[VoL. 125.
THE CHRONICLE
1940
Changes from
Previous Week,
. 28
Sep,
1927.
Sept. 21
1927.
S
X
$
$
77,150,000
Unchanged
77,150,000
77,150,000
Capital
Unchanged
95,512,000
95,462,000
95,462,000
Surplus and profits
Loans, dIsc'ts & invest. 1,113,963,000 Inc. 11,962,000 1,102,001,000 1,092,493,080
717,235,000 Inc. 38,372,000 678.863,000 682,970.000
Individual deposits
162,496,000 Inc. 14,657,000 147,839,000 155,245.000
Due to banks
276,955,000 Dec. 1,647,000 278,602,000 275.803.000
Time deposits
323,000
33,954,000 Dec.
34,185,000
34,277,000
United States deposits _
31,207,000
27,111,000
50,917,000 Inc. 23,806,000
Exchanges for Crg Wee
Inc.
11,207,000
85,025,000
96,232,000
93,699,000
banks
other
Due from
81,808,000
85,489,000 Inc. 3,681,000
81,988,000
Res've in legal deportee
33,000
9,215,000
9,182,000 Dec.
9,492,000
Cash in bank
sin nnn
172 (inn
396.000
588.000 Inc.
RiVeVA sore. in F.R.Bk
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Oct. 1., with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companiesinot
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Week Ended Oct. 1 1927.
Two Ciphers (00)
emitted.
Capital
Surplus and Profits
Loans, disc'ts & investmls
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Iterve with legal deposit'y
Reserve with F.R.Bank_ _
Cash In vault •
Total reserve et cash held..
Reserve required
Excess res. fit cash in vault.
Membersof
Trust
F.E.System Companies
351,425,0
163.104,0
972,230,0
45,030,0
104,551,0
141,430,0
634.378.0
158,932,0
934,740,0
69,701,0
9,973,0
79,674,0
69,528,0
10,146,0
1927
Total.
Sept. 24
1927.
Sept. 1.7
1927.
$5,000,0 $56,425,0 $56,425.0 $58,425.0
18,044,0 181,148,0 181,148,0 181,148,0
50,760,0 1022,990,0 1025,079,0 1020,575,0
328,0 45,362,0 35,132,0 37,420,0
20,0 104,571.0 97,214,0 106,066,0
1,098,0 142,528,0 143,168,0 147,708,0
30,565,0 664,943,0 649,302,0 665,372,0
2,631,0 161,563,0 158.629,0 157,630,0
34,294,0 969.034,0 951,099,0 970,710,0
4,420,0
2,991,0
4,420,0
4,438,0
89,701,0 68,818,0 71,125,0
1,504.0 11,477,0 11.567,0 11,418.0
5,924,0 85,598,0 83,378,0 86,981,0
4,828,0 74,356,0 73,464,0 74,800,0
96,0
1,242,0
9,912.0 12,181,0
•Cash In vault not counted as reserve for Federal Reserve members.
OCT.8 1927.]
THE CHRONICLE
1941
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct.6 and
the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present theshowing
results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the correspon
ding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the ComptrollAgents'
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns er and
for the
latest week appears on page 1906, being the first item in our department of "Current Events and Discussio
ns."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE
OF BUSINESS OCT. 5 1927.
Oct. 5 1927. Sept. 28 1927. Sept. 211927.Sept. 14 1927. Sept.7 1927. Aug. 31 1927. Aug.24 1927. Aug. 17 1927 Oct. 6 1926.
RESOURCES.
$
$
$
$
$
$
$
$
;old with Federal Reserve agents
$
1,561,864,000 1,630.529.000 1.657.755,000 1,665,739.000 1,579.526,000 1,640,260.00 1.615.271,00
0
0 1,636,161.000 1,383,196,000
3old redemption fund with U S. Treas.
45,695,000
48,010,000
55,159.000
53.022.000
43,238,000
36,670,000
40,689,000
42,178,000
62,930,000
Gold held exclusively SCSI. F. R. notes 1,607.559.000 1,678,539,000 1,712.914,000 1,718.761,00
0 1,622.764.000 1,676,930.000 1.655.960.000 1,678,339.000 1,446,126,000
;old settlement fund with Y. R. Board
704.384.000 639,749,000 614,774,000
3old and gold certificate,, held by banks_ 653,841,000 670,565,000 666.508,000 596.363.000 694,143.000 631,491.000 643.573,000 618,127.000 745,429,000
668,548.000 672,786,000 689.502.000 710,308,000 706,478.000 621,789,000
Total gold reserves
2,965,784,060 2,988,853.000 2,994.196.000 2.983.672,0002,989.693.000 2,997.923,00 3,009.841,00 3,002,944.00
0
0
0 2,813,344,000
leserves other than gold
136,774,000 137,352,000 139,436,000 140,369,000 135.549,000 147,813,000
147.663,000 145,871,000 128,674.000
Total reserves
3 102,558.000 3,126,205,000 3,133,632,000 3,124,011.000 3,125,242,000
3,145,736.000 3.157,504,000 3,148.815,000 2,942,018,000
ton-reserve cash
51,150,000
51,593,000
53,646,000
54,339,000
45,596,000
48,050,000
53,039,000
54,761.000
Sills discounted:
50.441,000
Secured by U.S. Govt. obligations
242,557,000 228,011.000 216,936,000 202.847,000 241,953,000
Other bills discounted
219,928,000 202,301,000 197,629,000 172,487,000 207,531.000 217.817.000 217.677.000 220.503,000 288.717,000
182.707,000 196.480.000 169,990.000 334,872,000
Total bills discounted
462.485,000 430,312.000 414,565,000 375.334.000 449.484.000 400,524,000
Bills bought In open market
262,165,000 242,148,000 218,680,000 226,717.000 197,306.000 185.128.000 414,157,000 390,493.000 623,589,900
178,809.000 170,932,000 273,262,000
U. S. Government securities:
Bonds
255,972,000 253,515,000 253,741.000 260.188.000 237.700.000 212,077,000
203,557,000 178,443,000
Treasury notes
53,537,000
126,624,000 134.559,000 127,138.000 123,181.000 108.603,000
99,642.000
89,333.000
95,788,000 135,379,009
Certificates of Indebtedness
122,277,000 106,278,000 102,664,000
96,207.000 153.166.000 161,095,000 151,931.000 167.297,000 11.7,419,000
Total U. S. Government securities
504,873.000 494,352,000 483,543,000 499,576.000 499.469.000 472,814.000 444.821,000
441,528.000 306,335,000
Other securities (see note)
820,000
820.000
820,000
320.000
320.000
320.000
320.000
300.000
3,700,000
Total bills and securities (see note).__ 1,230,343,000 1,167,632.000 1,117.588,00 1.101.947.00
0
0 1.146,579.000 1.058.786.000 1.038.107,000 1,003,253.000 1,206,886,000
Gold held abroad
Due from foreign banks (see note)
563,000
1,049,000
823,000
12.262.000
12,267.000
12,248.000
23.629.000
39,057,000
Uncollected items
717,000
724,370.000 653,183,000 720.040,000 848,897.000 689.215.000
603,366,000 609,876.000 700.968.000 731,422,000
Bank premises
59,609,000
59,609.000
59,580,000
59.580.000
59,579,000
59,455,000
59,452.000
59,444.000
AU other resources
60,012,000
13,640,000
13,208,000
14,052,000
19.691.000
19.512.000
17,747.000
17.032.000
16,360.000
13,409,000
Total resources
5,182,233,000 5,072,479,000 5,099,361,000 5,220.757,000 5.097,990.00
0 4,945,388.000 4,958.639,000 5,022.656.000 5,004,905,000
LIABILITIES.
F. R. notes in actual circulation
1,717,049,000 1,705.765,000 1,700,522,000 1,707.584.000 1,720,715,00
0 1.676,440.000 1.670,831.000 1,664,502,000 1,730,973,000
Deposits—
Member banks—reserve account
2,360,378,000 2,336,548,000 2,311.070,800 2.324,989.000 2,318,415.00
0 2,298,880,000 2,305.727,000 2,294.893,000 2,211,909,000
Government
37,215,000
24,507,000
22,894,000
12.494,000
20,803.000
12.699.000
Foreign banks (see note)
19.247.000
21.363.000
23,557,000
5,382,000
5,791.000
5.519,000
5.329.000
5,487.000
5,536.000
Other deposits
4,935.000
5,334.000
6,586,000
23,352,000
22,922.000
23,217,000
24,674,000
23.0541000
24.168.000
23,973.000
25.379,000
17.795,000
Total deposits
2,426,327,000'2,389,768,000 2,362.700,000 2,367.488.0002.367.759,0
00 2.341,283.000 2,353.882,000 2,346,989,000 2,259,847,000
Deferred availability items
664,038,000: 602,290,000 662,030,000 771,929,000 636,403.000
Capital paid in
131,098,0001 130,960,000 130,866,000 130,731,000 130,668,000 555,002.000 561.147.000 639.320.000 649,483,000
Surplus
228,775,000 228,775.000 228,775,000 228,775.000 228,775.000 130,727,000 130.730.000 130,391.000 123,855,000
228,775.000 228.775,000 228.775,000 220,310,000
All other liabilities
14,946,000
14,921,000
14,468,000
14,252.000
13.670.000
13,161,000
13.274,000
12,699,000
20,437,000
Total liabilities
5,182,233,000 5,072,479,000 5.099,361,000 5,220.757,000 5,097,990,000
4.945.388.000 4.958.639,000 5.022.658,000 5,004,905,000
Ratio of gold reserves to deposit and
1 F. R. note liabilities combined
71.5%
73.0%
73.7%
73.2%
73.1%
Ratio of total reserves to deposit and
74.6%
74.8%
74.9%
70.5%
F. R. note liabilities combined
74.9%
76.3%
77.1%
76.7%
76.4%
78.3%
Contingent liability on bills purchased
78.5%
78.5%
73.7%
for foreign correspondents
189,168,000 186,455,000 182,582.000 182.182.000 174.107.000
165,746,000 162,087.000 160,540.000
45,385,000
Distribution by Maturities-$
$
$
$
$
1-15 days bills bought In open market. 130,133,000
$
$
$
$
111,362,000
96,861,000
115.725,000
113.661,000 107,871.000 106.034,000 102.704,000
1-15 days bills discounted
77,575,000
389,833,000 354,775,000 339,870.000 290.860.000 361,766.000
1-15 days U. S. certif. of indebtedness_
307.428.000 317,677,000 300.567,000 462,120,000
1,593,000
1,442,000
33.034,000
82,055,000
1-15 days municipal warrants
90,497.000
445,000
16-30 days bills bought In open market _
60,964,000
46,948,000
42,019,000
41,103.000
30.297.000
16-30 days bills discounted
29,169.000
29.818,000
27,887,000
56,753,000
21,277.000
12,886.000
22,750,000
26.386.000
26,909.000
16-30 days U. S. certif. of indebtedness_
21,398,000
21.681.000
22.945.000
46,164,000
4.429.000
16-30 days municipal warrants
5.000
69.340.000
92,925.000
20,000
20.000
31-60 days bills bought in open market _
53,775,000
60,278,000
55.912.000
46.047.000
33,759.000
31-60 days bills discounted
27,835.000
24.604.000
22.444,000
30,246.000
82,448,000
31.560,000
32,030,000
35.639.000
37,927,000
31-60 days U. S. certif. of indebtedness_
42,029.000
42,921,000
37.585.000
67,478,000
31-60 days municipal warrants
20.000
20.000
20.000
61-90 days bills bought in open market.
20.000
14,190,000
17,739,000
21.025,600
21,235,000
17.029.000
61-90 days bills discounted
17.486.000
16,234,000
16,363.000
17,960,000
44,400,000
19,107.000
16,705,000
18.911,000
18.647.000
61-90 days U. S. certif. of indebtedness_
23.740,000
26,444,000
22,;88.000 42,486,000
61-90 days municipal warrants
44,103,000
Over 90 days bills bought In open market
20,000
3,103,000
4.453,000
2,843.000
2,607.000
2,560.000
Over 90 days bills discounted
2.767,000
2.119,000
1,534.000
3,167,000
12,086.000
3,352.000
3,210,000
3,538,000
4.235.000
Over 90 days certif. of Indebtedness._ 120,684,000 104,836,000
5.931.000
5.434,000
6.808.000
5,341,000
102.664,000
63,173.000
66,682.000
Over 90 days munleipal warrants
70.593.000
82.146,000
74,372,000
73,316,000
F. R. notes received from Comptroller__ 2,908,669,000 2,918.127,00
0 2.914,873,000 2.900.639,000
F. It. notes bled by F. R. Agent
8136,250.000 806,165,000 708,305.000 808,275,000 2.889.860.000 2.885,232,000 2.883,884.000 2.903.263.000 2,919,310,000
814,215.000 845,375,000 841.595.000 848.135,000 858,782,000
Issued to Federal Reserve Ranks-- 2,102,419,000 2,111,962,000
2,116,568,000 2,092,364.000 2,075.645.000
2.039.857,000 2,042.289.000 2.055.128.0002.060.828,000
How Secured-By gold and gold certificates
406,631,000 411,830.11
410,831,000 420.276.000 421.876.000
Gold redemption fund
421,875.000 413.276.000 413,276,000 306,433,000
104,556,000
91,210,000
96,916,000 100,046.000
Gold fund—Federal Reserve Board
94,011,000
96,938.000 104.500.000
1.050,677,000 1.127,489,000 1,150,000,000 1,145,417,000 102.006.000
92,258,000
By eligible paper
705.356,000 634,517,000 595,740.000 567,211.000 1,055.644.000 1,124,374,000 1,105.057.000 1.118.385,000 984,503,000
616.489.000 553.416.000 567.172.000 539.087.000 859,423,000
Total
'2,267,220,000 2,265.046,000 2,253,495.000 2.232,950.000
2.198,015.000 2,193.676.000 2.182,443,000 2.175.248 000
2.242.61.9.000
NOTE.—Beginning with the statement Of Ost, 7 1925, two new tome were added
-in order to show separately the amount of
to foreign correspondents. In addition, the caption, All other earn rig
balances held abroad and amounts due
assets."
previously
made up of Foreign Intermediate Credit Bank
"Other securities," and the caption, "Total earning assets" to "Total
debentures,
bills and securities." The latter Item
WU changed to
the discounts, acceptances and securities acquired under the provisions of
was
Sections 13 and 14 of the Federal Reserveadopted as a more accurate desAption of the total of
therein.
Act, which, it was stated, are the only Items
included
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
OF THE 12 FEDERAL RESERVE
BANKS AT CLOSE OF BUSINESS OCT.
5
1927
Two ciphers (00) =Wed.
Total.
Federal Reserre Bank of—
Boston. New York. Phila. Cleveland. Richmond Atlanta.
Chicago. Si. Louts. Alinneap. Kan, City
Dallas. San Fran.
RESOURCES.
$
$
$
$
i
$
$
$
Gold with Federal Reserve Agents 1,561.864,0 132,295,0 241,214.0 128,825,0
$
$
$
$
218.984,0 24,331,0 163,531.0.273,483,0
$
Gold red'n fund with U.S.Treas.
45,695,0 3,363,0
16.768,0 9,478,0 2.222,0 2,187,0 1,449,0 2,054,0 37,019.0 59,334.0 55.319,0 39,540.0 18,989,0
1,768,0
885,0 2,469,0 1.132,0 1,920,0
Gold held excl. agst. F.R. notes 1,607,559,0 135,658,0 257.982,0 138,303,0
Gold settle't fund with F.R.Board 704,384,0 43,817,0 290,620.0 49,563,0 221.206,0 26.518.0 164,980,0 275.537,0 38.787,0 60.219.0 57.788.0 40,672,9 189,909,0
42,107,0 14,463,0
Gold and gold certificates
653,841,0 33,309,0 413,540,0 27,651,0 36,170,0 21,044,0 12.940,0134,873,0 19.628,0 14,394,0 23.843,0 19,111,0 39,025,0
7,191,0 53.304,0 9,580,0 6,501,0
8,014,0 7,036.0 30,501,0
Total gold reserves
2 965,784,0 212.784,0 962,142,0 215,517.0 299,483,0
62,025,0 185.111,0 463.714,0 67,995,0 81,114,0
Reserves other than gold
138,774,0 14,113,0
89.645,0 66,819,0 259.435,0
25,607.0 8.481,0 11,099,0 4,151,0 11.935.0 22,170.0
12,160,0 4,036,0 4,135,1
8,063,0 8.824,0
Total reserves
3,102,558,0 228.897,0 987,749,0 223,998,0 310,582.0
66,176,0 197,046,0 485,884,0 80.155,0 75,150,0 95,780,0
Non-reserve cash
51,150,0 5,737,0
15,436,0 1,028,0 4,129,0 3,355,0
74,882,0
3,769,0 6,493,0 2,988,0 1,020,0 2,607,0 1.754,0 268,259,0
Bills discounted:
2,852,0
See. by U. S. Govt. obligations 242.557,0 17.397,0 110,947,0 18,509,0
24,899,0 9,537,0 5,663.0 25,235,0 13,198,0
Other bills dLscounted
766,0 3.297,0 1,970.0 11,139,0
219,928,0 14,665,0
62,538,0 12,973,0 17,857,0 20,212,0 21,155,0 12,639,0
7,875,0 2,028,0 8,826,0 3,143,0
36.017,0
Total bills discounted
462.485,0 32,062,0 173,485,0 31,482.0 42,758,0
Buis bought in open market
262,165,0 27,467,0 104,528,0 10,510,0 16,066,0 29,749,0 26.818.0 37,874,0 21,073,0 2,794,0 12,123,0 5,113,0 47,156.0
30,252,0 3,165,0 23,029,0 4,416,0 9,415,0 10,428,0
U. S. Government securities:
11,674,0 11.215,0
Bonds
255,972,0 12,043,0
42,561,0 13,368,0 32.816,0 12,625,0 6,225,0 43,817.0
Treasury notes
126,624,0 7,661,0
29.459,0 9,207,0 13,585,0 6,215.0 3,399,0 14.314,0 18,192,0 11,138,0 19,562,0 17,519,0 26.076,0
11,264,0
Certificates of indebtedness... 122,277,0 7,354,0
7,246.0
7,819,0
28,991,0 13,619,0 9,113,0 8,515,0
3,323.0 15,263.0 7.132,0 4,468.0 7,673,0 6,995,0 9.460,0
6,481,0 10,265,0
Total U.S. Govt. securities_ _ _ 504.873.0 27,058,0 101.011.0 36,194.0
55.544.0 274550 12.047.0 73.394.0 385550 22 RA9 n fic ilt
[VOL. 125.
THE CHRONICLE
1942
RESOURCES (Concluded)Two ciphers (00) omitted.
Total.
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
New York.
Phila.
$
$
$
$
820,0
a
Other securities
Boston.
San Fran.
Cleveland. Richmond Atlanta. Chicago. St. Louts Minneap. Kan. City Dallas.
$
300,0
$
$
:
$
a
$
520,0
$
$
62,077,0 35,581,0 57,605,0 47,762,0 104,712,0
379,024,0 78.186,0 114,366,0 87,456,0 43,230,0 134,297.0
38,0
19,0
20,0
16,0
23,0
75,0
22,0
28,0
57,0
52,0
172,0
36.193,0 17,184,0 44,170,0 27,205,0 44,585,0
82,595.0
30,414.0
58,605,0
64,639,0
62,566.0
187.254.0
3,519,0
1,827,0
4.474,0
2.774,0
3,957,0
8,602,0
2,901,0
16,276,0 1,749,0 7,119,0 2.465.0
885,0
611,0
554,0
870,0 1.987,0
477,0 1,435,0 1,484,0
125.0 1.034,0
4,058,0
424,310,0
154,060,0
205,210,0
143,694,0
186,263,0
710,430,0
1,589,969.0 367,704,0 501,926,0 218,562,0 278.817,0
1,230.343.0 86,587,0
41.0
563,0
724,370,0 68,960,0
59,609,0 3,946,0
120,0
13,640,0
5,182,233,0 392,288,0
Total resources
LIABILITIES.
F. R. notes in actual circulation_ 1,717,049,0 142,586,0
Deposits:
Member bank-reserve acc't 2,360,378,0 152.339,0
37,215,0 1,791,0
Government
383,0
5,382,0
Foreign bank
102,0
23.352,0
Other deposits
47,501,0 62,992,0 64,086,0 48.507,0 173,759.0
366,536.0 130,594,0 210,829.0 66,895,0 163,399,0 239,425,0
82,193,0 52,547,0 87,392,0 63,025,0 174,944,0
350,130,0
69,524,0
72,754.0
188,497.0
142,205.0
924.828,0
408,0 1,076,0 1,316,0
870,0
848,0 1,643,0 1,677,0 1.635,0 1,668,0
22,877.0 1,406,0
357,0
179,0
189,0
153,0
219,0
704,0
209.0
265,0
541,0
490,0
1,693,0
37,0 3,865,0
447,0
170,0
279.0
1,052,0
68,0
95,0
974.0
296,0
15,967,0
71.478,0 353,521.0 84,359.0 54.017,0 88,129.0 64,317,0 180,482,0
2,426,327,0 154,615.0 965,365,0 144,397,0 190.880,0 74,757,0 28,452,0 74,629.0 37,940,0 15,153.0 38,958,0 28,135,0 43,717,0
Total deposits
664.038.0 67,569,0 153,231,0 57,710,0 61,013,0 57,531,0
Deferred availability items
5,140,0 17,329,0 5,291.0 3,000,0 4,220,0 4,281,0 9,324,0
6,253,0
13,939,0
13.228,0
39.627,0
9,466,0
131.098.0
Capital paid in
9,029,0 8,215,0 16,121,0
61,614,0 21,267,0 23,746,0 12.198,0 9,632.0 31,881.0 9,939,0 7.527,0
228,775,0 17.606.0
907,0
605,0
758,0
Surplus
776,0 2,645.0 1,233.0 1,005,0
928.0
508,0 1,539,0
3,596,0
446,0
14,946,0
All other liabilities
424,310,0
154,060,0
205,210,0
143,694,0
186,263,0
719,430,0
278,817,0
5,182,233,0 392,288,0 1,589.969,0 367.704,0 501,926,0 218,662,0
IsTotal liabilities
75.7
Memoranda.
66.4
62.9
72.8
60.8
81.9
83.9
46.7
77.3
81.5
74.2
76.3
74.9
Reserve ratio (per cent)
Contingent liability on bills pur7,718,0 25,979,0 8,095,0 5,648,0 5,965,0 6,589,0 13,178,0
9,789,0
19,955,0
18,072,0
53,061,0
14,119,0
chased for foreign correspondls 189,168,0
F. R. notes on hand (notes rec'd
from F. R. Agent less notes in
51,194,0 9,123,0 4,974.0 8,350,0 6.042.0 48.074.0
385.370.0 29.796.0 118.017.0 33.231.0 39,217,0 7.437.0 29.915,0
rthy..Iatinnl
AT CLOSE OF BUSINESS OCTOBER
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS
Federal Reserve Agentrat-
Fran.
Cleveland. Richmond Atlanta. Chicago. St. Louis Minneap. Kan. City Dallas. San
$
$
5
$
$
$
$
$
$
$
$
74.804.0 85,580,0 110,336,0 70,451,0 282,333,0
776,633,0 205,825,0 272,036,0 104,286,0 244.484,0 435.119,0
17,614,0 37,900,0 15.902,0 60,500,0
18,180.0
144,500,0
61,230,0
29,954,0
21,990,0
292,080,0 43,000,0
56,624,0 67,966,0 72,436,0 54,549,0 221,833,0
484,553,0 163,825,0 250,046,0 74,332,0 193,254,0 290.619,0
New York,
Boston,
Total.
$
$
Two ciphers (00) omitted.
F.R.notes ree'd from Comptroller 2,908.669.0246.782,0
F.R.notes held by F. R. Agent__ 806,250,0 74,400,0
F. R.notes issued to F. R. Bank_ 2,102,419,0 172,382,0
Collateral held as security for
F. R.notes issued to F.R. Bk.
Gold and gold certificates_ 406,631,0 35,300,0
104,566,0 17,995,0
Gold redemption fund
1,050,677,0 79,000,0
Gold fund-F.R.Board_ _
705,356,0 59,529,0
Eligible paper
....
So
2.267.220.0 191.824.0
Total collateral
5 192 .
Phila.
17.613,0 40,000,0
8,100,0 12.267,0
40,000,0 20,084.0 18,117,0
215,150,0
2,067,0 3,459,0 2,927,0 13,949,0
21.064,0 10,948,0 13,984,0 4,247,0 9,514,0 1,483,0 2,919.0 45,000.0 51,860,0 19,000,0 134,040,0
135,900.0 272.000.0 26,000,0
5.000,0 117,877,0 165.000,0
22,460,0 16,371,0 58,304,0
266,463,0 37,937,0 57,957,0 58,000,0 29,831,0 60,840,0 25,351.0 11,953,0
77.779.0 56.271.0 248.293.0
71.287.0
62.370.0
334.323.0
193.362.0
82.331.0
276.941.0
166.762.0
0
677
507
Weekly Return for the Member Banks of the Federal Reserve System.
principal items of the resources
Following is the weekly statement issued by the Federal Reserve Board, giving thefigures
are always a week behind
These
and liabilities of the 660 member banks from which weekly returns are obtained.
items in the statement were given in the statement
those for the Reserve banks themselves. Definitions of the different
page 2523. The comment of the Reserve Board upon the figures
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917,and
Discussions," on page 1907, immediately following which
for the latest week appears in our department of "Current Events for
a week later.
we also give_the figures of New York reporting member banks
BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER
BUSINESS, SEPTEMBER 28 1927. (In thousands of dollars)
Federal',Reserve District-
Total.
Boston. New York
Phila.
Kan. Clip Dallas. San Fran.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap.
$
$
$
$
$
20,984,360 1.501,691 7,866,516 1,224,881 2,124,228
$
698,387
$
5
619,615 3,019,655
$
709,840
$
367,787
$
624,024
$
422,845 1,804.891
Loans and investments-total
14,942,248 1,036,058 5,831,966
816,664 1,423,268
532,254
502.8552,229,168
512,210
249,229
415,164
327,432 1,265,980
Loanif and discounts-total
4,491
204,548
303,171
2,326
78,234
168,669
4,053
123,603
287,508
2,766
80,813
243,853
790.487
197.630
118,558
208,860
95,413
538,911
63,045
55,513
100,442
108,418
64,859
30,554
278,505
260,406
Secured by U.S. Gov't oblias
Secured by stocks and bonds..
All other loans and dIscounts
Investments-total
122,113
6.069.780
8,750,355
40,825
7,271
386,814 2,590,935
641,973 3,000,206
9,272
419,202
388,190
17,326
608,473
797,469
4,679
157,641
369,934
18,933
5,039
119,640 972,942
378,176 1,237,293
6,042,112
465,633 2,234,550
408,217
700,960
166,133
116.760
U. S. Government securities_. 2,599,306
Other bonds, stocks and securities 3,442,806
Reserve balances with F. R. Bank
Cash in vault
Met demand deposits
Time deposits
Government deposits
Due from banks
Dies to banks
Borrowings from F. R. Bank-total
Secured by U.S. Gov't obliga'ns_
All other
1,722,538
260,609
5.132
326,935
933,913
158,077 996,581
307,556 1,237,969
109,128
299,089
308,070
392,890
79,279
86,854
57,196
59,564
309,512
480,975
74,612
123,018
809,562
70,103
82,000
15,740
126,171
30,155
42,021
13,955
38,877
10,911
257.497
43,657
45,913
7,772
25.261
5,969
52,246
12,749
29,943
9,334
111,154
22,342
101,803
17,922
13,230,140
6,332,327
352.250
921.405 5,763,510
483,519 1,490,108
33,431 134,258
784,704 1,039,977
271.456 924,704
25,460
35,632
394.903
235,352
11,588
329,253 1,820,092
247,369 1,117,718
34.837
18,463
395,135
236.988
8.277
230,868
125,403
1,631
484.144
158.373
4,382
287,402
109,583
12,182
778,757
931,756
32,129
1,166,370
3,331.204
53,685 138,210
142,547 1,231,305
58,741
171,363
98,159
244,025
58,911
123,169
82.703
127,704
221,124
506,339
50.915
135,094
59,751
103,882
115,066
202,063
70,287
122,054
158,818
221,659
114,768
14,820
26,297
12,286
11.640
21.204
18.519
400
5,414
1,454
28,722
15,216
5,988
11.458
7,061
400
1,325
4,089
1,136
318
16,482
12.260
07
31
24
65
45
57
278.481
22.957
165,016
113,465
10,885
12,072
71.475
43,293
8,423
6,397
19,270
7,027
6,327
5,959
2,639
9,001
RAO
36
88
48
71
67
33
a...h.,. nt re.nnrtincr h!anti.
Condition of the Federal Reserve Bank of New York.
New York at the close of business October 5, 1927
The following shows the condition of the Federal Reserve Bank of
year:
in comparison with the previous week and the corresponding date last
Oct. 5 1927. Sept. 28 1927. Oct. 6 1926.
Resources-Gold with Federal Reserve Agent
Gold redemp.fund with U. B. Treasury..
241,214,000
16,768,000
301.214,000 333,933,000
12,578,000
13,766,000
Gold held exclusively Met.F.R.notes..
Gold settlement fund with F. It. BoardGold and gold certificates held by bank-
257.982,000
290,620.000
413,540,000
314.980,000
263,703,000
429,661,000
346,511,000
249,635,000
372,248,000
Total gold reserves
Reserves other than gold
962.142,000 1,008,344.000
25,307,000
25.607.000
968,394.000
25,961,000
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations_ -Other bills discounted
987,749.000 1,033,651,000
14,611,000
15,436,000
994,355.000
12,997,000
110,947.000
62,538,000
87.078,000
61,305,000
98,940,000
52,923,000
Total bills discounted
Rills bought In open market
U.B. Government securitiesBonds
Treasury notes
Certificates of indebtedness
173,485.000
104,528,000
148,383,000
84,011,000
151.863.000
37,024,000
42,562,000
29.459.000
28.990,000
42,292,000
27,837.000
24,735.000
1,822 000
23,675,000
29,087,000
101,011,000
94,864,000
54,584.000
Total U.S.Government securities-
Resources (Concluded)Gold held abroad
Due from foreign banks (Be. Note)
Uncollected items
Bank premises
All other resources
Total resources
243,471,000
Oct. 5 1927. Sept. 28 1027. Oct. 6 1926.
$
$
$
172.000
187,254 000
16,276,000
4,058,000
504,000
160,898.000
16,276,000
4,041,000
717,000
179,448,000
16,740,000
2,402,000
1,589,969,000 1,557,239,000 1,450,130,004
LiabilitiesFed'I Reserve notes In actual circulation_
Deposits-Member bank, reserve sect__
Government
Foreign bank (See Note)
Other deposits
366,636.000
924,828.000
22.877,000
1,693,000
15,967,000
363.721,000
929,666,000
5,290,000
1.585,000
15,604,000
Total deposits
Deferred availability items
Capital paid in
Surplus
AU other liabilities
965,365.000
153.231.000
39,627.000
61,614.000
3,596.000
952.145,000 827,359,000
136,692.000' 144,875,000
35,755,000
39,598,000
59,964,000
61,614,000
3,671,000
3.469,000
Total liabilities
Ratio of total reserves to deposit and
Fed'I Res've note liabilities combined_
Contingent liability on bills purchased
for foreign correspondence
378,506.000
812,633,000
4,632,000
2,010,000
8,084,900
1,589,969,000 1.557,239,000 1,450,130,600
74.2%
78.6%
82.5%
53.061.000
53,391,000
12,494,000
379,024,000 327.258,000
due to
new items were added in order to show separately the amount of balances held abroad and amounts
NOTE.-Beginning with the statement of Oct. 7 1925, twoearning assets," previously made of Federal intermediate Credit bank debentures, was changed to "Othes
foreign correspondents. In addition, the caption "All other
adopted as a more accurate description of the total of the diswas
term
latter
The
and
securities."
bills
"Total
securities," and the caption "Total earning assets" to
which,it was stated are the only items included theavle.
counts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act,
Total bills and securities (See Note)....
OCT.8 1927.]
fiLlankers'
THE CHRONICLE
anitt,
STOCKS.
Week Ended Oct. 7.
(Concluded).
1943
Sales
for
Week
Range for Week.
Lowest. •
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shar $ per share.
per share. $ per share.$ per share.
Wall Street, Friday Night, Oot. 7 1927.
Phila Co 5% pref_ _ _50 61 42
Oct 3 42
Oct 3 40
Jan 4534 Sept
Railroad and Miscellaneous Stocks.—The review of the Philip Morris rights.... 8,2
154 Oct 1 351 Oct 4 111 Sept 311 Oct
Phillips
hI
Jones
5134
Corp_
_
_*
Oct
5
Oct
5
47
5134
Jan
5611 June
Stock Market is given this week on page 1929.
Pillsbury Flour Mills...* 8,3
3311 Oct 7 3434 Oct 1 32
Sept 3731 Aug
The following are sales made at the Stock Exchange this
Preferred
811 106
Oct 4107
Oct 6 104
100
Aug'107
Oct
311 4434 Oct 1 46
Term Coal_ _ _100
Oct 4 3034 Aprj 55 June
week of shares not represented in our detailed list on the Pftts
Preferred
100
Oct 5 74
7974 Oct 1 80
Aptj 83
Mar
pages which follow:
Porto Rican Am Tobacc
Class A
lii 2,500 6534 Oct 7 7534 Oct 3 65
A
91% Jan
Class B
* 1,600 1934 Oct 7 23
Oct 4 15
Aug 2511 Sept
STOCKS.
Sales
Range for Week.
I Range Since Jan. 1.
Prophylactic Brush Co_•
20 6311 Oct 4 6434 Oct 4 55
Feb( 71
Sept
Week Ended Oct. 7.
for
Pullman Co old
Oct 516534 Oct 4 150
100 500163
July 195% May
Week.
Lowest.
Lowest. j Highest.
Purity Bakeries pref._100 60010611 Oct 1 107% Oct 4 101% Jan 108% Aug
Highest.
Reid Ice Cream pref_100
May 107 I July
10010534 Oct 110534 Oct 1 97
Par. Shares t per share. $ per share. $ per share.S per share. Reynolds Spring rights _ 6,200 1-16 Oct 5
16 Oct 4 1-16 Sept
11 Oct
Railroads—
ROSSla Co rights
17.400 734 Oct 3 934 Oct 4 791 Oct 934 Oct
Buff & Susquehanna _l
200 52
Oct 4 52
Ad, 60
Oct4 45
May Snider Packing pref..11 I
800 48
Oct 4 4511 Sept 5234 July
Oct 1 50
Preferred v t e._ _100
50 51
Oct 4 52)1 Oct 5 40
Apr, 58 June Spalding Bros 1st pf.100
10109
Oct 3 103
Oct 3109
Jan 110
Mar
Can Pacific cite 1st paid_ 10,700 191% Oct 5196
Oct 4 191% Oct 196
Oct Stand Plate Cl pfd....100
Oct 4 10
50 13
Oct 4 13
Marl 1574 June
Certificates full paid_ _
600 95% Oct 4 95% Oct 4 95% Oct 9534 Oct Sun Oil pref
100
200100
Oct 310034 Oct 5 99
Oct
Aug
10094
Car Clinch& Octfs std100
10 102% Oct 5102% Oct 5 98% Fob 104
Sept Thatcher Mfg
1634 Aug 2311 Sept
100 1,000 2111 Oct 6' 22
Oct
Cuba RR pref
100
100 81
Oct 7 81
Oct 7 7911 Apri 85 June
Preferred
100
100 4434 Oct 4 4511 Oct 4 43
Aug 4574 Sent
Detroit St Mackinac_100
10 55
Oct 4 55
Oct 4 35 June' 55
Oct The Fair, prof
111
Oct 3 110
Aug 11134 Sept
20 110
Oct 3 105
Duluth S S & A
100
100 334 Oct 6 3% Oct 6 234 Al 5% Jan United Dyewood_ _100,
40 611 Oct 4 7
Feb
Oct 1 311 June1 10
Preferred
100
400 6% Oct 1 654 Oct 7 4
Ma
711 Feb
Preferred
100' 110 40
Jan
Oct 6 4054 Oct 6 3634 July' 49
Eire & Pittsburgh.-- -50
30 64% Oct 3 6411 Oct 3 6111 Jan 66
Apr United Paperboard...100: 200 22
Oct 7 23
Oct 4 1611 Mar 2354 Sept
Great North pref ctfs 100 6.000 9811 Oct 5100% Oct 3 8534 Mar
e l.01
Sept US Distrib, pref ___ _100, 700 9231 Oct 1 9391 Oct 5 81
May 9634 Sept
Havana & El Ry pf.
ctt*
100 78
Oct 7 78
Oct 7, 76 Jun 8334 July US Leather
*40.900 1834 Oct 3 2334 Oct 7 14
July 2374 Oct
Hocking Valley
100
30365
Oct 7375
Oct 3 200
Class A
Jan 375
Sept
*,15,200 453.4 Oct 5 4734 Oct 4 2734 June 4734 Oct
Iowa Central
1
30 2% Oct 7 2% Oct 7, 1
Prior preferred.... _100, 3,700100
Jan 634 Feb
Oct 110234 Oct 6 89
July
10234 Oct
Morris & Essex
50
20 86
Oct 4 86
Feb 86
Oct 4 80
Sept Va Coal & Coke pref_1001
70 6934 Oct 6 71
Oct 6 6934 Aug 7634 Aug
Nash Chatt & St L_ _100
800 196
Oct 1 210
July 210
Oct 3, 169
Oct Vulcan Detinning_..l00 28 34
Oct 6 3534 Oct 6 1634 Jan 80
Aug
Nat Rye of Mex 2d pf100 2,200 2
Oct 4 2% Oct 8 I% Aug 234 Sept
Preferred
100
10 110
Oct 1 110
Jan 125
Oct 1 90
Aug
N Y & Harlem
50
10 170% Oct 4 17034 Oct 4,16811 Mar 185
Class A
Apr
1001
30 30
Oct 6 3034 Oct 6 16
Jan 5954 Aug
N Y Central rights
101000 634 Oct 6 7% Oct 31 4 June 711 Oct Warren Bros let pref_51
30 4711 Oct 5 48
Oct 5 43
Aug 4911 Sept
N Y Lack & Western _100
10 107% Oct 710734 Oct 7'10311 Jan 10711 Aug Warren Fdry Pipe_ _ _* 1,300 1911 Oct 4 29
June
Oct 1 1834 Sept 27
NYNH& Hartford
7,400 2% Oct 1 2% Oct 1
& Hellbr. pt_ _100
134 Sept 2% Sept Weber,
400 102% Oct 5 0234 Oct 5 102
Aug 10311 Sept
Y State Rya
lii
300 12
Oct 5 12
July 22
Oct 5 12
Feb W Penn Pow 6% pf _ _100
40107
Oct 610834 Oct 3 10011 Jan 10834 Sept
N Y State Rya pret.1
20 35
Oct 1 35
Oct I 3431 Jan 50% Mar
• No par value.
Northern Putt Ws._100 6,500 93% Oct 7 94% Oct 4 84
July 9534 Aug
Pacific Coast 1st nref100 • 100 50
Oct 4 50
Apr 62
Oct 4 45
Feb
2d preferred
United States Liberty Loan Bonds and Treasury
1
Oct 3 25
100 25
Oct 3 25 June 3811 Feb
Pitts Ft W dr Chi pref100
3 15711 Oct 3159
Oct 7 147
Mar 159
Oct Certificates on the New York
Stock Exchange.—
Pitts Young & Ash pf 100
17 155
Oct 1 156
Oct 5 14611 June 156
Oct
Twin City Rap Tr pf_100
Apr 10634 Mar
3010134 Oct 710211 Oct 4 99
Vicks Shrev & Pee__ _100
30 99% Oct 6 9911 Oct 6 98
Sept 10134 May Daily Record of U. S. Bond Prices. Oct. 1. Oct. 3. Oct. 4. Oct. 5, Oct. 6. Oct. 7.
Industrial &
First Liberty Loan
High 1011fie 1011% 1011% 10117,1 101% 101liss
Pert
Wrap Paper.* 1,200 20
Alb
Oct 3 22% Oct 6 18
Aprl 32
Sept
311% bonds of 1923-47_ Low_ 10113za 101I•is 1011Ir2 1010n 101% 101111,
Preferred
100
80 97
Oct 6 99
Oct 4 96 June 100% Jan
(First 334s)
Close 1011,32 1011,12 1011,32 101.flas 1011%101",,
Am Chain pref
100 400101
Oct 310134 Oct 6 10034 Aug 103
Total sales in $1,000 units__
Sept
25
26
50
54
25
7
Am Encustic Tiling _ _ _• 400 4311 Oct 7 4411 Oct 3 38% Aug 47% July
Converted 4% bonds ofHigi
1
____
____
---------——
Am Ho e Prod its
9,400 134 Oct 1 1% Oct 3 134 Sept 211 Sent
1932-47 (First
Am-La Fr FE 7% p1.100 900 82
Oct 5 85% Oct 7 62% June 9011 Jan
American Piano
* 1,600 3311 Oct 5 35% Oct 6 33% Oct 4311 June
Total sales in $1,000 units...
____
---- ------Preferred
100
17 9314 Oct 5 9414 Oct 7 89
July 11034 Mar
Converted 411% bonds{High 103,ss 103*st 1031is 103gs
---- 103its
-Am Radiator pref....i00
30 13334 Oct 313734 Oct 4 132% Sept 13734 June
of 1932-47 (First 411s) Low. 103812 103/zs 103•31 103%
___. 103%
Amer Shipbuilding _ _100 1,710 111
Oct 1 120
4
80
Jan 120
Oct
Oct
Close
____
103%
103lu
103
,
is
103szz
103lzi
American Snuff pref._100
70103
Oct 5104
Oct 7 9434 Jan 104
Total sales in 61,000 units__
Sept
14
2
3
15
7
Am Type Founders pt100
Oct 3 10711 Feb 116
14010894 Oct 6115
Second Converted 411% High
Sept
-___
-------------Am Wat Wks & El old 20
200140
Oct 1 141
Oct 3 6234 Jan 141
Oct
bonds of 1932-47 (First Low----------------Am Writ Pap pref ctfs100 1,600 4991 Oct 1 53% Oct 4 25% Apr 5711
Second 4%a
Aug
Bank of Manhattan..._
10613
Oct 5613
Oct 5 603
Sept613
Total sales in $1,000 units.- Oct
------------Bayuk Bros 1st pref.100
----4010734 Oct I 10934 Oct 3 101
Jan 110
Aug Second Liberty Loan
High
___
-------—Best & Co
• 2,800 5334 Oct 7 55% Oct 3 49% Aug 56% Sept
4% bonds of 1927-42
Low_
-.--.
-----------British Emp St'l 2d pf100
100 I% Oct 3 134 Oct 3 1
Apr 3% Feb
(Second 4s)
Blumenthal & Co pret100
260 8811 Oct 6 90% Oct 5 44
Jan 93
Total sales in $1,000 units—.
Sept
-- -- ----- -Byers & Co pre(
- -100
-3011134 Oct 411134 Oct 4 10534 May111 g Sept
Converted 434% bondsrigh 10012/1 1001/2 100eis
11141
,32 1011-133 1.00%
Brown Shoe pref....100
10011994 Oct 311994 Oct 3 109
Feb 122
of 1927-42 (Second)
July
Low_ 1003,1 100lsz 1001,2 100111 100,
21 100in
Certo Corp
• 700 71
Oct 3 7114 Oct 4 71
Sept 7834 Aug
4115)
Close 10011u 1007:1 1006,3 100•is 1001is 10011s
Chase Nat Bank....100
210584
Oct 7602
Oct 3 584
Oct615
Total sales fn $1,000 units__ Sept
30
219
284
15
164
36
Chat & Phen Nat Bk.100
80520
Oct 4540
Oct 6 520
Oct.540
Oct Third Liberty Loan
High 1001122 100% 1002Tis 100"sz 100% 100%
Chemical Nat Bank.100
30985
Oct 61000 Oct 4
Oct958 t 1000 Oct
411% bonds of 1928
Low_ 100% 1002412 100z% 100% 1002512 1003•51
Chesapeake Corp
•211100 7954 Oct 1 86% Oct 4 6454 Jun 8634 Oct
(Third 41(s)
Close 1001•31 100% 100% 100I5ss 100111,2 100%
Chicago Yellow Cab...° 1,600 4234 Oct 4 45% Oct 5 38
July 45% Oct
Total sates in $1.000 units_ __
2
36
86
12
73
1119
City Stores class B
* 3,200 5034 Oct 6 51
Oct I 4131 Ap 53
Aug Fourth Liberty Loan
103% 103",, 10321n 103% 103",, 10331,1
(nigh
Collins & Aikman pf_ 100
400 10311 Oct 310434 Oct 4 10234 Sept105% Aug
411% bonds of 1933-38._ Low_ 103llis 103% 103% 103",, 103usz 103%
Conde Nast Publica'ns_* 1,000 3934 Oct 4 41% Oct 6 39
Aug 4334 June
(Fourth 4115)
Close 1032512 1032422 1032782 1032•As 103lizz 103%
Continental Can pre( 100
120 122
Oct 6125
Oct 3 120
Jan 126
Total sales in $1.000 units.-June
35
22
169
391
23
99
Commerce Bank
10 555
Oct 7555
Oct 7 545
Sept555
Oct Treasury
{High
____ 113% 114
114
114
114
Crown Wmette lot pref *
100 92
Oct 1 92
87
1
July
Oct
93
4%s, 1947-52
Aug
Low_
____
11327zs
114
114
114
114
Cushman's Sons 8% pt.*
20 114
Oct 3114
Feb 12034 Aug
Oct 3 103
Close
_ _ _ _ 1133% 114
114
114
114
7% preferred
lii
20111
Oct 5112
Oct 7 107
Ap1120
Total sales in $1.000 units.-Sept
-1
13
5
25
1
Deere & Co pref
100
160116
Oct 3117
Oct 4 105% Jan 120
Aug
-{High108",,10821s,
109
-- — -----Devoe&Raynlstpt.1Sl
10111
Oct 7111
Jan 113
Oct 7 101
45, 1944-1954
Sept
Low_
10821,2 105",, 109
--------- Dunhill International..• 4.900 5511 Oct 5 5714 Oct 7 49
Aug 5934 Sept
Close 10821,1 108.6u, 109
--------Eastman Kodak pref.100
90 12434 Oct 4126
Oct 7 119% Jan 6
Total sales in 81,000 units__ _
Oct
10
1
Elk Horn Coal Corp._
800 10
Oct 5 11% Oct 4 9
Jan 1554 May
'11 ig h
____
____ 105...1
.----Preferred
40 22
60
Oct 4 23% Oct 3 18 June 2754 May
3115, 1946-1956
Emporium Corp
100 32
Oct 1 32
Oct 1 30
July 3734 Mar
Equitable Trust Co_ .... _• 240420
Oct 1 428
Oct 4 415
Sept428
Total sales in $1.000 Units-----------50
Oct
----Erie Steam Shovel etts_5 4,100 33
Oct 5 3411 Oct I 3011 Sept 34% Sept
" 1011.12 10-ligs 10111782 10-1-tie
[High 10-1"32 10114i,
Franklin-Simon wet_ 100
56011011 Oct 41113.4 Oct 3 109% Jan 115
354s, 1943-47
Aug
Low_ 101",,101•Ii 1011gs 101",, 101% 101%
Gen Ry Signal pref..IlI
Oct
20011154
511334 Oct 3 8234 Jan 116
Sept
1011,
22 1011122 1011122 101% 10111,,
1011122
Close
Rights
13,850 334 Oct 3 3% Oct 3 2% Sept 434 Sept
Total sate.s in $1.000 units__
50
119
486
3
3
421
Preferred rights
2,210
51 Oct 3 I
Oct 1
% Sept 1% Sept
General Baking pref....*
90131
Oct 4135
Oct 7 118% Apr 35
Oct
Gen Gas & Else cl B__*
Note.—The
above
100 45
includes
table
only
Oct 1 45
sales
of
Oct 1 3514 Apr 46
coupon
Aug
General Motors new w I. 379000132% Oct 1 141
Oct 4 11334 Aug 141
Oct bonds. Transactions in registered bonds were:
Gillette Safety Razor..* 36.100 104
Oct 710934 Oct 1 102% Sept 0911 Oct
17 lot 431s
Glidden Co prior pf...100
103
to 103:32 113 3d 411s
10020,1 to 10
230 86
Oct 1 87
Oct 5 86
Aug 01
1 2d 4s
Goodyear T&R let pref * 1,200 9654 Oct 7 0714 Oct 5 9654 Oct 9711 June
99% to 99% 35 4th 411s
103
103",, to 103%
Oct
Guantanamo Bug pref100
100
20100
to 100,st
Oct 610134 Oct 6 9534 Jan 04% Aug 34 2e1 411s
Gulf States St'l let pt 100
100 102
Oct 410234 Oct 5 99% Jan 10834 Mar
Harbison Walk Ref p1100
20110
Oct 3110
Oct 3 106
July 110
Oct
Indian Motoeycle Pi 100
Oct 710034 Oct 7 92
Foreign Exchange.—
100100
Jan 100% Oct
Indian Refining pret_100
20010934 Oct 110934 Oct 1 99% July 112
To-day's (Friday's) actual rates for sterling exchange were
Mar
Internet Salt
100
4.8694@
20 63
Oct 4 63% Oct 4 60
4.86 17-32 for checks and 4.86%04.86 29-32 for cables.
M
72
Jan
Commercial on
Internet Silver prof _ _100
80 1 1934 Oct 112334 Oct 6 109
M 123% Oct banks, sight, 4.8604.8674, sixty days,
4.8294(4)4.82 746, ninety days,
Inter Tel & Tel rights... 20,900 634 Oct 5 7% Oct 1 4
July 73.4 Sept 4.809' ©4.80%, and documents for payment, 4.8204.82 7-16.
Island Creek Coal preLl
Cotton
10 108
Oct 6 108
Oct 6 105
May 108
Aug for payment,_4.859,
i. and grain for
4.8534
Kelsey Hayes Will pt 100
100108
Oct 6 108
Oct 6 103
To-day's (Friday s) actual rates forpayment,
July 10934 Aug
Paris bankers' francs were 3.923-i0
Kress Co new
* 900 9511 Oct 3 97
Oct 3 59
Jan 10511 Sept 3.92% for short. Amsterdam bankers'guilders
were 40.06(4140.09 for short.
4010034 Oct 3 103
Laclede Gas pref _ _100
Oct 4 95
Jan 130
Exchange at Faris on London, 124.02 francs; week's range, 124.02
May
franca
Loose-Wiles 131s let pf100
50 119
Oct 4 120
Oct 3 118
Jan
Sept high and 124.02 francs low.
McCre ry Stores C A _ ..•
70 7774 Oct 4 79
Oct 4 55
Mall 86
The range for foreign exchange for the week follows:
Sept
• 800200
Macy Co
Oct 3202
Oct 7 124
Jan 21014 Aug
Sterling Actual—
Madison Sq Garden _•67.500 2371 Oct 1 28% Oct 6 2014 Aug 2811 Oct
Cables.
Checks.
High for the week
Mallinson & Co pref _100 410 7611 Oct 6 7711 Oct 4 6654 July 89
4.86 17-32 4.86 29-32
July Low for the week
* 400 4214 Oct 7 43
Mandel Bros
4.86 646
Oct 3 4214 Oct 4934 Aug
4.86%
Paris
Bankers'
Francs—
10 120
Manhattan Shirt prof 100
Oct 5120
Oct 5 119
Jan 121
Aug High for the week
10112
Mathieson Alkali pret100
3.9294
3.92 746
Oct 3112
Oct 3 103
Jan 115
Sept Low for the week
680716
Nat City Bank
100
3.9234
3.92
Oct 1 739
Oct 4 710
Sept.__
Oct
Germany
Bankers' Marks—
Nat Lead pret B
100
200111
Oct 311134 Oct 1 10434 JunO2
Sept High for the week
23.85
Nat Park Bank
100 320620
23.8494
Oct 6655
Oct 3 595
Sept630
Sept Low for the week
23.8234
23.8091
N Y Steam pref (7)_ _*
9011034 Oct 111434 Oct 1 105
Jan
d11411 Oct
Amsterdam Bankers' Guilders—
• 330 9934 Oct 110234 Oct 6 93% Feb102% Oct
Preferred (6)
High for the
40.09
10 114
Nlag Lock & 0 Fr pf.100
40.10%
Oct 3 114
Oct 3 11234 Jun 116% Apr Low for the week
week
40.06
40.0934
40 54
Northwestern Teleg _50
Oct 4 54% Oct 4 47% Jan 56
Sept
Norwalk T & It pref _100
10 40
Oat 1 40
Oct 1 3034 July 75
Jan
Oil Well Supply pref.100
10,108% Oct 110834 Oct 1 102% M 110 June
Omnibus pref A
100
2001 8834 Oct 4 88% Oct
For New York City Banks and Trust Companies see
81
Jan!9911 May
Outlet Co pref
100
20011274 Oct 711234 Oct 7 107
Jan112% Sept page
1936.
Owens Bottle pref....100
20116
Oct 1 116
Oct 1 115
Jan 120
May
Pacific Tel & Tel_ _100 4,95015754 Oct 5 161
Oct 124
Mar 161
Oct
For New York City Realty and Surety Companies See
Preferred
100
1011434 Oct 711434 Oct 10334 Mar 114% Oct
Palge-Det Mot Car rta_ 4001 1-10 Oct 6 1-16 Oct
1-16 Oct 1-16 Oct page 1936.
Pathe Exchange
• 400 434 Oct 3 43.4 Oct 1 4
SepU 12 ,,June
Penick & Ford pret_ _100
For United States Treasury Certificate of Indebted60,10214 Oct 410234 Oct 4, 10031 April06
May
Peoples Gas of Chic rts__10,2m 511 Oct al
Oct I' 534 OctI 6
Sept ness, &c., see page 1936.
1944
N3'N York Stock Exchange-Stock !beard, Daily, Wkly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually inactive. see preceding page
HIGII AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Oct. 1.
Monday,
Oct. 3.
Tuesday,
Oct. 4.
Wednesday, Thursday.
Oct. 6.
Oct. 5.
Friday,
Oct. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On Casts of 100-share lots
tamest
Highest
$ per share
$ per share
Industrial & Miscellaneous.
13014 13914 33.700 Abitibi Power & Paper_No par 83 Jan 27
12212 134
92
9212 9414 5.300 Abraham & Straus
No par 6214 Mar 26
91
100 100 Aug 11
111 11134 *111 11134
100 Preferred
100 124 Jan 5
15612 15612 158 158
600 Adams Express
100
912 Jan 3
600 Advance Rumely
1058 10% *1012 10%
32
100 3014 Jan 25
33
3214
*32
400 Advance Ruinely pref
3% 334 9,400 Allumada 1.ead
314 3%
I
234June 2
17512 176
4,600 Air Reduction. Inc....No p^r 13112 Jan 26
175 175
No par
71:J1ne 15
8
814 2,800 Ajax Rubber, Inc
*818 812
138
1%
1 June 18
700 Alaska Juneau Gold 'din.. 10
1%
1%
46,200 Allied Chemical & Dye_No par 131 Jan 25
, 15818 161
159% 1617
13914 Oct 7
9412Sept 22
11312 Feb 20
1677, July 8
1534 Feb 0
41 Feb 9
618Sept 6
1991s July18
138 Mar 25
214 Feb 18
16914Sept 6
1$ per share $ per share $ per share $ per share $ per share $ per share
Shares
PER SHARE
Range for Precious
Year 1926
Lowest
Highest
$ per share 5 per share
Railroads.
'Par
102 1931, 19214 19538 19034 19434 19012 193
19012 1941 1 190 19334 48,500 Atch Topeka & Santa Fe_ _100 16134 Jan 6 200 Aug 25 122 Mar 172 Dee
10212 10234 *10212 10234 10212 10212 10234 10234 10214 10212 *10214 10234
1,700 Preferred
100 997 Jan 5 10312July 26
941s Mar 102 Dec
195 197
195 198
19512 19734 19234 195
8.600 Alla tic Coast Line 1111....100 17478 Apr 6 20512 Aug 1 181 12 Mar 26212 Jan
19534 1977 19412 196
12214 12338 1237, 1245
, 123% 125
122 12338 12214 12378 1217 123 104,900 Baltimore Az Ohlo
100 10612 Jan 4 125 Oct 4
8312 Mar 10934 Sept
*7958 SO
7958 80
7934 80
7958 7978 7958 8018 80
80
1,300 Preferred
100 7314 Jan 3 83 June 7
6712 Jan 737 Aug
72
7334 70
7712 73
7558 7134 73
71
74
74
74
14,000 Bangor & Aroostook
50 44 Jan 6 10312May 27
33 Mar 46
Feb
111 111
111 111
111 111 *111 11134 11012 III
110 110
100 Preferred
100 10112 Jan 10 122 June 22
977 Feb 103 Dec
537 .54
5458 5512 55
5612 5512 5614 5612 5734 5512 57
7
111011-7slanh
Trac v t c_No par 53 Aug 3 70 Jan 20
15,600
5418 Mar 777 Dec
*8212 8512 8234 8234 *8212 85
*8212 8534 *8212 85% *821 8534
100 Preferred v t c
No par 82 July 9 88 Jan 4
78 Mar 8934 Dec
•97 1Cle
10
938 912 *912 10
500 Brunswick Term & Ry Sec..100
*912 1012 10
98 97
81'4Sept 6 1518 Jan 7
812 Mar 1834 Nov
S9
*88
*38
90
8912 89
88
88
*81
8734 *82
88
110 Buffalo Rochester & Pitts_ 100 8014 Jan 8 115 Star 10
6934 Mar 8734 July
, 6234 6012 6034 *6012 61
61
*6038 6234 *603
61
6212 6234
150 Canada Southern
100 59 Jan 18 6234May 11
58
Jan 61 Juno
197 19934 19858 20278 19718 20238 19614 19878 19734 201
19658 199 105,5001 Canadian Pacific
100 165 Jan 6 20278 Oct 3 14612 Jan 17014 Dec
320 322
319 320 *315 319
*315 323
313 3183 .315 320
Central
RR of New Jersey.100 285 Jan 4 348 June 1 240 Mar 305 Jan
1,100
20912 21812 21312 21712 210 21534 21034 21512 210 21312 53,000'Chesapeake & Ohio
206 209
100 15134 Jan 25 21812 Oct 3 112 Mar 17838 Sept
818 81.1
484 Jan 8 1052June 21
8N
818 814
8
8
818
8
100
818 *8
814 2,100 Chicago & Alton
414 Sept 1158 Feb
137
1458
1418 1458 137 137
1358 1414
14
1414
137 1418 6,8001 Preferred
712 Jan 5 1858July 2
100
618 May
1814 Feb
45
43
43
45
46
457 457
45
45
45
45
30 Dec 37 Feb
4734 3.100,Chic & East Illinois RR...100 3012 Jan 10 51 July 11
7812 79
803* 8114 8018 8134 7918 80% 8014 82
Preferred
16,9001
82
84
100 43 Jan 6 84 Oct 7
3612 Mar 5134 Feb
1618 1678
1634 1614
16
1612 167
1614 16
1638 1534 1614 9,400 Chicago Great Western__ _100
812 Jan 6 2212May 2
734 Mar
1218 Sept
3434 3534 3538 3634 3534 3634 3418 35,8 3412 357
34
100 231 4 Jan 7 4478June 2
1614 Mar 3158 Sept
3434 26.300 Preferred
1714 17% 1773 1834 IS
1834
1778 1814 18
12,700 Chicago Milw & St Paul.._100
18
1714 18
9 Jan 4 1938Sept 15
814 Dec 1412 Jan
17
17% 1714 18
1734 1834 17
1758 1758 1734 17
100
1712 11,4001 Certificates
1858Sept 18
9 Jan 4
734 13,c 19
Jan
3212 33
3212 337
33
34
3212 33
3278 3314 32,2 3234 13,0001 Preferred
100 1834 Jan 3 3434 Sept 13
1418 Mar 24 Aug
32
3234 3214 3338 327 33,2 3234 33
3278 327
23,400 Preferred certificates_
100 1878 Jan 3 3438Sept 14
33
33
14
Apr 2358 Aug
9512 9614 96
9712 943 973
9458 963
95
9714 95
57,800 Chicago & North Western _100 783* Jan 27 9712Sent 14
07
6514 Mar 8334 Sept
*142
_ _ 143 145
143 143
14318 143N 145 150 *145 155
1,0001 Preferred
100 12414 Jan 3 150 Oct 6 11812 Jan 12612 Apr
10812 10914 1087 10934 109 1107s 10812 10138 10834 1093, 10818 10834 17,900 Chicago Rock Isl & P921112_100 6812 Jan 4 116 July 14
4012 Mar 71% Dee
3110858 10914 •10858 10914 *10812 10914 10812 10878 10812 10912 *10812 10912
2001 7% preferred
100 10234 Jan 4 11114June 2
96 Mar 108 Dee
*10238 103 *10212 103
1112 102
102 102 *102 10234 .102 10234
400, 6% preferred
IOU 9514 Jan 28 1037,June 2
8314 Mar 08 Nov
131 131
127 130
130 130
127 127
125 125 .125 131
800 Colorado & Southern
100 84 Jan 3 13734July 21
52 Mar 9614 Oil
*7514 77
•7518 77
.76
77
77
77
*7512 78
100, First preferred
*7512 78
100 70 Jan 4 7712June 1
Oct
62 Mar 74
81
*73
81
*73
.73
81
*73
81
*73
84
1 Second preferred
*73
84
100 68 Jan 14 74 Sept 20
Jan
72 Sept
59
6918 7012 7018 7134 7018 7118 70
70% 70,2 70% 7012 7012 9,000 Consol RR of Cuba pref...100 65 Aug 13 77 May 6
68% Nov 7212 Dec
210
21134 207 21134 20412 26714 20712 20834 20514 20712 9,300 Delaware & Iludson
20912 21134
100 171 18 Jan 28 230 June 6 15014 Mar 18312 Sept
13512 1364 13512 13612 135 136
133N 13412 135 13534 213414 1355
5.700t pelaware Lack & Western_ 50 132 Sept 9 173 Mar 23 129 Mar 15312 Jan
56.28 5888 43812 5812
*5712 58
5734 58
58
5814 456
58
800 Deny & Rio Or West pref. _ 1(
0
)0
0 4118 Jan 5 6734June 9
Jan
3712 May 47
6812 6914 67
6834 6615 68,8 65% 67% 6614 6738 6518 6658 114,900 Erie
100 2912 Jan 3 6' 34 Sept 30
2212 Mar 42 Dec
631
6212 6358 6134 6234 6158 6212 61% 6178 21,800 First preferred
6312 6413 63
100
523*
Jan
4
6614
Dec
Aug
4
3334
Mar
5514
6124 6238 *8054 6112 60
8118 *5912 6012 5918 5918 4.5912 6012 2,600 Second preferred
49 Jan 4 6412 Aug 4
30 Mar 5014 Dec
102 10214 102 103
10114 10278 10012 101% 10012 102
10012 10112 26,000 Great Northern preferred 100 793 Jan 4 10378Sept 7
6812 Mar 8418 Dec
2612 2758 2738 2734 2712 2814 2734 2S12 2758 2812 2678 28 109,600 Iron Ore Properties_.No par
18 July 11 28349(04 211
18 Dec 2714 Feb
66
6712 67
68
6818 6912 717
6834 69
7038 *68
70
15,300 Gulf Mobile & Northern_ 100 3518 Jan 6 7658July 21
2518 Apr 4114 Sept
109 109
10934 110 *109 110
•10812 109
10812 10914 10812 10812 1,200 Preferred
100 1115 Jan 14 11211 Apr 27
95 Mar 10912 Sept
55
57
5412 55
5612 5558 .5612 5534 56% 4,400 Hudson & Manhattan _ _100 4012 Jan 3 6578May 10
563* 5734 55
345* J21,11 4112 Dec
.82
87
*81
•83
87
86
*81
87
*83
87
*83
87
Preferred
100 78 Jan 6 9012May 10
674 Star 80 Dec
13718 13812 138 13934 13812 13938 13634 137
7,900 Illinois Central
13714 13812 136 136
100 121 18 Jan 10 1395, Oct 3 11312 Mar 131 Sept
140 140 .137 140 *135 138 *136 138 *135 138
*137 140
100 Preferred
100 12078 Jan 12 140 Oct 3 11512 Mar 12912 Sept
4,8014 8012 8012 8012 *80
82
*SO
82 .80
220 Railroad Sec Series A _ _1000 74 Jan 4 81 Oct 7
82
80
81
7114 Jan 77 June
.
