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The
finantiatroturie
INCLUDING
Rauway& Industrial Compendium
Public Utility Compendium
Sole.& Municipal Compendium
Railway. Eirnings Section
VOL. 123.
Bank and Quotation Section
Bankers' Convention Section
SATURDAY, SEPTEMBER 25 1926
Thronutt
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The Financial Situation.
security
The
markets during the week have been
overshadowed by the great disaster in Florida and
other Gulf Coast States, the hurricane having
crossed the peninsula and followed the coast of the
Gulf of Mexico westward. There has been great loss
of life and property, but the bearing on the markets
has been not so much through property losses as in
the human tragedy close at home and connected
with a part of the country which during recent years
has attracted attention far and wide on account of
its extensive and brilliant development. • It is now
known that property losses have been extensive,
but these have not to any great extent fallen upon
corporations with listed securities, nor have the
insurance companies been hard hit, as apparently
tornado, cyclone and earthquake insurance had not
been extensively employed. Apparently, too, the
risk has been widely distributed among strong companies, so that it is not likely that the security markets will be called upon to absorb a large volume of
sales on account of insurance losses. Furthermore,
reconstruction will probably stimulate a number of
industries.
pIotwithstanding these numerous palliative circumstances, the catastrophe has been a distinct
shock to the financial community and the storm
running well into the week provided an uncertainty
which is sometimes hardest for prices to resist. Notwithstanding this situation and the announcement
on Monday that brokers' loans had made another
and exceptionally large gain of 07,353,000 for the
week ended Sept. 16, the security markets have
shown a steadiness which indicates a degree of
strength in the technical position or of those who are
NO. 3196.
supporting the market, which to say the least is
surprising. Railroad prices have strengthened perceptibly during the week under the leadership of a
few of the highest price rails, the Dow-Jones average having gained more than two points. Bond
prices have remained almost stationary, but with a
slight decline. Industrial prices have fluctuated
comparatively little, but with a net gain of nearly
two points on Friday. United States Steel led a
vigorous advance, gaining nearly four points in the
day. There was continued strength in a number of
specialties, particularly in stocks of reviving industries like textile and sugar. During the week, also,
security prices were subjected to some pressure, because the New York call money rate was marked up
to.51/
2% on Monday and not again reduced to 5%
until Thursday.
The Government cotton report, issued on Thursday, giving an estimate as of Sept. 16 of 15,810,000
bales, as against the estimate of Sept. 1 of 15,166,000, a gain of 644,000 bales, proved something of a
sensation. The price of cotton had been anticipating an increase in estimate, having dropped from a
/
4 cents at the. beginlevel between 17/
1
2cents and 173
ning of the month to 15.65 cents for October options
on Wednesday night. With the announcement of
the Government report the price dropped abruptly
an average of about 1.40 cents per pound on the various options, the October option closing on Thursday at 14.45 cents and recovering on Friday only
slightly to 14.57 cents. This introduces a decidedly
new element into the textile security situation.
Losses on inventories must, of course, be absorbed,
but with the hand-to-mouth policy in purchasing
which has prevailed during recent months, and with
many of the mills protecting their positions by hedge
sales, these losses are not likely to be menacing. On
the other hand, there is now real promise of adequate
manufacturing Margins. During recent weeks cotton goods prices have actually advanced, as the price
for the raw material has fallen. With this new abrupt decline in raw cotton, there will likely be declines in finished products, but there should be the
possibility of satisfactory manufacturing profits.
There is, therefore, now a decided prospect of rehabilitating this very important industry. The matter has a decidedly constructive aspect in respect to
the security markets, as it will tend further to bring
about a proper post-war relation between industries
and between geographical areas, thus tending to restore normal general business health.
The market's technical position continues to receive much attention, principally on account of the
altitude of prices, but also because of the gain in
1540
TH DI CHRONICLE
brokers' loans and the higher call money rates.
Many fear a repetition of the break which occurred
in February and March. Then again, the possibility
of an increase in Federal rediscount rates has been
used as a bear argument. However, on Wednesday
the directors of the Boston bank and on Thursday
the directors of the New York bank met without taking any action looking to an increase. The market
is hardly in as dangerous a position as it was in
February. Recent market movements have been far
more discriminating than they were in the winter,
so that there are not as many prices pyramided
above values. Furthermore, the conviction which
existed then that business was about to go into a
decline is absent at present and the indices of general prosperity, such as freight car loadings, continue to give assurance as to fall and winter business. Furthermore, there is no real evidence of
scarcity of investment funds. We are now in the
period of maximum demand for money, and the
2% call money rate of the past few days has been
1
5/
evidence only of well-known seasonal and temporary conditions, rather than a real tightening in the
money situation. Money promises to continue in ample supply for legitimate requirements. Finally improvements in the country's foreign commerce situation, continuing gold imports, promise of better conditions in Europe, and the revival of certain of the
backward industries, give assurances which were
largely absent in February and March. However,
in certain specialties the speculation is just as frenzied as it was then, and if that tendency is not speedily arrested, the movement will soon be as full of
menace as it was at that time.
Cotton conditions have improved. The semimonthly report of the Department of Agriculture
issued at Washington on Thursday of this week tells
a very satisfactory story. From Sept. 1 to 16, the
latter the date of this week's report, the condition of
the cotton crop declined only one-tenth of one point.
A year ago, covering the corresponding period, the
decline was 2.4 points. A crop of 15,810,000 bales
is now indicated for the current year. Last year at
this time the Government estimate was for a yield
of 13,931,000 bales, while the final production for
1925 was 16,104,000 bales, the highest on record. It
proved to be larger than the Sept. 16 1925 estimate
by 2;173,000 bales. Last year's actual crop at 16,104,000 bales (according to the ginning returns) is
only 294,000 bales larger than the Sept. 16 estimate
for the current year.
It is significant that "range" forecasts, a novelty
of the Government reports for this year up to
Sept. 1, have been abandoned for the remainder of
the current season. This was in response to trade
and Congressional protests against the practice.
The preliminary estimate of area remaining for harvest is, as previously stated, 47,207,000 acres, and
the yield per acre this year is now estimated at 160
pounds of lint. This figure compares with 153.6
pounds of lint per acre estimate in the Sept. 1 report this year, an increase for the two weeks of
September of 6.4 pounds. For 1925 the final production was 167.2 pounds to the acre. An increase of
about three pounds to the acre, or an average yield
of 163.3 pounds for 1926, will bring the total production of cotton this year above the record yield of
1925.
[VOL. 123.
There was unusually warm weather during the
first two weeks of September this year, the latest
report says, which favored fruiting. More than a
week has elapsed since the date of this report, and
the crop in the meantime has made further advance. Declines in prospects during the first half
of September were reported for only two States,
Missouri and Tennessee. Such further damage as
occurred in other sections of the cotton belt, the
report says, was from boll weevil and leaf worm, and
was more than offset by the increased fruitfulness.
For Texas a condition of 57% of normal in the
Sept. 16 report is the same as for Sept. 1, no *deterioration in that State having occurred in the interval.
