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TO.
aninurcail
INCLUDING
Railway & Industrial Compendium
State & Municipal Compendium
VOL. 123.
financial.
rotude
Public Utility Compendium
Railway Earnings Section
SATURDAY, SEPTEMBER 18 1926
Bank and Quotation Section
Bankers' Convention Section
NO. 3195.
equivalent to 229/
1 2 on the old basis, an advance of
133
4 points for the week.
PUBLISHED WEEKLY
With brokers' loans up half way to the January
Terms of Subscription—Payable in Advance
12 Mos. 6 Mos. peak and with stock prices not far from record highs,
Including Postage—
$6.00
810.00
Within Continental United States except Alaska
6.75 the market has become very sensitive to prospective
11.50
In Dominion of Canada
13.50
7.75
Other foreign countries. U. S. Possessions and territories
NOTICE.—On account of the fluctuations in the rates of exchange. changes in money rates and shows a nervousness
remittances for European subscriptions and advertisements must be made
quite similar to that which existed in the first part
In New York funds.
Subscription includes following Supplementsof the year. For several weeks past the market has
0011PENDIII1113-SICTIONS-BANK AND QUOTATION (monthly)
had sinking spells on Wednesday and Thursday on
PWRLIO UTILITY (semi-annually)
RAILWAY & INDUSTRIAL (semi-ann.)
RAILWAY EARNINGS (monthly)
1124iTa MID MUNICIPAL(semi-annually)
BANKERS CONVINTION (yearly) rumors of impending increase in the New York reTerms of Advertising
discount rates. Stocks, however, indulged in a burst
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sition that the rate would not be increased, which
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proved to be the case. A study of the Federal ReWILLIAM B. DANA COMPANY, Publishers,
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President and Editor. Jacob Seibert: Business Manager. William D. Riggs: is pointed out that investment funds are in ample
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abundance. On the other hand, the point is made
The Financial Situation.
that the banks of the country are entering the fall
The week has given impressive evidence of the season when the demand for money is apt to be the
vastness of present-day American financial opera- heaviest on account of crop movements and active
tions. Sept. 15 was passed with quarterly Federal fall business with bank credit already as large as at
income receipts of about $300,000,000 and payments the peak of the 1925 fall season; also that redisby the Federal Government of $400,000,000 in ma- counts have been approximately $100,000,000 in
turing obligations and the issue of $350,000,000 new excess of those of 1925 all through the first eight
certificates of indebtedness without in the slight- months of the year. There are evidently adequate
est degree disturbing money rates. The bond offer- capital funds. On the other hand, the use of credit
ings of the week have also 'embraced some large at present is somewhat large. A small increase in
issues, a number for $15,000,000 to $20,000,000 each, rediscount rates could not be particularly surpriswhile transactions on the New York Stock Exchange ing under the circumstances. At the same time, it
have run between 1,300,000 and 2,300,000 shares would not be apt to have a prolonge i disturbing
daily.
effect.
There have been few changes of particular interThe week has given continuing evidence of broad
est in connection with prices. Bond prices declined prosperity throughout the country. Freight loadalmost imperceptibly. Railroad share prices tended ings have made another high record at 1,151,346 for
to be somewhat lower during the first part of the the week ended Sept. 4, a gain of 15,113 over the preweek, but the average changed very little. The in- vious week and of 48,561 cars over the corresponddustrial average gained slightly through Tuesday, if ing week in 1925. The Irving Fisher weekly index
allowance be made for the change in the status of of wholesale commodity prices made the most deGeneral Motors stock. Heavy selling on Friday car- cided gain for a number of weeks, standing at 148.45,
ried the average down about 3 points net. The Dow- as compared with 147.6 in the week previous. ForJones average declined arbitrarily 3.55 points on ac- eign trade figures for August showed a favorable
count of that stock selling ex 50% stock dividend on balance in excess of $50,000,000, a decided reversal of
Monday. Technical changes of this kind and actual the recent And. There is continued activity in the
changes of values in the securities which make up steel market at the high level established in July
the averages render these averages of little value in and August, with indications that this will continue
determining the technical situation in the market. throughout the year. Steel ingot production last
They are, however, highly useful in determining month was at the highest August rate on record, or
current trend. For the -time being this General Mo- in excess of 85% of cap:.city and the tot-I ingot protors adjustment must be kept in mind. General duction for eight months has been 161/2% greater
Motors continuen to be the most conspicuous stock than in the corresponding period of 1925.
Notwithstanding the great activity of American
in the market, with a very heavy turnover and
sharply advancing price. It closed on Friday at 153, steel mills, there has been some discussion during
Throincle.
1414
THE CHRONICLE
[VOL. 123.
the week in the newspapers voicing complaint of owing to the freer movement abroad in August of
orders placed by the Boston & Maine Railroad with certain farm products, while imports are slightly
German mills at prices alleged to be about $10 per reduced as compared with July; also with August
ton under those prevailing in this country. The of last year. The value of merchandise exports 1p-4
charge was first made that these prices were made month was $386,000,000, these figures comparing
with the aid of Government subsidy. This has been with $368,359,337 for July and with $379,822,746
denied, but it is now alleged that the prices were for August 1925. Merchandise imports last month
made in contravention of the anti-dumping agree- amounted to $336,0000,000, as against $339,024,218.
ment that exists between the two countries. Whether for the preceding month and $340,085,626 a year ago.
or not this is so, is of no particular interest to the The excess of exports last month was $50,000,000,
security market. In fact, the whole thing is of lit- while for July it was $29,335,119, and for August
tle consequence. It is a perfectly proper and nor- 1925 $39,737,120.
The balance on the export side last month'reduces
mal thing that there should be some shipments of
steel between the continents. Competition to-day the "adverse" trade balance of the current year to
exists between industries and between continents. date to that extent, leaving it $16,691,732. This "adPrice regulation by competition of this kind is whole- verse" trade balance is due very largely to the fallsome. There is no reason why our steel trade should ing off of exports, which for the eight months of
fear foreign selling. Our own industry in size 1926 amounted to $2,961,205,862, while imports for
dominates the world. Our costs are probably lower the same period were valued at $2,977,897,594. Durthan these anywhere else, based upon efficiency of ing the corresponding months of 1925 the merchanmachinery and quantity of mechanical power. Fur- dise exports were valued at $3,082,803,031, while
thermore, foreign specifications can only occasion- imports were $2,729,490,570, the balance of trade
ally be utilized • by American buyers and steel can for the eight months of that year being on the export
never move inland far on account of freight costs. side to the amount of $353,312,461. It will be noted
International price regulation of this kind is far that exports for tile eight months of this year were
more valuable to an industry than tariff protection, $121,597,169 less than they were for the same time
which tends to raise home production costs and in.1925, while imports, on the other hand, increased
weaken national ability to compete in world mar- $248,407,024. The movement abroad of raw cotton,
kets.
particularly as to the value, varied so greatly in
Among the notable bond issues of the week was an earlier months for the period under review, as to
offering of $20,000,000 Free State of Prussia 61/
25, affect very materially the total of the exports. That
1951, offered by a syndicate headed by Harris, was not the case, however, as to the August return.
Forbes & Co. at 95, yielding 6.92%. This issue had Exports of cotton last month were somewhat larger,
an exceptionally favorable reception. There was the increase in bales over August 1925 being 24%.
also an issue of $15,000,000 Republic of Finland The value, nevertheless, shows a decreose this year,
6/
1
2s, 1956, offered by a syndicate headed by the the amount of $40,323,866 for last month comparing
National City Co. and Lee, Higginson & Co., at 94, with $41,494,061 for August 1925. Total exports
yielding 6.98%. Germany enjoys the best credit in last month were $7,000,000 larger than they were a
the United States of any central or eastern Euro- year ago, to which increase cotton thus contributed
pean power, but Finland, for a small eastern Euro- nothing. On the other hand, there was an increase
pean country, enjoys an exceptionally high rating. in exports last month over July of $18,000,000 and
Other issues of that nation have been distributed of this amount raw cotton contributed $4,690,000—
by the same bankers. Finnish credit is based upon not a large sum.
Gold exports in August were somewhat larger
the character of its people and natural resources.
Before the war it financed at from 3% to 41/
2%. It than for any month in over a year, evidently in setfunded its indebtedness to the United States Gov- tlement of some of the recent adverse trade balernment shortly after Great Britain took this ac- ances, wMle gold imports were less last month than
tion, and its currency has been on a gold basis since in any month since October, excepting only May of
this year. Gold exports last month were $29,743,Jan. 1 of this year.
The third of the large issues of the week was also 113, and imports $11,978,690. For eight months of
foreign, being an offering of $18,000,000 Canada the current calendar year exports of gold amounted
Steamship Lines, Ltd., 6s, 1941, brought out by a to $76,547,713 and imports to $154,918,497, the exsyndicate headed by the Union Trust Co. of Pitts- cess of imports being $78,370,784. For the first
burgh, Kissel, Kinnicutt & Co. and Blair & Co., at eight months of the preceding calendar year, there
97, yielding 6.30%. On Friday a syndicate com- was an excess of gold exports of $141,756,249. Silposed of the National City Co., the Guaranty Co. of ver exports in August were valued at $8,036,502 and
New York and the Bank of Montreal offered $20,- imports at $5,987,820.
000,000 Canadian Pacific 4/
1
2s of 1946 at 961/
2, yieldBenito Mussolini, Premier and Dictator of Italy,
ing 4.77%, while a syndicate headed byallornblower
& Weeks offered $10,000,000 Consolidated Cigar 6s has again been in jeopardy. The third attempt upon
his life within a year was made on Sept. 11. It
1
2, yielding 6%.
of 1936 at 99/
seems that "Ermete Giovannini, a young Italian
The foreign trade of the United States, according stone cutter, threw a bomb against his automobile
to the statement for August issued by the Depart shortly after 10 o'clock this morning as the Premier
ment of Commerce at Washington on Wednesday of was being driven from his residence, the Villa Torthis week, continues the even tenor of its way. Both Ionia, in the outskirts of the city, to his offices at
merchandise exports and imports maintain much the Chigi Palace. The missile struck a side window
the same volume as in recent months. Exports of the limousine but did not explode until after it
show IL small increase, but that is to be expected, had fallen to the ground. Mussolini escaped un-
SEPT. 181926.]
THE CHRONICLE
harmed. Four passersby, however, were wounded
by fragments of glass from the car." The Rome representative of the Associated Press cabled that"Mussolini maintained his customary calm and continued
to the Chigi Palace. At his order, the Fascist directorate issued a manifesto to all black shirts, enjoining calm and forbidding attempts at reprisal." The
assailant was quickly apprehended.
Later the same day Mussolini "announced his
positive intention to put an end to tile attempted
assassinations which have marred Italian political
life recently." He was quoted as having said: "As
I have abolished strikes, I intend absolutely to stop
periodical attempts against my life. I say this not
on account of myself, because I truly love to live in
danger, but on account of the Italian people, who
work and produce and have a right not to be disturbed by such recurrent happenings. I am firmly
determined, if necessary, to re-establish capital punishment. You know that I do not utter words in
vain. When I speak it is to announce my policies,
which will be pushed through with characteristic
Fascist determination and method. I shall make it
increasingly difficult for a handfvl of madmen and
criminals to disturb the life of the nation." The
New York "Times" representative in Rome cabled
that "Mussolini's words, especially his reference to
the possibility of re-establishing capital punishment,
were received with tremendous cheers."
In a wireless message the next clay, the Rome correspondent of the New York "Times" said that,
"despite the great excitement which reigned after
the attempt to assassinate Mussolini yesterday and
the furious exasperation of the Fascisti at seeing the
life of the Premier constantly endangered, last night
and to-day passed without incidents of note in Rome.
Fascisti in black shirts and armed with heavy sticks
paraded the streets till a late hour last night, but,
partly on account of the strict police measures
taken and partly because the latest attempt against
the Premier was universally deplored, no violence
was done." He added that "during the night the
police searched several houses in Rome where it was
believed evidence would be found of a vast plot to
murder Mussolini in which many persons were implicated. The strictest reserve is maintained concerning the results of these searches, but it is known
that several arrests were made. It is stated that
more arrests will follow shortly, the police being in
possession of evidence that yesterday's attempt was
not the isolated effort of an individual acting on his
own initiative but the culmination of a large and
carefully organized conspiracy. No information was
forthcoming, however, as to the nature of this evidence."
1415
unjustified and dangerous to the understanding
which should exist between the two nations."
The assailant of Premier Mussolini was said to
have claimed, when first questioned by the authorities, at he had acted on his own initiative, and
that he did not represent a group. In a United Press
dispatch from Rome on Sept. 13 it was stated that,
"according to the newspaper `Messagero,' the investigation of the attempt to kill Mussolini, although
just begun, already has revealed abundant evidence
that it was not the isolat,K1 deed of a maniac or •
anarchist, but the result of an elaborate plot, hatched
by political expatriates in France who supplied the
bomber with the facilities." Whereas it was stated
in the earliest dispatches that the assassin's name
was Ermete Giovannini, it was stated in this United
Press dispatch that "the bomber is Geno Lucetti, 26,
an expatriate, long classed by the police as a dangerous anarchist." It was explained that "the penalty for this crime under a recently enacted law is
a minimum of fifteen years' imprisonment and a
maximum of thirty years. If the attempt on the
Premier's life had been successful, he would have
been liable to life imprisonment. A new law, which
is expected shortly, would impose the death penalty
on any person attempting to kill the King or Premier, whether the attempt was successful or not."
According to a special wireless message from
Rome to the New York "Times" on Sept. 13, "he
[Lucetti] comes from Avenza, in Tuscany. His whole
family, consisting of his mother, his two brothers and
his sister, have been arrested on suspicion of complicity in the assassination plot. They will be brought
to Rome to be questioned." The correspondent also
said that "numerous other persons have been arrested, among them being Enrico Malatesta, Italy's
most notorious anarchist, who has an international
reputation. In Lucetti's house the police seized
much subversive propaganda, a list of addresses,
which are now being followed Up by the police, and
voluminous correspondence in several languages.
Some of the letters, it is said, are considered very
significant. Lucetti belonged to Italy's picked shock
troops during the World War. At the end of the
war he brought home with him and hid in a cave in
his native town the two bombs which later he used
against Mussolini. He recovered them only a few
days before the attempt on the Premier's life. It
now appears that he had previously been prominent
in the fight against Fascismo. In September 1925
he got into a fight with two Fascisti whom he liad
asked for a match to light a cigarette. He fired a
revolver shot at them, wounding one in the arm, and
was himself slightly wounded by a bullet in the
neck. He managed to escape arrest, taking refuge
in France, where he had previously lived for many
Naturally, France did not like the charge that she years and where he remained uninterruptedly until
was harboring plotters against the Italian Govern- a fortnight ago, when he re-entered Italy on his
ment. The Paris representative of the New York mission of death."
"Herald Tribune" said in a dispatch on Sept. 12 that
"Premier Mussolini's charge that anti-Fascist ItalThe seemingly fearless Mussolini believes that "hi,
:
ians were kindly treated across the borders of Italy, star of destiny protects him from assassins and that
and enlarged upon by direct insinuations in the he will die a natural death." So he told Robert H.
Fascist press that France sheltered plotters against Davis of this city, who went to Rome to deliver to
the dictatorship, were received with marked indigna- the Dictator of Italy -"a 50-pound package of newstion here to-day. The immediate reaction of the paper clippings" that he had brought with him "at
French press is to point out that no conspirators the request of the Associated Press." It was exagainst any Governtrent are harbored in France plained that "the clippings were of an interview
and to brand the Fascist journalists' innuendos as I given by Premier Mussolini to P. H. Winner, of the
1416
THE CHRONICLE
Rome bureau of the Associated Press, on the aspirations of Fascism, and published in this country on
July 24 1926. They were collected in response to an
intimation that the Premier was interested in knowing to what extent the interview was printed ad the
opportunity of Mr. Davis's trip to Italy was taken
to intrust him with their delivery." In reply to a
question by Mr. Davis, Mussolini said: "You ask
why I do not protect what I call my person from the
assassins? There is no need. My star protects me
as Italy is protected. I shall die a natural death.
As I live now there must be adventure and I must
be free to come and go among the people. Always
my people."
The dispatches.from Rome and Paris relative to
the attitude of the French Government toward the
foes of the Fascists have been decidedly conflicting.
In a special wireless message from Rome to the New
York "Evening Post" on Sept. 14 it was claimed
that "France is to assist Italy in cleaning up Fascist
foes." In a special cable message from Paris to
"The Sun" on the same date it was asserted that
"the French resent Italy's demand that she control
the Italians resident in their country. The correspondent said that "this presumed hostility of Italy
•toward France is attributed here to jealousy of
France's colonial empire and ambition to acquire a
part of it. Concerning the present incident, the
French viewpoint is that if proof is adduced of criminal plotting on French soil, the French police will
act immediately, otherwise, France cannot be responsible for political opinions of the 800,000 Italians now living in France. Why, it is asked, did
not the Italian police arrest the anarchist, Pucetti,
when he crossed the Italian frontier ten days before
the crime, If they failed, why blame the French?
Since what Premier Mussolini apparently wants is
the right to control over Italians living abroad, why
limit his action to France? Why not include the
United States, Brazil and other countries?" The
Associated Press representative at Geneva cabled,
also on Sept. 14, that "Foreign Minister Briand of
France believes outbursts by the Italian press
against France because Gina Lucetti, assailant of
Mussolini, had been in France, soon will cease." A
dispatch from Paris stated that "the 'Journal des
Debats' in an editorial deplores the latest attempt
on the life of Premier Mussolini and likewise the
attitude of the Dictator against France, in holding
her responsible for the attempted outrage." As for
ilk attitude of the Italian Government toward the
foes of Fascism, the Rome- representative of the
New York "Herald Tribune" said in a dispatch on
Sept. 13 that "the Italian police to-day are concentrating on an effort in finding the accomplices who
they believe plotted Premier Mussolini's death with
the young anarchist arrested on Saturday for throwing a bomb at Ii Duce."
Reference has been made in an earlier paragraph
to the possibility of capital punishment being restored in Italy. In an Associated Press cablegram
from Rome on Sept. 15 the following account was
given of proposed legislation on this subject: "The
outlines of the capital punishment bill being prepared as an aftermath of the recent attempted assassination of Premier Mussolini were made public today. Three categories of criminals are enumerated
[Vol,. 123.
as liable to the extreme penalty: First, those attempting the life of the King, Queen, Crown Prince
or head of the Government; second, leaders of robbing or sacking parties in times of emergency; organizers of civil war; organizers of
armed revolts against State authority, and
those conspiring against the welfare of the country;
third, perpetrators of grave private crimes receiving
general condemnation, such as premeditated murder of father, mother, or son; murder of children
after abuse; murder by convicts serving penal terms,
and murder by more than one person, organized for
banditry." It was added that "the bill as now
drafted is subject to later modification. It is understood it contemplates that trial for capital crimes
shall not be by ordinary jury but by a special tribunal headed by the President of the Court of Assizes,
assisted by four judges. Execution would be by
shooting, that being the system indicated in the old
Sardinian laws from which the present legislation
is evolved."
.The formal resignation of Spain from the League
of Nations was made public in Geneva on Sept. 11.
The official communique issued at that centre stated
that "the Secretary-General of the League of Nations this morning received through the Spanish
Consul at Geneva a note from the Spanish Government giving formal notice according to Article I of
the League Covenant that Spain will withdraw from
the League on the expiration of two years from date
of receipt of the note by the Secretary-General. The
document has been circulated to all members of the
League."
Commenting upon the resignation of Spain, and
also of Brazil earlier, the Geneva correspondent of
the New York "Times" said in a dispatch on Sept.
11: "Spain notified the League of Nations to-day
that she is quitting Geneva because she did not get
a permanent seat on the Council at the same time as
Germany. Officially she has recorded two years'
notice of withdrawal. Several months ago Brazil
took a similar step for the same reason. Therefore,
the League faces the situation of having obtained the
accession of Germany at the cost of the membership
of Spain and Brazil. With all due respect to the
two Latin countries, the total result of their operations would appear to be a gain for the League of
Nations. Germany is of more importance in world
politics than either Spain or Brazil, or both." He
added that "naturally, the loss of Spain is a heavy
loss, not only because of the prominent role she had
played at Geneva, but because of her moral leadership of the majority of South American States. The
League leaders insist on pointing out that two years
must elapse before these nations are actually outside
the League and they hope that in that period they
will change their policies. Despite the regret felt
at the move taken by Spain and Brazil, it is pointed
out here that, after all, the League has maintained
the principle of not being subject to successful pressure by national aspirations of its members. The
League decided that Spain and Brazil were not
great Powers. Spain and Brazil think differently.
And there the situation stands. It must be remarked
that had the League satisfied Spain and Brazil and
kept them in the League, it would have kept Germany out of the League. That would have meant
the continuation of the disturbing COntinental po-
SEPT. 181926.]
THE CHRONICLE
1417
vote an endorsement of King and country, as well as
for Premier de Rivera, will be successful." The
later Madrid advices indicated a much more
general interest in the plebiscite than at first predicted. It closed at 11 o'clock on the evening of
Cabling from Madrid on Sept. 12, special repre- Sept. 13. The returns at that time seemed to show
sentative of the New York "Times" rapidly sketched that the vote had been heavy. The New York
the many political events that had occurred in Spain "Times" representative said that "news of endorserecently. In part he said: "Within a week Spain, ment of Primo de Rivera's rule from Spanish coloalmost without any visible sign in her daily life, has nies in many countries have been received. The
survived a whole succession of crises and started on Wacion' claims millions of Spaniards have spona new adventure in government as completely dis- taneously expressed confidence in the Government."
tinct from the old as any revolution ever sought to The correspondent also said that "to-day is the third
effect. Last Sunday the Government was faced anniversary of the Barcelona coup d'etat, -whereby
with a grave army revolt and with differences f General de Rivera made himself dictator of Spain.
opinion between the King and the head of the Gov- Asked for his impressions of this memorable day by
ernment. These differences were settled, martial a representative of `Noticiaro del Lunes,' the Prelaw proclaimed and the strictest of censorship es- mier said he had a completely satisfactory imprestablished, and within two days the artillery revolt sion of the progress of the plebiscite in his favor.
had calmed down or been snuffed out, martial law He said it was being characterized by seriousness,
repealed and normalcy restored. This Sunday, sincerity and enthusiasm. He said he believed the
Spain, which had been for three years entirely un- votes would be four times more than those cast in
consulted in political affairs, has been called upon any previous election. Premier de Rivera concluded
to express its confidence in the directorate and pre- with the statement that he placed great hopes in the
pare the way for the creation of a national assem- National Assembly, called to meet in October, which
bly of a type new in Europe's constitutional history. has huge tasks before it, among which is the estabIn truth, this plebiscite is no more than a solemnly lishment of foundations for the future Parliament,
organized vote of self-confidence by the directorate. which will be,elected differently,"
Its result is a foregone conclusion. It was proposed'
According to a special wireless message from Mqby the Union Patriotica, which Primo de Rivera' drid to the New York "Times" on Sept. 14, "during
hopes will eventually become as useful to him as the the three-day plebiscite in Spain the number of votes
Black Shirts have been to Mussolini, and it is being cast in favor of the present Government was 4,353,carried out in a country where poor communications 605. No negative votes were allowed. This figure
and widespread ignorance make impossible the for- was given by the Patriotic Union, in charge of the
mation of anything resembling public opinion as un- check-up. The total- represents 18% of the total
derstood elsewhere. The plebiscite will not have voters listed in the last Spanish census." It was
any real value as an indication of the country's ten- added that "the result is regarded as highly satisfacdencies, desires or political aspirations, and, judged tory, considering the extensive illiteracy and diffiby these first two days, there is not any enormous culties of communication in many parts of Spain."
interest in it. But when it is over the directorate
Announcement was made in the same dispatch
will be able to get ahead on forming its new Na- that "Primo de Rivera is carrying out his promise
tional Assembly of a kind and in a manner which to deal as leniently as possible with the artillery
will be certainly interesting and is undoubtedly officers who took part in the plot to overthrow his
new."
Government. The Premier petitioned King Alfonso
to commute the death sentence passed on the Com.The plebiscite "to determine whether the majority mander of the artillery academy at Segovia. The
of the public approves the Primo de Rivera regime" court-martial on Monday pronounced this severe
began throughout Spain Saturday morning, Sept. 11. sentence because the Commander's responsibility
The Madrid repres6ntative of the New York "Times" and leadership in the revolt was proved. King Alcabled that "this is the first opportunity Spaniards fonso immediately commuted the death sentence.
have had publicly to express their political opin- Thirty-three officers of high rank in the same corps
ions." The polls were open "to all citizens of 18 were condemned to varying terms of imprisonyears or over, including women." He added that ment."
"women were more excited over the event than the
men. Premier de Rivera extended the right to vote
Germany having been admitted to the League of
to women som time ago, but this is the first chance Nations, the Locarno treaties have become
operathey have had to make use of their new political tive and ratifications of them deposited with the
freedom."
League. This happened at Geneva on Sept. 14 and
General interest in the plebiscite does not appear was made known in dispatches from
that centre on
to have been taken the first day. According to an that date. The New York "Times" correspondent
Associated Press dispatch from Hendaye, France, said that "at 11 o'clock the representatives of the
that evening, "the three-day plebiscite ordered by seven nations involved deposited the ratifications of
Premier de Rivera does not seem to be causing much their respective
Governments with the Secretary of
perturbation in the frontier provinces, so far as can the League of Nations." The Associated Press repbe observed in the towns there. Travelers coming resentative said: "Locarno treaties of security and
from the interior provinces report little enthusiasm arbitration became officially operative to-day when
or interest in the plebiscite. They say that a ma- the ratifications of all the signatories were
deposjority of the electors will vote, however, and that ited with the Secretariat of the League of Nations.
consequently the manoeuvre, which makes such a The representatives of the sik interested nations.
litical situation of the past seven years and precluded the present hope that the admission of Germany may swing Europe into a more settled, and
moree harmonious life."
1418
THE CHRONICLE
assembled in the office of Sir Eric Drummond, the
League Secretary-General, and attached their signatures to a protocol affirming the deposit and registration of the treaties. Congratulations then were
exchanged. Those taking part were Sir Austen
Chamberlain, Great Britain; Foreign Minister Briand, France; Foreign Minister Stresemann, Germany; Signor Scialoia, Italy; M. de Brouckere, Belgium, and M. Zaleski, Poland."
The New York "Herald Tribune" representative
at Geneva cabled that "this ceremony and informal
meetings of the leaders of the great Powers to-day
left the League's record of actual achievement rather
barren. The Assembly met this afternoon chiefly,
as far as it was apparent, in order to allow the delegates of Holland, Bulgaria and Norway to enjoy
places in the sun—of oratory. The work of the
League in regard to disarmament and opium was
held in suspense; voting on the admission of Turkey was delayed, although that country has not yet
even made formal application for membership, and
to-night the greatest activity in Geneva is being displayed by the representatives of small States canvassing for votes in the election for seats in the
Council."
The French Government having urged economy
upon the people, continues to take definite steps to
cut its own expenses materially. Just recently the
Government economies have been chiefly in the
administration of the army and navy. In a special
Paris dispatch to the New York "Times" on Sept. 10
it was stated that, "with persistence and method
Premier Poincare and his Cabinet are carrying
through the work of reducing expenditure and economizing the country's resources. Following measures compressing the judicial system of the country,
which will make an estimated economy of about
26,000,000 francs, the Cabinet to-day made considerable cuts in army and navy expenditure and in
the organization of the reconstruction service for
the devastated districts. The contribution of the
War Minister, Paul Painleve, to the economy program provides for the gradual reduction of army
strength by 2,700 permanent and 1,200 temporary
officers, bringing the total number of officers down
to 128,000, or 7,000 less than before the war. His
other measures include modification of the terms
• of service, raising the minimum age limit of conscripts from 20 to 21, which is in preparation for the
passage of the one-year service bill, which will result in fewer men being IA ith the colors in 1927, thus
effecting considerable economy. There will be an
immediate reduction of mounted troops, entailing
the suppression of 7,000 horses, with the ultimate
suppression of 10,900. The remount service will
also be curtailed. Something like 170 military establishments, including training grounds and barracks, will be abandoned, the grounds and buildings
being converted to other uses." The New York "Herald Tribune" representative said that "the Department for the Liberated Regions, which superintends
the recoastruction of the devastated areas also is
drastically reduced. Four hundred and forty-six
positions have been abolished in the north of France
and forty-two more in Paris. In addition three
large buildings of ne housing department have been
ordered vacated, thereby becoming available for
rental to the public."
[voL. 123.
Opponents to an economy program always can
be found. In an Associated Press dispatch from
Paris on Sept. 15 it was stated that "Premier Poincare's *program of economy, which includes the suppression of more than 100 subprefectures and othe •
offices in the country, is meeting with strong oppc,sition in towns affected by it. Municipal councils
are passing resolutions of protest against putting
the plan into operation. When the franc was down
around fifty to the dollar, the cry of economy was
readily heeded, but the improvement in exchangi•
put another face on the matter•and the members of
Parliament who voted for M.Poincare's program are
said to be finding themselves targets for criticism
at home."
Already, as a result of Germany entering the
League of Nations, steps have been taken to adjust
long-standing differences between that nation and
France. In a special dispatch from Coblenz to the
New York "Evening Post" on Sept. 13 it was stated
that "almost simultaneously with Germany's entrance into the League of Nations, the German authorities in the Rhineland have reached an agreement with the Rhineland Commission regarding
what-is called the 'pacification of the occupied territory.'" The correspondent further outlined the
agreement in part as follows: "According to this
accord, the Germans agree not to take legal meai
ures against any one who may have come into conflict with the German law in rendering obedience
to the occupation authorities." It is also agreed
that questions which arose in the evacuated territory
which were referred to the German authorities for
decision should be settled by arbitration, with the
exception of such as directly affect the political or
financial relations between Germany and any one
of the Governments represented in the Rhineland
Commission. It is also agreed that these measures
shall not be retroactive. The Governments represented in the Rhineland Commission agree that
within two weeks after the pact goes iLto effect, all
Germans imprisoned in the occupied territory who
are accused or have been condemned by military
courts shall be turned over to the German authorities and full freedom shall be granted for their rejudgment. Differences growing out of the agreement shall be brought before a court wherein both
parties are represented. The 'agreement becomes
effective following an exchange of notes between
the Reich's Commissar in Coblenz and the Rhineland
Commission. According to the Cologne ‘Zeitung'
this exchange has been made."
The question of disarmament has been under discussion at Geneva all week. There has been little
or no indication that a conference on that subject
would be called to be held before the end of this
year. In fact, in a wireless message on Sept. 13 the
Geneva representative of the New York "Times"
said: "That the seventh Assembly of the League
of Nations will not call a general disarmament conference, as was planned when the Preparatory Commission was created last year, was officially recorded to-day at a meeting of the Third Committee.
Representatives of the larger nations expressed hope
that the conference could be called before the next
Assembly meets. The experts will resume their
work at Geneva on Sept. 27 and report to a full
SEPT. 18 1926.]
THE CHRONICLE
meeting of the Preparatory Commission, which will
be held next March or April. The Commission will
report to the Governments, which will decide then
whether or not it is useful to call the Disarmament
Conference. Tha third committee to-day took up
the subject of limiting the private manufacture of
arms. Several delegates expressed themselves in
favor of calling a conference to deal with this one
subject, when Paul Boncour of France, who is Chairman of the Preparatory Disarmament Commission,
said he favored dealing with this matter at the general conference. He somewhat surprised some of
his colleagues by expressing the opinion that such
a conference could be called in the near future."
In a dispatch two days later he further outlined
the situation in part as follows: "Private conversations among the leading countries of the League of
Nations on the subject 1 the general disarmament
conference have been proceeding for the last three
days, with the result that there has developed the
idea of calling the conference for the first part of
next year. It is realized that no great progress on
reduction of armaments can now be made, but there
is being formulated a plan which in brief is as follows: The various nations shall agree that they
will in no case exceed certain limits in their armaments. These limits are expected to be fixed approximately at their present military and naval
strength with, it is hoped, a small reduction. When
these figures are agreed on a treaty will be drawn
saying that as conditions justify these limits will be
reduced by agreement. It is calculated that this will
mark an advance, since it will limit the ability of
any nation to embark on extended military or naval
plans. For example, the present League figures
place the French army at 700,000 men. As a matter
of fact, because many of its units are skeletonized,
France has now 547,000 soldiers. It is figured that
under the proposed plan France could agree rot to
allow her army to exceed 500,000. Italy, Belgium,
Poland and other Continental countries with considerable armies could agree not to exceed some figure
not distant from their present strength. Once that
scale is established, the League leaders think the
foundation will be established for further reductions
at future dates."
He added that "in working out this plan the diplomats are largely discarding the work of the military
experts here the past three months. The latter have
agreed on practically no issues, and this has tended
to bring the belief that the proposed scientific and
detailed handling of the issue will bring no progress. Many League chiefs think the experts should
report in the near future and leave the Governments
to act thereafter. Of course, if the League calls a
disarmament conference next spring it will be expected that it will relieve President Coolidge of the
duty of calling one in Washington."
The League Council was busily occupied also with
determining what minor Powers should be given
seats in*that body. According to a wireless message from Geneva to the New York "Times" on
Sept. 16, "the difficulties attending the admission
of Germany to the League of Nations were finally
liquidated to-day when, in accordance with the compromise adopted to settle the dispute over Council
seats, the Assembly elected nine non-permanent
members of the Council. Of the three non-perma-
1419
nent seats created only one was filled, that for Poland. The other two, created for Spain and Brazil,
were left vacant. The following States were elected:
For three years: Poland, Chile and Rumania. For
two years: Colombia, Holland and China. For one
year: Czechoslovakia, Belgium and Salvador. Holland was declared by a two-thirds vote re-eligible at
the end of her term, which is intended to assure to
her a six-year seat. The other members elected today are not re-eligible at the end of their terms. The
Council of the League, therefore, now is composed of
these nine nations, plus the holders of permanent
seats—Britain, France, Germany, Italy and Japan
—there 1 eing fourteen members in the new Council
instead of ten of which the old Council was made
up."
The British Government has been struggling on
in its efforts to settle the coal miners' strike. The
outlook was not at all encouraging at the beginning
of the week. The London representative of the New
York "Times" cabled on Sept. 13 that "Chancellor
of the Exchequer Churchill's endeavor to bring
prompt peace in the great rritish coal strike by persuading the mine owners to participate in a threecornered conference with the Government and representatives of the strikers was definitely defeated
to-day when the mine owners officially refused to accede to his request. The refusal was no surprise.
Scarcely anybody believed they would agree to such
a conference after the extremely hostile attitude
toward it adopted by their representatives when
Mr. Churchill first suggested it. The official refusal of the owners is based on the practically unanimous stand of their district associations against the
termination of the strike by a national agreement.
What they have wanted all along, and still want, is
a series of district agreements, which are anathema
to the strikers. The owners think the strikers are
beaten to their knees and that, therefore, concessions
are quite unnecessary, since the vanquished in the
coal war must eventually accept the terms of the
victors."
Commenting upon the fair probability of the strike
being settled soon, the London representative of
"The Sun" cabled two days later (Sept. 15) that "it
is neither economics, politics nor business which
leads every one to this conclusion, but one single,
simple, all-important fact—the weather. The first
whisper of winter came to London over the weekend. That first rare breath of chill exhilaration—
which within a month is sure to bring England its
annual burden of fogs, slime and muck—has made
many thousands of Londoners, to whom the coal
strike so far has been.only a remote economic fact,
realize that it also is an acute personal thing, which
may result in no coal nuggets piled up before the
fireplace."
The correspondent added that, "meanwhile, it is
well to remember that no reasonable person can deny
it is the mine owners, not the miners, on whom falls
the onus for prolonging the strike. Only yesterday
the Mine Owners' Association flatly refused to join
the Government and the miners in a tripartite conference looking toward resuming negotiations on a
national basis. The miners are willing to quit the
strike if they can save the faces of their leaders and
get enough to live on. But they will hold out to the
last bitter moment before accepting the uncouth-
1420
THE CHRONICLE
tional surrender which the owners demand." On
the other hand, the London representative of the
Associated Press cabled on Sept. 16 that "hope of a
settlement of the dispute between the miners and
owners, which has now lasted twenty weeks, has
been so long deferred that few persons seem to have
confidence in predictions of early Government action to force the two sides to the controversy to solve
the problem. No one apparently expects important
developments this week. Among other results of
the strike has been a sharp rise in shipping rates
owing to the demand for foreign coal. The rate on
coal from America rose considerably yesterday and
had a marked influence on other freight markets,
notably on the grain trade from South America."
[VOL. 123.
4%% a week ago. Call money on the Lon1
2%,
don market was strong, advancing to 4/
but dropped to 33
4% yesterday, in comparison with
3%%, the close the previous week. In Paris and
Switzerland 'open market discounts continue to be
quoted at 7% and 2%%, respectively, the same as
heretofore.
The Bank of England added to its gold holdings
this week the sum of £456,981, while further contraction of £849,000 in note circulation led to an increase in the reserve of gold and notes in the banking department of £1,306,000, bringing that total
up to £36,146,000, as compared with £37,286,481 last
year and £24,077,552 a year earlier. In keeping with
the showing thus made, the proportion of reserve to
The strike situation took a new turn on Thurs- liabilities established another new high record, adday. The London representative of the New York vancing to 30.20%, as compared with 29.20% a
"Times" cabled that "Winston Churchill, Chancel- week ago. In the corresponding week of 1925 the
lor of the Exchequer, having failed to settle the coal ratio stood at 29.00% and the year previous at only
strike while Premier Baldwin was absent on a vaca- 19.75%. Important changes were also indicated in
tion in France, the Prime Minister to-day took up the deposit and loan items. Public deposits inthe arduous work where Mr. Churchill left off. He creased £1,237,000, while other deposits fell £743,convened the Cabinet in order to discuss ways and 000. Loans on Government securities expanded
means of achieving coal peace before winter sets in." £1,037,000. In loans on other securities there was
He added that "as a result of to-day's Cabinet delib- a decline of £1,840,000. The Bank's stock of gold
erations Mr. Baldwin summoned officials of the now stands at £155,850,207, as compared with £161,Miners' Federation—leaders of the striking coal 063,686 last year and £128,426,787 in 1924 (before
miners—to confer with him to-morrow at 10 Down- the transfer to the Bank of England of the £27,000,ing Street. He will also have a talk to-morrow with' 000 gold formerly held by the Redemption Account
Evan Williams, President of the Mining Association of the Currency Note issue). Loans total £68,766,—representing the mine owners. The fact that the 000, as against £71,444,231 a year ago and £74,273,Premier will confer to-morrow with both coal fac- 265 the year previous, while note circulation stands
tions shows he no longer adheres to the belief enun- at £138,454,000, in comparison with £143,527,205 and
ciated before he went to France that the coal dis- £124,099,235, one and two years ago, respectively.
pute must be settled by coal owners and coal miners No change has been made in the official discount
without Government interference." According to an rate from 5%. Clearings through the London banks
Associated Press dispatch from London last eve- for the week Were £645,256,000, as against £718,548,ning, these conferences were held, but it did not 000 a week ago and £686,902,000 last year. We apcontain any announcement as to the results.
pend comparisons of the different items of the Bank
of England return for a series of years:
The decidedly unfavorable feature of the British
BANK OF ENGLAND'S FINANCIAL- STATEMENT.
1926.
1925.
1924.
1923.
1922.
Board of Trade statement for August was a decrease
Sept. 15
Sept. 16.
Sept. 18.
Sept. 17.
Sept. 20.
in exports of British goods of £7,483,000, in compari£
b138,454,000 143,527,205 124,099,235 123,383,615 121,490,640
Circulation
son with July of this year. As against August of Public
14,243,000 17.449,831 10,379,843 18,085.594 15,786,053
deposits
105.419,000 111.039,686 111,696,713 104,509.754 108,534,592
last year the loss was still greater, £11,257,000. Im- Other deposits
Govern't securities_ 33,030.000 38,013,822 41,988,443 45.063,548 44,547,645
ports, on the other hand, were £840,000 larger than Other securities
68,766.000 71,444.731 74,273,265 71,780,450 73,593,972
& coin 36,148,000 37,286.481 24,077,552 24.015,081 24,388,171
in July and £9,398,000 than in August 1925. The Reserve notes
Coin and bullion__ a155,850,207 161,063,686 128,426,787 127,648.896 127,426.811
net result was an increase in the excess of imports Proportion of reserve
29%
to liabilities
30.20%
1994%
19(%
19.61%
of £25,586,000 for the eight months of 1926 over the Bank
5%
rate
06%
4%
4%
3%
corresponding period of 1925. The figures for Augbeginning
Includes,
with
April 29 1925. £27,000,000 gold coin and bullion
a
ust and the eight months compare as follows with previously held as security for currency note
issues and which was transferred to the
Stink of England on the British Government's decision to return to gold standard.
the like periods of last year:
b Beginning with the statement for April 29 1925, includes £27,000,000 of Bank
Exports,British goods
Re-exports, foreign goods
1926—Aueust---1925 1926-Jan. 1 to Aug. 31 1925
£49.780,000 D31,037.999 £445,258,000 £318,323.538
8,570,000 13,499.668 84.618,000 102,324,985
of England notes Issued in return for the same amount of gold coin and bullion held
up to that time In redemption account of currency note lame.
Total exports
Imports
£58,350,000 £74,537,867 £529,876,000 £620,848,523
101,130,000 91,732,604 803,936,000 867,758,788
The Bank of France in its weekly statement issued
as of Sept. 15 showed a contraction of 545,145,000
francs in note circulation. Total note circulation
now stands at 54,912,955,465 francs, compared with
45,613,310,110 francs and 40,244,483,675 francs in
1925 and 1924, respectively. During the week a gain
of 8,900 francs in gold holdings brought thenotal of
such-holdings up to 5,548,713,900 francs. For the
corresponding period in 1925 gold holdings aggregated 5,547,143,695 francs and for the year previous
5,544,021,641 francs. The Government repaid the
Bank 150,000,000francs,thus reducing the total of advances to the State to 36,850,000,000 francs, against
28,800,900,000 francs in 1925 and 23,000,000,000
Excess of imports
£42,780,000 £17,194,937 £274,059,000 £246,910,285
According to cable advices received from London
this week, Bank of Norway on Sept. 13 reduced its
1
2% to 5%. Aside from this
discount rate from 5/
there has been no change in official bank rates at
1
2% in Paris; 7.%
leading European centres from 7/
in Belgium, Italy and Austria; 6% in Berlin; 51/
2%
in Denmark; 5% in London and Madrid; 4/
1
2% in
Sweden, and 3/
1
2% in Holland and Switzerland.
Open market discount rates in London ruled steady,
with short bills at 4 9-16% (unchanged), and three
months' bills at 4/
1
2
(g4 9-16%, against 4 9-16@
SEPT. 18 1926.]
THE CHRONICLE
1421
francs the year beforel, Other changes that occurred I ready mentioned. Total bills and securities rose
in the weekly statement were: Silver increased 4,000 $70 100 000 while deposits gained $114,900,000. An
francs, trade advances rose 41,973,000 francs and increase f $100,700,000 was shown in member bank
treasury deposits gained 10,148,000 francs. On the reserve accounts, with a drop of $12,400,000 in the
otherihand, bills discounted fell off 357,432,000 francs amount of Federal Reserve notes in actual circulaand general deposits were decreased by 80,429,000 tion. The addition to gold reserves did not suffice
francs. Comparisons of the various items in...,this to counteract the influence of greatly augmented
week's return with the statement of last week and deposits, and reserve ratios both at New York and
with corresopnding dates in both 1925 and 1924 are for the System consequently declined. For the banks
as a group the ratio declined 2.7%, to 71.6%, while
as follows:
locally
there was a reduction of 4.4%, to 74.8%.
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Gold Holdings—
In France
Abroad
Changes
Status as o
for Week.
Sept. 15 1926. Sept. 17 1925. Sept. 18 1924.
Francs.
Francs.
Francs.
Francs.
Inc.
8,900 3,684,392,993 3,682,822,787 3,679,700,733
Unchanged
1,864,320,907 1,864,320,907 1,864,320,907
Total
Inc.
8,900 5,548,713,900 5,547,143,695
Silver
Inc.
4,000 ilk 338,825,727
309,507,267
Blils discounted_ _Dee357,432,000 4,703,269,704 3,178,295,406
Trade advances
Inc. 41.973,000 2,278,223,410 2,853,708,824
Note circulation
Dec545,145,000 54,912,955,465 45,613,310,110
Treasury depositsIne. 10,148,000116r 38,236,547as 11,748,675
General deposits
Dec. 80.429,000 2,855,852,539 2,117,087,518
Advances to State _Dec 150,000,000 36,850.000,000 28,800,000,000
5,544,021,641
301,099,091
3,887,764,772
2,779,819,720
40,244,483.675
4,202,881
1,746 085,350
23,000,000,000
The statement of the Imperial Bank of Germany
as of Sept. 7 showed a contraction in note circulation of 123,418,000 marks, but other maturing obligations increased 31,506,000 marks and other liabilities 31,431,000 marks. On the assets side, the
Bank reported a gain in bills of exchange and checks
of 29,944,000 marks, a decrease of 14,516,000 marks
in reserve in foreign currencies, and a decrease of
92,561,000 marks in advances. Deposits held abroad
increased 2,831,000 marks, silver and other coins
declined 2,862,000 Marks, while notes on other banks
increased 5,532,000 marks. 21,862,000 marks decrease was shown in other assets. Gold and bullion
holdings showed the large gain of 25,844,000 marks
and total gold holdings now are 1,518,662,000 marks.
Note circulation stands at 3,101,660,000 marks.
Curtailment in rediscounting, smaller open market dealings and gains in gold holdings, besides a
big increase in holdings of United States certificates of indebtedness as a result of United States
Treasury financing, were shown in the Federal Reserve banks' reports that were issued at the close of
business on Thursday. The statement for the combined System revealed a minor addition to gold—
$1,200,000—but a reduction in rediscounting of Government secured paper amounting to $56,200,000.
In other bills there was an increase of $7,500,000, so
that total bills discounted for the week were reduced $48,700,000. Holdings of bills bought in the
open market fell off $3,500,000. Holdings of United
States Government securities increased no less than
$175,700,000, due to the issuance by the United
States Treasury of $132,000,000 temporary certificates to the Federal Reserve Bank of New York and
$60,000,000 to six other Reserve banks pending a
quarterly collection of income taxes. Altogether
total bills and securities (earning assets) increased
$123,500,000 and deposits $175,000,000. Federal Reserve notes in actual circulation declined $22,400,000, but member bank reserve accounts registered
an addition of $162,000,000. The New York bank
added $21,300,000 to its stock of gold. Here also
shrinkage was revealed in rediscounting, amounting
to approximately $46,200,000 for Government secured and other bills combined. Open market purchases fell $8,400,000. Holdings of United States
securities increased $124,600,000 for the reason al-
Re-establishment of a sabstantial surplus reserve,
based on heavy expansion in the reserve of member
banks at the Federal Reserve Bank, and accompanied by contraction in loans, was the outstanding
feature of Saturday's statement of the New York
Clearing House banks and trust companies. Net
demand deposits increased $14,241,000, but time deposits, fell off $16,611,000, to $605,426,000. The demand deposit total is $4,364,977,000, which excludes
Government deposits to the amount of $13,069,000.
Loans declined $21,842,000. Cash in own vaults of
members of the Federal institution showed a gain of
$5,224,000, bringing the total up to $49,432,000. This,
however, does not count as reserves. State bank
and trust company reserves,in own vaults increased
$265,000, and reserves kept by these institutions in
other depositories gained $103,000. Member banks
added to their reserves in the Reserve bank the sum
of $64,332,000, which in turn brought about an increase in surplus reserve of no less than $63,338,340,
thus wiping out last week's deficit of reserve of $12,850,440, and leaving excess reserves of $50,487,900
on hand. The return of funds to normal channels
following the special operations of the previous
week, was the reason assigned for the large gain in
surplus. The above figures as to surplus are on the
basis of legal reserves of 13% against demand deposits.for member banks of the Federal Reserve System, but not including $49,432,000 cash in vault
held by these member banks on Saturday last.
Although call money in the local market dropped
from 5% to 41y2% on Thursday afternoon, it came
back to the former quotation yesterday afternoon.
In some stock market circles the latter was regarded
as rather surprising, as it had been assumed that
the lower quotation would prevail for a longer
period, following the large disbursements on Sept.
15. Loans were said to have been called yesterday
to the extent of $15,000,000. While no difficulty
was reported in arranging new accommodations at
the 5% quotation that was in effect for some time,
except for a few hours on Thursday, the figures
made public relative to collateral loans have indicated that they were still on the increase, though
not at a rapid rate. For the week ended Sept. 8 the
Federal Reserve Board reported 84 increase in
loans to brokers and dealers by the Federal Reserve
member banks in New York City of $4,755,000. The
reserve ratio of both the Federal Reserve System
and of the New York Federal Reserve Bank for the
past week was several points below that of a week
ago. For the former it was 71.6% and 74.3%, and
for the latter 74.8% and 79.2%, respectively. Still
no change was made in the New York rediscoun
rate on Thursday. Commercial loans are said to 13
on the increase. Until there is considerable change
1422
THE CHRONICLE
in the money position as a whole, it is certain to be
a factor that must be reckoned with. There has
been no material change in any phase of the general
business situation. The investment market has been
fairly active and the offerings of new securities
somewhat larger.
[VOL. 123.
_Firmness, re'atively speaking, is still the predominant note of trading in sterling exchange and
price levels continue to rule at a small fraction above
or below 4 85 for demand. This showing is regarded
as indicative of underlying strength, regardless of
the day to day developments. Hopes for an early
settlement of the dispute between coal miners and
Referring to money rates in detail, call loans during operators in Great Britain have not been fulfilled,
the week again ranged between 43/ and 5%;although another hitch in the negotiations having brought
during most of the time the only rate named was 5%. matters once more to a standstill. Coal bills conOn Monday;Tuesday and Wednesday there was no tinue to make their appearance in liberal volume.
range, all loans on call being placed at 5%. Thurs- Offerings of cotton bills, however, have been smaller
day a slightly easier tone developed and while re- than expected, which possibly has prevented further
newals were still negotiated at 5%, there was a depreciation in values. Small up and down movedecline to 43/2% before the close. Call funds renewed ments occurred from time to time which reflected
at 432% on Friday, and this was the low; the high the rise and fall in the pressure of bills offering, while
was again 5%.
in the background hovered the shadow of Britain's
For fixed date maturities firmness was still in unsettled coal strike which is so effectually throttling
evidence and quotations advanced to 4%@5% for British industries. Though values were well mainall periods from sixty days to six months, as compared tained, trading is lifeless, and the volume of business
with 4%@4%% for sixty and ninety days and 43'@, passing represents almost solely routine or hand-to5% (unchanged) for four, five and six months'money mouth transactions. A rather interesting theory of
last week. The market was quiet with offerings the real reason for the present strong undertone in
somewhat scarce; but the inquiry was also light.
the face of steady selling and unfavorable prospects
Commercial paper was firm and in active demand. is that it represents to a very material extent the
The supply of prime names, however, was as scanty buying of sterling by national banks of such countries
as ever, so the turnover was not large. Country as Czechoslovakia and Finland, also Hungary and
banks were the principal Buyers. Four to six months' Austria, for the upbuilding of reserves. It is claimed
names of choice character continue to be quoted at that these and other like institutions maintain im43i@432%, with the bulk of the business passing at portant proportions of their reserve against circulathe outside figure. Names not so well known still tion in the form of well stabilized foreign currencies,
require 43@4%%. New England mill paper and and that at current levels it is frequently profitable
the shorter choice names are passing at 4h1.%, the
to utilize sterling instead of dollars. If this belief
same as heretofore.
founded upon fact, it would naturally serve to
is
Banks and bankers' acceptances were dull but
steady at the levels previously prevailing. Supplies 'counteract the selling of sterling by the Bank of
of the best names continue light. There are no new England (for debt and interest payments) as well as
features to report. For call loans against bankers' sales incidental to crop moving, and hence, stiffen •
acceptances the posted rate of the American Accept- rates.
ance Council remains at 4%. The Acceptance CounReferring to quotations in greater detail, sterling
cil makes the discount rate on prime bankers' acceptexchange
on Saturday last was steady and practically
ances eligible for purchase by the Federal Reserve
unchanged;
demand ranged between 4 853' and
5
banks 3%% bid and 3/% asked for bills running
30 days; 3%% bid and 39% asked for 60 days; 4% 4 85 5-32 and cable transfers at 4 85%@4 85 21-32;
• bid and 3%% asked for 90 days; 4%% bid and 4% trading was very dull. On Monday weakness set in,
asked for 120 days, and OA% bid and 41
/
8% asked largely in response to lower cable rates from London,
for 150 and 180 days. Open market quotations and there was a decline to 4 84 15-16@4 85 1-16 for
follow: •
demand and to 4 85 17-32@4 85% for cable transfers;
SPOT DELIVERY.
90 Days.
60 Days.
no increase in activity developed. Sterling moved
30 Days
Prime eligible bills
4@3i
3ia34
3)(a314 within narrow limits on:
Tuesday, with the undertone
FOR DELIVERY WITHIN THIRTY DAYS.
demand
easier;
sold at 4 85@4 85 1-16 and
slightly
Prime eligible bills
35( bid
Eligible non-member banks
33 bid cable transfers at 4 853'@4 85 9-16;
the volume of
passing
business
was
Wednesday
freer offersmall.
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule ing of commercial bills induced Weakness and a fracof rates now in effect for the various classes of paper tional decline to 4 84 29-32@4 85 for demand and to
at the different Reserve banks:
4.85 13-32@4 853 for cable transfers ensued. SellDISCOUNT RATES OF FEDERAL RESERVE BANES IN El.c.C.CT
ing on the part of a large international concern said
SEPT. 17 1928.
to represent some special transaction figured in the
Paper Maturing—
declines on Thursday, and demand sold at 4 84 15-16
After 90 After 6
Days, but
@,4 85 and cable transfers at 4 85 7-16@4 853/2.
but
Within:90 Days.
Within 6 WPhin 9
FEDERAL RESERVE
Months. Months
Friday's
market was dull but steady; rates advanced
BANK.
Com trial Secured
trifle
to
4 84 31-32@4 85 1-32 for demand and to
a
Agri( t by U. S. Bankers
Trade Aoricul.• Agricuri
Lives..
Govern't AccepAccepand
and
15-32@4
85 17-32 for cable transfers. Closing
85
4
Paper.
lances. tances. Livestock Livestock
Paper. Pape?.
quotations were 4 85 for demand and 4 853/2 for cable
4
4
4
4
Boston
4
4
transfers. Commercial sight bills finished at 4 847
8,
4
4
4
4
New York
4
4
4
4
4
4
Philadelphia
4
4
sixty days at 4 803', ninety days at 4 79,.documents
4
4
4
4
Cleveland
4
4
4
4
4
4
Richmond
4
4
for payment (sixty days) at 4 811
4
4
4
/, and seven-day
4
Atlanta
4
4
4
4
4
4
Chicago
4
4
4
grain bills at 4 WI. Cotton and grain for payment
4
4
St. Louts
4
4
4
4
4
4
Minneapolis
4
4
4
4
4
4
Kansas City
closed at 4 84%.
4
4
4
4
Dallas
4
4
4
4
6
4
Ban Francisco
4
4
4
4
No gold engagements were recorded during the
4
•Including bankers' acceptances drawn for an agricultural purpose and secured
The Bank of England imported £400,000 in
week.
by warehouse receipts. Ac.
sovereigns from South Africa and sold £7,000. It 18
SEPT. 18 1926.]
THE CHRONICLE
1423
also reported that a consignment of Russian gold cial sight at 2.79, against 2.893/ a week ago. Final
from Siberia (the second of its kind) left Moscow this quotations on Antwerp francs were 2.71 for checks
and 2.72 for cable transfers, in comparison with 2.74
week via air transport for London.
and 2.75 the previous week. Reichsmarks finished
The Continental exchanges moved irregularly on at 23.793/ for checks and at 23.813/ for cable
dull, listless trading. Small changes, first in one transfers
Last week the close was 23.80 and
direction, then in another, occurred, causing erratic 23.82. Austrian schillings remain unaltered, closing
movements and a general undercurrent of nervous- at 141/, the same as hitherto. Lire closed the
ness and hesitation. This may be said to apply more week at 3.623.1 for bankers' sight bills and at
particularly to Italian lire which continue easily the 3.63 for cable transfers. This compares with 3.6114®
most active feature of the entire list. French ex- 3.621
4 last week. Exchange on Czechoslovakia
change, which has been all but motionless in the last finished at 2.96% (unchanged) on Bucharest at
week or two, displayed weakness and after an opening 0.52k, against 0.503 4.; on Poland at 11.25, against
level of 2.913's, dropped to 2.80. No special reason 11.50, and on Finland at 2.523 (unchanged). Greek
was assigned for the decline, other than occasional exchange closed at 1.161
4
4 for checks and at 1.163
outbursts of selling pressure, and possibly financing for cable remittances, in comparison with 1.14®
to cover France' wheat importations. Political and 1.143/ the week previous.
economic conditions in France remain without important alteration, and the outlook is still favorably
In the minor Continental exchanges (the neutrals.
regarded. Belgian francs moved narrowly and ap- so-called) there was very little doing and price changes
parently failed to reflect news that Belgium had were insignificant. Guilders ruled firm and slightly
decided to postpone temporarily the attempt at per- higher, but slumped at the close to 40.053/2. Swiss
manent stabilization. This was taken to indicate a francs were strong and touched 19.33. As to the
realization by the Belgian Government that the cur- Scandinavian currencies, quotations were virtually
rency of that country is so closely interwoven with unchanged and trading very narrow. Spanish pesethat of France as to make stabilization independently tas have relapsed into dulness and quotations were
of the latter country, difficult if not wholly impossi- held around 15.30 the greater part of the week, then
ble. Italian lire, while less active than in recent closed around 15.22.
weeks, was still subjected to pressure (partly ecula2,
Bankers' sight in Amsterdam closed at 40.053/
tive) and fluctuated considerably-from 3.61
to against 40.07; cable transfers at 40.073/2, against
3.573/2; then up again to 3.663.1, with a later reaction 40.09, and commercial sight bills at 40.03
against
to 3.62. Alternate buying and selling from abroad 40.03 last week. Closing rates on Swiss francs were
was mainly responsible for these movements, local 19.32 for bankers' sight bills and 19.33 for cable
rates being simply a reflex of what was transpiring at transfers A week ago the close was 19.31 and 19.32.
foreign centres. Uneasiness concerning what may Copenhagen checks finished at 26.53 and cable
be behind the attempt upon the life of Premier transfers at 26.57, against 26.53 and 26.57. Checks
Mussolini acted as a deterrent upon trading. Man- on Sweden closed at 26.71 and for cable transfers
ipulation was still in evidence and' Italian at 26.75, against 26.70 and 26.74, while checks on
Government officials were said to be actively en- Norway finished at 21.88 and cable transfers at 21.92,
gaged in checking short selling of lire. Future lire, against 21.88 and 21.92 the preceding week. Spanalso francs, have ruled steady and appreciably ish pesetas closed the week at 15.22 for checks and
closer to the spot rates. In fact it is claimed that at 15.26 for cable transfers. This compares with
the prevailing sluggishness of foreign exchange deal- 15.32 and 15.34 a week earlier.
ings is largely due to the prevalent Government
South American exchange, though inactive, disinterference. Such speculative favorites in foreign
played
a tendency toward higher levels and Argentine
currency, as lire, French and Belgian francs, Scanpesos
rose
to 40.65 for checks and 40.70 for cable
dinavian and Brazilian exchanges and the like,
transfers, as against 40.50 and 40.55 last week.
are now so closely hemmed in by restrictions of Brazilian milreis advanced to 15.30 for checks and
one kind or ahother, as to make trading for profits to 15.35 for cable transfers, then closed at 15.23
all but impossible. German 'marks were quiet and 15.28, as compared with 15.07 and 15.12 a week
and varied only a point or so from 23.79. It is earlier. Chilean exchange was also firmer, and finbelieved that the recent "unpegging" of the reich- ished at 1214,against 12.10, while Peru after advancmark will eventually enable the Reichsbank to exer- ing to 3.93,closed at3.92,against 3.90 the week before.
Eastern exchange attracted attention by reason
cise a much closer control of Germany's money mar- of Far
the continued advance in the price of Japanese
kets than has been the case heretofore, when the yen, and parallel weakness in the Chinese currencies.
Reichsbank was compelled to buy and sell marks at
These developments are still explainable on the
$.2381 from German banks in need of funds, who were one hand by buying-particu arly of Chinese originthus able to cast their financial burdens on to the and on the other by weakness in the price of silver.
central institution with no advantage occurring to the Yen advanced to a new high record, 48.70, or very
Hong
latter. Mark quotations are being closely watched close to par. Exchange on Shanghai and
Hong Kong finished at
Kong
remains
at
a
low
ebb.
with the belief gaining ground that the Bank intends 53%®53%, against 53 11-16@54; Shanghai 683©
to hold rates at around 23.80. Greek exchange dis- 69, against 68 13-16@69; Yokohama, 48.60648.70,
played an improving tendency and rose from 1.141
4 against 48.30@48.50; Manila, 49%®49%, against
(unchanged);
i ®56
to 1.19, ostensibly on betterment in the political situa- 49/
5 8®49%; Singapore, 56y
tion at Athens. The minor central European ex- Calcutta, 363/2®36% (unchanged), and Bombay,
363/
2®36/
5 s (unchanged).
changes were inactive, but steady and unchanged.
The London check rate On Paris closedat-172.25,
Pursuant to the requirements of Section 522 of the
against 169.55 last week. In New York sight bills Tariff Act of 1922, the Federal Reserve Bank is now
on the French centre finished at 2.80, against 2.903/2; certifying daily to the Secretary of the Treasury the
2, and commer- buying rate for cable transfers in the different counsable transfers at 2.81, against 2.913/
1424
THE CHRONICLE
tries of the world. We give below a record for the
week just past:
•
[VoL. 123.
Germany's New Place in Europe.
It is a far cry from the Hall of Mirrors at Versailles to the meeting place of the League of NaNoon Buying Rate for Cable Transfers in New York.
tions
at Geneva. Not many of those who witnessed
Country and Monetary
Value in United States Money.
Unit.
Sept. 11. Sept. 13.Sept. 14.Sept. 15 Sept. 16 Se t 17. the signature of the Versailles treaty by the German representatives in June 1919 could have been
EUROPE$
8
$
S
$
$
Austria, whining_ _ _ 8.14085 $.14083 $.14075 8.14086 8.14082 5.14072
persuaded to believe that, in a little more than
Belgium. franc
.0275
.0273
.0274
.0275
.0274
.0273
Bulgaria, ley
.007240 .007285 .007245 .007250 .007244 .007256
seven years, the Germany over whose defeat and
Osechosloyakia. krone .029619 .029619 .029615 .029617 .029617
.029618
Denmark, krone
2656
.2656
.2656
.2655
.2656
.2556
humiliation the then Allies were rejoicing would be
England. pound sterling
4.8548
5.8553
4.8558
4.8538
4.8542
4.8548
Finland, markks
welcomed to membership in the League which the
.025219 .025208 .025206 .025206 .025213 .025208
France.franc
.0291
.0285
.9286
.0287
.0283
.0282
Germany. reichamark .2381
.2381
.2381
.2381
treaty
created, and given a permanent seat in the
.2381
.2381
Greece, drachma____. .011393 .011708 .011866 .011688 ,011634 .
011623
Holland. guilder
.4009
.4009
.4009
.4008
.4008
Council
beside Great Britain, France, Italy and
.4008
Hungary, pengo____. .1759
.1758
.1755
.1746
.1756
.1754
Italy. lira_
.0362
.0360
.0359
.0366
.0363
Japan.
It
seems almost ironical that M. Briand,
.0363
Norway, krone
.2192
.2191
.2192
.2191
.2191
.2191
Poland. zloty_
. .1103
.1105
.1094
.1091
.1093
.1091
Foreign
Minister
of the Poincare Government,
Portugal, escudo
.0513
.0512
.0513
.0512
.0512
.0512
Rumania,leu
.004994 .004989 .005002 '.005008 .005142 .005232
should
have
led
the
chorus of felicitation which
Spain. peseta ______ -- .1532
.1531
.1530
.1530
.1527
.1521
Sweden, krona
2675
.2675
.2675
.2675
.2675
.2675
greeted
Herr
Stresemann
and his colleagues, for of
Switzerland, franc__ .1932
.1933
.1932
.1933
.1933
Yugoslavia, dinar.-- .017654 .017658 .017660 .017671 .017667 .1933
.017672
all the Premiers that France has had since the war,
ASIAChina Chefoo, tadl
none was so ruthless or relentless in his treatment
.7106
.7092
.7050
.6088
.7029
.7031
Hankow,tael
.7020
.7009
.6969
.6973
.6956
.6944
Shanghai, tael
Germany as M. Poincare. There are old sayings
. .6801
of
.6801
.6759
.6729
.6725
.6718
Tientsin, tadl
• .7100
.7054
.7106
.7025
.7029
.7021
Hong Kong, dollar. .5331
effect that the whirligig of time brings its re.5325
the
to
.5326
.5302
.5299
.5303
Mexican dollar _
.4903
.4908
.4841
.4893
.4863
.4850
Tientrdn or Feintss.
.'
venges,
and that politics makes strange bedfellows,
dollar
.4879
.4833
.4888
.4846
.4833
.4838
Yuan, dollar
.4842
.4808
.4796
.4850
.4796
what
but
only a short time ago seemed at best a
.4800
India. rupee
.3635
73633
.3633
.3633
.3631
.3630
Japan, yen
.4822
.4837
.4827
.4846
.4851
.4868
remote
possibility
is to-day' an accomplished fact,
Singapore(s.S.), dollar .5608
.5608
.5608
.5608
.5608
.5608
NORTH A M ER.
with
none,
apparently,
to regret that it is so or to
Canada, dollar
1.001371 1.001318 1.001328 1.001328 1.001240 1.001292
Cuba peso
.999391 .999250 .999250 .999313 .999250 .999313
wish that it had been otherwise.
Mexico, peso
.487833 .487333 .487500 .487233 .487500 .487500
Newfoandland, dollar .998750 .998438 .998750 .998813 .998875
.998969
Hard-headed statesmen and diplomatists, accusSOUTH A M ER -1
Argentina peso (gold .9199
.9204
.9209
.9214
.9208
.9227
Brazil, mIlreis
tomed to deal with realities, are not likely to waste
.1317
.1517
.1524
.1530
.1531
.1527
Chile, peso
.1213
.1213
.1213
.1213
.1213
.1213
111111711A11
much time in thinking of the applause and rhetorical
display which characterized the proceedings at GeThe New York Clearing House banks, in their neva, or to forget that the sentimental outpourings
operations with interior banking institutions have at Locarno were shortly
followed by some extremely
gained $7,984,080 net in cash as a result of the curunpleasant revelations of political intrigue. They
rency movements for the week ended Sept. 16.
Their rOeipts from the interior have aggregated know very well that 'he world has itot been made
$8,919,030, while the shipments have reached $934,- over merely by the process of giving Germany a seat
in the League Council. What is clear to them, as to
950, as per the following table.
CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING everybody, is that the admission of Germany to the
INSTITUTIONS.
League opens the way to the exercise of a new polit1st.,
Out of
influence in European affairs, and that that
Gain or Logs
ical
Week Ended Sept. 16.
Banks.
Banks.
to Banks,
may be expected to be, on the whole, on
influence
Books'Interior movement
88.919.030
8934.950 Gain $7.984.080
of
side
peace. The entry of Germany into the
the
As the Sub-Treasury was taken over by the Fed
marks
League
the end of a long process whose latest
eral Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government opera- phase began with the Locarno conference. Throughtions on the Clearing House institutions. The Fed out the months of controversy which followed the
eral Reserve Bank of New York was creditor at the signing of the Locarno pacts, the German Governflearing House each day as follows:
ment adopted an attitude which worked to its adDAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE
BANS
vantage. Without abating in the least its insistence
AT CLEARING HOUSE.
upon the fulfillment, in spirit as well as in letter,
Saturday. ;tandem
ruardav Wednesd'y 77tursday
Friday
Amu...nate
Sept. 11. Sept. 13. Sept. 14. Sept. 15. Sept. 16. Sept. 17.
for Week.
of what had been promised at Locarno, it carefully
$
$
5
T
$
$
refrained from criticism of the wrangling Powers,
76.000.000 90.000 000 85 non 000 92 000.000 143 onn 000 131 ('00 090 rs. 617$non
non
announced that it regarded the Locarno agreements
NOM.-The foregoing heavy credits reflect the huge mass of checks which
come
.to the New York Reserve Bank from all parts of the country In the
operation of
the Federal Reserve System's par collection scheme. These large credit
morally in force, and waited with dignity and
as
balances,
however, reflect only a part of the Reserve Bank's operations with
Hous Institutions, as only the items payable In New York City are the Clearing patience until the last obstacle to its entry into the
represented in
the daily balances. The large volume of checks on institutions
located outside of
New York are not accounted for in arriving at these balances, as
League family had been removed. The acclaim with
not pass through the Clearing House but are deposited with the such checks do
Federal Reserve
Bank for collection for the account of the local Clearing House banks.
which its representatives were greeted testified to
the repudiation of the mischievous notion that a
The following table indicates the amount of bulgreat nation can be permanently excluded from inlion in the principal European banks:
ternational councils because it has been overwhelmSept. 16 1926.
Sept. 17 1925.
ingly defeated in a great war. As long as Germany
Banks of
Gold.
Silver.
Total.
Gold.
iI Silver. I Total.
was out of the League the spirit of revenge, which
L
L
£
I
I
L
L
£
differs in no essential respect from the spirit of war,
England _. 155.859.20
155,850,207 161,063,686
161,063,686
France a_ 147,3'5,72 13,520.
160,895,720 147,312,912 12,360,00 159,672.912
66,907,7
c994,6
Germany
65.913,1
51.698,3001 d994,6001 52,692,900 had something on which to feed, but that source of
129,063,000 101.467,000 26,218,0001i27,685,000
Spain__ _ 102.260,1 I 26,803,
4,225,00 49,645,000 35,608,000 3,363.0001 38,971,000 nourishment has now been removed. It has taken
Italy __ _ _ 45,420,0
37.217,000 34,863.0001 1,910,0001 36,773,00(1
Netherrds 34,967
2,250.0
Nat. Belo 10,955
14.368,000 10,891,0001 3,382,0001, 7 ,000 more than seven years to complete the process, but
3.413
20,405.000 19,603,000 3,523,000 23,126,000
Switzeri'd 16,979
3,426,
Sweden_ _ _ 12,660
12,660,0
12.900,000
12,900,000 the "new spirit" which M.Briand affected to discern
8.78
Denmark
12,495,
11,634.0001 1,149,000 12,783,000
11,617
Norway_ 8.180
8,180,000 8,180,000
8,116,000 at Locarno has at last been given a tangible form.
Total week 312,177,027 55,509,600667,686,627 595.220,8981 52,899,6001348.720,498
One cannot avoid speculating about the part
Prey. week 600,626,590 53,723,600654.350,19 595,297,267 55,218,6 650,515,867
a Gold holdings of the Bank of France this year are exclusive of £74,572,836 which Germany may be expected to play, now that
held abroad. b Gold holdings of the Bank of Germany this year are exclusive
the possession of a permanent seat in the League
of £10,020,000 held abroad. c As of Oct. 7 1924.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY TINDER TARIFF ACT OF 1922,
SEPT. 11 1926 TO SEPT. 17 1926, INCLUSIVE.
Ili.n
1 flIVIC.
1 r111.I
I nnwt
1 0049
I I11111
I Anon
SEPT. 18 1926.]
THE CHRONICLE
1425
Council has given it an undoubted right to be heard portance need occasion no regret, but the impertance
in anything that concerns Europe as a whole. Ob- of Germany as a peace factor is very greatly enviously, Germany is not yet on a footing of entire hanced by the coming into force of the Locarno
equality with the other Powers. It is still bound by treaties.
It would be idle to think that, with Germany
certain discriminatory provisions of the Treaty of
assured
of a large measure of international fellowplan
Versailles, and the obligations of the Dawes
European sky has been cleared of clouds.
ship,
the
lifted.
Gerbeen
The
fear,
that
however,
have not
There
are
too many shadows over the land L.! that.
demand
shortly
use
its
new
may
advantage
many
to
the tearing up of the peace treaties, or to repudiate The new military dictatorship in Greece has already
the Dawes plan, may be dismissed as idle. Any had to contend with open resistance to its.authority,
direct step in either of those directions would be the and its stability has yet to be shown. Spain rests
worst possible policy, and in matters of interna- uneasy under the dictatorship of de Rivera, and the
tional policy the present German Government has real meaning of the recent plebiscite is in doubt. A
thus far shown itself. wise. The way has been pre- press censorship continues to hide the actual politpared, on the other hand, for a readjustment of a ical and economic situation of Italy, while the renumber of matters in which the burden of an un- cent attack upon Premier Mussolini has been folequal political status is felt to press, and it is to lowed by an outburst of criticism of France which
the interest of the other Powers as well as of Ger- has strained good feeling between the two couatries.
many to see that the readjustment is made.. The Usually well-informed correspondents continue to
termination of the Allied military occupation of the point to the Mediterranean as the seat of dangerous
Rhine region, for example, is already reported to be national rivalries, Spain has given formal notice
under discussion between M. Briand and Herr of withdrawal from the League, and the question of
Stresemann, and even in France the current of opin- which Power shall hold the whip hand in Tangier
ion is reported to have set significantly against a is still open. What may, apptrently, be hoped for
longer maintenance of French forces on the Rhine. is that Germany, which least of all the Powers deIt should be easier now to consider seriously the sires to see a war break out anywhere, will throw its
question of utilizing the 16,000,000,000 gold marks weight, as occasion arises, on the side of a peaceable
of German railway and industrial bonds for the" and just settlement of these and other controversies,
tlement of reparations claims and lightening the retrieving by a policy of peace the fortune which it
burden of the inter-Allied debts. No matter how lost by a mistaken policy of war.
much economy may be practiced, there will be no
"Equality" and Equal Rights.
permanent relief from Europe's financial ills until
In an eloquent address before the Virginia Bar
Germany knows how much it is expected to pay in
reparations, and until the creditor States know how Association at Hot Springs, Va., on "Thomas Jeffermuch and in what form they may expect frayments son, Attorney-at-Law," John W. Davis, Democratic
Presidential candidate in 1924, said: "If there is
from that source.
The immediate outlook for the League, with Ger- one prophecy less perilous than any other it is.that
many a member, involves issues of a different kind. the America that has been is but the foreshadowing
The admission of Germany has automatically of the greater America that is to be. So long as she
brought the Locarno pacts into force, and the regis- stands fast upon those principles of human equality,
tration of the pacts with the League has completed personal liberty, popular sovereignty, local self-govthe technical steps in the process. Hereafter, in the ernment and representative rather than direct deevent of any dispute between Germany and Belgium mocracy taught her at her birth, she will continue in
or France that cannot be settled by diplomatic meth- that strength wherein she was established. These
ods, it is the provisions of the Locarno treaty of are the rocks of her salvation." Mr. Davis concluded
mutual guarantee that will govern, and only 're- his address in the following words: "In the lanmotely the machinery of the League; while in the guage of Jefferson himself, the true foundation of
event of a similar dispute between Germany and Po- republican government is the equal right of every
land or Czechoslovakia, the Locarno treaties of arbi- citizen in his person, his property and in their mantration provide the method of settlement. Moreover, agement. It is not a new doctrine, 't was not new
in the case of the Locarno treaty of mutual guaran- in the days of Jefferson, indeed, it has been the
tee, the responsibility for seeing that the terms are creed of all those lofty souls who have aspired
observed rests with Great Britain and Italy, which throughout the ages to be leaders and teachers of
are the guarantors of the agreement. This group of mankind, finding its extreme exponent in the Man
regional pacts, framed outside of the League by six of Galilee. Yet, new or old, it has never been with„Powers which were members of the League at the out opponents, and, thank God, has never lacked detime, and a seventh which has nobecome a mem- fenders ready to die, if need be, in its behalf. Around
ber, would seem to have gone a long way in the the world to-day the combat rages, and everywhere
direction of supersoding the League as a guarantor the clarions of the battle call."
of European peace, and to have left to the League
Never were truer words spoken; and never was
only the privilege of making a final effort when all there more need to heed them. In every continent,
the parties to the pacts shall have failed. We have in every State of the world, men are gazing, fascimore than once expressed the opinion that such nated, upon a dream called "Equality"! There are
regional agreements are contrary to the spirit of the to be no more rich and poor; happiness is to enfold,
League Covenant, and that their effect will be to like a warm caress, every man; and the years are to
weaken the League and diminish its influence. In flow gently, forevermore, through pastures of plenty
view of the conduct of the League in some of the into seas of sweet forgetfulness. And all this is to
international disputes which h -e occupied its at- come through that mystic power we call "governtention, its relegation to a place of secondary im- ment." Created by men it is yet to be superior to
1426
THE CHRONICLE
man. .It is to leave men "free and equal" and yet
bind them with chains of servitude. It is to right
every wrong, wipe away every tear, fill every purse
with gold, make the "living conditions" of the one
who has most that of all, and reduce "working
hours" to the idle ease of those who know not toil.
Such is the dream. And as men, who are not blessed
with worldly goods, who must needs work hard for
a living, look about them, how false and futile and
embittering is the present condition of things. Everywhere there is "inequality." Forgetting that this is
largely and inevitably natural, theorists are at work,
under the aegis of the State and through the instrumentality of law, to banish it. Here and there a
dictator seizes the reigns and under the spell of
restoring an ancient glory or grandeur, deludes the
people. But for the most part reformers by virtue
of a liberty more or less guaranteed by the ruling
State are preaching the doctrine that all things can
be made equal if only all men will follow those leaders who paint the ineffable "dream'!
The "equal right of every citizen in his person, his
property and in their management"! How far
away this is from equality in the possession of material things, in the ownership of place, power and
wealth, in the enjoyment of har mess, ease and culture. The inalienable right of the individual to
work and acquire, to initiate and employ those agencies which bring comfort and competency, to use
innate and acquired powers, to utilize for his own
benefit the resources in and of the individual and of
earth, this is not the vainglorious equality of ownership that lures men into the dream of Socialism. To
guard the equality of the right, not the equality of
the results of its exercise, republican representative
Governments are instituted—or, shall we say, were
instituted. For it may be said of all of them that
they are drifting from their moorings. Legislative
bodies are everywhere obsessed —ith an assumed
'command to "level" up conditions by law. And it
is strange that political and social reformers do
not see that to banish inequality from living conditions, were it possible, would reduce life and labor
to a dead monotony in which there could be no progress and only an inevitable retrogression because
of a lack of the stimulation of emulation and competion. And it is stranger still that they do not see
that a resort to artificial law designed to create an
"equality" that cannot exist will only serve to destroy the equality in natural rights and make more
pronounced the inrqualities that now,and must ever,
exist under liberty and law.
By a long delusion in reasoning we have coupled
together the words "Liberty, ETiality, Fraternity."
If equality ih the sense in which this misguided word
is so often used could be brought about by law and
government there could be no pe-sonal liberty in
such a state. On the contrary, where liberty is supreme there can be no equality. And the brotherhood of man implies individuals complete in their
power to fraternize, to help one another. But it is
entirely in accord with the divine decree of the unlikeness of individuals and of their environing areas
on the earth that an equality of the right to be and
to do exists. Otherwise all men must be puppets,
living, working, enjoying, at the will of the State.
Otherwise liberty would be an empty husk, and the
happiness of self-expression and self-satisfaction
could not exist. Nor is there any half-way house
[von. 123.
where men may pause and say thus far has our
theory of equality in the possession of things brought
men, and here he can rest. The opposite is true,
there can be no rest until the.impossible equality of
ownership and enjoyment is complete. But men
may, and do, rise up, in the possession of equality of
right to "life, liberty and the pursuit of happiness,"
and in their might conquer adverse circumstance,
and remove from their own pathways those inequalities of condition that will satisfy their own intellects and energies.
We erect a vast and intricate industry and trade
whereby we sustain life and maintain government;
we organize our educational, social and charitable
institutions that they may give the greatest good to
the greatest number; we supplement all with a farreaching finance, in which credit and the corporation perform a mighty part; we use capital (savedup labor) and toil, to sustain the old and promote
the new recognized organisms of production, distribution and use; and all this we do as a natural outlet of natural powers to provide natural needs; but
nowhere in this interwoven fabric of endeavor is
there a promise that equal possessions will come to
each. The supreme fact is that the wider and larger
this system of life grows the more of opportunity
there will be for all. This, coupled with the liberty
to achieve, insures the largest degree of equality possible—for, there is in our scheme of government a
guaranty that each has an equal right to choose his
means of life and follow it to the end, with but one
restriction—and this an acknowledgment of the possession of a like and equal right in every other man.
Competition, yes—but is it a complete co-operation?
For out of many and•diversified activities a magnificent empire in which each has his equal chance,
subject to circumstances of birth and training, to
the influences of -time and place, and to the possession of inborn abilities and talents. Out of this
Cliversity a great natural unity. Out of the unlike
in any given period of time the like. And out of
individual inequality a fine and favoring spiritual
equality.
It is a shallow sophistry to claim that the equality
which is the foundation of our governmental structure is an equality of more than natural inherent
rights. It is more, it is a lure and a deception to
those who are hungering for better things. The
divine law cannot be set aside by legislative edict.
In the beginning there was no idea that government
could supersede these natural equal rights. It was
seen that oligarchies, autocracies and monarchies,
by the exercise of an armed might. Imd done these
things. And it was proposed and enacted that for
once in the history of the world a Government be
erected speciftplly deprived of any such power or
powers—a Government limited in its nature. But
certain organisms among us have so long sought the
Government for the purr ose of having it so supervise the activities of life, social, commercial and economic, as that a dream-equality may ensue, that we
have grown to be a nation of servile slaves forever
kneeling at the foot of a throne. Our politics is
tainted with this form of appeal. The structure of
our autonomy is insensibly changing. We have
many boards, commissions and agencies, authorized
to interfere with our persons, our properties, and
especially in their management. We are binding
ourselves with innumerable pack-threads of petty
SEPT. 18 1926.]
THE CHRONICLE
1427
laws. And unless, as Mr. Davis so strongly says, century, there is to-day a new nationalism which is
we hear the clarion call to preserve that which was "inextricably interwoven with the raison d'etre of the
so wisely given to us, we will find soon that the day modern State." This it is which makes possible a
of deliverance is past. And then, from the tyranny right regard for the life and dignity of the nation
of a too strong Government there will be but one and the welfare and devotion of its people, and at
release and that through the terrors of a revolution the same time a large-minded and generous contribthat thOugh it removes the old can give no assurance uting share in the great movement characteristic of
the new age which is drawing both the nations and
of the new.
the
sometimes
said
are
peoples of the world into a true fellowship. Be-"the
people
American
It is
cause
nationalism is distinctly a state of mind prothey
conscious
rights
Are
that
these
equal
asleep."
duced
by influences outside the individual it changes
away
from
engaged
slipping
them?
Are
so
they
are
in money-making and in futile pleasures that they its form from time to time. Consequently, it marks
are really emphasizing the inequalities f the mate- a stage of civilization and culture, and without fear
rial life? Have they a secret hope that somehow of the vainglory of "Jingoism," can be honored and
Government can, ought to, make each man rich? honorably used. There may be loyalty to the instiDo they listen avidly to the pleas of politics, hop- tutions, political and social, to which we all owe so
ing against hope, that by class and section and bloc large a part of the blessings we enjoy.
they can be benefited—made equal in the possession
Professor Hayes points out that beginning with
of goods and gold without effort upon their part. the impulse of the Crusades and emphasized by the
Through our country less than others, but in some long conflicts of the Hundred Years War, the difdegree in all, there runs the red strain of radicalism. ferences between nationalities increased in the 15th,
There are hundreds of thousands of men and women, 16th and 17th centuries. Vernacular languages deso embittered by these false pictures of what is and veloped and differentiated peoples with their own
what ought to be, that they gasp and grasp at any literatures. Commerce, which had been in the hands
wild scheme of relief. It affects our common toil, to of individuals or a few cities, greatly expanded and
produce the spirit of more pay for less work. It was taken up by the States and made a national conrenders our civics and politics matters of expediency cern. It became the supreme opportunity for agrather than principle. It steals into our religion to grandizement until by the end of the 17th century
prate about a sort of Christian Socialism, when He the real goal as described by the Archbishop of Cansaid "render unto Caesar that which is Caesar's, and terbury in 1690 was "Gold, Greatness and Secular
unto God that which is God's." It permeates the Glory." The 18th century brought many changes.
schools, teaching a false freedom and a fictitious The Church had always been against nationalism.
equality. What brought about the high civilization With the Reformation this attitude was threatened
we now possess—what but the natural exercise of and a new patriotism arose. The 18th century was
natural lights? If these rights are possessed in- characterized by storms of antagonistic opinions in
herently equally, since men and their environs are politics, society, commerce and religion, leading up
unequal, can they ever bring anything save a posses- to the French Revolution. Rousseau declared: "No
sive material inequality that in itself burgeons into more are there Frenchmen, Spaniards, Germans,even
a spiritual equality?
Englishmen, there are only Empires." Goldsmith
confessed: "The whole world being only one city,
Nationalism vs. Jingoism.
I do not care much in which of its streets I happen"
The dramatic character of the reception of Ger- to reside." Lessing said: "Love of country is at best
many into the League of Nations and the enthusiasm but an heroic vice, which I am quite content to be
it created in the great assembly, coupled with the without."
fact that it was by unanimous vote of some 46 or 47
The French Revolution promulgated the dogma of
States, raises the question whether or not we are all national democracy. It stood for popular soveunintentionally interfering with or perhaps defeat- reignty and the right of national self-determination.
ing the peace which the world so earnestly desires.
Class privileges were broken down and local and
Versailles ended the war; it also created or en- provincial distinctions were swept away. All
larged many States. Geneva emphasizes their State- French-speaking people in Europe were incorpohood and "sovereignty," as the word now is. It rated into the national State, and all Frenchmen
stands for the rights and the rule which the individ- became brothers. "The ancient and natural bounual State possesses, and of which exercise in the daries of France are the Rhine, the Alps and the
interest of or for the aggrandizement of the State Pyrenees; there could be no injustice in regaining
has been a chief cause of war. Nationalism is the them," said Carnot, speaking officially. "Claims
spirit which the consciousness of this possession cre- based on ancient possession are null in our eyes and
ates and by which the people are bound together void. Every nation has the right to live by itself
and as citizens to tile State. Patriotism was the if it pleases, or to unite with others, if they wish, for
earlier term when the State as a distinct entity did the common good. We Frenchmen recognize no sovnot exist and loyalty meant allegiance to a King or ereigns but the peoples themselves; our system is
a dynasty who embodied the common life, and pat- not one of dominion, but one of fraternity."
riotism attached to persons and to places. A glance
Unfortunately, other peoples did not heed the call
at the history of the chaage is necessary if the sit- of the new Messiahs. A series of great international
uation is to be understood; and, as it happens, a new wars was precipitated in which the French became
book by Professor Hayes, of Columbia University, content to accept at the hands of Napoleon Bonais at hand to give us the facts.*
parte national glory in place of their ideal democHe writes to show that while there has been a racy. But the national pride and. national patriotdefinite nationalism since the beginning of the 19th ism of the French was enormously stimulated and
a spirit of nationalism was evoked among other
*"Essaya on Nationalism," by Carlton J. H. Hayes. Macmillan Co.
1428
THE CHRONICLE
[VOL. 123.
European peoples. With the opening of the 19th always in the background. An exaggerated virtue
century an industrial revolution contributed to the gives ready place to its opposites. A sacred egoism
new conception and gave it effect. Wholesale trad- unconsciously becomes selfishness and oppression.
ing and factory production concentrated prosperity Internally the sentiment is to strengthen the nabond by every available means; externally its
and produced the great cities as centres for the con- tional
is
to make the nation feared or "respected"
effort
at
became
ism
National
.
interests
solidation of all
bold
a
foreign policy backed by a sufficient miliby
,
doctrine
once a definite
to secure a share of definite material adforce
tary
cornof
appeal
the
as
e
literatur
in
cism
Romanti
.
vantages
National interests become a ready justidevopopular
mon things to the people inspired a
any resort to a policy of force.
for
fication
type
a
forth
tion to nationality. Folk-history called
The
same
spirit develops a national mercantilism.
the
out
through
of national history which prevailed
the
of the nation any desired legislation
name
In
exd,"
homelan
ng
century. "The true underlyi
be
to protect one cause or another,from
will
adopted
might
which
"against
claimed a patriot Slovak poet,
es" and farming to a merchant ma"infant
which
industri
in
country
the
and deceit cannot prevail is not
a
dole
rifle
for the unemployed. Business in
and
Na"
concord.
and
we dwell, but custom, speech
form
then
every
a
with
needs
protection; other nations reprovided
be
to
tional distinctions began
im- taliate with similar l rocedure; antagonism develan
gained
It
basis.
modern
scientific and truly
France and spread ops; low cost products, whether Japanese or Germediate footing in England and
as the Muscovite, man, must be kept out and cheap labor, whether
to the other non-national States,
United States, Chinese or Hindu, becomes a menace. Nationalism
Hapsburg and Ottoman Empires. The
on, was pos- intensified, no less than when exaggerated, becomes
notwithstanding the mixed populati
democ- an evil. It creates a selfish exclusiveness; it is inPolitical
sessed with the same conception.
devel- tolerant and to that extent ignorant; it sets a prey
graduall
have
racy and self-determination
are mium on uniformity, overvaluing national models
-day
to
and
,
Atlantic
oped on both sides of the
and standards; it produces an unthinking and ununtil,
ism,
national
new
the leading features of the
sound
contentment, a docile surrender to leaders in
the
by
ned
champio
is
it
as Professor Hayes says,
and in politics, and it maintains an easy
thought
groups
different
intellectuals, it is the slogan of the
s
for Jingoism on the one hand and Imreadines
mind
the popular
of citizens, it is in possession of
m
on
perialis
the other.
to
tends
. And is embodied in the public education. It
we
So
far
have followed the line of Professor
days,
national
become a form of religion; it has its
Hayes's
valuable
studies in nationalism. It should
developfast
is
its processions and pilgrimages, and
to
a
up
full
lead
tion of the situation to-day.
of
apprecia
model
the
it
ing its mythology that would make
we
will
Surely,
not
give
right
place to a "patriotic snob.
country,
free institutions for the world. "My
bery,"
r
its
and we open our eyes to
concepform,
whateve
true
its
as
or wrong!" is loudly proclaimed
the
ional
a
es which are so full of
internat
as
influenc
accepted
is
it
.tion, and in many ardent minds
Science, for instance, experimental and
promise.
substitute for Christianity.
promotes self-respect; in all directions applied, and the new methods of
. Its virtues are obvious; it
in the past; it tends organization of business and industry cannot be
it is a link with all that is good
and racial differ- restricted to any one country. They have laid the
to preserve valuable individual
ture, music, aestilet. foundations of world citizenship and our nation is
• .ences in literature, art, architec
ion of the higher in process of adjustment to it. We cannot escape
ics, and to prevent the submers
material aggrandize- its responsibilities and we would not lose its advan'qualities of the spirit in merely
individual cul- tags.
ment; it is easily promotive of high
The spirit of Locarno has found expression in the
ons: Jingolimitati
ture. But it has very positive
form of boast- great and heartening events which are transpiring
ism or "Chauvinism" is its extreme
may well constitute a new era
it is sure to break at Geneva and which
ful glorification. On occasion
and
world
ion
history. Internationalism
civilizat
in
sometimes destructive;
out and is dangerous and .
th
hencefor
signify
and
now
loyalty to the home
may
is more important
but it is well understood. What
its
ng
e
cherishi
and
languag
traditions, and
State,
been provocative of
is that nationalism has always
sm;
and
s
now it builds
patrioti
fearless
for
generou
a
not escaped the
war, and even in ita new form has
blocks
and
national
the
marks
highway in
with
have
150 years
tendency. The many wars of the last
world
modern
the
y
We
may
travel.
hopefull
which
na
on
hy
geograp
.at staggering cost recast political
g
that,
to
accordin
"Nation
the
rejoice
London
may
left
have
they
tional lines, and the irredenta claims
Italians and are and Athenaeum," the United States was better repextend to far other peoples than the
Franco-German War of resented by unofficial observers like Owen D. Young
by no means extinct. If the
has by no and Manley Hudson, President of the General Elec1870-71 created them, the war of 1914-18
breeding sores are tric, and a leading professor in Harvard University,
means wiped them away. Fierce
t, and,the than it probably could have been by any delegate the
numerous; they exist in every continen
States faces Government might have sent.
imperalism now the policy of the great
where it is not now evident.
it in all directions, even
"Selling" Religion.
ts, whether German, or
movemen
All the "Pan"
will, rest on
you
what
or
Saxon,
or
Slavic,
We read the following announcement in one of
Latin, or
which
or
race,
language
in
oneness
morning papers: "A church advertising camof
our
on
assumpti
ignores the differences of peoples who to-day may paign will be conducted by the International Adverhave a common speech, and furnish ready ground tising Association, formerly the Associated Advertising Clubs of the World. A commission of 100
for war.
le
en of various denominations will prepare the
all
inevitab
as
conseclergym
comes,
edness"
"Prepar
sm.
s to be promoted." Rev. Dr. Charles Stelzle,
militari
message
National
d
nourishe
a
with.
quences,
honor makes many *demands. "Sovereignty" stands "who was chosen last June President of the Church
SEPT. 18 1926.]
THE CHRONICLE
1429
Advertising Department of the association," speak- out any mercenary urge. And it becomes, therefore,
true religion, the
ing of the "movement," is reported as saying: "This a fair question, whether or not
with the divine,
accord
into
human
the
of
campaign will not be merely a 'Go-to-Church' move- bringing
by hired
conducted
campaign
a
by
can
be
furthered
ment. Our primary object is to show the country
a cause
to
devotion
of
livery
the
wearing
promoters
to
messages
of what religion consists. . . . The
"profesent,
acqwwledgm
open
only
that
requires
will
clergymen
be prepared by the commission of 100
Here and there
contain the fundamental teachings of Christianity, sion," and the resolve to service.
i.n illuminated
note
we
worship
of
temple
upon
some
with
but
religion,
personal
to
regard
not only with
we
read some indoorway
the
over
often
less
cross,
prestoward
the
Church
of
attitude
reference to the
so
far, in the
but
ent-day problems. These messages will be prepared vitation that contaiz a lesson,
we have
few
exceptions,
a
be
by pastors and preachers, who are actually facing main, though there may
letters
in
proclaiming
religion
the people and their problems in their own churches escaped sign-board
to
punishments
the
or
rewards
of
flame either the
and communities." Mr. Stelzle, "who is a Presbyeverything.
doing
for
way
right
a
is
come.
'There
terian," in a signed editorial to appear in the "Advertising Club News," has this to say, in part: We live by labor. Love is our greatest human mo"Advertising men connected with the International tive. There is turmoil, and there is reform. SomeAdvertising Association will this year be given a times the sea of life rolls heavy breakers upon the
chance to prove that their philosophy and methods shores of our accomplishment, when no apparent
to keep
are capable of 'selling' that which supplies the most storm is near. Then the life-guards are busy
by the
down
dragged
being
from
the
too
adventurous
reliy,
race—namel
human
of
the
need
important
we
But
when
lighthouse.
a
is
Religion
to
undertow.
appeal
the
greatest
holds
Religion
.
gion. . .
mankind. It is superior to patriotism, economic follow its light we are not thinking of the pay of the
interest, filial loyalty and every other human rela- keeper, nor of the pay of the pilot in the storm.
It has always been a debatable method—this holdtionship. It has the only cure for sin. It gives
ing
of "revivals." In the old camp-meeting days
comfort in sorrow. It guides in times of perplexity.
was wrought to the highest pitch by song,
It
emotion
It offers strength to the weak and the weary.
and "experience." Many were "conexhortation,
religion
promises eternal life. . . . To proclaim
there were many who became "backand
verted";
is an advertising man's job."
there was no calculated, "sold," reliBut
sliders."
rea
a
to
object
to
Now it is far from our purpose
was as free as repentance. And
Religion
gion.
religio,
of
any
form
any
good
of
sonable promotion
beyond most of this form of
passed
have
we
though
pecua
by
open
campaign
to
an
is
be
this
But since
still
with us, and we may well
is
it
g,"
"campaignin
1
1
becomes
'
/
public
a
question
it
method
liar
of showing "of what relimethod
new
is
a
that
believe
Evangelism
impropriety.
without
discussed
be
very old. As Mr. Stelzle further says in this edito- gion consists," may properly be left to the pulpit
rial: "The preachers have done man dously well, and to the confession of the human heart. In a mamissionaries of the Cross have gone to the ends of terial society it is argued that material agencies
the earth and given their lives to this cause." But may be employed. But will this not tend to mateif religion can be "sold," can it in a corresponding rialize religion, which is essentially spiritual, or it
sense, on the other hand, be "bought"? Is there not is nothing? Will this advertising method aid or
something in this plan which cheapens our reverence hinder the regular ministerial and pastoral work?
for true religion? And in j7ist what sense, if it is a Will a tenet of one creed, a saying of Master or dissubject of barter, is it "superior to patriotism, eco- ciple, printed in a newspaper column headed "adnomic interest, filial loyalty, and every other human vertisement" tend to confirm its truth or strengthen
relationship"? Are not these necessary and inti- its appeal?, We know not what form this advertismate "appeals," when tempered by religion, the very ing of "religion" is to take, but it will be very diffimeans wherein religion finds its highest expression? cult to keep it from being or becoming sectarian, in
In the complexities of modern life is it proposed, in which event we will have clashing creeds presented
order to establish this superiority, to proclaim the to us for adoption or."purchase." This in the end
doctrine to every man: "Sell all thou hast and give must defeat the avowed object of showing "of what
to the poor"? Or, to go further, is it proposed by a religion consists."
There are some things too precious to be given to
"selling" campaign to advertise the superior virtues
this
man
in common or vulgar form. We do not mean by
will
And
religion
of
over another?
of.one kind
complex
this
that
religion must be too refined for common,
a
life
among
promote
harmonious
method
everyday use. That is its essence—that it is somepeople holding to many beliefs?
This is not, however, the most important consid- thing to live by. But it is something more than etheration. The deeper question is: Can religion be ics or morals. These may be deduced from life and
"sold"? It is true that the laborer is worthy of his its relations. Religion relates the soul to God. It
hire, and that preachers and pastors have been paid is a universal concept of the human race. And it
for their work from time immemorial, but it has been can only be offered by one class or people or race to
held as an incidental of their devotion and consecra- another as its own conception, not to be stressed or
tion. It is also true that non-resident "evangelists" pressed by methods commercial in their nature. To
have been employed by Protestant churches, singly do so is to defeat the very voluntary embracement
and in combination, to conduct series of "meetings" desired. No sooner will paid advertisers and 'adverin order to "save souls," and these men have been tisements appear than the cry of "proselyting" will .
paid—generally by voluntary contributions of the be heard. Either this, or religion will be so univermembership. But this form of payment has been Fialized, made so simple in its precepts, so uniform
held separate and apart from the "acceptance" re- in its pronouncements, that it will transcend all
quired of converts, which is a form of self-submis- creeds and denominations; and in this event should
sion to a "salvation" that is without price and with- not be promulgated 'y any sect which expects to
1430
THE CHRONICLE
reap rewards in the increase of its own membership.
We presume the 100 ministers will include all the
Protestant denominations, but will they so broaden
their paid advertisements that they will arouse no
contest? The Christian religion has its "appeal" to
a vast majority of our citizens, but it is only one
"religion," and it has never been its mission to force
its tenets upon the people by the use of money.
Of what does religion consist? It is not for us to
define save in terms that could have no such authoritative nature as to be worthy of being paid for. Certainly we have none to "sell" to anybody. Religion,
we hold, to be composed of reverence and devotion
to the Author of All, best exemplified ,in living according to the highest principles of human conduct,
evolved by man and personified in the great leaders
and teachers of The Good, and best shown by unselfish service to others. Its finest attributes are
lol-re, peace, humility, aspiration, consecration, work.
But salvation through chardctee does not comport
with the conflict between free will and foreordination, which is a stumbling block to so many. Our
advertisements would inveitably forego some of the
vital tenets of the sectarian creeds. We would freely
subscribe to the admonition "Follow Christ," but we
would prefer to define His place and character in
the world's work, His nature as the Man. divine or
the Deity; and we would prefer to stress works
rather than faith, reason rather than belief, and
the spirit of truth rather than the symbolism of doctrine. This would fall short of being "orthodox,"
and must proscribe any advertisements we might
write or accept for publication. Are these advertising clubs composed of such Godly men that they can
"sell" religion and avoid those conflicts which have
divided the Protestants into a dozen r more leading
sects? It is one thing to set forth the qualities of a
good car by a minute description of its appealing
details, but it would not add much to any one of
them in popular estimation to say that every man
ought to own a car.
It has long been an axiom in advertising that the
truth is first. In the conflict of creeds we think it
will be difficult to follow. Even Christ is not the
truth to an influential part of our citizenry. And
the chief trouble, as we foresee it, in a paid advertising campaign for religion is that it is likely to provoke other paid campaigns and thus lower the tone
of all. Advertising has its uses and it is more rigidly
written and conducted than formerly. But it cannot do everything. And it will add nothing to its
success by entering a field consecrated by the sacrifice of martyrs and ennobled by the voluntary services of countless men and women who fina in their
"church-work" a duty and a delight for which they
expect no pay. To "save souls," for centuries, men
have consecrated lives in ministerial work for bare
subsistence for themselves and families and we suggest, in all respect to this "modern" movement, that
if there is any money to spare for ways and means
beyond the present up-keep it be added to ministers'
salaries.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Fridgy Night, Sept. 17 1926.
Trade on the whole makes a promising showing. It is
true that heavy rains and floods have delayed threshing and
marketing of the grain crops in wide tracts of the West
up -to the Canadian border. Yet general business shows a
tendency to increase, taking the country as a whole. There
is really no backward step. Naturally the big storms have
caused some temporary halt in business in some sections of
the West and Northwest, but it is merely temporary. The
weather of late has been better there. Trade makes the
best showing in New York and the Central States generally
and in the New England States, but the South Atlantic
section is also doing well. The textile and other industries
are more active. Reports from Charlotte, N. C., and *points
in South Carolina and Georgia make that plain. It may
be added that in Alabama, too, there is a revival of activity
in cotton manufacturing, with the mills running on full
time by day and in some cases at night. At New Bedford
and Pall River trade in cotton goods has been fairly large
and it is perhaps significant that the demand there for
cotton mill shares shows a pronounced revival at rising
prices. Wheat has advanced owing to rains, frosts and
floods in the West and snows and very cold weather in
Canada, where at times the temperature has been down to
the freezing point. Corn prices, on the other hand, after
some advance on unfavorable weather, have latterly declined. On the whole the crop has made good progress
towards maturity, and it is said that anywhere from onequarter to three-quarters of it is now considered safe from
frost. Oats prices have advanced because there has been
too much wet weather. Rye is higher for the same reason,
while there are hints from time to time of some export demand for this grain. Wheat advanced 6 to 8 cents in five
days, and of late there has been a somewhat better export
demand, though in general it has not been brisk. Cotton
has declined owing to better weather over much of the belt
and a tendency to increase crop estimates. It is believed
by many that the next Government report on the 23d inst.
will be in the main favorable and perhaps Increase the estimate from the total for Sept. 1 of 15,166,000 bales. There
[VoL. 123.
11
has been a pressure of hedge selling, and to all appearances,
of short selling, during the week. Yet, after all, the net
decline is small.
The textile industry shows clear and unmistakable signs
of revival. Here some cotton goods have advanced /
1
2 to /
1
2c.
this week. The mills are believed in many cases to be
rather poorly supplied with the raw material. Domestic
consumption in August was 111
/
2% larger than in August
last year. The cotton business of Manchester is still hampered by the coal strike, but there are growing hopes of an
early ending of the struggle. That would inure distinctly
to the advantage of all Lancashire and would have a favorable repercussion on the raw cotton business of this country. The tendency seems to be to reduce the estimates of
the East Indian cotton crop, and it also looks as though the
Egyptian crop will be some 25% smaller than last year.
That description of cotton has recently advanced by leaps
and bounds. Raw wool has been steady, with a moderate
trade. The most significant feature of the week has beea
the firmness of the big auctions in London and a moderate
advance at Australian sales. It cannot be said, however,
that the American woolen goods industry shows any improvement. The demand is said to be merely to supply
immediate wants. There appears to be little or no forward
buying. There has been a better trade in the higher grades
of silk piece goods with some increase in buying for fall
and winter trade. Raw silk, on the other hand, has been
quiet and somewhat lower. The steel business is doing as
well as was expected; that is to say, September business,
though not generally active, is making, on a whole, a not
unfavorable comparison with the transactions of August
and July. Sheets have advanced slightly. Rail orders are
larger. Pig iron has been quiet, and there are evidences of
keener competition, but on the whole prices have been pretty
well sustained. Tin has advanced to the highest point seen
In seven years, with an active demand at home and abroad
and great activity in London. Prices of cattle have reached
the highest point touched this season.
Building reports for August were 8% below those of the
same month last year, but better than in 1924. The automobile output in August increased. The gasoline trade in
&PT. 18
1926.),
THE CHRONICLE
1431
a five-year industrial truce is needed for, the business
the West has fallen off owing to bad weather. The big that
country to recover. The "Westminster Gazette"
the
of
order
mail
against
being
time
the
for
rains also militated
that the coal strike has already cost 1350,000,000.
estimates
materials.
trade as well as building and the sale of building
rainfall in eastern Kansas on the 12th inst. sent
Heavy
to
said
are
to
recently
England
coal
bituminous
of
Sales
out of their banks and flooded towns with a property
have reached a million tons. The anthracite trade in the rivers
estimated at more than $1,000,000. Rivers were
East is more active. Bituminous sales to domestic con- damage
to have reached their crest Sunday night, and no
believed
profgetting
is
farmer
scale.
The
liberal
a
sumers are on
was expected. The weather here has been
damage
further
in
itable prices for tobacco. There was a better trade
was warmer on the 16th, when maxijewelry and radio sets; also in the shoe industry. The in the main cool, but
77 and the minimum 60. Chicago
were
temperatures
mum
a
is
There
it
ago.
was a year
rayon trade is better than
Cincinnati 74 to 86, Cleveland 68 to 70, Millong list of commodities in which business Is equal to that had 62 to 64,
64, Helena 40 to 46, Minneapolis 68 to 72.
of last year and in some branches it is larger than then, waukee 60 to
on the 16th. Seven inches was reMontana
fell
in
Snow
including iron and steel, automobiles, coal, building mateCanada. It was 32 degrees there
rials, the hat trade, and so on. Car loadings are running ported in Northwestern
disturbances have been reported
tropical
Four
the
on
16th.
an
is
in excess of a million cars week after week—that
this week. None of them struck this continent; The tropeloquent exhibit of what is actually going on.
distance off Cape Hatteras
Stocks of late have been turning downward, especially for ical storm that was some
about latitude 39 north
central
now
is
night
Wednesday
industrial issues, and some of the specialties, coincident
30 minutes west, and apparently
with a rise in call rate for money to 5%. Bon& have been and longitude 71 degrees
attended by winds
lower with some doubtless temporary falling ofi in the is recurving toward the north-northeast
centre. The tropical disturbance
demand. But all this is only natural after a prolonged of hurricane force near its
Wednesday night has passed
period of activity and rising prices. There is nothing to that was notith of Porto Rico
ard, attended by
west-northwestw
moving
Island
Turks
inhicate a permanent recession. In London the tone has
Turks Island reported a velocity
been in the main cheerful, partly because no advance in winds of hurricane force.
the northwest. This condition
the Federal Reserve rate has been mad here, and partly of 100 miles an hour from
Crooked Island, Bahama group,
from renewed hopes that the efforts of the Prime Minister was expected to pass near
disturbance that was centred
to settle the coal strike may prove successful this time. In Friday morning. The slight
westward through the
moving
apparently
is
Nassau
near
any case miners continue to return to work as they have
rains were 2 to 14 inches,
been doing for a couple of weeks past. Another noticeable Florida Straits. In Kansas recent
to crops and live
feature there is the great activity in the tin shares, which causing floods and doing much damage
To-day it was
are far above the low level seen earlier this year. The stock.. Heavy frost occurred in Minnesota.
To-night it
m.
p.
3
at
70
temperature
the
with
cooler
here,
favorites
popular
become
Kaffir shares there have latterly
rain.
threatens
again. As regards France in general, it might be said that
nothing striking has taken place. "No news is good news,"
perhaps. It is believed that M. Poincare is making deter- Industrial Activity as Measured by the Consumption
of Electrical Energy Shows 15% Increase Over
mined efforts to bring order out of the financial chaos in
August Last Year.
France and that sooner or later, having had the courage
to increase French taxes considerably, he will in one way
Activity in the manufacturing plants of the nation in
or another succeed. There is disguising the fact, however, August, as measured by the electrical energy consumption,
that France must meet its obligations to this country on a was 15% greater than in the corresponding month last year
strictly business-like basis if she expects to maintain her and 8.5% above the average monthly rate for the past three
standing among the foremost nations of the world.
years, "Electrical World" will say in the forthcoming issue
New Bedford, Mass., reports sustained activity in cotton (Sept. 18). Contrary to predictions made earlier in the year
mills, curtailment and unemployment having practically the rate of actvity in August was actually greater than in
disappeared. Approximately 1,500,000 of Rhode Island's June and July of the current year. The metal, textiles,
spindles are represented in the Cotton Textile Institute and automotive, lumber and leather industries all registered
practically all large cotton mills have designated intentions gains over the two preceding months. It is added:
to join. At Manchester, N. H., the worsted department of
The prosperous condition of American industry to-day is even more
the fact is included that in August of last year
the Amoskeag Manufacturing Co. is reported to be operat- clearly indicated when nation
as a whole was operating at 5.7% below the
general industry in the
ing a normal schedule since the reopening of the plant last average monthly rate for the past three years. The rate of activity is based
week. Charlotte, N. C., reports yarn stocks throughout that upon the monthly electrical energy consumption of some 1.800 manufacplants in various Industries and scattered throughout the nation,
territory at low point and yarn mills are resolved to keep turing
the plants consuming a total of 8,000.000.000 kilowatt hours of energy a
production within limits of actual sales. Also it says that year. The figures are unadjusted for seasonal variation, but weighted in
cotton yarn mills are booked ahead a little further, and accordance with the importance of the various industries.
The metal industries, taken as a group and for the nation as a whole,
that a good business is steadily developing. Many spin- reported
activity in August as 1.7% over that of July and 18.9% over that
ners in Boston district are sold up for close to seven weeks. of August last year. Activity In the rolling mills and the Iron and steel
in the Industry, both
At Greenville, S. C., it is said nearly half the textile mills plants was 1.2% over July. The fabricating plants
ferrous and non-ferrous, were operating at 1.7% over July.
of the city are operating at night. All mills are on full
a decided but more
experienced
August operations in the textile industry
time schedule in the day and some are operating 110 in- or less seasonal rise In activity, the rate for the past month showing a gain
1.2% over August of last year. This is the first
stead of 55 hours a week. The Woodside mills are operat- of 11.5% over July and
time since March that the textile plants have reported increased operations
ing full time both night and day. Greenville says more over the previous month.
Operations in the automotive Industry continued at a high rate, being
Southern mills are planning to establish their own selling
July and some 58% over August of last year.
organizations, being dissatisfied with present methods and about 12% greater thaninInAugust
1925 was unusually low.
Automobile production
believing sales can be increased by change. At Millen, Ga.,
Activity in the leather industry was 11.2% under the average for the past
the Western Reserve Cotton Mills Co., which produces tire three years. However, operations in the leather industry have shown a
fabrics for the Mason Tire & Rubber Co., has begun full steady upward trend since May.
operations of its 5,000 spindle mill and officials state that
they have business enough to keep the mill going day and Confidence in Continuance of General Prosperity
Voiced in Report on Retail Trade Presented to
night for an indefinite period. At Huntsville, Ala., five
President Coolidge.
cotton mills are operating on full time and in addition one
The view that "the retail trade feels the strongest conis operating three days a week and one is idle. Directors
of the soft yarn division of the Southern Yarn Spinners' fidence in the continuance of good business based upon a
Association urge avoidance of overproduction of yarns at prosperity which is shared quite generally by all classes of
this time, declaring it would be disastrous. Finished goods the people" is indicated in a survey of retail business condibusiness broadened with requests for quick shipments. The tions throughout the country submitted to President Coolidge
Cone Co. advanced all denim prices %c. a yard. Other sell- on Sept. 14 by Herbert J. Tily, of Philadelphia, and Lew
Hahn,of New York City, President and Managing Director,
ing agencies also marked denims up %e. on the 13th inst.
Lancashire still feels the coal strike. There is some respectively, of the National Retail Dry Goods Association,
talk of further curtailment among the yarn mills there. who discussed business conditions with the President at the
Trade is dull. Improvement in Germany's textile indus- summer Executive offices in the Adirondacks. The report,
tries is attributed to the readiness of producers to grant which was compiled from telegraphic replies sent by departthree months' credit. London says that the paralyzing ment stores in response to a request for last minute informato lay before the
effect of Great Britain's prolonged coal strike is so great tion which Mr. Tily and Mr. Hahn desired
1432
THE CHRONICLE
President, said that "firm confidence in the continuance of
general prosperity" was the outstanding' feature of all the
answers. In the conference with Mr. Coolidge, Mr. Tily
expressed the opinion that business men throughout the
country would "appreciate anything that will lead to a
stabilization of conditions." Legislation of an experimental
nature," he added, "destined to reach down and change the
fundamentals of things would be exceedingly bad, we
believe." The Associated Press accounts from Paul Smith's
regarding the conference added:
[vol.. 123.
heretofore unknown for spending money, merchants must study this new '
field for funds or it will operate against their volume and profits.
Lancaster, Pa,—Conditions here are good, with some unemployment in
certain industries.* We are expecting for this fall to find business as good
as it was last fall, which was the best in our experience. We are even hopeful ofsome increase. Farmers around Lancaster are not overly cheerful, but
all seem to have funds in the banks. The tobacco crop will probably be
three-quarters of normal, which should mean better prices. The wheat
crop is good. Bank clearances are smaller, but savings have increased
and we are optimistic.
Baltimore—We think business conditions sound and prospects good
for continued prosperity.
.
Hartford, Conn.—General retail conditions good. Manufacturers very
busy,
agricultural
interests
improved,
tobacco raising outlook much better.
Virtually every important question affecting merchants and business was
said to have been touched on mutually by the President and his visitors. insurance largest volume ever.
Des Moines.—The general feeling in Iowa we think is better. The farm
"In Mr. Coolidge's comments on these problems," Mr. Thy asserted,
"he evinced not only the desire of American business men to improve situation, however, is not clearing up as it should. We feel that it needs
conditions and make them more fundamentally sound, but he also showed more sympathetic co-operation from the East, and especially from the
an amazing familiarity with these questions and the soundest fundamental Administration.
Cleveland —.General business conditions seem to us sound. People
knowledge of virtually every economic problem of the day."
generally employed at very good wages. Crops in this district unusually
A summary of the survey says:
favoranle. Our own business during eight months of 1926 is 16% ahead
Firm confidence in the continuance of general prosperity in the United of 1925. The first half of September showed 35% gain with favoring .
States is the outstanding feature of practically all replies to a telegraphed weather. You may assure the President of steady, sound, prosperous
Inquiry addressed by the National Retail Dry Goods Association to members business.
Atlanta—The outlook for retail business in this section was never better.
in all parts of the country.
Outstanding department store owners were asked by wire last Saturday Expect the best fall business in our history.
Pittsburgh.—Our opinion that business this fall will be Rood. There
to state the experience of their own enterprises during the current year
and to give their opinions of the outlook for the future. The replies indi- will be no boom in Pittsburgh, but conditions probably will boa little better
cate that the retail trade feels the strongest confidence in the continu- than this spring. We look for an increase in our sales for the second ajx
ance of good business based upon a prosperity which is shared quite gen- months of the year. Next spring Is too far away to ventive predictions.
although there should be little change.
erally by all classes of the people.
San Francisco.—Business conditions in San Francisco district good.
Apparently there is no expectation of great booms, but rather a steady
growth of trade, and in many instances merchants volunteered the thought Healthy gain in sales for first seven months of this fiscal year. A carpenters'
that the wise and stabilizing conservatism of the national Administration strike here since May 1 is the only bad spot on the business horizon.
Lincoln, Nob—As we are not so directly affected by agricultural conditions
is the foundation for this expectation.
One interesting expression of this thought was contained in a telegram as most of our neighbors, we hope to maintain sales equal to last year. In
from far below the Mason and Dixon line in which the merchant said:
general, strictly agricultural States such as Nebraska will not have a fair
"Business men of this section regard the President as a great stabil- share of prosperity until the artificial handicaps favoring manufacturing
sections are removed. Makeshifts such as the McNary-Haugen bill or
izing factor and his sound common sense gives them great confidence."
cheap money may give temporary relief, but in the end will only complicate
Views in Farming Section.
•
and aggravate.
Replies coming from sections in which retail merchants must depend
Cincinnati—Business conditions at present have a very favorable aspect.
greatly upon agricultural conditions reflect the desire of such merchants Fall trade is brisk, with a tendency for better merchandise. We
look for
to contribute thought to the solution of the farmers' difficulties. In this favorable business, but by no means a great increase. We are guarding
spirit a Southern merchant writes:
against too large an inventory. Winter merchandise will in many cases
"Business situation generally satisfactory in this section. The smaller be scarce. On the whole, we look for business to equal or show a slight
cotton crop will be largely offset by better grain and small crops and im- Increase for the fall months over last year.
provement in textile situation. It seems to me that most of the farmers'
Spokane. Wash.—Business conditions in Montana, Idaho, Washington
difficulties are brought about by their attempting to own more land than and Oregon are good. Much better than 1925. Retail business in all
they can finance the cultivation of. I believe farmers' co-operative market- farm districts is the best in five years. People are optimistic
and active
ing associations should be given every sound encouragement, and that every in all lines of business in this district.
effort should be made to co-ordinate production and consumption."
Indianapolis.—Condltions fundamentally sound. Unusual rainfall has
caused some losses in agricultural districts, but there will be a partial reFreight Rate Revision and Other Problems in Northwest.
covery in purchasing power through the medium of higher prices for farm
From Minnesota comes the only unsatisfactory reply in a telegram which productions. There will be a normal corn yield, which is a crop of great
deals in a thoughtful manner with several sectional problems. This mer- value. We believe the fall business will be good and are planning such
chant says:
a result.
"Business conditions in this section are very unsatisfactory, as we believe,
Huntington, W. Va.—The business outlook for the fall season is very
due in a great measure to three vital problems that should be settled: First, favorable. We will have fine crops of apples and tobacco. The coal
the restoration of agriculture to a position of prosperity through a program business is good and increasing. Industrial plants are all in fine shape.
of legislation designed to equalize the benefits of the protective tariff system
Chicago—Local retail trade has been stimulated by unusual building
as between agriculture and manufacturing.
activity and early fall weather after a most unseasonable spring of restricted
"Second,lack of waterways development. The Middle Northwest is suf- buying activity. The tremendous
expenditure for auto depreciation,
fering severely from changed conditions created by the Panama Canal. tires and gas, with these payrolls
spent in automobile manufacturing
Some relief will come from the development of the Mississippi inland water- centres and Eastern manufacturing
centres, is a distinct deterring element.
ways system. It is essential that this development be expedited as rapidly
Boston.—Our viewpoint for fall business is very optimistic. Labor well
as consistent, but the main factor would be the development of the Great
employed at the highest scale we have had is a most important factor for
Lakes-St. Lawrence waterway.
"Third, a general upward revision of freight class rates throughout this the retailer. Conditions necessary to keep labor as fully employed and
territory Is imminent, and we believe necessary. However, we fear that on such profitable terms seem to be all that could be asked, so we feel
there is a tendency in official circles to assume that class rate traffic can that for the immediate future no change will occur. If this is correct
nothing but good business ahead of us. Merchandising is carried
stand rate increases sufficient to offset and therefore warrant substantial we have
generally in a much saner way than it was some years ago,
reductions on agricultural products. Nothing can be more fallacious, and on at present
fall business demands constant replensihing of stocks, which
good
and
the pursuit of this theory will, we fear, deal a staggering blow to business,
than unevenly balanced stocks where one draws from
better
is
certainly
agriculture and the railroads in this territory."
the stock room for a number of articles as they sell. The problem
From one of the leading department store men of Chicago comes the fol- reserve In
expenses is one which most of us have to face, as it seems difficult
lowing enthusiastic endorsement of the Administration: "We are most of higher
with expenses as we knew them some years ago. Perhaps
optimistic regarding the business outlook for this fall. We have no reason to keep in line
inevitable sequence of the change from those days to the present,
the
this
is
to doubt conservative merchants will continue to be prosperous. We have
probably careful management will leave a fair percentage of net profit
an abiding faith in President Coolidge and his policies and you may say to and
gradually increasing dollar volume of the business, should
him for us that should he decide to accept nomination for another term, which, on the
substantial dividends.
his election is certain and the prosperity of this country will thus be assured result in
Me.—Business
situation here and hereabout is what might
Portland.
for five years to come."
An observant spokesman for Ohio believes there may be some recession be called fair, or from fair to good. Business is not poor, and is cerfrom the peaks of production which some American industries have been tainly not booming. Our other industries, including such agriculture
reaching, but believes this development will be healthy. He says: "We are as there is in this section, are moving along in a moderate manner, but
optimistic concerning business locally. Employment is greater, sales are the textile situation is not good. We have a fair amount of unemploylarger, crops are good and the feeling is one of confidence. I think there ment, but do not consider this serious. We cannot see that the textile
may be some recession from the peaks of production that some Industries situation in New England either in cotton or woolen manufacturing, has a
have been reaching, but that will be healthy. My observations abroad con- very bright future. Our business this year has been just a little larger
in volume than last year. We expect a fairly good fall business, but are
vince me we should revise our national policy as regards foreign debts."
The much discussed "hand-to-mouth" buying policy is touched upon by not over-optimistic.
another merchant from Ohio, who says: "The so-called 'hand-to-mouth'
New York.—Business In general up to the present has been quite satisbuying policy is to continue. This name is. however,a misnomer; it should factory, excepting in a few major divisions, such as textiles. Railroads
be called a 'return to common sense' buying. Retail business trend charts are showing increased earnings with every indication pointing to conshow an upward tendency. Sales are improving, but some of the costs of tinuation. This, as well as general prosperity, has helped retail business
doing business are almost prohibitively high, notably taxes, wages and ad- considerably and has contributed substantially to offset the increased
competition from chain stores, which are spreading at a great rate. Invertising. Retail profits probably will diminish."
It would be difficult to find a more reliable Index to conditions of pros- stallment selling, while growing,shows a tendency to better control through
perity throughout the country than reports from the retail trade, because the exercise of proper precaution in granting credit to purchasers. Handthe retail dealer is wholly dependent for his own prosperity upon the degree to-mouth buying has resulted in a more rapid turnover of inventory, with
of prosperity which rules among the public. Therefore it may be of interest the resulting lessened danger from loss in the event of any rapid decline
to quote the following typical statements from various sections of the in values.
country:
The general prosperity of the country is nowhere better Illustrated than
Los Angeles.—Our business for the past eight months shows a satisfactory in the current reports of many corporations and the increased value of
increase over last year, and we have laid plans for the fall season with the their securities on stock exchanges. Business has the greatest confidence
Idea that the same condition will prevail during the balance of the year.
in the Federal Administration, which contributes substantially to harLa Salle, .111.—In this agricultural-industrial community, where indus- mony and stability.
tries are kept busy and building construction continues active, the negaIt is to be expected that foreign competition will be more marked in
tive influence comes from agriculture, which we all know has not pros- the near future. and American business men will be called upon to exerpered comparably with industry or commerce. However, with important cise greater economy in operation in order to maintain markets and earnings.
crop estimates, indicating a fair average, it is reasonably safe to forecast This, together with the overproduction capacity in most branches of
that agricultural returns will be satisfactory. With innumerable avenues industry, makes it evident that the American business man must be alert
SEPT. 18 1926.]
THE CHRONICLE
1433
The Foreign Trade Problem.
Another point that I want to emphasize strongly is a subject that is
becoming more and more important; namely,foreign trade. It is interesting
to note that during the first seven months of this year we have imported
more merchandise than has been exported. In other words, we have an
The Commodity Outlook—What-Is-"Ahead.
unfavorable balance of trade. This will be wiped out as soon as agricultural
of
Director
products are shipped abroad, but there is a fundamental situation there
Under the above title Herbert N. McGill,
I would like to briefly review.
Commodity Department of the Babson Statistical Organi- that
That is, Europe owes this country a great deal of money. In addition
Conference,
Business
National
Annual
13th
zation, at the
to the 810,000,000,000 war loan, there are three or four billion to our merholds most of the world's gold supply.
Babson Park, Mass., Sept. 13 1926, had the following to say: chants and investors. This country
activity.
business
Consequently,debts cannot be liquidated through the medium of the yellow
We are now passing through an era of unprecedented
alternative: that Is the manufacture of finished •
The volume of production has reached a level that surpasses war records. metal. There is only one
Distribution is unparalleled, employment heavy, and there is sufficient goods which are sent here as a form of payment. So far Europe has been
purchasing power to justify a marked period of prosperity. Most every handicapped. Her monetary systems have been badly shaken. There
concern is participating in the present comparatively good times, but the have been labor troubles in many countries, political difficulties and also
problems of the business men are not confined to the present but also to the great problem of rebuilding industries and regaining lost trade.
In the years ahead Europe will steadily grow stronger and make inroads
the future.
The outstanding question Is: What is ahead? Some decision must be in domestic and Far Eastern markets to an even greater extent than has been
Commodity
witnessed since the end of the war. The current period is one of economy
reached, which means that there is a great deal of speculation.
buyers are interested primarily in the price trend of commodities. They of a peculiar sort. People desire cheap goods, paying little attention to
are now being imported
want to know what is going to take place over the near term—the closing quality. For this reason many of the products that
are readily absorbed in our markets. I would urge every business man to
months of 1926 and the early part of 1927.
trade,
particularly
international
the products
watch carefully the trend of
Present Position of Business.
that he is interested in.
the
note
business.
to
of
carefully
position
important
present
extremely
It is
What About the Stock Market?
We have passed through the great war boom that carried from 1915 to early
Finally, note the stock market. It is now at the highest point ever
1920. For five years business was unsatisfactory, ruling far under normal.
During the depression of 1920-1924 much of the unbalanced economic recorded. Common sense tells us that the great bull movement is over.
conditions created during the war period were eliminated. Starting in late Of course there can be further advances,but the real movement from early
1924 the trend of business turned abruptly upward. This was a most 1924 to the present level,an advance of68%,counteracts most of the bullish
sensational recovery and the early part of the current year found business influence. The next major move will be downward and in its wake will
at the highest point on record. Such a recovery has not been due to any follow business and prices. Briefly, then, heavy production and excessive.
individual factor. Rather it was a combination of favorable conditions producing capacity, declining building, the problems of installment buying,
increasing volume of imports and high stocks, do not substantiate a further
that in the aggregate justified a climbing volume of business.
broad upward movement in the business structure this fall. The trend
The outstanding may be summed up in the following:
(1) Easy money.
should zigzag back and forth during the balance of the year. In fact, it
demand.
steady
and
production
Expanding
may show a slight seasonal gain, but I reiterate that the next major move
(2)
in accordance with fundamental conditions and the law of action and re(3) Increased employment and increasing purchasing power.
action will be down and not up.
(4) Larger income in the farming districts.
(5) Record construction.
Which Way Commodity Prices?
transportation.
and
labor
fuel,
Adequate
(6)
This being true, what are the prospective changes in commodity prices?
(7) The influence of installment selling.
Business, although showing an irregular trend, has held up at an extremely
(8) A climbing stock market, which practically assures better business,
high rate, yet prices of commodities since the first of the year have slumped
and,
fully 7%. This alone speaks volumes for the status of production and clearly
Finally, confidence in the present political administration.
illustrates that competition is tremendous. There is to-day a marked
Conditions to-day, particularly with easy money, the high position of the
marked margin between the three important groups. For example, the
stock market, the advent of the 1926 harvest, and plenty of fuel, labor and
average of industrial prices is 59%, agricultural 32% and live stock 44%
transportation, point to a favorable volume of business during the balance
over pre-war. In speaking of commodity prices it is perhaps better to divide
of the current year and early 1927. There is one point that I strongly wish
them into groups.
the
to
not
is
time
over-optimistic.
this
be
is:
is
It
that
and
emphasize
to
Let us take first agriculture. During the war period the price trend of
well to recognize that although the level of business has been high in 1926. farm products, due to the limited world supply, reached an unusually high
the trend has not been upward. This is a period when every business man level. The farmer was prosperous.• In 1920 there was a terrific break in
should squarely face the facts as they exist.
the price structure and for four years farm products remained extremely
No Boom Ahead.
low. The harvest of 1924 was sharply reduced and prices in 1925 showed
output was relatively heavy,
We are not on the eve of a business boom. So far we have considered a substantial improvement. Last year's
trend turned downward and for nearly a year
only the favorable side of the economic ledger. It would not be a fair and, as a result, the price
losing
ground and are not high comsteadily
been
facts
are
that
not boosting the business structure. agricultural prices have
proposition to ignore the
There are just one or two that I would like to call to your attention. They pared with the industrial group.
This year we have an unusual situation. The entire agricultural world
are not new, but they do demand consideration. The first is the status
conditions. Students of long range
of producing capacity and production. You are well aware of the fact is confronted with abnormal growing
that this country is equipped to produce materially more than can be weather forecasting have repeatedly pointed out that the current year will
true of Europe; in fact, a late and
also
is
This
crops.
is
exported.
This
true
every
of
bumper
line
ard
whether it be steel, not produce
consumed
unseasonable season has belted the entire earth. The tonnage in taus councotton or any other basic commodity.
To-day the physical volume of production is tremendous, yet the capacity try of eight leading products this year is only 206.000.000.
The previous five-year average was 225,000.000 tons. When the final
has not been taxed. As soon as an industry begins to operate between
85 and 90% of capacity, what happens? Stocks begin to increase, then figures are in it is very probable that the total supply will be very close te
comes competition, price cutting,slower activity, increased unemployment, actual needs. Europe will need to import a relatively heavy supply of
lower purchasing tower,and then the inevitable downward swing of business foodstuffs. This will be true of other sections that will not successfully
in general. If the volume of production is low and stocks were not adequate Produce enough to meet their own requirements.
Such a condition points to a culmination of the downward price trend
there would be some assurance of a healthy improvement, but bear in mind
that the current rate is close to record proportions and the businessstructure that has been in effect for the past year. In other words, a substantial
cannot stand the pressure of a further marked increase.
shakedown from the current level is not indicated even by the statistical
This does not mean that there will not be some seasonal recovery this fall, position or business conditions. Certainly this season should prove more
but the recovery will be limited compared to the trend of a year ago.
buoyant from a price standpoint, particularly as the volume of corn, oats,
barley, rye, flaxseed and hay falls substantially under the total of a year
Status of Building Industry.
ago. The entire agricultural list should rule higher later in the season and
is
that
worth
well
factor
is
watching
second
the status of building.
The
close the present gap between the level of industrial and agricultural prices.
For several years there has been considerable comment about the over. Pim
,h.
The Industrial Group. Piallik 111.4?
111‘1,
expansion of building, yet each year has shown a new record. At the
As for the industrial group. It has already been pointed out that industrial
present time it can be truthfully said that there are definite signs of a market
retrenchment. Statistics show conclusively that this important part of production, although somewhat under the high earlier In the year, is by
all means adequate. Competition is keen and prices have sagged. With
the business machine is tremendously overdeveloped.
with heavy imports of foreign merThe great housing shortage is entirely an event of the past. There has supply running well up to demand and
upward movement. It Is well
been an overdevelopment of apartment houses in many sections of the chandise, there is little danger of a sharp
country. There is a burdensome supply of office space. There are also to reckon with the usual seasonal stimulation in business that is likely this
too many small stores, and,finally, the position of industry in general does fall.
The business structure is not going to collapse for there are still many
not warrant any great stimulation in industrial capacity. The volume of
sound factors such as money rates, plentiful production, adequate labor and
building can turn only one way over the next few years: that is downward.
additional purchasing power that is needed
In keeping with the law of action and reaction there will be a much transportation. Moreover, the
slower volume of contracts over the next few years. This is bound to affect to give some stimulant to business should come with the liquidation of the
in production and consumption is
many allied industries, and it is particularly interesting to note that even crops. Moreover, some improvement
With new records being established in actual construction, building material likely this fall. This should stabilize industrial prices and even cause some
certain metals and fuel.
textiles,
as
such
prices have gone downward. I do not hesitate to state that this movement firmness in certain groups
On the other hand, there are others such as building materials that are
has not culminated and that over the next few years the building material
point that I strongly wish to emphasize is
group will adjust itself to a level more in kkeeping with the average of all still facing lower levels. The
that conditions do not warrant any marked business revival, nor a return.
commodities.
price level such as was noted during the
industrial
The Installment Selling Plan.
to a materially higher
early months of this year. Industri I prices have been going down hill,
There is another item on the commercial side of the business ledger, and for
over five years and there is no indication that the movement is over.
that is installment buying. Without any question the tremendous growth
At the risk of repetition, I would again call your attention to the 1811of parbtimo payment is largely responsible for the great growth in industrial year trend of commodity prices. After radical economic eruptions trochactivity and the prosperous period of late 1925 and early 1926. Millions
es occurred during the Napoleonic and Civil Wars prices declined for many
of dollars worth of merchandise are now going into distribution that will years. If history repeats itself we are to-day only half way down the
not be fully paid for until a year hence.
decade prices of commodities in general will average
Personally, I have no quarrel with the installment buying system Yet ladd,r. Over the next
4
lower.
system
this
can
function
long
without
into
how
running
is,
the question
This means that we are now in a buyer's market that will dominate just
difficulties. True, If we could have a permanent period of prosperity when as the
seller's market dominated during the period from 1912-1920. Alsteady employment and an even rate of purwe are definitely assured of
though there are certain commodities that are relatively strong and should
chasing power. there would be no cause for alarm, but history shows con- b,purchased, the majority, following in sympathy with business conditions,
clusively that before long we will again experience business adversity. should not be purchased heavily.
buying.
Then will come the true test of installment
To-Day Is Era of Distribution.
Over the next few decades installment buying will play an important itr
-of business and commodity- prices. Before
there will be a shakedown and a readjuststatus
long
much
the
So
for
before
but
business,
in
part
exists.
closing, there is another phase that I would like_to touch upon...briefly.
ment until a more healthy state of affairs
to take advantage of every labor-saving device and short cut in business
methods to avoid any lowering in profits, whickwould have a disastrous
effect on prosperity.
1434
THE CHRONICLE
tt Ink you filagree that there has been a serious change In business In recent
years. I believe that the purchasing agent. are now facing one of the greatest opportunities that ever confronted am group of men. Yesterday was
tl'e age of production, but to-day is the age of distribution and the big boss
ol distribution Is not the salesman, but the buyer.
About twenty-five years at,,e the United States discovered salesmanship.
A few pioseers were the first to find the real possibilities of suggestion and
persuasion. Then gradually the idea took hold and with the aid of adverIt Ina agencies, this country as developed and still has the greatest army
el high grade salesmen in the world.
From 1900 to the end of the war selling and advertising were in their
ascendancy. All during this period the selling end of the business made
a wonderful showing, and almost invariably a good salesman was paid more
than a buyer of equal calibre. This movement was greatly helped by the
fact that commodity prices were tending upward.
We are new in a period not unlik that which has follewed every great
war and which is likely to continue for a number of years.
It natu-ally
has a wide and far-reaching influence on business. One of the greatest Is
the shifting of the advantage from the sell r to the buyer. Now that the
13, neral trend of prices is downward, scientific buying is bound to undergo
much of the same improvement in this new period that selling did in the
former pe.lod.
Big Opportunity for Purchasing Agents.
Getting down to concrete facts, this powerful economic movement means
that the wideawake con ern is going to demand of its purchasing agent a
more constructive attitude. It is going to insist that he make an active
expe t search for products. It will no longer be content to have him
merely sit in an office reviewing the various offerings that happen to be
brought to his attention or by making routine inquiries of listed venders.
The purchasing agent of the future will be more scientifically trained.
He will be better Informed reestrding all of the new developments and Inventions which affect his business. He will be more alert as to the opportunities for c'-operation with other buyers. The new purchasing agent
will seek Ur, seller instead of sitting back taking a chance that the right
Baer will find him. He must take the position of the alert expert who Is
ever watchful nd Informed about all possible opportunities for reducing
costs and increasing demand. The purchasing agent of to-morrow will
spend part of his time In various technical research laboratories, testing and
searching for new products. He will spend another part of his day with
various trade associations comparing needs and co-operating with others
when it is advisable to do so.
He will spend a shoal part with his charts and statistics, noting the
fundamental trends of price and the effect on economic conditions. In
short, he will be a real constructive force in the business and not merely
an order placer. Personally I feel that the purchasing agent should be
the best informed man on business conditions in any organization. In
keeping with his job as purchasing agent, he should bean economic engineer,
one who knows definitely what Is going on, not only in his own business, but
throughout the industrial, financial and commercial world.
We are living in an unusual period-one of constant inventions and rapid
progress. In the past year we have seen rayon climb to a level that reaches
other textiles. We have seen new types of paint finish: we have seen the
Introduction of artificial wool, flexible glass and many others. Don't make
the mistake of thinking that these are rare cases. They will appear thicker
and faster in the days ahead.
The wideawake concern must, in order to survive this period of keen
competition and limited margin of profit, watch new developments and pay
particular attention to the inevitable ups and downs in business.
In our organization we handle a great deal of correspondence on Individual
commodities. A few years ago practically every letter was signed by the
purchasing agent. In the past year or so I have noticed a new title'Economic Engineer-which In many cases Is taking the place of the purchasing agent. The real instructive thought that I wish to leave with this
group of purchasing agents is that your job In the future will not be merely
buying merchandise, but will include the job of economic engineer. which
Is to be the most thoroughly informed man In your concern on busisnes
conditions, price trends of the commodities that you consume and the
progress of new inventions.
August Building Permits Smaller Than a Year Ago,
According to S. W. Straus & Co.
August building permit reports received by S. W. Straus
& Co. from 443 cities show a decline of only 9% from
August 1925 and a 3% gain over July this year. In view of
the fact that the July building reports throughout the
country showed a loss of 11%, the August figures appear to
indicate, it is stated, that building generally is not slowing
down at a rate which is likely to have any appreciable
effect upon the building industry as a whole. The volume of
building, in fact, is being maintained on a plane which should
provide ample work for all of the available skilled mechanics
In the building trades. The total for the 443 cities in August
was $367,149,292, compared with $404,355,541 in August
1925 and $355,828,203 in July this year. Among the States
which showed gains over August 1925 were Alabama, Connecticut, Illinois, Indiana, Iowa, Kentucky, Maryland,
Michigan, Minnesota, Mississippi, Montana, North Carolina, Oklahoma, Rhode Island, Tennessee, Virginia, Washington and Wisconsin.
In the list of 25 leading cities, those showing gains were
Chicago, Washington, Baltimore, Cleveland, Pittsburgh,
San Francisco, Albany, Milwaukee, Jersey City, White
Plains, Seattle, New Haven, Jacksonville, Oklahoma City
and Providence.
A loss of 20% in New York City was due entirely to a
slowing down in Manhattan Borough, which was 53%
behind August 1925. Chicago's August gain was about
$3,000,000 and the city had a gain of nearly $9,000,000 over
July this year. Detroit's August loss was only about
$1,000,000. Philadelphia had a negligible loss from August,
but a decline of about $3,000,000 from Jr'v this year.
Jacksonville led the 25 leading building cities of the South
with a gain of more than 80% over August last year, but the
State of Florida showed a loss of 57. Comparison for the
25 cities having the largest volume of permits are as follows:
TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS
FOR AUGUST 1926 WITH COMPARISONS.
July 1926.
. August 1926,
August 1925.
1. New York (P. F.)
$80.233.924
$97,364,300
$75,925,165
2. Chicago
25,384,800
34,024,600
31,05. ,700
3. Detroit
16.257.570
14,419,741
15,467,701
4. Philadelphia
12.919,245
9,674,435
9,996.675
5. Washington
4,706.550
8.972,075
5,964.115
6. Los Angeles
14,126.776
10,221,257
8,826,108
7. Boston (P. F.)
4,840,679
8,065.266
6.135,358
8. Baltimore
3,014,800
4,924,300
5,913,900
9. Cle-eland
6,719,450
5,633.875
4,943,150
10. Newark, N J
4,120.447
4.548,913
8,966.945
11. Pittsburgh
3,530.383
4,506,070
3,336.928
12. San Francisco
3.556.069
4.163,510
3,840,076
13. Albany
1,457.610
3,977.374
875.481
14. Columbus
3,042.400
3,645,100
5.328.000
15. Milwaukee
4,649.255
3,621,140
3.063,743
16. Portland
3,257.405
3,544.110
3,0.9,865
17. St.I.ouls
2,491.461
3,126,885
4.657.295
18. Jersey City
1,403.509
3.077.135
2,190.360
IS. White Plains
1,084,800
2,806.275
703.675
20. Seattle
2,426,485
2.784,690
2,083,895
21. New Haven
842,293
2,756.455
491,959
22. Jacksonville
2,253,415
2,720,590
1,505,673
23. Oklahoma City
509,216
2.667.625
571,361
24. Oakland
2,362.726
2,665.900
2.246.419
2,061,600
25, Providence
2,691,300
2,024,000
The Cleveland Trust Co., on the Business Outlook.
The Cleveland Trust Co. in its "Business Bulletin" under
date of Sept. 15 1926 expresses the opinion that good business
now seems assured for the rest of 1926. Prosperity prevails
in most lines of industry: trade is going well; agricultural
conditions and prospects are much better than they promised
to be three months ago; and employment is general with
wages high. The normal autumn expansion of business
activity is beginning, and beyond that there is in prospect the
best season for holiday trade that the country has ever had.
Under these conditions there is no reason to entertain anything less than full confidence in the prospects for general
business during the remaining months of this year.
The company also says that the longer look into the future
reveals nothing that is alarming but it does not wear to
offer so clear a prospect as that which is immediately ahead.
The present period of sustained prosperity has been buttressed by long-continued profitable activity in the three
great industries of building construction, iron and steel, and
automobile manufacture. These have constituted a kind of
industrial tripod resting on a foundation of easy interest
rates, and forming a framework for the support of a protracted period of better-than-normal business. At the
present time interest rates are no longer low and are steadily
rising, while the activity in each of the three key industries
is slowly declining. Building construction has been going
forward in gradually lessened volume since the beginning of
the year. It is still very active, but it is no longer making
new high records. Rents are slowly declining, and it is
evident that building shortages have been pretty well made
up, while suburban extensions and new subdivisions about
out cities are no longer being projected as actively as they
were last spring.
It is now fairly evident the Bulletin declares, that the output of steel this year will be greater than ever before, but
pig iron production, while high, is not likely to be as great
as it was in 1923. It has been a good year so far for the industry with profits for the principal companies during the first
six months running about 26% ahead of the figures for 1925.
The prospects for profits in the second half of the year are
good, but nevertheless, the pace of activity is plainly slackening. The most cheerful element in the situation is the real
prospect that the railroads, which are the best customers of
the steel companies, will begin this autumn to devote
increased amounts of their large profits to the purchase of
new equipment. The statement goes on as follows:
The Standard Statistics Co. has compiled data showing that the net
earnings of 192 Industrial and utility companies during the first six months
of this year were nearly 20% greater than In the first half of 1925. It is to
be noted, however, that the major part of the increase came In the first
quarter, and the evidences are increasing to indicate that Industrial activity
and profits, while still well above normal, no longer promise to exceed
month by month the high records of last year.