3314 41
4114 41
*3834 4934 40
4134 *4134 4212 4112 4212 2,000 Int Rys of Cent America_ _100 23 Apr 20 4212 Oct 7
24 Dec 31
Feb
743
73
.73
73
747 *73
73
73
*7234 74
7334 7414
780 Preferred
100 62 Apr 29 7414 Oct 7
62 Mar 66 June
1
*33
34
3334 3434 34
35 2 3412 3712 3678 3878 3512 3612 29,800 Interboro Rapid Tran v t 0_100 3012 Aug 31 5218 Feb 26
2412 Jan 5334 Dee
6534 6614 6534 663* 65% 6634 6514 6638 6514 66
6412 6512 28,600 Kansas City Southern
100 4114 Jan 4 7012July 18
3414 Mar 5134 Sept
*7112 7218 *7112 7218 715, 7218 *7134 7218 72
*7112 73
500 Preferred
72
100 647 Jan 7 72% Oct 4
6058 Mar 6838 Sept
106 10614 10634 110
10712 10934 106 106
10612 10712 1057 10578 9,300 Lehigh Valley
60 9934 Jan 6 13712June 0
7512 Mar 106 Dec
156 15714 15634 1587 15812 15918 155 1555, 157 15834 *15612 15834 4,400 Louisville& Nashville
100 12834 Jan 14 159 Oct 4 118 Mar 144 Sept
*81
87 .80
87
S7
87 .8312 8712 *8312 8712 *8312 8712
10 Manhattan Elevated guar 100 811 Aug 2 90 Feb 11
84 Mar 9234 Apr
*4512 4612 4612 4714 46
47
47N 48
4712 46
47
4712 3,100 Modified guaranty
100 44 Juno 14 547 Feb 28
381s Jan 6178 May
*412 5
5
5
5
5
5
5
*4
512 *4
512
300 Market Street Railway__..100
412 Feb 2
678June 23
418 July
10 Feb
25
*23
*23
*23
*23
25
25
2512
*23
25
*23
Preferred
25_
100 18 Feb 10 2518June 22
1912 Oct 40 Feb
54
53
*53
54
53
*53
52
53
5112 517
5134 5134
-900 Prior preferred
100 4158 Feb 7 5934 Aug sI 3918 June 5132 Feb
•1113 14
•1112 14
*1112 14
*1112 14
*1112 14
*1112 14
Second preferred
1158
Mar
15
100
1712June 22
1134 Oct 2212 Feb
*318
312
3
318
318 318
318 318
3N
3%
3
3
1,800 Minneapolis & St Louis_ _ _100
138 Jan 13
37 Jan
45, Feb 3
1 18 Dec
44
4312 44
4412 44
4412 *43
44
4412 4712 4618 47
4,500 Minn St Paul & S S Marie 100 27 Jan 6 4712 Oct 6
2578 Dec 5212 Feb
7212 71
*66
71
6912 70
7018 72
73
75
7512 7512 1,300 Preferred
100 50 Apr 28 7512 Oct 7
50 Dec 79 Feb
66
66
6534 66
6512 66
6612 6714 67
69
730 Leased lines
68
68
100 5814 Mar 25 69 Oct 6
60
Oct 66% Feb
47% 47% 4712 4814 4634 48% 4638 4714 4578 47
4614 46% 20,600 Mo-Nan-Texas RR_..No par 31 12 Jan 6 5612June 17
2912 Oct 4718 Feb
106% 107
10638 107
10634 107
10614 10678 10658 107
10614 10714 5,600 Preferred
100 9534 Jan 4 108 Sept 8
82 Mar 0638 Dee
5612 5712 5634 58
5614 58% 5558 567
56
5814 5612 5812 72,100 Missouri Pacific
100 377 Jan 4 62 Apr 23
27 Mar 45 Sept
IN% 10712 106 107s 10658 109
10514 10713 10034 111 18 109 11114 100,600 Preferred
100 90% Jan 4 111 12 Apr 23
7112 Mar 95 Set"
•14314 146 *14314 146
146 146
146 146
146 146
144 144
120 New Oil Texas & Mexico..100 121 Jan 8 1597. June 3 120 Star 13212 Jan
16812 16938 168 17012 169 17112 16712 17034 16738 169N 1664 16834 157,000 New York Central
100 13714 Jan 27 17112 Oct 4 117 Mar 19712 Sept
135 135% 13312 13534 132 135
130 13234 132 13234 130 13134 8,900 NY Chic & St Louts Co_ _ _100 8110 June 14 2401 21stay 26 130 Mar 20412 Sept
107 107 •107 10734 *107 10734 10712 10712 10712 10712 10714 10734
700 Preferred
100 102 Mar 8 10978June 15
93 Mar 106 July
54
.5412 5412 56,4 5418 55% 5318 5412 5334 547
5234 54 136,300 N Y N 11 & Hartford
100 4134 Jan 4 585* Feb 16
3034 Mar 4838 July
4018 405s 4014 4114 3918 40% 3734 39
3714 3934 385* 3934 22,800 N Y Ontario & Western_..100 2314 Jan 15 4134Sept 16
1934 Mar 287 Feb
7
7
*7
778 *7
714
714 .72 8
300 N Y Railways pref ctfs_No par
*713 8
7 Aug 4 1534 Jan 14
7,2
6
Jan 2014 Feb
52
5212
52
52
50
5114 4914 50 .49
5012 4814 4814
1,500 Norfolk Southern
100 3718 Jan 14 6412June 10
2778 Apr 443 Sept
190 190% 191N 195% 19234 19514 19014 19234 191 19312 19114 1923 16.900 Norfolk & Western
100 156 Jan 4 19538 Oct 3 13914 Star 17078 Oct
*85
87 •85
87 •85
*85
86
Preferred
86
.85
*85
86
86
100 83 June 23 90 July 25
8312 Nov 8534 Aug
9538 9534 9534 96% 90
9514 96
9612 9514 96
19,500 Northern Pacific
100 78 Jan 31 97 Sept 7
97
95
6534 Mar 8212 Aug
•18
23
•1934 20
Pacific Coast
22
*18
*IS
22
22
*18
*18
22
100 1514 Feb 3 2714 Feb 15
15
Oct 48
Jan
67
6734 6718 68
6714 67
6634 6714 6718 6712 6678 6712 37,700 Pennsylvania
50 5634 Jan 3 84 Oct 4
480 Mar 57% Oct
4214 4214 4211 391 1 3914 40
4112 4134 41
4114 *39
42
3,600 Peoria & Eastern
loll 20 Jan 25 4634 July 20
15% Oct 2634 Jan
13212 133
13214 13434 13312 13412 132 133
13112 13212 130 13112 5,700 Pere Ma quette
100 11412 Jan 6 14012May 28
67 Mar 122 Dee
Prior preferred
•97% 97% *9718 97% *971 973 *971s 9738 *9718 973 •9718 97%
100 93 Jun 22 9734May 28
79 Mar 96 July
Preferred
.95% 961s *95% 9618 5957 9618 *957 9618 *957 9618 •9578 9618
100 8934 Jan 4 9658Sept 8
7034 Mar DI% July
1527 15378 *151 156 •157 156
3,800 Pittsburgh & West Vu
155 157
100 12212 Jan 18 174 May 24
157 157% 15512 156
85 Mar 13514 Dec
11812
116% 11714 11678 11814
116 11712 33,300 Reading
50 94 Jan 4 I2334June 9
11834 11512 11634 116 118
79 Mar 101 14 Dee
*4112 4134 *4112 4134 *4113 4134 *4113 4134 3411.1 4234 •4112 4134
First preferred
4012 Jan 13 4212 Feb 16
3934 Dec 42 Apr
46
*44% 46
4512 4512 4512 4512 4512 4512 *44
*4412 4518
400 Second preferred
Si) 4334 Jan 12 50 Feb 16
40 Mar 4534 Dec
62
61
3634 5634 58
6312 60
•55
10(1 43 Jan 7 69 May 27
57
62% 3,200 Rutland RR pref
6014 62
42 Apr 6114 Aug
11334 11412 11378 11512 11212 11312 11234 11434 112% 113% 25,800 St Louis-San Francisco__ __ 100 10034 Jan 6 11714June 2
113 114
85 Star 10312 Dec
.
1 101 102
102 102 .101 10212 *101 10212 *101 10212 *101 10212
100 Preferred A
100 96 Jan 27 1,14 Jolla7
July 11
83112 m
Aprr 9712 Deo
83% 8334 8234 8414 8212 8378 8134 8234 82
100 61 Jan 6 93
8254 8112 8112 10,100 St Louis Seuthwestern
e 17
74 Feb
87
*85
88
*85
88
*85
8612 *85
*85
88
Preferred
*85
88
100 707 Jan 8 0078411ne 17
72 Mar 8014 July
3
35
3534 35
3534 3312 3412 3312 34
3514 35
34
3414 7.100 Seaboard Air Line
100 2818 Mar 31 4114 Feb 17
2712 Mar 51
Dec
4118 4112 413.: 4112 4112 40
41
41.
4034 4034 40
40
2,700 Preferred
100 3212 Apr 28 453 July 25
3112 Mar 4838 Feb
12218 124
12214 1243 12134 12278 122 12414 122 123% 60,000 Southern Pacific Co
121 12 122
100 10614 Jan 28 12558 Aug I
9618
Mar
11214
Dec
134 1347 13418 13578 13412 13558 24,200 Southern Railway
13278 13334 134 136% 134% 137
100 119 Jan 28 137 Oct 4 103% Mar 131 14 Sept
99
9912 .99
9914 99
*99
9914 9914 99
99%
99
99
900 Preferred
100 94 Mar 10 1110 Aug 30
8712 Apr 9512 Aug
9834 10212 98 10014 97
10112 103
9834 97 10034 98
100 11378 Jan 7 1035nSeot 30
99,2 16,900 Texas & Pacific
4218 Mar 6158 Jan
*32
3212 32
3312 *3212 :333, *3212 3312
3112 33
600 Third Avenue
100 2834 Aug 31 41 Feb 8, 1312 Jan 43
3312 *32
Apr
191 19212 193 19512 19358 1973 19314 1943 19214 19518 19212 194
59.9001Union Pacific
100 15912 Jan 27 1973* Oct 41 14112 Mar 16838 Oct
82 .8214 82
82
82
82
82
82
2,500 Preferred
100 77 Mar 5 8412May 20
8134 8134 8134 82
743 Jan 8114 Aug
751
721 64,800 Wabash
7218 7312 71
100 41.113 Jan 4 81 Juno 9
7214 7.112 7312 7434 73
337 Mar 52
7112 73%
Jan
95%
9634 9634 9678 *9512 9612 .9512 9612 95
1,7001 Preferred A
100 76 Jan 3 101 June 9
9612 96
96
68 Mar 783 Jan
94
94
*90
*90
92 .87
92
94
*87
100 65 Jan 15 98 Juno 9
94
1 Preferred B
*96
.
88
57 Mar 72
Jan
100 1334 Jan 6 6778June 0
64N 6538 6418 6512 6314 65% 6134 63,4 6214 6378 6134 6312 103.400. Western Slaryland
11 Mar 165* Jan
64
6312 •623t 6334 *62
6514 62
1.8001 Second preferred
100 2' Jall 7 6712June 11
6518 6518 65
6312 65
1638 Mar 2438 Sept
4112 4238 4,600 Western Pacific new
4158 42
100 2.18 Al.r 26 9712.1iine 22
43
4334 4212 4338 4212 43
43
43
2712 Dec 3914 Jan
681_ *67
6834 2,200 Preferred new
68
6818 68% 68
101) 55 Apr 26 76% Feb 7
68% *67
6812 6812 68
72 Dec 8634 Sept
*64
*64
81
80
*64
*6814 80
Wheeling & Lake Erie Ry..l00 2712 Jon 3 130 Feb 8
81
SO
*6814 SO
*67
18 Mar 32
Jim
*81
82
81
*7834 81
309 Preferred
81
100 4712 Jan 7 97 May 13
81
81
82
82
*81
83
37 Mar 5012 Jan
12434 12512 125
93
9412 93
112 112 •11114
•156 158 •156
10% 10% 1012
*3212 33
3212
*414 412
418
179 17934 17814
844
812 858
•138
112 •1 14
161% 16212 16034
127
122 12512
9414 9113 9234
112 •11112 112
159
157 157
1012 *10,4 1034
33
3212 33
414
4
4
180
17714 18034
812
812 812
112
114
134
1623* 161 16412
11814 12218
0012 9214
112 112
157 157%
1014 10,4
34
*32
*378 4
175 17712
818 8,4
*111
112
15934 16211
•Bid and asked prices. x Ex-divldend. a Ex-rights. S Ex-dIvIdend. 1744 shares of Chesapeake Corporailen stork.
7034 May
93 May
10418 Star
9978 Mar
8 Dec
287 Dec
45 Nov
10714 May
71* Oct
% Oct
106 Mar
08 Sept
72 Dec
112 Dec
136 Sept
22 Sept
653 Sept
918 Jan
14634 Dec
16 Feb
278 Dec
148
Jan
New York Stock Record-Continued--Page 2
1945
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. 1.
Monday,
Oa. 3.
Tuesday,
Oct. 4.
Wednesday,' Thursday,
Oct. 6.
Oct. 5.
Friday,
Oct. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Mace Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Precious
Year 1926
Lowest
Highest
Shares Indus. & MIscel. (Con.) Par $ per share $ Per share 5 per share
per share
309 Allied Chemical & Dye pref _100 120 Mar 11 124 Aug 4 11838 Mar 12234 Dec
100 88 Jan 25 11838Sept 15
6,700 Allis-Chalmers Mfg
7814 Mar 94% Jan
Preferred
100 109 Feb 9 11212 Apr 21 105
Apr 11112 Dec
;1504 -147-1-31; 13 l37 -iii. -fit:. -iii. -1412 1334 1334 1,200 Amalgamated Leather_No par 12 Sept 2 2418 Feb 11 1434 Oct 21 Sept
No par 2738 Apr 28 3738 Feb 7
4,500 Amerada Corp
3o58 3034 3002 3034 3012 304 39l 3014
2414 May 3278 Aug
30'4 2978 3918 2934 30
818 Apr 6
157/4Sept 7
2.300 Amer Agricuitural Chem 100
1358 14
1314 14
9
1338 1438 135 1358 1318 1312 1334 14
Oct 34% Jan
100 2814 Apr 6 5134 Jan 10
46
46
4634 4918 474 4914 4614 4712 4512 4512 4614 4634 6,300 Preferred
35% Oct 964 Jan
10 41 Jan 6 7812Sept 16
800 Amer Bank Note
.7312 74
*73
3438 Mar 46
74
7418 7414 7412 7434 7312 7312 73
74
Oct
50 5612 Jan 4 65 Sept 14
70 Preferred
64 .
.64
64
6412 64
64
64
64
55
64
*64
Jan 5812 July
6484 64
18 Sept 20 2334 Mar 14
100 American Beet Sugar_ _No par
*1814 1958 .1814 1934 .1814 1958 .1814 1958 1838 18% .1814 1938
2012 Sept 3834 Feb
100 Preferred
100 48 May 4 6018 Jan 3
.4814 49
50
4014 4914 .48
55 Nov 83 Feb
*4818 50 .48
50
50
*48
13 Jan 20 2634 Oct 4
16 May 3438 Jan
2338 2334 2414 2534 254 2683 2518 26
2512 2418 2478 27,100 Amer 13osch Magneto_ _No par
25
4138 42
4112 4334 4338 4438 4212 4312 4318 4334 4212 4312 22.400 Am Brake Shoe & F newNo par 3512May 2 46 July 25
Preferred
100 11714 Feb 7 128 Mar 12 1101-4 -7,-1-11-r 1-211-4 Feb
•122 125 *122 125 *122 12434 *122 12434 12314 12434 .123 1244
514 Aug 26 3912 Jan 5
3014 Mar 50 Aug
912 1014 5,900 Amer Brown Boverl El _No par
912 1038
$78 1078
858 878
812 9
9
914
430 Preferred
8612 Star 9718 Jan
100 40 Aug 19 98 Feb 1
4912
.4714 49
49
*4714 49
50
4714 4714 4714 50
50
3878 Mar 6318 Aug
25 4358 Mar 31 .6738 Oct 4
627 6338 6238 6514 6538 6738 65
67
6518 6614 6434 6534 338,000 American Can
136 Sem 21 121
100 126 Jan 1
400 Preferred
Jan 13018 Dec
.13312
134 13418 *133 135
.13312 136 .13312 134
134 134
1,600 American Car & Fdy__ No par 95 July 1
9112 Mar 11478 Jan
10914Stay 27
1024 10234 103 103
101 10114
10214 103
10112 103
102 102
300 Preferred
125 125 •12434 130 *12434 128 .12334 128
13434June 81 12012 Oct 13014 Dec
100 12134 Oct
12434 12434 126 126
10,600 American Chicle
Jan
31
No par 36 Jan 26 72 Oct 4
Oct 51
69
69
7112 71
69
72
7014 6814 70
69
7014 70
414 Jan
1038 Aug
1338 1358
1358 1378
938 Apr 20 I514June 9
1312 1334
1314 1338 1338 1312 1318 1312 3.800 Amer Druggists Syndicate_ 10
157 157 *15514 15714 15634 159
17912 Oct 6 10578 Mar 140
100 127 Jan I
Jan
16034 17134 17134 17912 169 17412 31,700 American Express
144 Nov 4238 Jan
2914 2912 2834 2912 2814 2912 2712 2812 28
1878 Feb 1
30 • Sept 2;
29
2812 294 28.803 Amer & Forn PowerNo par
10512 10534 10512 10612 10678 107
No par 8612 Feb I
79
108 Sept 12
Oct 98 Feb
10612 10612 10612 10612 4,900 Preferred
10612 107
1212 13,1,00 American Hide & Leather,100
*934 1012 1014 1038 1014 1012 1078 12
7 May
1278 Oct 6
12
1712 Feb
738 Apr 2
1278 12
3313 May 6714 Feb
2,201, Preferred
100 48 Mar
6112 62
63
6678July 20
6034 6278 6278 63
*59,2 611 2 *5912 8112 60
7,100 Amer Home ProductsNo par 303
52
5212 52
5238 52
51
5238 52
52
5158 5134 52
8 Jan 3 55% Aug 23
2358 Oct 3038 Dec
307*
3,9011 American Ice New
22738 29
29
No par 27 Sept 6 32 Aug 22
29
29
2912 2834 2918 2878 29
2834 29
92
1001 Preferred
590
81I! Oct 16.
*91
93
100 84 Jan 7 96121May 7
*90
93
.90
93
92
9218 9218 .91
4 I-1R;
5378 0,800 Amer Internet Corp___No par 37 Mar 23 5614Sept 14
5234 5314 53
53
5378 5314 5434 5212 534 5314 54
3134 July 46% Feb
8,900'American La France FE,, 10
73* 711
734 8
4 June 4 10 Jan 3
978 Dec 154 Jan
734 778
712 8
734 8
74 712
4738 4778 47
5134 25,300'Arnerican Linseed
4712 4634 5212 50
5138 50
2538 Oct 5278 Jan
100 2018 Apr 5 5434Scpt 3
4712 47
7814 7814 78
100 4658 Mar 19 5212 Oct 6
Jan
78
6734 Oct 87
7734 7318 7838 8134 8112 8212 8012 8138 4,8001 Preferred
10634 1064 10634 10734 107 10738 10614 10614 10612 10334 106 10614 6,500 American Locomotive_No par 103 June 30 116 May 18
9014 Mar 11978 Jan
12478 125 *12438 125 *12438 125
4001 Preferred
12412 12478 *12434 125 *12412 125
100 11912 Feb 23 127 July 23 116 Aug 12414 Dec
510 Amer Machlne & Fdy__No par 7314 Jan 3 119 Sept 14
*11512 11634 .11512 117
116 11614 .116 11634 11612 11612
117 117
6514 Oct 8012 Aug
•170 175 .170 172
172 172
172 172 .170 172
172 172
20! Preferred '
100 12518 Jan 6 172 Oct 4 114 July 125 Dec
4158 415* 4134 42
70diAmer Metal Co Ltd___No par 38 July 12 4634 Aug 3
4214 4214
42
42
4234 4234 *4214 44
4314 Dec 5738 Feb
110 110 *10312 110 *10818 109
*10812 110
109 109 *10812 109
140 Preferred
100 108 Jan 6 11212May 17 11312 Apr 120
Feb
69
7014 6914 7012 6858 7014 0814 6912 6814 6933 6878 7234 41,510 Am Power & Light........No par 54 Jan 27 7.34 Oct 7
5034 May 7212 Sept
14114 143
14112 14113 13912 141 12 138 13878 138 14012 138 13878 8,800,American Radiator
25 11012 Jan 21 14778Sept 16 10114 May 12238 Aug
96
.95
*95
97 .95
96
*95
'Amer Railway Expl'ess__ _ _100 8712 Apr
96 .05
96
.91
96
105 June 24! 7738 Mar 00 Dec
48
4512 4614 4518 46
47
4538 49
4838 47
4634 4878 10,700 American Republics__.No par 3518 Jan
Jan
3978 Nov 74
6478July 7
5238 52
5134 54
53
52
54
54
54
53
53
5312 16.600 American Safty Razor_ _ __100 42 July 23 6112 Mar 28
42 Apr 7034 Aug
4134 42
4034 4112 4034 41
4038 410
41
41
4038 41
7.1001Am Seating v IC
No pa
51 July 20
4018 Oct
.312 358
358 358
700.Amer Ship & Comm_ No par
3,3 312
117s Mar
312Star 2
312 312
8Dec
334 334 *312 334
634 Jan 7 -13173% 17414 17313 17438 17034 17478 16912 17134 16912 17234 16914 1724 105,7001Amer Stud lug & Refining.100 13238 Jan 25 18012Sept 15 10938 Apr 152 Aug
13012 13218 •131 133
13114 13114 13112 13112 13914 1308
7 13018 13018
9001 Preferred
13218 Sept 30 11278 Mar 12238 Dec
10)1)
01 1191 11\1er I
.133 136 *133 136
135 136 '133
•133 13512 135 135 *133 136
American Snuff
10 11938 Jan 17 145 Sept 7 12134 Oct 165 Feb
52
5218 5131 521
5112 5214 5012 51
6,500Amer Steel Foundries...No pa
50
51
40 May 47 Aug
5034 51
4112 Apr2
5814 Aug 24
*11212 114 •I13 114 *113 114 *113 114 .113 114 *113 114
I Preferred
115 Jan 13 11014 Sept115 Feb
100 11004 July
9212 93% 9234 937
9134 934 01
9212 .91
6514 Apr 8714 Nov
9212 9203 13,400 Amer Sugar Refining
92
100 79 Jan 25 9534May 26
11458 11438 115 115
11438 11438 11438 11438 11412 11412 *11412 115
11612May 26 100 June 11012 Nov
1,000 Preferred
100 1074 Mar
8438 6438 6334 6538 65
6578 6434 6538 6434 6512 6414 6512 10,100 Am Sum .1.00 v 1. e
2914 Aug 44 Dec
No par 4112 Jan 3 6578 Oct 4
.30
3012 30
*30
30,2
32 '30
32
32 '30
200 Amer Telegraph & Cable...100 26 Apr 1 3634 Aug 24
254 July 4118 Feb
178 17812 17838 179
178 18112 17838 18137k 179 18034 17914 1827 60.700 Amer Telcp & Teleg
100 14914 Jan 3 18278 Oct 7 13958 June 141 Dec
15312 15312 153 154
153 154
151 151
151 15114 15012 15112 2,600 American Tobacco corn ------ 120 Jan 7 15434Sept 15 11138 Mar 12434 Sept
15234 15278 15234 15434 15312 15478 151 15234 151 15134 15014 15214 12,800 Common Class B
50 11914 Jan 5 15478 Oct 4 11018 Mar 124 Sept
11518 11518 11513 11508 *115 116
11614 11614 .115 116
11518 11518
600 Preferred
100 11018 Jan 4 118 Sept 9 10618 Jan 113 May
13638 13638 13612 13612 13618 13634 213212 13212 134 134 *133 135
600 American Type Founders_ _100 125 Jan 7 146 Feb 18 114
Jan 135 Feb
7038 7114 684 7114 6812 70
6712 693.1 6712 70
68
7038 33,100 Am NVtr Wks & Elc newNo par 46 Aug 8 7218 Sept 2•
1st preferred (7%)
100 10412 Mar I 01 Mc t 23 101-1-2 Mar 1-011-4 -5;a;
2238 2278 23
23
2218 2318 22% 225* 2214 2234 .2212 2234
1.800 American Woolen
19 June 4278 Jan
100 1612June 7 5478Sept 8
.5614 58
.5512 58
400 Preferred
55
Apr 9014 Dec
554 58,4 .5518 5512 5518 5518 53
100 4678June 1 8612 Jan 7 . 66
1912 1912 1912 2012 1912 2012 1914 1914 *194 20
2,500 Am Writing Paper ctfs_No par
*191. 20
978Slay 26 2212 Aug 23
_
53
4
120, Feb
618 614
Amer
612 612 *614 7
.614
Zinc,
7
900
614 614
Lead
17
&
Sept8
Smelt
518
May
1014
25
Feb
6
6,8
3612 3612 36
36
37
700 Preferred
*3512 3612 .3512 37
37
`354 37
20 May 54 Dec
25 36 Sept 19 5114 Feb 18
4734 4814 48
4838 4758 4312 4718 4734 4712 49
4734 49
20,700 Anaconda Copper Mining_ .50 4114June 27 49's Sept 21
4112 Mar 5178 Aug
*44
45
45
45
4512 4612 46
4638 46
4618 4634 4634 1,800 Archer. Deals, StIcird_No Par 38 Mar 12 4634 Aug 5
3478 June 4434 Jan
.110
____ •110
110 110 *110
-_
10 Preferred
100 106 Jan 4 110 Aug 8 100 Mar 108
Oct
86
*86
8612 86
8512 86
800 Armour & Co (Del) pref
85.8514 85
86
.85 8612
100 83 Scot 20 9614 Feb 16
904 May 9778 Jan
10
1038 1914 10,
934 934
5,200 Armour of Illinois Class A__25
978 10
1038 1018 1018
8 10
814May 4 1578 Jan 7
1318 May 2512 Feb
534 618 *Ps 578
*538 538
518May
534
5*8 534 3,100 Class B
25
534
538 534
94 Jan 6
Jan
534 May
17
66
66
.60
67
6712 13712 67
800 Preferred
67
66
6614 6614 66
100 60 Apr 13 8614 Jan 27
80 Apr 93 Feb
.3412 35
3412 3434 *3414 3412 34
1,800 Arnold Constable Corp_No par 21 Apr
3412 3312 3414 3312 34
18
3812 Aug 26
Apr 3134 Jan
2578 2578 *2512 26
26
*2578 26
26
400 Art Metal Construction_ _ _.IP 22 Jan 11
*2512 26
*2512 26
32 June 24
1918 Jan 2334 Oct
*4512 461. .4512 4634 4038 463s .4512 4614 4614 4612 4612 4612 9,600 Artloom Corp
No par 4334July 1
5434 'Jan 5
4634 Sept 6312 Jan
.114 11434 *114 11434 *114 11434 114 114 *114 11434 .114 11434
70 Preferred
100 11114May 3 114 Sept 8 108 Mar 113 Dec
4834 4913 4918 4978 4914 4978 4858 4918 484 48581 z4714 4814 11,400 Assoc Dry Goods
No par 3912 Feb 9 52 Sept 20
374 Mar 5478 Jan
*109 110 *109 110 *109 110
300 1st preferred
10912 10912 109 109 *109 110
100 9712 Mar 3 11014 Sept 23
96 Mar 10212 Jan
*10812 110
10912 10012 *109 110
300 2d preferred
10918 1094 109 109 .109 110
100 105 Mar 23 10934 Sept 22 102 Stay 110 Dee
*3.5
.35
45
45
45
*35
*35
45
*35
Associated 011
45
45
*35
25 40 Sept 22 5014 Feb 19
4434 Jan 60 Mar
3378 33
3312 3312 33
3412 3458 3618 4,600 Al)0 & W I S S Line__No par 3038 Mar 25 42 Jan 5
3318 334 3338 34
29
Oct 6838 Jan
3434 3458 36
*33
35
33
33
*3234 34
*34
2.500 Preferred
3234 33
100 2934 Mar 25 4114June 7
3314 Oct $614 Jan
12014 12158 120 12012 119 11918 118 11834 116% 118
11618 11734 11,800 Atlantic Rennin;
100 107 Jan 28 13138 Aug 5
97 Mar 128% May
*11712 11812 11813 1184 *11712 119 *11712 119 *11712 119 *11712 119
100 Preferred
100 11512 Feb 1 119 Aug 20, 1154 Oct 120 June
63
63 .63
6312 *63
6418 63
NO Atlas Powder
.133
6318 63
63
6302
No pa? 5612 Mar 17 70 June 91
54 Mar 64 Nov
•10214 105 .10214 103 •10214 103
105
40
.10212
Preferred
105
103 10412 *10212
100 98 Jan 6 107 July 2
9738 Dec
94 Jan
811
81
.8
200 Atlas Tack
812 .8
8
8
84 814
•84 8,2 .804
8
Na pa
Oct 1712 Jan
714June 25 1218 Apr 7
509 612 *612 6
.512 6
.512 6
0512 6
100 Austin. Nichols&Co vtcNo pa
*512 6
414 Mar 22 1014 Jan 3
28
Jan
74 Om
.32
31
31
•29
32
1./9
35
32
.29
32
200 Preferred
*29
32
100 2618July 26 61 Jan 5
Jan
54 Nov 93
254 25012 25334 25638 25314 254 *253 254
25412 255
251 2541
8,400 Baldwin Locomotive Wks.100 14318 Jan 18 265345ept 6
9278 Mar 16734 Dec
•121 124 •1214 124 *122 124
123 123
12114 12114 121 121
500 Preferred
14 12514 July 7 105 Mar 11914 Nov
100 116
109 10918 109 109 •10814 109 *10814 109 *10814 109 *10814 109
300 Bamberger (I.) & Co pref....100 10634 Mar 30 11012May 10
5518 5518 *55
53
554 54
5358 5358 5358 52
531
1,400 Barnett Leather
55
No pa
40 Jan 6 5978 Feb 9
2212 2212 2212 2278 2238 2234 2138 2214 2034 2158 2034 211 23,100 Barnsdall Corp class A
2034 Oct 6 3512 Feb 20 231-2 Slay
2
3.302 Jan
.22
23
22
2218 2218 .21
23 .22
2034 2034 2002 201
300 Class B
25
2012 Oct 7 3212 Feb 28
2212 Oct 3912 Jan
59112 93
9034 02
92
92
93
800 Bayuk Cigars, Inc
.9012 9112 92
*9112 02
No pa
4912 Jan 25 9734 Aug 17
39 Mar 55% Nov
*1412 15
1512 1512 1558 1534 1534 1534 1514 1514 .15
151
800 Beacon 011
No pa
1412Sept 23 1814June 7
5918 594 5978 6034 61
6412 6358 6534 6418 66,4 63
633 311,300 Beech Nut Packing
21
5014 Apr 29 G614 Oct 6
52(4 Oct 71?g Feb
2338 23% 22
2338 22
2212 2214 2214 22
233
4,800 Belding Ilem'way Co_.No pa
2214 22
1512July 7 2714 Jan 7
26 Dee 3934 Jan
6114 6212 6113 6214 60
597 48,000 Bethlehem Steel Corp
624 5918 6038 5912 6912 58
434 Jan 27 66,2Sent 8
10
3714 May 514 Sept
.116 11618 116 116
116 11614 11614 11638 11614 11612 11612 1167
3,600 Preferred (7%)
10 10434 Jan 3 11704 Sept21
99 June 10578 Dee
381? .3738 3812 *3758 3812 .3758 3812 3758 3758
•38
3812 *38
100 Bloomingdale Bros_ _ __No pa
34 June 15 4214 Aug 17
June 42 Dec
28
*111 11114 •111 11114 111 111
111 111 *111 11114 0111 1111
60 Preferred
100 10912 Jan 20 11314 Apr IS 10414 June 110 Dec
6218 62% 6334 6434 6312 6438 63
6334 6412 6612 654 677 20,000 Bon Amt. class A
No pa
5318 Jan 5 6778 Oct 7
531?
Dec
5618 Dec
538 538
5
5
5
5%
5
5
5
5
1,700 Booth Fisheries
5
5
No pa
412Sept 2
838 Apr 14
418 Mar
934 Jan
41
.39
3934 3934 *37
42
39
39
3934 39
397
39
700 1st preferred
10
36 Sept 20 5714May 27
343
4
Oct
51 12 Jan
25
*2314
.2314 2512 .2314
25
'23'4 25
23
2314 .2314 25
300 Botany Cons Mills class A.50 18 May 4 3012Sept
Slay
41
18 Jan
20
224 2278 2034 2212 2112 22
2034 2234 2212 23
2114 2178 35,100 Briggs Manufacturing_No par
1912Sept 27 3638 Feb 23
24
Oct 3712 Jan
180 ISO
•ISO 181
178 178
181 18438 7,800 Brooklyn Edison, Inc
17712 180
178 178
100 14812 Feb 11 18478 Aug 18 133 Mar 163 Sept
140 14078 13814 13814 136 136
14012 14234 141 141
137 13858 6,300 Bklyn Union Gas
No par 8938 Apr 4 15412 Aug 10
68 Mar 98 Dec
4258 4238 4312 4434 4434 454 4334 45
45
4412 453a 45
8,800 Brown Shoe Inc
No par 3012 Feb 1 46128ept 7
2912 June 4858 Jan
.:1284 3314 3218 3218 3214 3214 3218 3218 1.400 Brunsw-Balke-Collater_No par 257* July11 3878 Jan 10
3273 33
32
32
2438 Star 3934 Sept
106 1061 *10512 1061 10614 10712 10312 115% 100 10178 101 101
4,200 Burns Bros new clAcomNo par 8512June 17 12534 Jan 20 121 Mar 144 July
241_ 24
2412 21
2112 2102 2,400 New class B com.....No par
2312 21
21
2412 241 .24
2612 Nov 44
l6I4Marl8 344 Jan 27
Feb
9434 •92
94
94
94 .92
*9112 9434 *9112 9434 .92
94
100 Preferred
100 90 June 20 100 Jan 3
97 Mar 10312 June
123 12314 •12212 123
123 12834 12912 13214 6,000:Burroughs Add Mach_ _No par zr0 Mar 2 13214 Oct 7
*11812 123 •12012 121
7712 Apr 124 Dec
6414 6734 6812 674 66
6412 66
6438 66
6338 65
6714 35,500,Bush Terminal new ___No Par 2934 Jan 12 6734 Oct 5
1634 Mar 3414 July
10512 1071 107 10714 10714 10714 107 10712 107 10714
107 107
290! Debenture
86
100 91 14 Jan 5 10734Sept 29
Apr 93 Aug
11512 11512.115 116
11534 11534
30, Bush Term IlIdgs. pref
*11512 1173 .11812 1173 116 116
100 10338 Feb 14 120 Aug 8
9912 Jan 104 Nov
418
*4
44
4
41
4
4
4
A
41
8 4l8
1.8001Butte Copper & Zinc
334 Mar 19
4 Dec
518May 2
5
614 Feb
52
53
5214 51
5212 5212 52
5134 49
51
3,500.Butterick Co
5212 52:
100 49 Oct 5 6134 Feb 15
1734 Mar 71 Sept
8% 878 *358 9
.834 9
.838 It
818 834
73 Apr 4 1134 Jan 7
812 87
900'13utte 41r Superior Mining._ 10
718 May
1814 Jan
75
7512 76
76
.72
*72
75
7534 7534 .72
7412 76
800 By-Products Coke
No par 66 Jan 29 9212June 2
53 June 90 Sept
8112 79% 8212 7878 82
8112 867* 8334 8612 48,500 Byers & Co(AM'
8038 82% 81.1
No par 42 Jan 3 94 June 2
28 Slar 4478 Nov
65
6514 66
6412 6512 4,100 California Packing _
6538 65
6514 6514 65
6612 65
No par 604 Apr 1 70 Jan 5
6614 Oct17912 Feb
2118 21
214 11,300 California Petroleum
2134 2218 2112 2134 2114 2112 2118 2112 21
25 21 Oct 6 3278 Jan 18
2931 Oct 3818 Feb
138
112
114
114 sent 2
138
138
.138
114
114 *114
1 14
600 Callahan Zine-Lead
1 14
14
253 Jan 17
10
1 12 Star
238 Jan
8178 8434 84
8914 8518 893s 8778 8934 8314 885* 47.200 Calumet Arizona Mining
,
8 8714 86
10 6112J1,ne 2
8934 Oct 6
5512 Mar 735* Aug
1634 1678 1612 1078 1678 17
1634 1678 1612 17
1634 1714
5.800 Calumet & Hecht
25 14(4 July 7 1714Sept 17
1338 Star
181? Aug
5278
5118
5.3
5318 54
5214
52
5018
15,000
53% 54
52,4
5114
Canada Dry Ginger Ale.No par 38 Jan 5 6018 Aug 10
3212 Oct 49 Sept
2791, 2811? 14,500 Case Thresh Machine
268 27512 275 281
•265 274
295 211c1, 289 276
100 132 Jan 27 28314 Oct 7
6212 Jan 176 Aug
• BM at d asked prices; no sales on this day. z Ex-dividend. a Ex412
b Ex-j1vIdend and ex-rights.
$ per share $ per share $ per share 8 per share! 8 per share $ per share
*12218 12278 *122 123
12234 12234 12214 12214 .122 123 *122 123
11612 11612 11618 11712 11614 11713 11414 116
1154 11512 115 116
1946
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. I Sales I
for
Monday,
Tuesday, 'Wednesday, Thursday,
Friday, I the I
Oct. 3. 1 Od. 4.
Oct. 5. I Oct. 6.
Oct. 7.
Week.
Saturday,
Oct. 1.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share tots
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Lowest
Highest
$ per share S per share $ per share $ per share
per share $ per share Shares Indus. & Miscel. (Con.) Par $ per share $ per share $ per share $ per share
*11614 120 y11614 120 *11614 119 *11614 119
117 11711 117 117
300 Case Thresh Mach pref _.100 Ill Feb 28 12412May 21
96
Jan 11812 Aug
2618 2612 2612 2634 2634 27
27
2714 2634 2634 264 2634 2,700 Central Alloy Steel_ _ _ _No par 24 Apr 1 33 Apr 28
2812 Oct 3314 Aug'
•19
1913 1934 2118 *20
22
2114 2134 2234 2234 *22
24
1,500 Central Leather
100
833 Jan 3 2234 Oct 6
7 Nov 2012 Jan
1 Certificates
100
714 Jan 3 1512May 26
838 Nov
7 Dec
.86
96
•9318 96-1-21 94
94
*90
9612 90
9812 *90
100 Preferred
9812
100 54 Jan 14 94 Oct 4
4314 Apr 6834 Jan
Preferred certificates_ _ _100 54 Jan 3 7884 July 18
50
5412
Nov
Dec
*1212 -131; 13
13
1212 1212 1212 1212 1233 1412 *124 1413
300 Century Ribbon Mills_ No par 101z Jan 26 1634 Aug 30
1014 Oct 3278 Jar,
.80
81
*80
81
81
81
80
80
*80
80
85
80
401 Preferred
100 70 Jan 24 84 Aug 2
7814 Dec 90
Jan
6434 6473 644 6514 6434 6518 641
: 65
65
664 654 6612 30,600 Cerro de Paso Copper_No par 58 June 27 64 Sept 17
5713 Jan 7313 Aug
48
484 48
4814 4814 4814 474 48
49
50
50
5112 10,200 Certain,Teed Products.No par 42 Jan 25 5534May 11
3613 May 4913 Jan
*11334
*10973 - •11334
s1 1st preferred
_
*11238
•1123
100 106 Feb 1 11378Sept 8 100 May 10614 Nov
*612 634 *613 634 *612 64 *6
6
612
300 ChandlerClevelandMotNo par
6
614 612
5 Aug 1(3 14 Mar 22
812 Nov 26 Feb
20
20
20
20
1934 1934. 1914 1914 1912 1913 1712 1878 2,8001 Preferred
13 June 27 2614May 6
No par
2034 Dee 4514 Feb
128 128 *123 130 *127 129 *127 128
12913 12918 12934 130
500 Chicago Pneumatic Tool__100 12012 Jan 3 13714 Mar 2
9412
Apr 12814 Deo
6178 6178 6114 62
6113 6941 61
61
61
61
60
60
2,800 Childs Co
No par 4818 Mar 31 6533 Aug 25
4518 May 6633 Jan
3534 3578 3538 353s 3513 3512 3518 3538 3514 36
3514 351 11,300 Chile Copper
25 3318June 27 3914 Mar 21
30 Mar 3633 Jan
_ Chino Copper
5 224 Jan 7 24 Apr 11
16 Mar 26 Nov
*68
5973 60
6212 62
63141 6113 6234 6112 6234 '.62
6312 7.300 Christie-Brown tern ctfsNo par 3473 Jan 5 6578June 16
2912 Oct 6334 Jan
5734 5833 5734 593$ 5734 5978 5633 5814 57
571 564 5712 108,100 Chrysler Corp
No par 3813 Jan 28 6238Sept 6
2812 Mar 5473 Jan
*112 114
11234 113 •11213 113 •11213 113 *11212 113
11253 113
400 Preferred
No par 10238 Apr 11 11438 Aug 26
93 Mar 108
Jan
75
7538 74
7514 74
7473 *73
7313 7314 74
73
71
3,800 Cluett Peabody dr Co_ _No par 51 June 17 7712Sept 14
60 Dec 6813 Jan
*122 124 •122 124
122 122
122 122 *12314 124 *12314 124
20 Preferred
100 11114 Jan 6 12214Sept 26 10314 Jan 116 Sept.
12433 12513 12513 12612 125 127
12413 125
12413 12512 12414 12518 10,900 Coca Cola Co
No par c9312 Apr 27 19913 Apr 22 128 Mar 17434 Dec
911. 9312 9173 933$ 90
9212 90
9112 0012 92
9014 9134 28,500 Collins & Aikman new _No par 86 Aug 26 9578 Aug 6
8114 824 79% 8134 79
8133 7612 7913 7712 7912 763s 7812 27,100 Colorado Fuel dr Iron
100 4213 Jan 4 9638July 12
2734 Mar 16.
3; Oct
80
81
8012 8212 81
794 8012 80/2 81
8214 8178 8712 21,900 Columbian Carbon v t cNo par 6678 Jan 3 8712 Oct 7
55% Jan 7034 Dec
924 9313 925
, 93
9234 9313 9214 9212 9112 92
9114 9178 21,800 Coium Gas & Elec new _No par 8278 Feb 11 9/334May 27
8513 Nov 91 Dec
10614 10633 10614 10614 10678 1061 *10612 107
10634 10634 10634 10673 1,200 Preferred new
100 994 Jan 24 10734 Aug 8
987s Nov 10113 Nov
704 7412 73
7612 74
7638 7518 7612 7614 78
7834 85,300 Commonwealth Power.No par 4818May 25 7834 Oct 7
76
1834 1834 1814 1834 1814 1834 1838 185* 1813 1833 *1712 1812 1,700 Commercial Credit... _No par
14 June 29 20% Feb 21
13 Nov16
1713 Jan
*2213 2234 20
21
22
2234 22
2234 *2212 23
*221, 23
300 Preferred
25 17 June 10 2412Sept 26
2114 Nov 2614 Jan
22% 23
*2234 24
2234 2234 *2213 2234 2234 2234 *2212 2234
170 Preferred 13
25 1873June 15 2314Sept 20
20 Nov 2734 Jan
*824 83
8214 8214 1180
8212 80
80
*8012 82
8012 81
50 lst preferred (6 M %)--.100 69 July 8 86 Sept 23
8512 Dec 9912 Feb
*4612 50
4773 4773 48
50
1148
49
*4812 49
*48
49
500 Comm Invest Trust._No par 4118May 4 5834 Mar 14
5412 Dec 72 Jan
*9612 9734 98
98
*9512 974 •9512 9713
*9513 9713 *9513 98
10 7% preferred
100 941zSept 20 984 Jan 27
97 June 104 Jan
•8712 891z *8712 8973 *88
8934 *88
8934 *88
100 Preferred (630
88
8934 88
100 8638July
95 Mar 14
89 May 100 Jan
18612 19012 190 19214 18612 19134 18514 18812 185 188
184 186
8.300 Commercial Solvents__ No par 17613 Aug 25 203 Sept 16
23$4 2414 234 2414 2312 24
2338 24
2314 234 23
2378 32,100 Congoleum-Naint Inc_No par 1714 Jan 26 2633Sept 6
1212 May 163-8 Sept
653$ 66
66
67
67
6712 6634 6714 67
6612 67
Congress Cigar
4,700
671s
No par 47 Mar 11 6912SePt 1
402 May 57 Dec
*14
112
*14
12
*14
1
"4
12
*14
13
14 Feb 1
Conley Tin Foil stpd_ __No par
13,
*14
Jan 5
Dec
13
1 Mar
8178 81
81
8214 8134 8272 81
8133 8013 8114 79
80381 15,100 Consolidated Cigar__No par 7578 Apr 30 8634 July 7
4514 Apr 7814 Dee
103 103 *10112 10412 *10212 104
10273 1034 10214 10214 •10012 103 1
400 Preferred
100 9678 Aug 11 10634 Aug 23
91 Mar 10733 July
*53
34
•13
34
58
58
58
58
34
900 Consolidated Dlstrlh'ersNo par
34 • 34
34
212 Feb 4
13July 27
113 Aug
613 Jan
11872 120
11834 120
118 1191$ 117 118
11718 11834 11718 11814 49,400 Consolidated Gas(NY) No par 94 Mar 9 121,2Sept 17
87 Mar 1153s Aug
9978 9972 99
3
4
997
$ 9934 997$ 994 9034 9933 9912 994 9913 4,483 Preferred
No par 93 Mar 18 10014 Sept 19
428
432 434
4/3 434
412 434
434
418 434
412 412 5,100 Consolidated Textile_ _.No par
318 Mar 14
71sJune 18
154 May .114 Nov
497e 5214 51
5234 514 5234 5014 5132 50
5034 4934 5034 23,500 Continental Baking cl ANo par 3312 Apr 30 7478 Jan 6
5012 Oct 9373 Aug
573 6
Ms 534
57s 6
534 57s
558 534
512 512 12,300 Class 13
No par
4 May 19 1014 Jan 5
71
8 Oct 154 Sept
94
96
95
95
96
9512 94
95
934 94
9438 9438 8,000 Preferred
100 72 Apr 1 9714 Jan 13
87
Oct 964 Aug
7213 73
7234 73
727$ 7412 7378 7412 7312 7414 7312 7373 7,700 Continental Can, Inc. No par 5834 Apr 9 7713July
26
70 Mar 924 Jan
202 202
20512 20812 209 21134 209 21014 209 21014 206 206
5,300 Continental Insurance.25 135 Jan 27 21134 Oct 4 122 Mar 14434 Jan
10
10
10
1014 10 -1014 10
1018 10
101s 10
1018 11,600 Continental Mctors_._No par 10 Sept 26 1334 Jan 6
978 May 1378 Dee
5913 5918 35813 594 5812 5914 58
59
584 5878 5814 5812 13,200 Corn Products Refining._25 4678 Jan 12 6318May 14
35% Mar 51% Dee
*135 139 *13414 136
13534 13712 *135
_ _ _ _ *135
*135
300 Preferred
100 128 Jan 11 13712 Oct 4 12212 Jan 13014 Dee
93
93
*9213 93
93
94
957
9313 947s 95 151
4 95
6,300 Coty, Inc
No par 56 Jan 3 97 Sept 20
4412 Mar 62 Dee
89
: 8913 884 901s 8712 8814 874 8814 8712 88
897s 881
6,100 Crucible Steel of America..100 77 Jan 4 9634 Mar 4
64 Apr 8234 Dee
11314 11314 *11314 11412 11313 11312 *11314 11412 11318 11313 *113 11412
500 Preferred
. 100 103 Jan 18 115 Sept 14
96
Mar 104 Dec
2318 2311 2338 2373 23
2378 2278 2318 234 2318 *2214 2313 6,600 Cuba Co
1812 Aug 19 3414 Jan 8
No par
2814 Oct 5333 June
7
738 *74 74 *7
*7
712
714
7
7
7
7
2,200 Cuba Cane Sugar
No par
614Sept 23 1034 Jan 5
8
1112 Jan
13
May
35
3413 35
35
3434 3513 34
35
33% 3334 3318 3312 7,900 Preferred
100 334 Oct 7 5034 Jan 4
354 June 5033 Dee
412278 23
2212 23
2134 22% 22
22
22
2214 2112 2218 5,800 Cuban-American Sugar
10 2113 Aug 13 2812 Jan 3
2014 Aug 304 Jan
*93 104
*98 104
4198 104
*98 104
*9973 104
*99 104
Preferred
100 102 Jan 31 107 Aug 11
9734 Jan 105 Nov
1434 14
*14
1478 *14
14
*14
14
15
14
14
14
700 Cuban Dom'canSug newNo par
131z.lune 30 18 Jan 21
154 Sept 204 June
55
5512 5414 551s 5412 55% r5313 5413 5414 5412 54
5438 10,100 Cudahy Packing new
50 4312 Apr 8 5834Sept 26
514 Nov 55 Dec
12833 12833 129 13734 138 14134 142 142 •132 141
14112 14112 4,200 Cushman's Sons
No par 103 Apr 4 142 Oct 5
774 Mar 108 Dec
514 51% 5218 54
5218 5378 5234 5333 52% 53
534 54
6,500 Cuyamel Fruit
No par 30 Apr 28 51 Oct 3
32 Nov 51
Jan
38
3834 3714 3838 3713 3833 3638 3733 37
3734 3713 3812 17,500 Davison Chemical v t e_No par 2614 Apr 28 4012Sept 24
234 Oct 4634 Feb
15634 15634 *157 15734 157 157 4115512 157
15534 15534 *15512 157
300 Detroit Edison
100 13312 Jan 21 16034Sept 10 12312 Mar 1414 Dee
*3712 3734 3712 384 3718 3714 37
3712 3712 3912 3712 3914 5,400 Devoe & Reynolds A__No par 3612 Aug 13 4218 Feb 2
31
Oct 1044 Feb
140 140
139 140
140 141
140 140 *13713 139
139 139
390 Diamond Match
100 115 Feb 28 14734 Sept 20
1634 17
17
1733 1634 1713 1612 1672 1613 167s 1614 16% 18,700 Dodge Bros Class A _ _ .. _No par 46/8sem 24 2712 Jan 5
2114 May WI;Jan
6613 6712 6T
6712 67
6714 6638 67
6612 6678 6613 6634 12,800 Preferred certif
No par 65 Sept 29 85 Feb 14
794 May 90 July
1112 1014 10178 1014 1012 1034 11
1138 1134 11
1012 1113 13,600 Dome Mines, Ltd
No par
7 June 30 1184 Sept 27
8 Oct 20 Mar
Douglas Pectin
No par 46 Jan 3 80 July 5
19 Mar • 46 Nov
•116 117 11116 117 *116 11613 116 116
11612 11612 11612 11612
400 Duquesne Light 1st pref __ _100 11414 Mar 2 11634June 1 11112 Mar 11634 Aug
17112 172
16814 1707s 16812 17013 16818 169
16813 170
1664 16818 4,300 Eastman Kodak Co
NO Par 12614 Jan 28 17514 Sept 20 10613 Mar 13634 Dec
274 28
2712 2734 2714 2734 2612 2713 2613 27
2634 2733 7,700 Eaton Axle & Spring__ _No par 244 Mar 21 2934June 20
23 Oct 3234 Feb
336 338
337 34114 336 34378 334 33914 33734 33938 334Is 33834 38,800 EI du Pont de Nem new _No par 168 Jan 25 3431
Oct 4 15434 Nov 18112 Dee
11514 11514 *1153s --- *11512
115% 11518 11533 11512 *11512
400 6% non-vot deb
100 10511 Feb 5 115% Oct 5 10034 Apr 11013 Dec
*1134 12
1134 1134 *1134 12
*1134 12
*1178 12
1173 -1:1-7;
300 Eisenlohr & Bros
25 1134Sept 22 1612 Feb 15
1034 Oct 2012 Feb
96
9612 96
9614 96
9633 9518 9578 9412 9513 9314 9412 5,000 Electric Autolite
No par 6312 Jan 13 100 Sept 6
6134 Mar 82 Feb
18
1718 1773 1634 17
18
1612 17
16% 17
1612 1634 8,400 Electric Boat
No par 1313Mar 2 224 Aug 15
4 Mar 16 Dee
2913 2834 2933 2814 294 2813 2834 28
29
2873 28
2834 44,600 Electric Pow & Lt
:Jan 27 2912 Oct 1
NO Par 161
1514 Oct 3412 Feb
*119 120 •118
*118 120
11812 11812 •11834 120 •118 120
100 Allot ctfs for pre 40% pd... 1037$ Jan 28 119 Sept 30
9912 Mar 115 Feb
*1054 106
10534 106
106 10613 106 10614 10618 10618 106 1064 1,800 Preferred
No par 96 Jan 14 10612Sept 12
8912 Mar 9814 Sept
1134 13
1034 1214
9% 1034
934 1078 1033 1133 11
1214 121,100 Electric Refrigeration..No par
913 Oct 4 3738 Jan 3
3338 Dec 784 June
7212 7213 7212 7314 7278 73
7134 72% 72
7212 7134 7212 4,300 Eleo Storage Battery No par 6314MaY 3 7913 Jan 6
714 Mar 9418 Aug
*3
4
4
4
4
4
4
*3
313 313
3i Oct 7 13 Apr 14
4
4
250 Emerson-Brant Class A.No par
614 Dec
EN Dec
7733 7733 7638 7673 7613 7612 7613 76% 7512 7612 75% 761 1
2,800 Endicott-Johnson Corp.._ 50 6434 Jan 28 80 Sept 8
6512 Mar 7218 Feb
*124 12412 *124 12413 124 12412 1244 1244 *124 125 *124 125
300 Preferred
100 11633 Jan 5 125 Sept 15 114 Jan 120 Sept
3678 3878 384 3933 36,700 Engineers Public Sens_ No par 2134 Jan 11 3933 Oct 7
3514 3534 354 364 3614 3738 3612 37
1914 Oct 244 July
10513 10513 *105 10512 1054 106
10618 10613 10534 10612 10512 106
1,200 Preferred
No par 9334 Jan 8 1084Sept 20
9214 Nov 964 Aug
34
34
3338 34
3333 3334 33
3312 3313 334 33
3312 11,000 Erie Steam Shovel
5 2434 Jan 3 347sSept 26
214 Oct 2513 Nov
11108 110 1111084 10934 *10713 10934 1094 111 •108 111 *108 111
900 Preferred
100 10113 Jan 6 11313July 22 100 Oct 102 Nov
1186
8612 8413 8512 8514 8512 85
8514 85
8533 8512 8512 2,800 Equitable Office Ilidg..No par 84,8Sept 20 9212June 3
9978 June 13214 July
72
71
73
7214 7234 72
73
7313 72
7438 7338 7412 20,000 Eureka Vacuum Clean_No par 50 Aug 12 77 Aug 6
43 May 683$ Dee
*19
•187$ 1912 *1873 1912 *1878 1913 •1873 191
1912 19
19
100 Exchange Buffet Corp.No par
1518 Jan 25 1934May 21
1434 July 17 Apr
35
3513 3533 36
35
3613 3613 3683 3673 3614 3678 1,400 Fairbanks Morse
36
No par 32 Sept 27 4312May 11
3718 Dec 5934 Feb
*109 -- 109 109 *107
11109
11109
_- *109
100 Preferred
100 1071s Feb 7 112 Mar 2 10613 Nov 115 Feb
10834 10912 10818 110
10814 11014 10712 10834 l088 1-093s 10834 100
- 1
2 36,400 Famous Players-Lasky _No par 92 July 28 11434 Feb 24 10318 Jan 1274 June
*12134 122
12214 12214 •120 122 1020 122
12112 12112 *120 122
200 Preferred (8%)
100 11473July 28 12438 Jan 12 115 Mar 1241
:Dec
414 4112 42
4213 4112 4213 4112 42
414 424 41% 4113 3,900 Federal Light & Tree
15 374 Jan 17 47 May 3
28 Mar 4712 Dee
9814 9814 9812 9834 *9814 99
98
9834 *98
9812 98
9812
280 Preferred
No par 911z Feb 23 100 Aug 25
86 June 94 Dee
*13213 134 1113212 134 •132 134
132 132 •133 134 •13213 134
100 Federal Mining & Smeit'g.100 60 Feb 9 187 June 16
41 May 1114 Jan
94
*93
*93
95
*93
*93
95
95
9312 9312 931z 9312
300 Preferred
100 754 Jan 28 97 Mar 12
61 Mar 105 Jan
20% 19% 1973 *1934 20
1120
20
20
204 2014 *20
21
800 Federal Motor Truck_.No par
1813 Aug 8 3073 Jan 10
23 Oct 343$ Aug
14714 149% 148 148
*145 148
147 147 •146 147 *146 147
1,200 Fidel Phen Fire Ins of N Y. 25 931: Feb 3 193 Jan 6 160 Apr 20014 Jan
*100 10012 •100 101 3100 10012 *100 11018 *100 1004 100 100
100 First Nat'l Pic, 1st pref.
_100 974 Jan 13 103 Mar 4
96 May 107 Feb
2813 284 •2733 28
2732 2712 2778 28
2714 2712 *2712 28
700 First Nat'l Stores
No par
1914May 11 30 Feb 7
28 Nov 4933 Feb
pp
: 1714 163$ 1634 1534 164 1534 1638 16
1638 1513 1573 13,400 Fisk Rubber
1478June 17 20 Apr 20
No par
1414 May 2614 Jan
95
95
95
95
9518 9514 9512 9512 9513 2,400 1st preferred stamped._ _100 81 Jan 5 100 Sept
*95
9512 95
7673 Apr 844 Mar
19
10014 10014 *9912 10034 *9918 1004 *98 10012 *98 10014 *98 10012
100 1st preferred cony
100 94'3July 5 102 Sept 9
94 June 107 Mar
644
6213 6338 62% 63
6334 63
6234 6338 63
62
6234 50,200 Fleischman Co new_ __No par 461$ Feb 1 6413 Aug 26
53
3214 Mar 5613 Feb
6012 5112 5014 5114 4814 50
5234 5234 5112
5214 53
4,700 Foundation Co
No par 46 Sept 22 88% Apr 1
7314 Dec 17934 Jan
6878
68
681
69
70
6912
68
674 68
69
5,700 Fox Film Class A
694 69
No par 50 June 28 7413 Jae 6
5513
Mar 85 Jan
8578 127,600 Freeport Texas Co
8078 8133 8013 834 8034 8312 8078 8334 8334 8434 84
No par 3414 Jan 4 8578 Oct 7
1918 Jan 36 Dec
3512 354 3673 3538 36
39
3933 3813 3912 3513 3813 35
17,800 Gabriel Snubber A
No par 2913 Jan 3 59 Aug 5
254 Nov 42 Feb
8
*7
813 814 3.000 Gardner Motor
7
834
773 773
8
234 873
8
No par
61
:Jan 27 1214 July 20
54 Nov
934 Jan
57
57
5713 5713 57
5713 4,200 Gen Amer Tank Car.._ _No par 46 Jan 3 6233Sept 7
5712 5712 5714 5773 5713 58
39 Mar 5533 Jan
1114 112
4111 11212 11113 11118 112 112 *111 112
11112 1111
800 Preferred
99l June 109 Dec
100 10633Mar 1 1121zSept 28
7632 7714 7514 763s 74
7534 7312 7414 7318 754 7413 7678 17,000 General Asphalt
100 65 Aug 27 9634 Mar 2
50 Mar 9414 Aug
118 118
115 115
115 115
11814 11814 117 118 *113 118
600 Preferred
100 10714 Aug 27 14473 Mar 2
9478 Mar 14013 Aug
6718 6714 6614 677
8714 6714 6714 6734 67% 6834 674 68
7,800 General Cigar, Inc new _No par 52 Jan 26 7012July 15
46 Mar 594 Feb
•120 130 •120 130 *120 130 *120 130 •120 130 *120 130
Preferred (7)
Jan 118 Dee
100 116 Jan 5 136 Sept 22 109
584 5818
5712 5713 *5713 58
58
58
58
5734 5734 58
700 Gen Outdoor Adv A. No par 6432 Apr 11 5812 Feb 9
51 Mar 563s Aug
5314 5373 53
z5518 571s 5514 5612 5434 55% 39,300 Trust certificates.-- _No par 37 Jan 18 5718 Oct 5
55
5412 57
26% Mar 3978 Dec
13614 13678 135 13638 13633 14034 137 141
1371z 1391 204,100 General Electric Nov' No par 81 Jan 27 14613Sept 7
13912 142
79 June 9513 Aug
1118 1114 5,400 General Electric special- _10 11 June 21
1114 1114 1114 1138 1113 1114 1118 1112 *Ills 1114
1113 Jan 5
11
Jan 1134 Dee
*40
40
1,400 General Gas & Elect A __No par 34 Apr 1 4712 Feb 2
4014 40
: 3813 3914 3973 3973 *39
4013 3914 391
34 Mar 59 Jan
*105
11013
41109
100
11018
111
*109
•110
*109
lien Gas& Elec pt A (7) No par 100 Jan 3 11013 Oct 7
95 May 100 Dec
•117 120 •117 120 *117 120 *117 120 11117 lid •117 120
Preferred A (8)
No par 11314 Mar 22 120 June 1 10511 Apr 113 Sept
*102 105 *102 103
102 102
300 Preferred 13 (7)
10114 10114 103 103 *10014 105
No par 96 Jan 13 105 June 22
9214 Apr 96 Jan
266 26812 269 27712 272 28214 269 274
272 27712 27012 273 471,700 General Motors Corp_ _No par 1451
:Jan 25 28214 Oct 4 11314 Mar 22514 Aug
*12473 125
125 125
12513 12513 125 125
2,300 7% preferred
12513 1251s 125 1251
100 1184 Mar 9 1254 Oct 4 11312 Jan 1224 Dec
•Bid and asked prices: no sales on this day z Ex-dividend. a Ex-rights. 4EX-411vidend 100% in stock.
New York Stock Record-Continued-Page 4
1947
For sales during the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday, 1 Monday,
Oct. 3.
Oct. 1.
Tuesday, 1 Wednesday,, Thursday, 1
Oct. 4.
Oct. 5. f Oct. 6.
Friday,
Oct. 7.
I Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Precious
Year 1926
Lowest
Highest
Per share $ per share $ per share $ per share
Industrial & Misc. Par
9814 Apr 105 June
Gen Motors Corp 6%deb pt100 104 Mar 7 10 '12Sept 21
6012 Mar 9378 Aug
41,300 Gen Ry Signal new __No par 8218 Jan 14 15314 Sept 6
36 May 49 Jan
5,300 General Refractories_ _ No par 38 Jan 14 75 June 1
4114 Nov 784 Jan
No par 3712 Mar 24 51 Sept 17
11,100 Gimbel Bros
100 9935 Mar 18 10812July 14 100 Nov 11188 Jan
500 Preferred
1412May 21 22 Mar 10
154 June 2534 Jan
No par
3,700 Glidden Co
4112 Mar 5678 Feb
88,200Gold Dust Corp v t c__ _No par 42 Mar 9 6652 Oct 7
3912 Nov 7034 Feb
37,000.Goodrich Co (B F)__ No par 4234 Jan 3 8518Sept 23
9412 Dec 100 Feb
1,5001 Preferred
100 95 Jan 3 1013,Sept
53,900 Goodyear T dr Rub _ _ _ _No par 4838 Aug 31 6538Sept 26
1 Prior preferred
100 105 Jan 7 112 June 6 10433 Dec 109 Sept
3314 Mar 6912 Nov
81
8114 8014 81
7818 .5,200 Gotham Silk Hosiery_No par 5728 Jan 12 8278 Sept 2
80
8012 7812 8078 784 8012 78
474 July 6878 Nov
80
8114 804 81
7812 3,300 New
81
NO par 58 Jan 12 82 Sept 29
78
81
80'
7818 79
79
_
*117 11878 *117 118 *117 118 *117 118
*117 119 '117
100 Preferred New
100 104 Jan 26 122 Sept 29
11934 11924
•I
*612 612 *514 512 *512 512 *54 512
8
Oct 2112 Jan
10 May 25
400:00uld Coupler A
No par
5
5
5 SiNu
518 533
1618 Mar 364 Dec
3514 3514 3512 36
3512 3534 3514 3512 35
3512 3434 3518 7,4001 Granhy Cons M Sm & Pr.100 3118 Jan 27 45 May 26
4212 43
4238 4338 42
41,800 Great Western SugarnewNo par 37 Aug 12 44285ept 11
4078 41
43
41
4238 4118 42
*121 12112 *12114 12112 12114 12112 121 121
1801 Preferred
100 11612 Feb 26 123 Sept 7 16312
121 12112 121 12112
934 Apr 3434 Dec
8314 8628 82
84
8014 8438 8038 8312 81
8314 8014 8214 101,100 Greene Cananea Copper_ _ _100 2914 Jan 27 164 Oct 1
578 Jan 1078 Feb
*812 834
8 Jan 25 1114May 31
812 812 1.400 Guantanamo Sugar_ _ _ _No par
812 812
814 812 *812 828
812 812
513
8 Oct 9338 Jan
Gulf
Steel
*4278 43
64
Feb
28
4014Sept
2,600
States
42
12
4212 41
41
100
42
4214 4278 42
4214 *41
45 June 6012 Dec
150 Hanna 1st pref class A. _100 56 Jan 31 67 Jan 19
*60
61
*60
61
60
61
60
60
61
*60
60
60
Oct2812 Nov
26
*23
24
100
Hartman
Corp
par
2412 *23
2714
Mar
29
*23
class
A.No
233
8
Oct
5
*23
24
25
*23
2338
24
2338
2428 Dec 30 Sept
2,300 Class B
*22
23
22
No par 20 Aug 12 2938 Apr 18
22
22
2112 2318 *22
22
2218 22
23
1718 Dec 46
Jan
Hayes Wheel
No par 154 Feb 15 28121/Jar 31
63 Mar 88 Dec
*Ho- 125 124 124 124 fii" 12378 125 - •I18 125 *118 125
25 7612 Jan 14 125 Oct 5
703 Reline (G W)
1712 May 3512 Aug
*33
No par 22 Jan 31 417s July6
34
50) Hoe(R) & Co
*3314 34
3312 3312 3312 3312 3312 3328 3312 3312
3534 36
36
3612 3618 3638 36
3638 3618 3638 3612 3612 3,630 Hollander & Son (A)._.No par 3114June 3 3712 July 26
OCt
230 Homestake Mining
100 60 Jan 25
• *64
65
6 Oct 7
66
65
472 Jan 63
65
_ *65
66
*64
_ _ *6514
40 Mar 4838 Jan
12,700 Househ Prod.Inc.tem cifNopar 4314 Jan 3 68 Oct 3
65
6614 664 68
6528 654 'lid - 6412 65
6612 6712 (15
5014 Mar 71
Jan
16034 16478 163 16634 15912 1644 15914 168
16914 17534 16634 17114 227,70081008t0n 011 of Tex tern ctfs100 6018 Jan 11 17412 July 9
27
Jan 45 Sept
No par 3134July 11 42 Seat 20
3918 4038 3914 3928 3914 3938 39
5,290 Howe Sound
39
3812 3918 384 ..