At the corresponding date in 1925 the condition in
Texas was only 42% of normal. A yield of 5,259,000
bales is now indicated for that State, these figures
comparing with 5,000,000 bales, the estimate of two
weeks earlier, and a final production for 1925 of
4,165,374 bales. With the enormous area in Texas
this year, continued satisfactory progress, and the
usual late date for gathering the crop, the above
estimate for 1926 may be considerably exceeded.
There are eight other States of large production in
the cotton belt and four of these eight States show
an advance in condition this year for the first half
of September, which is quite unusual. The advance
is from one to three points—the latter Georgia.
Furthermore, the condition is high for the Sept. 16
period. Two of these eight States show no change
in condition during the period und^r review, but for
the other two States, Arkansas and Oklahoma, declines of four and one points, respectively, appear.
Still, production this year in Oklahoma is now indicated at 1,664,000 bales, against an estimate of
1,561,000 bales two weeks earlier, and a yield of
1,691,000 bales in 1925.
Increases are also promised for Mississippi, Alabama, Georgia, North and South Carolina and
Louisiana. Outside of the nine States above enumerated, production shows little variation, but the
condition is quite high for the current season. The
condition has been well up to or above the average
practically throughout the whole of the current crop
growing year, the Government estimate of Sept. 16
1926 of 59.5% of normal contrasting with 53.8% of
normal in 1925, the year of the record yield.
As at the Locarno Conference, perhaps what will
prove to be the most important and historic meeting
at the recent session of the Council of the League
of Nations in Geneva, actually took place quite apart
from the meeting hall. On Sept. 17 the Paris representative of the New York "Times," who had been
at Geneva for the formal sessions of the Council,
cabled that "the Foreign Ministers of France and
Germany went across the French frontier to-clay
and had lunch at the little village of Thoiry, nestling
at the foot of the Jura Mountains, and for four hours
discussed all pending problems between their two
nations." Continuing his account of this highly interesting and significant meeting between the two
men, the correspondent said: "They took up step
by step the measures to be adopted to bring the Locarno system into effect. When they parted they
agreed that they would meet often, for they announced they had undertaken to iron out all differences which might cause friction. This interview,
which may well become historic, was in a way a part
SEPT. 25 1926.]
THE CHRONICLE
of the League of Nations proceedings and in another
way entirely separate. The League brought Aristide Briand and Gustav Stresemann to Geneva; but
to debate their own problems, to pave the way for
closer co-operation between France and Germany,
they went on to French territory and away from the
representatives of all the other nations. Head to
head and heart to heart they started their big and
difficult task. When they parted in Geneva this
afternoon both were smiling and both said they were
extremely happy over a good day's work. They said
they would refer their suggestions to their Governments, and if approved they would quickly resume
their collaboration. Both promised not to give out
subjects of their talks until they had been communicated to their Governments. It is believed that
they intend to meet soon in Cologne." Upon his arrival in Paris M. Briand was quoted as saying that
"at the meeting of the Cabinet next Tuesday [Sept.
21] he would report on the result."
Stressing the importance of the meeting and
agreement between the two Foreign Ministers, the
Geneva representative of the New York "Evening"
Post," said in a dispatch the next day that "the
agreement reached by Foreign Ministers Maud of
France and Stresemann of Germany virtually
amounts to an alliance between their respective nations." He also suggested that "a communique
issued here indicates, however, the necessity of the
French Parliament ratifying the accord, which provides for working together on political and economic
questions concerning both countries. The attitude
of the French opposition on the agreement is indefinite." Continuing, the "Post" correspondent said:
"This agreement, if ratified eventually by the French
Parliament, will be equivalent to an alliance between
France and Germany. It would be an exaggeration
to say the conversations provide any definite concessions on the part of France, such as certain evacuation of the Rhineland before the date provided by
the Versailles Treaty, or changes in the Saar Basin.
Rather, they indicate a general agreement marking
the cnlminating point of the Locarno Treaty."
What was understood to have been accomplished
was perhaps more definitely indicated in an Associated Press dispatch from Geneva, also on Sept. 18.
It said: "That the Franco-German accord planned
by Foreign Ministers Briand and Stresemann will
be fundamentally of an economic nature was confirmed to-day to the Associated Press by a German
spokesman. Both France and Germany, he said,
desire to transform the existing system of pledges
growing out of the Treaty of Versailles into a
friendly partnership whereby they would combine
their interests. The spokesman added that continued occupation of German soil by French troops
could only prove a continued source of friction, and
that the Germans have the same consuming desire
to get the French troops out of Germany as the
French had to get the Germans out of their territory
after the War of 1870."
Foreign Minister Briand presented to the Cabinet
on Tuesday a report "of his Thoiry conversations."
The New York "Times" representative in Paris cabled that evening that, "for his work at the League
Assembly and the results obtained there M. Briand
received, on the motion of Premier Poincare, the
1541
congratulations of the Government. But with regard to his conversations with Dr. Stresemann, the
German Foreign Minister, the official communique
records that 'the Government was unanimous as to
the interest of these conversations and the utility
of their continuance.' Of just what that means M.
Briand himself gave the explanation that he had left
to the Government its full and entire liberty of decision and it had used that liberty favorably to his
projects.'" The correspondent further observed
that "thus the first step has been satisfactorily
taken in the long, slow work of getting the French
to see that their interests lie in peace and co-operation with Germany. On the other side of the Rhine
the same task faces Dr. Stresemann as faces M.
Briand here, but for its ultimate accomplishment
the outlook is certainly brighter to-day than it has
ever been. M. Briand's presentation of his case today was,it is reported even by his opponents, a masterpiece of diplomatic argument. To M. Poincare in
the midst of his concern for the financial situation
he offered something of an almost immediate measure of relief with the plan for commercialization of
the German debt through the sale of German Railways Co. bonds. That in itself is at the present
moment a strong inducement to consent to a reduction of the army of occupation."
Still other phases of the situation were presented
in the account of the Cabinet meeting by the representative of the New York "Herald Tribune" in
Paris. He cabled, also Tuesday evening, that "the
Poincare Cabinet to-day decided to continue negotiations with Germany looking toward a general understanding between the two nations. Fear that
the Cabinet, composed of men of totally different
ideas and backgrounds regarding relations with the
former enemy, would split widely on the delicate
question of Foreign Minister Briand's rapprochement policy appeared to be dissipated after to-day's
meeting. The negotiations between Paris and Berlin will continue through diplomatic channels and
another important meeting between M. Briand and
Foreign Minister Stresemann of Germany may be
envisaged possibly within the next four or five
weeks. The Cabinet's decision, which is of extreme
importance, not only from the point of view of
French politics, but of the European situation as
well, came after M. Briand assured his colleagues
that his four-hour conversatig,n with Dr. Stresemann
near Geneva last week pledged neither Government
in any way nor arrived at any precise decisions as
to what an eventual agreement might contain."
Keen interest was manifested in the announce
ment from Berlin the same evening that a meeting
of the Cabinet had been called for Friday (yesterday) morning. The New York "Herald Tribune"
representative at that centre said that "a meeting
of the German Cabinet has been called for Friday
morning to hear Foreign Minister Stresemann's report on his conversations with Foreign Minister Briand of France at Thoiry last week. This unexpected
announcement is significant, following closely dispatches from Paris saying the French Cabinet today approved in principle the Thoiry discussions.