Wholesale prices continue their gradual decline which has been under way
since the summer of last year. One of the most remarkable facts about the
present period of good business is that it has been able to continue despite a
steadily falling wholesale price level. This has been made possible by the
sustained high consuming power of the American people, which has taken
care of goods coming on the markets, and the efficient operation of the
railroads, which has made it possible for merchants to keep their stocks
reduced to a minumum.
As the third quarter of the year draws to a close the situation In general
business may be summarized by noting that Industry, trade, and transportation are active and making good profits. The prospects for the
remaining months of 1926 are definitely good. However, the symptoms of
some slowing down have appeared. The costs of borrowing capital are
rising, while the profits from invested capital are declining. Wholesale
SEPT. 18 1926.]
THE CliltONICLE
1435
25,204 cars were leaded with live stock during the week.
prices are also declining, and there is some indication that Inventories are districtsplone,
can above the same week last year.
1,608
reasonably
cannot
we
that
Indicate
to
clearly
seem
facts
Increasing. These
Ore loading totaled 74.770 cars, a decrease of 5.655 cars below the precedexpect the wave of prosperity that made 1925 better than 1924, and 1926
week but 15.309 cars above the corresponding week in 1925. Compared
better than 1925, to continue rising so as to make 1927 better thanA1926. ing
with the same week in 1924. It was also an increase of 28,821 ears.
Coke loading totaled 12,300 cars, an inorease of 467 cars above the
week and 1.032 cars above the corresponding week In 1925.
Economic Review of Philadelphia-Girard National preceding
Compared with the same week In 1924,it was also an increase of 5,032 cars.
Business.
of
Volume
g
Bank-Increasin
All districts showed increases compared with the preceding week in the
Pocahontas and Northwestern
The Philadelphia-Girard National Bank of Philadelphia, total loading of all commodities except theSouthwestern
showed increases
All except the Southern and
in its "Economic Review" under date of Sept. 15, has the districts.
over the corresponding week last year but all showed intreases over the
following to say in its survey of business conditions:
corresponding week in 1924.
Loading of revenue freight this year compared with the two previous
Industry and business generally continue to run at big and usually
which
lines
those
years follows:
increasing volume. The latter applies particularly to
1924.
1925.
1926.
had experienced lung depression and many difficulties, notably the textile
4.294.270
4.456.949
4.432.010
manufactures. There is marked improvement in the woolen and worsted Five weeks in January
3.631.819
3,623.047
3.676.449
Industry, in which the largest producer is now operating a number of its Four weeks in February
3.661.992
3.702.413
3.877.139
Four weeks in March
3,498.230
3.726.830
chief mills at full capacity, with the prospect for the balance of the year Four weeks in April
3.795.837
4.473.729
reduction
4.853.379
price
the
having
followed
enlarged
buying
substantially
5.142.879
good,
Five welts in May
3.625.182
3.965.872
4.112.150
which was made. Also, there have been appreciable gains in the cotton Four w.leics in June
4.470.522
4.945.091
5.245.267
July
In
industry, with resumption and increase in mill operations both in New Five weeks
8.898.384
4.321.427
4.417,780
Four weeks in August
921.303
1.102.785
England and the South. Lower prices for cotton contributed to this Week of Sept. 4
1.151,346
result. Shortage is reported in desirable silks, and the New England
32,475,361
34,697,793
35.850,857
Total
shoe business has made distinct gain.
Taking a broad survey of conditions throughout the country, it is seen
that railroad traffic is larger than ever before, and that the seasons' harvests
have and will put full support back of the general prosperity in which all Increase in Employment and Wages in Pennsylvania
classes of the population are sharing In fairly Illative degree. Purchasing
and Delaware in August.
power of the country is thus underwritten and assured for another period.
products.
After a period of industrial slackness in July, due to the
With continued great aggregate consumption of all kinds of
both raw and manufactured, thus made certain, the prospect for prac- closing of many plants for the observance of the holiday,
tically all producers and distributors is as sure and bright as it has evil*
vacation periods and semi-annual inventories, employment
been at this time of the year.
Capital is performing a greater and greater proportion in productive and wage payments in Pennsylvania increased somewhat in
and distributive operations. This enables labor in units, as well as in August, says the Federal Reserve Bank of Philadelphia in its
the aggsegate, to do more and get higher wages. It is this basic fact
employment and wages in
which has contributed vastly to the amazing economic phenomena. which survey, made public Sept. 16, of
have developed in the last few years in way to bear more and more fult. Pennsylvania and Delaware. Continuing, its review of
In fact, money and brains, put Into machinery and organization, have
in Pennsylvania, the bank states:
tremendously increased the output of labor, with the result that pro- conditions
Tbe largest gains were reported by the metal manufactures and textile
duction has increased by Jumps and bounds. For example, compared
building matertils and construction groups showed slight
with ten years ago, the railroads of the United States operated with 14% groups. The
although total wage payments advanced somewhat,
employment.
in
declines
28.3
from
less labor hours in 1925. but average hourly wage increased
reported a slight decline in both employment and
cents to 63.9 cents. A statistical study Just made by the Department but the chemical groupindustries showing the largest gains were electrical
The
of Labor shows, taking 1914 to base upon, that the output per man In wage payments.
silk goods, woolens and worsteds, general construction, ex1925 was 16.5% larger in the boot and shoe industry. 26% higher in paper machinery,
boots and shoes.
and
plosives
motor
the
manufacturing, 49.3% In iron and steel, and 210% more in
business. In the steel industry production was 89% greater. with 26 6%
The bank goes on to say:
increase In number employed; while the motor industry, with 219% inDelaware likewise showed an increase of 1.2% in employment and 0.6%
crease in the employed, expanded output 888%. That affords also a in total wage payments. All groups reported increases with the exception
key to the impressive buying power of the American people.
of foundries and machine shops and other metal plants. Among the groups
showing the largest gains were food industries, chemicals and leather products. The printing and publishing trade declined in employment but inRailroad Revenue Freight Car Loading Breaks All creased somewhat in wage payments.
Of the 17 city areas, all but Wilmington showed increases in total wags
Records-Reaches 1,151,346 Cars in Latest Week.
payments, although In h of them the volume of employment was slightly
and
,,,,&_new high record in the number of cars loaded with lower In August than in July. The largest gain In both employment
wage payments was reported by the New Castle area. Most of the other
revenue freight was established in the week endedon Sept. 4, changes
and
employment
both
were relaJvely small, although in Sunbury
according to reports filed by the carriers with the Car Service wage payments advanced considerably, and in Erie and Lancaster there
Division of the American Railway Association. The total were also rather large gains In wage payments. For Philadelphia the increase was 1.1% for employment and 1.2% for total wage payments.
for the week was 1,151,346 cars, the largest number for any
one week ever recorded. The total for the week of Sept. 4
exceeded by 15,113 cars the previous high record established
the preceding week when 1,136,233 cars were loaded. The
highest loading for any one week in each year since 1922
with the highest loading so far this year follows:
1.124.438 cars
999.718 cars Aug. 29 1925
Oct. 24 1922
cars
The compilations follow:
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
(Compiled by the Federal Reserve Sank of Philadelphia and the Department
of Labor and Industry, Commonwealth of Pennsylvania.)
Malatil Of Damon
No. of August 1926 Over July 1926
Astra,*
Toial
Plants EmployWages.
Wages.
Reporting. time.
Group and Industry1,151,346
1,097,493 cars Sept. 4 1926
Sept.25 1923
+1.9%
+3.0%
+1.0%
881
All Industries(46)
1,113,053 Curs
Oct. 23 1924
+1.7
+1.4.
295
Metal manufactures
-1.1
-4.9
-3.8
20
parts
and
Automobiles, bodies
This was the fifteenth week this year that loadings have
-2.5
-0.0
+2.6
20
Car construction and repair
+6.0
+16.2
+9.6
17
been in excess of one million cars a week and brought the
Electrical machinery and apparatus
+1.9
.+3.3
+1.3
39
tools_
Engines, machines and machine
+0.2
total number of cars loaded with revenue freight from Jan. 1
+0.6
+0.3
59
Foundries and machine shops
-0.7
+5.2
+5.9
17
apparatus
and
appliances
Heating
to Sept. 4 up to 35,850,857 cars, an increase of 1,153,064
+2.7
+3.1
+0.4
12
Iron and steel blast furnaces
+2.7
+5.6
+2.8
12
Iron and steel forging,
period last year and 3,375,496
cars-over the .corresponding
_
+4.2
+6.3
+2.0
37
Steel works and rolling mills
+1.8
+7.5
+5.6
cars above the corresponding period in 1924. Thisrecord
17
Structural Iron works
+2.7
+0.3
-2.3
26
products___meet
and
Iron
Miscellaneous
freight movement is being handled without car shortage or
+1.7
+5.6
+3.9
3
Shipbuilding
-2.0
-0.6
+1.3
8
Hardware
transportation
difficulties.
the
same
Compared with
other
+1.9
+2.4
+0.4
8
Non-ferrous metals
+3.1
+5.2
+2.1
174
week last year, the total for the week of Sept. 4 was an Textile products
-1.0
+5.3
+6.4
10
rugs
Carpets
and
-0.4
increase of 48,561 cars. It also was an increase of 230,043
-2.1
-1.7
33
Clothing
+3.1
+3.0
-0.1
6
Hata. felt and other
cars over the same week in 1924, which included Labor Day, Cotton
+7.0
+7.6
+0.6
17
goods
+7.8
+13.6
42
+5.4
Slit itoods
however. Increases over the preceding week in the loading
+8.7
+11.4
14
+2.5
Woolens and worsteds
-3.4
-4.6
42
of all commodities except coal and ore were reported.
-1.3
Knit goods and hosiery
+0.8
10
+3.5
+2.7
Dyeing and finishing textiles
Further details are as follows:
-0.1
112
+0.2
+0.3
Foods and tobacco
+0.2
-2.7
-2.6
37
Bakeries
Miscellaneous freight loading for the week of Sept. 4 totaled 431.566
-2.2
+3.0
+0.7
23
Confectionery and ice cream
cars, an increase of 17,088 cars above the week before and 8,378 cars above
+0.5
-1.8
14
packing
meat
-2.3
Slaughtering and
+2.2
the same week in 1925. It also was 92.691 cars above the name week in 1924.
+3.0
+0.8
Cigars and tobacco
38
+2•3
+0.6
71
Loading of grain and grain products amounted to 57.361 cars, an increase Building materials
-1.7
-0.2
+0.2
Brick, tile and terra cotta products
29
+0.3
of 142 cars above the preceding week and 1,253 cars above the corresponding
+2.8
+2.3
14
Cement
-0.6
+3.4
week in 1925. Compared with the same week in 1924, however, It was a
-1.1
-4.4
Glass
24
-1.1
-0.7
decrease of 7,635 cars. In the Western districts alone, grain and grain
+0.4
Pottery
4
+2.2
+1.2
-0.9
29
products loading totaled 37.376 cars, a decrease of 4,305 cars under the Construction and contracting
+2.9
-1.8
Buildings
-4.6
19
corresponding week last year.
.-3.0
+3.0
-5.8
Street and highway
3
+0.9
+141
Loading of merchandise and less than carload lot freight amounted to
7
General
.6
ss+1
week
the
before
and 2.014 cars Chemicals and allied products
+13.2-1.9
272,617 cars, an increase of 3,635 cars above
+2.0
-2.7
-4.6
Chemicals
and
21
drugs
increase
of
an
airs
was
above
53,928
also
week
in
It
1925.
same
the
above
+7.3
+12.1
+4.5
Explosives
2
-1.0
-0.4
the corresponding week in 1924.
+0.6
Paints and varnishes
9
+1.7
-0.7
-2.3
Coal loading totaled 197.877 cars, a decrease of 3.282 cars under the
5
Petroleum refining
+2.9
+3.8
+0.9
162
preceding week this year but 19,456 cars above the same week in 1925 and Miscellaneous Industries
-oft
-0.9
-0.8
28
Lumber
and
planing
mill
products
In
week
1924.
same
the
47.932 cars above
+1 A
+50
+4.4
20
Furniture
+4.1
+2.1
+2.0
Forest products loading totaled 71,645 cars. 743 cars above the week
18
Leather tanning
-t- 1.5
+1.9
+0.4
9
Leather products
before and 117 cars above the same week in 1925. It also was 8,770 cars
+14.e
+0.6
+15.5
22
Boots
and shoes
above the same week in 1924.
4.3
+4.5
+0.2
19
Paper
and
pulp
products
of
increase
an
to
cars,
33,210
+0.4
Live stock loading for the week amounted
+0.2
- 2
39
Printing and publishing
in
week
above
same
the
cars
1,002
-0.2
and
before
+3.3
week
3
the
Rubber tires and goods
1.975 cars above
+4.1
3
+0.3
+ 8
Novelties and jewelry
1025. It also was 504 cars above the same week in 1924. In the Western
1436
THE CHRONICLE
[Vol.. 123.
EMPLOYMENT AND WAGES IN DELAWARE.
The chemicals, oils and paints-group took a turn for the better, making
(Compiled by Federal Reserve Bank of Philadelphia.)
the most substantial gain of any of the nine major groups. Drugs and
Number
-Increase or Decreasechemicals, with an increase of 25.6%. contributed materially to the prosof
August 1926 Over July 1926
perity of this group. Paint and color factories lost 2.7% of their emPlants
EmployTotal
Average
IndustryReporting.
ployeesandollrefineries also showed a decline amounting to 3.4%. Plants
men!.
Wages.
Wages.
All industries
33
+0.6%
+1.2%
-0.5%
producing
miscellaneous chemicals added 2.8% to their forces. The
Foundries and machinery products
5
-5.7
-3.1
+2.9
index of employment with this month's gain of 2.1% is well above the
Other metal manufactures
5
-3.0
-2.7
Food industries
index for August 1925.
4 +11.0
+4.1
-6.2
Chemicals, drugs and paints
3
+6.4
There was a gain of 5-10 of 1% in the aggregate number employed in
+11.6
+4.9
Leather tanned and products
+6.4
5
+9.1
+2.5
the printing and paper goods Industries. Job printing continued its
Printing and publishing
4
-4.7
+2.8
+7.9
upward
trend with 1.5% more employees. All other industries in thin
Miscellaneous industries
+1.4
7
+1.6
+0.1
group except miscellaneous paper goods registered losses for the month.
EMPLOYMENT AND WAGES IN CITY AREAS.
The textile group showed the biggest drop in employment of any of the
(Compiled by Department of Statistics and Research of the Federal Reserve Bank
nine major classes. The decrease of 6.3% was mainly due to losses at
of Philadelphia.)
the
knitting pulls, which laid off 9.4% of their employees. Employment
Number
-Increase or Decrease
at cotton mills remained unchanged, and thread mills dropped I.% of
of
August 1926 Over July 1926
Plants
EmployTotal
Average their employees from the payrolls.
Areasmeat.
Reporting.
W ages.
Wages.
Seasonal revival in the clothing industry brought a gain of 6-10 of 1%
Allentown-Bethlehem-Easton
+0.4%
84
+4.1%
+3.6% in employment.
Altoona
Men's clothing shops continued to add workers with
15
+0.3
+1.5
-1.2
Erie
a gain of 1.2%. Makers of men's hats also gained ground, taking on
14
-0.2
+7.5
+7.7
Harrisburg
39
-0.2
+3.3
+3.5
3.2% more workers. Millinery made the most substantial gain in this
Elasleton-pottsville
21
-3.5
+1.2
+4.9
group, adding 11.8% to its numbers in preparation for the coming fall
Johnstown
13
+1.7
+2.0
+0.4
Lancaster
openings. Women's clothing firms lost ground slightly but their index
33
+3.3
+8.2
+4.7
New Castle
11
+9.1
of 108 is svell ahead of the 102.4 index of last August.
+12.7
+3.3
Philadelphia
+1.1
263
+1.2
+0.1
Losses in the aggregate numbers in the food group amounted to only
Pittsburgh
104
+0.3
+3.1
+2.7
Reading-Lebanon
1-10 of 1% but there were big changes in some of the industries rep:osented
69
+2.6
+3.7
+1.0
Scranton
In
the group. Flour and feed mills made the biggest gain with 20.3%
-2.7
35
+1.0
+3.8
Sunbury
26
+6.3
more workers. Employees in the canning factories were fewer by more
+9.8
+3.3
Trenton •
than a third, showing a loss of 37.3%. This is probably due to the fact
Wilkes-Barre
24
+1.4
-1:4-.6
Williamsport
that the pea-canning season is practically over and the corn canning had
24
+1.3
+0.1
-1.2
Wilmington
scarcely
begun by the middle of August when the payroll figures were
34
+0.2
-0.6
York
47 .-0.4
+0.3
+0.7
secured. The packing plants continued to add to their forces with a
•Trenton figures not available this month.
gain of 1.2%. This gain Is not as great as the gain of August over July
In 1925, but is practically identical with the gain In August 1924. The
index
of employment In the packing plants this month is not quite as
Industrial Conditions in Illinois in August-Little high as
for August 1925. Ice manufacturing plants added 12.3% to
Change During Month in General Level
the number of workers. This, however, does not bring the index up to
last year's for August. Groceries, dairy products and confectionery
of Factory Employment.
showed gains, while bakery goods, beverages, tobacco and ice cream lost
"The general level of factory employment changed very ground.
little in the past thirty days," according to the August
Industrial wage payments began their return to normal after the usual
decreases. The average weekly wage for August was $28 62.
review of industrial conditions in Illinois issued Sept. 15 by summer
this comparing with the July average of $27 96. Average weekly wages
Reuben D. Cahn, Chief of the Bureau of Industrial Accident have not yet returned to the June
level of $29 02.
The mining situation continued to improve and reassuring reports of
''Labor Researchof the Illinois Department of Labor.
renewed activity have sound basis in fact. Announcements coming to
Reporting the situation Mr. Cahn says:
the attention of the Illinois Department of Labor told of the reopening
Reports to the Illinois Department of Labor from representative
manu- of five mines to employ 1.200, while mines reporting regularly to the
facturers In a wide range of industries with aggregate payrolls
exceeding Department had 12.7% more men on their payrolls in August than in
277,000 showed a decline of less than h of 1% during August.
The results July. According to the reports of the U. S. Bureau of Mines, during
of the survey, however, indicate that the factories
had 38,000 more em- the week of Aug. 7, production of coal in Illinois mines was for the first
ployees in August than they had one year ago.
week In some time larger than the production in Kentucky. In the week
During the past month, the labor market continued to give
evidence of a of Aug. 14 production again was larger in Illinois than in Kentucky. In
situation that is generally regarded as satisfactory.
Working people in these two weeks only two States, West Virginia and Pennsylvania, promost of the classifications are fully employed and yet no
duced more coal than Illinois. The index number for employment In the
labor
been complained of by the employers. The free employment shortage has mines Is stlll
7.7 points below the index for August 1925.
offices of the
State of Illinois reported the placement of 16,181 persons
during August,
The analysis by cities follows:
2,800 more persons than were placed in these offices a year
ago. On the
average the job-seekers outnumbered the vacant jobs reported
Aurora.-Industrial employment in 19 firms showed a slight decrease
131 to 100,
but this Is the best condition the offices have experienced
amounting to 8-10 of 1%. The aggregate employment of these firms was
since May.
While the general level of factory employment In August
2.258 as compared with 2,276 for July. The decrease was almost entirely
was
from the July level, there was change among the industries undisturbed due to the laying off of men in the metals and machinery groups,Although
of the State.
Food, apparel, chemical, wood, leather and paper Industries
few firms in this group were taking on men. Plants making women's
a
in general
showed increased employment; while in metals and
building materials, clothing made some slight additions to their forces, but continued to work
declines predominated.
on part time schedules. The railroad shops have laid off about a hundred
New factories in the smaller industrial centres are still
being announced. men. There has been an active demand for thresher hands and the Central
although less frequently than earlier in the year. There
were announced States fair and exposition furnished employment to many unskilled men.
during the month a metal plant at East St. Louis, a
cleaning and dyeing The free employment office reports 125 workers registered for each 100 Jobs
plant at East Moline; new quarters for an electrical supply
available, compared with the July ratio of 129 and the June ratio et 127
and
In North Chicago; a large building for manufacturing purposes radio firm and 144 for August 1925. The value of the building permits issued during
in Freeport;
a cotton mill at Harrisburg: a kraut factory at Richmond;
month was $422,968, which was $56,421 less than the total of last
the
a shoe plant at
Effingham and a cheese factory at Casey. Plana are also
being considered month And 27,991 less than a year ago.
for building a huge series of coke ovens at Waukegan. The
Bloomington.-Reports from 12 firms showed a further gain this month
shoe
at Salem previously announced was reported to have inaugurated factory of 3.2% in employment. Although the candy factories are still working
operation
With about 800 employees.
only part time they are gradually adding to their forces. The gain in
The decline was resumed in the car building Industry, fewer
employment was mainly in the metals and machinery group. The foundries
employees
now being engaged in this industry than at any time since
employment and railroad shops are working full time and hiring a few men. The
statistics were begun in Illinois five years ago. Car building
operations canning factories have started to work and are employing a good many
are 40% below the 1922 level.
men and women. They have an unusual crop this year to can and will
The trend in the iron and steel industry has continued downward
with use all the help they can accommodate. Building continues active with
employment 1.6% less in August than in July. The rate of
decline, work on the new hotel progressing splendidly and some new paving contracts
however, Is substantially less than in August 1925, when 6.7%
of the have been given out. The value of permits for new buildings has declined
employees were laid off.
considerably, however, the total for August being only $34,000. only about
0 As is usual In August, employment has started up in the
implement h the total of $125,900 for July and much less than the figure of $107.350
factories. The month's employment accretions brought the index
August 1925. Placements at the free employment office increased
for
to
130, or 30% higher than on the average in 1922. In cooking and heating during the month and the August ratio of 125 workers to each 100 jobs
apparatus 9% more employees were put to work and 5% more
In brass compares very favorably with the ratio of 138 for July. The ratio for
and copper plants. The change in the electrical apparatus
Industry in August 1925 was 120.
August was h of 1% and in the upward direction. Of the
Chicago.-The aggregate number of employees of 585 firms In August
remaining
Industries of the metals group, machinery. instruments and
appliances showed a gain of 1-10 of 1%. Although employment holds its own the
and jewelry increased slightly; shret metal declined slightly and
automobile Increase in employment was not as great as for the same month last year.
accessories and tools suffered declines of 4 and 6%, respectively.
The larger manufacturers of men's clothing have decreased their forces
The building supply group as a whole declined 1.8% in employment. somewhat and are working on a part time basis,
but some of the smaller
This is In line with the usual fall reduction. The brick kilns made
some firms have added quite considerably to the numbers of their payrolls and
additions to their force'', making a gain of 9-10 of 1%. Lime and
cement there was a net gain in employment among the clothing firms. The emfirms showed a gain of 2.8% and miscellaneous mineral products gained ployment trend at the packing plants was
also mixed but the net results
2.5%. However, plants in the glass industry registered substantial losses was a decided gain over the employment of the
previous month. The steel
amounting to 6.3% of the July employment.
plants also made a slight gain but here again there were decreases at about
Saw mills and planing mills aro keeping up their activity and showed a as many factories as there were increases.
The lumber and woodworking
slight gain of 1-10 of 1%. Seasonal activity at the furniture factories group showed some substantial gains in
the forces of some of the firms
netted a gain of 2.7%. Firms manufacturing miscellaneous wood products reporting. The number of placements
at the free employment office
lost 5.3% of the employees. Piano manufacturers barely held their own, declined, as did also the number of registrations
and calls for help. Howand household furnishings factories lost 6-10 of 1% of their employees. ever, the ratio of Job seekers to
Jobs available was more favorable, with
The wood products group as a whole gained 5-10 of 1%. making the index 140 registrations to each 100 Jobs
compared with 153 in July and 140 in
number 97.5. as compared with 98.4 in August 1925.
August of last year. The value of building permits issued
made a big
Firms in the fur and leather goods group lost 2.7% of their employees. gain with a total of $35,695,489
for authorized new building compared
but this loss was entirely due to reductions at plants manufacturing miscel- with $27,480,845 for July-a gain of sx, millions.
It also exceeded the
laneous leather goods where 54.8% of the employees were laid off. Tan- total of August 1925 by 4% millions.
neries are still on the upgrade in employment, with a gain of 3.1%. Boot
Cicero.-That industrial conditions are on the up-grade here is shown by
and shoe factories continued their seasonal expansion by adding 3.6% the fact that
employment as reported by 8 firms showed an increase of
to their numbers. The largest gain was In the fur and fur goods industry, 8.9% over last
month. The firms in the metal and machinery group made
Where 35.7% more people were employed than last month. These gains considerable
additions to their payrolls and several of these plants are also
could not compensate for other losses and the group index as a whole, not working
overtime. The ratio of applicants to jobs available at the free
only fell behind the July index, but also the August 1925 index.
employment office as not as favorable this month as last, however. The
la
SEPT. 18 1926.]
THE CHRONICLE
1437
figure for August was 146. as against 141 in July. But great improvement slightly over last month, making a total of $416.012, as against $413,205
was shown over the figure for a year ago, which was 188 persons registered for July. The total was not as great as the total of 5529.840 for August
for each 100 jobs. The value of the building permits issued has fallen off a 1925.
Springfield.-There was a slight falling off of employment according to
great deal, with a total this month of $302.865, which was $371,447 less
reports from 9 representative firms. The decline amounted to 2% and was
than the total for July and $291.224 less than for August 1925.
due
employprincipally to layoffs in the metal and machinery plants and printing
Danville.-A survey of 16 representative firms shows a decline in
Rement of 6.7%. Practically all of the reporting firms shared in this falling trades. Four of the 9 firms reported slight gains in employment.
that
off of employment, but the brick kilns showed the greatest decline. The ports on the situation at the mines are reassuring and it is expected
office
employment
free
The
metal and machinery firms are running full time but with reduced forces. more mines will soon open up in this district.
to the
and the railroad car shops are continuing to reduce the numbers on their reports an increase of 168 placements over July. mainly attributable
payrolls. The corn-canning factories are now in operation and are em- work at the State Fair. There were 106 job seekers to each 100 jobs in
ploying a great deal of extra help. This may partially account for the fact August, as compared with 109 in July and 113 in August 1925. There was
that the ratio of registrations to calls for help at the free employment office a big jump in the value of building permits issued, the total for August.
is more favorable this month than last. In August there were 133 appli- $955.349, being $667,810 more than the total for July and $633,253 more
cants for each 100 jobs as against 146 for July. The ratio for August 1925 than for August 1925.
was only 119 to 100 Jobs. .The value of the building permits issued was
$103,000. only $7,000 less than the total for July but $44,000 behind the Agricultural and Financial Conditions in the Federal
figure for August 1925.
Reserve District of Minneapolis.
Decatur.-Employment records for 21 Decatur firms show an increase of
2.7% in industrial employment. This increase was mainly due to additions
The
of business in this district in August, says the
volume
at plants in the food group. The increases and decreases in forces at the
Bank of Minneapolis, when measured by
Reserve
Federal
program
metal plants practically offset each other. An exetnsive building
Is helping employment conditions here very much. The construction of a check payments through banks in seventeen reporting cities,
million-dollar grain elevator and a 2%-million-dollar building program for
was 6% less than in August of last year. This decline is
one of the railroads are the mast important projects under way at present.
those
Building permits valued at $396.700 were issued this month, the total being corroborated by the figures for car loadings, excluding
$70.150 less than for July and $127,685 below the figure for August 1925. of iron ore, which declined 2%. These figures for car loadThe ratio at the free employment office was 132 Job seekers to every 100
ings, which cover the three weeks ending Aug. 21, as comjobs. This compares favorably with the ratio of 144 for July and 138 for
pared with a similar period of last year, indicate a decline
August 1925.
East St. Louis.-Employment is still on the down-grade although the of 34% in the loadings of grain and grain products, but gains
decline this month amounted to only 1.6% as renorted by 22 representative
of iron ore, of 6% in loadings of
firms. The packing plants showed some small increases in numbers em- of 23% in the loadings
ployed, as did also several firms in the stone, clay and glass group. A few miscellaneous merchandise and of 1% in less-than-car load
of the metal and machinery plants added men, but layoffs at other plants lots of merchandise. An analysis of grain receipts at terin this group more than offset these slight gains The ratio at the free
loadings of grain and
employment office of 144 persons registered for every 100 jobs is further minals shows that the decline in car
Indication of the decrease in employment, since the ratio for July was only grain products was due to reductions in receipts as compared
134 to every 100 jobs This, however, is an improvement over the situawith last year of 10 million bushels in oats, 5 million bushels
tion a year ago, when there were 193 persons registered for each 100 jobs
were smaller
available The value of building permits issued for the month was $330,592 in barley and 1 million bushels in wheat. There
-a total $93,608 less than that for July and $79,934 less than for the same declines in the receipts of rye and flax and a gain in corn.
month last year.
•
reported by retail stores in this district were 6%
Joliet.-Reports from 29 firms showed a gain of 1.9% in employment in Sales as
a gain
August. Plants in the food group showed fairly substantial gains as did below last year, although for the whole United States
also the paper mills. The trend in the metals and machinery group was was shown of 6 %. The movement of feeder cattle was
mixed, some firms decreasing and some increasing their forces, but the net
than last year and the movement of feeder hogs
result was a gain. The free employment office recported a heavy demand 2% larger
for common labor from the brickyards and the records of the yards reporting and sheep was more than double last year. The statement
show good gains in nearly every case. The demand for farm labor at the continues as follows:
free employment office was brisk also. The ratio of applicants to jobs this
As compared with the preceding month, the volume of business in
month was 133, as compared with 109 for July and 148 for August 1925. August, as measured by check payments through banks, declined 7%,
Permits for new buildings estimated to cost $221,957 were issued in August, whereas in the preceding years there has customarily been no change shown.
a total loss of $50,265 as compared with the figure for July.
This is to be accounted for largely by a substantial decline in the receipts
Moline-Rock Island -Employment ip both these cities has taken a turn of hogs at terminals, by a failure of cattle receipts to show the usual seasonal
3.2%.
21
of
firms in Mollne show a net gain
for the better. Records of
Increase, by lower prices for all the grains, except corn and flax, and by a
Seven of the 15 firms reporting in the metals group showed decreases in substantial decline in the price of hogs.
employment, one firm shutting down entirely, but the gains in the other
The outlook for business activity, based on building prospects, continues
8 firms in the group more than compensated for the losses, Firms in the unfavorable. The total of building permits granted during August at
wood products group also showed gains and some overtime work. The nine cities in this district for which reports have been received, was 13%
8 Rock Island firms reporting showed a gain of 22.4% over last month. less in number and 24% less in value than in the same month last year.
This was mainly due to the fact that one firm in the metals group added Duluth-Superior and the four wheat belt cities-Aberdeen. Fargo, Great
125 men. Nearly all the other firms showed slight gains. The favorable Falls and Helena-showed increases. Minneapolis and St. Paul exhibited
conditions are reflected in the ratio of 134 applicants to each 100 jobs, decreases. As compared with last month, there was a slight increase in
as compared with the July figure of 137. Road building and contract the number of permits granted, but the total valuation declined 17%.
work are progressing well, although no large projects are under way. whereas, measured by the experience of preceding years, there should be
Permits were issued in Moline for new buildings valued at $142,534. a total an increase of 10% at this season.
loss of $48,269from the total for July, but $57,657 in excess of the figure for
Durum wheat growers in the Northwest are favored by a fortunate
August 1925. Rock Island issued permits for buildings valued at $51,124, accident of poor crops in Italy, Morocco and Tunis. which is forcing the
the
as
large
total
as
the
for
than
but
one-tenth
July
not
only $255 less
price of durum wheat to unnatural levels as compared with the price of
high figure of $524,312 for August 1925.
bread wheat and in this way is reducing the severity of the loss which has
Peoria.-Reports from 35 representative firms showed a marked decline been expected due to the poor yields of the northwestern durum crop this
in employment amounting to 14.4%. The plants in the food group were year. With a large United States bread wheat crop and. seemingly, an
the only ones showing a net gain. Foundries and metal plants showed a adequate foreign supply of bread wheat, the median price of No. 1 dark
loss, with complete shutdown in one of the larger factories. The closing of Northern wheat at Minneapolis dropped 20 cents between July and August
a glove factory threw hundreds of women out of work so that less than this year and was 10 cents per bushel lower in August than a year ago.
half of the number of women usually employed by these 35 reporting firms The median price of No. 2 amber durum wheat, on the contrary, decreased
were working. The free employment office reports an increase in the only 2 cents between July and August and was 21 cents higher than a year
number of placements over July although the wet weather retarded the ago. As a result, durum sold 3 cents over bread wheat in Aug. 1926, for
outdoor work and slowed up the farming considerably. An indication of the grades mentioned above, as compared with 28 cents under bread wheat
more favorable general conditions was found in the ratio at the free em- in August last ypar. The United States durum wheat crop this year is
ployment office of only 137 job seekers to every 100 jobs, as compared with 27% smaller than the crop a year ago, but if the higher prices prevailing
162 in July and 175 in August 1925. Local building projects are making are maintained, the cash returns from durum wheat in the Northwest will
rapid progress and all building craftsmen are employed. 136 permits for be only 16% smaller than last year.
buildings estimated to cost $572,050 were issued during the month. This
figure was $63,175 less than the total for July, but was well ahead of the
Volume of Building in Illinois During August Exceeds
total of $360,375 for August 1925.
Quincy.-Industrial employment continued the steady upward trend
July by Over Eight Million Dollars.
which has been evident since last April. The payrolls of 17 firms showed
In his report of building construction in Illinois during
an increase of 6% in the number of workers employed. The metal and
machinery' plants are taking on a few men, but some of them are still August, Reuben D. Cahn, Chief of the Bureau of Industrial
working part time schedules. Clothing manufacturers showed slight gains,
Accident and Labor Research of the Illinois Department of
but firms in the paper and printing group showed the most substantial
improvement. The free employment office reports fewer calls for help Labor, says:
owing to the wet weather, which has retarded the farming and street and
August building surpasses July figures by more than eight million dollars,
road work. There were 138 persons available for each 100 jobs at the free most of which is due to building activities in Chicago and surrounding cities
employment office in August, as compared with 136 in July and 171 in and towns. Rockford, Springfield and Murphysboro are the only downAugust 1925. Building permits valued at 171.875 were issued during the State communities whose construction increased in August the first-named
month, a figure $28,775 less than for July 1926 but $34,740 greater than by less than $3,000. Springfield more than trebled its July figures this
month. August building for the State shows an increase of 43 millions
for August 1925.
Rockford.-A slight gain, amounting to 1.6%, was made during the last over August 1925.
Home building Is still slightly in the lead but Is proportionately much
month. Fifty-seven Rockford firms report an aggregate employment of
communities, such as Evanston,
8,554 in August and 8,418 in July. The knitting mills have laid off men lass than in July. Certain residential
percentage of new residential buildand the conditions in the paper mills remain about the same. Nearly all Wilmette and Winnetka, show a large
Springfield in August planned nonthe foundries and metal plants are taking on men and the free employment ings. Joliet, Peoria. Quincy and
residential in value. Outside the
office reports a shortage of molders, machinists, toolmakers and other residential buildings which exceed
homes for 69 families, leads in the
metal workers. The furniture factories are taking on men, although some metropolitan area, Rockford, building housekeeping
dwellings. Decatur
new
of the plants are still working part time. New buildings and city paving, number of families provided for in
the first eight months of 1926
During
sewers and hard road work continue to keep all building trades workers and follows with 52. Peoria with 40.
627 families, East St. Louis for 481.
laborers busy. There were 86.6 workers available for every 100 jobs at Rockford has planned new homes for
metropolitan area. Berwyn providing for 122
the free employment office, compared with 87.8 last month and 85.5 in Decatur for 443. In the
in new dwellings planned during August.
August 1925. The free employment office reports that many workers families, leads all the suburbs 111. Evanston follows with 54.
During
with
applied directly at the factories for work and did not rely on the service of Oak Park is a close second
months of 1926. Berwyn has provided new dwellings for
the free employment office. Value of the building permits issued increased the first eight
1438
THE CHRONICLE
1.057 tamilics, Oak Park for 551. Cicero for 400. In building authorized
during the first eight months of this year. Peoria leads all cities outside
the metropolitan area, having a total of $4.437,270. Rockford is second
With $3,720,017. Springfield follows with $3,482,511. East St. Louis with
$3 321 663. Decatur with 13,225.590.
In the metropolitan area, during the first eight months of this year,
Chicago has authorized building work worth $247,772.275. Berwyn $6.474,600, Oak Park $4,586,313. Cicero $3.889.081.
The following statistics are furnished by Mr. Cahn:
NUMBER AND COST OF BUILDINGS AS STATED BY PERMITS ISSUED
IN ILLINOIS CITIES IN AUGUST 1926 BY CITIES ACCORDING
TO KIND OF BUILDING.
Total
Cities.
August 1926.
No.o
Bldgs
Estimated
Cost.
Aug. 1925.
Residential
Buildings
August 1926.
Non-Residential
Buildings
August 1926.
Estimated
Cost,
No.of Estimated
Bldg,
Cost.
No.of Estimated
Bldgs
Cost.
Whole State__ 4,818 44,004,280 38,551.851 1,680 23,182,181 1,816
18,082.082
Chicago
2,97 35,695,48. 31.059.711 1,055 17,470,100 1,107 16,166.060
Outside Chic 1,84
8,308,791 7,492,151
627 5,712,081
70
1,916.022
Aurora
151
422,46
450,959
256.800
49
4
74,760
Berwyn
115
772,200 1,035.600
740,200
90
4
15,900
Bloomington_
14
34.006
107,350
21,000
5
9.000
Blue Island_.
36
71.474.
148,795
49,20(
9
12
4,985
Canton
Non
None
6,700 None
Nom Non
None
Cicero
76
302.865
594,089
219.000
15
39
51,305
Danville
18
103,006
147.200
11
72.0CC
1
3,000
Decatur
116
396.700
524,385
244,200
52
52
144.325
East St.Loult
191
330,592
410,526
246.171
55
86
64,787
Elgin
134
238.73,
240,725
180.650
35
53
26.550
Evanston
121 1,674,456
916,600
44 1,534,800
83,200
Highland Pk_
35
224,491.
286,222
175.02/
11
13
18.828
Joliet
•
47
221,957
13
96,501
I
100,350
Moline
98
142,53
84.877
lf
102,63:
22
15.264
Murphysbon.
2
7,004
114,200
6.000 Non
1
None
Oak Park__ _
101
900,644
303,185
707,000
25
63
41.340
Peoria
136
572.054
360,375
183,60C
40
4
310.025
Quincy
43
171,87
137,135
15
63,30C
21
98.050
Rockford
192
416.0i2
529,840
59
331.500
8
62,280
Rock Island_
72
51,124
524,312
10
34,000
3
8.000
Springfield
96
955,344
322,096
34
165,001.
31
772.695
Wilmette
33
196,476
87.490
187.004.
13
1
5.578
W lane.ka .
17
102.304
159,490
7
96.501
1
5.800
•klgOres nut avalitose before April 1926.
NUMBER AND COST OF BUILDINGS AS STATED BY PERMITS ISSUED
IN ILLINOIS FROM JANUARY THROUGH AUGUST 1926 BY CITIES
ACCORDING TO KIND OF BUILDING.
011ie:.
Total *
Jan.-Aug. 1926.
Total
Jan -Aug.
1925.
Residential
Buildings
Jan.-Aug. 1926.
Non-Residential
Buildings
Jan -Aug. 1926,
No. of, Estimated
Bides.'
Cuss.
Estimated
Cost.
No.of Estimated
Bldgs
Cost.
No.of Estimated
Bldgs.
Cost.
Whole State_ 33,850306,992,621,318.882,36 13.423 193,693,028
11.617 99,505.729
Chicago
20.298247,772,276 256,977,351 8,607 .53.094,050 6,571
85,035,290
Outside Chic_ 15,552 59,220,354 61,905,01 4,816 40,598,978
4,946 14,470,439
Aurora
962 2,957,0,4 2,706.447
371 1,953,430
257
621,758
Berwyn
1.3071 6,474,604 6,829,425
76.
6,046,700
407
350.600
Bloomington_
170
785.256
993,600
87
596,100
6:
154,150
Blue Island
320
936,7i4 1,193,700
88
605,350
119
233.350
Canton
21
57.051
4' 11.80
32,07
12
40.850
Cicero
534 3.889,08, 4,924,794
237 2.738.60
21
989,611
Danville
1121 1,146,304
990,100
87
627,400
7
402.000
Decatur
1,0171 3,225,594 3,991,440
434 2,015,450
431 1,092.980
East St.Loul 1,088 3,321,663 4,130,461
37, 2,709,983
420
400,067
Elgin
920 2,522,53t, 2,012.66
210
939,77
291 1,228.919
Evanston
855 10,7,4,971 8,701,820
298 6,958.37
369 3,290.000
Highland Pk. 294 1,642,696 1,551,781
145 1,382,641
101
149.730
Moline
6911 1.067.823
630.70
121
630.638
161
250,922
Murphysbor.
.
191
209,401
711.951
4
.
30,300
178,100
Oak Park_
687. 4.586,313 6,040,4
194 3,509,10
37
708,392
Peoria
1,083' 4,437,276 4,548,673
254 2,791,50
395 1.306,670
Quincy
314 1,027,366
883,0
153
641,30
12
313.640
Rockford.... 1,316, 3.720,017 4,210,84
475 2,473,2
501
927.760
Rock Island_
5061
898,396 1.071,7
93
345,950
21
299.821
Springfield
1.002 3.482.511 2,751,131
286 1,731,988
323 1,406,872
Wilmette.-202 1,058,847 1,303,977 .80
961,400
9
38.697
Winnatka.
12,
1 OkR RAO
I ROA IA
Rk
1200 nnn
AA
oe ee.
•
•Includes alterations and repairs not shown separately
Joliet omitted; no figures available before April 1926. on this table.
[Vet,. 123.
The exact gear ratio to carry a given lead over a given road
at a given speed, it is claimed, enables the truck owner to
operate with a minimum of wasted energy and with a conservation of power.
Crude Oil Prices Cut in Certain Sections-Gasoline
Market Quiet.
Reports from Houston, Texas on Sept. 14 announced a
reduction in Panhandle crude oil ranging from 20c. to 450.
per barrel according to gravity. The new price schedule
compares with the former one as follows:
Gravity28 to 28.9
29 to 29.9
30 to 30.9
31 to 31.9
32 to 32.9
33 to 33.9
New
Old
RiderOld
ReducNew
Price. Price.
lion.
GravityPrice. Price.
lion.
$1. 15
41 35 40.20 34 to 34.9
.40
1 25
1 65
1 15
1 40
.25 35 to 35.9
.45
1 25
1 70
1 15
1 45
.30 36 to 36.9
.40
1 35
1 75
1 15
150
.35 37 to 37.9
1 35
.45
1 80
1 15
1 55
.40 38 to 38.9
.40
1 85
I 45
1 15
1 60
.45 39 and above--1 45
.45
1 90
On the same date the Ohio Oil Co. advanced Sunburst,
Mont., crude oil at wells 10 cents aibarrel to $1 25. This was
in addition to a similar advance on Sept. 8 when the price
was brought up from $1 05 to $1 15 per barrel. (See page
1315 of last week's issue).
Effective Sept. 15, the Buckeye Pipe Line Co. reduced
the gathering charge on Corning crude from 35c. to 250. a
barrel.
For Corning crude run prior to Sept. 15, the producer will
receive $2 45 a barrel and on crude run on and after Sept.
15 the producer will receive $2 55.
The Kay County Oil & Gas Co. on Sept. 16 posted a 40c.
reduction in the price of Crane and Upton County crude oil.
The new bulletin begins with a price of 80 cents a barrel for
oil below 26 gravity, increasing 5 cents a barrel for each
point of gravity and making a top price of $1 35 for oil of
36 gravity or above.
The Standard Oil Co. of Louisiana at Shreveport was
reported to have reduced price of Bellevue crude 10c. a
barrel to $1 40 a barrel.
In the wholesale markets gasoline and kerosene prices
continue to ease in price and tone. U. S. motor grade
gasoline has declined a fraction to 10%@11 cents a gallon.
Kerosene is quoted at 9 cents for water white, while some
sellers hold for 93,4 cents.
Decrease Reported in Crude Oil Production.
The output of crude oil declined by about 11,950 barrels
fier day, according to the American Petroleum Institute,
which estimated that the daily average gross crude oil production in the United States for the week ended Sept. 11
was 2,184,350 barrels as compared with 2,196,300 barrels
for the preceding week. The daily average production cost
of California was 5,585,550 barrels, as compared with
1,595,300 barrels, a decrease of 9,750 barrels. The following
are estimates of daily average gross production by districts
for the weeks indicated:
DAILY AVERAGE PRODUCTION.
Sept.11 '26. Sept. 4.
'26. Aug.28 26. Sept.12'25.
(In barrels.)..
468.300
Oklahoma
.
479.050
112.750
112.950
112.250
111.150
Kansas
199.850
197.300
195.750
77.350
North name
64.900
66.800
88.350
63.000
East Central Texas
93.150
94.200
78.700
West Central Texas_
91.800
46.800
Southwest Texas
46.700
43.850
46.150
55.950
56.800
48.650
North Louisiana
56.900
154.250
155.800
Arkansas
156.950
218.150
175.750
177.500
96.650
Gulf Coast
163.550
110.090
100.000
Eastern
109.500
107.500
65.700
Wyoming
69.550
68.350
91,200
27.950
Montana
27,900
27.750
15.100
8.650
Colorado
8.500
8.500
4.000
4.550
New Mexico
4,750
4.450
3,850
598.800
California
601.000
604.100
669.500
New Automobile Models and Prices.
The Pierce Arrow Motor Car Co. has announced the introduction of a new series 36 dual valve six which will be
the
successor of the series 33, the company's high priced
model
The production of moderate price series 80, whose
sales are
maintaining record breaking levels, will be continued
unchanged. The prices of the new models range from
$5,875
upward.
An addition to the Studebaker line in the form
2.184.350 2.196.300 2.176.850 2,133.050
Total
of a standard six custom built victoria for four passengers
The estimated daily average mew production of the Mid-Continent field
has been
including Oklahoma. Kansas. north. east central, west central and southannounced by the management. Two passengers
are car- west Texas. north Louisiana and Arkansas.
for the week ended Sept. 11
ried in the club seat, which is set at the right and
slightly was 1.192,950 barrels, as compared with 1.198.800 barrels for the preceding
to the rear of the driver's seat. The fourth passenger
decrease of 5.850 barrels. The Mid -Continent production,excluding
week
a
rides
in the auxiliary seat. When used for three, the auxiliary Smackover. Arkansas heavy oil, was 1.072,550 barrels as compared with
1,076,200 barrels, a decrease of 3.650 barrels.
seat folds under the cowl. Behind the driver's seat is a
In Oklahoma. production of South Braman is reported at 7,950 barrels
con8,050 barrels; Tonkawa, 40.650 barrels against 39.700 barrels:
cealed compartment for small parcels. Under the
rear against
barrels against 31,400 barrels; Burbank, 49.100 barrels
deck, access to which is made easy by a waterproof and dust- Garber, 29.450barrels;
Bristow-Slick, 27,650 barrels against 27.850 barrels;
against 48.600
proof cover, is a commodious locker for baggage. The body Cromwell, 15.650 barrels against 15.900 barrels, Papoose.
10.500 barrels
is finished in lacquer of Kinick green and Tuchi gray. The against 10,230 barrels; Wewoka. 30.450 barrels against 32,350 barrels:
Seminole, 17.400 barrels against 15,650 barrels.
belt is finished in ebony with delicate apple-green striping.
In north Texas, Hutchinson County is reported at 110.500 barrels against
Upholstery is in mohair with broadla,ce trim.
108.500 barrels, and Balance Panhandle, 8,250 barrels against 7.550
barrels.
In east central Texas. Corsicanna Powell. 26.250 barrels against
The Durant Motor Co. has announced a new truck, the
barrels; Nigger Creek, 18.000 barrels against 19 200 barrels; Reagan
Star six, with a new automotive principle-the twin high. 26,700
County, West Central Texas, 28.200 barrels against 28.450 barrels; Crane
It has two silent high gears, in one of which (the over- and Upton Counties, 9.230 barrels against 8.950 barrels; and in the southTexas field. Luling, 21.700 barrels against 22 000 barrels: Laredo
west
drive) the truck travels 50 miles an hour, and in the second
district, 18.500 barrels against 18,000 barrels; Lytton Springs. 3,950 barrels
of which (the under-drive) the truck travels 35 miles an against 4,050 barrels. In north
Louisiana, flaynesville, is reported at
hour-with a ton load. The over-drive gives the truck 9.300 barrels against 9,500 barrels: Urania, 13.550 barrels against 14,900
barrels; and in Arkansas. Smackover light. 14,750 barrels against 14.900
four forward speeds, a speed for any road or load condition. barrels; heavy, 120,400 barrels against 122,600 barrels, and Lisbon, 8.50.
SEPT. 18 1926.]
1439
THE CHRONICLE
barrels against 8.600 barrels. In the Gulf Coast field. Hull is reported
at 17.950 barrels against 16,500 barrels: West Columbia. 8.750 barrels
against 9,200 barrels: Spindletop. 89.250 barrels against 93.200 barrels:
Orange County, 8,100 barrels against 8.250 barrels, and South Liberty,
4.500 barrels against 4.600 barrels.
In Wyoming, Salt Creek is reported at 44.200 barrels against 46,700
barrels; and Sunburst, Montana, 25,000 barrels, no change.
In California, Santa Fe Springs is reported at 48,000 barrels against
47,500 barrels: Long Beach,96.500 barrels against 98,000 barrels; Huntington Beach. 44.500 barrels against 45.500 barrels; Torrance. 27,500 barrels
against 28,000 barrels: Dominguez, 21.500 barrels against 22.000 barrels:
Rosecrans, 13,500 barrels, no change: Inglewood, 43,000 barrels against
44,500 barrels; Midway Sunset. 94.000 barrels against 94,500 barrels, and
Ventura Avenue, 47,800 barrels against 47,500 barrels.
Holiday Curtails Production of Lumber.
According to telegraphic reports received by the National
Lumber Manufacturers' Association from 369 of the larger
softwood and 144 of the chief hardwood mills of the country
for the week ended Sept. 11, the 351 comparably reporting
softwood mills show decreases in production, shipments and
new business, when compared with reports from 347 mills
for the week earlier, due to mills closing for Labor Day. In
comparison with reports for the corresponding period a year
ago, the decreases in all three items are due to the fact that
1925 Labor Day did not fall in the compared week.
The hardwood operations (allowing for the great disparity
in the number of mills reporting) show so noteworthy change
when compared with reports for s week ago, according to
the statistics furnished by the Association, portions of which
we quote herewith:
time. 12 of the latter overtime. Three mills were shut down, and the
rest operated from three to 5% days.
The Western Pine Manufacturers Association of Portland. Ore., with
three more mills reporting, shows substantial decreases in production and
shipments, and a considerable decrease In new business.
The California Redwood Association of San Francisco. Calif., reports
production about the same, and marked decreases in shipments and new
business.
The North Carolina Pine Association of Norfolk, Va., with eleven more
mills reporting, shows notable increases in all three factors.
Minn.•
The Northern Pine Manufacturers Association of Minneapolis,
with one more mill reporting, shows a small decrease in production, and
heavy decreases in shipments and new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis.(in its softwood production), with five more mills reporting,
shows substantkal increases in production and shipments, and more than
a50% increase in new business.
Hardwood Reports.
The hardwood mills of the Northern Hemlock and Hardwood Manufacturers Association reported from 20 mills, production as 870.000 feet,
shipments 3,821,000, and orders 5.39C,000.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 124 units, produciton as 20,326,671 feet, shipments 20.200.223, and
orders 20,505.338. The normal production of these units is 21.172,000 feet.
The two hardwood groups totals for the week as compared with the
preceding week were:
Orders.
Mills. Production. Shipments.
144 21.196.671 24.021,223 25.895.338
Week ended Sept. 11
100 16,601.048 17,302.337 17.550.850
Week ended Sept. 4
For the past thirty-six weeks all hardwood mills reporting to the National
Lumber Manufacturers Association gave production 1.064,074.385 feet,
shipments 1,032.730,709. and orders. 1,058.600.279.
•
West Coast Lumbermen's Association.
One hundred and five mills reporting to the West Coast
Lumbermen's Association for the week ended Sept. 4 manufactured 108,756,074 feet, sold 109,405,726 feet and shipped
113,826,201 feet. New business was 649,652 feet more than
production and shipments 5,070,127 feet more than production.
Unfilled Orders.
The unfilled orders of 223 Southern Pine and West Coast mills at the end
of last week amounted to 657.512,927 feet. as against 652.237.538 feet for
220 mills the previous week. The 115 identical Southern Pine mills in
the group showed unfilled orders of 249,57s.830 feet last week as against
255.220.210 feet for the week before. For the 108 West Coast mills the
unfilled orders were 407.934,097 feet, as against 397,017,328 feet for 105
mills a week earlier.
Altogether the 351 comparably reporting softwood mills had shipments COMPARATIVE TABLE SHOWING PRODUCTION, NEW
93% and orders 97% of actual production. For the Southern Pine mills
SHIPMENTS AND UNFILLED ORDERS.
Aug. 21.
these percentages were respectively 99 and 90: and for the West Coast mills
Aug. 28.
Sept. 4.
Week Ended108
109
105
88 and 103.
Number of mills reporting
112,492,078
111.113,194
108.756.074
for
production
Production (feet)
Of the reporting mills. the 321 with an established normal
109.405,726 108.578.891 102.380.601
for the week of 221,242.606 feet gave actual production 93%, shipments New business (feet)
113.826,201 114,486,197 116,579,324
Shipments (feet)
87% and orders 90% thereof.
Unshipped balances:
125,213.673 133,771,141 130,510,848
The following table compares the national softwood movement as reflected
Rail (feet)
159.303,804 152.421.618 159.367,678
Domestic cargo (feet)
by the reporting mills of seven regional associations for the three weeks
112,499.851 112.843.791 120,159.790
Export (feet)
indicated:
Preceding Week
Corresponding
399,036.550 410,038.316
397,017,328
Total (feet)
Week 1925.
Past Week.
1926 (Revised).
1924.
1925.
1926.
Weeks36
First
347
124
346
351
117
Mills
105
Average number of mills3,312,163.842
3.602.419.025
519
236.460
3,703.497,403
631
Production
23e,4S6
216.267.126
Production (feet)
3,858,189,462 3,738.740.668 3.357,254,200
245.512.678 New business (feet)
Shipments
229 681.546
210.768.349
3,836,242,276 3.765,642.701 3,481,915,334
244.191 210 Shipments (feet)
Orders(new business)._ 209,814.807
227.974.968
The following revised figures compare the softwood lumber movement
of the same seven regional associations for the first 36 weeks of 1926 with
the same period of 1925:
Orders.
Shipments.
Production.
8.786 538.983
8.762 815.511
1926
8 560 800.078
8,404,592.375
1925
8.530.821.046
8.583,396.948
The mills of the California White St Sugar Pine Association, San Francisco, make weekly reports, but they have been found not truly comparable
in respect to orders with those of other mills. Consequently the former
are not now represented in any of the foregoing figures. or in the regional
tabulation below. Eighteen of these mills, representing 52% of the cut
of the California pine region, gm° their production for the week as 27.738.000 ft., shipments 21,518.000 and new business 16.243.000 Last
week's report from 12 mules, representirg 35% of the cut was: Production, 19.875,000 ft.; shipments, 14.815,000, and new business, 12,805,000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that
new business for the 108 mills reportitg for the week ended Sept. 11 was
3% above production, and shipments were 12% below eroduction Of all
new business taken during the week 40% wasfor future water delivery,amounting to 40.087.332 ft., of which 24.986.197 ft. was for domestic cargo delivery, and 15,101.135 ft export. New business by rail amounted to
55,397,191 ft., or 55% of the week's now business. Thirty-seven rer cent
of the week's shipments moved by water, amounting to 31.568.784 ft .
of which 20,689,987 ft moved coastwise and intercoastal, and 10.878.797
ft export Rail shipments totaled 49,795.139 ft., or 57% of the week's
shipments, and local deliveries 5,519.772 ft Unshipped domestic cargo
orders totaled 154,775.367 ft foreign 117,221,811 ft , and rail trade
135,936,919 ft.
Labor.
Loggers who have been harvesting or on construction work east of
are
returning to West Coast Douglas fir camps that are
the Cascades
again engaged in active logging after weeks of suspended operations,
according to the Four L Employment Service. From southern Oregon
to the Canadian line in the Douglas fir territory, active logging has been
resumed in all districts, with camps an dlumber-manufacturing operations
now employing more men than any time since before the Fourth of July.
East of the Cascades logging and sawmill work is normal foe September.
Preparations for an active season of winter logging to save timber damaged
by fire are being made, and it is preiicted woods work will soon be quite
active in eastern Washington and northern Idaho. Logging camps in the
Grays Harbor district are practically all running, and a shortage of fallers
and rigging men is reported.
Southern Pine Reports.
The Southern Pine Associstion reports from New Orleans that for 115
mills reporting,shipments were 1.23% below production and orders 10.21%
below production and 9.10% below shipments. New business taken
during the week amounted to 56.372,012 ft., shipments 62,013.392 ft
and production 62.785.469 ft. The normal production of these mills is
72,395,388 ft. Of the 112 mills reporting running time, 70 operted full
BUSINESS.
Aug. 14.
109
111.948.078
100.207,774
108.979,795
129.817,949
160.803.477
132.657,401
423.278,827
1923.
132
3.567,326.160
3.610,968.985
3,781,912.673
Lumber Production and Shipments During Month
of July.
Bulletin," published monthly by
Lumber
The "National
the National Lumber Manufacturers Association of Washington, D. C., and Chicago, Ill., on Sept. 7 1926 furnished
the following statistics regarding the output of lumber
during July:
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED MONTHLY
BY MEMBER ASSOCIATIONS TO NATIONAL LUMBER MANUFAC-TURERS ASSOCIATION FOR JULY 1926 AND JULY 1925.
July 1920.
Production.
Association-
15
California Redwood
California White & Sugar Pine Mfrs. 22
8
Georgia Florida Saw Mill
45
North Carolina Pine
North. Hemlock & Hardwood Mfrs. 37
' II
Northern Pine Mfrs
7
Southern Cypress Mfrs
161
Southern Pine
99
West Coast Lumbermen's
41
Western Pine Mfrs
13
Lower Michigan Mfrs
28
Individual reports
487
Total
Shipments.
Hartho'ds Softwoods Hardie St Softwoods
M. Ft.
Mills M.Ft. M. Ft. M.Ft.
29.785'
24.302
123,414
154.409
6,257
7.087
37.517
33,921
21.717
26,357
17.169
19,905
43.665
41,367
7.877.
1,79
2,143
11,361
373,412
355,979
443.658
472,106
14.952
153,830
2.744
it
6,550
4,933
27,394
18,4.
13,130
25.513
---54.971. 1.311.392
38.992 1.304.713
July 1925.
Production.
Shipments.
Hardteds Softwoods Hardteds Softwood:
Mills M. Ft. U.Ft. M.Ft. M.Ft.
-----23.237
29.559
15
California Redwood
115.795
166,656
California White dc Sugar Pine Mfrs. 27
7.811
5,574
7
Georgia Florida Saw Mill
7
32.226
30,669
63
North Carolina Pine
26.410
22,548
19.418
25.131
41
North. Hemlock & Hardwood Mfrs
60,822
48,026
11
Northern Pine Mfrs
10,541
1.645
11.376
1,516
9
Southern Cypress Mfrs
385,090
387,082
170
Southern Pine
437,329
508,385
108
West Coast Lumbermen's
184.196
158,084
43
Western Pine Mfrs
2.829
7.575
7.376
2.179
12
Lower Michigan Mfrs
34.079
8.470
9.226
33.422
22
Individual reports
_
-------42.4n: 1.369,1392
44.856 1.347,041
528
Total
Total production.-July 1926, 1.343.705.000 ft.: July 1925, 1.412,385,000 ft.
Total shipment:1.-July 1926, 1,366,367.000 ft.: July 1925. 1.391.897,000 ft.
Association.
1440
THE CHRONICLE
[Vol.. 123.
eIMM
;gum;
LUMBER PRODUCTION AND SHIPMENTS AS REPORTED BY STATES
The second day of the Colonial wool auctions brought offerings of
10,720
BY MEMBER ASSOCIATIONS.
bales, chiefly New Zealand greasy and scoured sllpes and crossbreds. The
July 1926Mills.
Production.
Shipments.
Alabama
28,140,000
18
29,036,000 competition among home and Continental buyers was quite lively, with
Arkansas
34.916,000
16
38,309,000 slip° descriptions exceeding the opening advance, being now 5 to510%
California
150.337,000
31
125,549,000 above July quotations. There was an active sale of merinos to!both
Florida
28,269.000
14
22,127,000 domestic and Continental
buyers at full prices, home buyers securing the
Georgia_ a
5,349,000
10
5,566,000
Idaho
66,285,000
17
• 65,638,000 best of the New Zealand offerings at 4734d. The record of prices,tin
1,ouisiana
pence
87,260,009
45
per
pound,follows:
97,899,000
Michigan
20,035,000
21
20,902,000
Minnesota
' 24,250,000
7
32,914,000
No.of
Scoured
Mississippi
Scoured
Greasy
Greasy
109,324,000
40
109,318,000
Bales Merinos.
Montana
Crossbreds.
Merinos.
Crossbreds.
24,609,000
9
19,885,000
North Carolina
6,196,000
9
6,357.000 New
South
Wales
1,92624
to
Oklahoma
No
sales. 2234 to 2934
3934
7,309,000
3
8,230,000 Queensland
1,08924 to 3934 No sales. 2234 to 2934
Oregon
255,375,000
51
259.108,000 Victoria
110 No sales.
South Carolina
No sales. 2334 to 25
8,865,000
15
8,896,000 South Austrslla
184
No
sales.
Texas
No sales. 17 .to 23
38
78,967,000
82,319,000 West Australia
149 No sales.
Virginia
No sales. 23 00 2634
15,894.000
13
18,806,000 Tasmania
153 No sales.
Washington
No sales. 2734 to 31
305,117,000
68
317,812,000 New Zealand
6 862 40 to 473.4 1834 to 39
Wisconsin
30,613,000
No sales.
30
39,819,000 Cane. Colony
237 No salon
No salmi ts to 10th
Others.b
56,595,000
32
57,897,000
New Zealand sillies, best half-bred lambs, 27d.
Total
1,343,705,000
487
1,366,367,000
a Includes 1 or 2 Alabama mills.
distributed.
b Includes mostly individual reports, not
Women's Wear Lines Offered for Spring-Prices Fixed
on a Variety of Weaves Shown by the Pacific Mills.
Reporting the opening on 'Sept. 13 of complete lines of
spring fabrics for the women's wear trade by the Pacific
Mills, 25 Madison Avenue, the goods being sold through
Lawrence & Co., the New York "Times" said:
•
The line is described as extensive in both weave and color treatment and
features cloths which the Pacific Mills are recognized as leaders in producing. While no definite comparison between the new price levels and
those for last spring was made by company officials, it was said that the
new quotations are fully in line with those of the general market.
Executives of the company view the prospects for the new season with
considerable confidence and said on Saturday that the demand for goods
for immediate delivery had improved so much that additional looms in the
worsted department were now being put to work. Comprising the goods
which the company will show to-day, are all-wool sheen worsteds, polret
and corded twills, plain and rayon flannels, French and storm serges, reps,
cheviots, coverts, Ottomans, shepherd checks, batiste*, cashmere effects
and worsted crepes. The company is also adding tricotines to Its all-wool
line. In the cotton warp goods are the well-known "granites," batistes,
• sheen cloths and manipulated fabrics.
In the all-wool sheen cloths the price range is from $1 for the 37-Inch
cloths to $2 5734 per yard for fabrics 54 inches wide. There are five
"straight" poiret twill fabrics and two dress twills, prices from $2 1734 to
$2 7234. all of the cloths being 54 inches wide. The corded twills are quoted
from $2 4234 to $2 5734. The line of challies is very large and features white
grounds having small colored floral and figures patterns. The goods are
priced at 6734 cents per yard.
Flannels are being featured strongly by the company for spring. The
immediate delivery demand for these cloths is said to be extremely good.
The price range is from 75 cents for 27-inch goods to $1 6234 for the 54-inch
width. Especially stressed Is a light-weight French chiffon flannel, 54
Inches wide, quoted at $1 3734 for colors and at $1 4234 for the cream shade.
Also notable are a light-weight two-tone rayon twist flannel, known by the
letters RFL,and quoted at $1 4234, and a washable merino flannel, WMF.
priced at $1 3734. Both fabrics are 54 inches wide. There are forty
colors in the flannels.
The storm serves range in price from 6234 cents for 35-inch weaves to
$1 1234 for the standard 54-inch width. Four numbers in the French serges
are priced as follows: LFS,873-4c.: FSO,$1; SFS.$1 1734; and WFT,$1 40.
Plain and two-tone rayon twist effects are featured in the cheviots which
are quoted from $1 3734 to $2. The 54-inch Ottoman fabric Is offered at
$1 3734 and in the narrow 39-inch width at $1 0734. Three reps range
from $1 2734 to $1 8734 while coverts are offered at $1 5734 to $2 1734.
Included are poiret twill, tricotire and twill cord effects worked out in
coverts. Two shepherd check cloths are priced at 9234 cents and $1 7234,
respectively. Natural cashmere effect fabrics, 35 inches wide, are offered
at 773-4 cents.
In the cotton warp ranges are five manipulated cloths, 35 inches wide,
priced from 4134 to 4734 cots. The standard Pacific "granite" fabrics
are quoted from 4734 to 5734 cents and include plain, self stripe, rayon
twist and decorated jacquard two-tone effects. Four of the latter are
outstanding numbers and are priced at 5634 cents. Cotton warp sheen
fabrics eange from 5234 cents for 35-inch gocds to $1 0234 for standard
width cloths. Cotton warp batistes are priced at 4634 cents and 5634 cents
for goods 35 inches wide. The all-wool batiste, BA,is priced at 7234 cents
per yard.
Over 20,000 Bales of Wool Offered in London-198,000
Bales to be Offered During Eighteen Selling Days.
A special cablegram from the London Bureau of "The
Journal of Commerce," Sept. 14, says:
The fifth series of the Color ial wool auctions opened here to-day.
Total
offerings will amount to 198,000 bales for distribution over eighteen selling
days, while the offerings totaled over 10,000 bales. There was a large
attendance of home and Continental buyers. An active general
demand
was shown on values In sympathy with the higher range established since
the last auctions. Both home and overseas offerings show general substantial advance, with merinos 5% higher, compared with July, and crossbreds
5 to 10% higher. The offering of Punta Arenas was secured mostly by
the Continent at prices 5 to 734% above the July prices. The record of
prices, in pence per pound, follows:
No.of
Bake
Scoured
Merinos.
Scoured
Crossbreds.
Greasy
Merinos.
Greasy
Crossbreds.
448 2434 to 3734 No sales. 23 to 2734 No sales.
No sales. 19 to 25
79 No sales.
No sales.
1,169 3334 to 41
1634 to 3134 No sales.
No sales.
513 3134 to 3334 No sales. 23 10 2634 No sales.
No sale.
No sales.
392 22 to 26
No sales.
No sales.
3,834 No sales.
No sales. 1334 to 21
511 27 to 39% No sales. 20 to 21% No sales.
FNInts. Aram.,
1 121111
1Vn ..I.A.
No sales.
No sales 19 ,,,nn
New Zealand slipes, best half bred lambs, 2334d.
New South Wales
Queensland
Victoria
South Australia
West Australia
New Zealand
Cape Colony
Regarding the second day's offerings on Sept. 15, the
same paper in a London cablegram, said:
Census Report on Cotton Consumed and on Hand in
August-Consumption Above a Year Ago.
Under date of Sept. 14 1926 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles and imports and exports of cotton for the
month of August 1926 and 1925. Cotton consumed
amounted to 500,652 bales of lint and 67,781 bales of linters,
compared with 448,665 bales of lint and 63,583 bales of
linters in August 1925 and 460,918 bales of lint and 61,240
bales of linters in July 1926. It will be seen that there is an
increase over August 1925 in the total lint and linters combined of 56,185 bales, or 10.9%.
DEPARTMENT OF COMMERCE,
Bureau of the Census.
Washington, 10 a. m., Sept. 14 1926.
Preliminary Report.
Cotton consumed, cotton on hand, active cotton spindles and imports
and exports of cotton for the month of August 1926 and 1925, with statistics of cotton consumed, Imported and exported for the twelve months
ending July 311926.
$11
(The statistics of cotton in this report are given in running bales, counting
round as half bales, except foreign cotton, which is in equivalent 500pound bales.)
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters not Included.)
Cotton Consumed
During (bates)Locality.
Year
Aug.
Cotton on Hand
August 31-
Cotton
Spindles
Active Dur12 Mos. /n Consuming In Public Stor- ing Aug.
Ending Establishments age and at com- (Number)
July 31.
(Bales)
presses (bales)
United States 1926 *500,652 *6,450,987
1925 448,665 6,193,417
Cotton-grow- 1926
Mg States. 1925
New England 1926
1925
States- _
1926
All other
1925
States_
359,708
302,604
116.929
121,187
24,015
24,874
4.497.998
4,220,010
1,625,862
1.638,774
327,127
334.633
.920,944
680,527
•1,715,593,
1.040,178
495,466
335,220
365,956
300,668
59,522
44,639
1,536,942
948,151
127,645
56,683
51,006
35.344
31,321,936
31,269,774
16,964,426
16,479,272
12,854,786
13,183,432
1,602,724
1.607,070
:Includes 17.162 Egyptian,5,141 other foreign and 1.351 American-Egyptian con
sumed: 60,869 Egyptian, 20,318 other foreign and 5,708 American-Egyptian in con
sliming establishments, and 17,651 Egyptian, 13,904 other foreign and 2,964 American-Egyptian in public storage. 12 months ending July 31 consumption 204,448
Egyptian, 75,987 other foreign and 11,841 American-Egyptian.
Linters not included above were 67,781 bales consumed during August in 1926
and 63,583 bales in 1925; 123,255 bales on hand in consumlng establishments on
Aug. 31 1926, and 97,230 bales in 1925, and 38,132 bales in public storage and at
compresses in 1926 and 22,747 bales in 1925. Linters consumed during 12 months
ending July 31 amounted to 749.992 bales in 1926 and 658,848 bales in 1925.
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign
August,
12 Mos. Ended July 31.
Country of Production.
1926.
Egypt
Peru
China
Mexico
British India
All other
Total
Cotton (500-lb. Bales).
1925.
9.064
849
188
353
2,815
11
4,920
2.306
304
13,280
1926.
1925.
1,481
249
238,620
16.637
22,453
23,553
22,143
2,105
190.313
13,389
33,703
44,384
28,147
3,392
9,266
325,511
313,328
Exports of Domestic Cotton and Linters-Running
Bales (See Note for Linters).
Country to
Which
Exported.
August.
1926.
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
57,327
49,996
34,060
110.317
89,304
31,697
18,628
1925.
46,035
41,588
20,760
110,485
" 54,615
36,503
5,839
12 Mos. Ended July 31.
1926.
2,274,758
918,695
747,518
1,677,564
1,015,853
1,124,853
395,129
1925.
2,545,123
903.688
734,922
1,852.735
1,040,168
862,057
257,183
Total
391,324
315.825
8.154.370
8.105,876
Note.-Figures include 6,225 bales of linters exported during August In 1926 and
2.640 bales in 1925 and 104,079 bales for the 12 months ending July 31 in 1926 and
190,648 bales in 1925. The distribution for August 1926 follows: United
Kingdom,
733; Netherlands, 10; France, 860: Germany, 3,655: Italy. 500: Canada, 464: Mexico,
1; Panama,2.
WORLD STATISTICS.
The estimated world's production of commercial cotton exclusive of
linters, grown in 1925, as compiled from information secured through
the
domestic and foreign staff of the Department of Commerce, is
26,927.000
bales of 478 pounds lint, while the consumption of cotton (exclusive of
linters in the United States) for the year ending July 31 1925 was approximately 22,640,000 bales of 478 pounds lint. The total number of spinning
cotton spindles, both active and idle, is about 162.000.000.
4
SEPT. 18 1926.]
THE CHRONICLE
August 1926 Tobacco Sales in North Carolina.
According to the Crop Reporting Service of the North
Carolina Commissioner of Agriculture, $24 78 was the average price received by the tobacco growers of Robeson, Columbus and Bladen comities. This was 36% more than the
$18 23 August sales of last year. Partially because of the
late crop, the 9,983,519 pounds farmers' sales this August
were 19% less than a year ago. The report furnishes the
following additional information:
The tobacco markets in the eastern counties(New Bright Belt) have been
doing equally as well since their opening on Sept. 7. The grades are medium
color generally good, but weight is light. The yield per acre is estimated
at 80 to 90% of last year's crop.
The three counties of this State mentioned above belong to the South
Carolina Belt, which closes its sales season this month. The Fairmont
market had the most-3,260,726 pounds total sales-at the highest average
of $25 68 per hundred pounds. Whitey!Ile came second with 2,603,180
pounds. averaging $25 40. These two markets average 34% higher prices
than last year.
Chadbourn averaged 8.8c. higher than last year's 15.7c. per pound.
This means 51% increase. Clarkton almost duplicated this.
Two causes for the great increase in price are (I) increased consumption
(smoking), and (2) decreased probable production (farmers' sales). The
tobacco stocks on hand are much lower than usual.
The resales amounted to 1,446,404 pounds and the total sales 11,429,923
pounds this year.
SUMMARY OF WAREHOUSE SALES FOR AUGUST 1926.
Markets.
No. of Producers
Nousrs Sales.
Dealers'
Resales.
Warehouse
Resales.
Average Price.
Total
Sales.
1926. 1925.
Chadbourn ____
Clarkton
Fair Bluff
Fairmont
Lumberton -- _
Tabor
WhIteville
3
2
3
4
3
3
3
1,010,126
560,955
860,003
2,907,544
1,720,375
686,518
2,257,998
99,374
13,030
36,519
130,454
55,005
41,588
113,054
221,492
75,350
75,534
222,728
38,629
91,518
232,128
State total...
21
9,983,519
489,025
957,379 11,429,923 $2478 $1823
Last year:
August 1925_
17
11.812.189
1,330,992 62448 $15 70
849,335 24 74 16 21
972,056 24 61 16 35
3.260,726 25 68 19 72
1,814,010 23 65 16 97
799,624 22 39 17 85
2,603,180 25 40 18 76
582.342 1104 771 IS aoo nni
Portland Cement Shipments in August Large-Stocks
Decreasing.
The following shows production, shipments and stocks
of finished Portland cement, by months,in 1925 and 1926:
Production.
Cement.
1925.
1926.
Shipments.
1925.
-January -. 8,856.000 7,887,000 5,162,000
February. 8,255,000 7,731,000 6.015,000
March_ _ _ 11,034,000 10,355,000 10,279.000
1926.
Stocks at End of Month.
1925,
1926.
5,672,000 17,656,000 20,582.000
5,820,000 19,689,000 22.384,000
9,539,000 20,469,000 23,200,000
1st quer. 28,145,000 25,973,000 21,456,000 21,031,000
April
May
June
13,807,000 12,401,000 14,394,000 12,961,000 19,877,000 22,640,000
15,503,000 16,472,000 16,735,000 17,951,000 18,440,000 21,173,000
15,387,000 16,827,000 17,501,000 19.113,000 16,409,000 18,900,000
2d guar_ 44,697,000 45,700,000 48,630,000 50,025,000
July
15.641,000 217,096,000 18,131,000 218.786,000 13,896,000 a17,210,000
August _ _ 16,419,000 16.936,0
18,383,000 18,536,000 11,952,000 15,610,000
September 15,939,000
17,711,000
10,247,
1441
Chicago mills have 65,000 tons of rail inquiries before them, and there
are also pending 18,000 tons for the Texas & Pacific and 12,000 tons for
the Gulf Coast Lines. Prospects are regarded as good for the closing of
some large tonnages, East and West,in the next six weeks, but uncertainty
still hangs over the car situation.
Water transport is cutting a larger figure lately in both the pig iron and
finished material markets, with some disturbance of ordinary trade channels.
The expected shipment of pig iron from a new Massachusetts furnace to
Philadelphia and the making of a low water rate to permit Buffalo iron to
enter the Philadelphia district are two developments of the past week.
Increasing use of the Lakes for the movement of rolled steel, particularly
into the Detroit district, accounts for some recent deviations from the usual
reckonings of mill prices. Sharp competition also in southwestern districts
tributary to Gulf ports has resulted from low water rates.
Present tin plate orders will keep mills well occupied until early 1927
requirements are specified, operations with all the larger companies being
still above 90%. Pipe activity, long coupled with that in tin plate as
outstanding, is still promising. A late order of the National Tube Co. is
200 miles of 8-in, line pipe for the Prairie Pipe Line Co.
With the falling off in structural steel awards since the first of the month,
the week's total was 29,000 tons. including 5,000 tons for a power plant
and highway bridge at Conowingo, Md. Two New York buildings will
take 3,500 tons of reinforcing bars and piers at San Francisco may require
1,500 to 2,000 tons.
The scrap market at Pittsburgh has weakened, as both consumer and
dealer demand has subsided, and on steel works grades the decline is 50
cents.
On sales of billets in eastern Pennsylvania, amounting to a few thousand
tons, prices have been shaded to $34.50. Pittsburgh, a drop of 50c. a ton.
At Birmingham the market on cast iron pipe has declined $I a ton to
$39, and the low bid on 6,500 toss at Detroit is $45 95, delivered, or the
equivalent of $38 03, Birmingham.
Some Philadelphia steel warehouses have found it necessary to stock
foreign bars and shapes to compete with those making a specialty of the
foreign material. On foreign shapes 2.60c. is being quoted at Philadelphia.
$3 to $6 a ton below what has been ruling on domestic steel.
Berlin advices that Treasury Department commissioners have found
evidence of the dumping of German steel products in this country point to
a like investigation of imports from France and Belgium. Reports in the
same connection of further considerable purchases of German rails for New
England are not confirmed.
To what extent Great Britain has had to turn to Continental semifinished steel is shown in her production and exports. Against a total
output of 162,700 tons of steel ingots for all of the four strike months,
August exports alone amounted to 151,122 tons of finished steel. Steel
production in April. the last pre-strike month, was 861.000 tons. Orders
have backed up until some British mills have six months bookings.
Straits tin sold on Monday at 69.25c., New York, the highest price this
year and exceeded since the war only in the spring of 1919 when the Government fixed the price at 72.50c. Heavy consumption and a shortage in
supplies are major causes.
The "Iron Age" composite prices remain unchanged. Finished steel is
2.439c. per lb. and pig iron, $19 46 per gross ton, as is noted in the usual
weekly composite price table which is appended:
Finished Steel-Sept.14 1926.2.439c.Per Pound.
1
week ago
2.431c.
Based on prices of steel bars, beams,tankOne
2.431c.
re, open-hearth rails, One month ago
plates, plain wire,
2.306c.
black pipe and black sheets, constitut- One year ago
ing 87% of the United States output__ 10-year pre-war average_ A.689c.
per
Gross
Ton.
1926,
$19
46
Pig Iron-Sept. 14
$19 46
Based on average of basic iron at Valley(One week ago
19 48
furnace and foundry irons at Chicarro.40ne month ago
19 46
Philadelphia, Buffalo, Valley and Bir-(One year ago
110-year pre-war average__ 15 72
mingham
Pig Iron
Finished Steel
High.
Low.
Low.
High.
1926_ _2.453c. Jan. 5 2.403c. May 18 $21 54 Jan. 5 $1946 July 13
18
22
50
Jan.
13
18
96
July 7
Aug.
2.396c.
Jan.
6
1925-_ _2.560c.
September is on the way to providing conclusively that the
surprisingly active steel market of July and August was not
3d guar. 47.999,000
54,225.000
at the expense of the upturn normally looked for at this
October... 15,992,000
15,309,000
season, declared the "Iron Trade Review" this week. Con10,979,00
November 13,656.000
10.187.000
14,534,
sidering all districts, specifications, shipments and new orders
December. 10,713,000
6,917,000
18,385.
thus far in September have been heavier than in the first
4th guar 40,361,0 I
32,413,000
Total 161.202,1
156.724 000
half of August, which in turn topped July. At this time
a Revised.
there is every indication that this gait will carry through the
remainder of the month, observes the "Review," in its issue
Steel Operations'Continue Active at High Rate- of Sept. 16, where it set forth in further detail conditions
Prices Unchanged.
affecting the market.
for lagging structural shape and freight car markets, all departments
Steel producers will be well satified to have September ofSave
the iron and steel industry apr ear invigorated. Automobile makers at
continue the July-August average in new business and in Detroit are operating at or near capacity and their purchases of steel forerate of mill shipments to consumers. That is substantially cast a continuance of this rate through October.
Inquiry for standard railroad rails approximating 1,000.000 tons, has
what the first half of the month has done, though in no line made
its appearance, bearing out the belief railroads would place 1927
has there been any significant change, seasonal or otherwise track material requirements early to insure desired delivery. Two larger
Western
carriers are understood to be in the market for nearly 200,000
the
according to
"Iron Age," as expressed in its Sept. 16
tons each. Chicago rail mills ex-eet to close 600,000 tons shortly.
market review:
Steel works operations are continuing unchanged at slightly over 8.5%.
Due to the adoption of a new base and price scale in sheets, Seatember output of steel ingots would seem to be on a parity with August,
which,
with 4,004,583 tons, was the best month since April. In ge ieral.
that product has been more active than others, but until
production of steel ingots thus far in 1926 Is thirty days ahead of the corthis week at old prices, thus repeating what happened in responding period in 1925, the record year, while the production of pig
steel bars in late June. On the other hand there has been iron is about twenty days ahead. Only a severe slump-a recession to
less than 65% for the remainder of the year-can head off a new
evidence this month of subsidence of demand for building average
high ingot record.
observes
the
"Age,"
adding:
steel
Fourth quarter buying of finished steel acquired momentum in the past
Steel ingot production last month at the highest August rate on record, week, but the volume of buying movement is absent. Tonnage users conor at nearly 86% of capacity, brings the eight months total for this year tinue to sound out the market, but, on finding producers generally firm on
the advanced prices now being quoted, the majority have withheld committo 31,916.000 tons or 105.5% beyond that of 1925 to Aug. 31.
With last month's shipments so large, the decline of 60,000 tons in the ting themselves. Among small and moderate-size users there has been an
Steel Corp.'s unfilled orders was in keeping. If some lines show a falling Increisiug tendency to cover. At Chicago fourth quarter inquiry the past
off this month, there will be offsets in rail orders for 1927 and in sheet bar week was double that of the preceling week. Producers feel more sure of
business for the fourth quarter that will go on the books just before Oct. 1. their price 'position than a week ago.
With a slight increase at Youngstown,ingot production both for the Steel
Makers of full finished, or automobile, sheets have announced the second
Corp. and the independents, is still running somewhat above 85%•
advance of $2 a ton in three weeks. The leading independent maker in
Some fourth quarter contracts have been closed for bars, plates and Chicago has advanced all sheet prices $2 a ton. The "Iron Trade Restructural shapes, but with these products stabilized as at present, no pro- view's" composite price on 14 leading iron and steel products this week Is
nounced activity is looked for this month.
$37 78. This compares with $37 76 last week and $37 58 the previous week.
Nearly all Michigan automobile plants are holding their recent high rate
Rogers Brown & Crocker Bros., Inc. in their report dated
maintain
it
in
expect
to
October.
Farm
machinery
and
production,
of
Sept. 16 find that sentiment throughout the country shows
plants are planning for larger fall operations.
1442
THE CHRONICLE
[VoL. 123.
further improvement and many buyers are backing up their Financial
Situation." Following is the complete official
views by purchasing additional tonnages of pig iron. While report:
most of these orders are for small amounts, the aggregate TOTAL VALUES OF
EXPORTS AND IMPORTS or THE UNITED STATES.
makes a respectable tonnage and it is quite interesting to
(Preliminary figures for 1926, corrected to September 15 1926.)
note that a great many orders are placed for prompt shipMERCHANDISE;
ment, showing that buyers did not over-estimate their
August.
8 Montka Ending August.
requirements in the July buying movement. Heating and
Increase(+)
1926.
1925,
Furnace Cokes are in active demand at higher prices, while
1926,
Decrease (-).
1925.
Foundry Coke remains quiet. Ferro Alloys remain un$
$
$
$
$
Exports
386,000,000 379.822.746 2,961,205.862 3,082,803,031 -121,597,169
changed in price, with little activity.
Imports
336,000,000 340,085,626 2,977,897,594 2,729,490,570 +248,407,024
Prices Advance in Bituminous Coal and Anthracite
Markets.
Further advances in spot quotations on many of the principal grades marked the course of the bituminous coal markets of the country during the second week of September,
according to the observations of the "Coal Age" on Sept. 16.
These increases, far exceeding in number and intensity the
decreases in open market prices on some other sizes, carried
the "Coal Age" index of spot bituminous prices for Sept. 13
to 176, with a corresponding weighted average price of
$2 13. This was not only an increase of 5 points, and 60.
overSeptember4,but was the highest level reached since last
February, declares the "Age" in giving its usual review of
market conditions during the week, from which we quote:
Excess of expts 50,000,000 39,737,120
Excess of im pus
353,312,461
1a.691.73s
EXPORTS AND IMPORTS OF MERCHANDISE,
BY MONTHS.
1926.
1925.
Exportss
January.__ 3C6 836 319
February-- 352.9415.092
March_ _ _ _ 374,406.259
April
387.973 WW1
May
356,6,9 124
315 0.6 0 1
June
July
'68 359 337
August
386,000.000
September_
October_
November _
December _
1924.
1923.
$
$
$
446,443.088 395,172,187 335.416,506
370,676.434 365,781,772 306,957,419
453,652,842 339.755,230 341,376.664
398,254,668 346.935.702 325,492.175
370,945,110 335.088,701 316.359,470
323.347,775 306.989.006 319.956,953
339.660,368 276.649,055 302,186.027
379,822,746 330,659,566 310.965,891
420,368.140 427.459.531 381.433,570
490,588,314 527.171,781 399,199,014
447.803.577 493.572,921 401.463.872
468,305,949 445,748,393 426.665,519
1922.
$
278.848,469
250.619,841
329,979,817
318,469,578
307,568,828
335,116,750
301,157.335
301,774,517
313,196.557
370.718,595
379,999.622
344,327,560
8 mos. end.
August-- 2,961,205,862 3,082,803,031 2,697,031,219 2,558,711,105 2.423,535,135
12 mos.end
Dec
4,909,847,511 4,590,983,845 4.167.493.080 3,831,777,469
The levels attained at that time were due to the extraordinary Eastern
Imports
buying of bituminous coal for domestic purposes to replace anthracite cut
off January- - - 416,752,290
346.165,281' 295.508.212 329,253,664 217,185,396
by the hard-coal strike. The exciting cause in the present advance, which
February- - 388,336,072 333,387.369 332.323.121 303,408.933
215,743,282
started last July, has been the overseas movement of coal to Great Britain. March_ - - - 442.198,669
385,378,617 320.482.113 397,928,382 256,177,796
Localized at first in West Virginia, the influence has now spread out over April
397,911.768 346.090.951 324,290,966 364,252.544 217.023.142
320.913,458 327,518,721 302.987.791 372.544,578 252,817,254
the wide area lying between the Atlantic Ocean and the Mississippi River. May
June
338.061 11^ 325,215,73' 274,000,688 320.233,799 260,460.898
It has been strengthened in the past few weeks by the normal seasonal ad- July
3'9'24 218 325.648,25
278,593,546 287.433.769 251,771,881
vances on Middle Western prepared sizes.
August
336,000,000 340,085,624 254.542.143 275,437.993 281,376,408
The most conspicuous laggards In this march have been the smaller steam September_
349,953,680 287.144.334 253,645,380 298,493,403
374,073.914 310,751,608 308,290,809 276,103,979
sizes of coal, particularly In the Middle West. Concessions have been made October _
November.
376,431,291' 296,147,998 291,333,346 291.804,826
on the highest grade, as well as less desirable, Illinois and Indiana screen- December.
396,639.809 333,192,059 288,304,766 293,788.573
ings to effect prompt distribution. West Virginia steam and gas mine-run
8 mos. end.
also have wobbled, while Pittsburgh screened gas and slack have
moved
August__ 2,977,897,594 2.729,490,570 2,382,726,580 2,650,491,682 L952,556,052
upward again. The past week also witnessed an appreciation in Baltimore
12 mos.end.
pool coal prices after weeks of little fluctuation in the range.
Dec
4.226.589.263 3 609 91'2 579 3 702 085 983 3.112.746.833
Dumpings of bituminous coal at the lower lake ports for trans shipment
showed another drop for the week ended Sept. 12. when the total was
GOLD AND SILVER.
683.881 t ns of cargo and 40,645 tons of vessel fuel. or 53.387 tons less than
in the preceding non-holiday week. The season's total to date,
however,
August.
8 Months Ending August.
is 19.929,396 tons, as against 17.909.997 tons last year and 15,389,585
tons
Increase (4-)
in 1924. In 1923 the total to Sept. 13 was 21.553.787 tons.
1926.
1925.
Decrease (-).
1925,
1926.
There is a more optimistic tone in the leading anthracite markets. The
Goldtt
S
8
$
$
circular prices of the major producing companies are well maintained. Spot
29.743,113 2,135,690
Exports
76,547,713 197,488.601 -120,940,888
quotations on independent tonnage in New York Harbor showed an increase Imports
11,978,690 4,861.736 154,918.497
55,732,352 +99,186.145
of 10c. In the top figures on egg and nut. The latter size, however, was a
problem for shippers to the Philadelphia market and some quiet concessions Excess of expts 17,764,423
141,756,249
Excess of!rams
2,726,046
78,370,784 ,
were made to move tonnage. Pea was easy but not draggy.
The most cheering feature at this time, however, Is the improvement
Silver8,036,502 8,284,991
which has taken place in the steam division. Less coal is going into com- Exports
65,327,101
67,149,329 -1,822,228
5,987.820 7.273,298
48,923.535
44.693,552 +4,229,983
pany storage and there are fewer sacrifice sales of rice and barley by inde- Imports
pendent shippers. A surplus of buckwheat still embarrasses some of the Excess of expts 2.048,682 1.011,693
16.403,566
22.455,777
smaller producers and sharper concessions are made to move this size Exems oft nets
promptly.
The Connellsville coke market took a surprising turn last week when the
EXPORTS AND IMPORTS OF GOLD AND SILVER. BY MONTHS.
pre-holiday advances In spot prices were not only maintained but
exceeded.
A broader outlet for raw coal is the explanation given.
Gold.
Silver.
1926.
Country's Foreign Trade in August-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Sept. 15 issued its statement on the foreign
trade of the United States for August and the eight months
ending with August. The value of merchandise exported in
August 1926 was $386,000,000, as compared with $379,822,746 in August 1925. The imports of merchandise are
provisionally computed at $336,000,000 in August 1926, as
against $340,085,626 in August the previous year, leaving
a trade balance in favor of the United States on the merchandise movement for the month of August 1926 of $50,000,000.
Last year in August there was a favorable trade balance on
the merchandise movement of $39,737,120. Imports for
the eight months of 1926 have been $2,977,897,594, as
against $2,729,490,570 for the corresponding eight months
of 1925. The merchandise exports for the eight months of
1926 have been $2,961,205,862, against $3,082,803,031,
giving an unfavorable trade balance of $16,691,732 in 1926.
against a favorable trade balance of $353,312,461 in 1925.
Gold imports totaled $11,978,690 in August 1926, against
$4,861,736 in the corresponding month the previous year,
and for the eight months they were $154,918,497, as against
$55,732,352. Gold exports in August 1926 were $29,743,113,
against $2,135,690 in August 1925. For the eight months
of 1926 the exports of the metal foot up $76,547,713, against
$197,488,601 in the seven months of 1925. Silver imports
for the eight months of 1926 have been $48,923,535, as
against $44,693,552 in 1925, and silver exports $65,327,101,
as against $67,149,329. Some comments on the figures will
be found in an earlier part of this issue.in the article on "The
1925.
1924.
Exports
$
$
$
Jan__ 3,038,870 73.525,943
280.723
Feb.... 3,851,374 50.599,708
505,135
March.. 4.224.564 25,104,41(
817.374
April.- _ 17,883.865 21,603.945 1,390.537
593,290
May... 9.342,927 13.389,987
June... 3,345,528 6.712.480
268,015
July__
A 050 472 4,416,452
327,178
Aug____ 29,743,113 2,135.690 2.397,457
6,784.201 4.579,501
Sept-Oct...28,039,190 4,125.268
24.360,071 6,689,182
Nov.__
5.967,727 39,674,653
Dec....
8 mos
end .Aug 70,547,713 197,488,601
12 mos.
262,639,790
end.Dec
Import..
Jan.... 19,351,202 5,037,800
Feb.__ 25,415,655 3,602,527
March__ 43,412,576 7,337,322
A pril.__ 13,115,633 8,869.883
May... 2.934.665 11,392.837
June_ _. 18.890.086 4,428,135
July__ 19 5l^ am 10.204.112
Aug.... 11,978,690 4.861,736
4.128,052
Sept-Oct....50.740,649
10,456.115
Nov.
7.216,004
Dec_
1926.
1925.
1924.
$
$
$
9,762,969 11,384,799 8,208,644
7,752,350 6,832,647 8,876,713
8,333,081 7,916,717 8.355.278
7.612,045 9,322.618 7,801,689
7,930.810 6,535.761 9,686,517
7,977.026 8,522,492 8,648,499
7.°"l 418 8.349.304 9.190.362
8,038.502 8.284.991 8.632.067
7.487,317 10.345.205
8.783.376 9,465,023
8.118,093 9,401,406
7.589.470 11,279.630
6,579,709 65,327,101 67,149,329 69,399,769
81,648,313
45,135.760
35.111,269
34.322.375
45,418,115
41,073,650
25,181,117
18,834.423
18,149,981
6,656.155
19,701,640
19,862,384
10,274,049
99,127.585 109,891,033
5,762,760
8,863.131
5.539,071
6.322,429
4,871,534
5,628,160
5 045 525
5.987.820
7,338,559
4,928,916
6.860.750
4,944.807
3.390,180
4,918.605
5.238.437
7.273,298
4,504,024
5,601,851
4,049,035
5,746,956
5,979,758
7.900.409
6,220.934
3,907.745
5.839.582
4,870.389
7,127.613
7,041,630
7,082.962
5,828,572
8,481,418
5,863,892
8 mos.
end .Aug 154,918,497 55.732,352 263,226,690 48,923,535 44,693,552 48,688,060
12 mos.
end.Dec.
128.273.172 319.720.918
64.595.418 73.944.902
Total Value of Imports and Exports of Merchandise
by Grand Divisions and Principal Countries.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has issued its
report showing the merchandise imports and exports by
grand divisions and principal countries for the months of
July and the 7 months ending with July for the years 1925
and 1926. The following is the table complete:
SEPT: 18 1926.]
THE CHRONICLE
TOTAL VALUES OF EXPORTS AND IMPORTS OF MERCHANDISE BY
GRAND DIVISIONS AND PRINCIPAL COUNTRIES.
Month of July.
Exports to—
1925.
Grand Divisions—
Europe
North America
Booth America
Asia
Oceania
Africa
Total
Principal Countries—
Belgium
Denmark
France
Germany
Greece
Italy
Netherlands
Norway
Soviet Russia In Europe.Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Dominican Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
British Malaya
China
•
Hongkong
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
B Utah South Africa
Egypt
1926.
Seven Months Ended July.
1925.
1926.
$
155.090.064
101,513.847
32,284.735
30,385,684
14,509,628
5,876.410
$
$
$
166.122.988 1,426.700,862 1,167.648,752
101.912.185 6.0.351,446 679,601.158
27.298.530 225.817,282 248.401.403
40,988.845 248.508.869 309.774.405
13.411.568 103,534,747 114,157,031
8,625,221
48.067.079
55,690,812
339,660.368
368,359,337 2,702,980,285 2.575,273.561
7,895,449
4,234,354
14.456.214
23,588.175
2,334.013
12,268,464
10.781,558
2,591,642
7.516.758
4.065.848
2,520.477
964.803
57,744.155
62.969.045
5.779.463
11,766.491
15,677.995
1,2:36.100
11,977,393
6.398.617
3.872.391
2.883.484
502.730
1,914.789
1,669,516
2,102,552
3,629.686
802,115
5,843.300
694,972
2,091,192
11,351,914
4,527,247
11,388.007
2,993,406
3,372,191
527,430
7,358.249
2,414,134
12,769,464
20.395,483
581,948
12,201.228
11,783.004
2.654.341
6,679.228
4.657.768
2,487,085
655,680
77,445,708
66,100.813
6.027,392
11,567,541
12,446,719
1,290.095
11,464,371
9,247,557
3,909,494
3,935,807
248,677
2,150.015
2,058.'765
3,615,811
4,293,948
841.534
6,257,157
. 887,749
2,592,613
17,805,185
6.406.759
11,133,571
2.107,074
4,733,963
755,092
Month of July.
55,562.083
67,948.664
31.461,426
29.694,462
149,750.582 144.038.507
252,442,280 151,945.235
3,939,456
12,205,080
88.943,519
129,108.596
66,033,859
85,308,300
16.622,973
13.646.522
44,842,728
29,433,349
41,540,235
36.089.760
22.964,105
20,689.312
4,963,111
4,609.029
535,512,473 492,139,796
366,132,778 419,753,880
41,293,937
43,562.242
86,649,155
81.810,376
97,106,135
116,088.825
9,306.430
8,146.560
80,457,610
82,460.937
51,422.024
52,589,962
21.932,568
29,101,800
21,209,974
28.005.770
3,581,544
3.028.479
12,997,419
16,692.430
12,206.022
12,953.855
13.146,016
20.906,545
20.515,974
29,046.905
5,529,172
7,873.924
51,697,213 .61,149.235
8,847,867
6,892.655
10,133.885
14,717.026
107,773,732 138,686.224
34,962,100
40.026.686
81,315,274
89,338,302
20,799,006
23,368,970
25,653.566
29,253,6
.
75
3,988,325
4.434,734
Production
1443
of
Bituminous Coal and Anthracite
Declines—Coke Gains.
Despite a decline of 215,000 net tons in the outout of
bituminous coal during the week ended Sept. 4, the production was higher than during any other week.since February,
according to the statistics gathered by the United States
Bureau of Mines. Anthracite output also declined, being
48,000 net tons less in comparison with the week before.
On the other hand, the output of coke was increased by about
4,000 tons, according to the Bureau, which then goes on to
give the following details:
Production of soft coal during the week ended Sept. 4, including lignite
and coal coked at the mines, is-estimated at 11,002,000 net toils. While
this is a decrease of 215,000 tons, or 1.9%.from the revised figure for the
preceding week, it is yet higher than the output in any other week since
February.
Estimated United States Production of Bituminous Coal (Net Don:).a
192
1925
Week
Cal. Yr. to Date.
Week.
Cat. Yr. to Dateb
Aug. 21
10,533,000
342,291.001
10,522,000
309,165.000
Daily average__
1,756,000
1,754,000
1,735,000
1,542,000
Aug. 28_c
11,217,000
353,508.000
11,133,000
315.298.000
Daily average
1,870.000
1,739,000
1,858.000
1,552,000
Sept. 4 d
11,002,000
364.510,000
10.827.000
326,125,3)00
Daily average
1,834,000
1,742.000
1,559.000
1.805.000
a Original estimates corrected for usual error which In past has averaged 2%.
b Minus one day's production first week in January to equalize number of days In
the two years. c Revised since last report. d Subject to revision.
Total production of bituminous in August Is estimated,subject to revision,
at 46.347,000 tons, an increase of 2,875,000 tens, or 6.6%, over the 43,472,000 tons won in July.
Total production of bituminous coal during the calendar year 1926 to
Sept. 4 (approximately 209 working days) amounts to 364.510.000 net tons.
Figures for the corresponding periods in other recent yeas are given below
1920
1921
1922
364,119,000 net tons
268.199,000 net ions
243,883,000 net tons
383,894.000 net tons
306.844,000 net tone
328,125,000 net tons
19231924
1925
ANTHRACITE.
Seven Months Ended July.
Imports From1925.
Grand Divisions—
Europe
North America
South America
Asia
Oceania
Alvica
Total
Principal Countries—
Belgium
Denmark
France
Germany
Greece
Italy
Netherlands
Norway
Soviet Russia In Europe
Spain
Sweden
Switzerland
United Kingdom
Canada
Central America
Mexico
Cuba
Do inican Republic
Argentina
Brazil
Chile
Colombia
Ecuador
Peru
Uruguay
Venezuela
British India
British Malaya
China
Hongkong
Dutch East Indies
Japan
Philippine Islands
Australia
New Zealand
British South Africa
Egypt
1926.
1925.
1926.
$
93.070,587
76,102,705
41,487.474
107,304.996
4,419,475
3,263.020
$
95,237,750
78,894,144
41.056.112
113.593.156
3,730,742
6,720.686
325,648,257
339.232.590 2,389.404,944 2.642,105,966
5,382,100
119,036
9.851.818
13,808.781
422.672
7,036,363
6,861,919
1,619,120
1.851,013
2,074,512
3,873,555
2,855,459
33.195.866
38.823,716
3.262.162
11,547,382
18,499,204
953.305
5,248.848
21.001,375
5.692,646
5.114,923
1,043.075
1,017,084
587.514
1,521.528
11.013.329
22,325,695
16,106.743
1,193,793
7,759,941
31.866.153
11,291.18
2,745,730
1,571.530
348,006
701.792
$
687,720,687
595,836,720
302,484,502
691,151,982
53,455,733
58,755,320
..
5,230,268
41,650,639
685,182
2,833,729
10,193,199
85.077.779
15,415,841
82,624,697
391.515
19,854.843
6,734.557
60,984.098
8,508,942
45,137.857
1,869,179
13,344.033
7,133,468
1,370,591
3,665,139
17,434,456
4,263,465
24,133,130
3,226,560
20.905,640
27.344,340 232.065.356
39,879,722 247,826,223
2.997,317
27.896.917
13,235,344 115.534.051
16,706,680 180,380,991
731.337
4,909,487
5.092.381
51,550,897
17,144,791 114,731,053
3,911,365
61.534.122
10,244,264
36,447,912
4,961,542
387,527
7,956.273
1,316,725
12.284,547
458.117
10,874,444
2,204,566
87.197,602
11.708,351
29,729,328 141,478,122
10,284,698 106.347,955
14,852.816
545,083
8,775.868
49,503,055
35,531.528 184,957,695
71,176,015
11.160.623
1,942.403
36.613,605
15,482,879
1,461.869
2,552,283
5,295.753
1,182,673
27.140,274
$
726,580,541
594.221,121
339.215.092
866.977.138
45,590,328
69.521,746
44,737,123
3,174,368
80.021,565
112.576.266
8,788,596
54.006,785
57.484,831
14,058,020
10.067.719
25.604,765
22,799.893
22,266,373
225,503,584
267,760,567
35,824,838
107,055.332
144,400,036
5,798.733
57,182.893
13 .176,908
54,732,503
41,995,836
4,759,421
14 934,292
15.861,970
14,152,665
101,755.820
265,740.551
81,549,676
7,784,262
80,139,728
210,115,756
68,294,24!
30,785,538
12,615,131
14,279.288
27,823,461
Anthracite production during the week ended Sept. 4 is estimated at
1.951,000 net tons—a decline of 98,000 tons, or 2.4%. from the output in
the preceding week. Total production during the month of August is estimated, subject to slight revision, at 8.225,000 tons, as against 8,429.000
tons in July. The number of working days in the two months was the same.
Estimated United States Production of Anthracite (Net Tons).
1926
1925
Week.
Cal. Yr. to Dale.
Week.
Cal. Yr. to Date.a
WeekEnded—
1,782.000
50,244.001
2,155,000
68,531,000
Aug. 21
52.243.000
1,999,000
2,263,000
60,794.000
Aug. 28
61,228,000
64,194,000
939.000
Sept Lb
1,951,000
a Minus one day's production first week irithinuary to equalise number of days
in the two years. b Subject to revision.
4
Total production of anthracite during the calendar year 1926 to Sept.
amounts to 54,194.000 tons. Figures for corresponding periods in other
recent years are &lien below:
1924
69,796.000 net ton,
22,656,000 net tons
1922
1925
61.228,000 net ton
65,478,000 net tons
1923
BEEHIVE COKE.
Production of beehive eoke during the week ended Sept. 4 is estimated
at 185,000 net tons, a gain of 4,000 tons over the output In the preceding
week. The increase was principally in Pennsylvania.
Estimated Production of Beehive Coke (Net Tons).
1926
1925
Week Ended—
to Date.a
Sept. 4'26.6 Aug.28'25c Sept. 5 '26. to Dots.
128.000 6,737.000 9,949.000
148,000
153,000
Pennsylvania and Ohio
911,000
518,000
11,000
15,000
13.000
West Virginia
975.000
632.000
19.000
5,000
6,000
Ala., Ky., Tenn. & Ca
250,000
245.000
5.000
6,000
6,000
Virginia
163.000
183.000
5.000
4,000
Colorado & New Mexico_ 3,000
121,000
3.000
137.090
3,000
Washington & Utah
4,000
United States total
Daily average
185.000
31,000
181,000
30,000
166.000 8.289,000 6,532.000
32,000
90,000
28,000
a AdJusted to make comparable the number of days In the two years. b Subject
to revision. c Revised since last report.
Current Events and Discussions
The Week with the Federal Reserve Banks.
$3,100,000 and non-reserve cash $6,900,000. After noting
Largely as a result of the Treasury's financial operations, these facts, the Federal Reserve Board proceeds as follows:
The Nrw York bank shows a decrease of $46,200 000 in discount holdings.
the consolidated statement of condition of the Federal Re- San
Francisco a decline of $9.900,000, Minneapolis 35.906.000,and Chicago
serve banks on Sept. 15, made public by the Federal Reserve $5.500 000. At the Cleveland
and Atlanta Reserve banks. discount
Board and which deals with the results for the twelve holdings increased $6.500,000 each, at Boston, $3;700.000. and as Phil
holdings of the New York
Reserve banks combined, shows a decline of $48,700,000 in adelphia $3,400 000. Open market acceptance
bank declined 66,400,000 while those of Boston Increased $3,600.000, the
holdings of discounted bills and increases of $162,000,000 System as a ehole
in this item.
$3,500.000
of
showing a reduction
Tool holdings of Treasury notes were 573.000 000 below last week's
in member bank reserve deposits and $175,700,000 in Govwhile holdings of U. S. bonds increased 53.600.000 and ef Treasury
ernment securities, holdings of which on Sept. 15 included total,
Certificates $245.100,000. Of the Increase in the latter Item. 6132.000.000
$192,000,000 of temporary certificates issued by the Treasury represent,v temporary certificates issued by the Treasury to the Now York bank
to the Federal Reserve banks pending the collection of the and 560.000.000 to six other Reserve banks pendiny the quarterly collection of
lox".,.
quarterly installment of taxes. Federal Reserve note circuAll of the Federal Reserve banks report a smaller volume of Federa.
while
$22,500,000,
cash
reserves
increased
declined
Reserve notes in circulation, with the exception of Richmond and DaRrli
lation
THE CHRONICLE
[VOL. 123.
which show a total increase of 81.200,000, the principal decreases being:
New York $12.400.000 and San Francisco 84.100.000.
member banks of the Reserve System. In the following is
furnished
a summary of the changes in the principal items
The statement in full, in comparison with the preceding
week and with the corresponding date last year,will be found as compared with a week ago and with last year:
Increases(+)or Decreases(—)
on subsequent pages—namely, pages 1478 and 1479. A
During
summary of changes in the principal assets and liabilities of
Week.
Year.
+$19.000,000 +$756,000.000
the Reserve banks during the week and the year ending Loans and discounts, total
Secured by U.S. Government obligations_ —1,000,000
—30,000.000
Sept. 15 1926 is as follows:
Secured by stocks and bonds
—17.000,000 +489,000,000
Increase (-I-) or Decrease (—)
During
Week.
Year.
Total reserves
+83.100.000 +$83,400,000
Gold reserves
+1.200.000
+60.000,000
Total bills and securities
+123.500,000 +200,700,000
Bills discounted, total
—48,700.000
+77,600,000
Secured by U.S. Govt. obligations
—56,200,000
+40.000.000
Other bills discounted
+7,500,000
+37.600,000
Bills bought in open market
—3.500,000
+50,500,000
U.S. Government securities, total bonds +175.700.000
+78.800,000
Bonds
+3.600,000
—6,300.000
Treasury notes
—73,000,000 —98,300,000
Certificates of indebtedness
+245,100.000 +183.400,000
Federal reserve notes in circulation
—22,500,000
+46,800,000
Total deposits
+175.000,000 +187.100.000
Members' reserve deposits
+162,000,000 +171.500.000
I/overnment deposits
—1.500.000
+600,000
All other
Investments, total
United States securities
Other bonds, stocks and securities
Reserve balances with Federal Reserve banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total borrowingsfrom Federal Reserve banks
+37,000.000
+6,000,000
+1,000.000
+5.000.000
—18,000,000
+21,000.000
—5.000,000
—1,000,000
—8,000.000
+297,000,000
+148,000,000
—44,000,000
+192,000,000
—14,000,000
+1,000.000
+149,000,000
+509,000,000
+50,000.000
—37,000,000
Summary of Conditions in World's Markets According
to Cablegrams and Other Reports to the
Department of Commerce.
The Department of Commerce at Washington releases for
publication to-day (Sept. 18) the following summary of
The Member Banks of the Federal Reserve System— conditions abroad, based on advices by cable and other
means of communication:
Reports for Preceding Week—Brokers' Loans
in New York City.
CANADA.
Light frosts causing ,serious damage have followed the protracted spell of
It is not possible for the Federal Reserve Board to issue
wet weather in many parts of the Prairie Provinces. Canada's mining
the weekly returns of the member banks as promptly as the industries made continued progress during
the first six months of 1926.
returns of the Federal Reserve banks themselves. Both The output of metals and non-metallic minerals (including coal, gas and
oil)
was
valued
at
898,395,788,
as
compared
with $90,347,698 valuation
cover the week ending with Wednesday's business, and the of the production
during the first half of 1925.
returns of the Federal Reserve banks are always given out
GREAT BRITAIN.
after the close of business the next day (Thursday). The
Efforts are being exerted to find a basis acceptable to the mine owners,
statement of the member banks, however, including as it miners and the Government for the resumption of the coal negotiations.
does nearly 700 separate institutions, cannot be tabulated A further slight reduction in unemployment is indicated by the unemployment registers; on Aug. 31 a total of 1,549,800 were listed, as comuntil several days later. Prior to the statement for the week pared
with 1,558,900 persons a week previous.
ending May 19, it was the practice to have them ready on
Exports of British goods during August, valued at £49,780,000, were
Thursday of the following week, and to give them out con- below the valuations for the previous month, and for August 1925, by
approximately
and £11,250,000, respectively. August imcurrently with the report of the Reserve banks for the next ports showed an £7,500,000
increase of nearly £840,000 over the July valuation, while
week. The Reserve authorities have not succeeded in the increase over August 1925 was nearly £9,500,000. Foreign coal, no
expediting the time of the appearance of the figures, and they doubt, figures to a very great extent in the increased importations.
are made public the following week on Mondays instead ot on
FRANCE.
The improvement in the Treasury situation, increased receipts from new
Thursdays. Under this arrangement the report for the week
taxes, reports of heavier takings of National Defense bonds, and statements
ending Sept. 8 was given out after the close of business on that sufficient foreign exchange has
been obtained to provide for obligaMonday of the present week.
tions for the remainder of the year, are said to be the principal reasons for
The Federal Reserve Bord's weekly condition statement relative stability of the French franc.
The attention of the
is centred chiefly on its program for
of 697 reporting member banks in leading cities as of Sept. 8 administrative economiesGovernment
and with measures to control prices. A domestic
shows an increase of $19,000,000 in loans and discounts and loan of three billion francs, to be devoted to the internal debt amortization
of $6,000,000 in investments. These changes were accom- fund, will probably be floated early in October; a decision as to details of
the loan by Sept. 15 is expected. Manufacturers are showing a tendency
panied with decreases of $5,000,000 in net demand deposits to make concessions, to speed deliveries,
and to absorb cost increases
and $8,000,000 in borrowings from the Federal Reserve whenever possible, in order to award possible cancellation of previously
in
orders
case
pyramided
of
stabilization
of
the franc. The attitude of
banks. Loans and discounts of member banks in New
business in general may be characterized
one of watchful waiting.
York City declined $26,000,000, net demand deposits There has been a marked decline in wholesaleas prices
which, however, may
$32,000,000, and time deposits $15,000,000, while holdings be temporary in nature. The Paris retail index for August was higher.
GERMANY.
of United States Government and other securities increased
German production and trade have enjoyed a course of steady improve$6,000,000 and borrowings at the Federal Reserve Bank
August
throughout
and
the
first half of September. Later development
$23,000,000.
ments are partly dependent on the solution of various international as well
Loans on stocks and bonds, including United States Gov- as of the domestic problems which influence German business. Heavy inernment obligations, were $18,000,000 below the previous dustries are awaiting the outcome of the iron cartel negotiations and are
watching the British coal strike. A continuance of the present money rate
week's total, the principal changes being a decrease of and of the high level in Stock Exchange
quotations is probable so long as
$40,000,000 in the New York district and an increase of no stabilizatioa or rapid depreciation of the French franc occur, but evenis expected to repatriate Latin capital now in Germany.
$21,000,000 in the Boston district. All other loans and dis- tual stabilization
It is believed that the British coal strike has given the Ruhr industries
counts increased $37,000,000, of which $17,000,000 was re- sufficient momentum to insure good business until the coming spring. The
ported by banks in the New York district and $6,000,000 each recent commercial agreement with France and the 300,000,000 marks paid
by Germany during the third year of the Dawes plan is evidence of growing
by banks in the Philadelphia and Chicago districts. Total confidence
in the Government and in business circles. Unemployment has
loans to brokers and dealers, secured by stocks and bonds, been somewhat reduced and there is a decrease in bankruptcies. The
made by reporting banks in New York City were $5,000,000 Reichsbank statement shows an increase in loans and discounts and there
a rise in note circulation. German industry has recently recommended
above the Sept. 1 total, an increase of $36,000,000 for the is
the necessity of greater stability in Government finance and a reduction in
account of out-of-town banks being largely offset by de- importation. Industry in general shows considerable improvement.
The
creases of $27,000,000 in loans for own account and $4,000,- machine industry is occupied to 55% of its capacity, toolmakers are working three days per week, and the Raw Steel Association has increased its
000 in loans for others. As already noted, the figures for production quota from 67%% to 70% for the month of September.
these member banks are always a week behind those for the
POLAND.
Reserve banks themselves.
The favorable development in the Polish financial and general economic
Banks in the New York district reported an increase of $2,000,000 in situation, which prevailed since the latter part of June, continued during
holdings of United States securities and of $6,000,000 in other securities.
Relatively small changes only were reported in the security holdings of
banks in other districts. Net demand deposits were $5.000,000 below the
Sept. 1 total, the principal changes in this item included increases of $11,000.000 each by banks In the Philadelphia and Chicago districts and decreases of $27.000,000 by banks in the New York district, $11,000,000 in
the Cleveland district, and 89,000,000 in the San Francisco district. A
reduction of $10,000,000 in time deposits reported by banks in the New
York district was offset by small increases in a number of other districts.
Borrowings from the Federal Reserve banks were $8,000,000 less than on
Sept. I. Increases of 817,000.000 reported by banks in the New York district and $5.000,000 by banks in the Cleveland district were more than
offset by decreases in other districts, declines of 812,000.000 and $7,000,000
being shown for the Chicago and Boston districts, respectively.
On a subsequent page—that is, on page 1479—we give the
figures in full contained in this latest weekly return of the
the past month and up to date, according to a cable from Acting Commercial Attache Allen, Warsaw. The improvement in the money market had
a salutary effect upon the credit situation and, coupled with the continuing favorable foreign trade balance and the approaching grain export season, brightens the outlook for the near future.
The position of the Bank of Poland has been considerably strengthened
by the steady increase of the supply of foreign currency. Coal exports
have reached a new record, the United Kingdom having taken nearly onehalf of the total of Poland's coal exports.
FINLAND.
The noticeable improvement in the general situation continues through
August. Bank balances abroad increased from 899,483,302 Fmks. on
Aug. 7 to 928,598,148 Fmks. on Aug. 14. The upward trend of the export
trade is reflected in the continued decline in rediscounts, which, although
they are slightly higher than last year at this time, are quite normal and
satisfactory. The general position of the joint stock banks is considered
SEPT. 18 1926.]
THE CHRONICLE
satisfactory, with credits lower than usual at this season of the year and
deposits continuing to increase.
LATVIA.
Harvesting activities are progressing successfully throughcrnt the country. Returns of oats and barley, which are now being harvested, are more
satisfactory than the crop of last year. The clover crop is far below
normal.
ESTHONIA.
The Ministry of Communication is elaborating a new freight tariff for
butter, beer, etc., conveyed in special remilk,
as
such
perishable goods
frigerator cars. The new project provides for a special surcharge in addition to the usual freight rates. Following a Cabinet meeting at which the
question of monetary reform WDB discussed, it was decided to reorganize the
currency system on a gold basis not later than next spring and, for the
time being, to issue new paper money. This new currency law will be
submitted to Parliament during the next session for approval.
CHINA.
Uncertainty in regard to the outcome of the fighting in the vicinity of
Hankow has depressed business in that district, according to cabled advices
from the Commercial Attache and Consuls in China. It is reported that
delivery of cargo in the upper Yangtze Valley is constantly becoming more
difficult because of military interference and increased irregular taxation.
Declared exports from all China to the United States for August totaled
United States $11,047,000, against $12,800,000 for the same month last
year. August declared exports from Shanghai totaled United States
$4,187,000.
Since February 56,000 tons of American open hearth steel rails and
accessories have been sold to North China and Manchurian railways, including 18,000 tons for the Peking-Mukden Railway, which was sold on
the basis of confirmed letter of credit in New York.
The money market in Shanghai is easy despite the serious military activities in the upper Yangtze district. The principal reason seems to be
the large silver stocks held in Shanghai banks.
PHILIPPINE ISLANDS.
The Philippine copra market is slightly weaker, because of heavy arrivals
at Manila, which were 65% above normal for the week ended Sept. 11.
Copra prices have shown a slight downward tendency in the past week.
Resecado is quoted at 13.25 pesos per picul of 139 pounds. (1 peso equals
$0 50.)
The abaca market, which was firm the,early part of the week, is now
quiet, due to smaller demand from foreign markets. Production and trade,
however, are about normal.
NETHERLANDS EAST INDIES.
Java's foreign trade for 1925, totals for which have just been made
public, show a substantial increase in imports and a decline in exports.
Imports of merchandise amounted to 530,172,000 florins ($212,068,000),
compared with 466,630,000 florins ($177,281,400) in 1924. Exports in
1925 totaled 837,174,000 florins ($334,869,600), against 900,580,000 florins
($342,210,400) the previous year.
The advance in imports was largely due to increased purchases of cotton
goods. The preliminary figure for textiles is given as 197,760,000 florins
($79,104,000), compared with 152,330,000 florins ($57,885,400) in 1924.
Although rubber exports from Java advanced from 80,680,000 florins
($30,658,400) to 142,190,000 florins ($56,876,000), this gain was offset
by the decline in sugar shipments from 489,960,000 ($186,184,800) to
367,280,000 florins ($146,912,000).
Imports from each of the five principal countries of origin registered
increases totaling 48,940,00 florins ($19,576,000). Imports from the
United States advanced from 30,710,000 ($11,669,800) to 35,850,000
florins ($14,340,000). The increasing importance of Java to the United
States as a source of raw materials is illustrated by the fact that the
island's exports to its five principal markets in 1925 declined in each
instance except that of the United States. American purchases were valued
at 127,600,000 florins ($51,000,000) in 1925, against 88,710,000 florins
($33,709,800) the previous year.
INDIA.
The satisfactory progress of the monsoon is causing some improvement
in the bazaar trade and a more optimistic feeling is evident among piece
goods dealers. Bombay reports that there is no noticeable unloading of
silver in the up-country districts as had been anticipated in some quarters as a result of the recommendations of the Currency Commission. The
off-take of silver, however, which should be increasing at this season, is
stationary.
AUSTRALIA.
A referendum on whether or not the Constitution should be amended to
make the present Commonwealth Court of Conciliation and Arbitration a
final industrial tribunal and to give the Commonwealth Government power
to provide food, fuel, light and other essentials in the event of an industrial situation requiring drastic action has decided the questions in the
neagtive.
It is now forecast locally that wages will be increased in New South
Wales, but it is possible that reductions will be made In the rate of compensation insurance.
The first of the season's series of wool sales at Sydney enjoyed good general competition and an upward market tendency. The demand was strong,
particularly for fine wools.
MEXICO.
The turnover during the past week improved in anticipation of the
national celebration of Independence Day. It is reported that an order has
been placed for 500,000 bushels of Canadian wheat to be shipped from
Vancouver to Vera Cruz, via the Panama Canal.
PORTO RICO.
Business conditions in Porto Rico continue to approxiMate the general
level of 1925, but the outlook for seasonal fall improvement is not so good
as it was a year ago on account of the cumulative strain of low sugar
prices. The prospective yield for all crops is estimated locally above the
average as weather conditions remain favorable. Due to the recent hurricane which damaged the tobacco sheds, the tobacco crop may be limited by
the shortage of shelter for curing the leaf. Increased cotton production is
expected. The first contingent of emigrants recruited fqr labor in the
Arizona cotton fields has left Porto Rico. The competition offered by
Danish cement continues strong. Damages to the roads of the island sustained during the recent hurricane are being rapidly repaired.
TRINIDAD.
In Trinidad great discouragement prevails and business prospects are
poor, due to the realization of the damage caused by the long drought,
although recent heavy rains have materially relieved the agricultural
situation.
1445
URUGUAY.
Protest was addressed to the Government on Sept. 9 by the Rural Society
urging immediate consideration of the present difficult economic situation,
which is attributed to the increasing burden of export taxes and heavy
budget expenditures. The Rural Society is composed of 47 associations
throughout the Rpublic and is supported by numerous commercial and
industrial organizations. Uruguyan bank clearings for July amounted to
50,564,220 pesos and customs revenues for August to 1,645,000 pesos. The
fourth annual automobile show has been announced for the middle of December, with headquarters at the Pocitos Hotel.
ARGENTINA.
Trading in the Argentine market is still below normal, with transactions
in cereals and cattle limited; a good demand exists, however, for hides and
sheepskins. Climatic conditions continue favorable for agriculture, and
optimism is still felt for the development of crops. A revised official
estimate gives the exportable surplus of wheat on Aug. 21 as 1,042,000
metric tons. The volume of exports has increased somewhat, and peso
exchange is slightly higher than at the close of last week.
Congress has authorized various extensions of the British Railway within
the Republic. Railway communication with Chile, which has been interrupted for some weeks by reasons of heavy snow storms in the Andes
Mountains, has been re-established. (Acting Commercial Attache H. B.
MacKenzie, Buenos Aires, Sept. 11 1926.)
PERU.
The depressed condition of Peruvian trade previously reported continued
thr,oughout the week ended Sept. 11. Exchange appreciated to $3 90 for
the Peruvian pound from the rate of $3.865 on Sept 4, reaching the highest level attained since December 1925. This improvement shows the
influence of the receipt of initial proceeds of the $16,000,000 issue of the
recent Government loan negotiated in New York. The national budget for
1927 has been submitted to Congress for approval; it totals Zp9,906,000,
as compared with Zp9,763,000 in 1920.
Bank of France to Purchase Gold at Current Exchange
Rates.
The New York "Times" reported the following copyright
cablegram from Paris, Sept. 13:
The Bank of France announced officially to-night that it has made al
arrangements to purchase French and foreign gold at a 'rate which will
approximate current exchange quotations. The recent law passed in
Parliament gives the bank this right.
It is hoped that through this method a considerable portion of the undetermined horde of gold held in France may be gathered into the Treasury
and made a part of the nation's gold reserve.
Gold in possession of the French people is estimated variously at between
one and two billion francs.
On the following day the "Herald-Tribune" had the following to say in a copyright Paris message:
As a result of French newspaper reports that the Bank of France would
purchase gold as part of the next phase of Premier Poincare's financial
program hundreds of citizens visited the branches of the Bank to-day to
ascertain what rate the institution would offer. Inquiry in official quarters
revealed that the problem still is being studied and that it is not expected
that gold purchases will be attempted until Parliament reconvenes late in
October.
With rumors current here daily of the growing political divergencies of
some of the leading parties, exchange quotations are bound to fluctuate
during the next six weeks and experts declare that it would be dangerous
for the Bank of France to offer market rates either for French or foreign
currency until a relative degree of stability is attained. The idea of gold
purchases is very favorably received in the provinces where the peasants
have hoarded their gold.
The latest estimates place the available gold reserve outside the Bank
as more than 4,000.000.000 francs for which the national banking institutions previously refused to give more than an equal number of paper francs.
France to Issue National Defense Bonds Based on
Tobacco Monopoly.
On Oct. 1 France will issue a new series of consolidated
national defense bonds based on the tobacco monopoly
in exchange for short term bonds only. The "Wall Street
Journal" in Paris advices last night regarding the new issue
said:
Announcement of terms of the new internal loan guaranteed by the
tobacco monoply and other receipts henceforth earmarked for the new
sinking fund organization is generally well received and it is believed the
3,000,000,000 francs demanded will be easily obtained. The bonds, which
will be issued at par and will run 40 years, pay 7%,since in addition to a
fixed rate of interest of 6% holders will be entitled to a bonus of 1-10% for
every 100.000,000 francs annual sales oftobacco above 2.000,000,000francs,
with a guaranteed minimum of 1%. Latest calculations put the tobacco
sales for 1926 at 3.500,000,000 francs, with net profits of 2,700,000,000
francs.
Comparative smallness of the loan indicates an intended test of the
market. If it is successful, similar loans will follow. The President of the
sinking fund estimates total revenues reserved for it under the law at
5.000.000.000 francs, with which to undertake service and gradual redemption of floating debt of 49,000,000.000 francs. But the fund starts without
any initial capital, and therefore it would be unable to meet any heavy
demands for redemption of defence bonds such as might arise should the
public require more currency. The new loan is subscribable only in defense
bonds, but since these are always available it may result in a considerable
amount in fresh money subscriptions.
England Gets S20,000,000—France and Italy Give 10
Millions Each on War Debts.
The "Herald-Tribune" reported the following copyright
advices from London, Sept. 15:
Thel3ritish Treasury received $20.000.000 to-day from France and Italy
In payment on their war debts to Great Britain. The first semi-annual
Instalment of $10,000,000 of the French war debt was paid under the terms
of the Peret-Churchill agreement. The other $10,000,000 was paid by the
Italian Government as its second installment on the funding agreement.
1446
THE CHRONICLE
According to the French settlement reached July 12. the total indebtedness of France to England is $3,000,000,000 and France is to pay it in sixtytwo annuities.
Winston Churchill, Chancellor of the Exchequer, announced to-day that
the English taxpayers would experience no relief from these payments
because they already are anticipated in the budget.
France Proposes General Disarmament Conference.
At the meeting at Geneva on Sept. 13 of the League of
Rations D sarrnament Commission a resolution was introduced by the French delegation proposing a genera disarmament conference to be held before next September.
Regarding the attitude of the Assembly toward this the
New York "Times" copyright message from Geneva, Sept.
13, said:
That the seventh Assembly of' the League of Nations will not call a
general disarmament conference, as was planned when the Preparatory
Commission was created last year. was officially recorded to day at a
meeting of the Third Committee. Representatives of the larger nations
expressed hope that the conference could be called before the next Assembly
meets.
The experts will resume their work at Geneva on Sept. 27 and report to a
full meeting of the Preparatory Commission, which will be held next March
or April. The Commission will report to the Governments, which will
decide then whether or not it is useful to call the Disarmament Conference.
[You 128.
Irish Trust, Ltd., and will receive subscriptions from investors in America and Canada for an issue of 50,000 shares
with a par of £10 sterling each, to be offered at par in
London on next Monday, according to cable advices received
here from London this week. The new company which has
an authorized capital of £1,000,000 sterling in shares of £10
each, has been organized, in part, to care for the financial
interests in London of a number of leading Irishmen throughout the world. It is stated that the formation of the trust
is the natural outcome of the feelings of accord and good-will
which has for sometime been steadily growing between
the Irish Free-State, Northern Ireland and Great Britain.
Men of prominence from each of those sections are on the
directorate of the new company. Dublin, Belfast and
London each provide the trusts, lawyers and brokers.
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The Associated Press accounts also state:
Offering of Shares of London Irish Trust, Ltd.
American Trust Co. and W. A. Harriman & Co., Inc.,
have been appointed American representatives of the London
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Widespread alarm has been caused by publication of the latest figures
covering operations of the dole system in England.
According to a report Issued by toe Ministry of Labor. a weekly average
of 977.000 persons received unempli,yment renefit throughout the last
yeaz , the average amount received being slightly under $5 a week. The
total sum thus disbursed reached the staggering total of 9220.000 000.
The report further discloses that many claims were of an extremely
doubtful nature and no less than 442.000 out of tha 6i13.000 which were
referred to the chief insurance officer were found to be unjustified or
fraudulent and hence disallow. d.
Many of these include domestic servants, of whom there is supposed
to be a scarcity, and many were found not to be genuinely seeking work
In Accordanre with the Insurance Art.
These farts and figures are calculated to renew opposition to :he dole
system ,n Conscrvative ranks and Increase th.., number of those clamoring
for repeal of dole legislation.
It must be understood, however, that the dole Is not altogether a state
of charity. The fund is made up of one-third from workmen's compulsory
Insurance payments, deducted from wages, and one-third is contributed
each by the employers and the State. In ordinary t mes this fund is
able ti take care of from 600 000 to 700.000 unemployed and still show 0.0aa
r VaNOW
a profit kvailabre for abnormal times, such as have exiated since the war.
Bad times due to trade depression naturally have impoverished the
fund, so that the taxpayer Is more directly concerned. Opponents of the
system consider it an incentive to idleness and blame it for many of Britain's
Ills. Others, however, regard it as a safeguard against revoiution and
therefore are not sorry that th, heaviest drain on funds comes In a year
when revolution has been so splendidly averted.
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• in Year.
The following advices were contained in a copyright
message to the New York "Evening Post" from London
Sept. 16:
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The paralyring effect of the strike is so great that a five year Industrial
truce is needed for the business of the country to recover. Premier Baldwin
Is back in London, but his hands appear to be tied by the refusal of the
die-hards in his party to permit pressure on the mine owners, and It is
doubtful whether the Premier will call a conference of the owners' repro
sentatives, as has been suggested
The spokesman of the Federation of Briti,h Industries asserts that
manufacturers are forced to pay .e3 a ton for inferior foreign coal instead
of 15 shillings as in normal times, and that even if the strike ended tomorrow the industrial world could not resume full action for a long time
Six weeks probably would elapse before the blast furnaces were in operat.on
winch would delay tin iron and steel works, and, in turn, engineering
and similar works.
•
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9, 900'103'69i,
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Cost of Coal Strike to Great Britain Estimated at • .7. ZI 00 a
£350,000,000.
The Westminster "Gazette," according to Associated Press
cablegrams from London Sept. 15, estimated that the coal
strike has already cost £350,000,000, while the Ministry of
Labor's statistics further emphasize the seriousness of the
position by showing that 1,559,500 are unemployed, which
number does not include more than a million idle miners.
The "Gazette" is reported as saying:
9Z.I *Was prloy
Stock of Money in the Country.
The Treasury Department at Washington issued its customary monthly statement showirg the stock of money in
the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents. The figures this time
Reduction in French Army Ordered by Ministerial
are for Sept. 1. They show that the money in circulation
Council.
at that date (including, of course, what is held in bank
Under date of Sept. 10 Associated Press cablegrams from vaults of member banks of the Federal Reserve System)
Paris said:
was $4,864,086,407, as against $4,858,473,503 Aug. 1 1926
While foreign Ministers Briand and Stresemann at Geneva to-day were
pledging France and Germany to policies of peace, a ministerial council In and $4,784,024,545 Sept. 1 1925, and comparing with
plenary session here issued a decree providing for reductions in the French $5,628,427,732 on Nov. 1 1920. Just before the outbreak
army! There will be a gradual but important cutting down in the number
of the European war, that is, on July 1 1914, the total was
of men and many properties will be transferred from military to governorlv $3,402,015,427. The following is the statement:
mental control.
Other services of the Government also felt the weight of Premier Poinz .15 T
."2 t')
care's plans for 'a nationwide "grand penitence" to reduce the budget.
saTs
The interior administration will lose by the abolition of 106 sub-prefectures
P!
, -t1f4S—ig
i.a4;24g3
cz
and seventy departmental secretariats.
a Inehales United (toes paper curreney In cireulatIon In foreign (monetize and the
fermium It Id by the Cohan agenries of ihe Federal Reserve bunks.
b Ion. not Include gold bullion or foreign coin outside of vaults of the 'Tresatu7.
Federal lteaerve banks, and Federal Iterserte agents.
THE CHRONTOLE
SEPT. 18 1926.1
t These amounts are not Included In the total since the mciney held In trust against
gold and silver certIncates and Treasury notes of 1890 ht Included under gold min
and bullion and standard silver dollars. respectively.
and
d The antount of money held in trust against gold and silver certificates
It with
Treasury notes of 1890 should be deducted from this total before combining
total money outside of the Treasury to arrive at the sleek of money in the United
Stales.
St 51.939,753
eThls total Includes S14.397.52 of notes in proem of redemption.
I. 9 , deposited for
Of gold deposited for redemption of Federal Reserve notes. $9.
or additional
retirement
for
deposited
65
.
notes.
$
bank
national
redemption of
circulation (Actor May 30 1908).and S6.606..s 0 deposited asareserveagainat postal
oavingi deposits.
I Includes money held by the Cuban agencies of the Federal Reserve banks of
Boston and Atlanta
Natl.—Gold certificates are secured dollar for dollar by goldheid in the Treasury
by standard
for their redemption: silver certificates are secured dollar for dollar
notes are
silver dollars held In the Treasury for their redemption: United States
reserve fund
This
in
held
the
Treasury.
54188886
$1
of
a
reserve
1,3,
gold
Secured
are also secured
may also be used for the redemption of Treasury notes of 1890. whichFederal
Reserve
dollar for dollar by standard silver dollars held in the Treasury.
of the
notes are obligations of the United States and a first lien on all the 10181.121deposit
Issuing Federal Reserve bank. Federal Reserve notes are seetired by the
discounted
such
of
or
gold
gold
and
of
like
a
amount
of
agents
Reserve
With Federal
or purchased paper as Is eligible under the terms of the Federal Reserve Art. Federal
Reserve banks must maintain a gold reserve of at least 40%. Including the gold
redemption fund which must be deposited with the United States Treasurer against
w ,tb
Federal Reserve notes In actual circulation. I aw nil money has been derismited
Reserve
the Treasurer of the United States for retirement of all outstanding Federal
where
except
bonds
by
United States
bank notes. National bank notes are secured
for their
lawful money has been deposited with the Treasurer of the United States
retirement. A5% fund is also maintained in lawful money with the Treasurer of
the United States for the redemption of national bank notes secured by Government
bonds.
Return of James Speyer from Abroad—Admission of
Germany to League Important Step in Rehabilitation of Europe—Continuance of Loans to
Europe Urged.
• In the opinion of James Speyer, who returned on Sept.
14 from his two months' trip abroad, "the admission of Germany to the Council of the League of Nations is the most important step so far taken towards the peaceful rehabilitation of Europe." During his European trip Mr. Speyer visited Paris, Berlin and London, and had an opportunity of
seeing Montagu Norman, the Governor of the Bank of
England, President Schacht of the Reichsbank, and other
leading bankers. Citing factors other than Germany's entrance into the League, which have a bearing on the economic recovery of Europe, Mr. Speyer said:
The Locarno treaties came into effect to-day.
At 11 o'clock the representatives of the seven nations Involved deposited
the ratifications of their respective Parliaments with the Secretariat Generator the League of Nations and signed the Act of exchange of ratifications.
France was represented by M. Briand, Germany by Dr. Stresemann,
Great Britain by Sir Austen Chamberlain, Belgium by M. de Brouckere,
Italy by Signor Scialogia, Poland by M. Zaleski and Czocho-slovakia by
Dr. Bones.
The final paragraph of the treaties made at Locarno said they came into
effect after the entry of Germany and after exchange of ratifications and
their deposit at Geneva, the latter of these two steps having been taken
to-day and the former when Germany entered the League last week. the
Rhineland treaty and other compacts made last October are now in force.
Five Treaties Made at Locum).
There are five Locarno treaties.
First and most important is the Rhineland guarantee treaty between
France and Belgium,on the one hand, and Germany,on the other, which is
guaranteed by Great Britain and Italy.
Second, the arbitration convention between France and Germany.
Third, the arbitration convention between Belgium and Germany.
Fourth, the arbitration treaty between Germany and Poland.
Fifth, the arbitration treaty between Germany and Czecho-slovakia.
The Rhineland treaty Is characterized as the base of the new European
policy by the promise of France and Germany that they will in no case
resort to war against each other. It establishes the sanctity of the neutral
zone along the Rhine, which neither France nor Germany may cross militarily except in the execution of a mission of the League of Nations- Germany and France, as well as Belgium. agree to arbitrate all differences
arising between them. The League is made the judge of all allegations of
violation of the treaty.
In execution of this treaty France and Germany are expected in the near
future to hold a series of negotiations looking to satisfying Certain German
wishes with respect to enforcement of the Treaty of Versailles, and in fact
those conversations were begun here at Geneva in the last week. Also it
will be recalled that at the close of the Locarno Conference the Allied Powers
handed to the Germans a statement saying they would support a construction of Article 16 of the Covenant to the effect that Germany's geographical
position and military status would be taken into account in assessing her
duties under Article 16. This matter will be discussed both here and at the
may be held in BerDecember meeting of the Council, which, incidentally,
lin.
Concessions Sought by Germans.
Among the concessions the Germane wish to obtain are shortening of the
territory, has seven
occupation of the Rhineland, which, for part of that
es the Allies
years to run, and a reduction in the near future of the effecth
keep on the Rhine. In fact, this subject may be gone into very deeply In
the months to come. for It is obvious that the maintenance by three League
is one thing
members of troops on the territory of another League member
which promises to produce difficulties.
Since the adoption of the Dawes Plan the chief reason given by the French
for maintaining occupation has been to obtain execution of the military
clauses of the Treaty of'Versailles with respect to which the Allied authorities allege certain German defaults. It is understood that Dr. Stresesnami
desires to hold an early conversation with M. Briand looking to liquidation
of this issue.
However,just as Dr.Stresemann has to consider a national opinion which
resents continuation of the occupation after Germany is a member of the
League, so M. Briand has to take into account a very stmrg opinion, of
which his Premier is the spokesman, which will not look kindly on any early
and radical curtailment of the occupation period. It is quite likely that if
the remaining military issues are settled—as they will be—and there comes
any general readjustment of international war debts by which the whole
Indebtedness may be settled by marketing German railroad and industrial
securities, there will be good prospects of greatly reducing the time during
which the Allied troops will remain on the Rhine.
Briand Hopeful of Accord.
In a statement issued to-day M. Briand said:
The Dawes plan and the Locarno treaty are other signs, showing that
leading statesmen over there are making earnest efforts to correct previous
Policies and to overcome the disastrous economic consequences caused by
splitting up Central Europe into a number of smaller States (not always
walls
national units), which in turn immediately began to erect high tariff
a
around their frontiers against their neighbors. There are still about
Germany,
million and a quarter unemployed in Great Britain, as well as in
continue,
receiving Government aid; it appears probable that this will
have
anyhow, until great industrial countries like France and Belgium
stabilized their currencies which now seems most important.
As regards France, the prerequisite to stabilization is, of course, acceptance of the debt settlement offered them by Great Britain and our own
'Government. It is very much to be hoped that the French people in their
own, as well as in the general interest, may do this without undue delay.
The few well-meaning people here who just at this inopportune time
talk of debt cancellations, encourage false hopes in Europe. and cause
further harmful delay. They are also mistaken, 1 believe, if they imagine
that if we now forgave all debts owed to our people that this by itself
would contribute towards future peace, etc. One might rather say the
contrary might be the result.
The countries of the European continent must first help themselves and
each other in a spirit of good-will. There is something, in the meantime,
that we can do to help them, viz., to continue to loan them working capital, wherever it is safe and in the public interest to do so. It is a fortunate coincidence that our country is now enjoying a period of exceptional
and well-founded prosperity, because how could we otherwise have such
large surplus funds to invest abroad which they need, and which they would
have great difficulty in finding elsewhere.
The most business-like suggestion, so far made by an American, for
finally settling reparations and for helping in the settlements of inter.
Allied debts, is for Germany to issue—if she will consent—a very large
loan, the service of which would be amply secured by her pledged revenues
under the Dawes plan, and the proceeds of which would be used by the
Interested countries for these purposes.
On coming home one feels more than ever that it is a great privilege to
be an American citizen and to live in a country blessed with natural resources without European complications, and where capital and labor and
where people of many nationalities are working and living peaceably together to their mutual benefit and for the progress of our common country.
Locarno Treaties Guaranteeing Security of Rhineland
Made Effective with Deposit of Ratifications with
League of Nations—Entrance of Germany into
League—Withdrawal of Spain.
The entry of Germany into the League of Nations last
week has been followed the present week by the coming ;nto
full effect of the treaties growing out of the security conference held in October of last year at Locarno, Switzerland.
The treaties guaranteeing the security of the Rhineland were
initialed at Locarno on Oct. 16 by the delegates of the seven
nations participating in the conference, and signed at London
on Dec. 1 by the representatives of Germany and the other
European nations parties to the pacts. The treaties became
effective with the deposit of the ratifications with the League
of Nations at Geneva on Sept. 14. In recording this week's
proceedings, a copyright cablegram from Geneva Sept. 14
to the New York "Times" said:
1447-
"I do not deny that In the course of talks which I hope to have with
Dr. Stresemann we will seek the best means to make possible fertile coof
operation between Germany and France in the spirit of the Treaty
Locarno.
the
occuconcerning
"It is very probable that we will examine questions
of the disarmament
pation of the Rhineland and the unfinished execution
clauses of the peace treaty.
"We certainly all wish to see finished as soon as possible the activity of
the Military Control Commission in Germany. But the date of Its recall
of last November
depends on when the different points of the convention
have been settled.
"I do not doubt that if goodwill Is shown by both sides a result will soon
be obtained for that rapprochement between Germany and France which is
an essential condition of European peace.
"There are pending various negotiations between the French and Germans
relating to commercial treaties, the iron and steel combination, customs
revisions, and so on. Doubtless in the minds of both Foreign Ministers
their condng political conversations will be related to the successful conclusion of the proposed business compacts.
"Certainly the Locarno treaties will give historians something to write
about. Either there will be a happy story of the keeping of perhaps the
most remarkable peace compact ever made between two hereditary enemies.
or there will be a sorry story of violation of the most solemn pledges.
Germany's joining the League of Nations has not removed all the differences
most
between her and France, but surely it would appear to have created a
excellent occasion to settle them.
stress
the
resist
"Pessimists say that if the Rhineland compact does not
not
the situation will be worse than if it had not existed. But optimists do
see it that way. And both M.Briand and Dr. Stresemann are optimists.
According to the Associated Press accounts from Geneva
Sept. 14, the deposit with the Secretariat of the League of
Nations of the ratifications of the Locarno treaties was followed by an optimistic statement by Gustav Stresemann,
the German Foreign Minister, to the British correspondents.
"Locarno," he said, "is the end of the policy of opposition
and conflicting aims. Now .that this policy is ceasing and
the Powers are co-operating, Locarno is merged into the
League of Nations." The primary task of the leaders in
all countries, he added, was to find followers for the Locarno
policy, and this was perhaps hardest in Germany, where at
the beginning there were many opponents of the policy.
40
s
1448
THE CHRONICLE
He believed, however, that it now had an overwhelming majority of the Germans behind it.