4034 Ott 12314 Jan
79
7934 7884 8112 7878 814 7678 7912 7712 80
7714 7812 177,000 Iludson Motor Car........No par 4814 Jan 24 9112 Aug 2
17 Mar 2838 Jan
10 1778Sept 1 2388 Jan 10
18
1838 184 1888 1814 184 1818 1814 1818 184
1818 1814 8,500 Hupp Motor Car Corp
1928 Mar 34
Jan
2018 2018 21
2112 2014 214 2014 2012 2018 2014 20
2014 6,600 Independent 011 & Gas_No par 1725May 20 3234 Feb 1
1412 Dec 2414 Feb
No par 13 Mar 30 3 78Selit 30
3334 34
3328 3414 3234 3328 3134 3212 3214 3238 3134 32
3,500 Indian Mntocycle
1
1213
3 Feb
773,42 Oct0c
1014 1012 114 1118
712May 12 1218Sept 8
10
1012 11
104 1038 1014 1014
934 104 2,900 Indian Refining
Feb
10
10
10
10
714June 20 12 Sept 8
1014
918 1012 10
10
*9
10
918 938 3,800. Certificates
8014 Mar 104 Jan
*138
90
*88
90
90
91
*90
92
800 Ingersoll Rand new_..No par 88 Sept 21 9612 Apr 2
*90
92
*90
92
3412 May 4334 Dec
5112 5212 52
No par 41 Feb 15 5512July 25
5212 5214 5234 5134 5212 52
5212 5218 5212 4,200 Inland Steel
*10534
100 111 Jan 3 117 June 8 16834 Mar 115 Feb
*117 118 *117
_ _ _ _ _ 1 Preferred
____ *117
____
2034 Mar 2888 Nov
1634 1634 1634 1634 1738 1738 *1714 1712 17
1812 1838 1812 _ 2,400 Inspiration Cons Copper...20 1212June 27 2512 Jan 12
jan
12918 DecDec 226134Feb
14 F
1238 1233 1218 l2ls
1188June 21 1334 Mar 12
12
12
12
1234 1238 1282 1214 1234
1,700 Intercont'l Rubber_ __No par
9
9
912 912 *9
64 Apr 23 1288 Aug 23
10
No par
*91. 10
800 Internet Agricul
*9
10
10
10
5638 Dec 95 Jan
*47
51
4614 47
4712 4712 *46
100 33 Mar 20 6612May 28
48
300 Prlor preferred
*46
48
4734 4734
9112 9238 92
3818 Mar 5618 Dec
92
9014 91
4,300 list Business Machines_No par 5318 Jan 13 94 Sept 2
904 9012 9012 9118 *91
92
5912 6034 584 5918 5814 5914 5714 5834 5834 5834 5814 5334 9,800 International Cement_.No par 4514 Jan 21 6538May 31
4438 Oct 7178 Jan
Jan
*109 112 *110 111 *110 112 *110 111
100 Preferred
100 10214 Jan 21 112 Sept 23 10175 Oct 106
111 111 *110 112
4878 5014 4834 4978 4838 4928 4788 49
3312 Mar 6412 Jan
34.900 Inter Comb Eng Corp_.No par 434 Jan 28 64 Mar 1
47
4878 4712 48
224 22512 22412 22638 222 230
221 227
17,400 International Harvester_..100 13538 Jan 18 237 Sept 15 11214 Mar 15818 Dec
224 22912 22334 227
134 134
13418 13418 13434 13434 13334 13334 1334 13434 134 134
100 12634 Jan 12 134785ept 29 118 Jan 129 Dee
700 Preferred
*434 44
6 Sept 1238 Feb
434 434 *434 44 *434 44
412 Aug 8
$34May 27
2,300 lot Mercantile Marine__ _100
44 54
44 5
27 Mar 4632 Feb
*37
3712 37
37
100 3512 Aug 9 5538May 31
3634 37
3634 39
384 39118 3712 334 14,1901 Preferred
5312 Mar 6638 Feb
86
8738 8412 8714 8312 854 8234 84
83
8614 8558 8918 47.800 International Match prof..35 62 Mar 2 8978 Oct 7
3238 Mar 4614 Jan
6958 7014 6858 70
6838 7018 6812 6918 681s 6938 6712 6812 83,300 International Nickel (The).25 3814 Jan 3 75 May 31
6033 6114 5934 6112 5812 6034 58
6034 5812 6034 59
6114 73,100.International Paper__ _No pa a3912May 18 614Sent 3) 4418 Apr 6334 Aug
102 10238 102 10214 102 10214 102 10218 102 10215 10218 10214 10,601 Preferred (7%)
89 May 100 Dec
Jan
3
10:
14Sept
2
/
9612
100
*200 206 *200 205 *200 21212 *200 21212 *200 21212 *200 2121
International Shoe...J/7o par 160 Jan 21 215 Sept 14 135 May 175 Jan
193 194 *184 19478 192 192 *185 189
100 1351Mar21 196 Aug 2
500 International Silver
1851 18514 *185 191
I
Jan
15533 15712 z1554 15678 15488 15634 15212 15514 15314 15534 152 15478 32.7001Internat
Telep & Teleg. _100 12214 Jan 25 15878Sept 14 111 Kiai 133
Jan
*3212 33
32
3212 3128 3128 3112 3112 *3112 32
1812 July 29
1912 Jan 31 3912June 18
32
32
7001Intertype Corp
No par
*63t2 6413 64
_
64
48'2Marll
67
Sept
6
6328 6328 63
6312 6212 624 6212 6234
1
1,000'Island Creek Coal
70
7134 7044 7238 71
Jan
25
7178 70
Dec561
7014 70
71
5312 Jan 3 724 Oct 3
No pa
7014 704 10,100 Jewel Tea, Inc
*11214 120 *11214 11812 *11214 11812 *11214 11812'11214 11812.'11214 1181
100 11112J01y 2 12512 Mar 15 11512 Jan 12712 Nov
I Preferred
•12134 122
12134 122 *12134 122
Jan 120 Aug
12134 12134 122 122
122 122
80 Jones & Laugh Steel pref.
_100 117 Feb 2 12234May 21 114
*2412 25
24
9 Dec 1912 Feb
24
2412 2412 24
2438 24
1058 Jan 31 3028June 27
2478 2458 244 1,800 Jones Bros Tea.Inc._ _No pa
1734 1838 18
12 Nov 66 Feb
1834 1712 1818 1734 1833 18
1812 1734 1838 14,700 Jordan Motor Car
1288July 6 2'212 1, ,t 5
No pa
*115 116 *115 11534 *115 11512 115 115 *115 116 *115 116
200 Ran City P&L 1st pf ANo pa 112 Feb 10 11512Ju1y 15 10714 Mar 115 Nov
6012 60
61
334 May 5134 Dec
5912 60
8,000 Kayser (J) Co v t c_ _ No pa
6014 6012 60
5938 6038 59
49 Apr 29 62788ept 17
60
29
2934 284 2918 28
2818 2714 28
2718 2912 275
Oct 2112 Feb
9
, 2812 38,300.Kelly-Springfield Tire
912 Jan 27 3118Sept 21
25
94
9712 *95
96
9475 95
*91
93
4312 Oct 7434 Feb
95
95
96
1.700 8% preferred
95
100 35 Feb 2 102 Sept 2
934 9312 92
92
*90
91
90
90
•90
91
*90
91
45 Dec 734 Feb
800 6% preferred
100 44 Jan 19 9712Sept 26
*21
22
22
22
*2114 22
22
22
*2112 224 *2114 2234
400 Kelsey Hayes Wbeel___No par 20 July 30 27 July 11
7325 7414 7414 7514 '7478 7584 7334 7428 74
7612 7514 764 53,200 Kennecott Copper
Nov643
No par 60 Feb gI 7714 Sept 14 -454 Idai•
3
12
12
*32
12
12
1
218 Jan
I Mar 11
900 Keystone Tire & Rubb_No par
14June 30
May
*25
27
*25
27
*25
27
*25
*25
27
*25
26
Kinney Co
27
39 Nov 82,8 Jan
No par 1934une 28 45 Jan 5
7514 7514 7812 781 *76
781 *78
100 Preferred
79
7812 79
100 58 June 29 8412 Apr 8
7812 78
9914 Jan
85 Sep
53
5312 5034 53
5012 5114 5078 511
523s 4,600:Kraft Cheese
5112 5112 52
5628 Dec 68 Nov
25 49 June 16 6278 Feb 25
7414 7478 744 7534 7378 7553 7258 7318 7338 7378 7212 7338 29,600:Kresge (S 5) Co new
10 4578 Jan 28 7714 Sept 8
82 Jan
4234 Ma
*11534 11613 *11534 116 *11534 116 *11312 116
11312 11312 *113 115
10: Preferred
100 11018 Feb 9 118 July 16 11212 Nov 11434 Feb
1412 *12
1412 1412 1417 1312 1312 •1212 15
*12
200 Kresge Dept Stores....No par
*12
15
10 June 28 1712 Feb 8
1338 Jan
1518 Ma
1 Preferred
*45
60
*45
60
*45
60
*45
55 .45
60
*45
60
100 46 June 28 80 Jai 4
7014 Mar 9314 Feb
*216 220 *210 225
218 218 *210 220
215 215 0210 220
800 Laclede Gas L (St Louis)_ _100 17334 Jan 27 26712June 2 146 Mar 196 Dec
3278 324 324 3234 3212 3234 32
3212 3214 3312 3214 3338 13.400 Lago 011 & Transport_No par 2012 Jan 13 3434 +mit 22
1918 May 2412 June
8128 8228 8114 8314 821 84
8134 83
8228 84
8134 8378 49,300,Lambert Co
No par 66 Jan 28 84 Oct 5
3912 May 72 Nov
14
14
14
1318 14
143, 1312 1384 1312 1378 1234 1334 3,600 Lee Rubber & Tire_ _..No par
7 Jan 4 15 Sept 23
Jan
614 Dec 14
3634 3713 3634 3712 3714 3712 37
5,200 Lehn & Fink
3714 3718 3714 3678 37
3034 Mar 4118 Jan
No par 324 Apr 27 3914 Sept9
*2112 2134 22
2214 2112 2112 2134 214 *2112 22
22
22
2,200.Life Savers
1714 May 25 Dec
No par 2014Sept 16 2478 Feb 17
126 126 *127 12812 127 127 *125 127
12434 12434
600 Liggett & Myers Tobacco. 25 *8712 Feb 10 128 Sept 33
12678 128
7218 Ma 103 Dee
7238 Dec
71 Ma
124 125
17,500 Series B
12512 12578 12578 127
12518 128
126 1274 125 126
25 *8628 Feb 10 123 Oct 4
13214 13214 *13218 134 *1324 134 *13218 134 •13218 134
100 Preferred
*13218 134
100 12454 Jan 27 134 Sept 7 11934 Jan 12914 May
62
6934 Jan
63
6212 6234 62
5312 Ma
62
6212 1,600 Lima Loc Wks
63
6234 6284 6234 63
No par 62 Jan 6 7638 Apr 26
4312 Oct 584 Nov
5914 5014 5012 5034 54
8,600 Liquid Carbonic certifs_No pa
494 4984 5014 5012 50
5012 50
4534Sent 19 5928 Feb 14
43314 Dec
5414 54
3414 Ma
5434 14,000 Loew's Incorporated_ _No pa
5412 54
5434 5515 5412 6512 5434 5518 54
4878 Jan 4 6378 Mar 17
512 113 1,600 Loft Incorporated
6
Oct 1114 Feb
728 Jan 20
518Sept 29
No pa
54 54 *538 51e *528 534
512 54
512 512
3112 311_
33
3012 32
4134 De
1,300 Long Bell Lumber A__ _No pa
*33
35
*33
*33
35
33
35
5012 Feb
3012 Oct 6 43 Mar 7
5334 5118 5338 5012 5214 5012 5134 4912 5114 23,020 Loose-WIles Biscuit new....25 x3612.july 1 5614 Sept 6
5134 5234 52
2d preferred
100 157 Mar 11 171 May 7 ii5T4 Mar 175 Dec
3912 32,500 Lorillard
40
40
4088 3914 404 3918 394 3898 3938 38
40
2734 Oct 4214 Feb
25 2312May 2 4738July 28
113 113 *112 11314 1134 11314 11312 11312
111 111 *11112 114
600 Preferred
100 107 June 27 11812 Jan 13 11118 Apr 130 Aug
11
11
1078 11
11
1113 11
114
11
11
11
11
5,800 Louisiana Oil temp ctfs_No pa
12 Mar 1978 June
1012Sept 3 12 Aug 16
*907 91
' 61
9078 9072 9012 92
907
250 Preferred
*9012 9134 *9012 9134
100 90 Apr 6 97 Feb 5
93 Dec 98 Dee
27
27
2678 27
2634 27
2634 2678 2628 2678 2612 2634 3,000 Louisville 0& El A_..No pa
234 Jan 3 28 May 10
2234 Mar 261s Feb
25
*23 • 25
23
234 23
23
1,400 Ludliiin Steel
*23
2212 2234 2228 23
2238 Oct 5814 Feb
No par 2134June 24 3314 Mar 18
117 118
*118 125 *118 120 *118 120
700 Mackay Companies
120 120 *11818 120
100 105 June 27 134 Aug 24 122
Oct 138 Feb
6912
500 Preferred
6914 *69
6914 6914 6914 6914 6912 *69
694 6914 *69
100 67 Aug 2 74 Aug 18
68 Mar 7318 Feb
10818 11012 10918 111% 10814 11138 10914 11114 110 11212 168,300 Mack Trucks, Inc
108 110
Jan
No pa
8928 Nov 159
8814 Jan 24 11834May 23
111 III
111 111 *109 111 *110 111 ,*110 111
110 111
200 1st preferred
100 109 Jan 25 11318 July 191 10712 Nov .113 June
2d preferred
*105 108 *10512 108 *10512 108 • *10512 103 *10512 108 *10312 108
100 102 Jan 18 10712June 9 102
Oct 10834 Sept
4334 43
4334 43
4212 4234 43
454 4578 4825 4634 484 61.500 Magma Copper
Apr 4478 Feb
2912 Feb 9 4.34 Oct 71 34
No pa
1514 15141 *1514 16
15
1512 15
1578 16
124 Nov 2818 Jan
1112 Apr 7 1834Sept 81
1638 16% 1778 5,700 Mallinson (H R)& Co_No pa
6012 5214 5014 5114 5018 5078 50
5038 50
5038 47
51 181 3,000 Manh Elec Supply _ _ _ _No pa
44
Oct 8734 July
47 Oct 7 132 Aug 51
3112 31
3238 3112 3124 3012 314 3172 3238 5,400 Manhattan Shirt
2178 Oct 3278 Jan
2414 Jan 18 3438July 21
3014 3058 30
2
5012 5012 *50
5112
10 Manila Electric Corp...No pa
54
*50
050
52
53
2712 Mar 4538 Sept
*50
55
*50
40 Jan 22 5012 Oct I
14
13
1318
12
2.100 Mame:lbo Oil Expl_ __No pa
1612 Oct 28 Feb
1234 1218 1212 1212 1212 *12
12 Oct
*134 14
2234 Jan 18
33
331 1 24,500 Mariann] 011
4914 Mar 6338 June
3418 354 3428 3514 3414 3428 34
3414 3314 34
No pa
31 June 27 5812 Jan 17
800 Marlin-Rockwell
2412 Oct 33 Mar
4412 45
*4512 4678 4512 4512 4528 4612 4538 4534 *45
46
27 Jan 10 53' July16
No pa
17 May 23 June
*17
1812
200 Martin-Parry Corp....No par 164June 2
18
18
1812 *1712 1812 1712 1712 .
17
2434 Feb 24
•18
19
116 1161 .114 116
6212 May 10618 Jan
114 114
1,600 Mathieson Alkali WorksNo par 82 Jan 6 12434July 20
11634 11714 11612 1174 *114 116
6912 Dec 70 Dec
8214 15,800 May Dept Stores new
8078 8211 82
25 6634June 28 8312 Oct 3
8014 8012 8134 8312 8034 83
8212 81
19 Mar 2412 Sept
3312 20.700 Maytag Co
3414 Aug 10
No par 2338 Jan 1
3138 3138 3178 3278 3214 3338 3214 33
3234 334 33
72 Mar 121
85
1,100 McCrory Stores Class BNo par 6612 Mar 4 91 Sept 7
85
84
86
85
Jan
*84
*8212 86
86
86
824 83
2214 Oct 30 Feb
284 3.600 McIntyre Porcupine Mlnes_5 2412 Mar 14 2834 Oct 6
2838 28
2812 2814 2813 2812 284 *28
*2734 2812 *28
22,4 J80 2512 Nov
244 2475 1,600 Metro-Goldwyn Pictures pf_27 2444 Jan 3 2614 Feb 21
*2478 25
2478 2478 02434 2478 *2472 25
•2434 25
914 Feb 16
6 Feb
413
1334 July
3 Aug 23
414 414
1.000 Mexican Seaboard 011 No par
434 434 *414 434 *414 434 *414
414
433
1612 Feb 28
11 Ma
17% Oct
15
1478 1518 .1478 15
1518 1514 2,000 Miami Copper
5 1318June 2
•1434 15
15
15
1514
2711 July 37
Jan
2835 2834 2814 29
2812 2878 284 2878 2814 2834 2734 2814 14,500 Mid-Continent Petro-No Paz 2734 Oct 7 3938 Jan 21
90 Mar 10414 Deo
100 97 Apr 28 105 Feb 3
Mid-Cont Petrol prof
*103 105 *103 105 *103 105 *103 105 *100 105 *100 105
334June 23
128 Jan 3
10
34 Nov
212 Jan
214
238 6.100 Middle States Oil Corp
238 212
238 211
214 238
214 214
214 214
284June 23
Its Jan 25
10
135 Dec
12 Oct
*134
134
134 2,000 Certificates
134
134
178
178
134
173
184
17
17
2,400 Midland Steel Prod pref___100 106 Apr 11 165 Oct 4 107 Ma 13312 Feb
13913 141
162 164
14112 151
152 165
157 15934 15934 163
No par 2334 Aug 26 3634 Apr 12
30 May 4434 Feb
29
*274 2812 3,000 Miller Rubber Ws
29
2811 29
274 2828 z2738 2734 2712 28
• 100 8112 Jan 28 108 Oct 6
6938 Mar 8612 Nov
1044 105
10414 10511 10312 10418 10234 10314 10234 108
105 10758 21,300 Montana Power
8418 8514 8388 8478 824 8438 8134 824 824 84
56 May 82 Jan
8314 8514 91.400 Montg Ward & Co Ill corp_ _10 6032 Feb 8 8514Sept 30
//Ex-dividend
and
ex-rights.
•Bld and asked prices: no gales on thls day. rlEx-dlvldead.
$ per share I $ per share $ per share I $ per share $ per share i $ per share
*108
____ *108
____ *108
_ ,*108
____,*108
*108
14112 14284 14113 146
141 143 1 13878 141
14134 14634 13912 143
z64
65
66
6612 65
6612 6312 6584 6312 64
65
64
54
5434 5514 5418 5478 524 5412 5218 53
5318 5418 52
*10612 10678 10612 10612 106 106
10678 10678 107 107 *106 10712
1518 1538 1514 1512 1514 1514 15
1514 15
1578 1514 16
5734 574 5712 60
61
6414 6412 664
62$8 6018 6412 63
8212 834 8128 83
81
833s 7812 8178 794 81
79
8012
10812 10812 10812 10812 *10712 10812 10712 1(712 107 107
103 107
6338 6412 624 6334 63
6412 6134 637s 624 64
62
634
Shares
:fur;
1948
New York Stock Record--Continued-Page 5
For s iles during the week of stocks usually inactive, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT' PER CENT.
Saturday,
Oct. 1.
Monday, ' Tuesday,
Oct. 3.
Oct. 4.
Wednesday,' Thursday,
Oct. 5.
Oct. 6.
Friday,
Oct. 7.
3 Per share $ per share 5 per share $ per share $ per share 5 per share
614 833
638 7
7it
734
733 758
738 712
7
7
178 2
8 2
l7g
178 2
134
2
134
134 2
'8
9
*734 8
753 8
8
8
734 8
8
8
2834 2714 27
2714 2612 27
2618 2612 2638 2658 2412 2614
2618 2638 2612 2678 2613 2633 2812 2678 2612 2658 2638 263
8
6438 65
64
6514 6412 667s 63
6.114 6314 6514
6454 63
4414 4414 45N 4512 451s 46
4412 4514 •4412 4514 4438 4514
1938 20
1812 2012 1858 1934 18
1858 1818 1814
1734 18
92
9234 91 12 917
8938 9118 88
8978 8834 90
89
9033
*514 534
533 538
5,i 514 *514 534
512 538
512 512
39
40
39
4018 3814 3978 38
3812 3712 3778 3458 353*
9112 92
*91 13 92
9112 9212 *9012 91
9012 9012 *9012 91
14634 14733 14634 14712 146 148
14414 14534 14514 14614 144 1451/1
*13834 140 *13834 140 *13834 140 *13834 140 *139 140 *13
4638
0
46
834
4 14
46
47
4614 4678 46
4634 48
4612
12
6012 61
61
6114 6034 6312 6233 6338 6218 6318 6218 6212
2334 2334 2334 24
24
24
*2314 2334 *2312 2334 *2312 2334
*91 12 9218 .9112 9218 *9112 92
*9113 92
*9112 92
*9113 92
4778 4338 4814 4958 4718 4834 4534 47
4618 4778 465* 491s'
.59
60
5978 60
59
59
*55
60
*55
60
58
6178
2512 2512 2514 2514 25
2518 25
2738 2613 2614 27
27
*87
89
*88
90
8818 8818 89
8978 *89
90
*89
90
12534 12514 12512 12534 *123 125
12212 123
125 125
12134 12214
.13512 136
13512 136 *136 13638 *136 13614 136 136
13612 13612
26
2612 257s 2633 2578 2638 2514 2534 2518 - 2512 25
2538
8512 8512 86
86
8614 87
8618 8618 8612 8714 8612 8714
25738 260
25914 265
26412 269
261 263
255 262
260 26312
16934 16934 16913 17134 169 17012 165 16814 *167 16944 167 167
1614 1612 16118 17
1812 17
1638 1634 1612 1634
1633 1634
4118 4133 4112 4238 4234 43N 4214 4234 4112 4134 *41
12 4212
Sales
for
the
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Precious
Year 1926
Lowest
Highest
'Shares Indus. & !Insect. (Con.) Par $ per share $ per share S per share $ per share
6,300 Moon Motors
No par
6 June 23 1212 Jan 5
934 Nov 3738 Feb
8,200 Mother Lode CoalitIon_No par
158Sept 30
438 Jan 3
4 Nov
712 Feb
1,700 Motion Picture
No par
6' Sept111
1658 Mar 18
1034 Dec 2312 June
5,900 Motor Meter A
No par 2438 Aug 25 3834 Apr 18
3334 May 5338 Feb
3,000 Motor Wheel
No par 2034 Jan 3 2778 Star 29
19N Nov 337 Feb
8,900 Mullins Body Corp _ _ No par
10 Jan 5 6112Sept 20
8 Nov
1934 Feb
1,800 Munsingwear Inc
No par 3534May 17 4958 Aug 18
3414 Apr 3834 July
11,300 Murray Body new
No par
18 Oct 5 43 Feb 23
86.000 Nash Motors Co
No par 6014 Apr 25 93 Sept 2.1
52 Mar -7
7058 Dec
700 National Acme stamped _ _ _ _10
5 Feb 15
678May 18
5 Nov
1278 Jan
3,9001 Nat IleIlas Hess
No par 31 Sept 22 4414 Apr II
1,4001 Preferred
100 8514 Sept 16 97 Apr 19 _
10,5001 National Biscuit
25 9434 Jan 27 15012Sept 21
74
Jan 102 )50;
Preferred
100 130 Jan 10 141 Aug 25 126
Jan 13112 Apr
7,800 Nat Cash Register A w No par 3978 Jan 3 4838Sept 19
3712 Oct 54
Jan
27,400 Nat Dairy Prod
No par 5914May 3 6878 Aug 4
_
7,300 Nat Department Stores No par 2014June 27 2738 Mar 1
24
Oct 4238 Jan
I let preferred
100 8912July 26 9414 Jan 10
8934 Oct 97 Jan
37,200 Nat Distill Prod ctts_ _ No par
17 Feb 8 5133June 6
1212 May 34 Jan
1,500 Preferrea temp etrs_ _No par 43 Mar 22 6934June 6
3712 Aug 7338 Jan
3,000 Nat Enam & Stamping_ _ _ _100 19N Ape 29 35382une 6
2118 July 4012 Jan
600 Preferred
100 6918 Apr 29 917$ July .5
76 July 8934 Jan
1,100 National Lead
100 895 Stay 31 20234May 16 138
Apr 181 Dec
600 Preferred A
100 11312June 2 13612 Oct 7
33,500 National Pr & Lt Ws_ No par
1914June 23 2634 Sept 27 -1634 Kfai 3338 Jan
3,400 National Supply
50 76 May 11 9534 Feb 18
5512 Jan 88 Dec
3,465 National Surety
100 a218 July 21 269 May 13 208 Star 237 Dec
1,800 National Tea Co
No par 108 Apr 18 17438July 21 11612 Nov 238
Jan
41,600 Nevada Consol Copper_No par
1234June 29 1712Sept 15
1158 June
1614 Nov
4,100 N Y Air Brake
No par 40 Sept 26 50 June 9
3612 Jal 4612 Sept
N Y Canners
No par
1318 Apr.21 2178 Jan 3
2018 Nov 8434 Jan
Preferred
No par 43 Mar 30 72 Jan 13
7014 Dec 85 Apr
59
60
5844 5973 60
6038 59
61
59
61
59
6134 3,500 New York Dock
100 34 Jan 14 6478Sept 12
32 Oct 457 Feb
•83
85
*83
85
84
84
*83
85
*83
85
200 Preferred
86
86
100 7218 Feb 9 90 Sept 12
69 May 77 Dec
*2812 2912 *2812 2912 *78N 2912 *2812 2912 2834 2834 *2812
100 Niagara Falls Power pf new_25 2734 Jan 31 2958May 2
2912
2738 Mar 2912 Deo
59
6012 6012 84
6212 6412 6178 63
6218 64
6314 6414 200,900 North American Co
10 4538 Jan 14 6412 Oct 4
42 Mar 67
Jan
*5212 5312 5338 5338 5338 5338 5234 5234 5278 5314 5338
900 Preferred
50
5312
Jan
50
10
Aug
55
9
49
Jan 5214 Aug
*10438 10518 10473 10478 105 105
10438 10458 10438 10438 10414 10412
800 No Amer Edison pref __No par 9638 Jan 6 105 Oct 4
91 18 Mar 97 Dee
234 234 *284 3
*212 3
*234 3
*234 3
*234 3
200 Norwalk Tire & Rubber._ _ _10
178June 16
538 Feb 10
418 Oct 1518 Jan
•10
12
*10
12
*10
12
*10
12
*10
12
1018 1018
100 Nunnally Co (The)_ _. No par
958 Aug 15 13 Jan 19
1234 Dec
1712 Jan
3412 3518 3434 35
3434 3434 34
34
3434 3518 34
3412 2,800 011 Well Supply
2' 3114 Jan 28 3534 Sept 30
July 3638 Oct
30
1214 1212 1213 1258 1212 13
1238 1238 *1214 1212 12
1214 2,900 Omnibus Corp
No par
11 Mar 25 1718June 11
Oct 2214 Feb
12
7434 7514 7338 7438 7314 74
73
7314 73
73
7312 73121 2,800 Opperibelm Collins & CoNo pa
5812 Feb 8 7758Sept 13
47
Jan 639, Sept
*2614 2612 25
2614 2478 25
2478 2514 25
2514 25/2 2534 5,900 Orpheum Circuit. Inc
2414Sept 2 35 Apr 7
2712 Mar 3318 Nov
•100 105 •____ 105 .98 105
.98 104
*98 104
I Preferred
"98 104
100
10312
Mar
23
10812June
2
101
Jan
105 Apr
15158 153
15212 15534 15012 15514 150 15012 14934
14818 14934 10,900 Otis Elevator
50 x103 Feb 2 15534 Oct 3 106 May 136 Dee
•119 124 *119 124 *119 124 *119 124 *11914 150
20 Preferred
12434 12434 12434
100 108 Feb 16 12434 Aug 2 10234 Jan 10912 Aug
9
9
9
938
9
9
878 918
.
834 834 1,000 Otis Steel
No pa
714 Feb 10 1212June 6
8
Oct 1412 Jan
*72
75
*7312 7412 74
74
73
73
73
73
73
500 Prior pre(
73 1
100 6112 Feb 8 7973June 9
63 Nov 74 Sept
7653 77314 7633 77
7638 7678 7638 7638 7678 7678 7678 7678, 1,600 Owens Bottle
25 7518 Jan 18 8412 Mar 14
Mar
533
9034 Dec
4
4417 4412 4458 45
44
45
44
4414 4312 44
43
4338 4,500 Pacific Gas - Elec new
25 31 Feb 18 4538Sept 24
118
IN
1N
118
1 18
114
114
114 *118
1 14
1 18
114 2,900 Pacific 011
No par
I May 25
178 Jan 7
01 May 83'o Feb
4314 4334 44
4514 4418 4512 44,8 471 1 4712 4938 4778 4914 283,400 Packard Motor Car
10 3334 Apr 28 4038 Oct 6
3134 Mar 4514 July
11
1114
11
11 18 11
1118
1078 11
11
1053 10781 4,800'Palge Del Motor Car_ _No par
11
778 Mar 22 14121Ilay 4
9 Nov
2812 Jan
4978 4978 4984 5014 4912 4934 49
49
49,8 40
4738 48121 5,300 Pan-Amer Petr & Trans_
4518 Aug 29 6578 Jan 10
5618 Mar 7612 Jan
5012 5138 5058 5114 58
1
5078 50
4912 30,0001 Class B
50 4 4912 50
48
50
455
8
Aug
29
6638
Jan
20
567
8
Mar
783
8 Jan
1853 1878
19
19
1734 19
1812 1812 18
1812 1734 18
3,300,Pan-Ain West Petrol 11.No par
1734 Oct 4 3778 Jan 24
30
Oct 46
Jan
4.1134 1218 12
12
11
1112 1111 1114 11
914 1138 2,100 Panhandle Prod & ref _No par
11
8 Apr 29 1878 Jan 17
412
Jan
32
June
*67
72
*68
74
*68
74
.68
70
67
.67
67
100! Preferred
70
51
Jan 9938 June
3858 3912 3913 3978 3913 3934 3812 3912 3912 41 12 4314 4434 73,005 Park & TiHord tem ctfs_No 100 54 Sept 8 8131 Jan 17
par
20
Jan 27 4414 Oct 7
1858 Oct 28,s Jan
634 084
7
7
*634 7
7
7
.7
7
718
1.900'Park Utah C M
7's
6 Jan 3
8 Mar 4
518 Sept
812 Feb
23
2313 2312 2534 2334 2478 2218 2234 2218 23
2338 2338 7,209 Pathe Exchange A new _No par 20 Sept 22 4314June 17
21
21
r2034 2138 2634 21
2034 2178 2034 211 1 *2012 21 12 2,1191PatIno Mines & Enterpr____20 1812 Aug 1 2778 Feb 2
*22
2214 2138 22
2112 2134 2112 2112 2134 2134 2112 22
2,700,Peeriess Mot0r Car
50 20 Apr 29 32 Jan 8
Nov
235* Nov
1978 1978 2018 2012 2033 2073 2018 2012 2034 2678 202 2912
1.603 Penick & Ford
No par
19126ept 29 27781Ilay
1678 Jan 24 Doe
1534 1534 *14
1512 15
1512 *14
16
*14
1512
1412 14121
4001Penn Coal & Coke
1014 Jan 19 2512May 27
50
7 Aug
19
Oct
*2412 2514 •25
2511 2434 25
2412 2112 2412 25
2412 2412. 1,300 Penn-Dixie Cement......No pa
2378 Aug 23 3958 Jan 13
38 Dec 41 Dec
*93
95
*93
05
*93
95
*93
95
9412 9412 94
95
300 Preferred
100 91 Sept 7 100 May 14
99 Nov 10012 Nov
,
1Penn-Seaboard St'l vtc No par
IN Feb 14
14June 25
58 Oct
214 Jan
1.6
.6i41 1611;91.5312 155
154 157 *153 156
153 15134 153 153
2,700 People's G 1. & C (Chic) _100 126 Jan 14 16112 Oct 1 117
Jan 131 Dec
*103 107 *103 107
106 106 *It 2 108 *103 10434 *103 106
40() Philadelphia Co (Pittsb) _50 8514 Jan 18 110 Mar 25
5918 Mar 91 Dec
52
52
*5112 5212 52
52
5178 5178
7 53
8001 6% preferred
50 50 Jan 6 5312Sept 21
45
Oct 5114 July
4273 4334 4234 4353 4218 4312 4134 4212 4112 4214 4118 421 s 41,900 Phila. dr Read
C & I _. _ . No par 3738June 30 4758 Mar 4
3614 Apr 4838 Feb
4234 4234 4312 4312 *41
43
*42
44
*4034 4278 *41
43
600. Certificates of Int.._
.,.No par 371 1June 30 47 Mar 4
363
4
June
4612 Jan
19
19
191. 20
20
2212 2014 2212 1912 2178 2112 2112 6.5004'141111p Morris & Co. Ltd__ _10 18 Sept 27 41 18 Jan 10
16
Apr 41 Dec
42
4233 4134 4214 4114 4178 4012 4114 3834 4012 3634 3878 223,5001Phillip* Petroleum
No par 3634 Oct 7 6014 Feb 16
40 Mar 57331 Deo
43
*41
4214 4212 4312 4534 4512 4618 .44
4514 41N 43
2,9001 Phoenix Hosiery
5 4012Sept 26 5278 Aug 2
31 Mar 4614 Nov
*98 104
*98 104
*98 WI .98 10312' 098 10312 98 10312
Preferred
100 103 Jan 5 10734July 9
94 Mar 103
Oct
958 1014 101 1 1014
934 10
978 1018
97 10
978 978 5,800 Pierce-Arrow Mot Car.No par
21 2358 Mar 8
912qept
19 May 4318 Jan
3912 39,2 42
42
42
42
4134 41
4012 41
41 I 1,200 Preferred
41
100 3834 Sept 27 10213 Jan 3
7612 Apr 12714 Aug
34
*5/1
N
I.
N
12
12
12
Pierce Oil Corporation
400
*12
3
4
121
12
25
25
Mar
1
18June
14
22
173 Jan
Oct
•16,2 19
•11312 19
*1612 19
*16
19
19
*16
*16
19 1
I Preferred
100 1313 Mar 24 24 June 21
111g Nov 2718 Jan
378 378
334 378
334 334
334 378
334 378
31,1)
334, 5,600 Pierre Petrol',,,tein ctfsNo par
212 Mar 22
512June 20
Jan
214 Aug
7
65
6414 6511 6314 6712 6518 6738 6455 6878 6318 6512' 39,403 Pittsburgh Coal of Pa
65
100 3234 Mar 22 7412June 7
39 June 4212 Jan
*92
95 .92
9.5
.92
95
9312 95
*95
96
*95
96 i
300 Preferred
100 7038 Mar 10 08 Sept 13
70 June 85
Jan
97
97
*96
97
*9614 97
*961 97
9612 9612
*9612 97
200 Pittsburgh Steel pref
II
100
Apr
9512
101
Jan
18
94 Mar 10018 Dec
121 12114 12038 12312 12018 123
11838 121
119 12212 119 12034! 50,100 Poston) Co. Inc
No par 9258 Mar 16 126 Sept 18
7512 Mar 12478 Feb
723.1 7234 7234 7312 73
76
73
7434 7334 77
7412 75141 27,000 Pressed Steel Car new
100 3612 Feb 5 78 Aug 28
3418 May 44 Nov
1
8818 SO', 8818 861s 8612 8778 8833 8812 8834 8912 8812 8812 1,5001 Preferred
100 7612 Feb 5 9212May 12
7712 Dec 9534 Jan
3038 3078 2958 3058 28
2978 2818 2938 2838 2912 2838 2914 23,200 Producers & Refiners Corp 50 1634 Jan 5 3378Stay 16
11 Mar 2034 Oct
4514 4512 *4313 45
42
43
4218 4214 4214 4214 4312 44
230! Preferred
50 3678 Jan 8 50 Feb 9
3034 May 4134 Oct
4473 4514 4478 4514 44
4514 4378 4412 44
4418 4334 441 1 30,100 PubServCorp of NJ newNo par 32 Jan 6 4678 Sept 7
3114 Oct 3338 Nov
*100 10118 101 101
101 101
101 101N 101 101 r101 10118
700, 6% preferred
100 9812 Feb 19 10114May 10
9612 Apr 101
Oct
*11412 ____1•11412 ____ *11412 ____ •11512 ----'115's 116
1001 7% preferred
11512 11512
100 10812 Jan 5 116 Sent 33 10318 Jan 110 Nov
*12978 132 1 3'130 132 *130 1313 *130 13134 13134 13131 *130 13134
100 8% Preferred
100 125 Jan 10 132 June 20 115 Mar 12434 Nov
10753 107341•10714 10738 10734 10778 *10714 1081.•10712 10814 10834 10834 1,000'Pub Serv Elec & Gas p1d.100 102 Jan 4 10834May 20
07
Jan 10418 Sept
8214 8273 8112 8212 8058 8214 795e 8138 80
8078 7812 80
49.200 Pullman Company new No par
4Aug
8278 Sept 30
3612 37
3614 3812 36
3634 3534 36
3434 3534 3458 36
5.000 Punta Alegre Sugar
50 3418 Mar 22 4673 Jan 3
33 Apr "i6i4 Dec
2612 2658 2612 2658 2812 2612 2814 2612 26
2638 26
2618 13,300 Pure 011 (The)
25 2538June 27 3312 Mar 4
2514 Oct 31
Jan
11212 11213 *112 115
114 114 *113 114
114 114 *113 114
300, 8% preferred
100 11138 Jan 11 114 May 25 106
Apr 11234 June
58
58
58
5834 5838 5834 *57
58
*5612 58
57
1,900!Purlty Bakeries class A
57
25 4234 Mar 31 5834 Oct 3
47
Oct 4938 Nov
8934 90
91
9518 92
94
9118 9214 9158 92
5,0001 Class 11
*9012 92
No par 4134 Jan 3 9518 Oct 3
51 12 Nov 44 Dec
6312 65
6434 6714 66
6838 6534 6714 66
6733 6514 6812 141,600 Radio Corp of Amer...No par 41 18 Apr 13 6814 Aug 17
32 Mar 6138 Nov
*5312 54
5313 5378 54
54
*5312 54
5312 54
*5312 54
1,100 Preferred
50 49 Slay 3 5478Sept 3
4458 Mar 5378 Dec
*4253 4.5
*4214 45
•4214 45
*4178 45
*3912 45
*4214 45
Rand Mines, Ltd
No pal 40 Jan 5 46 Apr 25
3234 Apr 4134 Oct
Ray Consolidated Copper_10 1318July 1
1555Sept 26
1012 Mar
1634 Nov
2312 24
2258 2412 2378 2458 24
2434 2334 2414 2414 2414 4,200 Real Silk Hosiery
10, 2214 Sept 22 49 Apr 20
3712 Nov 5014 Oct
.8538 8812 •8538 881
*8538 8812 8533 8538 *8538 87
20 Preferred
8512 8512
100' 80 June 1 99 Mar 2
9314 Dec 100 Nov
6234 6112 8234 63
62
6378 6212 6212 63
6212 6312 5,200 Reid Ice Cream
63
No par 3812 Jan 24 6538Sept 12
3934 Dec 56
Jan
*714 8
714 714 *714 8
6114
718
400 Rels(Robt)& Co
614 614 *612 712
No par
5",July23
9 Jan 10
713 July
1834 Feb
3334 3434 34
3458 3414 3512 3378 35
3334 3414 3158 3334 54,500 Remington-Rand
No par 3158 Oct 7 4714June 9
9412 94
9412 9412 94
95
*95
98
96
96
96
96
1,000 First preferred
100 94 Oct 3 10212 Apr 25
*98 102
.98 102
*98 102
•9778 102
*9778 100
59712 100
Second preferred
100 09 June 3 110 Apr 25
*105 115 *105 115 *105 115 *105 115 *105 115 *105 115
Rem'g'tn Type 7% 1st 131.100 110 Feb 18 11712 Feb 10 156" -Apr 118" Oct
*105 115 *105 115
110 110 *105 110 *105 110 *105 110
100 8% 2d preferred
100 110 Aug 20 126 Apr 25 105 Apr 11514 Aug
_
_
Replogle Steel
No 1p0
ar
0
918 Apr 30 1312 Jan 10
8
Oct 1578 Jan
-841
-64
64
4
*6414 65
64
1-4 65
65
64
64
6318 6314
700 Republic Iron dr Steel
5812 Jan 4 7578 Star II
44 May 6338 Jan
*102 103
10134 102 *102 10312 *102 10312 *102 103 *102 103
Preferred
100 963s Jan 3 106 May 25
9114 Mar 99 Sept
718
712
758
758 814 a738 712
738
7
718
678 7
7,300 Reynolds Spring
par
4 Feb 21
1014 July II
414 Oct 1038 Jan
14958 15012 14914 15014 14912 150
149 14912 149 14912 148 149
20,900 Reynolds(RJ) Tob ClassBo
N
9818 Feb 24 151 Sept 16
90 Mar 12178 Nov
132 13538 12912 13434 133 13538 13012 133
13153 132
13112 13212 11,000 Roasts Insurance Co
25 74 Jan 13 13538 Oct 1
Dec 100
7618
Jan
4614 4612 46
4512 4534 4534 4534 4534 4578 4558 46
48
3,600 Royal Dutch Co IN Y ethereal - 44l July 27 5412 Feb 9
47N Oct 5738 Jan
38
3812 38
38
38
*38
38
3814 38
3734 3734
38
600 St Joseph Lead
10 38 May 23 4373 Mar 4
36N May 4818 Feb
*6618 6612 8612 69
6738 6834 6678 6812 6873 6978 6914 71
24,800 Safety Cable
par
No
5234 Jan 3 7414July 20
4218 Mar 5513 Nov
4738 4778 4612 4778 4614 47
4678 47
4614 461 1 4612 4612 2,7001Savage Arms Corporation _100 4413 Sept 30 7212 Mar 5
67,4 Nov 10212 Feb
114
1 14
114
114
114
114
133 •114
138
par
114
138
114
800 Seneca Copper
1 June 30
334 Jan 10
212 Dec
1014 Jan
.61
62
6138 62
62
61
62,4 6114 6112 613 62
6112 2,400 Shubert Theatre Corp N
No
o par 55 Aug 13 68 Aug 29
52 Mar 7058 July
53,2 5.334 5312 54
5214 5378 52
53
5212 .5312 5212 5314 20,8001 Schulte Retail Stores_No par 47 Jan 18 57 Sept 8
4212 Star 13812 Jan
*11812 12012 *118 12012 *11812 12012 *11812 12012 *11812 12012 *11812 12012
I Preferred
100 11614 Jan 22 123 Aug 5 11213 Jan 120 Sept
*9
012 *9
934 "9
2 *9
934 *9
Seagrave Corp
No par
012
938
834 Sept 9 1338 Jan 3
1212 Mar 1434 May
7734 71458 78,8 79
7712 7918 7618 7814 7614 7818 7558 7773 64,0001Sears, Roebuck & Co new Nopar 51 Jan 17 7918 Oct 4
4414 Mar 5838 Sept
Ws 8758 86
88
8612 888 85
911* 8934 91
24,100 Shatuck (F G)
88
87
No par 5638 Jan 17 9112 Oct 6
47 Mar 6958 Jan
*4112 4234 4112 4112 .4113 4212 *41
100 Shell Transport de Trading_L2 41 12 Oct 3 4778 Feb 10
4234 *4114 •4234 "4112 4234
4012 July 4858 Jan
2534 2578 2538 2534 2512 2512 2538 2512 2514 2538 2514 2514 6,800 Shell Union 011
No par 2514 Sept 15 3134 Feb 7
24 Mar 31 Nov
• Bid and asked prices; no sales on this day. z Ex-divide id. a Ex-rights.
one share of Standard Oil Of California new;
n
Ex-dividend
S Distributed ono-half share common stock and one-half share preferred B stock.
1919
New York Stock Record-Continued-Page 6
For sales during the week of stocks usually inactive, see sixth page preceding
HIGH AND LOW BALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Oct. 1.
Monday,
Oct. 3.
Tuesday,
Oct. 4.
Wednesday, Thursday,
Oct. 6.
Oct. 5.
Friday,
Oct. 7.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
per share 8 per share 8 per share 8 per share
8 per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscel. (Con.) Par $14l
1518 Aug 2858 Jan
July16 2214 Feb 16
10
1658 16/
1
4 1678 16/
1658 17
1
4 1612 1634 1612 1658 4 700 Simms Petroleum
17
17
No par 3312 Jan 6 6112Sept 9
2858 Oct 5412 Jan
564 5658 5618 5658 11,500 Simmons Co
1
4 5618 5712 5618 57
5614 58% 6678 57/
10512
Nov 10912 July
1114July
15
Jan
4
10714
100
Preferred
140
11118
11118
11118
1114
11118
11118
*11118
11118
11118
_
*11118__
1614 Oct 2478 Feb
16 June 30 2258 Jan 20
1658 I832 1812 1652 1614 1612 20,800 Sinclair Cons Oil Corp_No par
16/
1
4 17
1678 17
1684 -1-7
90 Mar 9912 June
100 97 Jan 6 10314 Jan 31
200 Preferred
*9912 101
10014 10014 *994 101
*10012 10212 10012 10012 *9912 101
2658 Mar 3718 June
25 2418June 27 3718 Feb 21
2558 2578 2458 2512 11,900 Skelly Oil Co
2614 25/
1
4 26
2658 2614 2614 2612 26
Sloss-Sheffield Steel & Iron 100 113 June 29 13414 Apr 6 103 Apr 14212 Aug
*124 12912 *122 128 *122 129 *121 125 *121 127 *121 127
No par 1158June 22 1614July 21
1458 1478 1418 1412 1414 1434 2,000 Snider Packing
15
15
15
1518 15
15
413s 34,600 So Porto Rico Sug new_No par 3378 Aug 12 4258May 18
4178 402 4113 4012 4158 40
4058 4114 4014 4113 41
Oct 121 Dec
100 11812Mar 4 13114 Aug 5 110
Preferred
*130
*12814 __ *130 132 *127 132 *127 132 *127 132
30 Dec 33 July
25 3158 Jan 3 41 Sept 26
1
4 4058 30,600 Southern Calif Edison
39/
1
4 4014 39/
39/
1
4 40
41
4 40
4012 -4078 4012 -40841
Oct 5512 July
16/
1
4 1614 3,900 Southern Dairies el A_No par 15 May 20 4518 Jan 13
*1614 18
16
17/
1
4 16
1614 1614 1612 *1612 19
1712 Oct 3584 Mal
7 May 18 20 Jan 7
No par
714
712 784 1,900 Class B
734
718 712
/
4 712
712 758
74 714 *71
17/
1
4 Feb
10
Dec
29
15
July
814May
13
par
Spear & Co
No
*1058 1312 *1058 1312 *1058 13
*1018 1214 *1058 13
•1058 13
72 Apr 8213 Jag
100 73 Feb 24 80 Feb 14
60 Preferred
*794 80
80
*79
3579
80
80
*7934 80
80
*79
80
311
/
4 Feb
181
4
Apr
8May
25
287
27
Jan
2013
par
Spicer
Mfg
Co
No
2,800
2414
2414
24
/
1
4
2458
2478 2413 24/
2484 2414 2412
1
4 2458
1
4 24/
Jan 10714 Dee
100 104 Feb 21 11114Sept 13 101
100 Preferred
/
4
*110 11114 *110 11118 *110 11118 *111 11114 111 111 *111 1111
51 Mar 69 Feb
25,900 Standard Gas & El Co_No par 54 Jan 25 6614June 16
1
4 64
6412 6418 6478 64% 6512 6314 6412 6358 6414 63/
64
5314 Mar 5752 Feb
50 574 Jan 3 65 Oct 7
1,200 Preferred
65
64
6414 644 8414 6484 6478 64/
1
4 64/
1
4 65
1
4 64/
1
4 64/
6718 Oct 9212 Feb
100 7014 Jan 4 9514 Aug30
9212 2,400 Standard Milling •
924 9314 92
92
93
92
90
9112 *8913 90
*91
80 Mar 90 Feb
100 84 Jan 5 9912Sept13
100 Preferred
98
98
97
97
98
*9512 97/
98
1
4 *9413 90'2 9612 96'2
5258 May 63% SeP1
1
4 Jan19
8313 6358 5312 53/
5314 15,500 Standard 011 of Cal newNopar 503 Apr 28 60/
1
4 5312 5384 53
5352 5318 5318 53
37/
1
4 Dec 4618 Jar
)
1 18 39/
3914 3934 48,100 Standard 011 of New Jersey_25 3518 Apr 29 4158 Feb 5
40
4014 3978 4018 3978 4
1
4 4014 3958 397
1
4 Dee
Dec 33/
3213
Jan18
3418
4June
27
york..25
291
Standard
01101
New
3114
24,000
3058
3114 3112 3158 3158 3158 3114 3158 311
/
4 3118 3158
1078 Fet
313
Nov
438June
9
2
Mar
29
Glass
Co__No
par
200 Stand Plate
258 258
*284 3
*278 3
5272 3
238 258 *214 3
1
4 Not
75 Mar 96/
No par 9012 Jan 4 13313 Aug19
130 13118 130 131
12012 13014 128 12884 12814 128'A 128 12812 6,600 Sterling Products
61 Nov 9278 Jaz
72
7313 53,000 Stewart-Warn Sp Corp_No par 5414 Mar 15 7434 Oct 3
1
4 72
7234 73/
1
4 7358 74/
74/
1
4 7158 7318 7258 74
47/
1
4 Dec 7714 Jar
1,500 Stromberg Carburetor_No par 2618June 1 60 Sept 9
35
35
353512 36
35/
1
4 35/
/
4 35
1
4 35/
36
361
1
4 35/
1
4 351
47 May 62 Sept
1
4 105,000 Studeb'rCorp(The) newNo par 49 June 23 6312Sept12
5784 59
57% 58
5818 604 We 60
5834 5914 5814 59/
100 118 Feb 10 123 Sent22 11413 Feb12212Jum
10 Preferred
•12113 123/
1
4 *12112 1238 5312112 12212 12112 1211 3512014 12112 *12014 12112
384 Fel
112 J,tly
818May12
212 Feb 28
No pa
6,300 Submarine Boat
4
4
4
44
418 4/
1
4
*458 4'2
4
4
458
41s
304 Mar 4158 Jas
1
4 Jan17
No par 30 Mar 21 34/
35311
/
4 32
3114 2,700 Sun 011
32
32
311
/
4 311
/
4 3113 3134 3114 3112 31
5/
1
4 Dai
1 July
613 Feb18
384 Mar 30
No par
41g 413
37
4
44 412
3/
1
4 378 23,400,Superior 011
4
4
41
418
1
4 Sere
1912 Apr 34/
100 1958 Jan 25 28 May18
500 Superior Steel
*21
23
*21
22
23
2118 227 *22
21
21
*21
23
175
8 Sep'
Apr
8
5
8
13
5
8
Feb
3
7
Apr
27
50
*1058 1114 *1014 11
10
1014 11
10
1058 1114 1,500 Sweets Coot America
*1014 11
4 NOv 144 Jai
218Sept 17
6 Jan14
200 Symington temp ctfs___No par
212 24 53212. 4
*214 4
*212 4
258 2%
*24 4
207
8 Tel
1058
Oct
Jan14
1358
Oct
7
7
par
etfs____No
A
temp
Class
200
*7
8
74 71
*712 8
7
7
*012 712
*7
8
Apr 1472 Jai
11
900 Telautograph Corp____No par 1112Mar 9 1512 Aug 4
14/
1
4 1413 1413 1411 1458 1458 •14
14/
1
4
1412 14
1484 *14
10/
1
4 Dec 16 Fel
8/
1
4June 10 1314 Jan13
No par
814 8/
814 8/
1
4
8/
1
4 87
8/
1
4 87
8/
1
4 814 2,100 Tenn Copp & C
814 8/
1
4
1
4
1
4 Do
5312 Nov 57/
25 45 Apr 19 58 Jan17
511
/
4 5012 51
5118 5118 5132 Si
.51
5012 50/
1
4 4914 5012 27,400 Texas Corporation
39
Oct 523e No,
1
4 270,200 Texas Gulf Sulphur new No par 49 Jan 3 8138Sept20
7358 7584 7312 75
7318 747
721 7358 7384 7518 7412 76/
Jai
1913
12
Oct
8June
8
187
Apr
29
12
_10
011_
Coal
&
3,400
1.4
1418
1414 1414 1413 141k 144 1412 144 14/
Texas
Pacific
1414
1412
1
4
1
4 2814 2914 28
77,900 Texas Pao Land Trust new_ _ I 1512 Jan 25 40 June 7 --- - --- ---- --2818 2878 2814 29/
288s 2614 2812 2578 27
34
Jai
2658 Dec
.3313 34
No par 2414 Jan 11 36 Aug 5
1
4 10,000 The Fair
3314 3312 3234 3334 353314 34/
3318 33/
1
4 33% 34
42/
1
4 May 8012 Sep
25 47 Jan 26 61 Oct 3
60
6012 59
5912 5978 61
5912 5912 5912 5914 .3,700 Thompson (J R) Co
59
59
-----------9
17
171
/
4 1614 17
1718
36,600 Tidewater Assoc 011_ No par 1512June 2 1918June
1
4 16
17
1618 15/
1618 1658 16
100 85 Oct 5 9014June 1
85
8512 2,500 Preferred
86
8614 85
8513 86
8612 8612 8614 8652 86
27 -Nov 3914 Ja
100 19 July 25 2918 Jan 13
200 Tide Water 011
24
*2212 2312 *22
*2284 23
2212 2212 2212 2212 *2213 24
8714 Nov 103 Ja
100 8612J1,ly 20 9018Sept 12
500 Preferred
88
89
1
4 8852 8818 8858 *88
*88/
1
4 8912 8918 8912 88/
88
4478 Mar 85% No
14212
Aug
3
Jan
3
78
Timken
RollerBearing..Nopar
24,100
12138 12378 12014 12218 11714 12258 1161
118
117
12014
11812
/
4 119
9514 Am' 11652 Sep
51,500 Tobacco Products Corp 100 9284 Oct 4 11058 Jan 5
9358 9612 9254 94/
94
/
4 9334 9412 93
9658 97
1
4 9318 941
100 108 Apr 16 118 July 13 103 Mar 11818 Sep
111 111
•111 112
11012 11014 11012 113
10912 11012 7,800 Class A
110 113
5/
1
4 Jul
3 Mar
4
June
18
911
Apr
30
par
3
8
4
011temetfnewNo
46,400 Trauset'l
7
714
74 718
634 714
634 7
6/
1
4 7
684 74
15 Aug 27 Ja
*1912 21
*19/
1
4 21
*20
2012 20
2012 2214 2212 2234 2,300 Transue & Williams St'l No par 10 May 4 2214 Oct 7
21
63/
1
4 Ja
Nov
43
/
1
4
18
60
/
1
4
Apr
Jan
29
45
.25
2,600
Typewriter..
57
Underwood
57
59
5918 5713 59
578
57
5712 57
5772 57
35 May 711
/
4 Ja
551
51% 5358 54
6014 53/
51
51'2 5014 5112 12,200 Union Bag & Paper Corp._100 3813 Jan 25 7314June 1
1
4 4914 501
1
4 De
7712 Mar 100/
1
4 Aug 5
137 139
33,700 Union Carbide & Carb_No par 9918 Jan 26 144/
136/
1
4 1385 13512 13734 134 13514 13412 135a 13312 135
Se;
5858
Jan
3714
Jan
6
5612
8June
27
395
25
Union
Oil
California
4158 421s 41/
/
4 4158 6,000
411
/
4 411
1
4 42
/
4 4112 418k 413 4158 411
93 Dec 9514 De
200 Union Tank Car new____100 94 Jan 3 11612.luly 18
35109 11212 35110 1121 43110 11212 110 110 *109 11212 109 11213
58,000 United Cigar Stores new..__i0 - 3414 0-t 5 3818July 26 ___ - ---_ ---- --35
3512 3514 3512 3458 3534 3414 3512 35
3618 3512 36
100 104 July 29 109 June24-108 108
2,6011 Preferred
108 108 40734 18814 10714 10714 108 108
108 108
180 182/
100 159 Jan 25 184 Oct 7 134 -Mar 174 -De
1
4 18112 18358 177 18178 177 180
26,200 United Drug
17814 18134 17913 184
5512 Mar 59 Jul
50 5812 Jan 6 6014 Oct 5
1st
Preferred
400
60
6014
60
60 '560
*5984-- *5984 61
604 6014 60
98 Apr 126 No
145 145
No par 11312 Jan 26 150 Sept 12
1
4 2,600 United Fruit
145 1451
4 145 147
14212 144 3514212 144/
143 143
90 Mar 9812 Ds
26
103%
Apr
14
Jan
98
Universal
lot
2,740
0514 98/
1
4 98
Pictures
pfd-100
9912
9812
9812 9812 99
99
9812
9812 99/
1
4
135 Mar 344 DI
2612 2612 *2514 2578 25/
6.000 Universal Pipe & Rad_ _No par 244Sept 22 3714 Mar 29
1
4 27
27
27
2614 2738 27
27
52 Mar 9012 DI
100 8154 Jan 27 96 May 7
200 Preferred
35864 90
3587
89/
1
4
87
358684 90
*8612 90
8612 8612 87
May 24812 At
150
May
20
246
19012
Aug
30
US
Fdy_100
Cast
Iron
Pipe
&
3,800
207 208
205 206/2 205 2O57e 20114 205
202 205 *204 206
1
4 Mar 118 Di
100 112 Mar 14 118 July 1 100/
100 Preferred
35113 115 *114 115 *114 11512 35114 115
115 115 35114 115
18/
1
4 1858 *171
18
18
/
4 1712 2,300 U £3 Diatrib Corp new_ _No par 1414May 5 2214July 7 -- - --- --- - ..
1712 17/
1
4 171
/
4 181
/
4 1758 171
457
; Jan 5958 Ti
/
4 4,400 U S Hoff Mach Corp vteNo par 5118 Sept 20 6318May 19
1
4 511
1
4 51/
1
4 5178 52/
/
4 52/
5218 5334 511
62
/
4 52
614 611
4518 Mar 8411 Di
100 69 Mar 30 89 Feb 28
77% 7758 77
1
4 3,200 US Industrial Aleohol
7788 7678 7712 7614 7678 7654 7614 764 77/
Apr 11478 Ni
9914
4
119
Aug
29
Apr
Preferred
10714
100
120
351161
4
120
'11
*116
/
1
4
35116
*116
/
1
4
120
/
1
4 120
658120
•11634 119
4818 Mar 717 JI
9,500 US Realty & Impt new.No par 54 Apr 6 6712 Aug 24
6212 62/
1
4 62/
62/
1
4 64
6214 63
6214 63
64
1
4 634 63
50/
1
4 May 8814 JI
100 3714June 16 6718 Feb 28
5658 5778 5614 57/
561z 551/ 5818 5318 5558 63,400 United States Rubber
1
4 5612 5714 55
100 8514June 16 1113 Apr 8 1014 Mar 109 Ji
101 102
102 102
102 102
10012 10184 10134 10218 10112 102 • 3,300 1st Preferred
30 Oct497 Ji
4913 41
2,700 U 9 Smelting. Ref & Min_ _50 3338 Ian 13 44 Aug 11
40
40
41
41
40
41
404 4012 /40
41
42
Oct50 Ji
50 4558 Jan 18 5114 Oct 5
504 1,000 Preferred
51
5014 51
51
*5034 51
5114 5114 /5012 5058 50
Apr16012 D
117
x15014Sept
22 176 May 31
United States Steel Corp....100
_
.
_
_
_
_
1
4 Dec 117 D
11138 Jan 28 16012Sept 16 113/
1
4 5-9-1,609 New w I
i.-1558 112-58 181i8 11.i
14(Ii4 1-iii7-2 I3-16i2 Iii/
1;658 1-E44 Iii/8 116 .
1
4D
100 129 Jan 28 137 Oct 4 12412 Mar 130/
3,830 Preferred
13513 13514 13512 13658 136 137
136 13612 13614 13612 *136 137
5612 Jan 67 D
200 U S Tobacco
No par 67 Jan 4 93 Oct 4
95
*90
95
*90
*90
94
93
*8612 894 *8612 8912 90
1
4 Aug 11 112 Mar 123 D
100 123 Jan 14 126/
Preferred
5312512 12812 *12512 128 *12512 128 *12513 128 *12612 128 531254 128
93 Apr 116 Ni
10 111 Feb 11 130 Sept 13
Utah Copper
_. 145 *___ 145
___
150 *____ 145 *____ 145
2758 Dec 37 r
9,300 Utilities Pow & Lt A__No par 27 Jan 8 34 May 19
1
4 31
3114 30/
/
4 3158 31
3113 311
31
313s 31
3114 31
29 Mar 43 A,
Aug
17
56
/
1
4
37
Jan
20
No
par
Vanadium
Corp
8.200
52
53
53
5218
5418 53
53
5314 53
53/
1
4 5258 5312
4314 July 52 A,
No par 48 Jan 3 6358June 8
2,700 Vick Chemical
57/
1
4 58
58
59
59
5814 58
5858 58
5838 5878 58
3458 3414 3412 3414 6,400 Victor Talk Machine_ _No par 32 July 13 41 Apr 12
34/
1
4 35/
1
4 3518 36
34/
1
4 35/
1
4 3414 35
1
4 Apr 13
No par 8712 Aug 16 96/
500 6% preferred
3588
8812 8812 8858 8712 8712 *8712 8812 8712 8712
89
89
100 9614 Oct 7 10012 Apr 13
1
4 1,400 7% prior preferred
9612 961/ 9612 9612 9614 96/
9654 97
975
97/
1
4 9734 *97
9 Oct 2512 -F,vb
712May 23 1512Sept 13
No par
400 Virg-Caro Chem
13
1
4 12/
1
4 1212 1212 3512
12/
*1214 1284
3512
13
1213 121
JiIn
3118 Oct 69
100 2618 Apr 4 4478Sept 13
800 6% preferred
3812 384 35384 40
40
39
4012 40
40/
1
4 407 4338
41
83 Oct 9818 JiIn
100 73 June 8 90 Sept 7
500 7% preferred
*85
8612
86
8614 86% 86
*85
87
85
8512 8512 85
40 May 6012 Ni
100 Virginia Iron Coal & Coke_100 40 Aug 5 51 Jan 4
*40
47
47
3540
*40
47
41
41
*41
47
*41
47
26 Mar 3612 Dels
No par 2312 Oct 7 3914June 20
1
4 38,200 Than lou(V)_
25
2558 2312 24/
2678 26/
1
4 2412 27
24/
1
4 25'a 2513 26
9414 Jan 1104 D80
100 99 Aug 12 11812June 20
900 Preferred
10112 102 *100 102 *100 10112 100 100
102 102
*102 105
Jan 23 D ee
7
17
25
Feb
3
Oct
Waldorf
19
System
par
400
No
1912
191
/
4 1914
519
1912 '
*19
1912 19
*1812 191 5319
19
1214 June 2314 JIn
17's July 20 2412 Apr 1
No par
19/
1
4 1912 1958 1912 1978 2,700 Walwcrth Co ctfs
19
20
194 1912 1912 1914 19
99 June 195 Jan
90 Ward Baking Class A_No par 8918 Apr 13 11884 Oct 3
*112 11884 1185811858 11.5 115 *110 115 *110 115 '110 115
2114 Oct8518 Feb
1712June 14 3358 Feb 18
No par
2714 9.700 Class B
2838 274 2888 254 2784 2558 2614 27
28
2812 28
8812 Oct11011 jED
9513 1,000 Preferred (100)
No par 84 Apr 9 9714Sept 12
9513 *95
3595
96
95
96
96
94
95
3593
95
Warner
15,600
2938
6
12 June 8914 Si pt
Bros
2712
Jan
20
July
5
4512
Pictures
A____10
2812
1
4 2834 2714
27
2912 26/
2738 277s 274 29
500 Warner Quinlan
No par 24 June 6 2812May 26
2512 2512
2584 2578 *2512 26
2512 2512 *2512 26
*2512 26
4378 Apr 69 -Iieo
No par 65 Jan 14 1341215ept 26
1
4 12918 2,700 Warren Bros
/
4 12414 12518 12612 125/
12714 12714 12612 12912 126 12512 1241
1
4 2,000 Weber & Hellbr, new c_No par 69 Oct 3 7512 Aug 9 -- - - - -_ --- 7078 7078 *6912 7018 7014 79/
69
701 *6913 70
71
71
2,200 Western Union Telegraph_100 14412 Jan 8 17012June 8 13412 -Mar 1577s fil pt
161 16378 *161 163 *161 16212 16014 161
16112 16112 161 162
8 17,300,Wstnghse Air Brake NewNopa
454 Oct 7 5912Sept 15
454
465
47
47
473
47
8
4
46%
47
8
47
4714
4758 4778
8458 8538 78,500 Westinghouse Elec & Mfg_50 671 Jan 4 8958Sept 7
65 may 794 -8eb
/
4 8838 854 8684 85% 86
1
4 861
/
4 87/
8412 8584 841
1,100 Weston Elec Instrwn't_No par
1384 May 1913 J1sly
11 Sept 23 183e Feb 15
1312 1312 351312 14
14
14
1312 14
14
14
1414
14
No par 30 July 14 3434 Apr 20
500, Class A
2714 Jan 3213(
1
4 3014 3014
3014 30/
*3084 3112 *304 3112 3078 3078 353014 31
330 West Penn Elec cl A vtf No par 97/
8812 Jan 9812(let
1
4 Jan 4 111 Aug 22
107 107%
1
4 107
107 107 35106/
107 107
106/
1
4 10614 10614 107
100 102 Jan 4 112 Sept 13 ____ May 10213 1lee
270 Preferred
1111
/
4 11134 11114 11112 111 11112
1
4 11112 11158 11114 112
*1114 111/
9512 Mar 115 Si pt
100 111 Jan 15 118 May 27
230 West Penn Power pref
116 116 /115 11512 115 11514 11514 11513
11634 11534 116 116
700 White Eagle 011 &Refg..No par 22 Apr 25 2712 Feb 15 108 Apr 2984 8eb
22
22%
22
22
22
/
4 2214 22
1
4 221
2212 2212 '2212 22/
254 Apr 90 E eb
50 36 July 12 5818 Feb 28
6,200 white Motor
1
4 3852 39
3912 39% 3938 3858 39/
3918 3912 394 39114 39
511
/
4 Oct 3838 1 eb
par 26 Jan 26 41,2Sept 21
3872 3924 *3878 3912 3813 3858 3818 3852 3814 3884 3818 3814 2,700 White Rock Mtn Sp ctf _No
4814 4912 4814 493 27,700 White Sewing Machine_No par 2112 Mar 24 531 Aug 10 22-511
/
4 4912 50
8018 6012 5058 5158 50
Oct 6414 (let
4613
17
48
18
Jan
Feb
pf_No
par
59
White
Sewing
Mach
2,800
58
5814
5812 5858 .5813 5812 5812 59
59
58
6712 58
388 J an
58 Dec
18 Aug 8
112 Feb 14
12 1,400 Wickwire Spencer etf .No par
"21
1
"2
4
38
12
38
12
12
12
*1
/
4
May 34 .1 an
3
18
2454
Mar
29
1418Sept
(The)._
_
Willys-Overland
54,500
1518
155s
153
151
15
1
8
158
4
104
1612
16
1612
1813 16
99
1 eb
Oct
8812
96
Aug
22
11
June
87
100
1,600
Preferred
95
941 *94
9412 9412 3594
9412 95
9312 9312 9353 95
6 May 1488 I els
10 May 5 175 Feb 21
400 Wilson & Co Inc, new_No par
1184 111
12
1213 1218 124 12
1212 *12
1212 12
*12
lee
3058
I
14
May
23
Feb
5
32
7
8
par
1614May
Class
No
A
1,400
2314
2314
24
24
244
2412
2413
2412 24/
1
4 2412 2458 3524
42 May 8118 Ilee
100 58 Apr 7 8414 Feb 23
100 Preferred
72
*71
*17
72
71
71
*71
72
72
537014 721 *71
11 192 Sept 7 12014 Dec 128 Ileo
117
/
1
4
Jan
25
W)
Co
Woolworth
(F
36,100
18512
18738
18558
18613
187
/
1
4
19158
18514
18812
18712 18058 18812 19078
19 Nov 4484 .1 an
100 2012 Jan 27 46 June 7
4,600 Worthington p & i'd
33
3424 34% 33
34
331s 33
34
34 '53314 34
34
44 Nov 80 1 eb
100 46 Jan 22 6112June 9
Preferred A
62
5345
*45
52
.45
52
52
*45
50
*47
54
5350
7
3714
Nov 65 3 eb
5412.June
2
Feb
40
100
Preferred
B
200
44
*42
4113
411
*4112
44
42
42
44
5342
44
3542
2412 Mar 39/
1
4 X117
1
413ept 30
14,200 Wright Aeronautical__ No par 2412 Apr 5 60/
581/4 5914 5714 59
69
8813 60
6024 5854 6012 5714 59
47
1
4 1 eb
Apr 59/
par 50/
1
4 Jan 4 6478 Oct 1
No
(Wm
Jr)
'Wrigley
13.000
62
6112
61
61
62
62
6312
6312
1
4
1
4 64/
6478 63/
64
6013
Aug
24
7212
A w$
Mar
841/
8
Jan
7014
25
3
Yale
&
Towne
300
83
8112 811 *81
82
*81
81
8412 81
8338 82
.60
20 May 3952 Et pt
Jan 14 40 Aug 10
1
4 3412 3312 3418 3312 3458 3358 3458 66,600 Yellow Truck & Coach CI B_10 25
3384 3413 3338 3476 33/
23
995
8July
9112
Apr
20
8318
Aug
1071313
100
pt
Preferred
400
92
*90
90
91
90
90
93
9312 3589
3590
08813 93
1
4 Mar 24
69 May 0514 A 11g
85
853* 3.900 Youngstown Sheet & T _No par 8184June 29 97/
86
Or,
22, 221, RAle 12M, Funs 536
..., Orl
• Bld and asked prices; no sales on this day
I Ex-dividend and ex-rights. 6 cx-rights. z Ex-dividend.