Dr. Stresemann had not been expected here before
Saturday, and it was thought the Cabinet would not
meet before Monday of next week at the earliest.
But now it is given out that the Foreign Minister
1542
TEl l1, CHRONICLE
will arrive here on Thursday and that on the following morning he will present to his colleagues a detailed report of his interview with M. Briand. The
Cabinet then will be called upon to decide whether
to approve of Dr. Stresemann's negotiations, but as
to this there can be little doubt."
Word came from Berlin last evening that "the
German Cabinet to-day unanimously approved in
principle Foreign Minister Stresemann's report on
his recent discussions with Foreign Minister Briand
of France for an entente cordiale between the two
countries. The Cabinet also appointed a committee
consisting of representatives of the various Ministries to deal further with Franco-German discussions. At the same time the Cabinet approved the
Foreign Minister's report on the work of the German delegation to the meetings of the League of
Nations." According to the dispatch also, "Foreign
Minister Stresemann reported at the Cabinet meeting that contrary to international press reports he
and M. Briand had merely discussed the outline of a political program for a proposed eventual GermanFrench agreement. He said that the German Government, just as the French Cabinet, was left entirely free to arrive at an independent decision."
• It has been evident from Berlin and Paris cable
advices that the German Government is determined
to end Allied occupation of the principal industrial
areas and to get back the great enterprises that have
been under foreign control since the war. In a special wireless message from Berlin to the New York
"Times" on Sept..19 it was stated that,"for the sake
of national liberation from Allied military pressure
and the recovery of the Saare Valley and Eupen and
Malmedy, Germany is prepared to place 500,000,000
marks ($125,000,000) in preferred shares of the German Railways Co. at the disposal of her financially
embarrassed creditors." The plan was further outlined as follows: "The German Government in addition will agree to the marketing of as much more
railway stock, the total issue of which under the
Dawes plan amounts to 11,000,000,000 marks
($2,750,000,000) as may be deemed necessary for the
stabilization of the French and Belgian currencies.
This offer by Dr. Stresemann for Allied evacuation
of the Rhineland, the cessation of military control
and the restoration to the Reich of the German
provinces now held by France and Belgium has been
approved in principle by both President von Hindenburg and Chancellor Marx. Its acceptance by the
German Cabinet as a whole is a mere formality.
Provided, of course, that Premier Poincare and his
associates endorse the pledges made by M. Briand,
the series of complicated technical arrangements
will be undertaken next month, when M. Loucheur
is expected to come to Berlin for that purpose. The
French financial envoy will confer with Finance
Minister Reinhold and Dr. Schacht, President of
the Reichsbank, as well as with S. Parker Gilbert
and other administrators of the Dawes plan. It is
admitted at Wilhelmstrasse that the ultimate success of the whole proposition depends on the feasibility of selling the railway bonds in America. Etitimates made here call for the flotation of at least
2,000,000,000 marks' ($500,000,000) worth of these
securities. Obviously, this entails the co-operation
of the biggest American banking concerns, whose
advice, it is indicated, already has been sought."
[Von. 123.
Apparently there is not likely to be an offering
of bonds of the German Railways Co. in the American market in the near future. The New York "Herald Tribune" said on Sept. 21 that,"so far as can be
learned no banking interests here have yet been approached regarding the reported project to sell bonds
and stock of the German railway system in this market. The most enlightened banking opinion in Wall
Street is that, while sooner or later such financing
may be undertaken, it will not be in the near future." It was suggested that "the chief 'obstacle to
the sale of German Dawes plan securities in this
market is that they are all mark securities, and the
mark has been stabilized too recently to permit of
the sale of bonds or stock in that currency, except at
prohibitive discounts." Foreign Minister Stresemann made his first speech before the Council of the
League of Nations on Sept. 20. Apparently it attracted more attention and caused more comment
in Berlin than in Geneva.
Already evacuation of the Rhineland, so far as the
French troops are concerned, has begun. In a special wireless message to the New York "Times" from
its Berlin correspondent on Sept. 22, it was stated
that, "coincident with the departure of Foreign Minister Stresemann from Geneva, France to-day began
the withdrawal of her troops from the Rhineland.
Thus far only a single battalion of Chasseurs Alpins
has entrained and without ceremony rolled off toward the frontier. According to reports reaching
Wilhelmstrasse from Coblenz, however, between
6,000 and 7,000 French soldiers will be moved out of
the occupied area before the end of the month. This
force will not be replaced and hence will constitute
a permanent reduction of the Allied armies of occupation unless, indeed, the present movement means
the beginning of complete evacuation. Before the
Rhineland is liberated altogether, however, many
months admittedly must elapse, even under the most
favorable conditions."
As had been pretty generally expected, the Committee of Fourteen of the World Court, on Sept. 18,
decided to accept, with some modifications, reservation No. 5,set up by the United States Government
with respect to its entrance into the World Court.
It provides that "all rights enjoyed by nations holding seats in the Council of the League of Nations in
connection with requests for advisory opinions from
the World Court of Justice will be extended to the
United States if that country decides to adhere to
the Court." The Committee previously had approved
the first four reservations. Its agreement relative
to all five points was presented to the plenary conference on Sept. 23.
The United States Government fully intends to
stand by the reservations as originally set up by the
Senate. This was made clear in Washington. dispatches Tuesday evening and Wednesday morning.
According to a special message to "The Sun" on
Sept. 21, "virtual warning that the nations signatory to the protocol of the World Court must take
or leave the Senate reservations as they stand was
voiced by the spokesman for the President to-day.
Disclaiming definite knowledge of the reported action of the Committee of Fourteen at Geneva, which
is about to recommend acceptance of the Senate reservations, with an interpretation of reservation
No. 5, the spokesman said the reservation was plain
SEPT. 25 1926.]
THE CHRONICLE
1543
and clear and he did not see how it could be altered. clusi
ons concerning the American reservations whic
h
It was pointed out that the reservations of the Sen- were
presented this morning by its committee.
ate were designed only to protect American inter Thes
e conclusions were incorporated in 'the final
ests and the fifth reservation in particular, it was act
of the conference,' which was submitted for sigsaid, had been framed to give the United States the natur
es. The single modification concerned the
right to prevent advisory opinions from the Court on fourt
h American reservation. The first part of the
questions in which the United States has or
claims reservation provided for the withdrawal by
the
an interest."
United States of adherence. The committee, to
Word came from Geneva through a "United
Press assure equality of treatment to all members, made
dispatch on Sept. 22 that the Committe
e of Four- the provision that the signatory States actin
g toteen, earlier in the day, had "adopted a draft
of the gether and by not less than two-thirds major
ity
formula outlined in the foregoing.