Unanimously elected a member of the League on Sept. 8,
and at the same time unanimously accorded a permanent
seat on the League Council, Germany was on Sept. 10 received into the League. Foreign Minister Stresemann of
Germany in an address before the Assembly upon the occasion of that country's reception into the League described it
as an event of historical importance, bringing together as it
did Germany and the Allies "within the League of Nations
for permanent and pacific co-operation." The copyright
Geneva advices to the "Times" report him as saying:
[vol.. 123.
Need of Brazil and Spain in League.
In this connection, I reject most emphatically the conception
according
to which the attitude adopted by Germany in matters concerning
the
League has been dictated by such sympathies or antipathies. Germany
desires to co-operate on the basis of mutual confidence with all of the
nations
represented in the League, or Council, for the League of Nations has
not yet
attained its ideal, which is to include all of the powers of the
world.
Germany's entry does, it is true, constitute an important step
toward the
universality of the League. But we desire at the same time to express
our
deep regret that Brazil has manifested an intention to withdraw.
from the
League.These
e.
regrets are all the keener because Germany believes the
notion of
the universality of the League to he inseparable from the consideration
that
the predominant influence in the League cannot be reserved
for one continent alone.
Furthermore, we share with the other members of the
League the firm
hope that the valuable co-operation of Spain may be retained for the
League.
We are convinced that the appeal addressed to Spain by all
of the powers
will convince that great coun ry and will convince the Spanish people
how
detrimental it would be to the high ideals of which she
has been so leading a
champion if Spain were to be long ab-ent from Geneva.
Only on the basis of a community which includes all nations,
without
distinction and on a footing of perfect equality, can
mutual assistance and
justice become the true guiding stars of the destiny of mankind.
It is only
upon this foundation that the principle of freedom can be
based.
Germany has resolved to base her policy on the foundation
of these lofty
Ideals. May the great destinies of the League of Nations
be fulfilled on the
basis of lofty conceptions of peace, freedom and unity.
More than six years have passed since the foundation of the League
of Nations. There was necessary a certain evolution before the general
political situation made possible the entry of Germany. Even this year
great difficulties have had to be smoothed out before the decision on
Germany could be met with unanimity on the part of members of the
League.
I do not wish to harp on the past. This generation ought to attend
to the present and look to the future. But I insist, if an event like Germany's entry could only materialize after a long period of germination,
that this may be a special guarantee of its permanant and fruitful results.
To-day Germany enters the circle of States to some of which she has
been attached by untroubled ties of friendship whereas others were allied
against her during the Great War. It surely is an event of historical
The Associated Press cablegrams of Sept. 10 describing
importance that Germany and these latter States are now brought together
within the League of Nations for permanent and pacific co-operation
the day's events said:
Germany was received into the League of Nations to-day
Way to Economic Unity.
amid scenes of
The fact which indicates more clearly than words or programs could European reconciliation which, in their fire of enthusiasm, have been unexampled
since
the
armistice.
ever express that the League of Nations may indeed be destined to give
Germany and France, through Foreign Ministers Stresemann and
a new direction to the political developments of mankind and civilization,
Briand,
is that mankind would be exposed to particularly grave dangers at the committed themselves to perpetual peace, and solemnly engaged the honor
their nations never again to draw the sword, but to
of
present time if it were impossible for the nations to obtain guarantees of
settle disputes by
being able to perform the tasks which their destiny has assigned to them arbitration or compromise.
Three things stood out dramatically. The first was Dr. Stresemann's
In peaceful and untroubled co-operation.
The catastrophic happenings of the terrible war have recalled the con- picture of present-day Germany as gripped only by lofty ideals, determined
dedicate her energies henceforth to international co-operation,
to
science of mankind to the consideration of the tasks which confront the
based
nations. In many countries we witnessed the ruin of whole classes of on a high intellectual and moral plane. This spirit, he said, had entered
the population who were not only worthy but were also intellectually and Into the very conscience of the German people.
The second feature was the remarkable oration of M. Briand, whose
economically indispensable to the life of the nation.
We behold the birth of new forms of economic life and the disappearance declaration that Germany and France have had enough glory and need no
demonstration of heroism, and whose proclamation that the
further
of older ones. We see how economic life leaps over old national boundaries
roar of
guns had now been silenced evoked tumultuous applause.
and seeks new forms of international co-operation.
The third incident was the scene of almost delirious jubilation when
In the old economic situation the world had no statutes, had no proSir
grams to guide its co-operation. This co-operation is based upon the George Foster of Canada arose, as M.Briand was resuming his speech, and,
high
waving
the
Union
Jack,
called
for
three cheers for France's eminent
unwritten law of the traditional exchange of goods between continents.
leader.
The restoration of that exchange must be our task.
Instantly, every man and woman in the hall stood and joined in the apIf we really desire the undisturbed economic development of the world,
that end will not be attained by erecting barriers between countries, but plause, which lasted several minutes and which seemed a spontaneous exrather by bridging over the gulfs which hitherto have separated the dif- pression of joy that the two principal protagonists in the war had sworn
to abandon arms and seek solution of their difficulties in the peaceful atmosferent national economic systems.
phere of the League.
Soul of Nations and Divine Will.
"Faith will move mountains," M. Briand affirmed during his address.
But there is something which far transcends in importance all material Both he and Dr. Stresemann admitted
many problems still awaited soluconsiderations, and that is the soul of the nations themselves.
tion, but voiced the conviction that, by the exercise of good will and by
There is just now a mighty stirring of ideas among the nations of the realizing the world has had enough of
war, solutions always could be found.
world. There are some who adhere to the principle of self-contained
The Germans, headed by Dr. Stresemann,solemnly walked to their seats
national unity and who reject the international because they do not wish amid the applause of all the other
delegates, many of whom were standing
to see all that has been developed on the basis of nationality superseded Cameras furiously flashed for a minute,
and then M. Ninchitch began his
by the more general conception of humanity.
address of welcome, which was applauded.
Now, I hold that no country which belongs to the League of Nations
He said the entrance of Germany marked a new stage in the universality
thereby surrenders in any way her national individuallty.
of the League and it was a promise for a pacific future for a continent so
The Divine Architect of the World has not created mankind as a homo- terr
.
byaw
ftaerrwer
sctedms
trfefliema
pirb.lysa
geneous whole. He has made nations of the different races. He has
d took the rostrum amid redoubled applause.
given them their mother tongue as the sanctuary of their soul. He has He began his speech in slow but
distinct German. It was the first time
given them countries with different characteristics as their homes.
any Assembly orator had used that language. The delegates accorded him
But it cannot be the purpose of a divine world order that men should strict silence, which was broken only by
scattered bursts of applause.
direct their supreme national energies against one another, thus ever
thrusting back the general progress of civilization. The most durable
After insisting that general disarmament should be advanced by tactful
foundation of things is the policy inspired by mutual understanding and
work. Dr. Stresemann declared the League was tho heir and executor of
mutual respect between peoples.
the treaties of 1919. Many divergencies had arisen between Germany and
German People Backing New Ideal.
the League from these treaties, but he hoped discussion would be rendered
Germany has already before her entry into the League endeavored to easier through German co-operation.
work in the direction of this friendly co-operation. In that respect, the
Foreign Minister Briand, mounting the tribune to welcome Germany, was
German initiative which led to the compact of Locarno is a proof, and, applauded for several minutes. M. Briand said a
real tangible step had
as further evidence, there are the arbitration treaties which Germany has been taken toward a new international understanding.
concluded with almost all of her neighbors.
"Peace is the significance of this day," he added "particularly for GerThe German Government has resolved to persevere unswervingly on this many and France. To-day it is finished between
us—no
line of policy and it notes with satisfaction that these ideas, which in the seeking brutal bloody solutions, away with machine-gun,more war, no more
cannon and rifles
beginning encountered lively opposition in Germany, are now becoming —the time has come for understanding and
peaceful arbitration."
more and more deeply rooted in the conscience of the German people, so
Cuba Seeks No Seat.
that the German Government may well speak for the great majority of the
German race when it declares it will wholeheartedly devote itself to the
Cuba has informed her fellow Latin-American States she will not be a
for
year
a
non
this
of
tasks the League of Nations, for, during the past six years, the League of candidate
-permanent seat.
Nations has already undertaken a substantial portion of its tasks and
This announcement, made by Dr. Jose Cortina at a meeting ofrepresentahas
done most valuable work.
tives of 12 Republics, leaves choice of the three Latin-American seats from
As for future accomplishments, I have in mind, above all, the endeavors a list comprising Uruguay, Chile, Colombia and Salvador.
toward the establishment of an international legal order which has taken
Cuba had been almost certain of election. The Cuban spokesman simulsubstantial shape in the foundation of the World Court.
taneously announced their Government preferred to collaborate actively
with the League without seeking special honors.
Disarmament and the Treaties.
Furthermore, effects have been made toward disarmament,
With reference to Germany's election as a member of the
particularly
of importance for the consolidation of a peaceful order among the nations. League,
guwe quote the following Associated Press accounts
The complete disarmament of Germany was stipulated by the Treaty of
83'as given in the "Evening Post":
Versailles as a preliminary to general disarmament.
Europe buried the great war to-day when, amid applause which shook
It is to be hoped that this general disarmament may be advanced by
tactful work which at the same time would constitute proof of that force the Hall of the League of Nations Assembly, Germany was unanimously
elected a member of the League and also unanimously accorded a permanent
which already resides in the ideals of the League of Nations.
League
Germany's relations with the League, however, are not exclusively
Leaguegl
rol call
ICoouncil
When
f fit.aes
t
was taken, Foreign Minister Briand of
goverened by the possibilities of co-operation in those great general ideals
ounced a sonorous "yes," and turned his oyes toward the press
Francenetipronounced
sea
which the League of Nations is now pursuing.
The League of Nations is in many respects heir to and executor of the galleries as if he wanted the word to go forth throughout the world that
treaties of 1919. From these treaties have resulted in the past. I think I France was first and foremost to welcome her ancient enemy.
Foreign Minister Vandervelde of Belgium, with equal enthusiasm, promay say frankly, many divergencies between the League of Nations and
Germany. I hope that the discussion of these questions will be rendered claimed approval of Germany's admission, while Sir Austen Chamberlain's
contribution to unanimity on behalf of Great Britain was crisp, clear and
easier in the future by our co-operation within the League.
In this respect, mutual confidence will, from a political point of view, be easily heard throughout the crowded auditorium.
found to be a greater creative force than any other method. It would,
More Non-Permanent Seats.
Indeed, be incompatible with the League's ideals to divide the peoples coDespite protests from the Scandinavian States against the policy of makoperating in it into nations whose object is sympathy and nations whose ing Germany's election with approval of an increase
in the number of nonobject is antipathy toward other members.
permanent Council seats from six to nine, this augmentation was ratified.
•••
SEPT. 18
1926.]
THE CHRONICLE
also unanimously. Three seats for Latin-America on the Council are thus
assured.
President Ninchitch of the Assembly was moved visibly when he announced Germany's unanimous admission. M. Ninchitch is Foreign
Minister of Jugo-Slavia, the country which now embraces the town of
Sarajevo, scene of the assassination of the Austrian Archduke Ferdinand,
which was the first incident in the outbreak of the war.
"It shows, after all, he said, "that those men of faith were right, when,
during the League troubles of last March (when Germany's election was
blocked), they were not disheartened by difficulties which seemed almost
overpowering. We have accomplished to-day, by voting Germany in, one
of the most neces.sary, most delicate and most important tasks in the development of the League of Nations."
Germans Join Friday.
Two minutes after adjournment of the Assembly until afternoon, the
secretary-general,
Sir Eric Drummond, had flashed a telegram 10
League
Foreign Minister Stresemann in Berlin announcing Germany's election. A
German delegation is expected to arrive in Geneva tomorrow night to
take part in Friday's session.
In criticizing the linking of Germany's election with the question of
enlarging the Council, both M. Loudon of Holland and Dr. Nansen of
Norway charged steam-roller tactics were being used.
Di. Nansen expressed surprise at a statement by Dr. Motta of Switzerland
that, if the non-permanent Council membership were not augmented. Germany's election might be imperiled. Both speakers, however, admitted
the League crisis must be solved as soon as possible.
Protest Proves 1Veak.
Foreign Minister Loefgren of Sweden also protested at linking the
questions, terming it an attempt to stifle discussion on the reorganization
of the Council. He pointed out that many delegates opposed increasing
the number of Council seats because it would strengthen the Council's
power.
Like M.Loudon and Dr. Nansen, he accepted the situation to assure the
election of Germany and save the League, but he warned there must be no
repetition of the attempt to gag the Assembly.
In League circles, astonishment was manifested over the report from
Hendaye that Spain had resigned. Various officials and also delegates to
the League said they had the impression there was no question of resignation for the moment. They believed, on the contrary, that Spain would
accept a semi-permanent seat in the League Council if elected to it.
The dispatch came Just before the belated election of Germany alone to
a permanent seat in the Council and the automatic bringing into effect of
the Locarno treaties.
The dispatch from the French frontier said King Alfonso had attended
the Cabinet Council, at which it was decided Spain should withdraw and
that the resignation was written by General Primo de Rivera, the Premier,
•
in collaboration with Foreign Minister Yanguas.
The document was said to reproach the League for lack of consideration
as
the
mother
Spain
country of twenty nations speaking her
shown to
language.
Spain and Brazil are the other two countries which have withdrawn. Both
resignations were due to refusal of the League to give them permanent
chairs in the League council.
Receipt of advices that Spain had resigned from the League
was announced in an official communique issued by the
League as follows on Sept. 11:
The Secretary-General of the League of Nations this morning received
through the Spanish Consul at Geneva a note from the Spanish Government giving formal notice according to Article I of the League Covenant
that Spain will withdraw from the League on the expiration of two years
from date of receipt of the note by the Secretary-General The document
has been circulated to all members of the League.
The note in behalf of Spain handed on Sept. 11 to Sir
Eric Drummond, Secretary-General of the League, is dated
San Sebastian, Sept. 8; it says:
In the exercise of the right conferred upon it by Article I, paragraph 3,
of the Covenant, the Government of his Catholic Majesty regrets to
have to inform you that it considers the two years' notice of intention to
withdraw from the League stipulated in this Article begins to run as far
as Spain is concerned from the date of presentation of this document.
The Spanish Government has refrained from making the communication until the Assembly, on the Council's proposal and on the basis of
the report of the-Committee of Inquiry, has approved reform of the composition of the Council as regards permanent mbmbers. It has acted
in this way in order to show its respect for the League of Nations and
in order to observe correct procedure toward all the members of the League.
In following this course it has desired to wait until the Assembly pronounced on the admission of Germany, which event Spain ardently hopes
will be a great advantage to the League of Nations.
Spain is convinced that her decision does not compromise any vital
interest or any principle of the League of Nations, whose prosperity is
ardently desired by Spain, by her King and by her Government.
The Spanish Government is glad to take the opportunity afforded by
this communication, which it has the honor and regret to address to the
League of Nations, to express its deepest gratitude to all the friendly
States whose representatives have generously expressed their appreciation
of Spain's work in the organs of the League and of the esteem and affection
in which they hold our country—expressions which will always remain a
cherished memory.
In leaving the League of Nations in obedience to imperative duty.
Spain desires to express her parting wish that the high ideals of universal
peace for which the League was founded and which our country hitherto
so ardently and so effectively has served will be crowned with success.
JOSE DE YANGUAS, Minister of Foreign Affairs.
1449
Holland was declared by a two-thirds vote re-eligible at the end of
her term, which is intended to assure to her a six-year seat. The other
members elected to-day are not re-eligible at the end of their terms. The
Council of the League, therefore, now is composed of these nine nations,
plus the holders of permanent seats—Britain, France, Germany, Italy,
and Japan—there being 14 members in the new Council instead of 10
of which the old Council was made up.
French Group Very Strong.
A glance at the composition of the new Council shows that the French
group came out exceptionally well. The action of Spain and Brazil in
leaving Geneva threatened seriously to reduce the French strength in the
Council, since those two nations usually voted with France on important
issues. On the Council as it existed, France, Belgium, Czechoslovakia, Brazil and Spain formed five of the ten members. But the election of Poland,
Rumania, Belgium and Czechoslovakia. all French allies, leaves France
In a position relatively as strong as regards the opposite group, led by
England, and even stronger if one figures that the Germans with the
Dutch will probably be independent.
In the new Council of fourteen members the French group has France,
Poland, Rumania, Belgium, Czechoslovakia, Colombia, Salvador and most
likely Chile. This places France and her allies in the position of controlling
the Assembly and, on most occasions, the Council of the League.
The candidacy of Ireland fell flat, she getting only ten votes out of fortyeight. This defeat was due to two factors—first, the failure of the British
Empire votes to back her up, and, secondly, the feeling against the Brit:sh
Empire having two voices on the Council.
Stresemann Declines Chairmanship.
The new Council met this afternoon and on the principle of alphabetical
rotation the chairmanship was offered to Dr. Stresemann. Ile expressed
pleasure at the honor, but, pleading lack of knowleJge of French and of
League procedure, asked that he be excused and that the Council President
take the chair. Thus the Germans added to their newly acquired League
reputation that of being shrinking violets. This attitude of modesty has
made a great impression because of the predictions that Germany's League
membership would bring discord into the League.
However,one should pay attention to the German declarations that they
are now feeling their way and next year will be old and adapted members
of the League. Dr. Stresemann would be the first to discourage hopes that
the Germans will always be as placable as they are at this session of the
Assembly.
Although satisfaction at to-day's settlement of the thorny question was
generally expressed, It seems wise to point out that the South American
representation on the Council was badly handled. This was due to the
use of the bloc system by which the Latin-American republics held cancusses and named their three candidates. It so happened that Argentina,
Bolivia, Brazil, Costa Rica, Honduras, Peru and Ecuador were absent from
Geneva during this Assembly. Of nineteen South American and Central
American delegations this left twelve at Geneva, with the Central Americans
voting together six votes. And so Colombia and Salvador were chosen with
Chile as the only Latin-American names to come before the Assembly.
This situation, which many judged unfair, called for Uruguay's sending
a letter to President Nintchitch withdrawing her candidacy and bitterly
criticizing the system by which the Latin-American members of the Council had been chosen. The letter, signed by all the Uruguayan delegation.
expressed the opinion that the bloc plan was all wrong and that the Assembly should freely elect the members of the Council, giving to bloc votes only
the merit of suggestions instead of adopting them outright. It protested
against six Central American States being able to express the wishes of all
Latin-America.
Bloc System May Be Changed.
As a result of the Uruguayan protest, it is possible that the bloc system
will be changed next year and it was obvious that the Assembly would
have been glad to name Uruguay to keep her seat in the Council.
The fight over the Council seats, the result of which is not something for
the League to boast about, has served to show that, despite their professions of internationalism, some member nations of the League are still
most strongly actuated by the considerations of national profit and prestige.
The whole racket was started when France obtained Britain's agreement
at Locarno to giving Poland a permanent seat in the Council at the same
time as Germany. This obviously was intended to offset the German vote,
as it was not justified on the basis of Poland's being a great Power. Learning of the promise to Poland. Spain revived her effort to get a permanent
seat, placing it on the basis of recognition of her standing as a great Power.
The whole of Spain became interested in the issue as one of prestige. Then
Brazil came along with her demand for a permanent seat for South America.
With Germany demanding that she alone enter the Council as a permanent
member when admitted to the League, the March special session of the
League failed to admit Germany because the League members could not
agree on how to meet the German position and at the same time the demands
of Spain, Poland and Brazil. Shortly after the March meeting Brazil
withdrew from Geneva, giving the necessary two years' notice of quitting
the League. She saw that her demand for a permanent seat would not be
granted.
The compromise plan was then framed for the creation of three semipermanent seats assuring their holders a six-year tenure. These places
were created for Spain, Brazil and Poland. When the Assembly in admitting Germany to the League approved this plan, Spain quit on the
ground that her prestige could not permit her to remain after such a disappointment.
After having decided to increase the non-permanent places from six to
nine to provide three semi-permanent places the result of the whole business
has been that Poland is only half satisfied and Spain and Brazil have left
Geneva, proclaiming their intention to quit the League at the end of two
years.
The fight has done harm to the League in the loss of two valuable members. The League leaders set off against this what they deem—and perhaps rightly—the great gain through the accession of Germany to membership.
Among the present week's developments has been the election of nine nations as non-permanent members of the CounThe Locarno treaties were given extended reference itCour
cil of the League. These elections occurred on Sept. 16, the issues of Oct. 24 1925, pages 1984, 1988, and Dec. 5, page
New York "Times" giving the following account from 2707.
Geneva (copyright):
The difficulties attending the admission of Germany to the League of
John Maynard Keynes on German Reparations—Says
Nations were finally liquidated to-day when, in accordance with the comUnited States Lends to Germany Money Which
promise adopted to settle the dispute over Council seats, the Assembly
elected nine non-permanent members of the Council. Of the three nonIs Transferred to Allies, Who Turn Funds
permanent seats created only one was filled, that for Poland. The other
Back to Washington—Looks for Crisis in
two, created for Spain and Brazil, were left vacant.
Three Years.
The follwoing States were elected:
For three years: Poland, Chile and Rumania.
John
British writer and economist, in
Keynes,
Maynard
For two years: Colombia, Holland and China.
an article to the current weekly "Nation" on the progress
For one year: Czechoslovakia, Belgium and Salvador.
1450
[vol.. 123.
THE CHRONICLE
of the Dawes reparations scheme, estimates that up to the
present time Germany's payments under the Dawes plan
to the amount of £100,000,000 have been provided mainly
by foreign lenders, chiefly the United States. The Associated Press, in indicating his observations, has the following to say in London cablegrams Sept. 10:
Thus, he argues, reparations and Inter-Allied debts are being settled
mainly in paper, not in goods—America lends to Germany, Germany transfers the equivalent to the AllieS and the Allies pay it back to Washington
—nothing real passes and nobody is a penny the worse.
Remarking that sums written on paper mount up heavily at compound
Interest, Mr. Keynes asks how long the game can go on. The answer, he
says, lies with the American investor. The more cancellation is talked of,
he says, either foolishly or wisely, the better it is for an ultimate understanding.
Mr. Keynes warns that within three years a new crisis
over German reparations payments to its Allied creditors
will arise, according to copyright advices to the New York
"Evening Post," Sept. 11, which gives the following account
of his comments:
Mr. Keynes directs his opinion even more to the American public, its
financiers and its Government than to his own people. In his opinion,
Germany is paying no reparations whatever, in the real meaning of the
word "pay." He believes it is up to America to say how long the present state of affairs shall continue.
Mr. Keynes's viewpoint is that Germany really is only paying from what
she borrows. Although the schedule of payments is rising steadily and
apparently most of these are being met from deliveries in kind, in reality
they are being covered by loans to Germany, mostly from the American
financiers.
Money Goes in Circle.
Reparations and the inter-Allied debts, the economist asserts, are being
settled in the same way—on paper—and this is not good. Here is the
circle, but he does not consider it endless.
"The United States lends money to Germany and Germany transfers its
equivalent to the Allies and the Allies pay it back to the United States
(kwernment. Nothing real passes—not one penny. Only the engravers'
dies and the printers' forms are busier. No one eats less; no one works
more. I am painting a broad picture, not details, for the effects of systems of taxation is to shift burdens as between individuals."
This system could continue indefinitely, Professor Keynes thinks, if it
were not for the fact the interest on Germany's borrowings keeps mounting.
In 21 months ending June 30, these loans amounted to about a half billion
dollars, or almost precisely what has been transferred in reparations, but
he figures the interest on the total borrowing each year at $50,000,000 and
asks, "How long can the game go on
The answer lies with the American
Investor."
Crisis Not Par Away.
Mr. Keynes believes the crisis will set in when the later annuities fall
due, and the transfer committee is obliged to find cash—that is, buy foreign
exchanges from the Reichsbank. That, he admits, should be a aormal proceeding, but, in the year 1928-29 Germany will have to find double as
much as she has paid in the year Just ended, and, as Germany hasn't really
paid anything exclusively from her own labor or materials, that year, he
concludes, will force a crisis.
The system can go on as at present only if America continues lending.
"There has been lately a revival of discussion about the cancellation of
inter-Allied debts," the economist writes. "Cancellation will become a
living topic, an unavoidable burning issue of practical politics, when the
circular flow of paper is impeded and the artificial equilibrium broken. It
win then be the time for the American investor to give the word and for
the American public to find the solution."
German Reparations Payments in Second Year under
Dawes Plan—Receipts and Payments for August.
The statement of S. Parker Gilbert, Agent-General for
Reparations Payments, issued on Sept. 1, relative to the
payments in the second year under the Dawes Plan, has
just come to us. Several weeks ago (Sept. 4, page 1183)
we gave such information in the matter as was available in
the newspaper accounts from abroad, but with the official
statement at hand, are giving the details as furnished therin.
This statement indicates that the transfers actually made
during the second annuity year amounted in the aggregate
to 1,175,812,000 gold marks, and that of this sum about
65%,or 760,200,000 gold marks, was transferred in the form
of deliveries in kind or in various forms of payments within
Germany, while about 35% or 415,612,000 gold marks was
transferred in foreign currencies. The statement follows:
1926) will be announced in greater detail in the regular monthly statement
of the accounts. The transfers made during the second annuity year may,
however, be summarized in round figures as follows: (excluding for this purpose the Sept. 1 1926 payment of 95.000.000 gold marks of railway interest.
which was not available for transfer during the second annuity year):
Gold Marks.
Funds Available for Transfer:
(a) The portion of the annuity received during the second annuity
year, amounting to
1 166,905,000
(b) Interest earned on cash balances
• (c) Unexpended balance of the first annuity as of Aug. 31 1925_
2,738,000
107,013,000
Total
1 276,656,000
Deduct—Discount on interest on railway bonds received in advance of
due dates, and sundry exchange differences
7,244,000
Balance available for transfer during period Sept. 1 1925 to
Aug. 31 1926
1,269,412,000
Transfers Made:
1. Transferred in foreign currencies:
(a) Service of German External Loan 1924
97,213,000
(b) British Reparatiors Recovery Act
201,597,000
(c) French ReparatioLs Recovery Act
41,495,000
(d) Transport of coal on the Lower Rhine
402,000
(e) Liquidation of the accounts of the FrancoBelgian Railway Regie
5,007,000
(f) Settlement of balances owing for deliveries
made or services rendered by the German
Government prior to Sept. 1 1924
684,000
(g) Transferred in cash
65,009,000
(h) Coets of Inter-Allied Commissions
4,167,000
(I) Costs of Arbitral Bodies
38,000
415,612,000
2. Transferred by gold mark payments for:
(a) Deliveries in kind
(b) Restoration of Louvain Library
(c) Armies of Occupation
(5) Costs of Inter-Allied Commissions
(e) Miscellaneous payments
655,526,000
2,100,000
86,188,000
14,230,000
2,156,000
760,200,000
1 175,812,000
Total amount transferred
Leaving a balance of cash unexpended at Aug. 31 1926 of
93.600,000
1,269,412.000
Total
The foregoing summary shows that the transfers actually made during
the second annuity year amounted in the aggregate to 1,175,812.000 gold
marks. Of this sum about 65%,or 760.200.000 gold marks, was transferred
In the form of deliveries in kind or in various forms of marks payments
within Germany, while about 35%. or 415.612,000 gold marks, was transferred in foreign currencies.
Further details are contained in the following statement
made public by Mr. Gilbert under date of Sept. 7, covering
the receipts and payments during August.
Office of the Agent-General for Reparations Payments.
STATEMENT OF RECEIPTS AND PAYMENTS FOR THE SECOND
ANNUITY YEAR, TO AUGUST 31 1926.
(On Cash Basis, reduced to Gold Mark equivalents.)
Month of
August
1826.
in Second Annuity Year:
ec
A. Receipts
1. Budgetary contribution
2. Transport tax
3. Interest on Railway Reparations bonds
4. Interest on Industrial Debentures
5. Interest received
6. Exchange differences
Gold Marks.
Second Annuity
Year, Cumulatice Total to
Aug. 31 1926.
Gold Marks.
20,000,000.00 250,000,000.00
900
4..00
3
570
24
50
1.
.0
000
4:
5..01 5
50:
265000:400
54 50
62,500.000.00 125,000,000.00
2,738,757.28
5
27
14
1:37
8716
8 7
166,255.59
159,840,218.831,189,809,587.26
B. Balance of cash at August 31 1925
Total cash available
107,013,270.89
1,276,822,858.15
C. payments In Second Annuity Year:
1. Payments to or for the account of:
France
British Empire
Italy
Belgium
Serb-Croat-Slovene State
United States of Aro/erica
Rumania
Japan
Portugal
Greece
Poland
78.388,892.65 565,630,271.47
25.708,962.32 226,687,732.71
77,054.447.55
11,597,910.76
13,283.236.38 116.376.026.81
38.185,212.56
3,802,078.58
14,844.038.20
14.844.038.20
8,976,875.30
1,022,445.49
2,817,457.82
2,220,799.66
6,279,581.64
667,033.65
3,159,367.06
374,152.69
153,052.85
55.746:60
552025286.981,060.164.063.97
Total payments to Powers*
97,213,009.36
2. For service of German External Loan 1924 6,143,873.15
3. For expenses of:
3,255,522.90
124,781.27
Reparations Commission
3,700,000.00
308,304.23
Office for Reparations Payments
6,933,790.48
247,722.86
Inter-Allied Rhineland High Commission
Military Inter-Allied Commission of Con4,507,261.69
200,000.00
trol
38,372.14
4. Costs of arbitral bodies
amounts
received
from
the
on
Discount
5.
Deutsche Reichsbahn Gesellschaft in ad7,410,406.98
253,502.70
vance of due date
Total payments
D. Balance of cash at Aug. 31 1926
159.303.481.l91.183,222.427.52
.93,600,430.63
1,276,822,858.15
* See Tables I and II for analysis of payments by category of expenditure and by
Powers.
CLASSIFIED ACCORDING
TABLE 1.—TOTAL PAYMENTS TO POWERS
TO CATEGORY OF EXPENDITURE.
The Agent-General for Reparatiors Payments announces that with the
payment this morning of 95.000,000 gold marks by the German Railway
Co , Germany has made payment of the full annuity of 1,220.000.000 gold
Marks provided for the second year of the Experts' Plan, except for a small
Second Annuity
balance of about 8,095,000 gold marks on account of the transport tax,
Year—Cumuwhich does not become due until Sept 21 1926. To-day's payment by the
Month of
lative Total to
German Railway Co. represents the balance due Sept. 1 1926 on account of
Aug. 311026.
August 1926.
Gold Marks.
Gold Marks.
the second year's interest on its reparatiors bonds. Germany is thus faith- 1. Occupation Costs:
1,001,364.04
41,829,690.02
Occupation...
fully performing her obligations and has made punctually the payments
(a) Marks supplied to Armies of
of
8-12
under
Arts.
Armies
to
Furnishings
year
plan.
of the
(b)
falling due during the second
3,874,000.00
44,357,603.20
Rhineland Agreement
account
of
received
on
the
second
annuity
far
are
made
The payments thus
4,875,364.04
86,187,293.22
follows:
up as
Gold Marks.
in Kind:
250.000,000 2. Deliveries
1. Contribution Trom the Germsn budget
24,016.109.30 273,425,053.93
(a) Coal, coke and lignite
bonds
Railway
5,351,219.61
84,206,198.27
595.0N:1.000
2. Interest on the German
(b) Transport of coal, coke and lignite
1,050,269.34
11,222,090.00
pharmaceutical
products_
and
Dyestuffs
Transport
tax
241,905,000
(c)
3.
7,906,964.43 50,826,775.89
(d) Chemical fertilizers and nitrogenous Products
125.000,000
4. Interest on the German industrial debentures
464,833.10
5,558,119.13
1,211,905,000
Total
The balance of 8,095,000 gold marks from the transport tax, which Is
necessary to make up the full annuity of 1,220.000.000 gold marks,is payable out of August 1926 collections, and is due Sept. 211926.
The receiptsand paymentsof the Agent-General for Reparatiors Payments
during the second annuity year (that is to say,from Sept. 1 1925 to Aug.31
(e)
(f)
(g)
(h)
(I)
(.1)
Coal by-products
Refractory earths
Agricultural products
Timber
Sugar
Miscellaneous deliveries
102,541.61
11,177.69
17,284,781.66
1,151,571.89
23,532,011.90
2,93,1,520.51
12,895,734.49
1,401,885.73
13.373,602,34 176.875,416.74
57,659,153.94 655,928,723.62
THE CHRONICLE
SEPT. 18,1926.]
3. Reparations Recovery Acts
Second Annuily
Year--CumtsWise Total to
Month of
Aug. 31 1926.
August 1926.
Gold Marks.
Gold Marks.
24,382,454.94 243.092,452.65
4. Restorations of Louvain Library
2,100.316.90
94,020.07
5. Miscellaneous payments
6. Cash transfers:
(a) Liquidation of the accounts of the Franco13elgain Railway Regie
(b) Settlement of balances owing for deliveries
made or services rendered by the German
5,010.20
Government prior to Sept. 1 1924
65.009,293.79
(c) In foreign currencies
2,155,733.95
683,020.83
65,009,293.79
65,014,303.99
70,699,543.63
1451
NOTE.
.gold marks1,220,000,000 00
Under the experts' plan the second annuity amounts tothat
annuity
on account of
1928
31
Aug.
The actual receipts to
gold marks1,166,904,574 39
were, as shown above
gold marks 53,095,425 61
Leaving a balance of
payable in September 1926:
paid on
and
due
bonds
reparation
railway
on
(a) Interest
gold marks 45,000,000 00
Sept. 1 1926
8,095,42.5 61
gold marks
(I) Balance of transport tax due Sept. 21 1926
53,095,425 61
gold marks
Total
5,007,229.01
300,000,000
Agreement Whereby Germany Will Pay
0 Gold
500,000,00
of
Instead
Gold Marks Next Year
Marks in Two Annual Contributions.
1181)
Mention was made in these columns Sept. 4 (page
Parker
S.
between
concluded
recently
of the agreement
German
Gilbert, Ageot-General for Reparations, and the
300,000,of
payment
fixed
a
whereby
Finance,
of
Minister
Dawes
000 gold marks in the third annuity year tinder the
ns
plan is substituted for two contingent annual contributio
500,000,000
of
total
a
to
risen
have
might
which otherwise
by Mr.
gold marks. The official announcement made
follows:
agreement
the
regarding
2
Gilbert on Sept.
that, with the
152,025,290.981,060,164,063.97
Total payments to Powers
TO
TABLE II—PAYMENTS TO EACH POWER CLASSIFIED ACCORDING
CATEGORY OF EXPENDITURE.
Second Annuity
Year—Cumulagive—Total to
Month of
Aug. 31 1926.
Aug. 1926.
Gold Marks.
Gold Marks.
Payments to or for the account of—
1. France:
26.216.20827
(a) Marks supplied to Army of Occupation_
(b) Furnishings to Army under Arta. 8-12 of
11
30,738.225
2.735,00000
Rhineland Agreement
4,586,849 03 41.495,166 17
(a) Reparations Recovery Act
14,565,677 81 182,148,096 30
Deliveries of coal, coke and lignite
58,682,689 58
2,995,740 05
(e) Transport of coal, coke and lignite
announces
(f) Deliveries of dyestuffs and pharmaceutical
The Agent-General for Reparations Payments
2,351,047 85
73
318,054
Governments concerned,
products
approval of the Reparations Commission and the
(g) Deliveries of chemical fertilizers and nitroMinister of the Reich
Finance
7,906,964 43 47,891,578 25 he has now concluded an agreement with the
genous products
con3,023.915 30
422,223 84
um payment the two supplementary budgetary
(h) Deliveries of coal by-products
lump-s
a
by
liquidating
61
102.541
of the third and
11,177 69
(1) Deliveries of refractory earths
payable by the German Government in respect
tributions
77
17,212,749
89
1,151,571
conproducts
of
agricultural
total
Deliveries
())
for a
18,110,854 44 fourth annuity years. The new arrangement substitutes
2,437,980 10
(k) Deliveries of timber
12,895,734 49 tingent liability of 500 million gold marks a fixed payment of 300 million
1,401,885 73
(I) Deliveries of sugar
year,
83,726,242 92
5,993.829 44
(Si) Miscellaneous deliveries
of which is to be paid during the third annuity
1,893,145 09 gold marks, all
75,000 00
(n) Miscellaneous payments
1927.
which began Sept. 1 1926 and ends Aug. 31
pay(o) Cash transfers:
annuity
reparations
Under the provisions of the Experts' Plan .the
(i) Liquidation of the accounts of the
would amount to 1,200 million
5,007,229 01
Franco-Belgian Railway Regle_ _
able by Germany for the third annuity year
year to 1,750 million gold marks.
(11) Settlement of balance owing for degold marks, and for the fourth annuity
" liveries made or services rendered
German budget would conOf these payments the plan provided that the
German Government prior
by the•
350,000 00 tribute 110 million gold marks for the third annuity year, and 500 million
to Sept. 1 1924
however, the
33,786,847 31
33,786,847 31
(ill) In foreign currencies
fourth annuity year. At the same time,
OH
78,388,892 65 565,630,271 47
Total France
2. British Empire:
(a) Marks supplied to Army of Occupation....
(b) FurnIshings to Army under Arta. 8-12 of
Rhineland Agreement •
(c) Itepartatiot s of Recovery Act
(d) Cash Transfers:
(I) Settlement of balances owing for deliveries made or services rendered
by the German Government prior
to Sept. 1 1924
(II) In foreign currencies
Total British Empire
1,001,364 04
13,428,251 48
7,137.701 78
700,000 00
19.795,605 31 201,597,286 48
4,211,992 97
312.50000
4,211,992 97
25,708,962 32 226,687,732 71
3. Italy:
(a
) Deliveries of coal and coke
)
) Transport of soil and coke
(o) Deliveries of dyestuffs and pharmaceutical
products
(d) Miscellaneous deliveries
(e) Cash transfer in foreign currencies
Total Italy
4. Belgium:
(a) Marks supplied to Army of Occupation.
(b) Furnishings to Army under Arta. 8-12 of
Rhineland Agreement
(o) Deliveries of coal, soak and lignite
(d) Transport of coal, coke and lignite
(e) Deliveries of dyestuffs and pharmaceutical
products
(f) Deliveries of chemical fertilizers- and nitrogenous products
(g) Deliveries of coal by-products
)Deliveriesof timber
MLscellaneous deliveries
(J) Miscellaneous payments
(k) Restoration of Louvain Library
(1) Cash transfer in foreign currencies
al
Total Belgium
S. Serb-Croat-Slovene State:
(a) Deliveries of pharmaceutical products
(b) Miscellaneous deliveries
(o) Miscellaneous payments
4,284,186 82
1,340,127 59
45,687,614 08
13,939,072 37
569,889 97
141,842 22
5,261,864 16
3,947,101 3a
8,218,195 59
5,261,864 16
11,597,910 76
77,054,447 55
439,000.00
5,166,154.07
1,015,315.97
8.483,676.31
45,589,343.55
11,583,836.32
159,554.62
4,793,777.69
2,185,230.27
42,609.25
493,540.41
1,409,656.20
4.557,369.25
2,935,196.64
2,534,203.83
5,421,157.46
28,167,540.88
24,376.71
2,100,316.90
4,557,369.25
13,283,236.38 116.376,026.81
2,770.02
3,840,288.49
19,020.07
140,275.81
37,816,488.33
228,448.42
3,862,078.58
38,185,212.56
Cash transfer in foreign currency
14,844,038.20
14.844,038.20
7. Rumania:
(a) Miscellaneous deliveries
(b) Cash transfer in foreign currency
959,178.16
63.267.33
8.913,607.97
63,267.33
1,022,445.49
8.976,875.30
2,220,799.66
Dr.10,112.70
605,770.83
2.220.799.66
2,220,799.66
2,817.457.82
854,655.14
12,378.51
8,267,203.13
12,378.51
667,033.65
6.279,581.64
374.152.69
3,159,367.08
Total Serb-Croat-Slovene State
8. United States of America:
Total Rumania
8. Japan:
(a) Deliveries of dyestuffs
(I)) Miscellaneous deliveries
(c) Cash transfer in foreign currencies
Total Japan
9. Portugal:
(a) Miscellaneous deliveries
(b) Cash transfer in foreign currency
Total Portugal
10. Greece:
Miscellaneous deliveries
11. Poland:
(a) Deliveries of agricultural products
(b) Miscellaneous payments
(e) Cash transfers:
(1) Settlement of balances owing for deliveries made or services rendered
by the German Government prior
to Sept. 1 1924
(2) In foreign currency
Total Poland
Grand Mal
gold marks for the
these budgetary contribuplan and the London agreement provided that
not to exceed 250 miltions should be subject to modification by amounts
the yield of the controlled
lion gold marks for each year, depending on
revenues were to exceed
revenues. If the aggregate yield of the controlled
during the annuity year (1026or fall short of 1,000 million gold marks
annuity year (1927-1928),
1927), or 1,250 million gold marks during the
years, respectively, were
the budget contributions of the next succeeding
an amount equivalent
to be increased, or reduced, as the case might be, by
revenues, but not to
to one-third of the excess or deficit in the controlled
experience, the
actual
In
year.
either
exceed 250 million gold marks for
during the first annuity year
aggregate yield of the controlled revenues
the estimates
(1924-1925), amounted to 1,706 million reichamarks, and
aggregate returns of
indicate for the second annuity year (1925-1926)
the confrom
over 1,900 million reichsmarks. On this basis, the yield
was likely to bring
trolled revenues in the third and fourth annuity years
budget liable, in
the contingency into operation, and to make the German
of both years.
all probability, for supplemental contributions on account
two contingent
The agreement which has now been concluded replaces the
total of 500
a
to
have
risen
annual contributions, which might otherwise
of 300 million gold
million gold marks, with a single definite payment
annuity year.
marks, which Germany is to make during the third
the annuities
The result is an important change in the arrangement of
new agreement, the
payable under the terms of the plan. Without the
in the third
marks
gold
million
1,200
annuities would have risen from
gold marks in the fourth
annuity year (1926-1927), to 2,000 million
in the fifth
annuity year (1927-1928), and 2,750 million gold marks
conannuity year (1928-1929), assuming that the maximum supplemental
increased
an
meant
have
would
tributions had become payable. This
marks in the fourth
burden on the 'German economy of 800 million gold
heavy increase in the
year, as compared with the third, and a further
on the
fifth year as compared with the fourth. The new arrangement,
amount to 1,500 million
other hand, means that the third annuity will
year,
annuity
second
the
in
millions
gold marks, as compared with 1,220
gold marks and the
while the fourth annuity will stand at 1,750 million
of the annuififth at 2,500 millions. The result is a better arrangement
undue strain on the German econties, which will reduce the danger of
payments.
and
deliveries
omy and facilitate the even flow of
to the smooth
The agreement as a whole will contribute substantially
will facilitate its admin.
operation of the Experts' Plan, and, incidentally,
be
istration by eliminating factors of uncertainty that might otherwise
troublesome. One further effect will be to increase by a substantial
annuity
in
the
kind
during
third
deliveries
amount the funds available for
year.
° This settlement of the question of the supplementary budgetary contributions has been made by the mutual consent of all the parties, in the
conviction that it will facilitate the operation of the Experts' Plan and
promote the best interests of all concerned. It is thus a further evidence
of the spirit of friendly accommodation and a new earnest of the good-will
and mutual understanding that lie at the basis of the plan itself.
72,031.89
9,763.73
5,010.20
50.736.40
20,520.83
50,736.40
55,746.60
153,052.85
152,025,296.981,060.164.063.97
German Minister of Commerce Urges Study of Dawes
Plan by Business Men.
Coincident with the publication of the August revenue
returns showing a Treasury surplus of more than 200,000,000
marks over the German budgetary estimates for the first
five months of the current fise.11 year, Dr. Curtius, the
Minister of Commerce, on Sept. 15 urged the German business world to undertake an intensive inquiry-into the question
of whether the Dawes plan can be fulfilled. This is learned
from a copyright cablegram to the New York "Times"
'from Berlin, which says:
Re said. in part:
"While a discussion of the plan's ultimate feasibility is in full progress
abroad, at home the problem wholly fails to achieve the supreme importance
Which it presents for the fate of German trade and of the German people.
"I am not seeking to encourage agitation against theiplan, but stronger
1452
THE CHRONICLE
participation on the part of representative
business circles in a purely economic, dispassionate investigation
of its actual effects on German capacity
to nay, as well as on the capacity of our foreign creditor
s to absorb payments, based on a cautious and measured estimate
of the future possibilities
of developmeat.
"Whatever the trend of public discussion may
be, a whole series of questions is InvolVed in the Dawes plan; whiCh haVe
been the object of continuous and grave inquiry by the German Governm
ent, which cannot dispense
with the co-operation of German commerce in this
respect."
Elsewhere in his speech, which was delivere before
d
a convention of German wholesale merchants in Dusseldorf, the
Minister declared that the
business crisis precipitated by deflatio
n had been surmounted and that the
country had reached "a second stage of depressi
on, permitting the Government a kind of breathing spell and the time
to promote a sounder improvement of trade than has hitherto been possible
."
Germany's commercial as well as her political position
, he observed, had
been affected radically by her entry into the
League of Nations since world
commerce as well as politics demanded internat
ional good-will and cooperation.
Dr. Curtius deprecated the intensely National
ist trade policy of certain
nations and defined Germany's goal as the
bringing of her commerce in
accord with the commerce of the world.
Although August is not one of the months on which
quarterly tax payments fall due, unofficial returns show substant
ial increase in the revenue
yield over the budgetary estimate.
The month's total income was 651.000,000
marks. This sum, while
about 20.000,000 marks less than in July, is nearly
100.000,000 marks more
than was expected. Imposts on property
and consumption as well as
customs duties produced the bulk increase.
[VOL. 123.
to-day in the opening address delivere
d by Dr. Walter Williams, Dean
of the School of Journalism of the Universi
ty of Missouri.
"No country is wholly free from offensiv
e and unnecessary interference
with press liberty," Dean Williams
said. "It is not enough to be free
to write the truth. Freedom to know
the truth is-essential to journalism.
Lack of adequate and correct informat
ion_ makes impossible truthful
interpretation and coninient. It is usaeas
to have liberty to publish and
discuss facts unless there is unfettered
opportunity to obtain these facts."
Dr. Williams declared that the world
press is headed distinctly toward
a higher form of journalism, more
exact, more honest, more sympathetic.
more idealistic.
Vice-Rector Werner of the Universi
ty of Geneva welcomed the delegates
of thirty nations.
Freedom of the press was the topic of
the afternoon session, speakers
Including Charles H. Grandin of St. Paul,
Minn., and It. C. Snyder of
Norwalk, Ohio, the two American VicePresidents-elect of the congress.
Italian Treasury Transfers $90,000,000 to Bank
of Issue
in Furtherance of Deflation Policy.
From Rome Associated Press advices, Sept. 15, said:
The Italian Treasury transferred to-day
to the Banes D'Italia, the bank
of issue, 690,000,000 in gold. The announced
purpose of this transfer was
to cancel the Italian Government's debt to the
Dance. D'Italia and to bring
about a reduction in bank note circulation. It
marks
the beginning of Italy's
deflation policy.
Of the amount transferred. $70,000,000 came from
the New York firm of
J. P. Morgan Lk Co.
Declaration of German Finance Minister that
Next Interim Receipts Exchangeable for Temporary Bonds of
International Loan Will Be in Marks Rather
Republic of Colombia Agricultural Mortgage
than
Bank.
in Foreign Currency.
Dillon, Read & Co. announce that interim receipt for
s
A cablegram from Berlin Sept. 12 (copyright) to
the New the issue of $3,000,000 Agricultural Mortgage Bank, ReYork "Times" has the following to say in part:
public of Colombia, guaranteed 20-year 7% sinking
fund
The declaration of Finance Minister Reinhold that
the next international gold bonds, due April
loan placed by Germany will be in reichsmarks
1 1946, are now exchangeable for
and not in dollars or sterling
or distinctly stipulated gold marks has had a powerful
temporary bonds with Oct. 1 1926 coupon attach
effect on business
ed, at the
sentiment, where it distinctly encouraged hopeful
feelings. Bankers inter- office of the Central Union Trust Co. of
New York, 80
preted this move as notification to other markets
that the reichsmark, Broadway, New York
although still not convertible into gold, must be consider
City.
ed as safe
best full-valued currencies.
as the
Senator Caraway Finds Campaign in Europe
Bonds Already Issued in Reichsmarks.
Against
Reinhold probably got this idea from the recent
United States to Avoid Debt Payment.
buying of German mortgage bonds, which are payable exclusively
in reichsmarks. The Ministry
Following his return this week from Europe where
last spring obtained the Reichsbank's sanction
he
to raise a Federal loan, but
attended the Interparliamentary Union at Geneva,
it now announces that it needs at present no further
money
and
United
will
launch
the loan only at its convenience and when
States
Senato
the situation in the market for
r T. H. Caraway, of Arkansas, is quoted in
capital is favorable.
the New York "Times" as saying:
Since the Treasury report for July was
good, showing 749,000.000 marks
Europe is carrying on
revenue, against 647,000,000 expenditure,
and since Parker Gilbert's Inspired by the debts and a campaign against America which has been
release of pledged revenues gives the
obligations to this country. It was hoped that
Government a large sum in hand,
it an agreement would have been reached at Geneva for the suppress
is recognized that no present need exists
ion of the
to place the loan.
drug traffic, but there were so many other issues raised that
we were not
able to interest anybody.
Redemption of $125,000 of Bonds of City
campaign against America also is inspired
by the wish to avoid
of Dresden. theEurope's
payment of the war debts. European countrie
s want to make it appear
The City of Dresden has purchased for cancellation
that
want
we
money
regardle
ss
of
whether
we are morally entitled to it or
through
the sinking
not.
fund $125,000 bonds of its 20-year 7%
sinking
fund gold loan of 1925. This represents the
second sinking
fund installment. The bonds were bought in
the market
by Speyer & Co., fiscal agents for the loan.
Successful Flotation of Swiss Franc Railwa
y Loan to
France—Dutch Loan to France.
The following is from copyright-advices to tfie
New York
'Times" from Paris, Sept. 10:
With a frank expression ofsatisfaction the French
Government announced
to-night that the 60,000,000 Swiss franc railway
loan to France had been
oversubscribed ten times.
The same communique revealed that the Minister
of Finance had signed
an agreement with an important group of Dutch
bankers for a 30,000.000
florin 7% loan to be used for the French State Railways
.
This loan is payable in thirty-five years and permits
the railways to
reimburse the State for advances made to them with
which to carry on.
necessary reconstruction and repairs.
'Bite money which the railways will repay to the State
will be used to
meet the Dutch loan made to France during the war,
which expires next
year.
Subscriptions to the Swiss loan closed yesterday and
the Finance Ministry
is elated over the eagerness of Swiss and other Europea
n investors to purchase the bonds.
'The high rate of interest, 7%, undoubtedly attracte
d many, but it is
declared that if the investing public had not had strong
faith in the eco, °trite
future of France the loan would never have been oversubs
cribed ten times,
even if the interest rate had been twice as high.
There is another aspect of these European loans to
France which the
French are not loath to conceal, and that is the direct
Implication that
France is not wholly dependent upon America for financial
assistance.
While It is true that the loans so far are relatively small,
it is believed
that France can obtain much larger advances when she so desires.
The loans have the further benefit of demonstrating to the
outside world
and to the money markets of London and New York especially
that financiers and investors equally as hardheaded as those of America and
Britain regard France as a "safe proposition," and are willing to putGreat
their
money in this country and trust to its financial future. -
I would like to see America tell the truth and say that
we will offer no
compromise as long as the attitude of Europe remains
as it is. The present
Administration is betraying America and doing
our country more harm than
all other agencies, because honor and respect are things
that can't be
bartered.
The truth of the matter is that France is one of the
most prosperous
nations in Europe, and is certainly more prosperous agricultu
rally than the
United States. The French Government has no money, but
the French
people have, because they are not paying their taxes.
I think that Newton D. Baker and others who share his views
that we
ought to forgive our debtors, are doing a great deal of harm.
Who would
benefit by the transfer of $4,000,000,000 from the taxpayers
of Europe to
the backs of the taxpayers of America?
According to the same paper, Senator Caraway -said that
nothing was accomplished at the Geneva conference because
of the general attitude toward the United States, which he
summed up as "anything that Americans want Europeans
do not want."
Senator Caraway Would Have Soldier Dead Removed
from France Because of Feeling Against
United States.
Senator Caraway of Arkansas indicates that the hatred
in France toward the United States extends to the American
war dead buried in France, and he advocates a Congressional
appropriation to enable the removal of the soldier
dead to
the United States. A Washington dispatch to the New
York "Times" Sept. 14 quotes the Senator as follows:
"I wish, but I have not
much hope," said Senator Caraway, "that
Congress, when it meets a few weeks hence, would
pass an appropriation
which would make it possible for the Government to
bring back to the
United States the body of every American soldier now buried
on French soil.
There are 30,000 Americans, buried in French cemeteries
and so intense
has French dislike of the United States become that
they do not even
hesitate to insult the dead men who gave their
lives for France In the
great war.
Insults Written on Grave Crosses.
"Go into these cemeteries and you will find ribald and
Insulting remarks
cha.ked or penciled on many of the little white
crosses that mark the
graves ofsome American soldiers. As for instance,
'To Hell With America,'
and other insulting inscriptions of that kind. To this
almost unbelievable
extent has France's hate of this country grown. I think
The convocation of an international conference by some
it is time that
Gover•nmcnt, Congress act but, as I have said, I haven't much
hope that it will..
he League of Nations or the World Press Congress to study
means of
Senator Caraway also said that France is flirting
with Germany and
mprovnig facilities for the transmission of news throughout the
world that her hatred of Britain is not much less than the dislike
and:seducing the costs of transmission was recommended at the congress
she entertains
for the United States.
in Means of Transmitting News
Throughout World Urged at Geneva by
Dr. Williams.
Associated Press advices from Geneva Sept. 14 state:
Improvement
SEPT. 18 1926.]
•••••••••........••••••••••.••••••••••••••.
THE CHRONICLE
"In England," said Senator Caraway, heard not one single disrespectful
word uttered by any person, in high or low station, against the United
States. In France they are prosperous, but it's different on the other side
of the Channel, where the British have the most acute unemployment
Problem in history and are taxed to the limit, and all this in addition to
having recently weathered a general strike of nation-wide proportions.
former Senator Robert L. Owen, according to the Washington bureau of the New York "Journal of Commerce," which
under date of Sept. 15 says:
Basing his statements upon years of intensive study of the World War
and its aftermath, Mr. Owen states it as his conviction that European nations are spending large sums in this country in an effort to manufacture
Says English Are Wonderful.
"The English are a wonderful people. England is a nation of deadgame sports, a people that don't even know how to whine. They have been
subjected to some propaganda, but it did not take. Of course, they discuss
issues and situations involving their own and our country, but they do so
in a proper, or I might say a philosophical, way. It's a wholesome thing to
study, the ways of these Englishmen, who take their medicine and don't
wail."
Since France has failed to ratify the Franco-American debt settlement,
Senator Caraway said he would favor breaking off negotiations and the
service on France of notice that she either pay 100 cents on the dollar or
else refuse payment and stand before the wirld a confessed "repudiator
of honest debts."
•
Former Governor Cox of Ohio Declares that United
States Has Lost World's Respect Through
Debt Policy.
Declaring that the European attitude toward the United
States has been completely reversed since 1918, former Governor Cox of Ohio, who returned from abroad on the White
Star Liner Majestic on Sept. 14, said that while at the conclusion of the war "no nation was ever more respected,"
to-day "none is more hated." Mr. Cox asserts that our concern from the time of the end of the war until now "has been
the money we can gather in from other countries," and he
adds that "when we were once inspired to efforts to save the
soul of civilization, we now insist on filing a mortgage upon
it." His comments as given in the New York "Herald Tribune" follow:
favorable public opinion. It is his contention that Congress owes it to the
American people to reveal the facts.
The former Oklahoma Senator declares that there is nothing casual or
accidental about the anti-American propaganda which is manifest to-day
wherever American visitors are noted in Europe. Mr. Owen states that the
cartoons portray the United States as Uncle Shylock, &c.,as part of a deliberate and inspired propaganda for base purposes. He said that there is
large evidence to show that the stories of European hate against America
arefgreatly exaggerated because of the acts of hoodlums inspired by this
very propaganda: that the overwhelming body of the people of Europe are
not thinking about the war debt, on which as yet they have paid nothing
of any consequence.
Close investigation has convinced him, the former Senator said, that the
pleas regarding the debt as uncollectible are not founded in fact. In his
opinion the gigantic wealth of Europe can easily pay the debt and that
abundant time has been given by this Government.
Senator Stewart Says Propaganda for Cancellation of
Debts Is Promoting Hatred Towards United States.
David W.Stewart, the new Republican Senator from Iowa
named to succeed the late Albert B. Cummins, wants Europe
to pay us every dollar of her war debts that she can, wants us
to keep out of the World Court,and demands that the United
States maintain an adequate army and navy. A dispatch
to the New York "Times" from Cedar Rapids, Iowa, Sept.
13, which thus reports Senator Stewart, quotes him as follows
in his first public address on world affairs since he was named
to the Senate, the remarks being made before the Hanford
Post of the American Legion:
While not referring directly to the proposal of Newton D. Baker, former
Secretary of War, that the entire war debt should be canceled in the interest of international amity, commerce and justice, Mr. Cox still regarded as
one of the influential voices in the Democratic Party, made it clear that he
favors drastic amelioration of the terms, if not complete forgiveness of the
debt.
"Ifthe United States is hated abroad,"said Mr.Cox,"it is our Government,
which has exercised no leadership whatever, that is to blame. When we
once were inspired to efforts to save the sould ofcivilization," he declared,
"we now insist on filing a mortgage upon it." "Nothing." he went on, "is
more appropriate than the old saying:
Still, as of old.
Man by himself is priced.
For thirty pieces Judas sold
Himself, not Christ."
The subject of international debt settlements, and the Mato of public
opinion in Europe, Mr. Cox pointed out, could hardly be discussed without
reference to the conditions now prevailing.
of
As active citizens there has come to our attention recently propaganda
of having the United
the most subtle and insidious sort, with the end in view
call to my mind
States cancel the war debts of our allies. These manoeuvres
a phrase we hear used often as the national baseball season championship
the greatest
mind,
my
in
games approach, namely,"squeeze play." because
international
squeeze play that has ever been attempted on the diamond of
diplomacy is now being framed on Uncle Sam.
the gratiDiplomats of Europe by this insidious propaganda are replacing
tude toward America that has been ii the hearts of their people with hatred.
grew
rich out
who
one
Shylock,
a
They are picturing the United States as
of their sufferings, hoping by this propaganda to arouse in their people such
a universal sentiment against the repayment of these loans as will enable
them to say to the United States, "We cannot pay you."
We know, and the world knows, that if the United States had not entered
the war when she did, Germany would be running rampant through the
streets of Paris.
Declares America Hated.
"In 1918," he continued, "the United States occupied a position never
attained by any nation in all history. They had not only rendered a
conspicuous service for a great principle, but were generally accredited
with it. No nation was ever more respected. To-day none is more hated.
It can hardly be just a coincidence that the present feeling is the same
wherever you go. There Is a basic reason for it. With the war ended, we
recognize neither our opportunity nor duty to assume normal co-operation
in peace. We departed in the very midst of stressful condiltons. We
showed neither interest in our allies nor sympathy for the defeated nations.
Says Money Has Been United States Goal.
"The issue of international conduct had been submitted to the arbitrament of arms, and the victory complete as it was in a military sense, was
brought to no moral conclusion. Our concern from that day until now
has been the money teat we can gather in from other countries. We engendered racial feeling at home, as bitter as it ever was abroad, and now
this has led to religious differences. We were never further from a homogeneous people than now, and public thought never descended to things
so unworthy of our traditions. We were united in no high purpose because
there was no appeal to the fine reactions we had exhibited in the past.
For all of this our Government has been directly to blame. It has exercised no leadership whatsoever.
"Time was when our foreign policy brought the name of America to
grateful lips all over the world, and Americanism was a synonym for unselfishness and helpfulness. Now there is no foreign policy unless the
collection agency which we are hard-fistedly conducting can be regarded as
Its expresssion. Instead of seeking to ascertain what other nations should
pay in a fair and equitable considerations of all the circumstances of the
war, we ask what they can pay by combining assets of the present and
prospects of the future. When we once were inspired to efforts to save the
soul of civilization, we now insist on filing a mortgage upon it. Children
yet unborn will be old men before we have exacted our last pound of flesh.
World's Respect Lost, He Says.
"We have lost the world's respect, and in these circumstances we can
hardly except any trade that can be given elsewhere. Our progeny will
reap the harvest of our blunders. We can corner the gold of the earth.
but,t will plague usin time. We can temporarily profit in business, while
other countries are sorely tried by the remaining effects of war. But what
of our national character? We are creating the terms by which others
appraise us."
Former Senator Owen Suggests Congressional Investigation of Foreign Propaganda Proposing
Allied Debt Cancellation.
Congressional investigation into the sources of foreign
propaganda in this country, especially those agencies proposing cancellation of the European debt, has been suggested by
1453
Belgium Declines to Consider $50,000,000 Loan Offered
by Alfred Loewenstein—Stabilization
Temporarily Postponed. .
Under date of Sept. 15 Associated Press cablegrams from
Brussels (Belgium) state:
the
Stabilization of Belgium's currency has been postponed temporarily,
Cabinet apparently fearing that France's plan for the financial restoration
of her own franc again might interfere.
the
The Cabinet council to-day unanimously decided not to consider
of a loan of $50,000,recent offer by Alfred Lowewenstein, Belgian financier,
000, free of interest for two years.
intends
The Cabinet members did not deny a report that the Government
plans for
to create a new gold franc, but the authorities are informed that
such action are far from complete.
For the moment,the Government's financial intentions are centered upon
funding the short term exterior floating debt. To this end, the Government
in recent weeks has purchased considerable amounts of foreign exchange
with which to meet maturing exterior obligations. The drastic measures
taken to meet these obligations were responsible for the recent recovery of
the Belgian franc.
Swiss banks have taken a further 10,000 shares in the Belgian National
This
railways, which recently were turned over to private management.
brings the total Swiss subscriptions to 440,000 shares, yielding 220,000,000
Belgian francs for debt funding purposes.
The Loewenstein offer was referred to in these columns
Sept. 4, page 1185.
Redemption of Bonds of Czechoslovak State Loan of
1922.
The redemption of $141,000 of 8% secured external sinking
fund gold bonds of Czechoslovak State Loan of 1922 will be
made on October 1 1926 through operation of the sinking
fund at the offices of Kuhn, Loeb & Co., the National City
Bank of New York, and Kidder, Peabody & Co. of New
York. Bonds drawn by lot for redemption should be presented and surrendered on and after October 1 next together
with all coupons maturing after that date. Interest shall
cease from October 1 1926 on all drawn bonds, but all interest
coupons pertaining to the bonds which mature on or prior
to October 1, will continue to be payable to the respective
holders but without interest thereon. Attention is called to
the fact that on September 14 last, bonds aggregating $56,200
which have been called for redemption in previous drawings
were still unredeemed.
1454
THE CHRONICLE
[VOL. 123.
Offering of $20,000,000 63% Bonds of Prussia—Books In addition, Prussia owns real estate and buildings having a value of about
$400.000.000. These properties include a number of administration buildClosed—Issue Oversubscribed—Loan First to Be
ings, schools and universities:libraries, hospitals,
&c. The museums and
Issued Abroad by Prussia for Over Century.
art galleries of Prussia are known the world over. The State's agricultural
A new issue of $20,000,000 Free State of Prussia 63,6% properties are estimated to be worth $154,000,000. The Prussian State
Bank
ng) is the official State bank. but Prussia also has a consinking fund gold bonds, external loan of 1926, was offered trolling(Seehandlu
Interest in the Prussian Zentralgenossenschafts
another
on Sept. 13 by a syndicate headed by Harris, Forbes & Co., State bank. (The dollar amounts above, where converted,kasse,
are at the rate
and including Brown Brothers & Co., the Equitable Trust of 4.20 German gold marks to the dollar)
The bonds were offered for delivery when,as and if received
Co., the New York Trust Co., the International Acceptance
and subject to the approval of counsel. It is expected that
Bank, Inc., Mendelssohn & Co. (Amsterdam) and the
J.
Henry Schoeder Banking corporation. The bonds were interim receipts will be deliverable on or about Sept. 30.
priced at 95 and interest, yielding over 6.92%. The books
were closed almost immediately after their opening at 10 Offering of $15,000,000 Bonds of Republic
of Finland—
a. m. on the 13th, an oversubscription being reported.
Books Closed—Issue Oversubscribed.
Included in the amount of bonds reserved for sale simultaneA syndicate headed by the National City Co. of New
ously in Europe were $2,500,000 withdrawn for sale by York and Lee, Higginson
& Co. offered on Sept. 14, at
Mendelssohn & Co., Nederlandsche Handel Maatschappij, 94 and interest, to yield
- Pierson & Co., all of Amsterdam, R. Mees & Zoonen, Rotter- of Finland 63/2% external 6.98%, $15,000,000 Republic
loan sinking fund gold bonds.
dam. The $20,000,000 issue authorized and outstanding The issue, it is announce
d, was oversubscribed, the books
will be dated Sept. 15 1926, due Sept. 15 1951, and interest closing almost simultane
ously with their opening at 10
will be payable March 15 and Sept. 15. Principal, interest a. m. the day of the
public offering: Associated with the
and sinking fund will be payable at the office of the fiscal National City Co. and
Lee, Higginson & Co. in the offering
agents, Brown Brothers & Co., in New York, in U. S. gold were the Guaranty Co.
of New York, Brown Brothers
coin of the standard of weight and fineness existing Sept. 15 & Co., the New York
Trust Co. and the Continental &
1926, without any deductions for any present or future taxes Commercial Co. of Chicago.
Of the new issue $3,000,000
or charges of the German Reich or any subdivision thereof. were taken by the
Bank of Finland for public offering in
At the option of holders, principal and interest (by arrange- that country. The
bonds of this loan, authorized by resolument between the fiscal agents and Mendelssohn & Co.) tions of the Parliamen
t of Finland, dated March 10 1925
will also be collectible in Amsterdam, Holland, through the and Dec. 10 1925,
respectively, and by Law No. 113, dated
office of Mendelssohn & Co. in guilders at their then current March 28 1925, and
Law No. 45 dated Feb. 13 1926, of the
buying rate. The bonds will be in coupon form in $1,000 Republic of Finland,
will be the direct obligations of the
denomination. They will be callable in whole or in part on Republic of Finland, which
agrees that if, in the future, it
six weeks' prior published notice on Sept. 15 1931, or any in- shall sell, offer for
public subscription or in any manner
terest date thereafter at 100 and accrued interest. It is dispose of any bonds, or contract
or create any loan (internal
also announced that the State will agree to prvoide a pro- or external), secured by
lien or charge on any revenue or
gressively increasing annual sinking fund, starting Sept. 15 asset of the Republic, other
than purchase-money mort1932, to effect the redemption, through call by lot at 100 and gages, the Bonds of this loan
shall be secured equally and
interest, of 50% of this issue by maturity.
ratably therewith. The purpose of the loan is indicated as
The entire proceeds of this issue of bonds, according to
the follows:
prospectus, are to be applied by the State for revenue producThe proceeds of the present loan will be used principally for productive
purposes, including hydro-electric development, agricultural credits, railing purposes. About 70% of the proceeds are to be
used road construction and for refunding. The completion of the power plant
for the development of electric enterprises in which the
State at the Imatra falls, which will harness the "Niagara of Finland," will
owns part of or all of the outstanding shares. The
cheap power to a district embracing 80% of the urban population
balance supply
and 70% of the industries. The steady increase in small farm proprietoris to be used for the enlargement and improvement of
har- ship under the terms of the Leasehold Redemption Act
of 1918 is tending
bors. From the same source it is also learned that the
pres- to promote the already strong political and economic solidarity of the
ent loan is the first one to be issued abroad by the State
nation. The 1924 harvest was valued at $114,718.000.
of
Prussia for over a century. Regarding the finances of
The Bonds will be dated Sept. 1 1926 and will mature
the
State, we quote the following from the offering circular:
Sept. 1 1956. They will be callable in whole or in part at
Prior to 1914 its obligations were placed at coupon rates
varying from 100 and accrued interest on Sept. 1 1936, or on any semi3% to 4%. The funded and floating indebtedness of the State
as of July 31 annual interest
date thereafter. The advices as to the
1926. Including revalued debt, was less than $60,000.000
, a large part of
which is to mature by 1930. This Is equivalent to a
per capita debt of redemption of the bonds states:
about
$1 60, whereas the per capita wealth of the State was
estimated in
1917 at about $1,000. The State has also undertaken
guaranties amounting to a total of something less than $50,000.000.
The gross ordinary budget for the fiscal year 1926 is
balanced at about
$853,650.000. The expenditures of the State administration
for this fiscal
period are to be covered to the extent of 93.5% by taxes
and duties and
the remainder of 6.5%,or $19,500,000, by profits from the
State enterprise.
As to the security, &c., the circular presents the following
,
based on information from Dr. Hoepker-Aschoff,
Minister
of Finance of the Free State of Prussia:
Security.
Article 248 of the Versailles Treaty reads in part: ". .
. a first
charge upon all the assets and revenues of the German Empire
and Its
constituent States shall be the cost ofreparatior s. . . ."
The Dawes
Plan provides that payments shall he made by Germany to
the Reichsbank
for account of the Agent-Goveral for Reparatiors Payments
and to secure
the payments specific revenues are especially pledged.
These bonds will be the direct and unconditional obligations
of the State
of Prussia. No part of the State's revenues or prorerty
has been pledged
by it as security for any loan and the State will cov enant
that if while any
of the bonds are outstanding it should specifically pledge
or charge any part
of Its property or revenues to secure any funded debt the
bonds of the external loan of 1926 shall be secured by such pledge or
charge equally and
ratably with the other indebtedness thereby to be
secured.
The State.
Prussia includes more than 60% of the total area and
population of
Germany. Its area Is 113.701 square miles and its
population, according
to the 1925 census, is 38,069,631. Through its geographical
location,
which includes all but a few miles of Germany's entire coastal areas,
and with
Its territories in the east and west extending deep into middle
Europe,
Prussia is of the greatest importance to the internal traffic of
Germany
and to the International traffic of the European countries,
Especially of
middle Europe. Most of the lignite, ore and salt mines as well as
the coal
mines of Germany are located within the boundaries of the State.
Berlin, the capital of Prussia, is also the capital of Germany. It
is the
third largest city in the world and has a population of more than
4,000.000.
Other large cities in Prussia are Cologne with a population of
Breslau, 550,000: Essen, 466,000. and Frankfort, 458.000. In 693,000;
addition,
there are sixteen other cities with populations ranging from 155,000
to
428,000. all of which a:e known for their commercial importance.
State Properties.
The most important of the income producing enterprises of
the
are the forests which have an estimated value of over one billion State
dollars.
The I, an contract under which these bonds are to be Issued also provides
for semi-annual, cumulative sinking fund payments, beginning March I
1927, and calculated to be sufficient to redeem the entire issue by maturity.
In lieu of so much of any such cumulative sinking fund payments as may
be required for amortization of principal the Government of Finland
may deliver. in whole or in part, to the fiscal agent, at their par value
outstanding bonds of the Issue. Sinking fund moneys are to be used for
the redemption of bonds by semi-annual drawings by lot at 100 and accrued
interest. Notice of drawn bonds will be published In New York City
30
days prior to redemption date. All bonds redeemed or delivered to the
Fiscal Agent in pursuance of sinking fund requirements shall be cancelled
by the fiscal agent and permanently retired, and no further bonds of this
loan shall be issued in lieu thereof.
The bonds will be in coupon form in denominations of
$1,000 and $500, and will be registerable as to principal
only. Principal and interest (March 1 and Sept. 1) will be
payable in New York City in United States gold coin of
the present standard of weight and fineness at the National
City Bank of New York, Fiscal Agent, without deduction
for any present or future Finnish taxes, in t me of war as
well as in time of peace, irrespective of the nationality of
the holders. Principal and interest also collectible at the
option of the holders at the City Office of the Nati3ral
City Bank of New York, in London, England, in pounds
sterling, or at the head office of the Bank of Finland, in
Helsingfors, Finland, in Finnish marks, in cach case at the
then current buying rate of such office for sight exchange on
New York City, N. Y. The following from the offering
circular is summarized from advices received by the syndicate from Bruno Kivikoski, Charge d'Affaires, a.i., at
Washington:
Prior to 1914 Finland was accustomed to borrow in the financial centers
of Europe at coupon rates of from 3% to 411%, substantially the same
rates enjoyed by Norway, Aweden and Denmark. The Republic Finland
of
6% Sterling Lean of 1923 was quoted in London. Sept. 11 1926 to yield
6.78%. Finland followed Great Britain in funding its indebtednes
s to the
United States Government. The currency of Finland has been on a gold
exchange basis since Jan. 1 1926.
The Republic of Finland has no floating debt. Funded debt, as of Aug.
31 1926. amounted to• S92,157,483, or a per capita debt of $2833. coin-
SEPT. 18 1926.]
THE CHRONICLE
puted at respective current rates of exchange. In addition the Government
had guaranteed certain loans contracted by municipalities, &c., amounting
to $23,633,570. As an offset the Government owns property, mostly
revenue producing, including 933 % of the railroad mileage and 39% of
the forested area of the country, valued conservatively at $453.000.000.
Of the present national wealth of Finland. conservatively estimated at
$3,000.000,000, the present Government debt, including guaranteed debt,
represents less than 4%.
Finland since 1809 has had Its own fiscal system and has regularly collected and disbursed its own revenues. The Finnish people, therefore, have
had a long experience in the management of their finances. Actual returns
for 1925 show ordinary revenues of $83,518.000, as compared with ordinary
expenditures of $71,258.000, a surplus of $12.260.000. Principal items of
revenue during the first 6 months of 1926 aggregated $33,367,900. an
increase of 8684.100 over the corresponding period of 1925. During the
four years preceding 1925 ordinary revenues, averaging $70,347.000 per
annum, exceeded ordinary expenditures by an average of $15,101,000.
For the five years ended 1925 a total of $21.070,000 was expended for
capital purposes from current revenues. Debt service for the year 1925,
including interest and anvortization. was 8.53% of ordinary revenues.
The bonds were offered if, as and when issued to and
received, subject to approval of counsel. Delivery in temporary form is expected about Oct. 1.
•
Offering of $3,000,000 Bonds of Leipzig Overland
Power Companies of Germany.
A syndicate headed by W. A. Harriman & Co., Inc.,
and the International Acceptance Bank, Inc., of2% sinking
1
fered, this week, an issue of $3,000,000 20-year 6/
fund mortgage gold bonds of Leipzig Overland Power Companies'(Landkraftwerke Leipzig Aktiengesellschaft in Kulkwitz and Energie Aktiengesellschaft Leipzig), Germany.
The bonds, dated May 1 1925 and due May 1 1946, offered
2 and interest, to yield about 7.20%, were oversub1
at 92/
scribed the first day of the offering.
The two companies, jointly and severally liable for these
bonds, Leipzig Overland Electric Power Co. (Landkraftwerke Leipzig Aktiengesellschaft in Kulkwitz) and Leipzig
Public Service Corp. (Energie Aktiengesellschaft Leipzig),
serve directly or indirectly a highly developed industrial
and agricultural territory of approximately 2,900 square
miles located in the Free States of Saxony and Prussia and
having a population of about 1,000,000 (1925). The diversified character of this territory is emphasized by the fact
that it completely surrounds and includes certain portions
of the City of Leipzig, which is one of the most important
commercial centres in Germany.
Leipzig Overland Power Companies serve immediately
adjacent territories and are partially under the same ownership. Leipzig Public Service Corp. purchases practically all
of its electrical energy from Leipzig Overland Electric
Power Co.; it also leases the properties of a neighboring
utility company in which Leipzig Overland Electric Power
Co. owns a substantial interest. Further details regarding
this offering are given in our Investment News Department
in to-day's issue, page 1503.
that this bank now has mortgage loans to the gross value of
$21,885,010, whereas its first loan was closed on May 16
1922, slightly over four years ago.
At the time of dts organization the St. Louis Joint Stock
Land Bank had a paid-up capital stock of $125,000. This
was increased to $250,000 within a month of the closing of
the first loan; and at the end of the year 1922 the volume
of lands having reached a total of $3,505,000, the capital
stock was increased to $500,000.
In December 1924 the bank acquired the assets and assumed the liabilities of the Southeast Missouri Joint Stock
Land Bank and the paid capital at that time was increased
to $600,000. In taking over the assets of the Southeast
Missouri institution, loans made in Missouri were acquired
in the amount of $1,080,660.
Arrangements were made in December 1926 for the acquision of the assets and assumption of the liabilities of the
Central Illinois Joint Stock Land Bank of Greenville, Ill.,
which had made loans in Illinois and Indiana aggregating
$8,600,350, and the capital stock of the bank was then increased to $1,300,000. In July 1926 the paid capital was
increased to its present amount, $1,430,000.
The Aug. 31 statement indicates a permanent legal reserve
of $225.000, with a special reserve and profits of $127,830.
The real estate account is carried at $117,800, consisting of
farms in Missouri, Illinois and Indiana, originally appraised at $284,985. The present real estate holdings are
approximately one-half of one per cent of the loan volume
and less than 7% of the paid capital, legal reserve and
profits.
Treasury Department Disposes of Interest in Federal
Land Bank of St. Louis to Farmer Borrowers.
Announcement that the remaining stock in the Federal
Land Bank of St. Louis which had been held by the Treasury
Department has been acquired by farmer borrowers through
national farm loan associations was made on Sept. 14 by
Federal Farm Loan Commissioner A. C. Williams. In
his statement Mr. Williams said:
This is in accord with the Act of Congress creating the 12 Federal Land
Banks comprising the system. The Treasury Department niac'e practically all of the initial investment to get these banks started, but the
law provided that as borrowers joined the local national farm loan associations, they were to take the stock in the association In an amount equal
to 5% of their loans, this to be in turn used to purchase stock in the Federal
land bank of the district.
The farmer borrowers have In this way already acquired all of the stock
held by the Treasury Department in eight of the 12 land banks. The
total stock held by the Government in the remaining four banks is only
a little over $1.000,000. compared to nearly 89.000.000 in the 12 banks
when they were established in 1916. The total capital owned by the
farmers in the 12 banks now exceeds $56,000.000.
The fact that the banks are owned by the farmer borrowers does not
alter the supervision of the system by the Farm Loan Board and careful
appraisal by Federal appraisers of all farms ill on which loans are made.
The law limits the loans to 60% of the appraised value of the land for
agricultural purposes and 20% of the insurable 'more% ements.
The total leans outstanding through the 12 Federal land banks exceed
a billion dollars, the eight banks owned entirely by the farmers having
loans aggregating $839,000,000. These banks demonstrate what may
be accomplished through soundly organized and properly supervised
co-operative agencies.
Condition of the St. Louis Joint Stock Land Bank.
Growth in the importance of joint stock land banks is
illustrated, says the William R. Compton Co., by the statement of condition just issued by the St. Louis Joint Stock
Land Bank. This statement, as of Aug. 31 1926, Indicates
1455_
Edwin C. Vogel on Installment Selling.
Edwin C. Vogel, Vice-President Of the Commercial Investment Trust Corporation, in an address delivered before
the Babson Statistical Organization conference in Wellesley
Hills, Mass., Sept. 15 1926, expressed the view that as a
result of the widespread discussion of installment selling,
public opinion is definitely veering to a conviction of the
soundness of the system when properly safeguarded, and a
realization of its benefits as a constructive force in industry.
The following is an outline of his remarks:
Recognizing its many advantages, it is the duty of forward-looking men
not to attack the system of installment selling but to direct their efforts
toward the elimination of the abuse, that may exist, to the end that the
benefits of the system may be fully enjoyed.
The general impression seems to be that at the present time installment
selling is Increasing at a constantly accelerated pace. This. I believe, is
an erroneous impression. Undoubtedly there has been some increase in
the last year or two. This is natural under conditions of growing trade,
but I doubt that in the last two years this increase has been greater proportionately than the increase in the general business of our country. An
exhaustive study recently made shows that installment selling in all trades
has increased only 7% between 1923 an d1925. Considering that the
national income is about 860,000.000.000, and the total of retail sales for
1925 was nearly 540.000.000.000, It will be recognized that the amount
of installment credits outstandir g does not constitute anything dangerous
or alarming. There is commonly a vastly exaggerated Idea of the extent to
which installment selling has been developed in recent years.
In the event of a severe industrial depression, it is unquestionable that
the volume of new installment purchases will decline just as new purchases
of every kind will decline, but payments upon the outstanding installment
obligations will continue. I am in hopes that the great peaks and valleys
of good and bad times that we have experienced in this country in the past
will in the future be considerably leveled and lessened. We find a constantly increasing number of business men who giv e heed to economic and
industrial tendencies with the consequence that when there are signs of
lalation that are likely to bring reaction, a spirit of conservatism In antic!ration of that reaction counteracts the reaction in great part. I have no
fear but that a change of conditions will take sufficiently long to make
Itself felt to permit installment Credits created during the period of prosperity to liquidate themselves.
It is interesting to note that although we had financed about $1.800.000.of installment sales in the coal mining district of Pennsylvania, where the
strike of last fall resulted in a condition of 100% unemployment. the
total losses of our company aggregated tut $15,000 in excess of our normal
credit reser\ e set up against that volume of business. I have no doubt
that other well-managed finance companies had a similar experience In the
territory. When you consider that a great'trade depression country-wide
could scarcely mean more than 10% decrease in employment, you will
realize how surely installment paper soundly created will pay out.
The system of installment selling has become a permanent part of our
business structure. It is here to stay and we must concern ourselves only
with its proper application and guidance. In the ambition for more busifinance
LESS, certain individuals, whether merchants, manufacturers, or
companies, have perhaps been guilty of laying aside proper standards of
these
that
indicates
cmitt requirements. However, my investigation
violations of sound practice are rapidly decreasing.
With the great masses of the people installment purchasing is an aid to
thrift and encourages saving. The psychology of the American people is
such that they will more easily save after they have made a purchase than
in anticipation. Installment purchasing is fostering financial orde.licess in
the public mind. A large section of the American public has learned to
income. Pay-
budget the family finances. Expenses are weighed against
ments for the article purchased are made regularly and other expenses
adjusted accordingly. Once the twelve regular monthly payments are
made the savings habit of mind is in process of formation If not already
fixed,
eoin
money begins to find its way into the bank or the insurance
1456
THE CHRONICLE
It is generally conceded that the growth of the automobile
industry has
been in large part attributable to installment selling.
This growth has
enabled economies to be effected through mass production that
has brought
the product to the consumer at a greatly decreased cost, while other
products
have vastly increased in cost during the same period.
The industry has
kept employed directly and indirectly great armies of people;
the industry
has used steel, leather, lumber, plate glass, rubber, copper
and other
products in vast amounts, keeping factories, mills and mines
working and
men and women employed; it has enabled those men and women
in turn to
purchase their needs from the retail stores, who, in turn, have
kept other
wholesale and manufacturing establishments busy. Even those industries
whose product cannot be sold on the installment plan have
greatly benefited.
Installment selling has crystallized and capitalized the earning
power of
the American family into a great, new economic force. In
the last analysis,
the business which installment buying has brought into being
is the soundest
sort of new wealth, for it is based on new and added work,
and work is the
foundation of wealth. The people of this country are ambitious,
each man
striving to improve his position. Not satisfied to accept
his lot, as people
of some other countries are, he strives to reach a higher
plane of living and
enjoyment. That ambition of the American has been the
fuel that has
driven the engine of American business to its heights of
prosperity. Every
one of us is willing to work and save in order to attain a
higher standard of
living. It is perhaps a peculiarity in the psychology of the
American that
he likes concreteness both in the surroundings of his life
and in his financial
obligations. Having made a purchase on an installment credit,
he has a
conerete purpose in saving, because he must save to pay for
what he has
bought. If, then, it is sound to encourage work and saving,
why not employ those means to that end that will appeal to our peoole
and that will
bring the greatest results.
States Department of Agriculture Asked to
Assist in Broadening Cotton Futures Contracts
.
The assistance of the Department of Agriculture in broadening cotton futures contracts and providing for staple
premiums was sought on Sept. 16 by a delegation representing the various cotton associations and exchanges,it is learned
from a Washington dispatch to the New York "Journal of
Commerce," which states that the situation in cotton trading upon which these two matters have a distinct bearing
was discussed at an all-day session with officials of the Bureau
of Agricultural Economics.
The account says that in the absence of a statement from
either department officials or representatives of the cotton
associations, merely the thought is expressed that no definite
, representations were made to the department, but rather
that at the meeting the cotton men placed the situation
before the Government men in a broad way, neverthele
ss,
opening the path for further conferences with the same
matters in mind. The following regarding the conference
is
from the same source:
United
The visiting cotton men asked for the addition of two grades to
the
list of tenderable grades. They voiced the demand in the cotton present
trade for
the inclusion of strict low middling spotted and
middling
gray.
The
Secretary of Agriculture recently authorized the issuance
of tenderable
certificates on strict middling gray.
Futures Act.
Section 5 of the Cotton Futures Trading Act, to which
practically all
contracts dealt in on the future markets conform, fixed certain
grades as
the lowest which may be delivered in settlement of such contracts.
It may
be explained that contracts not in conformity with this section are
subjected
to a tax of 2 cents per pound. The grades specifically mentioned
are
low
middling, white strict middling, yellow tinged, and good middling
yellow
stained.
Section 5 also provides that no cotton shall be delivered in
settlement of
contracts made in conformity thereto, which by reason of extraneous
matter,
Irregularities and defects, is reduced in value below that of low
middling,
or that is less than p
5-inch staple.
With a very great widening of differences during and after the
war, it
became necessary, in justice to buyers and sellers on futures
contracts,
to establish descriptive grades for gray, spotted and light stained
cotton.
As the law was not specific, as to which of these new grades were
lowest
that might be delivered in settlement of contracts it was found
necessary
by the officials in charge of the administration of this law to constrbe
the
fifth subdivision of Section 5 in its application to the grades thus established.
renderable Status Weighed.
When these grades were established it was undertaken also to
determine
and prescribe by regulation which of the descriptive grades would be
recognized as tenderable and which would not be so recognized. These
grades
had not previously been quoted to the time they were taken up and
it was
necessary for department officials to determine from the
standpoint of
intrinsic value which might or might not be tenderable.
Under the terms of the law no cotton below the value of the
grade low
middling could be recognized as tenderable.
Since its prior action,
Department of Agriculture has been asked to admit strict middling the
gray,
middling gray and strict low middling spotted.
It is understood that the department officials have exanAned the
quotations applying to those grades and found that of the three in no case
had
strict middling gray been quoted below the value of low middling.
Consequently the Secretary of Agriculture amended the regulations to
admit of
the delivery of strict middling gray, effective Aug. 1 1927. To-day's
meeting here took up the question of the permissibility of the other two
grades. It was claimed that they are of better value than low middling.
Difficulties Canvassed.
The difficulties that stand in the way of compliance with this request are
said to have been thoroughly canvassed to-day and while no statement
was forthcoming at the close of the meeting, there is reason to believe that
no great encouragement was given cotton men.
Quotations on the grades in question are said to be under those for low
middling and in the absence of specific authority of law the Department of
Agriculture is powerless to make the desired changes.
There is probability that the cotton men will draft a memorandum to the
department substantiating certain claims which it is expected they would
make in support of their contentions favorable to the proposed additions.
They also discussed with the representatives of the department conditions
[voi.. 123.
under which supervision might be made in the futures contracts
for allowances for staple premiums.
The suggestion was advanced by the futures exchanges
in response to thel
expressed desire of the Southern markets, which are seeking
a practica
means of putting such provisions into effect.
Hedge Protection Discussed.
It was argued that such provisions in futures contracts
would increase the
hedge protection and that this would tend to make it possible
for the staple
premiums to be reflected back to the grower. It
would have the further
effect of encouraging the growers to produce better
staple.
It is said that the department was asked to undertake supervision
of the
quotations of staple premiums in the same manner as
it supervises grade
difference quotations. It is understood that department
officials pointed
out that while the department would be found to be favorable to
the principle
of premiums for cotton staple, it is without authority of law to
supervise
the quotations.
The conference was attended by D.H. Williams of
George H.McFadden,
Gastonia, N. C., representing the Atlantic Cotton
Association; J. F.
Fincke and George William,representing the New Orleans
Cotton Exchange;
D.0. Reed, Austin, Tex., representing the Texas Cotton Association
and
the Dallas and Houston Cotton exchanges; R. C. Dickerson, Secretary
of
the American Cotton Shippers' Association of Memphis;
R. H. Gilbert.
Norfolk Cotton Exchange; S. T. Hubbard and Mr. Dowdell,
of the New
Xork Cotton Exchange; Lloyd S. Tenny, acting chief of the Bureau
of Agricultural Economics; Arthur W.Palmer, chief of the division
of cotton marketing of the bureau; C. L. Finch, H. C. Slade and Dr. B.
Youngblood. all
of the cotton division.
Acting Secretary of Agriculture Marvin in Reply to
Protest by Representative Black Against Publication of "Maximum" and "Minimum" Cotton
Figures Says Method Has Stabilizing Effect.
Belief that the publication of"maximum" and "minimum"
production of figures for the cotton crop has exerted a
stabilizing effect on the cotton market is expressed by
Acting Secretary of Agriculture C. F. Marvin in a letter of
protest from Representative Eugene Black of Clarksville,
Texas. The letter follows:
DEPARTMENT OF AGRICULTURE.
Washington, D. C., Sept. 15 1926.
Hon. Eugene Black. Clarksville, Texas;
Dear Mr. Black;—I have your telegram of Sept. 8 protesting
against the
publication of "maximum" and "minimum" production figures
for the
cotton crop. The paragraph to which you refer reads as follows:
"The final outturn of the crop will depend upon whether the various
influences affecting the crop during the remainder of the season are more
or
less favorable than usual. If developments during the remainder of the
season prove as unfavorable as in the three years of greatest decline in the
last 10, a total production of about 14,104,000 bales might be expected on
the estimated acreage. If developments prove as favorable as in the three
years of greatest subsequent improvement, a total production of about
16,379,000 bales might be expected."
The practice of publishing range figures was started with the July report
of this year,largely because of requests which have come to the Department
from various sources, including the recommendations of a committee of
statisticians which was called to Washington during
the year to consider
the whole crop reporting service. Since the Department began the publication of these range figures for cotton, it has received urgent requests from
representatives of the wheat industry asking for similar
reports for wheat.
It has long been felt by the Department that during the earlier part of
the season, at least until the middle of September, when the final outturn of the crop is still very uncertain, that any attempt to forecast the
crop in definite bales should be safeguarded by a statement of possible
change as the season advances. The object of these range figures was to
put the cotton industry on notice that the earlier forecasts were subject to
material change. Yours is the first protest that has been received by the
Department against the range forecasts.
The publication of range figures this year was largely experimental.
Should the sentiment of the country, particularly on the part of growers,
indicate that these are not desired, the Department would not care to
continue them. I believe, however, that they have exerted a stabilizing
effect on the cotton market this year as the fluctuations following the
reports have been considerably less this year than in previous years.
Sincerely yours,
C. F. MARVIN, Acting Secretory.
In referring to the protest by Representative Black the
New York "Journal of Commerce" in advices from Washington Sept. 12 said:
"The maximum and minimum of crop possibilities." a feature of recent
cotton crop reports issued by the Crop Reporting Board of the Department
of Agriculture, is being criticized in the cotton belt, it became known here
to-day. A protest against the continuance of this feature is said to have
been urged upon the Secretary of Agriculture by Representative Black of
Texas.
The last report of the Board, Sept. 7, on the condition of the crop as of
Sept. 1,declared that the final outturn of the crop will depend upon whether
the various influences affecting the crop during the remainder of the season
are more or less favorable than usual. On the basis of the condition as of
Sept. 1, an estimate of 15,166.000 bales of 500 pounds gross weight was
made.
Cause of Trouble Given.
The Board added that if developments prove as unsatisfactory as in the
three years' decline in the last ten, a total production of about 14,104,000
bales might be expected on the estimated acreage; if developments prove as
favorable as in the three years of greatest subsequent improvement, a total
production of about 16,379,000 bales might be expected. It is against these
latter suggestions that the protest is waged.
While it was apparent that a protest had been received by the Department. officials declined to discuss the matter in any of its phases, except to
deny that these are "maximum and minimum figures of the cotton crop,"
explaining that they constitute a simple statement of what may happen in
the event conditions are as favorable or unsatisfactory as in the three years
of highest or lowest production during the preceding ten years.
These range forecasts were started largely to meet certain suggestions
which are understood to have been made to the Department of Agriculture
and had been recommended several times by the advisory statistical corn-
SEPT. 18 1926.]
THE CHRONICLE
mittee which has made a number of investigations of the crop-reporting work
of the Department of Agriculture.
Since starting the range forecasts for cotton, urgent requests have been
made to the Department of Agticulture for the inclusion of like information
with respect to grain in the general crop forecasts of the Crop-Reporting
Board. Large wheat co-operating marketing associations have asked this
additional service, but no steps have been taken as yet to comply with their
request.
Work Experimental
The work of publishing range forecasts, which come in addition to the
regular crop forecasts, is largely experimental and in all probability its continuance will depend very largely on whether there is a demand for this additional information on the part of those interested. The Department of
Agriculture has pointed out a number of times the great possibility of change
from the quantitative forecasts made early in the season and these range
forecasts were simply to give some idea of changes that could occur.
The forecasts this year, as a whole, have apparently caused less violent
fluctuations in the cotton market than in previous years, and the thought
is expressed in some quarters that this is in some part due to the publication
of range forecasts along with the quantitative report.
1457
matter, and approved by the Governing Committee, was described in
detail in the annual report of the President.1
Members who are desirous of acting as specialists in these stocks, or of
obtaining information with respect to the matter, are requested to forward
their names to the Committee of Arrangements, which will hold a meeting
in the near future, and at such time those members will be invited to be
present.
The Committee will be pleased to have any suggestions from members of
additional inactive stocks which they think should be included on the list.
Very truly yours, MON
OLIVER_C. BILLINGS. Chairman.
PROPOSED INACTIVE STOCK LIST
Pose.
Post.
3 Manhattan Beach Co
Albany & Susquehanna RR. Co
6
13 Manhattan Shirt Co., pref
All America Cables, Inc
15
3 Marlin Rockwell Corp., pref
Allegheny & Western Ry. Co., gtd
20
• 7 Mathieson Alkali Works, 7% pref_ _ 19
Alliance Realty Co., tempy. etre
5 May Department Stores, 7% pref...-16
Amer. Bank Note Co.,6% cum. pfd
11 Minn. St. Paul & Sault° Ste. Marie,
Amer. Cities Co., 6% cum. pfd
4% leased lines
29
Amer.Plano Co.,7% pfd
17 McCrory Stores Corp.. 7% pref
Amer. Radiator Co.,7% pfd
26
9 Mexican Northern Ry
Amer. Shipbuilding Co
17
15 Mexican Petroleum Co.. Ltd.. corn---14
Amer. Snuff Co. 6% pfd
Range Forecasts Not Fixed.
Preferred
Amer.Type Found. Co.,7% cum. pfd_ 9
14
It has been made known that the Department is in no wise committed to Amer. Wholesale Corp.,7% cum. pfd- 8 Michigan Central RR. Co
3
17 Milwaukee Elec. Ry..4 Light Co.. 1)f.-19
the issuance of the range forecasts. It constitutes on its part simply an Atlas Powder Co.,6% cum. pfd
Mobile & Birmingham RR.Co., pre-f_ _ 4
cum. nonAustin
Nichols
&
Co.,
7%
attempt to give more information on the cotton crop, and to simplify rather
5 Montgomery, Ward dr Co.. pref
10
voting phi
than complicate the results. This year the weekly weather condition Bangor & Aroostook RR. Co., pfd__ _13 Morris & Essex RR. Co
3
29
reports from the cotton belt States, together with the insect pest reports Barnet Leather Co., Inc., common_ _ _ _ 3 Mullins Body Corp., pref
3 National Supply Co., preferred
25
7% cumulative preferred
issued from the entomological station at Tallulah, La., have caused fully
9 National Surety Co
10
BaYtik Cigars, Inc., 18t 7% pfd
as much,if not more,comment in the cotton market this year than the regu9 Newport News & Hampton Ry. Gas &
2d con. 7% pfd
Elec. Co., 7% preferred
lar reports of the Crop-Reporting Board.
3
11
Beech Creek RR. Co
The Tallulah reports have been very pessimistic this season as to damage Beech-Nut Packing Co., 7% cum New York dr Harlem RR.Co..common 7
Preferred
7
15
pfd. B
by weevils and hoppers, and closer study of the weather reports is believed
New York Dock Co., preferred
26
Blumenthal (S.) & Co., Inc.. 7% ctim•
to have been made by the cotton trade. The next report on the cotton crop
25 New York,Lackawanna & Western Ry.
preferred
Co
will be issued on Thursday, Sept. 23.
Buff.& Susq. RR.corp.,4% cum. pfd.12
19
3 New York State Railway, common
Buff. Roth:& Pitts. Ry. Co., pfd
Preferred
19
Bush Terminal Bldgs.(Jo,. 7% Pfd----28
3 Niagara, Lockport & Ontario Power
Canada Southern Ry. Co
Death of Arthur Longendyke, Secretary, Stock Exch- Central Coal & Coke Co.,common_ _12 Co., preferred
26
3
12 Northern Central Railway Co
Preferred
ange Building Co.
Northwestern Telegraph Co
10
Chicago Indianapolis & Louisville Ry.
Otis Elevator Co., preferred
3
4% non-cum. pref
Arthur Longendyke, Secretary of the New York Stock Cinc.
15
Sandusky & Clev. RR., pref._ _ _12 Owens Bottle Co., preferred
20
Exchange Building Co.,for the last four years and Secretary Clev. dine. Chic.& St. Louis Ry. Co., Orpheurn Circuit, preferred
9 Pacific Coast Co., 1st preferred
preferred
of the Executive Committee of the Building company, died Clev.
26
3 Pacific Mills
& Pitts. RR. Co., 7% gtd
9
3 Pettibone Mulliken Co.. common
4% guaranteed
on September 14. Mr. Longendyke's career in the Exchange Cluett
9
Preferred
9
Peabody & Co., cum. pref
preferred
8%
Philadelphia
Co.,
6
cum.pf
_17
Iron
Co.,
8%
Colorado
Fuel
&
began in 1913 as Secretary to H. S. Martin, First Assistant
14
19 Philadelphia Rapid Transit Co
Conn. Ry.& Mg. Co., common
26
Secretary of the Exchange. In 1922, Mr. Longendyke
19 Phoenix Hosiery. 7% preferred
10 Pittsburgh, Ft. Wayne & Chicago Ry.
Continental Can Co.,7% pref
became Secretary of the Building Company and later was Cuba
3
Co., common
14
RR. Co., pref
3
Preferred
6
Sons, Inc.. 7% pref
made Chairman of the Purchasing Committee of the Na- Cushman's
6 Pittsburgh, Youngstown & Ashtubula
8% preferred
17
RR. Co
4
tional Association of Building Owners and Managers. He Det. Hillsdale & Southw RR. Co
12 Producers & Refiners Corp.. preferred _12
& Mackinac Ry. Co., corn
was also Secretary of the Building Managers & Owners Det.
12 Pitt..din.. Chic. & St. Louis RR. Co. 8
Preferred
19 Pacific Telephone & Telegraph, pref-10
Detroit
United
Ry
Association of New York. Mr Longendyke was 42 years of Devoe & Reynolds,Inc.,7% cm. 1st 0.25
10
Common
3
9 Rensselaer & Saratoga Railroad Co_
Diamond Match Co
age.
common18
Co.,
Reynolds,
R..1.
Tobacco
coin__
_14
Co.,
Traction
Duluth Superior
14 Rand Mines, Ltd., Bankers Tr. etre.
Preferred
10
for American shares
N. J., pref..-- -26
Daily Statement of New York Stock Exchange on Eastman Kodak Co. of pref
14 Remington Typewriter Co.. 1st pref..-13
Elk Horn Coal Corp.,
13
Call Money Market.
2nd preferred
3
Erie & Pittsburgh RR. Co
29 St. Joseph & Grand Island Ry.Co.,com. 3
Fair (The), preferred
The following are the daily statements issued this week •Fairbanks
3
5% 1st preferred
16
Co., preferred
3
4% 2nd preferred
Co
10
Telegraph
Gold
&
Stock
by the New York Stock Exchange regarding the call money
preferred
7%
26 Sherwin-Williams Corp..
General Baking Co., preferred
16
series "A"
market:
2
Greene Cananea Copper Co
25
17 Simmons Co.,7% preferred
Guantanamo Sugar Co.,8% pref
CALL LOANS ON THE NEW YORK STOCK EXCHANGE.
6
20 Sixth Avenue RR. Co
Gulf States Steel Co., 7% pref
Sept. 13—Renewal, 5; high, 5; low, 5: last, 5. Rather heavy turnover, Hackensack Water Co., common
20 Southern Railway Co., M.& 0. ctfs 4
with light supply at 5% at close.
20 Spalding & Bros., A. G..7% lst pref.. 11
Preferred
Sept. 14—Renewal, 5: high, 5; low, 5; last, 5. On a fairly substantial
20 South Porto Rico Sugar Co., 8% pref.26
Preferred A
13
turnover sufficient funds were obtainable to keep the rate un- Harbison-Walker Refrac. Co., corn...16 Standard Milling Co.. preferred
20
changed from the renewal at 5%.
16 Superior Steel Corp
Preferred
Sept. 15—Renewal.5:high,5;low,5;last,5. Moderate turnover. Money Hanna Co.(M. A.), 1st pref
13 Standard Plate Glass Co., preferred..-26
In plentiful supply at 5% at close.
28 Texas & Pacific Land Trust etfa
Helme(G. W.)& Co., preferred
Sept. 16—Renewal,5; high. 5;low,4Si; last,4
17 Toledo. Peoria & Western Ry. Co....14
Free offerings of money Hocking Valley Railway Co., com
11
forced a reduction In rate to 43% by noon. Abundance of
17 Toledo Railway & Light Co
funds were available at this rate with a very substantial balance Illinois Central—Leased Lines
12 Twin City Rapid Transit Co.. Pref---19
unloaned at close.
15 United Railways Co. of St. Lou1s. 5%
Indian Motocycle Co., preferred
a
Sept. 17—Renewal, 4
high, 5; low,
preferred
11
; last, 5. Some calling and Ingersoll-Rand Co., preferred
cancellation by lending institutions carried, the rate to 5% in International Salt Co
20 Underwood Typewriter Co., preferred_ 5
14
common
mid afternoon at which rate there was an ample supply offunds.
Corp..
Dyewood
Iowa Central Railway Co
20 United
14
Preferred
5
Creek Coal Co., common
Statements of previous weeks appeared weekly in our issues Island
5 United Cigar Co.of America, preferred 19
Preferred
3
Co.,
com
Coke
since July 10; last week's statement will be found. on page Jefferson &Clearfield Coal&Iron Co.,pf.12 Virginia Iron Coal &
Preferred
Joliet & Chicago RR. Co
12
a
common
1332 of our issue of a week ago.
Co.,
Detinning
Vulcan
Kinney Co., Inc.(G. R.),8% pref _ _ _ _29
a
Common "A"
la
Kress & Co., S. II., corn
a
7% cumulative preferred
19
Preferred
3
preferred
A
7% cumulative
& Co., Inc., B corn__ .17
Proposed Inactive Stock List of New York Stock Kuppenhelmer
17 Washburn-Crosby Co. 7% prof
Preferred
14 Wisconsin Central Railway, common_ 7
Kresge S. S., preferred
Exchange.
7
Certificates of depreciation
Laclede Gas Light Co. of St. L., pref.._ 6
In furtherance of the plans made known last Spring by Loose-Wiles Biscuit Co., 2nd pref....18 Worthington Pump & Machine Corp.,13
preferred A
3
Macy (R. H.) & Co. pref
President E. H. H. Simmons, of the New York Stock Mahoning Coal RR.'
13
Preferred B
10
Co
Maw'Sugar Co., pre(
16
Exchange, for the
improvement in trading facilities, it was
announced on Sept. 10 by Oliver C. Billings, Chairman of
the Committee on Arrangements that the Committee had
tentatively designated certain stocks for removal from
trading posts to which they were assigned and theirinclusion
in to the "new inactive crowd." It is pointed out in the
"Wall Street Journal" that the plan will not be made effective for some time and due notice will be given by the committee before the new system is inaugurated. The stocks
making up the tentative list it is noted are chiefly preferred
issues, but they include also a number of common stocks in
which trading in the regular way is comparatively light.
Chairman Billing's announcement follows:
NEW YORK STOCK EXCHANGE.
Committee of Arrangements
Oliver C. Billings, Chairman.
Sept. 10 1926.
To the Members of the Exchange:
Committee
of
Arrangements
has
tentatively designated the stocks
The
on the attached list as being those which are to be removed from the posts
to which they are now assigned and located in the new inactive stock crowd.
The plan under which trading in these inactive stocks is to be conducted,
as recommended by the Special Committee which was appointed in the
State Bank Commissioners Report Increase in Branch
Banking.
According to the Committee of One Hundred, a questionnaire has been sent recently to the State Banking Commissioners of those States where branch banking is permitted, either by express State legislation, or by permissive
opinions of Attorney-Generals where State laws are silent in
regard to the subject of branch banking. As to the results
of the inquiry the Committee says:
Replies to this questionnaire indicate that in 17 States there has been an
Increase of 58% in the number of branch banks from 1921 to 1926.
Included in these 17 States are several where branch banking is increasing
at an even more alarming rate.
During the same period there has been an increase In eight of these States
of 112%—more than doubling the number of branches.
In three States alone where branch banking is practiced on an extensive
scale there has been an increase of 128%•
In two of the Eastern States containing important financial centres,
there have been Were%sei of 173% and 330% respectively.
In the State of New York 57 branches have been establishe i dicing the
past year, and in the State of Massachusetts branches have increased 180%
from 1925 to 1926.
1458
THE CHRONICLE
In California the Bank of Italy alone has 98 branches in 65 cities. The
Mercantile Trust Co. of San Francisco has 98 branches in 21 cities and the
California Bank of Loa Angeles has 41 branches in 10 cities.
No independent banker can look at these facts without realizing that an
epidemic of branch banking is spreading over the country. Unless he can
stop the spread of branch banking at the present State lines, it will or.ly be
a question of a short time before he will be called upon to defend himself
from the branch banking evil within his own territory.
The Hull amendments have been devised to offer him this necessary
protection. 'The fact that tremendous pressure has been brought upon the
Senate to omit this protection from the McFadden bill is the best evidence
of the success with which the Hull amendments would defend anti-branch
banking territory from the inroads of branch banking.
There can be no other reason for the opposition to the Hull amendments,
for they do not interfere with the branch bank relief granted by the McFadden bM to national banks in States where there is now State branch
bank competition.
The Hull amendments erect a protective wall around the 26 States where
branch banking is not now permitted. National and State banks in these
States are safeguarded from having to meet the competitive situation of
branch banking, in the future.
Committee of One Hundred on How Hull Amendments
Stop Spread of Branch Banking.
[vol.. 123.
count upon the floor of the convention. It is vital that each banker take an
Individual responsibility upon himself to be present and to advance our
cause. Your particular vote may be the very one necessary to secure
decisive action on the part of the American Bankers Association, which will
in turn have tremendous effect upon the action of Congress when it convenes
in December.
Reference has been made in this bulletin to the fact that the convention
will be held in branch banking territory. And the suggestion has been
made that it will be very easy for the great branch banking institutions of
California to send their branch executives to the convention, armed with a
vote for each of the hundreds of branches in the state—all within comparatively convenient distances of the convention city.
It is extremely urgent that every independent banker do everything in
his power to be present in Los Angeles at the Convention next month.
What can be of greater importance to you than this issue of stopping the
spread of branch banking? How much will the time and money represented
by this trip be worth to you, if as a result of branch banking entering your
state, your very business existence is threatened? This is not mere conjecture. In just this way large numbers of independent banks have been
put out of business in branch banking states by the "war of the giants"
engaged in competitive branch banking.
If you did not mail the questionnaire enclosed with Bulletin No. 1. please
Icse no time in filling out and matting the duplicate enclosed herewith. An
expression of your support in the fight against branch banking will be of
some value if it is received now.
But the paramount need is for you to be present at the convention to use
your vote in saving a situation which, if carried through. will seriously
threaten the very existence of your bank.
From Bulletin No. 1, just issued by the Committee of
One Hundred, we take the following:
In Bulletin No. 1 we cited exami les of how the Hull amendments would
in future keep branch banking out of the States where it is not now permitted. We showed how the Hull amendments would destroy the com- E. N. Baty of Committee of One Hundred in Answer
munity of interests between certain influential national and State banks,
to Deputy Comptroller of Currency C. W. Collins,
which would otherwise seek to secure State legislation favorable to branch
Conclusions Regarding McFadden Branch
banking in these 26 States where it cannot now lawfully be practiced.
Banking Bill,
For instance, in a State where branch banking is now prohibited, if the
Hull amendments are not made a part of the law, influential State bankers
E. N. Baty,Secretary of the Committee of One Hundred'
could go to national bankers and say: "Help us change the State law so that
it vrill permit branch banking to our State banks. As soon as it. does, your issues the following statement in reply to an article in the
national banks will automatically be permitted to open branches as well S' August "American • Bankers' Association Journal" by
Or national bankers could go to influential State bankers and say:"We will C. W.Collins, Deputy
Comptroller of the Currency, regardhelp you change your State law so that you will be permitted to open
State bank branches. As soon as this permission is granted to you, we will ing the McFadden Branch Banking bill:
I have been asked to answer certain statements in an article appearing
automatically receive the privilege of opening national bank branches
in the August issue of the "American Bankers Association Journal," by
under the McFadden bill."
This is not a far-fetched fear, for in New Jersey during the past winter a Charles W. Collins, Deputy Comptroller of the Currency. entitled "How
concrete example occurred illustrating how State and national bankers Far Apart Are the Senate and House on the McFadden Bill?" For four
might work together for a change in a State law. New Jersey's law pro- columns Mr. Collins discusses practical and hypothetical limitations on
hibiting branch banking was changed during the last session of the State branch banking which can be construed out of the House bill and the
Legislature. National bankers were wise enough to insist that a provision Senate bill. In bringing to a conclusion his history of the bill, he says.
be added making the operation of the State law contingent upon branch "After many ups and downs the Conferees failed to reach a final agreement
banking privileges being granted to the national banks. If the Hull amend- and the bill was still in conference when Congress adjourned for the summer
ments to the McFadden Banking bill had been enacted by the Sixty-eighth on July 3rd."
The Deputy Comptroller does not mention the fact that several days
Congress, the national bankers of New Jersey instead of helping to change
the State law to favor branch banking, would have been very active in de- before Congress adjourned, the Conferees did reach an agreement which
feating the attempt. The State bankers of New Jersey who ate members was decisively defeated on the floor of the House. Two full legislative
of the Federal Reserve System would also have used their influence against days were spent by the House in a discussion of the many objectionable
features of the Conference Committee Report:
any modification of the law favorable to branch banking.
The National banks of approximately two hundred cities would have
With the Hull amendments a part of the McFadden bill, no such condition can arise, should such an attempt be made to change the State law. received branch.bank relief under either the House or Senate form of the
National banks and State bank members of the Federal Reserve System bill. Substituting the Conference Committee agreement for the Hull
would neither of them be able to take advantage of the branch banking priv- amendments a provision to increase from 25,000 to 100,000 the minimum
ilege and would therefore use their influence to pres ent the enactment of size of cities in which branch banking was to be permitted made possible
the spread of branch banking into all of the twenty-six states in which the
such permissive State branch bank legislation.
This is a striking example of how the Hull amendments can be relied upon practice is to-day prohibited. When attention is called to the fact that the
to prevent the spread of branch banking into the 26 States where it is now National banks of but forty-four cities would have received any branch
bank relief under the provisions of the report, it at once is apparent that
not permitted by State law.
the House was correct in its refusal to accept the report.
Also, as was stated on the floor of the House,"No solution of the'branch
problem can be permanent unless it is a fair solution, and tho two
Committee of One Hundred Expects Vote at American bank
essentials of a fair solution are justice to the banks suffering from the
Bankers Association Convention on Branch Banking
competition of other bank branches in the states in which this is permitted,
and at the same time future protection from the branch banking evil for
Issue.
banks in these states where it is now prohibited."
The expectation by the Committee of One Hundred that
Because this Conference Report had eliminated the Hull Amendments.
the branch banking issue will be injected into the proceedings the House felt that it placed no adequate restrictions upon the spread of
srauee banking. Because the Conference Report included the "contiguous
of the annual convention of the American Bankers Association territory" provision, permitting branch banking to
creep beyond parent
to be held in Los Angeles the week of Oct. 4, is evidenced in city limit. the House knew that the spread of branch banking was being
the following from the second number of the Committee's encouraged. Because the minimum size of cities in which branch banking
relief was granted to National banks in branch banking states was increased
Bulletin, bearing the caption "You Must Come to Los
from 25.000 to 100.000 the House also knew that the provisions of the ConAngeles to Vote."
ference Report were discriminatory and unfair. This Conference Report
Under the by-laws of the American Bankers Association it is necessary was rejected by the House of Representatives by the decisive vote of 197
for each member bank to vote by personal representative. Proxies are to 115. The same members were reappointed to the Conference Committee
not recognized and voting by proxy is not permitted. Therefore, for you and were instructed by the House in their further conferences to adhere to
to make use of your influence at the forthcomir g convention it is necessary the branch bank provisions of the McFadden bill as passed by the House,
including the Hull amendments.
for you to be present in order that your vote can be counted.
This is particularly necessary in view of the fact that the constitution
The Hull amendments destroy the community of interests contained in
and by-laws of the American Bankers Association permit a bar k e, gaged the original McFadden bill between National and State banks, which,
in brunch banking to have an additional vote for each branch by the pay- in an effort to engage in branch banking, would otherwise seek to secure
ment of the nominal sum of fifteen dollars rer branch. There are ses oral State legislation favorable to branch banking in twenty-six states where it
hundred bank branches in the State of California, where the cons ention cannot now lawfully be practised.
But with the Hull amendments a part of the McFadden bill, no such
Is to beheld. The Pacific-Southa eat. Trust & Sasirgs Bark ales e has 91.
Your presence In Los Angeles is vitally necessary to the cause of inde- condition can arise. Should an attempt be made to change a State law
pendent banking in order that the overwhelming sentiment of the we- now prohibiting branch banking, national banks and State bank members
pendent bankers of the country may be expressed in favor of the McFadden of the Federal Reserve System would neither of them be able to take
bank bill as modified by the Hull amendments, which will stop the spread advantage of the branch banking privilege and would, therefore, use
of branch banking at the State lines where it is now prohibited by State law. their influence to prevent the enactment of such permissive State branch
bank legislation.
The following from the same Bulletin also furnishes
This is why the Hull amendments can be relied upon to prevent the
evidence that the subject will be brought before the con- spread of branch banking into the twenty-six States where it is now not
permitted by State law.
vention for a vote:
The claim is made that those opposed to branch banking entertain a
With Bulletin No. 1 a questionnaire was enclosed, asking the bankers of purely imaginary fear that the McFadden bill without the Hull amendments
the country for an expression of moral support for the cause of independent would result in a spread of branch'banking. A specific instance will illus'banking against branch banking, and askirg each bank whether it would trate whether or not this fear is a reasonalbe one, based upon actual hapbe represented at the American Bankers Association Contention at Los penings.
Angeles Oct. 4 to 7.
last session of the New Jersey Legislature enacted a branch banking
A good number of these questionnaires have been returned to us, indicat- bill. The national banks of New Jersey were wise enough, however, to
ing that among bankers there is a strong and widespread sentiment ageing
have inserted in the measure a provision that the right of the State banks
the further spread of branch banking into the 26 States where It is not now to establish branches should be contingent upon Congress granting the
permitted.
national banks of New Jersey a similar privilege. Had the Sixty-eighth
A considerable number of the questionnaires indicated that bankers would Congress passed the McFadden bill with the Hull amendments, numerous
be present in Los Angeles to carry on the tight and to make their votes
ifluential national bankers of New Jersey would not have aided in getting
SEPT. 18 1926.]
THE CHRONICLE
1459
McFadden Banking Bill and Its
the Now Jersey law changed, but instead would have opposed the measure. their subject being The
So, also, would the large State bank members of the Federal Reserve Many Ramifications."
System have opposed the change, and these two influential groups working
A special dispatch to the "Herald Tribune"from Chicago,
with, not against, the independent bankers of New Jersey, would most
certainly have defeated the attempt to legalize branch banking in New from which the foregoing is taken, says:
While condemning branch banking in general, both speakers urged bankJersey.
Another of Mr. Collins's statements is open to question. Ho says, ers throughout the country to work for a fair solution of this problem—
"the House conferees insist upon confining this right of self-defense to the justice to the national banks now suffering from State branch banking comnow existing branch banking States only, leaving the national banks petition and safeguarding the future existence of independent banks.. This
without the power to compete in such States as may hereafter permit would be accomplished, they asserted, by enacting the McFadden banking
bill as amended by what are known as the Hull amendments, which would
home-city branch banking to the State banks."
Mr. Collins fails to explain that this right of "self-defense" which was limit branch banking to the 22 States where it is now permitted by State
in
extended
not
branch
bank territory was
law and prohibiting it in the other 26 States.
extended to national banks in
"No solution of this problem can be permanent, nor can it last, unless it
anti-branch bank territory, because the Hull amendments were set up as a
barrier to the spread of branch bank contagion into the anti-branch bank is fair," said Congressman Hull. "The two essentials of a fair solution are
justice to the national banks that are now suffering from State branch
States.
This "self-defense" argument sounds very similar to that which was for banking competition and safeguarding us from the extension of branch
European
the
of
justification
a
of
armaments
in
competitive
advanced
banking in States not now permitting branch banking.
years
"The proposal which came from the joint conference committee in Connations before the war. There is little question but that too strong a
gress did not conform to either of these essentials. It renewed the invitation
defensive arsenal is frequently a temptation to aggressive action.
secure
to Legislatures, in States not now permitting branch banking, to change
Mr. Collins further remarks: "The same forces which were able to
the adoption of the Hull amendments as a price for the enactment of the their laws. It encouraged banks, national and State, in States not now
bill would, in the future, be strong enough to accomplish the defeat of its permitting branch banking to go to their Legislatures and agitate for a
change of State laws. It therefore did not protect us or safeguard us
repeal."
The "forces" to which Mr. Ceiling refers have not at any time, or in agai..st the extension of branch banking in the future. Neither does it
where
States
deny
to
to
undertaken
in
branches
way,
banks
national
deal squarely with the national banks now suffering from the competition
any
they suffered from the competition of State bank branch banking, provided of State banks.
"I am asking you to consider the public interest,to keep open the avenues
at the same time adequate protection was given the independent banks
In the twenty-six States where branch banking is prohibited. In fact, these of credit for young men of courage, vision and character. The branch
form
for
of
worked
passage
the
the
a
in
bill
have
"forces"
McFadden
banking system closes it to those who are not able to reach the head. It
which would grant this much-desired relief to all of the banks needing relief, shuts out comr etitiN e and community banking.
"I do not want to see branch banking spread all over this country,thereby
those located in the twenty-two States where branch banking exists. This
becoming a continental proposition. It is for this reason that the House of
is more than the opponents of the Hull amendments have done.
Commenting on the repeal of the Hull amendments. Mr. Collins gives Re resentath es has twice, by decisive vote,included the amendments which
circulation to an argument against repeal which Is little short of absurd. bear my name in the McFadden banking bill, because these amendments
This argument Is to the effect that Congress will be unable to repeal the will stop the spread of branch banking into the States where It is now
Hull amendments as to a single State. The Deputy Comptroller concurs prohibited."
In the argument, terming it "a legal and a practical objection to the proCongressman Wingo showed how, under the McFadden bill without the
oodure." If Congress has the ri:ht to give the national banks of twentyHull amendments,bankers in the large cities might branch out into outlying
two States branch banking pri rileges to-day, surely it has the right to in- territory and drive out independent banks. Be said, in part:
crease this number to the new total of States permitting branch banking at
"Under the McFadden bill, as it passed the House, national banks in the
some future date whether the number at that time be twenty-three or principal Middle Western States could not set up new branches, either
twenty-five, as the case may be.
within cities or contiguous territory. But under the scheme proposed by
Later, he says, that certain Senators contend that "Instead of discouraging the Senate and the Conference Committee each national bank may have
branch banking in the non-branch backing States, it (the Hull amendments) branches in large cities and as many branches in adjoining towns as the
would encourage it, for the reason that the State bar ks. seeing the hands Comptroller of the Currency may permit.
of the national barks tied by Congress, would, therefore. seek branch
"If they could change the present State laws they could have branches
banking legislation from their rest °nth e I egislatures. In crier to ha\ e a without ant further action on the part of Congress. We know, if the Hull
monopoly of the practice." This, It Is argued, is exactly what has already amendments are not adopted, in the course of time there will be enough
happened in the 22 branch banking States, which fact constitutes the only branches established by city barks to drix e out independent bankers, like
avowed reason for giv.ng national barks any branch banking privileges at the great backing systems are doing in California.
all. Mr. Collins does not correct this erroneous contention by pointirg
"Without the Hull amendments, in 26 great States like Wisconsin,
out that the Hull amendmects also "tie the hands" of the State bark mem- Mini esota Iowa, Illinois, Missouri, Eansas, Mebraska and Indiana. withe
Rosen
System located In non-branch bark States out further action on the part of Congress, what haprer.sE The national
bers of the Feneral
This is done by removing any incentive large State banks might hav e in barks can hare as many branches in large cities and in adjoining towns as
seeking a change in the branch ban kit g laws of their State to er mit branch the Comrtroller will permit. The thing that has held the branch banking
banking. If they are excluded frcm the benefits of any liberrlizii g charge evil in check in the 26 States Nthere It is not now r ermitted has been that
in an anti-branch bank State law. It most certainly follows that their in- the national banks have used their power against the effort of State banks
fluence will ba.used to ism ent such a char go.
to have branches. But under the Senate proposal what will hap}en? It
In his concluding paragraph Mr. Collins remarks that the House con- will be to the interest of these national bar kers, who want State-wide
ferees agreed to eliminate the Hr 11 amendments from the bill In their apt 11- branch banking, to join hands with the big State bankers,Instead of fighting
cation to State banks. Eli( eally he overlooks his earlier reference to the the prorosition„ as they hav e in the past. They will join hands with the
instructions of the House to its col ferees to achere to the branch bar k pro- big State bankers and go to the legislatures of these 26 States, and they
visions of the bill including the Hull amendments, as passed by the House. will infh once them Into the adoption of branch banking, which will spread
The House conferees are without authority to change In the slightest the into eery State of the Union."
branch bank provisions.of the bill. They are "instructed cot ferees.- and
as such cannot agree to any change which would make the bill less "antibranch bank" in any real Oct.
Deputy Comptroller C. W. Collins on Position of House
The present status of the McFadden bill can be stated with simplicity
and Senate on McFadden Branch Banking
and clarity. The House form of the bill grants to national banks many
Bill.
measures of relief from State backb g competition throughout the country.
And in those 22 States whet e State bank branch competition exists it grants
of our paper will be found a
issue
this
in
item
In
another
national banks the right to establish and operate home-city branches. It
prohibits further outside-the-parer t-city _branches of State back members statement by E. N. Baty, Secretary of the Committee of
of the Federal Rosen e System located in States whose laws permit this One Hundred, which is in the nature of a reply to an article
form of branch banking. In those 26 States where State branch banking
Collins, Deputy Comptroller of the Currency,
competition does not exist, it eel elops, by means of the Hull amendments, by Charles W.
.Senate on the
such restrictions upon natiort 1 banks and State rank members of the Fed- dealing with the position of the House and
eral Reserve System as to effectively present the spread of branch banking McFadden branch banking bill, and the point whereon the
into this territory.
Collins' article appeared in the August
The Senate form of the bill does not contain the Hull amendments pro- split centered. Mr.
tecting independent banks in the 26 anti-branch bank States; it does con- "Journal of the American Bankers' Association," and we
tain the contiguous territory provision which evens the immediate doom are giving it herewith:
of already established indel endent banks located in the sections adjacent
The house and the Senate conferees appointed to settle the differences
to home cities in those States rermittirg branch banking, and it contains between the two houses of Congress on the McFadden Bank bill reached an
other provisions which encourage the general spread of branch banking. agreement before the adjournment upon every provision of the bill except
As before mentioned, the House on June 24, in a decisive vote, refused to the
so-called Hull amendments. The purpose of this article is to present
accept the Senate form of the bill. Between June 24 and the adjournment the
position of the House and the Senate upon the bill as it passed, and to
of Congress July 3 several attempts were made to bring in another confer- show
the changes that were agreed upon in conference In order that the
ence report, but without success. The entire matter goes over to the short reader
may judge for himself the extent and importance of the matter yet
session which convenes in December.
in disagreement.
At that time the conference committee will renew its deliberations. If
The bank bill, known as H. R. 2, as it passed the Rouse on Feb. 4 1926,
at that time the Independent bankers of the country have given effective
contained twenty-six sections. The bulk of these provisions were not subject
expression to the overwhelming sentiment against the spread of branch to any controversy or difference of opinion, but are of great importance to
banking, it would seem that the prospects of enacting the McFadden bill the
national banking system, containing as they do many adjustments of
during the short session are fairly bright.
the charter powers of the national banks to modern banking conditions.
Representatives Hull and Wingo at Meeting of Mid.
Western Bankers Speak in Support
McFadden
Branch Banking Bill with Hull Amendments.
Condemnation of continental branch banking in the
United States as closing the avenues of credit to young men
of courage, vision and character and as destructive to competitive and community banking was voiced by two members
of the House of Representatives, Morton D.Hull, of Illinois,
and Otis Wingo, of Arkansas, speaking before a gathering
of Middle West bankers at a meeting of the Chicago and
Cook County Bankers Association in Chicago, on Sept. 16,
a
/trench Banking Covered.
The bill, however, as it passed the House and the Senate, is also designed
to express a national policy on the question of branch banking. There
provisions were contained in the House bill in Section 1, Section 7, Section
8 and Section 9,
Section 1, which permits a state bank to consolidate with a national
bank, would prevent such a state bank from bringing Into the national
system any branch which it may have on the outside of the home city of
the parent bank. This prohibition operated also against such branches of
the state bank as were lawfully established prior to the enactment of H R.
2. In addition, the Hull amendment provided that such home city branches
as the state bank may have established in any state which permitted branch
banking after the enactment of 11. It. 2, would also have to be relinquished
or abandoned. In other words, such etate bank upon coneoliciation with a
national bank could retain only its home city branches, and these only upon
condition the state law permitted branches at the time of the enactment of
H. R. 2. Such branches, however, as may have been established under a
1460
THE CHRONICLE
state law which was repealed before the enactment of H. R. 2 could be
retained provided the state law permitted their continuance.
ilt• The next branch banking provision of the House bill, contained in Section
7, relates to the question of the status of branches upon the conversion of a
state bank into a national bank. The original National Bank Act of 1864
authorized such conversion, and'under the amendment of 1865 the converting state bank was expressly permitted to bring into the national system
such branches as it may have at the time, regardless of their number or
their location—whether home-city, county-wide or state-wide.
The House bill restricted the retention by the converted bank to those
branches which are situated within the corporate limits of the city in which
the converted bank is situated. The Hull amendment added a further
restriction to the effect that,if such a state bank is situated in a state which
permits branch banking subsequent to the enactment of H. R. 2, then in
that event no branches at all could be retained upon nationalization. The
effect, therefore, of this House provision would be to bar from nationalization, through the process of conversion, any state bank which had branches
established outside of the limits of the home city of the bank, including
those lawfully established prior to the enactment of H. R. 2, and those
state banks located in what may become future branch banking territory,
provided they had acquired branches of any kind.
Freezing the Situation.
The next branch banking provision of the House bill, contained in Section
8, covers the question of the right of national banks to establish new
branches. The House bill provided, in general, that in any state in which
state banks are permitted to have branches, national banks may establish
home city branches only: that is, such branches must be confined to the
corporate limits of the same city in which the national bank is situated.
The Hull amendment added a further prohibition to the effect that no
national bank shall be permitted to establish a branch in any state which
becomes a branch banking state subsequent to the enactment of H. R. 2.
To illustrate, if the state of Washington should hereafter permit the state
banks to have branches, no national bank could establish a home-city
branch in that state. The House bill would therefore categorically limit
the future establishment of branches by national banks to those twentytwo states which now permit the state banks to have branches regardless
of what change of policy any of the other twenty-six states may hereafter
adopt.
The final branch banking provision of the House bill, contained in Section
9, related solely to the status of branches of state banks in the Federal
Reserve System, actual and prospective. Any state bank member could
retain whatever branches it had at the time of the enactment of H. R. 2,
no matter where the branches were situated—whether home-city, countywide or state-wide. After the enactment of H. R. 2 such state member
banks were prohibited from establishing any new branches except within
the confines of the home-city of the parent bank. A violation of this
prohibition would subject the offending bank to expulsion from the Federal
Reserve System. The Hull amendment provided a further restriction,
that expulsion from the Federal Reserve System would also follow if any
.state member bank established a home-city branch in any of the present
non-branch banking states which may hereafter permit state banks to have
branches.
As to the state banks not now members of the Federal Reserve System,
the House bill would permit them to become members only upon condition
that all branches situated on the outside of the home city of the parent
bank be relinquished or abandoned, including the branches which were in
lawful operation at the time of the enactment of H. R.2. The Hull amendment provided a further restriction that no state bank shall be permitted
to enter the Federal Reserve System which had in operation a home-city
branch in any of the present twenty-six non-branching states which may
hereafter permit its state banks to have branches.
Senate Combines Provisions.
The Senate greatly simplified the arrangement of the branch banking
provisions of the bill by writing all of those pertaining to national banks
Into Section 7 and all those pertaining to state banks in Section 9.
Section 7 provided that a state bank upon consolidation with, or conversion into, a national bank could bring into the national system all of the
branches which it had at the date of the approval of H. R.2. Any branches
established after that date would have to be abandoned. This would permit
state-wide or country-wide branches, lawfully existing at the date of the
enactment of H. R. 2, to be nationalized. It provided also that national
banks might establish new home-city branches in any state which, at
the time of the establishment of the branch, permitted the state banks to have
branches. In such a case the Comptroller of the Currency Was authorized
to define the home-city to include the immediately contiguous incorporated
suburbs In such states as accorded a similar liberty to the state banks.
Section 9 provided that a state bank might become a member or retain
Its present membership provided it did not establish any branches beyond
the limits of its home-city after the enactment of H. R. 2, the term homecity to Include the contiguous territory under the same conditions above
referred to for national banks, as may be defined by the Federal Reserve
Board. This would permit now existing lawfully established state-wide
or county-wide branches to be brought into or to continue to exist in the
Federal Reserve System, but would for the future bar all such branches
upon pain of expulsion from or prevention of entrance into the Federal
Reserve System.
Differences Before Conference.
Before the bill was sent to conference the important points of difference,
therefore, between the House and the Senate over the branch banking
provisions may be briefly stated.
The House denied to a state bank, upon entering the national system by
consolidation or conversion, the right to bring in the branches now existing
on the outside of the corporate limits of the city in which the state bank is
situated, and the Senate permitted the same.
The House, through the Hull amendment, denied to both national and
state member banks of the Federal Reserve System the right to have any
branches at all in any state which may hereafter permit branches, whereas
the Senate permitted the establishment of home-city branches only in any
such state.
The House confined the future establishment of branches by national and
state member banks to the corporate limits of the home-city of the bank,
while the Senate permitted additional branches, at the discretion of administrative authority, to be established in the incorporated Suburbs
immediately adjacent.
upon
These were the three principal differences in branch banking policy
this connection It should be
which the bill was sent to conference. In
Congress
as
H.
R.
8887
at
in
the
last
remembered that when the bill was
involved in the refusal of the
session, the principal point of difference was
provision in Section 9, which
House
the
to
agree
to
Committee
Senate
Reserve System from
prohibited a state bank member of the Federal
corporate limits of the
establishing any additional branches beyond the
the Senate conceded
R.
2,
H.
passing
borne-city of the bank. However, In
[VOL. 128.
this point to the House, thereby removing from the jurisdiction of the
conferees what constituted the principal bone of contention last year.
The bill went to conference on May 13, the Senate conferees being
Senators McLean,Edge and Glass, and the House conferees Representatives
McFadden, King (Ill.) and Wing°. After many ups and downs, the conferees failed to reach a final agreement, and the bill was still in conference
when Congress adjourned for the summer on July 3.
What was Agreed on.
However, the conferees had at that time reached an agreement upon the
following cardinal points of a branch banking policy, with the single exception of the application of the Hull amendment to paragraph 2:
1. That no national bank be permitted in any state to establish a branch
beyond the corporate limits of'the municipality in which the bank is situated.
2. That no national bank be permitted to establish a home-city branch
in any state which does not it the time of such establishment permit the
state banks to establish branches.
3. That no state bank be permitted to enter or to retain membership in
the Federal Reserve System if it has in operation any branch which
may
have been established, after the enactment of H. R.2, beyond the corporate
limits of the municipality in which the bank is situated.
4. That no branches, which may have been established after the enactment of H. R. 2. beyond the corporate limits of the municipality in which
the parent bank is situated, be permitted to be retained when a state bank
converts into or consolidates with a national bank, or when two or more
national banks consolidate.
The House conferees are insisting, and they have been thus instructed by
the House, that the Hull amendment be added so that paragraph 2, above,
will provide in addition that no national bank shall be permitted to establish
a home-city branch in any state if the state law permitting branch banking
to the state banks was enacted after the enactment of H. R.2. The Senate
conferees are unanimous in their refusal to embrace this policy. They
*
construe the two record votes of the Senate against the Hull amendment as
instructions to oppose it.
The exact language in disagreement may be found on page 13 of the
printed bill.
Section 7 Senate amendment, paragraph (c), reads as follows:
"(c) A national banking association may after the date of the approval
of this Act, establish and operate new branches within the limits of the city,
town or village in which said association is situated if such establishment
and operation are at the time permitted to state banks by the law of the
state in question."
The words "at the time" (Italicized by the writer) refer to the time when
the national bank establishes the branch. For example, under this Senate
amendment if, after the enactment of II. R. 2, the state branch banking
law is repealed so as to deny home-city branch powers to the state banks,
automatically the power of national banks to establish additional home-city
branches Would cease. The authority of national banks to establish homecity branches under the Senate proposal would come into existence immediately in the present twenty-two branch banking states, and in the
future if and when any of the twenty-six non-branch banking states authorized the state banks to establish home-city branches. It would continue
so long as this authority of the state banks continued.
The House conferees proposed to add the Hull amendment in the words
"at the time of the approval of this act and," so that the sub-section would
read thus:
"(c) A national banking association may, after the date of the approve
of this Act, establish and operate new branches within the limits of the city
town or village in which said association is situated if such establishment
and operation are at the date ofthe approval ofthis Act and at the.time permitted
to state banks by the law of the state in question."
Where the Conferees Split.
Upon this rock the conferees have split, the House conferees insisting that
the power of national banks to have home-city branches shall have a permanent maximum territorial limit which shall be coterminus with the
boundries of the now existing twenty-two branch banking states; that this
territory shall automatically shrink as successive branch banking states
may in the future join the ranks of the non-branch banking states; but that
on the other hand it shall not automatically expand as successive nonbranch banking states may in the future join the ranks of the branch banking states.
The Senators agree to the first restriction, but are unalterably opposed
to the second.
Both the House and the Senate are in agreement that national banks
should not as a national policy be permitted to establish branches beyond
home-city of the bank in any state regardless of the extent of the state
bank's branch banking powers. lint, on the other hand, they agree also
that there are conditions under which national banks should be permitted
to establish home-city branches and conditions under which they should be
prohibited from establishing them.
The House recognizes home-city branch banking as a local question—
as a local condition created by the action of a State Legislature—and it is
willing as a national policy to tolerate it where it now exists to the extent of
giving national banks the right to compete with the State banks. Here
the House stops all branch banking by national banks.
It is the design of the House, by permanently holding home-city branches
of national banks at the maximum to the now existing 22 branch banking
States, to discourage the future.spread into skew territory of all forms of
branch banking. It naturally follows that the House has taken a position
in favor of a national policy which is in opposition to branch banking in
any form so far as the national banks in the 26 non-branch banking States
are concerned.
The Senate conferees also consider home-city branch banking as a local
policy subject to the control of the State Legislature, but they would apply
the same national policy to the national banks wherever the same conditions
exist. Whenever and wherever a State permits the State banks to have
home-city branches, the Senate would confer that right upon the national
banks regardless of whether the State law be enacted prior to or subsequent
•
to the enactment of H. R. 2.
Right of Self-Defense.
Neither the House nor the Senate is in favor of granting to national banks
power
to establish even home-city branches. The
the direct and absolute
right to home-city branches is granted only as a measure of self-defense.
The Senate and House agree that it is necessary to the existence of the national banks that they be allowed some measure of competition with the
branch banking State banks. The real difference between the House and
Senate conferees is that the Senators insist that this right of self-defense
shall be given to the national banks in every State in the Union whenever
the State laws make it necessary, whereas the House conferees insist upon
confining this right of self-defense to the now existing branch banking States
only, leaving the national banks without power to compete in such States
as may hereafter permit home-city branch banking to the State banks.
It is this difference of opinion over the Hull amendment which caused the
bill to fail of enactment at the last session. The Senators take the position
SEPT. 18 1926.1
THE CHRONICLE
that the Hull amendment would have the7oppositeeffect from'that expected of it by the House conferees. That instead of discouraging branch
banking in the non-branch banking States, it would encourage it, for the
reason that the State banks, seeing the hands of the national banks tied by
Congress, would therefore seek branch banking legislation from their respective Legislatures in order to have a monopoly of the practice. This, they
contend, is exactly what has already happened in the 22 branch banking
States—which fact constitutes the reason for giving national banks any
branch banking privileges at all.
1461
for currency and credit in connection with the harvesting
and marketing of crops, the Federal Reserve Board, in its
review of the month in its September "Bulletin," goes on
to say:
A Suggested Compromise.
Several friends of the Hull amendment in the House have taken the
position that should it be enacted into law, and subsequently one of the 26
non-branch banking States should authorize its State banks to have branches
that, in the event, Congress could and doubtless would repeal the Hull
amendment in its prohibition upon the national banks in that particular
State.
The Senators see in this a measure ofsupport for their position against the
Hull amendment altogether, for they say if Congress must in each case
relieve the national banks of the effect of the Hull amendment as soon as it
becomes operative, why enact it at all?
They also present a legal and a practical objection to this procedure.
They do not see how Congress could enact a law repealing the Hull amendment as to a single State. They contend that the repeal would have to be
a general law affecting all the States to which it is applicable. In such an
event they say that the same forces which were able to secure the adoption
of the Hull amendment as a price for the enactment of the bill would in the
future be strong enough to accomplish the defeat of its repeal.
The foregoing discussion has concerned itself with the Hull amendment
in its application to national banks only for the reason that the House conferees agreed to eliminate it from the bill in its application to State banks.
When Congress meets again in December the conferees will renew their
efforts to reach a solution of the difficulty over the Hull amendment.
This increase has carried the volume of credit to the level that-prevailed
at the close of 1925. When the first eight months of 1926 are considered
as a whole, it appears that the fluctuations in the volume of member bank
credit have been smaller this year than in other recent years, and that
the period has been characterized primarily by the continued large volume
of member bank credit outstanding. At the reserve banks the volume of
credit in use has also shown a recent increase and throughout the past
eight months has been at a level of about $100,000,000 above that prevailing a year ago. This larger use of member bank and Reserve bank
credit has been reflected in the money market in a level of interest rates
continuously above that in 1925.
Bank Credit in New York City and Outside.
The growth of member bank credit since last spring has been general
throughout the country, and occurred at member banks in New York
City as well as at those outside of the financial centre. When the entire
period from the close of 1925 is considered, however, reporting member
banks in New York City show a decrease of about $250,000,000 in loans
and investments, while the reporting banks in other cities show an equivalent incrpase. When a still longer period is considered and the changes
in member bank credit during 1925 and the first eight months of 1926 are
combined, it appears that loans and investments of New York City banks
in the middle of 1926 were at about the same level as at the peak reached
after the rapid rise during 1924, while the loans and investments of member
banks in other leading cities were about $1,160,000,000 larger than at
the close of 1924 Changes in the total volume of loans and investments and, separately, of security loans, commercial loans, and investments, for member banks in New York City and in other leading cities
between the end of 1924 and the middle of August 1926 are shown in the
following table:
Treasury to Back McFadden Bill, but to Forego Lobbying—Plans to Push Enactment of Measure in
Reports to Be Sent to Congress.
The urgent need for national bank legislation as contemplated in whole or in part by the McFadden National
Bank bill will be emphasized in Treasury Department reports
that will be sent to Congress upon its convening in December,
it was indicated here at Washington on Sept. 13, according
to the correspondent of the New York "Journal of Commerce." In his advices he further says:
In advance of the coming bankers' convention in Los Angeles next month
there is considerable speculation as to the probable attitude of the convention as to what action Congress may take, and as to what influence, if
any, the Administration may seek to exert to have the bill passed, since on
all occasions it has given the measure its unqualified indorsement.
Treasury officials are not now inclined to discuss the legislation other than
to say that there is great need for modern national banking legislation at
this time and to express the belief that Congress should not adjourn without
passing the McFadden bill. Many representations have been made to
Treasury Department officials urging that they concern themselves to the
utmost in seeking to impress upon Congress the need for immediate action.
Report Expected to Urge Change.
The annual report of Comptroller McIntosh is expected to stress the
desirability of new national bank legislation. Similar views probably will
be incorporated in the annual report of Secretary of Treasury Mellon.
Further,if any member of the House or Senate should seek individually the
views of either of these officers they would be furnished with the desired
iniermation.
Beyond that, however, it is indicated that no officer of the Treasury
Department will engage in any lobbying activities in the interest of the
McFadden bill. In reports, letters and statements they have made known
their advocacy of the McFadden bill and they have not changed their
attitude in any degree, but they do not feel that they can with propriety
buttonhole members of Congress, as some of the proponents of the legislation would like them to do.
MEMBER BANKS IN LEADING CITIES.
Increase (-I-) or Decrease (—) between
Dec. 31 1924 and Aug. 18 1926.
Other Leading Cities.
N. Y. City.
Total loans and investments
—$75,000,000
+51.161,000,000
+42,000,000
Security loans
+699,000,000
All other loans
—31,000.000
+287.000,000
—86,000,000
Investments
+175,000,000
For the period of about 20 months taken as a whole, there has been
relatively little change in the different classes of loans and investments
of member banks in New York City. At banks outside of New York
City the volume of security loans increased by about $700,000,000 and
the volume of commercial loans by nearly $300,000,000, while investments
increased by about $175,000,000. A comparison of changes in the volume
of security loans at member banks in New York City and outside is presented in the chart. [This we omit—Ed .1 At New York City banks
the growth of security loans was large in 1924 and in the latter part of
1925. At banks outside of New York City security loans increased rapidly
from the middle of 1924 to the end of 1925, and showed some further
growth, on a much smaller scale, in the first eight months of 1926. During
the early mon he of 1926, however, the drop in security prices was accompanied by a decline of about $500,000,000 in loans on securities at New
York City banks to a level as low as at any time last year. More recently
the volume of this class of loans at New York City banks has increased by
about $200,000.000.
Security Loans and Brokers' Loans.
Changes in the volume of security loans in New York City reflect chiefly
the movement in the volume of loans extended by the banks to brokers
and dealers. The chart [this we omit—Ed.1 shows that this class of loans
by the New York City banks on their own account, as distinguished from
brokers' loans on account of out-of-town banks and of other customers.
comprises about one-half of the total security loans of these banks,and
accounts for the larger part of the fluctuations in total loans on securities.
The decline in security loans of New York City banks early in the year
appears to have been due entirely to a reduction in brokers' loans. In
fact, during March security loans to others than brokers and dealers
increased sharply, an increase that was generally ascribed at the time
to the fact that investors and traders in securities were financing their
operations to a larger extent directly through the banks rather than through
brokers. Since the middle of April the volume of security loans other
than to brokers and dealers has changed relatively little for New York
City banks, and fluctuations in the total volume of security loans have
reflected largely changes in the volume of brokers'loans.