1950
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jae. 1 1909 ghe Exchange method of quoting bonds was changed and prizes are now
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct.7.
Price
Friday,
Oct. 7.
Week's
Range or
Last Sale.
01,
3
U S G
ment
Bid
Ask Low
High No.
First Liberty Loan334% of 1932-1947
J D 1011422 sale 10113481011'm 187
Cony 4% of 1932-47
J D 1431
10111122Aug'27
Cony 43,% of 1932-47
J D 103
Sale 103342 103642
31
2d cony 435% of 1932-47
J D 1021132 ---- 10214:Sep'27
Second Liberty Loan421 of 1927-1942
MN 100 100522 100 Sept'27
Cony 434% of 1927-1942
MN 1004, Sale 10023: 100"42 451
Third Liberty Loan434% of 1928
M S 1002432 Sale 1002421100"n 318
Fourth Liberty Loan434% of 1933-1938
A 0 103223: Sale 103224:10355e 757
Treasury 4338
1947-1952 A 0 114
Sale 1132732114
45
Treasury 4s
1944-19543 D 10825.2 San 1085232109
21
Treasury 3345
1946-1956 M S 105223, 106 10525321055032 so
Treasury 3348
1943-1947 J D 1011732 Sale 101123:101553: 864
State and City Securities.
NY City-4348 Corp stock_1960 M 5 10034
100%
100%
4328 Corporate stock_ —1984 M 5 10414 104% 104% Sept'27
434s Corporate stock— --1966 A 0 104% 10478 10258 Mar'27
43is Corporate stock____1972 A 0 104% 10514 1045, June'27
434s Corporate stock _ _..1971 J D 10812
1094 June'27
4348 Corporate stock_July1967
10814 109 108 Aug'27
4348 Corporate stock..-_1965 3 13 10818 10834 10818 Sept'27
434s Corporate stock. .-1963 M S 108% Sale 10818
10818
4% Corporate stock
1959 M N 10014 - - 10034 10034
4% Corporate stock
1958 MN 10014 10034
10018
10018
4% Corporate stock
1957 M N ---- 10012 10112 Aug'27
45 registered
1938 M N
9834 July'27
434% Corporate stock _ _.1957 M N 1073s -- 10752 Sept'27
434% Corporate stock _ _ _ -1957 MN 107% 108 108 July'27
334% Corporate st—MaY 1954 MN 0212
93 Sept'27
% Corporate st_ _Noy 1954 m N 9212
9112 Sept'27 _-_New York State Canal 48_ _1960 _
10258 Mar'27 _-_1964
43421 Canal !runt
102 Apr'26 _-_Highway improv't 434s
1963 M S
11212 June'27 ____
Foreign Gov't & Municipals
Antioqula (Dept) Col 78 A..1312
9834 Sale 9518
0634 32
External of 76 ser B
96 Sale 95
96% 38
External 817i/series C_ -1945 J J 96 Sale 9454
96
62
Eat s 78 tr rcts 1st ser_ _ _1957 A 0 9512 Sale 9412
9512 61
Argentine Govt Pub Wks69-1960 A 0 9938 Sale 9914
99% 57
Argentine Nation (Govt of)—
Sink fund 1313 of June 1925_1959 .1 I) 9914 Sale 9914
9955 91
Eat's f 6s of Oct 1925_1959 A 0 9912 Sale 9918
9912 45
Sink fund 68 series A
1957 M S 10012 Sale 9958 10012 102
External 621 series 13__Dec 1958j D 99% Sale 9914
9934 48
Esti s f 613 of May 1928_ _ _1960 M N 9914 Sale 9914
99% 89
External s 16e (State Ry)_1960 M S 9914 Sale 0918
9934 82
Extl 68 Sanitary Works_ _ _1081 F A
9914 Sale 9918
9912 108
Eat'6s pub wks(May '27)1961 MN 99% Sale 9614
9912 19
Argentine Treasury 58 L._ _ _1945 M S 9112 Sale 9012
9112 24
Australia 30-yr 5e_ __July 15 1955 .3
97% Sale 9712
189
98
External 5s of 1927_ _June 1957 J 13 97% Sale 9712
9734 246
1943j D 104 Sale 10312 104
Austrian (Govt) of 711
14 108
6348..
Bavaria (Free State)
1945 F A 99 Sale 99
99% 74
Belgium 25-yr ext Sf73489- Nti
114 Sale 114
11418 43
20-years 1843
11012 Sale 110
11012 23
25-year external 6348
9 1:351
ii
;
915
105 Sale 10434 10518 120
External s f 613
100 Sale 9912 100
229
o
fi
4 10714 Sale 107
External 30
-years 1 7s_1 t
107% 427
Stabilization loan 78
10514 Sale 10434 10514 111
Bergen (Norway) at 88
1945 MN 114 11412 114
11412
4
15-year sinking fund 88
1949 A 0 10134 102 10112 10112
5
Berlin (Germany) 8348
1950 A 0 9914 Sale 9934 100
49
Bogota (City) ext'l 8 1 88_1945 A 0 10512 Sale 105
10512 12
Bolivia (Republic of) 88..— -1947 m N 10418 Sale 10418
10412 53
1958j J 96 Sale 9512
Extl sec 78 tem
96
713
Bordeaux (City of) 15-yr 68_1934 131 N 100 Sale 9934 100
62
(USBrash
of) external 88_1941 J D 107% Sale 10718
107% 95
External 8 f 6348 of 1926 _ _1957 A 0 93% Sale 9312
93% 349
1952 J 13 9734 Sale 9712
78(Central Railway)
98% 45
The (coffee secur) (1%0_1952 A 0 1054 _
10312 10512 20
Bremen (State of) exti 78_1935 M 5 10314 Sale 103
10312 21
Budapest(City)extl f 68_1982 j D 8814 Sale as
8832 117
Buenos Aires(City)°KU 634819553 J 10112 Sale 10072 10158 16
Bulgaria (Kingdom) at 78-1987 J J 9134 Sale 913
9212 27
4
Caidas Dept of(Col (mbia)7348'46 ▪ J 98 Sale 97%
9818 95
Cann da (Dominion of) 5s- _1931 AO 102 Sale 102
10254 86
10-year 548
1929 FA 102 Sale 102
10214 127
Si
1952 MN 10578 Sale 10554 106% 56
43411
1938 FA 10014 Sale 1004
10014 58
Carlsbad (City) s 1 88
1954 J J 10634 110 1065, Sept'27
Cauca Val (Dept) Colom 7348'48 AO 9834 Sale 9812
39
993
Chile (Republic) exti s f 8s-1941 FA 109 Sale 108%
14
1091g
20-year external 8 f 75_ _ _1942 MN 10012 Sale 10012 101% 27
25-year external s f 86.-1948 MN 10914 10912 108% 10918 11
External sinking fund 68.-1960 J 0 92 Sale 9114
92
183
External s 88
1961 FA 92 Sale 9114
9178 168
Chile Mtge Bk 83412 June 30 1957• D 95% Sale 9514
96
31
f 835s of 1926_ _June 30 1961 J D 97 Sale 97
9714 11
Chinese(Hukuang fly) 55-1951
D 25% Sale 2512
25% 13
Christiania (Oslo) 30-Yr s f681954 MS 10214 Sale 0214
10214
3
Cologne(City) Germany83481950 MS 99 Sale 9812
9912 49
Colombia (Republic)634s...1927 AO
997 Sept'27
_1981 J J 93 Sale 924
External 8 f 88
221
93
Copenhagen 25-year 81 5348_1944 ii 10034 Sale 0012 100% 38
Cordoba (City) exti a 1 78_ 1957 FA 9612 Sale 96
9612 21
Cordoba (Prov) Argenthuas 1942 J
9914 Sale 9912 100
17
Costa Rica (Repub) well 78_1951 MN 97 Sale 9412
9612 185
Cuba Se of 1904
1944 MS 10314 Sale 03
104
9
External be of 1914 ser A.1949• A 101 Sale 01
10114 24
External loan 4348 eer C--1949 FA 95
9734 97 Sept.27
_
Sinking fund 5348
1953 33 10134 Sale 01%
102
98
Cundinamarca (Dept-Col) 78 '46 J o 9434 Sale 9414
9434 24
Czechoslovakia(Rep of) 88_ -1951 AO 108 Sale 08
108% 107
Sinking fund 88 ser B
1952 AO 10814 Sale 108
108% 40
External s f 734s series A 1945 AO 106 Bale 10512 108
25
Danish Cons Munich)88 A _1946 FA 111% 11112 11118
11112 22
1948 FA 11114 Sale 11114
Series s f 8s
11134 24
1942 J J 10514 Sale 105
Denmark 29-year 68
10512 113
Dominican Rep Cust Ad 5368'42 M
100 Sale 100
101
61
1940 AO 9854 99
1st sec 5348 of 1928
9834
4
9834
Dresden (City) external 78 1945 MN 10234 Sale 10214
9
103
Dutch East Indies extl 68-1947 3 .1 105 Sale 10454 10514 35
1962 MS 104% 105 10434 105
44
40-year 68 external
10314
1034
1953 M
39-year external 5348
2
10312
1953 MN 10314 10434 10312 10312
30-year external 5348
El Salvador (Repub) 88_..1948 3, 108 10812 1C712 10812
7
Finland (Republic) exti 88_1945 MS 97 Sale 9812
9714 29
External sink fund 78-1950 ▪ S 100% Sale 10014
10078 19
1958 MS 10012 10078 99
9912 44
External 818528
Finnish Mun Loan 6348 A..1954 AO 99
9912
2
9912 994
External 6348 series B_ _ _1954 AO 99 Sale 99
9912
French Repub 25-yr ext'l 83-1945 MS 11034 sale 11012 11078 308
20-year external loan 7348_1941 3D 11413 sale 1144 11478 144
External 75 of 1924
1949 3D 10612 Sale 10614
10634 249
German Republic ext'l 78_ _1949 AO 107.4 Sale 10634
107% 880
German Cent Agile Bank 78_1950 MS 10112 Sale 10112 102
70
Farm loan Sf65._July 15 1960 3, 95 Sale 95
9512 131
Graz(Municipality) Ss__ _ _1954 MN 10238 Sale 10212 10232
8
Gt Brit & Irel(UK of) 530_1937 FA 105 Sale 105
10534 73
10-year cony 5348
86
118
1929 FA 117% Sale 117%
Greater Prague(City) 7348..1952 MN 105 Sale 105
24
108
Greek Government 713
1964 MN 9714 Sale 9872
9714 34
Haiti (Republic) a f 68
1952 AO 10014 10012 100
10012 32
Heidelberg (Germany) ext 734050 33 105 Sale 105
105% 12
Range
Since
Jan. 1.
and inleresr—except fo income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct.7.
Price
Friday,
Oct. 7.
Week's
Range or
Last Sale.
Range
Since
Jan, 1,
Low
High
Bid
Ask Low
High No. Low
High
Hungarian Munk Loan 7348 19453 J 9934 Sale 9912
974 1014
9954 47
10051311011132
External at 78
Sept 11946 3 J 9618 9812 96
94
9612
99
10017.2102
Hungary (Kingd of) 5 f 7348_1944 F A 10258 102% 10218 102%
9 10014 105
10225.2103553s Rely(Kingdom of) ext'l 78_ _1951 J D 9912 Sale 97
9912 1838
9234 994
1021132103
Italian Cred Consortium 7s A1937 M S 9614 Sale 95%
9232 9678
9612 172
Extl aces f 7s ser 13
1947 M S 9558 Sale 9412
96
238
91
97
100 101
Italian Public Utility ext 78_1952 J J 9612 Sale 9512
350
905
963
8 101
4
100112 1014: Japanese Govt X loan 48_.A93l J J 9212 Sale 9172
92
89
8814 9212
30-year s f 8340
1954 F A 101% Sale 10112 10134 168
9872 102
10013111101sin
Oriental Development 68_1953 M 5 97 Sale 96%
158
924 98
97
Leipzig (Germany) 5 f 7s
1947 F A 1014 10212 10178 10212 18 10014 10278
103142104"n Lower Austria (Prov) 7348._1950 J D 984 Sale 9812
13
97 10012
99
1104:1145531 Lyons(City of) 15-year 68...1934 M N
9914 Sale 9912
77
9312 10034
10623210910n Marseilles(City of) 15yr 65_ _1934 MN 9934 Sale 9934 100
82
100
9314 101
10338810613n Mexican Irrigat Asstng 4348 1943 _ _ _
3412
104
3534
41
30
10053210124: Mexico(US)exti 5501 1899 1£456 J 4512 35% 3512 37%
1
36
3234 50
Assenting 5s of 1899
354 Sale 36%
49
37
3152 50
10014 10111
Assenting 55 large
35 Sept'27 _
31
42
10212 10512
Gold deb 4s 01 1004
1954 J D 341 -31;
1 34 July'28
1025, 102%
Assenting 4s of 1904
25 Sale 25
2612 23
345*
2l's
1025s 10514
Assenting 48 of 1910
J J 2434 2534 2738 Jan'27
2712 27%
10712 10912
Assenting 4s of 1910 large
_.
._
26 Sale 26
158
27
21
3112
10
0658
658 10
00
9114
Assenting 4s of 1910 small........ 2418 Sale 24
2614 144
20
2852
106's
Tress 68 of'13 assent (large)'33
3712 3912 37 Sept'27
354 4612
10638 109
Small
2734
394
3912 15
2512 4812
99 10152 Milan (City, Italy) earl 8348 '52 A 0 9334 Sale 911294 1069
94
89
99 10034 Montevideo (City of) 75— —1952 J D 10178 10234 102
10 54 11
99% 104
9878 10112 Netherlands 613(flat prices).-1972 M S 10812 -106% 10612 12 10512 1087s
-98% 9834
1954 A 0 10234 Sale 10234 10358 73 10214 104%
39-year external ils
105% 10852 New So Wales (State) ext 58 1957 F A 9514 Sale 9452
95
45
944 9512
10534 J0814
External s 1 53
Apr 1958 A 0 94% Sale 9412
94% 124
94
95
89% 93
Norway 20-year exti 85
1943 F A 10314 Bale 103
22 10114 104
1033
2
897 92
1944 F A 10314 Sale 103
20-year external 88
10338 43 10114 104
10252 10252
30-year external 68
1952 A 0 103% Sale 103
10334 34 100 103%
40-year s f 534e
1965J D 10112 Sale 101% 10214 41
98% 10252
11212 11212 Oslo (City) 30-years f 6s_.1955 MN 10234 Sale 02
99% 10312
102% 12
1946 F A 10014 Sale 0014
Sinking fund 5345
97 100%
100% 2C
92% 9712 Panama (Rep) exti 5348
1953 J D 104 Sale 0312 10414 23 100 10414
9238 9712
Extl sees f 8348
1011g 102
004 10012 10 10012 10314
92% 96
Pernambuco (State of) cal 78'47
1961 MS
9412 9614
ji D 954 Sale 95
9512 39
933, 9512 Peru(Rep of) extlas(of'24).1944 A 0 108% Sale 107%
10912 24 102 10912
974 100
Extl 88 (ear 01 1926)
1944 A 0 10812 Sale 10814 Sept'27
10112 10814
Ext.' sink fd 7148
1940 M N 10478 Sale 104%
24
9938 10638
105
9734 100%
Ent 81 sec 7348 (of 1926).1956 M S 10334 Sale 103
98% 10512
10334 114
9734 101
Poland (Rep of) gold 68
1940 A 0 8314 Sale 8334
7612 85
84% 47
9714 101
Eat!sink fd g fts
1950 J J 994 Sale 9918 10018 563
934 10014
9738 10032 PortcrAlegre (City 0.) 66_1961 J D 105 1051 105
2 10314 108
10514
9734 100
Extl guar sink fd 7345_ —1966 1 J 102 Sale 10134 102
14
9312 10212
9312 9934 Queensland (State) extl 817s 1941 A 0 11512 Sale 1144
5 111 11512
11512
98 100
25-year external 68
1947 F A 107% Sale 107
4 104 108
108
98 100
Rio Grande do Sul extl s f 88_1948 A 0 106 Sale 10534 107% 31 10338 10738
89
9254 Rio de Janeiro 25-yr 8188...1948 A 0 105 Sale 105
10 10218 10618
06
9714 9812
25-yr ext.! 88
1947 A 0 10514 10538 104% 10512 38 10214 108
9714 984 Rome (City) extl 6(0
1952 A 0 93% Sale 9112
1442
94
894 94
10114 10512 Rotterdam (City) exti es._ _1984 M N 104% Sale 10432 1043
9 103% 106
4
973, 1004 Sao Paulo(City)s/ 851 _ _Mar 1952 /31 N 11214 1133 11214
10 10712 11414
113
111 114% San Paulo (State) extl 8188.1936 J J 106 Sale 105
10834 24 10412 107
108 11084
External sec s 185
1950 3 J 106 1083 105% 10612 19 10434 108
9634 10518
External 8 1 78 Water L'n_1956 M S 10134 102 19112 10134 17
98 10114
9252 100
Santa Fe(Prov,Arg Rep)78.1942 M S 96 Sale 95%
36
96
934 96%
10212 10734 Seine, Dept of(France) extl 78'42 J .1 103% Sale 10314 104
40
97% 10478
10132 10512 Serbs, Croats & Slovenes 88_1982 M N 101 Sale 101
10114 28
9714 10234
110 1144 Soissons(City of) exti 88.-1936 M N 98% Sale 98%
9872 51
914 9934
9914 102
Sweden 20-year 65
1939 J D 10414 Bale 10414
105
15 1034 105
9678 10014
External loan 5345
105 Sale 104% 105
80 102% 10514
10234 10512 Swiss Confed'n 20-yr 81 88..1
1940
954 JJ
M N 11334 Sale 11318
113% 21 1114 11418
102 10512 Switzerland Govt ext 5348..1946 A 0 104 Sale 104
54 10252 106
105
92
98
Tokyo City 58 loan of 1912..1952 M S 78% Sale 7714
7814 20
75
7978
93 10034
Extl 8 f 5348 guar
% 8934 Sale 8812
89% 478
88
9012
104 10812 Trondhjem (City) 1st 5348 - 196
57
1 12I
A 2 984 Sale 9832
9812 16
97% 98%
89
98
Upper Austria (Prov) 78_ _._1945 J D 9712 Sale 9712
9734
7
94
99
9412 994 Ur01014y (Republic) extl 85_1946 F A 1094 11112 10934 10934
1 108% 11214
1023, 10734
1960 M N 9634 Sale 9614
External a 1138
NI: 97
97
187
102 105
Yokohama (City) exti 68... _1961 3 D 95% Sale 9434
265
96
9214 9712
87
92
Railroad
9914 1024 Ala Gt Sou 1st 2009 A 58_ 1943 J D 105
10434 July'27
102% 10414
89
944 Ala Mid lot guar gold 5/1_ _ _1928 M N 100% 16_ 10014 July'27
10014 101
Alb & Bust( 1st guar 33421.._ _1946 A 0 8918
8914 Sept'27
8738 8978
9812 9834 Alleg & West 1st e gu 48----1999 A 0 8912
894 Aug'27
844 8912
10014 1027s Alleg Val gen guar g 48
1042 M S 97
_
9714 Sept'27
9514
9714
1013s 1027s Ann Arbor 1st g 48
July 1995 Q 3 8332 8412 834
4
8318
7312 831a
104 10612 Atch Top & S Fe—Gen g 48_19115 A 0 9734 Sale 9634
9734 61
9234 gm
9818 1007s
A 0 Registered
- - - 9534 Sept'27
92
96
10312 1064
Adjustment gold 4s_July 1995 Nov 9234 Bale 9118
9234 13
874 924
96
9914
Stamped
M N 9312 Sale 93
July 1995 6,5
4
9312
8
9312
873
10614 110
Registered
_
89% Sept'27
8912
85
9912 10212
Cony gold 4s of 1909
1955 J D 9218 - - - 92
1
92
92
85
10614 110
Cony 4s 01 1005
19553 D 9218 - - - 9184 Sept'27
8734 9114
89
9312
Cony g 48 Issue of 1910_1960 J D 87
3012 Sept'27
86
91
89
9335
East Okla Div 1st g 4,_..1928 M S 10018 Sale 994
10018
3
994 10018
93
9612
Rocky Mtn Div 181 48__ _1985 J J 9058 91
9014 Sept'27
884 9214
96
9814
Trans-Con Short L lst 48_1958 J J 9212
9212 Sept'27
9012 9212
24
304
Cal-Ariz lst & ref 4348 A _ _1982 M S 100% Sale 10018
10038 17
9718 10012
9934 10212 All Knoxv & Nor Iota 58
1946 J D 10022 -- -- 10758 June'27
104% 107%
96 10114 Atl & Cheri A L 1st A 4348_1944 J J 100
984 Aug'27
98 100
,
9915 1018
1st 39-year Si series B....1944 J J 105% 106 105
10514
6 10314 106
92. 934 Atlantic City lot cons 48
1951 J J 8818
90 Aug'27
89
90
9914 10112 Atl Coast Line 1st cone 48 July'52 M 13 98 Sale
e 9734
98
28
9334 984
9512 97
1984 J 13 101%
General unified 4348
101S Bale 101%
10112
7
9634 10112
9812 WO
L & N coil gold 48— --Oct 1952 MN 9318 Sale 9272
9332 43
9112 934
9312 9612 AU & Day 1st g 4e
1948 3 J 8134 Sale 8134
82
38
7878 82
100 104
2d 49
1948 3 .1 7312 Sale 7212
7312 18
70
7534
10014 102
All & Yad let g guar 48
1949 A 0 85% 88
8514
87
2
8218
87
9314 9734 Austin & N W let gu g 58_1941 3 J 10134 104 10134 Sept'27
10134 10518
10118 1043, Bait & Ohio 1st g 4s_ _ _ _July 1948 A 0 97 Sale 064
97
63
9312 974
9212 90Registered
July 1948 Q J
9514 Sept'27
92
9534
105 110
1933M S lOOls Sale 99%
20-year cony 4 1,68
10014 84
97 10038
10414 109
Registered
M 8
984 Apr'27
984
9818
10454108(4
Refund & gen ISs series 4_1995 J D 10514 Sale 104%
10518 98 10038 10532
10932 112
1st g 55
1948 A 0 109 Bale 108
110
70 1044 110
10914 11114
19293 J • 10278 Sale 10278
10-year 68
103
115 10034 10338
10338 105%
1995 J D 11238 Sale 112
Ref & gen 65 series C
11238 30 10758 112%
9812 101
P L E & W Va Sys ref 4s_ _1941 MN
9652 Sale 98
9634 83
9252 9872
98 101
1950 J J 105 Sale 10478
Southw Div 1st 55
10514 46 10158 10514
10012 10412
Tol dr Cin Div 1st ref 4s A.1959 J J 874 Sale 8714
8712 22
82
8712
10211 1055,
Ref & gen 58 series D
2000 M 5 105% Sale 0458
105% 46 10032 105%
1024 10514 Bangor et Aroostook 1st So.,1043 J J 102%
0234 Sept'27
98 103
10038 10412
1951 J J 87
Con ref 48
5812
8832 87
3
84
8812
10084 10312 Battle Crk & Stur 1st gu 3s..1989 J D
88 July'27
64
68
10
08
314 10
07
9142 Beech creek let gu g 48
1936 J .1 36% _ _ 954 Aug'27
95
9614
9412 Mar'27
944 9512
9814 102
2d
:
gu
ll 14
gte
5s
red
1938 j
J j
J 10012 1004 Aug'27 „..
99 1004
955 10074 Beech Crk Ext iota 334s...1951 A 0 8512
8512 Aug'27 _81
8512
98
9912 Big Sandy 1st 45
1944 J D 9252
_ 9252
1
92%
91
93%
957 9912 Bost & NY Air Line 1st 4&A955 F A 94% 85
83%
84% 32
78
8512
10814 11214 Burns & W 1st gu gold 4s_..1938 J J 98
97
96 July'27
9514 98%
105 11
Buffalo 11 & P gen gold 55..l937 hi S 10314 104% 10352 103% 15 101 10414
99 107%
Consol 4345
1957 M N 98 Sale 98
981s 137
94% 9952
10534 1095:22
Registered
M N
95 Mar'27
95
95
9912 10358 Burl C R. & Nor 1st Ss
1934 A 0 10113
10212 Aug'27
101 10234
cons
gu
A
sou
58_
_
_19132
Canada
A
0
9512
10814 Sale 10814
95
4 105 10814
10814
10034 104
Canadian Nat 434s_Sept 15 1954 M S 98% Sale 9838
9812 47
95
99
1034 106
5-year gold 4345_ _Feb 15 1930 F A 10118 Sale 10034
10118 33
9912 1011s
11814 1194 Canadian North deb 81 75_1940 3 0 115 11S 115
11512 19 114 11614
10352 107
19463 J 119 11912 11878
25-year a, deb 630
119
8 117% 11914
9314 99
10-yr gold 4348_ ___Feb 15 1935 F A
9938 Sale 9938
9938
974 1004
99 10012 Canadian Pac Ry 4% deb stock__ J J 87% Sale 8614
88
286
8312 88
103 106
Col tr 4 .1 4^
1946 M S 9918 Sale 99
9912 172
9514 9912
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 1.
Price
Friday,
Oct. 1.
Carb & Shaw 1st gold 48_ ___I932 MS
Caro Cent 1st cons g 45
1949 J J
Caro Clinch & 0 lot 30-yr 58 1938 J D
1st & con g 69 series A....1952 JO
Cart de Ad 1st gu g 48
1981 J D
Cent Branch U P 1st g 4s_ _ _1948 3D
Central of Ga 1st g 58_Nov 1945 FA
Consol gold 68
1945 MN
Registered
✓ A
10-year secured 6s_ _June 1929 J D
Ref & gen 530 series N....1959 AO
Ref & gen 58 series C
1959 AO
Chatt Div pur money g 48_1951 J D
Mac & Nor Div 1st g 5s._I946 J J
Mid Ga & Atl div 55
1947 J J
Mobile Division 55
1946 J J
Cent New Eng lot gu 48___ _1961 J J
Central Ohio reorg 430_ _ 1930 M
Central RR of Ga coil g 5s 1937 MN
Central of NJ gen gold 5s_ 1937 J J
Registered
1937 Q
Cent Sac 1st ref gu g 45
1949 FA
Registered
✓ A
Mtge guar gold 430_ .Aug 1929 JD
Through St L 1st Cu 48_ __1954 AO
Guaranteed g 5s
1960 FA
Charleston & Sayn'h 1st 75_ _1936• J
Ches de Ohio fund dr Impt 55.1929 J J
1st consol gold 58
1939 MN
Registered
MN
General gold 430
1992 M S
Registered
MS
20-year cony 430
1930 FA
Craig Valley 1st 5s
1940 J J
Potts Creek Branch 1st 48.1946 2J
R & A Div 1st con g 48_1989 J J
2d consol gold 46
1989 J J
Warm Springs V Ist g 58 1941•S
Cheeap Corp cony 55 May 15 1947 MN
Chic & Alton RR ref g 3s_ _ _1949 AO
Ctf dep stpd Apr 1926 int_ _
Railway first lien 310_ _1950
Ctfs dep Jan '23 & sub coup
Chic Burl & Q-111 Div 330_1949 i"-i
Registered
J
Illinois Division 48
1949 ii
General 45
1958 M
1st & ref 430 ser LI
1977 ✓ A
1st & ref tia series A
1971 FA
Chicago AZ East III 1st 65_1934 AO
C dc E Ill Ry (new co) con 55.1951 MN
Chic & Erie 1st gold 58
1982 MN
Chicago Great West 1st 45..1959 M
Chic Ind de Loulsv-Ref 68_1947 J
Refunding gold 58
.▪ 1
1947
Refunding 48 Series C....1947 JJ
General Es A
1966 MN
General 13s 13
May 1066 J J
Chic Ind & Sou 50-year 48_ _1956 J J
Chic L S& East 1st 434s._ _1969• D
CM & Puget Sd 1st gu 45_1949 J J
U S Tr certifs of deposit
Ch M & St P gen g 45 Ber A_e1989 JJ
Registered
Q J
General gold 330 ser B..el989 J J
Gen 430 series C._May 1989 J J
Gen&refserA434s.Jan2014 AO
Guar Tr certifs of deposly...
Fen ref cony ser II 55 Jan 2014 VA
Guar Tr certifs of deposit_ __
1st ser 6s
1934 3-3
Debenture 430
1932 J D
Bankers Tr certifs of deposit
Debenture 4s
1925 JD
U S Mtge de Tr ctfs of dep_
25-year debenture 48
1934 1-1
Farm L & Tr aft) of dep....
Chic & N'west gen a 330
1987 Ma
Registered
Q F
General 46
1987 MN
Registered
G E
and 4s non-p Fed In tax '87 MN
Gen 4348 stpd Fed Inc tax.1087 MN
Gen Es stpd Fed Inc tax_ _1987 MN
Sinking fund 68
1879-1929 AO
Registered
AO
Sinking fund 55
1879-1939 AO
Registered
1879-1929 AO
Sinking fund deb 55
1933 MN
Registered
MN
10-year secured 78 g
1930• D
15-year secured 6J39 g1936 MS
laird g 55
May2037 J D
1st de ref 4 348
May 2037 J D
Chic R I & P Ralluay gen 48_1988• J
Registered
J
Refunding gold 4s
1934 AO
Registered
AO
Secured 410 series A
1952 M S
Ch Sit,& NO Mem Div 46 1951
D
Ch St L & P 1st cons g 56- 1932 AO
Chic St P M & 0 cons 65.„1930 J D
Cons 68 reduced to 334s1930 JD
Debenture 56
1930 MS
Stamped
Chic T II & Bo East 1st 5e__1960 J O
Dec 1 1960 MS
Inc gu 58
Chic Un Sta'n 1st gu 434a A.I963 J J
1st 58 series II
1963 J J
1944 J O
Guaranteed g 58
1963 J J
let 6348 series C
Chic de West Ind gen g 611_141932 Q M
1952 J J
Consol 50-year 40
1962 M S
1st ref 5345 ser A
Choc Okla & Gulf cons 55.-1952 MN
1937 J J
Cln II & D 2d gold 4345
C I St L & C 1st g 4s_ __Aug 1936 Q
Aug 1936 Q F
Registered
1942 M N
Cin Leb & Nor gu 4s g
1928• J
Cin B & CI cons 1st g 55
Clearfield & Mall 1st Cu 59-1943• J
Cleve Cin Ch & St L gen 46_1993 JD
Registered
1931 J J
20-year deb 410
1993 J D
General 55 Series B
1929 J J
Ref & Impt 6s series A
1941 • .1
65 series C
1963
J
Es series D
1939 J
Cairo Div 1st gold 45
Cin W & M Div ist g 48-1991 J J
Si L Div 1st coil tr g g 48.-1990 M N
Registered
MN
Spr & Col Div 1st g 48_1940 MS
W W Val Div 1st g 4a__1940 J J
C CC & I gen cons g 6s____1934• J
Clev Lor & W con 1st g 56-1933 A0
Cleve & Mahon Val g 5s- __1938
.•1
CI & Mar 1st gu g 4 Sis. .1935 MN
ts Due Feb
s Due May. to Due
Week's
Range or
Last Sale.
Ask Low
Bid
High
97
9712 97 Sept'27
8634 89
87
8612
104
__ _ 10334 Sept'27
10878 Sale 10758
10878
9212 93
92 Aug'27
8612 Sale 8612
86,2
106
_ 10512 Sept'27
107 Sale 10558 107
10212 Sept'27
10214 Sale 10218
10214
___ 10614
107
10710312 10514 105
105
91 July'27
103 Aug'27
103 Aug'27
101
1054
:
1:13:4
:
- 105%
8538 -8-612 8514
8514
100-- -- 9912 Aug'27
100 10118 10012 Sept'27
117 11718 117
11712
11638 Sale 11638
117'5
9358 Sale 94
9412
9218 May'27
_ _ 99 Sept'27
999134 949138
9138
10434 Sale 104
10434
11938 Aug'27
foif 10012 101
107 10714 107
107
105 10614 105 May'27
10112 Sale 10114
10134
9458 9812 98 Sept'27
10018 101 10078
10158
10114
- 98 Sept'27
92
90 June'27
89
9078
_ _ 9078 Sept'27
88 -90
88
88
10114 - - 10018 Feb'27
100 Cale 9958
10038
7318 Sept'27
7134 73
714
7258 Sept'27
6312
6312 -64
6418
6212 6312 6314
6312
9038
8938 91
9038
8714 Aug'27
9713 978 9718 9718
9758 Sale 9658
98
102 Sale 10114
102
1077
10712 10778
106384 10712 10612 10612
9312 Sale 93
9378
109 Sale 10814
109
74 Sale 73
7438
116
118 Sept'27
10434 ---- 104 Sept'27
9114 May'27
104
10312 10312
109
109
109
9434 9618 9618 Sept'27
9934_ 10018 Sept'27
-(412 6714
6812
68
6712
.6812
95-34 Sale 8818
8934
8418 July'27
7818
79
78
7818
985s 9912 9814
9834
6878 Sale 68
69
6914 Sale 6834
70
6712
6853
6878
6714 Sale 6718
6825
10378 Sale 10334 10418
68 Sale 6838
69
69
68
6758
Sale.26812 6814
6812
6712 6812 68
6812
6712 Sale 6712
6712
6714 Sale 6714
6814
8358
833
-- 8358
7838
s-83 80 July'27
9512 9634 95
951+
9334 --- 9312 Sept'27
9514
9514
9334
1074 Aug'27
11312 115
10258 - - 10534
10534
10234 May'27
10212
10012 10112 10012 10012
10012 -- 10112 Aug'27
10258 102%
10238
102 10212 101 Sept'27
10618
10618 Sale 10578
11234
11238 _- 11218
1054
106
10912
10238 Sale 10138
102%
9134 Sale 9134
9214
8834 -- -- 8834 Sept'27
9512 Sale 9434
9512
934 July'27
96
9578 Sale 95
- 90 Aug'27
894103
- - 102 Aug'27
102
10278 10314 103 Sept'27
- 9614 May'27
100
965s10014
- 10012 Sept'27
10014
• 10018 Sept'27
10034 sale 10038
101
9638 Sale 0538
9638
101 Sale 10078
10114
19538
10514
10514
1044 Sale 10412
10478
11834 - - - - 11834
11834
10518 _
105 Sept'27
91
9012 Sale 9014
10518 Sale 105
10514
10458 __-- 104 June'27
9918
9818 Sept'27
974 - - - 9712 June'27
9712
- 9614 June'27
9234 _ _
9312 Sept'27
100
100 Sept'27
10058
9912 July'27
_ 9434
9534
9510014
- - 9312 May'27
100
100
10014
10814 Sept'27
10234 Sale 10234
103
10534 10712 10712 10712
10478 105 10478
105
9612
99
99
90
9012 91 Sept'27
9018 96
8834 Sept'27
90 Sept'27
965ii _ - - 97 Aug'27
9018
9612 Apr'27
10814
- - 10814 Aug'27
1025s
- 10234 103
1003
- 10012 Apr'27
9914
4-9934 99 Sept'27
DIM3
•1rele
Range
Since
Jan. 1.
No. Low
High
9512 9812
6
831s 87
102 104
9 10738 109
9012 9234
5
83
8612
10412 107
7 102 10678
10034 10212
27 10134 10314
31 10412 107
5 102 105
8858 92
10118 105
103 103
102 10518
5
7812 86
99
9934
9912 10138
2 112 11878
20 11234 117
9114 9412
13
9038 9218
97.14 99
2
8938 9112
24 10112 104
11814 11959
8 10018 10112
4 10338 108
10212 105
974 10212
48
9458 9a
38
99Ig 101%
143 101
8938 92
864 904
2
8534 88
994 1001a
95 100 6
897
71
7312
71
7234
6114 6814
46
60
20
67
8658 91
2
8714 8714
9438 98
9
19
931/ 9s
9738 102
155
20 10518 108
2 106 10634
8033 934
301
22 105 103
6914 74.3
644
11378 118
1034 10418
91
9114
994 104
1
1 10658 10958
9218 96
9658 10i ,8
5538 6812
71
5534 6812
148
85
34
89
8314 8418
741/ 7818
944 984
8
57
6
69
56% 70
249
55% 68.1,
19
159
5P4 6812
80 10314 10612
5612 69
151
56
233
69
561/ 6812
53
63
564 6812
564 68
10
5659 6814
237
784 84
5
741/ 80
904 9634
16
92
9312
901/ 9,,34
1
105 109
16 10814 115
2 10114 105,4
101 10234
10014 10318
10018 10214
2 10058 10278
101 102
12 105511 10714
33 11112 11312
5 10212 11258
80
974 10258
874 9214
32
8612 8834
9214 9512
347
9258 9378
268
944
8914 91
10114 10258
10211 104
96
9614
9912 10012
9958 10014
9358
24
8734 96381
76
9714 10114
10
2 10312 106
12 1011/ 10538
9 11614 11834
105 106
8658 91
21
23 10312 1051/
10314 10438
9736 9818
954 99
954 9614
9014 9334
100 10012
9912 9912
89
9638
5
9312
92
9836 10012
8
10734 113
17 10144 10314
1 105 108
12 1024 10518
931/ 93
2
91
86
6
87
91
8714 8714
914 9714
91
9712
1001/ 10918
5 10259 1033s
10012 10012
9838 9934
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 1.
44
Cleve & P gen gu 4 yis ser B.1942 A 0
Series A 4tis
19422 J
Series C 3145
1948 M N
Series D 330
1950 F A
Cleve Shor Line 1st gu 430_1961 A 0
Cleve Union Term 5348
1972 A 0
lstsfssserB
1973 A 0
Coal River Ry 1st gu 4s
1945 .1 D
Colorado & South let g 45__ _1929 F A
Refunding & exten 4345_1935 M N
Col & H V ist ext g 4s
1948 A 0
Col & Tot 1st ext 48
1955 F A
Conn & Passum Riv 1st 49..1943 A 0
Consol Ry deb 45
1930 F A
Non-conv 4s
1954.7 .1
Non-cony debenture 4s_ 1955 J .7
Non-cony debenture 4s..1956.7
Cuba Nor Ry 1st 5348
1942 J D
Cuba RR 1st 50-year 5s 9_1952 J
1st ref 734sserA
1936J D
lstlien&ref6sserB
1936 J D
Day & Mich 1st cons 4345..1931 J J
Del & Iludson 1st & ref 4s 1943 M N
30:y
15year 5
cony
As 5s
1935 A 0
1937 M N
10-year secured 75
1930 J D
D RR de [Idea Ist gu 48 g.._1936 F A
Den de R G 1st cons g 45
1936 J .1
Consol gold 4345
1936 J
Improvement gold 58
1928 J D
Den & R G West gen 56_Aug 1955 MN
Des Iti & Ft D 1st gu 4s
1935 J J
Temporary ctfs of deposit_
Det & Mac_ 1st lien g 4s...1995
Gold 45
1995 J D
Detroit River Tunnel 4345..1981 M N
Dul Missabe,dc Nor gen 5s 1941 I J
Dul & Iron Range lot 5s_ _ _1937 A 0
Dui Sou Shore de Atl g 5s .1937 J J
East Ry Minn Nor Div lot 4s_'48 A 0
East T Va & Ga Div g 59
1930 J 1
Cons 1st gold 58
1956 M N
Elgin Joliet & East 1st g 59 1941 M N
El Paso & S W Ist 58
1965 A 0
Erie 1st consol gold 76 ext. 1930 M S
1st cons g 45 prior
1998 1 ./
Registered
1997 J J
1st consol gen lien g 45_ _1996 J J
Registered
1996 .1 J
Penn coil trust gold 48
_1951 F A
50-year cony 48 series A 1953 A 0
Series B
1953 A 0
Gen cony 48 series D
1953 A 0
Ref & hunt 5s
1967 M N
Erie &Jersey lst s f6a
-1955 J J
Genesee River 1st s 1 55..1957 J J
Erie & Pitts gu g 3Ss B
_1940 J 1
Series C 3 tie
Est RR esti s f 75
MN
1
6
46.1
1954
Fla Cent & Penn 1st ext g 58.1930 J J
Consol gold 59_
J J
Florida East Coast 1st 4348.1959 J D
1st de ref 5s series A
1974 IQ 5
Fonda Johns & Cloy 4%8...1952 M N
Fort St U D Co 1st g 4548.-19411 J
Ft W Den C lst g 5345- -1961
Ft Worth de Rio Grist g 4s_1928 J J
Frem Elk & Mo Val 1st 6s__..1933 A 0
GH&SAM &P 1st 55
1931 M
2d extens 58 guar
1931 J J
Galv Sous de Bend 1st5. 1933 A 0
Ga & Ala Ry 18t cons 5s_Oct 1945 J
Ga Caro & Nor 1st gu g 58_1929 J
Georgia Midland 1st 39
1946 A 0
Gr R & I ext 1st gu g 4SO_ 1941 J J
Grand Trunk of Can deb 75.1940 A 0
15-year s f Os
1936 M S
Grays Point Term 1st 55_ _ _1947 J D
Great Nor gen 78 series A
1936 J .1
J J
IstRegis
& rete
f4
re;l
is series A____196I J J
General S34s series 19
1952.7 J
General Ss series C
1973.7 J
General 434s series D _ _1976 J J
Green Bay & West deb ctfs A. Feb
Debentures etre B
Fe(
Greenbrier Ry 1st gu 4s_.1940 Mre
°
Gulf Mob & Nor 151 530_1950 A 0
1st M 5s series C
1950 A 0
Gulf & S I 1st ref & ter g 58_91952
J
Hocking Val 1st cons g 430_1999 J J
Registered
1999 J J
Housatonic Ry cons g 56.--1937 M N
II & T C 1st g int guar
1937
Waco & N W div 1st 6a_ _1930 M N
Houston Belt & Term 1st 5s.1937 J
Houston E & W Tex 1st g 59.1933 M N
1st guar 56 red
1933 M N
Hud & Manhat 58 series A..1957 F A
Registered
F A
Adjustment Income 58 Feb 1957 A 0
Illinois Central 1st gold 48__1951 1 J
Registered
19511 J
1st gold 330
10511 J
Extended 1st gold 334s.1951 A 0
1st gold 38 sterling
1951 M S
Collateral trust gold 48._ 1952 A 0
A 0
Istae
t:fis
un
tedred
ing 48
Purchased lines 334s
115
62
6 .1
61 N
1
Collateral trust gold 4s
1953 M N
Registered
M N
Refunding 56
1955 M N
15-year secured 6)0 g
1936 J .1
40-year 4348
Aug 1 1966 F A
Cairo Bridge gold 45
1950 J D
Litchfield Div 1st gold 38_1951 J .1
Loulay Div ,t Term g 3348.1953 J J
Omaha Div 1st gold 38_1951 F A
St Louis Div & Term g 3,3_1951 J 1
Gold 314s
1951 J 1
Springfield Div 1st g 330_1951 1 J
Western Lines 1st g 48-1951 F A
III Central & Chic St L & N ()Joint 1st ref 58 series A
1963 J D
lst&ref434sC
1963 .1 D
Gold 58
1951 J D
Registered
J D
Gold 410
Ind Bloom & West 1st ext 46_1
A
I D
O
16
94
60
1'
Ind III & Iowa lst g 4s
19501 J
Ind & Louisville 1st gu 4s
1956 J J
Ind Union Ry gen 55 ser A,.,10651
Gen dr red 56 series B
1965.7
Int & Grt Nor 1st 65 tier A 1952 J 1
Adjustment 68 ser A July 1952 Apr
Apr
1st 59 aeries 11
19561 J
1951
Price
Friday,
Oct. 1.
Week's
Range or
Last Sale.
Range
Since
Jan, 1.
Bid
Ask Low
High No.
10212 -10112 --- 101 13ar
:27
A141g26
89
H14 8912 Aug'27
8814 ____ 8914 May'27 -- -10334 - - - - 104
10
104
1094 10912 10858
10912 15
10514 10512 10
98
51:
1
334 15
19
05
9112 _
93
9953 9i6-34 9934
9934
7
9914 Sale 99
9912 -- 95
091495
331
9138
_ 94 Sept'27
8838 __ _- 9478 Sept'27 -9438 964 94 Sept'27 -7912
7
7512 7712 7512
7512 77
7614
7658
7
74
77
76
14
9734 Sale 97
1
9
77
612 8
9712 Sale 9634
9738 28
1
10812 10834 10912 10912
9934 10012 9934
9934
5
9934
9914 Sept'27 - - - 9534 Sale 9518
9534 53
141 Sept'27
_
199j2 Sale- 10512 105%
1
10738 Sale 10634 10738
8
9614
9614 Apr'27
_
9234 Sale 9212
9234 12
9534 Ms 9512
9512
1
100 10014 1004 Sept'27 - --8518 Sale 8312
8514 418
26
48
33 Sept'27 -26
30
26 Sept.27 -80 Sale 80
8018
5
70
____ 70
70
2
9934 101 101
3
101
10358 ____ 10378 July'27
10312 104 104 Sept.27
8714 87
87
87
5
9358
9418 June'27 _ _
1014 ____ 101
1
101
10714 10814 108
1
108
10358 10434 10414
10412
3
107
____ 10314 Sept'27 -107 10714 107
12
107
8778 Sale 8714
8778 29
79
___ 8412
8412
3
8112 Sale 794
8158 490
Eia_j_e_ 7814
7814
2
1015*
6
10158
10114
8734 Sale 8612
874 323
8734 Sale 8612
87s 43
135 Sept'27
__
9659 Sale 9512
964 831
11412 11458 115 Sept'27 -11484
1
11438 11458 11434
9034 9178 9014 Sept'27 -9034 ____ 89 Apr'27
10158 Sale 10138
102
73
10014 __-_ 10012 July'27 -10214 -___ 10134 Aug'27 -9858 13
9859 Sale 9858
9458 Bale 934
238
95
50 Se!! 9
55,2
0523k 41
May'27
9512
108 1-083-4 108 Aug'27
9914 9938 9912 Sept'27 -10614 109 10612 Sept'27
134
10
08
0% 10_11_4 1003
0834 8ep
SePt
-:2
9912 100-14 101 Sept'27
9914 100
5
994
9978
10038 10034 10012 10058 31
7714 79
9
79
7712
16
15
838
10859
9818
11478
:157a-1-eSale
10114
Sale
1011: gale
Sale
10
17
13142 Sale
99 Sale
8
24
5378
4 2
88
514
931g ____
_ _
106341023 10314
10712
;01053.:
26
1014854 Sept'2715
107
10859 23
97 Sept'27
11412 1:2
512 312
114 May'27
10012 10158 22
23
10
16%
4 10712 13
987s
9914 51
Aug'27
8
25
578
5 2 13
93 Aug'27
10634 Sept'27
5
10234
1038e
108
2
108
1
,
04
51.: 54,2
32
r57
5210
9978 101
10218 ____
1031: _
100 1003
- - -4
100
_
10034 106
10114 Sale
9318 Sale
9534 97
9212 97
9112 Bale
8834 ___
734 _
9214 __-_
8478 ____
9978
997s
10334 Sept'27
10312 Aug'27
2
10038
10059
101 June'27
10934 Sept'27
10134 163
1C038
974 June'27
9318 287
9238
971
97
2
9258 Apr'27
9012
4
901
13859 Apr'27
7512 June'27
92 Sept'27
88 July'27
971
97
15
8914 _ _ 8812
1
881
904 :9_1:
!
1 9012
9058 10
10
89
612 Jseunpet:27
11338 ____ 11314
11338
1011g Sale 101
10112
9412 ____ 9434 Sept'27
8
7,
159
8
785s
80
8618
8514
925
-i5- 7834
8058
____
____
____
10738 107%
10014 Sale
108-- _ _
103% 107
831g
8714 -- -10314 ---1021s
1071/ Bale
97 Sale
8512 88
102 Sale
8
78
44 S
A
:1;2
27
7812 Sept'27
80
80
8612 Sept'27
84 Sept'26
9238 Sept'27
95
7
10714
10734 10
9912 1(.014 84
1084 Sept'27
10312 Mar'27
85 Sept'27
831s Sept'27 ---4
96
964
87 Sept'27 - 103 Sept'27 ___
102 Sept'27 ..._
1074 108
101
96
97
26
8734
8734
6
10118
102
32
Low
High
100 101
891/
89
8914 8914
101% 104
108 110%
10312 105%
8858 93
98
9934
96% 9914
91% 95
9012 94
8818 884
79T2 /8-18
691g 7714
691g 77
97
98
944 98
107 11038
99% 1021/
9934
98
931g 97
1141/ 153
103 106
1054 10776
96
9614
8034 94
94
97
9912 10018
735g 8978
86
33
26
35
7014 804
70
62
971s 101
10324 10434
10134 104
7518 8734
94
9418
10094 10212
106 108
102 10484
10434 107
106 1074
8118 87%
79
8412
734 8138
72
784
934 103
7834 8734
79
8734
844 135.
9114 9634
11112 115
III% 115
90'4 9014
89
89
9534 10314
9978 10158
10138 1014
9734 9834
93,8 10112
56
65
94
954
10638 108
9714 994
10614 10812
10011 10134
10018 1021/
9612 10112
98 100
98% 10035
72% 79
974 99
11414 118
106% 108%
97
9712
113% 11559
114 114
97 10158
108 11212
10014 10712
941s 100
8318 86
30
21
93
9312
105 10614
10012 10254
107 108
9723 10558
9584 9534
981/ 100
10038 10378
10214 1034
9912 10118
10012 10134
10018 10934
98 10134
9714 9714
9314
84
94
9712
9258 9258
87
901/
8814 8914
751/
73
901/ 93
88
891/
9318 9712
85
8834
92
88
8612 864
10658 109
1114 11312
9638 10111
921/ 944
761/ 7834
8212 8413
76
7812
761/ 8012
8512 9838
-9013
925
10318 108
9614 10014
10438 10812
1031/ 10334
85 85
934 9338
9338 994
84
904
1014 1034
10178 10278
10538 10878
8358 98
811/ 884
9814 10238
1952
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 7.
Int Rys Cent Amer 1st 5s_1972 MN
1st coll tr 6% notes
1941 MN
1st lien & ref 634s
1947 FA
Iowa Central 1st gold 55___ A938 JD
Certificates of deposit
Refunding gold 48
1951 1W-15
James Frank & Clear 1st 48_1959 JD
Ka A & G R 1st gu g 58
1938 J J
Kan & M 1st gu g 4s
1990 *0
K C Ft S & M cons gas
1928 MN
K C Ft S & M Ry ref g 4s I936 AO
IKC&MR&I31stgu 5s
1929 A0
Kansas City Sou 1st gold 38_1950 *0
Ref & impt 5s
Apr 1950.3.3
Kansas City Term 1st 48.......1960
J
Kentucky Central gold 48. 1987 J J
Kentucky & Ind Term 430_1961 J J
Stamped
1961 J J
Plain
1961 .3.3
Lake Erie & West 1st g 5s_ 1937 J J
1941 J
20 gold Ss
D
Lake Shr & Mich S g 3 Ns 1997
1997 JD
Registered
1928 MS
Debenture gold 48
1931 MN
25-year gold 45
1954 FA
Lou Val Harbor Term 5s
Leh Val NY 1st gu g 430.._1940 J J
Lehigh Val (Pa) cons g 48_2003 MN
MN
Registered
2003 MN
General cons 4 Ns
MN
Registered
Lehigh Val RR gen 5s series_2003 MN
Leh V Term Ry 1st gu g 5s__1941 AO
AO
Registered
Leh & N V 1st guar gold 4s__1945 11 S
Lox & East 1st 50-yr 5s gu__1965 AO
Little Miami gen 4s Sec A1962 MN
Long Dock consol g 68
1935 A0
Long Isld 1st eon gold 5sJuly 1931 Q J
1st consol gold 48__Ju1y 1931 Q J
General gold 48
1938 in
Goio 44
1932
D
United gold 48
1949 MS
1934 JD
Debenture gold 58
1937 MN
20-year p m deb 58
Guar refunding gold 414.....1949 MS
Nor Sh B 1st con gu 55.0ct'32 Q J
Lou & Jeff Bdge Co gu g 4s_ _1945 MS
Louisville & Nashville 53_1937 MN
Unified gold 4s
1940.3'
ii
Registered
Collateral trust gold 5s..,.1931 MN
1930 MN
10-year secured 78
'1st refund 530 series A 2003 A0
2003 *0
155 Jr ref 5s series Il
1st & ref 4 Ms series C._ _2003 AO
1930 J J
N 0 & Nt 1st gold 6s
1930 J J
2d gold 6s
Paducah lit Mom Div 4s_ _1946 FA
St Louis Div 2d gold 3s_ _1980 MS
Mob & ISIontg 1st g 4 Ns 1945 MS
South Ry Joint Monon 4s_1052 .1
At! Knoxv & CM Div 4s_ _1955 MN
/
48'31 MN
Louisy Cln & Lex Div g 41
New York Bond Record-Continued-Page 3
Price
Friday.
Oct. 7.
Week's
Range or
Last Sale.
High No.
Bid
Aslc Low
36
81
8058
8034 81
9
95
95
9558 9434
9112 Sale 9112
9214 37
20
42
42 Sale 41
4114 4612 4114 Sept'27
15 Sept'27
1434 15
95 Sept'27
103
_ 103 May'27
7
891s
8918
883
1
10078
4101 10112 10118
953s 61
9538 Sale 95
10058 10214 10118 Sept'27
34
1
4
77
7638 ____ 76/
10214 Sale 102
102/
1
4 21
20
93
9278 Sale 9014
9014 _ _ 9032 Sept'27
903g -91- 8618 June'27
9033 Sept'27
9038 91
96/
1
4 Sept'27
9638
5
1
4 103
1001
___ 102/
8104 103 Sept'27
10212
8618 8658 8538 Sept'27
8312 Sept'27
9978 Sale 99,34
9978 35
9958 Sale 9914
9934 40
10534 108 10512 Sept'27
10058 101 101 Sept'27
5
9118 9134 9038
9112
89 1%..ay'27
10114 16114 10038 102 24
97 June'27
10912 110 10934 10934
10518 ____ 10612 10612
_ 10218 Mar'27
_- 90 Sept'27
10
11134
113
112
9038114
9018 ____ 9134 Sept'27
10938 ____ 109 Aug'27
5
101'i ____ 10112 10112
98_.- 9818 Sept'27
94
9412 94 Sept'27
9614 Sept'27
9514
9012 -917
_-s 91 Sept'27
10014 10114 10112 Sept'27
2
9934 100 100
100
9
92
92 Sale 9112
10012 10034 10014 Aug'27
9158 Sale 9158
9158
107
____ 107 Sept'27
9734 Sale 9738
16
98
96/
1
4 May'27
101 10114 10112 Aug'27
105 Sale 105
10512 31
19834 Sale 10818
10834 21
1
10718 10734 10712 .10712
10434 29
1043.4 Sale 104
103 10338 10358 Sept'27
103 10358 10334 Aug'27
9534 ____ 9.534
3
9534
683
6812 Aug'27
10138
4103 10114 Sept'27
9312 Sale 901*
9012
9712__ 9612
9712
10018 1-6038 100 Sept'27
Range
Since
Jan. 1.
Low
High
75
8214
9112 9538
90
92/
1
4
41
5812
40
55
1412 2112
911
/
4 96
103 103
8538 8834
101 102
9538
92
9912 10214
734 77
9914 10238
88
93
8112 91
1
4
8518 94/
8812 9012
96/
1
4 9712
101 103
1001s 103
801s 8512
80
8312
9814 100
9738 100
10412 10734
9812 10118
8614 9134
84
8912
97 102
97
97
10312 10C34
10212 10612
10218 10212
90
9078
10934 11334
8658 9134
10834 10912
9958 10112
98
9818
9258 9818
931g 9614
91
89
99 10112
9818 10014
8834 92
100 101
8958 9212
10618 107
9534 9812
95
963s
10118 10234
10318 108
105 110
10534 10878
9934 10434
10314 10438
10358 10334
9358 Co 12
6612 69
10014 10114
8712 91
9312 9712
9934 10012
1934 J J 10212 10414 10212 10212
1 10212 10318
Mahon Coal RR 1st 53
7512
7812 14
76
Manila RR (South Lines) 48_1939 MN 75
66
7812
1959 MN
2
7812
80
75 •81
let 43
7312 84
5 100 101
Manitoba S W Coloniza'n 58 1934 in 100 10112 10012 10012
__
9012 88 Sept'27
Man GB&NW Ist 3Ns1941 J J 88
87
88
Mich Cent Det & Bay City 58_'31 S M 10138 10212 10112 July'27 ____ 10112 10134
101 Dec'26
QM
Registered
1940 J J 9534 -98
Mich Air Line 48
9534 Sept'27
9514 97
92 Mar'26
J L & S 1st gold 3Ns
1951 NI S 8514 88
89/
1
4 Sept'27
1952 MN 893
let gold 3545
8534 90
9934
4 100
1929 A0 99341
9934
9838 100
20-year debenture 48
__
_
1940 AO
9714 Sept'27
Mid of N J ist ext 53
95
9818
100/
1
4
968 1003
- 4 10038
2 10014 1011
Milw L S & West imp g 58_1929 FA 1003
/
4
_
9812 Dec'26
M11 at Nor let ext 440(1880) 1934 in 9678 98
1934 in 9672 ____ 9612 Aug'27
9512 98
Cons eat 43is (1884)
1947 MS 9534 Sale 951
/
4
9534 20
14411 Spar & N W ist gu 4s
9214 9534
__
_ 8318 Dec'25
Milw & State L 1st gu 3145_1941 ii
49
527
- - 8 50 Sept'27
Minn & St Louis 1st cons 53_1934 MN 8757
50
MN 4814 4914 4614
Temp ctfs of deposit
2
4614
4618 55
1978 39
18t & refunding gold 45_ _1949 MS 1914 Salt 18
23
17
1234 10
Ref & ext 50-yr 55 ser A_ _1962 Q F 1234 Sale 1234
1234 1514
52
u938 J, 9034 Sale 8912
91
M St P & S S 51 con g 48 lot g1'
8614 91
j
9934
9734 14
9734 Sale 9712
1st emu 5s
96
9912 21
1938 J
- 98/
1
4 Sale 9838
96/
1
4 9413
1st cons 5s gu as to Int
10212 18
1931 MS 102 Sale 102
9712 10212
10-year coil trust 6 Ns
19
1st & ref 6s series A
1946 ii 10218 10314 10034 102
9814 102
/
4
9412 73
824 941
1949 MS 9412 Sale 9112
25-year 5345
__
9814 June'27
1941 MN
9814
1st Chicago Term s f 48
9734 0814
__
1949
9512 9712
971
/
4 ____ 9718 Sept'27
Mississippi Central 1st 55
/
4
9114 25
8614 9114
Mo Kan & Tex 1st gold 48_1990 J 13 904 Sale 901
34 101 10514
Mo-K-T RR pr lien 58 tier A.1962 J J 10434 Sale 10434 105
9014 21
8512 9012
1962 J J 9014 Sale 90
40-year 48 series B
46 10258 104
103
10278 Sale 10278
1932 J
10-year 65 series C
96 10814
Cum adjust 5s ser A Jan_1967 A 0 107 Sale 10634 10718 109
9734 102
1965 F A 101 Sale 10038 10114 88
Mo Pac 1st & ref 58 ser A
7912 529
7412 7912
1975 M S 7918 Sale 7734
General 45
9734 10138
1977 M S 101 Sale 10038 10138 247
1st & ref 58 ser F
94 Sept'27
9272 95
9414 95
Mo Pac 3d 78 ext at 4% July 1938 MN
_ _ 9734 June'27
.9734 99
Mob & Bir prior lien g 58-1945 J J
- 8912 Sept'27
861g 8912
8938 9212
1945.3 .1 100781st m gold 4s
1045.3 J 8278 8578 8318 Sept'27
82
Small
8318
92
37
8 .1
81 D
5 100 102
100
s 100 10012 100
Mobile & Ohio new gold 65_ _ 19
923g 9512
9512 Sept'27
951
General gold 4s
Montgomery Div 1st g 53_1947 F A 10212
10312 10238 Sept'27 _
10038 102
g1927.3 1) 9912 10012 99/
1
4 Sept'27
9912 10014
St Louis Division 58
96
98
299
98
1977555 98 Sale 9714
Ref &'mot 4 Ns
_
9114 9712
97 Sept'27
j
Mob & Mar 1st gu gold 4s 19911 M S
6 11014 11312
11214
11234 ____ 11214
Mont C 1st gli 68
_ 11112 Mar'27
11112 11134
J .1
Registered
1937 J .1
103/
1
4 10614
1-6614 10614 Sept'27
1st guar gold 58
wiz 85
Morris & Essex 1st gu 33.0_2000 J D 8312 ____ 8438 Sept'27 _ _
10014 16 10014 10112
Nashv Chatt & St L 1st 55 1928 A 0 10014 Sale 10014
1937 F A 10314 106 10258 Sept'27
102/
1
4 10312
N Fla & S 1st gu g 58
t'24
Nat,Ry of Islex pr lien 43.45.1957 J 1
1( °1214 10 1012 20
-1134 -1137, 8
Assent cash war rct No 4 on
_
8712 Aug'25
1977 A--0
-years f 48
Guar 70
4 "i/ 16"
17/
1
4
1614 19.4 1738
Assent cash war rct No 5011
3812 July'25
Nat RR Mex pr I 4348 Oct_1926
j J
24 Sept'25
July 1914 coupon on
17
20
2012 13
26's
l9ls 20
Assent cash war rct No 4 On
Apr'26 _ _ _ _
28
1951;
-1st consol 45
9
1
1012
1612
1038 1012
10
Assent cash war rct No 4 on _ _
87/
1
4 8733
874 July'27
1954 M N 8614
Naugatuck RR 1st g 45
__
10138 June'27
8912 10138
/
4
1945 J J 1001
New England cons 58
_
8712 8212
/
4 Aug'27
___ 891
1945 J J 891
Consol guar 4s
8512 8512
1986 F A 86 2-8912 8512 Sept'27
NJ June RR guar 1st 4s
8
9612 9934
99/
1
4
9934
NO&NE 1st ref az imp4MsA'52 J J 9912 100
8718 91
91
1
4
New Orleans Term 1st 48.-1953 J .1 91 Sale 90/
2 100 10118
1
4
1
4 100/
N 0Texas & Mex n-c Inc 58_1935 A 0 10012 ___ 100/
1st fa aeries B
1954 A 0 10114 Sale 10034 10112 36 100 10112
4 103 105
105
105
let 55 series C
1956 F A 10434
2 10434 106
1st 534s 'Krieg A
1954* 0 10614 ____ 10512 10512
97
9834
N & C Bdge gen guar 4 Ns1945 J J 97/
. 9814 Sept'27
1
4
5 10034 102
1017s
1017
NYB&MBIsteong 5s 1935 A 0 10114 102
-
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct.7.
Price
Friday,
Oct. 7.
Week's
Range or
Last Sale,
Range
Since
Jan, 1.