Should the should have a corresponding right to withdraw
conUnited States object to the Court giving an
advisory sent to the American reservations."
opinion on any question to which the Unit
ed States
was not a party, this objection would have
the same
Although there seems to be no possibility of Presi
force and effect as if the United States
were a mem- dent Coolidge calling a world conference
on disber of the League and voted against
such an ad- armament in the near future, dispatches from
Paris
visory opinion." The correspqndent expla
ined also and Geneva have indicated that such actio
n might
that "all signatories of the World Cour
t protocol be taken by the League of Nations. The
Associated
will be requested to use the formula devis
ed by the Press correspondent at Geneva said on Sept:
21 that
Committee to-day as a basis for their
individual "a general world-wide conference for limit
ation of
replies to the United States with respe
ct to the Sen- armaments will be convoked by the Leag
ue of Naate reservations. The formula still woul
d have to tions before the end of next summer unless
'material
be accepted by the full conference of
World Court considerations' prevent. The work to this
end will
signatories and then by the United
States. The be speeded up following the adoption by
the Assemdrafters of the formula sought a
means of safe- bly's disarmament committee of a French
sponsored
guarding the rights of the present
signatories, while resolution to this effect late yeste
rday afternoon.
at the same time making the formula
in such form The passage of the resolution by the
Assembly of the
that President Coolidge and Secre
tary of State League is taken for granted. In anticipati
on of this
Frank B. Kellogg could accept it
without further the Preparatory Disarmament
Commission, on
reference to the Senate." He also
made it known which the United States is represented
by Hugh Gibthat "six articles comprised the
formula adopted son, Minister to Switzerland, has
been called into
by the sub-committee to-day. They were
: 1. Au- session for Wednesday."
thorizing the United States to participat
e on a basis
of equality in all meetings of the League
of Nations'
American Minister Hugh Gibson apparently
Council or Assembly for the election of
took
World Court a strong position at Geneva on the
methods of the
judges. 2. Recognizing that no
amendment to the Committee on Disarmament.
Announcement was
Court statutes would be possible
without the con- made that "the second session of the
Preparatory
sent of the United States. 3. Guara
nteeing that the Commission of the Disarmament Confe
rence opened
Court shall render all advisory opini
ons in public this morning with a strong though
diplomatically
sessions. 4. Providing that the
manner in which couched attack by American Minis
ter Hugh Gibson
the United States shall consent to
the Court render- on the methods of work and tacti
cs persisted in by
ing an advisory opinion shall be the
subject of an the Commission's military sub-commit
tee in pursuunderstanding to be reached betwe
en the United ance of its mandate. The sub-commit
tee, Mr. GibStates Government and the League
5. Rec- son declared, had, despite its mandate to
ognizing the United States' right at Council.
consider
any time to with- only the technical aspects
of the questions presented
draw from the Court. 6. Recognizin
g the Court's to it, considered the effects of polit
ical and ecoright to withdraw acceptance of the
American res- nomic factors and had made
an effort to limit the
ervations, if the latter should prove
to be unsatis- views embodied in its repor to major
t
ity opinions."
factory by a vote of two-thirds of
the signator- Mr. Gibson proposed modificati
ons as to procedure.
ies."
He was supported by Lord Robert Cecil of
Great
Britain. The resolution was changed some
Announcement was made in an
what
Associated Press following objections to certa
in features by several
dispatch from Geneva on Sept. 23
that "the World Powers. and later was prese
nted again in its modiCourt Delegate Conference to-day
adopted its com- fied form. In a word Mr.
,
Gibson demanded that
mittee report concerning acceptance
of the Ameri- military experts let political
questions alone, and
can reservations to membership in
the Court and argued that the full Comm
ission alone has power to
then adjourned. The Conference voted
to give the consider other than technical
matters. The resolumembers of the Court the right, if they
saw fit later, tion as finally adopted
embodied these views. The
to withdraw their approval of the American
reser- Geneva representative of the New
York "Evening
vations concerning adoption of amendmen
ts to the Post" cabled the next day
that,"while the American
Court statutes and concerning the question
of ask- proposal was approved, it is
now asked whether this
ing advisory opinions of the Court." The actio
n of action will not retard rather
than speed the Commisthe Conference was more fully outlined in a
special sion's work. In many quart
ers it is declared that
dispatch later the same evening from Geneva
to the disarmament cannot be studi
ed effectively unless
New York "Times," an excerpt of which follows:
political and economic factors are considered."
"With a single modification, the conference
of sigPaul Boncour reported to the League of Nations
natories of the statute of the Permanent Cour
t of Assembly at Geneva on Sept. 23 "the work
of the
International Justice adopted unanimously the
con. Preparatory Commission for the Disarmam
ent Con-
1544
TliN CHRONICLE
[Wu 123.
demand the formation of a strictly business Cabinet
for the purpose of carrying out free and uninfluenced elections." The correspondent added that
"the party leaders, however, especially the leader of
the Popular [Royalist] Party, M. Tsaldaris, are not
impressed by the General's decision and insist that
he must surrender the Premiership to some neutral
person enjoying widespread confidence. They
threaten at the same time to abstain at the coming
elections unless he does so. It would appear that
the Prime Minister's decision to retire from politics
and dissolve his party is not unconnected with the
increasing pressure on the part of other political
leaders backed by the whole press, particularly in
The commission, of which Dr. E. W. Kemmerer view of the evidence of the court-martial of Colonels
of Princeton University is Chairman, that went to Zervas and Dertilis who were in command of the
Poland last summer to examine into the country's Republican Guard, now disbanded."
finances and to work out a plan of stabilization, has
Official bank rates at leading European centres
.completed its work and is on its way home. Before
2% in Paris; 7% in Bel1
to be quoted at 7/
continue
to
"the
submitted
leaving Warsaw, Dr. Kemmerer
2% in
1
Berlin; 5/
Ministry of Finance an 800-page document contain- gium, Italy and Austria; 6% in
and
Madrid;
Norway
London,
ing recommendations for constructing a.lasting Po- Denmark; 5% in
2% in Holland and Switzer1
2% in Sweden and 3/
1
lish republic from the ground up." Although the 4/
market discounts were a
open
the
London
In
land.
New York "Times" representative at Warsaw cabled
4%(4)4 11-16 for short
at
closed
and
firmer
shade
that "the official statement of the contents of the
at 4 9-16% for three
and
9-16%,
4.
against
bills,
Kemmerer report is not expected before October,"
(g4
9-16% last week.
2
1
/
4
against
bills,
months'
he stated that, according to a member of the comBritish
was likewise
centre
the
at
on
call
Money
act
mission, it "covers six branches of Governmen
but
2
1
/
4
%,
up
receded and
to
moved
and
firm
and
banking
monetary
tivity. First, the general
/
33
4% a
with
%,
which
2
1
/
3
compares
at
closed
Dr.
which
Kemmerer
of
conditions, the investigation
rates
discount
market
At
open
Paris
ago.
week
the
of
survey
complete
himself conducted; second,
d
Switzerlan
in
nor
7%,
from
have
not
been
changed
of
one
and
bad
admittedly
is
tax situation, which
the chief causes of the series of Government crises from 2%%.
preceding the May revolution; third, practical bankAnother,though appreciably smaller, gain in gold,
ing as ielated to the country's prosperity as a whole;
£80,244, was shown by the Bank of England
namely
fourth, accounting and fiscal control; fifth, adminfor the week ending Sept. 22, while
its
statement
in
istration of the customs, which has already been
and notes in the banking departgold
of
reserve
the
in
taken up, with the result of an export surplus
again
£560,000—as a result of a
ment
increased—
July;
over
60,000,000
August of 143,000,000 zloty,
in
note
circulation of £480,000.
reduction
further
especially
monopolies,
and
sixth, State industries
of
reserve to liabilities
the
proportion
Moreover,
"while
maintainKemmerer,
Dr.
the salt industry."
and
reached 30.28%, a
upward,
move
to
continued
bethe
of
report,
contents
actual
ing silence on the
30.20% last week
with
compared
as
fore his departure told the New York 'Times' corre- new high record,
this time last
At
4.