The relationship between loans to brokers extended by New York banks
for the account of their correspondents and the total of security loans by
these correspondents can not be definitely established, because the group
of banks that report their condition weekly does not include all the banks
for which the member banks in New York City act as agents in placing
loans on the security market. In so far, however, as the figures are comparable they indicate that the decline this year in loans placed by out-oftown banks in the New York market has been more than compensated by
an increase in their other security loans, and the total of security loans
by all reporting member banks combined was larger in August of this
year than at any previous time except at the seasonal peak last December.
Bankers May Discuss Bill.
The McFadden bill has not been given a place on the Los Angeles convention program, yet it is expected to be the subject of considerable discussion somewhere along the line. It is looked upon as too important a matter
to pass unnoticed, and official Washington will view with great interest
any action that may be taken at that time, while reports of any speeches
that may be made will be analyzed carefully.
It is pointed out that when Congress adjourned the conferees on the
McFadden bill were hopelessly deadlocked, and it is added that there was
little hope of getting the bill out of the jam in its present form. Nor was
there, at that time, much hope of compromise. The House conferees are
handicapped by the requirement that they hold out for the House bill with
respect to branch banking. The Senate moves along in a slow and deliberate
manner, and its members are not in a hurry to dispose of the legislation in
any event.
Passage Seen Possible.
The bill has been advanced to the point where an agreement on the part
Course of Brokers' Loans.
of the conferees would mean enactment of the bill into law if presented for
When the movement of the total volume of loans to brokers and dealers
consideration within a reasonable time before adjournment March 4. The
House has insisted on the retention of the so-called Hull amendments, in the New York security market is considered since the beginning of 1926,
the period for which figures have been published, it appears that between
against which the Senate is unalterably opposed.
If the legislative situation permits a further effort may be made in the Jan. 6 and May 19 this class of loans declined from $3.141.000.000 to
body
that
reverse
have
itself
with respect to the Hull limitations. $2.409.000.000. a reduction of about $732.000.000. of which the larger part
House to
It is said here that it will be found that both sides to this controversy will was In the loans placed by New York banks for their own account. Bebe found to have been strengthened and that both opposition and defense tween May 19 and Aug. 18 brokers' loans increased by about one-half of
will be more active than ever before during the short session to see that their previous decline, or $165.000.000, and of the increase about one-half
represented a growth in bank loans of member and non-member banks,
neither scores to the disadvantage of the other.
the other half being an increase in the volume of funds placed by the New
York banks for account of their customers and foreign correspondents.
These funds belong largely to corporations having temporarily idle funds
Federal Reserve Board on Volume of Bank Credit in available
for short-time investments. The growth during the past three
and
Other
Cities—Increase in
New York
months in the funds of corporations used in the security markets apparently
reflects the strong cash position resulting from profits hie operations ofIndusFlotations of Domestic and Foreign
trial establishments during the prestnt year. The following table shows
Securities.
changes in the volume of loans to brokers and dealers between Jan. 6 and
Pointing out that in recent weeks the volume of member May 19. the low point for the year, and between that date and Aug. 18,
and the chart shows the weekly movement in 1926 of the loans placed by the
bank credit, which has been growing since the early spring, New York
City banks for their own account, for account of out-of-town
increased further, partly in response to the seasonal demand banks, and for account of others.
1462
THE CHRONICLE
[VOL. 123.
LOANS TO BROKERS AND DEALERS BY REPORTING MEMBER BANKS
IN NEW YORK CITY. .
May 19.
Jan. 6.
Aug. 18.
a cautious explanation that he had not made any special effort to observe
the situation and form an opinion.
Premier Mussolini of Italy apparently made the greatest impression upon
Increase (-I-) or Decrease(—) Mr. Mellon, who had several talks with him and found the Feast leader
interesting, cordial and conversant with American affairs.
Jan.6 to
May 19 to
Secretary Mellon's departure for Europe was noted in our
May 19.
Aug. 18.
$
$
$
$
$
For own account_ _ - - 1,338,000,000 894,000,000 919,000,111-444,000,000 +25,1300,000
For account
of out-of
town b'ks_ 1,239,000,000 964,000,0001,104,000,000 —275,000,000 +140.000,000
For account
of others_ 564,000,000 551,000,000 719.000 1 i 1 —13,000.000 +168000,000
Total ____ 3.141 000 0002.40')000 0002 741 000 i I i —732 000 000 4,333 000 000
issue of July 24, page 403.
Billion-Dollar Day for United States Treasury—Notes
and Interest to Be Paid, New Certificates Sold
and Taxes Collected.
The transfer of more than a billion dollars will take place
on Sept. 15, in connection with financial operations of the
United States Treasury, the New York "Times" in noting
this stating:
Capital Flotations.
Relative stability in the demand for bank credit during the present year
has been accompanied by an active demand for long-term funds, as indicated
The transactions will include the sale of $350,000,000 or more of new
by a large volume of security flotations. During the first half of 1926 new
securities floated in this country totaled $3,500.000,000, or about $500,- nine-month certificates, the retirement at maturity of more than $400,000.of notes, the disbursement of approximately $85,000.000 of interest on
000
000.000 more than for the preceding six months. The following table
shows the volume of domestic and foreign securities issued during the first Liberty bonds and other Government obligations and the collection of
alit months of 1926. as compared with equal periods of 1924 and 1925. quarterly income tax payments which are expected to amount to more
than $300,000.000.
These figures are exclusive of refunding issues.
.
CAPITAL ISSUES.
Domestic.
Total.
Foreign.
1924—January-June
July-December
1925—January-June
July-December
1926—Jannar-- VIIPP
12,844 000,000 $2,608,000,000 1236.000.000
2,749,000,000 1,980,000,000 769,000,000
3,193,000,000 2,729,000 000 464.000 000
3,023,000.000 2,395,000,000 628,000.000
3 545 000 000 1Q13 000 000 533 000 000
The first half of 1926 showed a record volume of flotations by domestic
corporations, amounting to over $3.000.000.000. The volume of foreign
securities offered in the American market has also continued large. More
than $500.000.000 were sold during the half-year, of which about $200.000.000 were European securities and the remainder represented borrowing by
Canadian and South American interests. Three-fourths of the securities
floated for European account during the period were securities of municipalities and industrial enterprises in Germany. Nearly one-half of the total
corporate issues, both foreign and domestic, was offered by public utility
companies, which in April. May and June issued more new securities than
all industrial companies combined. This is in contrast with the situation
in 1925 when industrial issues were considerably larger than those of public
utilities in almost every month of the year. In the first quarter of 1926
certain groups of industrial concerns, Including iron, steel and copper
companies, manufacturers of motors and motor accessories, and oil companies, made very large additions to their capital through security issues,
but in the last three months the flotations of these groups have been comparatively small. A large volume of new corporate capital has continued
to go into the building industry and a wide variety of industrial concerns
have put new securities on the market throughout the half-year. The
railroads have Increased their capital at about the same rate as in 1925.
The table below shows the capital MEMOS of the principal classes of corporations during the last year and a half, excluding refunding issues.
SECURITIES ISSUED BY DOMESTIC CORPORATIONS.
,In millions of dollars.
RailTotal." roads.
Iron,
Public Steel, Motor.,
and
Milt- Coal,
ties. .'opper Acres- Oils.
&c. series.
1926—First quarter
535
1,146
141
Second quarter__ _
287
984
102
Third quarter_ _ _ _
302
90
829
Fourth quarter__ _ 1,141
47
372
1926--First quarter
435
87
1,370
03
54'
• econd 'Iwo-v.,. _. 1 15'
•Including issues of unclassified corporations.
47
15
6
65
94
43
3
165
10
8
84
13
38
39
48
44
145
14
Land,
Buildings,
&a.
144
213
150
209
152
142
Flotation of a record volume of securities In the investment market of
this country during the first half of 1926 did not result in a rise in long-term
money rates. Abundance of investment funds was indicated by the fact
that the absorption of the securities ofrered was accompanied by a rise in
bond prices, and a consequent decline in bond yields to the lowest level
since 1917. Security-holdings of all member banks increased by about
$200,000.000 during the first half of the year, a larger inert ase than for any
other six months period since 1924. Most of the banks' purchases of
securities were made in the first quarter of the year during the period of
liquidation of security loans, and weekly reports of member banks in leading
cities indicate that since the middle of the year the increased demand for
credit to finance trade and industry has been accompanied by a gradual
decline in the security holdings of member banks.
Condition of Money Market.
In general, the banks of the country are Entering the season of increased
demand for credit to finance the moving of crops and the requirements of
autumn trade after a period of four months of growth in the demand for
bank credit, which has carried its volume to a level as high as at the seasonal
peak of last year. The volume of reserve bank credit has also increased
during this period and has remained at a considerably higher level than In
1925. In the money market the increasing volume of bank credit accompanied by a larger amount of borrowing at the reserve banks has been
reflected in firmer interest rates as compared with the corresponding periods
of last year. Since the beginning of August money rates in the open
market have advanced, and on Aug. 13 the discount rate at the Federal
Reserve Bank of New York was raised from 3)4 to 4%, the rate prevailing
at all the other reserve banks.
Return of Secretary Mellon from Europe.
Secretary of the Treasury Andrew W. Mellon, who sailed
from England on the Berengaria on Sept. 11, arrived in
New York yesterday (Sept. 17). According to the "Wall
Street Journal" of last night Mr. Mellon declined to discuss
financial affairs. He did say, however, that at no time
while he was abroad did he confer on financial matters.
The "Journal" adds:
Mr. Mellon did venture the opinion that conditions in the countries
through which he passed seemed to be improving. He qualified that with
Subscriptions to United States Treasury Certificates
of Indebtedness.
Total subscriptions of $996,660,000 were received by the
Treasury Department In response to the offering of 3%%
Treasury certificates of indebtedness; the amount offered
was $350,000,000 or thereabouts, and the amount allotted
was $378,669,500. Of the total subscriptions received $144,953,000 represented subscriptions for wh:ch the Treasury
notes of series B-1926, maturing Sept. 15, were tendered in
payment. All of these subscriptions were allotted in full.
Of the remaining allotments, subscriptions in amounts not
exceeding $1,000 for any one subscriber were allotted 50%
and subscriptions in amounts over $1,000 were allotted 25%,
but in no case less than $500 on any one subscription. Deta:Is of the subscriptions and allotments were made known
in the following statement, issued by the Treasury Department on Sept. 13:
Acting Secretary Winston to-day announced that the total amount of
subscriptions received for the issue of 31
/
2% Treasury certificates of inlebted less, Series TJ4927, dated Sept. 15 1926, maturing June 15 1927,
$996,660,000.
was
The total of subscriptions allotted was $378,669,500,
f which $144,953,000 represent allotments on subscriptions for which
spies maturing Sept. 15 1926, were tendered in payment. All of the latter
subscriptions were allotted in full, while allotments on other subscriptions
were made on a graduated scale.
The subscriptions and allotments were divided among the several Federal Reserve districts as follows:
—Total Subscrip:ions.
Federal Reserve Districts—
Received.
Allotted.
Boston
$31,609.500
$111,144,000
New York
350,149,000
151,993,500
Philadelphia
105,307,500
84,619,500
Cleveland
25,933,000
65,384,500
Richmond
8,518,500
28,390,500
Atlanta
12,683,600
42,798,500
Chicago
39,962,500
108,667,500
9.583,500
22,714,500
St. Louis
Minneapolis
10,039,000
18,124,500
9,379,500
Kansas City
19,815,530
13,384,500
Dallas
37,000,500
80,939,000
87,163,500
San Francisco
Total
$996,660,000
$378,669,500
The offering was referred to in our issue of gept. 11,
page 1336.
Future United States Public Debt Retirement—Retirement of Present War Debt Likely to Equal Treasury's Achievements After Former Wars.
According to computations based on what should be assured sources of public debt retirement—the sinking fund,
and payments under foreign debt settlements—the present
interest-bearing debt of the Government should be extinguished by 1951. That part of the debt contracted on
account of the war should be retired in 1948, or just thirty
years after its close. This would compare favorably with
past records of the Treasury. The $127,000,000 public debt
existing after the War of 1812 was practically extinguished
by the Government in 1835, or in 21 years. Over two-thirds
of the Civil War debt of $2,844,000,000 was paid off by 1893,
or in 28 years after the termination of that conflict. Debt
retirements since the end of the World War already amount
to $5,841,290,000.
These computations, which are contained in a publication
on "United States Government Securities," just issued by
the Bankers Trust Company, are made on the assumption
that the foreign debt settlement with France will be approved
by the French Parliament and by Congress, and that payments received from foreign Governments under debt settlements will be applied to debt reduction as at present.
Any surplus revenues during the period, which are not subject to calculations, will of course operate to accelerate the
SEPT. 18 1926.]
THE CHRONICLE
retirement. The booklet contains elaborate compilations
in support of the statements made.
Senator Simmons Says Democrats of Senate Will
Demand Sweeping Tax Reductions at Coming
Session of Congress—President Coolidge and
Treasury Opposed to Proposed Move.
According to Senator F. M.Simmons,ranking Democratic
member of the Senate Finance Committee, a demand for a
sweeping reduction in taxes will be made by the Democrats
when Congress meets in December. Senator Simmons
calls attention to the fact that "it is now estimated by the
Treasury Department that instead of the predicted large
deficit for the fiscal year 1927 there will be for that year a
surplus of approximately $185,000,000 which, added to the
surplus for the fiscal year 1926, will provide a fund of $562,000,000 available for present reduction—an amount nearly
twice as large as the estimated surplus upon which the
reduction of 1926 was predicated." He argues that "if the
overburdened taxpayers were entitled to a reduction at the
last session of Congress because of an estimated surplus of
only about $300,000.(0),why,with a surplus is the Treasury
nearly twice as great, are they not entitled to another reduction at the coming session of Congress?" Senator
Simmons's statement was made public at Washington
under date of Sept. 11. The opposition of President
Coolidge to the Democratic tax reduction proposals was made
known in Associated Press advices from Paul Smith's,
N. Y., Sept. 14, which said:
President Coolidge is opposed to a reduction of $560,000,000 in Federal
taxes at the coming short session of Congress, as urged by Senator Simmons
Of North Carolina, considering such a step unwarranted by present
conditions.
With the Government running on its present margin between expenses
and income, the President believes any such reduction in the immediate
future might require an extensive and perhaps inadvisable readjustment
of arrangements for disposing of the huge national public debt. At the
same time he favors reduction of taxes as rapidly as they can be brought
down. He also favors'paying off the public debt as speedily as possible
consistent with wise public financing.
Moreover, the President is not certain that the countty demands an
extensive tax reduction at this time. Certainly, he holds, those who are
demanding cancelation of the foreign debts to this country would not
favor it. as he believes both cannot go together. As for proposals that
the foreign debts be canceled and taxes reduced, it was said in behalf of
Mr. Coolidge to-day that the do not harmonize.
The President has from the first, It was asserted, stood for a program
of reducing taxes and obtaining tax reform under which It was expected
the Government would have a larger income by reason of an increase in
business under reduced rates of taxation. He feels a further test should
be given the present law before a further tax reduction is attempted.
It would be especially unwise, in his opinion, to reduce taxes now when
business is good only to be forced to increase them when and its business
depression cornea. Such an increase, it was declared, woidd operate to
retard a recovery of business from the depression.
At present, it was pointed out, there is only a slight margin between
Government income and expenses, and when there is taken into consideration the maturing obligations the Treasury is obliged to meet on
account of the public debt, that slight margin is a deficit.
While the Treasory, for the first time, it was added, was able to meet
those maturing obligations last June without borrowing, It has been forced
to borrow for meeting the Sept. 15 public debt maturities. The interest
charges alone on the public debt are over $800,000.000 a year. and, It
was said, any considerable reduction in taxes at present probably would
require a substantial lessening in the allotments to the sicking fund that
might react upon bonds issued to the public in a way to damage public crelit.
Taxes can be reduced, it was said, in general, if the Chief Executive can
keep expenses down. That the President is attempting to do, it was
added, while he favors reducing taxes as rapidly as can be done in a way
to permit a fair margin for taking care of any losses in Government income
that might be brought about by a shrinkage in private business.
Simmons's proposals are likewise in disfavor with the
Treasury Department, Acting Secretary of the Treasury
Winston characterizing the program as a good example of
"Democratic finance." The Washington Bukeau of the
New York "Journal of Commerce" in indicating Mr. Winston's views on Sept. 13 said:
Senator Simmons,said Mr. Winston, has simply summed up the surplus
in the Treasury at the close of the last fiscal year and the estimated surplus
for the current fiscal year and represented the total as a sum available for
tax reduction. Such a plan, Mr. Winston feels is entirely impracticable
and that the Simmons statement is of political rather than financial importance.
Avoids Discussing Cut.
Mr. Winston would not discuss the prospects for tax reduction in the
coming session of Oongress, declaring that Secretary Mellon, now homeward
bound from Europe, and President Coolidge are the only spokesmen for the
Administration on this question. He pointed out, however, that it would
be impossible to compute the actual effect of the present law until the close
of the current fiscal year, when full figures concerning its revenue-producing
qualities will be available. So far this fiscal year. he said, receipts from
miscellaneous taxes are 190,000.000 below those of the corresponding
period of last year, while receipts from income taxes are some $20,000,000
greater.
All indications from the Administration point of view are, it was said,that
no further tax reduction will be possible under present policies for some time.
It was also noted that both President Coolidge and Secretary Mellon have
indicated their doubts that a reduction will be advisable until sufficient time
has elapsed to afford an indication of business prospects during the third
and fourth years of the effectiveness of the present law.
1463
Takes Issue with Simmons.
Taking Issue with Senator Simmons's insistence that a substantial part
of the public debt should be left over for the next generation, thus providing
funds now appropriated for debt retirement to go for tax reduction, Mr.
Winston pointed out the announced policy of the Treasury on debt retirement. Postponement of payment of the internal debt, accodring to the
Treasury, is really no postponement at all since the Government bonds, or
other evidence of indebtedness, passes along to the next generation, as does
the debt which passes along to the Government of the next generation.
The present generation, however, it is argued, continues to pay out interest
on its obligations.
The Treasury further contended that money taken to pay the public debt
is not lost, since it is not paid outside the country. The payment. It was
pointed out, means a return of cash to the security holders who must
immediately find other investments. Since 1920 about $5,000,000,000
has been returned to American investors through payments made on the
public debt, it was asserted.
As a final argument, the Treasury emphasizes that the United States is
at present going through a period of prosperity—a time when it is relatively
easy for the taxpayers to pay sufficient taxes for debt retirement. It is far
easier, it was said, to continue the present circumstances than to delay
and possibly leave a large part of the debt still unpaid at some future time
when the country's prosperity may not be so great.
Debt Plan Democratic.
Mr. Winston pointed out that the existing debt retirement program was
promulgated by an Act of Congress during a Democratic administration.
It is, however, approved by the present administration of the Treasury.
although Secretary Mellon is known to favor even hastier retirement of the
debt than is provided under the present sinking fund plan.
A tax reduction at this time, however, would make retirement of the debt
at the present rate doubtful, it was declared. It is pointed out that one ot
the sources of funds used for this purpose—that of decreasing the general
fund balance, is no longer productive, since the balance has been reduced
to the danger mark.
Also the expected surpluses during the next two or three fiscal years is
smaller than during the past five years. In consequence, it is pointed
out, retirement of the debt will be slower in any case than it has been since
Secretary Mellon took office.
Senator Simmons's statement said (we quote from the
"Journal of Commerce"):
Outlines Views.
When the House tax reduction bill of 1926, carrying a proposed reduction
of slightly over $300,000,000. reached the Senate." Senator Simmons relates, "the Democratic members of the Finance Committee took the position that a reduction of 1500,000.000 could be made without embarrassment
to the Treasury, and specifically proposed an additional reduction of about
1165.000.000. They also proposed that Congress fix the time for retiring
the public debt at thirty-two years instead of twenty, as proposed by
Mr. Mellon. and provide a definite and adequate amortization fund to that
end, thereby putting a part of the war burden on the next generation and
making immediately available about $200,000,000. and ultimately from
$350,000,000 to $450,000.000. annually receivable from our foreign debtors,
for further reduction in taxes.
"All of these proposals were xigorously opposed by the Administration.
It was insisted that the condition of the Treasury would not allow a reduction in excess of 1300,000.000 without a probable small deficit for the fiscal
year 1926 and a certain large deficit for the fiscal year 1927. Notwithstanding these objections, the Democrats, with the aid of the Progressives, forced
a reduction of 5386.000.000, but the majority, under plea of providing
against the predicted deficit, forced., against the vigorous protest of the
minority, an amendment increasing the rates on the taxable incomes of
corporations.
Surplus Over $500,000,000.
"On June 30, the end of the fiscal year 1926, a little more than three
months after the adoption of the tax reduction Act. It was disclosed that,
after returning to the taxpayers by way of reduction the total amount of
5386.000.000 carried in the Act,instead of a deficit there was still remaining
in the Treasury an .actual surplus for 1926 of 1377.760,817. and it is now
estimated by the Treasury Department that instead of the predicted large
deficit for the fiscal year 1927 there will be for that years surplus of approximately $185,000,000, which, added to the sun lus for the fiscal year 1926,
will provide a fund of 1562,000.000 available for present reduction—an
amount newly twice as large as the estimated surplus upon which the
reduction of 1926 was predicated.
"If the overburdened taxpayers were entitled to a reduction at the last
session of Congress because of an estimated surplus of only about $300.000,000. why, with a surplus in the Treasury nearly twice as great, are they
not entitled to another reduction at the coming session of the Congress_
This enormous surplus of more than $500,000,000 represents taxes paid In
excess of ordinary expenditures and unneeded for the purposes for which
collected. In these circumstances, it would seem clear that this unneeded
money should be returned and this unnecessary exaction discontinued as
speedily as legislatively practicable.
"Evidently if this great hoard is withheld from the taxpayers, as proposed
by the administration, until the spring of 1928, the incomes and earnings of
industry for the calendar year 1926 would get no benefit from the reduction,
while miscellaneous taxpayers for the calendar year 1927 would get no
relief from not needed exactions for a full year after relief is due. On the
other hand, if the reduction is made at the coming session of Congress,
reductions in income rates would retroactively cover earnings of 1926. and
most,if not all, miscellaneous excise taxes except on a few luxuries would be
repealed or reduced a year sooner than under the Administration program.
Political Capital Scheme.
"Certain circumstances connected with the last reduction aroused suspicion that the Administration, supposedly for political reasons, had deliberately planned two separate reductions, a small one for use in the hielection campaign this year and a bigger one to become affective immediately preceding the Presidential campaign and election of 1928. However
that may be, with an actual and estimated surplus of $582,000.000 available
for reduction at the coming session of Congress it is difficult to discover any
good reason for withholding and postponing that reduction for a full year,
except to promote the ambition of Republican Presidential aspirants and to
provide political capital for the Republican party.
"But whatever may have been the reason for the inadequate reductions
of the last session of Congress, the situation now disclosed would seem to
make it the clear duty of Congress to distribute this not needed Treasury
surplus and put a stop to this unnecessary taxation as soon as possible after
it meets in pecember next.
"Closely connected with the question of tax reduction is the question of
prescribing a definite time within which to liquidate our war debt, now
amounting to about $20,000,000,000. We are now appropriating annually
1464
THE CHRONICLE
out of current receipts about $300,000,000 as a cumulating sinking fund to
amortize the principal of this indebtedness, and this fund, together with
4% interest compounded annually thereon, according to the present
custom of the department, will liquidate out entire indebtedness in thirtyone years. Mr. Mellon and the Administration insist, however, that we
should pay off this indebtedness in about twenty years or less, and that we
should use for this purpose not only the statutory sinking fund, but all payments received from our foreign debtors, which,as before stated, now amount
amount, principal and interest, to about $200.000,000 annually, and which
in a comparatively short time will amount to around $350,000,000, and
ultimately to a still larger sum.
Payment of Debt.
"Congress, and not the Treasury Department,is vested with authority of
determining and prescribing the time in which the public debt shall be
liquidated and discharged. Should Congress see fit to exercise this authority
and fix the time for such liquidation, as suggested, at thirty-one years, the
full amount thereafter receivable from our foreign debtors, as hereinbefore
indicated, could be used for current expenditure and for further tax reductions.
"At the last session of Congress the Democratic minority insisted that the
present generation had been heavily taxes, indeed taxed to an amount
nearly equal to our present war indebtedness for the purpose of carrying on
the war and since for interest and amortization charges, and that it was but
just that the next generation should bear a reasonable part of this war
burden, not only as a matter of fairness, but because, as the wealth of the
country increases, the burden of carrying the debt will proportionately
diminish
"In view of all these facts and circumstances, when Congress meets in
December the minority will demand not only a sweeping tax reduction, but
that as we have given our foreign debtors sixty-two years in which to repay
the money we loaned them, we give the taxpayers of this country half that
time in which to liquidate the indebtedness we incurred in borrowing the
money we loaned them.
"The last tax reduction bill, introduced in December 1925, was finally
adopted before March 1926.
"This bill.not only revised rates but revised the administrative provisions
of our complicated system of revenue taxation, the latter revision consuming much more time than the former. The next reduction will deal
almost entirely with rates, and,therefore, would require much less tiem than
was taken in the committee and upon the floor in the preparation and discussion of the last Act. It will be seen, therefore, that there is no substantial basis for objection to rate reduction upon the grounds oflack of time."
Bankers Specials Over N. Y. Central Lines Leaves for
Los Angeles Convention of American
Bankers Association.
Many bankers of the Atlantic seaboard who are to attend
the fifty-second annual convention of the American Bankers
Association at Los Angeles, October 4-7, left the Grand
Central Terminal via the New York Central Railroad at
2:05 p. m., yesterday, Friday, September 17, on two special
de luxe trains on an 8,870-mile tour of the West. The
itinerary is designated the "Red Tour" and was arranged by
the transportation committee of the New York State Bankers
Association, which invited bankers and their friends of the
Atlantic seaboard, including Dixie and New England, to
take advantage of the special New York Central trains.
The trains are designated the "Red Tour, Red Section,"
and the "Red Tour, White Section," and left at the same
time. Bankers on the trains will have all the comforts that
modern railroad transportation affords. The trains will
comprise solid steel club, dining and observation cars and
drawing-room, compartment and open-section sleepers.
Each train will have a valet-barber and a maid for the women,
women's shower and lounge in observation car, and men's
shower in the club car.
At Albany the trains will pick up Boston & Albany cars
which started from Boston Friday morning, and up-state
bankers will board the trains at Albany, Utica, Syracuse,
Rochester and Buffalo. The itinerary of the trains provides
for stop-overs of varying lengths at many places. Places on
the outgoing part of the itinerary include: Chicago, St.
Paul, Moose Jaw, Banff, where a side trip by motor will be
taken to Lake Louise, Vancouver, where the party will
board the Canadian Pacific Steamship "Princess" for a
daylight sail across Puget Sound to Seattle, stopping over at
Victoria for a drive, Portland, Shasta Springs, Oakland,
San Francisco, Yosemite National Park, Del Monte, Santa
Barbara and Los Angeles. On the return trip the special
trains will proceed via Riverside, San Bernardino, The
Needles, Grand Cayon, Williams, Albuquerque, Santa Fe,
where a drive around Old Santa Fe and a visit to several
Indian pueblos will be made, Dodge City, Kansas City,
Chicago and back to the Grand Central Terminal.
Among those who have made reservations are: R. R.
Hunter, Vice-President, Equitable Trust Co., New York
City; John McEachern, Vice- President, Bank of Montreal;
C. M. Parker, Dominion Bank, Ltd., London, England;
George Lewis, Vice-President, Hanover National Bank,
New York City; H. D. Sammis, Vice-President, Farmers'
Loan & Trust Co., New York City; G.0. Walson, President,
Liberty National Bank, Washington, D. C.; B. C. Curts,
Vice-President, New York Trust Co., New York City;
H. S. Arden, Vice-President, New York Evening "Post";
W. G. Shaible, Vice-President, Chase Securities Co., Zew
[VoL. 123.
York City; J. H. P. Reilly, Vice-President, Hudson Trust
Co., Hoboken, N. J.; Heyward Boyce, President, Drovers
& Mechanics National Bank, Baltimore; W. A. Conway,
Vice-President, Union Trust Co., Jersey City, N. J.; J.
Elwood Cox;President, Commercial National Bank, High
Point, N. C.; W. S. Ryland, Vice-President, State Planters
Bank & Trust Co., Richland, Va.: H. P. Manson, President,
Dollar Savings Bank, New York City, and E. D. Manson,
President, Blythe, Bonner & Co., New York City.
Two Proposed Amendments to American Bankers
Association Constitution.
Two proposed amendments to the Constitution of the
American Bankers' Association are .to be submitted to the
fifty-second annual convention at Los Angeles the coming
month, according to the ('Journal of the American Bankers'
Association," which in indicating the nature of the amendments says:
The first would enlarge the Administration Committee by the addition
of three new members,so as to give regular representation on the committee
to the respective presidents of the American Institute of Banking Section,
the Clearing House Section and the State Secretaries Section.
The second amendment enlarges the functions of the State vice-presidents,
so that they will be charged with the duty of increasing and maintaining the
membership of the American Bankers' Association in their respective states.
The following amendment to Article VIII of the Constitution, proposed
by the Administrative Committee, is published by the Executive Manager
in the official publication of the Association preceding the annual convention, pursuant to Article XI of the Constitution: swistweilM -.440111111
"Amend the second and third sentences of Article VIII of the Constitution
of the American Bankers' Association so that they shall read as follows (new
matter in italics: omitted word in parentheses:
"'The Administrative Committee shall consist of four elective
members of the Executive Council whose terms of office shall continue
not more than two years during their terms of membership in the
Council. and who at the time of their election shall reside in one of the
Federal Reserve Districts not already represented on the Administrative Committee: of the President, First and Second Vice-Presidents
and last living ex-President of the Association: and of the Presidents
of the National Bank Division, State Bank Division, Savings Bank
Division (and). Trust Company Division and of the American Institute
of Banking Section, Clearing House Section and State Secretaries Section.
In the absence of the President of any Division or Section from anyf
meeting of the Administrative Committee the First Vice-President_o
that Division or Section may act in his place.'"
This proposed amendment has been approved by the Administrative
Committee and the Executive Council. The text was published hitherto
in the January 1926 Issue.
The second propped amendment to the Constitution, approved by the
Executive Council at its meeting held May 5 1926, has not been published
Committee
previously in the Journal. It was presented by the Membership
to and approved by the Administrative Committee.
duties
"Amend Article IV, Section 3, of the Constitution. enlarging thefollows
of the State vice-presidents so that the second sentence shall read as
italics):
in
(new matter
"'It shall be his duty to preside at meetings of the members in their
respective states or at the time of the annual convention of this Assoas
ciation, and to enforce the rules and regulations of this Association
with the duty
to such membership, and he shall be specificaly charged
his
in
Association
this
o
membership
the
increasing
and
maintaining
of
slate under the supervision of the Membership Committee.'" rem
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
Two New York Stock Exchange memberships were reported posted for transfer this week that of John Muir to
D. W. Armstrong and that of Camille C. Roumage to
Richard B. Duane, the consideration in each case being
stated as $150,000. This is the same as the last preceding
transaction. The membership of Kenneth B. Schley was
also reported sold to Vincent W. Amy for a nominal consideration.
The stoakholders of Irving Bank-Columbia Trust Co. of
New York at a special meeting on Sept. 13,formally approved
the acquisition of the National Butchers and Drovers Bank
through merger with Irving Bank-Columbia Trust Co. The
stockholders of the National Butchers and Drovers Bank
ratified the' plans on Sept. 15. The continuing institution,
to be known as the Irving Bank and Trust Co., will operate
under the Charter of Irving Bank-Columbia Trust Co. and
will have a capital stock of $22,000,000, and surplus and
undivided profits of approximately $19,000,000. This
merger will become effective at the opening of business ox
Monday next, September 20. The increase of the company's
capital from $17,500,000 to $22,000,000, and increase of
surplus and undivided profits from $14,500,000 to approximately $19,000,000, will be completed October 11. The
proposed merger was referred to in these columns July 31,
page 537; Sept. 4, page 1208 and Sept. 11, page 1346.
A meeting of the organizers of the Interstate Trust Co.
was held at the Bankers Club on Sept. 16, at which time the
following directors were elected: E. N. Brown, Chairman,
St. Louis & San Francisco Ry. and Chairman, Chicago dr
Rock Island Ry.; Eugene P. Thomas, President, United
States Steel Products Corp.; De Witt Millhauser, of Speyer
& Co.; A. Curtin Fetterolf, Vice-President, International
Mercantile Marine Co.; John W. Doty, Chairman. The
SEPT. 18 1926.]
THE CHRONICLE
Foundation Co.; Samuel J. Bloomingdale, President,
Bloomingdale Bros., Inc.; R. E. Breed, Chairman, American
Gas & Electric Co.; Carleton H. Palmer, President, E. R.
Squibbs & Sons; George S. Silzer, President, Interstate
Trust Co.; Ralph Wolf, Attorney, Hays, Hershfield & Wolf;
Isaac Alpern, President, Perth Amboy Trust Co.; James A.
Kenny, Vice-President, Wm. F. Kenny Co., and John W.
Burrows, President, American Woolen Co. of New York.
Several more directors will be added to the Board at a future
date. Former Governor Silzer was elected President of the
Trust Co.
The capital of the trust company will be $3,000,000 and
$900,000 surplus, it having been found necessary to increase
the capital in order to meet in part the demands for stock.
The company has leased the premises at 59 Liberty Street,
in the building of the State Chambei of Commerce, occupied
during the War by the Guaranty Trust Co. The company
expects to open its doors for business about October 10.
The personnel of the Bank has not been entirely decided
upon but the leading officers are understood to be experienced
bankers, familiar with the banking business in the City of
New York and throughout the country. Other references to
the new company appeared in our issues of March 20, page
1564 and Aug. 28, page 1061.
The new Brooklyn Branch of the Chelsea Exchange Bank
of Manhattan, located at Bedford Ave. and Fulton St., in
the heart of the business and manufacturing section, opened
for business on Sept. 15. The opening oT this branch gives
the Chelsea Exchange six banking headquarters in the
metropolitan district and the opening of several additional
branches are in contemplation. Opening-day deposits in
the new Brooklyn . Branch, based upon accounts already
pledged, will aggregate in the neighborhood of $1,000,000,
according to an estimate made by Edward S. Rothchild,
President of the institution. The Chelsea at present has
resources of more than $20,000,000. James V. Boise will
be Manager of the new branch. Other officers in charge of
the new branch include Herman Cohen, now at the 48th
St. (Manhattan) Branch of the Chelsea Exchange and
George H. Doran, who has been affiliated with the Peooples
Trust Co. for the past nine years. The opening of this new
branch will result in the presentation of several new innovations to the Brooklyn banking world. The bank will remain
open for business daily until 6 p. m., and until 10:30 p. m.
on Saturdays. Another feature of the new branch is that
all accounts in the special interest or thrift department will
be credited with interest monthly. The Chelsea Exchange
plans to open a new branch in the Bronx early in October.
Legal steps for the bringing together of the Phoenix Bank
of Hartford and the State Bank & Trust Co. of that city,
which have been in progress for several weeks past, culminated on Sept. 11, and on Monday of this week, Sept. 13,
the merger of the institutions was consummated. The
new organization, the Phoenix State Bank & Trust Co., is
capitalized at $1,600,000, with surplus of $2,750,000, and has
resources of more than $25,000,000. It is said to be one of
the largest and strongest banks in New England. Its personnel is as follows: George H. Burt (former President of
the State Bank & Trust Co.), Chairman of the board of
directors; Leon P. Broadhurst (former President of the
Phoenix Bank), President; A. D. Johnson, H. H. Walkley,
C. A. Lillie and L. A. Partridge, Vice-Presidents; A. C.
Mason, Vice-President and Trust Officer; 0. M. Hibler,
Cashier; Calvin C. Bolles, George D. Brett, Frank S. Flagg,
Harold E. Read, Harold M. Reed and William J. Reid, Assistant Cashiers; Freeman A. Linstead, Auditor, and C. W.
Thornton, Assistant Auditor.
The proposed conversion of the Second National Bank of
Hoboken, N. J., from a national to a State institution under
the title of the Second Bank & Trust Co. (noted in our Aug.
14 issue, page 805) became effective Sept. 1, according to
the "Jersey Observer" of that date. At a reorganization
meeting of the directors held on that day the following
officers (all former officials of the national institution)
were elected: Henry C. Jagels, President; A. N. Terbell
and J. W. Bellis, Vice-Presidents; Phillip Stevens, Secretary and Treasurer; William Campbell Rue, Assistant Secretary and Treasurer, and David F. Nichols, Trust Officer.
Charles E. Machbaid of Philadelphia, whose father was one
of the original directors of the bank, and former Judge J.
Raymond Tiffany were added to the board of directors.
1465
The other directors of the new trust company include tile
following: C. H. C. Jagels; A. N. Tarbell, J. W. Bellis,
D. F. Nichols, Edward D. MacMurray and W. G. Keuffel.
The new trust company will move into quarters in a new
building in course of erection at River and Newark streets
about Nov. 1, it is understood.
T. Hunton Leith, heretofore Manager of the new business
department of the Security Savings & Commercial Bank of
Washington, was on Sept. 8 promoted to an Assistant
Cashier, according to an announcement by Julius I. Peyser,
President of the institution. Mr. Leith (according to the
Washington "Post" of Sept. 9) is a native of Virginia. He
entered the service of the Security Savings & Commercial
Bank in 1894, since which time, with the exception of two
years when he served with the colors during the World War,
he has been continuously with the institution. He is a
graduate of the American Institute of Banking and a holder
of its certificate. At present he is head of the Washington
Chapter of the American Institute of Banking.
The Chicago "Journal of Commerce" in its issue of Sept. 9
stated that Walter T. Fisher, Chicago attorney and widely
known as a civic leader, had been elected President of the
Amalgamated Trust & Savings Bank of that city, operated
by 35,000 clothing workers, and would assume his new post
immediately. Mr. Fisher would, however, it was stated,
continue his law practice as a member of the new firm of
Fisher, Boyden, Kales & Bell. Continuing, the "Journal
of Commerce" said:
The Amalgamated ;lank was founded in 1922 by the Amalgamated
Clothing Workers' Union and was the first labor bank to be established in
Chicago and one of the first in the United States. Its deposits are in
excess of $3,000,000. It has a large and growing foreign business. Trades
unions are strongly represented on its directorate. Mr. Fisher is the son
of Walter L. Fisher, Secretary ofthe Interior under President Taft. He was
educated at the Chicago Latin School, Harvard College and Harvard Law
School. He is 34 years old.
At a special meeting of the stockholders of the Liberty
Trust & Savings Bank of Chicago on Sept. 8, a resolution
was passed authorizing an increase in the capital stock from
$500,000 to $700,000. In accordance with this resolution,
2,000 additional shares will be offered pro rata to stockholders of record as of Aug. 31 at $100 per share. With
this capitalization in effect, the capital, surplus and undivided
profits of the bank will be over one million dollars.
The directors of the Union Trust Co., Chicago, on Sept.
14, declared the regular 3% quarterly dividend, payable
Sept. 30 to stockholders of record at noon Sept. 26.
The Ware & Griffin Bank of Clark, S. D., which recently
suspended business, has reopened, according to a press dispatch from Pierre, S. D., printed in the St. Paul "PioneerPress" of Aug. 19.
The following in regard to the affairs of the Metropolitan
State Bank of Denver (one of several Denver banks which
failed in December 1925) appeared in the Denver "Rocky
Mountain News" of Sept. 2:
District Judge James C. Starkweather issued a formal order yesterday
(Sept. 1) accepting the final report of Grant McFerson, State Bank Commissioner,on Ms liquidation of the affairs of the defunct Metropolitan State
Bank. A group of stockholders in the former bank recently took over its
remaining assets as an investment company and paid off the bank's creditors
at the rate of 100 cents on the dollar. The sale of the assets to the former
group of officials was authorized by the District Court.
We last referred to the affairs of the Metropolitan State
Bank in these columns in the "Chronicle" of June 5 1926.
An Associated Press dispatch from Greensboro, No. Caro.,
on Aug.31, printed in the Raleigh "News & Observer" of
Sept. 1, stated that a new financial institution, which would
specialize in industrial banking, had been chartered by the
Secretary of State on that day under the title of the "Pied..
mont Industrial Bank of Greensboro." The new institution, it was stated, would have an authorized capital of
$500,000, divided into 5,000 shares of the par value of
$100 each, and would begin business with a paid-in capital
of $125,000. While the new bank is to have its principal
office in Greensboro, it is authorized to open branches in
other parts of North Carolina. The incorporators were given
in the dispatch as John W. Simpson and C. W. Cloninger of
Greensboro; J. K.Dorsett of Spercer, No. Caro., and J. M.
McCorkle and J. M. Davis of Salisbury, No. Caro.
1466
THE CHRONICLE
The Raleigh "News & Observer" of Sept. 10 printed a
press dispatch from Gastonia, N. C., under date of Sept. 9,
which stated that negotiations had been completed on that
day for the proposed consolidation of four North Carolina
banks into one large institution, namely the Third National
Bank of Gostonia, the People's Loan & Trust Co. of Kng's
Mountain, the Farmers' Bank & Trust Co. of Cherryville
and the Mount Holly Bank of Mouni. Holly. Under the
proposed plan, it is understood, the Third National Bank
of Gastonia is to surrender its national charter and become
a State institution with the title of the Commercial Bank
& Trust Co. This new,bank will then on Oct. 12 (subject
to the approval of the merger plan by its stockholders at a
meeting to be held on that date) take over the King's Mountain, Cherryville and Mount Holly banks, forming a consolidated institution capitalized at $400,000, with surplus
of $100,000. The consolidated bank, the dispatch stated.
would be governed and managed by directors located
throughout the area served and a local governing board
would be maintained at each of the branch banks. It was
further stated that it would be the policy of the new organization for each branch to maintain its present stockholders and local organization.
The Hibernia Bank & Trust Co. of New Orleans is issuing
a booklet ent;tled "How New Orleans Banks Curbed Irregular Mediums," describing the manner in which the banks of
that city, acting together, have solved the bothersome problem of worthless advertising, the money saved in this way,
it is stated, now being used in co-operative newspaper
advertising. The booklet (which is reprinted by permission
from "Printers' Ink") is written in a facetious style.
P. B. Timson, President of the Houston Land & Trust Co.,
Houston, Texas, informs us that his institution has recently
added two new officers to its official staff, namely It. N.
Eddleman and G. A. Swam, and opened a bond department.
The bond department will be under the personal supervision
of Mr. Eddleman as Manager and Mr. Swaim, who is to
serve as one of the company's active Vice-Presidents, will
be directly associated with the banking department. Mr.
Eddleman went to Houston from Louisville, Ky., in 1920 to
complete his education at Rice Institute. After leaving
college he accepted a pos'tion with the Public National
Bank and shortly thereafter became associated with the
bond department of the Guardian Trust Co. His experience in the matter of handling securities especially qualifies him to perform the duties of his new position. Mr.
Swain's experience in the banking field is of broad range.
He was at one t me associated with the First National Bank
of Pittsburg, Texas, and later with the Texarkana National Bank. from which institution he resigned to become
Cashier of the Goldthwaite National, Goldthwaite, Texas.
Thereafter he organized and became the President of the
First National Bank of Lometa, Texas. After disposing
of his interest in this latter institution in 1920 he accepted
an appointment with the State Banking Department of
Texas, as examiner, serving as such for the past two years
consequence of his recent
in the Houston district. As
resignation from the Department he became connected with
the Houston Land & Trust Co. on Sept. 1.
W. S. Shippey, formerly Vice-President
of the
Home
Bank of Portersville, Calif., has assumed active charge of
the institution as President, according to .a press dispatch
from that place on Sept. 2, appearing in the Los Angeles
"Times" of Sept. 3. He succeeds T. M. Gronen, who has
been President of the bank since its organization in 1922.
Other officers of the Home Bank are L. A. La Point,'Cashier,
and Frank E. Ford, Assistant Cashier. Mr. Shippey, who
is President of the Porterville Chamber of Commerce, has
been a direstor of the Home Bank since its organization
and is also manager of three citrus packing houses. Mr.
Gronen, it was stated, had not announced his plans for the
future. He owns large property holdings in the Terra Bella
and Porterville districts, as well as in Southern California,
it is understood.
Acquisition of the College National Bank of Berkeley,
Cal., by the American Bank of San Francisco was reported
in the following item taken from the San Francico "Chronicle" of Aug. 25:
The purchase of the College National Bank of Berkeley by the American
Bank was announced to-day (Aug. 25) by P. A. Dinsmore, Vice-President.
The deal, which includes the College National Bank building as well as
the bank itself, at the northwest corner of Shattuck Me. and Addison St.,
'Vox,. 123.
Berkeley, represents a transaction of more than $1.600.000. The merger
of the College National Back into the rapidly growL.g American Bank
system will be completed as soon as the necessary legal steps are concluded. The preliminary plans have been made toward this end, according
to Dinsmore. This makes the 24th branch in the American Bank system.
With the merger of the College National Back the total assets of the American Back will be in excess of $82,000.000.
According to a press dispatch from Ventura, Cal. on
Aug. 20, which appeared in the Los Angeles "Times" of the
following day, a new bank, to be known as the Union National Bank, is being organized in Ventura and will be ready
to open for business about Oct. 1. The institution will
occupy temporary quarters, it was stated, in the Came
Building at Main and Oaks Streets pending the erection of
its permanent home at" California and Maine Streets. The
capital stock will be $200,000, divided into 2,000 shares of
$100 each.
The Los Angeles "Times" of Aug. 26 stated that announcement was made on the previous day of the acquisition of
the West Hollywood National Bank, Hollywood, Cal., and
the Beverly National Bank, Beverly Hills, Cal., each with
deposits of approximately $1.000,000, by a group headed by
Richard L. Hargreaves, President of the Liberty National
Bank of Beverly Hills. The Los Angeles paper went on to
say, in part:
liaigleavei will be actively identified with each bank as Vicel'reddent. Thernas T. Snell, former President of each of the acquired
banks. Is retiring from the banking business to eng.ge in private business.
hile he
grJun will he repres...hted among the officers and directors. Mr. lhirgreavassee. u..ctcl that each bank will function as a separate
Emerson C. Eachel, retired capitalist, but for 25 years actively identified
with the Underwood typewriter interests is to be President of the Beverly
National and Walter G. McCarty will be Chairman of the Advisory Board,
which will function as an executive committee. George B. Manger, capitalist and large property owner, will be President of the West Hollywood
National, with Fred LeBlond, Vice-President and F. C. Hardy, who established the bank in 1920, Chairman of the board of directors.
An interesting distinction has been gained bya H. W.
Sanders of the Citizens National Bank of Los Angeles, in
winning standard certificates from both the American Institute of Banking and the Institute of Bankers of London,
England. Mr. Sanders is a member of the Board of Governors of Los Angeles Chapter of the American Institute of
Banking and for two years editor of "Cage and Desk" the
Chapter publication, during which the publication was
awarded a prize at the 1924 convention as the best chapter
publication in the United States.
The Institute of Bankers of London, England, was founded
in 1879 and carries on a similar work to the American Institute of Banking. The standard certificate is awarded for
the passing of their final examination, and the subjects are
the same as those of the A. I. B. with the addition of accountancy, usually in England called "bookkeeping." Mr.
Sanders received his early training in an English bank.
For the purpose of acquiring the realty holdings of the
California Bank of Los Angeles in and adjacent to that city,
an organization to be known as the California Group Corporation has been formed capitalized at 85,000,000, according
to an announcement made on Aug. 24 by A. N. Kemp,
President of the new corporation and a Vice-President of
the California Bank. In this regard, the Los Angeles
"Times" in its issue of Aug. 25 printed the following:
Control of the corporation, represented by the entire issue of $2,500,000
common capital stock, will be vested in the California Securities Company
and will be held for the benefit of the California Bank stockholders. Cumulative 6% preferred stock in the amount of $2,500,000 has also been provided.
"California Group Corporation will supplement and support the operadons of California Bank, California Trust Company, California Securities
Company and National City Bank," Mr. Hemp said, "and is in line with
the procedure of other financial institutions in the country.
"In our organization we have felt the need of a corporation to handle
matters beyond those which we ordinarily handle in the California Bank,
the California Trust or California Securities companies, and the California
Group Corporation will supply this need. It may act as a holding company; it is authorized to finance industries and businesses, to make loans,
to handle syndicates, and other profitable branches of finance, and in
addition it will take care of the present real estate holdings and acquire
additional premises for the California Bank and its affiliations as warranted
f
o.
rsth
icoew
gr
heeforff
byTth
the California Group Corporation are A. N. Jemp, President; Lewis E. Bliss, A. E. Huntington, J. B. Chaff- Gordon C. Smith,
Vice-Presidents; B.E. Brownell, Secretary, and T. E. Ivey, Jr., Treasurer.
Directors of the corporation are all men prominently identified with
the California Bank and include A. M. Chaffey, A. N. Jemp, George
A. J. Howard, Leo S. Chandler, A.E. Huntington, L. E. Bliss, J. ForsYthe,
0. L. Alexander, T. E. Ivey Jr., Gordon 0. Smith and J. B. Chaffey.
Details are now at hand of the proposed merger of the
Mercantile Trust Co. of California, San Francisco, and the
American Bank of that city, noted in our issue of last Saturday, page 1348. The uniting of these institutions is said
SEPT. 18 1926.]
THE CHRONICLE
to be the largest bank consolidation ever effected on the
Pacific Coast. The resulting institution will have resources of more than $200,000,000 and will maintain no
less than 81 branch offices throughout central California.
The following in regard to the merger is taken from the
San Francisco "Chronicle" of Sept. 9:
1467
THE CURB MARKET.
Trading on the Curb Market proceeded in irregular fashion
this week, prices moving up and down without definite
trend. To-day values suffered generally in a reactionary
movement. Warner Bros. .Pictures after an advance from
53 to 65 broke to 463/i and closed to-day at 48%. Fox
Theatres moved up from 233,' to 27%, eased off to 253
4
and finished to-day at 26. E. I. du Pont de Nemours &
Co. new stock was active and sold up from some eight points
to 159, but reacted to 154%, with the final figiire to-day
155%. Glen Alden Coal improved from 180 to 182%, but
fell back to 182. Libby Owens Sheet Glass common dropped
from 153 to 145. Servel Corp. common declined from 18%
to 163s, and Singer Manufacturing from 390 to 350%, the
latter closing to-day at 354. Victor Talking Machine lost
3% points to 100. Among utilities International Utilities
Class A was a strong feature, selling up from 25 to 303-i and
at 30 finally. American Gas dr Electric common after the
early loss of almost two points to 101 ran up to 1043' and
reacted finally to 102. Oil stocks were quiet with slight
changes. Humble Oil & Refining eased off from 60% to
3
Prairie Oil & Gas lost almost
57 and finished to-day at 57%.
three points, closing to-day at 50%. Gulf Oil sold up from
89 to 903
4, then back to 88.
A complete record of Curb Market transactions for the
week will be found on page 1496.
Completion of this consolidation was effected yesterday afternoon
(Sept. 8) when the boards of directors of both institutions met and ratified terms under which the two banks will become unified.
The deal has been effected by an exchange of three shares of American
Bank stock, worth $200 a share, for two shares of Mercantile Trust Co.
stock, valued at $300 per share.
The personnel of both institutions will remain intact and upon completion of the details, a new title will be selected for the merged institution
embodying the name now borne by both the combining banks.
Through the combination, the new institution becomes the eighth largest
trust company in the nation, of which five are in New York, one in Chicago and one in Cleveland.
The merger of the two banks will likewise mean the consolidation of the
two bond departments known as the Mercantile Securities Co. and the
Americaa Securities Co.
Following +s the statement issued jointly by John S. Drum, President
of Mercantile, and Russell Lowry, Executive Vice-President of the American Bank:
"Both banks have followed the policy of developing their banking and
trust services in the cities about San Francisco Bay; the American Bank
developing its main strength in Oakland and the other cities of Alameda
and Contra Costa counties, and the Mercantile pursuing the same course
mainly in San Francisco and the cities in San Mateo, Santa Clara, Mario
and Sonoma counties. The merger is most logical and bzings to the combined institutions the complementary strength that each now possesses
Independent of the other.
"Our boards of directors, recognizing that the American Bank and the
Mercantile Trust Co., by reason of the situation of their offices and
DAILY TRANSACTIONS AT THE NEW 'YORK CURB MARKET
the nature of their business, are to a large extent complementary instiand
tutions, are convinced that the best interests of the bay communities
PONDS (Par Value).
87'OCKS(No. &hares).
of the stockholders of the two banks will be served by this merger.
Domestic. Poen Govt.
OU.
/MANI&
The new Mercantile Trust-American Bank chain will be the third largest
101111RN Rep!.17
branch banking institution in California. In total resources it will be ex1198,000
$840,000
43.400
48,380
86,145
Satu-day
ceeded only by the Bank of Italy, San Francisco, and by the First National- Monday
298.000
84,410 1.822.000
87,280
125.310
Pacific Southwest Trust & Savings Bank, Los Angeles.
461,000
59,100 1,892,000
90,800
Tuesday
182,410
344,000
43,410 1,703.000
104.620
178.755
In total branches it is again third, exceeded by the Bank of Italy and Wednesday
473,000
48,400 1,884.400
72,165
79,103
First National•Pacific Southwest. The Mercantile Trust'a epproximate Thursday
176.000
75,200 2,132,000
98.595
170,937
Friday
$180,000,000 resources, added to the American Bank's $81,000,000, will
351.920 $10273000 51,850,000
give combined assets of $261,000,000. The Mercantile's branches, added
822,660 501.840
Total
to the American's, make a total of 81.
The relative positions of the four largest branch banking chains in reTHE WEEK ON THE NEW YORK STOCK EXCHANGE.
sources and number of branches follows, the figures for the two San Francieco banks being as of June 80 1926, and the two Los Angeles banks as
Except for a brief period of buoyancy on Tuesday the
of April 12 1926:
stock market has been confused and uncertain, with marked
No. of Branches.
Total Resources.
111141k—
96
$430.000,000
Bank of Italy
depression at theclose.-- Alternate periods of strength, un95
803,819,094
First Nat.-Pac. S. W.
and irrephoity have characterized the trading,
settlement
81
261,000,000
-American
Mercantile
44
with occasional manifestations of strength in Some special
239,055.779
Sec. Trust & S. L. A.
Both the Mercantile Trust Co. and the American Bank chains are mergers issue or group. GeneralMotors,new stock,has been particuof other institutions, as well as the result of the development of new
larly conspicuous in the trading and a number of the
branches throughout the bay district.
The Mercantile was organized under the laws of California, July 3 1920, more active specialties have displayed moderate improveand is a member of the Federal Reserve System. It is a consolidation of ment, but the general tendency of the market has been
the Savings Union Bank & Trust Co., Mercantile Trust Co. of San Frantoward lower levels. At the two hour session on Saturday,
cisco and Mercantile National Bank of San Francisco.
Savings Union Bank & Trust Co., incorporated June 18 1862, under the a brief rally at the end of the first hour was followed by a
title of San Francisco Savings Union, was the first bank incorporated renewal of offerin 7 of the leading stocks and the trend of
under a California Banking Act.
Mercantile Trust Co. of San Francisco was organized April 18 1899. On prices turned downward. United States Steel common
Jan. 25 1910, it declared a dividend of $2,000,000 out of surplus, which slipped back to its lowest level since its high record of 159%
was used óy the stockholders in payment of their subscriptions to the capin August and General Motors moved down nearly 3 points
ital stock of Mercantile National Bank of San Francisco, chartered March 5
to 2133/8._ Railroad shares, industrial stock!, and motor
1910.
On Oct. 20 1922 the corporate title was changed to Mercantile Trust Co. issues all participated in the downward swing, though most
of California. It was comolidated on Feb. 15 1922 with the Berkeley Bank
The tone of the market conof Savings & Trust Co., and on Jan. 16 1926, with the Bank of Palo Alto of the losses were fractional.
and the Bank of Burlingame. At the head of the Mercantile chain are tinued heavy on Monday and little or no change was apparent
John D. McKee, as Chairman of the Board, and John S. Drum as Presi- from the close of the preceding week. United States Steel
dent.
slipped back as the day
The American Bank was organized Sept. 17 1902 as the American Na- common was higher at the start but
tional Bank. On Aug. 20 1923 it was reorganized under California State advanced and most of the motor stocks were under-pressure
charter as the American Bank of San Francisco and changed to the Ameri- and yiel1e1 from 1 to3 points. Railroad shares were irregucan Bank Oct. 14 1924. It is a member of the Federal Reserve System.
The bank was merged on Sept. 8 1923 with the Security Bank & Trust lar, some swinging upward and others moving toward
Co. of San Francisco, organized March 2 1871. It was consolidated by lower levels. St. Louis & San Francisco was one of the
purchase with the First National Bank of Oakland and the American Bank
features of the group and closed with a net gain of
of Oakland on Oct. 11 1924, with the Bank of Alameda on Jan. 12 1926 strong
about 1 point. Oil shares were off from 1 to 3 points and
and with the College National Bank, Berkeley, on Aug. 27 1926.
Philip E. Bowles, who as President of the American Bank. was at its some of the industrial stocks yielded a point or more.
head during it5 greatest merging activity, died early last spring. FollowOn Tuesday the market swung completely around and
ing his passing, the presidency was unoccupied. Russell Lowry, former
Vice-President, was named Executive Vice-President, and took the active improved in both tone and movement, many issues scoring
direction of the bank, which he has continued until now.
gains of one to six points. General Motors was the feature
The capital stock of the Mercantile Trust Co. is $5,500,000, its surplus
of
theday and closed with a net gain of 634 points. United
$4,000,000, its undivided profits $1,200,000, its deposits $161,000,000 and
its total resources more than $182,000,000. The capital stock of the States Steel improved and showed a gain of more than two
American Bank is $5,000,000, its surplus $1,190,000, its undivided profits points at its high for the day. Public utility stocks were
$700,000, its deposits $70,000,000, and its total resources $80,000,000.
about 3
Following are the officials who have been appointed to work out de- also strong, American Water Works moving up
points, followed by Consolidated Gas and Brooklyn Edison
tails of the consolidation:
For the American Bank—Russell Lowry, Vice-President; George M. with substantial gains. Railroad stocks were in strong
Bowles, Vice-President; J. M. Marmon, M. It. Jones and William Cavalier,
demand at improving prices, Atchison advancing over 2
directors.
For the Mercantile Trust Co.—John S. Drum, President; John D. McKee, points and Pere Marquette making a new high record above
Chairman of the Board; Joseph Hyman and C. 0. G. Miller, Vice-Presi- 108.
The market again turned downward on Wednesday.
dents and directors, and Edward H. Clark, Milton II. Esberg and Fred T.
General Motors was the feature of the early trading, adElsey, directors.
D. H. Traphagen and C. D. Buckner, both Seattle business men, were elected directors of the City Bank of Seattle
on Aug. 26, according to the Seattle "Post-Intelligencer" of
the following day.
vancing to 152 at its high for the day, though it slipped back
to 1493
% at the close. Railroad shares were more or less
irregular, Delaware & Hudson and Nickel Plate moving upward, while Norfolk & Western, Atlantic Coast Line, Pere
Marquette and several cthers closed with net losses. Some
specialties advanced, Pullman making a gain of 3 points.
1468
THE CHRONICLE
Stocks continued to move irregularly on Thursday, many of
the more active stocks alternating between advances and
declines. General Motors advanced to the highest level of
the present movement. The so-called specialties group were
the strong stocks of the day, particularly Cudahy Packing
and Pullman Company, the latter moving close to 200.
Railroad shares continued in the foreground, Chesapeake
& Ohio advancing nearly 2 points, followed by New York
Central, which sold as high as 144 during the early trading.
Union Pacific, Atchison and Southern were all active and
registered substantial gains before the close. Du Pont also
was in strong demand at advancing prices. United States
Steel common was in strong demand throughout the session
but in the final hour showed little or no change from its
previous close. Oil shares were moderately active, Sun Oil
crossing 35, though stocks like Pan American B and Phillips
Petroleum moved within a comparatively narrow range.
The market continued its downward course.on Friday,
prices breaking sharply under a considerably increased volume of business and nearly every active stock lost ground;
United States Steel common was down 4 points and sold
below 144. Warner Bros. Pictures went down with a crash
and lost more than 10 points from its previous close. Other
weak stocks included American Can, General Asphalt,
Baldwin Locomotive and American Smelting. The final
tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
Stocks, •
No.
Shares.
Wed Ending Sept. 17
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
.
'
Total
Sales at
New York Stock
Exchange
Railroad.
&e.
Bonds.
State,
Municipal &
Foreign Me.
828,435
1,347,701
1,490,095
1,649,434
1,567,141
2,346,400
$2,661,000
4,254,000
5,744,500
4,602,000
5,061,000
6.185,000
$1,892.000
3,072,000
3,018,000
3,245,000
2,697,000
2,340,000
United
States
Bonds.
--5213,000
538,000
1,264,000
698,100
785,500
328,000
9,229,206
$28,507,500
$16,264,000
$3,826,600
Week Ending Sept. 17.
1926.
Stocks-No,of shares_
Bonds.
Government bonds_ __
State & foreign bonds_
Railroad & misc. bonds
Total bonds
1925.
Jan. I to Sept. 17.
1928.
1925.
9,229,206
10,079,038
323,135,381
285,464,279
33,826.000
16.264,000
28,507.000
$7,066,050
16,018,500
42,138,700
8194,545,750
466,226,950
1,452,258,200
$265,010,760
501,119,500
2,318,345,275
348,597,000 365,223,250 $2,113,030,900 $3,084,475,535
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES
Week Ending
Sept. 17 1926.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Prey:week revised
Boston
Philadelphia.
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales
-511,000
13.360
12,496
$13.800
896
$10,000
22,000
23,144
. ,200
15,075
HOLI DAY
18,000
25,000
29,292
26,100
1,190
29,400
53,250
27,626
21,552
27,500
1,730
27,000
40,500
21,039
16,195
34,600
1,005
9,000
17,751
12,642
5,000
6,000
1.593
11,500
122,811 5149,750 112,361 3118,200
6,414
386,900
117.055
3134.100
175.095
8102.320
7.165
569000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 1 1926:
GOLD.
The Bank of England gold reserve against notes on the 25th ult.amounted
to £153,399,420,as compared with £152.749.100 on the previous Wednesday
About £611,000 bar gold was available in the open market this week: of
this the Continent purchased about £160,000 and the trade about £40,000.
only a small amount being taken by India. The balance was secured by
the bank as shown in the figures below.
The Bank of England has announced the following gold movements since
our last issue:
Received. Withdraum,
Aug.26
nil
£15.000
Aug.27
nil
nil
Aug.28
nil
nil
Aug.30
£300,000
nil
Aug.31
393,000
nil
Sept. 1
nil
5,000
The receipts on the 30th and 31st were from South Africa in the form of
sovereigns and bar gold, respectively. The £20,000 withdrawn was in
the form of bar gold. During the week under review /673.000 on balance
has been received by the bank, increasing the net influx since the 1st of
January 1926 to £10,706,000, and reducing the net efflux since the resumption of an effective gold standard to £889.000.
United Kingdom imports and exports of gold during the week ending
the 25th ult. were:
Imports.
Exports.
£3,250 Germany
Netherlands
£38,190
15,890 France
Belgian Congo
125,245
763,834 Switzerland
British South Africa
91,050
948 Spain
Other countries
20,900
Austria
45,300
British India
20.000
Straits Settlements
33,500
Other countries
17,153
£783,922
£391,338
The Southern Rhodes,an gold output for July last amounted to 50,460
ounces as compared with 52,381 ounces for June 1926 and 49,453 ounces
for July 1925.
[voL. 123
SILVER.
Influenced by covering orders from the Indian Bazaars prices rose 3-16d.
and nd. for cash and forward silver, respectively, on the 27th ult., thus
increasing the premium on the latter to 3441. This may be attributed partly
to the increased stocks of cash silver and partly to the earring forward of
contracts by bull operators. The level reached was not maintained as,
following the rise, silver was offered freely from India and China, and
yesterday the prices fell sharply to 285
% for cash and 28n for two months'
delivery. A slight recovery of 1-16d. in both positions took place to-day.
America has sold during the week, but has not offered silver with any
freedom.
United Kingdom imports and exports of silver during the week ending
the 25th ult. were:
Imports.
Exports.
United States of America__ £35,515 France_
£23,421
Mexico
53,340 British India
119,900
Canada
12,900 Other countries
26,080
Other countries
11,0371
£102.7921
£169,40/
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Aug. 7. Aug. 15. Aug. 22.
Notes in circulation
19822
19983
19907
Silver coin and bullion in India
9913
9837
9752
Silver coin and bullion out of India
Gold coin and bullion in India.
H5i
9232
1
i
5
Gold coin and bullion out of India
Securities (Indian Governntnet)
05'4
5738
5738
.
Securities (British Government)
2100
2100
2104)
No silver coinage was reportod during the week ending the 22d ult.
The stock in Shanghai on the 26th ult. consisted of about 72.400,000
ounces in sycee. 63,200,000 dolla7s and 9,380 silver bars, as compared
with about 72,300,000 ounces in sycee, 63,600.000 dollars and 6,810 sliver
bars on the 21st ult. Statistics for the month of August are appended:
-Bar Silver per Ox Std.liar Gold per
Cash.
Oz. Fine.
2 Mos.
Highest price
293'd.
8444. 11)d.
293d.
Lowest price
281.4d.
144s.
9-16d.
9U d.
28
Average price
28.772d.
84s. 10.6d.
28.830d.
Quotations During the WeekAug. 26
28%d.
28 15-16d. 84s. 11 lid.
Aug. 27
29 1-16d.
293-16d.
84s. 11 WI.
Aug. 28
28 13-16d.
28 15-16d. 84s. 11%d.
Aug. 30
28 13-16d.
28 15-16d. 845. 11 WI•
Aug. 31
28%d.
28nd.
84s. 103d.
Sept. 1
28 11-16d.
28 13-16d. 84s. 11 )441.
Average_ _.
28.812d.
28.927d.
845. 11.2e.
The silver quotations to-day for cash and two months' delivery are
respectively 3-16d. and %41.,below those fixed a week ago.
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show a small decrease
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ending to-day
(Saturday, Sept. 18), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 3.4% smaller than in the corresponding week
last year. The total stands at $10,162,612,508, against
$10,516,764,263 for the same week in 1925. At this centre
there is a loss for the five days of 4.3%. Our comparative
summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended Sept. 18.
1926.
1925.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louts
San Francisco
Los Angeles
Pittsburgh
Detroit
Baltimore
Cleveland
New-Orleans
$4,532,000,000
575,278,455
496,000,000
414,000,000
137,973,229
149,200.000
205,674,000
180,818,000
161,851,437
166,037,678
85,947,886
123,114,020
65,478.952
34,737,430,396
-4.3
596,778,179
-3.6
515,000,000
-3.7
386.000,000
+7.2
131,042,253
+5.3
150,600,000
-0.9
199,688,000
+3.0
161.535,000 +12.0
158,514,000
+2.1
160,155,518
+3.7
125,637,883 -31.6
118,167,997 ' +4.2
72,303,809
-9.4
Total 13 cities, 5 days
Other cities, 5 days
57.293,373,657
1,175,470,100
37,512,853,034
1,263,257,090
-2.9
-6.9
Total all cities, 5 days
AU cities, 1 day
58,468,843,757
1,693,768,751
88,776,110,124
1,740,654,139
-3.5
-2.7
tin 1119 ill9 ens
tin RIA I'llst OP/
.-/ a
Tnral nit Mina for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday), and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the prevtous week-the week ended Sept. 11. For
that week there is a decrease of 0.6% although our preliminary totals showed a small increase, the 1926 aggregate
of clearings being $7,362,598,462 and the 1925 aggregate
$7,408,082,373. Outside of New York City the decrease
is 3.1%, the bank exchanges at this centre having shown
a gain of 1.6%. We group the cities now according to the
Federal Reserve districts in which they are located, and from
this it appears that in the Boston Reserve District the totals
are larger by 6.7%, in the New York Reserve District (including this city) by 1.6% and in the Philadelphia Reserve
District by 2.1%. The Cleveland Reserve District has a
loss of 0.3%, the Richmond Reserve District of 1.7% and
the Atlanta Reserve District of 29.5%, the latter due mainly
to the falling off at the Florida points, Miami having a
decrease of 79.9% and Jacksonville of 28.3%. In the
Chicago Reserve District the totals show a diminution of
6.3%, in the St. Louis Reserve District of 6.4% and in the
Minneapolis Reserve District of 17.8%. The Kansas City
Reserve District shows a gain of 6.8% and the San Francisco
Reserve District of 5.5% but the Dallas Reserve District
falls 13.6% behind.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
1925.
1926.
Week End. Sept. 111926.
Ine.or
Dec.
1924.
Diets.
$$
$
Federal R
let Boston _ ___12 eine.
386,056,785
361.822,637 76.7
404,701,935
4,084,766.540 4,020,213,940 +1.6 4,323,914,724
2nd New York_11 "
449,890,448
445,031,967 +2.1
491,913,730
3rd PhiladelPhial0 "
327,446,928 -0.3
326,459,589
355,833,385
4th Cleveland _ 8 "
159,024,301
161,792,578 -1.7
175,130,922
5th Richmond.6 "
178,617,126
195,888,704
"
253,291,996 -29.5
Atlanta
___13
6th
802,103,104 -6.3
751,266.765
850,640,914
7th Chicago- -.20 "
194,230,550 -6.4
181,821,117
183,286,677
5th St. 143u16__ 8 "
137,528,752 -17.8
113,091,659
140,548,934
9th Minneapolis 7 "
236,367,061
221,212,470 +6.8
10th KansaaCity12 "
262,659,616
66,221,333
76,777,720 -13.8
5 "
81.923,421
11th Dallas
429,002,718
406,629,731 +5.5
12th Ban Fran...17 "
448,379,629
129 shies
Total
Outside New York City_
1469
THE CHRONICLE
SEPT. 18 1926.1
1923.
5
378,850,565
3,725,107,039
473,541,471
360,752,932
167,376,888
170,352,125
850,239,405
65,782,475
135,893,344
254,954,441
79,235,958
456,424,297
7.362,598,462
3,373,425,689
7,408,082,373 -0.6
3,480,790,823 -3.1
7,914,872,591
3,690,418,290
7,119,510,940
3,504,056,267
274.423.619
246.800.182 +11.2
316028859
266767.347
ranula-29 aides
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ending Sept. 11.
Clearings at
1926.
1925.
Inc.or
Dec.
1924.
1923.
S
$
Week Ending Sept. 11.
Clearings at
1926.
1925.
Inc.or
Dec.
1924.
1923.
Seventh Feder al Reserve D istrict-C hi cage287,030
230,393 +4.2
Mich.-Adrian _
240,084
831.277
Ann Arbor__ _ _
711,462 4-9.0
775,712
130,715,449 127,013,179 +2.9 134.165.437
Detroit
7,669.652
6,914,548 +10.5
7,644,772
Grand Rapids.
2.477,775
2,490,193
Lansing
2,478,105 +0.5
2,708.990
2,661,036 -1.9
Ind.-Ft. Wayne
2,611,502
20.300.000
Indianapolis... e19,889,000
13.930,000 +42.8
2,009.800
2,555,232 +9.1
South Bend...
2,788,404
5.604.748
5,206,806 +3.3
Terre Haute...
5,378,082
39,365,314
36,425,968 -4.6
Wis.-Milwaukee
34,771,568
2,374.613
2,397,486 -6.4
Iowa-Ced. Rap_
2,243,723
10,773,680
8,703,384 +4.8
Des Moines_ _ _
9,121,930
7,148,021
5,666,267 -0.2
Sioux City_ _ _
5,656,839
1,883,859
1,239,619 -2.0
1,214,941
Waterloo
1,500,565
1,492,763 -9.2
Ill -Bloomingt'n
1,355,911
Chicago
513,741,203 573,797,659 -10.5 600,182,721
a
a
a
Danville
a
1,530,653
1,432,412 -16.0
1,203,624
Decatur
4,741,109
4,137.645 +4.6
Peoria
4,328,344
2,419.433
2,516,760 4-16.1
Rockford
2.923,104
2,666,237
2.592,380 -16.2
Springfield....
2,172,380
205,648
722,398
139,411,924
7,307,976
4.895.749
2,576,938
22.039,000
2,769,000
6,082,159
40,269.475
2,358,838
11,095,672
6.720,305
1,487,599
1.660,064
589,229,279
a
1.491,568
4.623,984
2,486,636
2.805,193
Total(20 cities) 751,266,765 802,103.104 -6.3
Eighth Federa Reserve Die trict-St. Lo uis4,946,210 +2.1
Ind.-Evansville.
5,052,707
Mo.-St. Louis
114,700,000 121,700,000 -5.8
28,231,450 +4.1
Ky.-Loulsville_ e29.394,269
328,168 +4.2
341,919
_
22,812,830 -24.9
Tenn
17,129,683
Owensboro_.-Memphis
14,491,869 -7.7
Ark.-Little Rock
13,382,847
397,328 -18.8
Ill.-Jacksonville
322,570
1.322,695 +13.2
Quincy
1,497,122
850.640,914
850,239,405
5,439,081
115,900.000
30,241.590
417.014
17,783,000
11,783,293
310,515
1,412,184
29,944,506
354,576
16,826,373
11,388,373
415,891
1.335,202
Total(8 cities). 181,821,117 194,230,550 -6.4
Ninth Federal Reserve Dia trict-M inn eapolis
11,746,230 -42.5
Minn.-Duluth..
d6,762,754
92,961,625 -19.7
74,675,100
Minneapolis...
26,243,865 -3.9
St. Paul
25,221,956
1,553,000 +10.4
No. Dak.-Fargo
1,714,557
1,614,195 -22.4
S. D.-Aberdeen
1,254,162
613,637 +7.2
Mont.-Billings _
657,710
2,796.200 +0.3
2,805,450
Helena
183,286,677
65.782,475
10.169,343
93,846,409
29,143,406
1,809,361
1,837,355
669,822
3,073,238
11,670,977
81,122,373
36,159,396
2,383.712
1,494,505
538,658
3,523,723
5,517,(6
-17.8 140,548,934 136.893,344
Total(7 cities). 113,091,689
Tenth Federal Reserve Die trict-K an s as City
471,933
497,594
Nob.-Fremont..
405,556 -12.4
d355,122
764,228
575,291
+8.6
585,741
635,939
824,740
842,416 • Hastings
4.501,587
4,254,124
4,565,905 -6.6
Lincoln
4,266,873
3,116,417
3,155,695
44,604,725
41,019,093
Omaha
+3.3
35.523,235
36,700,210
359.000,000 327,000,000
3,055.347
3,101,158
3.687.777 +0.2
d3,696,142
1,801,228
2,797,472 Kan.-Topeka _
8,523.059
8,351,804
7,142,671 +10.1
d7,864,574
Wichita
a
a
144,410,840
+10.4
142,763,773
119,734,850
Mo.-Kan,
132,221.495
City_
1,124.212
1,403,479
8,085,442
7,299,806
St. Joseph....
6,069.726 -0.9
c16,014,939
a
a
a
a
B
a
a
1,466,975
1.525,031 Okla.-Muskogee
22,394,111
+5.1 •27,042,896
22,178,360
Okla. City.... d23,532,504
4,743,943
4,898,406
a
a
a' sal
a
Tulsa
a
3.430.512
3,621,000
1,250,219
+5.6
1,266,015
1,210,354
1,278,057
11,458,311
14,299,729 Colo.-Col. Spgs.
18,914,025 -2.6
19,621.740
21,873,762
18,421,491
Denver
6,729,001
6,595,033
1,087,575
978.519 +41.0
1,013,666
e1,379,665
Pueblo
10,183,700
11.844,000
822.896
868,304
Total(12 cities) 236,367,051 221,212,470 +6.8 262,659,616 254,954,441
Total(12 cities) 386,066,785 361,822,637 +6.7 404,701,935 378,850,565
Eleventh Fede ral Reserve District-Da las1,502,944 +4.3
1.833,872
Texas-Austin _ _
2,530,444
1,567,872
47,554,273 -8.1
52.238.175
43,305,501
48.188,851
Second Feder al Reserve D strict-New York.
Dallas
12,949,395
10,638,904 -39.5
5,300,607
6,436,048
Fort Worth_ _ _
12,560,605
4,633,833 +14.4
N. Y.-Albany..
5,183,234
5,683,322
9,908,000 -0.5
9,700,466
927,800
10,971,629
Binghamton.-9,861,000
1,071,700 -13.4
Galveston
992,300
950,300
a
a
a
38,690,303
Buffalo
a
a
39,737,391 -2.6
Houston
45,743,972
41,109,267
5,201,513
Elmira
814,756
4,985,029
7,173,599 -29.6
5,053,912
829,184 -1.8
871,946 La -Shreveport_
906,868
Jamestown_ _ -c1,463,018
1,362,589 +7.4
1,281,724
1,331,118
81,923,421
New York_ _
76.777,720 -13.8
3.980,172,7733,927,291,550 +1.64,224,404,301 3,615,454,673
66,224,333
Total(5 cities).
79,235,958
Rochester
10,055,316
Twelfth Feder al Reserve D istrict-San Franc taco10,456,146 -3.8
10,586,702
10,375,597
Syracuse
11.8
35,262,637
43,851.059
4,535,106
Wash.
43,259,728
38.666,447
4,851,713 -6.5
-Seattle_
_
4.294,006
4.534,218
Conn.-Stamford
11,456,000
13,331,000
11,975,000 +4.6
c2,885,623
12,522,000
Spokane
3,122,747 -7.6
2,735,220
3,133,839
a
N. J.-Montclair
a
a
a
563.400
a
Tacoma
609,549 -7.6
424,543
345,013
Northern N. J.__
+1.4
1,256,897
1,577,829
30,357,838
1,635.928
1,658,634
Yakima
26,247,538 +15.6
31,417,960
37,261,630
37,843,641 -3.0
39,766,578
42,385.185
Ore -Portland..
36,700,429
Total(11 cities) 4,084,766,540 4,020,213,940 +1.6 4,323,914,724 3,725,107,039 Utah-S. L. City
15,565,455
15,787,257
15,251,880 +2.0
15,553,155
a
a
a
a
a
Nev.-Reno.
Third Federal Reserve Dis trict-Phlla del phi aa
a
Ariz
a
a
a
_
Pa.-Altoona_ _
+11.1
4,774,302
1,943,801
4,278,713
Cal.
4.852,777
1,380,590 +40.8
4,752,988
-Fresno
_
_1,631,865
1.512,408
Bethlehem- - - 6,193,235
3,837,664
5,718,159 -3.6
Long Beach...
8,786,336
3,793,681
5,515,553
+1.1
3,690,187
5,255,325
Chester
1,145,972
Los Angeles_
1,081.544 +5.9
131,685,000 119.456,000 +10.2 131,541,000 137,873,000
1,059,484
1,458,525
Lancaster
17,186,011
1.934,790
14.840,017 +11.0
16,213,616
2,514,444 -23.1
16,473,059
Oakland
2,638,797
3,171,621
Philadelphia... 421,000,000 418,000.000 +0.7 463,000,000 444,000,000
5.051,802
4.777,617
4,390,883 -1.2
4,334,457
Pasadena
Reading
3,277,264
10,700,025
7,533.888
3,272,680 +0.1
6,475,770 +6.3
c6,886,857
Sacramento_
3,241,684
2,269,650
Scranton
5,424,774
4,580,583
3,885.649
San Diego_ _ _
5,515,548 -1.7
4,830,947 +10.4
5,331,093
5,677,515
5,460,610
Wilkee-Barre_
d4,892,390
San Francisco. 139,573,000 128,743,557 +8.4 156,700,000 149,700,000
3,002,758 +62.0
2,843,791
3,193,916
York
1,669,696
2,504,495
2,360,702
San Jose
1,599,883 +4.3
2,229,373 +28.6
2,868,006
1,511,399
1,530,403
N.J.-Trenton..
4,764,097
1,265,857
Santa Barbara_
1,245.669
4,870,839 -2.2
1,214,025 +32.6
1,609,764
6,710,499
4,597.512
Del.-Wilruingt'n
a
1,860,352
a
Santa Monica_
1,757,279 +5.8
1,859,676
a
a
a
2,714.400
2,818,000
Stockton
2.137,500 +40.9
3,012,600
Total(10 cities) 449,890,448 445,031,967
+2.1 491,913,730 473,541,471
Total(17 cities) 429,002,718 406,629,731
+5.5 448,379.629 456,424,297
Fourth Feder al Reserve D istrict-Clev eland-Grand total (129
Ohio-Akron _ _
d4,718,000
cities)
0.6 7,914,822,591 7,119,510.940
4,147,000 +13.7
7308,082,373
362,598.462
7
8.900,000
7,056,000
Canton
5.775,352
4,254.118 +35.7
5,056,525
5,004.880
Cincinnati
59.072,731
59,642,127 -1.0
63,918,704
67,480,053 Outside NewYork 3,373,425,689 3,480,790,823 -3.1 3,690.418.290 3.504,056,267
Cleveland
94,400,622
99,962,561 -5.6 106,749,132
98,752,455
Columbus
14,527,500
16.477,900 -11.8
17,968,200
20,012,500
Week Ended Sept. 9.
Dayton
a
a
a
a
a
Clearings ofLimaa
a
a
a
a
Inc. or
Mansfield
d1,617,192
1.489,408 +8.5
1,408,069
1,576,665
Dec.
1925.
1924.
1923.
1926.
Springfield
a
a
a
a
a
Toledo
a
a
a
a
a
Canada$
$
$
%
3
Youngstown _ _
e4,867,759
4,490,170 +8.4
4,631,849
5.307,873
Montreal
75,202,736 +13.6
89,412,559
85.465,120
89,309,476
Pa.-Erie
a
a
a
a
a
Toronto
78,258,323 +4.8 122,917,973
82,060,524
87,622,943
Pittsburgh.... 141,480,433 136,983,644 +3.5 147,200,906
155,562,506 Winnipeg
33,528,671
+3.7
34,765,384
39.276,971
35,659,411
12,456,179 +22.1
Vancouver
15,212,542
15,096,492
14.364,247
Total (Settles). 326,459,589 327,446,928 -0.3 355,833.385
360,752,932 Ottawa
5,358.328 +12.1
5,891,125
6,005.785
6,115,591
Quebec
4,659,515 +11.2
5,180,033
6,512.387
5.625,426
Fifth Federal Reserve Dist rict-RIchm ondHalifax
2,650,406
2,640,850
-0.2
2,862,539
3.061,189
W.Va.-11unt'gn
1.248,524
1,460,000 -14.5
1,541,577
2,258,085 Hamilton
3,912,979 +56.9
6,138,578
5,887.464
4.774,039
Va.-Norfolk •.6,704.610
6.199,738
+8.1
6,558,779
7,229,657 Calgary
4,732,077
4,588,600
-3.0
4,738,428
4,859,407
Richmond.
d40,446,000
47.977,000 -15.7
51,886,000
50,601,000 St. John
2,273,075 +2.5
2,328,173
2,860,670
2,493,408
S.C.-Charlosion
d2,3913,024
2,321,065 +3.2
1,995,382
2,304,710
Victoria
2.053,528
1,905,788 -4.1
1,828,035
1,902,704
Md.-Baltimore87,260.682
82,029,128 +6.4
91,291,184
83,643,399
London
2.757,618
1,975,822
2,230,730
+12.0
2.427,717
D.C.-WashIng'n
20,968,461
21,805,647 -3.9
21,858,000
21,340.037 Edmonton
3.759,452
4,177,111
3.779,222 +10.5
3.982,486
Regina
3,680,257
2,724,989
3,890,137
3,227,179 +20.5
Total(6 cities). 159,024.301 161,792,578 -1.7 175.130,922 167,376,888
Brandon
670.690
549,840
572,925
559,047 +2.5
747,003
Lethbridge451,978
496,750
585,972 -15.2
Sixth Federal Reserve Dist rict-Atlant a1,788,718
1,475,911
Saskatoon
2,684,538
1,486,142
-19.3
Tenn.-Chatt'ga.
5,922,462
6,054,392 -2.2
5,638,718
6728E946 Moose Jaw
1,257,863
944,810
1,151,903
947,234
+21.6
Knoxville
3.088,814
3,256,017 -5.1
3.603,484
3,451,479 Brantford
965,138
872,757
839,964
716,068 +17.3
Nashville
18,033,378
18,443.499 -2.7
19,465,477
19,993,937 Fort William....
874,052
780.574
930,404
747,408 +24.5
Ga.-Atlanta _ - 46,966,602
69,888,320 -32.8
57.561.467
51,150,696 New Westminster
502,453
589.187
840,385
780,337 +6.3
Augusta
2,345,700
2,428,687 -3.4
2,789.267
2.350,463 Medicine Hat_ _.
257,420
322.684
342,647
293.762 +16.6
Macon
1,763,434
2,227,665 -20.9
1.582,835
1,499,919 Peterborough_ _ _ _
883,052
551.656
946,878
793,997 +19.2
Savannah
a
a
a
a
a
812.879
882,381
Sherbrooke
827.110
777,670 +6.3
Fla.-Jack'nville.
20,390,450
28,444,427 -28.3
13,688,275
9,367,606 Kitchener
846.485
1,075,856
791,754
709,753 +11.5
Miami
6,072.195
30,258,91: -79.9
3,331.150
3,643,373
Windsor
3.771.178
3,750,040
2,895,357 +29.5
Ala.-131r1fling'm.
21,100,015
24,291,886 -13.1
25,698,308
23,986,564 Prince Albert....
302.962
287,869
258,700 +20.6
312,035
2,146,207 -9.3
1,946,549
Mobile
1,805,975
1,889,145 Moncton
838,515
789,758
671,931 +17.1
787,014
1,484,000
1,821,000 -18.6
Miss.-Jackson
1,367.739
918,309 Kingston
664,427
764,641
646,504 -1.4
637,670
Vicksburg
425,822
637,566 -33.2
455.299
346,682
63,393,412
48,177,705
____
58,900,710
La.-New Orleans
49,115,379
Total(29 chip/0 274 422 alo 948 A(10.182 +11.2 318,029.259 283.767,347
a No longer report clearings. b Do not respond to requests tor figures. c Week
253,291,996
-29.5 195,888.704 170.352.125
Total(13 cities) 178.617.126
ended Sept. 8. d Week ended Sept. 9. e Week ended Sept. 10. • Estimated.
S
$
%
First Federal Reserve Dist net-BostonMaine-Bangor__
687,978
713,760 -3.6
Portland
3,128,743
3,142,667 -0.5
Mass.-Boston - - 343,000,000 317,000,000 +8.2
Fall River..._
1,631,709
1,932.613 -15.6
Holyoke
a
a
a
Lowell
879,401
1,005,634 -12.6
Lynn
a
a
a
New Bedford
896,326
1,311,480 -.31.7
Springfield_ _
4,655,641
4,718,352 -1.3
Worcester
2,740,151
3,246,710 -15.6
Conn.-Hartford
11,964,907
11,610,700 +3.0
New Haven_ .._
5,987.312
5,683,077 +5.3
R.I.-Providence
9,910,100
10,770,900 -8.0
584,517
N. H.-21anch'er
686,744 -14.9
1470
THE CHRONICLE
VoL. 123.
First we give the receipts at Western lake and river ports
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London, for the week ending last Saturday and since Aug. 1 for
each of the last three years.
as reported by cable, have been as follows the past week:
London,
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Week Ending Sept. 17Sept. 11. Sept. 13. Sept. 14. Sept. 15. Sept. 16. Sept. 17.
Silver pesos
d 28ros
28lts
28•14
284
284
2835
Gold, per fine ounce
84.114 84.114 84.11
84.1034 84.1134 84.114
Consols, 235 per cents
54%
54%
5404
5434
5434
British, 5 per cents
101%
10134
10134
10134
10134
British. 44 per cents
9531
954
9534
9534
9534
French Rentes (in Paris)_ _fr._
49.90
49.75
49.95
48.55
47.75
French War Loan (in Paris) fr....
53.50
53.00
52.95
52.35
52.15
The price of silver in New York on the same days has been:
613.4
(1701 bceIianel1u5BtlITS
Sonnitercial
Pittsburgh Stock Exchange.-Record of transactions
at Pittsburgh Stock Exchange Sept. 11 to Sept. 17, both
inclusive, compiled from officials sales lists:
Low.
High.
gElgq.9g ,!°11,V4,
<
771-7,PAEIV,inA'gfi
XX
X
X
4X
....DC0000V000
,00.1,
0.1.00C.00N.t-.00C
1.1,
0100000..p...M40.V.0h.4.0.4.N.
.CO
..
.
,
M
W.. .M
.4
.
Cl
C.
; 44 M
.
W
Amer Vitrified Trod corn 50
2335 2334
Am Window Glass C. p1100
10835 1084
AmWind Glass Mach 0100 9735 9731 974
Arkansas Nat Gas com_100
74
64 734
Blaw-Knox Co
25 76
75
76
Columbia Gas & Elec pref •9735 9734 9734
Devonian 011
10
1654
16
Duquesue Light 7% pf.100 115
115 115
First National Bank__ _100
3084 310
Houston Gulf Gas
•
634
64 64
100
Jones-Laughlin St
z116% 11634
25 3934 384 394
Lose Star Gas
29
2934
Nat Fireproofing pref__IOC 29
42
25
43
Ohio Fuel Corp
42
42
4234
Certificates of dip
25 2934 2834 2935
Oklahoma Nat Gas
12
12
Pittsburgh Brewing pref 50
288 296
Pitts Plate Glass corn. 100 288
Salt Creek Consol Oil__ -10
835
84 83.4
64 634
Stand Plate Glass
100 85
85
85
Prior preferred
9834 9934
Stand Sanitary Mfg corn 25
10 1751
Tidal Osage 011
1734 2334
1534 16
United States Glass CO._25
• 42
Waverly 011 class A
42
4234
134 134
Weet'house Air BBrk__ 50
100
West Pa Rye pref
94
94
Range Since Jan. 1.
4XX
Stocks-
.
to
W.
0..Wa WOW
000000010100...W0004.000WW0000.01W
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. L010. High Shares
334
112
974
735
76
9734
17
1153.4
325
10
11934
5635
39
4334
4234
34
15
310
10
32
8534
11855
23%
1934
424
139
95
4
C
1,
St. Louis Stock Exchange.-Record of transactions
at St. Louis Stock Exchange Sept. 11 to Sept. 17, both
inclusive, compiled from official sales lists:
Stocks-
Merch-Laclede Nat__ __100
Nat Ilk of Commerce100
Street RailwaySt. Louis Public Service_ -•
Miscellaneous•
Boyd-Welsh Shoe
Brown Shoe common_100
100
Preferred
•
Bruce (E I.) common_
Ely & Walker DO com _ _25
Hamilton-Brown Shoe25
Hussman Refr, corn
Hydr Press Brick com__100
100
Preferred
Indep Packing corn
•
Internal Shoe corn
Johansen Shoe
Laclede Gas Light pref_100
100
Laclede Steel Co
._25
Mo Portland Cement.
Nat Candy common__ _10f
100
First preferred
Second preferred_ _100
Rice-Stlx DO.eon)
•
100
2d preferred
Scruggs-V-B DO.com _100
Scullin Steel, pref
100
Securities Inv, corn
•
Sieloff Packing. corn
•
*
Skouras Bros. A
South Acid & Sulph, corn •
Southwest Bell Tel. pref100
St Louis Amusen eat A.....'
•
Stitt, Baer & Fuller
Wagner Electric, com----•
Waltke (Wm), corn
•
280
165
280
166
Low.
984
164 July
43
434
364 364
10834 1084
39
39
33
3335
45
45
36
36
335 355
8335 834 8334
25
25
15935 15954 16054
344 3434
874 874
160 160
57
57
79
78
78
107
107 1074
1004 100 10034
24
23
23
0934 100
2534 254
107 107
44
42
4434
274
2734 27%
56
56
4434
443: 44
115(4 115 1154
50
50
333j 3355
17
17
174
48
4734 48
170
25
20
65
70
100
14
40
40
20
133
10
75
9
62
31
40
50
305
80
35
100
948
185
35
125
184
135
145
400
150
3554 Mar
30
June
10754 July
39
Sept
284 May
May
43
- 34 June
334 July
82
July
Sept
25
135
May
28 June
8434 Mar
148
June
4835 Mar
70
APT
106
Mar
Sept
100
2134 Au"
993.4 July
224 Aug
105
Apr
40
Apr
May
24
4534 may
4234 June
1124 Apr
46
Apr
2854 Am,
134 July
40
AM
30c
24
30e 30e
234 24
Street Railway Bonds.
East St L dr Sub 5e_ __1932
Rioted Railways, 4s.1934
4s, cent( of depoeit_1934
7635
7634
86
86
56.000
76
7635 37,000
7634 7634 40,000
2,000
685
10055 1004$3.000
4)1)10
1005i' ,o03.4
25e
23
High.
Jan 280
Jan 171
16% 1634
163-4
Mining StocksIC
:Iranite Bi-Metallic
:tense' Lead & Zinc Co.- -*
Miscellaneous BondsKinloch Long Dist 5s 1929
i01.
,
v.,,....,-.., rut a tr.:,
Range Since Jan. 1.
67 270
31 155
Apr
Aug
83% Feb
75
Jan
74 June
20
Sept
Feb
May
4434 Feb
444 Feb
Jan
111
5334 Jan
3334 Sept
57
Jan
Jan
41
654 Feb
97% Jan
29
Feb
1754 Jan
45
Jan
July
90
15134 May
Jan
67
92
Feb
110
May
104
Mar
2534 Feb
1024 Jan
Mar
30
1074 July
45
Mar
2934 Jan
59
Jan
5234 Feb
11554 Sept
59
Jan
3534 Jan
3434 Jan
4935 June
30c
38
Sept
Mar
87
Aug
7854 Apr
7835 Apr
99% Apr 10034 May
0114 J10-0. innte ci.nr
*Nu par value.
Breadatuffs figures brought from page 1526.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
rom figures collected by the New York Produce Exchange.
I Barley, I
Rye.
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Sept 11, follow:
Jan
Feb
Receipts atFleur.
Wheat.
Cern.
Oats.
Barley.
Rye.
Sept
Sent
Barrels.
Bushels.
Bushels.
Bushels. f Bushels. Bushels.
Sept New York _ _ _
205,000 1,0o0,000
34,000
44,000
140,
6,000
Sept Philadelphia__
47,011
249,1t o
5,000
7,001
26.0001
Jan Baltimore_
496,011
16.000
37.111
27,000
48,
Aug Newport New
12,00.
Mar Norfolk
3,010
Feb New Orleans •
81,000
408,000
150,000
45
Aug Galveston.
526,o 11
Jan Montreal
55.000 3,811,000
25,000
101,001
10,000
49,
Feb Boston
24,000
2.000
2,000
39,
July
Sept Total wk. '2C
464,000 6,557,000
229,000
347,000
144,
to
o
54,000
Jan Since Jan.1'26 17,470.000145.415,000 5,074,000 3,227,
'21,815,00026,699,000
Feb
Aug Week 1925...
391,00
1,742,011
224.000 1,801,00 1,399,000
18,000
Feb Since Jan.1'25 17 275 000 135 542.000 4.1107 one 57
075 nn 91 ann 00027 057 nnn
Jan
Aug j • Receipts do not Include grain passing through New Orleans for foreign ports
Jan on through hi is of lading.
Sept
The exports from the several seaboard ports for the week
Jan
Sept
Sept ending Saturday, Sept. 11 1926, are shown in the annexed
July statement:
Rights.
07,
olz 07,
•
*No par value. a E- Widen I.
Note.-Sold last week and not reported: 15 Conley Tank Car. pref., at 1014:
90 Standard Sanitary Mfg., Corn., at 9934©100; 13,080 Lone Star Gas "rights"
at 2%@234
''clan.
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
Oats.
Exports front-
Wheal.
Corn.
near.
Rye.
Oats.
Barley.
New York
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
GalVeat011
Montreal
355,000
3,764,000
1,186,000
Barrels. Bushels. Bushels. Bushels.
39,981
57,020
47,015
1,000
8,000
3,000
12,000
58,000
85,000
19,000
99,000
58,000
86,000 342,000
98,000
Total week 1926
Samn week 1925._
7,134,970
3.538.531
58.000
40.000
Bushels. Bushels,
1,305,979
236,000
288,000
313,095 117,000
144.005 1.500 RIR
143,020
170 740
381,981
317 714
The destinat'on of these exports for the week and since
July 1 1926 is as below:
W NMI.
FlOttr.
Exports for Week
and Since
July 1 to--
tVeek
e 1 i;
1926.
Since
J1I I
1926.
Week
Sr ‘ II
1926.
Corn.
Since
./1/ 1
1926.
Week
;1, /. ii
1926.
Since
jut, I
1926.
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
720,49C 1,/z4,081 29,4,,,;,u33
United Kingdom_ 93,3,4
110,000
181,88' 1,045,992 5,128,090 34,887.132
Continent
13,000
126,980
284,000 1,670.000
38,000
655,000
So.& Cent. Amer
14,000
111,000
West India,
8,000
20.000
307,000
Brit.No.Am.Cols
120,811
92,250
Other countries. _ _ 10,838
313,095 2,130,280 7,134,979 65,953,320
144.005 2.564.213 3.538.531 41_123 097
Total 1926
Total 1925 _
58,000 1,072,000
40000
014255
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in national bank notes and
in bonds and legal tenders on deposit therefor:
Arrtopru ironas
on Deposit to
Secure Cireula
lion for National
Bank Notes,
Aug. 31 1926_ _ __
July 31 1926. _ _.
June 30 1926._
May 31 1926 _ __ _
April 30 1926 ___ _
Mar. 311926....
Feb. 27 1926._
Jan. 31 1926.. _ _
Dec. 31 i025.._
Nov. 30 1925 _ _ _ _
Oct. 311925....
Sept. 30 1925....
Aug. 31 1925._
July 31 1925._ _ _
June 30 1925_ _ _ _
May 311925....
Aprll 30 1925_ _-_
Mar. 31 1925.___
Feb. 28 1925_ .._ _
Jan. 31 1925_ ._ _
Dec. 30 1924_ __ _
Nov. 30 1924 _ __ _
Oct. 311924....
Sept.30 1924 _ _ _ _
Aug. 30 1924. _ __
$
665,889,940
665.941.890
665.616,390
665.465.140
665,686,140
665.568.140
665.235.640
665.363.590
666.273.130
66(1,087.630
666.185.130
66.5,542,630
665.810.130
665.227.130
665.061.330
665,502,880
666,010,330
665,608.330
666,943,330
725.171,780
731,613,630
737,635.790
739,842,890
741.239,890
742.462.390
National &ink CircWatton
Afloat onLegal
Tenders,
Bonds,
Total.
.-Xto ...00000toA 00001000.4000000-001:001
WW000.4...W.WWWWWIK.COW.P.C.M..40,0,4
0101.-.0000-1000010000000100.4000000
6134
I
aw04...Ao.500-4,10cocpoaas.a..4,4.4-aw
6134
Corn.
000 ------®0CaCaCa00000CaCa_a0000nClfi_a
61%
Wheat.
.aww.40.—coo=0—op.mxt,c4.4.-4-4,4n00
6134
I
bbls.1961bs. bush.6015:. bush.56 lbs.lbush.32 lbs.lbush.481bs.bush.56168.
Chicago
230,000 1,023,0001
71,000
47,00oI 1,542.001.
2.7.000I
Minneapolis
5,390,0001
246,0001
680,0
381,0001 139,000
Duluth
I 1,734.000
536,000
633,000
100,00
Milwaukee_ __
37,000
180,000
33,000
81,000
579,00
176,000
Toledo
303.000
41,000
7,000
I
201.00
I
Detroit
57,000
14,000
I
3,000
56,00
J
Indianapolis_
160,0001
208,000
134,00
St. Louis......
753,000
291,000
16,000
118,0001
230,01
25,008
Peoria
62,0001
28.0001
97,00
26,000
329,0001
Kansas City_
1,711,000
82,00
66,00
Omaha
2,000
558.000
209.000
I
116.00
10.0001
St. Joseph181,0
24,00
102,0003
Wichita
355,000)9,000
16,0
I
Sioux City_
34,C0
39.0001
41.0001
Total wk. '26
447,000 12,474,00
024,000
2,059,000 3,974.00 1,382,000
Same wk. '25
432,000 13,126,0
2,031,00
6,854,00 4,053,000 1.440,000
Same wk. '24
461,000 20,373,000 4.834,000 16,153,00o 3,474,000 3,254,000
Since Aug.11926
3,018,000 92.155,00 14,791,00 31,409,,,e 7,424,000 3,001,000
1925
3,005.0001 77,377,00 25,558,000 68,010,00 18,767.000 4,135,000
1924
3,263,000 144.024.00 31,631,000 61,073,00 9,607.000 9,065,000
.4..4.4-4.4...100000000001000101001000
WWWWWWWWWWWOMWWWWWWWWWWWW
JWWW ...3WW...WWW.WW40....0©~0
.........................
.0001-001010WWW.W00101000001010&J
AW00.410W.WWWA..WWWWWW0...0-4WWW611
....4W0,
WW4,
0o,W..0100WW004.40.0.0
Silver in N. Y., per os.(cts.):
Forelga
6134
Receipts at-I Flour.
$5,486,158 Federal Reserve bank notes outstanding Aug. 31 1926 secured by
lawful money, against 86,815.523 Aug. 31 1925.
SEPT. 18 1926.]
THE CHRONICLE
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and national bank notes on Aug. 31:
1471
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per :M. Bonds.
Per cm.
50 Nat. Park Bank of N. Y
490 $3,000 Plattsburh (N. Y.) G. it E.
14 martin Metals Corp., pref
Co. 1st M.58, 1939
$5 lot
10034
Bonds.
Per Cent. $200 Town of Hempstead G.& E.
Co. 5% bonds, 1931
93
LI. S. Bonds Held Aug. 31 192610 Secure- $4.000 Manila Suburban Rye., 1st
M.55, 1946
101
Bonds on Deposit
On Deposit to On Deposit to
By
Wise, Hobbs & Arnold, Boston:
Secure Federal
Aug. 31 1926.
Secure
Total
Shares. Stocks.
$ per sh. Shares. Stocks.
Per :h.
Reserve Bank National Bank
Held.
5 First National Bank
344
33
50 Amer. Founders Trust, eom
Notes.
Notes.
2 Nat. Shawmut Bank
24434 25 International Securities Trust of
25 First National Bank
America, common
340
39
$
Appleton Co
99
451.4 1 Keene Gas & Elec. Co., pref
2$, U. S. Consd% of 1930
591,586,900 591,417,150 9
35
Massachusetts
Co.
Federal
of
Virginia_32
011
Cotton
lot
Mills.1543.4
6734
2s, U. S. Panama 01 1938
48,622,660 12 Merrimack Mfg.
48,608.420
Co.,coin_ _115-115Si 1 unit First Peoples Trust_72% ex-div.
25, U. S. Panama of 1938
25,770,320 20 Nashua Mfg. Co.,
25,694,620
common_4734-4834 7 special units First Peoples Trust
634
Dartmouth Mfg. Co,common-11634 27 Amer. Glue Co.. common
40
, Totals
665,889,940 665,810,130 6
1 West Point Mfg Co
1391.4 98 New Bedford Gas& Edison Light
10
Co.,
Naumkeag
par
Cotton
$25
Steam
Co.;
7934
The following shows the amount of national bank notes
158-15834 ex-div. 10 New England Power Assoc., pref.,
afloat and the amount of legal tender deposits At“. 1 1026 100 New Bedford Gas & Edison
90% & My.
Light Co., par $25
79-7934 5 Heywood-Wakefield Co.,86 pref. 8434
and Sept 1 1926 and their increase or decrease during the 5 Cambridge
El. Lt. Co., par 325..150
10 Montpelier & Barre Lt. & Pr.
month of August:
26 Springfield Gas Lt. Co., par $25_ 6134
1013
Co.,6% pref
189 Oak Hill Associates
$5 lot 19 Narragansett Elec. Ltg., par
National Bank Notes-Total Afloat8234 ex-d1V.
$50
65
Amount afloat Sept. 1 1926
3702,148,974 14 Draper Corp.(new)
Edison El. ill. Co. of Brockton,
91 Boston Wharf Co
11334
Net decrease during August
2,619,730 12par
$25
61
50 Turners Falls Pow.le Elec. Co- _17934
North Boston Ltg. Prop., pref_ _104 4 units First Peoples Trust_7234 ex-dly.
Amount of bank notes afloat Sept. 1
$699,529,244 25
1,000 Southern Phosphate Corp.__ 134
$ per right.
Rights.
Legal Tender Notes40
7
76 Amherst Gas Co
Amount on deposit to redeem national bank notes Aug. 1 1926
$40,714,779 10 Amer. Glue Co common
Net amount of bank notes retired in August
946,002
By R. L. Day & Co., Boston:
Shares.
Stocks.
Stocks.
M.
Shares.
3
per
Amount on deposit to redeem national bank notes Sept. 1 1928.... 539,768.777 50 National
245 4 Wampanoag Mills
Shawmut Bank
10 Merchants National
1 Lawton Mills
na Bank
370
3 P113318331)sh
Old Colony Trust Co
.7
32734 10 Lyman Mills
FOREIGN TRADE OF NEW YORK-MONTHLY 23
10 Massachusetts Cotton Mills.... 6734 10 Nashua Mfg. Co., corn
49
22 Arlington Mills
78% 1 Boston & Maine RR-,corn.,unstp 47
STATEMENT.
10 Hamilton Woolen Co
35 5 Springfield Gas Light Co., par $25 61
2 Weetamoe Mills
25 4 North Boston Ltg. Prop., pref....10334
Merchandise Movement at New York
10 Naumkeag Steam Cotton Co.
(new)
Customs Receipts
20 Draper Corporation
k(
66
159, ex-div. 3 Boston Woven Hose& Rubber Co.
•
at New York.
Month
Imports.
Exports.
10 Androscoggin Mills
53%
corn
8234
10 manomet Mills
23% 30 GlendaIe Ellasastic
1925-26. I 1924-25.
1925-26.' 1924-25.
8 Wampanoag Mills
p7
r2
e5
1_,ei_dir
1925-26. I 1924-25.
e..0
0
o
Feab
2
a ..
33 2 W.L.Doug
5 Merchants Mfg. Co., Fall River- 54 20 Internat. Securities Trust o..1
$
$
$
$
6 Kilburn Mills
$
I
America, com
383
3
I
January_ - 215,137,735 156.923.263 153,410.759 156,313,003 26.628.8801 17,121.252 25 Arlington Mills
77-77% 3 Cambridge Elec. Sec.. Par S25---141%
February _ 195.930,212 160.460,910 135,855.812 123,210,344 25,131.733 27,072,503 8 Stafford Mills
1 special unit First Peoples Truitt-- ft%
30
141,708.47g175,312,031
234
M arch..
701.4681183.494.498
29.521 243 27.666.955 10 Wamsutta Mills
68% 1 regular unit First Peoples Trust
april
192 961.301 168 694.007 164.810.083 171.392.185 24 280.726 22.891.230 35 Pepperell Mfg. Co
127
181.807.359 149.170.018 124.551,637 147.545.548 22,333.749 21.933.376 10 Pepperell Mfg, Co
May
12734 31 Weymouth Lt.& Pow.. Par $25- 45
June
175,031,076166,308,912 112.535,946123.740,727 25,280,530 23,298,326 5 Sagamore Mfg. Co
11 regular units First Peoples' Trust 72%
154
July
L64.7.4,362iiO4,406,574 i32.903,i0 - 135,781,354 24.6'9,502 24.427,006 8 GreatMills22
Falls Mfg,Co
% 1 regular unit First Peoples Trust__ 72%
5 Flint
88 37 Hartford City Gas Light Co..
Total_ -.113413660351113125858 971,865,81 1033296072 177,798,413 164,312,648 25 Bates Manufacturing Co
corn., par $25
7634
13334
15 Tremont & Suffolk Mills
4734 3 regular units First Peoples Trust12 Union Cotton Mfg. Co
7234, ex-dly
Movement of gold and silver for the seven months:
8734
7 Davol Mille
33 5 special units First Peoples Trust_ 534
10 Merrimack Mfg. Co., pref
7234 15 Springfield Gas Lt. Co.. par $25.. 613
Gold Movement at New York.
6 American Linen Co
Silver-New York
100 Charlestown Gas & Flee. Co.,
18
7 Border City Mfg,Co
par 325
12134
5034
Month.
Import..
Exports.
5 Dartmouth Mfg. Co., corn
75 Gorton Pew Fish. Co.. Lt4t., corn 90
116
Imports.
Exports
10 Great Falls Mtg. Co
21
No. Rights.
8 Per right.
1925-26. 1924-25. 192526, 1924-25.
25 NN est Point Mfg.Co__ _135%,ex-div. 8 Masi. Ltg. Cos., w. as & if issued 1%
1925-26.
1925-28.
15 Massachusetts CottonMills_
_ _ _ 6754 7 Maas. Ltg.Cos., w.as & it tamed. 1 9-16
I
$
3
e
$
$
By Barnes & Lofland, Philadelphia:
1.029.134
705.698
2.569.831 66.002.262 1.858.882 6.436.232
January -_
612,514 2.012,359 33,520,792 5,524,289 3,548,818 Shares. Stocks.
t per share. Shares. Stocks.
shore.
February .. 10,707,0 I
$
650
March-- 3,201,667 3,662,347 2,038.148 21.435084 1,613.500 5,556.070 10 Corn Exchange Nat. Bank
10 Hestonville Mantua & Fair- •
895.895 5.694,336
277
so
AprI1
mount Pass. By., pref
802.731 19.899.381 2.252.994 4,650.649 30 Quaker City Nat. Bank
619.245 7,776.455
13 Phila. Germant'n & liorriat.RR.122%
May
901.208 10,304.670 1.273.845 4.432.012 20 Counties Gas& El. Co.8% pref. 60
4,287.601
948.811 2,174.510 2,641,349 1,925,834 4,945.823 11 Bryn Mawr Ice Mfg. & Cold
June
20 Phila. Life Ins. Co., per $10
1434
546,762 6,46s,0.7 1,598,040 2,455,247 2.72,443 3.566,553
July
Storage Co., par 325
15 Curtis Publishtng Co.. common,
14 Bryn Mawr Ice Mfg. & Cold 353i
200
no par
Total_.. 21,263,888 26,212,60 12,097,327 158,271,7851 16,621,767 33,758.597
Storage Co., par $25
35 20 Keystone Teleph. Cs. of Phila..
20 Rockhill Coal & Iron Co., pref 25
55•
pref., no par
25 Boone Co. Coal Corp., pref..- 65 20 F. G. Vogt & Sons, Imo prof.,
National Banks.-The follow•nginformation regarding 20 Commonwealth
par $50
Pow. Corp , pt.. 8834
51
Phila. Bourse. pref., par $25_ _- 20
1 Pub. Seri. Corp. of N.J.,3% pf_115
national banks is from the office of the Comptroller of the 20
20 Phila. Bourse,common, par 350_ 1734 55 Hare & Chase, Ins.. pref
9634
Currency, Treasury Department:
15 Kensington Nat. Bank, par $50A98 38 Hare & Chase, Ise.. prof
94
20 Union National Bank
APPLICATIONS TO ORGANIZE RECEIVED.
280 49 Hare & Chase. Ins..Immo no tar
p.,2
28
65.
2 Nat. Bank of North Philadelphla_230
23 Phoenix Trust
Capital.
5 Nat. Bank of North Philadelphia_230
Sept. 8-The National Bank of Georgetown,Ga
325,000
8
Philadelphia Glrard Nat. Bank_ _607
Bonds.
Correfspondent, Jesse L. Armtlekl, Georgetown, Ga.
5 Citizens Nat. Bank of Jenkintown 115
Lice.
$1,000 Luzerne Co. Gas
Sept. 8-The Oldfields National Bank of Brea,
Calif.
60.000 8 Aldine Trust Co
109%
cony. s. f. 7s. 1944
260%
Correspondent, A. H. Brown, Brea, Calif.
Susquehanna Title& Tr.. par 850 63 31,000 Phila.Suburban Gas& Nies.
Sept. 10-The Rochelle Park National Bank, Rochelle Park. N.J. 50,000 10
15 Broad St. Trust Co., par 350._ 70%
&
10534
1st consol. 65, 1943
Correspondent, H. 0. Wentworth, Rochelle Park, N. J.
10
Broad
St. Trust Co.. oar $50.- 70 $1,000 Autocar Co. let easy. Is.'37 9734
Sept. 10-The First National Bank of Panhandle. rex
50,000 20 Columbia Ave. Trust Co
34034 31,000 Keystone Power Corp. let
Correspondent, F. A. Paul, Panhandle, Tex.
40 Columbia Ave. Trust Co
102
mtge. 6s, 1952, ser. B 1962
331
Sept. 10-The Midland National Bank of Chicago, III
200,000
5 Metropolitan Trust Co.. par 350.118 32,000 Alden Park Manor(GermanCorrespondent, H. F. Wuehrmann, 39 So. La Salle
40 Market St. Title at Tr., par $50.40034
St,
town,Phila.) let mtge.6348.1937 88
Chicago, Ill.
5 Merlon (Pa.) Title& Tr., par 350_310 $1,000 1900 Rittenhouse Sellars
APPLICATION TO ORGANIZE APPROVED.
5 Mine Hill dv Schuylkill Haven
Apartment 1st mtge. $341. 1638_ 97
Sept. 8-The Endicott National Bank,Endicott, N.Y
RR., par 350
31,000 New Cheater Water Co. lat
6
58
1
$100,000
Correspondent. Hugh F. Duffy, Endicott, N. Y.
5 Green & Coates SM. Pass. By.-.
mtge. 55, 1943
93%
5 Hestonville Mantua lc Fairm.
APPLICATION TO CONVERT RECEIVED.
31,000 Manufacturers' Club of
Pass. By., common
Phila. 2d mtge. 68, 1940
95
26
Sept. 10-The Waynesboro National Bank & Trust Co.. Waynesboro,Pa
$200.000
Conversion ofthe Waynesboro Trust Co.. Waynesboro,Pa.
DIVIDENDS.
APPLICATION TO CONVERT APPROVED.
Dividends are grouped in two separate tables. In the
Sept. 8-The Citizens National Bank of Seward, Pa
25.000
Conversion of Seward Deposit Bank, Seward, Pa.
first we bring together all the dividends announced the
CHARTERS ISSUED.
current week. Then we follow with a second table, in which
Sept. 7-12987 The Hampton Bays National Bank, Hampton
we show the dividends previously announced, but whieh
Bays. N Y
President. William W. Hubbard; Cashier, Fred C. Orth. $50,000 have not yet been paid.
Sept. 7-12983 The City National Bank of Huntington Park,
The dividends announced this week are:
Calif
100,000
President, A. M. Price: Cashier, C. W. Welter.
Sept. 11-12989 The First National Bank of Dearborn, Mich- _ _150,000
Per
When
Books Closed.
Name of Company.
President, Scott R. Lamb:Cashier, H.0 Knickerbocker.
Cent. Payable.
Days Inclartsv.
VOLUNTARY LIQUIDATION.
Railroads (Srestn).
Sept. 9--1395 First National Bank & Trust Co.of Utica,N.Y-$1.250,000 Akron Canton & Youngstown
4
Oct. 1 Holders of rm. Sept. 15
Effective close of business Sept. 8 1926.
Boston & Providence (guar.)
23.4 Oct. 1 Holders of rec. Sept. 20
Lig. Agent, Timothy J. Harrington, Utica, N. Y.
Carolina Clinchfield & Ohio, corn,(qua - 75c. Oct. 10 *Holders of rec. Sept. 30
Succeeded by a State bank.
Stamped certificates
31.25 Oct. 10 *Holders of rec. Sent. 30
Cloy. Cin. Chic. & St. L., corn.(qu.).-- I% Oct.
CONSOLIDATIONS.
20 Holder' of rec. Oct. 54
Preferred (guar.)
134 Oct. 20 Holders of rec. Oct. as
Sept. 1-4422-The First National Bank of Girardville, Pa
$60,000 Consolidated RRs. of
Cuba, pref.(qu.). 154 Oct. 1 Holders of rec. Sept. 17a
and 12327-The Liberty National Bank of Girardville. Pa_ -- _ 60.000 Cuba
RR., common
Holders of rec. Sept. 17
Consolidated under Act Nov. 7 1918 and under charter
31.40 (Wel
Kansas City Southern, pref.(guar.)-Oct 15 *Holders of rec. Sept. 304
and corporate title of "The .First National Bank of
•1
Meadville, Conneaut Lake & Lineeville. 2
Girardville" No. 4422, with capital of
15i Oct. 1 Holders of rec. Sept. 15
80,000 New York Central
RR.(guar.)
Nov. 1 Holders of sec. Oct. 5
Sept. 1-6182-The Fauguier National Bank of Warrenton, Va
1
100.000
Nov. 1 Holders of rec. Sept.30
and 12966-The Fauguier National Bank in Warrenton. Va_- _ 25,000 Northern Pacific (quer.)
Providence & Worcester ((Mar.)
Consolidated under Act Nov. 7 1918 and under charter
Sept.30 Holders of res. Sept. 8
234
Vermont & Massachusetts
Oct. 7 Sept. 9 to Oct. 7
and corporate title of "The Fauguier National Bank of
3
Western Pacific RR.Corp., prof.(MI.)
Warrenton" No. 6126, with capital of
.
- 134 Oct. 20 Holders of me. Oct. la
150,000
With a main office at Warrenton and a branch at. The
Public
Utilities.
Va.
Plains.
Alabama Power, 7% Pre:• (guar.)
1% Oct. 1 Holders of res. Sept. 20
6% preferred (guar.)
13.4 Oct. 1 Holders of rec. Sept.20
Auction Sales.-Among other securities, the followinz, All-America Cables
•134 Oct. 14 Holders of rec. Sept. 30
(quer.)
GM & Elec.,common (quar•)250. Oct. 1 Holders of rec. Sept. 17
not actually dealt in at the Stock Exchange, were sold at auction Amer.
Preferred (guar.)
31.50 Nov. 1 Holders of rec. Oct. 11
in New York, Boston and Philadelphia on Wednesday of Amer.Power & Light. pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 18
Arkansas Central Power. pref. (quar.) 31.75 Oct. 1 Holders of res. Bent. 22
week:
this
Name of Company.
When
Per
Cent. Payable,
Books Closed.
Days Inclusive.
Public Utilities (Coneuled)Barcelona Tr. L.& P., partle. pref.(qu.) 134 Sept.30 Holders of rec. Sept. 20
Birmingham Electric Co., pref. (qu.)___ $1.75 Oct. 1 Holders of rec. Sept. 14
Cleveland Railway (quar.)
154 Oct. 1 Holders of rec. Sept. 13
Coast Valleys Ga.s & El.,6% Pref. WO - 135 Oct. 1 Holders of rec. Sept. 15
7% pref. series B (quar.)
134 Oct. 1 Holders of rec. Sept. 15
Consumers Power Co.,6% pref.(quar.). 134 Jan. 2 Holders of rec. Dec. 15
6.6% preferred (quar.)
1.65 Jan. 2 Holders of rec. Deo. 15
7% preferred (quar.)
134 Jan. 2 Holders of reo. Dec. 15
6% preferred (monthly)
50e. Nov. 1 Holders of rec. Oct. 15
5% Preferred (monthly)
500. Dee. 1 Holders of rec. Nov. 15
6% preferred (monthly)
50e. Jan 2'27 Holders of rec. Dec. 15
6.6% preferred (monthly)
550. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
55e. Dec. 1 Holders of rec. Nov. 15
6.6% preferred (monthly)
55e. Jan 2'27 Holders of rec. Dec. 15
Dominion Power & Transm., pref. (qu.) 1% Oct. 15 Holders of rec. Sept. 23
Electric Public Service, pref.(quer.)_ _
134 Oct. 1 Holders of rec. Sept. 20
El Paso Electric Co., pref., ser. A (qu.). 13 Oct. 15 Holders of rec. Oct. la
Preferred series B (quar.)
154 Oct. 15 Holders of rec. Oct. la
Empire Power, $6 pref. (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 23
Partitipating stock
50e. Oct. 1 Holders of rec. Sept. 23
Fort Worth Power & Ltg., pref.(guar.). 154 Nov. 1 Holders of rec. Oct. 15
Gold & Stock Telegraph (guar.)
134 Oct. 1 Holders of rec. Sept. 30a
Illinois Power.6% pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Seven per cent preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 15
Internat. pow.,Ltd.(Ganada)Ist',Mem.) 134 Oct. 1 Holders of rec. Sept. 15
Jamaica Public Service, pref. (guar.)... 1% Oct. 1 Holders of rec. Sept. 20
Jersey Central Power & Lt., pref. (qu.). 134 Oct. 1 Holders of rec. Sept. 17
Kansas Gas & Elec.. pref.(quar.)
134 Oct. 1 Holders of rec. Sept. 15
Lone Star Gas (guar.)
*433‘c Sept.30 *Holders of rec. Sept. 21
Long Island Lighting, pref.(quar.)
134 Oct. 1 Holders of rec. Sept. 21
Manhattan RailwayModified guarantee (guar.)
154 Oct. 1 Holders of rec. Sept. 20
Massachusetts Ltg. Cos., corn.(quar.) *75c. Sept.30 *Holders of rec. Sept.20
*134 Oct. 15 *Holders of rec. Sept.25
Six per cent Preferred (guar.)
Eight per cent preferred (guar.)
Oct. 15 *Holders of rec. Sept.25
*2
Mohawk Valley Co. (quar.)
500. Oct. 1 Holders of reo. Sept. 210
Municipal Gas Co.(of Texas). Pt.(qu.)_
134 Oct. 1 Holders of rec. Sept. 15
National Public Service Corp., pf.A(qu.) 134 Oct. 1 Holders of rec. Sept. 17
participating pref. (quer.)
134 Oct. 1 Holders of reo. Sept. 17
New Eng.Pow. Assn., COM.(ou.)(No.1) •3734c Oct. 15 *Holders of rec. Sept.30
New England Pub. Sem., pref. (quar.). $1.75 Oct. 15
d Prior lien pref. (guar.)
$1.75 Sept. 15 Holders of ree. Sept. 1
New York Central Elec. Corp.. pf.(qu.) 154 Oct. 1 Holders of rec. Sept. 21
Northeastern Power Corp.. el. A (qu.)
$1.50 Oct. 1 Holders of rec. Sept. 20
Northern N.Y. Utilities, corn.(quar.)._ 75e. Sept.29 Holders of rec. Sept. 20
1% Oct. 20 Holders of rec. Sept.30
Northern States Power,7% pref.(qu.)
Northport Water Works, pref. (guar.)._
154 Oct. 1 Holders of rec. Sept. 23
Oct. 15 *Holders of rec. Sept.30
Pacific Gas & Electric, coin.(quar.)
*2
Pacific Telep. & Teleg., torn.(guar.)... '134 Sept.30 *Holders of rec. Sept. 27
Preferred (quar.)
•134 Oct. 15 *Holders of rec. Sept.30
Panama Power & Light, pref.(guar.)... 154 Oct. 1 Holders of rec. Sept. 13
Oct. 30 *Holders of rec. Oct. 1
Philadelphia Co., common (guar.)
111
Six per cent preferred (guar.)
'$1.50 Nov. 1 *Holders of rec. Oct. 1
Power Corporation, common (guar.)._ 250. Oct. 1 Readers of rec. Sept. 20
Public Service Elec. Power, pref.(guar.) *$1.75 Nov. 1 *Holders of rec. Oct. 15
Puget Sound Power dr Lt., pref.(qu.)
134 Oct. 15 Holders of rec. Sept. 200
Prior preference (quar.)
I% Oct. 15 Holders of rec. Sept. 20a
South Pittsburgh Water,7% pt.(qu.)
*134 Oct. 15 *Holders of rec. Oct. 1
United Lt.& Pr., old coin., el. B & B(qu) 60e. Nov. 1 Holders of rec. Oct. 15
New common,class A &B (quar.)
12e. Nov. 1 Holders of ree. Oct. 15
Preferred, class A (guar.)
$1.63 Oct. 1 Holders of ree. Sept. 15
Preferred, class B (guar.)
$1 Oct. 1 Holders of reo. Sept. 15
Virginia Public Service So., 7% pi.(qu.) I% Oct. 1 Holders of rec. Sept. 17
Washington Water Power, Spokane (qu.) 2
Oct. 15 Holders of rec. Sept. 24
Western Union Telegraph (quar.)
Oct. 15 Holders of rec. Sept. 250
2
United Utilities Co., preferred (guar.)._
154 Oct. 1 Holders of rec. Sept. 21a
Banks.
Amer. Exchange-Pacific Nat.(guar.)... 4
Oct.
Amer. Exch. Securities Corp., cl. A (qu.) 2
Oct.
-Class B (quer.)
50e. Oct.
American Union (quar.)
134 Oct.
Broadway Central (quar.)
234 Oct.
Capitol National (quar:)
154 Oct.
Colonial (quar.)
Oct.
3
First National (Oust.)
Oct.
20
First Security Co.(quar.)
Oct.
5
Franklin National (guar.)
Oct.
*1
Oct.
Greenwich (quar.)
3
Mechanics (Brooklyn) (quer.)
Oct.
3
Mutual (guar.)
Oct.
3
New Netherland (quar.)
Oct.
2
Park, National (quar.)
Oct.
6
Standard (quar.)
234 Oct.
Standard National Corp., common (qu.) 234 Oct.
Preferred (quar.)
154 Oct.
Washington Heights(Bank of)(guar.)._
134 Oct.
Trust Companies.
American (guar.)
134
Bank of Europe Trust Co.(quar.)
234
Bank of New York dr Trust Co.(quar.). '6
6
Brooklyn (quar.)
*7
Central Union (Oust.)
2
Federation Bank dr Trust (quar.)
234
Fidelity (quar.)
Fulton ((mar.)
234
5
New York (Oust.)
1 Holders of rec. Sept.21a
1 Holders of rec. Sept. 21
1 Holders of rec. Sept. 21
1 Holders of rec. Sept.200
1 Sept. 21 to Oct. 1
1 Holders of rec. Sept. 200
1 Holders of rec. Sept. 200
1 Holders of rec. Sept.200
1 Holders of rec. Sept.300
1 *Holders of rec. Sept. 20
1 Holders of rec. Sept. 200
1 Holders of rec. Sept. 180
1 Holders of rec. Sept. 236
1 Holders of rec. Sept. 18a
1 Holders of rec. Sept. 17a
1 Holders of rec. Sept. 250
1 Holders of rec. Sept. 25a
1 Holders of rec. Sept. 250
1 Holders of rec. Sept. 15a
Sept.30
Oct. 1
Oct. 1
Oct. 1
Oct. 1
Oct. 1
Sept.30
Oct. 1
Sept.30
Holders of
Holders of
Holders of
Holders of
rec. Sept.20a
rec. Sept. 20a
rec. Sept. 24a
rec. Sept. 25
Holders of rec. Sept. 300
Sept. 23 to Sept.30
Holders of rec. Sept.200
Holders of rec. Sept. 18a
Miscellaneous.
151 Oct. 1 Holders of rec. Sept. 20
Abitibi Power & Paper, pref. (quar.)
*6234e Oct. 1 *Holders of rec. Sept. 20
Acme Steel (guar.)
Aeolian Company, preferred (guar.)._ _
134 Sept.30 Holders of rec. Sept. 20
Aeolian, Weber Piano & Pianola, pf.(qu.) 154 Sept.30 Holders of rec. Sept. 20
Aetna Rubber, torn.(guar.)
25e. Oct. 1 Holders of rec. Sept. 16
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 16
•734e. Oct. 4 *Holders of rec. Sept.28
Ahumada Lead Co.(guar.)
Extra
*1734c Oct. 4 *Holders of ree. Sept.28
Albany Pert. Wrapping Pap., cone.(qu.) 50e. Sept.30 Sept.24 to Sept.30
Preferred (guar.)
154 Sept. 30 Sept.24 to Sept.30
Alberta Pacific Grain Co.(monthly)._ _ '21-30 Oct. 1 *Hokiters of rec. Sept. 15
Monthly
*2 1-3c Oct. 1 *Holders of rec. Sept. 15
Monthly '
*2 1-3c Oct. 1 *Holders of rec. Sept. 15
Monthly
*2 1-3e Oct. 1 *Holders of rec. Sept. 15
Amerada Corporation, common (guar.). 50e. Oct. 30 Holders of rec. Oct. 150
American Brake Shoe & Fdy.,corn.(qu.) 31.50 Sept.30 Holders of rec. Sept. 24
Preferred (quar.)
134 Sept.30 Holders of rec. Sept. 24
154 Oct. 1 Holders of rec. Sept. 27
Am. Brown Boveri El. Corp., pf. (qu.)_
Amer.Furniture Mart Bldg., pref.(qu.). •154 Oct. 1 *Holders of rec. Sept.20
Oct. 1 *Holders of ree. Sept. 15
*1
American Hardware Corp.(guar.)
Oct. 1 *Holders of rec. Sept. 15
*2
Extra
American Linseed, preferred (guar.).- 134 Oct. 1 Holders of rec. Sept. 17
•31.75 Sept.30 *Holders of rec. Sept. 21
Amer.Pneumatic Service, 1st prof
*154 Sept.30 *Holders of rec. Sept.20
American Rolling Mills, pref. (quarl)
81.25 Oct. 1 *Holders of ree. Sept. 15
American Salamander Corporation
Oct. 15 Holders of rec. Oct. 5
American Type Founders, corn. (quar.). 2
154 Oct. 15 Holders of rec. Oct. 5
Preferred (quar.)
Amer. Window Glass Mach.,corn.(cm). •154 Oct. 1 *Holders of rec. Sept.23
*154 Oat. 1 *Holders of rec. Sept.23
Preferred (quar.)
500. Oct. 10 Holders of rec. Sept.20
Apco Manufacturing,class A (guar.)
*134 Oct. 1 *Holders of rec. Sept. 17
Armstrong Cork, corn. (quar.)
*131 Oct. 1 *Holders of rec. Sept. 17
Preferred (quar.)
75e. Oct. 1 Holders of rec. Sept.220
Artloom Corporation, corn. (ouar.)
Sept.27 Holders of rec. Sept. 18
Baltimore Brick, 1st pref.( ea.acc.div.) h3
Barnhart Brothers & Spindler-First and second preferred (guar.)-- •154 Nov. 1 *Holders of rec. Oct. 23
Bayuk Cigars, Inc.,first pref.(guar.)-_ *134 Oct. 15 *Holders of rec. Sept.30
Convertible second preferred (quer.)_ _ *154 Oct. 15 *Holders of rec. Sept.30
Oct. 15 *Holders of rec. Sept.30
*2
8% second preferred (guar.)
Sept.30 Holders of rec. Sept.200
Bingham Mines
$1
[VoL. 128.
THE CHRONICLE
1472
Name of Company.
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Beech-Nut Packing, corn. (quar.)
60e. Oct. 9 Holders of rec. Sept.25
Preferred (quar.)
' 134 Oct. 15 Holders of reo. Oct. 1
British-American 011, Ltd.(oar.)
6234c. Oct. 1 Sept. 18 to Sept.30
Brockway Motor Truck Corp., pref.(qu.) *1% Oct. 1 *Holders of rec. Sept.21
Buckley Bldg.. pref.(quar.)
Oct. 1 *Holders of ree. Sept. 20
*31
Bucyrus Company, com.(guar.)
13( Oct. 1 Holders of rec. Sept. 20
Common (extra)
134 Oct. 1 Holders of rec. Se-t. 20
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 20
Buckeye Incubator (quar.)
75e. Oct. 1 Holders of rec. Sept. 20
Canadian Canners, Ltd., pref.(quar.)_
Oct. 1 Holders ol rec. Sept. 22
1
rec. Sept. 20
Canadian Locomotive, pref. (quar.)__._
134 Oct. 1 Holders
Canadian Salt (guar.)
Oct. 1 Holders of rec. Sept. 24
2
Canfield 011, tom.(quar.)
134 Sept.30 Sept.21 to Oct. 4
Preferred (guar.)
154 Sept.30 Sept.21 to Oct. 4
$1.50 Oct. 1 Holders of rec. Sept. 25
Central Aguirre Sugar, corn. (quer.)_
Central Steel, pref.(guar.)
Oct. 1 Holders of rec. Sept. 15
2
134 Sept.22 Holders of rec. Sept. 15a
Century Electric Co., corn.(quar.)
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 150
'
Cities Service, common (monthly)
'
1 34 Nov. 1 *Holders of rec. Oct. 15
Common (payable in common stock)._ *Ili Nov. 1 *Holders of ree. Oct. 15
Preferred and preferred B (monthly).- *34 Nov. 1 *Holders of rec. Oct. 15
•% Nov. 1 *Holders of rec. Oct. 15
Bankers shares (monthly)
1% Oct. 1 Holders of rec. Sept. 25
City Investing Co. pref.(quar.)
Cleveland Union Bieck Yards(quar.) _ 2
Oct. 1 Sept. 19 to Oct. 2
50e. Oct. 1 Holders of rec. Sept. 11
Colt's Patent Fire Arms Mfg.(guar.)._
34
Commercial Credit Co. corn.(guar.)._
pt.30 Holders of rec. Sept. 100
6%% lot pref.(quar.
,
)
1% Sept.30 Holders of rec. Sept. 100
43%c. Sept.30 Holders of rec. Sept. 100
7% preferred (quar.)
8% preferred (quar.)
34 Sept.30 Holders of rec. Sept. 100
Oct. 1 *Holders of rec. Sept. 15
Converse Rubber Shoe, corn. (guar.)... *31
Sept.30 Sept. 16 to Sept.30
3
Craddock-Terry Co.,corn.(quar.)
Creamery Package Mfg., coin.(guar.)._ "50e. Oct. 10 *Holders of rec. Oct. 1
•154 Oct. 10 *Holders of rec. Oct. 1
Preferred (quar.)
10e. Oct. 10 Holders of rec. Sept.30
Cresson Cons. Gold M.& M.(quar.)
Crucible Steel, corn. (guar.)
*I% Oct. 30 *Holders of rec. Oct. 15
131 Oct. 1 Holders of rec. Sept.20
Curlee Clothing, pref.(quar.)
Dayfield Realty Corp., preferred
334 Oct. 1 Holders of rec. Sept. 15
Dobry(D.A.)Securities Co.,7% pf.(qu) 134 Oct. 1 Holders of rec. Sept. 15
7% preferred (extra)
% Oct. 1 Holders of rec. Sept. 15
•134 Oct. 15 *Holders of rec. Sept. 28
Dodge Bros., pref. (oum.)
134 Oct. 1 Holders of rec. Sept. 22
Doehler Die-Casting, pref.(quar.)
37340. Oct. 1 Sept. 16 to Oct. 1
Eastern Rolling Mill (quar.)
12310. Oct. 1 Sept. 16 to tilet. 1
Extra
Eastern Steamship Lines, 1st pf. (on.)... 134 Oct. 1 Holders of rec. Sept. 240
3734c Oct. 15 Holders of rec. Oct. 70
Preferred (quar.)
*31.50 Oct. 1 *Holders of rec. Sept. 22
Electric Auto-Lite Co.(quar.)
$1.25 Oct. 1 Holders of ree. Sept. 200
Electric Controller & Mfg., corn.(qu.)
134 Oct. 1 Holders of rec. Sept. 200
Preferred (guar.)
Electric Vacuum Cleaner, corn.(extra)._ $1 Oct. 1 Sept. 21 to Oct. 1
Oct. 1 Holders of rec. Sept..15a
$1.50
Co.,
Elliott-Fisher
common (oust.)
$1.50 Oct. 1 Holders of rec. Sept. 150
Common series B (quar.)
Preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 150
134 Sept.30 Holders of rec. Sept. 22
Empire Safe Deposit (guar.)
Nov. 1 Holders of rec. Oct. 15
Famous Players-Laaky Corp., pref.(cm.) 2
Fanny Farmer Candy Shops,Ine.,pf.(qu.) 600. Oct. 1 Holders of rec. Sept. 15
50e. Oct. 1 Holders of rec. Sept. 15
Faultless Rubber (quar.)
.,
75e. Nov. 2 Holders of rec. Oct. 15
Federal Purchase Corp., el. A (qu.)
25e. Nov. 2 Holders of rec. Oct. 15
Class B (Oust.)
*3734c Oct. 1 *Holders of rec. Sept. 20
First National Stores, cdm.(quar.)
*$1.75 Oct. 1 *Holders of rec. Sept. 20
First preferred (oust.)
Firestone Tire dr Rubber,6% pf.(gu.)
134 Oct. 15 Holders of rec. Oct. 1
Franklin Res. & Disc. Corp., pf. (qu.). $1.75 Oct. 1 Holders of rec. Sept. 15
1 Holders of rec. Sept. 15
(Fred
F.)
French
Construction Co., pref. 334 Oct
$1.50 Oct. 1 Holders of rec. Sept. 15
First Investment Co., class A
25e. Oct. 1 Holders of rec. Sept. 15
Extra
General Tire dr Rubber, pref. (guar.)... 134 Oct. 1 Holders of rec. Sept. 20
*1350. Sept. 30 *Holders of rec. Sept. 20
Gibson Art, common (oust.)
Preferred (quar.)
*134 Sept. 30 *Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept. 24
2
C. G.Spring & Thinner, pref.(quar.)
*154 Nov. 1 Holders of rec. Oct. 15
Gimbel Bros., pref.(quar.)
Oct.
1 *Holders of rec. Sept. 21
31.50
•
Gre it Lakes Steamship (quar.)
800. Oct. 1 Holders of rec. Sept. 15
Greif Bros., class A (quar.)
$7.50 Oct. 15 Holders of rec. Oct. 1
Group No. 1 Oil Corp
$2 Oct. 15 Holders of rec. Sept. 30
Hathaway Baking, pref. A (quer.)
*10e. Oct. 7 *Holders of rec. Sept. 21
Hollinger Consol. Gold Mines
134 Oct. 1 Holders of rec. Sept. 25
Hydraulic Press Brick, pref. (quer.)._ _ _
3
Sept.30
Imperial Tobacco of Canada, pref
*1.51 Oct. 1 *Holders of rec. Sept. 21
Indian Motocycle, pref.(quar.)
Industrial Acceptance Corp., 1st p1.(qu) 134 Oct. 1 Holders of rec. Sept. 20
International Business Mach.(guar.)... 75c. Oct. 11 Holders of rec. Sept. 240
internat. Projector Corp., corn.(quer.). 25c. Oct. 1 Holders of rec. Sept. 20
$1.75 Oct. 1 Holders of ree. Sept. 20
$7 Dreferred ((Mar.)
Oct. 1 Holders of rec. Sept. 230
$4
Island Creek Coal, corn.(quar.)
Oct. 1 Holders of ree. Sept. 230
$1.50
Preferred (quar.)
154 Sept.30 Holders of rec. Sept. 18
Kalbfleish (The) Co., pref. (quar.)
*134 Oct. 1 *Holders of rec. Sept. 20
Kaynee Co., preferred (guar.)
12340. Oct. 15 Holders of rec. Oct. la
Kerr Lake Mines, Ltd
1% Oct. 1 Holders of rec. Sept. 200
Kirehbaum (A. B.) Co. pref.(quar.)
134 Oct. 1 Holders of rec. Sept. 20
Institute,
tom.
(m).
Extension
,La Salle
131 Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
$2.50 Sept.30 Holders of rec. Sept. 23
Lawton Mills (quar.)
Oct. 1 Sept. 17 to Oct. 1
2
Mortgage
Lawyers Westchester
Sept.21 Holders of rec. Sept. 15
5
Leverlch Realty Corp., corn
334 Sept.21 Holders of rec. Sept. 15
Preferred
Liberty Baking, Pref. (qu.) (No. 15._ 4.154 Sept.30 *Holders of rec. Sept. 20
*90c. Nov. 1
Liquid Carbome Corp.(quar.)
MacAndrews dr Forbes Co., corn. (qu.).. 65c. Oct. 15 Holders of rec. Sept.30a
134 Oct. 15 Holders of rec. Sept. 300
Preferred (quar.)
*75c. Oct. 15 *Holders of rec. Oct. 1
Magma Copper Co. (guar.)
(quer.).
__
_
134 Oct. 2 Holders of rec. Sept. 30
Moore
Manning, Maxwell &
*134 Oct. 11 *Holders of rec. Sept. 30
Manufactured Rubber (quar.)
Oct. 1 Holders of rec. Sept.230
50e.
('quar.)
corn.
-Rockwell
Co.,
Marlin
134 Oct. 1 Holders of rec. Sept. 234
Preferred (guar.)
500. Nov. 1 Holders of rec. Oct. 20
McCall Corp., torn. (quar.)
Oct. 1 Holders of rec. Sept. 20
$1
Merck dr Co. preferred (quer.)
$1.25 Sept.30 Holders of rec. Sept. 18
Merrimac Chemical (guar.)
Oct. 1 Holders of rec. Sept. 18
4
Mexican Investment, preferred
Oct. 1 Holders of rec. Sept. 23
Midland Steel Products, corn.(guar.)... $1
49e. Oct. 1 Holders of rec. Sept. 23
Common (extra)
Oct. 1 *Holders of rec. Sept. 23
*$2
Preferred (guar.)
Oct. 1 *Holders of rec. Sept. 23
*$1
Preferred (extra)
2
Sept.30 Holders of rec. Sept. 20
Mortgage-Bond Co. (quar.)
Oct. 15 *Holders of rec. Oct. 1
*2
Mountain dr Gulf 011(quar.)
Oct. 15 *Holders of rec. Oct. 1
Extra
*31.50 Nov. 15 *Holders of rec. Nov. 1
National Casket,common
•134 Sept.30 *Holders of rec. Sept. 17
Preferred (quar.)
*31.50 Oct. 15 *Holders of rec. Sept.30
National Fuel Gas(quar.)
134 Sept.30 Holders of rec. Sept. 14
National Licorice, pref. (quar.)
Oct. 1 Holders of rec. Sept. 15
2
National Refining, pref.(quar.)
*12340
(quar.)
Oct. 15 *Holders of rec. Sept.30
Bradford
011
New
*25c. Oct. 1 'Holders of rec. Sept. 23
New England Fuel 011 (oust.)
*50e. Oct. 1 *Holders of rec. Sept. 20
Newton Steel, common (quar.)
Preferred (quar.)
•134 Oct. 1 *Holders of rec. Sept. 20
North American Car Corp., class A (qu.) •62340 Oct. 1 'Holders of rec. Sept. 27
North Star Oil& Ref., pref. (quar.)..... 134 Oct. 1 Holders of rec. Sept. 15
Northwestern Yeast (oust.)
Sept. 15 *Holders of rec. Sept. 11
•3
$1.25 Oct. 1 Holders of rec. Sept. 22
Ogilvie Flour Mills (quar.)
Oct. 1 Holders of reo. Sept. 22
Bonus
$5
Onondaga Silk, preferred (quar.)
Oct. 1 *Holders of rec. Sept. 18
*2
Orpheum Circuit, Inc., corn.(monthly). *16 2-3 Nov. 1 *Holders of rec. Oct. 20
Monthly
*16 2-3 Dec. 1 *Holders of rec. Nov.20
Monthly
*16 2-3 an 2'27 *Holders of rec. Dec. 20
Preferred (quar.)
an 2'27 *Holders of rec. Dec. 20
*2
Otis Elevator, corn.(quar.)
$1.50 Oct. 15 Holders of rec. Sept. 30
Otis Steel, prior pref. (quar.)(No. 1)...... *134 Oct. 1 *Holders of rec. Sept. 24
Overman Cush on Tire, coin., el. A (qu.) 134 Oct. 1 Sept. 16 to Oct. 1
Common, class B (oust.)
134 Oat. 1 Sept. 19 to Oct. I
Preferred (quar.)
134 Oct. 1 Sept. 19 to Oct. 1
75o. Oct. 1 Holders of rec. Sept. 10
Pet Milk Co.. corn. (guar.)
151 Oct. 1 Holders of rec. Sept. 10
Preferred (guar.)
g
*$1
Syn.T. 18 1926.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclustre.