1314
High
A sic Low
High No, Low
NY Cent RR cony deb 6E4..1935 MN 10778 Salo 10778
10834 22 10638 10873
A 95 Sale 9438
A
F 0
95/
1
4
Consol 48 series
95
24 90
10358 Sale 10238 10338
Ref & inapt 43-45
A99
series A.210138
8 9778 10338
Ref & inapt 55 series C____2013 A 0 10838 Sale 108
109
94 10514 109
A 0
10512 Jan'27
Registered
10512 10512
N Y Central & Hudson River1997 J J 8478 Sale 8478
Mortgage 3348
1
4 8714
85
3 80/
1
4
1997.3 J 8438 Sale 8438
Registered
1
4 84/
8418 14 78/
wi N 9814 Sale 977g
1934 N1
Debenture gold 45
9814 18 9614 9834
Registered
96
96
9538 -- -- 96 Feb'27
1942 J J 9412 ____ 9718 Sept'27
30-year debenture 45
9412 983s
J 9412
93 Feb'26
Registered
Lake Shore coil gold 3;0_1998 F A 83 d l-e- 83
83
3 791s 85
1098 F A 8038 ____ 82 Sept'27
Registered
7834 82
Mich Cent coil gold 3Ns 1998 F A 834 ____ 8434 Sept'27
7934 851s
1998 F A 8118 i_ 8118 July'27
Registered
7878 8214
9424 9812
1
4 - 12 961 Sept'27
N Y Chic & St L lat g 45
1937 A 0 96/
1937 A 0 9518
9
99
4,8
38 Sept'27
o
Registered
94
9518
1931 M N
25-year debenture 45
/
4 9914
5 961
93
9:8
4 Sale 10278
2068 series A B C
1931 M N 10
10312 49 10218 10334
Refunding 534s series A1974 A 0 10714 Sale 10634 10713 54 10418 10712
1
4 107
Refunding 534s series 11_1975 J J 10678 10714 106/
7 10418 10712
N Y Connect 1st gu 43is A..1953 F A 10014 Sale 9978 10014 98 9438 10014
1053 F A 10438 10434 105 Aug'27
1st guar 51 series B
103/
1
4 105
N Y & Erie 1st ext gold 48-1947 M N 91 :::: 9134 Oct'26
1
4
98/
1
4 July'27
3d ext gold 430
1933M S 99/
98'z 987s
0838 10012
1
4 ____ 10038 Mar'27
4th ext gold 5s
1930 A 0 100/
5th ext gold 4s
1928 1 D 9914 ____ 99 Nov'26
100 Sept'27
N Y & Greenw L gu g 5s_1846 M N 9978
9912 1005i
83/
1
4 June'27
NY & Harlem gold 334s,,_2000 MN
8134 8538
82/
1
4 Mar'27
M N
8212 8212
Registered
80 July'26
NY Lack &W 1st & ref 58 1973 M N
10418 June'27
ia"
1973M N 1015835k1488
First & ref 43.0
106 Feb'27
106 106
NY LE&W Ist 7s ext
1930 M S 10614 _
N Y & Jersey 1st 55
1932 F A • 10034 101- 10034 10034 10 10014 10118
90 Dec'26
NY de Long Branch gong 48 1941 M S 9014
91
Apr'27
"iii 91
NY&NE Bost Term 48_1939 A 0 0212
86
7578 Sept'27
74
N Y N & If n-c deb 4s_ _1947 M S 8412
1
4 76
7334 Sept'27
7518
72/
Non-cony debenture 330-1947 M
17 6832 7834
Non-cony debenture 330_1954 A 0 7612 fitZl-e84
73
9',
8
74
634
12 76
1955 J J 84 Sale 8
Non-cony debenture 48
20 764 84
1
4
84
Non-cony debenture 4.8..._1956 M N 8334 Sale 83/
68
/
1
4
77
75:4
77
Sale
23,
753
8
Cony debenture 33.4s
1956 J J
11212 80 10512 11418
1948J J 11212 Sale 11114
Cony debenture 6s
103 111
_ 111 Sept'27
J J
Registered
10512 95 10273 10512
Collateral trust 68
1940 A 0 165" low; 10414
79
72 6912 79
Debenture 45
1957 M N 79 Sale 76
90/
1 8814 91
1
4
9038
Harlem R & Pt Ches 1st 4819.54 M N 9012 91
99/
1
4 100
9978 Aug'27
NY & Northern 1st g 55_
1027 A 0
/
4 8112
26 761
NYO&Wret lstg 48.June 1992 M S 81 gi;l-e80
8
78
0'8
7
88
134 22 73
General 45
1955 J D 7714 78
9038 9058
N Y Providence & Boston 48 1942 A 0 9058 ____ 903g Sept'27
9112
9112
N Y & Putnam 1st con gu 45 1933 A 0 911
897s 9212
Sale 90
NY Susq & West 1st ref 58.1937,1 J 90 2-3 8712 9412
9012
7912 June'27
7412
20 gold 430
1937 F A
7234 8054
7718
7734 22 711g 80
General gold 58
1940 F A
7
:
0
5
7 2 1112
1-e1-2 101 June'27
1043 M N 10
Terminal 1st gold 5s
981g 101
1
4
N Y W'ches & 13 ist ser I 4 Ms'46 J J 8914 Sale 86/
8912 157 7813 8912
1950 A 0 10034 Sale 10014
Nord Ry ext I s f 6 Ns
100/
1
4 48 9314 10034
9512 68 9034 9512
Norfolk South 1st& ref A 58_1961 F A 9434 Sale 9412
10012 1011
/
4
Norfolk & South 1st gold 58_1941 M N 10114 10214 1014 Aug'27
_ 10512 10512
4 10434 10613
Norfolk .4 West gen gold 68_1931 M N
- 4 10818 Aug'27
10818 110
Improvement & ext 644_1934 F A 10814 1083106
1932 A 0 106106
8 106 107
New River 1st gold 65
9634 10 9233 9714
N & W Ry 1st cons g 48-1996 A 0 9678 -97"3-4 9638
9478 Aug'27
927s 95
Registered
1996 A 0
9518 -6512 9518
953s
10 93
9538
DWI 1st lien & gen g 48_1944 J
18612 Sept'27
158 187
1929 M S
10-yr cony 65
9512
954 9512
9278 96
1941 J D 95
Pocah C & C joint 4s
1
4 Sept'27
____ 106/
10533 107
North Cent gen & ref 58 A..1974 M S 107
99 June'27
_
97
9934
Gen & ref 434s series A_ 1975 M S
100
1
4 100
7 94/
1945 A 0 150- giiie- 5534
North Ohio 1st guar g 5s
9618 Sale 9512
9638 112 9114 97
North Pacific prior lien 4s....1997 Q
95/
1
4 13 9058 955s
1
4 Sale 9512
1997 Q J 95/
Registered
7013 6914
1
4 70/
1
4
7033 68 65/
Gen'i lien gold 3s_ __Jan 2047 Q F 70
67 Aug'27
69
6333 67113
Jan 2047 Q F 68
Registered
10212 103/
1
4 10112 1021
/
4 23 96 10212
Ref & impt 430 series A __2047 J
2
98
98 May'27
98
J J 9914
Registered
-- 11514
116
75 111 11614
Ref & impt 6s series B__ -2047 J J 11512 Sale
1
4 109 10718
/
4 10734
10718
1031
Ref & impt 55 series C_-2047 J J 107/
/
4 10812
5 1031
Ref & Impt 58 series D.-2047 J J 10712 __-- 10712
10934 10978
Nor Pac Term Co 1st g 68-1033 J J 10934 ____ 10934 July'27
103 10634
Nor Ry of Calif guar g 5s--_1938 A 0 10634---- 10634 10634
10212 1031g
1930J J 10212 10312 10212 Sept'27
North Wisconsin 1st 68
82,4
538 8612 8712 Sept'27
811
/
4 88
Og & L Cham Ist gu 45 g.._ -1948 J J 10
/
4 • 9433
Ohio Connecting Ry 1st 48_1943 M S 9238 ---- 9458 Mar'27 ....„ 941
10318 June'27
102 10418
1936J D
Ohio River RR 1st g 58
__ 10212 Aug'27
10114 103
1037 A 0
General gold 58
94
9434
95
4 8833 95
95
Oregon RR & Nay con g 45_1946 J D 1022 10634 10912
Ore Short Line 1st cons g 55.1946.3 J 10912 Sale 10912 10912
106 110
1946 J J 109 ts 110 10814 Sept'27
Guar cons 58
1929 J D 9934 Sale 9934
09,
s 70 9814 100
Guar refunding 45
9134
9134 9112
7 867s 92
1961 J J 91
Oregon-Wash let & ref 4s
89
93
5 88
1946 J D 89 Sale 8858
Pacific Coast Co 1st g 58
9334 Aug'27
9334 95
Pac RR of Mo 1st ext g 4s 1938 F A 9378 95
10234
2 102 10234
10234
1938 J J
2d extended gold 543
Sept'27
_
98 100
Paducah & Ills 1st s f 430_1955 J J
964 131 87/
1
4 97
Paris-Lyons-Sled RR 68_ _1958 F A 9652 gale 9613
1
4 103
99 9612 10312
Sinking fund external 78_1958 M S 10234 Sale 102/
102/
1
4 41 9514 10234
1954 M S 10112 102 10111
Paris-Orleans RR f 'Ts__
46 10114 10312
103
103 Sale 103
Paulista Ry 1st & ref s f 7s_ -1942 M
9512 9838
Pennsylvania RR cons g 4s 1943 M N 98 Sale 9838 Aug'27
971
/
4
98
23 9414 99
1948 M N 9712 Consol gold 48
98
10 9432 98
48 sterl stpd dollar_May 1 1948 M N 98 Sale 98
10512
1960 F A 105 Sale 105
8 1017g 10512
Consolidated 45-4s
1
4 10338 92 9914 10314
1965 J D 10338 Sale 102/
General 434s series A
22 10672 11212
1968 J D 11112 Sale 11112 112
General 55 series B
1930 A 0 10614 Sale 10614
10612 82 105/
1
4 107/
1
4
10-year secured 78
1
4 Sale 11212 1127s 96 11134 11314
1936 F A 112/
15-year secured 634s
F A 1114 _
11118 Aug'27
11113 11134
Registered
1
4 1-0434 1041
/
4 1041
/
4 22 102 108
40-year secured gold 58-1964 M N 104/
89 Mar'27
89
89
Pa Co gu 334s coll tr A reg_1937 M S 8738
Guar 3345 coil trust ser B-1941 F A 874 -8878912
8714 10 86
3 8714
85
Guar 33.4s trust ctfs C-___1942 J D 8614 .___ 86 Sept'27
13812
8612
87
Guar 3 Ns trust ctfs D____1944 J D
5 8434 87
_ 99
7 9713 9914
9914
Guar I5-25-year gold 4s- _1931 A 0 39
1952 M N
9312 -61. 92 Sept'27
88
92
Guar 48 series E
10032 157 9534 10038
Pa Ohio & Det 1st & ref 43-is A'77 A 0 100 Sale 9934
Asp4rs
il_ 1,00
940
90
8514 9114
9014 9032 Sept'27
Peoria & Eastern 1st con
4758 49
/
4 53
4734
481
/
4 14 411
Income 4s
103/
1
4 Iowa
Peoria & Pekin Un 1st 5345_1974 F A 10612 10712 10612 Sept'27
10518 Sale 105
J
956
39 j
1051s 13 io358 10512
Pere Marquette 1st ser A 55_19
9134-_
89
9212
9134 Sept'27
1st 45 series B
MN
A
943
4F
97
9533 99
983-4 99 Sept'27
Phila Balt & Wash 1st g 45_197
11012 11233
1
4 Sept'27
11134 113 112/
General 58 series B
37 J
4114 44
42
1
4 Sept'27
43
Philippine Ry 1st 30-yr s f 4s 194
42/
10612 10634
Pine Creek registered bit 65.1932 J D 1063
-- 10634 June'27
PCC&StLgu4N5A
0A 0 10114
2 9938 10234
81023-4 10112 10112
1942 A 0 10134 ____ 1011
10014 10155
/
4 Sept'27
Series B 434s guar
1942 M N 10112
10034 10114
101 July'27
Series C 4 Ms guar
1945 M N 9718 _ _ _ _ 98 Sopt'27
96
98
Series D 48 guar
19
,
9
3 F A 9718 _ _ _ _ 97/
913/
1
4 98
1
4 Sept'27
Series E 330 guar gold...194
J D 974 - _ 971
/
4 Apr'27
9714 10033
Series F 4s guar gold
_ 9734 Sept'27
1957 M N
96/
1
4 9734
Series G 48 guar
1
4 Aug'27
1960 F A 9714 -- 97/
Series H con guar 48
97/
1
4 100/
1
4
Series I cons guar 4 Ms_ _1963 F A 10434 ____ 103 Aug'27
99/
1
4 10314
100 10318
Series.' cons guar 4 Ns___ _1964 MN 10414-- 10314 Sept'27
11134 14 10634 111%
Generak M 58 series A__ _ _1970 J D 11112 Sale 11034
/
4 Sale 11012 11134 31 10834 11114
Gen mtge guar 5s series 11_1975 A 0 1111
New York Bond Record-Continued-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 7.
Y.
Price
Fridau,
Oct. 7.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
BONDS.
N. Y. STOCK EXCHANGE,
Wcipk Ended Oct.7.
412.
1953
Price
Friday,
Oct. 7.
Week's
Range or
Last Sale,
0,0
Range
Since
Jan, I.
Ask Low
High No • Low
High
Bid
Bici
Ask Low
High
High No. Low
Pitts & L Erie 2d g 58_ _ _Jan 1928 A 0 997
99 10078 Va & Southw'n lot gu 5s___2003 .1
__ 10012 July'27
10178 ____ 10134 Aug'27
10134 102%
Pitts Melt & Y 1st gu 6s..1932 J J 10412 ____ 106 May'27
1st cons 50-year 58
10578 166
1958 A0 99 Sale 98
12
99
94%
99
2d guar 65
1934 J J 10418 106 10134 Nov'26 ____
Virginian Ry lot 5s series A.1962 MN 10814 Sale 10818
10812 107 10212 109
Pitts Sh & L E 1st g 58
1940 A 0 1021i ____ 10314 Sept'27
10013 1-631-4 Wabash 1st gold 58
1939 MN 10412 105 10434
14
3 103 105
104
1st consol gold 53
1943 .7 J 10012 ____ 10013 Apr'27
10013 1C012
2d gold Is
1939 FA 10358
10338
2 10038 10334
10334
Pitts Va & Char 1st 4s
1943 M N
95
95
Ref 51 530 series A
96
0518 __-_ 95
1
62 10318 10612
1975 MS 10412 Sale 10412
1061
Pitts Y & Ash Ist cons 5s
1927 MN
Ref & gen In series B
100 100
9978 ___ 100 July'27
21
1976 FA 102 10212 10218
9913 10258
10214
let gen 48 series A
1948 J D 94% ____ 94 Mar'27 ____
Debenture B 68 registered.1939
1 9612 ____ 10334 July'26
9234 94
1st gen 58 series 13
1062 F A 10538 10712 10538 Sept'27
10458 107
1st lien 50-yr g term 4s_ 1954
884 ____ 10334 July'27
8158 8534
Providence Secur deb 4s._..1957 M N
75
7634
70
7634
Det & Chi ext 1st g 5s_ _ -.1941 j
78
74
9
10318 ____ 103 Sept'27 9512
19
,
0
,
312 10
Providence Term 1st 48
1956 M S
8418 July'27
Des Moines Div 1st g 4s_.1939 j j 93
8418 8418
94
9312 Sept'27
Reading Co Jersey Cen coil 48_'51 A 0 9512 96
92 100
45
96
9534
Om Div 1st g 330
A0 85
1941
8612
8612
Aug'27
9
87
14
0
3%
8
9
Gen & ref 430 series A...1997 J J 10134 Sale 10112 10218 19
98 102%
Tol & Chic Div g 48
1941 MS 9134 ____ 9158 Sept'27
Rich & Meek 1st g 48
1948 MN
8238 Sept'27
7913 8238 Warren 1st ref gu g 330-2000 FA
82
83 Sept'27
80
834
Richm Term Ry 1st gu 58
103
1952 J J 103 Sale 103
NVash Cent let gold 4s
2 10158 103
1948 QM 8934 93. 8858 June'27
8714 88%
Rio Grande June let gu 5s..1930 J D 10118 103 102
102
Wash Term 1st gu 3343
3 100 102
8313 85
867 Sept'27
1945 FA
Rio Grande Sou 1st gold 45_ _1940 J J
1st 40-year guar 48
512 734 734 Aug'27
734 734
8
85
714
78 $
97214
1945 FA 9218 ____ 92 July'27
2
Guaranteed (Jan 1922 coup on) J J
6 MaY'25 - -- W Min W & N W 1st gu 55_1930 FA 9934 100
9934 Sept'27
9814 9934
Rio Grande West 1st gold 43_1939 .1 J
9378 75 -6012 -637-8 West Maryland 1st g 4s
9378 Sale 9338
106
87
1952 AO 87 Sale 86
1st con & coil trust 48 A..1949 A 0 8834 Sale 8712
89
84
8834 00
1st & ref 530 series A--.1977 J J 10218 Sale 10138
9
29
63144 10
10212 256
82
712
Ill Ark & Louis 1st 430
98
9738
1934 M S 9712 98
9453 98
32
West N Y & Pa 1st g 58
5 10112 10234
1937 J J 10234 Sale 10214
10234
Rut-Canada 1st gu g 4s
1049 J J 85
851s Sept'27 _
Gen gold 45
87
8212 8534
28
91
88
91
90%
1943 AO
Rutland 1st con g 430
1041 J j 9412 Sale 9412
2
9412
9118 9512 Income g 5s
45 Feb'25 - Apr 1 1943 Nov
St Jos & Grand Isl let g....1947 1 J
8812 ____ 8834
8938
Western Pac 1st ser A 5s___1946 MS 9912 Sale 9914
4
8634 89
0812 SOUls
9914 38
St Lawr & Adir 1st g 5s....1096 J J 10012 ____ 10018 Sept'27
100 10018
1st gold 68 series B
102%
10218 10412
Aug'27
MS
1946
20 gold6s10
1996 A 0 10612 7
14 Aug'27 _
10513 10714 West Shore 1st 4s guar
17
9114
903
2361
Sale
8
8613 914
II
9114
St L & Cairo guar g 4s
1931 J J 9713 9818 9738
9614 9738
Registered
r,
9711
808
86
3
8912
8912
2361 Is 83
St L Ir Mt& S gen con g 5s 1931 A 0 10112 10134 10114
10158 57
99 10158 Wheeling & Lake Erie-Stamped guar Is
1931 A 0
__ __ __ 10038 Sept'26 _
Wheeling Div 1st gold 58_1928 J J 10018 10014 1001 Sept'27
9934 101
Unified & ref gold 48
991, 10112
1929 J
Ext'n & impt gold Is
97% 99%
1001. Aug'27
1930 FA 10014
9953 Sale
Registered
98
9% Aug
1
____
__ _ _ 0
9
'
927
Refunding 430 series A I966 M S 94 Sale 94
4 223
9812 9812
1
9012 54
94
Riv & G Div 1st g 48
1933 M N
9512 Sale 9514
93% 96
41
957
Refunding Os series B
89(0
1.43,
414
2 19
1966 54 S 10112 102 10138
70
r
2:442 10
0
101%
St L Al Bridge Ter gu g 5s 1930 A 0 101 10134 10078 Sept'27 ___ _ 100 10158
RR 1st consol 45
5
8934
1949 M S 8912 90
8934
St L & San Fran (reorg co) 451950 J J
8412 89, Wilk & East 1st gu g 55
8978 147
8934 Sale 8918
7678
1942 3D 7638 78
77
Registered
J j
Will & S F 1st gold 5s
87 May'27 _
87
87
10334 106 104 Aug'27'
1938
104
958
6 104%
Prior lien series B 55
1950 J .1 103% Sale 10278
9934 10314 Winston-Salem S 13 let 4s_ 1980 J J
10314 70
9034 9212 9012 Sept'27
9()2
Prior lien series C 63
1928 J J 10138 Sale 1014
10134 49 100 10258 Wis Cent 50-yr 1st gen 4s_ _1949 J J 85 Sale 84
734
92
85
978 8
8
90
Prior lien 530 series D...1942 1 J 10338 Sale 103 • 10338 12 10112 10312
Sup & Dul div & term 1st 48'36 MN 90
91
2
92
90%
Cum adjust ser A 65....July 1955 A 0 10112 Sale 10114
10158 83
99 102
Wor tt-, Con East 1st 4(.4s.._1943 J J 92
92%
9212 9214 Aug'27
89
Income series A 6s_July 1960 Oct. 9958 Sale 9914
9514 9934
9934 373
INDUSTRIALS
St Louis & San Fr fly gen 63.1931 J J 10434 10512 105 Sept'27
10438 105% Adams Express coil tr g 4s_ _1948 MS 934 ____ 9418
94%
9512
89
General gold 55
1931 J J 10114 _
66_
111012 10178 Ajax Rubber 1st 15-yr a f 85_1936 JO 10978 Sale 10878
__ 10134 Sept'27
9%8
578 10
10978 4
,
103
St L Peor & N NV 1st gu 58_ _1948 T J 10678
10714 Sept'27
16412 1(714 Alaska Gold NI deb 68 A._ 1925 MS
Sept'27 -4
47
8
6
St Louis Sou 1st gu e 4‘,
1931 51 5 9734 9758 Aug'27
9618 9812
Cony deb Os series B
4
434 Sept'27
5
3%
1926
514
MS
St L SW 1st g 48 bond etf8 1989 M N 8978 ____ 8934
90
8612 90
15
Alpine-Niontan Steel 1st 76_1955 MS 0434 95 19
:
04
5
914 9711
19
04
6184 17
20 g 4s Inc bond ctfs_Nov 1080 J J 8312 ____ 84 Sept'27
84
Am Agric Chem 1st ref f 730'41 FA 104 Sale 10312 104
81
9718 104%
63
Consol gold 48
1932 J D 9738 Sale 97
9418 97% Amer Beet Sug cony deb 68_1935 FA 90
9738 23
921 91% Sept'27
9112 98
let terminal & unifying 58_1952 1 J 100
____ 100
95 10014 American Chain deb s f 6s 1033 AO 10414 1043 104
5
10014
06
44
10
103
34
14 10
12
1041
4
St Paul & K C Sh List 410_1941 F A 9534 Sale 9534
9212 91334 Am Cot Oil debenture 58._ _1931 MN 100 Sale 9938
22
96
93
91
100
St Paul & Duluth 1st 5s
1931 F A 10178 10212 10158 July'27
Am Dock & Impt gu 65
10153 102
2
1936 Ii 105%
1st consol gold 48
1968 1 13 94% 9614 9158 Sept'27
91
Ara Mach & Fdy 5 f 65
93
1)0
412
1939 A0 10418 105 104
10414
4 10312 10
St Paul E Gr Trunk 4;is_ _ _ _1947 1 J 9918 10014 98
Jan'27
98
98
Am Republic Corp deb 65..A937 AO 9914 Sale 9914
9912
8
St Paul Minn /tc Sian con 48_1933 J .1 9738 ____ 9712 Sept'27
9714 9812 Am Sm & R 1st 30-yr 5$ ser A '47 A0 10214 Sale 10214
1
1
11
0
9
000
3
0
1
511111447
9
00
0098
,2
9
281
63
,
2
4
10212
let consol g 68
1933 J J 10714
_ 10714 Sept'27
1074 108%
1st NI 6s series B
7
10812 10914
1947 A0 10834
Registered
10638 10714 Amer Sugar Ref 15-yr 68 _1937 JJ 10434 Sale 104
J J 10658_ _ 10658 Sept'27
9
053
91
0:
9
4
238
3,4s 10
64
1941
13s reduced to gold 430_ _ _1933 J .1 10038 10112
- - 10018 Sept'27
9912 10058 Am Telep & Teleg coil tr 48_1929.31 9934 Sale 9934
64
997
Registered
J J 9814
9914 July'27
Convertible 45
4
99149 114
99
1936 MS 9812 ____ 99
Mont ext lot gold 43
1037 J D 9714 _ _ 9714
951, 9814
2
9714
20-year cony 4)4s
1
_ 10114
1933 M S 1005e
14
101
Registered
9512 Jan'27
J D 9414
9512 9512
30-year coil tr 5s
19461 D 10434 Sale 10458 10512 46
Pacific ext guards (sterling)'40 J J 9314 94
2
9314
9314
91
35-yr 8 f deb Os
10512 163 101 106
9314
19601 J 10512 Sale 105
St Paul Un Dep 1st & ref 55_1972 J J 107 Sale. 107
107
3 10514 10.1
20
-years f530
1943 Si N 10834 Sale 10814
10914 62
S A Az Ar Pass 1st gu g 48...1943 J 1 9214 Sale 9214
8838 9258 Am Type Found deb 68
6
9212
5'34
1 10
98)142
92
1940 AO 1061 Salo 10512 10613 16 10
Santa Fe Pres & Phen 5s___ A942 NI S 10218 ____ 102 July'27
102
Wet
100
Am
Wks
10314
Sale
&
El
53_1934
100
col
tr
AO
10012 16
Say Fla & West 1st g 68__..1934 A 0 1083.1 ____ 10834 Sept'27
1083
4
10912
Deb
Sale
1044
g
68
41
1043
aer
4
A
Si
N
1075
10514
let gold 58
1934 A 0 10312
_ 104 May'27
Am Writ Pap 1st g 65
10234 104
94
63
1947 J J 9314 Sale 9278
Scioto V & N 14 1st gu g 4s 1989 MN
9458 ____ 9438
3
9458
:
08544
95
'
0
026
09
91
°
5
4
178
Anaconda Cop Min 1st 68 1953 FA 10438 Sale 10412 10478 249 1:
6333,2114
8
122 1110
188095
0003
15-year cony deb 75
1095e 143 10613 109%
1938 FA 10914 Sale 109
Seaboard Air Line g 48
1950 A 0 8313 87
8414 Sept'27
8113 8414 Andes Cop Min cony deb 78_1943
107
15
Sale
s
10744
1073
5s
J
Gold 4s stamped
1951) A 0 84 Sale 8318
84
48
8012 87% Anglo-Chilean 78 without war _'45 MN
163
93 Sale 92
94
Adjustment 58
Oct 1949 E' A
85% Sale 8513
51
86
8315 8812 Antilla(Comp Azuc) 730._1939 J J 97 Sale 9712
11
9734
Refunding 4s
1959 A 0 7338 Sale 7278
7338 146
693
8
Ark
763
Jt
93
34
Mem
Bridge
4
&
Ter
,
1025
,
014 10
55_1964
1024
1023
8
103
4
MS
5 10
let & cons 68 series A
1946
9814 Sale 9814.
9811 284
9434 99% Armour & Co let real est 430'39 J D 9012 Sale 90
9012 91
Atl & Birm 30-yr 1st g 43_01933 M S 9314 04
94 Sept'27
_
90% 95
Armour
&
Cool
Del
5348...1943
Sale
893
106
4
8912
J
J
903
4
Seaboard All Ha let gu Gs A _1935
9613 Sale 0614
967
A
70
94
9858 Associated Oil 6)4 gold notes 1935 51 S 1103
02
:
414
0,42 10
8,4 Se_ _l_e_ 102
103
31 1003
110:8
3
Series D
1935 F A
9612 96% 9612
9634 13
9718 Atlanta Gas L let 5s
94
____ 10318 Sept'2
1947
10258 10338
D 103
Seaboard & Roan Ls extd1931 J J 10012
10034
1003
4
,
,
10
100
100
38
Atlantic
,
5
Fruit
ctfs
dep.
1
7s
._1934
5
8
155
8
June'27
JO
So Car & Ga 1st ext 630_ _ 1929 MN 10114 Sale 10114
10138
2 10034 10134
Stamped etre of deposit
18
18
Jan'27
JO
8
El & N Ala eons gu.g 58
1936 13 A 10414 10534 104 Sept'27
10318 105
Atl Gulf & W I SS I.col tr 55_1959 1 J 691 1 Sale 69
76%
07
70 4 35
I Gen eons guar 50-yr 6s_ 1963 A 0 11138 1131 11134 Sept'27
_ 1 014 11214 Atlantic Refg deb 58
1937 Ii 10112 Sale 10112 102
16
So Pac(oll 48(Cent Pac coil) 1491 1) 93
9338 92%
93%
5
8814 9338 Baldw Loco Works 1st 5s_ _ _1940 MN
1
Registered
89 Aug'27 _ _ _ _
J D 8418 90
89
86
Baragua
73.4e....1937
(Comp
09
Az)
02,
108%
%
J
10912
11014
1091
1 196 19
J
20-year cony 48
June 1929 lit S 100 Sale 9914
100
197
98% 1001 7. Barnsdall Corp 68 with wan'.1940 J D 97 Sale 97
71 106','4
98
let 430(Oregon Lines) A_1977 M S 10212 Sale 10214
10212 54 10014 10212
Deb 613(without warrant)_ 1940 J D 90 Sale 90
,912
4
91
36
20-year cony 53
10134
1934 J D 10112 Sale 101
8 100 103
Belding-Ilemingway 6s
1936 .1 J 98 Sale 98
981
14
20-year gold Os
1944 M N 10114 101% 10114 . 10134 22 100% 10238 Bell Telep of Pa 5s series II_ _1948 .1 J 10534 Sale 10558
0,6
81,4
:
8634 10
106
902
8 10
San Fran Terml 1st 48
1950 A 0 02% 93% 9212
9212
2
90% 9414
let & ref 5s series C
1960
10712
A
1073
0
Sale
8
10712
102% 10712
42
Registered
A 0 87
8912 91 July'27 __
93
87
Berlin City Elee Co 630_ _ _1951
9712 Sale 9634
08
138
So Pee of Cal 1st con gu g 58_1937 NI N 10531 1061 1 10534 July'27 10413 107
Berlin Elec El & Undg 630_1956 A 0 9634 Sale 961.
9712 201
9734
94
So Pac Coast 1st gu g 413_ __ _1937 J J
08 Sale 97
98
8
Beth Steel 1st & ref 55 guar A '42 M N 101 102 10112
04% 98
10214
6 100 10278
Borne RR 1st ref 45
1955.3 J
110
97
97 Sale_ 9612
93% 97%
30-yr p m & Imp f 5s_ _._1036 J J 10012 Sale 10012 10034 12
Registered
9578
5
95%
J J
9414 9618
Cons 30-year 68 series A.1948 F A 10458 Sale 10412 1047 121 10158 10513
Southern Ity 1st cons g 58__1994 J J 1-1111.2 Sale 110
13 10612 111
111
Cons 30-year 5348 ser 13_ 1953 F A 10134 Sale 10134
10214 60
9714 10214
Registered
21 j 106
106 Aug'27 _
10358 106
Bing & Bind deb 630
1950 M S 94
9412 9334
9414 28
Bevel & gen 48 series A...1956 A 0 9012 Sale 8978
91
298
91
1300th Fisheries deb 5!6s_ _ .1926 A 0 10214 ____ 10118 1"eb'27
86
:1
0
93:3
11
:
8 10
9:
Develop & gen 68
11814 Sale 11734
11812 40 113% 11812 Botany Cons Mills 630._ _ _1934 A 0 83 Sale 83
1956
1742
9
70;
2
251%12 17
8312 17
8
7
790
Devel & gen 630
12514 66 11914 12712 Brier 11111 Steel 1st 530_ _._1942 A 0 10428 105 10414
1956 A 0 12514 Sale 12434
1043
8
10
Mem Div 1st g 56
1996J J 10812 108% 10778 Sept'27 _
10614 119 [('way & 7th Av 1st c g 58...1943 J D 7118 Sale 71
16
75
St Louis Div 1st g 45
9214
4
1951 J J 921 1 Sale 9214
89% 9234
Ctrs of dep stmpd Dec '26 lot _
7578 7434 Sept'27
East.Tenn reorg lien g Os_ _1938 M S 100 ---- 10118 Nov'26 _ _
Brooklyn City RIt 1st 5.8_ _1941 J
25
9212
9112
Sale
91%
9113
Mob & Ohio coil tr 48
1938 M S 9518 - -- 9514
9513 10 "ii"
Bklyn Edison Inc gen 5s A I940 J J 10534 Sale 10534
17 10318 106%
106
Spokane Internal 18t g 58___1955 J J 85
86
8613
4
87
9114
84
Gtneral
68
series
104
B
10414
1023
10312
12
4 10518
1930
J
10358
J
Sunbury & Lewiston let 48 1936 J J 93%
- 9312 July'27
9212 9312 Bklyn-Man It T sec Gs
sale ,6
971s 505
9512
1,4 Sale
1968 J .1 963
Superior Short Line 1st Os. e1930 51 S 9078
10013 Aug'27
10012 10012 liklyn Qu Co & Sub con gtd 58'41 lii N
66
11
5614
56
73.8 ,0
Term Assn of St L 1st g 430 1939 A 0 10018 100% 9912 Sept'27
9858 100
1st 58 stamped
1941 J .1 68
7318 Aug'27
75
1st cons gold 5a
105 Sept'27
1944 F A 10438
_ 10238 105
Brooklyn It Tr 1st cony g 45_2002 J J 88
8812 Aug'26
Gen refund (I f g 4s
1953 .1 J
907
8
9118
9
91
_
8714 91
3-yr 7% secured notes_ _ _ _1921 J .1
13612 Nov'26 - - Texarkana & Ft S 1st 530 A 1950 F A 10634 10714 10678
10714 27 102% 10714
Ctfs of deposit stamped
12818 Nov'2
Tex & N 0con gold 55
19431 J 99%
997 Aug'27 _
99% 10118 Bklyn Un El Ist g 4-5a
1950
92
F
A
iii"
Sale
92
917
26
91
Texas & Pac 1st gold Is
109
2000 1 D 11018
109
6 10534 109
Stamped guar 4-5s
90
911 92
9718
1950 F A
90
9214
5
20 Inc 6s(Mar'28 cp on)Dec2000 Mar 100
100 Aug'27 _ _ _ 100 100
13klyn Un Gas 1st cons g 5s 1945 M N 10658 Sale 10612 10634 14 10258 107
Gen & ref 56 series II
1977 A 0 10238 Sale 10158
10258 105
0812 1023,
1st lien & ref 68 series A 1947 M N 115% Sale 11.5%
115
14
113%
La Div 13 L Ist g fis
1153
8
1931.3 .1 10034 101 10012
101
38
99 101
Cony deb 530
1936
.7 223 Sale 223
225
19 156 230
Tex Pac-Alo Pac 'I'er 5345..1964 M S 106% ---- 10658 Sept'27 _ _ _ 10414 10658
Buff & Susq Iron et 5s
1932 .1 D 92%
94
94
94
6
92
Tol & Ohlo Cent 1st gu 5s_ I935 J J 10I%
- 10134 Aug'27 _ _ -- 100 10212 Bush Terminal 1st 48
1952
923
A
907
8
0
93
9212
9212
Sept'27
_
Western Div 1st g 58
1935 A 0 100%
10012 June'27 _
10014 102
Consol 53
1955 J J 9913 Bale 9912 100.
0512 10012
8
General gold Is
1935 1 D 10012 101 101 Sept'27
_ _ 10018 10114 Bush Term Blidgs 55 gu tax-ex '60 A 0 1027 Sale 1027
8
103
9914 10312
7
Toledo Peoria & %Vest 1st 48_1917 J .1
19
15
15 May'27
__
15
15
By-Prod Coke 1st 530 A
1945
54
N
10134
____ 102
31 100% 10212
102
Tol St L & NV 50-yr g 48
1950 A 0 9214
9214
- 9214
1
89% 93
Cal G & E Corp unit & ref 58_1937 MN 10234 ____ 10212 Sept'2,
10118 10358
Tol W V & 0gta 430 A
0938 _ _ 99 Aug'27 _ _ _ _
1931J J
99
99
Cal Petroleum cony deb 5 1531939 F A
9558 Sale 9434
9534 52
9112 96%
let guar 4345 series B
1933 J .1 0938
_ 9914 Aug'27 -Cony deb nf 530
9914 994
1938 Si N 100 Sale 99
95 10214
10014 111
let guar 4s series C
1)538 Mar'27 _
1942 51 S
9578 Camaguey Sug 1st f g 7s _ 1942 A 0
94
_
1004
101
1001
96
10
Tor Ham & Buff let g 48---1946 1 D 93 Sale 93
93
1
90
93
Canada S S L 1st 68
1941 A 0 10012-100 101114 9914 Sept'27 _ _ _
99
9914
Ulster Jr Del 1st cons g 58_ 1928 .1 D 6518 6858 6834
6834
3
5612 71
Cent Dist Tel 1st 30-yr 5s_ _ _1943 J D 10418 Sale 104% -1(438
1
10412
10214
1st refunding g 48
1952 A 0 37
40
4078 Aug'27 _
3914 42
Cent Foundry lets f 6s_May1931 F A
97
99
99 Sept'27
99
96
Union Pacific 1st RR & Id et 46'47 J J 98% Sale 0712
9878 68
94% 9934 Cent Leather let lien sf 68 1945 J J 10378 Sale 10378
10414
8 101 10414
Registered
J .1
9434 Sept'27
93% 9634 Central Steel 1st g s f 88
1941 MN 101 Sale 12134
12134 12 11838
1st lien & ref 48
June 2008 NI S 9638 Sale 957
9134 9612 Ce8pedes Sugar Co 1st 51730'39 M S 10112 Sale loot
9638 23
! Wile 11 9814 125
10312
Gold 430
1967 J J 100 Sale 9912
100
276
9614 100
Chic City & Conn Rys 5sJan1927 A 0 6412 6512 6512
72
53
66
11
1st lien & ref Is
Juno 2008 NI S 11138 11112 11158
2 108% 113
11128
Ch G L dr Coke 1st gu g 6s 1937 J .1 103 1031 1 103
103
4 102 103
10-year secured 68
1928 J .1 10114 Sale 10114
10112 46 10118 102% Chicago Rya 1st 5s
1927 F A 8212 Sale 82
8212
7434 8512
U N J RR & Can gen 45_
1944 M S
94% 97
Chile Copper Co deb Ss
97 Aug'27 _ _ _ _
19471 J 9518 Sale 9434
9534 46
02% 9614
Utah & Nor let eat 48
1933 J .1 97% ____ 9834 Sept'27
97
_
9834 Mein Gas & Elec 1st & ref 5s '56 A 0 10218 10212 10212
10212
8 101 10211
Vandal's eons g 46 series A1955 F A
9212 9712
9712 Sept'27
_
530 ser 11 due
Jan 1 1961 A 0 104% Sale 10434
1047i, 138 10414 10514
Consol 45 series B
1957 NI N
9012 Oct'26 _
Cities Serv Pow & L e f 68___1944 Si N 105 Sale 10478
10518 176
97% 105%
Vera Cruz & P 1st gu 430 1934
Clearfield Bit Coal 1st 4s...._1940 J J
8512 July'27
8512 8512
July 1914 coupon on
J i - - -- 24
A pr'26
Colo F & I Co gen f 5s_ _ __1943 F A 1003-4 61-12 1005
10112 14
96
102
AliSCIItI IILI lot 4 vs
1934
lOis -2734 Col Indus 1st & coll 58 gu___1934 F A
1838 2012 20
2034 10
99 Sale 99
9958 20
9312 9(58
Virginia Mid Is series F,.,_1931 M S 100%
10078 Sept'27
10034 10078 Columbus Gas 1st gold 58_ __1932 J J 9814 Sale
9812
9812
10,
9812
96%
General sa
inlei PA 'V in23.
1023
,81.nt'27
Inv. Inv., Commercial cable 1.t g 48 2397 Q
7718 731, 70 Sent'27 _
77
82
a oue may. e ('us Julie, 3 DOS Auls
10909
L99
1954
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct.7.
New York Bond Record-Continued-Page 5
90
Price
Friday,
Oct. 7.
Week's
Range or
Last Sale.
Range
•Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended Oct.7.
443
Price
Friday,
Oct. 7.
Week's
Range or
Last Sale.
tiA
Range
Sines
Jan. 1.
High
Bid
Bid
Ask Low
High No. Low
Ask Low
High No. Low
High
9912
5
9812 Sale 98
93
9934 Lehigh Valley Coal 1st g 5s.._1933 J J 10114 1015 101
10134
8 101 102
90t2 0512
1st 40-yr gu int red to 4%.1933 J J 9534 --__ 9512 Aug'27 --- 941
/
4 9514 9412
9512 20
9511 97
_ 105 Sept'27
10438 10534
1st & ref s f 55
1934 F A 101
_ _ 101
101
2 101 104
1 10414 10612
19
954
44 F A 100 101
1st & ref s f 58
10.5
.3.8 1-0-6 105%
- - 10012 10012
3
99% 1014
F A 100 10034 100 Sept'27 -- 991a 10134
9818
2
9618 98'4
let & ref Is
9818 ___ 984
1984
9
9434 91
1st & ref 58
_ .1004 Sept'27 ____
9812 Sale 9814
988
99 1014
1st & ref ef 55
1974 F A 1004 1005
9838 102
10112 Sale 10118 1017$ 100
- -8 100 Sept'27 __
9978 101
_
Lex Ave & F F Ist gu g 5.5_1993 M S
-- 37 May'27 ____
37
37
9912 23
974 101
Liggett & Myers Tobacco 78_1944 A 0 12
99 Sale 99
.24 1-2318 123
123
2 120 12412
33
A
0
36
76
83 Sale 83
83%
Registered
.w 11718 Sept'27 __ _ 1171s 11718
1951 F A ioi.i., 6;i 10418
107 Sale 10612 1071s 92 10512 1074
bs
2 10214 101314
10434
F A
75
85%
FtegIstcred
8212 Sale 80
8558 96
- ---- 10114 Feb'27 ____ 1014 10114
10034 10214 Liquid Carbonic Corp 8s___1941 F A 1.11
10118 10112 10118
10118
.b12 Sale 10414
10512 43 10314 112
10412
10412 10412 14 102 10412 Loew's Inc deb 65 with wart.1941 A 0 104 Sale 103
25 101 1057s
104
97
99
Without stock put warrants_
98 Sale 98
9812 12
020112
10012 Sale 100
152
9618 1000
10015
7
8 10
2918 ...8
4
99/
1
4 10112 Lorillard (P) Co 7s
1944 A--6 118 11830 118 Sept'27
10112 102 10112 10112
2 10118 10318
1951 F A 97 Sale 9738
10212 10334 10212 1024
Is
F A
10234 51
93% 10414
10234 Sale 1024
Registered
9712 Apr'27 -- _
9834 9734
20
995 102
1937 J J 9858 Sale 9818
102 Sale 101% 102
Deb 5118
99
97
96
99
93
9512 29
9934 Louisville Gas & Elec(Ky) 58.'52 NI N 10378 Sale 10312 10378 30
93 Sale 93
99% 10411
98/
1
4 Sale 9614
95/
1
4 102
9712 105
Louisville Ry 1st cons be__._1930 J .1 ____ ____ 974
9712
I
94
99
10814 12 10712 10834 Lower Austrian Hydro Elec Pow108 10814 108
1944 F A
9878 102
101 Sale 10034 10112 27
1st 8 f 6/
1
489014 9012 9014 904 6 8711 954
5 1001
/
4 10234 McCrory Stores Corp deb 5315'41 J 0 100 Sale 9914
1021S 10314 10234 10234
97 100
100
24
9334 1912 Manati Sugar let s f 7318_._1942 A 0 10
99 Sale 9812
9912 66
75
13
78
46
10
86
18 17
00
512 10652 21 10234 10934
10138 27
101% Sale 101
90 10134 Manhat Ry(NY)cons g 48_1990
2013 .1 D 624 63 62% 13012
100 1003$ 100
10014
18
98 10112
2d 49
6
58
_
_9
27 -5
71
1 6
73
872
100 Sale 00
10058 14
9814 10112 Manila Elec Ry & Lt 81 5s_ _1953 M S ____ 9918 97 Sept'27 --_
9334 99
64%
2
8
81
Mfrs Tr Co etre of panic in
6312 63% 6414
103
4 101% 1035s
A I Namm & Son 1st 63..1943 J D 10412 105/
102
02
1
4 105
2 10412 1054
105
_
10312
033g
103%
1 10214 1037s Market St Ry 78 ser A April 1940 J J 10014 Sale 99/
0314 1007
1
4 1007
, 147
3 10218 104% Metr Ed 1st & ref g Cis ser 11.1952 F A 10914 Sale 109
10378 Sale 103s2 103%
5 10512 10914
109%
1953 .1 J 103 Sale 10234
109
17 107/
1
4 109
1st & ref 58 series C
1081
/
4 Sale 1084
3 100 103
103
D 10684 10718 10634 Sept'27
/
1
4 A 1953
10414 Sale 10414
2 101% 10412 Metropolitan Power let(
10414
10514 10714
80
7914 79
78
961s 29
9212 97
Metr West Side El(Chic) 48_1938 F A
9514 Sale 9514
79 Sept'27 --__
99 105
88
85
96
Wag Mill Mach 75 with war_1956 J D 102 104 102
86% Sale 8612
138
5
103
.1 D 925 937 93
87
89%
WIthaut warrants
9014 93
15
81
3
8112 Sale 8612
93
73
Mid-Cont Petrol 1st 6345...l940 M 13 105 Sale 1044 105
16
48
76
22 10312 10514
71% 73% 7134
72 Sept'27
4914 75
Midvale Steel &0cony 8f 58 1936 M 5 100 Sale 995
724 74
_
971
/
4 100%
100/
1
4 95
9818 10038
95
98
Mllw El Ry & Lt ref& ext 410'31 J .7 9914 9912 99/
9612 Sale 96
9612
2
99/
1
4 15
1
4
1196951 J D 10212 Sale 10212 10278 14
105% 106 10512 10534 18 10312 105%
General & ref Is
9914 1027s
10514 59 105 108
J D 10218 1028 1017s
98 1021s
105 10514 105
1st & ref bs B
1024 31
947 9712 Montana Power 1st bs A-1943 J J 104 Sale 10312 104
98 Sale 9712 Sept'27
8 10112 1044
me% Ill
Montecatinl Min & Agile10034 - - 110% Sept'27
9712 Sale 97/
1
4
98
95
9912
Deb 75 with warrants____1937 J J 10114 Sale 10018
987$ 102
38
246
102
9812 Alig'27
9834 99
98 10014
Without warrants
9234 93% 94
95
99% Montreal Tram 1st & ref bs__1941 J J
998 Sale 9914
95
9715 97 Sept'27
9
25
2% 99
2432
58
12
8
9
29
4:4
2 3
A 0
4 986
Gen & ref s f Is series A..1955 1J
906138
95% 10084
78
4 6;.1._e__ 9
3
56
678
9878
Equip Gas Light 1st con 58._1932 MS 10058 10115 1005$ 100%
1
99% 101
Morris & Co 181 s f 431s_ _ _ _1939
7
14
83
3334
Federal Light & Tr 1st 58_ 1942 MS 9612 Sale 9612
97
7
95
9714 Mortgage-Bond Co 48 ser 2-1986
83 Aug'27 -- 8
1st lien s f Is stamped__ 1942 MS 9614 97
97 Sept'27
95
9814
10-25-year Is series 3
1932
1st lien 6s stamped
1942 M
103% 104% 103% 104
7 102 1047s Murray Body 1st 61
1934 J D 9434 13-9/
43
.1e 8:53,4
fl
4
1
111334
30-year deb 65 ser B
10215
97 10212 Mutual Fuel Gas 1st gu g 58_1947
1954 Jo 102 Sale 102
9
1 10112 103
10212 1024
Federated Metals s f 713
97
88% 9712 Mut Un Tel gtd 54 est 4% .1941
1939 JD 9814 Sale 95%
19
103 June'27 - 10184 103
.1 10314 Sale 102
Flat deb 78 (with warr)
9212 103/
1
4 Namm (A I) & Son-See Mfrs Tr
10312 150
1948
9558 Sale 944
9112 99
Without stock purch warrants_
9534 99
52 Sale 91
Nassau Elec guar gold 45-....1951
54
49
621s
52
Fisk Rubber 1st Sf88
120
1941 MS 120 Sale 11814
16 115 129
National Acme 1st s f 7/
1
48-1931 J D 1027$ 103 1027
1
985 10318
1027$
Ft Smith Lt & Tr let g 5e_ _ _1936
87
86
9014 Nat Dairy Prod 8% notes_ -1940 M N 103% Sale 1027
88
4
8634 86
10312 83 100 1034
Frameric Ind az Deb 20-yr 7716'42'3 105 Sale 1,0412 10514 24
931
:10534 Nat Enam & Stamps 1st 55_1929 1 D 102 104 102 June'27 __ 101% 104
109
Francisco Sugar 18t 81 71
/
48_1942 MN 10612 10934 109
5 106 110
Nat Starch 20-year deb 58-1930 J J 100's.... 0014 June'27 -__
9934 10014
Frnich Nat Mall SS Lines 78 1949 3D 10034 Sale 10034
101
94% 10134 National Tube let s f 5s..-.1952 M N 10434 105 1041s 10434
116
9 103% 10514
Gas& El of Berg Co cons g 581949 ID
102% 103% Newark Consol Gas cons 55_1948 J D 10334 ___- lO31s Sept'27 ___ 10258 1034
_ _ 10338 Sept'27
Gen Asphalt cony 65
107 10712 107
108
4 106 11212 New England Tel & Tel bs A 1952 J D 106 Sale 106
1939 AO 103%3 103 10614
10614
Gen Electric deb g 31
94 Sept'27
94
/
45
91
M N 10014 Sale 100
1942 FA
1st g 4/
1
48 series B
9558 101
9334
100% 57
Gen Elec (Germany)7e Jan 15'45'3 10334 sale 10334
10412
9 103 10512 New Oni Pub Serv 1st Is A-1
19
26
52
1 A 0 9812 Sale 975
98/
1
4 47
93% 9314
St deb 61
119
/
45 with warr__..1940 3D 117 118 118
4 113 13814
First & ref Is aeries B
1955 J D 98 Sale 9714
935s 98
203
98
10112 28
99/
1
4 10214 N Y Air Brake let cony 68-1928 M N 10112 102 10ll2 Sept'27 --__ 10012 10284
Without warr'ts attach'd '40 Jo 10112 Sale 10034
Gen Mot Accept deb 68
99/
1
4 10314 NY Dock 50-year let g 48-1951 F A 8734 88/
10314 109
1937 FA 10314 Sale 10214
845$ 8814
1
4 873
88/
1
4 10
Genl Petrol ist s f 5s
1940 FA 1011s Sale 10112 10134 11 1004 102
N Y Edison 1st & ref 8 As A 1941 A 0 116% 117 11618 118/
1
4 27 115 11611
Gen Refr 1st 81 g6s ser A..._1952 FA 1051s 10534 10512 10512 26 10112 106
First lien & ref 58 B
1944
02
:
15 10
05
0%
10
32
t5
18
2 1_00
51..
4 I0
0
8 10
054:
13
10
02
512
Good Hope Steel & I sec 78 1945 AO 10134 Sale 10114
10134
9912 10312 N Y Gas El Lt az Pow g 58 1948
6
109
8 106 10912
-- 109
Goodrich (B F) Co 1st 6718_1947 Si 107% Sale 10712 10734 21 10458 108
F All
Purchase money gold 48-1949 t
Goodyear Tire az Rub 1st 83_1941 MN 119% .._
11978
12014 24 11972 12212 NYLE &WC&RR51
/
4s_1942 M N 10258 105 10238 Sept'27 -_ 1025s 102%
10-year sf deb g 88_May 1931 FA
11014 Aug'27 19 10978 11114 NYLE&W Dock az Imp 581943
100
238 86
8%11:27 -_-_____ 10112 102
1st M coll tr 55
96 1414
9178 974 N Y& QEIL& P lstg58
F A
1
4
1975 MN 95% Sale 9514
1930 3
i 100
10015 102/
0384 1101
Gotham Silk Hosiery deb 68_1936 JO 102 Sale 10118 102
974 102
51
NY Rys 1st R E & ref 45
1942 J J
63 5
85
713 : j
D
uec
iy:2
27
6 -_... __ _
Gould Coupler let s f 85_ _ _ _1940 FA 70 Sale 69
70
69
87
24
Certificates of deposit
-iiii4 IT
Granby Cons M S & Peon 88 A'28 MN 10012 Sale 10012 10034
31
e 10012 102
30-year ad) Inc bs____Jan 1942 A 0
3 Sept'27 ---3
3
Stamped
10015 102
1928 MN 10012 Sale 10015 10012
Certificates of deposit..
_6
5/
1
4 Mar'27 ____
51S 54
Gt Cons El Power(Japan)78_ 1944 FA 99 Sale 9812
94 % 9912 NY Rys Corp Inc (18_..Jan 1965
.-AP; 17i2 Sale 1614
9914 43
18
303
1'12 134
1st az gen f 81
/
4s
el
947s
1950 3' 941
/
4 Sale 9334
Prior lien /
1
4
1 series A.
1965
J
94% 206
4
754 SW4
Great Falls Power lets f 58.-1940 MN 1041
/
4
_ 10414 Sept'27
10234 10612 N Y& Rid= Gas 1st 6s....1951 MN 17
414 lgg14
0814 17
7 102 1064
770711:
Gulf States Steel deb 571s_ _1942 JD
_
NY State Rys 1st cons 4315_1962 MN 54/
94
96
94
9412 162
1
4 Sale 64/
1
4
9434 23
53% 59/
1
4
Hackensack Water let 45.„1952 J J
1st cons 6/
8834 Sept'27
8612 8912
32
1
45 series B
_
70
69
71
70
Hartford St Ry 1st 45
Y Steam Ist 25-yr 6sser A.I
MN
N 108% Sale 10734
1930 MS
__
95 May'27
934 95
19
94
62
7M
1085s 12 10514 10838
Havana Elec consol g &L.-1952 FA 959814 9875 98%
951s 987s N Y Telep let & gen e f 41
6
/
48_1939 M N 101 Sale 100%
98%
98% 10111
10112 97
Deb 5345 series of 1926...1951 MS 85
86
8512 9038
30-year deben f 65_ _Feb 1949 F A 11034 Sale 110%
8612 8512
16
19 110 111%
Ill
Hershey Choc 1st & colt 5718 1940 Ji 1031s Sale 10212 10318 89 101% 103%
20-year refunding gold
- 88_1941 A 0 10918 Sale 108% 10912 79 10778 11012
Hoe(R)& Co Ist6/
100
1
48 see A.1934 AO 9912 Sale 99
98 10212 N Y Trap Rock 1st 68 58-32
34
946 J D 10034 Sale 10014
119
9614 101%
101
38
Holland-Amer Line 68(fiat).1947 MN 1035s 104 103
911
/
4 103% Niagara Falls Power 1st
J J 102 Sale 1017s 102
1033s 21
19 10014 104%
Hudson Coal 1st s 152 see A.1962 JD 9712 Sale 97%
9718 9834
Ref & gen (is
97% 173
35
2 AO 10512 Sale 10512 10512
3
Att_n_ 195
9 10314 108
104
A 0 10278 103 1027$ 1034
Hudson Co Gas 1st g 5s_ _1940 MN 104
102 104% Niag Lock &0 pr Ist 5s
_ _ _ 104
1
4 104
5 100/
Humble Oil & Refining 5/
Nor Amer Cem deb 8/
1
49_1932 Ji 10234 Sale 10212 10234 42 101% 103
1
48 A 1940 SS S 38 Sale 88
8118 9514
8814 47
97 10014 No Am Edison deb be ser A.1957 M
424
Deb gold 58 temp
10178 Bale 10034 1017 369
964 10178
1937 A0 100 Sale 9834 100
Nor Ohio Trac & Light 813___1947 M S let
9512 1011s
____ 10078 1011
/
4 50
10514
14 10234 10558 Nor'n States Pow 25-yr bs A.1941 A 0 1024 Sale 10218
Illinois Bell Telephone 58._1956 JD 10518 Sale 105
10214 53 100 102111
let & ref 5-yr(
10014 14
/
1
4series B_1941 A 0 10534 Sale 10515 10818 11 10412 107
Illinois Steel deb 471s
1940 A0 10014 Sale 9934
4 North W T ist fd g 431sgtd_1934 J J 99
20
634 10134
10078 42 10
98 .101
..... 9834
3
Roeder Steel Corps f 75
98%
1946 AO 10058 Sale 10014
98 100
Ohio Public Service 71
22
/
48 A 1946 A 0 111614 Sale1161s
Indiana Limestone 1st 81 89_1941 MN 99% Sale 9934 100
b 114 11611
11814
99
98
1st & ref 78 series B
9
9912
1947 F A 1154 Sale 11514
Ind Nat Gas az 01152
115/
1
4
1 11334 1164
1938 MN 99 Sale 9812
1
4 10514 Ohio River Edison 181 68
Indiana Steel let 58
1
4
1948 J J 106% 10634 10658 107
1952 MN 10434 Sale 104% 10434 17 103/
30 10518 107/
1004 10012 Old Ben Coal 1st 85
1944 F A 92% 93 92%
Ingersoll-Rand 1st Is Dec 31 1935 JJ 1014- 10012 May'27
92% it
90
9331
10312 36 1011s 10414 Ontario Power N F 1st 58
1943 F A 1027s Sale 102/
Inland Steel deb 51
1945 MN 10314 Sae 10314
1
4 10278
8 101 10334
/
45
9934
9814 101% Ontario Transmission Ss_ _ _ _ 1945 MN 102% ____ 102% 10238
Inspiration Con Copper 81
/
48.1931 MS 9934 Sale 9934
8 10014 10273
Apr'25
Otis Steel 1st Si 6s ser A
II
_1941 m El 9514 Sale 96
Interboro Metron coil 41
/
45.-1956 AO
957
27
934 0013
Pacific Gas& El gen & ref 58_1942 1 J 10314 10312 103
1278 13 Apr'26
Guaranty Tr Co etre dep
10358 43
9934 10418
8 Pac Pow & Lt let & ref 20-yr 58'30 F A 101 Sale 101
7.
84 I79779% 868
Interboro Rap Tran 1st 58._1986 JJ 79 Sale 774
10112 30
998 1014
iJ
794
75
3
$
793
7834 Sale
7934 954
4 Pacific Tel & Tel 1st Is
1937 J J 103% ___- 10314 104
Stamped
/
4 104
9 1011
82%
77
Ref mtge 5s series A
8214 200
10-year 68
1932 AO 8112 Sale 79
1952 MN 10518 Sale 10434 10514 29 10118 10514
96% 9914 Pan-Amer P & T cony 5180_1934 M N 10214 Sale 102/
9914 229
10-year cony 7% notes_ 1932 MS 9812 Sale 9812
1
4 10212 141 102 106%
90 Sept'27
1st lien cony 10-yr 78
91
8158 92%
J D
A 19
1930 F
Int Agric Corp let 20-yr 5s _ _1932 MN 88
05
1/
1
40
10
85
1812 19
05
14 105/
1
4 11 10412 106/
1
4
Pan-Am PetCo(of Cal)cony 80'40
83
69
72
75
701
/
4
7014
Stamped extended to 1942_ _ _ _ MN
95% 105
Paramount-Bway 1st 51
/
48-1951 .1 J 10112 Sale 10034 1114,
Inter Mercan Marines f 68..1941 AO 103 Sale 102% 10314 324
J 10112 Sale 101%
10112 64
97 10112 Park-Lex st leasehold 671s _ _1953 J J 88
1947
International Paper 58
88
88
5
85
89/
1
4
9311
S 104% Sale 104% 105
97% 105
Paths Exch deb 7s with war_1937 M N 9312 94
113
1955
Ref s f 8s ser A
90
95' 25
90 10034
1
4 107
1941 AO 108 Sale 105/
180
974 10.14 Pat & Passaic0& El cons 53.1949 M El 1037s _ _ 10012 Aug'27 ____ 100 1034
Cony deb 88
981$ 10712 Penn-Dixie Cement 6s A_ _ 10
10612 414
106 Sale 1051s
947
1 M S 9812 Bale 984
974 101
Stamped
9834 19
9618 Peop G
92
Gas&ns
964 801
C let co g (is_ _1943 A 0 11414 ____ 11414
Int Telep & Teleg deb g 471s 1952 Ji 9818 Sale 95%
11412
8 11312 115
1
4 10334 19 10112 11114
Refunding gold bs
M S 1035g -- 10312 10354 18 10138 104
Jurgens Works 88(fltd price).1947 Ii 10314 104 103/
10514 52 103 10514
M S i64i8 68_18_
Registered
994 9914
Kansas City Pow & Lt 58_1952 MS 1054 Sale 105
_
994 Apr'27 ____
9818 100
_ _ 10012 Sept'27
F A
Philadelphia Co coll tr 68 A.1944 jm
04
44
7
1957 J J 100
3:
:10
1st gold 41
7 100
/
48 series B
100
11003
43
%34 16
1g
104
000334
sj 11000338
10612 28 103% 1064
15-year cony deb 51
/
45...A938
Sale
Kansas Gas & Electric 6.8_1952 MS 106 Sale 10612
FA
Aug'27
1088
4
10712
10812
Phila & Reading C & I ref 55_1973
103% 103%
30
00,2 10211
Bale
Kayser (Julius) & Co 1st s f 78'42
95 105, Plerce-Arrow Mot Car deb 8s_'43
103% 178
10
92
912 12
911s 10714
1947 MS 10338 Sale 10314
Cony deb 5348
965$ 10014 Pierce Oil deb s 185._Dec 15 1931 M
13
9955 104's
J 11
2 10
92
Keith (B F) Corp 1st 6s.._.1948 MS 99% Sale 9934 100
512 8
1012
1214 10225
99 10914 Pillsbury Fl Mills 20-yr 68..1943 A 0 105 Sale 104/
92114 1054
5 102
Kelly-Springf Tire8% notes_1931 MN 10834 Sale 10815 10834 24
1
4 10514 16
93
9
9714 Pleasant Val Coal 1st g s f Is.1928 J J 9912 ____ 100 Sept'27 --- 9714
99 100
Keyston Telep Co let 55_1935 J J 9634 _ _ _ _ 96
10311 10418 Pocah Con Collieries 1st s f 58.'57 J J 9334 Sale 9334
1
4
9118 94/
2
9334
Kings County El & P g 58__ _1937 AO 1041s -- 1044 Sept'27
12414 1284 Port Arthur Can & Dk 85 A.1953 F A 105% Sale 105
2 103% 1055i
105%
Purchase money 65
1997 AO 1291
- - l2812 Sept'27
814
86
FA
Sept'27
1s1.
04;
1
2
0
5112
M
8412
__
1
_
;
68
series
2
11
7
2s
B
1953
82
5
F
5
A
N
19074:42
Sep:
76
2844
Bale___
10
9
43
7
1
4
2
Kings County Elev 1st g 4s 1949
81
86
25
42 100 103
82
Portland Elec Pow 1st 6523.1947 M N 102% 1-03 10112 103
1949 PA 82 Sale 8134
Stamped guar 48
1 10112 10514 Portland Gen Elec 1st 58_1935 J J 10012 101 101% Sept'27 --99% 101%
10514
Kings County Lighting 58-1954 Ji 10514 - - -- 10514
1 11214 11811 Portland Ry 1st & ref Ss__ 1930
First & ref 61
/
4s
19543, 1185s -- - 11912 11812
97% 10512 Portland Ry LA P 1st ref 53_1942 F A
10514 13
98% - -- 96
Kinney(GR)& Co 731% notes'36 JD 105 Sale 105
5 10018 1027
let lien & ref 68 series B
102
1947 M N 102 1-03 1017s
Kresge Found'n coil tr 85.„1936 JD 104 Sale 1035s 10414 19 102 10514
99/
1
4 102 ,
2 10612 10811
1st & refund 7318 series A.1946 M N 1074- 10734 108
9
102
Lackawanna Steel 1st be A._1950 M
10134 103 101%
2 1004 10214 Pressed Steel Car cony g 58 _ _1933 1 J os dile ow,
9834 307
9311 9834
Lac Gas L of St L ref&ext 58_1934 AO 10178 Sale 10118
1017s
Prod & Ref 81 88 (with war)_1931 J D 112
____ 110 Sept'27 _._. 110 11318
Coll & ref 51.4s series C...195.3 FA 10514 Sale 105
10514 26 10338 108
974 10014
8 110 Ill%
____ 111
111
Without warrants acttahed___ J D III
Lehigh CA Nay 51 4318 A..1954 .1 3 10014 - 9914 Sept'27
Commercial Credit s f(
/
1
4_ _1934 MN
Col tr f 571% notes
1935 J J
Commonwealth Power 68......1947 MN
Computing-Tab-Rec s f 68_ A941 J J
Conn Ry & L Ist & ref g 41
/
481951 J J
Stamped guar 41
/
4s
1951 J J
Consolidated Cigar s f 65_ _ _1936 AO
Consolidated Hydro-Elec Works
of Upper Wuertemberg 75_1956 .1 J
Cons Coal of Md 1st & ref 58_1950 3D
Consol Gas(NY)deb 5718..1945 FA
Coot Pap & Bag Mills 6/
1
4s_ _1944 FA
Consumers Gas of Chic gu 52 1936 JD
Consumers Power let 53_ _ _.1952 MN
Container Corp 1st 65
1946 3D
Copenhagen Telep ext 138_...1950 A0
Corn Prod Refg 1st 25-yr s f Is'34 MN
Crown Cork & Seal 1st s f 68_1942 FA
.j
Crown-Willamette Pap 65_ _ _ 1951
Cuba Cane Sugar cony 78_1930 J
Cony deben stamped 8%A930 J
Cuban Am Sugar 1st coll 88_1931 MS
Cuban Dom Sug let 7/
1
46.__1944 MN
Cumb T & T 1st & gen 5s._ _1937'3
Cuyamel Fruit 1st s f 6s A_ _ _1940 AO
Davison Chemical deb 6/
1
48_1931'3
Den Gas& E L 1st & ref s f g 58'51 MN
MN
Stamped as to Pa tax
Dery Corp(D G) 1st s t 7E4_1942 MS
Detroit Edison 1st coil tr 58_1933'3
1st & ref Is series A_July 1940 M
Gen & ref 58 series A
1949 AO
1st & ref 6s series B_ _July 1940 MS
Gen & ref 58 ser B
195.5 JD
Det United lst cons 431s--1932 J J
Dodge Bros deb 68
1940 MN
Dold (Jacob) Pack let 65.._1942 MN
Dominion Iron & Steel 58..1939 M S
Certificates of deposit
Donner Steel let ref 78
1942 J
Duke-price Pow 1st 88 ser A '66 MN
East Cuba Sug 15-yr 51 g 7716'37 MS
Ed El III Bkn 1st cos g 48_ _ _ 1939 J
Ed Mee III 1st cons g 58- --19953'
Elea Pow Corp (Germany)61
/
48'50 MS
Elk Horn Coal lat & ref 61
/
45 1931 3D
Deb 7% notes (with warets'31 Jo
32" St
jN gj 18314 -_-_::
1
31 34 12.:
ocT. 81927.]
THE CHRONICLE
New York Bond Record-Concluded-Page 6
1955
Quotations of Sundry Securities
All bond prices are "and interest" except where marked "I".
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 7.
Pub Serv Corp of N J sec 68_1944 IP
Sec g 5SO
1956 J
Pub Serv Elce & Gas 1st 5501959 AO
lst dr ref 5s
1964 AO
Punta Alegre Sugar deb 78_1937 J J
Remington Arms 6s
1937 MN
Repub I & S 10-30-yr 58 s f _ _1940 AO
Ref & gen 550
, series A_ __1953 J J
Relnelbe Union 78 with war.1947
j
Without stk purch war'ts_1946
j
Rhine-Main-Danube 7s A_ __1950 NI S
Rhine-Westphall... Elec Pow 78'50 M N
Direct mtge as
N
1952
Itima Steel 1st s f 7s
1955 FA
Robbins & Myers 1st s f 7s_ _1952 ID
Rochester Gas & El 7s ser 13_1946 M
Gen mtge 534s series C
1948 NI S
Roch & Pitts C&Ipm 5s _ _1946,M N
Rogers-Brown Iron gen&ref 78'42,M N
Stamped
MN
St Jos lty it & Pr 1st 5s_ __ _1937 SIN
St Joseph Stk Yds 1st 4 SO_ _1930 J J
St L Rock Mt & P58 stmpd_1955 J J
St Paul City Cable cons 58_ _1937 J J
San Antonio Pub Serv 1st 68.1952 J J
Saxon Pub Wks(Germany) 75'45 FA
Gen ref guar 6 Sis
1951 MN
Sciatic° Co guar 6 Wi
1046 J J
Guar f 6 Sis series B
1948 AO
Sharon Steel Hoop 1st 8s ser A '41 MS
Sheffield Farms 1st & ref 6345'42 AO
Shell Union Oils f deb 58._ _ _1947 MN
Siemens & Halske s f 7s
1935 J J
Deb s f 6.S45
1951 NI S
S t 6 Sis utiot etfs 5J% pd _1951 M S
Sierra & San Iran Power 53_1949 PA
Silesia Elec Corp s f 634s.1046 FA
Silesian-Am
col tr 78_ _ _1941 F A
Simms Petrol 6% notes _ _ _1929 51 N
Sinclair Cons 011 15-year 78.1937 MS
1st In col tr 6s C with war.