Aug.
of
week
the
spondent that he considered it comprehensive, con- and 26.75%
2%.
1
24 at 19/
:
19
in
2
/
and
281
%
at
stood
ratio
the
year
taining concrete suggestions which cannot but be of
but
£4,100,000,
were
again
increased,
deposits
Public
the greatest benefit to the country if adopted. He
temthe
As
fell
Bank's
to
£2,531,000.
deposits
other
regard the move toward financial stability
said:
loans to the Government, an expansion of
in the country well begun. The first sign of a bal- porary
was shown, while loans on other securi£1,260,000
durancing budget is the steadfastness of the zloty
£237,000. Total gold holdings are
reduced
were
ties
fact
that
money
ing the past two months and the
1,
as compared with £160,660,075
£155,930,45
now
he
coins—
small
covering—t
for which there is no
year and £128,425,337 the year prior to that
began to be retired on June 1. If the country con- last
(before the transfer to the Bank of England of the
tinues along this line, putting its political, economic
£27,000,000 gold formerly held by the Redemption
and financial affairs in good shape, there is no doubt
of the Currency Note Issue). Reserve agof its obtaining the credit abroad necessary to Account
, against £37,499,235 in 1925 and
£36,706,000
gregates
achieve its aim."
£24,266,472 a year earlier. Note circulation stands
0, which compares with £142,910,840
After an interval of some little length without at £138,874,00
and
year
£123,908,865 in 1924. Loans amount
last
important news relative to the political situation in
This compares with £75,363,606 and
.
£68,528,000
to
Greece, word came from Athens yesterday morning
and two years ago, respectively.
one
£76,606,766
polithat General Kondylis proposes to retire from
the London banks for the week
Clearings
through
spetics and dissolve his party. It was stated in a
0,
comparing with £645,256,000
totaled
£707,539,00
that
23
from
Sept..
cial cable dispatch under date of
last week and £648,001,000 a year ago. The official
centre to the New York "Times" that "General Kondiscount rate of 5% of the Bank was continued undylis, the Prime Minister, issued a manifesto to-day
changed, notwithstanding persistent rumors of an
announcing his irrevocable decision to retire from
impending advance. We append comparisons of the
politics and dissolve his party, the National Repubdifferent items of the Bank of England return for a
licans, in the hope that this gesture would disarm
of years:
the opposition of the political leaders, who firmly series
ference." The 'Geneva representative of "The Sun"
cabled that "the committee report states that political conditions govern the chances for convening
of a useful disarmament conference. It states that
the work has developed to a point where a program
could be drawn up next year, and that later the
Council could fix a date. League circles are not too
optimistic over the reduction of armaments in the
near future, and if the conference comes it will be
confined to capital ships, for France and Japan intend to maintain their cruisers and submarines,
while armies are required to hold Europe's unnatural frontiers."
THE CHRONICLE
SEPT. 25 1926.]
BANS OF ENGLAND'S COMPARATIVE STATEMENT.
1922.
1924.
1926.
1925.
1923.
Sept. 27.
Sept. 24.
Sept. 22.
Sept. 26.
Sept. 23.
b138,874,000
Circulation
18,348.000
Public deposits
102.887.000
deposits
Other
Governm't securities 34,240.000
Other securities—. 68.52s.000
Reserve notes & coin 36,706,000
Coln and bullion_a155,930,151
Proportion of reserve
30.28%
to liabilities
Bank rate
5%
142.910.840 123,908,865
17,046.742 13.536,898
114.473.425 110.763.965
36,933,822 41.698,443
75,363,606 • 76,606,766
37,499,235 24,266.472
160,660,075 128,425,337
2854%
4,5i%
1934%
4%
124,002.140
13.516,990
104.562.560
41.780.237
71,163,619
23,406,128
127,658,268
122,467,180
16.829.386
103,831,200
44,062,645
71,386.295
23.414.415
127,431,595
1934%
4%
19.40%
3%
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
previously held as security for currency note Issues and which was transferred to
the Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925, Includes £27,000,000 of Bank
of England notes issued In return for the same amount of gold coin and bullion
held up to that time In redemption account of currency note Issue.
1545
both locally and nationally by heavy expansion in
rediscounts and additions to open market trading.
On the other hand, holdings of Government securities were heavily reduced as the result of the taking
up by the United States Treasury of the $192,000,000 temporary certificates of indebtedness issued to
the Reserve banks last week. The New York Reserve
Bank reported a small gain in gold ($1,400,000),
but the banks as a group lost $6,600,000. For the
System as a whole, rediscounting of bills secured
by Government paper increased $50,500,000, and
"other" bills $45,600,000, so that total bills discounted mounted $96,100,000, to $661,636,000, as
compared with $640,727,000 at this time a year ago.
Holdings of bills bought in the open market expanded $8,000,000. Total bills and securities (earning assets) fell $78,800,000; deposits, $85,300,000;
member bank reserve accounts no less than $138,500,000, and Federal Reserve notes in actual circulation $8,000,000. Almost parallel conditions prevailed at New York, which reported expansion in all
classes of bills rediscounted to the amount of $42,500,000, while open market purchases increased
$8,200,000. Total bills and securities were reduced
$80,400,000, while deposits showed a reduction of
$69,400,000 and member bank reserve accounts of
$83,800,000. The amount of Federal Reserve notes
in actual circulation was reduced $7,300,000. The
result of this heavy shifting of funds was to raise
the ratio of reserve for the combined System from
74.8% last week to 79.5%. The New York Bank
showed an advance in its ratio of 1.5%, to 73.1%.
According to the weekly statement of the Bank of
France, a further contraction of 405,967,000 francs
occurred in note circulation during the week. The
total outstanding is therefore now 54,506,988,265
francs, contrasting with 45,556,690,680 francs last
year and with 40,338,740,720 francs the year previous. Advances to the State by the Bank are down
to 36,400,000,000 francs; 450,000,000 francs having
been repaid by the Government. At the corresponding date last year the aggregate was 28,900,000,000
ri=acrirnd in1924 23,000,000,000 francs. Gold holdiEss_gaiiied 6,200francs during the week and now sta d
at 5,548,720,100francs-,in comparison with 5,547,176,417 francs in 1925 and -5,544,063,56f francs—in 1924:
Changes in the various other items of the Bank's report were: Trade advances decreased by 3,665,000
francs and Treasury deposits fell off 2,489,000 francs.
On the other hand, silver increased 2,000 francs, bills
discounted 157,557,000 francs and generar_de-p—osit—
s
102,138,000 frail s. Comparisons of the various
Last Saturday's statement of the New York Clearitems in this week's return with the statement of last ing House banks and trust companies
reflected the
week and with corresponding dates in both 1925 and strain of meeting the enormous
financing operations,
1924 are as follows:
tax payments and the like, of last week, by showing,
BANK OF FRANCE'S COMPARATIVE STATEMENT.
among
other striking changes a loss in surplus reChanges
Status as of
for Week.