Name of Company.
14i3
Per
When
Cent. Payable.
Books Closed.
Days Incluslrc
Mi•-cellaneous (Condluded).
Public Utilities (Continued).
Park-Utah Consol. Mines (quar.)
*150. Oct, 1 *Holders of rec. Sept. 15
NmenSuperpower Corp.,eom.A
30e. Oct.
Holders of rec. Sept. la
Philadelphia Finance Co., pref.(quar.) _ _
1% Oct. 1 Holders of rec. Sept. 18a
First referred tililalgtt.
Holders of rec. Sept. la
---- - - - *131 Oct-Pick (Albert) dr Co. pref. (quire.)
Arica
era-of reer-Sept-irrL-tural-Gas (quar.)
Re. Oct.
Holders of rec. Sept. 90
Plellakeriesi-of America. class A (guar.)_ s1
Oct:
Associated Gas & Elec., orig. pref.(qu.)_ 187 he Oct.
dem of ree..Sept. 15
Holders of rec. Aug. 31
Preferred (guar.) 131 Oct
Original preferred (extra)
1 -Holders of rec. Sept. 10
11234c. Oct.
Holders of rec. AMC. 31
Pittsburgh Plate Glass (guar.)
Oct. 1 *Holders of rec. Sept. 18
$7 dividend series pref.(quar.)
181.75 Oct.
Holders of rec. Aug. 31
Extra
*5
Oct. 1 *Holders of rec. Sept. 18
Bangor Hydro-Elec. Co. pref. (quar.)
1% Oct.
Holders of rec. Sept. 10
Pittsburgh Steel Foundries. pref. (quar.) •13.1 Oct. 1 *Holders of rec. Sept. 15
Bell Telephone of Canada (guar.)
Oct. 1 Holders of rec. Sept. 23a
2
Portland Gold Mining (quar.)
*20. Oct. 6
Bell Telephone of Ps., pref. (quar.)___ _
M -Oct. 1 Holders of rec. Sept. 200
Prairie Pipe Line (guar.)
*2
Oct. 30 *Holders of rec. Sept. 30
Binghamton L., H.& P., $6 pref.(quar.) $1.50-Oct.
Holders of rec. Sept. 15
Procter & Gamble Co.,8% pref.-(quar.) -*2
oct. 15 *Holders of rec. Sept. 25 - Boston Elevated Ry., corn.(quar.)
Holders of rec. Sept. 9
134 Oct.
Pro-phy-lac-tic Brush, common (quar.)_ Me. Oct. 15 Holders of rec. Oct. 1
Second preferred
3% Oct.
Holders
of rec. Sept. 9
Preferred (quar.)
134 Dec. 15 Holders of rec. Dec. 1
Brazilian Trac., Lt. & Pow., pref.(qu.)- 1,4 Oct. 1 Holders of rec. Sept. 15
Itand-Kardex Bureau, Inc., corn.(quar.) 75e. Oct. 9 Holders of rec. Sept. 20
Brooklyn-Manhat. Transit. pref. A (qu.) 1,4 Oct. 1 Holders of rec. Oct. 1
Preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept.20
Preferred series A (qua:.)
1)4J =15'2 Holders of rec. Dec. 31
Regal Shoe, preferred (quar.)
'131 Oct. 1 *holders of rec. Sept. 21
Preferred series A (quar.)
13-4A pr 15'2 Holders of rec. Apr. 1
Reis(Robert) dr Co., first pref.(guar.)_ _
131 Oct. I Holders of roe. Sept.21
Brooklyn Union Gas (altar.)
Oct.
Holders of rec. Sept. 80
$1
Rice-Stix Dry Goods, common (quar.)_ 3734e. Nov. 1 Holders of rec. Oct. 15
Buff. Niagara & East. Pow., corn.(qu.)_ 25c. Oct.
Holders of rec. Sept. 15
First and second preferred (quar.)__
134 Oct. 1 Holders of roe Sept. 15
Preferred (quar.)
400. Oct.
Holders of rec. Sept. 15
Richman Bros., common (guar.)
*$1.50 Oct. 1 *Holders of rec. Sept. 23
Capit I Tree., Washington, D.C.(qu.)_
Holders of rec. Sept. 14
1% Oct.
Safety Car Heat & Lighting (quar.)_ _ 2
Oct. 1 Holders of rec. Sept. 17
Carolina Power Jr Light, pref.(gear.)--- $1.75 Oct.
Holders of rec. Sept. 14
St. Louis Nat onal StockYards (quar.)
*2
Oct. 1 *Holders of rec. Sept.23
$6 preferred (guar.)
Oct.
$1.50
Holders
of rec. Sept. 14
St. Regis Paper. corn,(quar.)
500. Oct. 1 Holders of rec. Sept. 20
Central Illinois Pub.Serv., pref.(quar.)_
134 Oct. 1 Holders of rec. Sept. 30a
Preferred (quar.)
$1.75 Oct. 1 *Holders of rec. Sept.
Central States Elec. Corp.,corn.(quar.).. 250. Oct.
Holders of rec. Sept. 10
Schwartz (Bernard) Cigar Corp A (qu.)_ 20e.'Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
13
Holders of rec. Sept. 10
134 Oct.
Seaboard 011, pref. (quar.)
2
Oct. 1 Holders of rec. Sept.20
Chicago City Ry.(quar.)
134 Sept.3 Sept. 21 to Sept.25
Sefton Manufacturing, pref. (quar.)____
154 Oct. 1 Holders of rec. Sept.
Chic. North Shore & 1)411w., pr.lien (qu.) 1% Oct.
Holders of rec. Sept. I50
Sherwin-Williams Co.. Can.,corn.(qu.). 134 Sept.30 Holders of rec. Sept.22
Preferred (quar.)
15
Holders of rec. Sept. 150
154 Oct.
•
Preferred (guar.)
Chicago Rap. Tran., prior pf.(mthly.)-- 65c. Oct.
194 Sept.30 Holders of rec. Sept. 15
Holders of rec. Sept. 21a
Sider Packing, common (quar.)
30c. Oct. 1 Holders of rec. Sept. 20
Prior preferred (monthly)
650.
Holders of rec. Oct. 190
Nov.
Singer Manufacturing (quar.)
234 Sept.30 Sept. 11 to Sept.30
Prior preferred (monthly)
650. Dee.
Holders of rec. Nov. 160
Extra
1
Sept.30 Sept. 11 to Sept.30
Chickasha Gas dr Elec., corn. (qua:.)... 2
Oct.
Sept. 25 to Oct. 1
Smith(L.C.)& Corona Typew.,com.(qu.) *50c. Oct. 1 *Holders of rec. Sept.
Preferred (quar.)
21
1% Oct.
Sept. 25 to Oct. 1
Preferred (quar.)
*131 Oct. 1 *Holders of rec. Sept. 21
Columbus Elec.& Power, corn.(guar.)-- 2% Oct.
Holders of rec. Sept.206
Southern Baking, pref.(quar.)
2 • Oct. 1 Holders of rec. Sept. 150
Preferred series B (quar.)
Oct.
Holders of rec. Sept.200
134
Sparks-WithIngton Co., corn.(guar.)___ 250. Sept.30 Holders of rec. Sept.
Second preferred (guar.)
20
1% Oct.
Holders of rec. Sept. 200
Preferred (quar.)
194 Sept.30 Holders of rec. Sept. 20
Columbus Hy.,Pr.& Lt., lat pref.(qu.)_
1.34 Oct.
Holders of rec. Sept. 15
Sperry Flour, pref. (guar.)
131 Oct. 1 Holders of tee Sept.
Series B preferred (quar.)
$1.63 Nov.
Holders of rec. Oct. 15
Standard National Corp., corn.(guar.)._ *234 OM. 1 *Holders of rec. Sept. 15
Conaol. G.,El. L.& P., Bait.,corn.(au.) 62,4e Oct.
25
Holders of rec. Sept. 156
Preferred (quer.)
*131 Oct. 1 *Holders of roe. Sept.25
Berke A preferred (guar.)
Holders of rec. Sept. 150
2
Oct.
Stanley Co. of America, new stock (qu.)_ 750. Oct. 1 Holders of rec. Sept.
Series B preferred (qu".)
18
Holders of rec. Sept. 154
1% Oct.
Preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept.30
Series C preferred (guar.)
Holders of rec. Sept. 15s
1,4 Oct.
State Theatre Co., Boston, pref. (quar.) *2
Oct. 1 *Holders of rec. Sept. 18
Series D preferred (quar.)
Holders of rec. Sept. 15a
134 Oct.
Sterling Oil (extra)
•100. Oct. 5 *Holders of rec. Sept. 25
Consumers Power,6% pref. (quar.)_... 134 Oct.
Holders of rec. Sept. 15
Extra
*10o. Oct. 5 Holders of rec. Sept. 25
6.6% preferred (quar.)
Holders of rec. Sept. 15
1.65 Oct.
Syracuse Washing Mach., corn. (guar.). *750. Oct. 1 *Holders of rec.
7% preferred (quar.)
Sept. 18
Holders of rec. Sept. 15
134 Oct.
Common (extra, In common stock)... 012
Oct. 1 *Holders of rec. Sept. 18
6% preferred (monthly)
Holders of rec. Sept. 15
50e. Oct.
Preferred (War.)
*$2 Oct. 11 *Holders of rec. Sept. 18
6.6% preferred (monthly)
Holders of rec. Sept. 15
55e. Oct.
Thompson (J. R.) Co.(monthly)
*30c. Oct. 1 'Holders-of roe. Sept. 24
Continental Gas & El.
Holders of rec. Sept.13a
corn.(qu.) $1.10 Oct.
Monthly
*30c. Nov. 1 *Holders of rec. Oct. 23
7% prior preference (guar.)
Corp..
Holders of rec. Sept. 13s
1% Oct.
Monthly
*30c. Dec. 1 *Holders of rec. Nov. 23
Participating preferred (guar.)
Holders
134
of rec. Sept. 130
Oct.
Timken-Detroit Axle, corn.(quar.)_ -- 134 Oct. 1 Sept. 21
to Sept.30
Participating preferred (extra)
Holders of rec. Sept. 130
34 Oct.
Common (extra)
6% preferred (quar.)
h Oct. 1 Sept. 21 to Sept.30
154 Oct.
Holders of rec. Sept. 13a
Tobacco Products Corp., corn (quar.) _ _ $1.75 Oct. 15 Holders
Denver Tramway Corp., pref. (guar.)._ $1.25 Oct.
of rec. Sept. 27
Holders of rec. Sept. 15a
Torrington Co., corn. (quar.)
3
Oct. 1 Holders of rec. Sept. 24
Detroit Edison (quar.)
2
Oct. I Holders of rec. Sept.200
Traveler Shoe (quar.)
3734o Oct. 1 Holders of rec. Sept. 15
Diamond State Telep., pref. (quer.), -- 1% Oct. 1 Holders of rec. Sept. 20a
Union Twist Drill (quar.)
•154 Sept.30 *Holders of roe. Sept. 20
Duke Power Co. (qua:.)
Holders of rec. Sept. 15
1
Oct.
United Equities Corp
$1
Oat. 1 Holders of rec. Sept. 20
Duluth-Superior Traction, pref.(gnan). 1
Oct.
Holders of rec. Sept. 15a
United Profit Sharing Corp.. pre'
5
Oct. 30 Holders of rec. Sept. 300 Eastern Mass. Street Ry., adj. stock_ _ _ 2% Oct.
Holders of rec. Sept. 15
U.S.Industrial Alcohol, pref.(quer.)
'131 Oct. 15 *Holders of rec. Sept. 30
Eastern Texas Electric Co. pref.(guar.) 1,4 Oct.
Holders of rec. Sept. 170
United Verde Extension Mining (quar.) *75c. Nov. 1 *Holders of rec.
Electric Bond & Share Securities (quer.) 250. Oct. 1 Holders of rec. Sept. 15
Oct. 16
Universal Pictures Co.,Inc., 1st pf.(qu.) 2
Oct. 1 Holders of rec. Sept. 20
Electric Bond & Share. prof. (quar.) --- 154 Nov.
Holders of rec. Oct. 11
Van Dorn Iron Works, pref.(quar.)_ _
54 Oct. 1 *Holdesr of rec. Sept. 22
Electric Power & Light. pref.
$1.75 Oct.
Holders of rec. Sept. 15a
Waltham Watch, prior pref. (quar.)_ _ _
*134 Oct. 1 *Holders of rec. Sept. 22
Prof. allotment ctfs. 40% paid
700.
Oct.
Holders
of rec. Sept. 154
Washington Oil
*$1.50 Sept.20 *Holders of rec. Sept. 15
Empire Gas & Fuel,8% pref.(monthly)_ '662-3 Oct.
*Holders of rec. Sept. 15
Western Auto Supply, panic. pref. (qu.) 50c. Oct. 1 Holders of rec. Sept.
Seven per cent preferred (monthly)--- *58 1-3 Oct.
20
*Holders
of
rec. Sept. 1$
Western Electric Co. (quar.)
'234 Sept.30 *Holders of roe. Sept.25
Engineers Public Service. pref.(quar.)_
$1.75 Oct. I Holders of rec. Sept. la
West Coast 011 (quar.)
.$1.50 Oct. 5 *Holders of rec. Sept. 25
Federal Light & Tree., corn.(guar.).-- 200. Oct.
Holders of rec. Sept. I5a
Extra
*$5 Oct. 1 *Holders of
Common (payable in common stock)
150. Oct.
Holders of rec. Sept. 15a
Western Paper Goods Co., A & B (qu.)_ _ *50c. Oct. 15 *Holders of rec. Sept. 25
Florida Public Service,7% pref.(quar.)rec. Sept.30
134 Oct.
Holders of rec. Sept. 15
Westinghouse Air Brake (qua:.)
*$1.75 Oct. 30 Holders of rec. Sept. 30
General Gas & Elec., corn. A (gnar.)- - 3754c. Oct.
Holders of rec. Sept. 15a
White Eagle Oil& Refining (quar.)
*50c. Oct. 20 *Holders of
$8 preferred class A (guar.)
Oct.
32
Holders of rec. Sept. 150
White Rock Mineral Springs ,com.(qu.) 300. Oct. 1 Holders of rec. Sept.30
$7 preferred class A (quar.)
rec. Sept. 27
$1.75 Oct.
Holders of rec. Sept. 15a
Common (extra)
20c. Oct. 1 Holders of rec. Sept. 27
Preferred
class
B
Oct.
$1.75
(quar.)
Holders
of rec. Sept. 15a
First preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 27
Haverhill Gas Light (quar.)
560. Oct.
Holders of rec. Sept.170
Second pref. (quar.)
Illinois Bell Telephone (quar.)
234 Oct. 1 Holders of rec. Sept. 27
2
Sept.3 Holders of rec. Sept.290
Second pref. (extra)
134 Oct. 1 Holders of rec. Sept. 27
Illinois Power & Light, 7% pref. (User.) '1% Oct.
Holders of rec. Sept. 10
Wilt & Bauna Candle, pref. (qu.)
2
Oct.. 1 Holders of rec. Sept. 17
Six per cent participating pref.(guar.) 154 Oct.
Holders of rec. Sept. 10
Wright-Hargreaves Mines (quar.)
23.4c Oct. 1 Holders of rec. Sept. 156
Six per cent preferred (quar.)
Holders of rec. Sept. 15
134 Oct.
.Bonus
50. Oct. 1 Holders
Traction. preferred (quar.)
Holders of rec. Sept.20
134 Oct.
Yates Amer. Machine, partic. pref.(qu.) *650. Oct. 1 *Holders of rec. Sept. 15a Illinois
Indianapolis Water Works, pref
of rec. Sept. 20
Holders of rec. Sept. Ila
33.4 Oct.
Telep. & Teleg.(quar.)11.4 Oct.dl Holders of rec. Sept.27
Below we give the dividends announced in previous weeks International
Interstate Power, pref.(guar.)
$1.75 Oct.
Holders of rec. Sept. 40
City Pow.& Lt., 1st pf.,ser.A(qu.) $1.75 Oct.
Holders of rec. Sept. 150
and not yet paid. This list does not include dividends an- Kan.
Kentucky Hydro-Elec. Co., pref.(qu.)_ - $1.75 Sept.2 Holders of rec. Aug. 3I0
nounced this week, these being given in the preceding table. Kentucky
Securities Corp., corn.(au.)-- 134 Oct.
Holders of rec. Sept. 200
Preferred (quirt)
134 Oct. 1 Holders of rec. Sept. 200
Laurentide Power (quar.)
134 Oct. 1 Holders of rec. Sept.30
Per
When
Books Closed.
Louisville Gas & El., corn. A & B (qu.)
4334e. Sept.2 Holders of rec. Aug. 3Ia
Name of Company.
Cent. Payable.
Days Inclusive.
Mackay Companies, common (quer.).-- 1% Oct.
Holders of rec. Sept. 80
Preferred (guar.)
Holders of rec. Sept. 8s
1
Oct.
Railroads (Steam).
Manila Elec. Corp., common (quar.)
500.
Holders
Oct.
of rec. Sept. 150
Alabama & Vicksburg
3
Oct. 1 Holders of
Common (qua:.)
500. Dec. 3 Holders of rec. Dec. 15a
Bangor & Aroostook, common (quar.) _ 75c. Oct. 1 Holders of rec. Sept. 8a
rec. Sept. 14a Metropolitan Edison Co., $7 pref.(qu.). $1.75 Oct.
Holders
of
rec. Sept. 15
Proferred
131 Oct. 1 Holders of rec. Sept. I4a
36 preferred (quar.)
Holders of rec. Sept. 15
$1.50 Oct.
Beech Creek (quar.)
500. Oct. 1 Holders of rec. Sept. 15a Middle West Utilities,
1% Oct. 1 Holders of rec. Sept.30
Boston dr Albany (quar.)
2
Sept.30 Holders of rec. Aug. 31a Midland Utilities, priorpref. (quar.)-- - 1%
Holders of rec. Sept.22
lien (quar.) - Oat.
Canadian Pacific, corn. (quirt)
234 Oct. 1 Holders of rec. Sept. la
Preferred A (quar.)
Holders of rec. Sept. 22
I% Oct.
Preferred
Oct. I Holders of rec. Sept. la Minnesota Power
Light,
&
pref.
Holders of rec. Sept. 15
1%
(quar.)_
Oct.
Chesapeake & Ohio, corn. (guar.)
2
Oct. 1 Holders of rec. Sept. 8a Monongahela West
Penn P. S., pf. (qu.) 43310. Oct.
Holders of rec. Sept. 15
Preferred A
3,4 Jan1'27 Holders of rec. Dec. 8a Montana
Power, common (quirt)
Holders of rec. Sept. 100
1% Oct.
Cuba RR., preferred
3
Fob 1'27 Hold, of rec. Jan. 15'270
Preferred
Holders of rec. Sept. 106
1,4 Oct.
Delaware & Hudson Co. (quar.)
2% Sept.20 Holders of rec. Aug. 280 Mountain (quar.)
States Power, prof. (quer.)-- 1% Oct. 2 Holders of rec. Sept. 30
Gulf Mobile & Northern, pref. (quar.)_
134 Oct.
Holders of rec. Sept. 154 Municipal Service, pref. (No. 1)
50e. Oct.
Holders of rec. Sept. 15
Hocking Valley, corn. (quar.)
2
Sept.3 Holders of rec. Sept. 8a Narragansett Electric
Lighting (quar.)_ _ 31 Oct.
Holders of rec. Sept. Ila
Lehigh Valley, common (quar.)
8734e Oct.
Holders of rec. Sept. 110 National Elec. Power, pref.
, Oct.
74
*Holders of rec. Sept. 20
(guar.).- •1.
Preferred (quar.)
$1.25 Oct.
Holders of rec. Sept. 110 National Power &
prof.
(quar.).
Oct.
$1.75
Light.
Holders
of rec. Sept. 15
Minn.St. Paul & S. S. M.leased lines
2
Oct.
Holders of rec. Sept.20a New England Telep. & Teleg. (qua:.)-.
Sept.3 Holders of rec. Sept. 106
2
N. Y. Chicago Jr St. Louis, corn. (quar.) 2% Oct.
Holders of rec. Aug. 16a New Jersey Pr. & Lt.. part. pref.
134 Oct.
(qu.)Holders
Preferred A (quar.)
of
rec. Sept. 15
134 Oct.
Holders of rec. Aug. 16a Newport News dr Hampton Ry., Gas &
N. Y. Lackawanna & Western (quar.)_
131 Oct.
Holders of rec. Sept. 15a
Electric, common (quar.)
134 Oct.
Holders of rec. Sept. 15e
Norfolk & ‘Vestern, common (quar.)_
1% Sept.1 Holders of rec. Aug. 3Ia
Preferred (quar.)
134 Oct.
Holders of rec. Sept. 150
Old Colony ItR. (quar.)
1% Oct.
Holders of roe. Sept. ha New York Steam Co., pref.
134 Oct.
(quar.) --Holders of rec. Sept. 15s
Pere Marquette, common (altar.)
1,4 Oct.
Holders of rec. Sept. 15a New York Telephone, pref. (gnar.).154 Oct. I Holders of rec. Sept. 200
-Prior preference (quar.)
1% Oct.
Holders of rec. Sept. 15a Niagara Falls Power, common (guar.)._ 50c.
Sept.3 Holders of rec. Sept. 15
Five per cent preferred (altar.)
134 Oct.
Holders of rec. Sept. 15a
Preferred ((MM.)
4384c Oct. 1 Holders of rec. Sept. 30
Pittsburgh Bessemer dr Lake Erie, corn.
75c. Oct.
Holders of rec. Sept. 15
Niagara Lockp.& Out,Pr., corn.(quar.) 500. Sept.3 Holders of rec.
_
Sept. 15a
Pitts.& West Virginia, corn.(guar.)
1% Oct. 3 Holders of rec. Oct. 15a
Preferred (ild8
134 Oct.
.1%)
Holders of rec. Sept. 154
Common (quar.)
134 Jan. 3 Hold,of rec. Jan. 15'270 North American
Co., corn. (quar.)
125c. Oct.
Holders of rec. Sept. 7
Reading Company. 2d pref. (quar.)_ _
50c. Oct. 1 Holders of rec. Sept. 21a
Preferred (qua:,)
750. Oct.
Holders of rec. Sept. 7
1% Oct.
St. Lords-Sin Francisco Ky., COM.(qtr.)_
Holders of rec. Sept. 15a Northern Ohio Pr.& Light.
6% Pf.(au.) 154 Oct.
Holders of rec. Sept. 15
Preferred (guar.)
1% Nov.
Holders of rec. Oct. 15a
Seven per cent pref. (quar.)
Holders
of rec. Sept. 15
Oct.
1%
St. Louis Southwestern, pref.(guar.)._
Sept.
3
134
Holders of rec. Sept. 15
Northern States Power, corn., cl. A (qu.) 2
Holders of rec. Sept.30
Nov.
Southern Pacific (quar.)
1,4 Oct.
Holders of rec. Aug. 270
SIX .or cent ref. (altar,)
11%
1.3470 0ct. 2 Holders of rec. Sept.30
Southern Railway, common (quar.)- 1% Nov.
Sept. 22 to Oct. 12
North West Utilities, prior lien (quar.)_ _ $
Holders of rec. Sept. 154
mt.
Preferred (quar.)
13i Oct.
1.34 Oct. 1 Sept.22 to Oct. 12
Ohio Bell Telephone, pref.(quar.)
Holdersof rec. Sept. 20a
Oct.
Mobile & Ohio stock trust certificates_
2
Oct.
Holders of rec. Sept. 150 Ohio River Edison,7%
pref.
Holders
of rec. Sept. 15
-.
(quar.)
Union Pacific, corn. (quar.)
2,4 Oct.
Holders of rec. Sept. la Ottawa Light, Heat & Pow.,
Holders of rec. Sept. 15s
corn.(an.).
Preferred
2
Oct.
Holders of rec. Sept. la
Preferred (guar.)
1
14
dSe
Oct.
Pt3° Holders of rec. Sept. 15a
Vicksb. Shreveport & Pao.. corn. & pref. 23.4 Oct.
Holders of rec. Sept. 80 Ottawa Traction (quar.)
Holders of rec. Sept. 15
1
Oct.
Penn Central Lt. Jr Pow., pref.
'Holders 0
of reorec..
p.
2
10
5
ee
Public Utilities.
(quar.)-- '$1.25 Oct.
Penn-Ohio Edison,
Nov.
pref. (quar.)---- 1%
American & Foreign Power, pref.(quar.) $1.75 Oct.
Holders of rec. Sept. 170 Pennsylvania Gas&7%
El.,
18
Sept.
corn.
to Sept. 30
Oct.
(quer.)
--- 134
Oem.& pref. allot. etfs. 25% pd.(qu.) 43,4c Oct.
Holders of rec. Sept. 170
Preferred
(quar.)
Sept.
18 to Sept.30
194 Oct.
134 Oct.
Amerlean Public Service, pref. (gnarl- Holders of rec. Sept. 15
Pennsylvania Power Jr Light,
Holders of rec. Sept. 15
pref.(MO $1.75 Oct.
Amer.Public Utilities, prior pref. (quar.) $1.75 Oct.
Holders of rec. Sept. 15
Pennsylvania Water Jr Power (guar.)
Holders af rec. Sept. 170
Oct.
- - 2
Participating preferred (quar.)
$1.75 Oct.
Holders of r.c. Sept. 15
Peoples Gas Light Jr Coke (qua:.)
Oct. 1 Holders of rec. Oct. 40
2
2% Oct. 15 Holders of rec. Sept. 206 phiradelphia
American Telep. & Teleg. (quar.)
Traction
Holders of rec. Sept. 10a
$2 Oct.
Quarterly
2%.1 an 1527 Holders of rec. Dec. 20a Portland Elec.
Holders of rec. Sept. 15
Pow.Co.,6% 1st pt.((PO
13-4 Oct.
Quarterly
254A Pr 15'27 Holders of rec. Mar. 15a
Prior preference (quar.)
Holders of rec. Sept. 15
131 Oct.
Name of Company.
When
Per
Cent. Payable.
Pub-, Utilities (Concluded).
Public Servioe Corp. of New Jersey-$1.25 Bept.30
Common (guar.)
Sept.3
2
Eight per cent preferred (guar.)
13( Sept.3
Seven per cent preferred (guar.)
1 A Sept.3
Six per cent preferred Mar.)
Public Serv. Elec.& Gas.7% pref.(gu.). 1H SePt•3
IA Sept.3
Six per cent pref.(guar.)
Oct.
Public Service Co. of Okla., Corn.(guar.) 2
1% Oct.
Prior lien stock (guar.)
1 34 Oct.
Preferred (quar.)
1 A Oct. 1
Quebec Power Co., common (quar.)____
1H Oct. I
Preferred (guar.)
13/ Oct.
Radio Corp. of America, pref. (guar.)._
Republic Ry.& Light,6% pref. (quer.). 1 A Oct. 1
Oct.
Savannah El. & Pr. deb. 1st pf. A (qu.) 2
134 Oct.
Debenture 1st pref.. series B (guar.)._
Oct.
3
Preferred
Oct.
2
Shawinigan Water & Power (guar.)
Southeastern Pow. & Lt., $7 pref. (qu.)_ 51.75 Oct.
$1 Oct.
Participating preferred (guar.)
South. Indiana Gas& Elec.,7% pf.(qu.) 1 3( Oct.
1 33 Oct.
Six per cent preferred (quar.)
51.65 Oct.
6.6% preferred (guar.)
Southwestern Bell Telephone, pref. (qu.) 1A Oct.
1 ti Oct.
Springfield Ky. & Light, pref. (guar.). __
Standard Gas & Electric, corn.(quar.)__ 75e. Oct. 2
1H Oct. 2
Prior preferred (quar.)
Common (payable in common stock). 11-200 Oct. 2
Common (payable in common stock). 11-200 Jari25 2
Tennessee Eastern Elec. Co.1.80 Oct.
7.2% first preferred (guar.)
50c. Oct.
6% first preferred (monthly)
60c. Oct.
7.2% first preferred (monthly)
Oct.
Toledo-Edison Co.. Prior pref (quar.). _ 2
13 Oct.
TwinCityRap.Tr.,Minneap.,com.(gu.)
13.4 Oct.
Preferred (qua?.)
United Gia.e Improvement, COM.(guar.). $1 Oct. 1
Nov. 1
r25
Stock dividend _
134 Oct.
Utah Gas & Coke, pref. & part. pf.(qu.)
13/ Oct.
Utah Power & Light, pref. (guar.)
Utilities Power & Light, class A (guar.) e50c• Oct.
. u25e. Oct.
C111.98 B (guar.) _
$1.75 Oct.
Preferred (guar.)
Virginia Elec. & Power, pref. (guar.)... 134 SePt.2
IA Oct. 1
Western States Gas & Elec.. pref. (lti.)I 3/ Dee.
West Chester Street Ry., pref. (guar.)._
Sept.3
$1.75
(guar.)...
West Penn Elec. Co.. class A
West Penn Power Co..6% pref.(guar.). 134 Nov.
13/ Nov.
Seven per cent preferred (guar.)
13/ Oct.
Winnipeg Electric Co., pref.(guar.)._
Wisconsin Public Service Corp.Sept.2
134
(guar.)
preferred
I)
(No.
634%
Wisconsin River Power, pref. (guar.)._ *51.75 Nov.2
Banks.
America. Bank of (guar.)
Chase National (guar.)
Chase Securities Corp.(guar.)
Chatham & Phenix National (quar.)._._
Chelsea Exchange (guar)
Commerce, National Bank of (guar.)...
Harlem Bank of Commerce (qu.)(No. 1)
._.
Manhattan Co., Bank of the (guar.),
National City (guar.)
National City Company (guar.)
Public Nati mat (quar.)
Seaboard National (guar.)
State (guar.)
United States, Bank of (guar.)
3
334
Si
4
13.4
4
•1 A
$2
4
4
4
4
*4
234
Trust Companies.
5
Bankers (guar.)
3
elquitsble (guar.)
3
Guaranty (quar.)
Irving Bank-Columbia Trust (quar.)- 334
5
Manufacturers (guar.)
'1234
United States (quite.)
Firs Insurance.
Rosins Ins. Co. of Amelia (quae)
950
Books Closed.
Days Inclusive.
.
Holders of rec. Sept. 3a
Holders of rec. Sept. 36
Holders of rec. Sept. 3a
Holders of rec. Sept. 3a
Holders of rec. Sept. 3
Holders of rec. Sept. 3
Sept.25 to Oct. 1
Sept.25 to Oct. 1
Sept. 25 to Oct. 1
Holders of rec. Sept. 30
Holders of rec. Sept. 30
Holders of rec. Sept. la
Holders of rec. Sept. 30
Holders of rec. Sept. 15a
Holders of rec. Sept. 15a
Holders of rec. Sept. I5a
Holders of rec. Sept. 24
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 23
Holders of rec. Sept. 23
Holders of rec. Sept. 23
Holders of rec. Sept. 20
Holders of rec. Sept. 15
Holders of rec. Sept. 30a
Holders of rec. Sept. 30
}folders of rec. Sept. 30a
Holders of rec. Dec. 31a
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 15
Holders of rec. Sept. 150
Holders of rec. Sept. 15a
Holders of rec. Sept. 300
*Holders of rec. Oct. 15
Holders of rec. Sent. IS
Holders of rec. Sept. 10
iliAders of rec• Sept. 11
Holders of rec. Sept. 11
Holders of rec. Sept. ii
Holders of rec. Aug. 31a
Holders of rec. Sept. 30
Holders of rec. Nov. 21
Holders of rec. Sept. 15a
Holders of rec. Oct. 15a
Holders of roe. Oct. 150
Holders of roe. Sept. 15
Holders of roe. Aug. 31
*Holders of rec. Oct. 31
1
1
1
1
1
5
1
1
1
1
1
1
1
1
Holders of roe. Sept. 15a
Holders of rec. Sept. 13a
Holders of rec. Sept. 13a
Sept. 16 to Sept. 30
Holders of rec. Sept. 17
Holders of rec. Sept. 170
*Holders of rec. Sept. 15
Holders of rec. Spet. 170
Holders of roe. Sept. 17a
Holders of rec. Sept. 17
Holders of rec. Sept. 20 ,
Holders of rec. Sept. 23
*Holders of rec. Sept. 17
Holden/ of rec. Sept. 200
Oct. 1
Sept.30
Sept.30
Oct. 1
Oct. 1
Oct. 1
Holders of roe. Sept. 15a
Holders of rec. Sept. 20a
Holders of rec. Sept. 17
Holders of rec. Sept. 17
Holders of rec. Sept. 20a
Holders of re. Sept. 20a
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
$1.50 Oct.
1 Holders of ree. Sept. 15a
Miscellammus.
$1.50 Sept.30 Holders of roe. Sept. 15a
Adams Express (guar.)
•50c. Oct. 1 *Holders of rec. Sept. 18
Adams Royalty (guar.)
Advance-Rumely Co., pref. (qum.)._ 75e. Oct. 1 Holders of rec. Sept i5a
81.25 Oct. 15 Holders of rec. Sept. 30a
Air Reduction Co.(guar.)
Oct. 15 Holders of rec. Sept. 30a
31
Extra
Oct. 1 Holders of rec. Sept. 17
2
Aldred & Co. (guar.)
Allied Chemical & Dye Corp., pref.(qu.) 13.4 Oct. 1 Holder; of rec. Sept. 15a
134 Oct. 16 Holders.of rec. Sept. 24a
Allis Chalmers Mfg., pref.(quar.)
Aluminum Manufactures, Ine..eom.(qu.) 50e. Sept.31. Holders of rec. Sept. 15a
134 Oct. 1 H,Aders of rec. Sept. 200
Preferred (guar.)
American Art Works. COM. & Pref. (qu.) 134 Oct. 15 Holders of rec. Sept. 30
400. Oct. 1 Holders of rec. Sept. 15a
American Bank Note. sons.(guar.)
75c. Oct. I Holders of rec. Sept. 15a
Preferred (guar.)
13/ Oct. 1 Holders of rec. Sept. 16a
American Can, preferred (guar.)
Oct. 1 Holders of rec. Sept. 150
$1.50
(quer.).
common
Foundry,
Amer. Car &
13/ Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
American Cellulose & Chemical Mfg..
13/ Sept. 30 Holders of rec. Sept. 15
First participating preferred (guar.)._
'50e. Sept.30 Sept. 21 to govt. 30
American Chain, class A (guar.)
75e. Oct. 1 Holders of rec. Sept. 15a
American Chicle, earn. (guar.)
13.4 Oct. 1 Holders of rec. Sept. 154
6% preferred (quar.)
13/ Oct. 1 Holders of rec. Sept. 150
7% Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 150
American Cigar, preferred (guar.)
Oct. 1 Holders of roe. Sept. 15
1
Amer. Cyanamid, old common (quar.)__
20c. Oct. 1 Holders of rec. Sept. 15
New common A & B (guar.)
Oct. 1 Holders of rec. Sept. 15
34
Old common (extra)
10c. Oct. 1 Holders of rec. Sept. 15
New common A & B (extra)
d31.50 Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
134 Oct. 1 Holders of roc. sent. 170
American Express (quar.)
51 Oct. 1 Holders of rec. Sept. I60
American Hardware Corp.(guar.)
31 Jan 127 Holders of rec. Dec. 16a
Quarterly
20e. Oct. 1 H. Mere of rec. Sept. 15a
Amer. Home Products (guar.)
Amer. La France Fire Eng.. COM,(qu.). 25e. Nov. 15 Holders of ree. Nov, 1
134 Oct. 1 Hiders of rec. Sept. 15
Preferred (guar.)
13/ Oct. 1 Holders of roe. Sept. 170
American Linseed, Prof.(guar.)
13/ Jan 3'27 Holders of/ rec. Dec. 170
Preferred (quar.)
13/ A pri'27 Hold, of red.Mar.18 '270
Preferred (guar.)
American Locomotive. corn.(guar.)._ _ $2 Sept.30 Holders of rec. Sept. 130
13/ Sept. 30 Holders of rec. Sept. 13a
Preferred (qua?.)
134 Oct. 1 Holders of rec. Sept. 17
American Mfg., common (guar.)
Dee. 31 Holders of rec. Dec. 17
134
(guar.)
Common
13/ Oct. 1 Holders of rec. Sept. 17
Preferred (guar.)
134 Dee. 31 Holders of rec. Dec. 17
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
2
American Plano, common (guar.)
13/ Oct. 1 Holders of rec. Sept. 150
Preferred (qua!'.)
Sept. 30 Holders of rec. Sept. I56
American Radiator, common (guar.)._ Si
$1.50 Sept. 30 Holders of rec. Sept. 15
American Railway Express (quar.)
50c. Oct. 15 Hold rs of rec. Sept. 30a
Amer. Rolling Mill. common (quar.)-- 134 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
75c. Oct. 1 Holders of rec. Sept. 100
American Safety Razor (quar.)
50e. Oct. 1 Holders of rec. Sept. 10
Amer. Seating Corp.. corn. (qu.)(No. 1)
75e. Oct. 1 Holders of rec. Sept. 10
Preferred (guar.) (No. 1)
2
Nov. 1 Holders of rec. Oct. 15a
Amer.Shipbuilding,common (guar.)._
Nov. 1 Holders of rec. Oct. 15
13/
Preferred (guar.)
3
Oct. 1 Holders of rec. Sept. 10a
American Snuff, corn.(guar.)
13-4 Oct. 1 Holders of rec. Sept. 10a
Preferred (guar.)
750. Oct. 15 Holders of rec. Oct. la
Amer. Steel Foundries, corn.(guar.).134 Sept. 30 Holders of rec. Sept. 15a
Preferred (nuar.)
[VOL. 128.
THE CHRONICLE
1474
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
50e. Oct. 1 Sept. 16 to Oct. 1
American Stores Corp.(guar.)
American Sugar Refining, corn. (guar.). 1H Oct. 2 Holders of rec. Sept. in
1A Oct. 2 Holders of rec. Sept. In
Preferred (guar.)
American Tobacco. preferred (guar.)... 1 A Oct. 1 Holders of rec. Sept.10a
American Vitrified Products, coin.(qu.). 50c. Oct. lb Holders of rec. Oct. ba
Amer. Wholesale Corp., pref. (quar.)__
1H Oct. 1 Holders of rec. Sept.20a
American Woolen. prof. (guar.)
1H Oct. 15 Sept. 16 to Sept.23
IA Oct. 1 Holders of rec. Sept. 10
Armour & Co., Illinois, pref.(guar.)... _
Armour & Co. of Delaware, prof.(quar.) 1A Oct. 1 Holders of rec. Sept. 10
Associated Oil (quar.)
50c. Sept.25 Holders of rec. Sept. 110
40c. Oct. 25 Holders of rec. Sept. 110
Extra
Auburn Automobile, common (guar.)._ *51
Oct. 1 Holders of rec. Sept. 20
Nov. 2 Holders of roe. Oct. 200
Stock dividend
e5
Wiborg
Ault &
1H Oct. 1 Holders of rec. Sept. II
preferred (guar.)._
Babcock & Wilcox
(quar.)
1.3/ Oct. 1 Holders of rec. Sept.20a
Co..
.....
Quarterly
1H Jan2'27 Holders of roe. Dec. 200
Quarterly
1( Apr1'27 Hold. of rec. Mar.20'27a
Balaban & Katz,common (monthly)..._ 25e. Oct. 1 Holders of rec. Sept.20
Common (monthly)
25e. Oct. 1 Holders of rec. Sept. 20
Bancroft (Joseph) & Sons (qu.)(No. 1). 623.c. Sept.30 Holders of rec. Sept. 150
Holders of rec. Sept. 15a
Barnsdall Corp., class A and B (guar.)._ 50e. Oct.
*Holders of rec. Sept. 20
Beatrice Creamery. corn. (guar.)
*51.25 Oct.
*Holders of rec. Sept. 20
Preferred (quar.)
•1 A Oct.
Holders of rec. Sept. 200
Belding-Heminway Co., corn.(guar.)._. 75e. Oct.
134 Oct. 1 Holders of rec. Sept. 300
Belgo-Canadian Paper, tom.(guar.) _ _
Sept. 4 to Sept. 5
Preferred (guar.)
1H Oct.
Holders of rec. Sept. I5a
Bend's Corporation, class A (quar.) _ _ _ _ 50c. Oct.
Holders of rec. Sept. la
Bethlehem Steel Corp, 7% prof. (guar.) 14 Oct.
Sept.2 Holders of rec. Sept.200
Big Lake Oil
25
Holders of rec. Sept. 170
Borg & Beck (guar.)
75e. Oct.
Borne Scrymser Co
Oct. 1 Sept. 26 to Oct. 14
$4
Oct. 1 Sept. 26 to Oct. 14
Extra
4
Holders of roe. Sept. 20
Bridgeport Machine, preferred (guar.)._
l4 Oct.
Holders of rec. Sept. 150
Brillo Manufacturing, Inc., pf. el. A(gu.) 50e. Oct.
Holders of coup. No.114k
30
Sept.
(k)
(Interim)._
ord.
Tobacco,
British-Amer.
British C,Aumbla Fish & Packing (guar.) 13/ Dec. 10 Holders of rec. Nov.30
Oct'. 1 Holders of rec. Sept. 18
1
Brown & Williamson Tob., COCO. ((lO.)__
Oct. 1 Holders of rec. Sept. 18
Preferred (guar.)
Brunswick-Balke-Coll. Co., pref. ((Mar.) 13/ Oct. 1 Holders of rec. Sept. 200
Burns Brothers, pref. (quar.)
1 3/ Oct. 1 Holders of rec. Sept. lba
Burroughs Add. Mach. no par stock (qu.) 75e. Sept.30 Holders of rec. Sept. lba
Preferred (guar.)
Sept. 30 Holders of rec. Sept. 15
13.4 Oct. 15 Holders of roc. Oct. 10
Bush Terminal Co.. deb. pref. (guar.)._
13/ Oct. 1 Holders of rec. Sept. 175
Bush Terminal Buildings, pref. (quar.)_
Butte dv Superior Mining (guar.)
50c. Sept. 30 Holders of rec. Sept. 150
By-Products Coke. new corn. (guar.)... 50e. Sept.20 Holders of rec. Sept. 40
Sept. 20 Holders of rec. Sept. 40
Old common (guar.)
$1
23/ Oct. 1 Holders of rec. Sept. 206
Preferred (guar.)
$1.50 Sept.20 Holders of rec. Sept. 40
Calumet & Arizona Mining (guar.)
Calumet & Uccle Consol. Copp.(guar.). 50c. Sept. 15 Holders of rec. Aug. 310
Oct. 1 Holders of rec. Sept. 15
Cambria Iron
51
Canada Bread, 1st pref. & pref. B (cm.). *13/ Oct. 1 *Holders of rec. Sept. 156
Canada DrY Ginger Ale stock div.(qu.). el A Oct. 15 Holders of rec. Oct. la
el H Jan15'27 Holders of rec. Jan 1 '27a
Stock dividend (guar.)
13/ Oct. 9 Holders of rim. Sept. 24
Canadian Car & Fdy., pref.(guar.)
Oct. 1 Holders of ree. Sept. 15
Caned. Conn. Cot. Mills,8% prof.(qu.) 1
Oct. 1 Holders of rec. Sept. 15
1
Canadian Cottons, pref.(guar.)
Canadian General Electric, pref. (guar.) 13/ Oct. 1 Holders of rec. Sept. 15
(guar.)._
(J.
pf.
Mach.,
Thresh.
I.)
Case
13.4 Oct. 1 Holders of roe. Sept. 130
Oct. 1 Holders of rec. Sept. 130
Preferred (acct. accum. dividends)... 7
Central Alloy Steel, corn.(guar.)
.50c Oct. 11 *Holders of rec. Sept. 29
*1A Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
Oct. 1 Holders of roe. Sept. 150
Certain-teed Products, corn. (guar.)..._ $1
Oct. 1 Holders of roe. Sept. 154
First and second preferred (guar.) _ _„ I
Oct. 1 Holders of roe. Sept.206
Chandler-Cleve. Motors, pref. (guar.)._ 51
Chesebrough Mfg. Cos. (guar.)
75c. Sept.30 Holders of rec. Sept. 100
30 Holders of roe. Sept. 100
Sept.
Extra
25c.
623.4c Oct. 1 Holders of roe. Sept. 160
Chicago Fuse (guar.)
Chicago Mill & Lumber, pref. (guar.)._
, Oct. 1 Holders of r e. Sept. 220
13
Chicago Motor Coach, pref.(guar.)._ •13/ Oct. 1 *Holders of rec. Sept. 20
Chicago Yellow Cab Co.(monthly)
33 I-3e Oct 1 Holders of rec. Sept.200
Monthly
33 1-3c Nov. 1 Holders of rec. Oct. 200
33 1-3c Dec. 1 Holders of rec. Nov. 190
Monthly
6234c. Sept. 27 Holders of rec. Sept. la
Chile Copper (guar.)
75c. Sept.30 Holders of rec. Sept. 156
Chrysler Corporation. corn.(guar.)
Sept. 30 Holders of roe. Sept. 150
$2
Preferred (guar.)
Jan3'27 Holders of roe. Dec. 150
Preferred (guar.)
$2
34 Oct. 1 Holders of rec. Sept. 15
Cities Service Co., common (monthly)._
Common (payable in common stock).. 134 Oct. 1 Holders of roe. Sept. 15
34 Oct. 1 Holders of req. Sept. 15
Preferred and preferred B (monthly)._
34 Oct. 1 Holders of rec. Sept. 15
Bankers shares (monthly)
.6234e Oct. 1 *Holders of roe. Sept. 15
Cleveland Builders Supply (guar.)
Oct. 1 Holders of rec. Sept.200
Co.,
es
13/
Inc.. pref.(qu.),
Cleat,Peabody
$1.75 Oct. 1 Holders of roe. Sept. lba
Coca-Cola Co.,common (guar.)
Coca-Cola International, common (qu.). $1.75 Oct. 1 Holders of rec. Sept. 15a
Commercial Invest. Trust, corn.(guar.). 00o. Oct. 1 Holders of rec. Sept. 15a
Seven per cent first pref.(guar.)
134 Oct. 1 Holders of roe. Sept. 154
134 Oct. 1 Holders of rec. Sept. 15a
634% first preferred (guar.)
Oct. I Holders of ree. Sept. 20.
Commercial Solvents Corp., cl. B (qu.) $2
75e. Oct. 1 Holders of rec. Sept. 154
Congress Cigar, Inc.(guar.)
1 Holders of rec. Sept. lba
Oct.
Cigar
Corp., common (qu. 11.75
Cons_lidated
13.4 Sept. 25 Holders of roe. Sept. 110
ConsAideted Ice, Pittsburgh, prof
Cons lidated Lead & Zinc, class A (qu.). ;234c. Oct. I Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 180
Continental Baking, cont., el. A (qu.). 12
Oct. 1 Holders of rec. Sept. 180
2
Preferred (guar.)
13/ Oct. 1 Holders of roe. Sept. 200
Continental Can, pref.(guar.)
Sept. 30 Holders of roe. Sept.200
$1
Coty Inc. (guar.)
Crane CompanyIn
Oct. 15 Holders of reo. Sept. 15
(payable
common
stock). 110
Conlin ,n
Crown Finance Corp., pref. (guar.)._ __ .$1.75 Oct. 2 *Holders of rec. Sept. 15
Crown Willamette Paper, 1st pr. (qu.). _ $1.75 Oct. 1 Holders of rec. Sept. 15a
13/ Sept.30 Holders of rec. Sept. lba
CrueiLle Steel, pref. (guar.)
25c. Sept.30 Holders of rec. Sept. 40
Cuban-American Sugar, corn.(guar.)___
13/ Sept.30 Holders of rec. Sept. 40
(guar.)
Preferred
Dec. 15 Holders of rec. Dec. 1
$1
Cuneo Press. Inc. (guar.)
134 Sept. 25 Holders of rec. Sept. lba
Davis Mills(guar.)
Oct. 1 Holders of rec. Sept. 15
Detroit & Cleveland Navigation (guar.). 2
Devoe & Reynolds. corn., A & B (guar.). 60c. Oct. 1 Sept. 21 to Sept. 30
Oct. 1 Sept. 21 to Sept. 30
13/
(quar.)
pref.
second
and
First
13/ Oct. 1 Holders of rec. Sept. 15
Dominion Glass, Ltd.. corn. & pf..(qu.)
$1.25 Oct. 1 Holders of rec. Sept. 15
Dominion Textile, corn.(guar.)
134 Oct. 15 Holders of rec. Sept. 30 I
Preferred (quar.)
50c. Sept. 30 Holders of rec. Sept. la
Douglas-Pectin Corp.(guar.)
50c. Sept.30 Holders of roe. Sept. la
Extra
134 Oct. 1 Holders of rec. Sept. 15
Douglas(W. L.) Shee Co.. Prof.(quar.)
Oct. 1 Holders of rec. Aug. 28
2
Draper Corporation (guar.)
1214 Oct. 1 Holders of rec. Aug. 28
Extra
12A Jan1527 Holders of rec. Aug. 28
Extra
134 Oct. 1 Holders ef rec. Sept. 20a
Dunham (J. H.)& Co.,common (quar.)_
134 Oct. I Holders of roe.-Sept.20,
First preferred (quar.)
13/ Oct. 1 Holders of rec. Sept.20 ti
Second preferred (guar.)
Co.
&
Nemours
de
I.)
(E.
Pont
du
134 Oct. 25 Holders of rec. Oct. fla
Debenture stock (guar.)
40e. Dec. 1 Holders of rec. Nov. 15
Eaglz-Picher Lead, common (guar.). __ _
Oct. 1 Holders of roe. Aug. 310
$1.25
(guar.)
Eastman Kodak, corn.
75e. Oct. 1 Holders of rec. Aug. 3I0
Common (extra)
134 Oct. 1 Holders of rec. Aug. 310
Preferred (quar.)
25e. Oct. 15 Holders of rec. Oct. 1
Economy Grocery Stores (quar.)
134 Oct. 1 Holders of rec. Sept. 210
Elsenlohr (Otto) & Bros., pref. (guar.)._
$1.25 Oct. 1 Holders of rec. Sept. 70
&
corn.
(qu.).
Storage
pf.
Battery,
Elec.
Oct. 1 Sept. 21 to Oct. 1
Electric Vacuum Cleaner, corn. (guar.). 1
13/ Oct. 1 Sept. 21 to Oct. 1
Preferred (quar.)
13/ Oct. 1 Holders of rec. Sept. 20
Emerson Elec. Mfg., pref.(guar.)
50c. Sept. 21 Holders of roc. Sept. 1
Emporium Corp.(guar.)
Endicott-Johnson Corp., cote. (quar.)_. $1.25 Oct. 1 Holders of rec. Sept. 180
13.1 Oct. 1 Holders of rec. Sept. 180
Preferred (guar.)
Equitable Office Bldg., common (11.1.)-- 51.25 Oct. 1 Holders of rec. Sept. 15
134 Oct. 1 Holders of rec. Sept. lba
Preferred (guar.)
07340. Oct. I *Holders of rec. Sept. 15
Erupcion Mining (guar.)
Ac. Oct. 1 *Holders of rec. Sept. lb
*2
Extra
134
134
H
SHPT. 18 19261
Name of Company.
THE CHRONICLE
Per
TVhen
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
3c. Sept.25 Holders of rec. Sept. 10a
Euclid Oil
Evans(E.S.) & Co., class A & B (quar.). 75c. Oct. 1 Holders of rec. Sept. 20a
20c. Oct. 1 Holders of rec. Sept. 200
Fair (The), common (monthly)
20c. Nov. 1 Holders of rec. Oct. 21a
Common (monthly)
1% Nov. 1 Holders of rec. Oct. 21a
Preferred (quar.)
75c. Sept.3 Holders of rec. Sept. I5a
Fairbanks-Morse & Co., corn. (guar.)._
75c. Dec. 31 Holders of rec. Oct. 15a
Common (guar.)
I% Dec. 1 Holders of rec. Nov. I5a
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 15a
Famous Players-Lasky Corp., com(qu.) $2
Federal Motor Truck, new no-par stock
20e. Oct. 1 Sept. 19 to Sept. 30
(guar.) (No. 1) 2)4 Oct. 5 Sept. 19 to Sept. 30
Stock dividend
16e. Oct. 16 Holders of rec. Oct. 2a
Fifth Ave. Bus Securities (guar.)
25c. Oct. 1 Holders of rec. Aug. 31
Financial Investing Co., Ltd., common_
15c. Oct. 1 Holders of rec. Aug. 31
Extra
Oct. 1 Holders of rec. Sept. 15a
First National Pictures, 1st pref. (quar.) $2
Fleischmann Co., common (guar.)
50c. Oct. 1 Holders of rec. Sept. 15a
1% Oct. 1 Sept. 16 to Sept. 21
Preferred (Quar.)
25c. Oct. 1 Sept. 21 to Sept. 30
Foote Bros.. Gear & Machine,corn.(qu.)
1% Oct. 1 Sept. 21 to Sept. 30
Preferred
Preferred tguar.)
114 Jan1'27 Holders of rec. S pt. 20
25c. Oct. 1 Holders of rec. Sept. 15a
Forhan Company, common (guar.)._
40e. Oct. 1 Holders of rec. S pt. 15a
Common,class A (guar.)
Oct. 15 *Holders of rec. Sept. 30
Fox Film Corp.. corn. A & B (guar.) _ _ _ _ *$1
Gabriel Snubber Mfg., corn. A & B (ea.) 62e. Oct. 1 Holders of rec. Sept. 15a
62e. Oct. 1 Holders of rec. Sept. 15a
Common A & B (extra)
134 Oct. 1 Holders of rec. Sept. 150
General Amer. Tank Car, pref. (guar.) _ _
$1.25 Oct. 1 Holders of rec. Sept. 15
General Baking. class A (guar.)
Sept.30 Holders of rec. Sept. 180
2
Preferred (guar.)
75c. Oct. 28 Holders of rec. Sept. 15a
General Electric (guar.)
15c. Oct. 28 Holders of rec. Sept. I5a
Special stock (guar.)
1% Oct. 1 Holders of rec. Sept. 24a
General Cigar, debenture pref. (guar.)._
Oct. 15 Holders of rec. Oct. 1
51
General Ice Cream Corp., corn.(quar.)
134 Nov. 1 Holders of rec. Oct. 4a
General Motors, 7% pref. (guar.)
1% Nov. 1 Holders of rec. Oct. 4a
Six per cent pref. (quar.)
13.i Nov. 1 Hold ers of roe. Oct. 4a
Six per cent debenture stock (rm.)._
Oct. 1 Holders of rec. Sept. 10a
General Railway Signal, corn. (guar.)._ $I
25e. Oct. 1 Holders of rec. Sept. 100
Common (extra)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 10a
C. G. Spring de BumperCommon (in corn. stk. on each 10 shs.) 12-10 Nov. 15 Holders of rec. Nov. 8
'Common (in corn. stk. on each 10 she.) 13-10 Feb1527 Holders of rec. Feb.8'27
$2.50 Sept.20 Holders of rec. Sept. 10a
Glen Alden Coal
50c. Oct. 1 Holders of rec. Sept. 160
Glidden Company, common (quar.)
Oct. 1 Holders of rec. Sept. 160
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 20
$1
Globe-Wernicke Co., common
$1.50 Jan 127 Holders of rec. Dec. 20
Common (guar.)
134 Oct. 1 Holders of rec. Sept. 150
Goodrich (B. F.) Co., pref. (quar.)
Goodyear Tire & Rubb.of Can., pf.(gu.) 1% Oct. 1 Holders of rec. Sept. 15
Preferred (account accum. dividends). 533-4 Oct. 1 Holders of rec. Sept. 15
Goodyear Tire de Rubber, pref. (gu.)
134 Oct. 1 Holders of rec. Sept. la
Prior preference (guar.)
Oct. 1 Holders of rec. Sept. 150
2
Gossard (II. W.) & Co.. corn.(m'thly)_• 33 1-3c Oct. 1 *Holders of rec. Sept. 20
Common (monthly)
•33 1-3c Nov. 1 *Holders of rec. Oct. 20
Common (monthly)
• 33 1-3c Dec 1 *Holders of rec. Nov. 19
Common (monthly)
• 33 1-3c Jan 3'27 *Holders of rec. Dee. 20
Gotham Silk Hosiery. corn. (guar.)
623.4e. Oct. 1 Holders of rec. Sept. 15a
134 Oct. 1 Holders of rec. Sept. 20
Goulds Pump, common (guar.)
134 Oct. 1 Holders of rec. Sept. 20
pi Preferred ((mar.)
Oct. 1 Holders of rec. Sept. 15a
2
(Ramon' Chemical, common (guar.)._
134 Oct. 1 Holders of roe. Sept. 150
Preferred (guar.)
13.4 Sept.30 Holders of rec. Sept. 15
Great Lake Towing, corn. (guar.)
Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Oct. 2 Holders of rec. Sept. 150
$2
Great Western Sugar, corn.(guar.)
Oct. 2 Hold roof rec. Sept. 150
Preferred (guar.)
Greenfield Tap & Die,6% pref.(guar.). 134 Oct. 1 Holders of rec. Sept. 15
2
Oct. 1 Holders of rec. Sept. 15
8% preferred (guar.)
*25e. Oct. 1 *Holders of rec. Sept. 15
Grennan Bakeries, common (guar.)
*134 Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
$750 Oct. 15 Holders of rec. Oct. la
Group No. 1 011 Corp
Sept.30 Holders of rec. Sept. 15a
2
Guantanamo Sugar, pref. (guar.)
Guenther Publishing, preferred (guar.)._
23-4 Nov. 16 Holders of rec. Oct. 16
Preferred (acct. accumulated diva.)..... 5234 Nov. 16 Holders of rec. Oct. 16
3734c Oct. 1 Sept. 21 to Sept. 23
Gulf 011 Corp.(quar.).....
134 Oct. 1 Holders of rec. Sept. 150
Gulf States Steel, corn.(guar.)
I% Oct. 1 Holders of rec. Sept. I5a
Preferred (guar.)
I% Jan2'27 Holders of rec. Dec. 15a
Preferred (guar.)
Hamilton (Ontario) United Theatres, pf_
334 Sept. 30 Holders of rec. Sept. 15
•134 Oct. 1 *Holders of rec. Sept. 20
Harnmerrnill Paper. pref.(guar.)
Hanes(P. 11.) Knitting. pref. (guar.)... 1% Oct. 1 Holders of rec. Sept. 20
Harbison-Walker Refrac., prof. (guar.). 13.4 Oct. 20 Holders of rec. Oct. 90
Hartman Corporation, class A (guar.)._
50c Dec. 1 Holders of rec. Nov. 17
50c Mar127 Holders of rec. Feb.I5'27
Class A ((mar.)
50c J'nel'27 Holders of rec. May 17
Class A (guar.)
(0) Dec. I Holders of rec. Nov. 17
Class B (guar.) In class A stock
(o) Mar 127 Holders of rec. Feb 15'27
Class B (guar.) In class A stock
(o) J'nel'27 Hold, of rec. May 17 '27
Class B (guar.) In class A stock
Helme (George W.) Co., common (qu.). 75o. Oct. 1 Holders of rec. Sept. 13a
Oct. 1 Holders of rec. Sept. I3a
Preferred (guar.)
Sept. 25 Sept. 16 to Sept.25
2
Hercules Powder, common (guar.)
Hibbard,Spender,Bartlett & Co.(mthly.)
35c. Sept. 24 Holders of rec. Sept. 17
20e. Sept. 24 Holders of rec. Sept. 17
Extra
50c. Sept.25 Holders of rec. Sept. 200
Homestake Mining (monthly)
Hood Rubber Co., common (guar.). _ Si
Sept.30 Sept. d21 to Sept.30 .
8734e Oct. 1 Holders of rec. Sept. 15a
Hudson Motor Car (guar.)
30e. Oct. 1 Sept. 12 to Sept. 30
Humble Oil& Refining (guar.)
20e. Oct. 1 Sept. 12 to Sept. 33
Extra
2.4 Oct. 15 Holders of rec. Oct. 4
Illinois Brick (guar.)
1% Sept.29
Imperial Tobacco of Canada, ordinary
25e. Oct. 18 Holders of rec. Sept. 300
Independent 011 & Gas (guar.)
Independent Pneumatic Tool (guar.)._ $1 Oct. 1 -0 c. 21 to Sept. 30
Inland Steel, pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 15
50c. Oct. 4 Holders of rec. Sept. 160
Inspiration Consol. Copper (guar.)
334 Oct. 1 Holders of roe. Sept. 15
Insurance Securities Co., Inc.(quar.)
$1.25 Oct. 1 Holders of rec. Sept. 18
Interlake Steamship (guar.)
Internat. Business Ma hines (guar.)... 75c. Oct. 11 Holders of rec. Sept. 24a
Internat. Buttonhole Sew. Mach. (cm.). 134 Oct. 1 Holders of rce. Sept. 15
International Cement, corn. (quar.)..... $1
Sept.30 Holders of rec. Sept. I5a
134 Sept. 30 Holders of rec. Sept. 150
Preferred (guar.)
13-4 Oct. 15 Holders of rec. Sept. 250
Internat. Harvester, corn. (guar.)
Internat. Match Corp., panic. pf.(an.). 80e. Oct. 15 Holders of rec. Sept. 250
International Nickel, corn. (guar.)
50e. Sept.30 Holders of rec. Sept. 170
I% Oct. 15 Holders of rec. Oct. la
Internat. Paper. 7% pref. (guar.)
13-4 Oct. 15 Holders of rec. Oct. la
6% preferred ((luar.)
134 Oct. 1 Holders of rec. Sept. 15a
International Salt (guar.)
51.50 Oct. 1 Hold roof rec. June 150
International Shoe, com.(guar.)
34 Oct. I Holders of rec. Sept. 150
1 ref rd (monthly)
13-4 Oct. 1 Holders of rec. Sept. 15a
International Silver, common (quar.)..._
134 Oct. 1 Herders of rec. Sept. I5a
Preferred (guar.)
Intertype Corporation, 1st pref.(quar.). $2 Oct. 1 Holders of rec. Sept. 15
1% Oct. 1 Holders of rec. Sept. 20a
Jewel Tea, preferred (guar.)
5214 Oct. 1 Holders of roe. Sept. 203
Preferred (acct. accum. dividends)
134 Oct. 1 Holders of rec. Sept. 15a
Jones & Laughlin Steel, Prof.(quar.)
1% Sept.30 Holders of rec. Sept. 18
Jordan Motor Car. pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 200
._ _
Kaufman Dept. Stores, pref.(guar.).
134 Jan 2'27 Holders of rec. Dec. 200
Preferred (quar.)
2
Oct. 1 Holders of rec. Sept. 17a
Kayser (Julius) & Co.. Prof.(guar.)._
$1.50 Oct. 1 Holders of rec. Sept. 20a
Kelsey Wheel. common (guar.)
St
Oct. 1 Holders of rec. Sept. 3a
Kennecott Copper Corp.(quar.)
51
Oct. 1 Holders of rec. Sept. 21a
Kinney (G. R.) Co.. corn. (guar.)
Kirby Lumber (quar.)
134 Dec. 10 Dec. 1 to
Dec. 10
3734c Oct. 1 Holders of rec. Sept. I80
Kraft Cheese. com . (guar.)
Common (payable in common stock)._ 11 Si Oct. 1 Holders of rec. Sept. 180
Kresge (S. S.) Co.. common (quar.)._ __ 30c. Sept. 30 Holders of rec. Sept. 15a
134 Sept.30 Holders of rec. Sept. 150
Preferred (guar.)
Oct. 1 Holders of roe. Sept. 200
Kresge Department Stores, pref. (guar.) 2
134 Oct. 1 Holders of rec. Sept. 20a
Kress (S. H.) Co.. pref. (guar.)
Oct. 1 Holders of rec. Sept. 170
8734e.
(guar.)
Lambert Co.
1)4 Oct. 2 Holders of rec. Sept. 17
Laurentlde Co. (qUar.)
234 Oct. 1 Holders of rec. Sept. I8a
Lawyers Title & Guaranty CO
134
114
114
134
Name of Company.
1475
When
Per
Cent. Pawle.
Books Closed.
Days Inclusive.
Miscellaneous (CeZfnued).
$2 Oct. 1 Holders of rec. Sept. 14
Lehigh Valley Coal Sales (guar.)
Leonard, Fitzpatrick de Mueller Stores,
Oct. 1 *Holders of rec. Sept. 18
*2
preferred (No. I)
40 . Oct. 1 Holders of rec. Sept. 15a
Life cavers. Inc. (guar.)
1% Oct. 1 Holders of rec. Sept. 15a
Liggett & Myers Tobacco, pref. (quar.)_
50c. Oct. 27 Holders of rec. Sept. 30
Lion Oil Refining (guar.)
50c. Sept. 30 Holders of rec. Sept. 180
Loew's, Inc. (guar.)
Sept. 30 Holders of ree. Sept. 10a
Long Bell Lumber, cl. A corn. (guar.)._ $I
Loose-Wiles Biscuit, 1st pref. (guar.)... *1% Oct. 1 *Holders of rec. Sept. 20
•134 Nov. 1 *Holders of rec. Oct. 18
Second preferred (guar.)
23. Oct. 1 Holders of rec. Sept. I70
Lord & Taylor, common (guar.)
Lorillard (P.) Co., corn.(In corn. stock)_ 12 Oct. 1 Heide s of rec. Sept. 150
134 Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
50c. Oct. 1 Holders of rec. Sept. 200
Ludlum Steel (guar.)
Mack Trucks, Inc., common (quar.)...._ $1.50 Sept.30 Holders of roe. Sept. 150
114 Sept. 30 Holders of rec. Sept. 150
First & second pref.(quar.)
1% Nov. 1 Holders of rec. Oct. 160
Macy (R. H.)& Co., pref.(guar.)
Mallinson (H. R.) & Co., Inc., pf. (qu.) 1% Oct. 1 Holders of rec. Sept. 210
Manhattan Electrical Supply (guar.)... $1.25 Oct. 1 Holders of rec. Sept. 200
1% Oct. 1 Holders of rec. Sept. 170
Manhattan Shirt, pref. (guar.)
25c. Oct. 9 Holders of rec. Sept. 20
Mersey 011 Corporation
$I Sept. 30 Holders of roc. Sept. 18a
Marland 011 (guar.)
Oct. 1 Holders of rec. Sept. I7a
Mathieson Alkali Works, corn.(guar.)._ $1
114 Oct. 1 Holders of rec. Sept. 170
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 15a
May Department Stores. pref. (guar.)._
50c. Dec. 1 Holders of rec. Nov. 15a
Maytag Co. (guar.)
McCord Radiator Se Mfg., class A (qu.) _ 75c. Oct. 1 Sept. 23 to Sept. 30
134 Nov. 1 Holders of rec. Oct. 200
McCrory Stores, pref. (guar.)
Oct. 1 Holders of rec. Sept. 21
2
Medart (Fred) Mfg., pref. (guar.)
Merchants & Mfrs. Securities, corn.(qu.) 6234c Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 15
Common (payable in cemmon stock). 1
6214c Oct. 1 Holders of rec. Sept. 15a
Participating preferred (guar.)
Oct. 1 Holders of rec. Sept. I50
Participating preferred (In corn,stock) 1
$1.25 Sept.30 Holders of rec. Sept. 3a
Mergenthaler Linotype (guar.)
Sept. 30 Holders of roe. Sept. aa
25
Extra
Metropolitan Paving Brick. pref.(guar.) 1% Oct. 1 Holders of rec. Sept. 15
25c. Oct. 1 Holders of rec. Sept. 170
Midvale Company
134 Oct. 1 Holders of rec. Sept. 20
Mill Factors Corp. (guar.)
% Oct. I Holders of rec. Sept. 20
Extra
Montgomery Ward & Co., pref. (guar.) 1% Oct. 1 Holders of rec. Sept. 200
$1.7. Jct. 1 Holders of rec. Sept. 200
Class A (quar.)
81.2. Jet. 1 Holders of rec. Sept. 180
Morgan Lithograph. corn. (guar.)
Motion Picture Capital Corp., pref.(qu.) 50c. Oct. 15 Holders of rec. Oct. 1
Motor Meter Co., Inc.. el. A (guar.)... 90c. Oct. 1 Holders of rec. Sept. I5a
-ept. 20 Holders of rec. Sept.10a
50c
Motor Wheel Corp. (guar.)
Mountain Producers Corp., corn.(quar.) 60c. Oct. 1 Holders of rec. Sept. I50
15c. .Joe. 15 Holders of rec. Nov. 30
Munyon Remedy Co.(guar.)
Oct. 15 Holders of rec. Sept. 30a
51
National Biscuit. common (guar.)
Oct. 1 Holders of rec. Sept. 15
51
National Brewers. common (guar.)
I% Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
National Dairy Products, coin. (guar.). 75c. Oct. 1 Holders of rec. Sept. 20a
•134 Oct. 1 *Holders of rec. Sept.20
Preferred A & B (guar.)
Nat. Enameling & Stamping. pref. (qu.) 1% sept. 30 Holders of roe. Sept. 104
Nat. Fabric de Finishing, pref. (guar.)._ •134 Oct. 1 *Holders of rec. Sept. 20
Jan 127 Dec. 21 to Dec. 31
3
National Grocer, preferred
Sept. 30 Holders of rec. Sept. 106
2
National Lead, common (guar.)
Oct. 15 Holders of rec. July 26a
National Lock Washer, (stock dividend) 50
6234c. Oct. 1 Holders of rec. Sept. 20
National Standard, common (quar.)
123ic Oct. 1 Holders of rec. Sept. 20
Extra
114 Oct. 2 Holders of rec. Sept. 7
National Sugar Refining (guar.)
134 aept.30 Holders of rec. Sept. 20a
National Supply. pref. (guar.)
234 Oct. 1 Holders of rec. Sept. 200
National Surety (rpiar.)
31 Oct. 1 Holders of rec. Sept. 180
National Tea,common (quar.)
Oct. 1 Holders of rec. Sept. 15
3
Naumkeag Steam Cotton Co.(quar.)
.30e. Oct. 1 *Holders of rec. Sept. 17
Nelson (Herman) Corp.(guar.)
25c. Sept.30 Holders of rec. Sept. 170
Nevada Consol. Copper (guar.)
75e. Nov. 1 Holders of rem Oct. 140
New York Air Brake, corn.(guar.)
50c. Oct. 16 Holders of rec. Oct. la
New York Transportation (quar.)
134 Oct. 1 Holders of rec. Sept. 20
Nichols Copper Co., 7% pref.(guar.)._
1% Oct. 1 Holders of rec. Sept. 100
North Amer. Provision, pref. (quar.)._
134 Oct. 1 Holders of rec. Sept. 200
Norwalk Tire & Rubber. pref. (guar.)._
Oct. 15 Holders of rec. Sept. 300
2
Ohio Fuel Corp.(guar.)
50c. Oct. 1 Holders of rec. Sept. 150
011 Well Supply. common (quar.)
134 Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 170
2
Omnibus Corporation. prof. (quar.)
Orpheum Circuit, common (tgonthly)._ 16 2-3c Oct. 1 Holders of rec. Sept. 204
Oct. 1 Holders of rec. Sept. I5a
2
Preferred (guar.)
Oct. 15 Holders of rec. Sept. 30a
1
Otis Elevator, preferred (guar.)
134 Jan15'2i Holders of rec. Dec. 310
Preferred (guar.)
75c. Oct. 1 Holders of rec. Sept. 154
Owens Bottle Co., common (guar.)
134 Oct. 1 Holders of rec. Sept. I50
Preferred (guar.)
200. Oct. 31 Holders of rec. Oct 15a
Packard Motor Car (monthly)
20c. Nov.3( Holders of rec. Nov. 15a
Monthly
Paige-Detroit Motor, co...non (guar.)._ 45c. Oct. 1 Holders of rec. Sept. 15a
*134 Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
Paraffine Companies, common (guar.)._ $1.50 Sept. 2'; Holders of rec. Sept. 170
$1.75 Sept. 2; Holders of rec. Sept. 170
Preferred (guar.)
58c. Oct. 1 Holders of rec. Sept. 20
Peabody Coal (monthly)
134 Oct. 1 Holders of rec. Sept. 200
Penick & Ford, Ltd., pref.(quar.)
1% Sept. 31 Holders of rec. Sept. 20a
Penney (J. C.) Co.. 1st pref.(guar.)._
50c. Sept. 2. Holders of rec. Sept. 154
Pennok Oil Corporation (guar.)
Pettibone Mulliken Co., lst&2d pf.(qu.) 134 Oct. 1 Holders of rec. Sept. 2I0
75c. Oct. 1 Holders of rec. Sept. 156
Phillips Petroleum (guar.)
Oct. 1 Holders of rec. Sept. 15a
2
Plerce-Arrow Motor Car, pref. (guar.)._
50c. Sept.31 Sept. 21 to Sept.23
Plymouth 011 (monthly)
25c. Sept.3o Sept. 21 to Sept. 23
Extra
•134 Sept. 30 *Holders of rec. Sept. 16
Pratt & Whitney, pref.(guar.)
Sept. 30 *Holders of rec. Sept. 16
*3
Preferred (acct. accum. diva.)
•13C. Oct. 4 *Holders of rec. Sept. 15
Premier Gold Mining (guar.)
134 Sept.30 Holders of rec. Sept. la
Pressed Steel Car, pref. (guar.)
% Oct. 1 Holders of rec. Sept. 15
Price Bros., common (guar.)
1% Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Provincial Paper Mills, cote.(quar.)_.. 13.4 Oct. 1 Holders of rec. Sept. 15
1% Oct. I Holders of roe. Sept. 15
Preferred (guar.)
134 Oct. I Holders of rec. Sept. 10a
Pure 011,5%% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 100
6% preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 100
8% preferred (guar.)
Si Oct. 15 Holders of rec. Oct. 1
Quaker Oats, common (guar.)
134 Nov.30 Holders of rec. Nov. 1
Preferred (guar.)
Doe. 1 Holders of rec. Nov.200
3
Quissett Mills, preferred (guar.)
*$1
Oct. 1 *Holders of rec. Sept. 20
Real Silk Hosiery, corn. (guar.)
•134 Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
35c. Oct. 1 Holders of rec. Sept. 1.5
Reece Buttonhole Machine (guar.)
Sc. Oct. 1 Holders of rec. Sept. 150
Reece Folding Machine (quar.)
._ 75c. Oct. 1 Holders of rec. Sept. 200
Reid Ice Cream Corp.. corn. (guar.) _.
Remington Noiseless Typew., pref.(qu.) 1% Oct. 15 Holders of rec. Oct. 1
Remington Typewriter, let pref. (qu.)._
134 Oct. 1 Sept. 16 to Oct. 1
2
Oct. 1 Sept. 16 to Oct. 1
2d preferred (guar.)
200. Oct. 1 Holders of rec. Sept. 15
Reo Motor Car (guar.)
20c. Oct. 1 Holders of rec. Sept. 15
Extra
Republic Iron Sr Steel, pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 154
_
Reynolds(R.J.) Tob.,com.&com.13 (am.) 81.25 Oct. 1 Holders of rec. Sept. 180
Richardson & Boynton Co., part.pf.(qu.) 75e. Oct. 1 Holders of rec. Sept. 15
Royal Baking Powder, corn. (guar.)._._ 2
Sept. 30 Holders of rec. Sept. 150
1% Sept. 30 Holders of rec. Sept. 15a
Preferred (guar.)
Ryan Car, preferred (quar.)
Sept.30 Holders of rec. Sept. 15a
2
Safeway Stores, Prof. (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 15
St. Joseph Lead (guar.)
50c. Sept. 20 Sept. 10 to Sept. 20
Extra
25c. Sept. 20 Sept. 10 to Sept. 20
Quarterly
50c. Dec. 20 Dec. 10 to Dec. 20
Extra
25c. Dec. 20 Dec. 10 to Dec. 20
St.Louls Rocky ML&Pac.Co..com.(qu.)
34 Sept. :30 Holders of rec. Sept. 15a
1)4 Sept. 30 Holders of rec. Sept. 15a
Preferred (guar.)
St. Maurice Valley Corp., pref.((luar.)
134 Oct. 1 Holders of rec. Sept. 15
200. Oct. 1 Holders of rec. Sept. 150
Salt Creek Consol. 011 (guar.)
•Iti Oct. 1 *Holders of rec. Sept. 15
Savage Arms, let pref. (guar.)
•lti Nov. 15 *Holders of rec. Nov. 1
Second preferred (quar.)
Schlesinger (B.F.) & Sons,Inc..com.cLA 75e. Oct. I Holders of rec. Sept. 15
134 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
Oct. 1 Holders of roe. Sept. 156
2
Schulte Retail Stores. Deer. (auar.)
1476
THE CHRONICLE
[VOL. 123.
------
•_
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclustre.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Sept. 11. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
Miscellaneous (Concluded).
Shaffer 011 de Refining. Pref. 01=0-- I% Oct. 25 Holders of rec. Sept.30
Shattuck (Frank G.) Co.(quar.)
50e. Oct. 11 Holders of rec. Sept. 20a
Shell Union Oil Corp., corn. (quar.)-- - 350. Sept.30 Holders of rec. Sept. 7a
Shreveport-El Dorado Pipe Line (quar.)_ 25c. Oct. 1 Holders of rec. Sept. 20e
Simmons Company, common (guar.).- 50c. Oct. 1 Holders of rec. Sept. 15a
Sloes-Sheffield Steel & Iron,cont.(qu.)
15 Sept.20 Holders of rec. Sept. 100
Preferred (guar.)
I% Oct. 1 Holders of rec. Sept. 200
Smith (Howard) Paper Mills, pref. (au.) 2
Oct. 10 Holders of rec. Sept. 30
Southern Acid, common (guar.)
750. Oct. 1 Holders of rec. Sept. 15
Southern Dairies, Inc., class A (quar.).. .11 Oct. 30 *Holders of rec. Sept. 15
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
South Penn 011 (quar.)
373.c. Sept.30 Sept. 14 to Sept.30
(Stated in thousands of dollars-that is. three ciphers (000) omitted.)
South Porto Rico Sugar, cont. (quar.).... 1% Oct. 1 Holders of rec. Sept. 10a
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 100
2
South West Pa. Pipe Lines (quar.)
$1 Oct. 1 Holders of rec. Sept. 15
New
Spicer Mfg., pref. (quar.)
Oct. 1 Holders of rec. Sept. 200
2
Capital Profits. Loans,
Reserve
Sprague-Sells Corp. partie. A stk.(qu.)-• 624c. Oct. 1 *Holders of rec. Sept. 20
Week Ending
Discount, Cash
with
Net
Time Baru
Standard Fruit & SS. Corp., 1st pref.-- $3.50 Oct. 1 Holders of rec. Sept.24
Sept. 11 1926 Nat'l, June 30 Investin
Legal Demand
De- Circa
Standard Milling, common (quar.)
1% Sept.30 Holders of rec. Sept. 170
State, June 30 manta, Vault Deposi Deposita, posits. lance.
13g Sept.30 Holders of ree. Sept. 17a
Preferred (quar.)
omitted.)
(000
Tr.Cos.June 30 &e.
tortes.
$1 Sept.30 Sept. 16 to Sept.29
Standard 011(Ky.) (quar.)
63c. Sept.20 Holders of rec. Aug. 23
Standard 011 (Nebraska)(guar.)
Members of Fed. Res. Bank. Average. Avcragv Average Average. Average Avoe.
25c. Sept.20 Holders of rec. Aug. 23
Extra
Bank of N Y &
$
$
$
$
$
$
$
$
$2.50 Oct. 1 Holders of rec. Aug. 27
Standard 011 (Ohio) corn. (quar.)
Trust Co.. _ 4,000 12.996
73,463
452 7,127
51,861 7,738 __._
Standard Plate Glass, prior pref.(qu.)._ 1% Oct. 1 Holders of rec. Sept. 20a Bk of Manhat'n 10,700 15,523 170,893 3,260 18,289
135,670 26,752 ____
Stern Bros., class A (quar.)
$1 Oct. 1 Holders of rec. Sept. 20a Bank of America 6,500 5,136
76,287 1,660 11,319
85,330 3,670
$1.25 Oct. 1 Holders of rec. Sept. 15a National City-- 50,000 63,133 669,540
Stone(H.0.)& Co.,corn.(quar.)
71,007 *692,664 97,349
81
1% Oct. 1 Holders of rec. Sept. 150 Chemical Nat_ 4,500 18,535 140,076 6,825
Preferred (quar.)
1,371
15,950
119,593
3,707 34E
1
Oct.
$1.50
(quar.)
Holders of rec. Sept. 10a Am Ex-Pac Nat 7,500 13.095 140,343 1,971
Stromberg Carburetor
18,214
128,305 9,478 4,931
75e. Oct. 1 Holders of rec. Sept. 15
Stroock (S.) & Co.(quar.)
Nat Bk of Com_ 25,000 41.943 355,486
746 39,274
295,976 23,267
Swedish-Am. Invest., partic. pt (qu.)-- 15-i Oct. 1 Holders of rec. Sept. 15a Chat Ph NB&T. 13,500 12,763 213,013 2,685
23,372
157,872 44,234 5,992
Oct. 1 Holders of rec. Sept. 100 Hanover Nat___
2
Swift & Co. (quar.)
5,000 26,003 122,521
488 13,905
106,056
---Symington Company, class A (quar.)_- _ 50c. Oct. 1 Holders of rec. Sept. 15
Corn Exchange_ 10,000 14,825 198.932
24,119
174,038 31,352
Telautograph Corporation, common_ _ 300. Nov. 1 Holders of rec. Oct. 156 National Park__ 10,000°24,152 165,488 7,307
787 16,157
122.765 7,818 3:491
1% Oct. 11 Holders of roe. Sept.30
Preferred (guar.)
Bowery & E. R. 3,000 3,224
58,764
37,611 17,269 1,484
75c. Sept.30 Holders of rec. Sept. 3a First National_ 10,000 74,875 319,941 1,657 5,461
Texas Company(guar.)
633 27,258
206,171 15,202 6,473
Oct. 25 Holders of rec. Oct. 50 Irv1ngBk-ColTr 17,500 14,444
20
Texon Oil & Land
291.758 2,732 35,057
261,451 34,524
Oct. 1 Holders of rec. Sept. 18
4
Thompson-Starrett Co., preferred
Continental_.
- 1,000 1,239
7,874
131
6,093
440
886
Tidewater Associated 011, corn. (quar.). 300. Nov. 1 Holders of rec. Sept. big Chase National_ 40,000 36,782 563,637
6,815 68,019 *527.083 31,642 1,731
1% dSept30 Holders of rec. Sept. ha Fifth Avenue Bk
Convertible preferred (quar.)
500 2,798 25,745
849 3,147
24,642
---374e. Sept.30 Holders of rec. Sept. 110 Commonwealth
Tidewater 011, common (quar.)
800 1,176
14,486
523 1,477 '10,256 4,537 ---200. Sept.25 Septd16 to Sept. 24
TIntle Standard Mining (guar.)
Garfield Nat'l__ 1,000 1,782
16,829
410 2,355
16,274
437 ___,_
200. Sept.25 Septd16 to Sept.24
Extra
Seaboard
10,415
124,732
Nat'l_ 6,000
1,028 15,491
117,458 5.266
43
SI Sept.20 Holders of rec. Sept. 3a BankersTrust__
Todd Shipyards Corp.(quar.)
20,000 33,043 345,471
940 35,718 *287,005 47,514 __ __
37Me. Oct. 1 Holders of rec. Sept. 15
Tower Manufacturing
li El Mtge de Tr_ 3,000 4,667 58,822
909 7,279
52,989 5,433 -- _ _
Underwood Computing Mach., pt. (qu.) 1% Oct. 1 Holders of rec. Sept. 15
Guaranty Trust 25,000 23,250 410,417
45,512 *397,47. 53,798 -- _
Underwood Typewriter, corn.(quar.)-,. $1 Oct. 1 Holders of rec. Sept. 40 Fidelity Trust__ 4,000 3,108 42,672 1,379
762 4,761
35,719 4.089 .-..
1% Oct. 1 Holders of eecj Sint. 40
Preferred (quar.)
493 18,910
140,311 19,769
$1.25 Oct. 1 Holders of rec. Sept. 70 New York Trust 10,000 20,843 173,792
Union Carbide & Carbon (quar.)
Farmers L & Tr 10,000 19.493 140.488
595
13,918
*104,606
20,715 - __ _
30
Sept.
50e.
corn.
Holders
(qu.)
of
Amer..
rec.
of
Sept. 100 Equitable Trust 30,000 21,463 264.220
United Cigar Stores
1.471 28,779 *306,729 25,365 -- Common (payable in common stock)_ fl% Sept.30 Holders of rec. Sept. 10a
1% Oct. 1 Holders of rec. Sept. 15a Total
United Dyewood, preferred (guar.)
of averages328,500520,7195,185,690 48,879572,761 c4,246,916 541,36524,590
51 Oct. 1 Holders of rec. Sept. 40
United Fruit (quar.)
United Shoe Machinery, corn. (quar.) 62 Mc. Oct. 5 Holders of rec. Sept. 14
Totals, actual condition Sept.11 5,171,967 49,432618,032 e4,248,176 536,66024,673
Oct. 5 Holders of rec. Sept. 14
$1
Common (extra)
Totals, actual condition Sept. 45,194,233 44,208 553,700 c4,234,077553,40024,582
37M0. Oct. 5 Holders of ree. Sept. 14
Preferred (quar.)
Totals, actual condition Aug.285.178,311 46,608574.812 c4,233,818556,78824,667
U.S. Bobbin & Shuttle. pref. (quar.),..- 15j Sept.30 Holders of rec. Sept. 8
Dec.
15
Holders
of
2%
com.
(au.).
rec.
Dec. la
U.S. Cast Iron Pipe & Fdy.,
State Banks Not Me mbero of Fecli'l Res've Bank.
1% Dec. 15 Holders of rec. Dec. la
Preferred (guar.)
lreenwIch Bank 1,000 2,573 23,37
2,059 1,741
21,326 2,621
40e. Sept.30 Holders of rec. Sept. 15
U. S. Gypsum, common (guar.)
Mate
Bank.- 5,000 5,463 106,50! 4,880 2,314
38,090 63.702 ---Sept.
30
1%
Holders of rec. Sept. 15
Preferred (quar.)
U.S. Light & Heat Corp.. pf. A (quay.). 250. Oct. 1 Sept. 16 to Oct. 1
Total of averages 6,000 8,036 129,882 6,939 4,055
59,416 66,323 -35e. Oct. 1 Sept. 16 to Oct. 1
Seven per cent preferred (quar.)
U.S. Steel Corporation, corn. (guar.)._ 1% Sept.29 Sept. 1 to Sept. 2
Totals, actual condition Sept.11 129,676 6,839 4,407
59,409 66,380
750. Oct. L Holders of ree. Sept. 130 Totals,
United States Tobacco, corn. (quar.)
actual condition Sept. 4 86,46. 2,457 6,356
57,573 2,383
I% Oct. 1 Holders of rec. Sept. 130
Preferred (punt.)
Totals, actual condition Aug.28 89,60
60,345 2,470
2,615 6,428
Oct. 1 Sept. 21 to Oct. 1
$2
Universal Pictures, pr ferred (quar.)
Universal Pipe & Radiator, pref.(quay.) 1% Nov. 1 Holders of rec. Oct. 15a
Trust Comps nice NotMem bers if Fedl Re s've Bank.
21,25 Sept.30 Holders of rec. Sept. 176
Utah Copper Co.(guar.)
ritle Guar & Tr 10,000 17,449 65,154 1,652 4,522
40,580 1,607 --- 50c. Sept.20 Holders of rec. Aug. 31
Vacuum 011 (guar.)
:dtwyers Trust. 3,000 3,287 22,449
17,933
775 - --972 1,820
Site. Sept.20 Holders of rec. Aug. 31
Extra
750. Oct. 15 Holders of rec. Oct. 1
Vivaudou (V.), Inc., corn. (quar.)
rotal
of
averages
13,000 20,736 87,60
2,624 6,342
58,513 2,382 ---$1.75 Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
Oct. 10
Vulcan Detinning, pref.& pref. A (guar.) 1% Oct. 20
rotals, actual condition Sept.11
86.78i 2,612 6,263
57,392 2,386
Oct. 20
Oct. 10
Preferred (account accum. dividends)- h2
rota's, actual condition Sept. 4 86,46
2,457 6,3116
57,573 2,383 --Oct. 2 Holders of rec. Sept. 15
21
Wabseao Cotton Co.(guar.)
condition
rota's,
actual
Aug.
28
89,603
2,615
6,428
60,345
2,470 --Oct.
1
313.gc.
Holders of roe. Sept.200
Waldorf System, cont. (guar.)
20e. Oct! 1 Holders of rec. Sept. 14
First preferred (guar.)
1r'd aggr.,ante.347,50449,4925,403.17" 58.442583.168 4,364,845610,07024,590
1
Oct.
200.
Holders
of
(guar.)
rec.
Preferred
Sept.20
:lomparieon with prey.week _. -3,687 +2,516-4,927 -17,572-14.712 +38
Walworth Manufacturing. Pref. (Illiar.)- 75e. Sept.30 Holders of rec. Sept.20
Sept. 15 Holders of rec. Aug. 3
$1
Wamsutta Mills (guar.)
1r'd mgr., act'!cond'n Sept.11 5,388,42 58.883628,702 4,364,977.05,426 24,673
1
Oct.
Holders
of rec. Sept. 15
Ward Baking Corp., corn., class A (qu.). 52
;omparison with prey.week __ -21,842 +5,489+64435 +14,241-16,611 +91
1% Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
50c. Oct. 2 Holders of rim. Sept.16a
Warner-Quinlan Co
led aggr., act',cond'n Sept. 45.410,26 53,394564,267 4,350.736622,03724,582
Oct. 1 --(Mere of rem. Sept.200
SI
Warren Bros., common (guar.)
led aggr., act'!cond'n Aug 28 5,397,621 55,517 585,164 4,352,928625,545 4,067
750. Oct. I Holders of rec. Sept.20a
First preferred (quar.)
;I'd
aggr., ace'cond'n Aug.21 5,351,527 54.565597.841 4,310,940623,26324,510
Oct.
1
Mc.
Holders
of
87
(quar.)
rec. Sept.20
Second preferred
3r'd agrr., eatcond'n Aug. 14,5,368,937 53,072578,254 4,304.73 632,83224,306
Sept. 30 Holders of rec. Sept. 15a
Weber & Helibroner, common (quar.).. $1
;r'd aggr., Gal cond'n Aug. 73.409.777 54,179623.214 4,358,924615,595 24,159
1( Dec. 1 Holders of rec. Nov. 15
Preferred (quar.)
;eel our.. ace'cond'n July 315,436,422 52.733606.098 4.402.467615.87523.921
Oct. 1 Holders of rec. Sept. 15
$2
West Point Manufacturing (quar.)
Sc. Sept.20 Sept. 16 to Sept.19
Western Exploration (quar.)
Note.-U. S. deposits deducted from net demand deposits in the genera totals
Oct. 30 Holders of rec. Sept.306
Westinghouse Elec.& Mfg.,corn.(guar.) $1
above were as follows: Average total Sept. 11, $13,069,000. Actual totals Sept. 11,
Oct. 15 Holders of rec. Sept.306 $13.069,000;
$1
Preferred (guar.)
Sept. 4, 513,071,000: Aug. 28, 513,074,000; Aug. 21, 516,226,000;
Weston Elec.InstrumentCorp..cLA(qu.) 500. Oct. 1 Holders of rec. Sept.206 Aug. 14, $18,936,000; Aug. 7, 821,535,000.
Bills payable, rediscounts, acceptances
Oct. 1 Sept. 12 to Oct. 1
Wheeling Steel Corp., pref. A (quar.)_ _ _ $2
liabilities, average for week Sept. 11, 3593.107,000; Sept.4, $570,984,000;
other
and
Preferred A (account accum.dividend) h60c. Oct. 1 Sept. 12 to Oct. 1
Aug.28,$558,334,000; Aug. 21,$575,063,000; Aug. 14, $900,714,000; Aug.7,8595.1
Oct.
Sept.
$2.50
12
to
Oct.
1
Preferred B (quar.)
209.000. Actual totals Sept. 11, 5635,362,000; Sept. 4, $582,590,000; Aug. 28.
h75c. Oct. 1 Sept. 12 to Oct. 1
Preferred B (account accum. divs.)
Sept.30 Holders of rec. Sept. 15a 5572,363,000; Aug. 21, 8582,497,000; Aug. 14, $591,986,000.
$1
White Motor (quar.)
• Includes deposits In foreign branches not included in total footing as follows:
Sept.
30
Holders
of
1%
rec. Sept. 15a
White Motor Securities Corp., pref.(qu.)
Oct. 1 Holders of ree. Sept.200 National City Bank, 5163,891,000; Chase National Bank, $11,956,000; Bankers
2
Williams Tool Corp., pref. (quar.)
eltg Oct. 1 Holders of rec. Sept. 21
Trust Co., $23,940,000; Guaranty Trust Co.. $67,521,000; Farmers' Loan & Trust
WIllys-Overland Co., pref. (guar.)
Co., 52,989,000; Equitable Trust Co., $84,790,000. Balances carried in bank In
150. Sept.30 Holders of rec. Sept. 15
Woodley Petroleum (guar.)
Worthington Pump & Mach., pr. A (qu.) 1% Oct. 1 Holders of rec. Sept.20a foreign countries as reserve for such deposits were: National City Bank,$23,022,000;
National Bank, 52,422,000; Bankers Trust Co., 51.455,000; Guaranty Trust
Chase
1
Holders
Oct.
of
rec.
114
Preferred B (guar.)
Sept.200
Co., $1,812,000; Farmers' Loan de Trust Co., $2,989,000; Equitable Trust Co.,
Wrigley (Wm.) Jr.& Co.(monthly)-.-. 25c. Oct. 1 Holders of rec. Sept.20
57,116,000.
250. Nov. 1 Holders of rec. Oct. 20
Monthly
250. Dee. 1 Holders of rec. Nov.20
Monthly
c Deposita In foreign branches not Included.
Oct. 1 Holders of rec. Sept. 100
Yale & Towne Manufacturing (guar.)._ $1
The reserve position of the different groups of institutions
Yellow Truck & Coach Mfg.,el. B (qu.). 1811c. Oct. 1 Holders of rec. Sept. 15a
1% Oct. 1 Holders of rec. Sept.150
Preferred (quar.)
basis of both the averages for the week and the
Sept.30 Holders of roe. Sept. 15a on the
Youngstown Sheet & Tube, corn.(quar.) $1
actual condition at the end of the week is shown in the
13 Sept.30 Holders of req. Sept. 15
Preferred (quar.)
•From unofficial sources. t The New York Stock Exchange has ruled that stock
will not be quoted ex-dividend on this date and not until further notice. 1 The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
/Payable In common stock. p Payola in scrip. h On account of accumulated
dividends. m Payable In preferred stock.
Dividends payable in cash or stock at option of holder as follows: 3 15-100ths
of a share of class A stock for each share of original series preferred, and 5 5-100ths
of a share of class A stock for each share of $7 dividend series preferred.
k Dividend In ten pence per share. All transfers received in London on or before
Aug. 31 will be in time for payment of dividend to transferee.
o Payable In cash or stock at rate of one-fortieth share of A stock for each share
held.
p Declared 2%, payable semi-annually in Mock, the first payment to be made
July 30.
r Subject to action of stockholders at special meeting on Sept. 23.
a Payable to holders of Coupon No, 11.
Payable in common stock at the rate of one-fortieth of a share for each share held.
u Divideds are payable In cash or stock as follows: On Class A stock at the rate
of one-fortieth of a share of Class A stock and on Class B stock one-fortieth of a
share of Class B stock.
e Dividend, 2tg %, payable in Class A stock.
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks_ _
State banks*
Trust companiee*_
Total Sept. 11_ _.
Total Sept. 4
Total Aug. 28.....
Total Aug. 21.....
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
$
$
$
572,761,000 572,781,000 568,340,030
4,055,000 10,994.000 10,694,880
6,342,000 8,966,000 8,776,950
4,420.970
299,120
189,050
9,563,000 583,158,000 592,721,000 587,811,860
9,131,C00 588,085,000 597,216,000 590,539,980
8,990,000 579,657,000 588,647,000 584,335.050
8,799,000 577.905,000 586,704.000 579,808,920
4,909,140
6,676,020
4,311.950
6,895.080
6,939.000
2,624,000
* 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 ease of members of the Federal Reserve Bank
includes also amount of reserve required on net time deposits, which was as follows:
Sept. 11, $16,240,950; Sept. 4, $16,681,260; Aug. 28. 516,633,710; Aug. 21, $16,788,300; Aug. 14, 516,751,490.
SEPT. 18 1926.]
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve banks.
State banks*
Trust companles*_
Total Sept. 1L_
Total Sept. 4
Total Aug. 28
Total Aug.
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
1477
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
6,839,000
2,612,000
618,032.000 618.032,000 568,362,680 49,669,320
4,407,000 11,246,000 10,693,620
552,380
6,263,000 8,875,000 8,608,800
266,200
9,451,000 628,702,000 638,153.000 587,665,100 50,487,900
9,186,000 564,267.000 573,453,000 586,303,440 12,850,440
8,909,000 585.164,000 594,073,000 586,729,430 7,343,570
8,787.000 597,841,000 606,628,000 581,202,200 25,425.800
* Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also amount of reserve required on net time deposits, which was as follows:
Sept. 11, 316,099,800; Sept. 4,816,602,000; Aug.28,$16,703,640: Aug.21, $16,634,880: Aug. 14, $16,922,940.
Sept. 15
1926.
Changes from
Previous Week.
Sep,
.8
1926.
Sept. 1
1926.
$
$
$
$
Capital
69,500.000
69,500,000 Unchanged
69.500,000
Surplus and profits
2,000
94,024.000
94,022,000 Dec.
94,024,000
Loans, &seta & invest- 1,057,799,000 Inc. 21,392,000 1,036,407,000 1,030.298,000
Individual deposits
687,866,000 Inc. 16,307,000 671,559,000 669,681,000
Due to banks
129,450,000 Inc. 4,922,000 124,528,000 120,711,000
Time deposits
210,000 245,016,000 236,516,000
245,226,000 Inc.
United States deposits_
18,160,000 Inc. 4,475,000
13,685.000
13,746,000
Exchanges for Cl'g H'se
26,589,000 Inc. 3,607,000
22,982.000
22,564,000
Due from other banks.._
77,158,000
79.993,000 Inc. 2.835,000
77,230.000
Reserve in legal depos's
79,112,000
80,881,000 Inc. 1,769,000
7,603.000
475,000
Cash in bank
9,930,000
10,405,0013 Inc.
10,178,000
PPA.Vrt P2PF.02 in w P Pk
tie non 7nr
29 000
153000
394 non
State Banks and Trust Companies Not in Clearing
House.
-The State Banking Department reports weekly
Philadelphia Banks.-The Philadelphia Clearing House
figures showing the condition of State banks and trust companies in New York City not in the Clearing House as follows: return for the week ending Sept.11, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
requirements for members of the Federal Reserve System
NEW YORK; NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Banking Department.)
are 10% on demand deposits and 3% on time deposits, all
Differences front
Sept. 11.
Precious Week. to be kept with the Federal Reserve Bank. "Cash in vaults"
Loans and investments
$1,190,031,900 Inc. $8,725,400 is not a part of legal reserve. For trust companies not memGold
4,613,300 Dec. 502,400
Currency notes
24,231,900 Inc. 2,186,900 bers of the Federal Reserve System the reserve required is
Deposits with Federal Reserve Bank of New York _ 93,763,900 Dec. 1,461,400
Total deposits
1,204,711,500 Inc. 2,732,600 10% on demand deposits and includes "Reserve with legal
Deposits eliminating amounts due from reserve dedepositaries" and "Cash in vaults."
positaries and from other banks and trust companies in N.Y. City, exchange, & U.S. deposits_1,141,391,300 Inc. 11,267,000
Reserve on deposits
159,481,900 Dec. 292,600
Week Ended Sept. 11 1926.
Percentage of reserve, 20.2%.
RESERVE.
Two Ciphers (00)
Memberstu
Trust
1926
omitted.
State Banks
-Trust Companies
F.R.Systent Companies
Total.
$39,039,400 16.04%
Cash in vault
$83,569,700 15.33%
Deposits in banks and trust cos
11,329,300 4.65%
25,543,500 4.67%
5,000,0 54,975.0
Capital
49,975,0
and profits
150,610,0 17,605,0 168,215,0
Total
350,368,700 20.69%
$109,113,200 20.00% Surplus
Loans, disc'ts & investm•ta 941,562,0 48,688.0 990,250,0
232,0 31,313,0
* Includes deposits with the Federal Reserve Bank of New York, which for the Exchanges for Clear.House 31,081,0
15,0 96,553,0
96,538,0
Due from banks
State banks and trust companies combined on Sept. 11 was $93,763,900.
841,0 137,017,0
Bank deposits
136,176,0
825,941.0 28,123,0 654,064,0
Individual deposits
2,124,0 154,356,0
152,232,0
Time deposits
914,349,0 31,088,0 945,437,0
deposits
Banks and Trust Companies in New York City.-The Total
3,109,0
3,109,0
Res've with legal depos69,928,0
69,928,0
averages of the New York City Clearing House banks and Reserve with F.It. Bank
1,427,0 11,578,0
10,151,0
Cash
in
vault
•
trust companies combined with those for the State banks and Total reserve & cash held.._ 80.079,0 4,536,0 84,615,0
4,413,0 74,018,0
69,605,0
trust companies in Greater New York City outside of the Reserve required
10,474,0
123,0 10,597.0
Excess res.& cash in vault
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week EndedMay 15
May 22
May 29
June 5
June 12
June 19
June 26
July 3
July 10
July 17
July 24
July 31
Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4
Smell
Loans and
Investments.
Demand
Deposits.
$
6,581.019,200
6.582,432,800
6,521.167,600
6,587.304,700
6,523,491,400
6,526,804,700
8,513,234,700
6,680,126,900
6,690,909.700
6,590,587,300
6,484.782,300
6,568.161,000
6,649,515,100
6.574.966.900
6,544,607,200
6,538,084,700
6,588,168,500
6.593.206.900
$
5,578,175,700
5,589,923,100
5,540,822,800
1,585,988,300
5,560,053.300
5,557,458,800
5,506,258.100
5,701,049,700
5,619,613,100
5.537,899.000
5,511,878,400
5.497,566,600
5,562,538,500
5,7 0,305,900
5,437.978,000
5.522,021.300
5,512,541,300
5 550 55s •Inn
Total Cash
in Vaults.
Reserve in
Depositaries.
$
87,041,300
84,136,900
84,670,600
83,233.000
85,162,900
81,127,100
81,499,400
85,751,100
89,326,100
87,442.700
81,862,300
82,039,100
81,793,500
83,952,500
80.536,800
82,328,600
83.086,700
$
731,342,400
733,073,700
722,498,600
736,347,100
728,322,700
727,750,500
715,419,000
754,610,700
736,547,200
730,145.100
702,008,100
723,588.600
727,017,800
712,571,100
709,242,000
708.699,500
105 865,300
.710'nnA ,Ta
0,00, 01111
New York City Non-Member Banks and Trust Cornpanies.
-The following age the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars-that is, three ciphers(0001
omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
Sept. 11 1926
Member. of
Fed'I Res've Bank
Grace Nat Bank__
Loans,
DUNet
counts.
Profits. Investmolts.
&c.
Reserve
Cash
with
Net
Net
in
Legal Demand Time
Vault. Deport- Deposits.Deposits.
tortes.
Average. Average, Average. Average. Average.
8
it
$
$
8
13,540
47
1,181
7,678
3,871
8
1,000
$
1,883
Total
State Banks.
Not Members of the
Federal Reserve Bank
Bank of Wash.His..
Colonial Bank
1,000
1,883
13,540
47
1,181
7,876
3,871
300
1,200
1,050
2,990
9,959
33,350
781
3,735
390
1,715
6,511
28,598
2,846
5,125
Total
Trust Company.
Not Member Or the
Federal Reserve Bank
Mech Tr, Bayonne_
1,500
4,050
43,309
4,516
2,105
35,109
7,971
3,417
5,952
500.
610
9,248
410
137
500
610
9,248
410
137
3,000
Grand aggregate.-. week
Comparison with p ev.
6,545
66,097
+1,186
4,973
+147
Total
3,417
5,952
3,423 246.202
+26 +1,300
17,794
+64
3.000
6,545 64,931
4,826
Gr'd aggr., Sept.
3,397 a44,902
3,000
6,545 64,646
4,501
Gr'd aggr., Aug. 2
3,301 844.337
6.545 64,582
3,000
4,611
3,244 844,768
Gr'd aggr., Aug. 21
3.000
6.505 65.372
4.858
3 237 e45 020
Cir'd aggr., Aug. 14
a United States deposits deducted, $48,000.
Bill. payable, rellscounts, acceptances, and other liabilities 52,464,000.
Excess reserve, $47,550 decrease.
12 "RC
17,730
17,713
17,765
Sept. 4
1926.
Aug. 28
1928.
54.975,0
168.215.0
980.473,0
35.667,0
101.391.0
134.739.0
655.578,0
152.804,0
943,121.0
3.776.0
69.182.0
11.496.0
84.454,0
73.291,0
11.163,0
54,975,0
168,215,0
975,069,0
30,560,0
94,776.
135,062.0
639,128,0
147,876.0
921.868,0
3,317,0
67.661,0
11.825,0
82,803,0
72.064,0
10,739.0
•Cash in vault not counted as reserve for Federal Reserve members.
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Sept. 15 1926 in
comparison with the previous week and the corresponding
date last year:
Sept. 151926. Sept. 8 1926. Sept.161925.
$
$
Resources
352,238,000 352,238,000 375,728,000
Gold with Federal Reserve Agent
7.930.000
Gold redemp. fund with U.S. Tre312117- 11,831,000
11,545,000
Gold held exclusively agat.F.B.notes- 364,069,000
Gold settlement fund with F. K. Board- 232,842,000
Gold and gold certificates hem by bank- 389,493,000
360,168.000
214,764,000
390,188,000
387,273,000
174,529,000
357,652,000
986,404,000
25,481,000
965,120,000
25,109,000
919,454,000
25,697,000
1,011,885,000
11,946,000
990,229,000
10,380.000
945,151,000
16,497,000
98,767,000
47,630,000
144.112,000
48,496,000
70,200,000
40,161,000
146,397.000
37,631,000
192,608.000
46,030,000
110,361,000
11,960,000
2,641,000
27,236,000
156,207,000
1,322,000
47,655,000
12,438,000
1,257,000
50,902,000
89,700,000
Total U. S. Government securities... 186,084,000
Foreignloans on gold
61,415,000
141,859,00*
2,025,000
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discountedSecured by U. S. Govt. obligations
Other bills discounted
Total bills discounted
Bins bought in open market
U. S. Government securitiesBonds
Treasury notes
Certificates of indebtedness
Total bills and securities (See Note)
370,112,000
300.053,000
266,205,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resource.
648,000
215,709.000
16,739,000
2,220,000
669,000
154,141.000
16,739,000
4,978,000
707,600
224,497,000
17,134,000
3,295,000
Total resources
1,629,259,000 1,477,189.000 1,473,486,000
LiabilitiesFoal Reserve notes in actual circulation. 380,992,000
Deposits-Member bank, reserve 500't
941,795,000
Government
32,000
Foreign bank (See Note)
12,295,000
Other deposits
17,079,000
393,378,000
841,022,000
3,403.000
3.043,000
8,842.000
350,615,000
833,865,000
263,000
4,497,050
11,981,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
856,310,000
128,444,000
35,717.000
59,964,000
3,376.000
850,606,000
178,155,800
31,919,000
58,749,000
3,442,000
Totalliabilities
971,201,000
177,834,000
35.732,000
59,964,000
3,536,000
1 629,259,000 1,477,189,000 1,473,486,000
Ratio of total reserves to deposit and
Fern heave note liabilities combined_
79.2%
78.7%
74.8%
Contingent liability on biffs purchased
12,191,000
for foreign correspondextg
9,187,000
11,595,000
NOTE-Beginning with the statement of Oct. 7 two new items were added in
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earnings assets," now
made up of Federal intermediate credit bank debentures, has been changed to
"Other securities," and the caption, "Total earning assets" to "Total bills and securities." The latter term has been adopted as a more accurate description of the
total of the discounts, acceptances and securities acquired under the provisions of
Beetions13 and 14 of the Federal Reserve Act, which are the only items included
herein.
[Vol.,. 123.
THE CHRONICLE
1478
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Sept. 16 and showing the condition
.of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
twelve banks. The Federal Reserve Agents'
The second table shows the resources and liabilities separately for each of
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for as
latest week appears on page 1443, being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPTEMBER 15 1936.
Sept. 15 1926. Sept. 8 1926. Sept, 1 1926 Aug. 251926.Aug. 181926.Aug. 111926. Aug. 4 1926. July 28 1926. Sept.161925.
$
$
$
8
$
$
$
1
$
RESOURCES.
1,429,247,000 1,408,431,000 1.395.311.000 1,442.912.000 1.453,356,000 1,453,356,000 1,431.397.000 1.436.384,000 1,489,568,000
Gold with Federal Reserve agents
48,019,000
55,153,000
49.683,000
61,8)4.000
53,954,000
53,622,000
61,936,000
49,729.000
53,189,000
Gold redemption fund with U.S. Treas.
Gold held exclusively agst. F. R. notes 1,491.141,000 1,462.385,000 1448.933,000 1,498,065.000 1,515,292.000 1,503.085.000 1.484,58(1.000 1,486,067.000 1,537,587,000
Gold settlement fund with F. R. Board._ 696,619.000 734,727,000 732.717.000 681.297.000 661.402.000 674.266.000 685,170.000 684.278,000 636,567,000
Gold and gold certificates held by banks- 644,901.000 634.353,000 646,661.000 661,244,000 657.629,000 659,833,000 667.192.000 680.576,000 598,530,000
Total gold reserves
Reserves other than gold
2,812,861.000 2,831.465.000 2,828,311,000 2.840,606,00(1 2,834,323.000 2.837,184.000 2,836,948,000 2.850.921,00(1 2,772,684,000
132,404,000 130,501,000 138,032.000 137,281.000 137.897,000 137,433,000 139,640.000 148.289.000 109,020,061
Total reserves
Non-reserve cash
Bills discounted:
Secured by U.S. Govt. obligations
Other bills discounted
2,965,035,000 2,961,966.000 2,966,343,000 2,977.887.000 2,972.220.000 2.974,617,000 2.976.588,000 2.999.210.000 2,881,704,001
51,520,0011
45,483,000
52.918.000
55.586.000
52,352,000
49,328,000
50,812,000
51,968,000
51,338.000
Total bills discounted
Bills bought in open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedneee
Total U. S. Government securities
Other securities (see note)
Foreign WWII on gold
Total bills and securities (see not,)._
Due from foreign banks (see sole)
Uncollected items
Bank premises
All other resources
268,609.000
299,926,000
324,831.000
289.436.000
320.675,000
305,673,000
291.408.000
279.230,000
268.161.000
266,383,000
289,027.000
259,984.000
281.268.000
266,337.000
265.239.000
256.151.000
228,594,000
259,346,000
565.535,000
262,480,000
614,267,000
265,984.000
626,348.000
253,481.000
570.638.000
254,616,000
534.544.000
254.122,000
549.011.000
230,968.000
547,605.000
228.492,000
521.391) 000
211.173.000
487,940.000
211,962,000
49,093,000
147,435.000
291,493,000
45,459,000
220,418,000
46,407,000
45,605.000
217,702,000
55,667,000
45,632.000
216,956,000
58,629,000
84,209.000
217,192.000
58,617,000
83.351.000
223,959.000
58.372.000
83.262,000
228.562.000
58,376,000
83.009.000
229,360.000
56,870.000
55,418,000
245,751,000
108,080,000
488,021,000
3,700,000
312,284,000
3,700.000
318,964.000
3.700.000
321,217.000
3.700.000
360.018.000
3,200,000
365.682.000
3.200.000
370.220.000
3,200,000
369,239.000
3,200 000
1,300.000
409,249,000
2,420,000
7,500,000
1,319,736,000 1,196,235,000 1.202,493,000 1.150,171.000 1,151,884,000 1,148.861.000 1,149,517.000 1,106.302.000 1,119,071,000
707,000
693.000
669,000
729.000
648.000
744.000
681.000
684.000
697.000
895,695,000 867,549.000 620.052,000 616,510.000 701,434.000 630.072.000 629.828.000 624.200.000 928,961,001
59,931,000
61,370,000
59,938,000
59,991,000
59,931,000
59,821.000
59.914.000
59.850.0110
59.896.000
19,598,000
13.476,000
16,754.000
16,696,000
16.626.000
17,260,000
17.459.000
17,992.000
17.539.000
5,306,963,000 4,948,594,000 4,915,587,000 4,874,736,00b 4,954,937,000 4,883,637.000 4.885.277,000 4.863,108,000 5,062,931,000
Total resources
LIABILITIES
F. R. notes in actual circulation
DepositsMember banks-reserve account
Government
Foreign bank (see note)
Other deposits
2,339,136,000 2,207,185,000 2,223,902,000 2,203,634.000 2,215.239,000 2,225.644.000 2,216.700.001 2.205,126.000 2,197,663,000
3,528,006
5,565,000
32.795.000
4,084,000
24.326,000
25,618.000
28.108.000
32,857.000
15,202.000
6,152,000
11,339,000
5.954.000
15,t,41.000
12.436.000
15,166.000
7,646 000
8.600.000
10,793.000
22,855,001
28,485.090
18,235,000
17.151.000
18,926.000
16,291.000
16,579,000
15.826.000
16,237.000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,417,346,000 2,242.324.000 2.282,320,0002.257.979.000 2.272,321.000 2,267.876.000 2.269.234.000 2.261.026,000 2,230,198,011
802.314.000 596.902,000 568,299,000 561,967.000 635.591.000 572,872.000 577.963.000 570.300.000 807.583,000
123,787,000 123.711.000 123,400,000 123,497.000 123.441.000 123.108.000 122.991,000 122.655.000 116,423,000
220.310.000 220.310.000 220.310,000 220.310.000 220.310.000 220,310.000 220.310.000 220.310.000 217,837,000
13,591,0011
18.823.000
16,981.000
19,138,000
18.376.000
18,266,000
16.691.000
17,483,000
17,257,000
1,724,068,000 1,746,524,000 1,702,902.000 1,692,637.000 1,685.791,000 1,682,214,000 1.678.088,000 1.671,336.000 1,677,299,006
5,306,963,000 4,948,594,000 4,915,587.000 4.874.736,000 4,954,937.000 4,883,637,000 4.885.277.000 4.863,108.000 5,062,931,000
Total liabilities
Ratio of gold reserves to deposit and
70.9%
71.4%
72.4%
71.9%
70.9%
68.5%
71.8%
F. R. note liabilities combined
71.6%
71.8%
Ratio of total reserves to deposit and
73.7%
74.3%
75.4%
76.3%
71.6%
74.4%
75.1%
75.3%
75.4%
F. R. note liabilities combined
Contingent liability on bills purchased
34,665,0011
53,749.000
44,824,000
47,785.000
'
44,228.000
44.875,000
51,877.000
49.776.000
50,807,000
for foregin correspondents
$
8
8
$
$
$
$
S
$
Distribution by A/marines50,778,006
81.131,000
66.796,000
90,732,000
72,070.000
68,190.000
70,754.000
75.269,000
68.967.000
1-15 days bills bought in open market_
409,370.000 456,632,000 462.142,000 410.640,000 378.798.000 394,322,000 389,578.000 375,540.000 352,410,000
1-15 days bills discounted
94,810,001
730,1/00
1-15 days U. S. certif. of indebtedness. 192.000,000
1-15 days municipal warrants
43,260,000
49,684.000
49,831,000
41.517.000
52,228.000
50,599,000
40.228.000
52,085,000
46.397.000
16-30 days bills bought in open market.
38,303,000
50,110,000
46,671,000
29.583,000
34,495,000
32,775,000
31,195.000
42.356,000
31.334.000
16-30 days bills discounted
16-30 days U. S. certif of Indebtedness
'16-30 days municipal warrants
61,111,000
63,460,000
57,216,000
65,387.000
74.669,000
62.911,000
74,810.000
67.797,000
66,224.000
81-60 days bills t(right in open market_
55,644,009
52,261.000
66,823.000
62.940,000
71,868,000
61.502,000
67,667,000
62,574,000
69,268,000
31-60 days bills discounted
certif
of
Indebtedness
81-60 days U.S.
81-60 days municipal warrants
45,022,000
50,445,000
40.799.000
48,682.000
43.476,000
47,931,000
52,158,000
41,023.000
55,138,000
61 90 days bills bought In open market_
34,858,000
43.789,000
36,325,000
43,717,000
49,707,000
35,802.000
42,803.000
46,688,000
42,264,000
6100 days bills discounted
1,203,000
81-90 days U 8. certif. of indebtedness
61-90 days municipal warrants
11,791,000
4,845.000
6,608,000
11,352,000
7,718.000
8,365,000
6,570.000
11,760,000
9,514.000
Over 90 days bills boughtiln open market
6,723,000
20.217.000
11,587,000
14,093.000
15.623,000
7,816,000
10,832.000
7,263,000
10,318,000
Over 90 days bills discounted
12,067,000
56,870.000
58,376.000
45,677,000
58,617,000
58,372.000
58,629,000
34.463,000
55,657,000
Over 90 days certif. of indebtedness_ __ _
Over 90 days municipal warrants
2.946.295,000
V. R. notes received from Comptroller.- 2.912,691.000 2.863.816,000 2.871,780,000 2.865,326.000 2,856,503.000 2.849,660,000 2,860.503 000 2,856,398.000 970,667,000
841,328.000 807,709,000 835,734,000 837,424.000 844.024,000 839,866.000 888,086.000 843.906,000
F. R. notes held by F. R. Agent
1,975,628,00*
Issued to Federal Reserve Banks-. 2,071,363.000 2.056.107,000 2,036,046,000 2,027,902,000 2,012,479,000 2,009,794.000 2.022.417.000 2,012,492.000
How SecuredBy gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
304.134,000 304,134.000
92.072,000 102.055,000
1,033.041,000 1,002,242.000
800,852,000 855,953,000
300,983,000 300,983.000 300,984.000 300,982.000 301,984,000 301,984,000 308,701,000
97,407,000 110,150,001
96,509.000 106.631.000
105,023.000 102.911.000 103.221.000
989,305.000 1,039.018.001) 1,049,151.000 1.055.865.000 1,022,782,000 1,036.993.000 1,070,717,001
855,009,000 798.336,000 760,119.000 751,834.000 755.993.000 708.991.000 669,519,000
9 9A4 RA4 non 9 9.n oon non 0 oil 9151
nnn
9 91A 475
nno , 905
106
rinn
91571.44) MIA 9 145
175 non 2.159.087.000
NOTE.-Beginning with the statement of Oct. 7 1925 two new 1 erns were added In order to show separately the amount of balances held abroad and amounts due
10 foreign correspondents. In addition, the caption, "All other earning assets", now made up of Federal Intermediate Credit Bank debenturee, has been changed to
Miller securities.- and the caption. "Total earning lunette* to "Tote !bills and securities." The latter term has been adopted as a more accurate description of tint total
Of the discounts, acceptances and impurities acquired under the provisions of Bectlens 13 and 1401 the Federal Reserve Act, which are the only items Included therein.
•Revised figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OP BUSINESS SEPT. 15 1936.
Two ciphers 1001 omitted.
Federal Reserve Bank of-
Cleveland. Richmond Atlanta. Chicago. St. Lout,. Minneap. Ras, City
RESOURCES
.1
Geld with Federal Reserve Agents 118,842,0
fund with U.S.Treats. 15,956,0
redo
Gold
Total.
Dallas. San Fran.
.
8
6
$
$
$
3
$
e
s
$
352,238,0 97,807,0 180,601,0 43,595,0 124,993,0 178,750,0 19,064.0 52,020,0 51,500.0 20,860,0 188,977,0 1,429.247.0
61,894.0
842.0 2,409,0 2,564.0 2,154,0 2,606,0
11,831.0 9,428,0 4,455,0 3,070,0 4,228,0 2,351,0
Gold held excl. agst. F.R. note 134.798,0
Gold eettle't fund with F.R.Boar 45.722,0
30,732,0
Gold and gold certificate*
364,069,0 107.235,0 185,056,0 46,685.0 129,221,0 181,101,0 19,906,0 54,429,0 54,084.0 23,014,0 191,583.0 1,491,141,0
232.842,0 39,365.0 65,848.0 26,564.0 21,010,0 148,643.0 19,266.0 13.754,0 36,849,0 16.266.0 30,490,0 696.619,0
389,493,0 30,600,0 42,238,0 11,083,0 4,268,0 86,323,0 17,610,0 7,260,0 4,487,0 10,281,0 30,526,0 814,901,0
211,252,0
11,831,0
986,404,0 177,200,0 293,142,0 84,312,0 154.499,0 396,087.0 56,782,0 75,443,0 95,400.0 49,561,0 252.599,0 2,832,661,0
25,481,0 7,758.0 9.867.0 6,188.0 8,807,0 22,266,0 17,969,0 3,301.0 4,541.0 7,807.0 6,588,0 132,404.0
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
'Bills discounted:
Sec. by U.S. Govt. oblIgatio
Other bills discounted
Boston.
New York
Phila.
$
$
223,083,0 1,011,885,0 184,958,0 303,009,0 90,500,0 163,306,0 418,333,0 74,751,0 78,744,0 99.941,0 57,368.0 259,187,0 2,965,065,0
52,332,0
11,946,0 1,334,0 4,028.0 2,744.0 3,977,0 10.017,0 3.624,0 1,332,0 2,630,0 1,714.0 3,421,0
5,585,0
22,762,0
18,783,0
98,767,0 27,071,0 28,827,0 11,424,0 5,325,0 28,256,0 10,816,0
47.630,0 18.489,0 15,169.0 34,591,0 49,490,0 25,282,0 25,967,0
3,145,0
6,086,0
4,652,0 3.729,0 23,835,0
8,778,0 19,648,0 27,013,0
268.609,0
296,926,0
41,545,0
Total bills discounted
24,214,0
Bills bought in open market
U. B. Government securities:
762,0
Bonds
4,827,0
Treasury notes
Certificates of Indebtedness..... 17,021,0
146.397,0 45,560,0 43,998,0 46,015,0 54,815,0 53,538.0 36,783,0 9,231,0 13,430.0 23,377.0 50,848,0
37,631,0 22,503,0 25,463,0 11,291,0 29,094,0 38,882,0 7,621,0 11,306,0 14,559,0 11,998,0 27,918,0
565,535.0
262,480,0
2,641,0
708.0 1,506,0
27,236,0 16,912,0 21,356,0
156,207,0 7,803,0 19,806,0
1,338,0
3,054,0
2,669,0
272,0 20,584.0 2,104,0
1.489,0 13,681,0 11.117,0
184,0 37,145,0 6,297,0
813.0
1,942,0
9,532.0 23.912,0
8,973,0 18,642,0
49,093.0
147,435,0
291,493,0
22_610.0
186,084.0 25,428.0 42.668.0
7.059.0
1,945,0 71,410,0 19.518,0 16,486,0 30,999.0 20.447.0 43,367.0
488,021,0
Total U.S. Govt.securitled-
7,786,0 8,639,0
4,606,0 9,713,0
4,094,0 12,647.0
SEPT. 18 1926.]
R RSO U RCES (Concluded)Two Ciphers (00) omitted).
THE CITRONTCLE
Boston.
New York.
5
$
Total bills and securities
)ue from foreign banks
7i/collected Items
tank premises
Mother resources
88,369.0
78,861,0
4.068.0
61,0
Cleveland Richmond AUanta. Chicago. St. Louts. Minneap Kan. City
Phila.
$
...
$
2,000,0
/ther securities
1479
$
700.0
$
5
5
1.000,0
$
Dallas. lials Fran.
$
5
$
Total.
$
3.700.0
370,112,0 95,491.0 112,127,0 64.365.0 86,554.0 163,830,0 63,922,0 38,023.0 58.988.0 55,822.0 122.133.0 1.319.736.0
648.0
648,0
215,709,0 84.755.0 87.465.0 71.872.0 35,241.0 115,590,0 43,147,0 16.497,0 53,338.0 35.143.0 58.077.0 895,695,0
16,739,0 1,597,0 7,409.0 2,364.0 2,944,0 7.933,0 4,111,0 2,943.0 4.667.0
1.793.0 3,423.0
59.991,0
2,220.0
292.0 2,879.0
536,0
615,0 2,454.0
829.0 1,720.0
386,0
556,0
928,0
13,476,0
Total resources
400,027.0 1,629,259,0 368.691.0 514,966.0 232.231.0 292,851,0 717,423.0 190.170.0 139,993,0 220.100,0 152.132.0 449.120.0 5,306,963.0
LIABILITIES.
r. It. notes In actual circulation. 146,773.0 380,992,0 116,606,0 206,515,0 76,100.0 172.945,0 208,545,0 47,584.8 63,453,0 66,412,0 45.654.0 192.489.0 1.724.068,0
)ePosits:
Member bank-reserve acc't
151.026,0 941,795.0 140.204,0 191,121,0 67,872.0 71,090,0 356,136,0 83,354,0 48,478.0 90.758.0 56.831.0 170.471.0 2.369.138,0
Government
439.0
32.0
6.0
106.0
221,0
525.0
82,0
491.0
185.0
308.0
503.0 1,180.0
4.084.0
Foreign bank
350,0
12,295,0
184,0
632,0
244,0
438.0
198,0
493.0
161.0
148,0
318.0
180.0
15,641.0
Other deposits
183,0
17,079,0
190.0
133.0
486,0
835.0
1,529,0
548.0 1,470.0
78.0 5.574.0
380,0
28,485.0
Total depoelts
)eferred availability items
JaPItal paid In
larplus
All other liabilities
151,998,0
74,527,0
8,801.0
17,020,0
908.0
971,201,0
177,834,0
35,732,9
59,964,0
3,536,0
141,313.0
76,990.0
12,465,0
20,494.0
853,0
192,531,0 68.527.0 71,413,0 358,788.0 84.441.0 50,354,0 92,933.0 57.176.0 176.671.0 2.417.346.0
77.866.0 68.293.0 33.463,0 100.154.0 42.151.0 14.374.0 43.525.0 36.447.0 53.690.0 802.314.0
13,551.0 6,109.0 5,033.0 16,653,0 5.269.0 3,102.0 4.189.0 4._ 9 1.0 8,589.0 123.787.0
22,894,0 11.919,0 8,700,0 30.613,0 9,570,0 7,501.0 8.971.0 7,6.5.0 15.071.0 220.310,0
1,062.0
946.0 2.610.0
1,609.0 1,283,0 1,297,0 2,670,0 1,155,0
1,209.0
19.138.0
Total liabilities
400,027,0 1,629,259.0 368,691,0 514,966,0 232,231,0 292,851,0 717,423.0 190,170,0 139,993,0 220,100,0 152,132.0 449.120.0 5,306,963,9
M•nnoranda.
Reserve ratio (per cent)
74.7
74.8
66.8
62.6
71.7
62.7
75.9
69.2
702
55.8
73.7
71.6
56.6
7ontingent liability on bills purchased for forsign correspond'ts 3,416,0
11,595,0 4,270,0 4,810,0 2,382.0
1,798,0 6,158,0 1,933.0 1,438,0 1,753,0
1,573.0 3,102.0
44.228,0
Y. R. notes on hand (notes ree'd
from F. R. Agent less notes In
!Ovulation)
36.656,0
99.578,0 36,201,0 23,438.0 14,224,0 34.980,0 37,445.0 4.040,0 6,679.0 7.944,0 5.518.0 40.592.0 347,295,0
FEDERAL RESERVE NOTE ACCOUNTS OP FEDER •1. RESERVE AGENTS AT CLOSE OP BUSINESS SS • r I 19h.
Federal Reserve Agent at-
Boston
New York
Phila. Cleveland Richmond Atlanta. Chicago. SS. Louis Minimal) Ran. City Dallas Ban Fran
Total.
.....--,_
$
$
$
$
$
$$
$
5
5
$
$
773,890.0 186.487.0 276.011.0 117,599.0 273,435,0 420,607.0 72.544,0 87,361,0 113.036,0 72,529,0 288,781,0 2.912,691,0
293,320,0 33.6800 45..40
27.275,0 65,510,0 174,617,0 20,920.0 17.223,0 38,680.0 21,357,0 55,700.0 841,328.0
(Two Ciphers (0(1) omitted.)
5
11'. R.notearec'd frorn Cornptroller 230.329,0
V. P.. notes held by F. R. Agent 46,900,0
F.R.notes Issued to F. ft. Bank 183,429,0
Collateral held as security for
F. R. notes issued to F. R. Bk.:
Gold and gold eertificatea
35.300,9
Gold redemption fund
9,542,0
Gold fund-F.R. Board__ 74.000,0
Ellgible paper
65.759,0
Total collateral
480,570,0 152,807,0 229.953,0 90,324.0 207.925,0 245,990,0 51,624.0 70.132,0 74,356,0 51,172.0 233,081.0 2.071.363.0
171,698,0
8,780.0 28.805.0 14.238.0
7,945,0 13,212.0
14,156.0
24,540,0 7,710.0 11,821,0 2.730,0 4,755.0 3.106.0
1,8i 9,0
1,808,0 3,640,0 3.704.0
153,000.0 90,017.0 160,000.0 12,000.0 193.000.0 175 644.0 9.300.0 37.033.0 47.860.0 3.000.0
170,809.0 56,743,0 68,941,0 55.981,0 83,866,0 .2.134.0 44.402.0 20,501.0 27.907.0 35.340,0
184.601.0
10,000.0 304.134,0
16,837.0
92.072.0
162,143.0 1,033.C41.0
78.235.0 800.852,0
523.047.0 151.559.0 249.541 0 99.573 0 204.854.0 271 054 0 33 4 la n 72 521 0 79.497.0 54.200.0 237_242.0 2.230.099.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the ‘v.wikly statement issued by the Feder& Rose ve B iard, giving the principal ite as
the r esources
and liabilities of the 697 nember banks from which weekly returns are obtai led. These figures are always a week behind
those for the Reserve banks themselves. Dofinitions of the •lifferent 'terns in the stati3meat were given in the s..atement
of Dec. 12 1917. published in the "Chronicle" of Dec. 29 1917, page 2.523. The fawner', of th, R.lerve Board upon t te fty urea
for the latest week appears in our Department of "Current Events and Discussione." on page 1411.
I.
Data
for all reporting member banks In each Federal Reserve District at close of business SE 'TIMBER 8 192a. (rhree ciphers (Orls) ern tted.)
Federal Reserve District.
Number of reporting banks
Leans and discounts. gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds
All other loans and discounts._
Boston. New York
38
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Altnricap Kan. Ctly
95
50
75
68
$
$
7.378
48,484
357,472 2.335,395
642.207 2.689.797
$
10.669
408,268
386.122
$
19,473
566,732
797,645
36
Dallas. San Fran.
Total.
99
32
24
67
48
$
4,996
144,314
368.863
$
3
5,850
18,787
102,822 901.603
401,398 1,284.369
$
7.180
189,931
319.403
3
3.386
73.044
160.225
$
3,990
116,698
322,977
$
3.937
70,688
233,154
805.059 1,383,850
518,173
510,070 2,184,759
518,514
236.655
443,665
307,779 1.210,816 14.198.079
80,296
268,223
284,686
357.384
68,415
69,808
63,113
113.224
67,673
47.256
104,875
90.759
348,519
642,050
138,223
195.634
Total loans and investments_
1,387,741 7.276.844 1.153.5782,025.900
Reserve balances with F. R. Bank__
93.540 738.416
80,636 125.778
Gash In vault
20,420
81.547
33,443
16.026
Net demand deposits
881,090 5,531,506 775,917 1.069,152
Time deposits
433.764 1,301,614 241,921 826,537
Government deposits
13,632
10,340
16,845
10,277
BUR pay. A rediee. with F. R. 13k.
Secured by U.&Gov't obligation
14,801 127,189
16.932
6,069
All other
8.362
37.071
9,817
6.565
656,396
41,920
14.354
383.190
209.877
3,150
Total loans and discounts
1.007.0575,073.676
aveetments:
U. B. Government securities
134.544 1,015,797
Other bonds, stocks and securltlsi 246.140 1.187,371
Total Investments
380.684 2.203.168
F.
Total borrowings from
R. Ban
Bankers' balances of reporting mem
her banks In F. R. Bank cities:
Due to banks
Due from banks
23,163
40.184
59.213
306.818
459,557
99,397
766.375
176.337
114,923
003,467 2,951.134
38,582 253,741
11,484
52.698
338,210 1,835,356
222,992 1,056,381
4.190
7,143
692,851
47,981
7.950
400.377
218,241
2,853
351.584 639.23!)
24.982
53,282
6.32)
12,388
207,124 512.927
118,927 143.476
1,452
2,912
76.254
433,011 5.604.621
384.073 1,673.827 19,802.604
26.758 108,227 1,636.849
10,955
21.401
288,978
257.637 769.0)3 12,961.645
98.824 833.253 5.711.807
2,544
8.903
84,250
5,978
15,416
5.930
4.417
3.086
3,211
2.223
9,433
36.063
14.921
248.563
157.967
11,662
50.984
404.530
17,772
22,533
36.727
21,392
10,377
6,277
120,660 1,052,889
38.483
069.00
166,047
50,782
30,594
17,230
385,705
83,795
ca 995
99 611
158.36
47,145
1291')
141 .
540
109.450
9.1 i Si
its k <I
A i 51,1
whole
country.
of reporting member banks In New York City. Chicago. and for the
AU Reporting Member Banks.
Sept. 111)26.
251,528 2.469.541
211.485 3.135.080
21,623
15,104
23,497
Sept. 8 1926,
41,614
24.680
4,036
18,497
15,886
Data
697
2
$
7.354
141.484
284.728 5.551.695
918.734 8.504,894
2.649
15.123
164,260
I.
65
sex. 6 1925.
Reporting
stoma
Banks in N. 1. Cito.
28.139
9, 75
109.367 2.199.894
cl 771
Reporting Manta0 Batas
Kalt 121
in chums
-
Sept. 8 1926, Sept. 11926. Sept. 9 1925. Sept. 8 1926. Sept. 119211. Sept.9 1925.
Number of reporting banks.
697
727
697
57
57
46
61
46
Loans and discounts. grown
$
$
$
$
$
$
$
$
$
Secured by U. B. Gov't obligations
141,484.000
171.525,000
142.682.000
45.059.000
44.757.000
57.188.000
13.396.000
13.659.000
21.788.000
Secured by stocks and bonds
5.551,695.000 5.568.167.000 5,063,063,000 2.058,415.000 2,102,729.000 1,962,033.000 686.984.000 688.944.000
All other loans and discounts
8,504.894.000 8.467,889.000 8.207.5423300 2.349,828.000 2.331,624,000 2.201.941,000 703.800.000 693.250.000 802.145.000
682.189.000
Total loans and discounts
14.198.073.000 14.178,738.000 13.442.130,000 4.453,302.000 4,479,110,000 4.221.162.000 1.404.180.000
1.398.853.000 1.306.122.000
Ilavestmente•
U.S.Government securities
2,469.541.050 2,468.942,000 2.513,916,000 898,025.000 896,421.000 924,415,000 162.274.000 161.751,000
176 531.000
Other bonds stocks and securities. 3,135,080.000 3,129.646.000 2,943.042,000 877.773.000 873,799,000 -851.819.000
212,531,000 210.328.000 194.806.000
investments
Total
5.604.621.000 5.598.588.000 5.456.958,000 1.775.798.000 1,770.220.000 1.776.234.000 374.805.000 372.079.000 371.337.000
Total loans and Investments
19,802.694.000 19,777,326,000 18.899.088.000 6,229.100.000 6,249.330,000 5.997.396.000 1,778.985.000 1.770.932.000 1,677.459.000
Reserve balances with F. It. Banks
1,636,849,000 1,654,991.000 1,650.823.000 684.567.000 706.460.000 703.318.000 177.092.000 174.174.000 164.135.000
Cash in vault
288.978.000 .267.951.000
65.312.000
287.742.000
60.787.000
64.669.000
20.048.000
23.950.000
22.161.000
Net demand deposits
12,961,645.000 *12966.203.000 12.812.832,000 4,979.941,000 5.012.380.000 4,950.382.000 1.238.249.000
1.223.137.000 1.191.337.000
Time deposits
5.711.807.000 5,712.378.000 5,202.579.000 850.193.000 865,542.000 786.975.000
520.381.000 521.045.000 470.115.000
Government deposits
84,250,000
34,423,000
84,275,000
15,046.000
15,046,000
3,759.000
3,264,000
4,120,000
3,264,000
RBIs payable and rediscounts with
Federal Reserve Banks:
246,563.000
Secured by U. S. Govt. obligations
244.949,000
290,347.000 110.730.000
13.954.000
88,630.000 142.740.000
2,821.000
3.495.000
All other
157.967.000
167,271,000
151.498.000
33.770.000
2.9515.000
1.746.000
33.037.000
3.180,000
52.706.000
R.
bks..
404,530,000
Total borrowings from F.
412.220,000
441.845,000 144.500.000 121,667.000 195.446.000
16.939.000
6.675.000
4.567.000
Loans to brokers and dealers (secured by stocks and bonds) made by reporting
Member banks In New York City:
For own atwount
963,901.000 991,437,000
For account of out of-town banks
1,134.421.000 1.098.091.000
For account of others
664.707.000 668,746,000
46
Total
On demand
On time__
•Revised figttres.
.
2,763.029.000 2.758,274,000
2,063.763.000 4049,i 69,000
639 268.000 709 114.000
•
THE CHRONICLE
[- Vol.. 123.
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
Vanittrte Gazette.
Daily Record 0/U. S. Bond Prices. Sept.11 Sept.131Sept.141Sept.15
Sept. 18 Sept. 17
Wall Street, Friday Night, Sept. 17 1926.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1467.
)t The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Sept. 17.
Sales'
for
Week.'
Range for Week.
Lowest.
Range Since Jan.l.
Lowest. I Highest.
Highest.
Railroads.
Par.Shares 8 per share.
per share. $ per share.IS per share.
Clev CM Chle&StL p1100
pt 14 109 Sept 14 109
Aug 125
Mar
Erie & Pittsburgh. _ _ _50
45 6234 Sept 14 6234 Sept 14 6254 Sept' 63
Aug
Morris & Essex
-26 8034 Sept 16 8034 Sept 16 793.4 Jan 1 83
5
July
N Y & Harlem
50
53 189 Sept 16 192 Sept 15 175
Jan
Apr205
N Y Rye 2d stamped' 382 135 Sept 13139 Sept 17 108
July 141
Sept
Reading Rights
10,400 1934 Sept 17 21 Sept 11 1634 Mar 2234 Feb
VIcksb Shrev & Pao_ _100
100 9534 Sept 17 9534 Sept 17 90
Jan 98
July
Industrial ec
Amalgamated Leather_' 1,700 1834 Sept 17 1914 Sept 13 16
July 21
Sept
Amer-La France FireEng
7% preferred
100
100 9834 Sept 15 983.4 Sept 15 9534 Mar103
May
Am Plano pref
100
100 98 Sept 11 98 Sept 11 933.4 Mar 98
Jan
American Snuff pref_100
300, 98 Sept 14 9934 Sept 14 98
Aug 105 June
Am Type Founders pf100 400 103Ai Sept 1610434 Sept 17 10234 Aug 107
Feb
Autosales
4
Sept
Sept
13
11
400
Jan
50
734
63.4
734 Sept
3.4
Preferred
100 3834 Sept 14 3834 Sept 14 18
Jan 3834 Sept
50
Canada Dry Ginger Ale•12,500 4334 Sept 17 4834 Sept 15 4374 Sept 49
Sept
Central Alloy Steel____• 1,100 3234 Sept 14 33 Sept 13 3234 Sept 3334 Aug
Chicago Yellow Cab_ __•
100 45 Sept 17 45 Sept 17 44
May 49
Feb
Cert-Teed Prod 26 pf 100
May 100
200 98 Sept 14 100 Sept 17 90
Sept
Columbia Gas & El Mrs *
500 813.4 Sept 15 8134 Sept 15 8134 Sept 8134 Sept
Continental Baking el A.58.400 73 Sept 13 8234 Sept 11 73
Sept; 9334 Aug
Class B
Sept; 1534 Sept
•66.000 11 Sept 13 1234 Sept 13 11
Preferred
104) 3,900 91 Sept 17 9434 Sept 13 91
Sept1 9634 Aug
Consolidated Cigar Rte.
Ai Sept'
Ai Sept
100
Ai Sept 17
Ai Sept 17
Crex Carpet
Sept 63
100 800 20 Sept 16 25 Sept 11 20
Jan
Crown Wmtte Pap WM. 400 983.4 Seat 15 9834 Sept 15 9834 July1 9834 July
Cushman'sSonspf7% 100
100 106 Sept 14 106 Sept 14 9914 Feb 10734 Aug
DeBeers Cons Mines...
100 3634 Sept 14 3634 Sept 14 2734 Apr 3644 Sept
Elk Horn Coal Corp pf50
100 26 Sept 15 26 Sept 15 21
Marl 26
Sept
Engineers Pub Service.' 1,800 2034 Sept 15 2134 Sept 14 2034 Sept 2434 July
Preferred
• 700 9434 Sept 15 95 Sept 11 9434 Sept 9634 Aug
Federal Motor Truck..•13,700 3134 Sept 17 3334 Sept 16 2434 July' 3434 Aug
Hartman Corp el B.- _ _• 2.500 2734 Sept 16 2934 Sept 11 2534 Aug 30
Sept
Ingersoll Rand pf_ _ _ _ 100
Feb 106
13106 Sept 17 106 Sept 17 102
Sept
Kayser & Co let pref • 300 103 Sept 15 105 Sept 11 100
May 10534 Aug
Kinney Co pref
100
100 9034 Sept 11 9034 Sept 11 9034 Sept 9934 Jan
Liquid Carbonic Ws- _• 3,600 47 Sept 11 48 Sept 15 47
Sept 4834 Sept
Louisiana 011 pref.-.100
100 9534 Sept 13 9534 Sept 13 9334 July 97
July
McCrory Stores
Sept 117
• 100 76 Sept 15 76 Sept 15 76
Sept
Mallinson & Co pref_100
100 713.4 Sept 13 7134 Sept 13 713.4 Sept 7834 Mar
Monti Sugar
100 • 100 36 Sept 17 36 Sept 17 27
Apr 5034 Jan
Murray Body ctfs
• 200 934 Sept 17 934 Sept 16 93.4 Sept 1134 AMC
Omnibus Corp pref__100 200 88 Sept 17 94 Sept 13 88
July 9834 Feb
Penney (J C) pref __ 100 200 10734 Sept 14 10734 Sept 14 05
Jan 10734 Sept
Peoples Gaa. Chicago R
2,800 234 Sept 13 23.4 Sept 14 234 Sept 234 Sept
Pitts Utilities pref._ _10
200 19 Sept 14 1934 Sept 14 1434 M
2034 May
Porto-Rican Am Tob 100
100 68 Sept 11 68 Sept 11 60
Jan 8134 Jan
SherwInWilliamalstpf100
100 tog Sept 14 1053-4 Sept 14 10534 Sept 108
Apr
Sloes-Sheff St & Ir pf _100 400 104 Sept 15 105 Sept 11 10034 Jan 110 June
Van Raalte Co
•
100 14 Sept 16 14 Sept 16 1234 Apr 22
Feb
Vulcan Detinning_ _100
400 10 Sept 15 1034 Sept 15 10
Sept 12 June
White Sew Machine pf • 0,200 5134 Sept 13 563-4 Sept 17 4734 July 59
Aug
•No par value.
New York City Banks and Trust Companies.
All prices dona.s tte, .1)4,•
Banks-N.Y Bid.
America...___ 308
Amer Mx Pa. 465
• 70 U-0.44 195
bowery EastR 392
Broadway Cen 345
Bronx Bores*. 1300
Bronx Nat__ 460
Bryant Park. 200
Butch & Drov 185
Capitol Nat_ 217
Cent Mercan_ 280
424
Chase
Chath Phenix
Nat Bk &Tr 362
Chelsea Exch• 265
Chemical_ _ __ 802
_
600
Commerce_ _ _ 383
ComMwealth• 295
Continental__ 285
Corn Exch.,. 595
Coemop•tan111. 225
Fifth Avenue.2300
,00
Franklin
170
Garfield
375
Globe Exch..' 210
Grace
350
Greenwich._ 530
Ask.