_1927 Jo
let lien 6 Sis series Is
193. JD
Sinclair Crude Oil 3-yr 68 A.1928 FA
Sinclair Pipe Line s f 58
1942 AO
Skelly 011 deb 6348
1939 M S
Smith (A 0) Corp 1st 6 Sis 1933 MN
South Porto Rico Sugar 7s_.1941 Jo
South Bell Tel & Tel 1st s f 581941 J J
Southern Colo Power 68 A _ _1947 J
S'west Bell Tel let & ref 55_1954 FA
Spring N'al Water let g 58. _1943 MN
Standard Milling 1st 58
1930 MN
1st & ref 5348
1945 MS
Stand Oil of N J deb 53 Dec 15'46 FA
Stand 01101 N I' deb 4 Sis
1951 Jo
Stevens Hotel 1st(i8 ser A
1945 J J
Sugar Estates (Oriente) 7s 1942 Ni S
Superior Oil 1st s I 7s
1929 FA
Syracuse Lighting 1st g 5s_ _1951 JD
Tenn Coal Iron & RR gen 58_1951 J J
Tenn Copp & Chem deb 6s_ _1941 AO
Ternessee Elee Pow let 65 1947 J 1
Third Ave 1st ref 45
1060 ii
Ad) Inc 58 tax-ex N Y Jan 1960
Third Ave Ity 1st g 55
1937 J J
Taho Elec Pow 1st 7s
1955 MS
6% gold notes__ __July 15 1929 JJ
Tokyo Elee Light 6% notes_ 1928 F A
Toledo Edison 1st 78
1941 NI
Toledo'Fri & P
% notes 1930 JJ
Trenton G & El 1st g 5s
1949 MS
Trumbull Steel 1st 51 68_1940
'Twenty-third St Ity re( 5s_ 1962 JJ
Tyrol Hydro-Liec Pow 7 Sis_1955 M N
UJigawa El Pow s f 75
1945 M S
Undergrd of London 4 Sis_ _1033 J J
Income 6s
1948
Union Elec Lt & Pr(Mo)58_1932 M S
Ref it ext 55
1933M N
Lin K LA!'(111) ling 5345 ser A'54!J J
Union Rice Ry (Chic)
_ .1945 A 0
Union Oil 1st lien e I 5s
1931 J J
30-yr 68 series A-__May 1942 FA
1st lien 8 f 5s series
ceu 1935 A0
United Drug 20-yr 6s.Oct 15 1944 AO
United Rye St L 1st g As... _ _1934
United SS 1.0 I 5-yr 68
1937 M N
Un Steel Works Corp 6 SO A _1951 J
Without stock our warrants_ __LI D
Series C with warrants
J
Without stock our warm__ J D
United Steel Wks of Burbach
Lsch-Dudelange s I 7s_ _ _1951 AO
United Stores Realty 20-yr 68'42 AO
U Snubber 1st & ref 53 ser A 1047 J J
Registered
J J
10-yr 734% secured notes.1930 F A
U S Steel Corp'Coupon Apr 1963 MN
et 10-60-yr 5stregist_ .Apr 1963 SIN
Universal Pipe & Rail deb 68 1936 Jo
Utah Lt & True 1st & ref 55_ _1944 AO
Utah Power & Lt 1st 5s
1944 F A
Utica Elec L & P 1st s I g 5.5_1950 J J
Utica Gas& Rice ref & ext 58 1957
J
Vertientes Sugar 1st ref 78_ _1942 Jo
Victor Fuel lets 58
1954 J J
Vairon Coal & Coke 1st g 5s_ 1949 MS
Va Ry Pow 1st & ref 68
1034 J J
Waiworth deb Ohs(with war)'35 AO
1st sink fund 65 series A _ _.1945 AO
Warner Sugar Refit) let 78_ _1941 Jo
Warner Sugar Corp 1st 75_ _1939 J J
Wash Water Powers(58....1939 J J
Westches 1.tg g 5s stnnul gtd 1950 JO
West Ky Coal 1st is
1944 MN
West Penn l'ower ser A 5s_ _ _1948 MS
1st 55 series E
1963 MS
1st 5345 series F
1953 AO
1st see 58 series G
1956'ID
West Va C & C 1st 6s
1950 J J
Western Electric deb 58, _1944 *0
Western Union coil tr cur 58_1938 J J
Fund dr real est g 4345._ _ _1950 MN
1936 1, A
15-year 6 Sie 8 g
25-year gold 5s
1951 Jo
Wes'house K & M 20-yr g 58_1946 M S
Westphalia Un El l'ow 634s_ 1950 Jo
Wheeling Steel Corp 1st 5345 1948 J J
White Sew Mach (is (with war)'36 J J
Without warrants
Wickwire Spen St'l 1st 78.. _1935 J J
Wickwire Sp SP! Co 78 Jan 1935
N
Willys-Overland s(6 Sis. _ ..1933 NI S
Wilson &(7o 1st 25-yr s f 68_ _1941 *0
Winchester Arms 7345
1941 *0
YOung'n Sheet & T 20-yr 65 1943 J J
Price
Friday.
Oct. 7.
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
High
Ilioh No. Lou
Bid
Ask Low
10678 Sale 106; 10714 45 10314 103
51 101 12 105
104 Sale 103; 104
106
10514 105% 10578
6 10434 10614
11 104 10634
106
10412 Sale 105
22 106 11112
106 10712 10634 107
95
98
9712 Sale 97
9734 32
101 10158 1C112 101;
6 10018 108
98; 103 s
103 Sale 102; 10318 25
112% 114 11412 11512 26 11334 12634
9812 10412
67
102
10112 Sale 10114
10312 21 10112 11412
10314 Sale 10318
4 10134 105
103 Sale 102; 103
95
9558 Sale 95;
96
9534 46
9334 98
9634 12
9658 9678 9912
65
45
45
7
50
45
45
11112 11212 11114
10 111 113
112
2 105 10615
106; 10638
106
9212
90
9212 Sept'27
2478 4978
39 Sept'27
3718 40
24
50
42 Sept'27
3718 47
9558 9734
9718 10
9718 _
97
9734 9734
9734
- 9734 Mar'27
7558 8112
3
7918 8014 7912
7912
9414 9634
9512 Sept'27
95,4 - 10918 Sale 109
10912 23 10512 10912
102 Sale 10112 10214 57 101 104
9634 9912
9814 Sale 9734
98; 200
99; 16434
10314 Sale 103; 104
28
98 10412
104
103 Sale 10314
17
108/
1
4 110 10838
2 111712 10912
10813
107 109
10734 Sept'27
9512 9934
325
90 Sale 9812
99
1 101% 105
10234 103 10234 10234
7 101 105
105
10418 Sale 104%
104; 10434 104
104; 100 10134 106
95 1053
10034 Sale 10014
24
101
9212 98,4
9534 Sale 951z
20
96
1512 10112
100 Sale 99; 100
107
10012 21
9715 105
10014 Sale
100 Sale 9934
153
100
9734 10234
9918 10214
5
100
100 10018 100
9434 Sale 9434
0614 154
9214 10238
10012 47
9975 101 18
10014 Sale 10014
95
9112 95;
95 Sale 94
56
95% Sale 95
95; 63
93% 9534
10238 Sale 102
6 10114 103
102;
109% 11014 110 Sept'27
107 110
10512 Sale 10414 Sept'27
102% 105
10414 10458 10434
105
6 1(1018 105
10514 20 102; 105,4
10518 Sale 104%
100; Sept'27
10012
9815 100;
102
102
10 100 103
10312 10312
ia1 10112 10334
10314 Sale 103
10314 94 101; 10334
94
0618 Sale 95%
9618 169
9614
10034 Sale 10012
99 102
10034 28
101
9612 101
10058 Sale 10014
14
102 103 103
103
9934 103
5
10514 Sale 10314
10514
1 10234 10518
10412 Sale 10412 104;
7 103 105;
9958 100 100
10014
9814 10114
2
10714 40 10518 10712
10718 Sale 1061
70
6918 6934 68;
71
63
58
61 Sale 5912
62
5612 66
99
9912 Sale 9914
100
97 100
18
9913 36
9458 9934
9912 Sale 99
9814 17
9578 9914
9814 Sale 977
9912 Sale 9914
9912 89
9714 100
10834 58 10734 109
10834 Sale 10814
98; 10114
10014 10012 10014' 10014
15
10238 103;
10334 105 103; Sept'27
9912 Sale 9912
100
9712 1(1114
21
5))
5014 5434 5014
5434 - - _
6712
101
10012 100; 10014
9714 10214
7
9512 103
100 Sale 99% 10014 54
94%
9418
94% 9612
94 , 96
2
_
_ _ 98 Sept'27
9512 98
09
10212 10 101 14 103
10212 Sale 10214
5 10114 103
__ 10212 10212
102; 10314
1021210234 10314
19 10134 105
8738 48
8618_ _ 8718
87;
81
10178 1-0218 10178 Sept'27 _ _ _ 10112 102
109
7 107 109
109
__-- 10878
9812 21
96
98; Sale 9838
99%
1
4 13 10612 10812
107 Sac 1061z 107/
_
76
8214 83,2 82 Sept'27
8314
96
90
26
95% Sale 9512
9712
9934 217
9912 Sale 9812
9 14 106
99% 9958 97;
9618 9812
07/
1
4
991
9412 105%
/
4 21
9914 Sale 9812
9712 Sept'27
0812 99
97 101
10212
102; 103; 10212
1047 Sept'27
9412
9412 Sale 94%
9312 Sept'27
iOiis gale 10412 104%
109 Sale 109
10914
10812 Sept'27
8812 89
89
89
97 Sale 96%
9734
101
101 Sale 10012
104 Aug'27
103
__
105; Sale 10514
105;
10114 Sale 10014
10114
63
6212 Aug'27
55
92 Sale 92
92
10058 Sale 10014
100/
1
4
94
9412 95
95
9578 Sale 95;
96
10612 Sale 10612 107
91
8915 Sale 8912
10338
_ 10338 103;
___ 104; 104;
104;10434 105 105 Sept'27
10234 103 10234 Sept'27
10334 104 103%
10315
106. _ _ 106
106
103; SAM 10314
104
60;
6034 64
60;
1(1334 Sale 1(1334
104
10312 104 103; 103;
99% 100
9914
100
11234 Sale 11178
11234
104 Sale 104
10414
10414 Sale 104
10412
98 Sale 97%
9834
10034 Sale 100
10034
140 1451 14018
147
101% Sale ICI
102
30 Sept'27
2234 35
22 Sale 22
28
103 Sale 10234 103
10112 Sale 10114
10154
106 107 106%
106;
10512
105 Sale 105
2
300
_
42
123
3
87
40
13
248
4
34
3
32
18
26
2
5
5
1
41
2
29
2
3
34
55
45
34
40
23
35
IS
31
64
4
91
Standard Oil Stocks Par
Bin Ask
Anglo-Amer 011 vot stock_ £1 *1838 1834
£1 *1812 19
Non-voting stock
Atlantic Refining
100 11712 119
Preferred
100 116 11612
Borne Serymser Co
25 .56
60
Buckeye Pipe Line Co_ _ 50 *5554 5612
Chesebrough Mfg Cons 25 •112 116
Continental 011 v t c
10 .1638 16;
Cumberland Pipe Line...100 91
9212
Eureka Pipe Line Co__ __100 5812 60
Galena Signal Oil corn..,100
712 8
Preferred old
100 45
4712
Preferred new
100 30
33
Humble Oil & Refining.. _25 *03
6314
Illinois Pipe Line
100 163 16434
Imperial Oil
*5814 58;
Indiana Pipe Line Co..__50 *7612 78
International Petroleum_ _ _ t .31
3118
National Transit Co_ _12.50 *16
16;
New York Transit Co_ _ _100 34
36
Northern Pipe Line Co_ _100 831 84
Ohio Oil
25 *59,4 5934
Penn Hex Fuel Co
2412
25 *22
Prairie Oil & Gas
25 *4914 4912
Prairie Pipe Line
100 1811 18212
Solar Refining
100 181 184
Southern Pipe Line Co_ __ 50 *22
23
South Penn 011
3712
25 •37
Southwest Pa Pipe Lines.100 •70
71
Standard 011 (California)__t *53
53;
Standard Oil (Indiana)___25 *707 71
Standard Oil (Kansas)_ _ _25 *1658 1634
Standard Oil (Kentucky),25 118 11912
Standard 011(Neb)
25 *431 44
Standard 011 01 New Jer 25 *391 3912
Standard 011 of New York.25 *3058 3034
Standard Oil (Ohlo)
79
25 •77
Preferred
100 109 110
1812
Swan & Finch
25 •17
Union Tank Car Co
100 109 110
Vacuum 011
25 •127 127,2
Washington 011
10
Fublic Utilities
/Rd Ask
American Gas & Electric_ t *114
_
8% preferred
S •10414 144
Deb 682014
NI&
10N
0 10
17
012 11
07
512
Amer Light & Tmc C011:1_100 183 185
Preferred
Amer Pow & Light pref..100 10912 11012
Deb 6s 2016
10597
Amer Public Utli corn __1%_110S
0 15057
7% prior preferred _ _ __100 93
95
Partic preferred
Associated Elec 5 Sis'46A&
119
000950
4
233,2
8
953
7
3
1 10
10
; :0
Associated Gas Elec com.t *2012 22
Original preferred
$.6 preferred
$634 preferred
t 98
$7 preferred
06
2 104
*1,
Blackstone Val G&E com _ 50
138
*
Com'w'ith Pr Corp pref_100 *102
Elec Bond & Share pref.100 110 11014
Elec Bond & Share Secur
7812
*78
Lehigh Power Securities,.. *21
2114
Mississippi Riv Pow pref.100 104
First mtge 58 1951._ ..I&J 10214
NI&N
Deb 5s 1947
97
9734
National Pow & Light pref.
10914 10934
North States Pow com_100 130 132
100 10612
Preferred
-Nor Texas Elec Co corn. 100 26 - -- 100 65
Preferred
Ohio Pub Serv, 7% pref.
.100 108 109
Pacific Gas& El 1st wet_ _25 *2614 2634
12
Power Securities corn
*10
4312
Second preferred
t *42
Coll trust 65 1949.. _J&.D •9312 95
Incomes June 1949_ ..F&A *9013 92
Puget Sound Pow & Lt..100
10
34,2 37
6% pretorred
100 107
7% preferred
1st dr ref 5148 1949..J&D 102 1021
South ('al Edison 8% of. _25 *40
43
Stand GA E7% pr nf..100 109 111
Tenn Elec Power 1st prof 7% 107 108
Toledo Edison 7% Prof 100 109 110
Other 011 Stocks
.100 10314 10412
Western Po.v Corp pref.
Atlantic Lobos Oil
*11
ill Chic it Stk Ld Bk Bonds
418
Preferred
50 *33
534s Nov 1 1951 opt 1931.. ___ _ 101
Gulf Oil
25 .913 92 58
98
Nov 1 1951 opt 1931._
Mountain Producers
10 *233 24 55 May 1 195 opt 1932_,
98
*2812 29 '4348 Nov I 1952 opt 1932..
National Fuel Gas
97
Salt Creek Consol Oil__.A0 *6
615 '434s Nov 1 1952 opt 1932..
97
Salt Creek Producers_...10 *2812 29 4445 May 1 1963 opt 1933..
98
98
58 Nov 1 1963 opt 1933_
%
Railroad Equipments
&ISIS 434s Nov 1 1964 opt 1934_
98
Atlantic Coast Line 65
5.00 4.90 .4(.4s Oct I 1965 opt 1935_
98
O 4.60 4.55 Pac Coast of PortiancLOreEquipment 6345
Baltimore a, Ohio 68
5.00 4.90
5s 1955 opt 1935_ .M&N 9712 10012
9712 10012
Equipment 434s & Ss.., 4.55 4.40
55 1954 opt 1934_ _
Buff Roch & Pitts equip 6s_ 4.70 4.5))
Sugar Stocks
3
Canadian Pacific 4 34s & 68_ 4. 5 4.40 Caracas Sugar
50
1
5.00 4.85 F
Central RR of N J 6s
Cent
2j2d
rugar corn..20 *119 120
aAo
5.00 4.90
Chesapeake & Ohio 68
Sugar100 *163 164
b 4.65 4.55 Federal Sugar Ref corn_ _100 35
40
Equipment 634s
4.50 4.40
Equipment 58
65
100 55
Preferred
3
Chicago Burl & Quincy 6s__ O 5 00 4.90 Godchaux Sugars, Inc
*1
Chicago & North %Vest 6s_ _ 5.00 4.90
25
Preferred
100 21
4.62 4.55 HollySrtried
42
Equipment6
gar Corp corn... *40
Chic R 1 & Pac 43.58 & 55_ 4.65 4.45
88
Preferred
100 85
5.05 4.95 National Sugar Refining. 100 *131 132
Equipment68
r colored° & Southern 6s.
5.10 5.00 New Niquero Sugar
65
100 55
Delaware & Hudson 68
5.05 4.95 Savannah Sugar corn
•138 140
Erie 4 Sis& 5s
4.80 4.50
Preferred
100 117 120
Equipment 65
b 5.05 4.95 Sugar Estates Oriente 13(.100 57
64
Great Northern 6s
5.00 4.90 Vertlentes Sugar pf ....100 65
75
Equipment 58
4.50 4.4J
Tobacco Stocks
Hocking Valley 58
4.50 4.4. American (War corn. _ _ _100 117 120
Equipment Ss
5.05 4.90
Preferred
100 102
Illinois Central 4 34s & 55... 4.45 4.3. British-Amer Tobac ord..Cl *25 16"
Equipment 65
5.00 4.90
26
hearer
L I *25
Equipment 7s & 634s._,., 4.60 4.50 Imperial Tob of G B & Irel'd 52478 26
Kanawha & Michigan 68_ _ 5.05 4.95 lot Cigar Machinery new100 *81
83
Kansas City Southern 53.58, 5.00 4.75 'Johnson Tin Foil & Met. 100 65
75
Louisville & Nashville 6s___ 5.00 4.85 I NlacAndrews & Forbes..l00 4212 4312
Equipment 6348
4.60 4.50
Preferred
100 103 106
Michigan Central 5s dr Os... 4.62 4.55 Mengel (70
100 4514 47
Minn St PASS 51 4 SO & 55 4.70 4.50 Universal Leaf Tob corn,,
5135
*51
Equipment 63.5s & 7s_ _ - - 5.00 4.75
Preferred
100 11212 115
Missouri Pacific 65 & 634s.- 5.10 4.8( Young (J S) Co
96
IOU,
Mobile & Ohio 55
5 4.65 4.50
Preferred
10 100
90 107
New ork Central 434s & 5a5 4.40
Rubb Stks (Clere'd fp-otatn)
.
Equipment(is
5 4.90 4.75 Fails Rubbercorn
Equipment 78
4.60 4.50
19
25 •
Norfolk & Western 4 Sis_ _
4.40 4.35 Firtone Tire & Rub corn 10 *155 160
Northern Pacific 78
4.70 4.60
6% preferred
107
11057
712
Pacific Fruit Express 78_ _ _ _ b 4.65 4.55
*10
7% preferred
.
7
2
0441
; 6
Pennsylvania RR eq 58 & 6s 5.00 4.50 General Tire & Rub coin_ 1_ 0
100
25
0
Pittsb & Lake Erie 6 Sis_ _
4.70 4.60
10011012
Preferred
Reading Co 43.58 dr. 5s
b 4.45 4.35 Goody'r R & R of Can pf 100 rl-Cd34 - 104
St Louis & Safi Francisco 58_ 4.65 4.5(1 India Tire & Rubber new._ t
20
2113
Seaboard Air Line 5345 & 6s 5.05 4.90 Mason Tire & Rubber rom.t
51
112
Southern Pacific Co 4 Sis_ _ _ 4.45 4.37
100 13
15
Preferred
Equipment 78
4.60 4.50 Miller Rubber preferred .100 9912 10012
Southern fly 4 34s & 58
4.60 4.45 Mohawk Rubber
100 2018 30
Equipment 68
5.05 4.95
Preferred
Toledo & Ohio Central 68_ _ _ 5.05 4.90 Selberling Tire & Rubber..
Union Pacific 75
4.60 4.50
Pre erred
100 1011 102
f
Water Bonds.
Short Term Securities
Bid Ask Arkan Wat I st 5s •56 A A&O 96
9614
Anaconda Cop Nilo 8s'29J&J 10178 gen' firm WW 1st 5 S4sA'54.A&O 104 105
Chic It 1 & Pac 5.8 1929_J&J 100; 10078
Ist 515819544cr li..J&D 100 101
5% notes 1929
NI&S 100; 101
Butler War to s f 58'27 J&J
434% notes 1928._ _ _J&D 100 100;
58 Sept 2 1031._
&.S I
9612 98
Federal Sug Ref 68'33.M&N
93
9614 City W(Chatt15 34s'54AJ&0 10234 103'2
Sloss-Sheff S & I 63'29_F&A 10214 10314
1st Ni 58 1954
J&D 9712 9812
City of New Castle Water
Indus. & Miscellaneous
58 Dee 2 1941
J&DI 96
98
American Hardware
25 *7612 78 Clinton WW 1st 55'39.F& A 9612 9712
Babcock & IV IICOX
100 115 117 Com'w'th Wut 1st 534sA'47 10212 10312
Bliss(E W)Co
' •16
1713 Connelisv W 5sOct2'39A&OI 95
Preferred
50 *58
65 E St L & Int %Vat 5s '42 J&J 96 -961-2
Borden Company corn_ _50 •126 129
9
)534 103
17
5 1(2
1st M 65 1942 W1,
Celluloid Company new 100 100 104 Huntington 1st 68'M&
103
Preferred ilow
9734
55
100 91
92
Childs Company pret___100 118 122
Mid States WW 6536 M&N 101
Hercules Powder
100 189 193 Monml'ou W 1st 5s'56AJ&D 94 4E Preferred new
100 119 121
Monrn Val Wt 5348 '50.J&J 99,2 10012
Intermit Sliver 7% pref _100 120 123 Muncie WW 55(1, t2'39 A01 95
Lehigh Valley Coal Sales_50 93
94 St Joseph Water 58 1,941A&O 97% 9813
Phelps Dodge Corp
100 118 122 Sliming° ValWat 58'56A&0 94,2 9512
Royal Baking Pow corn. 100 255 270 So Pitts Wat tat 58 1960J
,A
1,A
&J 05
98314
* 991.4
Preferred
1st NI 5s 1955
100 107 111
9934
Singer Manufacturing,.,100 405 410 Ter II W W 6s '49 A._J&L) 10212 10312
Singer Mfg Ltd
1st NI 55 1956 ser It..F&I) 97
LI •478 514
Wichita VVat lot 66'49.M&S 102
1st NI 55 1956 ser B__ F&A 9613
100 10412
10378 10512
88
9678
931z 94;
103 10634
10618 10912
10534 10834
8714 9012
93; 9 34
9738 101
103 104
10218 106
9834 10114
5614 65
92
9534
9858 101;
9612
89
9112 97
91% 10712
7818 9814
10234 103;
102; 10412
10112 105
10(118 103
10014 10334
10412 106
100 104
59% 80
101 18 104
10138 10514
95 10012
11114 11378
100; 10414
1(11 10412
94
9912
96; 10112
9734 148
9934 10214
30
58
20
52
10134 10378
97; 102%
•Per share. t No par value. b Basis. d Purchaser also Pays accrued dividend.
10412 10,
14
10334 10534 r New stock. I Flat price. k Last sale. n Nominal. z Ex-dividend. y Ex-right.s
(Canadian quotation. s Sale price.
00 4 732
BOSTON STOCK EXCHANGE-Stock Record
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday, I Monday,
Oct. 3.
Oct. 1.
Tuesday,
Oct. 4.
Wednesday, Thursday,
Oct. 5.
Oct. 6.
Friday,
Oct. 7.
Sales
for
the
Week .
STOCKS
BOSTON STOCK
EXCHANGE
See B
ra
rge
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
MOOS
Par.
Shares
Railroads.
*183
*18312
100 171 .lan 7 188 May 27 159 Jan 17512 Dee
--I*18312
__ 186 186
141 Boston & Albany
183 183
183 183
100 81 May 10 94 Jan 15
8314 -8314 8212 -8-3
327 Boston Elevated
8278 83
83
83
834
83
83
77 May 8512 July
483
*101__ 10114 10114 510114
100 9812 Apr27 10312June 9
__ *10114
__ •101 ------------8 Preferred
89 Feb 103 Dee
114 11-4 +114 11
113 11-4 +114 115
--------162 181 preferred
100 109 Mar30 119 Sept 20 11212 Dec 122
- -5
115 115
Jan
1044 10412 104 105
100 101 Jan20 110 Sept 8
242 26 preferred
10434 10434 10434 105
Jan
104 10412
9812 Jan 112
59
5912 5912 6012 _ --- - --_ 59
100 51IgMar 7 70 July 6
58 -58
59
59
5912 1,090 Boston & Maine
35 Mar 5812 July
66
66
100 56 Jan 22 6912July 13
47 Preferred
65*2 65'2
32 Apr 6111 Dee
•85 lit, •83 8412 *83 83 •_ _ _ _ -66 •_ _ _ _ -63- -------100 7634 Jan 15 87 June 1
80 Series A let pref
59 Apr 86 Dec
*120
•I20
__ *120
100 125 Jan 8 139 May 3
Series B 1s1 pref
__ *120 _ _._ *120 125
84 Apr 130 Dee
*110 11-8 *110 1-1-6 *110 11-6 *110
____ ____
Series C 1st pref
100 97 Sept 17 116 May 26
___ *110 116
74 Apr 110 Sept
. _ *150
+150-_. •150
Series D lst pre!
100 154 Aug 24 165 Apr 21 105 Jan 165 Dee
__ •150
_ __ *150
-_
_ ____
10412May 6 113 May 21
113 113
112 112
112 1-16 *110 1-1-2
-- 275 Prior preferred
112 112
112 113
--94 Apr 10712 Dee
100 196 Jan 18 210 Sept 1 217512 Mar 20712 Dec
20258 20258 *20258 207
20258 20258 20258 20258 *20258_ _ 20258 20258
56 Boston & Providence
41 •____ 41 *__ -42- I
29 East Maas Street Ry Co_ _100 25 Feb 4 4312Sept 16
.40
40
41 •____ 40
Jan
Oct 61
28
1,300 1st preferred
100 64 Feb 8 81 Oct 7
7812 78 -of
79
*x75
784 7812 7812 7812 78
77
77
Jan
5912 Apr 71
101) Preferred B
78
75
100 60 Mar 14 78 Oct 7
78
75 *en
73
73
*.s___. 73
_ _ *x72
56 May 69 Jan
265 Adjustment
100 42 Apr 1 5912Sept 17
5614 5612 -564 564 57
40 Apr 494 Jan
*55
564 5512 5612 56
57
57
118 Maine Central
67
65 ' *65
63
67
64
67
+63
*654 674
49 Sept 60 Feb
1001 4712 Jan 13 74 Mar 29
53
5278 5418 3,685 N Y N H & Hartford
5438, 5332 55
56
4118
16
Jan
6
583
4
Feb
314 Mar 4838 July
54
5458 544 -5614 54
1001
____ .103 104 1+103 104
____ ____
Northern New Hampshlre_100 9212 Jan 13 103 Sept 7
103 105 *103
*103 104
81 Apr 9812 Dec
*14012
Norwich & Worcester pret_100 127 Jan 4 142 May 17 120 Apr 132 Dec
*14012 ---- •I4012 ------------55
4
1394 13914 •1391•
_
100 122 Jan 4 13612 Oct 4 111
65 Old Colony
•13514 _ _ 13512 1-3512 13512 1-3612 *13512 ___ +1354 _ _ 13514 13514
Jan 12.5 Sept
50 63 July 1 684 Oct 4
6818 6634 -673s 6714 -6/12 6634 674 5,200 Pennsylvania RR
6718 13iss 6678 6734 67
Vermont & Massachusetts_100 107 Jan 6 116 Jan 31
*2115 _.....2115 ___ .2115 ____ *x115 ____ •2116
9934 Mar 107 Dec
Miscellaneous.
4
214 Jan 3
--------495 Amer Pneumatic Service
4
*334 414
534July 30
5 Jam
334 334
2 Nov
334 34 *334 4
23
2312 2312 23
.23
2312 2312 2312 23
50 1512 .190 12 2612Sept 14
2312
2312 23
340 Preferred
18 Dec 2414 June
178 17858 17814 179
17814 18114 17838 18038 17834 18012 17912 18278 4,489 Amer Telephone Ss Teleg__100 14912 Jan 3 18278 Oct 7 13912 June 15034 Feb
88
No par 48 Jan 17 92 Sept 8
91
Jam
4812 July 71
87
7,891 Amoskeag Mfg
8712 86
8738 8712 8712 8712 874 91
87
7212 Nov 78 Feb
*9014
No par 735s Jan 10 91 Sept 9
- 9014 9014 9014 9014 9012 9012 9014 9014 --------50 Preferred
4254 1678 4278 43
3634 Jan 25 4314 Sept 26
4258 4278 424 4278 4258 4218 4258 4278 1,070 Assoc Gas & Elec class A_.-__
5212 -Apr 634 Jam
5314June 9 59 Feb 10
_ Atlas Plywood tr ctls
7/2 Oct 4 12 Apr 7
100 Atlas Tack Corp
814 Oct 1714 Jam
No par
•____ - -. r.712 712
14% May 2012 Jar
_ _ _ 1512 ___ -_ _ ___ _ Beacon Oil Co corn tr etts___. 1512 Aug 25 2012 Jan 3
154 *--- 1512 *____ 1512 *___ _ 1512 __.
74 Nov 9812 Jar
89
8912 8912 8912 8914 91
89
88
1
8834 88
938 Bigelow-Hartf Carpet_ No par 77 Feb 17 9334 Aug 29
91 _-921
.15Sept 15
_ _ _
. ____ ___ ___
Coldak Corp., class A T C.
*.10 .50
_
._
5 Jan 3
-- Dominion Stores, Ltd_ No par 67 Jan 26 98 Oct 5
ii May if ii
os e. i -o-i ii iii ii -ii ii)i, -oi --------585
94
..
2
*112 2
312 Jar
2
100 East Boston Land
*112 2
•112 3
112 Dec
334 Feb 3
10
114June 27
.334 4
.534 4
312 Mar
734 Mar 17
5
334 4
5
738 Oct
312 Jan 11
165 Eastern Manufacturing
*4
6
*334 414 *4
334 354
5
*4
45 Jan 4 84 Oct 7
4,050 Eastern SS Lines. Inc
44 Nov 8812 Jar
8014 84
8038 7884 7912 7912 7912 7812 7812 7812 80
79
4412 4412 *24412 45
54458 45
*4412 45
54412 45
265 Preferred
34 Nov 45 Jar
4414 45
No par 35 Feb 15 4558July 29
99
99
99
99
*9812 99
105 1st preferred
*9812 99
99
*9812 9912 99
100 8734 Feb 17 9914Sept 1
9014 Oct 9912 Jar
____ ____
.1.21314 15 •:1314 15 +21312 15 •z1312 1414 •z13'2 15
Economy Grocery Stores
10 June 1 15 Sept 131
14 Nov 26 Feb
26212 26312 26212 26312 26112 26512 264 265
263 264
266 26412 2,755 Edison Electric Illum
100 217 Feb 18 267 May 23 2207 Jan 250 Fat
3134 ___
___ 1 *31
3134 32
3134 +31
3214 32/4 3214
.31
316 Federal Water Serv corn
27 Apr 26 33781une 20 _ - - - -.-- - - - - ---•
35
3512 35
3,209 Galveston-Houston Elec_100 2212 Apr 20 3712 Oct 1
36
3712 3814 3714 3412 -36
35
3518 35
Oci
14 June 27
1514 1514 *1514 16
*154 1534 *1538 16
51538 16
70 General Pub Serv Corp cum_
11 Dec 17 Jar
1512Sept 8
1134 Jan 11
21 +221
21
21
21
214 2111 2114 21 -21
__
265 Germ Cred & Inv 1st pret____
.221
19 Feb 2 22 Snot 22 --- - -- --- ---•
35
35
3538 35
3512 35
35
3512 3558 354
*3412 -35
300.Glichrist Co
No par 3414June 28 38 Mar 15
3414 -Apr 4858 Jar
10458 106
10512 107
10438 10514 104 10514 5.768,011ette Safety Razor
10734 10914 10638 109
No par 8412Mar 22 10914 Oct 1
8812 Mar 11312 Feb
8 •___
8 *-___
8
IGreenfield Tap & Die
__ - - ---- ___
•____
8 *__-8 *--25
8 Aug 25 1212Mar 2
10 May 14 Sep'
1212 --------435 Hathaway Baking Corn
13
12
•12
1212 1212 1234 1212 1234 +12
12 Jan 17 13 Mar 14
40
4114 4178 40
3934 40
41
4034 1,380 Hood Rubber
No par 3258July 6 47 Jan 3
4134 4134 4154 42
4514 -Dec 6834 Pet
..+9514 _ ____
_ ___ _ 1Kidder, Peab Accep A pref _100 94 Apr 26 9534 July12 x93 Apr 96 Jul)
+954
*9514 ____ *9514 - __ - *9514 _ _
105 Libby, McNeill & Libby__ _10
1012 1114
7 Aug 25 1114 Sept 8
4 •1058 If *1012 1
612 Aug 1084 Dec
934 -91934 -934
*934 1 4
____
_
60 Loew's Theatres
*74 8
*712 8
25
6 Jan 3 10 Jan 18
718 718 *712 8
6 July
8
8
1218 Jar
120 121
118 12012 11712 119
12038 121
11678 1174 11712 fio
1,5641 Massachusetts Gas Cos_ _100 84 Mar 25 122 Sept 17
80 Apr 9412 Nos
1241 Preferred
79
80
79
80
80
80
8012 8012
100 70 Jan 3 8012 Oct 7
Jan 7018 Feb
65
*7834 7911 7834 79
11412 11412 115 115
115 116
303 Mergenthaler Linotype_No par 108 Feb 18 116 Oct 4 1104 June 1110 Ma)
11512 11512 11512 11512 11512 11512
438 Jan 20
10
214 Mar 24
34 34
312 312 1,057 National Leather
312 334
34 34
2 Aug
412 Jar
312 312
*314 334
2834 2834 2812 2878 2812 284 --------668 Nelson (Herman) Corp
5 2312 Feb 14 314 Apr 16
1512 Jan 2912 Jul)
2854 2834 *2812 29
.24 ____ _.__
74 •_. __
.24 *-__ :
•____
INew Eng 011 Ref Co tr Ws__ .15 Sept 9 .25 May 7 .20 Ja
.24 *--__
.24 *_-.95 Api
34 *---100
5 Mar 30
34 *---34 *---312 Jan 11
312 ---- ---- ____ -I Preferred tr etts
5
312 *---3 July
1012 Jar
_ _ ____ ____
97
97
42 New England Pub Serv 87 pre
97
97
97 .1.:98
97
91 Jan 18 10012 July 2
•:981-2 __
10112 10112
99 Prior preferred
101 10114 101 103
- --- ---*10114 102- 10114 102
9714 Jan 26 104 July 23
iii
13;3o
i
idi
iikii
5.....
.25 ____ ____
.25'
1_ _._
.25 *____
New Eng South Mills_ _No par .20 June 29
____
.25 -- .25
314 Feb 23 .50 Dec
8 Feb
ova
_44 44 *412 ___
•412 ___
*412
175 Preferred
100
878 Feb 281
2 Apr 1
-2 Dec 28 Jar
414 44
13712 1-38
-137 138
137 13712
1374 138
13634 138
682 New Eng Telep & Teleg
13612 1-i7
100 11512 Jan 4 140 Aug 10 11078 Apr 11834 Fel
____ ____ -_
_ _ *94
__ *94
-- *94
- *94
No Amer Util let pf full pa1d__ 90 Jan 5 95 Feb 29
89 Feb 96 Feb
50 -50 .246 -50 •244 -50 •244
50
60 1st pref 50% paid
*9450
40 Jan 6 50 Oct 1
48
1434 Dec 27 Feb
394 3914 394 3914 3912 -3-9-12
4012 3912 40
545 Pacific Mills
100 354 Mar 28 44 Sept 9
404 4078 39
3512 July 55 Jar
30 .26
254 2514 *25
30 ._ __ ____
40 Plant(Thos G), 1st pref
100 15 June 22 4258 Jan 3
40 Mar 684 Jar
*15
16
*15
*15
16
*15
16
1-6
Reece Button Hole
____ __ _ ____
i115 -1-6
10 x1414 Sept 15 1612 Feb 10
15 Feb
1714 Aug
.112 2
•14
135 *118
.112 2
138
*112 2
158
13
-8
1 Mar 4
10 Reece Folding Machine._ _10
14 Jan 11
118 Dec
2 Noi
126 12614 12614 127
126 12612 126 126
215 Swed-Amer Inv part pref_100 10512 Jan 5 127 Oct 6
12614 127
126 126
98 May 110 Aug
127 12714 1264 12614 12534 126
12612 12612 12614 127
577 Swift & Co
12612 127
100 115 Jan 3 13012Sep9 26 111
Apr 11814 De(
83
83
831. 8312 8318 8314 83
84
8314
83
270 Torrington Co
84
83
25 66 Jan 3 85 Sept 26
54 Mar 72 Sepl
7
7
734 8
505 Tower Manufacturing
8
8
4 Mar 3
Vs 71 i
734 734
958 Jan 31
74 74
18
18
18
*17
1778 1778 1712 17'±. 1712 1712
18
350 Traveller Shoe Co T C
+17
16 Aug 9 1812 Mar 22
*934 10
__ _ _ _ _ Union Twist Drill
*94 10
*934 10
*94 10
____
.934 10
5
912SePt 2 1412 Jan 24
7 Jan 1512 Fet
69
6934 6938 6934 69
6934 70
70
6912 69 -70
6914 1,506 United Shoe Mach Corp......25 50 Jan 3 72 Sept 15
47 Mar 534 Aug
294 *29
2912 2912 2912
294'1:29
29 •229
180 Preferred
29
2912 •29
25 28 Jan 3 30 July 2
28 Jan 30 June
91
92
91
92
91
91
91
9012 91
91
*90
91
686 U 8 dr Foreign Sec 151 pref f pd 83 May 3 92 Oct 5
82 Nov 135 Feb
.84
1st pref 75% paid
74 Apr 30 86 Sept 8
60 May 90 Aps
1,085 Venezuela Holding Corp
*412 5
6
5
6
512 6
6
412July 5 11 Apr 30
*414 7
*5
6
1912
19
19
1918 1918 '191
19
19
20
475 WaidortSys,Ine,new sh No par 19 Oct 1
19
1
19
2712 Feb 23
17 - -Jan -2234 Oct
60
100 Walth Watch el B com_No par 4012 Jan 21 60 Sept 14
58
58
60 *58*58
*58
60
*58
60
60
29
Jan 41 Dec
35 Preferred trust etre
83
7912 7912 7934 7634 •278 80 - --- - --__
100 61 Jan 3 80 Sept 16
80 .1278
80
481s Nov 61 Dec
____
___
104
Prior
---_
+10114
*101
*10114
58
1024
14
1023
118
10214
preferred
4
1023
4
•101
100 10012June
May 20 101 Sept 112 Dec
I
__
____
20
20
20
•19
20
1714 Aug 11 2434 Apr 11
*19
70 Walworth Company
•19
1934 +1912 20
1234 May 23 Jam
1,620 Warren Bros
125 12734 12312 12412 12312 12412 126 1-60
50 6518 Jan 13 134125ept 26
128 128
1291z 130
44 Mar 69 Dec
205 1st preserred
49
4812 4812 4812 4812 4812 4812
49
50 44 Jan 5 50 Feb 16
4814 49
+4812 49
39 AprI 46 Dec
_ _ _ _ _ ...
53
.53
90 26 preferred
534 54
55
*53
50 45 Jan 17 54 Oct 1
55
*53
42 Apr 47 Feb
54
54
•1614 _ ___ *1814 ____ .1614 ____ *1614 ___. •1614 __ -_ -2 ---Will & Demmer Candle com_ _ _
14 Jan 12 174 Mar 15
1034 Augi 1712 Jam
Mining.
Adventure Consolidated._ 25 .05 Jan 14 .20 Feb 10 .05 Mar .40 July
.25
.25 *._-.25•_ _ _ _
.25 •____
.25 •__._
.25 *____
•
_
110 Arcadian Consolidated
.55 .55 '
1.65 .80 '1.75 .80
25 .20 July 18 .89 Jan 15 .25 Marl
1.65 .70
.-65 .65 '1.65 .70 '
138 Aug
6
614 3,475 Arizona Commercial
534 614
534 6
5
5 July 11 1014 Jan 8
534 614
584 57111
6
6
914 May 1234 Jan
2,800 Binghames
5934 60
5812 60
10 30 Jan 3 61 Sept 28
Min
6014 60 6014 584 60 •5814 59
60
29 June 5534 Jan
1634 17
3,216 Calumet & Heels
1634 17
17
1714 1658 17
1612 BA
1634 17
25 1418June 27 1714 Oct 4
13l Junel 1858 Aug
_ Carson Hill Gold
1 .10 Jan 7 .60 Apr 29 .10 Dccl 50 Jan
1618 164 2,384 Copper Range Co
16
17
1.512 16
1512 1512 1512 16
25 1178May 20 18 Sept 16
154 10
13 May 20 Jan
02 14 1,290 East Butte Copper Mining_ 10
112
112
14 112 •14 184
134
114June 30
158
134
134
234 Jan 4
214 Oct
4 Feb
15.Franklin
.30 .30 +.35 .40 *.35 .50
25 .05 Feb 1 .80 Mar 17 .25 Nov1
'.36 .40 5.35 .40 4%35 .40
114 Jan
1
1
+.40
1
'
1
1.40
'1.40
*.40
155 Hancock Consolidated
.40 .
25 .15 Apr 8
1
'.40
1 July 1 .27 Dec
114 July
16
960 Hardy Coal Co
16
1512 1578 1534 16
1
16
14 Apr 26 1818Sept 9
1834 16
1618 *16
.16
14 Marl 2114 Jan
1Helvetla
0.40 .50 '1.40 .50 *AO .50 •.40 .50
25 .50 Sept 29 .85 Jan 6 .75
+.40 .50 *.40 .50 '
2 Jan
OctI
1,745 Island Creek Coal
624 63
63
6318 6312 6278 6314 63
1 47 Feb 26 67 Sept
83
63
63
63
__
_ ._
I Preferred
1 10412Sept 23 107 Apr 13
*105 10712 +105 10712 *105 10712 +105 10712 *105 10712 *105 10712
6-991-2 -Jan 10612
1212 1234 1234
12
12
400 Isle Royale Copper
12 .1.211112 12
25
9 July 13 15 Sept 16
12
12
12
912 Jun81 14 Aug
40 Keweenaw Copper
15s
15± •134 24 +134 21 i
25
158 •134 24
1 July 21
158
•134 214
278 Feb 4 .50 Jar
278 Sept
14
120 Lake Copper Co
114 •.90 14 *400
.90 .90 •.90
114
25 80 Jan 7
.90 .90 '1%90
118 Mar 18 .60
OctI
138 My
La Salle Copper
25 .50 Mar 28 .90 Apr 22 .80 June
'.61 .75 .1.61 .75 +.61 .75 +.61 .75 +.61 .80 '1.61 .75
24 Mar
Mason Valley Mine
1.70 .95 '1.70 .90 •.70 .00
1.70 .90 '
5 80 July 5
1.70 .90 '
2 Jan 4
+.60 .90 '
134 Jan
2
58 Sept
10 Mass Consolidated
.10 .10 *AO .20 *AO .20
25 .05 Sept 29 .85 Jan 3 .15 Dec .75 July
•.10 .30 +.10 .30 •.10 .30
1.75 .85
182 Mayflower-Old Colony
.70 .70 '
.65 .75
25 .25 May 3
112 Jan 11 .40 Dee
1.70 .85 *.70 .85
•.70 .85 '
112
Jan
46
471.1 2,440 Mohawk
4512 4512 4534 47
25 3458June 22 474 Oct 7
454 46
4518 454 46
44
30 Mar 46
Oct
2318 234 2,580 New Cornelia Copper
5 1812June 24 24 Jan 20
224 2214 2234 2234 2314 224 234 2334 231 1
22
1812 May 24 Aug
______
Copper
.16
New
---.16
Dominion
--+.05
1.05
.05 May 26 .06 Feb 1 .05
•.06 .16 +.05 .16 '1.05 .16 '
Jan .20 June
_
•15
__ •16
__ ____ __ New River Company
100 17 May 14 1978May 12
*--. 18 •__ 18 •_ 18
18 Dec 25 Feb
10 Preferred
65 -65
65 .60 -115
100 68 Apr 14 75 Feb 8
*60 __65
410
65
*60
64
.60
45 July 72 Feb
615 NIpissing Mines
7
7
612 612
7
7
658 658
64 74
64 64
5
5 Aug 16 104 Feb 2
5 July
1012 Dec
560 North Butte Mining
10 60 June 28
112
114 *14
114
114
114
114
14
338 Jan 5
114 .114
14 114
2 Apr
378 Sept
1
63011.way Mining
25 .40 Oct 5
.40 .70 '1.51 .90 '1.51
1
'
1.65
114 Jan 26 .50
1
•.65 1
..65
Jan .50 Nov
1212
100 Old Dominion Co
25 1034June 29 15 Apr 1
*1112 1212 *1112 1212 *1112 1212 *1112 1212 1212 1212 *12
13 Dec 20 July
1712
17
2,020
17
rd
Cek
Pocahontas
1612
Co
No
par
11
Jan
4
1612
1812
1612
1634 1634 1612 1634 1612 1612
Aug 19
1012 Mar 15 Jan
25 1314 July 13 194 Apr 22
1512 1518 1612 Ms 173s 2,585 Quincy
1512 May 25 July
1512 157s 1534 1514 1512 1578 15
2512 2638 2,720 St Mary's Mineral Land_ _ _25 1812June 28 27 Oct 5
2534 27
2312 2334 27
23
2112 2112 2112 22
25 Dec 3812 Feb
.1
.
112
+1
112
Mining
Seneca
1
July 2
312 Jan 14
112 *1
112
234 Dee
112 *1
112 *1
958 Jan
•1
.30 .30
10 .15 May 9 .40 Jan 12 .15 Dec 80
350 Shannon
1.30 .40 '1.30 .40
+.35 .50 •.35 .50
.30 .35 '
Jan
50 Superior & Boston Copper_ _10 .15 Mar 23 .50 Sept 6 .20 Nov
1.20 .35
.25 .25 •.20 .25 '
•.20 .25 '
1.20 .25 +.20 .25
1;4 Mar
20 Utah-Apex Mining
5
*44 5
778 Feb 24
5
5
44July 14
+434 5
*434 5
434 44 *434 5
44 Oct 1134 Feb
1 il 1X. 1,160 Utah Metal & Tunnel
1 .85 June 30
1
2 Feb 2 .25 Des 2% Mar
1
*1
11s
118
1
1
*1
IN '
1.90
114 •al
Victoria
25 .50 July 11
114
114 'al
114 *01
*al
2 Aug 24 .40 May .75 Feb
112 '121
114 *al
656 Winona
.10 .10
25 .03 Mar 9 .70 June 3 .10 Sept .40 .1012
1.15 .20 .1.15 .20
.10 .15 ..15 .20
•.15 .20 '
•Bid and asked prices; no sales on this day. a Assessment paid. b Ex-etoek dividend. t New stock. x Ex-dlvidend. y Ex-rtghts. a Ex-dividend and
rights.
(h
'T. 8 11927.)
THE CHRONICLE
Outside Stock Exchanges
-Boston Bond Record.-Transactions in bonds at Boston
Stock Exchange, 0 t. 1 to Oct. 7, both inclusive:
Bonds-
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Lots. High. Week.
•
Amer Cyanamid 58._ _1942
Amer Tel & Tel 48..._1929
58 1960
AtIG&WISSL 59 195!)
Dixie Gas Co 6749_ - - -1937
East Mass Street RR454s series A
1948
55 series II
1948
6s series 1.)
1948
Hood Rubber 78
1937
Mass Gas 4555
1929
455s
1931
555s
1946
P C Pocah Co 7s deb 1935
Western Tel & Tel 5L 1932
94
994
105
69%
993,i 994
7855
7155
78
91
10254
994
100
10414
11551
100
Range Since Jan. 1.
Low.
high.
$1,000 94
94
Oct 94
Oct
993.4 3,000 9855 Jan 9954 Oct
2,000 103% May 105
105
Oct
Jan
7054 4,000 6834 Sept 75
Sept
99% 11,000 9055 Sept 100
72
32,000 6455
6935 18,665 69
1.100 82
93
1,000 101
10234
1,000 9955
9955
3,000 9755
100
1044 3,000 1034
2,000 100
1154
101%
7,500 100
Aug
Jan
Feb
Apr
Apr
Feb
Mar
June
May
71%
80
93
104
100%
101%
1044
120
10254
Sept
Sept
Oct
Jan
July
Aug
Aug
Aug
June
Cleveland Stock Exchange.-Record al transactions at
Cleveland Stock Exchange Oot. 1 to 0 . 7, both inclusive, compiled from official sales lists:
Stocks---
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
l'ar. Price. Lou. High. Shares,
2555 254
106 106
254 26
110 11951
1154 12
3054 304
384
36
49
5194
4155
41
109 10954
3134 3254
96
99
I11
11154
104 105%
60
60
100
105
62%
434
32
160
106
107
180
1554
87
122
132
107
106
424
60
14
22
11
133
31
32
180
6155
28
994
22
95
5
3654
32
185
70
28
100
22
95
55
364
2755 28
274 275
1104 112
8254 834
33
33
84 855
21% 2151
283 289%
74 754
424 424
35 • 38i5
101% 1014
5954 60
106 1064
1554 17
64
70
354 37
4
4
5134 32
474 49
2434 2451
11
1151
784 7934
104 104
57
57
282 282%
10354 104
108% 10854
500
30
185
185
75
218
270
1,066
100
40
2,313
264
323
690
180
292
651
95
50
3,963
235
18
14
6
2
5
6
4
31101
5
30
94
94
$2,000
9654 9654 10,000
Low.
17 June
1014 Jan
194 Apr
80
Jan
Aug
10
3054 Sept
3134 Aug
43 • Jan
Apr
35
1064 Feb
2354 Jan
74
Feb
108
Feb
9654 Jan
47
May
300 June
May
106
21
Mar
70
Mar
100
Feb
62
Sept
3551 Mar
28
Sept
117
Jan
1014 Jan
99
Feb
145 June
1535 Sept
84
Jan
100
Feb
127
Aug
1024 Apr
wog Jan
36% Sept
May
56
12% Jan
20 June
44 Jan
109% Feb
2755 Feb
23
Jan
132% Feb
61% Oct
22
Jar
98
July
15
Ma
94 June
454 Ma
33 Jun
25
254
1054
76
25
6
2154
1424
651
30%
21
96
44
104
7
25
12
33-6
494
36
204
9%
72%
104
57
218
9955
106%
High.
26
106
27
11951
12
314
3854
53
42
109%
34
115
111%
10554
67
350
110
36
100
1064
6754
45
32
165
1074
107
180
21%
100
122
134
109
106
42%
664
14
3154
11
133
324
33
185
70
304
106
22
97
636
38
Aug
Sept
Aug
Oct
Oct
Aug
Oct
Apr
Sept
June
Aug
July
Sept
Oct
June
Sept
Aug
Sept
Aug
Mar
June
June
Oct
Sept
July
Oct
Sept
Mar
June
Sept
May
Sept
Oct
Oct
Jan
July
Jan
Oct
Oct
May
Aug
Oct
Oct
July
Feb
Sept
Oct
May
Aug
Apr 28
Sept 28
Jun 114
Jan 864
Jan 3454
Apr
994
Sept 32
Ma
29
Apr
84
Jun
424
Jan 3835
Jai 102%
Feb 61%
Sept 1064
Feb 17
Feb 70
May 37
Aug
834
Apr 55
Mar 49
July 2754
Jan 14
Feb 90
Oct 105
Oct 85
Jan 290
May 107
July III
Oct
Sept
Mar
Sept
Mar
July
Jan
Sept
July
July
Sept
Sept
Sept
Oct
Oct
Oct
Oct
Jan
Feb
Sept
Sept
Aug
May
Sept
Jan
Aug
Apr
May
Or
94
96'-4 Sep
Cincinnati Stock Exchange.-Record of transactions
at Cincinnati Stock Exchange Oct. 1 to 0,.t. 7, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low, High. Shares,
Am Laundry Mach com.25 1074 106 1074
• 24%
Amer Products pref
2454 24%
Amer Rolling Mill corn_ _25
664 67
113 1134
Preferred
100
Amer Thermos Bottle"A".
14
14%
44
Preferred
50
44
Baldwin corn
100 19054 190% 194
New preferred
100
noti 1104
Buckeye Incubator
8 50% 4934 5055
Carey (Philip) corn... _100 220
220 220
Preferred
100
124 124
Champ Coat Paper pref 100
114
115
Churngold Corporation_ _• 374 3655 38
2,094
100
1,012
91
290
875
14
10
1,014
6
15
28
20
Range Since Jan. 1.
Low.
99%
214
44
11054
7
34
182
10634
44
190
11355
110
34
July
Jan
Jan
May
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Jan
High.
108
2755
78
114
1454
44
225
11054
53
230
125
115
45
July
Aug
July
June
Oct
Oct
Mar
Oct
Apr
Aug
Sept
Sept
Mar
9955
07
46
11355
324
1054
103
4154
2434
0854
102%
100
104
71
71
135
2854
118
61
13
19
1 44
83.4
2104
189
98%
26
43
96%
74
404
10234
2535 2655
448 450
109 109
9955, 9954
136 413655
mu 07
7251 74
46
47
113 1134
145 145
3151
31
324 3255
10555 1054
103 103
70
70
10155
101
3635 42
2454 25
330 330
355 360
23% 2351
40% 41
984 9854
121% 1214
114 114
1014 10254
36% 37
30
30
100 10054
104 104
69% 75
2,15
255
69
734
12855 136%
284 28;5
118 118
118 118
6151
61
104% 10455
384 40
1114
111
8% 9
874 8734
215 220
180 180
98% 9854
1124 1124
88
88
25
26
43
43
100 100
11154 112
70
69
964 98
7
74
40
41
1024 10251
58
58%
1004 101%
1,388
15
25
850
30
92
89
658
17
10
65
115
22
45
10
12
4,269
1,570
6
30
20
395
131
52
42
120
215
45
26
7
4,295
20
118
3,938
179
25
10
179
115
724
209
220
20
1,159
100
504
10
4
1,349
5
10
115
30
138
600
318
220
95
71
Low.
214
315
103
964
11255
91
70
404
90%
136
22%
2754
96
96
63
100
334
25
30234
325
19
39%
85
1214
9934
101
26%
28
9955
104
94
155
203.4
118
2654
118
100
61
9854
39
106%
6
65
177
180
99
111
88
25
38
97
85
55
87%
5
31
10154
51
1004
High.
Feb
Aug
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Jan
Apr
Jan
Jan
Feb
Jan
Sept
Sept
Apr
Jan
Jan
July
Jan
Sept
Jan
*Jan
July
Apr
Feb
Oct
Jan
Sept
Jan
June
Apr
Oct
Jan
Sept
June
sent
June
Apr
Jan
Feb
Oct
Jan
May
Oct
Sept
Apr
Aug
Jan
June
June
Jan
Aug
Aug
Jan
Aug
2654 Apr
450
Sept
109
Oct
1004 Sept
140
July
99
Mar
78
Jan
484 Sept
1124 Sept
150
Aug
334 July
3451 June
105% Oct
1034 July
73
Mar
105
Feb
42
Oct
31
May
335
Aug
360
Oct
28% July
44
Feb
9954 Sept
122
Sept
116
Apr
105
Mar
July
38
3451 June
1024 May
104
Oct
75
Oct
3
Sept
7334 Oct
135% Oct
30
Apr
119
Aug
129
Mar
61% Sept
124
Apr
4151 Sept
114
Slay
954 July
88
July
204
May
180
Oct
101
June
11455 May
92 (rJuly
2654,isept
46
July
102
Mar
115
Aug
Aug
79
101
June
9 3 Aug
41
Sept
10251;Aug
65 elMar
101 ^11 Sept
•No par value.
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange, Oct. 1 to Oct. 7, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week,
of Prices.
Par. Price. Low, High Shares.
Amer Vitrified Prod COM 50
21
21
Am Wind Gi Mach con) 100 25
25
30
Arkansas Nat Gas com_ _10
755 855
855
Illaw-Knox Co
25 96
95
96
Byers(A Si) Co pref _ _ _100 111% 1114 1114
Carnegie Metals Co
_10
1154 1174
Columbia Gas & El corn_ •
9274 9254
Consolidated Ice pref _ _ _50
19
20
Dixie Gas & CBI cum_ _ _ _. 11
104 11
First Nat Bank
100
312 312
Harb-Walker Refr com _100
155 165
Houston Gulf Gas
8
104 11
Indep Brewing corn
50
24 254
Preferred
50
3
355
Jones & Laughlin St pf..100
12151 122
Lone Star Gas
25 49
4855 51
Nat Fireproofing pref.. _100
22
22
Okla Nat Gas ctfs of dep.. 22% 22
22%
Penn Federal common_ •
7
755
Pitts Brew pref
10
50
10
Pitts Oil & Gas
5
354
34 351
Pitts Plate Glass con'_ _100
215 221
Pitts Screw & Bolt Corp_ •
5354 5355
Pitts St Fdy Corp cum_ •
28
28
Preferred
100
834 8355
Salt Creek Consul 011_..10
6
6
Stand San Nifg corn__ ..25 101
9451 101
Tidal Osage Oil
100 22
22
22
Union Steel Casting corn.*
35
35
U S Glass Co
25 1155
1154 12
Waverly 011 Wks class A •
3354 33%
WesChouse Air Brake new• 4655 4634 4751
150
60
2,882
610
12
850
30
170
930
5
150
200
200
190
30
11,225
280
1,340
1,000
110
100
337
45
25
15
20
4,332
100
10
200
10
270
in
Range Since Jan. 1.
Low.
high.
27
52
914
96
111%
1454
98%
20
11
312
165
124
4
6
1224
51
304
2354
8
1134
355
270
56%
31
8355
8
101
2655
40
1555
43
494
Jan
Jan
July
Oct
Oct
Sept
June
Jan
Oct
Inl
XI..
Sept
Oct
Apr
Feb
Feb
June
Oct
Mar
May
Sept
Jar
Fel.
Jac
Sept
Apt
Oct
Fet
Oct
Mai
Am
Jar
Fel
Sept
• No par value.
Correction.-Sales of Pittsburgh Screw & Bolt corn, last week should have read
52 low, 56 high; Columbia Gas & Elec. corn, should have read 9255 low, 93 high.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Oct. 1 to Oct. 7, both inclusive,
compiled from official sales lists:
95 June
9654 Sept
• No par value.
26%
tvaSgtiggEWatggsgEstngwavastt
1059%
30
29
100
105
62
40
32
158
106
10651
175
154
8615
121
132
107
106
39
60
14
20
10
13
30
72
15
535
1,140
420
520
1,234
854
210
158
1.000
270
144
1,603
10
27
15
228
9
5
100
555
295
333
10
218
24
25
39
218
25
19
10
1,28
2
50
11
1,65
7
26
100
6
200
33
294
35
10
210
475
Cincinnati Car Co
50
CNO&TP
100
Preferred
100
Cincinnati Gas & Elec_ _100
One Gas Transporrn._100
C N & C Lt & Trac corn.100
Preferred
100
Cincinnati Street Ity _ _50
Cinc & Suburban Tel_ _ _50
Cinc Union Stock Yds._100
City Ice & Fuel
•
Coca Cola "A"
Cul By
let pref
100
"13" preferred
100
Cooper Corp (new)...100
Crown Overall pref
_100
1)0w Drug cam
100
Fugle-Picher Lead corn_ _20
Fifth-Third-Union Tr_ .100
First National
100
Formica Insulation
•*
Gibson Art corn
Globe Wernicke pref..100
GoodyearTire prior pf 7%.
Gruen Watch pref
100
Hatfield-Reliance pref.
_100
Hobart Manufacturing_ •
Jaeger Machine
•
Johnston Paint pref___ _100
Kahn 1st pref
100
Kodel Radio"A"
8
Rights
Preferred
20
Kruger corn
10
Lunkenheimer
8
ManischewItz pre(
100
Nash (A)
100
Mead Pulp corn
•
Special preferred_ ..100
National Pump corn__ _ 1_0
10
0
Ohio Bell Tel pref
Paragon Refining corn_ _25
Preferred
100
Procter & Gamble corn.1_0
20
8% Preferred
100
Pu6re011re
% p 8f%
erre
prdef
100
Putman Candy pref._ A00
Rapid Electra
•
U S Can com
*
Prefeei
rr
100
11 S Playing Card
10
U S Print & Litho com _100
Preferred
100
11 S Shoe corn
*
Vulcan Last Cam
100
Preferred
100
Whitaker Paper corn
•
Preferred
100
Range Since Jan. I.
X X
X X
,ollmtor.No,
1=m2niacoc==m
0000c,...mvr.07_,
^.MNC4
n 2..m.. Q2
Aetna Rubber corn
.
Amer Fork dr Hoe com 100
Amer Multlgraph com_ _ _* 26
Amer Ship Bldg corn ..100
Allen Industries
•
Preferred
•
Bessemer Lim & Cern corn • 38
Buckeye Incubator corn_ _•
liyers Machine "A"
•
Central Alloy Steel pfd_ 100 109
City Ice & Fuel corn
• 3151
Cleveland-Cliffs Iron corn •
Cleve Elec Ilium pref 100
Cleveland Ity corn
100 105
Cleveland Stone corn
•
Cleveland Trust
100
Cleve Un Stkyds corn_ _100 110
Cleve Worsted M com_100
Dow Chemical com
8 100
Preferred
100
Elec Controller & Mfgcom*
Faultlass Rubber com_ __ _• 4354
Fed Knitting Mills corn_ •
Firestone T dr R com_ _10
6% preferred
100 106
7% preferred
100 107
General Tire & Rub com_25
Glidden corn
•
Prior preferred
100 87
Goodyear T & R pref _ _100 121
Grasselli Chemical corn _100
Preferred
10.) 107
Gt Lakes Towing pref. _100
Greif Bros Cooper'ge cora.• 42
Hanna(MA)1st pref. _100 60
IIarbauer corn
•
India Tire & Rub corn....8 20
Industrial Rayon "A"_ _ _ _• 104
Interlake Steamship corn_*
Jaeger Machine corn
8
Kaynee corn
Kelly Island 1.&T com _100 185
Midland Steel Prod
• 70
NIetrop Paving Brick corn 8 28
Miller Rubber pref__ _ _100 9974
Mohawk Rubber cont. •
Murray Ohio Mfg pref 100
National Acme com
10
National Tile corn
• 36%
Nineteen Hundred Washer
Common
•
Ohio Confection "A"._ _ _• 274
Ohio Bell Telephone pfd100 1114
Ohio Brass "B"
•
Ohio Seamless Tube corn_•
Paragon Refining corn_ _25
83.4
Peerless Motor corn
50
Richman liros corn
8 285
River Raisin Paper corn_ •
Rubber Svc Labs
• 424
Selberling Rubber com_ • 3755
Preferred
163 1014
Sherwin-Williams corn_ _25 (10
Preferred
100 1064
Stand Textile Prod corn 100 17
"A" preferred
100 6954
"B" preferred
100 37
Stearns Motor corn
8
Steel & Tubes Inc
•
Telling-Belle Vernon com_• 48
Thompson Prod corn "A" • 2454
Trumbull Steel corn
• 114
Preferro.1
100
Truseon Steel pref
100
Union Mtge. lot pref ..l00
Union Trust
100 282
White Motor Sec pref_ 100
Youngst'n Sheet & T pf 100
BondsCleve-Akron Bag 88..1936 94
Firestone of Calif 5s_ _1942 9654
Range Since Jan.].
Stocks ((Joncluded)
1957
P id
-au
Sales
1.6st Week's Range for
Sole
of Pr(ces.
Week.
Par Price. bow. Etch. Shares.
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
1Veek.
Par. Price. Low. High. Shares.
Adams Royalty Co com_ •
All America Radio cl A5
Am Fur Mart Bldg pf _ _100
American Pub Serv pref 100
Am Pub UM Co par pfd 100
Prior lien
100
American Shipbuilding _100
Amer States Secur Corp A •
ClasslS
•
Warrants
Armour & Co(Del) pref 100
Armour dr Co pref
100
Associated Investment Co•
Auburn Ant& Co corn.. _25
Balaban & Katz v t c....25
Bastian-Blessing Co(com)
Beaver Board pf v t c_ _100
Bendix Corp cl A
10
Borg & Beck corn
10
Brach dr Sons(E J) corn_ _•
Bunte Bros corn
10
Preferred
100
100
88
115
85
66
3255
11455
234
38
5051
674
zo
19
193.4
7
7
99 100
984 9854
88
88
9455 9434
110 120%
455 555
455 5
54
55
85
8634
66
67
32
32%
11355 118
60
6055
2355 24
38
3834
504 5255
67
6934
2015
20
14
15
100 100
Range Since Jan. 1.
Low,
515 18
5
55
155 93
231 94
85 73
25 92
7,305 7934
2%
4,882
3
3,079
1,227
54
45 8394
1,661 594
426 32
9,970 6851
453 5755
942 23
250 354
2,600 364
895 53
50 1835
265 14
16 100
Aug
Apr
Apr
Jan
Jan
July
Jan
Apr
Apr
July
Aug
Apr
Sept
Jan
Aug
June
May
Jams
Jan
Aug
Aug
Oct
High.
324
1055
100
104
sus
96
1204
555
5
1
9754
8655
3855
12255
63
26
46
.56
73
3534
2055
1004
Feb
Mar
Sept
May
Jan
June
Oct
Oct
Oct
Jan
Feb
Jan
Feb
Sept
Jan
July
June
Sept
Sept
Jan
Jan
July_
1958
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sate
of Prices.
1Veek.
Stocks (Continued) Par Price. Low. High. Shares.
Apr 34
Jan 15%
4
Jan
May 56
Mar 200
Sept 4351
10 59
63
63
Aug
40% 4234 2,300 39
Sept
10 92
96% 96%
Jan
29
100 24
Mar
29
28
215 26% Aug
29
13
13% 5.867 11% Sept
50 505$ Apr
51
51
51 45
83
83
Mar
25 88% Mar
96
96
50% 53
360 41
Feb
49 36
Jan
42
42
4
4%
310
4
Oct
4,702
851 June
1034 11
May
4851 4934 2,525 41
325 17 June
19
19
1,320 108
Apr
112 11354
11134 113%
1,640 110% Jan
Oct
91
92)4
590 91
282 117% Jan
12054 121%
Apr
5351 71% 5,095 38
9411 95
20 92% May
14 105%
331 97)1 Jan
110 91% Oct
9151 9154
52 96% Mar
10151 102
15 96
S pt
97
97
Jan
66
6734 3,810 58
34 11
Jan
2334 2351
2 130% Feb
138 138
25
Sept
25%
675 22
314 354
1,188
214 Apr
37
38
1,550 37
Sept
97
860 97
98
Sept
35
3554 1,100 3054 Jan
440 2214 Jan
3211 3334
375 95% Sept
9834 100
192 9434 Mar
97
9854
8% 9%
325
8 June
100 21% July
26% 26%
12% 12%
300 1151 Mar
300 19
19% 20
Jan
21
110 1934 Jan
22
May
741) 40
5451 5534
145 153
67 14051 Jan
Jan
143 153
165 132
32 10154 June
10654 10634
10 11231 Apr
117% 11751
265 32% Jan
3651 3854
130 175
June
245 250
150 107
Jan
11034 111
50 98
July
100 100
2254 2474 9,730 1914 Mar
July
32
3351
1.150 29
60 10251 July
107 107
29,250 52
Jan
7554 79
25 25% Jan
3254 3254
425 25
Sept
26%
26
97
9954
150 9451 Jan
71% 7454 41,100 5414 Mar
623
5% June
9%
9
1,080 11551 May
126 12754
24% 25% 8,200 1854 Mar
Apr
58% 6051 3,225 40
1,655 3954 Jan
4951 5034
July
Sept
Mar
Jan
Oct
Oct
70
Jan
43% July
97
Feb
29
Oct
29
Oct
19% Mar
52
July
83
Oct
97
Sept
63
Feb
50
Aug
9
Jan
11% Aug
5151 Sept
31
Jan
117% Mar
11354 Sept
(1434 Sept
122% Aug
7151 Oct
96
Sept
10751 Sept
9234 May
10351 Sept
07
Oct
68% Mar
24% Sept
13951 Aug
25% Oct
414 Jan
3054 Sept
98
Sept
3834 July
34
Aug
101
Jan
100
Feb
914 Sept
2714 Feb
17 June
21
Feb
28 June
55% Oct
153
Oct
153
Oct
106)4 Sept
117% Sept
43
Aug
250 .Sept
113
May
100
Oct
24% Oct
3451 Sept
10754 Aug
79
Oct
33 June
28
Mar
100
Sent
74% Oct
1051 July
130
Sept
26
Sept
6054 Oct
52
June
Jan 0734 June
283 87
9554
100 50
Jan 57
Sept
55%
15% 4,375 1254 Mar 17 June
200 15
Aug
May 24
19%
275 16
Feb 2334 Sept
23
10854 7,835 9051 Aug 11051 Sept
50 2651 Sept 37
Feb
2851
13
925
1754 June
8% Jan
May 85% Oct
85% 22,600 67
100 112% Mar 117% May
117
45 3454 Mar 55
Sept
54
1% Aug
1%
200
6% Feb
Feb
115
7)1 July
5
7
Jan 64% Oct
64% 8,660 51
705 14% Sept 27% May
17%
125 2554 Mar 40
Aug
34
45% 15,920 3751 Aug 45)1 Oct
99
99
99
99
85
85
8454
84)1 84
6454 64% 64%
82% 8251
83H,
82
65
64
4454 4454 44%
49
47
106% 107
94% 94%
99
99
99
Oct 99
$5,000 99
3,000 9751 June 100
Jan 88%
1,000 75
9,000 81% Aug 88
3,000 52% Jan 73%
4,000 7434 Jan 8634
5,000 74% Jan 84%
10,000 58 June 71
Jan 5111
15,000 35
Jan 51%
9,000 29
10,000 10254 July 107
2,000 9454 Sept 94%
July 99
5,000 99
Oct
Aug
June
June
June
Mar
July
May
June
June
Oct
Sept
July
Range Since Jan. 1.