Sept. 22 1926. Sept. 24 1925. Sept. 25. 1924. serve of well over $75,0000,000, thereby wiping out
Gold Holdings—
Francs.
Francs.
Francs,
Francs,
In France
1110.4
6,200.3,684,399,193 3,682,855,509..
3,679,742,653 all excess reserves and leaving a deficit in reserve
Abroad
Unchanged 1,864,320.907 1,864,320,907 1,861,320,907
of some $25,000,000. Loans expanded $35,578,000.
Inc
Total
6.200
.
6,548,720,100 „
.1547,176,417_ 1544.063,561 Net demand deposits fell $18,410,000, to $4,346,567,Inc.
Sliver
42,000 41.338.827.217j,,,,,,300.741.154301,284,278
Bills discounted
Incf 57.557.000 4.860.826,817 3,211,653.932 6;995,307.116 000, which is exclusive of $55,837,000 in Government
Trade advances_1-Deef 3,665,000
...2,274,558,500..2,840,570.646_1759,115,877
.
c 405.967.000 54,506,988,265 45,556.650,680 40,338,740.720 deposits, an increase in the latter item of $42,768,Note circulation
Treasury deposlts_Dec. 2,489.000
35.747.7117
32,640.452
14,622,938 000 for the week. Time deposits decreased $13,569,General deposits_Inc. 102,138,000 2,957,990,227 2,143,672.147 1,727,181,737
Advances to State-Dec.450,000,000 36.400,000,000 28,900,000,000 23,000•000,000 000, to $591,857,000: Declines were also revealed
in cash in own vaults of members of the Federal ReThe German Reichsbank, in its statement, issued serve Bank of $6,088,000, to $43,344,000 (although
under date of Sept. 15, revealed further shrinkage this does not count as reserve), $490,000 in reserve
in note circulation, amounting to 200,225,000 marks, in own vaults of State banks and trust companies,
although other maturing obligations and other lia- and $223,000 in the reserves kept by these latter
bilities increased 152,317,000 marks end 28,073,000 institutions in other depositories. A drawing down
marks, respectively. As to the Bank's assets, hold- of $77,647,000 in the reserves of members of the
ings of bills of exchange and checks fell off 15,174,- Federal Reserve institution was the prime factor in
000 marks, while reserve in foreign currencies de- the shrinkage of $75,661,510 in surplus reserve,
creased 36,754,000 marks and notes on other banks which, as already shown, completely eliminated re
366,000 marks. There were increases in the follow- serves on hand and in place thereof left a deficit in
ing items: Deposits held abroad, 1,331,000 marks; reserve of $25,173,610, which compares with last
silver and other coins, 3,648,000 marks; advances, week's surplus of $50,487,900. The figures here
6,406,000 marks, and other assets, 26,000 marks. An given for surplus are on the basis of legal reserves
unusually large increase was reported in gold and of 13%, against demand deposits for member banks
bullion holdings, namely 22,381,000 marks, bringing of the Federal Reserve, but not including $43,344,total gold up to 1,541,043,000 marks, as compared 000 cash in vault held by these members on Saturday
with 1,144,523,000 marks last year and 543,770,000 last.
marks in 1924. Note circulation now outstanding
aggregates 2,904435,000 marks.
Until Thursday afternoon there was no deviation
from the 51 2% call money rate that had prevailed
The weekly statements of the Federal Reserve in the local market for some days. At that time the
banks, issued on Thursday afternoon, were featured offerings of funds were sufficiently large to cause a
1546
THE CHRONICLE
drop to 5% in the regular market and to Oh% in the
outside market. Yesterday the prevailing rate was
5% and the Stock Exchange announced after the
close of business that the demand had been light and
the offerings ample to meet all requirements. This
downward trend in the money market and the fact
that the Governors of the New York Federal Reserve Bank did not increase the rediscount rate were
spoken of as the most influential factors in the
sharp recovery in some stocks Thursday afternoon
and during yesterday's session, and the generally
higher prices, most of which were well maintained.
Automotive manufacturers continue to talk optimistically about the outlook for business, but the
statement of earnings for the Hudson Motor Car Co.
for the quarter ended Aug. 31 showed a big decrease
in the net in comparison with the corresponding period last year. Steel production was a little off
this week from that of a -week ago. Production of
crude oil for the week ended Sept. 18 showed a daily
average decrease of 11,950 barrels. More European
securities, particularly for Germany, are appearing
in the American market.
{VOL. 123.
for 150 and 180 days. Open market quotations
follow:
SPOT DELIVERY.
90 Days.
4 031
Prime eligible bills
60 Days.
3%@33,
1
FOR DELIVERY WITHIN THIRTY DAYS.
Prime Eligible bills
Eligible non-member banks
30 Days.
33(03%
39i bid
314 bid
There have been no changes this week in Federal
Reserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
SEPT. 24 1925.
Paper Maturing-After 90 After
bit
Days, but
Within 6 Within 9
Months. Months.
Within 90 Days.
FEDERAL RESERVE
BANK.
Corn•rcial Secured
Adria tit by U. S. Bankers' Trade Apricul.* AgrfetiVI
Livestock Govern't Accepand
and
AccepPaper. Obitga- tances. tances. Livestock Livestock
n.e3.
lions.
Paper.I
Paper.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
Dealing with specific rates for money, loans on
call this week covered a range of 4@532%, which
d
• Including bankers
drawn for an agricultural purpose and secure
compares with 43'@5% a week ago. On Monday by warehouse receipts, acceptances
dui.
the high was 5%, the low 432%, with 5% for renewals. Tuesday and Wednesday firmness preThe sterling exchange market showed symptoms
vailed and all loans on call were negotiated at 53/2%, of reaction toward lower levels this week; as a result,
this being the only figure named on both days. the bulk of the limited business transacted was at a
Renewals were again made at 53'% (the highest figure under rather than above the $4 85 mark. The
point in quite some time) on Thursday, and this was range of quotations was still narrow, the extremes for
the high; before the close, however, there was a the week for demand being 4 84 13-16 and 4 85 9-32.
decline to 5%. Friday easier conditions developed Cotton bills were reported as coming on the market
and loans renewed at 5%, which was also the high in steady though moderate volume, and this, in the
and low for the day. Stiffening in the call market absence of adequate buying support, exercised a dewas ascribed to the heavy calling of loans that fol- pressing influence on values. However, it was noted
lowed Saturday's poor bank statement.
that London figured prominently in the decline; that
In time money the market was dull but firm with is to say, cable rates were constantly lower, a factor
• the longer periods, four, five and six months' money, which as usual caused sympathetic weakness in local
still quoted at 4%@5%, the same as a week ago. prices. Offering of coal bills was given as a reason
Toward the close, offerings were larger and sixty and for the downward movement. In the latter part of
ninety day funds relaxed to 4%@47
4%, against the week rumors of a possible advance in the dis4%®5%-- last- week. There was very little doing count rate of the New York Federal Reserve Bank
as the demand for funds was light. No large indi- caused some uneasiness and served still further to devidual loans were reported.