320
475
200
398
365
1450
500
225
195
223
290
428
367
275
808
386
.
305
295
605
250
2500
2625
180
385
240
550
Banks.
Manhattan* _
Mutual.
Nat America
National Cit
New Neth.__
Park
Penn Exch.._ _
Port Morris__
Public
Seaboard _ _ _ _
Seventh
Standard _ _
State.
Trade.
United
United States.
Wash'n Hte...
Brooklyn
Coney Island'
Dewey'
First
Mechanics's.Montauk•
Municipal*.
Nassau
People's
Queensboro*
Bid.
230
1040
620
226
525
240
615
295
484
130
235
548
650
173
645
690
157
190
310
800
375
175
405
300
350
300
354
600
200
• Banks marked (.9 are State banks
y Es-rights
Ask. Trust Co.. I Bid.
237
New York.
1060 American_
650 Bank of N Y
229
& Trust Coj 635
Bankers Trustl 642
2110 Bronx Co 'Fr_I 300
622 Central UnIonI 925
305 County
I 300
489 Empire
I 353
140 Equitable TrI 285
Farm L & Tr1 535
558 Fidelity Truati 292
670 Fulton
410
180 Guaranty Tr_ 400
Irving Bank
Columbia Tr 302
600
162 Lawyers 'Fr.......
200 Manufacturer 523
320 Mutual(Wes
chester) ___ 215
100
N Y Trust__ 552
Title Gu & Tr 695
U Mtg & T 392
420 United States.740
310 Westches Tr_ 550
Brooklyn.
iia Brooklyn ____ 815
354 Kings County2100
650 Midwood...._ 300
215
(0 New stook.
Ask
645
648
330
950
310
358
289
545
298
430
405
308
527
230
558
705
402
1760
830
300
310
(s) Ex-dividend.
New York City Realty and Surety Companies.
An
Bid. Ask.
52
Alliance H'Ity 45
189
Amer Surety 185
Bond& M ()- 320 332
Lawyers Mtge 286 290
Lawyers Title
215
& Guarantee 290
WWI attars
per sea?*
Bid. Ask.
Mtge Bond__ 147 152 Realty Assoc.
Nat Surety__ 215 240
(Bklyn)corn
N Y Title &
1st pref____
Mortgage_. 470 475
2d pref_ _
U S Casualty. 310 330 Westchester
Title & Tr.
Quotations for U. S. Treas. Ctfs. of
Maturity.
Du.
I Rate.
Bid.
Dee. 15 1926_ 33d% 1001st
Deo. 16 1927_ 434 % 101•Is
Asked.
1003n
10134
1
B14.
Ask.
208
88
85
212
92
89
500
Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
Mar. lb 1927_ 434% 100si. 110034
June 15 1927-.I3 A4% 99u,.(100
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.-Below
we furnish a daily record of the transactions in Liberty Loan
bonds and Treasury certificates on the New York Stock
First Liberty.Loan
High 101Awn 101
1003in 10014n 1001in 100uss
334% bonds of 1932-47-- Low- 101
1003332 100"3: 1003332 100un 100"/3
(First 33411)
Close 101
100"ts 100"ss 100"s 1003431 1001in
Total sales In $1,000 units _20
28
239
14
3
103
Converted 4% bonds of{H lit;
__-- - ----- ----1932-47 (FIrst
Total sales in 81,000 units__
Converted 434% bonds rigi
of 1932-47 (First 009 Low_
Close
Total sales in 81.000 units._ _
Second Converted 4 Ai% 1111gb
bonds of 1932-47 (First Low_
Second 434s(Close
Total sales In $1,000 units.
._
Second Liberty Loan
High
4% bonds of 1927-42
Low_
(Second 431
Close
Total sales in $1.000 units_ _ _
Converted 434% bonds High
01 1927-42 (second
Low_
vie)
Total sales in $1,000 units_
Third Liberty Loan
High
434% bonds of 1928
Low_
(Third 434s)(Close
Total sales in $1,000 units- _ _
Fourth Liberty Loan
High
434 1; bonds of I933-38
Low_
(Fourth 433(s)(Close
Total sales its $1,000 unit:..._
Treasury
High
434s, 1947-52
11.0w.
Close
Total sales in $1,000 units_.
High
4e. 19A4-1954
3Low.
Close
Total sales in $1.000 units..
High
334e. 1948-1958
ILow.
Close
Total sales In $1,000 units_ _ _
-- ---1013322 10-13332
101"ss 1012111
101"32 101"31
s
28
100"ss 100"u
100"ss 100311.1
10033:1 100"ss
23
120
____
____
____
____
- ----_-
- 1013 22
1012.21
101111ss
23
100"n
1001iss
1001iss
98
__
____
____
___ _
- 1013 32
101"s
101"ts
19
100•0n
10037,1
10017:1
21
_ ___
_ _ _,_
1013,2
101312
101322
629
102332
1023st
1023ss
153
1071%
107"ss
107"ss
17
1033322
1033332
1031its
22
1011112
1013331
1011iss
2
101332
101332
101'32
152
102isi
1023ss
1027ss
632
107"st
107"ts
10713ss
1
1033332
103"n
1031.12
18
101i%
101,522
101"ss
30
10-1-422
101111s2
101"ss
5
1002.ss
100iiss
100"ss
27
100len
1003.ss
100"32
-101 032
101",
,
1011.21
5
100"ss
100"ss
100"ss
99
-- - --- --- -
10-1-331
101332
101322
45
102iss
102.ts
10211.1
86
1071its
1071iss
10711,
10-1-332
101•ss
101•2s
99
102•11
102,
”
102iss
63
107"ss
107"11
107wat
1033332
103"22
103"t
1
101111,
101135
101",
5
103"22
103"ss
103"w
II
101"32
101 132
1011432
1
I
___
1013n
101rn
101332
61
10211ss
1023ss
102.ss
76
1071142
107161,
107Iiss
18
103"21
1033332
103"ss
2
1011its
1011332
101i4ss
5
1013n
101332
101322
163
102332
102•ss
102•ss
134
1071Io
107liss
107uss
10
1033332
1033332
103"ss
7
1011sts
101,332
1011iss
I
1
1
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 let 334s
1008ss to 100iss I 7 3d 434s
..101
to 100usi
16 let.2d 4Ais
2 2e1 45
100",, to 100",, 19 4th 4Ais
100',, to 1004ss 32 Treasury 434,
102
to 102,st
102313 to 102332
Foreign Exchange.-Sterling exchange ruled quiet but
steady at close to the levels of the previous week. The
Continental exchanges continue to move irregularly, with
francs and lire subjected to alternate advances and declines;
trading, however, was usually inactive.
To-day's (Friday's) actual rates for sterling exchange were 4 84 31-32@
485 1-32 for checks and 4 85 15-32®4 85 17-32 for cables. Commercial
on banks sight 4 84 27-3204 84 29-32 sixty days, 4 80 27-32(4)4 80 29-32
ninety days, 4 78 31-32©4 79 1-32 and documents for payment (60 days)
4 81 o-32@4 81 5-32. cotton for payment 4 84 27-3204 84 29-32.
To-day's (Friday's) actual rates for Paris bankers' francs were
2.79@
2.8054 for short. German bankers' marks are not yet quoted for long and
for short bills. Amsterdam bankers' guilders were 40.033-4©40.0434
for short.
Exchange at Paris on London, 172.25 week's range, 169.50 high and
172.25 low.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days.Cheques.
Cables.
High for the week
4 85 5-32 4 85 21-32
Low for the week
484 29-32 4 84 13-32
Paris Bankers' FrancsHigh for the week
2.9134
2.92%
Low for the week
2.80
2.81
German Bankers' Marks
High for the week
23.82
23.80
Low for the week
23.814
23.794
Amsterdam Bankers GuildersHigh for the week
40.10
40.09
Low for the week
40.0734
40.0634
Domestic Exchange.-Chicago, par. St. Louis, 15@25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal. 81.40625 per
$1,000 premium. Cincinnati. par.
The Curb Market.-The review of the Curb Market is
given this week on page 1467.
A complete record of Curb Market transactions for the
week will be found on page 1495.
CURRENT NOTICES.
-J.E.Patrick,formerly Vice-President nad Sales Manager of the ElliottHorne, Co., Los Angeles: T. A. Donlon and George E. Moore, Jr., also
formerly associated with Elliott-Home Co., have organized the Investors
Security Co., with officse in the Pacific-Southwest Bank Building, Los
Angeles, to deal in municipal, corporation and street improvement bonds.
-Guaranty Trust Co. of New York has been appointed trustee, registrar
and paying agent under Northern Pennsylvania Power Co. first and ref.
mortgage dated as of June 1 1926. securing an unlimited authorized issue
of first and ref. mortgage golc! bonds.
-Elmer J. Kennedy,for many years in the bond business in Minneapolis
Duluth and Los Angeles, has opened an office in the C. C. Chapman
Building, Los Angeles, to deal in general market bonds.
-Bankers Trust Co. has been appointed agent for the payment of coupons of Northern Ohio Traction & Light Co.. and for the coupons of the
B. F. Keith Corporation.
-Lllley, Blizzard & Co., Philadelphia, are issuing for free distribution a
booklet containing the most recent quotations obtainable on more than
two thousand issues of public utility and industrial bonds.
-James J. Dervin, formerly with Ames, Emerich & Co., is now representing Burley, Peabody & Craigmule, of New York,in the sale of securities
in the State of Vermont.
-J. A. C.Cameron. K.C.,announces the organization of the investment
banking house of J. A. C. Cameron & Co., Toronto, with offices at 304
Bay St. This new firm holds a membership in the Toronto Stock Exchange.
-George H. Brewster, formerly with Stone, Prosser & Doty, is now
associated with Clardnce Hodson & Co.. 135 Broadway, New York, in
their unlisted trading department.
-J.E. Edgerton Co.. Pocatello, Ida.. announce the opening of a branch
office in Boise. Ida., to deal in listed and unlisted securities, general market
bonds and commercial paper.
14S1
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIX PAGES
For sales during the week of stocks usually Inactive, see preceding page.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 11.
Monday,
Sept. 13.
Tuesday,
Sept. 14.
$ per share 3 per share $ per share
Wednesday, Thursday,
Sept. 15.
Sept. 16.
Friday,
Sept. 17.
Sales
for
the
Week.
g per share $ per share
S per share
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
PBR SR ABB
Rance Since Jan. 1 1928.
On boat, of 100-share lots
Railroads.
Par
65,300 Atch Topeka & Santa Fe__100
1,500 Do pret.
100
900 Atlanta Sires & A Bantle ___ 100
14,100 Atlantic Coast Line RR__ _100
49,900 Baltimore & Ohio
100
200 Do pref
100
800 Bangor & Aroostook
50
Do pref
100
7,100 Bkln Manh Tr v t a___No par
400 Do pref• t c
No par
1,900 Brunswick Term & sty sec _100
30 Buffalo Rochester & Pitts _100
Canada Soutnern
100
9,400 Canadian Pacific
100
Central RR of New Jersey _100
70,100 Chesapeake & Ohio
100
Do pref
100
800 Chicago & Alton
100
1,700 Do pref
100
100 C C C & St Louis
100
300 Chic & East Illinois RH
100
1,200 Do pre(
100
9.100 Chicago Great Western_ _100
20,100 Do pref
10
4,000 Chicago Milw & St Paul _100
4,000 Certificates
100
13,000 Do pref
100
2,100 Preferred certificates_ 100
30,300 Chicago & North Western. 100
200 Do pref _______ _ _ _ 10
30,100 Chicago Rock lel & PacIflo_10
300 Do 7% preferred
10
700 Do 6% preferred
100
300 Colorado dr Southern
10
Do 1st pref
10
Do
____I .65 ____ *65
1'65 ---- •65 ____ .65
____
100
17512 17712 17634 18112 179 1814 176 178
17618 177
176 177
10;556 Delaware
2waredOludson
100
14312 14312 1434 14334 142 143
14314 14314 142 142
14112 143
3,400 Delaware Lack & Western_ 50
443
4
4434
*4412 4434 4412 4434 4412 4412 44
*4434 4512
44
900 Deny & Rio Gr West pref 100
3278 334 33
3278 331s 3258 33
3312 3212 324 3238 3312 9,800 Erie
100
4212 4278 424 4212 4214 4318 4318 4378 43
4334 12,400 Do let pref
4334 42
100
4012 4012 4038 4012 •4012 41
41
4138 4012 4012 4012 4012 2,500 Do 20 pref
100
79
7812 7918 7833 79
794 7834 8018 7814 79
7738 7878 14,700 Great Northern pref
100
21
21
21
21
*2078 21
204 21
•2078 21
2078 2078
500 Iron Ore Properties_ _No par
3612 364 3633 374 3718 3778 3712 3778 37
3758 3638 37
9,300 Gulf Mobile & Northern...100
108 1081 10812 10812 10812 10812 *107 10812 *10612 108 •10612 10812
800 Do pref
100
39
3914 3878 3938 3918 3918 3858 39
39
3878 394 39
2,300 Hudson & Manhattan_ _..100
*75
79
*77
79
78
*77
79
*77
*75
79
*77
Do pre(
79
100
125 126
12512 127
124 126
125 126
12434 125
124 12612 6,000 Illinois Central
100
124 129 *124 129 *124 128
126 126
100 Do pref
•126 129 *123 127
100
7438 744
270 Railroad Sec Series A__1000
*7312 7412 7438 7438 7412 7453 7412 7434 7434 75
*2733
28
*2714
28
28
*27
*2714 28
*2714 28
Int Rys of Cent America_ 100
*27
28
67
*64
67
•134
66
064
67 .64
64
67
Do pref
66 .
100
*64
4012 4212 4114 4112 4012 4138 8,800 Interboro Rap Tran v t o_ _100
4214 4112 42
42
42
42
▪
_
1
114
•____
*___ _
112 •____
114 *____
112
Iowa Central
o____
100
114
26,000 Kansas City Southern
4818 4914 4778 4834 4818 494 4838 4912 48
49
100
494 47
68
*6612 68
6778 *67
*66/
1
4 67
6612 664
200 Do pref
*6712 6814 .67
100
884 884 8834 8834 8834 88
88
88
2,000 Lehigh valley
88
884 8712 88
50
13812 13914 137 139 *137 139
139 14014 13812 139
13612 13612 3,200 Louisville & Nashville
100
*8814 9012 •8814 9012 *8814 9012 *8814 9012 *8814 9012 88
50 Manhattan Elevated guar.100
88
52
5112 5212 5012 5112 4914 5012 6,100 Do modified guar
524 51
5238 5238 52
100
.434 834
434 434 *434 6
44 434
400 Market Street Ry _
434 434 *412 512
100
*22
30
*2212 30
*2212 30
30
2212 2212 *2012 30
100 Do pref
100
4214 4258 4212 4212 4212 4212 4212 4212 4012 4213 424 423s 2,300 Do prior pref
100
16
*1212 16
012
•14
15
•1212 16
1212 1212 *1212 16
100 Do 21 pref
100
•152 2
.152 2
*132 2
*133 2
112
158 *158 2
400 Minneap dr St Louis
10
45
041
41
4114 4112 4112 .41
44
42
*42
400 Minn St Paul & SS Marie.100
4412 42
*63
69
69
69 .63
062
69
*64
*63
67
Do pref
*63
67
100
6838 .65
684 065
6638 *65
6838 *65
*65
6838 *65
683s
Leased lines
100
3818 3771 3814 3778 3838 374 384 38
38
39
37
3734 5,100 Mo-Kan-Texas RR._ __No pa
9312 9312 9378 9312 9334 9312 934 9312 9334 9314 9378 3,800 Do pref
*93
10
4214 4312 4312 4433 4314 444 4212 4334 4158 4314 29,600 Missouri Pacific
4212 43
10
9218 9278 9238 9318 9314 9414 9314 9412 9212 94
92
9312 20,300 Do pref
10
*514
61
*512 64 •514 64 *51
200 Nat Rys of Mot 1s1 pf
*534 614
64
518 54
10
238 238
24 24 *214 238
214 214 •214 212
600 Do 20 pref
214 24
10
•121 128 *121 128 *121 128 *121 128 *121 128 *121 128
New On 'yes & Mexico__ 100
1414 14258 1414 14278 1423s 14434 143 14512 14258 14414 14138 14414 156,700 New York Central
10
18112 1824 183 18912 18534 18778 18214 187
181 182
181 183
6,800 NY Chic dr St Louie Co_ 10
102 10258 10014 10014 101 101 *101 10212 101 101
*199 103
700 Do pref
10
4433 4514 4458 4512 4458 4512 4458 45
4412 45
4312 45
32,800 NY NH& Hartford
10
2418 2418 244 2412 2434 2478 2412 2412 24
2412 25
2438 1,700 NY Ontario & Western
10
*914 10
*918 10
•9
10
10
9
*9
914 *914 10
300 N Y Railways Pref ctfs_No par
22
21
21
*21
22
*22
24
224 2218 2218 224
*21
300 New York State Railways.100
42
.41
41
41
40
41
42
41
42
41
40
40
1,600 Norfolk Southern
100
1635
8
162
162
1614
15912
16338 16012 1614 160 162
16212 163
12,100 Norfolk & Western
100
86
*84
8414 *8334 8414 8414 8414 *8414 8612
•84
84
84
300 Do pref
100
7958 804 7912 8034 7958 804 7912 8078 7934 8038 7858 80
33.700 Northern Pacific
100
25
*18
*18
25
25
25 .18
*18
•18
25
*18
25
Pacific Coast
100
5434 5512 545g 554 5478 5512 . 5478 5514 5412 55
5413 5434 20,400 Pennsylvania
50
*2312 25
*23
25
•24
24
2112 2112 *2112 24
25
.
24
100 Peoria & Eastern
100
105 10518 1044 10514 10414 10938 z106 10734 *10514 10534 10414 106
18,800 Pere Marquette
100
93
9134 9134 092
9134 9134 *91
93
O91
93
*92
9312
200 Do prior pref
100
89
8812 8818 8814 884 8834 *88
.88
088
89 .88
89
400 Do pref
100
*14518
•1454
•14518
.14518 - - •14518 •14518
Pitts Ft Wayne & Chic pf .100
108
108
1094
107
0107
108
108
*107
0107
10712 106 107
900 Pittsburgh & West Va._ _100
95
934 9412 9378 9412 9333 944 94
9312 9414 9218 9414 21,700 Reading
50
4012 4012 4012 4012 4012 4012 4012 4012 *4012 41
4014 41
900 Do 1st pref
50
44
44
44
*4318
04318
44
4412 44
*4312
4412 44
44
500 Do 2d pref
40
5012 5012 50
*4812 50 .4814 52
*4814 50
5012 5012 501
400 Rutland RR pre(
100
x9878 9934 9814 9834 9714 981 18,300 St Louls-San
9934 994 1014 10018 101
99
Francisco
_100
*918 92
915 9134 *9134 92
92
92
*9112 92
92
92
400 Do pref A
100
69
69
69
69
6912 68
6938 *68
69
6834 6712 68
2,400 St Louis Southwestern
100
79
*77
794 79
79
7914 7914 *79
*77
80
•76
79
200 Do Orel
100
37
36
364 3634 3614 3714 36
3638 3434 3612 10,900 Seaboard Air Line
3618 37
100
40
4038 4038 40
40
*3912 4038 3938 41
40
39
393
1,200 Do pref
100
1064
108
1073
8
107
108
10612
1063
4
108
10712 10614 1071 28,200 Southern Pacific Co
107
100
12514 12612 12712 12778 126 1274 12553 12678 12434 1261 18,000 Southern Railway
12534 127
100
9434 9478 9412 9458 9412 941
9438 9438 944 9438 943
*94
1,900 Do pre!
100
58
59
573
4
574
5812
564 5734 5512 561
5814 57
7,100 Texas & Pacific
58
100
3038 31
3458 3458 3214 3414 3178 3312 3112 314 3012 31
3,500 Third Avenue
100
685s 69
*6714 69
*671, 684 *6714 681
.
68:2 69
•6858 69
200 Twin City Rapld Transit 100
15814 15934 15818 1594 159 16058 160 16132 1603s 16234 16014 16314 65,600 Union Pacific
100
*7912 80
7912 7912 7912 791
7978 7918 7912 *794 80
*79
1,000 unD
itued pref
100
*2414 30
*2414 30
*2414 30
*2414 30
*2414 30
*2414 30
hallways Invest.. _ _100
87
90
90
85
*75
87
90
•75
*75
87
90
*75
225 Do pref
100
4618 47,4 4538 4612 4438 46
4612 4534 4634 4614 47
28,000 Wabash
46
100
7612 7512 7638 75
76/
1
4 76
764 76
76
7538 7,700 Do pref A
•7653 77
100
85
*63
65
*63
65
*60
64
•63
*60
65
64
Do pref B
.63
100
1338 •1318 1312 1338 1312 134 1312 1234 131s 4,400 Western Maryland
13
134 1314
100
23
2234 2314 *2212 23
22
22
1,100 Do 2d pref
224 2218 2233 2234 23
100
3812 3838 38% 374 3712 *3732 371_
1,800 Western Pacific new
*3712 3812 .374 3814 38
100
1,200 Do pref new
8634 8634 8614 8634 8614 864 8618 861s 8618 8618 864 864
25
254 27
2618 2458 253s 19,800 Wheeling & Lake Erie Ry 100
2612 2634 264 2678 2614 27
100
*44
4312
4512
45
4412
453
8
4212
453
8
44
4414
3,600 Do ore
454 4558
100
1534 15612 15234 15458 15214 15638
15253 15478 152s 15434 15338 156
9912 9912 0912 9934 9978 994 100 100
9934 9934 9934 9934
4
12
12
,
8
*12
h
*1
58
h
2
229 23234 22814 23438 226 229
224 228
231 23212 22734 232
10612 10712 10634 10734 10714 10838 10718 10734 10538 10712
1063s 107
•7314 7334 7312 7312 *7314 7334 *7312 7334 *7312 7334 7314 7314
44
*434 4414 *4314 44l. 42
4314 43
4434 4434 44
4314
*top
____ *100 -- •100
*100
__ _- *100
6312 6234 63141 62
633
8
63
6318
63
634
6118 6318
6314
854 8518 8514 8514 .85
8512 85
8518 *8412 85
85
*84
16
*1412 1612 14
145s 1434 1412 1453 1458 145,8 *15
1412
84 •
*83
85
83
83
*84
.
84
8612 84
85
6012 *60
6012 *60
6012 *60
6012 *60
6012
6012 .60
*60
165/
1
4 1661s 16578 16678 16614 16738 16634 16712 166 16678 1634 16614
*282 293 *285 293 *285 293 .285 293 *285 293 *285 293
1
4 15812 16012 15758 16012 1584 161
15712 159/
159 161
159 161
____ *158
____ *158
*159
____ *157
*159
*158
514 514
512 .54 512
54 514 *5
538 54
318 318
834 *8
84 84 *8
812
812 812
812 812
84 834
275 275 *275 295 *245 280 *245 280 *260 300 *260 300
*31
34
*3112 34
34
*31
*314 35
35
*31
*31
35
4212 •4214 4212 4238 4212 4178 4212 •4112 43
42
42
42
1118 1012 11
1038 1034 1018 1034
1153 1112 1058 1112 11
2918 2934 2914 3012 294 3038 2914 3014 2834 2973 28
2934
1214 1214 1218 124 1 134 12
11h 1214 1112 1134
1214 1214
1118 11
1134 1134 1112 1158 *1118 1112 114 114 11
11
2134 2014 2114 1912 2012
22 j 2214 2118 2178 2118 2134 21
*20
21
*20
2014 1978 20
19
213g 2018 21
1912
21
SO
807
7834 8012
7912 8112 7978 8034 8014 8158 80'8 82
'12612 126 *12512 12534 *12512 12534 12512 1254 .12514 1254 12514 12514
6234 6312 6234 6438 6412 6518 6334 65
6218 65
6212 64
010334 10434 104 104 *104 10434 *104 10434 .104 1044 104 104
91
9138 9138
9114 9114 914 914 9112 9112 9112 9112 91
70
•67
70
*67
*67
70
*66
69
68
*66
66
68
72
*70
72
•70
*70
72
*70
72
72
*70
*70
72
•94
96
9438 954
96
98
97
aiad asked Prices. z Ex-dividend.
9714 *93
9634 •94
95
Indust.lal & silscellsne..us
1.100 Abitibi Power & Paper _No par
PER SHARI%
Itaapt /or P1e0(01116
Year 1925.
5 per share
Eighest
Lattell
Htgles1
-$ per share 3 per Mars $ per skirt
122 Mar 30
941,Mar 5
12May 28
18112 Mar 30
8312 Mar 3
674 Jan 6
33 Mar 2
9778 Feb 8
544 Mar 31
78 Mar 31
812 Mar 4
6934 Mar 26
58 Jan 15
14612 Jan 9
240 Mar 30
112 Mar 2
119 Jan 20
318Sept 17
618Msy 18
17314 Mar 29
3014.May 10
3612 Mar 31
734 Mar 31
1614 Mar 30
9 Mar 29
818 Apr 20
1418 Mar 31
14 Apr 20
6514 Mar 30
11812 Jan 4
4012 Mar 3
96 Mar 4
8314 Mar 31
52 Mar 3
62 Mar 2
161 Sept 1
100 June 12
10 Jan 2
25212 Jan 2
1)18* Sept 7
7378 Aug 20
46 Feb 1
101 July 12
6914 Feb 5
8512 Aug 23
1712 Aug 30
8734July 20
61 June 14
16S4Sept 7
305 Jan II
16212Sept 7
16134Sept 9
111
/
4 Feb 20
181,Feb 13
275 Aug 24
37 Feb 10
5134 Feb 10
1218Sept 9
311
/
4Sept 9
1412 Jan 13
14 Jan 8
24 Aug 24
23,4 Nue 24
83345ept 10
126, nor 30
663sSept 3
1047sSept 9
9112Sept 10
70',Sept7
7212 Aug 11
1161
/
4 Jan
921
/
4 Feb
3
Jan
1474 Jan
71 Mar
6278 Apr
354 Mar
89 June
3518 Jan
7274 Jan
3 Feb
48
Apr
56
Jan
13612 Mar
265 Mar
8914 Mar
10514 Apr
3/
1
4 Apr
51, Apr
140 May
29/
1
4 Mar
40 Mar
9
Jan
194 Mar
34 Apr
7 Sept
7 Apr
127, Oct
47 Apr
10114 Apr
401
/
4 Mar
92
Jan
82 Mar
441, Jan
60 Mar
14012 Dec
98 Dec
115, Dee
268 Der
9414 Dee
6711,Nov
561
/
4 Nov
100
Oct
64 Nov
875
, Dec
171, Nov
925
,may
59 May
152/
1
4 Jan
321
Jan
13012 Dee
130 Dee
10/
1
4 Feb
191/ Feb
200 Dee
3814 Aug
5714 Jan
15
Feb
32/
1
4 Feb
165
, Jan
11 Nov
2812 Jan
22 No
80/
1
4 Dec
120 Dec
58/
1
4 Dec
100 Dee
8912 Mar
70.2 Sept
665
, Dee
59 Jan 11
15014 Mar 30
129 Mar 3(
3712May 19
2212 Mar 29
3354 Mar 30
30 Mar 30
6812 Mar 30
19 June 2
254 Apr 20
95 Mar 29
3438 Jan 22
6734 Mar 31
11312 Mar 3
11512 Mar 30
7114 Jan 6
2514 Mar 30
62 Mar 30
2412 Jan 15
1 Aug 14
3414 Mar 3
608 Mar 31
7512 Mar
118 Mar 30
84 Mar 3
3818 Jan 26
4',July 31
2llzSeptlO
3915June 21
121:Sept 16
13sJuly26
34 A,r2l
55 Mar 20
6211 Jan 4
32 Mar 3
82 Mar 2
27 Mar 3
7112 Mar 3
434 Apr 10
2 Mar 18
120 Mar 30
117 Mar 30
130 Mar 3
93 Mar 11
3038 Mar 30
1914 Mar 30
6 Jan 25
2014July 16
2778 A pr 15
13914 Mar 30
84 Jan 7
6534 Mar 30
18 A10.227
4838 Mar 30
19 Mar 4
67 Mar 3
79 Mar 3
7034 Mar 29
14212 Jan 2
85 Mar 30
79 Mar 3(
40 Jan 5
40 Mar 30
42 Apr 8
85 Mar 30
834 Apr
574 Mar 19
72 Mar 19
2712 Mar 31
3112 Mar 31
9618 Mar 30
10358 Mar 30
8712 Apr 6
421s Mar 30
1312 Jan
68 May
14112 Mar 30
704 Jan
1934 Mar
65 Mar
3378 Mar 30
68 NIar 3
57 Mar 29
11 Mar
161
/
4 Mar 30
334 Mar 30
7712 Jan 15
18 Mar 30
37 Mar 30
6438 Aug 12
18312Sept 2
15312 Jan 12
47 Jan 2
40 Jan 2
47/
1
4 July 8
4512July 8
8012Sept 10
271, Feb 15
3914June 22
10938Sept 7
40 Apr 8
79',July25
131 Sept 7
12912Sept 7
77 Juoe 23
31 Feb 13
66 June 24
5214May 25
31, Jan 15
5138Sept 9
68385ept 10
9312July 15
144 Sept 3
9234 Apr 20
6178May 28
11.1 Feb 9
40 Feb 9
5132 Feb 10
2212 Feb 10
3/
1
4 Jan 11
5212 Feb 3
79 Feb 3
6678 Feb 24
4718 Feb 9
95 Jan 4
45 Sept 1
95 Sept 3
834 Jan 7
412 Jan 7
13212 lee 9
14712Sept 7
1891;.Sept 15
106 July 8
4838July 17
211 Feb 13
2014 Feb 5
2812 Jan 14
4438Sept 2
168 Aug 31
851
/
4 Aug 11
8212 Aug 26
48 Ian 6
5678Sept 3
2634 Jan 14
10938Sept 14
96 July 7
9178July 17
150 Sent 8
11938 Jan 11
100 July 9
42 Apr 26
4478June 21
6114 Aug 2
102 Sept 7
9214July 14
74 Feb 9
8014 July 27
51 Jan 2
48/
1
4 Feb 18
1101,Sept 3
13114Sept 3
9512 Aug
811
/
4 Jan 13
43 Apr 23
785, Jan 4
16412 Aug 31
8114 Aug 28
2712 Apr 7
00 Sept 15
52 Jan 12
78/
1
4 Jan 13
72 Jan 29
/
4 Jan 4
181
243,Sept 2
391, Jan 2
86345e0t 11
32 Jan 2
37/
1
4 Aug 20
54
Jan
13312 Mar
125 Mar
341
/
4 Oct
264 May
35 June
34 June
60 Apr
25 Dec
23 Mar
8912 Mar
2134 Mar
64/
1
4 Feb
111 Mar
11212 Apr
6814 Aug
Jan
18
5912 Jun
1312 Mar
1/
1
4 Jan
2858 M
57
Jan
69 Mar
Jan
106
64 May
321, Mar
6 Nov
20
Jan
421, Nov
15 Dec
21, Oct
301
/
4 Apr
40 Mar
5712 June
284 Jan
74/
1
4 Jan
301
/
4 Jan
71 Mar
112 June
1', June
1134 June
1131, June
118 June
8811 Jan
28 Mar
20/
1
4 Apr
6212 Aug
155
Apr
1475
,June
60
Jan
3938 Der
464 Jan
43/
1
4 Jan
82/
1
4 Dee
401
/
4 Jan
3638 Sept
1094 Sept
3838 Aus
72 July
125/
1
4 Dee
12514 Dee
741,Dee
331s Sent
6612 July
341/ Feb
31, Mal
51 Dee
634 Dee
8812 Dee
148 Dec
11912 Sept
511, Feb
12 Sept
461,Sept
651,Sept
354 Sept
4 Max
67 Nov
861,Nov
63 Feb
4512 Sept
9212 Dec
411
/
4 Dee
91 1/ Dee
3/
1
4 Dec
3/
1
4 Dee
1371
/
4 Dec
1371
/
4 Dee
183 Dec
9814 Nov
47 Dec
34/
1
4 Aug
12 June
36 July
45 Sept
151 Dec
86 Doc
781, Doe
4012 Dec
551
/
4 Dee
211
/
4 Dee
8512 Dee
893, Dec
791
/
4 Dee
144 Nov
123 Dec
914 June
41 June
44/
1
4 June
62/
1
4 Jan
10214 Aug
921,July
691, Dee
1
4 Dec
78/
541,Nov
5112 Aug
1081
/
4 Jan
12012 Dee
9512 Sept
59 Dee
15/
1
4 Sept
781, Dec
15314 Jan
774 July
3312 May
83/
1
4 Dec
471, Aug
73/
1
4 Dee
6012 Aug
1888 Aug
Ma Jan
3912 Dec
81
Dec
32 Dec
53/
1
4 De,
70.14N1ay 21
93 Sept 14
Lowest
5 Dec
21 Dec
217, Apr
12312 Mar
7512 Jan
584 Apr
20 Aug
4212 Apr
13/
1
4 Apr
611
/
4 June
78 July
6312 Apr
139
Jan
63 Mar
6934 Mar
3578 Mar
361
,Mar
42
Apr
5712 Jan
76
Jan
4334 Jun
7018 Jun
2038 Jan
35 Ma
90
Oct
/
4 Jan
771
Jan
83
434 Jan
712 Apr
Jan
58
1331, Apr
Jan
72
18 Aug
484 Mar
MN Mar
5554 Jan
3312 Jan
11 Mar
16 Mar
19/
1
4 July
72 July
1034 Mar
22 Apr
62
Jan
761, Dee
New York Stock Record-Continued-Page 2
1482
For sales during the week to stocks usual.y Inactive. see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 11.
Monday,
Sept. 13.
Tuesday,
Sept. 14.
Wednesday, Thursday,
Sept. 16.
Sept. 15.
Friday,
Sept. 17.
Sales
for
the
Week.
STOCKS
NEW YORE STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1928.
On Mau of 100 !hare
PER SHARE
Range for Preetase
Year 1925.
Highest
LowestI
Lowest
H4'kts1
$ cr. shore
share $ aer share S ver share S aer share
nes share Share' Indus. & M14cel.(Con • Par $ Der O,
I pet
n
$ per Mare Der NW.
*5018 53
*5012 53
.5212 5412 .51
700 Abraham & Straus____No par 43 May 20 55 Sept 15
52
5212 54
54
55
*10838 ____ •10838 ___ *10914
1)0 pref
90914 ____ *109
9094 ---100 10418 Mar 19 Bin Ma., 22
4127 2713 .27 2718 27 27 274 2718 *2714 ---274 *27
200 Albany Pert Wrap Pa_No par 27 May 4 2734.11sur 23
2712
945 150 •145 150 *145 150 •145 150 945 150 1 41 145 150
All AmerII at aides
ii.ti 131
Jul. ti 155 1,11, t 170.- -,14-ni 13334 Oat
*11512 1184 91514 11734 11638 11734 z117 120
129 121
119 121
3,100 Adana) Express
100 997
.Mar 181 121 Sept IS
Apr 11714 Oat
90
93
1312 133 134 1312 1438
15
1418 1478
15301, 1434 151 2 5.700 Advance Rumely
.100 10 Mar 191 IS., 4n. zoo
Oct
13
Apr 20
56
5512 55
5512 *54
57[2 *5312 57 '55'! 571
553
4 5534 „ 400 Do pref
,
II 6312 Jan 25
553,
100 4411,M
47 Feb 8214 Oat
75
I' 74 734
7
1
2
7%
7
3
8'
7
1
2
7
1
2
5.000 Anumada Lead
74
712 74
74
1
7% Oct
04 Jan 4
73sSept 14
125* May
931 133
13118 131 14 131 132 I 131 133
131 131
129 13078 2.200 Air Reduction. (no,....No par 107.1.11 10 litl 145,2 Aug 9
8834 Jan 1174 Dee
94 918
9
9
834 834
9
9
9
9
834 84 3.000 Ajax Rubber. Inc _ .No par
II
it Feb 19
938 Dec 1578 Jun
•1
1 18 *1
1 18
300 Alaska Juneau Gold Min_ lo
1
1
1 Sept 18
2 Jan 4,
Jan
24 001
1
1 1;214 13:118
2 13
*21g 131
4%
18 13414 13512 13212 13634 13212 13734 13512 13914 172,200 Allied Chemical & Dye_No par 1101 MR, tt 14412 Aug 16
80 Mar 1184 Dee
92134 122 *12134 122
12134 12134 .11934 122 .11934 122
120 120
200
146 prbf
100 11834 Mar 20 12214 Aug 17 117
Jan 12114 Nov
894 8918 89
89
1
88
89
883
89
88
89
3
1.900 A Ills-chaimens Mfg
100 7814 Mar 26 944 Jan 14
714 Jan 9714 Del
90912 110
110 110 90912 110
10914 109:4 *10912 110 90912 110
200
t ore
1(11 108
. .. _ _
t
11n4May 24 10314 Jan 109 Dee
3078 31
3034 3078 3034 324 3178 3238i 3178 3238 31 14 32
22.400 Amerada Corp
No par 2414May 20 3278 Aug 9
1538 1618 96
17
1738 1612 167
16% 17
17
9814 17
2,200 40 et tancuourai Chen._
18 tint 20 344 Jan 14
-1•71;:r
593a Oat
544 543
56 1 543, 5518 1,800
54
5478 58
56
5612 5612 56
Do pref . ... ___100 Si Mn- 20 9611 Jan 14
384 Mar 8212 Dee
39
39
239
*3834 40
3914 3834 3912 3914 394 2.200 Amer Bank Note, new
3812 39
10 3438 Mar 31 434 Jan 8
3913 Dec 443a Doe
58
*5114 57 I *5114 5778 *51 14 57
*53
Preferred
5738 *52
60 55 Jan 151 5812July 10
5312 Jan 5813 Sept
24
24
2212 23
2013 2414 2112 2134 2212 2212: 22
24
3,200 American Beet Sugar
Jan
2938 Oct 43
100 2012Sept 13 3834 fret, 5
61
6434 8484 5912 61
6112 63
3,700
5928 5912 5912 60 1 61
Do pref
_.___ 10(0 5933Sept. 14 83 Feb 24
78 Dec 8770) Jun4
1912 1913 *1912 20
1 92, 19% 2014 21%1 2034 22% 2012 2134 12.300 Amer Bosch Magneto...No par
Ill 'n 19 3133 Jan 4
264 Mar 544 Jan
938 139
140 140
140 140
138 138 1 138 13814 136 13718 1.900 Am brake Shoe & F_. _No par 110 May 19 180 Feb 2
9014 Mar 158 Del
*117 118 917 118 *117 118 .117 118 1.117 118
118 118
100 Do pref _ _ _
100 11014 Mar 24 12814 Feb 18 10713 Jan 11438 Dee
45
4534 44
4538 4412 4534 453* 4638 4412 4614 4412 46
16,900 Amer Brown BoveriEl_No par
in. Mar 29 50 Aug 9
4734 Dec 537a OM
*9834 97
"9634 97 .
97
97
100 Preferred
9634 97 .9634 97 1 *9634 97
944
.100
Mar 31 974 Jan 16
904 Nov 98 Del
55,
3 5838 5512 5714 5628 5718 553* 5718' 5538 5612 523* 5618 120,100 American Can w I
25 387,, Mar 30• 8318 Al'! 4
474 Deo 4934 Dog
•125 12534 1254 12534 .125 12534 *125 1.2534 .12314 12412 *12314 12334
100 Do prof
100 121 Jan 4' 11078July 27 115
Jan 12171 Sept
10314 104 , 10318 10414 10312 10414 2101 12 102 , 10014 101
9912 101 I 4,400 American Car & Fdy__No par 9112 Mar 31 11472 Jab 12
9713 Apr 115348691
928 129 *126 129 •126 129 92414 128 ,92414 128 ,92414 127 I
Do pref.
100 1234 Apr 7 1.1914June 23 12014 Apr 128 4117
*254 2513 2514 2514 *2514 2512 .2532 2512, 254 2538 25
2513 1,900 American Chain,elms A... 25 2314 Mar 30 2614 July 20
2213 Oct 27 Feb
*38
39 , *38
39 I *3714 384 *3818 39 I
39
100 American Chicle
3813 3812 *37
..No par 3718 Mar 31 61 Jan 4
Jan 62 AD4
37
*3514 38 1 *3514 37
*3412 37
*3412 37
*3514 37 .3412 37
Do certificates ....No par $44 Mar 31 4714 Jar, 7
Jan 5812 Apt
37
938 934
912 934
94 914 5.300 Amer Druggists Syndicate 10
914
94 94, 914
94 934
414 Jan 5 10Ip Aug 19
814 Jan
414 Dec
123 123
123 122 •124 126
124 125 I 128 127 z125 128
2,900 American Express. .
_ 100 1057s Mar 31 140 Jan
Jan
125 Apr 186
2018 2018 1934 21
19.4, 7,700 Amer.!, For'n Pow new_No par
2012 1914 1934 19
1934 1934 20
151481a, 19 4238 Jan 2
274 Apr 5114 Sept
*90
91
09014 91
8912'
*8934 91 1 .87
100
91
Do pref
91
*91314 91
.
No par 8812June 22 98 Feb13
87 Jan 94 Feb
*8
9
8
84 9
*8
8 81
9
300 American fIlde & Leather 100
8a
8z
Ws 84
7 May 10 174 Feb 9
68
811:
t
r 7146744
41
41
4213 43
4213' *40
OC nref
*42
414 414 43
43
43
1,000
'14 Fob n
311..18. 7 6Jan
Sept
25
*2512 26
2514 25% 2514 2,100 Amer Home Products_No par
25
253
2513 2578 *2512 2512 .
2438May 20 2634 Apr 29
12414 125
128 12912 12834 12934 12812 12812 126 12714 3,400 American Ice
127 128
1100,
7 109 Mar 31 3n June 8
83 Mar firDel
83 .83
833 1
8334 8334 8334 83
400 D
*8214 8378 *8214 834 *83
8214Sept 9 8634June 1
7413 Mar 84 July
•3338 3412 3312 3312 3334 3328 3334 3334 *3314 34141 3312 34 1 1.000 Amer International Corp..
31 July 19 4634 Feb 16
3218 Mar 4874 NOT
•1212 1278 1278 127s 1278 1278 1278 1312 1314 1414 1314 1374 18,300 American La France F E_. 14
1114Sept 2 1578 Jan 4
114 Jan 20 NOT
4112 3912 3941 38
40 I 4,000 An erican [Jawed
3638 374 3818 3838 4014 4014 40
28.. .101 21 6278 Jan 4
20 Mar 5914 Nw1
78 I .78
78
78
78
78
78
1.000 Do prat
78
77
7714 781 763
87 Jan 4
53 Jan 89 001
10713 10884x105', 10678 10612 107
10534 10712 10512 10612' 10418 10534 11,900 American Locorn new_No 3p9
o1r) 17
90
7
4: M
AS: a
ia
mr 3591 11978 Jan 4 10412 Jan 1447a Mal
91718 118 9154 118 91538 118 915 118 *11514 1177011514 117h
Pn ore* _
11014 Feb 11 115 Aug 124 Feb
. . inr
7412 7412 741 2 7412 7314 7412 1,100 Amer Machine & Fdy_No par
7514 7514 7514 7514 *7413 76
8012 Aug 14
100. Do pref
121 12 12112 *121h 125 921 125 92178 125 *12178 125 92178 125
100 114 Jbaly 15 122 Aug 23
5112 *5012 51 1 50
60
1,600 Amer Metal Co Ltd___N4 par 47 Mar 30
51
51
5012 5012 504 5012 51
674 Feb 16
45h Mar 574 Oil
114 114 913 115
nItrun
*110 118 910 116 *110 114 *11312 116
100
101 1131- Am 15 lI Pelt 6 III Mar 119 Not
13.300 Am Power & Light____No par
70
71 18 70
7034 6814 69141 884 69
7034 7014 7034 69
5034May 19 7212Sept 8 _1154 117 1 115 116
91734 11834 11612 117
117 117 *11612 117
2,4000An arum. Itauitu.ur. ... _ 25 101-8110 19 122
,I
8978 Jan 1-321,NoT
33
*81
83
83
•8312 84
8312 8312 .8234 834 .8012 83
200 Amer Railway Express__ .104
774 Mar 31 8112Sept 13 178 Sept 54
Jan
57
57
•5634 60
5814 5814 58
58
58
5712 5713 *57
500 American Reputing__ WO Par
Jan 7934 Dee
50 June 15 74 Jai a
48
64
8412 6334 6434 83
83
834 60
6278 7,500 American Safety Razor
64
*6314 64
104
7034 Aug 17
42 Apr 14
357a Jan 7628 Not
*7
718
7
7
834 634
614 612
614 814' 84 512 1.700 Amer Ship & Comm._ _No par
II?, Mar 12
518 Dec 1412 Feb
1445 14732 14412 11734 14834 14914 14818 151 18 14618 14914 1444 14914 124,500 Amer Smelting & Rellning.1011 189
613
9038 Mar 14112 Dee
!j
Aap
pr 21
2 152 Aug 17
•11812 1191s 11812 11812 918 119
11734 11734 11838 11838 •11734 11838
300
Do pref
1127x Mar 31 1.:014 Aug 17 10512 Jan 11514 Oat.
930 132 *130 132 *130 131 930 131 930 131 ,930 131
merican Snuff
122 June 2R 1 I Feb 9 13814 Apr 154 Noe
4413 4412 444 4412 444 •4478 4412 4434 4438 444' 4378 4414 4,400, Amer Steel Foundriee_No 1
/1960
444(r1 49 May 11 47 Aug 3 3714 June 4712 Dee
*112 11212 .112 11212 *112 11212 11234 11234 .11014 11212 .11014 11212
1001 Do pref.._ _ . _
. 100 III Apr II 115 Feb23 108
Jan 11318 Oct
2 6
7628 76',
7514 7634 7538 708 7614 7878 75
38
9,500 American Sugar Refining_ 1011 554 Apr 14 8234 Feb 5
4732 Jan 774 Dec
103 103 I
902 104 902 103 I 103 103 903 104 *103 104
200! Do prat-- - - _ .
10738 Aug 13
100
9114 Jan 10414 NO/
384 3534 3784 26,500 A M .uMstr a TT new ettsNo ear 12914
3712 3878 37
3312 3638 3678 38
34
33
9juu
A ne19
, 1 3 3878Sept 16
Do Opt A ctfe
_.100 144 Apr 28 344 A1n. 19
32
303 303 *301 32
32
*30
32 I .30
3134 3434 *30
200 Amer 1 eiegrnti. a, 1_ able_ 100 25'. July 6 41 I. ten al 1145;i; 47 Feb
14712 14794 14738 14734 147 1474 147 14712 147 14712 14678 14714 9.700 Amer Telep A 1 eleg
100 1394.1uue 18 17119, Feb 15 13068 Jan 148 Dee
123 12312 1224 12378 2,800 American Tobacco
12312 124
12212 12212 1224 12314 123 124
50 1114 Mar 31 1243413ept 8
85 Feb 12112 Oct
90912 110 90912 110 I 110 11018 11078 11078 .110 111 •110 111
300 Do pref
100 10818 Jan 4 113 May 26 10412 Jan 110 Not
12212 12214 12114 122 1 12214 12312 123 12312 12212 12314 12134 12278 4.700 Do common class B
50 1101s Mar 31 124 Sept 8
8412 Feb 11912 cm
14122 126 *122 12434 12211 125 92218 130 1 120 122 1 118 120
1.700 American Type Founders... 100 10
14J
110 14s
an
,22
3 135 freb 13 183 Apr 135/
1
4 Nov
61
5812 5938 10,900 Am Water Works & Elea_. 20 4334 Apr 13 74 Jan 4
5912 6112 5934 60
*5712 587s 5712 58301 58
3414 Jan 7814 Dee
*10314 10614 *10314 10634 *10314 10634 *10612 10634 10612 10612 .103)4 10634
100 De 161 pref (7%)
974 Aug 103 Feb
10814 Jan 27
100
3214 3138 317s 2938 31 14 8,100 American Woolen
3218 3238 314 3212 3215 3212 32
13
June
9 424 Jan
100 19
34h May 6434 Jan
8412 *83
8418 85
8312 8212 83[8 1,700 Do pref.. _.___.
8538 *83
844 85
aty
l r 30
84
19 894 Jan 4
100 66
78 1
34
118
1
1 I
69
11% M
I
1181
I
1
Daec
54 Jan 13
4 Aug 13
y 9711
6 1 j
7,800 Amer V., Ming Paper pref_ 100
JaD
13 Deo
4
411 Jan 13
34 84 *34 1
400 Preferred certificates_ 100
Jan
12 Alit 4
*34
1 I 84 84' 34 34
*84 114
7
7
7181
712
714
7
714
7
*7
7
1218 Feb 4
*71
7 May 1212 Jan
8
800 Amer Zinc, Lead & Smelt_ 25
1132
34
34
*32
*3212 34
3312 *32
24•8 May 4412 Dee
*32
34
25 20 May 19 484 Feb 4
*3212 34
Do pref
4833 50
494 4938 5014 4934 5012 4912 50
3514 Apr 5314 NOV
494 4912 49
35,400 Anaconda Copper Mining. 50 4112 Mar 30 13178 Aug 5
42
*41
4312 *41
28 Jan 404 Del
43
41 I 4112 4334 42
404 40
2,300 Archer. Dante Micird_No par 3478June 11 4434 Jail 2
40
904 Jan 105 Oct
200 Do prof_ ........ -__ 100 100 Mar 4 105 Jan 4
•104 105 90418 1044 10434 105 90412 107 90412 107 90412 107
934 9338 *9312 94
94
94 I 94
977a Jan 13
9018 Mar 100 Oct
600 Armour & Co (Del) pref. .100
*94
9412 *9313 94 , 94
20 Mar 2712 Oat
1812 1738 164 1714 1718 1714 1714 1713 1634 1734 1638 1712 12,1100 Armour of Illinois class A__ 25 1310,May 22 2512 Feb 13
25 9°
1018 1014 11,700 Claes B
1012 1013 11
17 Jan 4
15 Dee 2034 Oct
1
:
4M
M 20
534
934 1014 1038 108 10
94 1014
100 80 Apr 30 93 Feb 11
*83
88
90 Dec 9314N0',
86 I •85. 88
85
88
*83
86
100 Preferrrd
87 I *84
*84
25
8
25
Jan 1712 Oct
2512 25
25
3,000 Arn, Cons Corp tens etf.No par 18 Apr 12 3134 Jan 13
2514 2514 25
28
2614 264 26
2314 *21
231 *21
15 Jan 203e No
2314
231 021
*21
Alt Metal (.n199.11,03,91._ -10 1912 Jan 2 2312 Jan 26
23
2314 *21
*21
en 5072 *49
89 June 8034 Del
No Par 4712 Aug 27 6312 Jan 21
*484 50
100 A ninon)
.483,3 5014 "4832, 5012 *484 50
51
106 108 Mar (8 11134 Feb 1 10113 Aug 110 Del
Do pref.
•100 111 900 111 *100 111 905 111 •105 III 905 III
100 3714 Mar 30 5471 Jan 9
484 Aug 8112 NOV
4234 41 12 4214 4138 4134 3,200 Associated Dry Goods
4212 42
4218 42
4238 4278 42
*9934 100
100 96 Mar 25 10212 Jan 6
an 102
94
.9912 100
1499 100
100 Do 1st pref
Oel
9934 993 *99 100
*98 100
loll 1)2 May 19 108 Jan 28 101
Jan 1084 Feb
100 Do 2d prof
108 905 10612 90412 10812 905 10612 10514 10514 905 10812
4434 Jan 6 80 Mar 4
*5012 524
*5012 54
60
32 Mar 474 Dee
400 Associated 011
52 I 50
52 , *51
'50
*50
53 I *51
31
1 M
4034 4034 3914 41
100 36
:
Ap
ar 3
16
1 8838 Jan 6
20 Jan 77 Sept
404 41
2,900 At Gulf & W 186 Line
40
4012 40
4132 4138 40
100
421s 42
42
42
43
5814 Jan 30
31
43
600 Do pref
42
Jan 80 Sept
*42
43 , 4112 4112 42
IOU 97 Mar 3 12838May 24
11034 113
10914 112
9.700 AtlanticRefining
951s Jan 1174 Feb
11138 11138 11114 112 *11334 1144 11312 115
100 11514 Apr21 120 June 22 113 Sept 1174 Jane
100 Do pref
11614 11814 918 119 918 119 915 118 918 120 918 120
par
NO
60
60
59 Mar 4 61 Aug 28
60
•59
*59
60
200 Atlas Powder
59
69
45 June 85 Dee
60
*59
60
*59
.100 94 Jan 8 9718 Aug 16
9712 *95
Preferred
9712 •95
*95
97
98
1195
*95
97
98 '95
9012 Oct 81 Jan
Ale par
0 July 1
1712 Jan 30
1012 1012 *94 1012 *94 1012
200 Atlas Tack
10
*978 10
10
*978 10
94 Feb 21 Dee
8 July 30 28 Jan 29
800 Austin.Nlcbols&Co vtc No par
1134 1134 11 12 1134 •1112 12
*114 12
•1134 12
12
12
22 July 8212 Jan
85 Aug 11 93 Jan 8
89
66 I *65
300 Do pref
8518 6518
66
68
69
.65
*137
873s Jan 95 Aug
•3„,
1,
43
3
1
2
5,
*as
131
Hosiery...No
;
1
447
1
Knitter
Auto
4 Dec
24 Feb 11
•
12 Alm 30
88
*88
44 May
'2
"S
11538 1184 24,500 Baldwin Locomotive Wks.100 9278 Mar 31 13813 Jan 4 107 Mar 146 Feb
11838 12012 11778 119
11812 11938 11818 1203s 11934 121
1:5 Mar 31 114 Feb 6 107 Aug 1184 Jan
Do prof
*11014 11214 91014 112 91014 1124 *11014 112 ,•11014 11214 *11014 1121
12
9°
5 23121011V 11 3312 Jan 2
284 2812 2714 2814 2734 284 22738 28 I 2718 2778 2612 2738 24.200 Harnsdali Corp class A
1834 Aug 3312 Dee
25 23 July 14 2911 Jan 2
25
25 I 2,600' Do Ma.° B
2534 2538 26
254 25
16 Aug 30 Dee
254 2538 2614 1125
*25
No
par
Cigars,
Inc
45
Bayuk
46
39
45
*48
49
I
Mar
47
Sept 5314 Feb
45381
48
49
1,800
8
Aug
10
384
1148
31
507
48
4
*483
60
.59
900 Beech Nal Parking.... _ 20 534 Apr 13 7178 Feb 4
5913 5913 .5912 61
60 Mar 77114 Aug
60
584 59781
60
60
60
37 Sept 4138 Dee
307s 307 ' 1.100 Bel'g H'way Co tern ctf.No par 30 May 19 3934 Jan 4
3078 31
31
3118 *304 31 I 31
31
3078 31
:fleet ,. cap __ Ito, 99
37141V
37 June 5312 Jan
J ,20
1 5014 Jan 7
4812 4678 4818 4638 4612 4838 47% 404 4738 494 4712 4878 61.800, betturben.
105 Feb 2
_ ..
100
,•10284 10312 2.6001 or, ore' re
Jan
9314 June 102
1413 10338 103 10338 1034 10334 10334 1037
90278 103
Bloomingdale
Bros
No
par
34
*3312
34
334
34
28
34
1,500
Sept
7
33
June
3312
11
35
I
3234
•3212
400 Do pre
__
100 10414Juue 21 108 Sept 16
107 107 907 108 907 10712 10712 108 41108
*10614 107
N. pi"
534
934 44411 11
400 13, 0th 1. latiertes
534
534 5
41,Mar e4
WC
578 528
*534 612 *534 612 *534 42
.37
FIrst preferred
25 June 52 Oct
42
42
.37
10(1 354 Apr 15 8112 Jan 7
*37
42
.37
42
1437
42
*37
404 Aug 46 July
600 Botauy Lon, Mille clam A. 50 25
5 4118 Jan 4
0,
Mia
ny 2
10
2714 2612 2612 2714 27% 2714 2714 .2612 2712
2712 27
*27
Briggs
31%
3712
303
Jan
8
304
4
Manufacturing__No
31
par
31
27
12
30
Oct 4412 may
10.6)10
31
3012
31
12
8
307
315
31
200 British Empire Steel
100
.1, og
3 Jan 18
Oct
012
*I
Da
1 18
*1.4
*12
1 18
DS
%Ma)
, 5
1 I
1
Finn preferred
*912 12
22
1% 64
Jualy
912 11
2 36
5 Oct
100
%June 29 27 Jan 28
•912 30
912 30 I
30
*2913 30 I 90
1012
Jan
It
2d
212
preferred
•
a
94
63,
'13
1
4
100
100
July
212
14
Oct
112J
une
24
212
24
914
*24 534 •214 34
1041 133 Mar 31 163 Sept 8 12038 Jan 15813 Nov
149 1534 150 151 12 151 15218 151 15238 151 151 12 1402 15278 7,200 Brooklyn Edison, Inc
9214 9034 9134 4,300 Bklyn Union Gas
9314 91
7318 Dec 10014 Nov
No par 68 Mar 30 9714 Aug 8
9214 92
*91 14 92 , 9112 9134 92
3612
3512
*3812
Brown
37
Shoe
Inc
w
3612
1
1.300
3812
48 Dec 484 Dee
100
2912June 1 481•0, Jan 7
3712
37
37 ' *3614 3712 *3814
Do pref
•108
96 Mar 109
Oct
100 107 June 5 1 i 1 Mar In
•108 ____ *108 ....... •108
•108
*10813
39,980 Itranstrick-Balk.rali'r No pa, 2414 Mar 3t. 3934Sept 15
3934 37
3814 364 38
24 June 4938 Jan
3634 3612 38 I 37
3414 3534 35
Burns Bros new clAcom No par 121 Mar 31 141 July 23
92% Feb 136 Dee
0135 140 .134 139 .134 138 935 13712 935 137 935 137
34
3412 .33
17 Mar 39 Del
3312 334
*33
300 1., nen Citielli 1( COIL IV,par 294 Mar 31 44 1. et, 13
34 . 34
•34
35
35
*34
Preferred
*99 103
9112 July 99
100
Oat
100 97 Mar 30 10114 lune 22
1014 101381 .99 103 I *99 103
902 103 *101 103
115
Jan 103 Sent
11612 11738 11672 11714 z118 1174 117 11714 116 11812 2,200 Burroughs Add Marb _No pa, 7712 Apr 13 1712SePt IS
1167s 117
•Bid and asked Iltioes: no $.ales 00 this dal., z Hi-dIvidend
New York Stock Record—Continued—Page 3
1483
Ir•kr sales durin4 the week or 'toe,s tmatoly macrise, see third page preceding.
HIGH AND LOW SALE PRICES—PER SHARE. NOT PER CENT.
Saturday,
Sept. 11.
Monday.
Sept. 13.
Tuesday,
Sept. 14.
Wednesday. Thursday.
Sept. 15.
Sept. 16.
Friday,
Sept. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Mae Jan. 1 1926
On besets of 100-Mare iota
Lowest
Highest
PER SHARE
Range for Preetose
Year 1925.
LOWt13
Highati
Per Mare $ per share $ per shaft
$ per 2/tare $ per Shari $ per share $ per share I $ per share $ per share Shares. Indite. & Miscall.(Con.) Par $ per share
26 Dee
2 Jun
16% Mar 18 3414 July 14
14,
2912 2912 *28
2812 *28
31
28
30
28
500 Bush Terminal new_ ..._No par
2814 2914 *24
,June
80 May 597
*9212 93
*9212 93
*9212 9278 *9212 93
100 Do debenture
100 86 Apr 6 93 Aug 2
9214 9214 *9212 93
9612 Jan 103 Dee
100 9912 Jan 20 103 June 4
*10218 ____ *10218 ---- *10214 ____ *10238 ____ *10238
*1004 ----------Bush Term Ridge. pref
834 Jan
4% Mar
614 Feb 10
434May 26
434 434
5
*434 5
*434 5
434 04
J Butte Copper & Zinc
434 484 *4:4 5
17 May 2834 Jan
7034 68
71
6814 6918 67
65
6412 6512 65
6912 19.700 Butterick Co
100 1734 Mar 3 71 Sept 15
64
718May 18 1614 Jab 11
812May 2414 Jan
10
*1012 1034 1012 1012 1014 1078 29,
8 104 *934 104 *934 1012 2.000 Butte & Superior Mining
5718 57
5718 5712 5778 1.000 By-Products Coke___No par 53 June 30 6011,July 14
*5534 5638 *5534 5634 5634 564 57
23
Oct -447
.
- -671
*39
41
38
37
37
*35
39
39
39
39
*38
40
300 Byers & Co (A M)____No par 28 Mar 29 414June 18
71
7214 71
72
7012 7012 6912 7012 4.700 ailfornia Packing____A 0 par 69141Aug 31 17912 Feb 4 10013 Jan 3612 Nov
*7012 7112 7018 71
2372 Jan 3432 Dec
3212 3238 3214 3212 3218 3238 3238 323* 3238 3238 3214 3212 14.400 California Petroleum
25 3058 Jan 20 Ms Feb 10
43 Feb
2,
2 Jan 15
14 Oct
175
113 Mar 26
17
173
•134 2
134
178
134
134
134
134 1.000 Callahan Zinc-Lead
10
45 Apr 6118 Dee
69
8912 6812 68-12 694 7014 69
69
6812 6978 2.300 Calumet Arizona Mining
69
70
10 5512 Mar 29 7338 Aug 9
124 May
1814 Jan
1812 Aug 9
174 1738 3,200 Calumet & Hecht
*1734 1778 1738 1778 174 1778 1734 1734 1738 18
25 1333 Mar 31
6812 Dee
24 Ma
160 160
161 12 163
158 16012 150 155
1614 161 12 15812 162
3.400 Case Thresh Machine
100 6212 Jan 4 176 Aug 8
00 Mar 10712 Dec
10712 1073* 10918 10918
Do pref
500
11116 11818 •102 11818 *106 111 *106 115
100 96 Jan 5 11812 Aug 10
1438 Mar 2312 Oct
718May 3 2012 Jan 5
1,200 Central Leather
9,2 9,2
*934 10
94 9,8 *918 10
912 912
812 9
100
Oot
494 Mar 71
5612 5778 9,600 Do pref
100 4314 Apr 28 6834 Jan 5
5813 594 5738 5878 5712 584 5734 5814 5734 59
3032 Sept 4712 Mar
*1518 17
1518 16
17
*1518 1638 *1515 17
*15
700 Century Ribbon Mills_No par 1238June 8 3272 Jan 8
*16
1672
94 Dec 984 Jan
•80
89
*80
86
1180
88 ' *80
89
*80
89
*80
89
Do prer
100 83 May 25 90 Jan 21
4318 Mar 8452 Nov
574 Jan 22 7312 Aug 9
70
6834 694 4.300 Cerro de Pasco Copper_No pa
694 7038 6912 6934 694 7012 6912 7012 70
5834 Sept
4034 Ma
30i8May 20 4912 Jan 5
4318 43
4318 4218 43
2,700 Certaia-Teed Products_No pa
4312 4334 4312 4312 4418 4458 x43
8912 Jan 110 Sept
1st preferred
100 100 May 22 10512 Jan 21
*105 106 *105 108 *105 106 *10214 107 *10214 110 *104 108
11
26
Feb
1
1134MaY 18
1434 1434 1434 154 15 4 1514 154 1518 1512 154 1478 1478 1.400 ,'handler Cleveland MotNo pa
3278 3338 3234 3338 3214 3234 3138 3278 5.200 Preferred
28 May 18 454 Feb 15
314 3214 3212 33
No pa
4 ids; iii" Dec
9412 Apr 8 120 Jan 2 -61
11178 11178 11034 111
500 c bingo Pneumatic Tool__ 10
*11178 113 I 11134 11134 *112 113 ,•11178 114
497e Mar 747. Oct
4518May 19 6638 Jan 4
*5112 5212' 5112 5112 51 12 5112 5114 5112 1,000 Childs Co
N. pa
*5112 53 I *5112 52
3012 Mar 3752 Jan
334 334' 3318 334 3314 334 3332 334 3314 3338 3332 3312 4,700 Chile Copper
25 30 Mar 3 3832 Jan 6
19 Apr 2833 Feb
24 I *18
24 1 *18
24
*18
24
Chino Copper
*18
24 i *18
*18
24
5 16 Mar 3 24 July 20
6234 Dec 6412 Dee
40
4178' 3918 40
40
52 I 40
3512 39
3712 2.600 Christie-Brown certita_No par 351213ept 16 6334 Jan 4
*40
36
36 I 23414 354 3414 3434 3333 3438 78.700 Chrysler Corp new___No par 2812 Mar 30 5478 Jan 9
35
3534 344 3534 35
400 Do pre
par 93 Mar 30 108 Jan 2 lOO1s July 11172 Nov
*10312 104 *10312 10412 10412 10412 *102 102 *102 10213 10178 102
5813 Mar 71% Jan
6014 Mar 31 684 Jan 7
300 Cluett, Peabody & Co.__o
*64
6614
N
*6412 67 I *6412 67 , *6534 67 1 6614 6614
8
200 Preferred
116 116
100 10314 Jan 13 116 Sept 17 10313 Jan 109 Sept
*114 116 1 11514 11514 *11512 116 *115 116 *115 116
80
Jan 177% Nov
15.300 ,' nen Cola Co
No par 1241 Mar 24 165 Sept 13
16012 1614 16012 165 I 16378 16478 2162 16418 16134 16212 1584 161
5012 51
51
No par 3434May 27 5834Sept 17
5378 5278 577g 584 5834 15,600 Collins & Alkman
5012 51
5012 51
11078 111
111 116 I 116 118
2,500 Do pref
100 9834May 27 118 Sept 17
1104 11018 110 110 *110 111
4S3
2 Jan
Sept10
WI;-.AP; 1114612 474 454 464 4312 4532 34,200 Co.or-.do Fuel & Iron
100 27.2 Mar 3
4678 4812 4614 48141 4678 48
45 Mar 6238 Dec
65
6512 65
6512 6418 6514 4,700 Columbian Carbon v t o No Par 5538 Jan 26 6978 Feu 23
6434 6514 6412 6512, 6478 65
Oot
4552 Jan 88
81
8134 81
8112 804 81 12 8.700 Col Gas & Elec
8238 81 12 82 I 8034 82
No par 631r Mar 29 90 Jan 9
82
11134 11212 11134 112
112 112
112 112 1.11214 11372 1,600 Preferred
100 11134Sept 13 11578 Aug 3 1044 Jan 11412 Deg
*11212 113
384 Sept 5512 Dee
28
28
29
2834 29
2734 2878
,
2712 2712 2732 284 28
Commercial Credit_ _ -No Par 26 may 19 474 Jan 14
2512 Sept 2712 Oot
*23
24
23
23
*23
24
*23
24
*23
24
*23
24
300 Preferred
25 2213 Aug 30 2614 Jan 13
2612 Sept 27% Dec
•24
25
24
24 1 1124
25
1124
26
•24
27
*24
26
400 Preferred B
2.
2312 Aug 5 2734 Jan 11
*93
95
*93
9414 93
93
*93
97
*93
97
100 Do 1st pref (63)
*93
98
100 90 June 1 994 Feb 26
Jan 84l Nov
50
64
64 '
162
100 Comm In,est 1 rust_No pa
55 Apr 12 72 Jab 11
*64
65
67
*6112 67
*6112 67
*6112 67
7% preferred
*97 1013
*97 100
*97 100
*96 100
*96 100
*96 100
100 97 June 7 104 Jan 28 100 Nov 107% Nov
13
Jan
100
May
7
*92
95
*92
Do
89
95
4
92
*903
4
95
*903
4
91
pref
*9212 93
*903
100
(64)
70 May fir Jan
167 170
11,800 Commereiai -,o1v,nrr B Ni pa 11814 ran 4 176 Sept 15
169 169
169 16934 170 176
170 173
16814 173
1573 Nov 4312 Jan
1212May 13 2932Sept 1
61,400 Congoleum-Nairn Inc__No pa
2638 2878 26
2634 2614 264 26
274 2512 263* 2412 26
4012May 17 47l Sept 3
1,800 Congress Cigar
4578 4572 4512 46
No pa
4512 4512 245
454 45
4512 4412 45
12 May -17 Feb
I Mar 12
34
58 Mar 18
ICome3 TM I. oil stpd__ _No pa
*52
4
*12
14
2
2
58
2
38
*12
58
264 Jan 8352 Dec
4514 Apr 15 81 Aug 30
7814 774 7912 27734 7912 7812 80
764 7714 77
774 794 68,200 Consolidated Cigar___No pa
7934 Jan 96 Dec
91 Mar 31 10738July 28
102.2 10212 *101 10212 31101 10214 102 10213
700, Do prof
*90 103 *100 103
10
34 Jan
9% Feb
612 Jan 7
112 Aug 13
2
2
214
244
214
218 214
218 2181
218 2,8
2's 3.600 Consolidated Distrib're No pa
744 Mar 97 Dec
10814 110I 108,
8 110141 10818 10912 10612 10838 37.100 Consolidated Gas(NY)No pa
87 Mar 30 11533 Aug 6
1074 109
10778 109
5% Jan
234 June
334 Jan 18
238 23
233 233 *214
23* 212,1
238 1.500 Consolidated Textile_No pa
213 212
233 212
114May 10
6012 Mar 93% Dec
7712 6.800 Continental Can, Inc_ _No pa
70 Mar 30 9213 Jan 2
7812 79141 7818 79141 7778 7818 77
80
804 784 80
Jan 140 Dec
137 13734 137 13812 13634 13634 *13612 138
1,000 Continental Insurance
2 122 Mar 31 14434 Jan 9 103
13834 13714 *13612 137
1512 Dot
814 Jan
972May 17 13 Jan 5
1114 11
11 181 1078 11 18 9,900 Cont'l Motors tern ctfs_No Pa
114 1078 11141 11
11
1118 11 14
3238 May 4238 Dec
354 Mar 3f., 4838June 21
4334 4434 4312 4412 39,900 Corn Product* Refin w I__ _2
45
4418 454 4418 45
4378 4412 44
I Do pre?
10 12212 Jan 6 .1294 Apr 28 1184 Jan 127 31117
•124 127 *125 127 *125 127 *124 126 *125 126 *125 126
48 Aug 6012 Dec
444 Mar 29 80% Jan 4
53
524 54
5378 64 I 5278 54
2.800 Coty, Inc
No pa
5212 5234 53
63
52
644 Mar 8452 Nov
64 Apr 15 8112 Jan 4
74
7538 7434 7512 7434 7434 4,100 Crucible Steel of America_10
7272 7312 *723* 7314 7314 74
92 May 102 Dec
100 Do pref
100 96 Mar 30 102 Aug 5
•100 10312 *101 10312 *101 10312 *9812 10212 10112 101 12 *100 10212
4414 Dec 54% Oot
3018 Aug 30 5338June 30
3512 36
3538 36
35
3534 334 35
8,600 Cuba Co
No pa
3514 3535 354 36
734 Oct 1452 Feb
934 913
828May 22 1112 Jan 29
938 934 *914 912
No par
918 918
918 918 3.700 Cuba Cane Sugar
918 918
374 Oct 6252 Feb
2 Feb 4
4113 8.200 Do pref
4178 4218 41
42
1C0 3512June 8 49,
4034 4234 4113 43
41
4234 42
20
Oct 33% May
24
10,000 Cuban-American Sugar__ _.i0 21.14 Aug 10 3038 Jan 28
24
2434 2412 2412 2418 2478 2333 2438 24
2312 24
9378 Nov 101 Mat
10212 10212 103 103 *101 10312 *101 104 *101 103'3
200 Do pre!
11101 103
100 9748 Jan 5 104 Feb 5
Cuban Dom'can Sug newNo par 18 Sept 9 201,3une 7
*16
1718 *1614 17 18 *1614 1718 *1612 1718 *1612 1718 *mil iv
9311 Dec 107
Oct
97
97
97
9612 97
9934 9834 102
10172 10612 10712 hO's 40.400 Cudahy Packing
100 70 Apr 21 11018Sept 17
62 Mar 104
10512r3ept 2
Oct
2.300 Cushman'* Sons
10012 1033* 98 10014 9734 98
10414 10438 102 10334 101 101
No par 774 Mar
*4612 4712 4612 464 4534 4534 454 46
44 Nov 59 May
1,700 Cuyamel Fruit
45
45
*4414 45
par 4212 Apr 15 51 Jan 14
2778 Ayr 49% Jan
3512 34
3438 34
3412 3334 3438 14,900 Davison Chemical v t o_Noo
354 3514 344 3512 34
274 Mar 30 48% Feb 17
N
Jan 159% Beet
136 138
13612 137
13612 13612 *13612 137
139 139
13612 13612 1,900,Detroit Edison
100 123,2 Ma73 14118 Feb 1 110
53
Oct 9014 Dec
113612 37
*3614 37
*3612 37
3612 3612 3634 3634 3614 3634
600 Devoe & Raynolds AN0 pa
33% Apr 15 10412 Feb 10
2114 June 48% Nov
30
2938 3034 284 2938 274 284 65,7001 Dodge Bros Class A___No pa
474 Jan 2
2114MaY 1
2834 2938 283* 2934 29
7312 May 9112 Oct
90 July 20
8732 88
8734 88 I 8712 88
4,300 Preferred certifs____No pa
8778 88
87,
8 88
8712 88
7912M aY 1
1284 Apr 18% Nov
1014 1034 1012 10341 1012 1034 *1033 1034 4.300 Dome Mines, Ltd
20 Mar 13
*11
1114
1038 1034
1012July 2
No pa
14 Feb 23% Aug
*35
37
37
3778 1100
*35
38 1 *35
,,
*35
3712 *35
37
38
Douglaa Pectin
19 Mar 20 38 Aug 31
No pa.
Jan 113% Dec
11634 Aug 10 105
1144 11434 115 115 *11434 115
900 Duquesne Light 1st rtref_ _ _100 11112Mar
115 115
11434 1144 11434 115
Jan
12014 12238 12018 12012 12018 12134 12014 12178 11834 121
11712 11934 7,100 Eastman Kodak Co____No pa 10612 Mar 30 123 Aug 33 10434 July 118
104 Feb 3012 Dec
2614 26
26
264 26
26
2614 2534 26
2638 25's 26
3,300 Eaton Axle & Spring _No pa
2378May 19 3234 Feb 14
304 30934 30934 31214 30918 31512 30718 31412 29,6001E 1 du Pont (IP NIPM 00, 100 1934 Mar 29 31512Sept 16 1344 Jan 271% Nov
30112 30634 29912 303
Jan 10412 Nov
94
10612 10612 10634 10634 *10612 10712 *10612 10712 *10812 10714 *10612 107
200 Do 6% non-vot deb_ 100 100N or 20 1071 2 A.,. 11
*1311 1412 1312 134 1312 1334 1314 13121 1338 1338 13
1338 1.400 Eisenlohr & Bros
25 1134June 10 204 Feb 1
*69
*69
70
70
694 70
70
70
70 I *69
6912
400 Electric Autollte
70
6134 Mar 31 82 Feb 1
No pa
818 834
8
812
812 812
84 9
9
10141
938 1018 32.300 Electric Boat
4 Mar 23 10148ept 16
No pa
1738 Apr 4014 Jul/
1812 19 I 1812 184 18
1938 1878 1914 1834 19
1534May 19 3413 5013 10
19
1834 8,000 Elea Pow & Lt ctfs
No par
1054.1054 510514 106 *10014 106
9912 Mar 30 115 Feb 11 109 Mar 110 June
200 40% pr pd
•10514 106 *10514 100
10514 1054
____ *10512 ____ *1044 ____ *10412 ____ *1044 „.... ......I Pref full paid
103 Apr 17 11013 Feb 26 1004 Mar 110% June
*10512 -___ *105
894 Aug 94% Dec
296
97 I 9514 9514 *95
1,300 Do pref'
96
9738 9712 9712 9712 9714 98
,Us
8912 Mar 24 9814Sept 10
644 9,400 Electric Refrigeration_No par 6178 Aug 12 7812June 23
6512 6612 6412 6538 6438 6538 6434 6512 6414 6478 63
e;
9014 8913 9058 8912 9114 9018 91 1 8912 9078 8918 90
8,600 D
Dice otorase B
90
Battery No par 7118 Mar 3 9418 Aug 19 163 II.; 16 -1514 May
*212 3
*212 3
0212 3
*212 3
538 July
4 Feb 1
*213 3
*213 3
1 May 20
Emerson-Brantingham Co_ 100
1114
16
*14
16
16
8 May 26% Aug
1114
16
*14
*14
16
*14
16
Preferred
5 May 20 2452 Jan 29
100
6712 6833 *6712 6814 6738 68
6334 Apr 7478 Sept
7233 Feb 8
6712 6712 6712 68
267
6714 1,600 Endicott-Johnson Corp.__ 50 6512 Mar 31
120 120 *120 12014 *11814 120
Do nref
*11912 120 *11934 120 *1194 120
100
.
100 114 Jan 7 '20 Sep115 111 May 11834 Oct
124 124 *124 12634 *124 125 *12212 125 *122 125 *122 125
100 Equitable Office Bldg pfd_100 9978June 17 13214July 28
52
5218 5212 53
571 Dee
52
53
54
52
5214 52
53
Nov4812
5414 4,500i15un.x. Vacuum Cleam.h. par 43 Slay 19 66 July 15
*1434 15
*1434 15 '
1312 July
or 22
•1434 15,8 51434 15 I *1434 15
11434 15
19% Jan
!Exchange Buffet Corp_No par 1434July 20 17
314 314 '
214 Mar
334Sept 11
413 *314 412 *3,4 412
200 Fairbanks Co
4% Aug
334 334 *31
1212 33*
2 Apr 16
25
50 .48
49
4934 50 I 50
47
*50
52
43
3214 Jan 5452 Oct
4612 4712 2,000 Fairbanks Morse
No par 46 Mar 29 594 kat) III
110 110 1 10912 10934 10912 10913 109 109 *108 111
•10934 111
5001 Preferred
100 10813 Jan 6 115 Feb 9 10612 June 110% Nov
11312 114
11318 11438 11434 11638 211312 11434 11238 11313 11238 114
29.200 Famous Players-Lasky_No par 10318 Jan 19 12712June II
9014 Feb 11454 July
12034 12034 120 121
121 121
*117 121 *119 121 11119 121
4001 Do pref (8%)
100 115 Mar 31 124 Mar 11 10378 Feb 120 J1117
3112 32
*3234 33
323* 3234 3238 33 23213 3212 3134 32
2,300 Federal Light & The
215
Oct 3714 Des
15 28 Mar 31 3988 Feb 3
*8612 ----1 *8612 ---- *8612 •8612 90, *8612 89
*874 90
Preferred
8212 Sept 89 Dec
No Par 86 June 18 89 Jan 4
81 1 *80
85
82
81
82 I *82
90
83
82
82
*80
300 Federal Mining & Smelrg_100 41 May 22 11134 Jan 5
1514 Mar 9512 Dec
7512 *7412 7512 *74
7614 *74
7512 *73
7512
400
Do pref
7512 7512 791
9478 Dee
4912 Ma
100 61 Mar 3 105 Jan 6
195 195
195 196 1 193 195 *19112 195
500 Fidel Phen Fire Ins of N Y..25 160 Apr 15 20014 Jan 23 14712 Jan 179 Dee
•195 199 •190 198
0
*15
1714
17141
15
1714
•15
*15
1714
'Fifth Ave Bus tern orre_No par
1714 *15
1752 July
Jan
1472 Jan 2 21,
•15
8 Feb 9
1712
12
*99 101 I *98 101
*98 101
100 First Nat'l Pte. 1st pref....100 96 May 18 107 Feb 13
*100 10212 11100 10212 102 102
*32
3314 *3214 3314 *3211 3334 3114 321
32
1,100 First NaCl mores
3314 32
Dec
432
No par 30 Mar 31., 41138 Feb 6
1812
184
1912
1812
19
1918 1812 19
18
184 16.700412a Rubber
104 Mar
1414May 20 264 Jan 13
1873 19,4
*7912 81 I 80
*7912 81
80
80
579
81
80
300
Do let prat %tamped
81
*80
!" 1p1a
1O
r 7878 Apr 19 841, Mar 16
*98 10112 *98 10172 *98 101
*9814 10112
Do 1st pref cony
*98 10112 •98 101
100 94 June 3 107 Mar 1
4978 5034 2494 5034 49
4934 4814 4938 40,500 Fleischman Co aew____No par 3214 Mar 29 ,5012 Feb 1
4912 50
4912 50
9834 100s8 9813 100
9514 9814 94
9714 16.500 Foundation o A
9812 10014 9834 99
No par 85 May 19 17934 Jan 29 16" Jan Ilia; Nov
7914 7538 77
7213 7812 75
7234 7612 170,100 Fox Film
6612 Sept 85 Deo
7154 704 7112 72
No par 5518 Mar 31 85 Jan 2
27
8 Mar 24% Oct
2712 26
2714 2678 2734 2712 28
27
11,100 Freeport Texas Co
2718 27
27
No par 194 Jan 13 3412June 3
3212 3278 23134 3134 3112 3178 314 3112 3,100 Gatrlel Snubber A
2878 Aug 3973 Nov
3273 33
11
33
33
No par 29 Mar 25 42 Feb
16% Mat
634 634 *612 634
418 Jan
*634 7 I *612 7
200 Gardner Motor
•612 7
*612 7
934 Jan 4
512June 9
No par
45
45
4518 4512 4412 45
*4412 45
Oct
4412 Aug 60
4578 46
1,500 Gen Amer Tank Car
47
*46
100 39 Mar 29 5533 Jan 2
9334 Feb 11.4 Nov
Do pref
*106 108 *106 108 *106 108 *10412 107 *10412 107 *10412 107
100 9912June 24 105,5Ju1y 27
4212 Mar 70 Dec
8514 88'4 85
88's 8358 8614 7918 8412 71,400 General Asphalt
87
8618 8778 85
100 50 Mar 3 944 Aug 28
130 13012 12712 128
130 130
124 125
8612 Mar 109 Dec
1,200 Do pref
4112914 13433 12918 133
100 947s Mar 3 14018 Aug 28
52
5214 5212 *5113 5212 51 14 5114 *51
53
400 General Cigar, feenewNo par 40 Mar 29 5912 Feb 11
*52
52
52
Jan fin;ii-a;
*10912 120 *110 120 *110 120 *110 120 *110 120 *110 120
109 Jan 11 11513 Feb 18 105
111 111 •11I34 115 1'11134 115 *11134 115
100 DeL
Di30
ernrted
ure(p
7)
retarred (7)_100
*11134 115 311134 115
°° 10914 Apr 12 114112 Feb 10 104 July 116
5314 5233 5234 1,300 Gen Outdoor Adv A___No par 51 Mar 30 5638 Aug 4
4518 Aug 5434 Sept
*5234 5314 *5234 5314 5314 5334 5312 5312 53
2618
Am,/
3312
3312
3312
344
3314
333
8
333
3
Dee
3318
1,200
3512
Aug
3
3312
Trust
33
33
3C
Mar
3312
eertlfleates___
_No
par 2632,
•33
2274 Feb 337% Aug
General Electric
Gene
_100 2415 Apr 15 38612 Feb 1
.6" 1313; "iii- If- ;iiT2 ii63-21 -ill- -8-64 -iiiia iii-4 "8-3;i645 DO new
No par 79 June 9 9512 Aug 14
-all Id— I 1
•BIG and asked Priem DO sales on this day. I Ex-dividend. a RI-rights.
1484
New York Stock Record-Continued--Page 4
For /taloa during the week of stocks usually inactive, see fourth page preceding.
111011 AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 11.
Monday.
Sept. 13.
Tueedav,
Sept. 14.
Wednesday, Thursday,
Sept. 16.
Sept. 15.
Friday,
Sept. 17.
Sales
for
the
Week.
$ Per share $ Per share
1133 1132 1114 1133
*4913 50
4934 504
*9812 100
*9812 100
113 113 •110
*94
96
*94
96
21234 21612 214014 14312
*119 120
1194 11978
*10312
*1034
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1928.
On basis of 100-share tote
Lowest
Highest
per share $ Per share $ Per share Shares Indus.& Miscell.(Con.) Par $ per share $ per share
$ per share
1114 1138 2114 1138 1114 1133 1114 1114 3,400 General Electric special __ 10 11 Jan 5 114 Mar 22
4933 4938 48
49
50
249
50
4912 3,000 General Gas dr Elec A_ _No par 34 Mar 30 59 Jan 2
*9814 100
*9812 100
*97 100
*9814 100
Preferred A (7)
No par 95 May 11
39345ept 10
112 112 *108 113 •108 113 *108 113
200 Preferred A (8)
No par 10512 Apr 8 113 Sept 9
4194
*9213 96
*9212 96 .924 96
96
500 Preferred 13 (7)
No par 924 Apr 27 96 Jan 4
14212 14812 148,
8 152
14812 15312 14934 15414 1091800 General Motors Corp_ _No par 11314
Mar 29 22534 Aug 9
1194 11914 *11918 11934 119 119 1,119 1194 1,100 Do 7% pref
100 11312 Jan 29 12034Sept 1
10338 1034 *10312 ---- •104
*104
10x
Deb6% pref
100 9814 Apr 13 105 June 29
General Petroleum
25 4912 Mar 2 7018June 23
8828 -8914
557 -88, -9-0-3-4 8838 897
- 88
882, 89
8514 893
, 12,6156 GenRy Signal newt___No par 6012 Mar 31 934 Aug 18
•10212 _ _ •l0212
*1021
•10212
Do pref
100 103 Apr 14 104 Jan 4
- *10212
*47
48
*47
4713 47 2-47
*43
*43
47
47
*43
100 General Refractories_ _ No par 36 May 27 49 Jan 4
47
5212 534 5178 5212 514 52
52
5212 52
5212 5112 5134 4,200 Gimbel Bros_
No par 454 Mar 3C 7878 Jan 19
*10418 110 *10418 107 *10418 110 *10412 110 *10418 106 *10418 106
Do pref
100 10322 Apr 1 11138 Jan 7
1978 1978 1912 19:4
1912 204 1934 2014 21914 1938 19
1914 6,800 Glidden Co
No par 1538June 3 2554 Jan 4
5013. 5018 6ols 507/ 5014 51
4978 5013 4814 4912 8,700 Gold Dust Corp v t e....No par 4112 Mar 31 5678 Feb 3
494 ,50'
5033 5038 504 5012 5014 5132 504 5012 50
5012 4912 50
9,100 Goodrich Co (B F)
No par 4512May 20 7034 Feb 9
*98
9812 *98
9812 9812 9813 *9612 9834 *9638 9813 *9638 9813
200 Do pref
100 95 June 25 100 Feb 16
*10514 10534 *10514 10512 10513 10512 10514 10512 10518 10518 10512 10512
800 Goodyear T & Rub pf v t 0_100 9812 Mar 30 10972 Aug 1
*10812 109
10813 10812 1084 109 210612 10612 *10612 108
10612 10612
400 Do prior pref
100 10538 Jan 22 109 Sept 14
*5714 58
5734 5734 66
25612 5613 5512 5612 554 56
57
1,500 Gotham Silk Hosiery__ No par 3314 Mar 3(1 61 Aug 18
5512 5514 5514 5472 5512 1,700 Do new
5672 5678 5672 5672 5534 5612 255
No par 4712Ju1y 12 58 Sept 9
*114 117 •114 117 •114 117 *114 117 *114 117 •114 117
Preferred
100 98 Apr 6 125 Aug 17
*15
17
•15
17
*1512 17
17
*15
17
*15
•1512 17
Gould Coupler A
No par 15 Aug 18 2113 Jan 23
27
2878 2814 2913 2918 3038 2934 3078 3038 32
304 324 55,100 Granby Cons M Sim & Pr_100 1618 Mar 31 3214 Sept 17
994 10113 10014 10138 10078 10114 29834 100
99
99
9712 98
3,700 Great Western Sugar tern etf25 89 Apr 14 1061, Feb 2
1111612 11834 *11658 11834 *11612 11834 *11434 11734 *1144 1174 *11434
Preferred
100 10812 Mar 30 11814July 22
2014 2012 1978 1978 20
2034 2014 2034 20
2014 1978 2012 2.566 Greece Cananea Copper_ _ _100
934 Apr 3 2212July 24
74 713
64 738
612 634 1,000 Guantanamo Sugar__ __No par
74 7
,
4
658 634 *634 7
518 Jan 5 1078 Feb 1
7014 7038 70
70
71
6912 6978 6734 6834 4,300 Gulf States Steel
7014 7112 270
100 62 May 15 9338 Jan 4
•47
52
*47
52
52
*47
52
52
*47
*47
*47
52
Hanna 1st pref class A__ 100 45 June IS 57 Feb 26
Hartman Corporation No par 2534June 21
35 Jan 6
;251.2 293- -ii" 2814 1,400 Hayes Wheel
4 2914 131
4 "2922 2912 "29" 293, 29 /918
No par 28 Sept 17 48 Jan 14
*77
7913 277
77
77
77
*7612 77
17612 77 .7612 78
200 Helme (CI W)
25 68 Mar 29 80 July 12
*3014 3178 *3014 3012 3014 3014 *28
314 *28
30
*2612 30
100 Hoe (R)& Co tern ctfe_No par
1713May 27 3512 Aug 11
*58
59
59
59
5914 r9'2 60
60
*5912 5934 5913 5934
900 Homestake Mining
100 474 Jan 4 62 Feb 23
4318 434 43
43
4234 4234 4338 434 4334 44
4312 43
3,300 FIouseh Prod,Ine.tem ctiNo par 40 Mar 3 484 Jan 8
*60
63
6014 6014 5912 6078 6033 614 5934 60
5812 59
2.100 Houston Oil of Tex tem 0[12100 5014 Mar 31 71 Jan 5
4014 4078 4014 4113 42
4438 4334 45
4238 4334 25,600 Howe Sound
4318 44
No par 27 Jan 8 45 Sept 15
64
65
61
6434 6034 6212 26034 634 5814 6178 53
5812 247,200 Hudson Motor Car
NO Dar 494June25 12314 Jan 4
25
,
8 254 25
,
8 2618 2534 2638 2523 2812 2512 26
2438 257a 20,800 Hupp Motor Car Corp__ 10 17 Mar 2 284 Jan 4
264 2678 2534 26,
265
8
264
2714 Ms 2673 254 2678 27,700 Independent Oil& Gee_No par
8 264
1938 Mar 30 34 Jan 2
*18
19
1834 1834 1878 1878 184 1858
1818 1878 •1834 19
800 Indian Motoeycle
18 Jan
2414 Feb 4
No par
9
9
*9
934 *918 934 *9
*9
10
934
1,200 Indian Refining
878 9
10
878Sept 17 134 Feb 13
934
9
9
*812 9
*9
*812 834
834 834 *812 913
400 Certificates
10
8 Apr 13 124 Feb 13
*96 107
*96 107
*98 107
*96 107
*96 107
*96 107
Preferred
100 GO May 14 116 Sept 17
97
*96
97
1,98 100
9713 96
97
97
97
98
96
1,100 Ingersoll Rand new_ _ _ _ No pa, 804 Mar 31 104 Jan 5
*4112 4178 .
4112 4178 4112 4112 4113 4178 4122 4113 41
4134 1,800 Inland Steel
No par 3412May 11 434 Jan 7
*11212 113 •112 2 113 *11212 113 211034 11034 *____ 11034 •__ __ 11034
100 Do pref._
100 10834 Mar 16 115 Feb 9
25
25
25
25
2512 2538 2538 2538 225
25
25
25
2,000 Inspiration Cone Copper_ 20 2034 Mar 30 2672 Feb 10
154 1534 •1512 16
1472 154 1514 1578 15
*1512 16
1518 13,800 Intercont'l Rubber__ No par 1312May 10 2134 Feb 11
1412 1412 *14
15
*14
*1414 1434 *1414 15
15
*14
1412
200 Internat. Agrietil
No par 1314July 27 2614 Jan 22
4180
8112 *80
82
*81
8134 8134 82
8178 814 8178 83
1,100 Prior preferred
.100 80 July 19 95 Jan 27
484 4812 4812 4812 484 50 I 50
5238 5112 5234 5014 52
21,500 Int Business Machines_No par d384 Mar 3C 5234Sept 16
5378 54
53
53
5234 53
5318 544 2634 5512
5112 53
66,200 International Cement_ _No par 5012May 17 7178 Jan 21
41104 105 *104 10112 *104 10412 41103 10412 104 104 •104 10412
100 Preferred
100 102 Mar 17 108 Jan 28
5112 5212 5178 53
6214 53,4 5058 5312 474 5134 4212 48 154,800 Inter Comb Eng Corp_ _No par 3312 Mar 30 6412 Jan 5
129 12913 12914 130-4 130 1314 131 13414 131 13312 13018 13313 29,300 International Harvester _100 11214 Mar 29 13538 Aug 6
*124 12412 *124 125 41124 12412 124 124 *124 125
125 125
300 Do prof
100 118 Jan 5 12634 Aug 7
*64 7
652 64
613 64 *612 7
612 612
*612 7
600 Int Mercantile Marine_._.100
618 Aug 5 1232 Feb 17
2934 2934 3014 3014 •30
3013 3018 31
2938 3014 2,600 Do nref
2914 30
100 27 Mar 3J •4838 Feb 16
64
6412 64
644 *64
64
6418 644 6412 6438 6438 6512 3,300 Interns tlonal Match pref_.35 5312 Mar 3 6632 Feb 23
36
37
3638 364 3612 37
37
3738 3638 37
23618 3678 20,600 International Nickel (The)_25 3288 Mar 30 4814 Jan 5
*101
•101
'101Do pref
100 10118 Jan 29 10414 Apr 21
5812 5914 5812 6012 5834 6034 5913 5912 5812 5984 5712 -58-12 10,500 International Paper
100 4418 Apr 15 6334 Aug 28
*97
*9678 9714 9634 9634 9618 964 97
9738 9714 9714
97
1,100 Do pref (7)
100 89 May 7 9812 Jan 2
•15512 165 *15514 165 *150 161 *150 161 *160 165 *160 165
International
_ .No par 135 May 6 175 Jan 11
119 12014 11718 11878 118 12013 11838 1194 11714 11814 11614 118
& Teleg__ _100 111 Mar 3 133 Jan 25
25,600 Internet TelepSlice*1912 2012 *1912 2012 1,1912 2012 *1913 20
•1912 21
*1912 20No
par 1813July 24 29 Jan 7
Intertype Corp
*3913 4012 3912 3912 *39
40
*39
4013 39
3912 3813 39
100 25 Jan 4 4332 Aug 17
700 Jewel Tra, Inc
*124 12712.123 ____ *124
____ •124 12713'124 12713'124 12713
100 11512 Jan 29 126 Feb 9
JoDo pre_ .
•11
1212 *11
*11
12
12
*11
12
11
1114
300 nes Broa Tea. Inc,stpd _:100 101.June 30 1912 Feb 5
21
2014 2012 2014 21
20
*2038 2012 201z 21
2012 2114 6,300 Jordan Motor Car
No par 1914 Sept 9 66 Feb 19
*14
*14
32
32
114
*14
33
18
*14
.10
,
a
34 Jen 8
*14
14 Mar 4
38Karns Gulf.
*11112 ____ 11214 11214 *112
____ *112
_ _ *112
____ 112 112
200 Kan City P&L Ist pf A_No par 10714 Mar 29 11238Sept 9
40
4012 40
- *4112 42
4314 4212 4334 4178 -4213
41
4213 6,600 le ayser (J) Co v I e____No par 3314May 20 474 Jan 14
13
13
13
1313 1314 1378 1378 1378 1314 1314 13
13
1,100 Kelly-Springfield Tire___ _ _25 121431237 19 2112 Feb 6
*52
51
60
5914 *52
*52
5914 51
5914 *52
*50
55
200 Do 8% pre:
100 51 May 20 7434 Feb 5
64
*60
*60
64
65
*60
*60
*60
64
65
*60
64
101
61 Aug 14 734 Feb 5
Do 6% pref
*92
93
9412 9412 95
*93
92
9412 9412 9412 92
95
86 May 12 121 Feb 4
Kelsey Wheel. Inc
56
5632 5534 5612 5814 564 5638 5672 564 56i4 21,2g Kennecott Copper
5612 57
No par 4934 Mar 30 5872 Feb 10
*38
3
12\tov 11
218 Jan 2
a1r
)
14
*1
14
34
34
"a
"3
34
"2
34 1:000 Keystone Tire & Rubb.No 1p0
4312 50
4714 *4514 4614 474 4934 *46
4138 4212 45
481
No par 414Sept 13 8218 Jan 7
2 600 Kinney Co.
5328 5334 53
5134 524 5418 52
5414 5312 5438 253
10 42,
4 Mar 30 82 Jan 29
534 19,900 Kresge (SS) Co new
*11014 11312 *11014 11314 *11014 11312 *10814 11312 10813 11314 *108 11312Preferred
100 113 Feb 18 11434 Feb 26
2118 *2012 22
21
21 1 *204 2118 21
21
21
21
21
500 Kresge Dept Stores,. _ No par 1518 Mar 25 3338 Jan 14
*73
80
80
80
*73
*74
80 ' *74
*74
80
*7413 80
100 704 Mar 26 934 Feb 1
Preferred
161 162
160 160
16012 16012 *160 164 *160 164 *160 163
400 Laclede Gas 1.(St Louts)_.100 146 Mar 29 17513July 10
1918May 14 2412June 14
2138 2034 2118 2084 E:8
2114 2114 214 21
2078 2112 21
Lag° 011 & Transport_No par
4
pa
a,
r ,3912May 7 6412Sept 14
6234 6418 260
Arro p
Lambert Coa 1 ire__ __N
5888 5514 59 6414 6212 6412 6234 64
032
12 39
38
614 36
712 36
922 36
0;44 36
0;84 36
9314
2 36
934 36
9%
72 36
634 Aug 18 14 Jan 4
932
72 36
94 36
97
18
2 1.
,8
700 il.,ehenkt&ubmbenrk
No par 3034 Mar 30 4118 Jan 2
No par 1714May 4 22 June 25
2114 2114 2118 2114 *2114 2113 22078 2078 2078 2114 2078 2078 1,600 Life Sayer,
93
90
9114 9114 *91
93
*90
9112 9112 *91
93
91
1,300 Liggett & Myers 'lob new_ .25 7212 Mar 31 944 Jan 25
11034 Jan 18 12934mav 5
•122 128 11122 128 *122 128 *122 125 *122 125 •122 125
Do pref
9138 9012 9114 90
91
.2
1°5
9134 9212 91
° 71 Mar 24 4,438801. 1
914 91
92
9138 9,000
Do "11" new
*61
6134 6018 604
5312 Mar 31 8934 Jan 4
62
62
*62
63
*6012 61
*6012 82
700 Lima Loc Wks
gr 3414 Mar 2 44 Sept 17
Var
434 24218 44
4378 43
No p
4112 42
4338 43
414 42
42
34,300 Loew's Incorporated. _ ,No
1(0 par
7 Jan 28 1114 k el, 10
7
7
74 718
7
7
7
7
7
7
712
7
1,900 Loft Incorporated
*44
4512 44'1 4478 •45
•45
4534 4514 4514 *4413 4534
46
400 Long Bell Lumber ANo par 421 2July 23 501r Feb 3
*150 155
157 16134 *155 159
15678 16014 15812 15812 159 159
100 88 Mar 3( 16712Sept
1,600 1,00se-Wiles Biscuit
•141 170 *154 170 *150 165 *155 165 *155 165 *150 165
,_._100 12( 14 Mar30 167 Sept 8
28 preferred
3134 3278 3238 324 32
3214 2314 3158 314 3178 3078 3112 7,100 Lorillard
3014 Aug 6 4214 Feb 3
100 1114 Apr 5 120 Aug 31
*106 1194 *116 119 2 *116 119'3'114 118 *116 118
116 116
200 Do pref
' 12 Mar 3 1978June 21
16
16
1514 1578' 1538 1612 *16
1614 1514 1818 1514 1512 10,400 LOU19Iana Oil temp ette_No looc
24
24
244 24
2414 24
24
24
2414 24
2378 24
1,800 LoukivIlle 0 & El A_._ _ No par 2234 Mar 31 2618 Feb 10
*32
*3212 33
3314 *3314 3334 3314 3314
3212 *3212 33
No par 3014 Mar 30 5814 Feb 4
33
400 Ludlum Steel
*13212 13413 132 135 *132 135 *131 135 *131 135 *131 135
100 130 Slay IS 138 Feb 9
Mackay Companies
*6922 7114 .6912 7113 *7014 7078 7034 7034
71
71
'70
71
Preferred
loll 68 Mar 19 734 Feb
300
113 11734 112 11558 21134 11578 11138 11434 108 11234 222,200 Mark Trucks. Inc
No par 10313 Mar 3(1 159 Jan 4
1164 118
.100 10934 Jan 4 113 June 10
*11013 112 *11012 112 *111 112 *10934 11112 *11014 11112 *110 11112'
DO 1st pre
100 104 Apr 17 10834Sept 3
*108 10912 *108 109 .108 10812 *10614 108 *10614 108 *10614 108
Do 2d pref
11813 120
122 122 *120 12213 122 122 *121 123 *120 121
900 Mary (R ID & Co. Inc_No par 5602 Mar 29 126)4Sept7
1154 11534 11534 11534 11534 11534 11534 11578
100 11512 Mar 1 1184 Jan 14
400 Preferred.
*11512 116 *11512 116
394 40
394 4013 3918 3912 3918 3918 2,300 Magma Copper__ ... No par 34 Apr 19 4478 Feb 10
3914 3914 394 40
1612 16
*1512 17
16
1512 16
*16
*16
500 Mallinson (1) 1t) & C9..1(o par 15 Aug 30 2818 Jan 5
16
1612
18
62 •59
6312 *60
500.Manati Sugar pref
61
*59
61
*82
100 55 June 4 82 Feb 1
63
60
60
62
763
4
784
Elec Supply-___No par 56 Jan 4 873 July19
7812
814
7712
20,400'Manh
8012
8118
7913
4
743
813
4
80
764
2312 2318 234 2318 2318 23
700 Manhattan Shirt
22128lay 24 327
23
. Jan 4
2312 2312 2312 2312 *23
4313 4538 24414 4412 4314 4414 44
4418 9,800 Manila Electric Corp ... A o par 274 Mar 20 4532Sept 14
3634 43
*3318 36
22
2358 2212 2258 2134 22
5,000 Maracaibo Oil EXPI._ .No par 2034 Mar 3 28 k eb 2
2234 2234 2234 2234 224 23
8 5813 5914 584 594 5838 5878 256
No par 494 mar 30 6338June 17
5712 58,700 Marland Oil.
5734 5838 574 58,
2712 26
1,600 Marlin-Rockwell
A o par 21 Sept 16 33 Mar 11
26
*2712 28
*2713 2814 2712 2712 2812 2812 26
1934 1934 19
1914 1938 •1934 20
1938 1,000 Martin- Parry corn_ . _ No par
•19
17 Slay 20 23 June 25
1912 *1914 20
80
8034 79
8034 278
80
804 1,900 NIa tbieson Alkali W ks tern elf50 621210 ay 12 10618 Jan 2
7912 *79
*79
*79
80
125 12614 12412 12478 12214 12478 4,700 May Department Stores_ .50 10678May 17 13713 Jan 2
12414 12414 12512 12512 12414 126
100 Preferred
. 100 1224 Feb 2 125 June 11
12434 12414 •124 125 *124 125 *12214 125 *12214 125 •1224 125
2314 *2318 2314 2,700 Maytag Co
No par 19 Mar 3 2412Sept 8
2312 234 2314 2312 2313 2334 234 2374 23
78
•80
8034 784 80
(
800 McCrory Stores
lass B A o par 72 Mar 30 121 Jan 11
80
801 *781 80 '78's 8112 78
*2558 2578 *2514 2534 *2514 28
2478 2514 244 2434 2458 2434 2,100 McIntyre Porcupine Nlines..5 224 Jan 2 36 Feb 15
2312 2312 2358 234 *2312 234
200 Metro-Goldwyn Pictures 91_27 2214 Jan 8 2414 Feb 9
*2312 2414 1,2312 24 , *2312 24
104 104 •1034 11 I 1034 1034 1072 1078 104 1034 1012 104 2,900 Mexlean Seabeard 011_ _No par
6 Feb 25 1334 July 23
15
1478 15
9,900 Miami Copper
1418 144 1478 15 I 15
6 11 Mar 3 1534July 17
1518 1478 1514 15
3114 3172 31
3134 32
3112 3178 3138 32 ' 3118 32
3112 12,900 Mid-Continent Potro ye nor 271.July 22 37 Jan 2
•Bid and sated prices: no sales on Ws day s Ex dividend. a Ex-rights
g:28g
PER SHARE
Range for Prestos.
Year 1925.
Lowest
Highest
$ per share Per share'
1078 Oct 1172 July'
5878 Dec 6132 Dee
99 Dec 100 Dee.
110 Dec 110 Dee
-us8 Jan
102
Jan
884 Apr
42 Jan
68 Nov
904 July
42
Oct
47 Mar
10214 Mar
1212 Mar
37 Mar
3634 Jan
92
Jan
8618 Jan
103 Apr
39 Dec
14933 Nov
115 Dee
994 Nov
5918 Dee
8034 Oct
10572 Nov
5812 Jan
83 Dee
11412 Nov
2612 Dee,
51
Oct
7434 Nov
102 Nov
11452 Oct
109 Dec
42 Dee
Dec 1E1; We;
1878 Dec
13 Mar
Jan
91
107 Apr
1134 Mar
34 Sept
8718 Mar
4213 July
2534 Apr
30 Mar
86 May
27 Dec
43 Jan
3411 Jan
59 Apr
1612 June
3334 Jan
1414 Mar
1312 Jan
13 Mar
512 Jan
6 Sept
77 Mar
77 Nov
38:4 May
10413 Apr
2214 Apr
--Fa "Si;
40 Apr
110 Mar
52 Jan
10213 Nov
3134 Jan
9618 Mar
114 Mar
71.June
27 Aug
564 Dec
244 Mar
Jan
94
• 4814 Mar
80 July
108 Feb
8712 Apr
18 July
1612 July
10212 Jan
1134 Dec
3532 Aug
14 May
99
Jan
1834 Mar
1214 Mar
41 Mar
43 Mar
87 Aug
4613 Mar
134 Sept
75 Mar
23 Sept
2178 Dee
11318 June
11512 Dee
1914 Jan
612 Jan
9534 Nov
89 Feb
3712 Jan
4912 No,
7734 Jan
4878 Jan.
60
Jan
4712 Nov
85
Jan
3118 Nov
13912 Nov
31 Nov
4134 June
24 Aug
1414 Dec
1238 Dec
110 Dee
10712 De'
50 Feb
112 Sept
3234 Jan
2428 Nov
85 Nov
17614 Nov
814 Sept
107 Aug
6912 Dee
13814 Sept
121 Nov
1478 Feb
624 Feb
6078 Dee
484 Nov
102 Nov
76
Oct
994 Oct
19934 July
144 Aug
2938 Oat
2638 Dee
11512 Dee
2172 Feb
65 Nov
14 June
10918 Sept
4218 Dee
214 July
74 July
72 July
124 Dee
5914 Nov
alt July
100 001
.
11-0114 -111-a-r 116 -611
2812 Wee 4534 Jan
88
Jan 9734 June
11014 Jan 1713 Mar
1158 Feb
874 Dec
-19- -Ft;
4412 Oct
57 Mar
1611 Jan
5512 Mar
80 June
22 Feb
8 Jan
14 Mar
77 Feb
104
Feb
3014 Jan
10818 Feb
134 One
23 Dec
314 Feb
114 Mar
.66 Mar
Jan
117
Jan
104
92 We;
124 Dec
8978 Dee
7438 Jan
4434 Nov
918 Apr
43 Sent
1434 Dee
148 Dee
394 Sept
118 Aug
2334 Feb
2638 Jab'
60 Dee
141 Sept
VA Feb
242 Nov
113 Anil
1064 Aug
112 Oct
118 Aug
46 Nov
374 Jan
824 June
59 Mar
3472 Nev
494 Apr
3513 Jan
604 Dec
3278 Oct
3718 Jan
10714 Dec
13912 Dee
124 June
2638 Oct
13914 001
224 Oat
2412 Nov
224 Jan
2434 Jan
38 Nov
99 Jan
694 Jan
1148, Jan
34 Mar
2114 Dec
79 July
32 Mar
2014 Mar
284 Mar
2032 Sent
3252 Mar
1038 Mar
19 Dec
51
Jan
101 Mar
1164 Mar
2172 Nov
79 Mar
Jan
16
18 Jan
9 Dec
8 Slay
2534 Aug
New York Stock Record-Continued-Page 5
1485
For sales during the week of stocks usually inactive. see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 11.
Monday.
Sept. 13.
Tuesday,
Sept. 14.
1Vednesday, Thursday,
Sept. 15.
Sept. 16.
Friday.
Sept. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Rasps Since Jas. 1 1926.
Os basis of 100-share lois
PER SHARE
Itasca for Presteee
Year 1925.
Lowell
Highest
Lowell
Highest
$ per share 5 Per share $ vet share $ vet share $ Der share $ vet share Week. Indus. & Miscall.(Con.) Par $ per share
per share $ fur share 8 per Oars
*98
.9814
99
99
9812
99
*9814 13914 *9814 99,4 *98
100 Mid-Cont. Petrol. Pref____100 90 Mar 30 1001s Aug 12
9914
8314 Apr Oils Oat
115
.118
1
1
Ps
14
1
1,4
1
14 5,600 Middle States 011 Corp____10
8
24 Jan 8
1 Sept 13
32 Apr
314 June
1
*78
75
75
*78
1
1
78
78
*34
800 Certificates
78 Jan 7
*34
1
112
Jan
8
112 Feb
10
112 Feb
120 120 .118 120
11978 120
117 11834 120 120
11814 12034 1,600 Midland Steel Prod pref. _ _100 107 Mar 30 13112 Feb 23
96
Jan 147 Aug
384 3813 3858 40
*3818 40
3888 3912 *384 39
3634 3838 2,900 Miller Rubber etfs____No par 30 May 17 4434 Feb 25
784 784 784 784 7734 7913 774 7878 7758 7758 7738 7754 2,600 Montana Power
100 6914 Mar 26 9312 J41/1 14
64 Apr 9914 Aug
6418 654 6414 6578 6278 654 6012 6312 109,100 Monte Ward de
6534 6634 6518 66
56 May 19 82 Jan 2
41 Man 84% Nov
21
2112 2034 2114 2158 2134 2112 2184 2112 2134 2013 2138 11,600 Moon Motors Co III oorp__10
19t2M ay 18 3732 Feb 10
par
No
2234 Mar 42 Dee
618 618
6
67
6
54 54
8
678 5s
3,800 Mother Lode Coalition_Na par
6
712 Feb 8
6 May
5,4July 12
cns Jan
•1718 1734 *1718 1718 1718 1718 1718 174 *1878 1734
300 Motion Picture
164
No par 1512 Aug 25 2312June 3
1932 Dec 2012 Dee
3912 40
3934 40
4014 4114 23934 4014 3958 40
39
40
9,200 Motor Meter A
4May
19
333
par
Feb
10
No
5353
40
Nov
4472
Gel
.2212 23 .224 2314 2318 2318 2278 23
2278 23
2134 2214 2,800 Motor Wheel
18 Apr 35 June
No par 2134Sept 17 3372 Feb 15
13
13
.1314 14
1334 14
14
14
*12
1338 .12
13
400 Mullins Body Corp__..No par 11 July 7 1934 Feb 1
13 Aug 2112 Feb
3
*3434 38
*3734 38
38
38
3734 37 4 3778 374
Munsingwear Co
No par 3434 Apr 6 8854 July6
304 Apr 39 Dee
94 1014
634 934 1018 1014
978 1014
978 978 *3
;
1
1 3g4 11.800
300 Murray Body
3 May 8 1572 Feb 20
No par
814 Dec 424 Mar
6078 5934 6034 5914 6058 5914 60
5918 604 59
5814 594 37,800 Nash Motors CO
24
68
Mar
Feb
23
52
1934
Jan 488
No
par
Oct
4.78,
812
8
818 8,8 *8
8
*734 8
400 National Acme stamped._ _100
*734 8
44 Mar 12as Dee
712July 13 1212 Jan 9
9112 9078 9178 91
91
9134 917k 9238 92
9212 914 93
5,400 National Biscuit
65 Apr 79 Dee
25 74 Jan 8 9812June 25
*128 12914 .128 129 *128 130
128 130 *128 130 •128 12912
Do prof
100 126 Jan 27 13112 Apr 28 12312 Mar 12812May
414 41
4114 41
41
41
41
414 4118 4138
4,700 Nat Cash Register A w 1 No par 38 May 22 54 Jan 5
2718 2713 2734 2812 2778 2878 2812 2834 2758 28
158
4'
284 3.400 National Cloak & Suit_ _ _ 100 2012May 21 57 Jan, 2 11112 Dec -14774 Oct
7634 57613 77
76
77
77
7834 7834 *79
84
78
600 1)0 prof
78
100 6814 Aug 25 9212 Jan 8
87% Dec 104
Jan
723s 72,2 721s 73
724 7318 73
7413 7112 73
7114 72
9,400 Nat Dairy Prod tern ctfe/vo par 53 Apr 14 80 Jan 2
42
Jan 814 Nov
2614 2614 .2618 2612 2614 2614 2613 2612 2614 2614 *2618 2614
900 Nat Department Stores No Par 2514May 25 423s Jai 7
3812 Jan 45 Ma7
91
*90
.9012 91
91
91
.9012 91
*9012 91
.9012 91
100 Do 1st prat
100 90 Jan 14 97 Jan 19
98
Apr 102
Jan
2214 2234 2158 2214 214 2238 22
22
2138 2158 21
2158 2,100 Nat Distill Prod ctis__No par 1212May 18 34 Jan 4
2954 Dec 434 Oct
*4512 49
*45
4712 *4514 4712 .45
48
*45
47
4712 *45
Do pre, tem ctf ____ No par 3712 Aug 2 7312 Jan 4
Jan
52
131
12
Oct
274 28
2818 2878 284 2878 29
2978 2834 2938 2818 28,
4 2,500 Nat Enam & Stamping._ _100 2118July 14 4012 Jan 2
25 Apr 4138 IMO
85 .80
*80
85 .80
85
.81
85 .81
85 .81
85
Do prof
100 76 July 13 8934 Jan 4
75 June 8938 Jan
157 158 .155 15612 •155 15612 153 155
*155 15612 *15514 157
1,700 National Lead
138 Apr 15 17434 Jan 5 1384 Apr 17434 Nov
100
*11614 117 *1164 117 *11614 117 *11614 11612 •1164 1164 11614 11614
100 Do prof
100 116 Jan 16 120 May 20 1144 Sept 119
. Sept
2218 2238 22
2214 2134 2214 2113 2214 2114 22. 17,000 National Pr & Lt ctfe-No
2112 22
1634 Mar 2 38% Jan 21
Par
6914 694 674 6918 69
70
70
70
6813 69
684 69,4 4.700 National Supply
548 Dec 71
Jan 4 7112Sept 10
55
12
50
Jan
131 131
136 136 .135 142 .136 142 2134 134
•13212 134
1,100 National Tea Co
No Par 119 May 15 238 Jan 4 201 Dec 250 Dee
1334 134 1358 1358 134 1334 1312 1338 1338 1313 21314 1338 3,100 Nevada Consol Copper__ 5 1152June 1 1432July 14
113
4
Apr
Jan
1638
4438 4412 4413 45
4412 4413 4414 441
4414 4434 4334 4434 7,500 N Y Air Brake
No par 3612 Jan 2 46I2Sept 7
314 Oct 564 Jan
3534 38's 3718 3912 38
394 40
394 37
3812 374 38
25,900 N Y Canners temp Otis. No par 32 Apr 12 84% Jan 29
31$4 Mar 8112 Dec
*8314 8514 *8314 8514 *8314 8514 *83
8514 *8313 8514 .8313 854
Do prof
No par
83 June 18 85 Apr 29
*35
36
37
*35
*35
3614 364 37
37
37
35
35
800 New York Dock
18 iFai WI;
100 3212 Mar 30 4574 Feb 5
*71
73
73
.71
*71
73 .71
73 .71
73
72
72
100 Do prof
100 69 MaY13 74 Feb 5
524 Jan 70 Dee
2814 2814 2814 284 *28
2814 .28
2814 2814 284
2814 .28
700 Niagara Falls Power pf new _25 27% Mar 31 28% Jan 22
2732
Oct 29
Jan
54
5418 534 5414 54
5413 63
5432 5338 5334 5213 54
22,800 North American Co
4112 Jan 75
10 42 Mar 30 67 Jan 14
Oct
*51
51
52
51
.504 514 .513
5034 .50
51
.50
51
100 Do prof
4612 Jan 5012 Sept
50 49 Jan 2 5214 Aug 31
*9534 9634 .9534 9634 9534 9534 *954 9634 *9578 9614 964 964
200 No Amer Edison pref __No pa
9412 Dec 964 Dee
9118 Mar 31 9652June 29
738 738
7t - 71
*71
7
714
712
658 7
6
613 3,100 Norwalk Tire & Rubber__ _1
1212 Sept184 Aug
6 Sept 17 1512 Jan 14
•1513 16 .1512 16
*1513 16
16
17
1634 1714 1612 16,2 2,000 Nunnally Co (The)____No pa
1712 Jan 7
8
Jan
1338 Mar 1
1812 Nov
*3334 3412 34
3512 *34
35
*3312 35
*3313 3338 *3313 35
1.200 011 Well Supply. 2
3332 Dee 38 Nov
30 July 2 SA Feb Ti
1512 1513 1538 1512 1538 1512 1518 1512 15
15's
15
1514 5,300 Omnibus Corp
1412 Mar 30 2214 Feb 23
No pa
4213 4213 4312 4312 43
4312 43
434 .42
4234 42
42
2,300 Onyz Hosiery
314 Feb 2 4512June 29
s838 Jan 39 -15e;
No pa
*100 102 .100 101 .100 101 *100 101 1.100 101 *100 101
Preferred
784 Mar 97 Nov
100 95 Apr 17 10312 Aug 9
*5912 6112 6184 61114 61
61
61
61
61
61
61
61
1,500 Oppenheim Collins& CoNo Par 47 Jan 12 6234Sept 2
414 Sept53 Dee
*2918 2913 *2918 2912 294 29
2978 294 2938 2912 *2813 29,2 1,400 Orpbeum Circuit. Inc
2511.4 Jan 324 July
1 274 Mar 25 3114June 29
105 105 ,.104 107 .102 104 ,*10218 106 .102 106
.10378 107
100 Preferred
98
100 101 Jan 13 105 Apr 21
Jan 107 Sept
*120 12234 120 121
12034 12178 122 12413 122 12218 120 123
4,400 Otis Elevator
50 106 May 20 1295,Feb 5
8753 Feb1404 Aug
•10912 11134 .10912 11 134 .10913 11134 .10912 11134 .10812 11134 .10812 10912
,Jan 13 10912 Aug 30 101 Feb 112 July
Preferred
100 1028
878 0
834 9
.84 9,8
9,8 918
9
9
878 9
2,000 Otle Steel
812May 10 1412 Jan 19
r
a5
No 200
8 Mar 1514 Aug
•97 103 I *97 100 ..100 10212 .100 10213 .100 103
*97 103
Do
85 May 17 1074 Feb 17
5014 Mar 974 Aug
7938 7912 70
7914, 79
7934 27818 7934 7812 8012 8058 8234
Owens Bottle
Prof8,40
5334 Mar 29 823iSept, 17
4234 Mar 6938 Nov
52 I .50
52
.4912 5112 .4912 511X *50
52
.51
Outlet Co
52
No par 44 May 19 52 s or 5
494 Nov 57 Nov
103 106 *103 106 *103 106
.103 105 *103 106 .103 106
100 Preferred
100 9712 Apr 1 104 Sept 2
98 Nov 10012 Dee
13158 13138 13158 13158 *13112 13134 13134 13218 13214 13214 13158 13214 1,800 Pacific Gets & Electric_
100 118 Mar 31 13214 Jan 29 1024 Jan 1374 Nov
112 158
112
112
112
112
138
113 112
188
138
112 9,800 Pacific Oil
par n1 May 13 834 Feb 13
No
5154 Aug 7812 Dec
36,
8 37
3658 3678 3658 37
23638 3634 3638 364 3618 37
15,600 Packard Motor Car
3154 Mar 31 4514July 7
15
Jan
484 Nov
1613 17
21618 164
1634 1678 1634 17
16
16
16
1638 4,600 Paige Det Motor Car_.No par 133019.7 14 284 Jan 4
173s May 32
Oct
6718 6714 .6738 70
69
*67
.6718 69
67
6718 6612 67
1,200 Pan-Amer Petr & Trans____50 M4 Mar 31 764 Jan 2
5912 Sept 8314 Mar
674 674 6812 6734 6838 6718 6734 6634 673 37,400 Do Class B_
674 684 67
1
4 Jan 4
604 Aug 8412 Mar
50 6678 Mar 31 78/
.36
3518 36
36
3814 3612 3612 3614 3612 354 357
36
2,400 Pan-Am V. est Petrol 13.No par 34 Mar
46 Jan 2
3714 Oct 4934 Dec
17
1634 1634 16
16
1718 1738 16
1618 1678 1578 1618 5,500 Panhandle Prod & Ref _No Pa
44 Jan 21
32 June 17
2's Aug
614 Dee
*78
93 .78
93
9012 .78
.78
90'z 75
78
300 Do prof
90
993sJune 16
37
Oct 6012 Dee
100 51 Jan 1
23
24
204 214 2112 22
2313 2414 23
24
23
3,700 Park 4/1 Ilford tem ctts_h 0 pa
233
1934 Apr 13 2818 Jan 4
25 Sept 354 Jan
6
618 *6
618
6
6
54 6
26
6
84 Feb 5
578 578 2,400 Park Utah C M
578May 14
58
5513 5512 5412 5438 .55
5578 5858 55
56
24,800 Pathe Exchange A
5212 55
70 Nov -9012 Oct
No par 4518May 17 83 Jan 7
*2038 21
20
20 .1978 201 *1978 2012 1912 1912
*2012 21
600 Penick & Ford
164 Jan 28 23 June 16
17 Dec 28
Apr
No
par
11
11
1034 1034 *978 11
11
11
978 10
800 Penn Coal & Coke
94 94
7 Aug 6 17 Feb 8
1234 Apr 2612 Jan
50
118
118
114
118
114
114
114
11
118
118
118
114 7,000 Penn-Seaboard SO vu' No par
214 Jan 4
1
Aug
1 18 July 14
3
Jan
12612
127
12612
.12612
*12612 1267 12612 12612 120 126
12612 12617
600 People's G 1. & C (C1310..100 117 Jan 4 130 Feb 11 112
Jan 123
Oco.
7278 73
73
.71
7312 731 *72
73
.71
7312 .71
400 Pbiladelphla Co (Pittsb) _60 5912 Mar 2 7638 Apr 8
7312
514 Mar 6714 Dec
50
*4934 5014 50
*50
50
6012 .60
6013
*4934 50
50
200 6% preferred
4512 Jan 49 July
50 47% Jan 4 5114July 7
454 454 44
4578 4314 4458 43
4513 4618 4518 46
371g May 521s Jan
444 34,700 Phila & Read C & I__.No par 364 Apr 14 4858 Feb 13
47 .45
47
.44
47 .44
46
*45
•43
45
*43
45
Certificates of int__ _No par Mauna 14 4812 Jan 11
38 July 504 Jan
54
.4812
*50
56
54
*50
*4812 54
56
*50
*4814 54
Phillips-Jones Corp.,_No par 50 Mar 30 5534 Jan 29
51 Nov 901a Jan
22
2134 2218 2158 2134 2112 21 12 4,700 Phillip M orris & Co.. Ltd_ _
.214 2134 2114 2134 22
1234 Mar 2514 Sent
_10 16 Apr 3 24% Aug 19
494 5034 4958 5058 5014 5112 2504 5138 5014 51
4914 5058 86,100 Phillips Petroleum
No par 4() Mar 34
52iSept 1
3614 Mar 474 Y1304
40 .38
40 .39
*38
40
40
'38
*39
40 .38
40
Phoenix Hosier)
444, Ian
18
Apr 44214 July
Mar 34
31
,
5
994 9912 .97 100 .97 100 .97 100
.97 100
100 100
200 Preferred
Apr 99 Dee
100 94 Mar 25 100 Sept 17i 84
2758 2812 2758 2878 2778 2914 2818 '2958 2718 2834 2638 2734 40,300 Plerce-Arrow Mot Car No par
19 May 1
9
1072 Mar 4714 Oet
Jan
434
122 1224 12112 12278 122 12314 2119 1214 1174 119
11514 118
7,700 DO pre(
100 764 Apr 15 12714 Aug 19, 43 Mar 100 Nov
55
18
58
ki
*55
*55
54
38
*55
500
Pierce 011 Corporation
34
58
55
313 Feb
114 Nov
52July 21
14 Jan 31 I
25
*1214 16
*1238 11
*1213 16
*1213 16
.1212 15
.1213 16
Do pre!
100 13 Aug 25 27is Jan 30
2014 Dec 60 Feb
234 318 .278 3
234 34
318
3
3
.3
258 24 5,900 Pierce Petrorm tern etfallo pa
214
Ape
412
26
Dec
Feb
814
Jan
30
7
*3912 31
*3038 31
*3012 32
3034 3034 *3058 31
.3038 31
100 Pittsburgh Coal of Pa._ _ _100 29 June 9 4212 Jan 5
3714 May 5412 Jan
7114 7114 *7138 7212 7114 7114 *7118 73
72 .714 73
72
Do pref
300
June 21 95 Jan 5
70
80
100
May
99
Jan
98
98
98
*98 100
98
.9713 100
9712 9754
*98 100
400 Pittsburgh Steel prof.....10
94 Mar 29 98 Feb 1
94 Mar 1024 Jan
42
.38
43 .38
42 .40
42 .40
42
.40
394 394
100 Pitts Term Coal
loll 3934 Aug 19 0312 Jan 9
30 Apr MN Jan
86
.80
86
.80
86
*80
82 .80
86 .80
.80
86
Preferred
83 Mar 26 9214 Feb 6
79 July 884 Nov
101
10618 10714 106 10778 10612 109'2 107 10914 107 108'2 10414 108
47,100 Post'm Car Co Inc new.No pa
754 Mar 30 124% Feb v
643s Nov 121 Dee
41
41
41
41
4158 4012 401z 40
.4013 4112 41
40
900 Pressed Steel Car new
3418May 19 434 Aug 31
100
85
.81
85
.81
84
82
82
.8114 85 .80
*82
824
100
Do prof
7613 Tuii 921, Jan
100 82 Mar 4 9534 Jan 7
1312 132 134 144 1438 1438 1378 14
14
1334 .13
•13
6,100 Producers & Refiners Corp.50 11 Mar 29 1712 Jan 2
124 Aug3252 Feb
*31
34 .32
35
.31
35
34
37
3458 35 .32
1,600
36
Preferred
60 30345lay 11 37 Sept 15
27
Sept4738 Feb
4 9718 954 977
954 9458 954 95,
94
954 9634 9314 0558 66,200 PubSereCorp of N.T new No par 72 Mar 2 977sSept 15
6238 Mar 871s Aug
*99 101
•99 101
*99 101
•99 101
'99 101
9914 9914
100 Do 6% prof
9812 Apr 7 1004Sept 2
100
•1084 1084 10712 10712 .10713 10818 10713 10712 .107 1071 .10718 10713
Do 75, pret
200
100 10318 Jan 12 1095.July 9
Jan 106 Nov9
121 121
122 122 *12113 123 .12113 123
.120 121 .11934 121
300 Do 8% pref.._ .. ._ _ 100 115 Mar 2 1234Sept 3 10852 APr 119
Oat
•10212 10312 *10212 10312 10312 10312 10312 10312 10313 10318 10312 10313
400 Pub Sem F:lec & Gas PM -100 97 Jan 22 104 July 22
99
Jan 106 Nov
•11214 113 .11218 113 .11218 113 .11218 113 *11218 113 .11218 113
Pub Service Elec Pr pre1.101 106 Jan 18 114 Aug 5
9212 May 1004 Des
19534 19912 19218 19758 74,900 Pullman Company
190 19112 19034 1964 1944 19614 19418 198
Mar 31 199125ept 18 129 Mar 1734 Sept
10 14
3814 3934 3912 40
39
3978 39
39j 39
3958 39
394 5.200 Punta Alegre Sugar
50 33 Apr 14 47 Feb 4
33 July 4714 Jan
2678 2738 27
27
2634 267
26,2 2634 7,700 Pure OH (The)
2634 264 2634 27
254 Apr 13 31 Jan 4
2
254 Alla 3344 Feb
11012
111
.10912
.109
11012
111
*109
*109
111
111
100 Do 8% prof
•109 111
100 106 Apr 14 11234Jone 25 10212 Jan 1084 Sept
4858 6034 4912 5118 5018 5153 4812 51 I 4854 493
4618 5034 69,200 Radio Corp of Amer_._No par 32 Mar 30 5212Sept 9
3914 Nov
7772 Jan
4812 4813 4834 4812 4878 4814 484 *484 49
1,400 Do Prof
*4818 4812 48
50 4452 Mar 31 484Sept 15
Fell
65 Dec 54
3938 38t4 3814 .3813 384 *3812 39
*38
38
38
*3734 38
200 Rand Mines, Ltd __ _. No pat 32% Apr 30 3814 Sept15
3314 Nov 8912 Aug
14
14
14
14
14
14
14
2,900 Ray Consolidated Copper IP 1012 Mar 3 1538 Aug 9
1418 14
14 I 14
14
Ms Apr 1732 Feb
4558 45
45
45
45
4518 4518 45' 45
2,100 Reid Ice Cream
Oct 6014 Dea
No par 4175July 9 56 Jan 4
4513 46 I 45
43
938
•913 10
914 10
.912 10
9
914
9
1,200 Reis(IOW & Co_ __No par
9
10 May 2814 July
712July 24 1834 Feb 23
11234 115
11014 11413 3,800 Reml ,eton Typewriter _ _ Inn 834 Apr 20 127 Feb 3
412% Jan 11754 Dee
115 1154 11334 11512 *115 11612 115 117
____ .11612 _--- .115
*115
11614 11614
100 Do 7% 1st prof
•11618 ____ *116
100 106 Apr 21 11614Sept 17 100 Jan 10912 Oct
Do 8% 28 pref
.113 116 *113 116 .113 116 .111 116 *111 116 *111 116
100 105 Apr 1 1154,Aug 27 103 Sept 1131i Apr
10
1014
10
10
94 94 1,800 Iteplogo Steel
034 054 *034 10
10
10
1252 June 234 Jan
No par
878May 20 1572 Jan 4
61
6012 62
60 I 60
5913 6278 58
6912 5913 69
604 9,800 Republic Iron & Steel
4212 Apr 6448 Jan
100 44 May 19 633s Jan 7
98121 9812 9812 299
99 .98
9812 .98
99
.98
99
*98
300
8414J uly 95
Jan
100 914 Mar 30 99 Sept 15
614 614
64 614
64 64
64 64
1,600 Reynolds Ppring
64 614
18
8 July
Jan
6,4 64
Al2 Feb 24 1032 Jab 5
No Par
10812 1094 10938 11013 10913 1094 210734 109
14,000 Reynolds (R3) Tob Class B 25 90 Mar 50 115 Aug 30
7214 Mar 9534 Nov
10812 10978 10812 109
86
*81
86 .83
85 .80
81
80
79
400 Rossia Insurance Co
85 June 9712 Feb
88 .83
25 79 Sept 17 100 Jan 20
*85
6138 6138 5058 5078 5058 504 504 5114 504 5138 5012 51
3,800 Royal Dutch Co(N Y (Mares). 494 A111; 9 57% Jan 9
4814 Mar 5753 Jan
4114 4114 42
42
4213 424 4218 41
42
1,700 St Joseph Lead
3534 July 524 May
10 3/3,4,14 KY 11 484 Feb 10
4214 4238 *41
524 5234 5158 52,2 2,200 Safety Cable
48 Dec 5012 Dee
No par 4218 Mar 31 541 7.1Une 22
5214 524 5158 514 514 5318 .5158 53
*77
7612
7612
79
7612 •864 8712 75
7612 1,000 Savage Arnie Corporation. loll 73 Mar 31 30218 Feb 111
*7612 7712 7612
4812 July 1083s Mar
538
553 553 "54 554 *54 554 1,600 Seneca Copper
9 Nov
2
r6t8 513 •5
5
11 Nov
434June 2 104 Jan 4
No par
6558 66
6818 654 68
6478 65
7,700 Shubert Theatre Corp_No par 52 Mar 4 7052 July 28
514 Dec 5512 Dee
6538 654 6614 6712 67
4938 494 5018 4814 50,8 21,700 Schulte Retail Store,.. _No par 4212 Mar 30 1:4812 Jan 23 101% Sept 13412 Dee
474 4718 4714 4712 4938 49
47
•11813 125 *11812 12114 .118 12114 *118 125 .118 125
Do prof
120 Sept 9 Ild
Jan 118 Anil
100 11212 Jan
1314 Nov ,111,14 June
( Mar 12
No PO, 1212 Mar 3 143
-14 14 144 134 1334 1334 1418 14 14 1384 1384 1,200 Seagrave Corp
•5131 4ucl raked priest: SODOM 00 .ble
1r7i8
1486
New York Stock Record-Continued-Page 6
For sale* during the week of .tocks usually Inactive, see math page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 11.
M
Sept. 13.
Tuesdav,
Sept. 14.
Wednesday, Thursday,
Sept. 15.
Sept. 16.
Friday,
Sept. 17.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Per shore $ ner share $ ner shore $ suer share $ ner share $ ner share Shares. Indus. & Miscall.(Con.) Par
56
5634 56, 5634 5614 5612 5434 564 5458 5578 26,400 Sears,Roebuck&Co new No par
5612 57
*60
61
56012 61
6138 6112 6114 6114 501
62
59
600 Shattuck (F 0)
(30
No par
'543
44
*4278 44
44
*4278 44
*4234 44
*43
.4278 43
ghell Transport as Trading_i2
294 2938 2914 2012 2912 2934 2934 30
2912 2934 29 , 2912 28.400 Shell Union 011
No par
*10758 110
10738 1074 10712 10712 *10712 10934 *10712 10912 •10712 10938
200 Do prat
100
18
18
1758 1814 18
1878
1814 1834 1814 1812 1778 1814 9,500 Simms Petroleum
10
3338 3414 34
36
34
3514 x34
3538 34,
8 3434 3312 3434 12,309 Simmons Co
No par
•10634 108 .10634 108 *10614 108 *10634 108 *10634 108 *10634 108
Preferred
100
21
2114 21
214 21
2138 21
2112 2078 214 2012 2078 20,600 Sinclair Cons Oil Corp_No par
984 9814 9814 9878 *98
99
*98
99
*98
99
*98
1,000 Do pref
99
100
35
354 3414 354 3438 35 R 35
3512 3312 347/1 33
3414 39,300 Skelly 011 Co
25
*125 130 *127 130 .1,25 130
127 130
131 131 •127 129
500 Sloss-Sheffield Steel & Iron 100
113 116
113 115
113 114
11514 11534 11412 115
1124 11338 3,700 South Porto Rico Sugar.,.100
Preferred
*106 11734 *106 11714 *106 11714 *106 11714 *106 11714 *106 11714
____100
3138 31 12 3112 3112 3138 3158 *3158 3134 3138 3114 3112 3112 3,200 Southern Calif Edison
25
524 5212 5078 52
5112 4812 5012 4914 5012 11,500 Southern Dairies el A.No par
5018 5134 50
2812 2912 27
284 2718 2814 26
2874 28
No par
2732 Ms 2712 23,500 Do class B
*1112 1412 *1112 141y *1112 1412 *1112 1412 *1112 1412 •1112 1412
Spear & Co
No par
*76
80
*76
80
*76
80
*76
*76
80
80
Do prof
•76
80
100
*2812 27
2512 26
2514 2512 2312 2512 8,400 Spicer Mfg Co
2514 2638 2512 26
No pa
•10412 105 *10412 105 *10412 105 *10412 105 *10412 105
10412 10412
100 Do pref
100
5514 55713 5434 5512 '5518 5512 55
5512 5414 5514 5412 5514 11,600 4tandard Gas & El Co_No pa
5638 5638 5618 5638 5638 5638 5612 5612 564 5618 *5614 5812
600 Preferred
50
*7014 7112 72
714 711a •7012 73
7312 7214 7214 27018 7014 2,500 Standard Milling
100
*83
88
*84
88
*83
*83
85
*83
86
86
86
88
100 Do pref,
100
614 6112 6114 6134 6112 6214 62
62
30,400 Standard()Hof Cal new.Nopa
13278 6134 6238 61
4314 4312 434 4312 4318 4312 4318 4312 43
4314 424 434 33,800 Standard 011 of New Jersey 25
*11512 11534 11538 11534 11512 11534 116 116
11578 11614 2,800 Do pref non-voting_ ._ _100
116 116
6
*6
618
6
6
6 ' 6
534 534
6
*6
701) Stand Plate Glass Co_.No par
614
*8714 88
8714 8714 8714 8712 *8712 88
8734 8778 8778 88
900 Sterling Products
No par
6634 68
6514 6712 6514 6714 66
66313 6714 53558 6712 25,100 Stewart-Warn Sp Corp_No par
67
*6112, 63
6211 64
62
*62
61
62
64
*132
61 14
64
900 Stromberg Carburetor_No par
5934 6034 6012 614 61
6*
573
4
594
6038 183,700 Studeb'rCorp(The) newNo par
6034
6134 00
55118 120
11934 11934 *118 120 *11814 11934 *119 11934 *119 11934
100 Do pref
100
158 158
158
2
218 24
158
158
24 11,400 Submarine Boat
134
134 2 i
No par
*3212 33
33
33
3114 3112 33
3434 3458 3514 3414 35181 6.200 Sun Oil
No par
2
2
158
112 178
*178 2 I
178
178
2
2
178 5,900 Superior Oil
No par
31
314 314 32
304 3038 1,900 Superior Steel
31
3114 3112 31
3114 31
100
17
11338 1634 9.400 Sweets Co of America
1738 1634 1758 17
1712 167/3 1714 1634 17
50
8*4 2,200 Symington temp ctfs__No par
81
814 814
814 814
814 814
814 814
814 84
*1634 1714 •1634 1714 *1612 1714 *1612 1714 1634 1634 1034 1634
200 Class A temp Ws_ _ _ _No par
*1212 1234 *1212 1234 *1212 1234
*124 1234 *1212 124 *1212 13
Telautograph Corp....No par
1212 1134 12581 17.000 Tenn Copp & C
11
11
11
11141 1118 1114 11
Ills 11
5438 5334 5414 5338 5414' 30.300 Texas Company (The)..__o
5412 54
54
5412 5334 544 54
N _ p2
a5
r
If634 168
168 16914 16734 16834 16558 16838 14,500 Texas Gulf Sulphur
166 1674 16534 169
10
161g
1478 1534 34,600 Texas Pacific Coal & Oil_ _ _ 10
1434 1518 1478 1518 154 1512 1514 1614 15
915 924
915 945
*880 925 *850 890 '5850 925 *875 920
184 Texas Pacific Land Trust_100
2812 28
2812 2812 2812 *28
2812 2812 *28
2812 *28
2812
300 The Fair
par
4834 49
4812 49 1 4878 49 1 4878 5038 4934 5012 4814 50
20,600 Thompson (J R) Co-No 2
a5
r
*3012 31
30[8 3018
•3012 3112 3014 3014[ 3018 3018 *30[4 31
500 Tide Water Oil
100
9112 9112 9138 914 *91
911
92
92
*914 92 1 *9112 92
300 i'referred
100
6258 6358 63
6234 6418 6212 6378 6114 6312 22,900 Timken Roller BearIng_No par
6358 6234
111 11112 11012 11134 112 11478 11412 11638 11412 11532 112 11534 81,300 Tobacco Products Corp
100
*11518 11512 11514 11534 11618 11712 117 118
11634 11712 11612 11712 7.4001 Do Class A
100
438 412 .414 412
414 438
418 412 21.000, TranacTI011temotfnew No par
414 44
414 438
15
15
*15
.1"5
16 1 *15
16
*15
16 1 *15
16
16
1001Transue & Williams St'l No par
53
5312
*5312 55
*5312 5412 *5312 5412 *5312 5412 5312 54
500. Underwood Typewriter... 25
52
Si
5'
51
51 1 51
50
48
52
50
48
53
3,200 Union Bay it, Paper Corn 100
90
9018 8958 90
89
8914 90
8934 88
8914 8,500.Union Carbide & Carb No par
8914 90
5114 52
51 12 52
5218 53
52
524 5112 5178 5112 5218 17.000'1,,uon rill California
25
*11012 115
11312 120
11412 11434 114 115
115 120
115 115
4,100 Union Tank Car
100
11888 116% 116 116
*1113 117 *116 117 *116 11634 116 116
500
Do prat
100
United Alloy Steel _
97.7i -61
"6/ 161;
WI; -66" 983* -661.2 Viii - 8,400 United Cigar Stores---NT Par
9758 -.
25
125 125 *122 127 •122 127 *122 127 *122 126 *122 126
100 Preferred
100
164 16434 16334 166 1 166 16714 167 16978 166 167
163 1131314 8,600 United Drug
100
*5714 58
*5712 58
58
*5834 5714 *5634 5734 5734 58
58
400 Do 181 pref
50
117 11714 *116 11678' 116 117
11614 11638 11612 11634 116 11614 1,900 United Fruit new
No par
2212 2212 21
2112 *2012 21
2012 2012 1912 1912 18
19
2,200 United Paperboard
100
*9512 9612 *9512 97
*9512 9612 *95
9612 *9512 9612 *9512 9612
Universal Pictures 1s1 p90_100
2034 21
20
2038 2014 2034 2012 2034 2014 2034 19
2012 11,100 Universal Pipe & Rad ... Nopar
072
74
*71 18 74
74
72
72
*71
74 '
571
*71
73
100 Do prof
100
204 205
20014 204
204 20534 205 20834 203 205
19712 206
8,900 US Cast Iron Pipe & Fdy_100
*104 107 *104 107
*103 108 *103 106 *103 106
Do pref
100
55
5541 547g 5514 5434 5512 5412 5458 54
554 5212 54
4,200 (IS DIstrlb Corp tom elf No par
474 4734 4718 48
4712 4712 •4834 497s 4858 49
4778 4812 2,500 U S Hoff Mach Corp v t o No par
76
7614 781
79
7738 7938 7814 8012 8012 8134 774 82 69,900 U S Industrial Alcohol____100
*10612 108 *10614 109
10678 10678 10678 10678 *10612 107 *10512 10673
100
200 Do pref
6412 6518 6412 65
6434 65 1 65
6538 6518 654 64' 651
6,800 USResIty&Improv't news° par
644 6514 6334 6534 66
6714' 6334 6634 6312 6538 6134 644 65,700 United States Rubber
100
106 101318 106 10612'10512 10612 10612 10612 106 106
10618 10618 1,200 Do let pref
100
3714 3714 374 3714 3714 1,400 US Smelting, Ref & Min
3712 3712 37
374 37
O3712 38
50
49
*4858 4914 *4858 4914 *4858 4914 *4834 49
49
4834 4834
200 Do pref
50
14612 14838 14614 14818 14718 149 1 14658 14912 14614 14712 ilg1,42 14778 445,500445,500 United States Steel Corp 100
*12612 12738 12612 12612 12612 12638 12612 12612 127 12738
100
1,600 Do prof
70 . *65
70 1 •65
70
*65
70
•135
*65
*135
70
70
No par
U 8 Tobacco
__ •11014 ___ •11014
*112
*11014 ----,*1104 ---- •114 -___1 ...... Preferred
100
*10414 1-0-5 *10412 105 *103 105 ' 104 104 ' *90 1054 *90 105
100 Utah Copper
10
3078 31
31
31121 3138 3138 3078 3078 3078 32
31
3178 13,800 Utilities Pow & Lt A___No par
3914 3914 3934 4078 3912 3912 394 3912 2,100 Vanadium Oruro
4012 4012 40
40
No par
•4614 47
4618 4614 •46
No par
'54638 47
4638 4638 *4612 47
47
300 Vick Chemical
V trginiw-Carn Chem___/Vo par
No par
"ii" Ii- "Hit Ini "i1i2 "nig -i1 T2 -1-1-1-2 ;114 -11-1-2
---655
New
No 1p0
cto
r
Do "B"
iii- -ii- -.his 12-3; -4134 12- -ii- 12- -ioia 11. -ii5T8 161
6%
pref
w
1
1.655
3*
91
91
*9112 92
9178 92
9112 914 91
91
100
*9134 92
1,300 7% pref w 1
48
*45
48
543
48
*43
*43
*45
48
*43
48
48
Virginia Iron Coal & Coke.*00
31'4 314 3112 5,800 Vivaudou V) new
No pa,
31
3114 3114 3112 3114 3138 3114 3112 31
•100 10312 *100 104 *101 103
10178 10178 *99 10312 102 102
100
Do prof
200
2034 2074 2034 2034
No oar
*2034 21 14 *204 2114 *2078 21 14 *2078 21
500 wahhul -4v•oem
16
16
1614 1612 *16
17
16
No par
17
•16
•I6
17
16
800 Walworth Co °Hs
*105 117 *105 117 *105 117 .105 110 *105 11018 *105 111
.