Low,
100 100
Holland Fur Co deb 65 1936 100
200 96
105% 107
Eons°0 Costit1351s 1931 107
12,600 96
100 100
Jewelers Bldg(Chi)let613'50
2,000 100
Metr W Side El 1st 45_1938
7854 79
2,000 7911
Peoples G L C ref g 58_1947 103% 103% 10351
1,000 101%
107% 10751
Public Serv 1st 5558-1962
1,000 105%
So Gas Util 6%5 "A".1939
99
99
5,000 99
St Louis G & C 1st 65_1947
97% 9754 2,000 9751
99% 9914 7.000 9851
United Pub Util 1st 65 A '47
* No par- value.
Jan
Jan
Sent
Sept
Apr
Mar
Oct
Sept
June
High.
11051
11051
100
80
103%
107)4
99
97%
101
May
May
Sept
Apr
Oct
Oct
Oct
Sept
May
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange Cc'. 1 to Oct. 7, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week,
Par. Price, Low. High. Shares.
Range Since Jan, 1.
Low.
High.
BankMerchants-Laclede Nat 100
Nat'l Bank of Comm. _100
282
153
282
153
10 279
10 150
July 284
July 163
Jan
Jan
Trust Co.
100
Mercantile Trust
Mississippi Valley Trust100 300
42834 430
300 300
75 427
58 285
July 432
June 301
Sept
Sept
Street RailwaySt Louts Pub Service._.'
Miscellaneousmer Credit Indemnity_25
Aloe common
20
Preferred
100
Boyd-Welsh Shoe
*
Brown Shoe common__100
Burkart common
*
Preferred
*
Central C & Coke com_100
Certain-teed Prod let pf100
Century Elec Co
100
Coca-Cola Bot Sec
1
Ely & Walker D G com__25
1st preferred
100
2d preferred
100
Elder common
•
100
Fred Medart Mfg pret_100
Fulton Iron Wks corn....'
Preferred
160
Globe-Democrat prof_ _100
Hamilton-Brown Shoe_ _25
Hussman Refr corn
*
Independent Pack com_ •
Internat'l Shoe common...*
Laclede Gas Light pref_100
Laclede Steel Co
100
McQuay Norris
•
Mo-Ills Stores COM
*
Mo Portland Cement_..25
20% paid
25
Nat Candy common__ _100
*
Pedigo-Weber Shoe
PJar Wave I dr F Co....*
Rice-Stix D Gds com__ •
160
1st preferred
2d preferred
100
3cruggs-V-B D G com__25
let preferred
100
*
kullin Steel pref
•
k'curities Inv corn
3lieffield Steel common..'
*
3kouras Bros "A"
Twestern Bell Tel pfd..100
3t Louis Car common_ _ _10
Aix Baer Fuller
*
Wagner Else common...'
Preferred
100
Waltke common
*
100
Wabash Tel pref
2911
40
21
2454
114
18
34
3014
205
180
41
98
32
2254
111
7254
3334
34
2851
11714
30
87
77
MiningDonsol Ld & Zinc "A"..'
Street Railway Bonds.
Z St L & Sub Co 5s._ _1932
It L & Sub RyGen mtge 5s C-D__ _1923
1934
Jnited Rye 48
1934
45 C-D
2954 3051
670
62
62
3551 3554
10134 10151
40
40
43
4551
21
24
2411 2534
50
50
114 114
150 162
16
18
3251 33
112 112
89
90
1851
18
66
66
101 101
11
11
59
59
1143.4 11451
34
35
3054 30)4
21
21
202 206
103 103
180 180
2034 2051
15% 15%
4054 42
39
4154
98
985.1
36
3651
32
3234
22% 23
111 111
100 100
163.4 17
72
73
3154 3354
34
34
28
2954
3854 3851
117 11754
1734 1711
29
29
30
3054
87
87
77
75
10554 10555
25
10
5
2
145
217
457
20
5
33
140
167
5
20
107
6
7
20
20
5
290
1
5
230
45
10
150
650
50
721
210
20
290
180
35
65
84
103
210
180
145
10
167
55
10
270
10
225
12
12
1834 Mar
50
32
10054
37
3111
15
24
50
105
114
1354
3034
111
87
18
6234
99
8
45
114
333.4
30%
20
158
06
165
1854
13
373.4
37
84
35
2951
1934
10554
99
16
72
3114
34
2534
32
11434
1634
26
1831
68
5151
103
May
Feb
Mar
May
Mar
Aug
Sept
Oct
Feb
May
Apr
July
Feb
July
Oct
Aug
Jan
June
June
May
July
Sept
May
Feb
Jan
July
Jan
Aug
Sept
Sept
Feb
Sept
Aug
June
Jan
July
Aug
Oct
Oct
Oct
Feb
Aug
Mar
Apr
Aug
Jan
Fen
Jan
May
r2
Oct
37
May
.04
July
42
Feb
4614 Sept
25
Sept
26
Sept
50
Oct
114
Oct
162
Oct
1851 Apr
3851 Apr
May
116
Mar
92
1931 June
8854 June
10354 Sept
1334 June
Aug
60
11634 Jan
Mar
40
36
Jan
25
Feb
21634 Sept
140
May
185
Jan
2154 Jan
1651 Sept
54
Apr
4151 Oct
11054 June
3751 July
34
Apr
2414 Sept
111
Oct
100
Oct
2234 Feb
84
Mar
39
Mar
40
Feb
3034 Sept
48
Jan
119 June
1854 June
3111 Jan
3914 May
90 June
8654 Mar
106
June
12
110
94
9354 94
$6.000
8251
85
8654 10,000
8234 82% 8.000
82
8251 17,000
80
Feb
7554 Mar
7554 Mar
9834 99
9811 Sept 101
Miscellaneous Bonds.
1941
lcullin
Steel 65
..
. .-__
......
10,500
Oct
3074
12
Oct
17
Jan
8634
Jan
94
Oct
'
88
Sept
84
July
8351 Sept
Apr
• No par value.
San Francisco Stock and Bond Exchange.-Record of
transactions at San Francisco Stock and Bond Exchange
1 to Oa. 7, both inclusive, compiled from official
sales lists:
UM..
A'fILLIAg
Stocks-
Last Week's Range for
Sale
of Prices.
Week,
Par. Price. Low, High. Shares.
35154
American Trust Co
354
Anglo Calif Trust Co
Anglo & London Paris N B 219
Dancitaly Corporation_ _ _ _ 11374
Bank of California, NA_
248
Bark of Italy
Calumba Sugar corn
Preferred
3.50
California Copper
California Cotton MM.__ 4274
California Packing Corp_ _ _ 6551
2034
Calif Petroleum com
4634
Caterpillar Tractor
Coast Co Gas& El Ist pref_
Crocker First Nat Baal(_ _ _ ......
East Bay Vi ater "A" pref__ 97
30
Emporium Corp, The
Ewa Plantation Co
Fageol Motors, corn
Preferred
19
Federal Brandeis
97
Fireman's Fund Insurance_
1351
Foster & Kleiser, com
Great 1v estern Power, pref 10394
33
Hale Bros Stores
Hawaiian COM'l & Suga:„ 493-4
Hawaiian Pineapple
Hawaiian Sugar
Home Fire & Marine Insur 34
35
Honolulu Consol 011
Hunt Bros Pack"A"corn_ _ 23
rninnio Thanifir illmon ...f...
27,
..t.
35054
354
218
10551
25534
23734
Range Since Jan, I.
Low.
355
95 300
354
10 338
219
177 195
118
76,527 8914
260
35 245
249
53,267 171
soy, 81
120 08
833i 8454
50 80
3.50 3.50
200
2
4234 4234
10 20
6434 66
1,647 61
2054 215.4
2,178 2014
44% 49% 81,647 26)1
96% 97
32 94
335 335
5 305
96% 97
375 9554
30
32
1,235 30
41
401
235 4054
325 325
30 225
5
614 7
425
17% 19
934
6.700
9254 97
1,600 88
230 12
1334 1354
555 101
10234 10334
3214 3334 4,460 30
250 48
4914 51)4
882 45
5151
45
25 4034
4314 44
665 2834
3354 34
3434 3574 1,440 3334
245 23
23
23
'.11% W 3844
2.270 3111
Jan
Jan
Jan
Aug
May
May
Apr
Apr
June
June
Apr
Oct
Feb
Jan
Aug
June
July
Sept
Apr
Jan
Feb
Mar
Apr
June
June
Apr
Oct
Jan
Mar
Apr
June
Apr
High.
lititgWattgtfattltMiggYlgYrantigN
95
5551
1454
19%
21
10334
2851
12
82
117
53
1%
614
61
17
3351
41
243.4 Oct
27% May
8634 June
92
June
95% Jan
95
Aug
94
Aug
18
May
69
Oct
97% Apr
10414 July
2% Jan
19% June
26
Mar
3551 Aug
36% Jan
10114 May
72
Feb
10454 Feb
6 June
3614 Sept
163
Oct
854 Aug
8451 Oct
53
Sept
121
May
54
May
32
Sept
119
Aug
3251 Oct
15% May
55
Aug
100% Sept
my, Sept
46
Sept
46
Sept
3551 Aug
Bonds (Concl,
ded)-
X XXXX
125 2654
1,621 12
100
3
2.805 31%
3,295 140
4,740 35%
Jan
June
Apr
Aug
Jan
Jan
Jan
July
Jan
Jan
Jan
Jan
Jan
Aug
Jan
Sept
June
July
May
Feb
July
Jan
Apr
Feb
Apr
Feb
Mar
Mar
Jan
Apr
Jan
July
Mar
Mar
Jan
Jan
Mar
High.
XM
BondsAllied Owners 1st 65..1945
Cairo lidge& Fer 1st6)0'47
Chicago City By 55__ _1927
1927
Ctfs of deposit
Chic City & Con Rys 55.27
1927
Chicago Rys 59
lot M ctf of dep 5s _ _1927
55 series A
1927
5s series B
1927
Purchase money 55_1927
Commonw Edison 59_ _1943
Fed Util(Md) 1st 5345 1957
Fed P N Co tat 65"A" 1937
Low.
22% 24% 8,050 17
24
810 24
24
1,640 69g
6951 7651
89 86
88
8851
92' 9251 - 190 8854
55 85%
92
92
20 85%
91% 91%
10 15%
17% 17%
63
69
2,585 5651
1,145 9214
96% 96%
172 98%
100% 101%
h
151
50
154
14
354
1455 2,810
325 20
20
21%
100 30
35
35
50 27
29
29
131 9854
99)1 100
45 63
66
6634
90 102
102% 103
110
yi
3
3
35
36% 3,255 33
530 138
157 163
5%
8
815 1,600
571 69%
84)1
82
488 47
50
5151
30 117
118 118
179 49%
53%
52
440 25
31%
31
165 106
116% 11651
30
32%
336 20
13
735 11
1354
200 51%
51% 51%
288 9254
9954 100%
1,695 10051
109 10911
42
660 38%
4251
900 24%
41% 42%
33
33% 3,025 21%
33
3334
15
15%
3% 3%
4154 42%
188 200
39)1 4351
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. I.
WON ,
001,
..1,,
ON0m000u,00..00b.00-M ,
00MC..0VNOW
CloOMNt-MWW
VOMVOmo{,v. N0-.0c1.1.1.02.4.04M
0202N -.NO
CO
CI
..
Butler Brothers
20 23 •
Cent D Pa Corp "A" pf_ •
Celotex Co corn
* 6934
Preferred
100
Central Ill Pub Serv pref_*
Central Ind Power pref_100
Centre of deposit__ _100
Central Pub Serv (Del)--_• 1734
Central W URI corn_ _ _• 6754
Preferred
• 9674
Prior lien pref
* 10134
Chic City & Con By pt sh *
Participation pref
* 1414
Chicago Elec Mfg "A".....* 2151
Chic Fuse Mfg Co com_ •
Chic N 8& Milw corn_ _100 29
Prior lien pref
100
Preferred
100
Chic RapTran pr pref A 100 103
Chic By,part Wsser 2.100
Club Alum Uten Co
* 3554
Commonwealth Edison 100 163
Consumers Co corn
5
8
100 8354
Preferred
Crane Co ccm
25 50
Preferred
100
Cuneo Press A pref
50 53%
Decker (Alf) & Cohn,Inc.' 3151
100 11634
Deere & Co pref
Eddy Paper Corp (The)_ _• 32
El Household Util Corp_10 13
Elyria Iron & Steel com_25 5151
Empire G&F Co 7% p1_100 100
8% preferred
100 109
Evans & Co Inc cl A____5 42
Class B
5 42
Fair Co (The) corn
• 3334
Fitz Simons & Connell
Dk & Dredge Co com_20
Foote Bros(G & M) Co_ _5 1551
Godchaux Sug,Inc cl"B"•
354
Gossard Co(H W)corn_ _• 4134
Great Lakes D & D...100 191
Greif Bros Coop'ge A COM * 4234
Hubbard, Spencer, Bartlett & Co corn
25
Illinois Brick Co
25 41
Illinois Nor Utilities p1.100
111 Wire & Cable Co corn_10 29
Inland Wire & Cable Co_10
Kellogg SwItchb'd corn. _10 1355
Kentucky CBI Jr cum pi 50
Keystone St & WI corn 100
Preferred
100
Kraft Cheese Co corn_.25
Kup'helmer & Co(B) Inc_5
La Salle Ext Cul,/ com_10
Libby McNeill de Libby_10 11
Marvel Carburetor(Ind) 10 5051
Mer & Mfrs Sec Co pt pf100 19
Middle West Utilities....'113
100 11334
Preferred
* 9234
6% preferred
Prior lien preferred. 100 12134
Midland Steel Prod corn_ _* 70
Midland Util 6% pr In..100 95
7% prior Ilea
100 104
Preferred 6% A
100
Preferred 7% A
100
Miss Val Util pr In pref___* 97
Morgan Lithograph corn.* 66
Mosser Leather Corp corn.* 2315
Nat Carbon pref
100
Nat Elec Power A part..'
National Leather corn...10
351
National Radiator
• 37
Preferred
* 9754
National Standard corn..' 35
North American Car corn.* 33
Nor West URI pr In pf_ _100 100
7% preferred
100 9854
Novadel Process Co corn.
Preferred
Omnious vot tr ctfs
* 1254
Penn Gas & Elec A corn * 20
Pick Barth & Co part pt..*
Pines Winterfront A com_5 54)4
Pub Serv of Nor ill corn _ _* 153
Pub Serv of Nor 111 com 100 15254
6% preferred
100
7% preferred
100
Q-R-S Music Co corn _ _* 3834
Quaker Oats Co corp....* 245
Preferred
100 111
Reliance Mfg Co pref._100
Reo Motor Car Co
10 2414
• 33
Sangamo Elec Co
100
Preferred
Sears, Roebuck, common.* 7534
So Cities URI class A corn.'
So Colo Pr Elec A com_25
So'w G & El Co 7% p1_100 9914
Stewart-Warn Speedom__• 7234
9
Studebaker Mail Ord corn 5
100 12654
Swift & Co
15 2534
Swift International
25 5934
Thompson (.1
com
United Biscuit class A...* 50
United Light & Power* 95
Class A preferred
• 555$
Class B preferred
Common class A new..' 15
Common class B new..' 19%
United Paper Bd corn_.100 21
20 104
U S Gypsum
Vesta Battery Corp com_10
• 1234
Wahl Co common
Ward(Montgomery)&Co 10 83g
117
Class A
Waukesha Motor Co corn.'
Wolff Mfg Corp corn....'
7
Wolverine Portland Cem 10
Wrigley(Wm Jr) Co corn.* 62%
pfd.'
Yates Machines part
17
Yellow Trk & Cch Mfg B 10
Yellow Cab Co Inc (Chic) * 4334
[VOL. 125.
OCT.8 1927.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par Price. Low. High. Shares.
103%
25c
1934
3711
4334
705
102
15934
115
7216
3634
2391
1834
21
2534
10231
5394
40
4191
911
45
305
614
811
3611
Range Since Jan. 1.
Low,
High.
Jan
10
Oct 65
12 10
10
511 Jply 3114 Jan
6
247
6
1211 1294
575 1256 Sept 12% May
10336 10394
305 9834 Jan 10434 July
Feb
1,100 20c Aug 75c
20c 254
1814 1911
325 1611 Apr 2811 Jan
95
96
Sept
55 9291 Jan 97
Feb
365% 3794
1,695 2814 Apr 48
June
Jan 39
3651 3634
30 35
June
4234 44
Jan 44
100 40
10
Oct 1291 Sept
175 10
10
Oct
Feb 730
600 730
.534 311
10134 102
Feb 10354 July
715 97
Jan
1.25 1.25
100 1.05 June 1.75
Mar 160
157 160
Oct
1,820 123
113 11534
July
Mar 116
50 102
7034 7694 19,013 5394 July 13931 Mar
3651 4111
505 3614 Oct 5934 Feb
2391 2331
150 1916 Jan 24
Sept
16
490 1591 Jan 165
16
% July
1794 183
% 2,147 14% Mar 2634 Jan
10994 11011
95 10656 Jan 11151 Aug
Jan 103
15 97
10231 10291
Sept
21
160 20
2136
Apr 23% June
Aug
May 94
9194 92
150 89
2516 2591 5,013 2516 Oct3194 Feb
92
Jan 923
20 87
02
% Feb
12134 124
Aug
270 10634 Jan 125
5794 6094
490 44
Sept
Jan 65
35 9294 Jan 9994 Sept
9894 99
445 10194 Jan 10811 Mar
10294 10231
53
5311 9,953 5094 Apr 6031 Jar
50c 50c
200 400 May 05c Fet
2011 21
May 2194 FCC
100 20
3996 4094
3,565 3791 Apr 5694 Jar
41
4194 3,736 3911 Apr 5694 Jar
Jar
911 Oct 19
615
934 1136
Mal
25
Oct 27
45 25
25
4.5
110 3734 Jan 4596 Oci
45
Oc
294 305
May 305
54 260
5
July
636 7
600
994 Jar
3
4
811 811 1,345
8
Aug
9
Jar
Sep
5.385 28
3516 3631
Jan 37
o
•No par value.
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Oct. 1 to Oct. 7, both
inclusive, compiled from official sales lists:
956
67
220
7791
3
5631
48
165
2234
202
11715
55
18
2294
6751
12734
33
23
101
23994
1194
2116
158
23
4716
31
95
73
7
68
310
18
340
52
234
4496 49
257 258
15194 153
164 169
2494 25
22% 27
300 300
3514 3534
200 202
11691 11714
5434 55
65
65
1731 1831
2231 23
225% 23
82
82
6611 71
127 12794
116 116
113 11331
33
35
325 325
51
51
395 395
23
2451
100 101
23894250
1194 1194
1196 1194
95
95
95
95
29
20
2134 2194
20
20
155 159
20
23
4634 4715
3094 3134
2511 26
75
75
9334 95
230 230
71
74
85
85
7
894
673% 7356
19
20
40
41
310 310
18
19
340 350
48
52
4234 4231
234
336
._,
.
BondsBalt City 45 J F
101 101
1961
48 S L
1961 10194 101
10134
Black & Decker 694s
107 108
Commercial Credit 511835
9411 9451
Consolidated Gas 5s _1939
105 105
General 4545
1954
10091 10034
Consol G,EL&P 4343_1935 10014 10094 10016
lot ref 6s ser A
1949
107941075%
Davison Chain 616s
10131 10194
Elkhorn Coal Corp 631s'31
9854 99
Ga Car & Nor 1st 5s.1929
10034 10091
Ga Sou dr Florida 5s_ _1945
10236 10215
Island Edition 640
102 102
Lexington (Ky) St 58 1949
10296 103
Mel Electric Rip lot 5s.1931
9931 0911
lot & ref 6365 ser A_1957
100 100
Public Service Bldg 5s 1940
10455 10434
Stand Gas Equip lot 60 '29
10034 100%
United Sty & El 1st 4s 1049
7494 7431
Income 4s
1949
5251 53
Funding 5s
81
1936
81
6% notes
1930 9911 9911 9911
1st 68
1949
9831 99
Wash Balt & Annap 5s 1941
87
87
8794
West hid Dairy 6s_ _ _ _1946
10492 10432
• No par value.
._
3794
11194
Arundel Corp
*
Atlan Coast L (Conn)_ _ _ 50
Bait G Commercial Bk_100
Baltimore Trust Co_ _ _ _50
Baltimore Tube pref_ _100
Black & Decker corn
Canton Co corn
*
Central Fire Ins
10
Century Trust
50
Ches & Po Tel of Balt pf100
Citizens National Bank_10
Commerce Trust
50
•
Commercial Credit
Preferred
25
Preferred B
25
611% lot preferred_ _100
Consol Gas EL & Pow_ _ _*
8% preferred sec A,..100
7% preferred sec B _ _100
6%% pref ser C
100
Consolidation Coal_ _ _100
Continental Trust
100
Crooke (J W) prof
Drovers & Mech Bank_
Eastern Rolling Mill
*
Equitable Trust Co
25
Fidelity & Deposit
50
Finance Co of Amer A _ _ _•
Series B
Houston 011 corn v t c._100
Preferred v t ctfs_ _100
Humphreys Mfg Co
•
Mrs Finance lot pref_ __ _25
2d preferred
25
Maryland Casualty Co_ _25
Maryland Mtg Co corn _ _*
Merch & Miners Transp_ _*
Merchants Nat Bank _ _ _10
Monon W Penn PS pf _ _ 25
Mortgage Security 2d Pf100
Mt V-Wood Mills v t p1100
National Un Bank of Md..
New Amsterd'm Cas Co_10
Northern Central Ry_ __50
Old Town Nat Bank_ _ _10
Penns Water & Power..,.,'
Silica Gel Corp corn v t c _*
Un Port Rican Sug cora •
Union Trust Co
50
United Rye & Electric _ _50
U S Fidelity & Guar_ _ _ _50
West hid Dairy Inc corn...
Western National Bank 20
RightsNew Ams Cas rights W I__
.
.
3516
1711
653%
114
Stocks-
Friday
Sales
Last Week's Range for
Sale
1Week.
of Prices.
Par. Price. Low. High. Shares.
.
54.%
50
High,
1854 Oct
67
Oct
7314 Jan
415
Oct
1155
% Sept
May
52
Mar
42
6415 May
22031 Sept
2831 Oct
791.4 Jan
1231 June
67
Oct
93
Jan
4831 Jan
261
Jan
5611 June
17551 Oct
2
Feb
7731 Sept
5
Jan
90
May
311 July
11994 Jan
2131 Oct
28
Jan
196 Apr
21
June
7794 Sept
6831 Jan
92
Sept
54
Sept
93 June
5811 Sept
2014 Sept
5534 June
5251 June
47
Mar
69
Mar
1594 Mar
39
May
2496 Jan
9011 Feb
231 Mar
29.4 Apr
3914 Mar
11811 Sept
35 June
41
Apr
9634 Apr
4734 Mar
"
c'3
--
Range Since Jan. 1.
Low,
95
62
54
93
5
62
7911
8711
103
103
10316
105
10611
103
63
High.
Feb
Jan
Jan
Feb
May
Aug
Jan
Feb
Jan
Jan
Feb
May
June
Jan
Jan
10111
89
69
97%
11
71
102%
93
10631
107
10794
10711
10831
106
79
Juno
May
May
Sept
Sept
Jan
May
Oct
Sept
Sept
Oct
Sept
Aug
Sept
Mar
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Oct. 1 to Oct. 7, both inclusive, compiled from official sales lists:
..• ..• .........V4a ....
..,. "
8934
93
5434
May
Feb
May
Oct
Jan
Feb
Mar
Jan
May
Jan
May
Mar
Mar
Oct
Jan
May
Apr
Oct
Jan
Jan
July
Jan
Jan
June
Jan
May
Apr
Mar
Aug
Jan
Aug
Jan
Sept
Feb
Jan
Apr
June
July
Mar
Sept
Aug
Oct
Aug
Aug
Sept
Jan
Feb
Feb
July
Jan
Jan
s•--
53,400
8,000
6,850
18,000
5,500
1,000
1,000
2,000
7,000
22,000
11,000
2,000
5,000
24,000
21,000
.
1994
77
Low.
10
48
623
%
410
11231
42
4094
3511
177
26
6315
511
51
48
34
208
5034
17131
116
5131
234
76
154
10594
1531
23
96
1231
7531
5991
7451
4934
90
4611
9
52
50
3711
53
1034
33
173%
6451
1
1
36
89%
2894
3214
8711
40
101
86
59
9711
9
63
102
93
10556
107
107%
10794
10734
106
6431
.
234
10754
2031
.
5694
.
11431
1831
14
64
67
6494 6594
410 415
114 11491
51
51
4111 4191
5616 5631
218 218
2731 2831
7214 7311
911 915
64
67
48
48
4294 43
220 230
54
5594
1713% 17531
2
2
7334 7731
3
3
86
86
234 3
107 10931
2031 2194
2331 2394
36
1
18
2036
7694 7734
6694 68
8211 92
52
5234
90
93
5431 5634
2031 2016
5451 5431
50
5074
4216 4231
555% 5694
1131 1134
3411 3554
1734 1834
65
6531
116
134
2
29ot
3734 3836
111% 11516
32
32
35
35
Si)
89
42
43
r.
r.
p.
1614
66
6511
Range Since Jan, 1.
Amer Gas& Elec 5s_ 2007
98
Consol Trac NJ 1st 5s 1932
86
Elec & Peoples tr ctfs 48.'45 5851 58
Keystone Telep lot 5s.1035 9734 96
Lake Sup Corp Inc 58.1929
9
7
63
Peoples Pass tr ctfs 48.1043
102
Phila Co stpd s f & red 58'51
93
Ph ila Flee (Pa) 1st s f 4s'66
1st lien & ref 5s____1960 10556 ioog
1st 5s
1966 10691 106
10711
1st lien & ref 5118_ _1947
1st lien & ref 5165_ _1953
10734
1st lien he ref 6s_ _ _1941
10734
Phila Elec Pow Co 594s.'72
105%
United Rys& El(Balt)48'49
64
No par value.
a
Almar Stores
*
Alliance Insurance
10
American Stores
•
Bank of N A & Trust_ _100
Bell Tel Co of Pa pref_100
Buff & Susq pref
100
Cambria Iron
50
Congo' Traction of N J_100
Curtis Publishing Co com _•
East Shore C. & E 8% p1.25
Electric Storage Batt'y _100
Fairm't Pk Trans Co com.•
Fire Association
10
Giant Portland Cement 50
Preferred_
_ 50
Horn de Ilard't(Phila)com •
Horn & Hard't(NY)com •
Houston 011
Hunt & Ilrd Top Mt RR 50
Insurance Cool N A_ _10
Keystone Telephone.. _ __50
Keystone Watch Case_ .•
Lake Superior Corp_ _ _ _100
Lehigh Coal & Nav
50
Lehigh Pow Sec Corp corn •
Lit Brothers
10
Manufactured Rubber_ _10
Mark (Louis) Shoes Inc...'
Penn Cent L & P cum pf__*
Pennsylvania RR
50
Pennsylvania Salt Mfg_.50
Phila Co (Pitts) 6% pt. _50
Phila Dairy Prod prof
Phila Elec of Pa
25
Piffle Elec Pow rcts
25
Phila Rapid Transit_._ _50
7% preferred
50
Phila & Read C & I Co...
Phila Traction
50
Phila & Western Ry _ __ _50
Preferred
50
Shrev El Dorado Pipe 1...25
Stanley Co of A merica_._•
Tono-Belmont Devel_._ I
Tonopah Mining
1
Union Traction
50
United Gafi
_50
U S Dairy Prod
class A'
Improvt_Victor Talk Mach com*
6% cumul Prof
•
West Jer dr Sea. Shore RR50
.. 1.04....1.....0. ......4
.
.1. .
..00...i..4....0. ........ .
.000'.
,
0.4.000
o0.0.0...........Q0WW000004.^00.0,0..000444
0.
00.
14•=00.
.
DC0000.000000.0.000000.14-0010.0000.0144.00004.000.1>00
0..
00000-4.
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week,
of Prices.
Par Price. Low. High. ShareS,
Bonds-
, 0..014.00,...0000,t...WON.00000000
0000.00WW0W000...0N00.0000
Is..1.000M.W.N.1.= 11000hOMNC
1.1.0.00NN00.C.O.N0N .01.4441. N4004401,
Key System Tran, prior pf
Preferred
Langendorf Baking
LA Gas .is Electric pref.
Magnavox Co
Magnin (1). COM
Nor Am Investment pref_
North American 011
Oahu Sugar
Onomea Sugar
paauhau Sugar Plantation
Pacific Lighting Corp corn_
6% preferred
Pacific Oil
Pacific Tel & Tel, com_ _ _ _
Preferred
Paraffine Co's. Inc,com
Phillips Petroleum, com
Plggly Wigg W States "A"
ltig'n Whistle, prof
Richfield 011
St J Lt & Pow prior prof
"B"6% preferred
Schlesinger(B F)"Acorn
Preferred
Shell Union Oil, corn
Sierra Pacific Elec. pref.....
Southern Pacific
Sperry Flour Co, corn
Preferred
Spring Valley Water
Standard Oil of California_
'rexas Consolidated Oil_
Traung Lablc & Litho Co__
Union Oil Associates
Union Oil of California _ ....
Union Sugar, corn
Preferred
Waialua Agrlcul Co, Ltd__
Wells Fargo Ilk & Union Tr
West Amer Finance, pref_ _
Yellow & Checker Cab..._
Zelierbach Corporation _ _ _ _
1959
Friday
Last IWeek's Range Sales
Sale
ofPrices.
for
Price. Low, High. Week.
Range Since Jan. 1.
High.
Low,
3134 Jan 49
Oct
230
July
Jan 265
13716 July 153
Sept
12956 Feb 169
Oct
Sept 3611 Jan
22
1111 July 27
Oct
250
Jan 300
Oct
26
Jan 37
Feb
170
Jan 215
Sept
115 - Jan 118
Sept
49
Jan 5954 Sept
53
May 6614 Sept
14.5i June 29
Feb
1911 June 2331 Sept
1834 June 2356 Sept
Sept
7134 Aug 84
51
Jan 71
Oct
127 June 13011 Aug
11251 Mar 117
Aug
11016 May 11434 Aug
2994 July 3634 June
240
Mar 335
Sept
50
July 51
Mar
39534 July 425 June
21
Mar 33
May
71
Feb 115
Sept
13516 Jan 278
Sept
Sept
934 Jan 12
911 June 117-4 Sept
Feb 131
89
Selg
Jan 9934 Jun(
86
Sept
Jan 31
25
Sept
2211
18
Sept
Jar
1611 Apr 22
Jan 171
98
SeP1
1714 Feb 24
Mat
AM
3794 Apr 48
2611 Mar 3311 AM
2331 Mar 2694 Au
71
Sept75
Oc
7811 Jan 9531 Sep
Juno 230
207
Oc
Sep
5211 Jan 76
Jan 8514 Jai
81
654 Sept1234 Jai
4794 June 7311 Oc
15
Jan 2011 Sep
3631 May 51
Sep
240
Feb 310
Sep
1674 Aug 24 Jun
205
Feb 366
Sep
4715 Aug 5314 Jun
3391 Jan 44
Sep
296
Oct
9311
99
99
92
102
9814
9836
10734
101
98
9934
10111
102
102
97
91
10434
100
7014
51
7591
9931
98
65
) 10092
Apr
June
May
Aug
Mar
Jan
Jan
Aug
Sept
Jan
Jan
Mar
Oct
June
Feb
Jan
Oct
Jan
Jan
Jan
Jan
Mar
Sept
June
Jan
316
Oc
101
Oc
10194 Sep
108
Oc
9451 Jun
my,' Ar
10031 Or
10031 Set
107% Ma
10134 Ser
10011 Jun
10056 Fe
10216 Jul
102
01
103
Or
993.4 Au
102
Ma
10415 01
101
Al
7916 Ma
60
Al
84
Ma
10111 Jut
10134 Jun
9094 Ma
10492 Ms
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (Oct. 1) and ending the present Friday (Oct. 7). It is compiled entirely from the daily
reports of the Cori) Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered:
Friday
Sales
Last 11'eek's Range for
Sale
of Prices.
1Veck.
Par. Price. Low. High. Shares
1Veek Ended Oct. 7.
Stocks-
Indus. & Miscellaneous.
14% 15
Aero Supply Mfg class A
Class 11
1111 1116
• 11%
Ala Great 20u ord
155% 159
50
Preferred
50
15716 158%
Alliance Insurance Co_ _10
65% 65%
Aluminum Co corn
98
•
99
Preferred
100 10431 10314 10434
American Arch Co
100 65
67
65
Amer Bakeries class A---• 4811 4811 48%
7% preferred
100
9834 9834
Range Since Jan, 1.
Low,
200
8
200
3%
900 123
90 124%
50 61
900 6796
2,600 10111
1,310 59
1,500 4731
100 9734
Feb
Apr
May
Feb
Sept
May
Mar
Sept
Sept
Sept
High.
14
12
160
15831
6531
10511
104%
111%
50
9851
Aug
Sept
Sept
Sept
Oct
Sept
Oct
Apr
Sept
Oct
Friday
Sales
Last !Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low, High. Shares
Am Brown Boyer( El Corp
Founders shares
•
551 656
Founders shares v t c_-•
516
7
American Chain Co corn _ _•
4516 4531
American Cigar corn.100 120
120 120
Amer Cyanamid pref__100
91
9114
Amer Dept Stores Corp_
12%
1291 13%
American Glue Co corn__ - - 3654 36% 3611
14% 1416
American Hawaiian SS_ _10 1455
10531 105%
Amer Laundry Mach com •
Amer Mfg Co com _ __ _100 so
8954 91
American Meter Co
• 11034 11011 115
Range ante Jan. I.
Low.
300
5
1,500
5
200 4091
225 115
160 84
2,600 12
100 3651
3,100
9
25 102
275 79
300 8911
High.
Aug 21
Aug 21
July 4834
Apr 125
June 95
Sept 1434
Oct 38
Jan 2034
Aug 131
July 9211
Jan 115
Jan
Jan
Sept
Mar
Sept
Sept
Mar
Slay
July
Sept
Oct
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Stocks (Continued) Par Price. Low. High. Shares.
12% 11% 1235
Amer Rayon Products_ _
Amer Rolling Mill corn_ _25 66% 6535 66%
112 112
Preferred
100
6
735
Amer Solvents Sc Chem v t
6
21
21
Cony panic preferred_*
3% 3%
American Thread pref__ _5
90
Amoskeag Company
9035
Anglo-Chile Nitrate Corp_•
2134 24
6% 634
Apco Mfg class A
67c 75c
Atlantic Fruit & Sugar__ _* 75e
51%
51
Atlas Plywood
11335 11535
Auburn Automobile com.25 114
Babcock & Wilcox Co_ _100 117
Bancitaly Corporation_ _25 114
Bancroft (Jos) & Son Pf.100
Beaver Board Cos pref..100 38%
Belding Hall Electrice com*
Bigelow-Hartf Carpet corn*
Blumenthal (S) & Co corn *
3%
10
Blyn Shoes Inc corn
Bohn Aluminum & Brass_* 23
50 13334
Borden Co common
Nat City rcts for new stk 13035
735
Bowman-BM Hotels corn_*
Brill Corp, pref
38%
Class A
• 1735
Class B
12
Brillo Mfg corn
2535
Class A
Brit-Amer Tob ord bear_ £1 25)6
Broadway Dept Sts 1st Pf
Brockway Motor Trk corn*
25
Bucyrus Co corn
Common certifs of den-- -----26
Bucyrus-Erie Co w
Bullard Machine Tool__ *
20
Butler Brothers
Canadian Indus Alcohol_ *
Can Pac Ry ord 1st pf w L
734
Case Plow Wks Cl B v t c_*
46
Caterpillar Tractor
Celanese Corp of Am corn_* 10735
159
First preferred
Celluloid Co (new)
107
Common
92
Preferred
129
First preferred
• 73
Celotex Co common
100
7% preferred
Central Aguirre sugar_ __50 117%
Centrifugal Pipe Corp ___• 1334
CM & St P (new co)2535
New common w I
New preferred w
5%
Chicago Nipple Mfg el A 50
50
Class B
Cities Service, common_20 51%
100 9335
Preferred new
835
10
Preferred B
City Ice & Fuel (Cleve)_ •
Club Aluminum Utensil.... 3535
• tc25%
Cohn-Hall-Marx Co
Colombian Syndicate_
234
Consol Dairy Products_ _..*
• 16%
Consol Laundries
Consolidation Coal corn 100 34
Copeland Products Inc734
Class A with warrants_ _*
35%
Courta.:Ids Ltd
100 6231
Cuneo Press, corn
Curtiss Aeropl & M corn_ _• 4435
100
Preferred
Curtis Publishing corn._ _•
$7 preferred
• 5535
Davega Inc
•
Davenport Hosiery
Deere & Co common_ __100 205%
436
De Forest Radio v t e____*
335
Voting trust ctf of dep _
B__*
40
Reynolds
Cl
&
Devoe
Dinkier Hotels class AWith purchase warrants_
Dixon (Jos) Crucible Co 100 162
Doehter Die-Casting
Dominion Stores Ltd_
Dubilier Condenser Corp_•
9%
Durant Motors Inc
Durham Dupl Razor pr pf
With Cl B Corn 50k purwar• 48%
935
Duz Co class Avte
Eastern Rolling Mill
Eastern 58 Lines corn.. _5 85
Eltingon-Schild Co corn_ _s 34%
Elec Refrigeration Corp_ •
Elyria Iron & Steel com_25
234
Estey-Weite Corp class A _•
Fageol Motors Co corn..10
100 16635
Fajardo Sugar
Fan Farmer Candy Shops.*
Fashion Park, Inc, corn....
Federated Met stk tr ctf _* --1334
535
Film Inspection Mach....'
10
Fire Assn of Phila
Firestone Tire & R,com_10
100
7% preferred
Ford Motor Co of Can_100 565
• 23%
Forhan Co class A
Foundation Co11%
Foreign shares class A.
* 18%
Fox Theatres cl A com
Franklin (H H) Mfg corn _* 16%
100
Preferred
2)6
Freed Eisemann Radio_ _ _*
18
Freshman (Chas) Co
46%
Fulton Sylphon Co
-Gamewell Co corn
-•
Garod Corporation
73%
.
A
class
Baking
General
•
7%
Class B
General Fireproofing corn.* -----General Ice Cream Corp _ _* 54
Gen'l Laundry Mach corn.• 20%
C G Spring &Bumper com*
Gleasonite Prod com____10 14
17934
Glen Alden Coal
6534
Gobel (Adolph) Inc
Gold Seal Electrical Co..* 21%
Rubber
Goodyear Tire &
Fret new when issued 100 -----100 116
Gorham Mfg, pref
97
Grand(F&W)5-10-25c St
100 132
7% Preferred
Grant(WT) Co of Del corn• 115
Great A & P Tea 1st DI-100
GtLakesDredge&Dock_100 -i58;i
Grt Lakes Transit Corp_ _*
Greif(L)& Bros pf Cl X.100
3134
Hall(W F) Printing_ _
Happiness Candy St el A..*
6
Hazeltine Corp
14
[VOL. 125.
THE CHRONICLE
1960
Low.
334 Mar 18% Jan
5,400
4,000 44% Feb 7234 July
Apr
10 10935 June 113
734 Oct
Oct
4,500
6
100 11
May 24% Sept
3 5u Mar
334 Oct
1,000
June 9134 Sept
200 57
Feb 3135 May
2;900 14
Aug
9
100
5% Aug
1% Jan
1,100 62c Sept
May
Sept 55
125 50
Jan 12334 Sept
500 69
Mar
Aug
June
June
Aug
Aug
Sept
Apr
Sept
Oct
Oct
June
Sept
Jan
Feb
Sept
Sept
July
Sept
Mar
Oct
Oct
Oct
Oct
Jan
Sept
Oct
Mar
Oct
Oct
Sept
Sept 109%
109% 12,300 60
1,000 8234 Sept 93
93
133% 3,350 113% Sept 133%
Apr 85
76% 1,850 70
100 86
89%
Sept 91
1,950 97% Jan 120
120
1434
1,400 10% May 1834
Oct
Oct
Oct
Jan
Mar
Oct
Jan
400
160,000
10
400
1,300
25
100
3,300
4,700
5,600
400
200
600
400
300
1,600
300
1,200
375
200
1,600
100
12,600
800
100
1,500
11,100
1,700
3,600
11,100
1,900
2534 26% 4,600
4034 4235 15,300
800
4)4 534
700
1% 1%
4935 51)1 20.700
91% 9336 5,200
800
8% 8%
400
31% 3235
3.500
3535 36%
2435 w2534 1,800
2% 10,400
2
500
2% 2%
15% 16% 4,700
34
25
34
635 7%
35%
35
62
6335
44
45%
110 110
212 220
115% 11635
54
56
22
21
17735 206
4%
4
3% 3%
40
40
113
85%
106
38
50e
76
8
3%
13
101
102
735
94
33
15%
735
20
23%
104
36
50
87
21%
34
18%
22
87
3%
2735
44
131
Mar
Mar
Oct
Oct
Mar
July
May
Jan
Sept
Mar
Apr
Jan
Aug
July
1,600
635
1,000 24%
1,400 30
9,600 19
200 84%
155 170
400 113
900 44%
200 20
5,500 70
1,800
3
1,900
2%
100 3835
Oct
Jan
Jan
Jan
Apr
June
June
July
July
Jan
May
July
Jan
2034
151
1635
66
2%
5%
900
1,900
300
30
300
400
100
100
300
1,110
300
100
300
200
100
300
500
1,090
3,400
47
4
20%
48
33%
12
50
2%
135
150%
25
x4035
9
3
61%
115
99
339
1734
4735 49
9% 10%
23
22
8235 85
34% 34%
12%
12
5335 5335
234 2%
2% 3%
161 167%
32
31
41% 4134
133% 13%
535 5%
65
65
15835 160%
106% 107
531 572
23% 24
July
Jan
Sept
Jan
Sept
Mar
Mar
Jan
Feb
Jan
Apr
Oct
Aug
June
Apr
Feb
Jan
Feb
Sept
Sept
June
Sept
Aug
Aug
Apr
Jan
Sept
Feb
Feb
May
May
20
27%
434
135
40%
87%
735
23%
34%
18%
1%
1%
15%
30%
100
20% 21%
20
162 162
16% 16%
100
3,300
93
99
435 2.200
4
931 1034 12,300
11
18%
16%
84%
2%
15%
45%
56
1
71%
7
83
52%
2035
634
13%
17635
62%
19%
High.
124
127
10835
46%
2%
9335
29
9%
2534
134
130%
934
95
47%
22%
16%
26%
26
113
45
78
77%
2636
4934
26
40
9234
13
49%
12035
173
11434 117
10534 118
107 107
3834
38
50c 51c
88
88
22% 23
335 4%
22% 24
126 134
126 13035
7)5 8
37% 37%
37% 3835
17% 17%
12
1335
26%
25
2535 25%
108 110
37% 3734
7435 78
77% 77%
25% 2635
4635 49%
2335 23%
3835 40
90
92%
7%
7
43% 49%
106 120%
155% 15934
79
90
122
70
88
116
1335
Range Since Jan, 1.
26% June
42% Oct
Apr
49
3534 July
58% Fe
93% Oct
834 Feb
34
Aug
36% Sept
28% Sept
3% Jan
334 May
22% Apr
Jan
36
22
36
69
46%
110
221
118
5814
3035
206
1034
10%
41
May
Sept
Aug
Sept
Sept
Sept
Jan
Aug
Apr
Oct
Jan
Jan
July
Oct 24 June
Mar 17235 Feb
Aug 22% Mar
Jan 99
Oct
Aug
514 Mar
Jan 1434 Mar
Sept
June
Mar
Feb
Jan
Oct
Sept
Oct
May
Mar
Mar
Aug
June
July
Sept
Feb
Jan
Apr
Jan
50
11
31
85
35
15%
53%
10%
4%
167%
34
43
1735
834
65
167
107
572
24
Sept
Jan
June
Oct
May
Sept
Oct
Apr
Jan
Sept
Sept
Sept
Aug
Feb
Oct
Sept
Oct
Oct
Sept
12% 4,800
Sept 2035 Mar
8
8,100 1235 June 21% Apr
20
500 12
Apr 19% Jan
1634
125 72
85%
Apr 85% Oct
200
3
2% June
7% Jan
1,500
19
934 May 23% Jan
48% 4,100 39% Jan 58% Aug
100 53
56
July 5934 Jan
1% 1,400 40e May
3% Jan
74% 17,400 52% Apr 75% Sept
7)5 27,000
4% Mar
735 July
900 51
Jan 90
8634
Sept
Aug
56% 5,100 40% Feb 57
2,300 20 June 24% Sept
2135
600
Apr
635 Oct 12
7
Mar 15
2,800
15
8
Oct
1,600 15934 Apr 183% Aug
180
1,700 25% Jan 70
Aug
66
2134 5,800 12% July 21% Oct
9735 98% 2,300
50
116 116
2,500
99
95
50
132 133
1,800
104 115
40
116% 117
425
186% 20234
100
28
28
100
100 100
31% 10,700
29
1,900
6%
6
200
1334 14
9334
106
60
110
74%
116
154
24
97
23%
4%
4%
Aug
May
Feb
Apr
June
Feb
July
May
Apr
Aug
May
May
98%
119
99
133
115
11834
202%
28
101
31%
7
1434
Sept
May
Aug
Aug
Oct
Aug
Oct
Oct
May
Oct
Jan
Sept
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par Price. Low. High. Shares
Hellman (Rich) Inc corn..'
Panic pref with wan_ _• 50%
Hercules Powder pref. _100
1%
Heyden Chemical old_ __ _*
Hires (Chas E)CIA com__* 20%
Hobart Manufacturing. *
• 3534
Holland Furnace
Hood Rubber corn
Horn & Harden corn_ _ - _* x55
Huyler's of Delaware Inc_* 17%
Industrial Rayon class A_* 1035
Insur Co of North Amer_10 7636
lot Cigar Machinery new _
Internet Projector Corp..' 10
Johns-Many Corp corn_ _ _• 120
Joske Bros Co COM V t C *
Keiner-Willlarns Stamp's..* 1635
Kemsley,Millbourn&Cowis 12
Kinnear Stores Co corn...* 35
Kroger Grocery & Bak _ _10
21%
Kruskal & Kruskal,
Lackawanna Secur, new..' 61%
•
Land Co of Florida
Landover Holding Corp-1
Class A stamped
Lehigh Val Coal ctfs new.. 40
Lehigh Val Coal Sales..50
Leonard Fitzpatrick &
,5
Mueller Stores corn....' 453
Libby, McNeill & Libby_10
Libby Owens Sheet Glass25
MacAndrews&Forbescom• 41%
Magnin (I) & Co Inc corn.'
43
Manhattan Rubber Mfg__
Manning Bowman & Co
Class A
Marmon Motor Car corn.' 43%
Maryland Casualty Co_ _25
Massey-Harris Ltd corn..'
25%
Mavis Corporation
Mavis Bottling Co of Am.* 13%
May Drug Stores Corp_ • 18
May Hosiery Mills $4 pref.*
• 57
McCall Corporation
McCord Had & Mfg v to.' 19%
Mead Johnson & Co com_*
Melville Shoe Co cora _ _ _
pref without warr'ts_100
100
Mengel Company
Mercantile Stores Co..100
Mergenthaler Linotype.... 116
•
1%
Mesabi Iron
335
Mercurbk(Vienna)A m sits*
Metropol Chain Stores...' 54
Met 5&50c Stores A com_• 1331
Class B common
100 59
Preferred
70%
Midland Steel Prod
Midvale Co
Miller Rubber pref _ _ _100
Moore Drop Forge class A*
Nat Dairy Prod pref A_100
Nat Food Products el
10
National Leather
National Radiator corn...* 36%
•
7% Preferred
National Sugar RefIn's_100 130%
Neisner Bros, Inc, corn...5
New Amst'm Can (Balt)_10
Newberry (J .1) Co corn..'
100 105%
Preferred
New Mex & Ariz Land__ _1 10%
New Orl Grt Nor RR_ _100
30
New Process Co corn
NY Auction corn class A.* 18
NY Central RR new w 1_ _
NYNH&H7% pfw1.100 110%
2135
Nichols & Shepard Co_ _ _
Niles-Bem-Pond Co corn.*
North American Cement....
735
Ovington Bros part pref__*
Pacific Steel Boiler
Palmolive Peet Co corn.....• 9334
• 35%
Parke Davis & Co
Pender (David) Groc CIA.'
Class B
Penney (J C) Co cl Apt 100 10135
Pennsylvania Salt Mfg_ _50 91
42
Peoples Drug Stores
Philip Morr Cons Inc corn* 1235
25
Class A
Pick (Albert) Barth & CoCommon vot tr ett_ _ _ _1 13%
Pref class A (panic pref)' 21%
Piedmont & North Ry_100 59
27%
Pigsty Wiggly iCorp
Pigsty Wiggly Western
• 24%
States Co class A
Pitney Bowes Postage
•
Meter Co
Pitts & L E RR com__ _50
100
Pittsb Plate Glass
57
Pratt & Lambert
* 220
Procter & Gamble corn._20
Prudence Co 7% pref_ _100
9%
Pyrene Manufacturing_ _10
37
Q-R-S Music Co
Realty Associates coin ;29635
Remington Arms cora_ _ _ _• 14
10 2435
Reo Motor Car
•
Richman Bros Co
Richmond Radiator corn.* 30
7% convertible pref.._ .•
Rolls-Royce of Amer pf.100
Rome Wire 7% pref_ _ _100
100 7634
Ruberold Co
Safety Car Heat & Ltg_100 133
• 280
Safeway Stores corn
50
St Regis Paper Co
Sanitary Grocery Co com_• 230
Schulte Real Estate Co_ •
31
Seeman Bros corn
* 3731
SeiberlIng Rubber Co corn'
Selfridge Prov Stores Ltd4)5
El
Ordinary
64e
Serve' Corp (Del) corn A.
Sherwin-Wms Co Corn..26
•
Shredded Wheat Co
Silica Gel Corp corn v t c_• 1935
Silver(lsaac)Bros Inc corn *
Singer Manufacturing_ _100 415
Ws, Viscose Ltd..200 lire
Pep recta Chase Nat Bk.
29%
South Groc Stores cl
Sparks-WithIngton Co.... 2035
Stand Comm'i Tob com__• 3235
Stand Motor Construe_100
634
Standard Publish's cl A_25
Stand Sanitary Mfg corn.25 101%
Stand Text Prod pf B--100 38
Stanley Co of America...'
Range Since Jan. 1.
Low.
32% 3235
100 13%
5035 51
2,000 28%
118 120
70 114
1% 1%
135
200
20% 20%
600 20
37
37
100 27%
35% 36% 1,000 3434
3935 42
225 3234
54% 5534 1,200 50)5
17
17% 1,400 14%
10
10% 21,400
435
74% 77
2,800 51
83
83%
300 80
10
200
9
8
11634 123% 83,100 5535
41% 42%
1,100 41
1635 17
200
16)5
12
1235 1,900 12
31
3534 2,400 2734
10 119
128% 128%
21
22
1,200 16
60% 62
5,800 60%
24
300 18
24)4
17% 17%
40
40%
92
92
4434
10%
123
40
1835
43
45%
1135
124
42%
1835
43
100
4,000
625
High.
Mar 33
Jan 51%
Mar 120
2%
Jan
July 2234
Mar 37
Aug 37%
June 46
Apr 5615
Aug 18%
Jan 11%
Feb 77
Sept 83%
10%
Aug
Jan 123%
Aug 42%
Oct 22%
Sept 13%
Aug 38
June 136
June 24%
Oct 74
June 36
14
Jan 17% Sept
Jan
3735 July 46
Mar
8935 Mar 100
600 33
8%
900
50 116
1,100 39
100 17%
150 38
Aug
Aug 48
1154 Sept
July
Apr 159% Jan
July 44
Sept
July 19% May
Jan
Aug 46
100 1735 Aug 20%
1735 17)4
3935 46% 3,300 39)5 Oct 62%
Sept 170%
130 155
160 162
Mar 40
100 29
39.% 39%
Sept 28%
25% 26% 6,600 19
854 July 15
13% 13% 5,500
Sept 21%
400 18
18
1834
200 4935 Sept 50
4935 50
3,000 48 June 60
50% 57
100 16% May 21
19% 1974
400 39% Jan 6031
58
59
Feb 124%
350 59
114 115
Sept no
50 108
109% 109%
July 49%
47
4934 1,000 27
100 9534 Aug 112
98
98
Sept 116
50 112
11335 116
2%
6,200 55e June
1% 2
3%
4%
300
335
3)5 July
Feb 5734
1,900 30
54
55
July 24
300
13% 16%
5
134 Jan
15
7% 735 1,400
5835 59%
Feb 6335
150 30
5735 71
1,800 39% Apr 71
34
200 2335 Jan 41
34
50 97% Aug 105%
9934 9935
40
36
300 2536 Apr 60
105 105
10 102
Sent 105
700
2
July
234 2%
9
500
3% 3%
214 Apr
4%
3635 37% 3,400 3634 Sept 38%
1,125 9635 Sept 98
97
97%
350 126
130% 133
Mar 155
67% 6835
300 36)5 Feb 71
50 73
73
73
Sept 76
147 149%
Jan 155
75 85
275 9734 Mar 105%
104 105%
10
10% 1,300
9% Apr 16
600 1935 Jan 4136
39% 40%
700 29
29
30%
July 34%
200 18
18
18
Aug 20
168% 171% 50,600 143
July 171%
11036 111% 27,400 106% Sept 11134
22
21
500 21
Oct 30%
17% 17%
400 16% July 23%
535
535
Mar 12
200
5
100
735
7)5
7% Oct 10
1235 12% 1,900
934 May 13%
9335 9835
800 69
Apr 112
33
35%
500 2735 Mar 3534
4334 43%
100 41
July 48
25
25%
200 19
Apr 28%
100% 10135
160 99
June 130%
84% 91
175 74
Feb 91
42
4334 2,300 28% Apr 4434
1235 12%
900 10% Aug 20%
17% 17%
100 15% Aug 22
1334
21
59
27%
Sept
Sept
June
May
Feb
Sept
Sept
Feb
June
Sept
Aug
Oct
Oct
Jan
Oct
Aug
Apr
Sept
Aug
Jan
July
Aug
Jan
May
May
Sept
Sept
June
Aug
Aug
Sept
Mar
Jan
Aug
Sept
Sept
Oct
Mar
Oct
Sept
May
July
Sept
Sept
Aug
Oct
Aug
Feb
Jan
Oct
Apr
Jan
Sept
Sept
May
Sept
Sept
Sept
Sept
June
Apr
June
Aug
Oct
Oct
Apr
Mar
Mar
Jan
Sept
Sept
Oct
Jan
Feb
June
Oct
Sept
Jan
Jan
13%
21%
59)5
29%
3,200
6,300
125
5,000
12% Jan
20
Apr
40
Feb
2734 Oct
14% June
28% June
Aug
68
29% Oct
24% 24%
500
23% Sept
2534 Sept
5% 5%
100
5%
150 161
170 173
10 218
218 218
2,900 48
5636 58
600 178
214% 220
25 102%
10634 106%
9.15
700
934
9
37
300 36
36
70 225
291 296%
13% 14% 1,000
7
22% 25
30,600 1935
284 287%
105 153
28% 30%
3,800 20
4135 43
400 37%
74% 74% •
100 74
108 108
20 102
71
7635
210 68
132 133
100 124
280 285
90 232
50
51%
700 37
228 232
400 210
1435 1434
100 14
27% 31
2,100 2535
35% 3835 2,800 23
Oct
June
Oct
Mar
Feb
Jan
Feb
Oct
Jan
Mar
Mar
Apr
May
May
Sept
Mar
Sept
July
Feb
Apr
July
Aug
May
Apr
8%
181%
269
58%
220
10634
14)6
43%
320
17
25
287)4
35%
45
99%
108
7635
140
304
54%
244
1835
31
39
Mar
Feb
Jan
Sept
Oct
Oct
Jan
Aug
Sept
Apr
Oct
Oct
Aug
June
API'
Oct
Oct
Mar
Aug
July
Aug
Mar
Oct
Sept
4% 5% 1,500
434 Aug
534
55c 790 21,700 52s Sept 1034
60
60
Feb 61%
100 44
70
Feb 71
70)4
200 56
19
20
13% Mar 2134
400
4534 45%
Apr 52%
200 26
410 415
90 360 June 438
11% 12
12
Jan
200
5
Jan
1135 1134
600
5
1135
29% 29%
50 2934 Aug 35)5
Aug 2035
1935 20% 1,000 15
3234 3334
1,800 19% Jan 37
1% 1%
135
100 75e July
3% Apr
900
535 7
6%
100 101%
525 80 June 10135
Jan 38
38
150 15
38
Sept 90
450 65
6534
65
June
Feb
Aug
Sept
Sept
Sept
Sept
Oct
Oct
Feb
Sept
Sept
May
Jan
Oct
Oct
Feb
•
OCT.8 1927.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
1613-4
"0, 141p
•
/41C.W.
ON
QQ0.0.900PCQO
000000000=000
WW...
WAW
WO
.03
Z.14.—b",4w
W
.
OW
W
WW
m
00‘
WM
•4
•-•
OP
W
.
03
_
10194 1013-4
6735 6834 71
11034 110 11031
78
7736 8031
41
4034 4236
10031 100% 101
1135 123-4
10994 109 10935
99 10035
333-4 3335 34
3294 3154 3231
36
3735
7634 7931
16
1531 16
9894 9834 95%
41
4035 4194
631
635 636
95
95
1936 20
21
20% 2154
174
15034 174
111 11194
11,1,
Pr, 111
534
53.4
118 120
112 113
9235
91
11294 11134 11234
101 10235
3054 3034 31
109
109 109
101 101
6
634
4994 4951 5015
12%
1294 1236
2554 243-4 2535
110
109 110
23
2234 2331
1954
1834 20
234 231
23-4
32
32
73
75
11331 11351 114
935
935 1034
91
9054 9135
2035 20
2031
183.1
1754 1834
93
93
130% 12931 133
108
108 109
11235 11235 11235
101
101
2854 2831
70
7031
3854 39
103
10235 10331
8974 8835 8931
16
16
1335 14
1335
20
21
21
44
10274 101% 10235
Range Since Jan. 1.
Low,
42
1034
39
1234
166
11534
1834
1135
86
3
45
Feb
Sept
Aug
May
Aug
May
Mar
Mar
May
Mar
Apr
High.
5234
1334
44
2134
18134
130
26
14
102
431
55
May
Sept
Jan
Oct
Mar
Sept
Sept
May
June
Aug
June
Penn Power & Light pref_.
Penna. Water & Power_,'
Phila Elec Co common_25
Power Corp of Can corn •
Power Securities com_
•
Puget Sound P&L com_100
100
7% preferred
6% preferred
100
Sierra Pac El Co com_100
Sou Calif Edison pref B_25
Sou Gas & Power cl A__ _*
Southeast Pow .1.
, Lt com_•
Common voting tr. ctf_•
Participating pref
•
Warrants to pur com stk_
Southw Bell Telep pret 100
Southwes P&L 7% pf_100
Stamford Gas & Elec__100
Stand Gas & E17% pf__100
Standard Pow & Lt com_25
Tampa Electric Co
*
Union Not Gas of Canada*
United Gas Impt
50
United Lt & Pow corn A_ _•
Common class B
•
Preferred class A
*
Preferred B
•
Utilities Pow & Lt class B_•
Utility Share Corp corn •
Option warrants
Wash'n Ry & Elec com _100
Western Power, pref___190
50
10934 10935 10934
7434
3,000
6934 66
5535 55
1,900
5634
5915 5935
200
10
200
1134
35
35
3834 2,500
109 109
10
88
60
8791 88
2834 3134 3,200
2535 2535
2535
200
19
19
600
2034
19,400
3834 40
39
367-4 3634 3734
800
8295 82
400
8234
10
113-6 9,300
1034
117 117
100
117
11034 110 11035
100
435 435
10
110 11334
110
50
2434 25
400
2434
63
800
6334
63
26
2735
700
11134 11134 11534 11,500
15 100,100
1434 14
18
18
100
9535
95
95
200
56
55
55
200
1935 2034 4,900
20
1335 1434
7.500
355 434 12,200
374
370 370
25
102 102
102
100
894 Jan
3134 Sept
1431 Aug
2935 Oct
303
Oct
13
May
2434 June
52 June
Feb
13
3335 May
57
Oct
1334 Apr
72
Sept
6835 Sept
935 Sept
11514 Sept
5394 Sept
11031 Sept
Jan
41
5235 July
1634 Jan
Former Standard Oil
2634 July
Subsidiaries,
1734 Sept
3331 Jan Anglo-Amer Oil(vot sh).L1 183-4
Voting stock ars dep_
2534 Sept
- ---Sept
77
Non-vcting shares_ _ _ _ £1 1834
10234 Sept Borne Scrymser Co__ _100
Aug Buckeye Pipe Line
46
50
AugChesebrough Mfg Cons_25 113
53
2434 Oct Continental Oil v t c__ _10 1635
145
May Eureka Pipe Line
100
June Galena-Signal Oil
173
100
3431 Jan
New preferred
100
Old preferred
100
Humble Oil& Refining _ _25 6335
Oct 8
8
100 16334
Oct Illinois Pipe Line
335 Sept
7
Sept Imperial 011 (Canada),._' 5835
331 Mar Indiana Pipe Line
194 Sept
59 7635
Oct
7
7 . Oct National Transit ___ _12.50 1694
Oct
900
131 Oct New York Transit
100 3435
4
May 20
Aug Northern Pipe Line_ _100
_ _100 833-4
Ohio Oil
25 5935
Penn-Mex Fuel Oil
25 23
6831 Jan 11794 Sept Prairie Oil & Gas
25 4935
9534 Feb 104% June Prairie Pipe Line
100 18235
161% Aug 186
Sept Solar Refining
100
9734 Jan 107
Oct Southern Pipe Line
50
2734 Jan 4134 Sept South Penn 011
25
Sept Standard 011 (Indiana)_25
2894 Jan 43
_25 71
9394 Jan 100
Aug Standard 011 (Kansas)_ _25
2634 Jan 2935 June Standard 011 (Kentucky)25 11834
9731 Jan 107
Oct Standard 011 (Neb)
25 4334
Jan 43
35
Mar Standard Oil(0)new com 25 7834
998
Feb 1547-4 May
Preferred
100
394 Aug '635 Jan Swan & Finch 011 Corp_25 1735
2531 Mar 40
Sept Vacuum 011
25 12735
2535 Jan 2894 Sept
June
10634 Feb 111
Other Oil Stocks.
573.4 Jan 6934 Oct Amer Contr 011 Fields____5 920
98
Jan 10235 July Amer Maracaibo Co 354
•
1734 Apr 3015 Oct Argo Oil Corporation
10
9235 Jan 10135 Oct Arkansas Natural Gas_10
90
Aug 9234 July Barnsdall Corp stock pure))
10074 Sept 10314 Sept
warrants (deb rights)___ -----Slay British-American 011
6794 Feb 80
•
139
Jan 16134 Oct Carib Syndicate new com__
1991
Creole Syndicate
• 1094
9135 Jan 10274 Oct Crown Cent Petrol Corp_ _• 630
Darby Petroleum
594
1003-4 Sept 10134 Oct Gibson Oil Corporation...1
214
5034 Jan 71
Oct Gult Oil Corp of Penna__25 92
• 1094
10536 Mar 11094 Oct Houston Gulf Gas
6835 Mar 8094 Sept Intercontinental Petroleum
135
3236 Feb 423-4 Sept International Petroleum..' 31
8935 Mar 103
Sept Kirby Petroleum
•
635 Jan 1234 Oct Leonard Oil Developm1_25
831
104% Slay 11194 Sept Lion Oil& Refining
• 213.6
9731 June 10034 Aug Lone Star Gas Corp___25 49
28
Jan 39
June Magdalena Syndicate_ _ _1
1
3091 Aug 3294 Oct Margay 011
• 49
22
Apr 3715 Oct Mexico Ohio 011
•
66
Jan 7931 Oct MountalnProducersCorp10 24
113.4 Jan 16
Oct Nat Fuel Gas new
• 29
94
Mar 9894 Oct New Bradford 011
5
434
24
Apr 4511 Sept New York Oil
25
3
Jan
794 June North Central Texas Oil_ _•
89
Apr 98
Sept Northwest 011
1
1936 Oct 22
Sept Pandem 011 Corporation...
15
Jan 2131 Sept Pantepec 011 of Venezuela•
735
140
July 174
Oct Reiter Foster Oil Corp__'
574
10734 Jan 113
Sept Royal Canadian 011Syncl.• 200
79e Jan
134 Aug Ryan Consul Petroleum_ •
335 Jan
531 Sept Salt Creek Conant Oil_ _ _10
6
103
Aug 120
Oct Salt Creek Producers__10
100
Feb 11734 May Tid-Osage Oil non-vot stk* 2035
91
Oct 9431 June
Voting stock
• 22
105% Jan 11374 Sept Transcont'l Oil 7% pref.100 75
101
Oct 10294 Oct Venezuela Petroleum__ _5
5
2055 Jan 3234 Aug Wilcox (H F) 011 & Gas.... 2135
I 10135 Jan 112
Aug Woodley Petroleum Corp.,'
i 94
Jan 10334 July
1
6
Aug
636 Oct
Mining Stocks.