press sentiment, since it again reopened the question
Mercantile paper rates have not been changed as to whether such action would not be immediately
from 41
/
1@43/
2% for four to six months' names of followed by another rise in the Bank of England rate,
choice character, with names not so well known still thereby still further adding to the difficulties of the
requiring 43'@4%%. New England mill paper already harassed British industries. Apathy on the
and the shorter choice names continue to be dealt in part of large operators is still the keynote of trading
at 4h.%. An active demand for all grades of paper' in sterling, although the general foreign exchange sitprevailed, but as offerings were restricted, the uation, especially as regards gold shipments, is being
volume of business transacted was small. Out-of- closely watched. In some quarters it is felt that, all
town institutions were the principal buyers. Banks' things considered, the market is really giving a very
and bankers' acceptances remained at the levels good account of itself. On the other hand, there are
previously current with the tone of the market firm those who point out that the seasonal export moveand trading quiet and featureless. Interior banks ment has by no means reached its peak and that much
were responsible for most of the limited buying, but severer pressure will likely have to be met ere long.
offerings were scanty. For call loans against bankers' Desultory attempts at a settlement of the British
acceptances the posted rate of the American Accept- coal strike are reported from time to time, but as yet
ance Council remains at 4%. The Acceptance Coun- with no immediate prospects of successful adjustment
cil makes the discount rate on prime bankers' accept- of the dispute between miners and operators.
ances eligible for purchase by the Federal Reserve
Referring to the day-to-day rates, sterling exchange
banks 3% bid and 3M% asked for bills running on Saturday last was steady on exceptionally dull,
0 asked for 60 days; 4% narrow trading; demand ruled throughout the half30 days; 378% bid and 397
bid and 3%% asked for 90 days;,43'% bid and 4% day session at 4 85 (one rate) and cable transfers
asked for 120 days, and 4Ki.% bid and 43/% asked at 4
Monday's market was a shade easier
SEPT. 25 1926.]
T H 14 CHRONICLE
on a small accumulation of bills over the week-end,
and there was a fractional decline to 4 84 29-32@
4 85 for demand and to 4 85 13-32@4 85% for cable
transfers; no increase in activity was noted. Continued offering of bills brought about a further
lowering on Tuesday, and demand sold at 4 84 15-16
(one rate) all day, with cable transfers 4 85 7-16;
lack of buying interest was still a feature. On
Wednesday, after early weakness, the market firmed
up and demand advanced to 4 85 9-32; the low for
the day was 4 84%; while cable transfers ranged
between 4 859' and 4 85 17-32. Reaction downward
set in on Thursday and the range dropped to
4 84 15-16@4 85 for demand and to 4 85 7-16@
4 853/ for cable transfers; dulness characterized the
day's dealings. On Friday quiet irregularity prevailed, with demand off a fraction, to 4 84 13-16@
4 843', and cable transfers to 4 85 5-16@4 85%.
Closing quotations were 4 84 13-16 for demand and
4 85 5-16 for cable transfers. Commercial sight
bills finished at 4 84 11-16, sixty days at 4 80 11-16,
ninety days at 4 78 13-16, documents for payment
(sixty days) at 4 80 15-16 and seven-day grain bills
at 4 84 11-16. Cotton and grain for payment closed
at 4 84 11-16.
So far as could be ascertained, no gold was engaged
for export or import this week, although it is understood that Polish gold to the amount of $3,300,000
was . recently transferred by the Bank Polski to
New York for the purpose of creating a special
reserve for the Polish zloty. At the end of August
gold reserves of this bank were reported as 135,300,000 zloties. The Bank of England has earmarked £500,000 in gold sovereigns for the account
of South Africa's reserve fund and has exported
small amounts of gold sovereigns and bar gold to
Spain and India.
Movements in Continental exchange for the first
half of the week were perfunctory, with the leaders—
francs and lire—quiet at close to the levels of the
previous week. Paris checks opened and ruled at or
near 2.81@2.77; Italian lire were dealt in within a
point or two of 3.63. On Iliesday, however, a rush
of sellirg, ostensibly by French merchants who had
delayed providing for their requirements until the
last minute in the hope of a return to higher levels,
sent prices down sharply, and Franc checks touched
2.73, although before the close there was a rally to
2.78. Antwerp francs lost 10 points to 2.59, then
recovered to 2.68. Speculative trading was at a
minimum, as shown by the rates for futures, which
remained virtually unchanged, and it was claimed
that uneasiness over the possibility of fresh political
complications to attend the re-opening of the French
Parliament early next month, had a good deal to do
with depressing the rate. It was,noted that buying
support was not forthcoming as has been the case of
late, and that the market was allowed to take care of
itself. This state of affairs is expected to go on until
the actual resumption of Parliamentary discussions.
Should difficulties arise, it is regarded as almost certain that francs will again decline. The only hope
entertained is that the same spirit of co-operation will
be shown as existed in the last few days of the previous
session of Parliament, or that genuine improvement in
the financial outlook will have taken place. No attention apparently was paid by the exchange market
to reports that agreement had been reached between
Messrs. Briand and Stresemann on a plan whereby
1547
$500,000,000Tof thersecurities of German railroads
was to be issued, in accordance with the Dawes
Plan, and sold for account of the European Allies,
on condition that Germany be released from Allied
military control.
Lire, on the other hand, displayed firmness after
a while, and rose about 9 points, to 3.723
4, in
response to the usual pressure that is being exerted
against shorts at the end of each month by Government interests, thus forcing the covering of short
commitments. This was regarded as a repetition of
last month's tactics. Some decline in the volume of
so-called bear commitments has resulted from the
tactics of the Italian National Exchange Institute,
but a considerable volume is believed to be still outstanding. In the final dealings a sharp slump in lire
futures occurred, while spot rates were slightly
easier. Other branches of the market were neglected.
German exchange was quiet, but steady, at a fraction
above 23.79@23.80. Greek currency was firm in the
early dealings, advancing to 1.19, but later receding to 1.16, with no particular reason assigned
for the decline. In the minor central European
group, Rumanian lei continued to attract attention
by a further rise to 0.5414, or a new high for the
year, but closed below this figure. Reports of a
banner crop in that country, also improvement
in internal finances and external relationships
were held responsible for the advance. Polish
zloties were neglected and remain at about 11.25.
Generally speaking, trading has been dull and
irregular. Uncertainties as to the progress made
in the stabilization plans of some of the leading
Continental countries served to give pause to
those speculatively inclined. Unfavorable trade
balances in some instances are having a tendency
to complicate matters. In the case of Belgium,
talk has. been heard of fresh difficulties having
arisen over financing plans, but nothing official
has been obtained as yet. An element in depressing
French exchange has been the sharp drop in buying
for tourist requirements, at the same time that
selling to cover imports of wheat and sugar on a
large scale is in progress. It is believed, however,
that the Bank of France will intervene should the
rate go much lower.