Wc
ario BaBidug Class A_ _No par
No par
3412 33
3378 31
334 3441 33
3378 3358 3378 33
33
10,500
*91 14 92
*93
94 I .93
93
91
9378 9312 9312 *91
91
200 Preferred (100)
_ _o_ plaOr
61
667s 61 12 6578 514 6234 386.000 Warner Bros Pictures A N
6634 6114 653s 6334 6914, 61
No par
•48
4812 *4818 49 1 *4812 49 1 4912 4912 507s 51
*4812 4912
300 Warren Bros
58
*564 5714 *5614 57 l 5714 5712 )5612 51312 *56
58
58
400 Weber & fleilbr, new_r No par
15212 15212 15034 15212 2,300 Western Union Telegraph_100
153 15312 15112 15112 15214 163 I 150 151
1331g 13518 13314 13412 135 13534 13312 13538 1334 135
13212 13534 10,700 Westinghouse Air Brake._ 50
6914 704 6912 7014 14,100 wwinghouse Elm. k Mfg_ 50
(3934 70 1 6912 694 6934 7014 70
71
1612 1634 16
1612 1612 1612 17 ' 17
1612 2,400 Westin Elea Instrument
17 1 1612 17
32 1 *32
32
32
3212 32
32
*3012 3112
32 1 32
32
700 Class A
*95
97
*95
97
*9434 97
*95
97
*95
97
97
97
200 West Penn Eleo ofA vtf No par
100
*100 102 *100 102 ,*100 102 *100 102 *100 102 *100 102
100
____ 1 113 113 *113
____ *113 ---- *113 - -_'
er pref
ee
nnend-Pow
2001 We
PatetP
114 114 *11.3
No par
2612 2678 264 27
2,700 White Eagle 011
2612 2612 2614 2612 2632 262 2612 27
50
5878 z5714 5838 5612 5714 5534 5712 26,800 White %Tutor
5734 5814 563* 5f8 1 57
2734 •2738 274 27
900 White Rock Min Sp ctf_No par
2734 *274 2734
2712 2712 274 2738 *27
1
at!...
*
7
8
spencer
Steel
7
8
wire
I
7
8
Ica
1
8.200
v•
2
2
2
8
7
a
1
3
4
24
24
5
2518 25,3 2514 2512' 2512 26121 2512 2614 2434 2538 2358 254 161.000 Willys-Overland (The)
95
95
*9518 96
9412 95
300 Do pref
59412 96 .9412 90
*951 96
Alo
n
10
10,
2 10,2 1024 1124 11
10
1112 4,100 Wilson & Co, Inc. new_ Ar
352 10
*9 14 10
p1
p
0a
1
;
0
2158 2112 224 214 2212 6,300
Do Class A
2014 2018 2043 2078 *2012 2078 21
2
8
1012
100
64 1 5,800 Do prof
5938 5914 5914 59
59
55734 59
25
16118 16412 158'4 16212 34,600 Woolworth Co (F W)
1617* 164 1 16438 16534 16212 167
16214 164
29
*28
100
29 1 29
30
28
*26
29
600 Worthington P & M
28
28
•26
29
70
*65
100
•65
*85
70
67
•65
67
67
*65
Do prof A
.65
70
55
*51
54
1011
*51
Do pref B
200
54
*5512 504 555
5812 *55
5613 54
33
1,300 Wright Aeronautical_ _No par
3234 33
3212 3212 3212 3312 3358 3358 3338 3312 33
No par
5312 .5214 5312 *5258 5312 5278 53
700 Wrigley(Wm Jr)
05234 53
53
53
53
70
70
70 1 7012 7012 1,100 Yale & Towne
25
70141 70
70
70
70
70 1 *70
53312 3538 3314 3438 3138 3418 312,600 Yellow Truck & Coach___100
3338 347s 34
3514 344 30
100
200 Preferred
*108 10712 *106 10634 10618 10612 *104 1064 10412 10412'5104 106
90
8718 8812 8414 8834 8.600 Youngstown Sheet & 'I' No par
z88
88
8814 88
8812 8812 90
IS Ex-Dividend and Ex rights.
•Bid add asked -prices no sales on Chia day. z Ex-divldend
PAR SHARE
Range Since Jan. 1 1926
On basis of 100-share lots
Lowder
Matsui
$ per share 5 per share
4414 Mar 29 583sSept 7
47 Mar 30 694 Jan 4
40121u1y 26 481.0 Jan 4
24 Mar 3 3012Sept 3
103 Mar 3 114 July 2
1518 Aug 18 2838 Jan 2
324 Aug 25 544 Jan 4
107 Sept 9 1091211117 2
1938 Apr 13 2478 Feb 23
90 Mar 30 9912June 24
2688 Mar 30 3718June 28
103 Apr 12 14212 Aug 10
92 Apr 15 14712 Feb 2
I12 May 4 11718 Feb 8
3012June 14 33 July 1
43 Mar 31 5512July 17
22 Mar 31 3534 Mar 11
11 June 2 1714 Feb 19
72 Apr 20 8212 Jan 13
1834 Apr 19 3138 Feb 5
101 Jan 12 10.512Sept 1
51 Mar 2 69 Feb 8
5354 Slay 30 5751 Feb 9
6734May 19 924 Feb 4
80 Mar 2 90 Feb 5
5258May 14 6358SeDt 8
404 Mar 3 4638 Jan 2
11514 Aug 26 11918May 18
434May 21 1072 Feb 10
75 Mar 27 90 July10
6358Sept 3 9278 Jan 2
5978May 19 774 Jan 4
47 May 18 12 Sept 15
1144 Feb 23 12212June 23
112Ju1y 27
334 Feb 21
304 Mat 30 4114 Jan 4
1 July 29
44 Jan 8
1912 Apr 12 3478Sept 7
858 Apr 13 1738Sept 13
712May 14 1412 Jan 4
16 June 28 2078 Feb 4
11 Apr 5 1478 Jan 19
1078 Mar 31 16 Feb 5
48 Mar 30 58 Aug 31
11912 Jan 12 173 Aug 3
1218 Mar 2 1911 Jan 7
510 Mar 19 1035 May 27
2718 Mar 31 34 Jan 14
4214May 7 5012Sept 19
30 Aug 13 3914 Jan 25
90 Mar 31 103 Jan 25
4478 Mar 3 643.Sept 9
954 Apr 12 116l4Sept 15
103 Mar 3 118 Sept 15
8 Mar 4
512July 9
15 Aug 28 27 Jan 28
5118 Mar 30 6314 Jan 7
35 Mav 2 I
7114 Jan 5
7712 Mar 29 93 Sept 3
374 11111 20 58 July 13
8414 Mar 31 120 Sept 10
11314May 22 118 July 12
254 Jan 21 357k July 15
8318 Feb 4 10934 Aug 17
11478 Mar 4 125 June 30
134 Mar 30 171 Sept 8
5512Mar 6 59 July 8
98 "or 15 11812Sept 8
18 Sept 17 384 mar 2
90 mar 8 97's July 8
1358Mar 31 2814 Jan 5
52 Mar 30 7812 Jan 5
150 May 19 24812 Aug 3
10014 Mar 8 109 July 9
39 Mar 30 614 Feb 13
4578 Jan 2 5938 Feb 4
4538 Mar 30 82 Sept 17
9914 Apr 22 10712Sept 8
484 Mar 29 714 Jan 4
5014MaY 19 8814 Jan 23
10112 Mar 30 109 Jan 19
3658 Apr 21 497/ Jan 2
474 Aug 19 50 Jan 4
117 Apr 15 15958 Aug 17
12412 Mar 3 1301.June 11
5612 Jan 4 65 Sept 9
112 Mar 19 115 Ang 19
93 Apr 1 105 Feb 11
2814 Mar 31
29 Mar 3
4314Ju1y 21
...t)is
37 Feb 15
43 Aug 16
52 Aug 6
Oa J/112 15
2518 Feb 3
138 Jan 8
69 Jan 4
9818 Jan 6
50 June 10
3278 Aug 3
10314 Feb 10
2178 Aug 19
2314 Jan 27
195 Jan 2
8538 Feb 1
1104 Jan 15
6914Sept 15
52 Aug 30
8511 Jan 13
15778Sept 8
1392Sept 8
794 eel)
1912July 28
13
02
0„J;
38 illy 15
7
97 N eb 11
10 Sept 1
34July 2
39 Aug 31
85l July8
40 May 15
26 Mar 30
9434 Jan 29
17 Jan 12
12I4June 2
99 June 30
244May 18
90 Apr 15
12 June 11
4378 Apr 15
53 Apr 20
13412 Mar 30
1054 Mar 31
65 M ay 19
1334May'10
4
2714 Jan 17
884 Jan 6
9512May
108 Mar 25 114 Sept 11
2518 Apr 20 2934 Polo 10
5118 Apr 15 90 Feb 11
26 Mar 27 384 Feb 3
388 Jan 6
34July 22
Jan
9 lilt
I
9
14
1181:A7
rvi
Ma
ttv
y 20
1 2
1271;
6
S
je
up
lt
y 1113
42 May 19 64 Sept 16
1354Muy 19 222 Jan 4
2014 Mar 30 4434 Jan 6
66 Aug 11 80 Feb 2
53 Mar 29 65 Feb 24
244 Mar JO 3934July 16
47 Apr 3 5934 Feb 11
6012 Mar 4 724 Aim 211
20 May 24 393aSept 8
914 Apr 3 10712Sept 2
69 May 14 954 Aug 11
PER SHARE
Range for Previous
Year 1925.
Lowest
Hieltsal
8 per Was 5 per shah
40 Mar
;
- 11-2 81e-p-t
2158 Aug
994 Jan
1734 Sept
3114 Mar
10018 Jan
17
Jan
7834 Jan
2114 Mar
8014 Mar
62 Jan
9324 Jfill
92
284
10614
2634
5458
1064
2478
9418
324
14312
10918
11314
1.
Du8-e:
Der
Nov
Jan
Nov
Det
Feb
Feb
Nov
Dee
Deg
Dee
1318 Dec 24 May
7814 Dee 92 May
1512 Feb 3678 Sept
92 Apr 108 July
Oel
4014 Jan 61
5012 Mar 3612 Nov
62 May 88 Dee
81
Jan 8634 Dee
-3-3-8* Mar
11614 July
558 Aug
6214 Mar
55 Mar
61 Mar
4114 Jan
112 Mar
Oct
3
3818 Nov
2 Dec
20 May
57s Mar
1012 Jan
1934 Dec
11 Aug
738 Apr
4234 Jan
9712 Feb
1078 Aug
255
Apr
324 Sept
1614
99
3734
70
9318
312
244
3818
36
WI; Feb
119 Feb
16
Jan
82 Dee
9613 Dee
8958 001
6858 Nov
125 Sept
12 Mat
4378 Nov
64 Feb
4188 Jan
1512 0e1
2078 Sept
26113 SeDi
1614 Nov
16
55
12178
2388
657
8914
Dee
Dee
Dee
Feb
Del
Cot
13;
Nov 101
Oen
Mar 5938 Oct
Jan 10134 Not
Jan 1104 Nov
Sept
57a May
Jan
Sept 35
Mar 6514 Nov
Oct
API' 86
Ws; Feb
134 June
1171s Mal
3678 Mao
1154 Nov
13314 Dee
11078 Feb 16212 Oct
52
Jan 5818 Nov
-ii- Oct
94 Dec
11314 June
24 May
6014 Jan
115 Dec
-1/11-4Apr
944 Dec
26 Dec
65 July
1314 Apr
91 July
3018 Feb
23
Jan
7014 Dee
102 Dec
331j Dee
1034 Ool
5078 Feb
94 Feb
250 Feb
113 Aug
6314 Dee
4918 001
98
Oct
115 June
331k Mar
92114 Mar
30 Feb
44
Apr
1124 Mar
12214 May
514 Mar
10558 Apr
82 Mar
9711 Nov
10878 Nov
51 Dee
4914 Dee
1394 Nov
12658 Jan
5914 NOV
114. Sept
111 Nov
34 Aug
261* May
38 Aug
3484 July
-Ili Sept
1778 Dec
78 Aug
5614 Nov
9214 Nov
80 June
714 Jan
-2174
18 :11-ui
7ei
e
474 July
634 Dee
9512 Dee
46 Dee
284 Dee
WI; Aug
214 Dec
116 Apr
374 Mar
9412 Feb
1714 Dec
43 June
51
Apr
11614 Jan
97 Apr
61314 Mar
94 Apr
78 Mir
---- ----
-1-6•77, Jan
244 Dee
198 Dee
9511 Oct
112 Dee
278 Oot
012 July
10011 DSO
1444 Sept
144 Aug
84
JIM
2012 Aug
287_ 8 _De_ 0
---- ----
104 - -Jan in - itui
2512 Aug 314 Feb
5718 Mar 1044 Aug
334 Dec 4938 Aug
2 Dec
538 May
Al
:
l L
ail 12171 Doe;
1E14 -32-3T1 iiii" -6731
3514 Aug 7958 Jan
76 Nov 88
Jab
58 Aug 7634 Feb
16 Mar 3238 July
454 Mar 5714 Oct
62 Sept 7014 July
2278 Oct 4034 Oct
Oen
Oct 100
90
63 Mar 9212 Nov
New York Stock Exchange—Bond Record Friday Weekly and Yearly
1487
Jan 1 1909 the Rs-change method of gaoling bonds was changed and prices are now and intersst"—except for income and defaulted bonds.
BONDS
51.Y STOG't5 EXCHANGE
Week Ended Sept. 17.
U. S. Government.
First Liberty LoanD
334% of 1932-1947
ID
Cony 4% of 1932-47
ID
Cony 411% of 1932-47
241 oony 412% of 1932-47
D
.
Second Liberty Loan—
As of 1927-1942
N
Cony 415% of 1927-1942
N
ThIrd Liberty Loan-VI S
484% of 1928
Fourth Liberty Loan4)4% of 1933-1938
•0
Treasury 4155
1947-1952 t o
Treasury 413
1944-1959 ID
Treasury Ms
1946-1959• State and City Securities.
Y City-4148 Corp stock 196)
Xs Corporate stock
1964 ▪ E
6148 Corporate stock
1966
£34s Corporate stock
1972 A(
4558 Corporate stock
1971 3D
4348 Corporate stock _July 1967
J
4345 Corporate stock
196' ID
914s Corporate stock
1963
IC Corporate stock
1959• N
4% Corporate stock
1959 MN
4% Corporate stock
1957 111
4% Corporate stock
1956 N N
4% Corporate stock
1957
4% corporate stock
N
1931
N
4)4% Corporate stock _ _ _ _1957
434% Corporate stock _ _1957 M11 N
834% Cor orate stk_May 1954 M
311% Corporate stk_Nov 1954 M
3348 corporate stock
1955 MN
NewVnr2r qtate Canal Im_49105' I J
de Canal
1960 -- 48
11814
As Canal
1942 1
{Ms Canal Rapt
1964 1
*Highway Impt register'd1958
Highway Improy't 434s 1963 vi
Virginia 2-3a
1991 I 1
Price
Friday.
Sept. 17.
Bid
Week's
Range or
Last Sale
..18) tow
1001142 Sale
100144
1013103 Sale
100242 Sale
Rang.
Since
Jan. 1
Hie V o
Low
2
-
1013 2 Sale 1013a, 1013a, 1149 100"st 011.si
10242 Sale 102las 102,2, 1654 101ou 03.4,
10714,Sale 10713,2107231, 59 1061n 08 2s,
103142 Sale 1031811103233, 64 (02.8s,042001
101144. Sale 10113,210118
" 44 001.a, 02'n
10014
10112
10112
102
10614
10618
10618
106
98%
-- 10038 Sept'26
102 10218 Sept'26
102 10238 July'26
Sale 102
102
10678 10558 Apr'26
106 10614 June'26
10658 106 Aug'26
10638 10534
10534
98% 9834
9884
99 Aug'26
987s --_- 9812 Aug'26
____
9714 Mar'26
974 Apr'26
99 Mar'26
i)T4 1-66 10512 July'26
10514 106 10538
10532
8914 ---- 89 Aug'26
8938 July'26
89
Apr'26
10158 Jan'26
10212 Aug'26
102 May'26
101 18 Mar'25
102
Apr'26
10178 Mar'26
11014 May'26
7612 Feb'25
Foreign Govt. & Municipal's
Argentine (Nat Govt of) 75_1927 F 5 10058 Sale 10012
8 I lia of June 1925
9812 Sale 9812
19511 1 1Exti s lea of Oct 1925_ _1959 t
1 o 9834 Sale 9812
Sinking fund 89 Ser A_ __ _1957
S
9918 Sale 99
External 613 Series B_ _ Dec 1951- I
9814 Sale 9812
Extl s f(is of May '26 rcts_196..•7s
99 Sale 9818
Argentine Treasury 58 E__ _ _1945 m
9214 Sale 92
Australia 30-yr 58_ _ July 15 1955 I
9812 Sale 9812
Austrian (Govt) s 1 79
1943 1 1 1024 Sale 10134
4
3
5
3
ion%
9914
44
79
9938 149
9912 161
9914 43
9938 84
81
9212
9834 108
102% 86
Belgium 25-yr ext 51 7145 g_1945.
I. 10814 Sale 107% 10812 77
20-years f 88
1941 FA 10758 Sale 107% 107% 37
25-year ext 614e
1949 MS 9318 Sale 9212
9314 71
Extis f6.
1955 1 2 87 Sale 8634
8714 124
96 Sale 9578
Extl 30-yr s f 79._
9712 223
195.5 IL
Bergen (Norway) a1 8s
11312
3
194/ MN 11312 Sale 113
25-year sinking fund 69_1948 to 101 10138 101
_
Aug'26
9412
9434 527
Sale 9312
Berlin (Germany) 834s
1951 4(
•
Bogota (City) ext'l s f 88_1945 to 10234 Sale
10334 23
Belly% (Republic of) 89_ _ _1947 hi!' 10312 Sale 103
10334 77
8758 Sale 8814
Bordeaux (City of) 15-yr 69_1934 MN
89
84
Brasil U S. external Rs_ _ _1941
L 10458 Sale 10412 10434 43
External s f 6 SO of 1928_1957 A 0 8914 Sale 89
8934 291
75 (Central Ry)
D 954 Sale 94%
1962
9612 99
7149 (coffee eecur) E(040-195', t o 10758 Sale 107% 10734
2
Bremen (State of) exti 75_1935 MN
9914 Sale 9914
53
9912
Buenos Afros (City) ext161451955 1 J 100 Sale 100
10018 40
Canada (Domlnion of) 6s
33
1931 • U 10134 Sale 10134
102
10-year 514a
'
1 F A 102 Sale 101%
192
10214 65
68
1952 MN 105 Sale 10434
10512 133
4119
9818 Sale 98
18
1936 FA
9838
Carlsbad (City) 9 f 88
1954 • .1 10212 103 103
10314 12
Chile (Republic) eat' 9 f 8a 194) FA 10814 Sale 108
10814 19
External 5-year 5 f 8a__ _1928 40 101 Sale 100%
19
101
217-year eat! 78
1942 MN 101 Sale 101 18
10114 39
25-year e f 89
7
1948 MN 108% Sale 108
10838
Chile Mtge Bk 8145 June 301957 • D 96 Sale 95%
9612 48
S f6328 of 1928_ _June 30 1961
9914 Sale 9914
1
9912 32
Chinese (Hukuang Ry) 5a_ _1951
D 37% 3834 37%
49
39
Christiania ((Solo) 30-vr s f asion4 MS 101% Sale 101
9
10134
Cologne (City) Germany 814s '50 MS 9458 Sale 9312
94% 117
Colombia (Republic )(1
_ .1927 40 100% Sale 100% 10034 11
Copenhagen 25-years f 5145_1944
J 99% Sale 99% 10012 52
Cordoba (Proy) Argen 79_1942
J 9818 Sale 97%
9818 22
Cuba 59 of 1904
10012 10112 10112 101
1944 M
9
External 59 of 1914 Sep A_1949 I A 102
_ _ _ 10154 10134 12
External loan 4148
194) FR
94 Sale 94
9434
Sinking fund 5149
1953 I J .10112 Sale 101
10112 49
Caschoelovak (Repub of) 85_1951 •( 10312 Sale 10234 103% 30
Sink fund 8a SerB
1952 to 102% 103 10234 10314 21
Ext'l e f 714a Ser A
1945 to 10134 Sale 10134 103
203
5
111 11114 11114
11112
111 111 14 11078 11112 32
104 10412 104
105% 60
9534 Sale 9512
95% 37
10214 10212 104 Sept'26 ____
9712 Sale 9712
62
98
98 Sale 9714
42
98
10518 Sale 10514
71
10518
74
10518 Sale 10518
10512
10312 Sale 10338 10312 29
10312 Sale 10314
10438 43
10812 10938 10812 10914 81
8914 Sale 8918
8934 46
99% Sale 9834
99% 246
9334 Sale 93%
9412. 6:3
9414 Sale 9312
78
95
10412 Sale 103% 105
418
98% Sale 9812
232
99
9278 Sale 9234
93% 608
104% Sale 104%
10514 386
9912 Sale 9912
9934 176
99% Sale 9912 100
27
105 Sale 104%
10518 92
11814 Sale 11818
11838 82
10012 Sale 10012 10124 69
89 Sale
8834
12
89
9914 Sale 9834
9914 42
3
10018 _ _ _ 100
101
9614 Sale 96
97
145
73
9914 Sale 9914
100
100 Sale 100
10014 55
924 Sale 91%
9234 2505
8934 Sale 894
8934 189
9818 Sale 9778
9838 596
94 Sale 93%
124
94
97% Sale 9718
9712 70
8712 Sale 8712
37
89
88 Sale 88
89
40
30 Mar'26
384 Sale 3512
3612 29
Due Awl. 91,388 NOV.
11011018 sa/II.
Danish Con Munich)89 A 1946 F A
Serl.eBsf8s
1949 F A
Denmark en.vear Cs
1949
DeptofCaldaa(Colombia)7148'46 J J
Dynamite.!cep l.uu Auu•alas 0, Fe
Custom Adminlatr 534s1942 hi)'
Dresden (City) extl 78
1945 • N
Dutch East Indies eat]69
1947 J 2
60-year 69
1962 M
80-year ext1 5748
1953 M
80-year esti 5149
1953 '414
El Salvador (Rep) 88
1948 1
Finland (Rev) en! ea
1945 M
External 51 78
1950 MiFinnish Mun Ln 6;45 A__....1954 t e
External 8145 Series B_ _1954 t o
French Repub 25-yr Ertl 89_1945 MS
D
20-yr external loan 7)0..1941
External 75 of 1924 ._ 194, 1 0
German Republic extl 78_1949 4°
German Cent Aerie Bk 75- _1950 M
N
1954
Gras (Municipality) 8s
Ot Brit & Del(UK of) 5145_1937 FA
10-year cony 514e
1929 F
Greater Prague (City) 7145_1952• N
Greek Govt 75
1964 M
Halt' (Republic) s I 68
1952 • 0
Heidelberg(Germany)ext 7148'54- 1 J
Hungarian Munk!Loan 73.4.3945 1 J
Hungary (Kilned oil f 714a 11144 ✓ A
Ind Bank of Japan 8% noteal927 ✓ A
Italy (Kingd of) exel 7._ _ _ _1951 I 0
Japanese Ciovt Z loan 49
1931 1
80-year f 61421
1954 F A
Oriental Development 89 196,WI
Leipzig (Germany)sf 79____1947 P A
Lyons (City ofi 15-year 69 1934 • N
Marseilles (City of) I5-yr 89 1939 '414
Mexican irrigation 43-4s. _ _194) '453
104q
Mos.'s...,• 1 4 U•
$5=.1. 6
July.
99..11 00"as
10014, 101
100 101
100% 10214
10013 10238
10084 10134
10512 10558
1047s 10638
104% 10634
10412 106%
9734 99
97% 99
97% 99
9714 9714
9714 9714
99
98
10412 106
10414 105%
87% 8912
8814 8938
8834 89
inns.
10222 10212
2024 304
102 1-1-613
10178 101%
11014 11012
Price
Friday.
Sept. 17.
at
H1OS
100213,101,32 407 991311 01...,
10011132Aug'26
99.1u 0111s0
10125,2101n 86 101 1111 0220s,
1001.3,100"a, 414 10017n 0218ss
100 10094, 1001.a,10018,2
10011,1100un 10021025ept'26
BONDS
N. Y.FrrOcE EXCHANGE
Week Ended Sept. 17.
Maxim)(US)erti 58 011899 Z.545 Q
AmsentIng 58 of 1899
1945
Assenting 6e large
Assenting 5a small
Gold deb 411 of 1904
1954 3D
Assenting 48 of 1904
Assenting 45 01 1904 small__
Assenting 48 of 1910
13
Assenting 48 of 1910 large__
Assenting 451 01 1910 small
Treas 88 of'31 assent (1arge)'33
Small
Montevideo 79
1952 JD
Netherlands(ia (flat prices) 1972
S
30-year external Os (11a:)...1954 • 0
Vorway 20-year extl fie
1943 P A
20-year external 138
1944 P A
30-year external (35
1952 t o
40
-years f 5149 temp
1965 11)
Oslo (city) 30-year 5 1 69_ _ _1955 MN
• Sew.
West.
.
Range or
Last Sale
84,44.
Jas. 1
Lon
few
H4/9
HUM f
42% 65
50 Aug'26
34% 50%
45
4674 47
38
4884
42 Aug'26
3712 May'25
2738 34
34 July'26
74
204 am
29
Hit 811;1-.
e 28
2314 Aug'25
2558 Oct'25
2838 -29
2812 47 ▪
-3-477i
2734
3111
22
9
26
25% Sale 2534
39% 5214
4614 42
46 Sale 44%
23
374 534
46
46 Sale 45
96 102%
10012 Sale 100% 10034 39
10714 Sale 10712 10714 37 106% no
10414 92 10814 1047s
104 Sale 104
994, 10278
10114 38
10114 Sale (01
10034 Sale 10034 10138 92 WO 10214
10112 28 100 10213
10114 Sale 101
86
99
95 99%
9834 Sale 98%
98% 101%
18
101
101 Sale 100
94e1
Aal
5112 79
4634 Sale
4614 Sale
10334
11378
105
10412
10234
10238
10434
102% 12
10378 12
10014 99
70% 31
255
90
8
10378
11378 27
105,
4 30
30
105
16
103
8
10212
10514 10
10012 103
10112 105
97 101%
70%
61
eals 91
98% 103%
11013 11414
104% 108
9885 106
Ong 104
97 102%
103 107
10514
105
10514
9412
90)4
93%
8512
104%
10358
11338
10312
7514
9934
9012
10812
9534
6
10534
105,
8 21
105% 31
63
97
914 273
943
, 257
86% 30
18
10514
29
104
61)
114
63
104
46
76
10012 28
20
91
14
1091/
984 109
L901 108%
10214 10°4
.0112 106
9413 0719
9112
54
57% 91%
81
87
50312 105%
,6113 10515
113 11714
LOA 106
87 77
•914 10115
90
04
0711 111
96
97
10314 -- 10338 Aug'26
10012 102 10038 July'26
6
86
86 Sale 8534
8312
_ 8312 Aug'26
1
9414 Sale 944
9414
7
78%
79
7818 79
92% Sale 92
92% 209
1
90
90 Sale 90
8712 ____ 8712
874 11
_
8734 Sept'26
8214
5
88
8712 Sale 874
_
8212
_ - 85 Sept'26
2
89
88
8812 89
4
88
8814 Sale
8814
84% 8734 8734 Aug'26
2
99% Sale 99
99%
5
88
8934 8912
8912
8912 10
____ 9034 8912
6
97
9612 -- 9612
10314 -- 10312 Anr'26
9738 9734 9714 Aug'26
1
10234
10234 10312 10234
8512 July'25
93'2
9318 Sale
7
9312
105 105% 10512 10512 10
97i4 Sept'26
9112 20
91
9112 9114
7938 Sept'26
79% 80
2
72%
72 Sale 72
6
8112
8112 Sale 8138
10134 ---- 102 July'26
10178 1035s
100311 102
8418 2691
82% 86
92% 96
7578 8213
89% 94
8814 91%
94% 5584
87% 8741
&Its 59
8314 86
84% 89711
84% 8978
83% 8744
98% 100
86% 89%
8802
9114
9174 46
1
8918
8918
9824
9658 171
9512 Sept'26
98
98% 77
65
10258 103
102% 10314 94
10634 10712 50
91i4
91% 24
10014 10034 68
1:3
8012
8014
9712
9818 189
6214 Feb'26
9512 July'26
94 Aug'26
80 Aug'26
90%
9058
3
77 Sept'26
2
954
9514
10314 Aug'26
_
91
9112 44
8714 Feb'26
2
10058 100%
8914 9213
88% 9013
9884
94
88% 94%
8312 98%
10214 105
10211 103%
04 109
8989 92%
98 102
7414 81%
97/
1
4 9514
01
6214
en
9571
94 94
82
80
sti-78 911s
7278 7914
9814 9384
10175 183%
87% 92
8714 8714
1.00% 101%
10312 --10312 10378
100 Sale
7034 Sale
Panama (Rep) extl 510_ _1953
D
Peru (Relief) external 8s
1944 t o
Exti sink fd 714s temp
N
1940
Poland (Rep of) gold 6s
1940 • C
Ertl sink fd g 85
1950 J
Porto Alegre (City Of) 8s
1961
D
Queensland (State) ext 5 f 75_1941 t o
25-year external (Sa
1947 FA
Rio Grande do Sul extl f 813_19411 t
Rio de Janeiro 25-yr 51 8s_1949 t o
25-yr extl 89
(
1947 •
Rotterdam (City) extl 89_1969 MN
1111211414
105 10534
10412 Sale
10278 Sale
102 10212
10434 105
Sao Paulo (City) 5 f 88
1952
N
San Paulo (State) ext f 85 193f 1
External 5 f 85 tot rects 1951,
J
External water loan 7s
1951 • S
Seine (France) extl 78
1942 1 2
Serbs. Croats & Slovenes 80.1962 M
Solmons (City) esti 65
1936
N
Sweden 20-year 65
1939 I
External loan 5345
N
1954
Swiss Confed'n 20-yr of 88 1940
Switzerland Govt ext 5%a_ _1941 •(•
Tokyo City 58 loan of 1912 _ _1952 AI
Trondhlem (City) extl 614s 104' T
Upper Austria (Prov) 78-1945 3D
Uruguay (Republic) ext 89_194, CA
External s f 68 lot rcts
1960 MN
105% Sale
10514 Sale
10514 Sale
9412 Sale
90% Sale
94)4 Sale
8512 Sale
10434 Sale
104 Sale
11312 Sale
103% Sale
75,2 Sale
10012 sale
9012 S lie
10812 Sale
9534 Sale
10012 10215
911%
96
9578 100
9814 100,4
95% 9534
99
,
8
98
Railroad
9314 Ala Gt Sou 1st cons A 58_1943 Jo
85
961s 9912 Ala Mid let guar gold 58____192S Mill
100 103
Alb & Buse cony 3345
1946 Ac
Alleg & West 154 g gu 4s__ _1991' • 0
105 11114 Alleg Val gen guar g 48
1942 M 1
1083
8
10584
Ann Arbor 1st 848
July 1995 Q J
95 (kWh Top & S Fe--Gen e 4a..1995 40
85
8115 8778
t o
Registered
973
4
91%
Actluetment gold 4s July 1995
11214 115
Nov
Registered
8
98 101,
Stamped
July 1995 hi-'
4
85% 94,
MN
Registered
9684
Cony gold 45 1909
1957 3D
5812 1041s
Cony Is 1905
1955 • D
8114 5912
Cony g 49 issue of 1910
196( '17
10012 ills
East Okla Div 1st g 48.„192S MS
8912 90
Rocky Mtn Div 1st 4s
J
1965
8919 9812
Trans-Con Short L 1st 49_195S J J
1038s 107%
Cal-Ariz 1st & ref 414e A.1982 ▪ S
9212 9912 Atl Knox,& Nor 1st g 5s_.19441 J O
0714 10184 Atl & Cheri A L 1st A 4149_1944 J J
,
10114 103,
1st 30-year 5a Series B.__ _1944
101% 103% Atlantic City 1st cons 4s___ _1951 I J
101% 10558 Atl Coast Line let cons 48..81952 88
9784
10-year secured is
193)) MN
10114 104%
General unified 414s
1964 • D
10714 109%
L dr N coll gold 4s____Oct 1952
N
10014 10284 Atl & Danv 1st g 48
.1
1948
100 10212
2d 4s
1948 I .1
107 109% Atl & Yad 1st g guar 4a
40
1949
94% inzi? Austin & N W 1st gu st 59_1941 I,
9014 9912
37% 48,8 Salt & Ohio 1st g 49____July 1948 40
9S) 1021,
Registered
July 1948 Q J
91
9413
20-year cony 4149
1933 MS
9914 He kl
MS
Registered
9814 101
Refund 92 gen Si Salm A.1995 3D
9584 9978
1st g lis
1948 40
98 102
10-year 69
1
1929
: Ref & gen (le Ser 0
98 1021
1955 3D
88% 10114
P L E dr W Ye Sys ref 49_1941 MN
.0012 103
Southw Div 1st 5e
1950 ii
994 10334
Tol & Cln Div 1st ref 48 A_1959
9984 104
Ref & gen 58 Series D
2000 • s
9878 103
Battle Cr & Stur 1st gu 3s_ _1989 JO
Beech Creek 1st gu g 49_ _ _1938 .1 .1
10814 11214
3D
Registered
10812 112
Beech Cr Ext. 19t g 3149____1951 40
,02 1051
: Big Sandy let 49
1994 ID
9512 96
Bost & N Y Air Line 1st 48_1955 P A
i9L,3 19312 Bruns & W 1st gu gold 48_1938
937 991l Buffalo R & P gen gold 5a 1937
S
9214 9888
Conaol 4148
1957 MN
10384 10618
Registered
MN
1034, 10612 Burl C 11 & Nor 1st 58
1934 40
10112 104i,
102 1095 Canada Sou cons gu A 59_1982 40
103 10914 Canadian Nat 4149..Sept 15 1959 • S
84% 90
5-year gold 414e_ _Feb 15 1930 FA
9412 100
Canadian North deb 5 f 78_19411
D
894 9412
20
-years f deb 6145
J
1948
8914 95
10-yr gold 414e._ _ _Feb 15 1935 FA
9812 105
Canadian PaC Ry 4% deb stook J J
9212 9934 Carb & Shaw 1st gold 4s__. _1513Z MS
se% 9414 Caro Cent 1st con g 45
1949 • D
1013s 105, Caro Clinch & 0 1st 3-yr 58. lox- • D
94 10014
let & con g ea Ser A
1952 3D
9618 100
Cart & Ad 1st gu g 48
198, ID
10314 1061, Cent Branch U P 1st g 49_1948
D
117% t i 9
Centml o(Ga 1st gold 59___3/1945 P A
927 10214
Consol gold 59
1945 MN
84
8914
Registered
MN
9581 9918
10-year scour 139June 1929
D
9614 101
Ref & gen 5149 Set B
1959 AC
8434 100
Chatt Div Dar money g49_195,
D
9314 192
Mac & Nor DM 1st g 59_1948 j
99.14 10078
Mobile DIVISIOD 58
19* 3,1
81318 tle% Cent New Eng 1st gu 49
1961 1 J
8342 90'. Central Ohio Reorg 4145.....193o MS
92% 9838 Cent RR & B of Ga coil g 88.1937 MN
55
94
Central of N J gen gold 59_1987 J j
95
98
Registered
1987 Q J
5112 8912 Cent Pee 1st ref 611 (1 48___ _ 1949 FR
8112 89
Mtge guar gold 310
317
4192)si
30
Through St L let gu Is _1954 AC
2834 40
Guaranteed 4. as
10/Ut V
8978 Sale
103
,
4 Sale
9134 Sale
8918 Sale
96% Sale
_
9838 Sale
10258 Sale
10314 Sale
10712 Sale
9112 9234
10038 Sale
8014 801
9734 Sale
6238 -9434 9612
7812 - - 9058 Sale
76
761
9514
10338
91 Sale
90
88
100% Sale
10214
10312
100
7014
8912
10414 104% 10378 10414
9434
9478
9834 Sale 9834
9834
11512 Sale 115
11512
11738 11812 11738 118
97
974 97 Sept'26
84 Sale 84
8578
9414 July'26
9312
8412 8514 844
8412
10238 104 10218
1021,
10712 10734 107
10712
87% 89% 89 Aug'26
8258 8334 83 Aug'26
106
10578 106
10338 10334 103% 1034
100 102 10118 Feb'26
10212
10212 10238 1021g
1041,
10358 Sale mpg
8812
___ 8812 8812
i0334 Sale 10314 July'26
Mar'26
1013
8
10014 - -753,
7538 Sale 75
9958 May'26
9812
9912 100 Sept'26
111
11034 Sale to34
10912
10914 110 l0914
9112
91 Sale go%
9714
9714 -- -- 9714
8712 8q12 88 Jul v.211
10031 Sale
10934
101 ,
1
7
10
10
9
23
298
3
5
7
2
17
12
11
1
16
7
4
37
1
16'3
ova 99%
1034 low,
9654 9812
102% 10484
Ver
20518 107
93% 98%
90% 94%
76
82%
76
65
7814 83
10038 102
02% 105%
9314 9584
9814 9913
14% 11714
11678 118%
9619 9314
88% 864
9414
94
8112 8412
10378
107 10912
8184 90
7912 84%
1031s 108
10212 104%
101% 101%
10214 10372
10178 10814
8611 8813
100 10:14
10138 10,98
7534
68
98,2 99%
98% 101%
10815 113
108% 111%
8871. 9114
9684 9713
'
590
2782 102
1488
BONDS
11; Y.STOCK EXCHANGE
Week Ended Sept. 17.
Charleston & Savannah 78_ _1939 J J
Chee & Ohio fund dr impt 58_1929 31
let consol gold be
1939 MN
Registered
1939 MN
General gold 4349
1992 M
1992 M
Registered
00-year cony 434e
1939 FA
30-year cony secured 59_1946 AC
AO
Registered
Craig Valley let g 58
.1
1941
Potts Creek Branch let 48_11/40
J
Ft & A Div let con g 49._ A989 J J
2d consol gold 4e
1981 .1 J
11 arm Springs V lot g 5a....1941 M
Me dr Alton RR ref it 3s
1949 J. 0
Ctf dep stpd Apr 1926 int.. _
24241wa1, first lien 334s_ _ 195( 1--7
Ctts dep Jan '23 & sub coup
Chic Burl & Q—Ill Div 3348.194( Ii
1 .1
Refestered
Illinois DIvision le
1949 1
Nebraska Extension 4e.. _.i927 MT'
M
Registered
General 48
195 M
M
ReaWere&
lot & ref 6s series A
1971 FA
Claicaeo & bac 1.. le 69_ _1934 t
& E III Ry (new ea) gen 6e. 1951 MR
Chic & Erie let gold 5e
1982 '4 ,4
S
Chicago Great West let 48_195(
Chic Ind & LouIsy—Ref 69_1947
J
J
Refunding gold 55
1947
Refunding 4a Series C
1947 11
General .5.2 A
10e0 MN
General 8s B
May 1960 1 J
J
Ohio Ind & Sou 60-year 4s_ 1954
13
Chic L S & East let 434e___106(
J
0 M & Puget Sd lat gu 48-194
(
Certificates of deposit
Ch M dr St P gen g 4s8er A.41989 1 J
J
General gold 334s Sot B__e1989
Gen 434.4 Series C.__May 1989 J J
Registered
Gen & ref Series A 4348__a2019 A
Certificates of deposit
Gen ref cony Ser 13 be_ __a2019 PA
Certificates of deposit
1931
let seo 138
E
1932
Debenture 4)4s
Certificates cf deposit
192/ Jr
Debenture, 48
Certificates Of depoelt
1939 I .1
I5-year deben ore 45
Cerfificates of depos1t___ _
197( .1--1
Chic A Mn Riv Ply 58
1987
Chic & N'west gen g 3348
Q
Registered
General 4s
1987 MN
Q F
Registered
laR^ MN
Stamped 4s
Gen 44isstpd Fed Inc tax_1987 MN
lieneral 58 stamped
1987 MN
Stilling fund its
1879-1929 t 0
AC
Registered
Stoking fund be
1879-1929 A0
Registered
1879-1929 AC
1933 M
Sinking fund deb 150
MN
Registered
1930 313
10-year se--ured 7s g
B
1036
IS-year secured 634s g
May 2037 3D
let & ref g 55
J
Chic RI & P-1-24Itta5 gen 4819139
Registered
1939 All
Refunding gold 4s
C
Registered
Ch St L & NO Mere Div 45_1951 1
1932 AO
C St L&P 1st cons g 512
D
Chic St P Si & 0 coos es _ _ _1931
Cone 59 reduced to 334e 1930 'I)
1930 M
Debenture be
_
Stamped
Chic T 11 & So East let bs_ _196( 1 D
Dec 1 1960 M e
moguls
Chien]Sta'n let gu 43,A_1963 1 1
1963 1 J
lat be Series B
D
1949
Guaranteed g be
1983 1 .1
let 6345 Series C
Chic & West Ind gen g 135__D1932 Q M
1951 J J
Coned 60-year 45
1962 M S
let ref 5349 ser A
1952 MN
Cttoc Okla & Gulf cons 58
J
Gin H & D 2d gold 434e___ _1937
CI St L & C lat g 4B___Aug 1931 Q
Aug 1930 Q
Registered
1942 N4 Ps
CM Leb & Nor gu 44,11
192S 31
Cin El & CI cone lat ft 5a_
Cleve CM Ch & St L gen 49_1993
.1
1931
20-year deb 43,412
1993 in
General 5,2 Series B
192( 1 J
Ref & impt its Series A
1
1941
58 Series C
1963 ii
Is Series 1)
J
Cairo Div let gold 4s_ _ A939
W & M Div 1st g 41991 1 J
St L Div let coil tr g g 4a 1999 MIS
MN
Registered
SD,& Col Div lat g 4a_ ___194( M S
J
W W Val Div 1st g 4s ____104(
J
(ICC& I gen cons g 6e _ _1934
Clay Lor & W eon let g 55_193) t
J
Cleve & Mahon Val g 68_1931'
.193, M
& Ma- ler an sr 4 tis
Cleve & P gen gu 434sser B.1942 AO
1942 1 J
Ser A 43-48
1191,- M N
Series 9 3195
195( S's
Series D 335s
Cleve Sher Line lot go 430_1961 562
Cleve Union Term 534e_ _ _ _1972 AG
1973 AC
let e f bs Per B
L
1941
Cool River Ry let gu 48
Colorado & South 1st g 45_1929 FA
Refunding dr exten 434s.._1935 MN
1941' AC
Col & H V Ist ext g 4s
1951 PA
Gel & Tol let ext 45
Conn & Possum Fily let 41_. 11)47 AC
1930 F 14
COnsol Ry deb 48
1954 1 J
Non-cony 45
J
1956
4s
Non-cony debenture
J
Non-cony debenture 49.1959
J
Cuba RR 1st 50-year 58 g--. 1951
11
1031
lst ref 7342,
1936 ID
Ietlien&refitseerB
.2
1949:
Cuba Northern lty let 6s
New York Bond Record—Continued—Page 2
Price
Friday,
Sept. 17.
Week's
Range or
Last Sale
BONDS
N.Y.STOCK EXCHANGE
Week Ended Sept. 17.
Sw
Pries
Priddy,
Sept. 17.
Week's
Range or
Last Sale
4-4
High
HOP No,
Bid
bolo
Ask Low
/Hoe No Low
974 _ _ _ _ 9778 June'26
11812 Aug'26
11812 11812 Day & Mich 1st cons 434.2___1931 1 .1
4 89
92,
9234 Sale 92,
8
1 4.0014 10112 Del & Hudson 1st & ref 4e___1943 05 N
10112 10112
12114 385
11 10288 10558
8 104
103,
5-year egey be
10
3
1935 A 0 118 Sale 11718
31
10214 Aug'26
10114 10314
1937 MS 10384 10412 10312 104
5
23
10914
97
10-year secured 7s
96
92
1930 J ID 109 110 108
96 Sale 9512
9414_ _ 95
Apr'26
9018 July'25
RR & Bdge
it_ I930 F A
gu
2 0970 Den & R G—let eons g 49_1930 3 .1
W71,0 6;le 8912 90 41
984 Sale 9812
9834 110
9312 Sale 9312
934 23
153 Aug'26
124 153
1936 1 J
Consol gold 430
105
994 13
13912 July'26
129 1434
1929 1 13 9918 9912 99
Improvement gold 5s
7034 Sale 7034
7112 246
10018 10214 Den & R G West gen be.Aug 1955 M
_ 10018 Aug'26
io5 8
41
39
1
39
88
39
Dee M & Ft D 1st gu 48_ _ _ _1935 J
83
8512 -8-84 8618 Aug'26
8544 8858
364 44
40 Aug'26
Temporary tufa of deposit
874 8814 8858 Aug'26
__ 9634 Aug'26
9378
8712 Aug'26
8578 87
824 87,2 Dee Plaines Val 1st 4.39s_ _ _ _1947 NI N
9834 102
_ 102 July'26
9912
7184 -75
71 June'26
Get & Mack—let lien g 49__11/
4
1
14
65
1
67
65
714
65
Gold 48
G
70 7012 Aug'26
65
6914 -12
9634 Sale 9634
70
64
9
5
Detroit River Tunnel 4345 1961 M N
6914
964
6914 70
6914
_ 10414 Sept'26
6012 94
missabe dr Nor con 5s _1941 J ./
514 01
6012 Sale 6012
102 10212
- - 10212 Aug'26
5
51114
& Iron Range 1st 5s_ _1937 k 0 103785914 Sale 58
51
59,4 99
8344 87
5
85
2
85
1037 1
Dul Sou Shore & All g be
8518 8614 864
8614
8412 8484
8412 Feb'26
914 9412 Eget Ry Minn Nor Div let 48.'48 A 0 9084 93
1
91
2
9312
91
9312 Sale 924
9014 10014 East T Va & Ga Div g be
195
5
N4.J
0 7
36
6
101
100
04 101 Sale 101
994 ____ 9978
10584 106 10112 Sept'26
9912 Mar'26 Cons 1st gold 59
9912 99,2
10114 10412 10412 June'26
1/04 9312 Eigln Joliet & East 1'g be_ _
2
924
9218 9212 0218
1901 1,
104
10414 Sept'26
9238 Mar'26 9118 924 El Paso & S W 1st 65
10738 Sale 10714
9
19:i
10738 10
10578 36 10258 10618 Ere lot zonso1 gold 75 ext_ :
10578 Sale 10558
80 Sale 794
2 10358 10712
1st roma g 48 prior
8014 110
105 10712 10512 10512
Registered
7778 207
7112 Dec'26
774 Sale 7714
734 794
10512
6 10158 10618
lot consol gen lien g 4a___ _1991 0 3 7112 Sale 714
10512
_ _ 10512
7112 83
644 794
Registered
133
70
684 Feb'26
6912 Sale 6912
-674 98 9752 9758 17
94 F
Penn col, trust gold 4s __ 1951
i
9
1104 11314
915J A 0
11
7558 Sale 7512
11314 Aug'26 _
5, year cony 49 tier A
7614 24
11338
1024 Aug'26 _
9
754 Sale 7512
101 1034
10278
4
76,
n.dro sully
7958 904
Be 45 Se
8112 Sale 8114
B ries D _ _ 1953 A C
8134 79
_ 9038 Sept'26 _ _
9038
1
Erie &Jersey let sf 6s
11058
9104
92
1956 I J 11058 111 11058
994 -0912 9934
9012 II
3
6 10314 10834
Genesee River 1st s 1 be_ _1957 1 J 10934 110 10934
10734
10934
10612 10714 10612
8312 92
Erie & Pitts go g 334914
894 92
8818 91
9012 Aug'26 - _
89 June'26
9614
95
1
_
Series C 3S48
1 7
96 June'26
1949
8818
1 )
8818
1 881s 91
9614- 449
5318 60
47 6434 Est RR exti
8 5278
8818 Sale 8712
7s
89
5178 54-71954 %I N
1
4578 644
54
53
53
53
10012
834 44
8 87
31 j
81,
1 12
Fia Cent & Penn let est g ba_ 1
834 Sale 834
4I
094 Apr'26
7014 7434
0011301 gold 55
10034 - - - - 101
_ _ 7312 Aug'26 _7312
Aug'26
14
9214
Florida East Coast 1st 430_ 195
113
98
9184 Sale 9134
4 .1
79
9038 95
is4 13 OS Sale 9714
9114
91
&1st ref 58 Series A
9114 Apr'26 _
994 Sale 9814
9912 124
5484 Sale 5488
5518 83
4814 5614 Fonda Johns & Glov 43412
4
6018
1052 M N 6018 Sale 604
55
4714 5514 Fort St U D Co 1st g 4348.__1941 J J
115
544 Sale 5414
9214 9514 9014 Dec'25
4712 5514 Ft W & Den C 1st g 634s
544 Sale 54
5412 100
1961 J D 10634 10734 1064 Aug'26
5418 Sale 535s
5614 Ft Worth & Rio Gr Ist g 45_ _1928 J J
47
9714 9734 9714 Aug'26
5414 130
11 II)? 106
10414
10358 Sale 10358
From Elk & Mo Val 1st es_.,1933 A 0 1074 108 10812 July'26
4
,
55
47
534 Sale 5334
5418 76
10012 101 10012 Aug'26
5414 114
464 554 GII&SAM&Platbe
5334 Sale 5358
994 10014 10012
10012 20
5418 37
4555 5512
121I
544 Sale 54
extens 58 guar
NJ
467s 55,2 Galv lions & fiend lift 5s
1
5418 77
1933 A C 0612 97
9612
5334 Sale 5312
9612
98
4712 5514 Ga & Ala Ry let cons 5s____o1945 I
1
9834 98
5412 41
98
54
5484 54
5512 Gs Caro dr Nor 1st gli g be_ _1929 I .1 100 10018 100 Sept'26
47
544 63
54 Sale 5384
9813 9978 Georgia Midland 1st 38
1
724
1949 A C
7212
7212
- 9912 June'26
7458 7812 Or It & I ext 1st gll g 4
9578
97 Sept'26
8 7712
9978765
- - 7684 Sept'26
194] I 1
7412 7412 Grand Trunk of Can deb 79_1940 k 0 115 Sale 13
71
7412 July'26 _ _
115
8558 8912
1
IS-year slits
88
1930 %I 5 107 Sale 07
88 Sale 88
1074 18
864 87
11312 166
87 Aug'26 _ _
Great Nor gen 75 Series A _1931: 1J 11314 Sale 13
1318 Apr'26
8558 89,4
88
8814
Registered
__
8814
6
I .1
9212 67
43 10114 10214
102
9134 Sale 9112
102 Sale 10178
19 Series A
8,1 3
95
19
let & ref 43,
1 .1J
8
2 /03 108,
10578 Sale 0578
10614 24
10512
10134 102 10512
General 5349 Series B
10112 10578
10134 15
General 5sSerleoC
10312 Sept'26 -103
107' 1 .1 101 18 10114 0114
9578 23
10314 1034
9518 Sale 9518
10334 June'26
19763
General 434a series D
8212 Aug'26
8312 85
101 1013-8 10218 10218 5 10012 10318 Green say & West deb cris A
Pet
10012 10014
74
21
21
10034 Sept'26
2134 2034
Debentures cris 13
Pet
10138 10 100 10178 Greenbrier Ry 1st gu 4e
1940 74,4 91
_
9114 July'26
10114 Ka% 1014
10114 10114 Gulf Mob & Nor let 534.3_ _1959 t
10414 105
1014 Aug'26
_
0458 Sept'26
10738 29 1004 10818 Gulf & S I let ref & t g 58_61952 J
107 Sale 10634
1064 ---- 10712 Aug'26
11114 11412
112 113 112 Sept'26
9958 104,4 Hocking Val lot cons g 4349.11999 If j
9512 96,4 9584
9
18
102 103 10218
103
.1
9534
88
811
5
8614
90 May'26
Registered
864 Sale 864
2
9814 Sale 9814
8334 8512 Houaatonic Ry cone g 5s ....l937 MN
9814
8334 Aug'26
10158
2
10112 10184
8712 92
1937 f
9074 Sale 9012
91
77
H & '1' C 1st it lot guar
1014
8814 9012
10184 Mar'26
8958 Aug'26
Waco & N W lst 65
11
9934 Sale 9834
99
411 7
Houston bet & Term let S_ l937
10018 -- _ 1004 Aug'26
8684 90
8712 July'26
8812 90
Houston F & W Tex let g 59.1933 M
191 102
101 10212 101 Aug'26
1933 MS 10018 101- 10018 Aug'26
1st guar 59 red
9634 Sale 9612 • 9684 106
10314 Sale 10314
1034 38 10278 10412 Hud & Manhat 56 Series A_ _1957 F A
9418 95
Apr'26
97
F A
Registered
9414 - - _ _ 9418 Sept'26
8 Sale 81
81,
984 101
99 Sale 99
Adjustment Income 55____1957 5. C
9938 13
4 144
81,
9812 10014
99 10018 99 Aug'26
7
_ 94 A.101.26
934
92
77
14
9084 Sale 9012
91
Illinois Central let gold 4a_ __1951 I J
__
93 Mar'26
7655 5,534
1951 1 .1
Registered
8318 Sale 83
834 48
_ 87 July'26
1951
J 91
944 98
9714 98
9714
8 10
97,
let gold 3345
_
I J 8312 89- 8234 Jan'25
101 10578
10412 10434 101 Sept'26
Registered
_
8334 Mar'26
10012
Extended 1st gold 3349_1951 A 0 8312 87
10012
1004 11 100 103
75
1951 IN 9 68
Feb.26
71
4 11578 11914
1174 1-1-8-3-4 11838 11812
let gold 38 sterling
90
0
10612
A
9912
_.J952
9014
40
45_
gold
90
trust
9014
Collateral
10514 10584 9934 July'26
8714
8034 Nov'25
8578 17
81
Registered
8512 Sale 8514
0214 Sale 9214
1956 %I N
93,2 18
10378 Sale 10334 104
9 10013 105
lot refunding 4.2
8,514 8412 July'26
82
1962 J
10238 104
Purchased lines 3345
10212 103 1034 July'26
1 .1
984
8412 July'25
98
Registered
9814 -- - _ 9818 Sept'26
9412
4 Sale 8712
8778 44
93
Collateral trust gold 49_1953 71 N 87,
9455 ____ 9312 Aug'26
9314 9314
8234 Dec'25 _ _
Registered
9314 July'26
8912 9012
1955 71 N 10514 10512 10514
Refunding 55
10514
3
9012 May'26
894 91
J 10234 Sale 10212 103
100 101,2
1934
13
15-year secured 5348
10012 ___ 10012 Sept'26
2
11218 113 11212
11212
15-year secured 6 19.4 g....1936 J
1950 3 II 90
8612 Sale 8612
85
374
924 924 July'26
2
Cairo Bridge gold 45
87
8
974 99,
764 77
Litchfield Div let gold 38.1951 3 J
7618 Sept'26 _ _
6
4
9884 - -- 9834
98,
102 10418
8214 Aug'26 _ _ _ _
Loulsv Div & Term g 33481953 I .1 8112 83
1024 _ _ _ _ 102 Aug'26
J
Registered
103
8118 Aug'26
26 10134 10378
1024 Sale 10234
105 108
_ _ 7412 July'26
10712 Aug'26
Omaha Div Is gold 3s_ _ __195I F A
10712
I 749984 103
7418 75
4
,
1
7334
10212 20
734
St Louis Div & Term g 39.11211 I !
102 Sale 102
9312
91
8334 84,
9212
4
Gold 3349
4 834 Sept.26 _ _
9238 9338 9238
814 8578
Springfield Illy Is g 330.1951 3J 8378 _ _ _ _ 84
2
1
84
8414
8414 8412 8414
824 8734
1951 F A
Western Lines lst g 45_19
1
9014 _ _
9014 July'26 _
865s
8612 __-- 864
Registered
8314 8314
8314 Feb'26
84 Aug'25
--9118
89
III Central dr Chic St I.& N 0-9114 9212 9118 July'26
Do
8112
I 963 J D 101 Sale 10118
Joint lot ref 55 Scrim A
10112 48
- -- 8112 May'26
91
19418 107,
4
10414
6
oo d55
Gold
10418
10414
10414
10418 Sale 10418
10,14 10234
13
Registered
3 e
10214 Apr'26
10112 Aug'26
10118
95
119
8
j1 13
1
1 .1
5)
994 99,
1
9958
7812 Feb'26
994 1-02. 9958
908 4.4 Ind Bloom &West 1st ext 40_1940 A
2
9212
_ 924
9112
98
4 9638 Mar'26
99,
994 9941 Ind III & Iowa 1st g 4e
1950 I 1 9038 9134 01 Sept'26
9918 Aug'26
10112 191 18 Ind & Lout/n/111e let gu 45
1950 3 J
8412 Aug'26
_ 10112 Mar'26
.134 86
Ind Union Ry gen 5s Set A 1961 1 J 14321.
10212 Aug'26
954 8712
99- - 86 Aug'26
844 8512
1965 JJ 10212 103-12 10212 10212
Gen & ref 55 Series B
8458 Sept'26
8458
9724 1914 Int & Grt Nor let 65 See A_ 1952 1 .1 105 Sale 105
10514 31
9912
1
9912 Sale 9912
Adjustment 68, Series A1952 Apr, 79 Sale 7884
8212 113
1064
7 10512 10838
10678 Sale 10634
hprl
Stamped
80 • 8038 Aug'26
78
1034 10334 10314
10312 35 10034 10134
6
8634 98"3 Int Rya r'ent Amer 1st bs_ 1072 si •
7712 Sale 7712
7784
_ _ _ _ 8838 July'26
87
1
0512
984 99,2
lot coil tr 6% notes
1941 51 N
9512 9512
95
13
99 Sale 99
99,4
193, 3 1, 5918 60
1
5918
594
9538 9712 Tows rentrs. MT I. 111 ,1 0
96
06
16
9612 954
8718 9212
1
5834
Certificates of deposit
8714 92,2 00 Aug'26
- 5834
583
87.8 90
7
20
Refund..., odd
19
195/ M
19 4-26
8912 0012 8918 Aug'26
854
15 Aug'26
81
Certificates of deposit__________
8534 88
8534
8534
1
7512 92,
4 James Frank & Clear let 48_1959 1
9234 _ _ 9238 Aug'26
-61-1; 8914 Sept'26 _
6512 73
73
73 Sept'26
6512 75
Apr'26
1931' 1 J 10212 -- 101
Ka A & G R let gu g be
73 -7-5- - 73
73
4
6512 74
Kan & M let gu g 46
74 July'26
76
8334 -- 834 Aug'26
73
2d 20-year be
9534 Sale 954
8134 0812
9612 27
.4 9984 10014 100 Aug'26
(
K C Ft S & M C0118 g
10214 22
109 Sale 109
109
MN 10214 Sale 1024
7 105 110
98 100
4 Sale 9134
K C Ft S & M Ity ref g 4e
9218 70
9912 Sale 9914
9912 11
1936 4. 0 91,
R B 1st itu 59_ 1929 h 0 10018 10114 10178 July'26
9712
9214 98,
4 KC
9712 11
7234 14
7212
Kansas City Sou let gold 3s 1950 A 0 7212 73
Ref & !rapt Ss
9758 Sale 9712
38
08
Apr 1959 1 .1
Ask
Rid
11738
10118
104 Sale
a Due Jan, 5 Due Feb. e Due May. o Duo Oct.
Range
Since
Jan. 1
rj
1g3f;
4/ Due Dec
:Option sale.
itarlei
84,1,24
Jan. 1
Hip)
Low
974 988s
9058 95
1081s 1221e
10241 1054
107 110
9414 95
8588 91
95
89
9512 100
e2
73,4
4712
39
47
39
9612 964
72
70
65
65
9484 98,1
10312 10434
10118 1034
904
85
9112
91
1004 10134
10058 10684
10118 10472
10258 10412
1054 1084
7413 804
8-4
5
64 6814
65
9655 9838
6714 77
674 77
734 85
104 111
1044 1104
86 (12
88 8912
8112 89
98 100
9814 102
95% 9812
97 1004
8 6472
58,
103
98
107
Rif
984
1084
9714 10112
10018 101
04 99
96 100
100 1004
63
7212
9558 9718
11318 11612
1067, 108
10934 11412
11214 11318
9112 9712
10258 108
974 102,
4
9112 9578
83
78
1312 21
884 914
'01 106
10312 1074
s 974
91,
90
90
954 9912
100 10284
10184 10184
964 100
100.2 10112
100 10112
9212 98
97
97
754 8312
91,4 974
93
93
8314 874
4
-8-3-1-5 -13171
71
884 92
4
; 937
07
-91 8513
81,
85
8914
105 1-0411-2
4 104
102,
11112 11384
904 924
784
74
4 &3
80,
784 824
734 7412
734 744
814 874
824 85
8984 9)34
9912 10312
10314 10512
10214 10214
7g12 7811
9212 9212
ave. 92
794 844
10053 104
1004 1034
103 1064
83
66
694 80,
8
78,4 81
4
9512 95,
5718 6552
65
58
1034 2312
15
15
884 9114
101 101
87
83
9978 101,4
1004 1034
891s 93
9884 1024
7212 76
934 904
New York Bond Record-Continued-Page 3
BONDS.
N.Y.STOCK EXCHANGE
Week Ended Sept. 17.
4k.
Price
Friday,
Sept. 17.
Week's
Range or
Last Sale'
Range
Since
Jan. 1
BONDS
N.Y.STOCK EXCHANGE
Week Ended Sept. 17.
1489
Price
Friday.
Sept. 17.
Week's
Range or
Last Sale
Range
High
Since
w LowJan. I
9_
_v_ 0..
Ask Low
Bid
High Ate. Low
High
yidt62
8718 108
8634 Sale 8658
8834 N Y Central & Hudson River85
jwH
8678 89
8614
91
Mortgage 33.4s
794 36
86
79
1917 j 8 7912 80 TA':949,8
8614 10
0112
824 8412 9112 Aug'26
Registered
81
1997 J J
78
7758 ..8A_o_ii
2
795I:
8 78
8812 Sale 8812
5
9614 99
8534 881
. Debenture gold Is
1934 M N
8812
99 Salo 9534
101 10178 101
101
5 100 103
Registered
9458
9434 Sept'26 ____
M N
991,
9812 100
Aug'26
30-year debenture 48
9838 101
93 Aug'26 ____
1942 j 3 9338 94
7958 7938 7912
1
7912
7858 82
93 Feb'25 ____
Registered
7814 Aug'26
80
Lake Shore coll gold 330_1998 I-,i, 774 Sale 7718
7914
15
77
45
9834 Sale 9834
99
7734 June'26 ___
Registered
9893 9912
199? F A
9814 9734
9314 Sale 97
9712 21
7912 13
Mich Cent coil gold 33.4,1998 F 0
4 8i7d
98
33
4
4
96 Dec'25
Registered
774 ___- 7912 Aug'26 ---1998 F A
104 Sale 104
2 102 10458 N Y Chic & St L let g 4e___ _1937 A 0 9438 ____ 9438
104
9412 25
14
9758 9814 954
99
90
Registered
9734
1937
85 Sale 8412
8
85
25-year debenture Is
824 8714
96
1931 M N
964 96
80
83
8012 May'26
2d 6s Series ARC
19
1931 91 NI 10234 Sale 10234 103
95 Sale 96
8
92
99
9658
Refunding 53.4s Series A__1974 A 0 103 Sale 103
1034 83
10358 10412 10314 10312
8 10054 10534
Refunding 534e Ser B__1975 J J 10258 Sale 1024 1034 112
102 105 102 Aug'26
N Y Connect let gu 432e A__1953 F A
102 104
95
954 9514 Sept'26 ---8934 Sale 894
2
85
903s
1st guar 58 Series B
8934
1952 F A 102 10238 10214 Sept'26 ____
107 Sale 107
1 10512 110
107
N Y & Erie let eat gold 48..1947 M N
91 July'26 ____
88
87
8512 Apr'26
844 8712
3d ext gold 43.4B
1
98
1933 NI S
109 11012 10938 June'26
109 10034
4th ext gold 58
1930 i gt 10018 ____ 10058 Mar'26 ____
10078 -- 101
1 10018 101
101
5th ext gold 4s
0814 __ 99 Mar'26 ____
1923. 1 D
9412
9612
9712 Aug'26
971 2
Y & Greenw L go g 5s__1946 as N 9918 9912 98 Aug'26 ____
92 Aug'26
9112
9058 93
NY & Harlem gold 33.4s.....2000 1V1 N
794 ---- 7918 Apr'26 ________
9418
97 July'26
97
97
8718 8914 8714
5
844 9158 NY Lack A W let & ref 58__1973 'AN
8714
80 July'25 __ _ _
9934 9978 99% Aug'26
973s 9934
let & ref 488e
1973 91 N 100- :-_-_-_ 101 June'26
9738 9818 97;
5
N YLE& W let 711 ext____1930
94 100
98
1081s June'26
87
88
8712 Sept'26
85 9038 N Y & Jersey let 58
6/
1
4
58 10118 10058
1004
F s
A 10
00
2
1932"
10018 100; 10018 10014 15
9935 10034 57 VA Long Ilraneh Rena 45_1041 Ni s 904 92
90 Mar'26 ____
10012 101 10012 Sept'26
9978 101
88 July'26 iii
NY&NE Bost Term 4s_1939 A 0
8834 89
8738 July'26
7312 June'26 ____
85118 9012 NY N 11 di Bart n-c deb 48_1947 M F
10312 104 104 Aug'26
10212 10534
m p ___ _ ____ 60 June'25
Registered
17
9514 953 95
9314 954
Non-cone debenture 3348_1947 as s 8712 ____ 70 Aug'26
9514
7 2,6 ____t3
10014 10178 10112 10112
2 101 104
Non-cony debenture 3340_1954 A 0 7014 Sale 69
10612 Sale 106
Non-cony debenture 48__ _1951 J J
10612 22 1084 108
744
5
7434 Sale 7434
108 109 10712 Sept'26
10538 11014
Non-cony debenture 4s___1956 111 N
7334 Sale 7334
7434
7
10518 Sale 1054
10618 27 10314 10814
1956 J J
Cony debentlre 3 As
6912 24
6834 Sale 6814
9834 99
3
9834
99
96 10014
19411 j j 10312 Salo 1034 10334 46
Cony debenture 65
10378 1043 1044 Sept'26
104 107
10034 Sept'26
Registered
1 .1
10378 105 10378 Aug'26
10012 112
10358 104
1949 A 0 10038 Sale 100
Collateral trust 6e
923 92 Aug'26
92
914 9212
...... _1957 M N
6878 15
68 Sale 68
Debenture 4s_
6712 68
6658
6712 17
6512 68
1
Harlem R & Pt Ches let 481954 IN N
89
89
8918
89
to84 9415a NY & Northern let g 58_ _ _ _1927
9858 _ _ _ _ 9838 Aug'26
A 0 10014 10034 10014 Aug'26 ____
854 89
8718
2
8718 Sale 8718
N YO& W ref'Mg 4e_June 1992 Ni 8 7312 Sale 7312
7414 20
9014 9312
9112
2
91 18 Sale 9112
1
69
General 4s
69
195.' j 33 6878 69
9914 100
2
9938 100 100
100
N Y Providence & Boston 48.194:: A () 86
____
74
8 _8_2_,_8 886714
10134 10134 NY & Putnam let eon gu 48_1993 A 0
10178
10134 Mar'26
May'26 - - - 18
644 Sale 6418
6012 97
NY&RB lot gold 58
6514
1927 Ni s 100__ 100 July'26 ____
8212 7618 NY Susq & West let ref 58..1937 J J 8712 -8-8
70
7134 75 Aug'26
8712 Aug'26 ____
100 101
100 10012 10014 Aug'26
2d gold 434s
1937 F .4
694 7478 70 Aug'26 ____
85
85
-- 85 Apr'26
8318
6934
2
1940 F A 694 7014 6934
General gold 58
10078 102
101 10134 102 Sept'26
Terminal let gold 58
89 10034 99 July'26 _-__
1943 M N
101 June'26
NY W'ehea 4413 let Ser I 4345'46 j j 7712 Sale 7712
774 31
994 101
9418
924 954
9558 July'26
803s Nord Ry extle f y,e
79
8334
79 Mar'26
8514 157
1050 A. 0 8458 Sale 8438
8512 Norfolk South 1st & ref A 56 1061 F A
83
8418 8434 8418 Sept'26
88 Sale 8734
8814 57
9358 9834 'orfolk & South 1st gold 58_1941 RI N
9812 Sale 9814
9812 11
8734 88 100 Aug'26 ____
9012 96
9412
9412 Aug'26
Nor!& West gen gold 6s____1931 as N
99 100 107 Aug'26 ____
11014 101 12 101
10018 10138
Aug'26
Improvement & ext 68_1934 F A 10718 10834 10912 May'26 ____
94
9612 9412 Dec'25
1932 A 0 1067s _ --_ 107 July'26 ____
New River 1st gold
94
96
Il;3; 995
9512
NA W Sty lot cons g 4e
1996 A 0 9212 9338 9212
9558 20
8
93
93
9034 1414 9078
89
5
1996 A (I ____ 92
9078
9178 May'26 ____
Registered
8I38 Dec'25
DWI let lien & gene 48_1944 1 J
9212 9314 9238
9278 11
1929 NI 5 5912_
10-year cony 68
166 Sept'26 ____
1927 J
100 103 Nov'25
Minn & St Louis let 7e
9214 -923-8 9214
Pocali C & C joint 48.. _1941
9214
10
1934 NI N
let eoneol gold 5s
5812 6412 58 Aug'26
Nor Cent gen A ref 58 A_..1974 si s 10418 ____ 10412 Aug'26 ____
MN
Temp cite of door:sit
56 6334 North Ohio 1st guar g 58___ _1945 A 0 9314 Sale 9314
5812 62
59
60
11
9
9314
23
Let & refunding gold M___1949 M F
18
2012 2112 2012
21
10
Nor Pacific prior lien 4s____1997 Q r 8914 Sale 89
8912 47
Ref SC eat 51)-yr 135 Ser A__1962 Q F
1238 1614
14
15
1312 Aug'26
1997 Q 8 8712 ___- 88 Sept'26 ____
Registered
let guar g 78
19271 17 99 102 102 Sept'25
General lien gold 35 ____a2047 Q F 6514 Sale 6514
6558 31
iiStP&SEIM mug Mintgu'38 J
85s 9112
20
8834 Sale 8814
89
02047 Q F --------6313 Apr'26
Registered
lst cons 5a
19383 J
9712 984 98
6
974 994
Ref & inapt 414s set A____2047 J J 924 Sale 9214
9812
7
9212
let cons 5e gu as to int
1938 J 1 98
9734 9934
10
9814 98
9814
Registered
J J 8818 ___ 1124 Apr'25 ____
0214 106
1.0-year eoll trust 6 Ae____1931 M 5 10234 Sale 10214
26 1,
Ref & impt 65 eer B
103
11178 73
2047 j 8 11.118 Sale 11118
let & ref 6e Series A
19463 J 101 101 12 10114
5 10038 10338
10112
3 8 1083
_ 11014 Mar'26 ___
Registered
25-year 53e
1949M
88513 9712
90 Sale 893e
7
Ref & impt 58 eer C
90
4_1-0234 10134 10134
2047 J J 10112
1
let Chicago Term ef 45___1941 Ni N
93
93
934
93 Mar'26
Ref & inapt 5e ser D
102
14
2047 j 8 10178 Sale 102
96
MiesissiPPI Central let 5s_ _ _1949 J J 9512 96
93
Nor Pac Term Co let g 68_1933 1 3 10934 11014 10934 July'26 __
0512 Aug'26
Mo Kaia Tex-1st gold 48_1990 J ID 864 Sale 8614
844 8734 No of Cal guar g 5e
4
8638
1938 A 0 103 -10434 May'26 ____
9814 103
Ido-K-T RR-Pr 1 5s Ser 4_1962 J J 101 Sale 10018
North Wisconsin 1st Os.._1930 j 3 10218 ____ 10212 Sept'26 ____
11038 59
40-year 48 Series 11
1962 J 1 854 8614 85
8011 8612
8612 11
1932 1 .1 10212 Sale 10212 10314 32 10212 10414 Og & L Chem let gu 48 g---1948 i 3 7912 7078 7914
10-year 6e Series C
7912
9
9812 9834 Ohio Connecting Ity 1st 48_ _1943
Cum adjust 5e Sm. A Jan.1967 A 0 9378 Sale 9334
9414 412
90
2142 -- -- 9034 Dec'25 ___ i
M
A 0
4 10
Missouri Pacific (roorg Co)
Ohio River RR lee g fel
101
1936 J 0 101 Sale 101
F
A
let & refundlng 55 Ser A
8914 100
9758 Sale 0712
9758 33
__ 102 June'26 ____
General gold 58
1937
let & refunding fie See D1949 F A 106 Sale 10558
105 10134 103
Ore & Cal let guar g Es
106
10014
-- 8 10018
6
1927 3 .1 10018 1003
let & refund 6e Sor E int_19.55 M N 106 Sale 106
10614 73 1014 10714 Ore RR & Nay eon g 48
9178
1
1946 J I) 9178 Sale 9178
744 Ore Short Line-let
_1975 M
General 48
85
724 Sale 724
73
316
3
5s_'46 J J 10512 107 10512 10534
cones
Monte 3d 7s ext at 4%
193? NON
88
93
924
9238 Sept'26
Guar cons 59
107
1
194€ J j 107 1074 107
Guar refund 4s
1929 .1 13 9778 Sale 9712
974 47
Mob & Bir prior lien g 5a-__1945 J .1 10018
-- 99 Sept'25
---. -- Oregon-Wash let & ref 45...1961 1 J 8578 Sale 8538
854 34
7934 9078 Pacific Coast Co 1st g 58____1940 l D 9312 94
1945 J .1 86 '8712 86
Mortgage gold Is
2
86
1
9312
9312
.1
1945
J
Small
7834 83
784 87
7834 Sept'26
Pac RR of Mo 1st ext a 48-1938 F A
94
6
9314 9414 9314
Mobile & Ohio new gold Ce. _1927 J D 10158 102 102
5 4004 1034
102
20 extended gold 5e
193? J J 10114 102 10114
10114
4
h1927 Q .1 101 103 101 18 Aug'26
let extended gold 65
10012 10614 Paducah & Ills let s f 434e- _1951 J J
9733 --- 98 July'26 ____
1938 M
00
General gold 4e
91
92,2 Parls-Lyorus-Med RR 6e
9212 92
1
92
1958 F A
8058 Sale 8014
82
320
Montgomery Div let g 511_1947 F A
994 Sale 984
9878 101
S f external 75
9958 11
93
410
1958 hi 5 92 Sale 9012
1927 J 0 9934 10014 11838 July'26
St Louis Division 55
9.1'2 10012 Paris-Orleans RR s
91 _9_4!
8912 Salo 89 Aug'26
5
1954
Ni
f
78
1091 NI
9858 nudists Ry 75
Mob & Mar let gu gold 48
87% 89
83
8812 Aug'26
1942 44 5 10211 103 10212
19373 J 1114 11214 11112 Aug'26
10938 11212 Pennsylvania RE-cons g 4.6 1949
Mont C let gu g 6s
_ - _ 9312 Aug'26 ____
951
PA N
1037 3 J 10214 104 10214 July'26
let guar gold 58
10112 10278
Conseil gold 4e
94
4-95
9412
9414
1948 M 15
3
Morrie& Essex let gu 3348-2000 J D
7858 Sale 7858
7734 81,
8
1
4e sterl stpd dol___Nlay 1 1948 M 5 9314 9412 9312
7858
0312
1
Naahe Chatt & St L let 5e1028 A 0 10012 10138 10012 10012 12 10034 10138
Comer:14Am
10138 101112
10138
10012
7
1969
F
A
1937 F' A 10318 10312 10318 Aug'26
N Fla AS let gu g 55
1014 10318
General 430. Ser A
1965 1 D 9712 Salo 9714
9738 45
Net Ry of Mex pc lien 4343_1957 J J
30 Sept'25
General Se Ser B
196? 1 D 10558 Sale 10512 106
19
_
July 1914 coupon on
19
Apr'25
10-year secured 79
1930 A 0 10738 Sale 10738 10758 74
Meant cash war rot No 3 on..... -19" 1912 1812
15-year secured 6319
1912 13 -1-i 2212
1936 F A 11158 Sale 11158
11134 28
1977 40
Guar 70-year e f 4e
8712 Aug'25
Registered
___ 112 June'26 ____
F A
Assent cash war rot No 3 on.
2114 2212 2114
3 -1/4 W ._
2114
40-year 901(1 58
10112 134
1964 Ni N iolie gale 10114
Flat RR Met prior lien 4144_1926 J J
3812 July'25
Pa Co-Gu 3348 coil tr A rag 1937 NO
8612 Oct'25 _ __
J
July 1014 coupon on
23
23 June'26
Guar 33.(4 coil trust Sex B.1941 F A
86
July'26
____
Assent cash war rot No 3 on.
2914 3012 3034 Sept'26
2812 3512
Guar 33'4e trust ars C
43
14
2 __ __ 8418 Aug'26 ____
1942 ;
31:1
0 83
-1951 84
lit cloneol 48
28
Apr'25
Guar 3 As trust ate D____1944
__
835
8
June'26
____
A
0
April 1914 coupon on
1811 21
1812 June'26
Guar I5-25-year gold 4s__1931 A 0 9738 -973-4 974
9738
1
Assent cash war rot No 3 on_ .__.
1638 17
13
20521
1678
6
17
Guar 48 Ser E
1952 M N
8812 8914 8812
8858 22
1945 J
974 101 10018 July'26
954 10018 Peoria & East let cons 4e___1949 A0
New England cons 56
mn
84
325
4
8 86
4 178 4
80
412
86
14
1945 J J 8618 _
Coursol 45
81
87
864
Income 413
8614
199(1
41
843s 8514 Pao & Pekin Un 1st 5 As_ _ _ _1974 4. 0 10152 10212 10134 102
NJ June RR guar let 48 ___ _1986 F A
8438 Sale 843s
1
8438
7
3
954 97
NO&NE ler realm!,4 As A '52 J .1
92; 9738 Pere Marquette let Ser A 58_1956 1 1 10238 Sale 10258 10318 17
614 Sept'26
8618 8612 86 Sept'26
84
New Orleans Term let 45_ _ _1953 J .1
8793
1st 44 Ser B
1956
8638
87
86
.1
1
0
9912 100
NO Texan & Mei n-e Ina 58_1935 A
9614 10034 Phila Balt & W let g 48
9912
9958 14
_
9338 9434 9334 Sep8
1943 Ni N
V626 ___6
1954 A 0 9912 Sale 9938
96 1004
let 50 Series B
9978 107
Gen 58 Series 18
1974 F A 108 10838 10734 1084
3
1954 A 0 10538 Sale 10434 10538 62 10218 10512 Philippine Sly let 30let 534e Series A
10
4212
1
.1
ye
5148
1937
4212
42
43
9438 96
9412 9634 Pine Creek regetd 65
N AC I3dge gen guar 430_1945 J J
95 July'26
1932 1 D 10614 ___ 10514 Mar'25 ___
9934 102
Y B & 80 B 1st con g 5e-1935 A 0 10034 101 14 10034 June'26
PCC&StLgu434sA.
1949 A 0 Ws -9914 9918 Sept'26 ___
N Y Cent RR cony deb 6e_.1935 M N 107 10738 107
11 10438 109
10714
Series B 43.4. guar
9912 99 Aug'26 ____
1942
A 0 99
as N
Registered
10612 10612
10612 May'26
Series C 434. guar
9812 _ _ _ 9812 Aug'26 ____
1942 Ni N
1998 F A
8834 Sale 8814
Coneol 4e Series A
13
89
_cries D Is guar
8534 9014
____
94,e June'26 _ _ _ _
957
8
54N
1945
0 9634 97
2013
9214 9712
9634
Ref & imp% 430"A"
9714 26
Series E 334e guar gold,.1949 F A
0312 _-__ 9418 Aug'26 ________
Ref & 1mpt Is Series C2013 A 0 10312 Sale 10338 10438 86 1014 10534
Series F Is guar gold
1953 3 D 934 ____ 9518 Aug'26 ____
A
0
Registered
10318 1034
10334 Aug'26
Series 0 441 guar
954 ---- 9558 Aug'26
1957 NI N
Kansas City Term let 4s1960 J 1
Kentucky Central gold 4e__1987 J J
Kentucky & Ind Term 4388_1961
J
1961
Stamped
.1
Lake Erie & West let g 55_1937 JJ
1941
26 gold Se
J
1997 J D
Lake Shore gold 338e
1997 J D
Registered
1928 Ni
Debenture gold 45
1931 m N
25-year gold 4s
1931 NI N
Registered
Lett Val Harbor Term 58.._1954 F A
Leh Val N Y let gu g 430_ _194(
Lehigh Val (Pa) cone g 48- -2003 M N
Registered
M N
2003 m N
General cone 434s
Lehigh Val RR gen be Settee _2003 MN
Leh V Term RY let sue 5e 1941 A 0
Leh& NY let guar gold 4s1945 Ni
Lex & East let 50-yr 58 gu19613 4 0
1952 M N
Little Miami 48
1935 A 0
Long Dock coulee' g 6e
Long jaki let con gold 58_91931 Q
01931 Q
let consol gold 4e
1938
General gold 4e
D
1932 3 13
Gold In
1949 M
Unified gold 4e
1934
Debenture gold 513
D
m deb 58
1937 M N
20-year
Guar refunding gold M.._ _1949 M
Nor Sil B let con g gu 58_01932 Q .3
LOulelana & Ark let 9 58___1927
Lou ic Jeff Bdge Co gll g 411-1945 as F
Louisville & Nashville 510_1937 M N
1940 I J
Unified gold 4e
1931 NI N
Collateral trust gold 53
1930 M N
10-year secured is
let refund 53s Series 4...2003 4 0
2003 A 0
let & ref 55 Series B
let & ref 4Ae Series C___2003 A 0
1930 1
NO & M let gold Os
2d gold fis
1030 J .1
Paducah SE Mem Div 48_1946 F A
St Louis Div 2d gold 3s__1980 M
Mob & Montg 1st g 4 As _1945 M 5
South RY joint Mown 48_1952 J J
451 Knoxv & Cin Div 4s__1955 eel N
Lousy dnA Lex Div g 4345'32 Ni N
Mahon Coal RR let 58-----1934
J
Manila RR.(South Liam) 41.1939 41 N
let 4e
1959 NI N
Manitoba Colonization 5s_....1934
D
ManGB & N W let 3 Ae1(14i
J
%Itch Cent Dot & Bay City 5/12.11 as E
Regletered
M E
Mich Air Line 4s
' 1940 .1 .1
L & S let gold 3Ae
1951 M
let gold 3 As
1952 M
1929 A 0
20-year debenture 4s
1940 A 0
Mid of N J 1st ext 58
Milw L 13 & Weet Imp g 5s._1920 F A
MB& Nor let ext 4 Aii(blue)1934 J r
Cons ext 434e (brown)___I934 J 17
Ifil Spar & N W let gu 93_1947 M F
Mllw & State L let go 3 A8-1941 1
a Due Jan.
1 Due April, p Due Dee. *0131011 gale.
--
Ms 8113
7638 8038
9414 9612
944 9454
9238 97
__
-757s 80
76
78
78
84
77
80
0
95
23
144 10
95
10218 105
994!
8
72 10
9
992
92
9634
10018 104
11011 91
98
98
1114318 10058
984 99
94
9914
794 79;
-9V3
,8
8 MI
106 locil,
10038 10118
90
90
88
88
7012 774
-6-2-1-2 -ili 6134 674
6634 7514
6718 75
61
74
974 104;
96 1004
9612 101
58
70
844 89
100 1004
6734 76
621/ 71
1
-g13-1; -8-i;
100 10034
774 897s
64
73
744
63
9738 99
694 7834
7714 8514
77; 90
98 101
1054 107
1094 110
107 1074
9014 9334
89
9212
9078 944
138 166
93
91
10038 1044
88
974
8618 91
86
88
61; 66
80 6312
87
9518
10814
- _-- 11-414
11014 11014
984 104
9814 1034
10934 10934
10118 10514
10212 10314
i66
73i_iii_0872;
2_3
101 1024
10018 10114
894 9212
10434 108
10514 10711
964 987s
8334 88
9158 96
9112 94
100 10134
9614 084
734 82
93
82
09
3
100
82% 18
9314 944
9112 9934
914 9814
9738 10134
9414 994
1024 10671
10858 10838
11148 1134
112 1124
9818 1024
__
-83 - -8-6
84
844
8338
82
964 9734
864 894
794 8713
100
0:4
2
1:
;
:
14:
11 67,
10118 10412
8
95
3/
4
1 88
9437
:
40_1
!_4_5_
9
96
74
.8 0
99
818
9312 9418
95
41%8
93
214 9
924 9518
New York Bond Record-Continued-Page 4
1490
BONDS
N.Y.STOCK EXCHANGE
Week Ended Sept. 17.
IL
Week's
Range or
Lase Bale
Price
Prissy.
$eel. 17.
dal Low
Roses
Since
Jas. 1
o
BONDS
N.Y ST031,4 EXCHANGE
Week Ended Sept. 17.
Ranee
Week's
12
Price
Blue
Fraday.
Range et
64
Jos. 1
SeN. 17.
Last Sall
794___ 9:5:: li
290222
.. Dec
888
,2855 V 5 Lew
Mgt
Southern-ist cons g 5_1994
Registered
Develop & gen 4s Sec A__1953
Develop & gen 68
1954
Develop & gen 6146
1956
Mon Div 1st g 434s-56_1996
St Louis Div let e ee
1951
East Tenn reorg lien g 58.1939
Mob & Ohio coil tr 45_ .1933
liPokrne Internal let g 5e_1951
Superior Short Line Ist 5e...81930
Term Assn 01St L lot g 4%8_1939
lot cons gold De
1944
(ten ,'.fund gf t 48
105?
Texarkana & Ft B Ist 54sA 1950
252 & N u eon gold ea
1494:1
Texas & Pao 1st gold 53_2000
La Div B L 1st g 543
1931
Tex Pac-Mo Pac Ter 5348-1964
Tol & Ohio Cent lot go 53-1935
1936
Western Div 1st g 58
1936
General gold bs
Toledo P.-oria & West 48-.1917
Toi8tL&W60-yFg 4a.lQS0
1931
Tol W V & 0 gu 4348 A
1933
Series B 434s
1942
Berke C 43
1948
TOr Earn & Buff 1st g 411
10652 Sale 10612 10678 37
10612 June'26
84/
1
4 117
84 Sale 84
/
4 11178 49
11158 Sale 1111
11814 50
118 Sale 118
105/
1
4 1064 10558 Sept'26
9058 Sept'26
8958 91
100 10112 100 Aug'26
8
9114
9114 Sale 9114
85
3
84
8514 85
1
100 -- 10012 10012
97%
2
9778 Sale 9734
10214 10214 10
10214
15
8714
8714 9712 8614
10214 Sale 10218 10238 23
10215
1
10014 Sale 10014
10538 106 10538 Sept'26
10014
3
100 10038 10014
10234 10314 10212 10314 12
101% Sept'26
101
10012 July'26
10012
10018 11012 10018 Sept'26
23 June'26
30
8955
2
8958
8
E 90
3
.3
.
98 100 98 Mar'26
9638 Dec'25
96%
90 Nov'25
9212
8934 14
8934 Sale 894
Mob
^ N J RR & Can gen 41.....1944 1131 E
11
-iiii 9034
88
9714 9714 Utah & Nor 1st ext 444
1933 I 1 9572 9834 954 Aug'26 _.--..--..----..
anciaila cons, se oar A___.1146, F A
to'. 9815
4 -______ 9012 Aug'26
0
9013
9034
July'26
---88
,
8 90/
1
4
97%
Consol 43 Series B
98
1957 M 1,
,
Sept'25 -------100 10412 Vera Crux & P let gu 434t1934 1 J
ii 24
25
27
24 Apr'26 ---9913 10453
July 1914 coupon on
I J
22 88
100 101
26 Aug'26 ---Assenting 1st 43.8
1934
:::: 100
Virginia Mid bs Series F_1931 J--J
NC
2'
6 ----__
11.
178
.
10212 A
pog
ee:2
10238
General le
1931
9913 103
1
4 103 Aug'26 ---10134 10134 VA & Southw'n let gu 58_2003 1 J 100 10-2
95
96 SexT:
9034 96
132 ---lit eons 50-year bs
1953 A( 93
1982 131 15 10112 Sale 10112 102
9
.
9114 11311 Virginian lot Is Series A
16 10
047:
:114
9 4 10
91
9112 Wabash let gold bs
1931- IS 15 10234 103 10258 103
8
10213 1043s
3d gold be
1931' F A 10034 10114 10078 10014
9812 105
6212 6834
Refsf554stecA
1971 ed F 103 Bale 10234
53
1311
4 _.64.
,..
4 9314 Feb'25 --2-Debenture B 65 registered-1939 84 8 8
8313 8453
658
II
.8
ioe lien 50-yr g term 4s_ _1954 J J
_ 10
94
253
12 JAul
ug
y:h
6 -------- 101 10253
Det & Chi ext let g 53_ _1941 I 1 10212
9515 99
844 90
8 8858 Sept'26 ----_-Des Moines Div let g 4s_193) j j 8814 -8117
827g Sale 82/
1
4
824 21
774 83
Om Div 1st g 345
14(1
194' A c
95
90
in
944 0855
Tol & Ch Div 45
194 1111 F 8954 _ 90 Aug'26 ---6
80 81
8012
8012
9934 10012 Warren let ref gu g 348
2004 F A
4
84
86
-ii8558
855
8
CO
1941' Q 141 -riUs
Wash Cent let gold 4s
78
_
Ap26:
:
:
: 83 9
88/
1
4134
95
134 Sept'26
194! F i
1‘012 10254 Wash Term 1st gu 334s
354
31:4
3 _8_4_3_41 8
s
9512 10114
194/
Ist 40-year guar 43
7
7
9812 9914 98 Aug'26 ---96/
1
4 9833
gu 53_1931 F A
---- -- W Mtn W & NW
6678 75/
1
4
7412 89
1951 A ( 74 Sale 74
9515 9254 West Maryland lot g 48
101
__ 10112 10218
1
4
6 10034 102/
West N Y & Pa lst g ba
1931
7418 85
2
8634 -5813 86/
1
4
86/
1
4
89 94%
Gen gold 45
1943 A 4
45 Feb'25
Income g bit
Apr 1 1948 No,
75/
1
4 8334
92
Western Par lot Ser A 55_1941' NI 3
87
1944 It 8 10212 Sale 10212 10314 18
1st gold 68 Series B
7814 85
9914g353
8118 196
8
87
811
9712 9912 West Shore Ist 4s guar
854 22 18
236 J J 8512 85% 854
8458
4
88
ge
2361 11 .1 841285 8458
Registered
9948
3
997s 101
993,
95 9811 Wheeling & L E 1st g 56_ _1921 A 0
99'
_1 IN 100 Ju'y'26 ---- 100 10213
100 101
Wheeling Div lot gold 53_1923 1 J
2
991 Sept'26 ---9853 Ms
1931 F A _653
Ext'n & impt gold 58
954 9734
14
89
8934 881
/
4
89
Refunding 434s Series A 196f VI II
1
8
91
911 9
Sale
.•88
89
%4
86
1941 v1 8
89 94
RR let cons& 45
7112
7112 21
6414 7484
1947 J D 7078 73
9934 10012 Wilk & East 1st gu g bs
1
4
86
212 - _ 0212 Apr'26 ---- 10238 102/
1939 j D 10
7755 8411 Will & F 1st gold 5s
____
854 884
1961 J 3 8618 -8718 8558 Aug'26
80 84
Winston-Salem S B 1st 4s
82bg
8378
29
80
15
87
93 99% Wit Cent 50-Yr let gen 40
1
J
1941
311
8
991
4 98
693
914 8912
1011
/
4 103
Sup & Dul dly & term lot 4e'3f It F
8214 ____ 86 June'26
9
994 19318 Wee & Con East let 44s
---4
76
W/
1
4
11 99
861
4
1941
9214 98
INDUSTRIALS
84/
1
4 9134
86 88
88
3
13
401 1161
Adams Express coil tr g 43_1949 It 387
943
9 4 10414 105
94
7% 10
15 1014 106
1
4 kjax Rubber let I5-yr a i 83_193( j p 10
1004 1011/
418 512 434 Aug'26 ---10212 104
41s $
1927 M 3
klaska Gold M deb 135 A
438 512 412 Feb'213 ---4
4/
1
4
1
4
944 97/
Cony deb Bs Series B......1921 m 3
8914 9111
9012 23
8413 88
1951 It 5 9014 0012 9018
kipine-Montan Steel 7s
1923 4, 0 103 10318 103 July'26 ---- 10214 1044
75 82
km Agric Chem let 58
914 91,
1941 F 8 10411 Sale 111412 105ig 39 10318 106
131, re/ s 7348 g
gm, 9738 tmer Beet Sug cony deb 83_193: F A
30
904 101/
1
4
93 liale 9248' 93
984 102
114 96
1011412 19
05
32
8
05
114 19
05
11
:
1
86
9218 kmerican Chain deb s f 63._1931 A ( 19
12
97
54
93
km Cot 011 debenture 56_1931 51 Is
W .. 91
Am Dock & Impt gu 83
1939 I J 105)4 10512 10512 July'26 ---- 10512 10658
19
8 1,04
84/
1
4
9018 141
Amer Ice deb 7s....Ju.y 15 1931
---- 129 125 Sept'26 ____ 19
3 1004 104
9734 Am Mach & Fdy s f 138
104
98
1939 14-3 104 Sale 104
2
/
4 Sale 99%
994
ion Republic Corp deb 86..1937 re( 991
10
2
2
9
4
Sale
0
,
0
3
16
- -35 141934 tro Sm & R ist 30-yr 53 ser A1947 A(
1
0
1
)8
04
10
3
4
0
0
8
1
4
107 168
1st M 14 Series B
1947
49 102 1064
99 100
kmer Sugar Ref 15-yr 83._1937 il J 10312 104 10312 104
97/
1
4 99
9814 184
km Telep & Teleg coil Sr 48.1921 I ) 9814 Sale 974
8
9558
41559
93
944 9548 9414
Convertible 43
1934 It F
9214 93
9812 11
20-year cony 434s
1931' It 3 9812 Bale 9712
891s 90
80-year coil tr bs
1940 f p 10212 Sale 1024 10234 19
0992
9992:
7713
114
4 1111100909900321848181;
j D 10112 ____ 103 June'26 -,ii 10
i01% 10534
Registered
9753 102
85-yr s f deb bs
1983 2 , 10058 Sale 100
1004 2
84 89
10511 85 10258 10834
20-year s I 5345
1941 %I 1s 10518 Sale 10518
1004 10234 Am Type Found deb 131
1944 k 0 10012 Sale 10014 10234 75 17014 105
108 110
33
954 99/
1
4
98
9753 Sale 9712
Am Wet Wks & Else 5a__1
A(
42 6114
6718 5834 5712
km Writ Paper s I 7-138
1 9 1
5934 45
414 61/
1
4
8778 90
5712 5912 57
5938 65
Temp interchangeable °Hs d
7814 9534
7814 82
/
4
Anaconda Cop Min lst 6 -1912 F A 10318 Sale 10314 10334 156 10115 1041
76 87%
1933 F A 10612 Sale 10614 10578 105 l0214 1074
15-year cony deb 75
9858 108
8914 76
Andes Cop Min deb 78 150% 0641 1 . 10811 Sale 1064 10734 175
1
4
954 100/
91
9636 Anglo-Chilean Nitrate 7s
97/
1
4 82
1941 91 5' 97 Sale 97
8413 9214
8812 94
24
90
Antilla (Comp ..zur) 730_1931 I . 89 Bale 8712
9413 9978
924 9834 fat & Mem Bridge & Ter 58. 64 al t
9934 14
9912 994 987
9014 9273
86
9958 10012 Armour & Co 1st real est 45404939 I I
91
9034 Sale 9038
92
961g
101 102
9334 103
Armour & Coo! Del 54s_ -194/ 1 J
934 Bale 93
11214 16414 Associated 0118% gold notee 1931 3.4 $ 10234 Sale 10234 1034 30 102 10331
1004 108,
9 Atlanta Oat L let 55
/
1
4
Mar'25
---r
10618
--_
99
1947 I
-8
854 9053 Atlantic Fruit 78 otIs dep
151
/
4 ____ lb Sept'26 --- -1-5-- -2
1934 I p
28
25:114:8
1
8438 8512
111:
905282568 1111000607
-!
7
'
126 --5
Stamnerl etre of denn•St
7
203
18
4 Jan
7 s 7034 71
9678 98% Ati Gulf&W 285 L col Sr 53_1969
9934 10234
100 10234 Atlantio Reg deb Ss
193 I 8 10034 Sale 10034 10114 18
9954 1014
2
87 91
Baldw Loco Works 1st bei
5 10514 10538 10512 1054
1944 It 1.
85 8512 BaragUa (COUP As) 748._1937 I J 10414 10512 104 Aug'26 -,iii
9884 101
191 10434 Barnsdall Corp deb 6e
1940 1 0 9812 Sale
984 2
9434 100/
1
4
9414 95
9648 12
1938 1 .1 9634 Sale 9612
Belding-Hemiows788
90 93
Bell Telephone of Pa Ear
1943 1 J 10214 Sale 102% 10278 33
,
8
1st & ref 53 Ser C
1064 k 0 10238 Sale 10134 1024 14 100 103
104 108
Beth Steel let & ref 55 guar A_'42 It N 10012 Sale 10038 10078
7
93 984
10134 101312
30-yr pm & imp
974 48
58- -.A936 1 J
9738 Sale 9812
/
4
954 1011
8114 8615
Cons 30-year fle Serial A..1943 F A 10012 Sale 10038 10034 193
8713 97/
1
4
Cons 36-year 5344 Series B 1957 F A
10715 113%
9714 Sale 9633
974 154
112 11815 Bing 54 Bing deb 6149
904 95
1954 Al E. 94 Sale 931
6
94
/
4
10134 1064 Booth Fisheries deb 5 f 63_1929 8 0 97
2
97
9814 97
111
9073 Botany Cons Mille 6%8_1934 A C
7
89
013 954
86
8414 18
8312 8412 8312
9978 1011
/
4 Brier Hill Steel lot 554e
I(
71 1704112 Sale 17
10312 31 101 108
1942 A
03
1 18
8713 93
B'way & 7th Av 151 g 58_1945
Sale
81
F73.
CDs of deP flimird June '26
65
71
70
70
114 168
2701
776381
9912 10012 Brooklyn City RR be
1941 I J
95
9512 9458
95
9
954 kgb•L Bklyn Edison Inc gen 55 A__1941 I .1 105 Sale 10458 10513 87
101 108
Serlee
B
General 65
1931 J .1 10514 ____ 10518
10534
4
8434 8712 Bklyn-Man R Tr Sec 13e
9214 98
1969 I 1 9812 Sale 9638
9634 166
102 10276 Fiklyn Qu Co & Sub con gtd to '41 %41 I. 6112 6212 63
83
1
seas 004
1941 1 J
1st 68
741
/
4 79 79 Aug'26 -- 1870
68972332;58
:
3 1107609
86659:1:2
103 10712 Brooklyn R Tr let cony g 43_2007 I J
--- ---9914 101
8-yr 7% secured notes_._ 192) I .1 --------13612
25
6 -_-__-:
.. 9912 N
Ag:2
9914 105
Ctfs of deposit stamped
I; Ii.,2
5
1001g 101711 Bklyn Do El 1st g 4-5s
1951 a A
9334 Bale 19
23
3314
1 Mar
9
.
3231
4 ----1004 10118
81311 9518
Stamped guar 4-58
1951 F A
9334 Sale 9334
9434
8
21 100/
1
4 10434
9758 10218 Bklyn On Gas let cons g As_ _1945 Al Is 102 Sale 10135 102
14
9261 19266
377*
23
1st lien & ref 69, Settee A.1947 451 b 114 1141g 114 Sept'26 -3-5-110
8714 905s
Cony deb 63411
1931. 1 , 155 Sale 155
158
Buff & Bulge Iron ef 53
1932 1 i
9755 98
91 June'26 ---9824
4
:
2 m09
A C, 8
87
990
9981
4974
82
..
Bush 'I ermlnal let 45
1952 AS(.s
E4 924
99214
4 Sept'26-21_ 66
1956
Consol 55
874 9-61
4 Bush Term Bldg/15316u tax ex 1950
100
(fleter & Del let cons g 5s.. 1923
1952
lot refunding g 45
1947
Union Pacific 151 g 48
Registered
1927
20-year cony 45
Registered
lot & refunding 411
52001
Ist lien & ref is
e200)10-year perm secured 68_192r.
89
69
41
41
93/
1
4
9413
924
9214
9938
9955
9012 May'26
9014
8914 9014 8912
10678 10734 10734 Aug'26
10238 Sale 10214 10212
60/
1
4 80
3612 48
9213 9512
834 9334
9914 100
99 9912
9034
86
10614 10912
10214 10334
894
Mita Cin Chic & St L(Orrowlided)
Strict H 4o
1960
Berke I cons guar 444L-1963
Series .1 43.10
1984
General M Is Series A-1970
Gen mtge be Series B
1975
Plitt & L Erie 2d g be
01921
tittle MoB & Y let gu 63„ 1932
Pftts Sh & L E lot g 5e
1940
let oonsol gold bs
1943
Pitts Va & Char lot 45
1943
Pitts Y & Ash lot cons 58_1927
lot gen 4s series A
1943
1st gen 56 series B
1982
Providence Scour deb 4s
1957
Providence Term 1st 43
1955
9612
9734 ____
9814 Sale
102/
1
4 103
1024 Sale
100.8
10514 106
10134 _-100/
1
4 102
Hies
9714
9714
9813 Aug'26
9814
984
10234 103
10234, 1034
100 Aug'26
106 Aug'20
10134 Sept'26
10134 June'26
90
1'4 M
A2
apc
6°:2
10
92
0% -_-_-_-_ 10
9235 9312 9112 Mar'26
1024 Sale 1024 10314
70 6812 Aug'26
'14E8_ _ 84/
1
4 Aug'26
9534 9914 99 July'26
444 May'2o
I31-4 92
92
1
4 Sale 9753
98
97/
100 10012 10012 10012
80
78 July'26
79
101 10148 10112 Aug'26
9912 101 10014 Aug'26
7 Aug'26
514 7
May'20
5 __
91
91 Sale- 9038
83
8318
8258 83
94/
1
4
9412 Sale 9334
7914
79
8012 7914
9112
92
9112
91
85
8412 ____ 85
- 9834 Aug'26
10212
99106
- - 101 Sept'25
9534 Sale 9534
9534
100,8 10038 10014 10034
97,8 Sale 974
9714
93 Sept'25
9212
92 Sale 92
100 101 100
100
82/
1
4 Sale e2/
1
4 83
8314 June'26
9812
-9834
102 10214 10178 102.8
10134 Sale 10112 10178
9734 Sale 9712
98
9512 Sale 95
9814
100
512
78
- 10534 Sept'26
1-0114
- 10114
10112
1
4 Aug'26
/
4 103/
10338 1041
9412 -- -- 96 July'26
8614 Sale 8614
8614
8054 78 Aug'26
79
9334 Sale 9334
9334
954
94/
1
4 Sale 9438
9034 Sale 9034
9114
9914 Mar'25
10118 102
91
8912
8928
Jan'213
91
9212
9812 Sept'26
9534 96
9214 July'25
34 A'26
Aug'26107
108 Aug'26
9933
993:4 9918
99
7,94 4
92 Aug'26
04
9
3
28
6
93 Sept'26
8918 Sept'26
884 90
104 10458 104
10412
SA & A Pass let gu g 43_ _ _190
Santa Fe Pres & Phen 58_1942
Say Fla 54 West let g 65____1934
lst 41 bs
1934
Scioto V & N E lst gu ef 43_1989
Seaboard Air Line g 4s
1950
Gold 45 stamped
1956
Adjustment 53
Oct 1949
Refunding 4e
1959
let & eons 6s Series A
1945
AU & Birm 30-yr lst g 413_41932
Seaboard-All Fla let go 68 A.1931
Seaboard & Roan 53 ext'd
1931
Bo ,..45r & (la its ext 534a, 1929
S&NAlaconegug 68
1936
Gen cons guar 50-yr 58
1952
So Pac Col 48(Cent Pac coO31949
Registered
20-year cony 443
June 1925
1934
20-year coos be
1944
20-year g bs
San Fran Term' lst 48-1950
Registered
1
41-08 g 50
So Poo of C/
1937
So Pas Coaat lot go g 4,3_ _1937
SO Pat, RR lot ref 46
1955
34
88
88 Sale 8734
10212
-- 10238 May'26 _
1
108
1084 ifo 108
10214 10314 10134 Dee25
2
89
8834 8912 89
9534 23
95/
1
4 Sale 9512
6
8058
8012 Sale 8012
94
81
1
4
8012 8053 80/
77
74
7334
7334 74
9534 133
9558 Sale 9512
59
1
4
91
9114 91% 90/
9512 Sale 9514
9514 32
100 10015 10012 Aug'26
101 1011. 3133 Aug'26
6
10214 Sale 0214 10214
10638 1074 10612 Aug'26
874 15
1
4 Sale 8714
87/
8512 May'26
88
82
86
98 Sale 9734
98
2
101
101 10178 101
10012 101 10034 Aug'26
9033 13
9018 Sale 89%
85 June'26
1
101
101
94/
1
4 _-- 95 Sept'26
84
9214
913
4
Sale
9178
s Due Jan
dDus May,
6;1
5
Is
1
31
12
127
1
4
2
11
191
45
1
214
131
22
69
149
649
7
9
9
18
34
20
7
1
5
I
16134
_
89 Sale
4014 43
/
4 Sale
941
9214 9414
9912 Sale
Due June. A Due July
iir,
Celli
Reading Co gen gold 4s
1997
Registered
Jersey Central coil g 4s___1951
Gen & ref 414e Ber A
1997
Wehrle & Dant,deb 58 stpd 1927
Rich & Meek lot g 45
1943
Mehra Term By 1st gu 58 .,1951
Rio Grande June let go 53_1939
Rio Grande Sou let gold 43_ .1943
Guaranteed (Jan 1922 coup on)
Silo Grande West its gold 4s_1939
Mtge & coil trust 43 A _
1949
RI Ark & Louis lot 4343_1934
Rut-Canada let go g 49
1941
Rutland lot con g 43/
1
4s
1941
Bt. Joe & Grand tel 1st g 413_ _1947
St Lawr & Arab let g 53
1994
2d gold 6v
199c
• r
•nn,- 45
1921
St Ir
& MD Ion g 53_1931
144:01.eu & r
192s
u,d 4e
Registe.rd _
RIv&OUlvistgls
1933
SS L, M Bridge Ter go g 511-1931
Pt L & San Fran (reorg co)481959
Registered
1954
Prior Hen Ser B Se
1929
Prior lien Ser C 56.
Pr'or lien 545 Ser D---- 194'4
Corn adjust Ser A 823195F
1.1964
Income Series A 65
'Moo's & San Fran By gen 138 'XI
1931
General gold bs
i943
▪ L Peo & N W Pet gu Is
1931
▪ Louis Sou lot gu g 43_
• L W ist g 48 bond etre_ _1989
2d g 42 income bond ctle_ y1989
Consol gold 4s
1932
lot terminal & unifying 53_1952
It,Paul & EC C Sh L let 4431941
1931
St Paul & Duluth let 5a
let consol gold M
1963
St Paul E Or Trunk 4345-1947
gt.Paul Minn & Man con 45_1937
Registered
1st co_asol g 4s
1933
ReMtered
tls reduced to gold 448_ _A93.9
Registered
1933
Mont ext 1st gold 441
1937
Registered
Pacific ext guar 45 (sterling)'40
St Paul Onion Depot 5s____1972
"9112
Low
2
1
41
1
47
13
45
-65T4 gie" 9914
9934 --Li iiii filcii
8 100
Cal G & E Corp unit & ref 55_1937
1933
Cal Petroleum s f g 8148
Camaguey Bug led tfg7e.,l941
Canada SS Lines 1st coll e f 79 '47
Cent Dist Tel let 30-yr 53
1943
1931
Cent Foundry let a I 65
Cent Leather lot lien s f 8s 1946
k Due Aug. je Duo Nov. a Option Sale
55 b 1011
/
4 ___
i 0 1034 104
k 0 9734 Bale
)
91 h
p 105
234 1031_
___ 4
1011
/
4
10334
9734
105
234
1011
/
4
10412
105
16
1
10014 10218
10.333 10534
2
1014105
93/
1
4
9334
11122 10
10
0,
1
4
86619091.2852116: -9-1285F
l 6
.1 10
97434 1092613
92
6'4 Ba1
1491
New York Bond Record-Continued-Page 5
DONDE
IT Y. ElTriry EXCHANGE
Week Ended Sept. 17.
Price
petday
Sept. 17.
Week's
Range or
Last Sate
xi6
High
1,ene
,4
e4
HIV We Now
12114 41 11514 12318
Central Steel 1st get88----1941 MN 121 Sale 120
4414 56
5312 54% 5314
5314
1
Chic City & Coals Rya 51927 to
4 10158
/
5 10112 103
101% Sale 1011
C110 L&Coke 1st gu fc tes_ .1936584 81
7612 Sale 7612
79
149
1927 FA
Chicago Rye 18158
10512 1091,
10618
Sale
10614
4
/
1061
56
1932
A
.
Set
65
Chile Copper
•C
102 16313
102)4 10212 10214 Aug'26
Mein Gas & Elec let & ref 5s '55
4 103/
/
4
1
6 10214 10512
534s Ser B due Jan 1 ___ 1961 Sr 103% 10334 1031
9578 226
9434 97,2
9534 Sale 9512
1944
,Pow & L 8 f 69
Cities Seri
8218
NJ
82 May'26
82
78
Clearfield Bit Coal let 48_ _ 1941
9538 Sale 9538
9512
9014 9534
4
Colo F & I Co gen a f 68..l94 P A
4
8812 Sale 8812
8918
8334 91
Col Indus let & coil 582u-1934 .• A
9914 10114
10018
6
1927 8.1 100 Sale 100
Columbia G & E let 5e
10018
1 100 101
1927 13 100 1001 10018
Stamped
10
Oct'25
19r7•B
Col & 9th Av let gu g 5a
Columbus GM let gold 58. 1932
.1
Commercial Cable let g 4s__2397
Commercial Credit Cf 6s____1934 NI N
notes_
_1935 Ii
Col Ire f 534%
Commonwealth Power 6s_ _ _1947
Computing-Tab-flee s f 6s. _1941 • NJ
Conn fly & L let & ref g 434e 195' 1 J
1951
Stamped guar 434s
J
Cons Coal of Md 1st & ref 58_1951
D
Consol Gas(NY)deb 5348_ _1941 FA
Cont Pap & Bag Mille 6 48_ _1944 FA
Consumers Gas of Chic gu 58 1936
J
Consumers Power let 541_ _ _ _1952 NI N
1954 S O
Copenhagen Telep ext 6a
193 MN
Corn Prod Refg s f g 58
1934 MN
1st 25-year 9(59
Crown Cork 4- Seal ter e f 68_104: P A
Crown-Willamette Pap 68-1951 3.1
e J .1
Cuba Cane Sugar cone .a_
J
Cony deben stamped
Cuban Am Sugar let coil 85_1931 MS
Cuban Dom Buis let'
MN
3977
Cumb T & T lat & gen II
.1
Cuyamel Fruit let 68 lot et.e'4.^ • 0
Davison Chemical deb 6349_1931
Deus city I ranla tot con on 135
Den Gas & EL let & ref a f g 58'51
Stamped
Dery Corp(D G) lat f 7a _ _1942
Detroit Edison let coil tr Se 1933
let & ret Se Series A _July 19441
Gan & ref 55 Scrim A
1944
let & ref (39 Series B__July 1944'
Gen & ref 58 ser 11
1951
Del United let l'Onfi g 430_1932
1941
Dodge Bros deb 63
Dold (Jacob) Pack let 60_1942
Dominion Iron & Steel 58...193(
194:
Donner Steel let ref 78
Ducluesne Lt let & coil
coll trust 534s Series B_19911
99 Sale 99
9918
80
7934 81
80
9834 99
9878
99%
944 Sale 9418
944
105 Sale 10412 10514
10458 Sale 10434
10478
_ _ _ 93 Sept'26 _
95
9393
9352
9352
8234 Sale 8212
83
10558 Sale 10514
4
1
105/
80
76
78
7658
99_ _ 101
Aug'26
10038
10158 g. le
10138
100 10012 10012 Aug'26
10314 10334 90% Aug'25
1033
10338
944 Sale 94
95
, 100
'
100 Sale 991
9334 Sale 93
94
9712 Sale 97
9712
108 Sale 108
108322
9734 Sale 9712
9838
10178 Sale 10178
102
9534 Sale 9534
96
93% Sale
97 Sale
9612 Sale
7812 797
101 102
108 Sale
102% Sale
10734 1077
101% Sale
9312 941
9534 Sale
7812 80
46 Sale
93 Sale
10534 Sale
10514 Sale
8
2
12
1
33
13
_
1
11
93
4
-21
99 100%
8134
75
98 100.
9212 99%
102% 10512
104% 116
9412
90
90 9412
7812 86
10414 10518
7378 82
984 10234
9712 103
99 101
1
16
60
5
57
11
79
8
4
1004 1-113-3-8
8234 95
99 100
96
88
92 100
10612 10011
9114 0014
10014 10258
9344 97%
(loge County El let g 49_1049 P A
Stamped guar 46
1949 k(' A
J
'tinge County Lighting 5a 1954
181 .5 ref 6348
1954 i .1
Kinney(0 RI At Co 7 ti% notes'3(. I D
1936 1 I/
Kresge Found col tr 68
Lackawanna Steel let 514 A._1950 AI 13
,-ite Gas Lot St L ref&ext 58_1934 4 0
Coll & ref 51.0 Series C...1953 F A
Lehigh C & Nay 61 434a A._1954 1 .1
Lehigh Valley Coal 1s1 g 58_193? .1 .1
1954 F A
1st & ref s f 59
hex Ave & PP let gu g 58_ _1993 NI S
Liggett & Myers Tobacco 78_1944 t o
t o
Registered
1951 FA
5a
ReeNtered _
w
Liquid Carbonic Corp 68:21941 FA
...award
1944 • 0
e) la
t o
Registered
1951 P A
58
P A
Registered
Louisville Gae & Electric 58_1952 • N
1930
.1
Louley fly let con 58
I.ower Austrian Hydro-Elec Co1949 96
181e113349
9312 9514
2
93%
4
1
93/
924 Aug'25
'a"
985
97
9618
19
9318 9812
9612
4 19
1
96/
91
4
3
77
9
79
7812
1 100% 10378
10134 10134
16 100% 08
107% 108
10112 1023
18 100 1u4.18
2 106 10834
10212 103
10112
m 34 8 ISO s 104
9712
90
13
94
4
/
931
9213 9734
9512
973 247
83
4
693
26
80
79
6134
34
31
467
3914
9274 96
41
9712
98
81, 10434 107
1053
105
1051
4 104% 106%
105
Bast Cuba Sug 16-yr PI g 734s'37 MS
1931,
.1
Ed El III Ran let con g 4s
J
Ed Else III let cons a 59_ _ _ _1991
Else Pow Corp (Germany)6348.5( MS
Elk Horn Coal tat & ref 6340.1931 ID
D
Deb 7% notes (with warrts'31
1937 MN
Empire Gaa & Fuel 7348
let & ref 634s(wIth warete)'4) A
Unit Gas Light let eon 5s 1932 M
Federal I.Ight It 'Fr let 5e_ _1942 MS
1942 PA E
let lien 68 stamped
1954 /D
20-year deb 65 Ser B
1931) Jill
Federated Metals e I 79
1941 M S
Flak Rubber lets I Se
Ft Smith Lt & Tr let g 58_ 1935 MS
Framerie Ind & Hey 20-yr 7346'42 J
Francisco Sugar let at 7348.1942 MN
French Nat NIall SS Lines 781941, I D
104 1041
9412 _
___
108
94 Sale
99 10014
10414
10438 18
9514 July'26
10634
8
108
74
94
93%
99
99
6
9914 May'26
Oi gale 10234 1031 76
97 Sale 97
971 844
-- 10014 Aug'26
94
10014-94% 22
9412 94%
10212 Sale 1(1212
3
10212
944
9512 97
9414
3
88 Sale 87%
89% 16
116 Sale 11534 116
30
8718 8812 8634
11
88
94% Sale 9412
9518 94
104 Sale 104
10418 23
854 Sale 85
8614 319
103 108%
8974
93
/03 108%
8574 94
9818 100
9914 9914
10112 104
98
97
9912 10034
0212 9778
100 10411
4
/
97
93
8412 98
11312 11634
754 88
88 955
104 107%
79 8024
D
Om &El of Berg Co cone g 541949
1939 A 0
Gan Asphalt cony 6s
1942 F A
Gen Electric deb g 334e
Gen Elec(Germany)78 Jan 15.4.5 JJ
S I deb 6 14s with war . 1941 J
Without warrta attach'd '40 J D
1941 1 A
Genl Petrol 1st s 5s
Gen Refr let s f g 6s Rer A_ _195' F A
Good Hope Steel & I sec 7a 1945 A 0
Goodrich (13 F) Co let 6.349_194 .1 1
Goodyear Tire & Rub let 83_1941 MN
41931 F A
10-year a f deb g 89
Gould Coupler 1st 9 I 6e_ _194( F A
Granby Cons MS & P con 65 A'23 M N
Stamped
1929 M N
Cony deb 7e
1930 al N
Gt Cons El Power(Japan)79_1944 te A
Great Falls Power let e f 5a 1940 M N
10234 ____ 10234
10814 10912 109
0112
91 12
1034 Sale 10234
112 Sale 11314
9734 ale 97
100 Sale 100
10112 Sale 10112
9638 Sale 9612
10514 Sale 105
11934 Sale 11934
110% Sale 110
9214 Sale 8912
100 101 100
100 102 10014
130 Sale 11912
9512 Sale 9514
10318 10434 10018
33
177
134
83
6
105
67
56
43
40
33
246
_- _ _
10038 10234
102 110
92
81
1/5 104
9914 11812
9814
97
9834 101 12
•/0012 103 14
97
92
184 107
11934 122
10934 11238
9318
85
100 Ini
100 101
100 132
9038 864
100 10412
Hackensack Water let 4s_ __1952 J J
193E NI S
Hartford St fly let 48
S
Havana El fly L & P gun 58 A'54
Havana Elec coneol g 58_ ..1952 P A
Hershey Choe let & coil 534s 1940 .1 .1
Hoe (It) & Co let 634 a temp.1934 A0
Holland-Amer Line 68 (fiat).1947 MN
1940 MN
Hudson Co Gas letgSe
Humble OR& Refilling 5348_1932 ii
---_
1956
Illinois Bell Telephone 5a
1940 50
Illinois Steel deb 434s
1936 MN
had Nat Gas & 011 58
1952 MN
Indiana Steel let &a
1935 .1 .1
Ingersoll-Rand tat 511
1945 MN
Inland Steel deb 530
Inspiration Con CoDPer 634s-1931
Interboro Matron coil 434e 1956 50
Guaranty Tr Co etre dep......
Ctf dep stpd asstd 16% sub_
Interboro Rap Tran let 68_ _1965 3.1
Stamped
1932 A0
10-year 68
1932 MS
10-year cony 7% notea
tot AgrIc Corp let 20-yr 58_ _1032 MN
Stamped extended to 1942._ _ MN
Inter Mercan Marine s f 6e..1941 A0
1947 .1 .1
International Paper 55
1955 SIB
Ref a f 65 tier A
let Talon & Teleg cony 53.44 1945 NI S
10212 Sale 10212 10238
97 Sale 9612
97
97% 9812 9812 Aug'26
103 Sale 103
10314
_
100
9934 Dec'25
10034 Sale 10038
101
10078 101 10034
101
4 11
1
19/
Apr'25
13 May'26
1012 Mar25
7llg Sale 71,8
7314
7118 Sale 7118
7314
74 Sale 7334
76
9518 Sale 954
96
93 Sale 93
93
7138 Sale 894 July'26
1
8812 Sale 88,
8914
10014 Sale 9612
9712
100 10018 100
10014
10914 Sale 109
11014
Jurgens Works tls(JIM price) _1947 J J
S
Kenna City Pow & Lt 58_1952
Kansas Gas & ElectIc as__ _1952 41
Kayser (Jullue) & Co let a I 78'42 FA
Corp let 63._ 1940 31 S
Keith (B
Kelly-SprIng1Tire 8% notea_1932 MN
Co let 58_ 1935 J
Telep
Keystone
1937 t o
Kings County El & P g 193
1997 A0
Purchase money 138
106
106
16
107
10314 Sale 10314
103% 119
105%
105
106
24
107 10712 107
2
107
9712 Sale 97
18
9814
10512 Sale 10514
4 20
1
105/
92 July'26
9134 92
103 Aug'26
103
123
4
123
123
is Duo May, s OpUon sale.
10234
110
Aug'26
10312
11434
4
/
971
10014
10112
97
106
12034
11012
93
Aug'26
Aug'26
132
9558
July'26
1
10
_
8534 85%
8534
9512 Aug'25
10434 Sale 10314
10434
96% Sale 9634
9718
101% Sale 10178
10214
95 Sale 95
9534
8512 Sale 834
8578
10234 1031 2 1021
4 Sept'26
/
10214 102% 10214
10238
_
_
2
8534 88,8
9
20
45
9
85
-26
8
12 1147
92-.
9411 10018
9918 10214
9111 VS
8578
79
10038 10313
1014 103
31
27
9
10084 10314
9434 98
914 9822
10114 1054
24
7
Ws; 1641-2
10018 102
_
324
310
248
240
3
__
118
49
119
280
13
Price
Petefae
Sept. 17.
BONDS
N.Y R'Poe 4( Ex CHANGE
Week Ended Sept. 17.
Rang.
Since
Jan. 1
13
"El;
75%
62
64
78%
8534 9714
8814 9812
821s 91%
84% 98
9138 98
9612 10012
107 11614
Rang.
&sea
Jos. I
Week's
Ranee or
Last Sale
Ael pdwe
H.e' No Low
Hifi
594
7911 80
2 le
774 882
774
I
1
7934 Sale 7
4
2
79;
2
79314
4 101
1
98/
10018 101 10012 Aug'26
5 106 110
4
/
1091
10914 10934 10918
0112 107
10514 31
10112 Sale 10112
10034 98 100 10034
10012 Sale 100(4
99
98 Sale 93
964 10
3(2) 100
1007s 4
9943
10012 Sale 10014
10338 Sale 103% 10312 63 10238 105
98 10013
1
9312
95 Sale 9812
10018 10138
101 10114 10114 Sept'26
9914 10038
11
100
9934 Sale 993
4012 Feb'26 __
397k 404
9 118 12(14
12334
12312 Sale 12312
12012 May'26 ____ 12012 122
117
24
3
00
.0114
934 10
90
9 10
101 Sale 101
__
9312 ----100 July'26
9911 100
9934 34
99,2 Sale 9912
4 .15.4 12118
4 118
/
11734,120 1171
11812 1184
____ 11814 June'26
115
9838 1024
4
991k Sale 9918
9912
9414 ____ 0614 Oct'25
1-667;
72
100
9958 Sale 9938
804 96
9612 06 Aug'26
92
86
Sale
86
86
8212 28
10
1942 A 0
Martini Sugar 73.4e
Manhat fly (N Y) cons g 4a.1991 A 0
2d46.2013 1 D
Manila Elec Ry & Lt f 58_1953 all .9
Market St fly 7s Series A_194( Q
Metr Ed 1st & ref g 6s So'B_1952 F A
1953 3 .1
let & ref 5a Series C
1953 1 D
Metropolitan Power 69
Met West Side El (Chic) 48_193e P' A
1940 M 41
VIM-Cola Petr let 6348
Midvale Steel .5(1 cony f 58 1936 NI S
3111w Elec Ry & Lt ref &ext 43413'31 1 .1
1951 I D
General At ref 55 A
1961 1 13
let & ref 521 B
1953 NI S
let & ref g 6e Series C
1927 141 N
NIllwaukee Gas Lt let 4a
Montana Power let 58 A_ 1943 J J
Montreal Tram 1st & ref 58_1941 J .1
Gen & ref a f 59 Ser A__1955 A 0
sAorrts & Co lets I 4 Sie__ _ _1939 J
Vlortgage-I3ond Co 4e Sec 2_1966 N 0
10-25-year 58 Series 3
1932
1934 I D
Murray Body let 6345
1947 'IN
Mu Fuel Gas lat gu g 52
0 1941 MN
Mut Un gtd bonds est 7
9934 17
99 Sale 99
25
66
66 Sale 6538
7
60
60
60
57
6
9712
974 Sale 97
9778 20
9778 Sale 9718
3
108 1054 10712
10014 21
100 Sale 99
2
10512
10512 Sale 10514
734 Sept'26 ____
7334 74
37
10434 Sale 10412 105
9714 112
9634 Sale 9638
3
4
1
97/
4 9838 9712
/
971
4
9912 Sale 9912
99'l
62
98
98 Sale 9712
105 Aug'26 __
__ 9934 Aug'26 ____
9934
10012 12
10012 Sale 10038
6
9738
9738 Sale 9712
4
93
9334 93
93
4 16
/
861
8612 Sale 86
81 •-ay'26 ____
81
80
1
9638
9638 9634 9638
20
96
9512 Sale 95
---- 10134 102 Aug'26
____ 100 Nlar'26
102
9314 103
5914 6912
53 63
394 9734
994
97
104 1084
96% 10114
.0212 1051/
7112 7438
10114 105
9238 98
49358 99
9838 10038
904 9838
0034 105
9974
99
1/97k 105
0612 984
924 53
88
84
al
80
964 CM
8312 96
9834 103
10214
Nassau Else guar gold 48_.195b .1
1931 1 13
National Acme 73-4s
Nat Dairy Prod 6% notes 1940 NI N
Net Enam & Stamps let 58_1929 1 D
Eat Starch 20-year deb 513_1930 / 1
1952 NI N
National Tube let 58
1948 J D
Newark Consol Gas 58
Yew England Tel & Tel 58..1952 J
1961 M N
lstg 434sSer 11 wl
N Y Air Brake 1s1 cony 66_ _1923 M N
New Orb Pub Serv let 58 A 1952 A.
19553 D
1st & ref 58 eer B
NY Dock 50-year let g 413-1951 F A
NY Edison let & ref 630 A_194i A 0
1944 4 0
let lien & ref 55 18
N Y Gas El Lt & Pow g 5s 1948 J D
1949 F A
Purchase money g 45
NY L E& West C &RR 534a 1942 M N
J
NYLE&WDock&Imp 511_1943
N Y Q El L & P let g 58_ -1930 F A
N Y Rye let R E & ref 48_ 1942 J J
Certificatee of deposit
30-year ad) Inc 5&.__Jan 1942 A 0
Certificates of deposit
NY Rye Corp Inc 68_ _ _ _Jan 1965
Prior lien 65 Series A
NY & Rich Gas let 68
I NI
1= M
NY State Rye let cons 440_1962 M N
let con 634e seriee B
1962 34 N
Y Steam let 25-yr 68Ser A 1947 NI N
NI Y Telep 0.1 .5 tenet430_1939 NI N
30-Year deben f 68_ _ _Feb 1949 F A
20-year refunding gold 66_1941 A 0
Niagara Fall Power let 158_ _1932 .1 J
Ref&gen6o
Jan 1932 A 0
1,11ag Lock & 0 pr let 58 A __1955 A 0
No Amer Cement deb 634a A 1940 M S
Nor Amer Edison 66
1952 M S
Securetie f g 6346 Set B..1948 Nil E
Nor Ohio Trac & Light fle
1947 PA 41
Nor State. Pow 25-yr Fos A 1941 A 0
A 0
Registered
let & re/ 25-yr 68 Per B___1941 A 0
North W T let fd g 434a gtd_1939 .1 .1
15
60
4
1
4 5914 58/
1
58/
19
9978 Sale 9934 100
127
100
9912 Sale 99
101 10234 10112 Aug'26
4 Aug'26 ____
/
____ 1031
101
7
10418
16338 Sale 10338
1034 10334 103 Aug'26 ____
9
102
10134 10214 10134
134
9378 Sale 9334
94
2
1023s 10234 10238 10234
94 Sale 9338
9414 56
9434 17
9238 9412 9414
8358 14
83,2 8338 8312
11534 Sale 11534
1157e 47
10212 Sale 10212 10278 21
1
10512 ___ 10512 10512
9112 19
9114 Sale 9114
101 --_- 101 July'26
1
10112
10112
16012 1-01-14 10114 Aug'26 ____
Apr'26
___ 55
5
6134
62 6134
60
605 July'26 ____
44 6
4 5 Aug'26
1
418 9/
2912 141
27 Sale 27
27
85
84 Sale 84
10212 10312 10218 Sept'26
7
14
56
5514 Sale 55
71
7034 717s 7034
10312 12
103 1031 103
9818 49
9734 Sale 978
11014 53
110 Sale 110
10812 49
1084 Sale 1083
2
10012 10138 10138 101 12
2
10514 10534 10512 1054
10012 36
100% 10012 100
974 27
9638
9634 97
35
10378 Sale 111312 104
10.534 23
10514 Sale 10514
11
97
9638 Sale 9638
67
1001
100 Sale 9972
1
9914
9914
4
105
105 Sale 105
981 974 May'26 ____
98
584 9424
98 1004
9312 10011
110018 103
4
1
4 105/
/
991
10184 10414
1004 10334
1007 10312
9238 9434
10078 103
9044 9814
9014 964
8112 8614
115 118
102 10438
104 10544
4 92
1
49/
101 101
4 10294
/
4011
10014 1034(
62 60
62
116
1014
6
212 184
37
22
8als
82
10034 10234
2%
59
311.; 8
70
5
Ohio Public Service 7345 A__1946 A 0
let & ref 7.1 series B
1947 F A
Ohio River Edison let 68
1941) J
Old Ben Coal let 65.
1944 F A
Ontario Power N F let 58
1943 F A
1945 141 N
Ontario Transrataslon 58_
Pacific G & El gen & ref 5s 1942
J
Pee Pow & Lt letarer 20-yr be'30 F A
Pacific Tel & Tel let 58
1937 J
Ref M 58 serles A
MN
Pan-Amer P.5 T cony f 68.129.
1H
t31
1st 10-year 7e
1930
E.
ParamountrIldway let 546.1951J
Park-Lex et leaaehold 6344_ _1953 J J
Pati& Peatalo G dc El cons 58 1949 M
Peon Gas & C lgt cone 6e 1943 A 0
Refunding gold 54
1947 31 S
Philadelphia Co coll tr 65 A_1944 F A
15-year cony deb 534a__1938 PA
Piffle & Reading C & I ref 58_1973 J J
59
116
116 Sale 114
29
116 Sale 11418 118
5
10514
10434 105 105
96
7
91
92
91
4
10138
101 10138 101
1
10034
10034 Sale 10034
62
100 Sale 9938 1001
10112 39
10014 101 10014
28
10178 Sale 10034 102
9
10034 Sale 10058
102
10634 Sale 106
198
107
10532
4
10514 10534 10514
54
98
98 Sale 974
92 Sale 92
9212 15
102% ___ 10234 Sept'26 ____
113 Sale 113
1
113
10238 Sale 101
10238 33
4 Sale 1034
/
1031
10412 22
0
10114 27
10038 Sale 10038
loo 1011 10058 10112 15
Pierce-Arrow Mot Car deb 851943 PA 0
.1eres 0115 f Ss
Dec 15 1931 3 D
Pillsbury Fl Mills 20-yr 66_1943 A 0
Pleasant Val Coal 1st g a f 5e_1928 J J
Pocah Con Collieries 181 51581957 J .1
Port Arthur Can & Dk 63 A.1953 F A
1st NI 6s Series B
1953 F A
Portland Else Pow let 60 11_1997 111 N
100 116
Portland Gen Else let 5a
1935 J .1
10014 114
Portland 11.3' let & ref 5e
1930 Nt N
101% 10618 Portland fly Lt & P 1st ref 551942 F A
105 10712
1st I At ref 68 Ber 13
1947 M N
98 • 99
181 & refund 7304 Ser A 1946 SI N
4 108
/
1021
Porto Rican Am Tob 88___ _1931 M N
9212
90
102 104
4 121
1
120/
108 1093
9012 Sale
100 104
99)
98
9034 02
105 1-_ _
10418 0518
10138 Sale
10138 Sale
9514 Sale
9138 Sale
10114 Sale
108 10858
105 ____
s
78
0,
11009008
110
3
02
10
9
1014 10412
924
97
10978 11114
1074 10911
10034 103
10414 106%
09 10134
95 100
1014 105
10378 106
9234 99
9784 171
0214
99
10412 1064
9612 98
112 11814
11038 119
10114 10614
88 9714
9932 1024
9942 101
974 1004
094 1014
1003s 10254
98% 1024
,
104 1121
7
10372 107.
9212 98
854 96
100 10214
11014 113
9813 10314
1034 10545
1
0:
98: 10
103
9912 102%
103
110
7
994 Sept'26 ___
9134 Aug'26 _
16
1053a
10478
10414
10414
5
10034 10134 10
4 10138 13
/
1011
7
24 16
95
2
1114
95
9
10114 10414
9812 100
4
2
4
/
99 1031
105% 1084
105 Iowa
10034 10112
108
108
105 Sept'26
4814
3
95
0
100
24 1
90
10
1041911i
9930 1024
4
1
94./
8 96
991
88
[VoL. 123.
THE CHRONICLE
New York Bond Record-Concluded-Page 6
Quotations of Sundry Securities
All bond prices are -an, Interest" except where marked
BONDS
N
.2rrOCE EXcHA'
,
YOE
Week Ended Sept. 17.
Prtce
Friday.
Sept. 17.
Week'.
Range or
Loll SaU.
Range
Since
Jan. 1
Standard Oil Stocks Peo BM
Per CI Basta
400
Railroad Equipments
Anglo-Amer 011 vot et__ V *1838 1812 ttlantle Coast Line 60___.
5.15 4.95
Non-voting stock
4.90 4.75
£1 *17,
8 18
Equipment634o
Ask 1,00
Itta
Rita No Loa
High Atlantic Refining
101 110 11012 B-Itimore Ar Ohio 60
5.15 4.95
Pressed Steel Car cony g 58.. _1933 J .1 94114 Sale 9434
Preferred
94,
4 11
94 9810
10( 116 120
4.85 4.62
Equipment 434*& 58_ -prod & Ref 81 88(with starnt8)*31
11014 11204 Borne Serymaer Co
5.15 495
D 11113 11114 ill Sept'26
101 280 285
tuff Rech & Pitts equip 621
Without warrants attached_ J IJ 111 11114 111 Aug'26
New
10934 11214
4.90 4.60
*68
72 laro Ian Pact ic 4Sis & 6e
Pub Serv Corp of N J sec 68.1944 F A 10314 Sale 10318
10358 44 100 10434 Buckeye Pipe Line Co__ - E4
5.10 4.90
46
47
Corral RR 1 NJ 61
Pub Serv Elee & Gaa let 534s1959 A 0 10514 Sale 10514
10614• 2 10334 1(614 Chesebrough Mfg new__ 2: 7314 74 '.Mesapeaik
5.15 4.95
lo
lat & ref 534ti
8 10378 10512 Continental 011 v t
1964. 0 10478 Sale 10478 10478
5.01 4.75
11 *20
2018
EQuiprn
4. Ms
Pub Serv El Pow & Ltg 6a...1948 A 0 106,
Crescent
4 10118 108
Pipe Line Co__ 5) *15,
4 107 10612 10612
4.85 4.65
413
4 1634
Equipm
Punta Alegre Sugar deb 7a. _1937 J J 10718
Cumberland Pipe Line....104 109 112
107
108
15 104 111
Chicago
& Quincy 60... 5.15 4.95
8014 9112 Eureka Pipe Line Co_ __ _10(
Remington Arms 63
91
22
90 Sale • 8914
1937 M N
4814 49 Chicago & North West 611...
5.15 5.00
Repub IA 8 1)-30-yr ba I _ _ 1940 A 0 9918 10014 100
4
10014
9714 10014 Galena Signal 011com___10(
1712
5.00 4.80
17
Equipment 634s
Ref dr gen 5%2 Ser A...A953J J
Preferred old
9712 Sale 97
9712 35
9212 9714
10) 60
4.85 4.70
65 Chic R I dr Pao 43.41 &
Rheinelbe Union 7s with war 1946 J J 1(1858 Sale 10758 10978 585
9512 11238
Preferred new
5.20 5.00
101
50
59
Equipment 60
93 9758 Rumble Oil& Ref
Without talc perch warls_1941' 1 J
97)2 Sale 9714
97,
8 46
5.20 5.00
21 *5734 58 Colorado & Southern Oa
Illinois Pipe Line
4 Sale 9914
101
156
Rhine-Maln-Danube 7a A1950 M S 100,
9812 101
104 135 13512 Delaware & Hudson Oa-5.15 4.95
Imperial 011
Rinne-Weetphalia Eiec Pow 7s'50 M N 9912 Sale 99
100
65
95 100
t *3534 36
5.00 4.75
Erie 434e & Os
Indiana Pipe Line Co. 51 *58
Rime Steel 1st 7s
9012
91
9
88
91
90
1955 F A
5.15 5.00
59
Equipment 6s
55 6812 International Petroleum
Robbins & Myers of 70
55 Sept'26
56
5.15 5.00
1952 J
3234 32,
8 Great Northern 6s
National Transit Co_ _12.51 .1414 1412
Rochester Gas dr El 78 Ber B _1946 MS 11112 11138 11118 11114
5 111 114
4.85 4.70
Equipment 5s
Gen Mtge 5Sis Series C1948 M S 10518
New York Transit Co_ __10(
10518
10518
3 10458 105
3012 33
4.85 4.70
Hocking Valley 50
Roch & Pitts C&Ipm 5a_ _1946 MN
9012 Aug'26
9012 9012 Northern Pipe Line Co_ _10( *69
71
5.15 4.90
Equipment60
5 50 7324 Ohio 011
Rogers-Brown Iron gen & ref 78'42 M N 5014 53
50
50
23 559
60
4.75 4.60
Illthols Central 4358 & 50_.
49 6512 Penn Nlex Fuel Co
Stamped
5012
5012
M N 5012 53
21 .1818 20
5.10 4.95
Equipment 6s
Prairie Oil & Gas new _ _ 2) *5034 51
4.85 4.711
Equipment 7s &
St Joe Ry Lt Ht & Pr Ca__ _1937 MN 95,
Prairie Pipe Line new_ 101 124 12412 Kane% ha & Michigan 60.
4 Sale 95
,
8
95,
4 11
9114 97
5.20 5.00
•
194 203 206
St Joseph Btk Yds 1st 4848_193( 1 .1 9718
9718 Aug'26
9558 9718 Solar Refining
5.00 4.80
Equipment434*
77 81-4 Southern Pixie Line Co new. 2434 2518 Kansas City Southern 5348
St L Rock Mt & P 5e stmocl_1955 1 J
2
77,
8 78
77,
4
77,
4
5.10 4.85
St Louis Transit gen Imp 5a..1924 A 0
7612 Apr'26
7012 7612 South Penn 011
25 3612 3712 Louisville & Nashville 60,,... 5.15 4.95
St Paul City Cable cons 50_ A937 IJ 94,
Southwest Pa Pipe Lines.10(
4 97
96 Aug'26
4.90 4.75
9514 98
5112 53
Equipment6340
San Antonio Pub Serv lat 68_1952 1 3 1004 Sale 106,
8 10634 11 10138 10678 Standard 011 (California)
4.95 4.75
*61
6114 Michigan Central 58 dr 63
Saxon Pub Wks(Germany) 70 '4)3 M
Standard Oil (Indiana)._ 21 .6312 6334 MinnStP&S530434s& 151 5.10 4.85
199
9912 Sale 98,
8 100
9214 100
Schulco Co guar 634s
Standard
Oil (Kansaa)__ 21 *21
1946 J .1 10014 Sale 10014 100,
8 62 10014 10014
2134
Equipment OAS& 70,,,,,,. 5.25 4.90
Sharon Steel Hoopla a8Ser A'41 M
3 107/
Standard 011 (Kentucky) 2f *12112 122
10734 10812 108
108
1
4 109
Missouri Kansas & Texas 65. 5.30 5.00
Sheffield Farm 1st & ref6%e_•42 A 0 10738 107,
4 10678 10812 Standard 011(Neb) new- 25 *4458 4512 Missouri Pacific 68 & 63.48- 5.20 4.90
8 10738 10734
911, 9812 Standard 011 of New Jer.. 2; 4234 42,
&arra & San Fran Power 513_1949 F A 9512 9678 95
4
97
2 Mobile & Ohio 434sec
-• 4.90 4.65
Sinclair Cons 011 15-year 7s_1937 M S 98,
9384 9958
Preferred
4 Sale 9814
98,
4 70
101 11534 11618 New York Central 4340 AS' 4.80 4.60
lot In col tr 6s C with warr 1927 J D 103 Sale 10318
5.15 4.95
10378 347 10312 11334 Standard 011 of New York 21 *3218 3214
Equipment Os
let lien 63'4o Ber B
95
1938 1 D 9212 Sale 92,
8
93
_He 295 300
87 9458 Standard Oil (Ohio)
4.90 4.75
Equipment 7.