1 37
Feb 5394 Aug Amer Com'l Min & Mill__ ---- 1
894 May 1394 Aug
American Exploration...1
13
4
1 2335 Feb 2534 Oct Arizona Globe Copper___1
4c
) 101
Jan 110
Oct Bunker Hill & Sullivan_10 14835
) 1835 Jan 2494 Sept Consol Copper Mines___1
335
) 14
Jan 2094 Mar Copper Range Co
2.5
)
135 Mar
315 Jan Cortez Silver Mines Co_ _ _1
) 25
Feb 32
Oct
Cresson Congo'0 M & M_1
) 4931 Feb 94
Aug Divide Extension
1
)x11234 Apr 11536 Mar Engineer Gold Mines Ltd.5
394
)
535 July 1094 Oct Eureka Croesus
30
1
1 84
July 9135 Oct Falcon Lead Mines
1
) 1494 Apr 2034 Sept First National Copper- -5
) 934 Jan 1834 Oct Golden Centre MInes____5
231
) 84
Jan 94 June Golden State Mining __ _10e 110
Oct Goldfield Florence
10934 Jan 133
1
30
109
Jan
Hawthorne
Oct
Mines hac
1003.4
1
20
3 104 June 114 Slay Hecla Mining
25e 18
Oct 101
Oct Hollinger Cons Gold M_5 1731
101
24% Feb 2631 Aug Kerr Lake
5 600
Oct 7034 Oct Kirkland Lake Gold Min.1
70
2,,,,
Feb 4331 Sept Lake Shore Mines, Ltd_ _1
27
1 9734 Jan 10434 May New Cornelia Copper--5 23
3 8094 Jan 9054 Sept New Jersey Zinc
100
3 1031 Jan 1994 Sept Newmont Mining Corp-10 9935
Sept Niptssing Slines
834 Feb 15
5
735
Aug Noranda Mines. Ltd
3 19
Jan 23
• 27
8'""-"
'8'8'1
'"8'880888888888"
AggRggS8-2°8888'8"'8'
'8'8'8
0000000
000 0 000
00000
00 00
0 0008'88'
0 0,
0
0
" 8 0
10134
9135
101
115
10435
18435
107
4194
4231
9831
29
107
4234
141
4
36/1
26
110
6931
10135
303-4
10134
9194
102
70
161%
w.mm
4234
13734
4
3694
2535
11236
104
182
10634
4094
4194
9835
2835
10536
4235
13535
375
3635
2534
10934
69
10194
26
10054
9134
10034
69
15635
.
114
10494
183
10611
4034
41%
9835
GO.
Public UtilitiesAmer Gas & Elec com____*
Preferred
•
Amer Lt & Tr corn new 100
Amer Pow & Light pref_100
Amer Superpower Corp A..•
Class B common
•
First preferred
•
Participating prat_ _ _25
Arkansas Lt & Pow pf _ _100
Assoc Gas & Elec class A_.
Blackstone V G & E corn 50
Brooklyn City RR
100
Buff Niag & East Pr com.•
Preferred
25
Carolina Pow & Lt pref _100
Cent & S W DUI com_ _100
Prior lien stock
•
Central States Elec com_ •
100
7% pref
Cities Serv Pr & Lt $6 pf.•
7% preferred
100
Columbus Elec & Power. *
Com'w'Ith-Edison Co _ _100
Com'wealth Power CorpPreferred
100
Community Power & Light
7% first preferred_ _100
Con Gas E L & P 13alt com•
Elec Bond & Share pref_100
Elec Bond & Share Secur..*
Elec Invest without warr.*
Elm Pow & Lt 2d pref A_ _.1
Option warrants
Empire Gas & F 8% PL 100
7% preferred
100
Empire Pow Corp part stk•
Federal Water Serv cl A..*
Galv-Iioust Elec corn _ _100
Preferred
100
General Pub eery com___•
Ga Pow (new corp) $6 pt•
Internat Utilities class A *
Class 13
*
Participating pref
•
Kansas City P SI corn v t c•
Lehigh Power Securities...*
Long Island Ltg common.'
7% preferred
100
Marconi Wire T of Can _LI
Marconi Wire'T of Lond CI
Mass Gas Cos com
_100
Middle West Utilities coin•
$6 preferred
•
7% preferred
100
Miss Itiv Pow 6% pref _100
Mohawk & Hud Pow corn *
First preferred
•
Second preferred
•
Warrants
Mohawk Valley Co
•
Municipal Service
•
Nat Elec Power class A_ _
Nat Power & Light pref *
Nat Pub Sery corn class A.*
Common class B
•
Warrants
New-Calif El Corp com-100
New Eng Pow Assn com •
NY Telep 635% pref _l00
North Amer DUI Sec com.•
First preferred
•
Northeast Power corn _ _ ...*
Northern Ohio Power Co_'
Nor Ontario L & P pref _100
Nor States P Corp com_100
100
Preferred
•
Ohio Bell Teiep,7% pf_100
Ohio Power pref
100
Pacific Gas & El let pf_25
Pacific Ltg new corn wi__•
Penn-Ohio Edison corn
•
7% Prior preferred_100
$6 preferred
•
Warrants
Penn Ohio Secur Corp __ _.•
Penn 0& Eel A part stk_•
14>;-.m...m.mm,
4m ,D4o:mmv'm
8
8
394 5
155 2
7
7
90e
131
17
1931
t.31A
RightsBell Telephone of Canada_
Celluloid Company
Flat
Hawaiian Pineapple
US Freight
White Sewing Mach deb rts
4435
1314
4134
2134
172
127
2534
1234
10035
334
50
22:-J=4-2229';29.95-RRRRP,RRR",
4°"'8
335
335 4
3034
30
3034
1134
1134 1134
29
2835 2935
298
292 303
1134 1134 1234
23
2234 2334
50
50
935
9
29
30
55
57
935
97-1
974
6931 71
65
6034 65
544 994
109 11134
543.1
54
5834
10334 10314 108
4011 4034 4034
5114 52
12
735 12
24
24
24
16
167-4
1634
1735
1734 1934
2334 2234 2434
70
69
10134 10111 102
26
26
5034 5234
2435 24
2435
13834 140
167 167
167
1634 1734
4435
13
11
4134
1834 1435
172
172
12634 12634
2534 2434
1235
10035
335
50
CR
7
Stern Bros class A
•
Stinnes(Hugo)Corp
Strooek (S) & Co
•
Stutz Motor Car
•
Superheater Co
•
Swift & Co
100
Swift International
15
Timken-Detroit Axle_ _10
Preferred
100
Tobacco Prod Exp Corp_ •
Todd Shipyards Corp_
•
Trans-Lux Day Pict Screen
Class A corn
•
Tile° Products Corp com_*
Trumbull Steel corn _ _ _ _25
Truscon Steel corn
10
Tubize Artificial Silk cl B_•
Tung-Sol Lamp Wks com_•
Class A
I
United Biscuit class A_
•
Class B
•
United Elm Coal Cos v t c•
United Eng & Fdy new w I
United Profit Sharing tom
United Shoe Mach corn _25
US L Battery corn new *
7% preferred class 13._10
U S Freight Co
•
When issued
•
U S Gypsum corn
20
US Radiator
•
Unlv Leaf Tobacco corn_ •
Van Camp Packing pref _50
Waltt & Bond Inc class A_'
Class 13 stock
•
Warner Brothers Pictures.'
Watson(JnoWarren)Co wi•
Wesson 01I&S D com v t c•
Preferred
•
Western Auto Supply pref •
West Dairy Prod class A_ •
Class B v tc
•
West Md Ry 1st pref__100
Wheel & L E pr In stk_100
Yellow Taxi of New York..
00.0001,2000b2
cp00000.000W
I
Stocks (Continued)
1961
Sales
Friday
Last Week's Range for
Public Utilities (Cone.) Sale
Week.
ofPrices.
Par Price. Low. High. Shares.
334
3034
935
24
145
83.4
1734
38
7
23
4934
935
51
32
83-4
6934
5135
90
3834
3434
534
2334
1594
1331
2294
5035
95
2135
4735
15
98
163
10
July
Sept
Jan
Jan
Jan
Feb
Jan
Mar
Jan
Apr
Aug
Aug
Jan
June
June
Mar
Sept
July
Aug
Jan
Apr
Sept
June
July
Oct
Apr
May
Apr
Feb
Feb
Jan
Feb
May
Range Since Jan. 1.
Low.
106
45
4634
4234
6
28
10334
8335
2434
2535
15
2935
28
6734
835
11334
104
428
104
22
49
25
89
1234
14
85
5034
1334
931
135
180
98
Jan
Mar
Mar
July
June
Apr
Jan
Jan
Aug
Oct
Aug
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Sept
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Apr
Jan
Jan
High.
110
7494
5834
5935
1234
3334
111
89
3135
26
2234
40
3714
8334
1114
11834
11035
443
11034
25
6434
2834
119
1534
1935
9714
97
2134
1434
434
370
10334
June
Oct
Sept
Oct
Sept
Oct
June
July
Oct
Set)
Apr
Oct
Oct
Aug
Oct
June
Oct
Feb
Oct
Oct
Sept
Sept
Sept
Jan
Sept
May
July
Sept
Oct
Oct
Oct
Sept
1834 1834 2,500 1735 July 2134 Jar
18% 1835
100
1835 Mar
2134 Feb
1815 1835 1.600
1734 July 2035 Jar
58
58
50 50
Apr 69
Fet
5534 5635
250 45
Jan 59 June
107 115
1,800 7635 Jan 115
June
1634 1735 7,000 1634 Aug 2255 Jar
6031 61
350 47
Jan 61
Oct
200
731 8
794 Aug 1335 Pet
32
32
10 32
Oct5931 June
4634 4635
20 40
July 6135 Jar
6335 6435 13,600 54
Mar 6534 Set:0
162 16331
500 12334 Jan 16434 Au5
5735 62
21,200 3734 Jan 6431 Sepi
76
77
950 61
Jan 79
Sepr
16
1694 2,000 1331 Jan 17
Mai
3415 3435
100 3194 Jan 37
Fel
8235 8335
150 70
Jan 91
Juts
5255 607-1
900 52
Apr 6434 Fel
23
2434 1,000 12
Apr 31
Jun
49
5135 6,400 4534 Apr 5535 Jai
181 18235
1,800 132
Jan 186
Jul]
181 182
20 132
Jan 190
A212
21
2131
400 16
Feb 2734 Fel
3735 3734
900 3434 Apr 4134 Jai
7335 22,600 8411 May 7594 Sep
71
300 1535 Mar 2094 Jai
1631 17
118 122
2,600 11134 June 12334 Sep
4334 44
300 42 June 4935 Fel
7734 7834
950 73
Apr 8734 AP
11836 11835
20 11734 Apr 122
Fel
150 15
Jan
1734 1714
18 Jun
12835 12934 5,700 9535 Jan 13455 Jun
900
334
134
73-4
335
3135
1934
1034
630
531
131
9135
1014
135
31
131
731
2135
4835
910
4231
835
2335
29
431
1194
10
30
231
73-4
534
6350
53-4
6
28
2034
2135
75
5
2115
535
1
92,500
33-4 4,600
5
13-4
900
8
37-4
32
2115
1035
750
6
23/
9291
1135
131
33
131
9
2135
51
1
49
935
24
2935
411
1135
10
3c
3
834
634
200
6
694
29
2194
2234
75
535
2135
535
4c
40
136 m23(
4c
5o
14034 150
3
335
15
15
230 25e
2
2
30
30
134 335
.30
4c
27.3 27c
100 15c
750
211
100 100
30
30
20
30
16
1794
1635 1731
600 700
231 274
2831 2831
22
2336
187 188
9834 101
6
735
2894 2831
900
600
5,200
22,400
300
600
19,700
2,200
2.800
1,200
13,100
400
9,100
600
12,500
10,300
4.300
1,200
2,500
1,700
800
300
200
2,000
800
2,300
2.600
6,800
1,700
1,100
900
5.800
10,200
100
2,400
500
600
550
3
1
634
Aug
June
Aug
Apr
231,
734
1%
9%
Ja.
Jo
Ma
Jul
33,4 May
2035 Jan
14% May
974 June
630 Ott
415 Jan
1
Sept
8694 Mar
836 July
80o June
2831 June
194 Jan
635 May
2135 Oct
37
Jan
91e
Oct
12
Mar
631 Aug
2211 Apr
23 June
4% Aug
911 Mar
935 Sept
3c June
135 Sept
7
Sept
335 Sept
Sc Sept
434 May
6
May
2731 Apr
Apr
15
Apr
17
6335 Jan
431 Jun
2015 Apr
535 Apr
731
3331
26
1435
3
12
394
9634
1294
2
3474
234
1035
2734
51
294
52
1234
2674
31%
534
1334
12%
Sc
935
1235
1554
35c
7
8
32
2394
2634
88
7%
3294
8
Fe
set
Jul
Jo
Ja
Me
Ja
Ja
At
ME
Fe
Ja
Fe
Fe
Or
Jo
Ser
Js
Ja
Sei
Al
Jur
Fe
Fe
Al
Mr
Jo
FE
J2
Jo
Fe
MI
Fr
Jti
Ji
Je
Ji
2,000
3o
17,500 30c
5,000
3c
1,000 8735
3,000
235
100 12
16,000
7c
500
1%
1,000
30
20,700
135
39,000
30
2,000 27o
2.000
50
58,100 59c
48,000
2o
2.000
3o
15,000
1c
900 1294
900 1631
1.200 60e
1,100
131
100 19
6,200 1894
100 178
4.900 8734
8,000
535
22.400 1934
Sept1036
June
294
Mar 90
Feb156
July
331
May 1735
Jan 300
May
255
June
70
July
534
July
70
Oct 780
Aug 150
Aug
251
May 19c
June
80
June Ilc
Feb
18
Sept 2254
July 95e
Apr
234
Jan 2894
June 24
June 19351
Jon 10634
Aug
1094
Jan 28%
M
Se pt
Al
SePt
M
SePt
Frob
Al
Jron
JrIn
Bob
Jron
0ct
0ct
SePt
M ar
Aan
SePt
Feb
Feb
0ct
0ct
Jan
M ar
SePt
Feb
0ct
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Mining Stocks
Par Price. Low. High. Shares.
(Concluded)
10
North Butte
1 94c
Ohio Copper
Pond Creek Pocahontas_ 9.
Premier Gold Mining_ _1
1 220
Red Warrior Mining
531
Shattuck Denn Mining-*
South Amer Gold & Plat_ _1
10
Spearhead Gold Mining_ _1
1 1051
Teck-Hughes
151
Tonopah Belmont Deve1.1
1
Tonopah Extension
1
Tonopah Mining
United Eastern Mining__ A 450
United Verde Extension 50c 2751
1 300
Unity Gold Mines
Utah Apex
154
Wenden Copper Mining_ _1
Bonds__I942
_
6s_
Dairies
Abbotts
Adriatic Electric 7s._ _1952 9431
Alabama Pr 1st & ref 58.56
Allied Pack 1st M colltr8s'39
Allis-Chalm Mfg 58_ _1937 9931
Aluminum Co 5 f deb 58 52 10151
2014 1074
Amer 0 & El 6s
American Power & Light68, without warr 2016 1074
Amer Radiator deb 4515'47
Amer Roll Mill 68..-1938
1936 10231
Amer Seating 68
American Thread 68..1928
68_1929
Min
Cop
Anaconda
Appalachian El Pr 58_1956 9831
Arkansas Pr & Lt 55..1956 98
Assoc'd Sim Hardw 631833 90
1949 16
Atlantic Fruit 85
Batavlan Petr deb 4545 '42 9431
Bates Valve Bag 65._ _1942
with stock purch warr_ _
Beacon 0116s, with warr'36_-1E6K
Beaverboard Co 8._.1933
Beaver Products 748_1942
Bell Tel of Canada 58_1955 10231
1st M 5s ser B June 1 '57 10351
Berlin City Elec 6515.1928 10031
1929 10054
655% notes
Boston Consol Gas 58_1947 102
Boston & Maine RR 651933 1034
1967 9754
bs
Brunner Tur & Eq 7518'55 37
Certificates of deposit.........
Buff Gen Elec gen 5s..1056
Burmeister & Wain Co of
Copenhagen 15-yr Os '40
Canadian Nat Rys 78_1035 11251
1957 9834
30-year 4515
Carolina-Georgla Serv Co
warr_1942
with
6s
1st M
Carolina Pr & Lt 58_1956 10255
Chic Milw & St P (new co)
1976 9431
50-year 55w 1
62
Cony aril w 1
Chic Rys be ctfs dep-1927 8131
1956 9034
Cities Service 55
1966 10151
65
Cities Service Gas 55181942 9334
Cleve Elec III 58 A551954
Clev Term Bldg 68_ _1941
Columbia G & E deb 5s.'52 9831
Columbus By P & L4518'57 9451
Commander Larabee 63 '41 9634
Cons GEL&P Deic1949
es Series A
1952
5518 series E
1965
5s.series F
Consol Publishers63151936
1941 9731
Consol Textile 88
Cont'l Sec Corp 53 A..1942
100
With warrants
Cosg-Meehan coal 634554
Cuba Co 6% notes_ -1929 974
Cuban Telephone 75181941 113
Cudahy Pack deb 551s 1937 974
1946 1004
bs
Detroit City Gas 55 BA950 102
1947
6s, series A
Detroit Int Bdge 648_1952 10131
25-years f deb 7s_ _1952 1004
Deutsche Bank 6s___ _1932 9934
Dixie Gulf Gas 651s__1937
994
With warrants
Eitingon-Schild 6s____1938
Elec Refrigeration 88_1936 7414
Empire Oil & Refg 5518 '42 9231
Europ Mtg & Inv 7515.1950
Fairb'ks. Morse & Co 58'42
1933
Federal Sugar 68
Firestone T & R Cal 58 1942 9631
First Bohemian Glass Wks
1st Is with stk pur war'57
1931 984
Fisk Rubber 551s
Florida Power & Lt 58_1954 96
Gair (Robt) Co 5518._1942
Galena-Signal Oil 78_1930 9251
Gatineau Power 58-1956 98
98
New
1941 101
65
Gen Amer Invest 5s-1952 13831
Gen'l Ice Cream 648_1935
Gen Laundry Mach 6518'37
General Petroleum 68_1928
General Vending Corp 68
1937
with warrants
Ga & Fla 68 series A.1946
Georgia Power ref bs._1967 9831
Goodyear T & R 58_1928
Goodyear T&R Cal 551831 100
Grand Trunk By 648_1936 10931
1937
Gulf Oil of Pa 5s
Sinking fund deb 58_1947 1004
Gulf States Util 58.-1956 9734
Hamburg Mee Co 7s...1935 1014
Hanover Credit Inst Os 1931 98
1936
Hood Rubber 75
Oct 15 1936 95
5518
1ndep Oil & Gas deb 68 1939 99
Indian'p's P & L 5s ser A'57 9831
Int Pow Secur 78 ser E.1957 96
Internet Securities 55_1947 954
Interstate Nat Gas 63_1936
102
Without warrants
Interstate Power 5,5„ _1957 96
1952 9931
Debenture 68
Invest Bond & Share Corp
Deb 58 with warr_.,1947 10354
Investors Equity 58.._1947
100
With warrants
Isarco Hydr-E1 7s___ _1952 9354
Jeddo-Highland Coal Ils '41
Kemsley, Millbourn & Co
Ltd 5 f deb 68 Sept 1 1942 120
[VoL. 125.
THE CIIRONICI..4:
1962
1
860
164
2%
180
5
334
10
10%
134
40e
251
45e
26%
30c
4%
900
131
99c
164
234
22c
534
344
le
1134
144
50e
251
450
31
31e
431
151
100
94
102
47
9934
101
106%
100
95
102
48
9931
101%
10755
200
11,500
100
5,900
8,000
800
100
4,000
14,200
800
1,000
100
2,000
26,700
2.100
100
12,800
98%
100%
9631
10853
103
10334
100%
10055
10231
104
98
38
39
104
Low.
4,000
19.000
6,000
1,000
60.000
38.000
3.000
11,000
16.000
14,000
729,000
11,000
5,000
1.000
High.
Bonds (Concluded)-
3%
14
46c
ne
39c
6
334
4c
1131
2344
550
394
53c
31
50 c
7%
334
Jan
July
July
Aug
Feb
Jan
Jan
Jan
Oct
Jan
July
Jan
Jan
Oct
Apr
Feb
Jan
Sept
June
Mar
May
July
June
Jan
10051
91331
10251
76
99%
10131
10751
Sept
May
Aug
Jan
Oct
Oct
Oct
100
94%
103
10035
101
101%
95
9331
90
154
92
Mar
June
Jan
Alig
June
Jan
Feb
May
May
Sept
May
10791
97%
105
109
1024
10294
99
9854
9751
2054
9834
Oct
Oct
Aug
July
Jan
Sept
Sept
Oct
Jan
June
Jan
9851
97
95%
1074
101
1014
99%
98%
1004
10051
9331
37
38
102%
Sept
July
Mar
Apr
Feb
June
June
June
June
Jan
Aug
July
Oct
Mar
9854
1034
99)4
109
103
10334
100%
101
103
104
98
9251
48%
104
Sept
Jan
July
Mar
Apr
Oct
Sept
Mar
Feb
Oct
Oct
Feb
Sept
Sept
80c June
400 Mar
10e June
14 Jan
120 Aug
231 Aug
234 July
10 June
54 Jan
1
Sept
Jan
24e
131 Aug
33c June
2294 Jan
20c June
431 June
75c July
81,000 100
33,000 92
2.000 9831
10.000 40%
194,000 9631
182,000 99
144,000 10131
10531 10731 330,000
9734 9734 18,000
104% 10431 1,000
102% 10351 61.000
11,000
10134 102
101% 102% 22,000
9851 99 132.000
9731 9855 152,000
90
90
18.000
154 154 59,000
9431 95 419,000
98
100%
96
108%
102%
10251
100%
100
10114
10331
9631
37
38
104
Range Since Jan. 1.
5,000 94
Jan 9731 Apr
9651 97
Feb 113 May
112 1124 16,000 111
98
984 375,000 9734 Sept 9831 Oct
98
102
3.000 9655 Sept 98
98
Jan 103
102% 76,000 100
Oct
June
944 954 809,000 91
6031 634 3231000 5431
81% 81% 6.000 74
89% 90% 05.000 88
10155 101% 70.000 93%
9331 9391 169.000 93
10551 10551 6.000 104
9831 9834 1,000 98
98% 98% 279,000 98
94% 944 140.000 9431
9654 96% 2,000 95
June
Mar
May
June
Jan
Sept
May
Aug
July
Aug
May
9551
634
8334
9111
10331
0651
105%
100
10051
94%
98
Oct
Oct
May
Feb
Feb
June
Sept
Jan
May
Sept
Jan
10714 2,000 107
107% 4,000 106
1044 5,000 10131
9834 2,000 9731
9814 15.000 8931
Jan
Mar
Feb
Feb
Jan
10851
10731
10454
101
99
Jan
July
Sept
May
May
87,000
22,000
34,000
5,000
35.000
16,000
8(5,000
15,000
125,000
48,000
111,000
97
9334
964
11031
944
97
9954
10631
100%
100
9934
Sept
Jan
Apr
May
July
July
June
Jan
July
July
Sept
101
98
98%
114
98
10134
10294
10751
105
10151
100
May
Sept
June
Aug
Jan
Sept
Oct
Mar
Aug
Sept
Sept
9931
9751
60
92
9931
9554
89
9631
99% 25,000
9755 1,000
77 374,000
92% 271,000
99% 3.000
9651 8,000
89% 5,000
9631 10,000
9954
9631
5631
92
99
9551
83
9651
Sept 100
July 9834
July 9754
Sept 9651
May 101
June 974
Aug 94
Sept 97
Sept
Apr
Jan
May
Mar
Mar
Aug
Sept
91
9851
96
97
92
9734
9751
10031
13851
13451
100
1004
32,000
93
994 57,000
9631 249,000
9731 19,000
4,000
93
9851 105,000
49,000
98
42,000
101
14155 160.000
23,000
135
10051 10,000
1004 22.000
91
9631
9251
9554
90
944
9751
984
100
115
100
100)4
Oct
June
June
June
Jan
Jan
Sept
Jan
Feb
Jan
Sept
June
9754
99%
06%
974
93
984
98
114
147
135
10034
1014
Mar
Oct
Sept
Sept
Feb
Oct
Oct
May
Sept
Aug
Sept
May
984 9851 3,000
94
9534 10,000
984 98% 165.000
100% 10055 22,000
100 10031 32,000
7,000
10951 110
1004 1004 9,000
100 1004 57.000
50,000
96% 98
101 101% 5.000
98
984 6,000
1.000
103 103
5,000
05
95
34,000
9834 99
98% 9854 137,000
27,000
9455 96
9531 39,000
95
12031 1204 5,000
10,000
102 102
9531 9634 119,000
9751 9951 67,000
9831
93
9531
9751
95
108%
99
98%
944
100
98
101
924
98
9634
9231
95
124
10031
9431
97
Oct
Sept
June
Mar
Jan
May
June
June
June
June
Aug
Apr
May
July
June
July
Aug
Jan
Aug
July
July
98%
98
98%
101
10031
110
10034
100%
98
102
9831
104
96
094
9851
97
954
134
10231
9731
9951
Oct
Jan
Oct
Aug
Oct
Oct
Apr
Jan
May
Aug
Oct
Feb
May
May
Oct
Apr
Aug
Feb
May
May
Oct
June 10334
Oct
10754
107
10451
9854
97
99 100
9651 97
96% 9751
113 113
9714 98
100 1004
10114 102%
10631 10734
10155 101%
100 10034
9954 9931
103
10331
4,000 100
15,000 100 June 102 May
100 100
9331 86,000 924 Sept 9851 Sept
93
July 10451 Oct
10451 10455 2,000 101
120
12334 30,000 10934 Aug 132
Sent
Keystone Telep 531s _ _1955
Koppers G & C deb 5s.1947
Laclede Gas Lt 551s__1935
Lehigh Pow Secur 65..2028
Leonard Tietz Inc 7515 '46
With stk purch warrants
Without stk purwarrants
Libby, McN & Libby 78'31
1st M 5s.__ _Oct 1 1942
Lombard Elec Co 75_1952
Lone Star Gas Corp 58 '42
Long Island Ltc Os_ _ _.194.5
Manitoba Power 550_1951
Mass Gas Cos 551s_ _ _1046
Meridionale Elec Co (Italy)
7
956
30-years f 75 ser A..193
Midwest Gas 78
Milwaukee G L 451s_ _1967
Minn & Ont Paper 68_1950
Montana Power deb 55 '62
Montgomery Ward 58-1946
Montreal L H & P55 A '51
1930
Morris & CO 7%8
Narragansett Co col 58 1957
Nat Dist Prod 831s.__1935
Nat Pow dr Lt 68 A._.2020
Nat Pub Serv 6515-1955
Nat Radiator deb 6518 1947
1941
Nevada Cons 5s
New Eng G & El Assn 5547
Nichols & Shepard Co 68'37
with stock purch warns
North Ind Pub Serv 581966
Nor States Power 6348 1933
3
36
96
,
851% gold notes_ _.1
Ohio Power 55 ser B_.1952
4518 series 13
1951
7s series A
Ohio River Edison 55_1951
Oklahoma Nat Gas 613_1041
Oswego River Pow 63_1931
Penn-Ohio Edison 65..1950
Without warrants
Penn Pr & Lt 55 B___1952
First & ref 55 D__ _ _1953
7
40
196
Phlla Electric 5518_
1941
611
58
Phila Elec Pow 551s_ _1972
Mita Rap Transit 65._1962
Mile Sub-Counties G & El
1957
1st & ref 4518
Phillips Petroleum 5515 '39
Pirelli Co (Italy) 75_..1952
Pitts Screw & Bolt 5518'47
Porto Rican Am Tob 65'42
Potomac Edison 58_5_1956
Power Corp of N Y 5515'47
Pure 011 Co 6318
1933
10-year sf 551% notes'37
Queensboro 0 & El 546'52
Rem Arms 551% notes 1930
Rem Rand Inc 5345_1947
with warrants
Richfield 011 of Cal 68_1941
St Louis Coke & Gas (181947
Sande Falls Co 58_ _ _ _1955
Schulte R E Co (ie.__ _1935
Os without corn stock1935
1931
Servel Corp (Is
Shawinigan W & P 451s '67
Shawsheen Mills 78_ _ _1931
Sheridan-Wyom Coal 65'47
Shubert Theatre Os_ 1942
Sinclair Consol 011 68_1930
Sloss Shelf S & I pr 68_1020
Snider Pack 6% notes_1932
Solvay-Amer Invest 58 1942
Southeast P & L 68_2025
without warrants
Sou Calif Edison 5s___1951
1944
58
Refunding mtge 55_1952
Southern Dairies 6s_ 1930
Southern Gas Co 6518_1935
Sweat Gas & El 5s A.1957
Southwest P & L 65_ _ _2022
Stand Invest 5s with war'37
Stand 011 of N Y 648_1933
Stinnes (Hugo) Corp 7%
notes Oct 1 '36 with warr
75 1946 with warrants..
Stutz Motor 7515
1937
Sun Maid Raisin 6518_1942
1939
Sun Oil 5518
Swift & Co 58 Oct 15 1932
Texas Power & Light 55'56
New
Trans-Cont'l Oil 7s___1930
Trans-Lux Daylight Plc Ser
Co 6515 with warr__1932
Tyrol Hydro-Elec 7s_ _1952
United El Serv (Unes)7856
Without warrants
United Indus 651s____1941
United Light &Rye 6s A '52
United Oil Prod 8s_ _1931
Un Rys of Havana 7348-'36
United Steel Wks 6345 1947
With warrants
U S Rubber 634% notes'29
Serial 634% notes_ _1930
Serial 651% notes_ _1931
Serial 831% notes_ _1932
Serial 651% notes_ _1934
Serial 634% notes_ _1935
Serial 054% notes__1937
Serial 64% notes--1938
Serial 854% notes...1939
Serial 834% notes_ _1940
US Smelt & Ref 5515_1935
Utilities Pow & L 5548.'47
1937
Valvoline 011 fis
Warner Bros Pict 831s 1928
Warner-Quinlan Co 68 1942
Webster Mills 6548-1933
Western Power 5348_1957
Westvaco Chlorine 5518'37
White Eagle0& R 545'57
Wisconsin Cent fly 58_1930
Friday
Last Week's Rang Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
9251 90% 92%
9831 97% 984
1004 100% 10031
103
1024 103
25.000 90
190,000 9531
11,000 100
131,000 9551
Apr
Mar 94
Aug 0851 Oct
July 10131 Jan
Oct
Jan 103
121 121
10214 10255
102% 10351
974 9734
9631 9491 9634
974 974 9731
105 105
102
10134 102
10435 104 10454
3,000
2,000
6.000
21,000
106,000
116,000
13,000
28.000
76,000
Mar
Apr
July
Sept
June
July
Jan
Jan
Feb
13351
10231
10451
9755
964
984
105
102
10431
May
Sept
Mar
Sept
Oct
June
May
Sept
July
9331 954 163.000 91
9951 0974 8,000 9531
9831 9951 26,000 934
95
95
3.000 95
984 9934 172,000 9654
9031 994 16,000 974
101 10151 5,000 9951
9854 99
5,000 95
1004 10031 69.000 98%
9931 100
3.000 98
104 105
38,000 084
10231 10334 54,000 974
100 10034 73.000 100
9834 9951 15,000 92
99
99
10,000 99
June 9534
Mar 9100
Mar 9912
Oct 95
July 9951
Mar 100
Jan 10151
May 1044
July 101
May 10034
Feb 105
June 1044
Aug 10031
June 10251
Sept 9934
May
Jan
Oct
Oct
Oct
Aug
May
Mar
Aug
July
Oct
Sept
Aug
Jan
Sept
1034 10331
99
9955
12551 12931
103 10334
101 10114
9451 9551
10634 107
10031 10131
102 10251
10031 10051
3,000 98
5.000 9634
162,000 110
15.000 10234
36,000 974
30.000 894
25,000 105
24,000 97
42,000 99
1,000 99
Feb
June
Apr
Mar
Feb
Feb
Jan
Jan
Jan
Jan
10734
9951
12951
103%
10114
9554
10751
10131
10551
1014
Apr
Sept
Oct
Mar
Oct
Oct
Aug
Oct
May
July
9531
99
0951
106%
107
1024
10231
9931
Jan
Jan
Jan
Feb
June
Jan
Feb
Jan
10154
102%
102%
10751
1084
105
106
104%
Sept
Sept
Sept
July
Sept
AMC
Aug
Oct
9851 3,000 9451
95% 274,000 9434
99% 116.000 954
10055 12,000 100
40,000 9734
100
9855 34,000 95
9851 4.000 9751
10351 38.000 10231
100 215,000 07%
10251 14,000 100
15,000 95
96
July
Oct
July
June
June
Mar
July
May
Aug
May
June
98%
10031
10251
101
100%
9851
10031
104
100
103
9734
Sent
July
lApr
Aug
Sept
Oct
July
June
Oct
Aug
Apr
9831 9731 100 217.000 974 Sept
934 9351 2,000 91% Apr
97
97
5,000 97
97
Sept
10031 100 1004 4,000 9731 Jan
28,000 9254 Mar
96% 97
9031 53,000 85
8954 89
Mar
94,000 18
2354 2031 24
Sept
964 064 9611 145.000 9654 Oct
10151 101 101% 31.000 9434 Mar
9654 9154 96% 10,000 02
July
9631 944 98% 631,000 96 June
9831 9931 477,000 984 Oct
99
102% 10291 3,000 10234 Jan
10934 1084 11051 124,000 99 June
9831 99
14,000 96 June
101%
9951
974
101
98
914
74
96%
10131
99
9634
9951
103
112
994
May
Mar
Sept
Aug
Aug
Sept
May
Oct
Feb
May
Oct
Sept
May
June
Jan
103
95
9934
9951
9931
9831
10051
10451
103
100
99
12711
10354
10131
9511
107
10135
1024
10031
10134 100% 10134
10234 10251
10231 10231 10234
10734 10751
1074 10751 108
1044 1044 1045(
10531 10551 106
1044 10391 10431
9831
9431
9834
100
9931 99%
98
9854
10331
9934 9951
102
102
95
9431
9934
104
10134
10251
10131
57,000
24,000
16,000
5,000
8,000
5,000
47,000
13,000
102% 104 241,000
10134 101% 60,000
102 10254 4,000
10134 10131 224,000
9854 9855 2,000
10531 10674 21,000
98
9854 68,000
10244 103
8.000
40,000
10731 108
10434 10434 56,000
108
9951
102%
974
9131
95
102%
98
10354
96%
974
994
10051
9834
1014
9431
994
100
104
Jan
Jan
Apr
Sept
Sept
Jan
May
Jan
Mar
Sept
104
10175
10351
10134
100
111
102
103%
111
105%
Oct
Oct
Aug
Oct
June
Sept
Jan
July
Sept
Feb
98
98
88
944
99%
99
9551
9851
974
July
July
Jan
May
May
Jan
June
Oct
Jan
102
102
103
99
102
10054
98%
984
119
Sept
Oct
Oct
Sept
Sept
Sept
Oct
Oct
Aug
9851 984 1,000 0851
94
93
24,000 92
10051 10131 209,000 93
9355 924 944 88,000 89
9531 9534 96% 38,000 9354
1,000 99
9955 99% 9951
704 7051 1,000 6051
111 111
11,000 1094
June
July
Jan
June
June
Sept
Jan
Mar
101%
98
10314
9451
99
103
893.4
112
Aug
Apr
Apr
Oct
Jan
Apr
Mar
Jan
10534
102%
10734
10454
1003' 102
10034 102
95 103
98
9831
1004 101
10031 10054
9731 98%
9831 984
10855 108% 111
101
100%
103
9835
10051
10054
9851
94
76,000
62,000
55,000
33,000
15,000
64,000
147,000
6.000
70,000
9731 9731 0851 105,000 9794 Oct 99
July
1014 1014 10131 8,000 994 June 102
Feb
1014 101 10151 32,000 9834 July 103
Jan
10034 101
9,000 9755 June 103 11, Feb
10031 10031 101
12,000 974 June 10351 , Apr
100% 100% 1,000 9734 June 10351 Apr
100% 101
5,000 9754 June 1034 May
1004 10031 2,000 9751 June 103
Feb
101
101 101
14,000 97 June 103
Jan
10131 10134 101% 9,000 97 June 104 (Mar
101
10055 101
21,000 9734 June 104% Mar
10351 104
7,000 10134 Jan 104
Apr
9431 944 9451 29,000 9431 July 94% Aug
1044 1044 2,000 10451 Jan 1064 Apr
91% 94
93
63,000 804 July 11151 Feb
95
95
95
32,000 93% Aug 10051 July
98
9954 38,000 9151 Apr 9934 Oct
994 9854 9955 179,000 98% June 9951 Oct
10151 1014 28,000 984 Mar 10234 July
96
96
9651 4,000 93 June 1004,_May
07% 98
17,000 98 .June 99
Jan
Market
continuation
Curb
of
For
transactions see page 1929
3, No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be found. m Sold under the rule. n Sold for cash.
o New stock. r American Cigar coin. is ex 33 1-3% stock dividend; sold at 14851
Option sale. I Ex-rights and bonus.
on Jan. 3 1927 with stock dividends on.
u Cumberland Pipe Line ex special dividend of 33% and regular dividend of 2%.
Ex-rights
o Ex cash and stock dividends. w When issued. z Ex-dividend.
z Ex-stock dividend. Is $5,000 Midwest Gas 78 sold at 101 on Sept. 7 "under the
rule." o Sales of National Power & Light pref. were made on Sept. 30 at 1003,
"under the rule."
butestuunt awlgailitcratt Intelligatct.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth
week of September. The table covers 9 roads and shows
8.05% decrease over the same week last year:
Fourth Week of September.
1927.
Buffalo Rochester & Pittsburgh_ __ _
Canadian National
Canadian Pacific
Georgia & Florida
Minneapolis dr St Louis
Mobile & Ohio
St Louis Southwestern
Southern Ry System
Western Maryland
Total (9 roads)
Net decrease (8.05%)
Ingrain. Decrease.
1926.
$551,914
7,888,693
6.415,000
56,061
318,631
521,323
750,676
5,486,887
708,518
$542,463
7,477,484
5,390,000
49,975
323,935
540,532
692,600
5,277,903
575,379
59,451
411,209
1,025,000
6,086
$5,304
19,209
58,076
208,984
133,139
$24,513 $1,851,945
1.827.432
$20,870,271 $22,697,703
In the following table we show the weekly earnings for
a number of weeks past:
•
Current
. Year.
Week.
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
week
Previous
Year.
$
14,995,998
15,453,141
15,190,382
22.052,923
15,204,434
14.742.573
14,590,611
19,895.469
15,252,550
14,872,278
14,552,518
20,444,541
14,674,637
14,637,922
14,923,185
20,190,921
14,345,693
14,389,046
14,414,724
13,239,045
14,138,182
14,932,688
15.091,947
22,276,734
15,183,418
15.306.827
15,644,304
20.870.271
Mar.(13 roads)
Mar.(13 roads)
Mar.(13 roads)
Mar.(13 roads)
April (13 roads)
April(13 roads)
April (13 roads)
April (13 roads)
May (13 roads)
May (13 roads)
May (13 roads)
May (13 roads)
June (13 roads)
June (13 roads)
June (12 roads)
June (13 roads)
July (13 roads)
July (13 roads)
July (12 roads)
July (12 roads)
Aug. (13 roads)
Aug. (13 roads)
Aug. (13 roads)
Aug. (13 roads)
Sept.(13 roads)
Sept.(13 roads)
Sept.(13 roads)
Sept.( 9 roads)
Increase or
Decrease.
$
14,308,298
14,781,223
14,973,426
22,226,451
15,166,695
14,402,687
14,241,283
18,769.562
14,306,734
15,103,054
15,179,524
21,344,342
15,168.759
15,244,341
15,384,889
20,377,221
15,229,606
14,585,974
14,660,546
15,025,966
15,019,916
15,366,857
15,557,505
21,502,193
15.164,097
15,508,092
16,950,922
22.697.763
%
$
+687,700 4.81
+671,918 4.55
+216,956 1.45
-173,528 0.78
+37.739 1.00
+339,886 2.42
+349,327 2.44
+1,125,906 6.00
+945,816 6.61
-230,776 1.53
-627.007 4.14
-899,801 4.22
-494,123 3.25
-606,420 4.00
-461,704 3.00
-186,300 0.92
-883,913 5.81
-196,928 1.35
-245,822 1.87
-1,786,921 11.89
-881,733 5.86
-434,169 2.82
-455,558 3.00
+774,541 3.57
+19,322 0.13
-201,265 1.21
-1;306,617 7.71
-1,827,432 A nm
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Gross Earnings.
Month
1926.
1925.
Increase or
Decrease.
Net Earnings.
1926.
1925.
•
Increase or
Decrease
$
$
$
$
Aug._ 577,791,746 553,933,904 +28,857,842 179,416,017 166,428,264 +12,989.753
Sept.. 588,945,933 564.756,924 +24,192,009 191,933,148 176,936,230 +14,996.918
Oct_ 604,052,017 586,008,436 +18.043,581 193,990,813 180.629,394 +13,361,419
Nov__ 559,935,895 531,199,465 +28.736,430 158,197,446 148,132,228 +10,065,218
Dee. 525,411,572 522.467,600 +2,943,972 119,237,349 134,504,698 -15,267,349
1927.
1926.
1927.
1928.
Jan -- 485,961,345 479,841,904 +6,119,441 99,428,246 102,281,496 -2,853,250
Feb -_ 467,808,478 459,084,911 +8,723,587 107,148,249 99,399,962 +7,748,287
Mar__ 529.899,898 529,467,282
+627,358
+432,616 135,691,649 134,064,291
April 497,212.491 498,677,065 -1,464,574 113,643,786 114,417,892
-774.126
May 517,543,015 516,454,998 +1.088,017 126,757,878 127,821,385 -1,063,507
June. 516,023,039 539,797,813 -23,774,774 127,749,692 148,646,848 -20,897,156
July- 508,413,874 556,710,935 -48,297,061 125,438,334 160.874,882 -35,436,548
Note.-Percentage of increase or decrease in net for above months has been:
1926-Aug., 7.80% inc.: Sept., 8.48% inc.; Oct., 7.35% inc.; Nov., 6.79% inc.;
Dec., 11.36% inc. 1927-Jan., 2.79% dec.; Feb., 7.80% inc.; March, 1.21% inc.;
April, 0.67% dec.; May,0.83% dec.; June, 14.07% dec.; July, 22.03% dec.
In Aug. the length of road covered was 236,759 miles in 1926. against 236,092
miles in 1925; in Sept., 236,779 miles, against 235.977 miles; in Oct., 236,654 miles,
against 236,898 miles; in Nov., 237,335 miles, against 236,369 miles; in Dec., 236,982
miles, against 237,373 miles. In 1927-Jan.,237,846 miles, against 236,805 miles in
1926; in Feb., 237,970 miles, against 236,870 miles in 1926; in March. 237.704 miles,
against 236,948 miles in 1926; in April, 238,183 miles, against 237,187 miles in 1926;
in May, 238,025 miles, against 237,275 miles in 1926; in June, 238,425 miles, against
237.243 miles in 1926; in July, 238,316 miles, against 237,711 miles in 1926.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -Net from
1927.
1926.
1927.
$
$
American Ry ExpressJune
12.279,490 12.472,733
256,581
From Jan L73,997.448 73.974,242 1.618,040
Atch Topeka dc Santa FeGulf Col & Santa FeAugust __ _ _ 2,838,181 3,510,156
749,371
From Jan 1_22,771,737 19,648.673 5,065,577
Panhandle & Santa FeAugust
1,077,385 1,887,605
434,509
From Jan 1_10,138,068 9,587,952 2,799,563
Atlanta & West PointAugust
289.038
287,231
91,278
From Jan 1_ 2,083,389 2,122.488
468,409
Baltimore & OhioB &0 Chia Terminal357,039 • 337,414
August
95,040
From Jan 1_ 2,600,295 2,485,115
455,802
Belt Ry of Chicago662,860
August _ _ 677,277
270,253
From Jan 1_ 4,917,672 4,884,075 1,695,468
Bingham & Garfield52,331
41,759
1,091
August
375,667
56,152
From Jan 1_ 336,578
Canadian Pacific Lines in Vermont43,272
199,024
192,599
August
546,120
71,907
From Jan 1_ 1,383,708
Maine
Lines
in
Canadian Pacific
126,056 -30.748
August
120,756
101,392
From Jan 1- 1,767.775 1.701,732
Chicago River & Indiana217,930
576,848
582.199
August
From Jan 1_ 4,489,203 4,472,918 1.534,820
Chicago It I & Gulf714,118
113,548
574,526
August
From Jan 1- 4,895.804 4,581,746 1,405,575
Railway- -Net after Taxes
1926.
1927.
1926.
$
255,507
1,605,349
76,580
527,103
78,296
537,066
1,538,496
664,352 1,449,608
4,687,305 4,391,027 3,969,668
901,746
376,945
786.924
3,960,384 2,461,236 3,418,398
86,456
481,853
74,053
343.885
67,092
354,824
103,598
513,999
34.416
24,118
45,144
106,161
249,803
221,985
201,494
1,518,489 1,313,066 1,130,977
24,993
110,011
-4,644
-813
12,709
31,868
-36,452
-36,328
38,522
33,907
-38,243
-41,701
-8,004
124,012
-44,048
-5,008
-23,904
23.812
204,043
171,457
160,518
1,516,432 1,204,871 1,175.078
339,964
88.383
321,785
1,473,380 1,193,091 1,328,349
1963
-Gross from Railway- -Net from Railway--Net after ram1927.
1928.
1927.
1927.
1926.
$
$
Chicago & Illinois MidlandAugust ____
83,585
128,256 -96.900
40.894
46,274 -99,823
From Jan 1_ 1.047,448
833,712 -297,836
130,052
192,801 -350.383
Colorado & SouthernAugust ____ 1,171,429 1,175,868
211,272
224,558
274,713
161.005
From Jan 1._ 8,176,536 7.908,224
442,632
971,233
958,580 1,481,026
Ft Worth dc Denver CityAugust ____ 1,008,205 1,292,055
375,508
646,671
349,804
570,347
From Jan 1- 8,182,755 8,139,569 2,229,236 3,103,005 1,782,446 2,592.926
Trinity & Brazos Valley-.
August ____ 215,130
267,385
45,525
8,671
38,275
799
From Jan 1_ 1,641,288 1,582,500
116,005 -29,938
57,176 -91,965
Wichita ValleyAugust ____ 120,564
122,762
31,765
56,243
23,657
46,712
From Jan 1_ 1.119,460
944,956
440,948
411,396
370,108
335,516
Columbus & GreensAugust ____ 164,080
15,962
27,849
153,842
29,049
14.446
From Jan 1_ 1,140,966 1,212,654
185,825
82,904
173,951
92,040
Denver & Rio Grande Western784,894
592,603
August ____ 3.086,716 3,230,702
986,804
792,680
From Jan 1_20,416,012 21,202,059 4,292,032 5,545,246 2,789,989 4,031.707
Denver & Salt Lake105,441
22,425
August ____ 420,602
28,426
406,641
114,751
22,374
From Jan 1_ 2,447,274 2,477,314
99,799
70,390
159,499
Detroit Toledo dr Ironton348,469
131,447
August __ __ 723,168 1,144,345
166,566
418,787
From Jan 1.. 6,086,529 8,946,952 1,378,859 3,070,921 1,085,827 2,539,800
Det & Tol Shore LineAugust ____ 373,424
174,857
121.277
376,348
199,113
157,963
From Jan 1_ 3,303,899 3,101,276 1,698,439 1,552,692 1,458,237 1,363,764
Duluth & Iron RangeAugust ____ 1,049,824 1,096,082
562,754
497,850
577,014
635,728
From Jan 1_ 4,767,622 4,563,333 1,568,093 1,503,463 1,135,888 1,227,159
Dul Missabe & NorthernAugust ____ 2,545,026 3,146,778 1,776,454 2,289,450 1,536,009 2,024.967
From Jan 1_ 1,700,779 11,823,943 6,151,714 6,425,087 4,703,662 5.064,530
Dul So Shore & Atlantic37,372
August ____ 487,191
95,080
66,372
478,510
127,080
313,286
From Jan E 3,577,951 3,553,443
502,659
746,674
545,286
Elgin Joliet & EasternAugust ____ 2,067,232 2,336,338
421,871
147,598
881,580
547,816
From Jan 1 _16,924,050 17,854,451 5,557,854 6,355,618 4,732,563 5,524,081
Evans Ind & Terre Haute61,667
August ___ _ 325,273
151,548
69,167
204,047
170,053
From Jan 1_ 1,735,670 1,650,265
498,884
572,250
543,211
638,154
Galveston WharfAugust __
99,834
9,305
124,434
162.563
255.190
35,805
196,501
From Jan 1_ 1,319,413 1,118,498
292,868
347,745
447,868
Green Bay & Western-'
8,972
August ____
7.153
123,837 • 134,450
15,153
18,972
175,082
135,759
From Jan 1_ 1,028.609 1,079,374
252,222
199.760
Gulf Mobile & Northern150,219
71
5
;4
52
201,713
August
120,429
595,507
595.126
934,058
From Jan 1_ 4.519,967 4,220,461 1,206,785 1,291,478
98199
Hocking Valley457,731
689,010
570,966
August_.,_ 2,002,612 1,758,696
832,568
From Jan 1_14,304,231 13,114,629 5.320,733 4,030,322 4,375,971 3,110,199
Internatio_n_al Great Northern328,122
202,895
373,830
August __ 1,469,925 1,580.377
244,636
From Jan 1_11,659,342 11.653,919 1.905,059 2,253,127 1,566,695 1,889,684
Kansas City Meg & Orient-6,802
-4,266
August ____ 301,648
317.4)66
-264
-2,357
From Jan E 2.022,230 1,452.305
14,203 -82,228
47,806 -42,968
K C Mex & Orient of Texas53,518
August _ __ 644,917
164,087
171,101
60,518
535.224
373,867
From Jan E 4,495,769 2,549,214 1,033,876
976,804
430,290
Kansas City Southern389,206
August _
496,171
492,528
1,729,606 1,611,381
803,254
From Jan 1_12,613,656 12,614,765 4,082,831 4,066.976 3,197,680 3.205,327
Lake Superior & Ishpeming133,780
August ____ 339.687
180,750
362,653
219,779
215,456
From Jan 1_ 1,477,125 1,560.998
460,124
416,570
590,180
627,542
La Ry & Nay CoAugust __ 287,203
68,188
46,791
342,205
90,286
68,912
From Jan 1_ 2,061,691 2,380,048
28,933
173,515
208,514
350.502
La Ry & Nay Co of TexasAugust _ _ _
91,714
100,719
4,462 -13,144
8,568
-8,937
From Jan 1_ 677,623
842.316
47,197
10,004
79,487 -22,189
Mo-Kansas-TexasAugust ____ 3.124,651 3,263,096 1,291,089
751,254
989,588 1,031,878
From Jan 1_23,176,339 22,879,331 7,651,400 7.654,456 6,064,393 5,906,214
Mo-Kan-Tex of TexasAugust __
1,642,199 2,022,352
447,195
597,909
394,434
544,838
From Jan 1_13,570,836 13,726,762 3,033,270 3,179,607 2,595,433 2,750,876
Missouri & North Arkansas150,724
12,578
August ____
148,660
5,806
10,196
3,335
From Jan 1_ 1,134,459 1,131,303
122,954 -30,365
103,600 -49,229
Nevada Northern43,127
29,399
32,364
17.133
August ___
83,932
69,288
From Jan 1_ 639,252
256,433
226.103
614,176
326,033
309,844
New On Tel& Mexico-8,417 -12,620
14,154
August..,.,. 221.597
11,838
252,614
603.488 -331.933
395,009
From Jan 1_ 1,813,040 2,363,639 -90,599
Beaumont Sour Lake & Western4,206
41,883
34,963
7,833
August ____ 211,753
211,207
From Jan 1_ 2,003,797 1,913.522
569,384
428,990
512,977
398,099
St L Brownsville & MexicoAugust
317,414
352,223
526,770
868,116 1,085,574
496.134
From Jan 1_ 6,593,748 6,392,045 2,296,653 2,330,948 2,016,530 2,085,573
New York CentralIndiana Harbor BeltAugust _ _ _ 970.702
199.948
228,950
985,179
247.966
269.252
From Jan 1_ 7,524,414 7,367,449 1,880,336 2,163,791 1,498,282 1,793,016
Northwestern PacificAugust __ __ 763,706
225,654
276,105
777,288
267.453
318.769
From Jan 1_ 4,258,469 4,730,115
810,483 1,349,098
483,651 1,020,868
Pennsylvania SystemBaltimore Chesapeake & AtlanticAugust _ _
176,306
171,842
27,026
47,816
30,524
44.312
VI•ornJanil 956,606
940.106 -110,464 -118,229 -152.868 -160,815
The Pullman CoAugust __ 7,527,534 7,653,344 1,944,105 2,050,713 1,503,618 1,614,622
From Jan 1_54,506,451 54,955,089 10,859,140 10,382,921 7,915,066 7,427,523
San Antonin Uvalde & GulfAugust ____
173,166
168,912
48,619
41,641
45,106
37,848
From Jan E 1,350,480 1,284,137
378,228
335,283
349,083
364,324
Seaboard Air Line730.015 1,016,023
August ____ 4,487,607 5,123,207 1,005,739 1,314,985
From Jan 1_42,529,341 45,767,089 10,546,295 11,943,568 8,057,228 9,552,927
Southern Pacific SystemSouthern Pacific CoAugust _19.725,127 19,717,784 6,902,597 7,165,849 5,125,957 5,560,452
From Jan 1_140138587 138940.417 40.131,287 40,512,323 28,362,446 29,151,188
SpA
ok
uan
gue
stfntern
_ _ _ atlonal53,333
50,777
56.152
132,587
58,702
_
135,160
309,207
234,497
277.494
843.977
266,175
From Jan 1_ 830,973
Spokane Portland & Seattle415,504
397,295
330,310
885,994
320,053
August ____ 919.540
From Jan 1_ 5,600,162 5,424,264 2,056,753 1,926,403 1,410,676 1,308,706
Pere MarquetteAugust _ __ 4,349,213 4,281,570 1,617,807 1,479.462 1,411,756 1,265,578
From Janl _ 29,854.414 29,594,224 8,744,169 8,745,115 7,107,373 7,123,005
1964
-Gross from Railway- -Net from Railway- -Net after Taxes
1927.
1927.
1926.
1926.
1927.
1926.
Pittsburgh & West VirginiaAugust ____ 297,656
451,597
96,238
From Jan 1_ 2,827,373 3,325,125 1,182,875
Quincy Omaha &Kansas CityAugust ____
75,971
92,168
-4,635
From Jan 1_ 530.345
605,901 -73,550
St Louis-San FranciscoAugust ____ 7,692.510 8,036,904 2,710,426
From Jan 1_55,773,594 58.694,386 16,299.932
St Louis-San Francisco &TexasAugust ____ 135,728
9,011
204,399
From Jan 1_ 1,283,833 1,292,202
234,844
Fort Worth & Rio GrandeAugust ____ 111,487
-5,202
111,195
From Jan 1_ 830,355
828,010 -38,466
St Louis South Western of TexasAugust ____ 598,258
67,245
603.106
From Jan 1_ 4,578,592 4,655,123 -266,708
Tennessee Central73,698
284,167
August ____ 310,317
420,560
From Janl_ 2,196,594 2,169,126
Texas & PacificAugust ____ 3,020,143 2,954,338. 744,224
From Jan 1_24,304,939 22,399,799 5,456,984
Texas Mexican Ry210,955
28,932
August ____ 112,298
145,063
From Jan 1_ 954,552 1,352,883
Toledo Peoria & Western136,927
34,549
August ____ 168.990
From Jan 1_ 1,120,223
936.472
90,550
Toledo TerminalAugust ____ 144,789
145,900
32,751
From Jan 1_ 1,036,519
982,143
313,080
Western PacificAugust ____ 1,778,196 1,609,842
480,793
From Jan 1_10,012,175 9,956,199 1,397,611
224,266
1,369,838
57,604
802,042
156,982
929,759
10,580
15,329 -10,458
-63,597 -120,400 -101,892
2,727,202 2,227,372 2,234,323
17,806,962 13,138,250 14,596,922
68,130
319,531
6,485
213,890
65,128
297,724
-5,658
-46,815
-9,270
-71,037
-9,824
-80,210
-11,624
40,491 -45,004
-243,287 -482,356 -483,317
84,767
439,361
69,003
376,789
FINANCIAL REPORTS
702,087
864,421
588,393
4,996,777 4,206,105 3,731,129
98,076
511,826
14.476
-44,735
36,568
270,575
561,338
2,617,466
23,932
102,612
Financial Reports.-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Sept. 24. The next will appear in that of Oct. 29.
93,576
475,590
34,545
6,776
70,427 -104,341
14,868
160,951
20,924
143,461
352,299
441,956
398,174 1,785,691
American Smelting & Refining Co. (& Subsidiaries).
(Semi-Annual Report-Six Months Ended June 30 1927.)
-Gross Earnings- -Net Earnings
Current
Previous
Current
Precious
Year.
Year.
Year.
Year.
$
5 .
$
$
American Pow & Lt Co_a_ __Aug 4,786,764 4,697,376 2o65.458 *1,972,029
12 months ended Aug 31_
62,228.903 57.384,85S *27,923,988 *25,285.847
American Tel & Tel Co
Aug 8,226,000 7,380,000 3,321,000 2.887,000
8 months ended Aug 3L__64,669,000 60,031,000 26,680,000 23,060,000
Electric Pow & Lt Corp.°. Aug 4,253,853 4,023,566 *1,871,523 *1,675,844
12 months ended Aug 31_
51,867.342 48,881,506 *23,090,203 *20,877,340
Illinois Bell Tel Co
Aug 5,983,000 5,500,000
820,000
851,000
8 months ended Aug 31_ _ 47,690,000 43,871,000 8,848,000 7,626,000
Companies.
*After taxes. a Earnings of subsidiaries only.
Gross
Earnings.
4,017,476
3,837,648
47,956.262
43,939.185
2,521,611
2,531,688
2,649,521
1,852,736
30.875,307
22,385,810
2.492.238
2,267,023
28,780,339
25,450,928
533,602
510,273
4,562,636
4,291,742
2,737,416
2,529.169
30,041,320
26,654,530
11,231
14,642
126,903
137,671
Net after
Taxes.
3
1,798,984
1,724,470
23,009,696
20,884,709
255,168
209.534
2,556,080
1,772,606
29,779,307
21,500,860
928,536
825.271
11,055,672
9,734,410
178,909
180,848
1,683,950
1,602,399
1,859,965
1.623,173
20,029,818
17,458,840
P-1,891
p-1,009
P-7,701
J*1,707
Fixed
Charges.
5
g1,505,002
01,434,336
017,803.203
017,051,525
663,732
661,074
223,174
229,243
2,571,427
2,600,310
290,487
263,580
3,303,643
3,147,40377,012
66.712
587,830
541,827
475,183
445,062
6,010,190
6,342,170
13,630
53,703
530,706
530,596
Balance,
Surplus.
3
293,982
270,134
5,206,493
3,833,184
5-408,570
5-451,547
2,332.906
1,543,363
27,207,881
18,909,550
5638,049
8561,690
57,752,028
56,587,007
101,897
114,136
1,096,120
1.060,827
1,384,782
1,178,111
14,019,629
11,116,671
--5,522
-4,712
-38,406
-28,889
•Includes other income. S After rents. y Includes depreciation. .1 Before
taxes. k After taxes.
12 Mos. Ending
Month of August
Surplus
Gross.
Net.
Aft. Chgs.
Gross.
Net.
$
$
$
$
$
Baton Rouge Electric Co19,690 1,013,016
379,836
76.420
25,510
1927
916,410
1926
76,493
26,503
20,686
336,083
Blackstone Valley Gas & El. Co.& Sub. Cos.453,915
154,059
104,269
5,848,628
1927
2,089,958
1926
393,009
117,615
70,188 5,355,811 1,931,732
Cape Breton El. Co., Ltd.
49,846
1,065
1927
6,780
650,633
149,668
1926
50,062
10,983
5,258
598,702
116,624
East. Texas Co.(Del.) & Sub. Cos.
734,115
296,215
178,990 6,821,632 2,500,471
1927
593,840
221,416
150.478 5,366,820 1,706,568
1926
Edison Elec. Ill. Co. of Brockton150,140
38,142
36,931 1,900,544
657.363
1927
131,343
36,964
36,007 1,724,331
563,035
1926
Power
Co.
of
Abington
&
Rockland
The Elec. Lt.&
12,732
12,163
608,190
118,296
59,368
1927
9,711
9,381
572,583
104,453
52,068
1926
El Paso El. Co. (Del.) & Sub. Cos.- •
74,236 2,952,301 1,090,917
89,551
239,121
1927
61,845 2,712,669 1,015.471
75,719
223,480
1926
Fall River Gas Works Co.
8,917 1,039,561
274,180
10,083
77,241
1927
994,922
225,620
18,700
17,758
1926
77,407
Galv-Houston Elec Co & Sub Cos77,067 4,940,002 1,476,225
1927
439,488
148,955
54,991 4,296,589 1,186,238
122,347
1926
396,779
Haverhill Gas Light Co111,925
705,585
1927
9,288
8,068
53,910
129,361
669.705
1926
5,104
56,265
5,106
Jacksonville Traction Co202,376
1927
103,598
-2,121 -15,979 1,497,991
1926
386,565
127,821
5,348 1,584,732
20,974
The Lowell Elec Lt Corp1927
620,046
128,964
28,157
27,968 1,765,343
1928
121,571
593,639
28,45.7
27,092 1,703,522
•
Month of August
12 Months Ended Aug. 31Surp. aft.
Surp. aft.
Gross.
Net.
Charges.
Charges.
Gross.
Net.
$
$
$
$
$
$
North Texas El Co & Sub Cos206,498
68,339
1927
37,977 2,581,063
829,759
472.490
1926
202,096
64,288
472,102
34,297 2,517,806
827,153
Puget Sound Pr & Lt Co & Sub Cos1,178,900
508,332
1927
267,155 14,455,774 6,080,879 3,208,496
1,082,833
415,169
1926
176,372 13,239,950 5,218,484 2,676,662
Savannah El & Power Co1927
178,257
71,421
33,681 2,245,721
879,103
470,649
182,341
65,893
1926
436,564
36,487 2.157,626
802,850
Sierra Pacific El Co & Sub Cos1927
107.305
54,691
50,056 1,258,788
452,531
501,942
109,595
40,269
1926
36,244 1,186,479
521,277
477,905
Tampa Electric Co de Sub Cos1927
366,977
98,746
94,070 4,824,131 1.518.999 1,463,874
1926
378,872
94,192
89,604 4.539,021 1.440,032 1,358,775
Virginia Elec de Pr Co & Sub Cos1927
1,218,067
444,847
315,089 15,225.551 6,121,049 4.593,963
1,139,004
1926
413,544
278,441 13,720,807 5,615,695 3,997,176
75,610
386,189
Electric Railway and Other Public Utility Net
Earnings.-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
American Water &
Aug '27
Flee Co
'26
12 months ended Aug 31 '27
'26
Boston Elevated Ry
Aug '27
'26
Cities Service Co
Aug '27
'26
12 months ended Aug 31 '27
'26
Engineers Publlo
Aug '27
Service Co
'26
12 months ended Aug 31 '27
'26
Federal Light &
Aug '27
Traction Co
'26
8 months ended Aug 31 '27
'26
Southern California
Aug '27
Edison Co
'26
12 months ended Aug 31 '27
'26
York Utilities Co
Aug '27
'26
12 months ended Aug 31 '27
'26
[VOL. 125.
THE CHRONICLE
CONSOL. INCOME ACCOUNT SIX MONTHS ENDING JUNE 30.
1924.
1925.
1927.
1926.
Net earns, smelt. & ref.
Not
plants and industries.
Not
{$10,284,836 $9,111,114'
1.712,223
Net earn.of metal mines reported.
reported.
1,624,961
Total net earnings_ _ _ _$13,796,757 $14,346,277 $11,909,796 $10,823,336
Interest,rents,dividends,
commissions, 5cc
659,658
1,011,686
740,621
582,751
Gross income
$14,808.443 $15,086,899 $12,492,547 $11,482,994
Gen'i & admin. expenses $746.655
$682,461
$713.713
$683,266
Research & exam. exp..
99,602
80,572
74,020
117,967
Corporate taxes (incl.est.
Federal taxes)
1,258,295
735,086
1,212,162
897,315
Int. on first mortgage 5s
979,771
1,002,812
1,027,661
1,010,935
Int. on first mortgage 6s
280.251
285,574
289,406
284,905
Depr'n & depl.ofore ree_ 2,954,955
2,943,763
3,139,242
2,958,241
Net income
$8,507,944 $8,854,855 $6,378,916 $5,490,537
1,750.000
1,750,000
Preferred divs. (334%).. 1,750,000
1.750,000
1,829,940
Common dividends__ _ 2,439,920
2,134,930
1,524,950
Bal., sur.. for 6 mos... $4,318,024 $4,969,925 $2,798,976 $2,415,587
Total profit & loss,sur.$28,515.319 $24,481,349 $19,584,509 $20,183,373
Earn. per (sh. on 609,980
shs. (par $100) coin.
$11.65
$7.59
stock outstanding
$6.46
$11.08
COMPARATIVE GENERAL BALANCE SHEET JUNE 30.
1926.
1927.
1926.
1927.
$
AssetsProperty acc't_ A20,263,341 119,923,430 A. S.& Ref. Co.
Investments ___ 4,999,515 5,183.829
pref. stock... 50,000,000 50,000,000
A.S.& Ref. Co.
Prepaid taxes &
insurance_
2,563,171 2,506,805
common stock 60,998,000 60,998,000
Bds.outstanding
Deferred notes
110,527
A.S.& R.Co.:
receivable... _ 38,901
lat mtge. A. 38,911,900 40,094,900
Inter-plant aclst mtge. B. 9,315,000 9,482,000
counts in tran34,349 Acc'ts.,&c.,pay_ 11,484,114 11,339.254
sit
35,980
695,644
Cash
5,164,845 4,134,539 Int.on bonds...
682,221
Divs. payable__ 2,153,330 2,004,101
Call and time
loans
7,000,000 5,000,000 Accr.tax.not due
(Fed.tax.est.) 4,006,302 3,788,870
U. S. Government secur's. 22,808,083 21,471,849 Res.for obsol'ce.
Acc'ts and notes
conting., &c
7,197,919 5,299,266
3,339,164
receivable.... 12,468,623 12,276,158 Empl. pens'n res 4,050,791
Materials & supRessler metal stk 6,656,944 9,714,633
plies
7,299,547 8,372,303 Mine & new bus.
Metal stocks
40,608,179 41.311,585
Investigations.
934,321
1,000,000
Misc, suspense,
Employe
@FedFRASER