44 10018 10112
Sinclair Crude CHI 3-yr 60 A.1928 F A 10078 Sale 11078
Preferred
101
4.70 4.55
10( 11712 11814 Norfolk & Western 43448-yr 6% notes B Feb 15 1926 F A 101 Sale 10078 10158 36 10028 10112 Bwan & Finch
5.00 4.75
1712 1812 sIorthern Pacific 78
101
Sinclair Pipe Lineal 5e
1942 A 0 9318 Sale 9214
9414 262
87 9414 Union Tank Car Co----100 11712 119 Pacific Fruit Express 70-- 4.95 4.75
Skelly 011 8 Si% notes
1927 A 0 13214 Sale 13212 14112 127 1113g 148
Preferred
103 115 11634 Pennsylvania RR eq 50 & 80 5.10 4 85
Smith (A 0) Corp 1st 8348_1933 M N 10112 10158 101,
12 190 10212 Vacuum 011 new
8 102
5.05 4.80
21 9712 9812 Pitts & Lake Erie 6,48Washington 011
5.15 5.00
Equipment Os
IC
South Porto Rico Sugar 7o_1941 JO 107 10712 107
4 10514 10914
107
,
8
Other Oil Stocks
. 4.70 4.55
Reading Co 43.4s & 50
South Bell Tel & Tel 1st a I 5a1941 J J 10258 103 10258 10258
5 10118 10312 Atlantic Lobos 011
5158
it Louis & San Francisco 55. 4.85 4.65
8
Southern Cob Power 6o _1947 J J 10014 Sale 10018
Preferred
10058
974 10278
5C
Seaboard Air Line 534o & 80. 5.25 4.95
Iirwast Bell Tel lot & ref 5a...1954 FA 102,
4 Sale 102,
8 10234 24 10048 10358 Gulf 011_
25 *8734 88 Southern Pacific CO 450 . 4.70 4.60
Spring Val Water a M
9912 Aug'26
1(1 *2418 24,
1946
N
8
4.85 4.76
9912
9914 10038 Mountain Producers__
Equipment 7s
7
Standard Milling let Cra
9858 10112 Mexican Eagle 011
10012
1930 MN 10014 Sale 10014
. 4.85 4.70
5 *418 8 Southern Ry 4345 & 5e
lot & ref 53-40
5
1945 MS 10014 10012 10034
10114
9778 10114 National Fuel Gas
100 159 163
Equipment Os
5.15 4.95
Steel & Tube gen f 7e Ber C 1951 .11 10778 Sale 10778
11 10712 109
Salt Creek Cons 011
108
5.15 4.95
10 *812 8,
4 Toledo & Ohio Central Ca_
Stevens Hotel let 6s ser A
35
4
100
1945
100 Sale 99,
9914 10014 Salt Creek Producere
4.85 4.70
10 *3034 31 Union Pacific 78
Sugar EstarEs (Oriente) 7a_ _1942
8
4
9814
97,
4 Sale 97,
8912 100
Superior Oil 101 8! 78
Public Utilities
96 Sept'26
1929 FA-1
95 9712
Tobacco Stocks
Syracuse Lighting let g 54_1951 JD 102,
Amer Gas & Elec
8
_ _ 10212 Aug'26
100 10214
1 •10112 102
American Cigar common 10f 130 135
Tenn Coal Iron & RR gets 5a_1951 JJ 103,
• *95
8 10514 10312 Aug'26
104 100
6% pref new
10218 10434
Preferred
96
I ennessee Elm Power 10E60_1947 JD 10518 Sale 10518 10512 43 10258 106
Bob 6e 2014
M&fs *10014 10024 British-Amer Taboo ord. £1 *2212 24
Third Ave lot ref 4a
£1 .2212 24
5511 6512 Amer Light & Tree com_101 213 215
1980 II 6314 Sale 63
6458 53
Bearer
Ad) Inc 58 tax-ex N Y___a1960 AO 54 Sale 54
28
Preferred
4112 6578
5512 139
101 10712 10912 imperial Tob of CI B & Irere *27
Chad Ave Ry let g 5e
98 105
7
1937 11 6314 6418 96,
9258 9812 Amer Power & Lt pref_ _ _101
4
97
96
98 (nt Cigar Machinerl----10(
Tobo Elec Pow let 7e
904 9824
Bob Os 2016
1955 MS 96 Sale 9514
98,
MA) 9958 9914 rohnson Tin Foil & Met_104 65
4 69
42
6% gold notes_ _ __July 15 1929 33 9812 Sale 98
9612 99
Amer Public URI corn,. _ 101
dacAndrews & FOrbe0 10( 40
70
98
,
4 76
77
96 9912
104 102 104
Tokyo Eke Light 6% notes_1923
7% prior preferred _ ___10(
94
98,
4 Sale 98513
99
92
95
Preferred
104
Toledo Edison let 711
4% partic pref
37
35
1941 MS 10712 Sale 10712 10778 24 10714 10914
101
80
85
vlengel Co
98 9924 Associated Gas & El 92_ 1 04912 52
Toledo Tr I, & P 534% motel 1930 J J 99 Sale 98,
0967
4
9914 27
ftrto Rican-Amer Tob- _101
Trenton Cl & El let g 5&
84
Secured g 634s 1954_ _J&J l041 10512 7niversal Leaf Tob com_101
1949 M
81
102,
102 Aug'26
8
10018 10214
Trumbull Steel let of 6a___ _1940 FA
9412 99
104 102 103
Blackstone Val GAB corn 51 *9412 9612
70
9758 Sale 97
98
Preferred
.1 65
Twenty-thlid St Ry ref 56l962
Cities Service common
70
104 120 125
65 Aug'26
21 *4458 4478 Young (J ES) Co
81
75
Tyrol Hydro-KI Pow 7%8_1955 MN
9414 9754
101 104 108
Preferred
9712 97
97
9758 34
104 *89
8912
Preferred
Preferred B
11
*714 ---I 9358
onderged of London 4411_1933
Preferred B-B
96 Apr'26
10(
94 96
7712 -- Rubber Stocks (ctoodans
Income Os
1948 J J
9318
(t) 4,61,
Cities Service Bankers Sharer *2238
95 Aug'26
Falls Rubber corn
90 95
Cnion Elec Lt & Pr let g 58_1932 MS 10112 102 10212 10212
25 .15
1 10011 1002 Com'w'Ith Pow Corp new_1 *40
Preferred
4012
Ref & ext 58
1933 MN 10112 Sale 10058
Preferred
10112 42 100is 1025s
101
8854 8912 Firestone'lire & Rub coin 13 *10814 115
let g 53'4s &Mee A
104 102 103
1954 II 101,
8 Sale 101,
2 10012 10214 Elec Bond dr Share pref_101 10712 10814
8
10134
6% preferred
Union Elev By (Chic) 5o_.,1945 AO 80
101
9714
97
84
84 Sept'26
_
7% preferred
7712 8512 Elec Bond & Sh Secur
*7012 71
Union 011 lot lien o I 58... _1931 J 3 101,
8 102 101,
4 10018 102
Lehigh Power Securities _1 *1612 1614 General Tire &Rub corn_ 2) •150 155
8
102
101 106 1101k
80-yr 68 Sec A
May 1942 PA 107,
Preferred
60
4 108,
4 10814 Sept'26
10038 10814 Mississippi Illy Pow corn 101
34
let lien a t 58 Sec C . _ 1935 FA
33
Preferred
101
95 -97 Goodyeat Tire & R com.10(
9814 Sale 9818
9812 68
951s 99
CnIted Drug 20-yr 68 ()et 1,, 1944 AO 10558 Sale 10558 106
9818 100
First mtge 50 1951
Ja: 10034 10134 Goody'r TA R of Can Of 104
9 10312 10712
United Fuel Gas lot o'60
India Tire & Rubber new(V *2914 31
1936 J J 103 Sale 103
S F g deb 7K 1935__M&I
, 102
10312 18 10112 10412
United Rye St L lot e 4e
1939 I .1 76
7612 76
Nat Pow & Lt pref
4 *10012 1111-1-2 Marton Tire & Rub corn-(t) *114
6
76
7412 79
101
15
12
Preferred
United BS Co 15-yr 8e
1
North States Pow Corn,,.,10) 10614 10712
1937 MN 88
8812 88
88
8712 95
Preferred
United Stores Realty 20-yr b. '41 AO 10418 Sale 104
10( 10112 10212 Miller Rubber Preferred-10( 100 101
7 103 105
10414
37
34
S Rubber lot Are? be Ser A 1947 .1 .1 93,
101
Mohawk Rubber
21
23
8 Sale 9314
Nor Texas Elea Co com..10(
9124 15
93,
4 119
75
65
J
Preferred
10(
Registered
1
Preferred
54
56
9278
92,
8 92,
9278
8
*Merlins Tire & Rubber(
.7t *24
1D-yr / % See notes
1931; FA 10714 Sale 107
107,
8 75 10404 10838 Pacific Gas & El 1st pre:AO( 100 101
*6
9
101
1
96
Preferred
U el Steel Corpreoupon____419ek MN 106 Sale 105,
4
178 103 107,
106
4 Power Securities corn
1 n3 26
0! 10-60-yr be)registered _51963 MN 10518 Sale 10518
Second preferred
3 10414 10612
10514
9212
92
Sugar Stocks
Coll trust 60 1949_ _ _J&T
Utah Lt & Tray 1st & ref 50_1949 AO 92 Sale 91,
4
9218 163
8612 • 94
5(
Caracas Sugar
Incomes June 1949__F&A *82
OD/ 214
Utah Power & Lt let Es_ _1944 VA
86
97 Sale 96,
8
9712 24
96 99,
4
&
Lt_
101
Sound
Pow
Puget
2712
Utica Elec LA P lot 58_ _ _1950 J J 1013
-- 101,
8 Aug'26
2814 Cent Aguirre Sugar corn_ 21 *8212 8212
10058 10212
42
104 140
104
Fajardo Sugar
Odes Glaa & Eiec ref & ext fa 1957
84
J 10134-14 100% 10278
6% preferred
4 1025a 10158
86
10134
50
40
104 10212 105
7% preferred
Federal Sugar Ref com 10(
Vartlentes Sugar lot ref 78._1942 )
9812 Sale 97,
9012 9912
4
9812 19
104
60
50
Preferred
Victor Fuel let s f Si
let & ref 5340 1949....J&T 10014 10114
56
57 Aug'26
1953 1 .1 54
5314 6412
4
*2
Republic By & Light._ _101
Va-Caro Chem let 711
;odschaux Sugar, Inc -If
90
92
8 - - - 10858 10858
105 110
1947 ID 108,
104
20
15
Preferred
101 115
dtpd as to payt 40% of prin
Preferred
32
lot 7e
1081/1
35 (lolly Sugar Corp com (7' O30
1947
10414 11112 South Cal Edison 8% pf 23 *33
- 110 Sept'26
101
80
75
Standard G&EI 7% pr p1101 104 105
Ctf of deposit aestd
10412 110
Preferred
110 Aug'26
10818 Ctt of deposit axial
10818 --- 10812 Sept'26
10672 10812 Tenn Elec Power lot pf 71g 10112 10412 National Sugar Refining_10( 12112 2312'
a Iron Coal & Coke 1st g bs 1949 M S 91.4 96
75
60
slew Niquero Sugar- _ -1.01
Western Pow Corp 91_101
93 Aug'26
98
99
9114 98
Is By Pow let & ref 56
12 3
tants Cecilia Sug Corp 0101
9858 26
92
95
1934 ii 9814 Sale 9814
9712 101,
8 West Missouri Pr 7% Pref.
walworth deb 6 Sis(with war)'35
52
0 9178 Sale 9112
Savannah Sugar tom-- -It •147
9178
15
89 9512
let sinking fund 6a Bee A _ _1945 40 9678 Sale 9678
25
Short Term Stie-urIties
Preferred
101 122
97
108
9114 97
Warner sugar Refill 1st 7/1_1941 ID 80 Sale 80
55
Anaconda Cop Min 68'29 Irk.) 102,
Sugar Estates Oriente p1_10( *45
8 103
81,
4 100
79 100
Warner Sugar Corp lot 7a
9934 100
1939 J J
58 Sale 58
5978 69
56 8878 ChM It I & Pao bs 1929..J&J
Wash Was Power f 5s
India,& Miscellaneous
87
1939 Ii 1025s
10112 1027s Federal Bug Ref 6*'33M&3' 84
- - 10278 Aug'26
93
21 *90
10178 10318 Missouri Pacific be '27..J&J 100 10014 tmerican Hardware
W8838888 Ltt g 58 atmpd 0,6 1950 JO 10178 -- 102 Sept'26
Wed Ky Coal lot 78
10( 11712 11912
sabcock & Wilcox
1944 MN 10112
10118
102
4 100 10214 Blosa-Sheff SAt 60 '29_Fdie 10214 103
22
West Penn Power Bet A 58_1946 MS 10012 1011.1 10012 Sept'26
'27_
*20
Wig
Cent
Apr
15
(E
W)
534e
10018
Co
new
1003g
(t
9978 103
58
let be Series F
5( *55
1983 MS 10012 10034 10012
Preferred
10034
9
9914 10314
Chicago Joint Stk Land B
lot 5340 Series F
Borden Company com-It *98 100
1953 40
105 10418
10412
2 10418 106
17
15
Wan Va C & C 101 6.
5340 Nov 1 1951 opt 1931.. 10212 19412 Celluloid Company
MX
1950 11 79
80
79
80
65 91
7
72
70
5s Nov 11051 opt 1931
115
101 10212
Preferred
Western Electric deb 5s____1944 AC 10114 Sale 10034
10158 30 10012 10314 6s May 1 1952 opt 1932.
10114 10212 Childs Company pref__ _10( 116 118
101 167 172
Western Union coll tr car 5141936 J .1 10218
_ 10218 Sept'26
10012 10112 'mules Powder
101 10312 444e Nov 1 1952 opt 1932.
101 115 117
Fund & real estate g 4)40-11(50 MN
9812 18-34 9812
Preferred
9914 10034
9812 12 198
1114 11
00
7,8 4345 Nov 11052 opt 1932.
PA 112 11212 11112 11218
1963
107
19
.
May
1
opt
_101
1933_
pref
15-year 8 Ma g
Silver
4348
10034 10214 International
11
1931 MN 10412 Sale 10412 Imp, 86 104 107
58 Nov 1 1963 opt 1933_
Westinghouse E & 30 78_
10112 10234 ,ehigh Valley Coal Sales 51 •93 Idc
MN
10i 136 138
Registered
10534 Aug'26
Phelps Dodge Corp
0934 101
10534 10534 4S4a Nov 1 1964 opt 1934.
White Sew Mach 6s(with warr)'31, I .1 99,
4 Sale 9718
10012 226
9412 10012 4348 Oct 1 1965 opt 1935. 10018 10112 Royal Baking Pow com_10( 160 170
.1 5612 Sale 55
101 100 102
Wickwire Sven Steel 1st 70._1935
-57
Preferred
53
13
70.2 Pac Corset of Portland, Ore88
50 1955 opt 1935___M&N 10114 10314 linger Manufacturing_ _ _10( 350 355
6014 Mar'26
Certificates of deposit
6014 6014
611s58 1954 opt 1934___M&N 10118 103 Singer Mfg Ltd
£1 .6
80
7012 Mar'26
Certlficatea of deposit stamped MN
7011 7011
Wickwire SP Steel Co 70 Jan 1935 MN -52 Sale 41
52
45
39% 6812
14
102
_1933
Sale
102
Willye-Overland of 8Sis_ __
10212. 12 10134 105
Winton & Co lot 25-yr of 63_194 A0 98,
4 Sale 9812
9878 45
95,
2 101
93 Feb'25
Ftegiatered
4 Sale 10414
Winchester Arms 7348
1941 AC 104,
105
22 10100105
lionng'n Sheet & T 20-yr 88_1943 14 10414 Sale 10314 10434 103 10114 105
at
,114
Due Jan.
d Due April. s Option sale.
•Per share. f No par value. to Baste. d Purchaser also pays accrued dividend.
a New stook. I Flat price. ft Last sale. n Nominal. x Ex-dividead. V Ex-right.
a Ex-50% stockdividend. s Sale price. ,Canadian quotation.
BOSTON STOCK EXCHANGE-Stock Record S..
1493
8
:
1:
34 S
p.
•
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturday,
Sept. 11.
Monday,
Sept. 13.
Tuentgy„ Wednesday, Thursday.
Sept. 14. I Sept. 15.
Sept. 16.
Friday.
Sept. 17.
Sales
for
the
Week.
1
.._ 417114
171 17112 *217112_ 171 172 '4171
8312 8312 8312 84 '483 834 834 14 48314 84
•I00
*10012
*100
•100_
*119 1-21.- 120 120
*119 121- *119 ____ *119
p210484---- 10434 1-0414 4105 _
4105
•s10412__
5212 5112 5214 52
52
52 • 5314 5214 5214 52
STOCKS
BOSTON STOCK
EXCHANGE.
BMW &ace Jess. 1 1926
Largest
Highest
PER SHARE
Range for Protease
Year 1925.
Lowell
Highest
Railroads.
62 Boston & Albany
100 159 Jan 9 175 Feb13 156 Feb 164% Jan
153 Breton Elevated
83 8314
75% Mar 86 Jan
100 77 May 3 851:July 15
Do pref _
92 Jan 10414 Des
100 89 Feb 27 102 Mar 20
-"ii Do let pref
100 11518 Jan 16 122 Jan 7 109 Mar 130 Dee
105 105',
34 Do 25 preferred
94 Mar 116 Dec
IOU 98% Jan 9 112 Jan 2
50
680 Boston & Maine
5012
10 Apr 49% Dee
100 35 Mar 30 5812July 26
Do twat
11% Apr 46 Dee
32 Apr 14 53 June 30
'75
73 78
-771 75
76
75
-fi306 Do aeries A let pre!-100 59 Apr 15 80 July 27
17 Apr 63 Dec
*111
*111 Do aeries B let pref-100 84 Apr 15 120 July 26
29 Apr 8711 Dec
*97 -- -- *97
*96 -___ *96
*97
Do series C 1s1 met-100 74 Apr 15 105 July 27
25 Apr 79% Dee
*145
•141 ___ *141 ____ *145
Do series 113 let pref-_100 105 Jan 29 148 July 26
3512 Apr na Dee
106 108
105 10512 105 105
105 105
10612 10612 10612 Rifiii prior preierred
• 94 Apr 16 107 Sept 17
96 Dec 99 Nos
*182
•182_*182
'182
*182
Boston
&
Providence
100 217512 Mar 19 182 Jan 49 167 Feb 180 Mal
5812 5812 Ii7-8 574 -5812 55
5714 6012 6012
*56 -5-lf12 57
565 &set Mae, Street Ry Co 100 51 Apr 22 81 Jan 8
26 Sept 6212 Nov
65 *61
61
61
65
65 *61
*61
_ 60 60
71 Do 1st prat
60 July 73 Dee
100 5912 Apr 29 71 Jan 2
*5812 59 *5812 59 *--- - 59
59
59
59
59
110 Do prof B
51 Aug 70 Dec
100 56 May 8 69 Jan 13
4512 4512 4513 4612 45.1 46 :42
4512 4113 414 42 -421,201 Do adjustment
85 Sept 50 Dee
100 40 A nr 29 49% Jan 29
50 *49
50 F *49 50
49
50 *49
50
*49
Maine Central
100 49 Sept 1 60 Feb 3 .23 May 56 Dee
4434 45
444 444 4412 45
444 4533 *42
45 I 4312 4
100 3178 Mar 30 4832 July 17
28 Mar 61334 Dee
36 _ -1:555 N T N H & Hartford
*95 9612 *z9312 95 49312 95 49312 95 49314 96
Northern New Barepshirs_IQO 81 Apr 8 93 Sept 7
70 Feb 90 Dee
*126 _-_- •12512
•125 ____ *125 ____ •126
Norwich & Worcester pre1-100 120 Apr 22 130 Aug 9 100 Jan 125 Oct
123 123 123 123 '412014 123 12014 1204
'
123 125
i5 Old Colony
100 111 Jan 6 125 Sept 1 96 Jan 113 Oet
_
'
100 ____ 210 ____ 103 103 4102____ '4102
52 Vermont & Massachusetts-100 9934 Mar 12 105 July 26 87 Feb 101 Dee
Miscellaneous
1
34
341 *3
34
3
3
33s
3
3
*3
3
3
597 Amer Pneumatic Service. 25
5 Jan 7
5 Dec
2% Mar
3 Sept 17
21 1 21
22
21
21
.21
22 •21
23
•21
21
21
158 Do pref
50 21 Aug 10 254June 3 1612 Mar 245e Dee
14714 14734 14634 14712 147 14712 147 147
14712 14734 14718 148
652 Amer Telephone & Teleg_ 100 13912June 24 150% Feb15 130% Jan 145 Dee
5712 5614 59
56
57
5612 5612 5512 5614 55
Amoakeag Mfg
No par 4812July 1
71 Jan 2 614 May 87 Aug
na 75 *73 75 *73 75 *73 75 75 75 1,602
•73 75
50 De pref
par 7234July 2 78 Feb 23 7014 May 8634 Aug
_ - •20 -- -- *20 -- *20
•20_ *20
Art Metal Construe, Ino..
Jan 16 Aus
20 Jan 16 2112 Jan 23 14
N.o
*55 -57- *5518 57 *5518 57
*5518 57
*55 -57
50 Atlas Plywood t o
55
55
521* Apr 14 6334 Jan 19 4612 Aug 6712 Dec
11
.10
912 Aug 21 Da
Alias Tack
1714 Jan 2
932June 1
par
19 1814 19 '185 1914 18 l85s
•1812 19
112 Rent= 011 Co
1418May 1
coin T C
Corp2"
2012 Jan 14
79l 80 784 7912 7912 81 79 80 78 78 78 78
613 Bigelow-Hartf Carpet_No par 77 Aug 26 9812 Jan 2 97% Nov 10-9-li Oct
10712 10712 10712 1074
__ *10712
*10712
20 Boman Cons Gas pret 611%100 10512 Jan 25 10912June 21 103 Jan 108% Aug
65
*60 15 *60 65 460 65 460 65 ,460
1Dominion Stores, LtdNo par 57 May
6812 Feb 1 2814 Jan 74 Oet
- Do pref A
11218June 9 99 June 100 Dec
100 104 Jan
*2
238 *2
-;i- 23i- 23iIi234
311 Jan 21
East Boston Land
1%May 2
112 Apr
19
635 Sept
*334 4
*334 4
334 414
*334 4
434 5
313 Mar
434 434
1,065 # astern Manufacturing
5 Sept 7 . 3 July
5
6% Jaz
57
57
*56
57
*55
5612
*55
58
5612 56
*57
56
8812 Jan 22 42 Mar 89% Dee
85 Eastern SS Lines, Inc
25 55 Sept
387s 41.
*39 42 49 43
3912 3912 40
40
40
40
1851 Do pref
Jan 4614 Oat
No par 3834 Apr 15 45 Jan 6 85
92
93 93
93
93 93 , •92
93
*92 93
115 1s1 pref
100 92 June 25 9912 Jan 9 89 Jan 100 July
*1934 20 *1934 20 *1934 20 *1934 20 1 *1934 20
144
20' Economy Grocery Stores
1912July 7 26 Feb 5 18 Aug 2812 Sept
229 22914 22912 22912 *227 229 22512 22612 227 227
1041Edlson Electric Illum
Jan 213 May
1001:207 Jan 15 250 Feb 11 200
*2212 2412 *2212 2412 2312 2312 24
24
•224 24
-55- -ii85 Galveston-Houston Elee 1001 14 June 22 2512 Feb 25
Oct 88 Jae
17
13 '
112
13 *12
13 1 *12
13
*12
*12
13
General Pub Ser Corp com__
1134 Apr 12 17 Jan 22
37
3678 37
37 37
3678 3713 37
37
37
Ghchrist Co
No par 3414 Apr 20 4011 Jan 12
828g Aug 48 July
9212 9312 92 93
934 94
93
92 93
5,999iGielette Safety Razor-No par 8812 Mar 30 113% Feb 6
9514 93'z 95
5712 Jan 11511 Dee
13
1312 •13
13
1312 1314 1314 •13
13
14
475 Greenfield Tap & Die
1512 June
25 10 May 6 14 Sept 17
11 May
6212 63
6212 6212 *6112 62
6112 614 6112 6113
575 1
52 May 72
Oct
No par 56 Aug 14 8834 Feb 4
internat Cement Corp_No par 62 May 17 681 y Feb 9
5212 Jan 80 Oct
;"."1"2 .45
International Producta-No par .10 Jan 2 .25 Mar 24 .05 Dec
2 Mu
Do pref
100 .30 May 19 .55 Jan 6 .10 Dec 1012 Jan
*95
95 95 *95
_ 95
95
ii Kidder,Peab Aeon,A prel_100 293 Apr 15 98 July 30
8212 Jan 9512 Nov
853 878
873 878
834 834
912
*9
87s 9
161 Libby. McNeill & Libby
94 Feb 1
612 Aug 13
10
6/
1
4 Apr
ale Jan
7
7
714 714
7
734
7
*7
150 Loew e Tbeatres
8 July 8 1218 Jan 18
25
11% Aug 1378 Jan
86 87
8712 8734 8712 8712 -air2 872
8512 8512 8512 86
870 Maaaachusetta Gaa Cos_100 80 Apr 20 8734Sept 15 68 Feb 85 Dec
4712 68
674 674 6714 6712
674 6718 *674 -- 674 68
276 Do pre!
100 85 Jan 8 7018 F eo 20 6312 Jan 70
Om
106 107
107 107
10512 10512 105 105 '105 106 4105 108
170 Mergenthaler Linotype-No par 8104 June 2 1110 May 1 167 Jan 197
Oct
1012 *912 1012 *912 1012 *912 104 1014 1014 10
1012
125 Mexican Investment. Inc
10
734 Apr 22 1453May 26
714 Sep
16% Jan
97 4412 95
*95
97
97 *95
*95
Miss Riv Pow stpd pref
97
*95
100 89 Apr 9 98 Jan 4
8712 Jan 9614 Nov
234
23
4 •213
238 238
-23;
212 25s *253
68 National Leather
412 Jan 5
2 Aug 4
*213 234
h.
3% Dec
634 Jss
2612 2734 2713 28
2712 2734
26 26
*____ 27
1,760 Nelson (Herman) Corp
5 1511 Jan 9 2912Juli 19
11% Dec 17 Dec
•.20 .30 1'.20 .30 •.25 .30 •.25 .30 •.25 .30
New Eng Oil Ref Co tr otle-__ .30 Jan 2 .95 Apr 29 .10 Dec
June
2
*6
10
10
*6
•6
10
10
*6
10
*6
DO prat (ti Ws)
100
3 July 15 1012 Jan 6
534 Apr 12 Sept
100 100 *100
100 100
ioo 100
99 99
97 New England Pub Serv prior p8 96 Mar 2 100 Jan 6
--*3
4
*3
4
*3
4
*3
4
New Eng South Mills_No pa
2 May 11
8 Feb 18
272 Dec 11 Fat
•8
10
8
*8
10
8
*8
10
8
10
8
10
iii Do pre!
5 Aug 5 28 Jan 29
28 Dec 56 Jan
100
115/
1
4 11612 11514 11512 115 11514 115 11512 11512 11614 115 115%
354 New Engl'd Telep & Teleg_100 11078 Apr 1 11834 Feb 17
99 Apr 12212 Nov
_
____
---4012
49012
490
9012
9012
90
9012
93 No Amer Util let PI full paid93 93
90 Sep 100 May
89 Feb 15 98 Feb 25
19
19
19
19
19
20
1918 1912 194
380 1st pref 25% paid
*19
18 Feb 1 27 Feb25
20 May 28 Mar
4812 4812 4934 4913 51
4712 47
47
4934 51
5050 _ 118
.17_ Plaan
ciftica
Mhil
oa
lso). let prei___1
190
00 3512Ju1y 6 55 Jan 2
50 Dec 8112 Jae
32 Aug 75 Oct
40 Mar 25 6814 Jan 12
1612 164 *1614 164 1612 17 '41578 17 41573 1614
45 Reece Button Hole
10 15 Feb 8 1714 Aug 26
1514 Aug 18 Apt
*14 2
*112 2 4112
*112 2
2 4111 2
Reece Folding Machine
14 Jan 19
10
1/
1
4 Nov
138 Apr 28
234 Jan
106 10612 106 10612 4105 106
106 106
106 10612 10634 10884
500 awed-Amer Inv par pre!.100 98 May 28 110 Aug 6
9914
Deo 101 Dec
11414 11414 11412 115 11434 11512 115 11512 115 11534 11514 11514
231 Swift & Co
100 111 Apr 21 117 Feb 20 10914 Apr 120 Pet
7112
71
7114
72
71
71
7012
71
•7112 72
346 Torrington Co
7012 701
25 54 Mar 31 72 Sept 10
4512 Apr 7312 Dec
14 I'11312 14
14's 14
1412 14
*1312 14
14
1311 131
290 Union Twist Drill
5
3 Oct
7 Jan 5 1512 Feb 11
74 Jan
4912 4914 493
514 5034 51 s4834 49 I 4834 494 49
51
2,017 United Shoe Mach Corp
25 47 Mar 31 5314 Aug 25
4034 July 50 Nor
42858
2914
4284 2914 2858 2853 4853 2914
291
*29
29
29
74 Do pref
25 28 Jan 2 30 June 25
2612
Jan
29
Oct
112 112 *11212 113 11212 113 *11212 115 *11212 113
65 US & Foreign Sec 1st pref I P- 100 May 19 135 Feb16
98 Mar 12412 Dee
87 874 87
8734 87
87 874 87 88
8712 "al If' 1,100 let pre! 75% paid
2412 Jan 73 Nov
60 May 30 90 Apr 3
2073 21
2034 21
2034 2034 2038 20% 2078 21
2034 21.
1,218 Waidorf Sys.Inc,newehNo par 17 Jan 6 2178 Aug 19
14% Aug 1934 Jan
38 *37
39
38 39 *36
37
39
39
•38
44 Walth Watch el B com_No par 29 Jan 18 40 Feb 5
5 Jan 34 Dec
56
57
57 *56
56
*55
58 *58
57
•56
5656
139 Do pre! trust etre
52
Jan
23
100
17
/
1
4 Jan 57 Dee
60
July
19
106 106 *103 110
*103 108 *103 106 *103 106
_
21 Do prior pref
100 102 Jan 29 11018 Apr 13 65 Jan 105 Dee
16
16
16
16313 163e 16
16
16
1538 16
16
16
320 Walworth Company
ao
1234May
163
23
4 June 2714 July
Jan
27
28
49
50
483 4812 4812 484 49 49
5014 5012 4913 4911
795 Warren Bros
ao 44 Mar 26 5218 Aug 31 37 Jan 5012 July
41
*41
4114 4114 4114 *411
4112 41
/
4 42
*41
4114 4114
50 Do let pref
39
Apr
15
ao
8
Jan &Mg July
May
24
373
43
4312 '43
4312 43
434 434 *43
43
43
134312 44
43
70 Do 2d pref
50 42 Apr 16 47 Feb 10
40% Jan 48 Dee
13 I •12
13 •12
13
*12
13 *12
13
*12
Wili & Baumer Candle oom-- 1034 Aug 1
11 Mar 217s Dec
1712 Jan 2
Miming
•.20 .30 •.25 .30 •.25 .30 •.20 .30 •.20 .30 •.20 .20
Adventure Consolidated- 25 .05 Mar 15 .40 July 19 .05 Dec .25 Jae
3.05 .20 •.05 .20 •.05 .20
•.05 .20 *.05 .20 '3.05 .20 '
Algomah Mining
25 .10 Feb
.10 Feb 2 .10 Mar .25
JIM
1%
118 *al
1
1
*al
118 •al
118 •.75 AK)
*61
100 Arcadian Consolidated
25 .25 Mar 27
138 Aug 4 .60 Dec
3 Jan
*11% 1134 113s 1153 81138 114 •1138 1134 1114 1114 1114 1114
180 Arizona Commercial
94May
2
1234
Jan
2
let
Mar
1535
912
434 4234 4234 424 4284
4314 4314 4313 4313 43 4314, 43
495 Bingham Mine,
10 29 June
284 July 80/
5534 Jan 4
1
4 OM
1714 177e 1712 1712' 174 174 1712 18
18
18
174 1734 3,689 Calumet & Heels
25 1314.tune
1858 Aug 9
123s June 187s Jan
.25 .2
•.20 .30 *.20 .30 •.20 .30 *.20 .30
300 Carson Hill Gold
1
1
June
.20
2
.50
Jan
.20
May .90 Aug
1614 1634 1612 17 1 1634 17
*1638 17
1612 167
1612 16l-2
857
Copper
Range
Co
25 13 May 20 20 Jan 4
18 Dec 33 Jan
4.3
312 *3
312
3
314
3
3
3
31
.1273 3
210 East Butte Coppez Mining- 10
234May 1
4 Feb 3
3 Jun
6% Jan
'4.30 .60 4.30 .60 41.40 .60 4.40 .65 4.40 .60 _______
25 .30 Sept 9
114 Jan 20 Z4 Jan
1% Jan
•.50 1 I *.50 1 1 •.50 1
•.50 1
•.90
•.50 1
Fr
Haank
ncolcin
k Consolidated_ 25 .50 Feb 25
1%July 17 .60 Jun
1% Feb
16% 1638 1614 1612' 1614 1614 16% 1638 •164 163
575 Hardy Coal Co
14 Mar 29 2114 Jan 4
1512 July 23 Jan
*.90 • 1
•90 1 I +.90 1
• 90
1
•.85 1
25
2 Jan 11
80 Mar 27
1 Dec
3%
Feb
185
18112
•180
180
185
180
18412
18434
182
181- 1-12-1-2
,-1613
- il
180
areek Coal
lse
llan
vedtiC
1 141 Mar 29 185 Aug 2 121 Mar 165 Dee
*102 105 *102 103
____
'
8 Do pref
102 105 •102 105 102 102
1 9911 Jan 4 106 July 28
9414 May 10012 Dec
1238 123 •1214 13
1214 121 •12
20 Isle Royale Copper
81214 13 •1214 13
123
4
2
912June 7 14 Aug 9
97s Apr 20% Jae
17
lig 2 I
lag 04
2
2
2
17
2
2,195 Keweenaw Copper
138 134
25 50 Jan 2
2 Sept 14 .50 Jun
112 June
112 .75 .75 *1
1
*1
1
11
*1
112
4.1
1'
68 Lake Copper Co
25 .75 May 19
138July 14
3 Jag
1 Apr
1381
1%
•1
1%
11z
*113
*1
133
14
138
195
La
Salle
14
*1
Copper
2
80 June 12
24 Mar 15
1 Dec
54 Jan
212 21
24 24
345 Mason Valley Mine
*214 212 *24 253 •214 212! 212 212
1% Jan 26
253Sept 17 .95 Sept
234 Jan
.40 .40, 3..40 .50
.50 .55
220 Mass Consolidated
•.40 .75 *.40 .75
2
.25
Mar
16
1%
.75
Jan
July
19
.40 May
60 Mayflower-Old Colony
•a.60 .75 *a.65 .75 *6.60 .75' .60 .60 +0.65 .75 .6.60 .75
2
55 May 17
3 Jan
112 Jan 6 .60 Nov
4112 4134 1,431 Mohawk
4114 4112 4112 4138 4112 4134 4134 42 1 4178 417
2
30
Mar
30
25%
In
43
41
June
Aug
9
580 New Cornelia Copper
•2214 2234 2214 2212 424 2234 2214 2212' 2214 2214 2238 2253
1812May 19 24 Aug 9
18 Mar 25 Jan
.15 .15 •.10 .2 ____ _ _ _
300 New Dominion Copper
•.10 .20 *AO .20 * +.10 .20
.05 Jan 30 .20 June 1:1 .10 July .85 Fel:
_ ___ 22 •____ 2112 *--- 22
New River Company
100
24
Apr
20
25
Apr 31 Aug
Feb
4
25
5412 5514 •54
56
56
56
59
30 Do pref
57 •54
•54
100 45 July 13 72 Feb 11
40 June 65 Aug
618 614
612 618
64 6's
6
6
300 Nipissing Mines
618 6%
+638 634
6% Jan
5
a
43s
July
July
7%
Jan
27
8
24 212
258 234
238 21
24 212
23
'2':24
234 1,100 North Butte kilning
37g NO7
2 Apr 13
15
8% Jan 9 .89 June
13s *al
133 *al
13s *al
14 --------ujibway Mining
18 *al
*al
Nov
hg Jan
25
.15
,50
Apr
Jan
29
4
1
1713
1712
18
1714
*17
17
171 .17
18
1734 17
*17
155 Old Dominion Co
Dec
27
16%
Jon
14
25
50
July17
20
May
1012 June 18% Sept
1288 1234 1234 12% 1212 1212 1234 1234 124 121 -------- 1,180 rd Cr'k Pocahontas CoNo feaf
1012 Mar 29 15 Jan 2
2014
2012
204
2014
2014
2018
2014
21
2012
*20
270 Quincy
2014
20
19 Apr 3912 Jan
16
21
July
24
1512May
25
31
3014 3014 29
30
2938 2953 40
335 St Mary's Mineral Land__ _ :5 2512May 25 384 Feb 10
2912 30
2812 Apr 48 Jan
•3014 31
512 512 *514 6
514 514
6
_ *5
200 Seneca Mining
714 Nov 11 Nov
958 Jan 4
418June I
.42 .42 -;.-4-1 135 Shannon
'
1.41 .60 •.41 .60 •.41 .60
1% Jan
6 .60 May
Jan
10
.35
.80
May
18
.50 .50
65 •.50 .65 *.50 .75 *.50 .65
100 superior & Boston Oopper_ip .35 Apr 21
'
.50 .65 •50
2 Jan
1114 Mar 1 .70 May
74
7%
758
738
71e
74
712
714
7
5,453
,
4
Utah-Apex
712
714
73
MInIng
3% Jan 13114 Jae
5
Feb
4
6
1111
Jan
6
6
112 112
138 1 7, 13g
133 14 1.500 Utah Metal & Tunnel
138
Pfg PA
Ph PA
I 50 Jan 8 21ste Mar 13 .40 July .98
Jan
.50 .50 •.50 .65
25 Victoria
3..50 .60 +.60 .65 *.50 .65
114 Jan
25 .40 M3y 24 .75 Feb 23 .22 Nov
.18 __.18
628 Winona
.10 .10 *.17 .25 *.I7 .25
.40 July 20 .10 Dec .4.8
Sept
13
25
Jan
.10
•.17 .25
___
____
_
_
___ Wyandot
23 .40 Feb 1 .45 Mar 22 .05 Apr .21 Feb
a
Assessment
this
day.
on
sales
paid.
prices:
no
CDs
-stook
baked
dividend
Mew
*Bid and
steak. site-dividend. p En-rights. # Ex-dividend and rights.
----
----
----
----
3391
----
----
_-_-
____
--:- -740
:an
(Vox,. 128.
THE CHRONICLE
1494
Friday
Sates
Last Week's Range for
Sale
OfPriem.
Week.
Stocks (Continued) Par Price. Lew. High. Shares.
Outside Stock Exchanges
Boston Bond Record.-Transact;ons in bonds at Boston
Stock Exchange Sept. 11 to Sept. 17, both inclusive:
Friday
Last Week's Range Sales
ofPrices.
Sale
for
Price. Low. High. Week.
Bonds-
AtiG&WISSL 58._1959
Central Pr & Lt Co 56.1956
Ohio Jot Ry & U S Y 4s'40
1940
5s
East Man St RR1948
Series A 4%s
1948 75
Series B 5s
1948
Series D 65
Gen Public UM 604s_ _1956
1937
Hood Rubber 78
K C Mem & B Inc 55_ _1934
Leipzig Overl'd Pr 6)48 46
Massachusetts Gas 4048'29
1931. 9804
4048
1946
504s
Slew England T & T 58'32
PC Pocah Co 75 deb _ _1935
1944
Swift & Co 58
United Dairy 644s._ _ _1935
United Ind Corp 6s. _ _1945
Western Tel do Tel 55.1932 101
70%
96
8901
101%
71% $1,500
60,000
96
8934 20,000
1,000
10134
67
67
75
71
83% 83%
98
98
104% 104%
98% 9834
9244 92%
9944 100
9804 9804
102 102
100% 100%
104 105
No% 101
95
95
87
87
101
10154
Range Since Jan. 1.
Low.
65
96
86
99
High.
Apr 74
July 96
Jan 90
Jan 102
1,000 62
Mar 70%
9,350 65
Mar 76%
1,000 74
Apr 88
2,000 9750 July 98%
3,000 10454 Jan 106%
1,000 97% June 99%
5,000 9204 Sept 9204
8,000 98% Jan 100
4,000 96
Jan 99
3,000 99% Feb 105%
4,000 100% Feb 102
5,000 100
Mar 111
1,900 99% June 102%
1,000 94
July 95
3,000 82
Apr 87%
2,000 09% Mar 10134
Feb
July
July
Aug
June
June
June
June
June
June
Sept
Sept
June
Apr
May
Feb
Aug
July
Sept
Aug
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, Sept. 11 to Sept. 17, both
inclusive, compiled from official sale lists:
Stocks-
Zale3
Friday
fast Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares
104
107
97
6134
5934
91
98
8134
95
9834
8734
10234
10334
107
10234
10434
6134
0544
9734
6134
6034
91
9834
8134
95
99%
8734
10244
10434
108
10234
10434
6134
9514
53,500
5,000
25,200
1,000
10,000
1,000
3.000
3,000
2,000
3.000
33,000
3.000
5,500
7,000
3.000
4.000
00.4,t000WOOW0000,
..00
9734
60
maggvatsg.D.0
.1tg.t.tittitig 46,-aggtIV4.04.1.tygtattl fIggiVattgiglYil
w
x
x x
xxx.rx xxxxxx
OCOtte,MNN.)01.1.-.0
3934
11134
xxx
2134
8834
x
5734
12
79
50
5234 24,739
904 3,187
70
65
40
5434
530
4534
156
58
72
12
110
9434
905
2134
40
100
9234 33,302
334 3,785
537
534
40
590
11434 8,023
103
885
14
100
100
4234
105
50
xx
5405
4934
5034
604
65
5400
4300
5704
12
94
21
9934
88
334
504
3904
11134
100
1
4234
50
x
51
900
Low.
xx
108
4934 60
75
7434 7834 4,417
100
12034 12014
78
11234 11200 11234
185
40
4034
40
43
43
85
•
615
26
2634
110
37
38
38
18
60
60
60
210
1334 14
91
100
91
5334 5334
105
450
8334 8704
1,162
54
53
53
35
7704 7704
50
2
2
2
518
112 114
112
27
2734
157
27
200
244 204
1'5
82
82
37
7234
71
71
5434 5504 16,255
60
78
7834
..r.c..eqno.4..voovio.No
W 00000e4MOONM 099004......0.. ao...mo,
4.:)N.D.W.-;mto
mom, vv.
MOOOMV.04424.14.4.0 ON WC-VV. VM. ,
....
"
10
Alliance Insurance
'•
American Stores
Baldwin Locom otive_._100
Bell Tel Co of Penn, pref__
50
Cambria Iron
Catawlssa 1st preferred.50
•
Congoleum Co Inc
COnaol TraCtIon of N J_100
50
East Pennsylvania
100
Elsenlohr (Otto)
Electric Storage Batt'y _100
Fire Association new_ _10
General Asphalt
100
Insurance Co of N A_ _ _.10
Keystone Watch Case_ _ _ _•
Lake Superior Corp_ _ _ _100
Lehigh Navigation
50
Lit Brothers
10
Man Rubber
10
North Pennsylvania_ _50
Penn Cent L & P,cum pf.•
50
Pennsylvania RR
Pennsylvania Salt Mfg_ _ 50
Philadelphia Co (Pitta)Preferred (cumul6%)_50
25
Phila Electric of Pa
25
Power receipts
•
Phila. Insulated Wire
Phi's Rapid Transit_ _ _ _50
Phil& & Read C & I Co__ •
Philadelphia Traction. _ _50
50
Phi% & Western
50
Reading Company
Shreve El Dorado Pipe L 25
Scott Paper Co, pref.. _100
Stanley Co of America_ __•
Tono-Belmont Devel... _1
1
Tonopah Mining
Union Traction
50
United Gas Impt
50
Victor Talking Machine_.1
Warwick Iron dr Steel_ _ _10
West Jersey & Sea Shore_ 50
Westmoreland Coal new 50
BondsAmer Gas & Elec 58_ _2007
Como)Trac NJ 1st 581932
Elec & Peoples tr ctfs 48'45
Keystone Teiep 1st 55.1935
Lehigh C&Nav gen 4 0.15'24
Leh Val Transit 1st 58_1960
Penn RR consol 48_ 1943
Phila Co stud 8 f & red 1951
Flinn Eiec joist 4s._ _1966
1960
58
1966
1.8t 55
1941
68
1972
5348
Reading Jer Cent coil 411'51
UnitedRys gold tr ctrs 45'49
Range Since Jan. 1.
High.
59
9434
12554
11334
4034
4334
29
38
60
2034
9340
68
93
6454
7704
434
12034
3304
8
83
91
5634
91
Jan
Jan
Aug
June
Sept
Apr
Sept
Sept
Sept
Feb
Aug
Jan
Sept
Jan
Sept
Jan
Feb
Jan
Jan
Aug
Feb
Sept
Feb
5034
6734
904
68
5744
4834
65
1634
9934
2334
101
9234
434
704
4334
14434
103
300
48
56
July
Jan
Sept
Jan
Feb
Feb
Feb
May
July
Aug
Feb
Sept
Jan
Feb
Jan
Jan
Sept
Mar
July
Jan
10134 May
6934 Feb
6534 Feb
9351 Feb
10034 May
8104 Sept
95
Sept
9954 May
8734 Sept
10334 Apr
10434 June
10834 Aug
103
May
10434 Sept
65
Jan
gate July
•No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Sept. 11 to Sept. 17, both inclusive, compiled from official lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
Atlas Coast L(Conn)_ _ _50 35
Baltimore Trust Co
50 130%
•
Benesch (I), corn
Boston Sand & Gravel_100 75
Central Fire Insurance._10
Central Teresa Bug,corn-10
10
Preferred
Ches&PotTel of BaltoL100 114%
100 58
Commerce Trust
•
Commercial Credit
25 23
Preferred
25
Preferred B
100
650% preferred
Consol Gas, E L de Pow _..• 52%
100 105%
6% preferred
100 109%
640% preferred
100 111%
7% preferred
100
8% preferred
Consolidation Coal__ _100
Delion Tire et Rubber_ _.-•
Eastern Roll MULnew stk.• 34
Empire 38th St Allott.--- -----25
Equitable Trust Co
Finance & Guar Co, pref.25
8%
Finance Co of Am,ser B_25
Finance Serv, class A_ 10 17%
10
0 Clam B
35
35%
130% 132
27
27
77
75
25
25
.20 .20
.80 .80
114 114%
58
58
2740 28.04
23
24
24
24
93
93
52% 54
105% 10604
109% 111%
111% 111%
127% 127%
3700
37
744 7%
34
35
102% 102%
65
65
16% HIM
8% 8%
17,4 18
18
18
526
216
160
35
25
SOO
125
9
15
425
59
28
20
71
45
32
15
10
194
100
135
3
20
10
70
15
25
Range Since Jan, 1.
Low.
High.
28% Mar
120
Apr
27
Sept
61
Mar
25
Sept
.20 Sept
.50 Aug
11034 Jan
5704 Feb
26
May
23
Sept
23% Aug
90 June
45
Jan
102
Jan
108% Mar
109
Mar
124
Jan
36
Mar
544 Apr
30 June
102
Mar
6234 Jan
16% July
8% Sept
17% Sept
18
July
38
Jan
154
Feb
40
Jan
Sept
77
2844 Feb
.20 Sept
.82May
June
116
61% Mar
4604 Jan
2634 Jan
27% Jan
Feb
97
57,34 Feb
107% July
111% Aug
113% Sept
128% Feb
Feb
b
53
834 July
Feb
48
102% July
Feb
75
17 June
21% Feb
2104 Jan
21% Feb
Hare & Chase
•
24
25
Preferred
100
95
95
Houston Oil, prof tr stf5.100
84
84
Manufacturers Finance_ 25
47
47
1st preferred
25 20% 20% 20%
2d preferred
25 20% 2004 20%
Trust preferred
25 21
21
21
Maryland Casualty Co._25 596
596
97
Maryland Mortgage Co_.•
21
21
Merch de Miners, new. _ ..•
46
47
Monon Vail Tree, pref._25
22% 2304
Mtge & Accept. pf
50
36
36
Mt V-Woodb Mills v t r 100 1604 16% 17
Preferred v t r
100
70
70
New Amsterdam Cas Co 10 5004 50% 500(
Penile Water & Power_100
160 160
United Ry & Electric.--60 18 34 18% 19
U S Fidelity & Guar__ _50 220
210 220
West Md Dalry,Inc,pref.50
54
54
Dep of receipt A
36
36
36
1
1
1
1
BondsBeraheimer-Leader 75_1943
Consolidated Gas 58..1939
General 4005
1954
Cons G.EL&P. pf 55..1965
6% notes, series A._1949
Consul Coal ref 55_ _ _.1950
Davison Sul de Phos 65.1927
Elkhorn Coal Corp 6045'32
Fla Cent & Pen cons 551943
Ga Caro & Nor 1st 55_1929
Mary'd Eiec Ry 600.1952
Potomac Valley 5s_ ...194l
United Ry & Elm 45..1949
Income 48
1949
Funding 55
1936
6% notes
1927
65, when issued. __1949
Wash Bait dr Annap 551941
Range Sines Jan. 1.
Low.
45 23
13 85%
20 81
49 46%
55 2004
113 19%
31 20
38 94
25 19
34 415(
104 20
50 280(
904
10
50 62%
255 49
13 141
649 17
213 187
25 5204
20 36
7
1
5
1
High.
Apr 26% Mar
Aug
Aug 95
Jan
Mar 89
Sept 6804 Feb
Jan
June 23
Aug 2404 Feb
Jan
Mar 23
May 102 • Jan
July
Feb 24
Sept
Apr 47
Apr 23% Sept
Aug
June SO
Sept
May 17
Apr
June 83
Mar 5631 Jan
Jan
May 171
Jan 1904 Mar
Sept
Mar 220
Mar 5400 Jan
Aug
Aug 36
1
Sept
Sept
1
Sept
Sept
102 1,02
51.000 100
Jan 102% Feb
1023410234 2,000 10034 Apr 10334 June
9714 9734 8.000 9504 Feb 98% Apr
101 101
500 100)4 Jan 102% May
107% 10734
1,000 105% Jan 107% Aug
91% 9104 3.000 91% Aug 98
Feb
100 100
1.000 100
Sept 101% Aug
9904 9900 1,000 98% June 100
Apr
101
101
1.000 100
Feb 101
July
100 100
2.000 99% Jan 100% June
9604 9634 96% 7,000 91% Apr 9734 Mar
101% 10104 3,000 10104 Sept 10104 June
70
70
70% 12,000 69
Mar 7104 Mar
50
Mar 51
50% 9,000 48
Aug
72% 71
7204 21.400 67% Jan 72% Sept
9904 99%
1,000 9700 Jan 9904 Aug
96
96
1,000 91% Jan 9704 Aug
63% 63
6304 5,000 62
July 7354 Feb
•No par value. x Ex-dlvidend.
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Sept 11 to Sept. 17, both inclusive,
compiled from official sales lists: •
Stocks-
lel tua,,
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares
Adams Royalty Co com_-•
All America Radio cl A__5
Am Fur M Bldg Corp pf 100
American Pub Serv pref 100
Am Pub Util Co par pfd 100
•
*
American Seating
Preferred
American Shipbuilding.100
Amer States &cur Corp A •
Class B
•
Warrants
Armour & Co(Del) pref 100
Armour dr Co pref
100
Common cl A v t c...25
Common el B v t 5..25
Associated Investment Co•
Auburn Auto Co com__25
Balaban di Katz v t c.. _25
Beaver Board pref ctf_ _100
10
Dendix Corp cl A
10
Borg di Beck com
Brach & Sons(E J) com_ •
10
Bunte Bros
20
Butler Bros
Central III Pub Sent pref_*
Central Ind Power pref _100
Central Pub Serv Del-- _ _*
Central S W 7% pref._ _ _•
•
Prior lien pref
Warrants
Chic City & Con By pf__*
Chicago Fuse Mfg Co....
Chic N 8& Milw corn_ _100
100
Prior lien pref
100
Preferred
Chic Rys part ctf tier 1.100
Commonwealth Edlson.100
5
Consumers Co new
Trust certificates
100
Preferred
25
Crane Co
100
Preferred
Crown (Will) Pap 1st pid_•
Cudahy Packing Co_ -_100
50
Cuneo Press A
Decker (Alf) dr Cohn,1nc.•
100
Deere & Co pref
100
Diamond Match
Eddy Paper Corp (The)..*
Corp_10
Util
Household
El
•
Elec Research Lab.
Evans de Co, Inc, c1 A...5
5
Class B
•
Fair Co(The)
100
Preferred
Fitz Simons & Connell
Dock & Dredge Co
Foote Bros(0 & M)Co_ •
10
Gill Mfg Co
*
Gossard Co(H W)
Great Lakes D & D___ _100
Greif Bros Coop'ge A com•
10
Hupp Motor
25
Illinois Brick
Illinois Nor Utilities pf _100
Indep Pneumatic Tool__ •
Kellogg switchb new._ _10
100
Preferred
100
Ky Hydro-Elm pref
Kentucky Util Co pref__50
25
Kraft Cheese
Kup'heimer & Co(B) Inc 5
La Salle Ext Unlv (III) _ _10
Libby.McN & Libby,newl0
McCord Radiator Mfg A.•
Merchants & Mfrs pref__25
Middle West Utilities_ _ _ -•
100
Preferred
Prior lien preferred_ _100
Midland Steel Prodticts__•
Midland Util prior lien_100
Preferred A
100
Morgan Lithograph Co_.•
Mower Leather Corp Com •
Nat Carbon pref. new.100
24
8200
234
34
94
86
1000
57
3934
34
44
2034
2934
90
1640
9251
99
2234
4
5
13934
700
700
75
9800
60
1083.4
117
23
20
3040
28
106
Range Since Jan. 1.
Low.
High.
24
Sept 3734 Feb
25
640 24
Jan
Apr
19
1534 1500
9
150
96
Sept 98% Sept
96
100 94
July
May 99
9514 9554
71 92
Feb
Jan 91
8240 84)4
525 82
30 3234 Aug 3834 Sept
3734 3834
281
3934 Sept
3834 39%
3234 Aug
100 70 May 9500 Jan
7800
78
104 May
834 Feb
3,925
254 334
5% Feb
Mar
1
234 2% 5,550
June
1
50 May
54 3,170
h
Mar
Aug 98
140 90
94
9434
86
284 7954 May 9254 Mar
87
May
2540 Feb
1634 1734
490 13
Feb
17
850 1051 2,515
574 May
3736
Aug
3734 Mar
135 30
37
57
59%
3,960 4004 Mar
7234 Mar
6304 6434
Mar 7600 June
707 64
3904 4034
Mar 45
110 32
Aug
3334 3534 11,620 2504 Mar 35% Sent
Sept
43
45
Jan 45
13,650 28
3031 31
160 2734 May 3704 Feb
July
Apr 22
20
2036
175 14
July
29
2900
1,196 2804 July 30
Jan
88% 90
May 91
128 87
Jan
89
80 85
July 93
8934
Apr
1604 July
1634 1644
585 12
9204 93
28, 89% Mar 96X July
Feb
1,772 93 June 100
9734 9934
370 1034 Jan 2534 July
2134 23
4
4
3,240
254 Aug
7
Jan
Jan
31
3t
31
60 30 June 35
45
255 37
May 6134 Feb
45
Mar
99 101
220 99
Aug 101
Jan
.20 7251 Aug 83
7404 7434
Mar
5
5
July
12
5
121
139 13934
795 13534 Aug 145 June
6
800 21,980
534 Aug 1034 Feb
734 Sept
774 700
100
774 Sept
Sept 93
Feb
7104 76
960 70
Jan
504 55%
345 4904 July 60
38 11344 Mar 11734 Jan
116 11634
98% 9804
320 9734 Mar 100% Jan
Sept
100 100
Apr 100
25 80
Feb
4936 50
349 4504 July 50
31
3134
200 30 June '32 June
Feb 110
108 10834
Aug
60 106
Mar 12951 Feb
11654 119
130 116
150 18
Apr 27 June
2240 23
Jan
1304 1434
1,213 13
Sept 25
20
2100
1,000
83.4 July 32% Jan
Sept
May 32
3034 3134
1,600 25
Sept
2700 2844 2,110 2614 Aug 29
28
40 27
May
3334 Jan
28%
1053.4 106
Feb
30 10434 May 109
2834 2834
12
12
430
474 400
37
36% 3834
144
144 147
3900 3900 40
26
26
47
47
48
91
91
5934 5904
1434 la
1474
98
98
9834
9434 9300 9400
51%
5100 5100
6434 6434 6804
35
35
8.50
844 834
900
9
954
4934 4900
36
3500 3600
11434 11234 11434
10634 10634 10634
11534 114% 11534
4631 4634 47
102 102h
99
99
63
6204 6434
1634 1634
125 125
40
170
450
1,440
360
207
118
1,495
35
35
490
90
84
182
1,500
145
567
1,170
50
470
8,875
125
920
585
65
60
2,825
10
10
26
9
2%
3134
122
36
19
37
90
58
13%
96
9104
49
55
2934
804
734
36
34
108
9734
10634
41
98
96
4204
16
125
Jan
May
May
Mar
Mar
May
Mar
Jan
May
Jan
Aug
Aug
June
Mar
May
Jan
Sept
Mar
May
May
May
Jan
Jan
Mar
Mar
Jan
Mar
July
Feb
32
1534
5%
39
171
43
2834
5240
92
61
17
102
9574
523.4
9004
3504
1434
1004
4900
3634
13444
11134
12300
4934
104
9904
65
101
128
JIM
Jan
Aug
Jan
Jan
Aug
Jan
June
Mar
Jan
June
June
Aug
Aug
Jan
July
Jan
Sept
Sept
May
Jan
Feb
Feb
Feb
June
June
Feb
Aug
Apr
SEPT. 18 1926.]
THE CHRONICLE
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Continued) Par Price. Low. High. Shares
Range Since Jan. 1.
Low.
High.
July Indus. & Miscellaneous.
94
Feb Aero Supply Mfg.class A.•
12
12
2%
Class B
•
Jan
7
7
30%
Sept Ala Great South, com-_-50 126
126 127
Preferred
29%
Jan
127 127
50 127
97
Jan Allied Packers, corn
•
2% 234
Prior preferred
100 20% 2055 20%
Aug
26%
June Alpha Portland Cement... ------ 44
4455
89
• 69
69
Feb Aluminum Co. corn
69
Feb American Arch Co
100
108 110
20%
Feb Amer Brown Boyer' El Co
Founders shares
•
20
Sept
20
21%
Aug American Cigar, com_-100 134
134 135
33
Aug Amer Cyanamid,class B.20
37
131%
June Amer Electric Corp, cl A.25 22
20
22
June Amer Electric.' Corp v t c*
8
6% 9
102
• s102
July Amer Gas & Elec, com
101 10435
Preferred
•
Mar
95% 95%
175
Aug American Hawaiian 88.-10
8% 9
107
July American Insurance Co..5 22% 22% 23%
27%
&
Amer
corn.
Lt
Trac,
Aug
213 217%
-100 214
50%
Preferred
10835 10855
100
Jan
20
Jan Amer Multigraph,corn. •
1955 1954
Jan Amer Pow & Lt. pref.-100 9634 9635 98
Mar Am Pub DUI, partic pf_100
83
80
July American Rayon Products*
13
1235 1335
66%
Jan Amer Rolling Mill, com_25
47
47%
11534
Feb Am Seating (new corn) vtc• 33
3634 38%
20%
Convertible preferred _• 39
Jan
38)4 40
32%
Mar Amer Superpow Corp, A_• 32
31
4955
Class B
• 31% 3154 3335
Sept
87%
Prior preferred
Sept
25% 25%
25
Jan American Thread, pref___5
3% 3%
3
3054 34
Sept Amer Writ Pap, new pf v t"
Apco Mfg, class A
9
25 12%
1235
12% 15% 1,885 13% Apr 26
Feb Assoc Gas & Elec, class A.• 36% 36% 37%
1835 18
20
1,515 15
Apr 31
154
155
Mar Atlantic Fruit ee Sugar--•
134
87
87
88%
480 813 Mar 92
May Atlas Portland Cement_ _ _• 43% 4335 4435
51
51%
130 42% Apr 51% Aug Auburn Automobile,com25
60
60%
1855
18% 22% 1,250 1855 Sept 38
Mar Bancitaly Corporation_ _25 81
80% 81%
149% 149% 156
3,892 125
Mar 171
July Bancroft (Jos) & Sons, corn
3734 3754
6
8
850
3
Apr
8
Sept Beaverboard Cos. pref_100 4055 4054 40%
1534 1555
25
8% Aug 25
34% 34)5
Jan Bondi:Corp,class A com10
855 855
50
755 June 1434 Feb Blackstone V G&E,corn_ 50
96
96
85
65
500 58% Mar 81% Jan Blew & Knox Co, com25 75
70
75
111 112
210 107% May 114
• 21% 21
21%
Aug Bliss(E W)& Co
17% 17% 17% 2,11
14% May 23% Feb Borden Company
50 9735 97% 98%
7%
7
120
Aug 10% Feb Bradley Fireproof Prod .1
734 7%
54c 55e
7
7
100
7
Sept
1034 Feb Bralcenort Machine. corn.*
6
655
6
535 6%
1,520
5
Aug
955 Jan Brill Corp (new), class A.• 34
35%
34
5234 5235 53
Class B
1,155 49
Apr 5555 Jan
• 14)4 14% 15
29
28
Feb Brillo Mtz. class A
Mar 32
19
2934 9,550 26
19
• 19
32% 32% 36% 38,550 21
May 3934 Sept Brit-Amer Tob ord bear_ £1
22% 23%
46
46
46%
970 4234 Mar 50% Feb Brockway Mot Trk, corn.*
41
41
Brooklyn City RR
7
7
10
7%
78
78
12
8034 515,000 67
Mar 81% Sept Brown dr will Tob, el A.10
12
52% 52% 55
92,000 4455- July 5634 Jan Bucyrus Co, cony
231 233
100 231
77
77% 15,000 67
Jan Buff Niag&EastPow,com_•
Apr 82
31
25
5334 5434 32.000 45
Mar 5434 Sept Bullard Machine Tool
30
30%
4255 46
87,000 29
July 46
Sept Carolina Pow & Light, pref
109 109
10434 104% 2,000 10055 Mar 105
July Celluloid Co. corn
15
15%
100
96% 95
9634 40,000 95
Preferred
Sept99
Feb
100 68% 68% 69%
9755 9735
3,000 95
Celotex Co, corn
148 185
Feb 9734 July
• 180
101
101
101
1.000 99% Jan 101
Preferred 7%
90
92
Sept
100 90
Central Aguirre Sugar. 50 81% 80% 83%
* No par value.
Cent States El,8% pf 100
91% 92%
Steel, corn
68
68
100
Cincinnati Stock Exchange.-Record of transactions at Central
Centrifugal
19
20
• 19
Cincinnati Stock Exchange. Sept. 11 to Sept. 17, both in- Checker CabPipe
4
4
Mfg,CorP-.
class A.
Chic Nipple Mfg,class £50
44
44%
clusive, compiled from official lists:
Class B
29% 3134
50
Friday
Cities Service, corn
Sales
20 44% 44% 45
Last Week's Range for
Preferred
8834 89%
100 89
Range Since Jan. 1.
Sale
Preferred B
ofPrices.
735 754
Week.
10
Par, Price. Low. High. Shares
StocksPreferred BB
77% 7755
100
High.
Low.
Bankers shares
22% 2255 22%
IndustrialsColombian Syndicate
241, 2%
Amer Latin Mach com_25 11555 11534 11634
365 108
Mar 147% Jan Columbia Gas & El(new co)
25% 2535 26
Common w 1
Amer Products pref
81%
80% 79
480 24% Apr 27% Feb
Preferred Wi
Amer Rolling Mill, etun_25 4735 4734 4855
1,067 4855 July 57
100 9751 9655 98
Feb
100 109
109 11034
Preferred
75 108
May 111
Apr Com'wealth Power Corp100
• 40% 39% 40%
38
Buckeye, Inc
Common
3855
151
30
July
Jan 34
Preferred
Champ Fibre. prof.___ _100 102% 102% 102%
8 102% Jan 106
100 8835 88% 89
June
Churngoid Corporation..• 5055 50% 5034
Warrants
55 4934 Aug 70
• 60% 6055 63%
Feb
• 22% 2234 2334
2
254
City Ice & Fuel
330 23
May 2534 Jan Consol Dairy Products..
1043.5 104%
Cooper Corp new pref__100
52
54
13 9935 June 108
Jan Con Gas, E L&P Ball corn' 52
32
Eagie-Picher Lead coin _.20 32
32%
1,052 26% May 35
July Consol Laundries
• 225( 21% 22(4
•
23
Formica Insulation
23
755 8
754
15 20
Apr 27
Jan Consumers Co, corn..._20
*
34% 34%
Giant Tire
99 • 99
100 2335 Jan 39
Jan Cont'l 0 dr El,6% part pf_
• 40
Gibson Art common
39
40
778 3634 Feb 41)
Apr Continental Tobacco_ _ _ _• 19% 19% 19%
100
11834 118%
Preferred
50 115
Jan 11734 Apr Copeland Products, Inc100 101
Johnston Paint pre:. _160
Class A with warrants... 16%
1634 19
13 99
Jan 102% Mar
10 131% 131% 13234
Kroger common
27
2735
428 10455 Mar 13535 Apr Contaulds, Ltd
SI
100 112
112 112
New preferred
46% 48
50 110% Mar 11234 Mar Cuban Tobacco, v t c____•
755
Paragon Refining com__25
Curtiss
734 7%
16
Aeropl
&
corn.'
180
1635
M.
634 May
9% Jan
Procter & Gamble coot_ _20 15334 15334 156
11334 11555
588 139% Jan 164
July Curtis Publishing Co, pref.
100 110% 110% Ill
6% preferred
4% 6%
4%
76 10834 Apr 114% Apr De Forest Radio Corp....'
100
9534 9534
Pure 0116% pref
120 8555 Jan 98 June Dinkier Hotel Co100
10935 1093.4
3% preferred
Class 4 with purch warr•
20% 2055
7
100
107 10734
Richardson pref
140 140
20 105
Feb 108% June Dixon (Joseph) Crucible100
100
22
Standard Drug
22
1654 17
5 21
Mar 2435 July Doehler Die-Casting
•
•
48
48
48
129 129
U 13 Can corn
50 8934 July 63
Jan Dresdner Bank, Amer she100 104
Preferred
104 105
Dubilier
Cond
534 635
&
Radio-'
60 99
Mar 104
Feb
20 152
151 1523
U 8Playing Card
1955 20
130 137
Apr 155
Jan Dunhill International....'
88
90
US Print & Litho com_100 88
20 86% Jan 95
Feb duPont deN&Co new corn • 155% 151 159
100
Preferred
99
9934
10
75 91
12%
July 100
• 12%
Feb Durant Motors, Inc
•
734
731 734
U 8 Shoe com
348
6
Mar
8% Feb Eitingon-Schild Co com • 33% 33% 3334
100 4434 44
4455
Preferred
107% 10834
22 45
May 5634 Jan Elec Bond & Share pref.100
• 50
Whitaker Paper coos
50
50
Elec Bond & Share Secur_• 70% 6934 7235
55 43 June 56
Jan
BanksElec Invest without wart._• 42
42
4434
323 325%
Fifth-Third-Union units100
Electric
35 318
Railway Secure,.'
534 5%
Mar 330
Apt
320 320
Liberty National(Coy) 100
15 300
86
88
Mar 307 Jun, Elgin National Wat,ch__-25
Public UtilitiesEmpire Pow Corp part stk• 26% 26% 28
90
Cincinnati & Sub Tel_ _ _50 90
90
Erie Steam Shovel
1 8 81
25
25%
Apr 89% July
5 25
100 8934 8934 0034
Cincin Gas ,St Elec
379 88
Eatey-Welte Corp class A_• 31% 3034 3134
Mar 95
Mal
120 120
Class B
10 11234 Jan 125
CM Gas TransporVn_ _100
93.4 1035
9%
July
100
com
8834
Trac
Lt
&
8834
C
Fageol
105 8134 Jan 93 Jun(3
Motors Co com_ _10
C N&
4%
43.4 4%
100
6734 67%
Fajardo Sugar
Preferred
12 63
14034 14134
Apr 7034 Juno
100
100
III
11155
193 109
Ohio Bell Tel pref
Jan 115
FannyFarmerCandyShops• 23%
1934 24
July
Federal Purchasing Corp A
30
3034
60 3434 3334 34%
Traction*rinnunnntl St RY
301 32
Mar Sc
ms, Film Inspection Machine_•
9
6% 10%
Ford Motor Cool Can_100 49755 497% 501
• No par value.
Forhan Co, class A
• 16% 1634 1755
Foundation CoForeign shares class A • 17% 17% 1855
Pittsburgh and St. Louis Stock Exchanges:-For this
Fox Theatres. CIA,
26
2354 27%
week's record of transactions on the Pittsburgh and St. Franklin
(HH) Mfg,corn_• 21% 1934 21%
Preferred
Louis Stock Exchanges see page 1470.
100
7935 80
Freed-Eisemann Radio...*
794
7% 7%
Freshman (Chas) Co
3155 36
* 34
Curb
Market.
York
-Below
is a record of the Galv-Hous Elec, prof. 100
New
54
54
transactions in the New York Curb Market from Sept.11 to Garod Corp
•
6% 7
6%
General Baking. class A....• 5735 56% 60
inclusive,
as
compiled
from the official lists.
Sept. 17, both
Class 13
755
•
6%
654
Electric(Germany) 37% 37
3854
As noted in our issue of July 2 1921, the New York Curb General
Common stock receipts_ _
36%
37
June
27
Association
on
1921
Market
transferred its activities /General Motors Corp WI.'
14334 146
Portland Cement_50
62%
61
from the Broad Street curb to its new building on Trinity Giant
9154 9554
Gillette
Safety
llazor
•
93%
Association
is now issuing an official sheet C G Spring & Bump
Place, and the
1334 1455
14
Glen Alden Coal
which forms the basis of the compilations following.
180 184
• 182
Nat Elec Power A wt. •
100
Preferred
10
National Leather
•
National Standard
North American Car corn •
Nor West Util pr In pref 100
100
7% preferred
•
Novadel preferred
Omnibus pref A w I_ _ _100
Voting trust ctfs A w1°
Penn Gas & Elec w I____•
People's Gas Lt & Coke 100
Pick Barth & Co pref A_ _.
Pines Winterfront A_ _5
•
Pub Serv of Nor III
Pub Serv of Nor 111__ _100
100
Preferred
100
7% preferred
*
Quaker Oats Co
100
Preferred
*
Q R S Music com
Real Silk Hosiery Mills_10
10
Reo Motor
So Colo Pr Elec A com_25
Southwest Gas & El pref100
South City UM CIA com •
Stewart-Warner ElLeedom •
100
Swift & Co
15
Swift International
•
Tenn Prod Corp, com_
25
Thompson (J 11)
Union Carbide & Carbon_•
United Biscuit, class A- •
United Iron Works v t050
United Light & Power- t
A w I new
•
B w I new
Preferred clasa A w I a_•
Preferred class 13 w I a_ •
United Paper Board__ _100
20
US Gypsum
Univ Theatres Cone,cl A.5
10
Vesta Battery Corp
Wahl Co
Ward(Montgomery)&Co 10
Class A
Williams 011-o-Mat, corn.•
Wolff Mfg Corporation__ _•
Voting trust certificates•
Wolverine Portland Cem 10
Wrigley Jr
•
Yates Machine, part prof.'
Yellow Tr &Coach Mfg B 10
Yellow Cab Co,Inc (Chic)•
BondsChicago City By 58_ _ _1927
Chic City&Con Rys 5s 1927
Chicago Railways 5s_ _1927
1927
5s, series A
1927
4s, series B
Commonw Edison 55..1943
HousGH Cost g 6501931
Lake St Elev lot 5s_ _ _1928
Swift & Co lat s t g 55.1944
290
233 2434
94
55
9434
2% 2%
515
30% 31% 2,800
28% 29%
690
96% 9755
328
94
94%
104
26% 26%
373
89
94
270
15
15%
550
1,520
2035 20%
12635 126%
50
21% 22
575
235
5734 5734
131% 132
105
132 132
10
102 102
118
115 115
15
175 175
42
107 107
145
27% 27%
275
3,825
5034 51
20
21%
675
24% 24%
20
96
90
97%
35
100
35
65% 67% 5,405
114% 115%
1,505
20% 21% 13,525
10
10
50
4835 5034 6,110
87% 90%
310
41
42
365
234 334 3,670
19%
92
2%
26
26
93
91%
26
19
14%
19%
126%
19
3355
128%
129%
100%
112
128
105
25%
31%
19%
22
93
35
63%
110
14%
10
42
72%
38
35
Mar
July
May
May
Mar
Jan
May
Sept
Sept
May
June
Sept
May
Mar
Apr
Apr
Jan
Jan
Jan
Feb
Aug
Jun
Jun
Apr
Apr
Sept
Sept
Apr
Apr
July
Apr
Jan
Mar
Mar
26%
9635
4%
32
32
99
97%
28
98
21%
24
126%
23
60%
140
143
108
116%
185
108%
29
58%
25%
25%
98
42
93
117
22%
15%
50%
92%
58%
351
1495
Sales
Friday
Week Ended Sept. 17.
Last iVeek's Range for
Week.
of Prices.
Sale.
StocksPar. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
100 12
6
200
400 95
100 9434
135
100
25
934
400 44
100 5444
75 1063.4
100
20
200
400
1,400
10,100
200
500
400
1,200
50
400
544)
20
GOO
120
1.150
7.700
6,700
11,500
700
500
1.300
200
8,709
1,800
400
150
1.400
100
700
100
100
125
600
400
800
200
700
400
100
900
100
7,200
200
100
600
200
2
43
10
1,52
1,075
1.140
160
100
4.500
100
200
1.300
6,900
1,700
400
700
100
11,700
2.700
4,400
High.
Sept 2035 Jan
Sept 14"
Jan
Mar 18034 Feb
Aug
Mar 134
Apr
355 Feb
May 29
Jan
Sept 453.4 July
Jan 76
Feb
Aug 13255 Feb
20
Sept
110
Feb
33
Aug
20
July
635 Sept
Mar
64
go
Apr
735 July
22% Sept
195
Mar
105
Mar
1934 Apr
92
Apr
Sept
80
11
July
4534 July
3235 July
3755 July
1954 Mar
2154 Mar
23
Mar
'334 Aug
30
Aug
9 Sept
2555 Mar
890
Jan
44
Sept
4154 M
78% June
37
Sept
34
Mar
3334 Sept
9055 Apr
5034 Apr
1654 May
9134 Mar
50c May
6
Sept
333.4 May
13% A
19
Sent
1213' July
2435 Apr
May
7
12
Sept
179
Jan
2334 July
30
Sept
104
May
15
Feb
51
Feb
117 Jun
88 June
7654 July
90
Jan
Mar
60
1555 May
4
July
42
Feb
2535 Apr
3754 Feb
82% Apr
7% Feb
Mar
74
19
Jan
2
Mar
78
92
Aug
Aug
2234 Aug
137
Aug
47
Feb
2435 Feb
1155 Feb
10634 Sept
9674 July
1155 Jan
2334 Sept
264
Jan
11535 Jan
2354 Feb
99
Aug
Mar
89
35% Jan
5955 Feb
38% Sept
4034 JUOG
37% Jan
Jan
39
2634 Feb
4
Jan
34
Sept
22% Jan
383.4 Aug
255 Feb
5574 Mar
73
Mar
8174 Sept
3854 Aug
45
Aug
34
Sept
11835 Jan
75
Sept
2274 June
Jan
110
I% Jan
1534 Jan
5754 Jan
33
Jan
Apr
21
3154 June
4134 Aug
9% Feb
1634 Jan
335
Feb
3855 Jan,
3035 Sept
109
Sept
Apr
28
75
Aug
Aug
205
9755 Aug
95
Feb
99
Feb
7454 Jan
27
Jan
934 Feb
443.4 Aug
3154 Sept
4454 Aug
8934 Sept
8
Aug
571134. Aug
22% Sept
834 Jam
85
08
Aug
Aug
Mar 4234
Mar 119
M
76
Sept
574
Jan 58
Aug 2334
July
1054
Sept 164
May 2055
Jan,
Sept
Feb.
Jan
Feb
Feb
Mar
Aug
June
400 1634 Sept 27%
2634 Aug 3534
30
400 4674 133pt 64
600 1534 May 2374
60 11334 Sept 11535
1,100 510 June 1034
Jan
June
Jan
Jan
Sept
Jan.
18,200
600
775
900
5.300
2,800
200
50
2,600
29
82
3034
2
4434
21
5
99
1135
100
20
1,100
225
2.300
600
14,700
48.800
300
190
9.600
3,200
100
30
1.800
11.200
34,200
700
4.300
160
1,000
300
5,400
230
3,600
19%
130
1155
101
4%
18
149
3%
33
104%
5635
3055
4%
86
21
24%
24
635
3%
124%
1934
30
355
440
1354
May
Mar
May
May
Apr
May
Aug
May
Mar
Jan
Mar
Mar
Jan
Sept
May
Aug
Jan
Sept
July
Apr
Sept
May
Mar
Apr
M
2.400
49.500
90
10
500
59,300
10
1,000
8,200
19,500
1,200
500
15
1954
1954
7854
3%
17%
42%
2%
4455
555
2255
2834
133
47
89
12
13855
Jan
May 55
Mar 34% Jan
Jan
Sept 33
June 90
July
955 Aug
Mar
Jan 35
Sent
May 62
Mar
Feb
8
Aug
Ap
7935 Jan.
Mar 1755 Jan
Mar 39
Sept
July 38% Aug
Aug 149% Sept
Mar 63
Sept
Mar 114
Feb.
May 1554 July
Jan 184
Sent
18'600
25
4.300
8,900
2.510
25%
159
1834
134
11
26%
159
13%
37;i
110
86
74%
10
93
32
2634
3174
1055
1055
169
24
3334
10%
655
20
Jan
Jan,
July
Aug
Jan,
Jan.
Sept
Jan.
Jan
July
Jan
Jan
Jan
Sept
Feb.
Sept
Sept
Sept
Jan.
Feb
Sept
JunoSent
Mar
Jan,
A.-
60
03 b...7.0.1
a nD e”
wi—,.;..c.4.w..iatat
npt.).0141..mtubtor..camo..m...,mkcomb.Cinga:tWmnom.m......0.m.;bt.
io
oc.m
ioo
m
25g
25
Gobel (Adolph) Inc com_ •
3234 34
Goodyear T & R com_ _100 3335
3734 3735
Cloward (H W) 3« Co
289 289
Great American Ins Co_100
234 3
Grimes Rad & Cam Rec•
234
6% 635
6%
Happiness Candy St el A_•
634 633
*
Founders' shares
493 498
Hartford Fire Insur Co.100
17
1735
Hazeltine Corporation._* 17
116 116
Hercules Powder. pref__100
•
1%
134
Hoyden Chemical
2233 23
Hires(ChasE)Co, clA com •
28
28
Hollander(H) St Son,com •
346 347
Home Insurance Co. _100
4934 50
Horn & Hardart
• 50
Imrerial TLb of C.13 & 1 C. 2734 2734 2734
631 734
6%
Industrial Rayon, class A-•
Insurarlce Co of Nor Am.10
5334 5333
99
98
Internet Silver, corn
25
3034
International Util, class A • 30
335 4
334
Class B
•
142 145
•
Johns-ManvIlle, Inc
16c 20c
10 17c
Keystone Solether
Landover holding Corp935 933
933
Class A stamped
Lehigh Power SecuritiesNew consolidated corp-* 1634 16% 1734
94
9831
Lehigh Valley Coal Sales.50
4533
4434 44
Lehigh Val Coal ctfs, new__
834 9
Libby. McNeill & Libby_10
145 153
Libby Owens SheetGlass.25
SOc
1
.
Liberty Radio Chain St__*
10
Lit Brothers Corp
2734 2734
MacAndrews Forbes,com •
4134 4134
333
Marconi Wireless of Can..1
334
3% 354
3%
Marconi 05 irei Tel Lon_ _CI
4834 50
Marmon Motor Car,corn-3; 49
56
56
McCall Corporation
* 56
2235 2235
McCord East & Mfg v t c_* 2234
38
39
Mengel Co
100 39
Mercurbank (Vienna)5
5
5
American shares
1% 134
•
Mesabi Iron Co
2% 2%
Metropol Sc & 500 St B •
4234 4234
100
Preferred
Metropol Chain Stores_ --• 3634 3634 3733
Middle West 13th. com_ • 11434 113 11434
115 115
Prior lien
100 10635 106 107
7% preferred
2434 2434
•
Midvale Co
100 10035 10034 10034
Miller Rubber. pref
9634 9634
Miss River Pow,6% Pr- 100
2334 2434
Mohawk & Ilud Pow,com*
•
10235 10236
First preferred
3834
* 3834 33
Mohawk Valley Co
64
63
Moore prop For •e. el A...° 63
1134 1235
Municipal Service Corp._* 11%
235 3
*
Mu-Rad Radio
274
• 50c
50c 60c
Music Master Corp
84
86
Narragansett Elec Ltg ...SO 86
1334 1433
•
National Baking, corn
70
7434
Nat'l Casker, new corn_-• ____
Nat Elec Power, class A.. • 2334 2334 2334
2% 2%
National Leather
Nat Power & Light, pref.-• 102% 101 102%
1535 20
Nat Pub Serv. cl a, coin •
• 16
1533 1634
Common,class B
National Standard Co_ _ * 3035 3034 3135
122 122
Nat'l Sugar Refining- -100
26
2734
5
Nelson(Herman) Co
2434 2436
Neptune Meter, class A_ _.
2535 2535
Nev-Cal El Corp. com.100
1035 11%
11
New Mex & Ariz Land_ _ _1
1634 1634
New-Onl Grt Nor RR...100
113% 114%
N Y.Telep, 633% pref-100
5436 5434
N Y Transportation_ _10
North American Cement..' 2034 1834 2034
1834 19
Northeast Power. corn......' 1835
Northern Ohio Power Co.• 1434 1434 15
7734 7731 81
Nor Ontario L & P, pf_ _1
Nor States P Corp.com-100 105% 10514 108%
101% 102
100 102
Preferred
10
10
Ovington Bros. Part pref..'
• 1234 1233 1234
Pacific Steel Boiler
4535
Fender (David) Grocery A• 4536 45
835 9%
833
*
Penn Ohio Sezur Corp
81
81%
81
Preferred
2034 20%
Penns G & E, A partic_ __*
Penn Water & Power_100 16433 160 16434
33
29
Pei., lea Drug Stores Inc . 33
13735 137%
Phelps-Dodge Corp__ _ _100
10
10%
Philip-Moir Cons Inc coin * 10
2033
20
25 20
Class A
Pick(Albert),Barth & Co1234 12%
Common vol trust ctf_l 1233
• 47
47
Pillsbury Flour Mills.-_50
155 162
Pithily & L ERR com-.50 160
294 296
Pittsburgh Plate Glass_100
Port land Ele •tric Power,00 3034 3034 3031
56
56
.*
Pratt & Lambert
154 15435
Procter Sr Gamble. com.20
Puget Sound P&L,corn 100 27% 2735 27%
10231 10334
100
7% preferred
4634
45
Purity Bakeries class A_ _25 45
* 40
3935 4134
Class B
100 9334 9835 99
Preferred
12
1234
10 12
Pyrene Mfg
Rand-Kardex Bureau........• 4331 42% 4335
203 216
Realty Associates, corn_ • 209
33% 34%
Rem-Noisel Typew com • 34
10 2034 2031 2133
Reo Motor Car
435 433
Republic Mot Truck v t c_s
1734 1736
Richmond Radiator, pref.
40
40
I,- «rred
106
231 335
3
•
Ric -nbacker Motor
10135 102
Royal Bak Powd pref.-100
Safety Car Htg & Ltg__100 £129 £129 130
* 4233 4235 4235
St Regis Patter
2833 2831
Seeman Brothers, com •
Servel Corp (Del), cora_ • 1635 1633 1834
25
25
Sharon Steel HooP
17
17
17
E3«hnli« Real .c_state Co__ *
a
13
pref_100
tCo
Par
Bierra
•otavte_.• 15
Mica Gel
ling__100 354 1
Singer 41
6
635
___£1
3ugar NI •I
. re)
3nia 'List
834
1
0 to ••ts
3ou 31111E
. 2334 :'«
33
3outhern(
3'eastern!g
..com.• 29% *
.ertifi,,,,,,,
35
2635 ; •
voting;
31
(preferred.* 6936 .• '
Partici3
i
831
8..
Werra!, •o par com stk._
114% 115
Southwest Bell Tel pf_ _100
Eo..thwest Pow & Lt 7% Pt _10036 10235 10335
105 105
Stand n no & El 7% pf_ _100 105
20
20
Stand Pr & Lt class A......25
634 7%
Stand Publishing class A 25
4631
goo.,.......5. AZ\ lb r, r..•
• 46 35 t 46
8888888888888 888888588888$88888V88888888.V8888V.8888V888888888888 88888888888888 8 88888888g888858.888..888
.0.
8888888888888 8'g-88888588888888
Sales
Friday
Last Week's Range for
Week.
Sale
ofPries:.
Stocks (Continued) Par Price. Low. High. Shares.
•
[VOL. 123.
THE CHRONICLE
1496
Range dims Jan. 1.
Low.
25
28
3734
289
133
6
5%
493
854
109
I
2234
27
346
41
24
634
53
90
25
335
130
10c
8
Sept
May
Sept
Sept
Apr
July
June
Sept
Apr
Apr
June
July
Aug
Sept
Mar
Fet,
Aug
May
July
Sept
Sept
Mar
Apr
Apr
High.
2534
50
3734
289
7
8%
734
498
2134
11
234
26
3634
347
6234
23 q•
1934
64
108
39
9%
165
75e
Sept
Mar
Sept
Sept
Jan
Jan
Jan
Sept
July
Sept
Jan
Jan
Jan
Sept
Jan
Jane
Jan
Jan
Feb
Jan
Jan
July
July
93.5 Apr
10
80
3834
734
125
10c
25
39%
73c
334
4834
36
17
34
Mar 22
Mar 102
Mar 4536
Mar 10
Aug 219
Apr
3%
Mar 3234
May 4634
1%
Sept
WI
Sent
Sept 5034
Mar 56
May 2534
Apr 52
Jan
Aug
June
Sept
Jan
Jan
Jan
Feb
Jan
ht 1
Sept
se,3
Jan
Jan
331
1%
2
2235
2434
10734
98
97
2134
98
92
2034
10135
25
336
1134
• 134
10e
75
1035
4931
1535
235
97
1534
10
3034
102
1934
2334
1834
9%
1434
11034
46
la%
1734
11
7731
9834
9913
934
11
4334
674
81
20%
13033
5
234
3
49
3934
135
12234
11134
2534
103
9634
2834
105
4134
Sept
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Mar
Feb
Sept
Feb
Mar
Aug
120
10
20
July
Mar
July
June
Mar
May
Jan
Jan
May
June
Apr
Mar
May
July
2 .
Sept
Mar
Apr
Feb
July
June
Mar
May
Mar
Mar
Mar
Sept
Mar
Mar
June
Mar
Apr
Feb
Apr
July
Sept
Mar
Mar
Sent
May
AV
June
Apr
Apr
May
Sept
Sept
Mar
a'a
May
Sept
Sept
10
36
130
274
:4034
31
14235
2634
102
35
24
91
1034
3434
204
3834
1934
4
1734
3633
251
9935
123
4234
27
1534
20
14
82
1133
295
5
Apr
Feb
Mar
June
Ne ,
Mar
Jan
Aug
Sept
Mar
Mar
Mar
Mar
Apr
Sept
Mar
Apr
Aug
An
Feb
Sept
Apr
Jan
Set,,
Aug
Aug
Mar
July
May
Mar
May
May
13
5034
16234
310
8
323 g
2134
2133
26
59
7
11134
9931
103
1735
634
39
uly 1334
ir
35
27)4
ill
Mar 4634
2re%
Ant
Mar 6934
Mar 1535
Jan 118
Feb 10434
Au 106
4
May
July 1934
Apr 4634
20
6
,
1354
3
5.33
8635
1434
78
2634
434
102%
24
1634
3134
129%
x2934
2534
4434
17
1635
11534
55
2034
3634
2334
85
13635
103
11
1634
5034
1034
82
2134
174
•4 33
139
10%
2033
444
6034
163
663.4
104
47%
4234
10034
1234
48
245
5234
2534
16%
18
4134
935
103
130
on%
2835
2231
2934
2434
86
22%
401
9
1
Mar
Sept
Jan
Feb
Aug
Sept
Jan
Jan
Jan
Jan
July
Sept
June
June
Jan
Jan
Jan
Sept
June
Feb
Sept
Jan
Jan
Aug
Jan
Aug
June
Feb
Jan
Sept
Sept
Aug
Jan
M.«
Apr
Sept
Sept
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares.
Stutz Motor Car
•
Swift & Co
100
Swift International
10 2035
Tampa Electric Co
Texas Gulf Sulphur
10 41%
Thompson(RE)Radio vto *
Timken-Detroit Axle_ __10 1235
Tobacco Prod Exporte.....*
333
•
Todd Shipyards Corp_
Trans-Lux Day Pict Screen
•
Class A common
Travelers Insurance_ _ _100 1240
o IS es1 common 2' 11%
Truscon Steel
10
Tublze Artif Silk claw B__*
Tung Sol Lamp Wks,corn •
Class A
• 1935
Untie.« Artists Theatre Co
«11«t «tfs tor corn & pf stk 100
United Biscuit Class A.. _
Class B
---9*4
United Elec Coal Cos v t 05
50 11133
United Gas Impt
United Light & Power A.._« 13%
United Profit Sharing
United Shoe Mach,com.25
32
•
U Dairy Prod cl B
20
II 53 Gypsum corn
US Light & Heat, com._10 2433
Preferred
10
U S Radiator Corp
(.. ,1nn
1133
•
Universal Pictures
Utilities Pow & Lt, cl B.. •
Utility Sh Corp opt war...'
Van Camp Pack. pre:_ -50
Victor Talking Mach.. 1C0 100
Warner Bros PIctures___• 4835
• 2733
Warner Quinlan Co
201
Wesson Oil & Snow. pref_•
Common v t c
•
Western Auto Sunni, partle
pref with warrants
*
Western Power. pref
98
Wheeling Steel com_ _ _100
White Rock Min Sp. new...
Williams 0110 Mat H com•
Yellow Taxi Corp, N Y__•
22
114
2011
5034
4135
75c
1234
333
3931
2233
115
2134
5034
4334
906
13
334
3936
Range Since Jan. 1.
Low.
500 1935
150 110
4,800 1435
100 48
9,100 41
1.300 500
834
900
334
900
400 29
High.
Mar 3734 Jan
Apr 11634 Feb
May 22% Jan
May
June 67
Aug 43% Sept
5% Jan
July
Mar 13% Aug
4% Jan
Aug
Jan 4054 Sept
6%
8% 9% 12,600
1233 1243
13 1238
4%
1131 1134
200
26% 26%
200 22
•172 172
10 161
735
935 9%
600
1831 19% 1,700 1731
June 14
Sept 1243
.0,
3%
Mar 30%
Apr 240
Mar 1033
May 1935
Jan
Sept
Feb
Jan
Jan
Jan
Sept
100 100
100 100
40
40
100 40
9%
9% 1235 6,900
31
31
100 23
11134 114
4.600 84
1235 15% 81.600 1234
1033 1034
400 10
49
49
100 47
32
32
101) 32
10
10
100 10
15235 158
210 125
2433 2433
800 16
733 735
5%
100
3333 33%
100 3836
1133 1134
200
3331 33%
400 2934
13% 14
200 1334
233 2%
235
100
23
23
100 20
100 103%
3,500 68
4833 65 129,500
8
2736 2335
1,200 2335
201 201
50 1r
97% 97%
10 92%
54
5736
600 4935
Jun• int
Sept 44%
Sept 1731
Mar 4434
Mar 14434
May 28
1031
Aug
Apr 53
5- 6, 4414
Sept 22%
Mar 166
Mar 25%
Mar
7%
Sept 42%
July 40
Aug 18
June
6
Apr 38
Apr 104%
June 65
Mar 3035
2'.
1,1
June 9731
June 5734
June
July
June
Feb
Jan
Feb
Sept
Aug
July
Jail
July
Apr
May
Feb
Feb
Feb
Feb
Feb
Mar
Sept
Sept
June
Jail
Sept
Sept
Mar
Mar
Sept
Sept
Sept
Mar
Jan
Jan
Sept
Mar
July
Apr
27
97
4335
2634
17%
1334
27
99
4433
2631
17%
14
100
220
150
200
100
200
22
9134
4335
26
17%
9
13
28
99
4435
3033
21
1735
Former Standard 011
Subsidiaries.
Anglo-Amer 011 (vol sh) Ll
stock. _El
Non-so
Borne-Scrymser Co_ -100
50
Buckeye Pipe Line
25
Cheaebrough Mfg
Continental 011 v t c___ _10
Cumberland Pipe Line-100
Galena-Signal 011 corn..100
100
New preferred
100
Old preferred
Humble Oil & Refining-25
100
Illinois Pipe Line
Imperial Oil (Can)
50
Indiana Pipe Line
National Transit_ -12.50
N .w Y •IC frtlil$14
25
Ohio 011
25
Prairie 011 & Gas
100
Prairie Pipe Line
100
olar Refining
25
South Penn Oil
Southern Pipe Line new......
Standard 011 (Incliana)..25
Standard Oil (Kansan)_ ..25
25
Standard 011(KY)
Standard Oil (Nob) new_25
Standard Oil of N Y___.25
Standard Oil (0) corn. _100
100
Preferred
100
Swan & Finch
25
Vacuum Oil
18%
73%
20
17%
60
55
57%
13534
15%
32%
5935
50%
124%
3734
----63%
22
122
45
32%
98
1835 13% 2.000 1635 May 1931 Jan
1733 17%
200 1 35 Mar 18%* Jan
Sept
295 295
Jan 301
20 226
4634 4734
30u 4634 Sept 6934 Jan
Jan
7335 7434
300 65
y
r ualn
20
7531 J
2035 8,300 1934 Apr 2
2
Jan54
37
110 112
30 107% July 13
Jan
423 16% Sept
1631 1731
Sept
160 59
59
60
Sept
120 50
55
5.334
pnr
'
753
4 Aja
988
5734 6035 12,700 5336 Mar 6
June 144343814
131
3
13134 136%
Apr.!Jan
4,«00 3233 May
3531 3/
Jan
58
200 58
58
1335 Aug
1431 1431
M.11aa
anr
:
1 13.
12
:
3
279i •5
3233 32%
lob 31 . SO
.Te
en
b
71 F
5934 61
1,000 55% July 60
Mar
50% 53
7.10L
48
Mar
124% 124%
70u 12234 Mar
41, 18435 June 220
Aug
203 203
Jan
3831 33
1,201., 34% June 50
Janualyy
2431 25
20L 2435 Aug 532671
6333 6435 16,300 61% Mar 7035 Jan
22
70u
133 Aug
2235
122 125
1,20L, 108
Mar 134% Jan
45
Apr
1,40L. 42
4635
3233 32% 41,30L 3036 Apr 4731 Jan
Jan
296 296
20 29034 Aug 362
July
118 118
10 11633 Feb 122
Jan
13
300 1534 Mar 23
17
9734 99% 5,200 9433 Mar 10931 Jan
Other Oil Stocks.
Amer Contr 011 Fields___ 5
•
Amer Maracaibo Co
Anglo Persian 011
10
Corp
Argo Oil
Arkansas Natural Gas....10
•
July B•co , 01Ca, om
Sept Cardinal Petrol Corp.....10
Jan Carib Syndicate
1
Jan Como' Royalties
•
Creole Syndicate
3:1,1
Feb Crown Cent Petrol Corp....'
•
Jan Darby Petroleum
Jan Derby Oil& Ref. com___ •
1
011
Euclid
Aug
1
Sept .Gibson 011 Corp
Sept Gilliland 011 com v t 6_
•
Pa
of
Corp
Sept Gulf 011
Aug International Petroleum....'
•
Jan Kirby Petroleum
June Leonard Oil Develop't_25
•
Jan Lion 011 Refining
Jan Livingston Petrol
Jan Margay 011 new
Aug Marland 011 of Mexico....,j
Mar Mexican Panueo 011____10
Jan Mountain Producers.... _..10
100
Nati0,1111 Foe! Gas
Feb
10
Sept New Bradford 011
June New England Fuel 011. •
25
Aug New York 011
1
July Northwest 011
Feb Ohio Fuel Corporation_25
Jan Pandem Oil Corp
Sept Peer Oil Corp
Jan Pennok Oil Corp
25
*
Sept Red Bank 011
Jan Reiter-Foster 011 Corp___•
Richfield Oil of Calif_ ..25
Royal-Can 011 Syndlcate_•
June
Sept lyan Conan' Petroleum_ •
Feb
3alt Creek Consol 011-10
J.
a:: Salt Creek Producers_ _10
5
Sent Savoy 011
Sept Tidal Osage voting stock..'
•
Feb
Non-voting stock
July Tide Water Assoc Oil.-•
100
Preferred
Aug
Sent Venezuelan Petroleum__ •
Feb Wilcox Oil & Gas new._ _•
June Woodley Petroleum Corp.*
1
Sept "Y" Oil & Gas
134
5%
733
18%
16.
14%
2
3%
11I
3%
1%
x88
32%
8
22
2
2431
159
5c
42%
500
1636
23%
1536
27%
94c
30%
17
1733
2434
9735
2933
833
24c
1
5%
2734
234
635
1835
50c
1534
9%
1433
133
334
2
Pi«
3%
1%
88
3234
1%
8
2131
74e
1331
2
333
24
159
5%
1%
6
2733
234
734
19
53c
1733
9%,
15%
2%
333
235
Pp
336
1%
90%
3434
1%
831
22%
74c
14
2%
4
25%
159
5%
3i
36
Sc
42%
533
50c
1635
21
15%
275-4
92c
535
5%
3031
235
17
17
23%
9736
6%
29
7%
24c
18 34
7c
43
6%
55e
1633
25
19%
2735
99c
5%
534
32%
233
25
2235
2434
97%
633
30
931
27c
5,300 75c July
631 Feb
4.700
Mar 1434 Jan
5
10u 2236 July 2733 Sept
100
July
2
334 July
3,300
fig June
734 Sept
3.000 14 14
.r
193-4 Jan
334 Feb
1.206
430 June
41,900
951 Mar 2233 Feb
204
833 Mar 1034 Feb
Sept
30.400 10
Mar 16
6,200
13-4 Mar
7% Jan
300 750. Apr
3% July
200
131 May
4
June
12,400 886 Mar
335 Feb
10,500 95c May
734 May
404 133e Mar
2
Jan
3,900 82
Sept
Apr 95
18,500 2835 Mar 3731 Jan
500
136 Aug
33-4 Feb
2,200
65-4 Apr 1234 Feb
4.800 20
May 2534 Feb
100 56e Aug
135 Jan
Jan
300 1235 July
16
334 Jan
300
Aug
2
17,800
534 Feb
335 Mar
Jan
7,190 23
Apr 28
Sept
30 131
Ana 160
2,100
631 Jan
535 Aug
800
Mar 1134 July
2
Jan
1,400
Mar 17
8
70 June
4,000
3c May
Mar 4434 Aug
4,600 33
834 Sept
9% May
4,100
231 Feb
1,300
50c May
100 144 July 2235 Feb
May
2,100
651 Feb 38
10,600 1435 Jan 3031 Aug
700 2635 Aug 2735 Sent
133 Sept
65,600
200 Apr
735 Jan
400
435 Apr
Feb
300
Apr 10
8
Jan
6,000 287
% Apr 36
June
4
100
133 Feb
Sept
23,500
733 Apr 25
21,500
835 May 22% Sept
Mar
Apr 27
15.100 21
2,900 9734 Mar 9934 Mar
735 Mar
4,200
434 Jan
Mar 3833 inns
800 22
934 Sept
435 May
6,200
350 May
17.000
50 Jan
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Mining Stocks. Par Price. Low. High. Shares.
Range Since Jan. 1.
Bonds (Concluded)-
High.
Low.
3c July
7c
7c
2,000
1
Amer Com M & M
20 Aug
Sc
5c
2,000
Amer Tin & Tungsten_ _1
7c May
9:3 110 11,000
Arizona Globe Copper_ -1
45c Jan
80c 85c
9.100
1 85c
Beaver Cense!
1
Aug
1%
15(
100
1
Calaveras Copper
8c June
9c
130 11,000
12c
Calumet & Jerome Copp-1
1131 1231
SOO 11% Sept
10 11%
Carnegie Metals
135 Apr
3% 1.500
3
Consol Copper Mines_-.1
3c May
Sc
54
1.000
Cons Nevada-Utah Corp_3
5c May
7c
7c
2,000
1
Cortez Sliver Mines
154 June
271, 2,ais
500
Cresson Consol G M & M.1
3c
Feb
60
6c
1,000
1
Divide Extension
320 Aug
76e 95c
7,500
Dolores Esperanza Corp_ _2 90c
455 Aug
300
515 6
Engineer Gold Mines.Ltd 5
3c AD
8c
9c 28,000
8c)
1
Eureka Croesus
61c Aug
770 80e 109,400
1 80c
Falcon Lead Mines
3c Aug
40
4c 13.000
First Thought Gold Min_ _1
50 Feb
8c
8c
1,001
Forty-nine Mining Co__ -1
1 Ma
1% 255 8,30
2%
Gold& Centre Mines__ _5
4c Feb
14c 15e
2.001
Goldfield Consol Mines_l
(Se July
8c
80
2.000
1
Gsldfield Florence
9c Sep
90 130 19,001
Hawthorne Mines, Inc.,..1 . 10c
1731 1731
30, 15% Ma
250
Hecla M 'sing
19
1955 1.500 17% Jan
Bollinger CMS Gold MI(1_5 119
50c Jun
500 600
3,001
Jerome Verde Bevel Co_ 50 50c
155 Jun
1
154 1% 45,000
Kay Copper Co
1% Jun
234 234 3,601
25:
5
Maeon Valley Mines
2255 2254
201 18% May
New Cornelia Copper- -5
Ma
191 192
121 180
100
New Jersey Zine
801 4655 Jan
6554 67
Newmont Mining Corp_10 66
5 Jun
65:
6
6% 2.700
5
Nipissing Mines
1235 Mar
1855 1955
2.901
* 185.
Noranda Mines Ltd
47c Mar
50c 56c
6,501
1 50c
Ohio Copper
Sc Jan
10c 10c
LOCK
Plymouth Lead Mines_ 1
255 234
2
July
1001.
23Premier Gold 641n, Ltd-1
40
Sc
4c
3c Mar
8,304
1
San Toy Mining
4% 4%
43
3% Feb
601
South Amer Gold & Plat 1
3c
2c Feb
4c
6.001
Spea head Gold Mining_ _1
20% Jan
48% 454 5.101
1
Teck-Hughes
234 Apr
3,
334 3313 1,401
Tonopah Belmont Dev1.1
5
Jan
555
301
531
1
Tonopah Mi11102
2634 2755 1.701 2615 Sept
United Verde Extens_50c 263754 73-4
6% Feb
2,300
5
734
Utah Apex
3
2% May
3% 3,900
Wooden Copper Mining 1
Sc /sip
5c
Sc
Sc
3,000
1
West Utah Copper
200 Aug
27c 27c
100
5
Yukon Gold Co
13c Aug
10o Aug
31c Feb
96c Feb
Jan
4
16c Feb
Jan
21
35( May
7c June
14c Aug
234 Jan
70 Mar
Sept
1
28% Feb
160 Aug
80c Sept
10c Apr
19c Apr
May
3
22c June
180 Feb
32c Feb
1911 Mar
1935 June
1% Feb
2% Mar
2% Sept
2354 Aug
Jan
210
Aug
68
7% Jan
193-4 Aug
75e Jan
28c Mar
2% Mar
Sc July
JUIY
Sc May
413 3 Aug
4% Jan
7% Feb
33
Feb
11% Feb
3% Jan
Jail
8c
340 Jan
BondsAllied Pack deb 8s__-1939
Debenture 68
1939
1933
Aluminum Co 76
2014
Am G & El 613, new
American Power & Light6s.old without warr-2016
Amer Roll Mill 6s_---1938
1936
Amer Seating 68
1928
Amer Thread Os
Amer W Wks & El 65_1975
Amer Writing Paper 581947
Anaconda Cop Min 613_1929
Andian Nat Corp 6s 1940
Without warrants
Appalach El Pow 55_1956
Assoc Gas & Elec 65_1955
Assoe'd Sim Hardw 6556'33
1949
Atlantic Fruit 85
7735
68
105%
10055 10055
Jan
78% $9,000 70% May 89
Jan
70
3,000 64 June 80
106
6,000 1055( Sept 10755 Feb
100% 105,000 98% Apr 10154'Sept
99%
100
10334 103
9934 9955
10155
97% 9755
8054
81
10251 102%
100
10355
99%
10155
9754
81
103
7734
199,000 96
7,000 101
79,000 99%
4,00 10155
90,00
9234
11,00
7754
89,000 102%
9955 9955
9435 .94% 9555
101 102
101
9735 97% 975(
1855 1935
19
Jan
Jan
July
Sep
Ma
Aug
Sept
10034
103%
100%
10355
9855
814
103%
Aug
July
July
Jan
Sent
Aug
Aug
3.000
70,000
127,000
56,000
13,000
98
9434
9254
95
18%
Ma 10135 July
July 97% May
Mar 103% Aug
Jan 98
Sent
Ss,
3335 Jan
99
993-6 33,000
Beaver Board Co 8s_ _1933 99
Bell Tel of Canada 58-1955 10055 100% 100% 33,000
100% 10054 4,000
• Berlin Electric 6554.-1928
98% 9855 50.000
1929
6355
100% 101% 11,000
Boston&Maine RR 65 1933 101
88
b9
11,000
Brunner Tur & Eq 7 As '55
Buffalo Gen Elec 56_1956 10154 101% 10234 13,000
Burmeister & Wain of
94
95
2,000
Copenhagen 15-yr 661940
9335
9954
98
97
94%
85
9954
Fe
Jan
Mar
Mar
Jan
Joe
Jan
94
July
95
July
Canadian Nat Rys 75_1935 11155 111% 111% 7,000
Carolina Pow & Lt 55_1956 9954 9815 9934 55,000
Cities Service Os
1966 94% 9355 9455 207,000
206 200
1,000
Cities Service 78 ser B_1966
Cities Serv 75. Ser D 1966 11255 112 11254 27,000
118% 118% 2,006
Cities Service 136 ser E.1966
3)
9955 99% 100
Consul Cigar bs
1,000
Cons0,E1 &P3 sE'52 10655 10655 106%
84
85
6,000
Consolidated Textile 85 '41
62,000
Container Corp 66_ _..1946 98% 9854 99
93
9334 13,000
Cosg Mech Coal 63-48_1954
11051 110%
1,001
Cuban Telep 7358_ _ _1941
Cudahy Pack deb 5345.1937 9354 93% 93% 5.000
110
97%
9155
178
10155
109
99%
105
80
80
90
108%
91
Jan
May
Apr
Jan
Jan
Jan
Sept
Ma,
June
June
Apr
Jan
July
11455
100%
91%
206
11355
120
100
107
92
cog
96%
112
96%
June
May
Sept
Sept
Aug
Aug
Sept
June
Feb
Aug
Jan
Mar
Aug
Aug
100
101% June
100% Sept
98% June
101% Sept
101% Feb
1035(-Mai
10655 107% 36,000 10454 Jan 10734 Sept
Detroit City Gas 65_1947 107
Duke-Price Pow let 68 1966 102% 10255 102% 58,000 100% Apr 10355 Aug
10054 10055
1,000 100
May 1014 Aug
East Term Off Bldg 6558'43
4,000 96
9735 9735
Aug
Eltingon-Schild 68.._1938
Aug 98
51,000 100% Ma 107
Jan
Elec Refrigeration 68..1936 102% 102% 15t
98
12,000 92% Jan 10035 June
Europ'n Mtg & Inc 754850
Federal Sugar 65
1933
Fiat 20-yr s II 75
1946
Fisk Rubber 5558 ....1931
Florida Pow & Lt 55..1954
New
86
92% 9215
9755 9754
93% ' 9354
9355
8855
9354
9755
9355
9355
9255
90
Galena-Signal 011 76..1930 9234
Gatineau Power 5s___1955 93% • 9355 94
1941 98% 9834 98%
6r3
General Petroleum 6s-1928 101% 10155 101%
984 9855
Goodyear T & R 55_1928
96%
Goody'r T & It Cal 5556'31 96% 96
Grand Trunk fly 6555 1936 109% 108% 10955
88
88%
Great Cons Elec 6355 1950 88%
1937 99% 9955 100%
Gulf 011 of Pa 55
101 101
1921 101
Serial ,5.s
9854 99%
Hamburg Elec Co 78_ _1935
Havana Elec Ry 5556.1951
With corn elk purch war_
Hood Rubber 75 I .3-1936
Ill Central RR 4545- 1901
Raeder Steel Corp 70 1 46
Inden Oil & Gr.s 6555-1931
Indiana Lincoone (8.1941
Indiana'o 8 P & L(5_1936
Internat Gt Nor ts 13_1956
Inter nate Sat Gas 6s-1936
WIIII warrants
Without warrants
Kaufman Dept Stores 65'35
With warrant._
Keystone Telep 5358._1955
Krupp (Fried), Ltd. 751929
1497
THE CHRONICLE
SEPT. 18 1026.]
19,000
121,000
32 000
10o,000
78,000
May
Au
Apr
Mar
Aug
9855
9355
98%
9634
9554
Feb
July
Jan
June
July
19,000 84
May
250,000 93% Sep
236,000 98% Sep
21.000 100% Au
16,000 9655 Au
30,000 96
Au
23,000 107% May
228,000 85
Apr
17,000 98% Fe
3,000 100% Am
104
95
9911
1023-4
99%
99
10955
8815
101%
10155
Mar
Aug
July
Jan
Jan
Apr
June
July
June
Jan
6.000
85
913(
93%
9155
92%
94
92
92% 49,000 92
104% 104% 7,000 104
9655
9734
97%
1855
97
9655
97
9741
98
97
95
96%
98
98
99
97%
95%
54,000
77,000
33,000
257,
17.001
41,000
9655
94
95%
OS
96%
95
Jan 100
Sept 9654 Sept
June 98% Sept
May 100% Feb
Sept 994 Aug
July 98% Mar
July 9555 Jun('
115% 116% 11,000 110
Aug
08% )3955 24,000 98% Sept 101
9835
89
97%
1.000
9835 9835
8855 89% 67,000
9754 9755 155,000
Laclede Gas Lt 5346..1935 1004 100 10055 4,000
82,000
Lehigh Pow Secur 65-2026 93% 9351 94
97% July
83
Apr
9035 Jan
98
93
July
Aug 9235 Aug
July 105% June
Au5
Aug
9834 Sept
89% Aug
98
June
Jan 10154 Aug
Mar. 9534 Feb
Friday
Last Week's Range Sales
ofPriam.
lar
Sale
Price. Low. 1145. Week.
Range Since Jan. 1.
Low.
High.
Jan
10434 15,000 10335 July 105
104
Libby, McN & Lib 75-1931
Leonard Tietz, Ins, 730'46
With stock purch war'ts 10054 100%
9854
Loewe Inc 68 with war 1941 99
Long Isld Ltg Co Os_ _1945 101% 10134
10155 37,000
9954 101,600
9.000
102
Manitoba Power 53-46_1951 96% 96
Mansfield Min & Smelting
(Germany) 75
1941 99% 99
102
Mass Gas Cos 534s...1940
113-slere Yt s 4
ol'il0
9954 9935
miag Mill Mach 78.._1956 92% 92%
97
Montgomery Ward 513.1940 99
Morris & Co 734s....1930 10355 10354
100
10254
9955
9254
9855
103%
9354 Mar 10334 Aug
97% July 99% May'
99% Mar 10334 July
55,000 94
38,000 9955
4.000 SO,
36,000 9234
63.000 97
8,000 10335
95
98
9655
9355
9134
100
103
108
10255
Apr
98
94% Apr
9654 18,000
May 101
Jan 10334
SPIIt 9`t
July 9354
July 983-4
Sept 10555
June
June
Cant
July
Aug
Apr
June
Aug
Sept
Aug
June
Aug
J ne
Mar
Aug
Jan
Sept
Apr
June
Aug
Sept
Aug
Jan
Jan
99
9855
97
9554
99
101
10655
131
10434
97
975(
Nat Dist Prod 634s..1945
9855
Nat Pow & Light 68 A 2026 9834 98
9635 9654
Nat Puo Serv 6558_ _1955
Nevada-Calif Elec 55_1956 943-4 9334 9451
1941 94
9354 9435
Nevada Cons 5s
New On Tex & M RR 55'56 10035 10054 100%
Nia-o- o Falls Pow tat io-.1 10655 10655 10654
Nor States Pow 6%6..1933 11155 111 112
10235 103
6556 gold notes_ _1933
6,000
40.000
1,000
106.000
33.000
88,000
5,000
38,000
4,000
Ohio Power 55 ser B 1952
435s Series D
1958
78
1951
Ohio River Edison 55_1951
Okla Natural Gas 6s 1941
1941
Otis Steel 58
Jan 10131 June
39,000 94
73.000 8055 Aug 9355 June
June
2,000 10534 May 107
51,000 13435 June 9655 Aug
Sept 9955 Sept
5.000 99
124,000 9336 Sept 99 June
97% 97%
90
9054
10634 10635
9514 95% 96
99 . 99
9355 95
95
9754
9034
Pan Amer Petrol 6s 1940 100%
Park Ave Bldg. Mayfair
House. N Y, 6s_ _ _1940
Park & Tilford 65
1936
Penn-Ohio Edison Os_ _1950 113
Penn Pow & Light 55_1952 9834
1953 99
55 Series D
Phila Elec Pow 5143_1972 10251
PhIla Rapid 'Fran 65..1962
_1946
Porter(H K)Co
gs_5555'56 99
Pub Serv Corp NJ
Pure 011 Co 6548
1933 - 103
Rand-Kardex Bur 5558 '31 115
1955 96
Sands Falls Co 55_
Saxon Public Wks 61551951 9334
1935 95
Scbuite It E Co Os
338 without corn stk_1935 lo
Serve, Corp Os
1931 "iK
Shawsheen Mills 78.. _1931
Slemans & Halske 75_1928 100%
76
1935 102
Silesian-American 7s.1941 9531
Sloss Sheffield S & I 651929
Purchase receipts
Solvay & Cie K.
1.34
Southeast P
L 65..2025
Without warrants
9431
Sou Calif Edison 58_1944 101
5s
Southern Gas Co 65533_ 15
93
35
1 97%
Stand 011 of N Y 6556_1933 106
Stutz Motor of Am 7348'37 10434
1939
Sun Oil 5555
2 9734
Swift & Co 55_0ct 15 1
193
39
Thyssen (Aug) I&S 75.1930 10115
04
431
Tidal-Osage 011 7s____1931 10
Trans-Cont'l 011 75___1930 9574
y 5, InPv so
United Elec Westph Power
Corp(Germany) 6555'50 9155
United Rys of Slav 755s'36
II 13 Rubber 6315
1927
Serial 6555
1928
Serial 655s
1929
Serial 634% notes_ _1930 1013-4
Serial 655% notes_1931 101%
Serial 655% notes_ _1933
Serial 634% notes_ _1934 101
Serial 655% notes_ _1935
Serial 631% notes_1936 10155
Serial 655% notes._1937
Serial 6551" notes_ _1938 10153
Serial 6354 notes_ _1939 101%
Serial 614% notes_1940 10155
IJ 13 Smelt dr Ref 5558_1935 101%
United Steel Wks Burlach,
Luxemburg 78
1951 96
US Steel Works A 6315'51
With atk per warr, Ser A 96%
97
Series C
Valvoline Oil 68
1937
Wabash fly 513
1976 95%
Warner Bros Plc 6%5_1928 112
Western Pr Gorp 6%13_1954
West Penn Pow Co 55_1956
W'house Elec & Mfg 58 '46 100
Foreign Government
and Municipalities.
Antioquia (Dept of), Coln series A
1945 9255
7s series B w I
1945 92%
Austria (Prov of Lower)7558
1950 9534
Baden (Germany) 75..1951 96%
Bavaria(Free State)6%5'45 9455
Buenos Aires (3-rov)73533'47 9855
78
1936 96%
75
1952
Danish Cons Munie 5556'55 975i
Denmark (Klng) 5345.1955 9034
6s
1970
Finland (Republic) 63.4s'56 9455
German Cons Mimic 78'47 97%
New
97%
Hungarian Land Mtge Just
7558 series A
1961
Indust Mtge Bk of Finland
1st NI coil at 'Ts__ _1944
Italian Pub Util Inst75
- '52 90
Medellin (Colon)8s...1948
Netheri'ds (King) 65 B '72
Oslo (City) 348
1946
Peru 7555
1956
Pru5sla(Free State)63-4s '51 96
Roman Catholic Church of
Bavaria 655s
1946 92
Russian Govt655% ctfs'19
53513
1921
555% certificates_ 1921 15
Santa Fe(Argentine)751942 92%
Saxon State Mtge Inv 75'45 9935
Switzerl'd Govt 5348_ _1929 101%
10055 102
148,000
101% 10155 1.000
3,000
96
96
11254 11554 208.000
98% 98% 11,000
99
99% 40 000
102% 10234 59.000
6,000
100% 101
6.000
100 100
9835 9954 97.000
7,00
103 104
115 11614 44.000
96
9634 22,004,
92
93% 415,000
17,000
95
96
17,000
88
88
102% 103Si 108.000
100 100% 6,000
100% 10055 41 000
102 10255 23 000
9454 9555 412,001
10255 102% 4,001
2,000
103 103
9.000
10354 104
9455 94%
101 101
97% 98
99
99
10554 106
10454 10554
9954 99%
97% 98
10134 102
104 10454
9534 97
104% 10435
161,001
17,000
47,000
7.001.
17,001
20 001
9,0013
155,00C
53001.
3,000
14,001
1.000
90% 92 145,004.
1 000
110% 11054
100% 10035 17,000
8.000
101% 102
4.010
101% 10155
101 101% 26000
10055-101% 10,001.
10035 10114 13 000
100 10154 7.000
1.00C
10155 10155
100% 101% 18,000
1.001
10055 10055
100% 101% 7 00r
100% 101% 9,00
100% 10155 22(100
10155 10154 37,000
9534 96
96%
97
105
95%
110%
10131
100%
9935
132.000
9855 498,000
80,001
98
4,00(
105
953( 18.001
119 206.001
1,001
101%
10034 52.000
100% 293,000
91% 93 532.001.
92
9231 60,001
9555
9515
9355
9754
9654
9355
97
5
99%
10014
94
9734
9734
8.000
963-4
9655 75001.
95 272.000
93% 74,001
9635 23 03C
38 000
94
18,001
93
74001.
101
7,000
101
9454 19,001
9834 66.000
9831 75,000
9734 9955 22,001.
9931 Apr 105
100% May
Mar
96
Apr
98
9754 Mar
97% June
10054 Mar
9734 Jan
100 June
98
Aug
102% Jan
101% Mar
Mar
94
91% Aug
92
AP
Apr
83
994 Ma
96
May
9655 Jan
Jan
94
9434 Sep
Jan
102
10234 Jan
10135 Aug
July
10255 May
98
Feb
116% Sept
100
May
1004 June
103% May
101% May
103% May
9954 June
104% Aug
118
Jan
97
July
93% Sept
98% Jan
July
90
109 June
10255 Jan
100% July
1023( Sept
9534 Sept
1035( June
10354 May
104% May
Mar
Jan
Au
Mar
Mar
Sept
Jan
Jan
Jan
Jan
June
Sept
9534
101%
99
10054
10734
120
10054
9855
10234
10555
99
105%
June
June
June
June
Jan
Jan
June
-Apr
July
May
July
Sept
84
May
109% Jan
10035 Mar
101
July
101
Aug
101
July
100% Sept
10054 Mar
100% Mar
Mar
100
100%. Mar
10054 Mar
10055 Mar
100% Mar
100
Jan
Jan
100
91%
112%
102%
102%
10354
10254
10255
10254
10234
102%
10234
10254
102%
10255
10254
103
Sept
Aug
Mar
June
Apr
Apr
Jan
Apr
Apr
May
Feb
May
May
Apr
Apr
Aug
96
June
89
9654
97%
95
10551
10454
9755
96%
93
10354
91
104%
9255 May
96
96
10335
95%
10854
161%
10054
9934
July
Aug
Jan
July
Sell
Sep
Jul
Aug
90
Jan
914 Apr
99%
100
105
9554
122
101%
100,4
100%
Aug
Aug
May
July
Sept
Sept
July
Sept
93 June
92% June
9554
93
92%
9631
903-1
9354
96
98
9954
94
9434
9754
July 9855
Feb 9634
July 95
Aug 10155
Sept 10054
Aug 973-4
May 9974
Mar 100
Jan 10135
Sept 9454
Mar 9854
Sept9834
95
June
Mar
Sept
Sept
Feb
Apr
May
July
Sept
Jan
Sept
Sept
Aug
9956 Sept
9854
8954
102%
107
9655
100
9555
983,5 18.000 9634 Jan 100 June
Mar
May 93
91 463,038. 87
Aug
Jan 104
104
98
8.001
107
LOCK 10634 Mar 109% Aug
Mar 9755 Mar
93
1.001
9654
Aug 100% Aug
100% 8 000 100
963-1 1090006 934 Sept 96% Sept
92
1455
1555
15
92%
98
10155
92
1555
153-4
1555
9355
9954
10154
16,004 9151
36000 12
37,001 12
11,000 12
13.000 903.4
9255
61 OM
13,00C 101%
Aug 94 June
Feb
June 17
Feb
June 17
Feb
June 17
Jan '94% Feb
Mar 9954 Sept
Mar 10255 Jan
,• No par value. k Correction.
Listed on the Stock Exchange OM week, where
additional transactions will be found. a New stock. a Option sale. I Ex-rights
and bonus. o Ex-cash and stock dividends. to When issued. z Ex-dividend.
y Ex-rights. ,Ex-stock dividend.
1498
Viirtstment
and gadiroatt lad
Latest Gross Earnings by Weeks.-In the table which
follows we complete our summary of the earnings for the
first week of September:
First Week of September.
Previously reported (2 roads)_ _ _
Canadian National
Canadian Pacific
Duluth South Shore & Atlantic_
Georgia & Florida
Great Northern
Mineral Range
Mobile & Ohio
Nevada-California-Oregon
Southern
St Louis San Francisco
St Louis Southwestern
Western Maryland
Texas Pacific
1926.
1925.
658,727
4,894,117
3,664,000
104.910
43.300
2,645.000
4,464
361.203
11.456
3,934,870
1,839,681
484,600
545,561
670,176
0
109.721
4.450,379
3,120,000
105.644
52,300
2,836,768
8,558
353,774
12,411
3.950.407
1,783,553
555,433
397,442
731,700
Increase. Decrease.
50.994
443.738
544,000
734
9,000
191,768
4.094
7,429
955
15,537
Gross
Earnings.
Companies.
Carolina Power & July '26
Light
'25
12 mos ended July 31 '26
'25
Market St RY
Aug '26
'25
8 mos ended Aug 31 '26
'25
Mass Lighting Cos Aug '26
'25
8 mos ended Aug 31 '26
'25
646,469
488,093
7,678,425
6,434.696
838.442
838.629
6.527,280
6.499.182
312,952
299,317
2,543,648
2,371.262
Net after
Taxes.
Fixed
Charges.
Balance,
Surilus.
108.313
206.638
*314.951
110,451
97,510
*207,961
*3,645,124 1,221,662 2,423,462
*3,117,081 1,125,239 1,991.842
102.740
66.272
*169,012
123,753
83,410
*207,163
602.042
621,759
*1,223.801
793,729
647,803
*1,441,532
49,173
45,989
453.528
432,634
b After rentals. c After depreciation. * Includes other income.
56,128
70,833
FINANCIAL REPORTS
148,119
61,524
Financial Reports.-An index to annual reports of steam
railroads, public utilities and miscellaneous companies which
have been published during the preceding month will be given
For the second week of September only one road has as yet on
the last Saturday of each month. This index will not
reported earnings. Its figures are as follows:
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Second Week of September.
1926.
1925.
Increase. Decrease.
Aug. 28. The next will appear in that of Sept. 25.
$
9
Buffalo Rochester & Pittsburgh_
358,900
369,422
____
10,522
(The) Torrington Co. (of Connecticut).
(Report for Fiscal Year Ending June 30 1926.)
In the following we show the weekly earnings for a number
INCOME ACCOUNT OF THE TORRINGTON CO. (OF MAINE) FOR
of weeks past:
Total(15roads)
Net increase(2.95%)
19,862,065 19,068,090 1,199,414
793,975
Week.
1st week
2d week
3d week
4th week
1st week
2d week
3d week
4th week
1st week
2d week
3d week
4th week
1st week
June (15 roads).--June r5 roads)---June 15 roads)---June 15 roads)___
July 15 roads)___July 15 roads)__
July 15 roads..___
July 15 roads _ ___
Aug. 15 roads)...._..
Aug.(14 roads)___Aug. (15 roads)____
Aug.(15 roads)____
Sept (15 roads)_..- -
Current
Year.
Previous
Year.
$
18,874,013
18.802,401
19,039,129
25.593,738
18,862.723
18,873,507
19,558,751
28,153,394
19,791.756
23,509.600
20,284,661
29,857,268
19.862.065
$
17.192.610
17.094,407
17,158,394
23,231,988
17.481,987
17,886,208
18.149,032
26.762.794
18,665.206
22,158,613
19,377,682
28,327.016
19.068.090
405,439
Increase or
Decrease.
%
$
+1,681,403 9.75
+1.707,994 9.99
+1.880,735 10.96
+2.361,750 10.17
+1,380,736 7.90
+987.299 5.52
+1.409,719 7.82
+1,390,600 5.19
+1.126.550 6.03
+1.350,987 6.09
+906,979 4.68
+1.530,252 5.40
+793.975 2.95
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), these being very comprehensive.
They include all the Class A roads in the country,with a total
mileage each month as stated in the footnote to the table.
Gress Earnings.
Net Earnings,
Month
1925.
Aug__
Sept__
Oct __
Nov__
Dec__
1924.
8
8
554.559,318 507,537,554
564,443,591 540,063,587
590,161,046 571,576,038
531,742,071 504,781,775
523,041,764 504,450,580
Increase or
Decrease.
1925.
1924.
$
$
$
+47,021,764 166,558,666 134,737,211
+24,381,004 177,242,895 159,216,004
+18,585,008 180,695,428 168,640,671
+26,960.296 148,157,616 131,381,847
+18,591,184 134,445,634 124,090,958
Increase or
Decrease.
$
+31,821,455
+18,026,891
+12,054,757
+16,775,769
+10,354,676
1926.
1925.
1926.
1925.
Jan__ 480,062,687 484,022,695 -3.960,038 102.270,877 101,323,883
+946,994
Feb __ 459,227,310 454,198,055 +5.029.255 99,480,650 99,518,658
-38,008
Mar__ 528.905,183 485,236,559 +43,668,624 133,642,754 109,081.102 +24,561,652
Aprll_ 498,448,309 472,829,820 +25,818,489 114,685,151 102,920,855 +11,764,296
May.516,4117,4110 437,952,182 +28,515,298 128,581,568 112,904,074 +15,677,492
June _ 538,758,797 508.124,762 +32,634,035 149,492,478 130,920,806 +18,571,582
July__ 558,471,276 521,596,191 +33,875,085 161,079,612 139,644,601 +21.435,011
Note.-Perataitage of Increase or decrease in net for above mon Its has been:
1925-Aug.,22.26% inc.; Sept., 11.32% Inc. Oct., 7.14% inc.; Nov., 12.777 Inc.;
Dec., 3.69% lac. 1926-Jan.,0.93% Inc.: Feb., 0.04% dec.; March, 22.507: Inc.;
April, 11.43% lac.; May, 13.89% Inc.; June, 14.18% Inc.; July, 15.35% Inc.
In August Nis length of road covered was 236,750 miles in 1925, against 236,546
miles In 1924; la September,236,752 miles, against 236,587 miles;in October,236,724
miles, against 236,564 miles; in November, 236,726 miles, against 235,917 miles; in
December, 236.959 miles. against 236.057 miles: In January 1926. 238,944 miles,
against 236,599 miles in 1925; in February, 236,839 miles. against 236,529 miles; in
March. 226,774 mites, against 236,500 miles; in April, 236,518 miles, against 236,526
miles; In May, 236,833 miles, against 236,858 miles; In June, 236,510 miles, against
•
236.243 MHOS; in July, 236,885 miles. against 235,348 miles.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-anus front Realway- -Net from Railway- -Net after Taxes-
1926.
1925.
1923.
19211.
1926.
1925.
$
$
$
$
$ •
$
*Illinois CentralJuly
14,289,1111 14,611,509 3,331,600 3,098,062 2,320,737 2,141,997
Wm Jan 1 169,724,543 102294,571 23,494,916 23,288.804 16,230,312 15,835,964
Internet Rye ef Central Amer-•
August ---- 116,579
461,125
191,100
171,809
From Jan 1_ 4,813,239 4,327,143
1.198,403 1,836,083
*Spokane InternetionalJuly
38,644
113,003
36,161
108,988
33,258
30,956
From Jan 1- 711,390
253,055
666,978
204,831
168,345
215,398
YEARS ENDED AUG. 31.
1922-23.
1923-24.
1925-26.
1924-25.
Dividendsfrom sub.cos_ x$1,548,750 $1,400,000
$704.375 $1,750,007
570
Miscellaneous income...,
86
155
1,044
Total receipts
6704,461 $1,750,577
$1,548,905 $1,401,044
Taxes
1,226
751
775
753
Other expenditures
2,873
2.410
y4.126
2.510
Divs,on common__ _(22%)1.540.000(20)1400,000 (10)700,000(25)1750,000
Total payments
$1,544,901 $1,403,263
$703,160 $1.754,099
Balance,sur. or def
def$3,522
sur$4,004 clef $2,219 sur$1,301
Cash balance end of year
$1,774
$4,860
$856
$3,075
x Dividends received from subsidiary, The Torrington Co. (of Conn.).).
viz.: 22%% on its common stock. y Includes loan repaid to The Torrington *Co. of (Conn.) of $1,000.
THE TORRINGTON CO. (OF CONNECTICUT) de SUB. COS. CONSOL.
PROFIT AND LOSS ACCOUNT FOR YEARS ENDING JUNE 30.
1922-23.
1925-26.
1924-25.
1923-24.
Net oper. profit (incl.
subsidiary cos.)
a$1,932,702 a$1,726,755 b$950,916 b$2,219,726
Divs. from other corp'ns
2,137
2,137
2,146
2.141
Total income
$1,934.848 $1,728,896
Admin., salaries & exps_
66,000
79,364
Prem. on pref. stk. red'd
$953,053 62,221.863
79,987
67,621
250.000
Net profit for year.._ $1,855,483 $1.662,896
$885,432 $1,80,877
Reserve for income and
excess profits taxes_ _ _
265,000
179,000
214,000
251,000
1,750,000
Common dividends
704,375
1,400,000
1,548,750
Rate
(101-16%)
(224%)
(20%)
Preferred diva. (7%)
Preferred stock redeemed
Total dedictions
$883,375 $2,031,391
51,799.750 $1,614,000
Balance, surplus
$2,057 def$139,514
$55,733
$48,896
a Including the Canadian and English companies before deducting income tax of United States and Canadian companies.
Is Net operating profits, including the Canadian and English companieo,
reducing the profits of the English company to and valuing the current assets in South America at the current rate of exchange, and before deducting
American or Canadian income taxes.
THE TORRINGTON CO. (OF CONN.) AND ITS SUBSIDIARY CORPORATIONS CONSOLIDATED BALANCE SHEET JUNE 30.
Assets1926.
1925.
Real est. & bldgs., $1.258,501; mach. & equip.,
92,248,418; less reserve for deprec'n. $1,673,121 $1,833,709 $1,780,152
a1,250.000
1.500.000
Good-will
991,855
952.946
Net assets of English and German subsidiaries_ _ _
36,883
Investments in sundry stocks
1,977:483
1,844,046
Inventories of material, supplies, &c
1,098,980
1,159,124
Bills and accounts receivable, less reserve
2,249,337
1,685,096
U. S. and Canadian Govt. securities
1,274,148 2,060,073
Cash
29,858
Deferred charges
35,575
Total assets
LiabilitiesCommon stock
Accounts payable
Reserve for taxes
Surplus
$10.748.079 $11,048,178
•
$7,000,000 67,000,000
379.170
470,922
228,599
314,000
3.048,651 3,355,008
Total
$10,748,079 $11,048,178
a Good-will, $1,500,000; plus additions during year $142,580;less amount
written off, 5392,580.-v. 122, p. 3355.
The Serve! Corporation (Delaware).
(Semi-Annual Statement-6 Months Ended June 30 1926.)
President H. G. Scott, Sept. 9, wrote in brief:
Company began to function as a national distributing organization in
Jan. of this year and quantity production of units followed shortly thereafter-the additional capital necessary for our enlarged operations was
secured in April last.
Mass production and distribution cannot be instituted instantly, but
the accomplishment on both counts has been gratifying, for we have established
over 2,000 distributing points for our refrigerators. Sales to
* Corrected reports.
these points are handled through eleven branch offices, and it may interest
you to know that over 80% of our product is marketed through the public
Electric Railway and Other Public Utility Net utility
companies.
Earnings.-The following table gives the returns of
Recent favorable contracts entered into with the International General
system in
ELECTRIC railway and other public utility gross and net Electric Co. and others for the sale of company's refrigeration
foreign countries, should be reflected in 1927 earnings. There will be a
earnings with charges and surplus reported this week:
limited production of gas-fired refrigerators late this year and quantity
-Gross Earnings--Net Earnings
- production in 1927.
Our industry is young and the management deems it wise to take the
Current
Previous
Current
Previous
necessary steps to consolidate our position by the firm establishment of
Year.
Year.
Year.
Year.
our lines, and by completing production facilities and plans for 1927 to
$
$
Companies.
$
$
eAmer Power & Light__ _June 4,726,957 3,997,491 *1.982.025 *1,768,649 make our operations even more self contained.
12 mos ended June 30_ ,_56.029,311 47,375,573*24,806,096*20,996,402 RESULTS FOR 6 MONTHS ENDED JUNE 30 1926 (INCL. SUB. COS.)
Aug 1,852,736 1,350,653 1,772.606 1,279,748 Gross profit on sales (after deducting all manufacturing costs exCities Service Co
$2.748.794
elusive of depreciation)
12 mos ended Aug 31.-22,385,810 18,668,415 21,509,860 17,900,351
2,032,575
Operating expenses
* After taxes. c Earnings of subsidiary companies only.
$716,219
Net
income
from
operations
Gross
Net after
Balance,
Fizzed
58,698
Other income,$84,856,less other deductions,$26,158
Earnings.
Taxes.
Charges,
Surplus.
$
Companies.
$
$
$'
$774,917
Total
744,544 c244,079
172.790
Adirondack Power Aug '26
671,000 Depreciation
173,079
666,367 c239,347
164.732
& Light
'25
147,820
691,527 Interest (including amortization of disc. & exps. ofcony. notes)
12 mos ended Aug 31 '26 8.956,082 c3,411,655 1.980,745 61,430,910
$437,395
'25 8,033,647 e2,727,548 1,708,179 61,019,369
Consolidated net profit (before Federal income tax)
SEPT. 18 1926.]
e
THE CHRONICLE
CONSOLIDATED BALANCE SHEET JUNE 30 1926.
LiabilitiesAssetsReal est., bldgs.. mach.,&c__a$7.010,944 Servel Corp. capital stock_ _ y$10,880,431
3,162,076 Capital & surplus-sub.cos__x 4,823,200
Good-will, patents, &c
1,079.483 5-Yr.8% convertible notes__ 5,000,000
Cash
• 1,903.500
Notes & trade accept. rec_- 208,610 Notes payable
1,131,986
2,732,304 Accounts payable
Accounts receivable
5.926,871 Accrued interest, taxes, pay
Inventories
240,307
81,841
roll, &c
Mletable securities (at mkt.)
Pref, stock dive. payableMisc, accounts rec., claims,
54,946
Hercules Corp
219,500
securities, 4.1)
304,754
Reserves
Affiliated company-Electrolux Serve] Corp.Entire pref. J. cl. B stocks. 2,500,000
50,000
6% Cum.income notes '35
62,519
Accounts receivable
368,618
Organla'n & dev'pment Costs530,108
Unamort. note disc & exp.
83,465
Leasehold impts.& lateens
Unexp. ins, premiums, pre$24,139,123
123,001
Total (each side)
paid taxes, &c
a After deducting $4,020,026 reserve for depreciation. x Preferred stocks
of Hercules Corp. and Wheeler Condenser & Engineering Co. and class A
common stock of Servel Corp. of New York (in hands of public). y Auth.
1,000,000 shares (no par value): issued 560,000 shares.
Note A.-Effect has been given to the exchange of the entire issued
capital stock of Servel Cor. (Va.) for capital stock of Servel Corp. (Del.)
under the plan of recapitalization dated March 10 1926. At Aug. 23 1926,
305,846 shares of a total of 330,000 shares of class A and the entire outstanding issue of Class B stock of the Virginia corporation had been deposited under the plan.
Note B.-No provision has been made in the Balance sheet for accrued
Federal income tax for the 6 months ended June 30 1926.
Note C.-The shares of class B common stock of Electrolux Servel Corp.
have been placed in escrow under a contract providing for furnishing
working capital by Servel Corp.(Del.) to Electrolux Servel Corp.for which
6% cumulative income notes are to be given.-V. 122, p. 3354. •
charges,for the year 1925, of $14,438,517. Fixed charges were thus earned
3.57 times.
Earnings.-For the 103i year period ended Dec. 31 1925 the company's
net earnings and special income averaged 849.274,571, while total fixed
.charges averaged for the same period $11,774.263. Earnings have, therefore, averaged 4.18 times the fixed charge requirements.
For the seven months ended July 31 1926 the earnings compare with the
preceding year as follows:
811,483,339 or 12.7%
$101,826,206 Increase
Gross earnings
6,691,303 or 59.8%
-17,877.823 Increase_ _ _ _
Net earnings
As of Dec. 31 1925, there was outstanding in the hands of the public
$264,244,882 of consolidated deventure stock, in addition to which $15,000,000 stock is pledged under 812,000.000 5% collateral trust gold bonds,
due April 15 1934. and $25,000,000 will be pledged under the $20,000,000
43. % bonds now offered.
Purpose.-The purpose of the issue of the present $20,000.000 of collateral
trust 4;4% bonds is to pay for steamships which the company has under
construction, which will be placed in the trans-Atlantic service, for the
building of branch lines, and for other corporate purposes.
Eguitg.-This issue of bonds has priority over $100,148,587 preference
stock and $160,000,000 common stock, representing an equity at present
market prices in excess of $510,000,000. Preference stock has received
dividends without interruption since its issuance in 1895 at the rate of
4% per annum. The common stock has received dividends continuously
since 1882. Since 1911, the rate has been 10% per annum.
Company.-Company operates directly about 14,1653 miles of railway,
the main lines of which extend from St. John, New Brunswick, to Vancouver, B. C. It also controls, through majority stock ownership, 5.114
miles of railway located principally in the United States, which, together
with other lines under construction, makes the total mileage of the system
20,447 miles. In addition, the company operates directly its own steamship lines from Montreal, Canada, to Liverpool. Eng. and between Vancouver and Asiatic ports on the Pacific.
Listing.-Application will be made to the New York Stock Exchange to
list these bonds.-V. 123, p. 978, 838.
Crex Carpet Company.
(Annual Report-Fiscal Year Ending June 30 1926.)
President James H. Baldwin says in brief:
$98,362
801,056
8770.831
60,000
8920.622
120,000
Total surplus
Dividends
Inventory adjustment_
Settlement of Burt suit_
Res. for Crex Carpet Co.
(Eng.),Ltd.,curr.acc't
Loss on old machinery
25,000
3,280
898.038
662,377
$194,481
610,835
Cr.5,740
21,204
$760,415
8811,056
deb.30,735
43,845
10.000
Central of Georgia Ry.-Definitive Bonds Ready.-
Definitive Ref. & Gen. Mtge. bonds, series C, due April 1 1959 are ready
for delivery upon surrender of the outstanding temporary bonds at the
United States Mortgage & Trust Co. of New 'York, trustee. See offering
in V. 122. p. 1306.-V. 123. p. 1379.
The disappointing showing for the year is due to the continued depression
the coming season the company will, in
in the carpet industry. During
addition to its standard lines, offer new fabrics. These, with the increased
production of the enlarged Newburgh mill, will, it is believed, result in an
Improvement of the company's earnings.
EARNINGS STATEMENT FOR FISCAL YEARS ENDED JUNE 30.
1922-23.
1923-24.
1924-25.
1925-26.
$418,853
$396,284
$306,425
. $181,031
Gross income
adm., gen. exp.,
320.815
201,803
208,063
210,822
depreciation, &c
loss529,791
Net income
800,622
Previous surplus
Refund Federal tax
Gain on sale of real est..
75,000
$682,031 8800,622 8801.056 $610,835
BALANCE SHEET JUNE 30.
1925.
Liabilities1928.
1925.
1926.
Assets$3,000,000 $3,000,000
Property acc't_ -032,268,485 32,059,291 Capital stock
38,945
66,620
200,000 A cc'ts payable_ _ _ _
200.000
Good-will
844
677
273,656 Unpaid dividends.
Liberty bonds_
30,000
9,533 Div. pay. July 15_
9,533
Investments
4,137
taxes
Fed.
sale
Adcr'd
land
on
Due
800,622
882,551
1,469 Surplus
contract
147,787
314,285
Cash
202,144
Notes & acc'ts rec. 177,580
Crex Carpet(Eng.),
23,528
48,626
Ltd.. curr. acc't
Income seer. on se1,534
curities owned_
697.792
836,704
Inventory
66,019
Totalfeach side) 53,749,847 33,874,348
36.250
Deferred charges_ _
a After depreciation.-V. 122, p. 1616.
Balance June 30
Chicago Milwaukee & St. Paul Ry.-Majority Bondholders Answer Jameson Committee.-The reorganization
managers and bondholders committee, which represent over
80% of the defaulted St. Paul bonds, Sept. 13 filed their
papers in the U. S. District Court in Chicago in support of
the fixing of an early date for the sale of the railroad and of
upset prices which will permit the sale without necessity of
underwriting expense. These papers have been filed in
answer to papers recently submitted on behalf of the Jameson
committee. The majority bondholders claim that the
Jameson committee's present attempt to intervene is simply
another effort to delay the reorganization after the Jameson
committee's earlier charges of fraud and mal-administration
in connection with the Terre Haute and Gary lines had been
so thoroughly disproved as to compel their retraction in
open court.
The new papers -include affidavits by Frederick H. Ecker,
V.-Pres. of the Metropolitan Life Insurance Co.; Jerome J.
Hanauer, of Kuhn, Loeb & Co. and W. W. Colpitts, a
member of the firm of Coverdale & Colpitts, the engineers
who investigated and reported upon the condition of the
company prior to-the receivership. Affidavits in opposition
to the Jameson committee's petition were also filed on behalf
of the Guaranty Trust Co. of New York, as trustee of the
general and refunding mortgage of the company, and by the
trustees representing the debenture issues of the railway°
company. United States Trust Co. of New York, as trustee
for the Puget Sound mortgage, also filed an affidavift
GENERAL INVESTMENT NEWS.
STEAM RAILROADS.
United States Railroad Board of Mediation Awards Signal Men of Chicago &
Alton RR. a Wage Increase.-Advance of 1.8 cents per hour and certain
changes in working conditions granted. "New York Times" Sept. 16. IL 37.
Matters Covered in "Chronicle" Sept. 11.-(a) Gross and net earnings of
United States roads for July, p. 1301, 1304. (b) Highest revenue freight
loadings for any one week in history. p. 1311. (c) Roads name representatives in wage controversy with conductors, trainmen and switchmen, p.
1341. (d) The "Railway Age" on the cost ofliving, railway wages, rates
and "fair return," p. 1343. (e) I.-S. C. Commission enjoined regarding
valuation of West Virginia Southern RR., p, 1344,
Atchison Topeka & Santa Fe Ry.-Acquires One-Third
Interest in Texas City Terminal Ry.See Texas City Terminal By. below.-V. 123. 13. 706.
Canadian Pacific Ry.-Bonds Sold.-The National
City, Co., the Guaranty Co. of New York and Bank of
Montr
@FedFRASER