The London check rate on Paris finished at 174.45,
compared with 172.25 a week ago. In New York
sight bills on the French centre closed at2.773%,against
4, against 2.81, and
2.80; cable transfers at 2.783
4 against 2.79 last
commercial sight bills at 2.763
week. Antwerp francs finished at 2.663/ for checks
and at 2.673/2 for cable transfers, against 2.71 and
2.72 the previous week. Closing rates for Berlin
marks were 23.80 for checks and 23.82 for cable
transfers, as compared with 23.793/b and 23.813/
2a
week earlier. Australian schillings, for the first time
in months, moved from the fixed rate of 141
% to
14.15, though with no activity to speak of, and
closed at 141
% (unchanged). Lire closed the week
at 3.673% for bankers' sight bills and at 3.683/i
for cable transfers. This compares with 3.623
4 and
3.63h last week. Exchange on Czechoslovakia
finished at 2.963
% (unchanged); on Bucharest at
0.573
4,against 0.523%; on Finland at 2.5234,against
2.5234, and on Poland at 11.50, against 11.25 a
week ago. Greek drachmae closed at 1.173 for
checks and at 1.173
4 for cable remittances. Last
week the close was 1.163 and 1.163%.
[Vol.. 123.
THE CHRONICLE
1548
In the Far Eastern exchanges a falling off in acInactivity, accompanied by weakness, pervaded
tivity
occurred, with further sharp losses in the
trading in the former neutral exchanges. As a
Chinese
currencies. Shanghai and Peking exchange
40.07,
dropped
at
result Dutch guilders, after opening
back to 40.05. Swiss francs were also slightly sold down to the lowest levels in several years, on
easier. Scandinavian rates were steady and practi- continued depression in the silver market. Japanese
cally unchanged. Spanish pesetas were the excep- yen were well maintained and ruled at close to the
tion to the above, and although not really active, high levels of the preceding week. The others of
moved erratically, first in one direction, then in the group were dull and featureless. Hong Kong
another, swayed by day-to-day political develop- closed at51.70@51.80,against 53%©53%; Shanghai,
2@6714, against 683@69; Yokohama, 48.80@
ments in Spain. Heavy offerings, mainly for foreign 663/
48.90,
against 48.60@48.70; Manila,49%@49%(un10
points,
to
down
account, sent the quotation
changed); 'Singapore, 563@56%, against 563.@
15.09, following which there was a rally to 15.25.
Bankers' sight bills on Amsterdam finished at 56%; Calcutta, 363/2@369/ (unchanged), and Born40.05, against 40.053/
2; cable transfers at 40.07, bay, 363/2@36% (unchanged).
against 40.073/
2; and commercial sight at 40.02,
The New York Clearing House banks, in their
against 40.033/ .a week ago. Swiss francs closed at
19.29 for bankers' sight bills and at 19.30 for cable operations with interior banking institutions, have
transfers, in comparison with 19.32 and 19.33 last .gained $3,077,958 net in cash as a result of the curweek. Copenhagen checks finished the week at rency movements for the week ended Sept. 23.
26.53 and cable transfers at 26.57 (unchanged); Their receipts from the interior have aggregated
checks on Sweden closed at 26.70%, and cable $4,206,808, while the shipments have reached $1,128,transfers at 26.75%, against 26.71 and 26.76; and 850, as per the following table:
checks on Norway finished at 21.89 and cable CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
transfers at 21.93, against 21.88 and 21.92. The
final range for Spanish pesetas was 15.173/2 for
Into
Gain or Loss
Out of
Week Ended Sept. 23.
Banks.
Banks.
to Banks.
checks and 15.213/ for cable transfers, as compared
Banks' interior movement
34,206,808
$1,128.850 Ganz $3,077,958
with 15.22 and 15.26 last week.
As the Sub-Treasury was taken over by the FedFOREIGN EXCHANGE RATES CERTIFIED BY P'EDERALRESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
eral
Reserve Bank on Dec. 6 1920, it is no longer
SEPT. 18 1926 TO SEPT. 21 1926, INCLUSIVE.
possible to show the effect of Government OperaRate for Cable Transfers in New York.
I Noon Bilging
tions on the Clearing House institutions. The FedCountry and Monetary,
Value in Untied States Money.
Unit.
I Sept. 18. Sept. 20. Sept. 21. Sept. 22. Sept.23. Sept. 24. eral Reserve Bank of New York was creditor at the
EUROPE$
$
Clearing House each day as follows:
$
X
$
$
.14090
Austria, k chi Inns__ _ _ .14083
.14087
.14079
.14073
.14091
Belgium, franc
.0271
.0269
Bulgaria, ley
007256 .007261
Czechoslovakia, krone .029616 .029617
Denmark, krone
2656
.2656
England, pound ster4.8540
ling
4 8545
Finland, markka
.025208 .025215
.0279
France, franc
.0281
.2381
Germany, reichamark. .2381
.011786 .011863
Greece, drachma
.4006
.4006
Holland, guilder
.1755
1756
Hungary. pengo
.0363
Italy, lira
.0363
.2191
Norway, krone
2191
.1091
1093
Poland, zloty
.0512
Portugal, escudo
0513
.005256 .005287
Rumania,leu
.1514
1621
Spain, peseta
.2675
2675
Sweden,krona
.1932
.1932
Switzerland, franc
.017668 .017670
Yugoslavia, dinar ._
ASIAChina.6910
.7042
Chefoo, tadl
.6836
Hankow,tadl
6925
.6616
6686
Shanghai, tadl
.6910
7042
Tientsin, tadl
.5276
Hong Kong, dollar_ .5289
.4809
.4800
Mexican dollar
Tientsin or Peiyang
.4758
4813
dollar
.4721
.4775
Yuan, dollar
.3630
3631
India, rupee
4870
4867
Japan, yen
.5608
filingapore(S.S.), dollar .5608
NORTH AMER.1.001271 1.001366
Canada, dollar
999313 .999375
Cuba, peso
487500 .487667
Mexico, peso
Newfoundland, dollar .998828 .998906
SOUTH AMER..9244
Argentina. peso (gold) .9244
.1523
Brazil, milreis
1524
.1213
Chile, peso
1213
•.nn. I
••nnno
.0264
.007233
.029617
.2655
.0262
.007239
.029619
.2655
.0266
.007244
.029617
.2856
.0268
.007250
.029619
.2656
4.8540
4.8542
4.8533
4.8536
.025212 .025211 .025216 .025214
.0277
.0278
.0275
.0279
.2382
.2381
.2381
.2382
.011823 .0117113 .011796 .011760
.4008
.4006
.4006
.4006
.1755
.1754
.1755
.1753
.0369
.0364
.0369
.0369
.2191
.2192
.2192
.2192
.1093
.1100
.1097
.1102
.0514
.0515
.0513
.0512
.005362 .005386 .005316 .005259
.1518
.1526
.1524
.1520
.2675
.2674
.2675
.2675
.1932
.1932
.1933
.1933
.017668 .017677 .017674 .017680
.6923
.6852
.6628
.6923
.5279
.4875
.6938
.8856
.6632
.6938
.5254
.4810
.6917
.6809
.6631
.6921
.5209
.4769
.6738
.6656
.6477
.6742
.5076
.4658
.4696
.4667
.3631
.4868
.5600
.4775
.4738
.3632
.4862
.5608
.4696
.4658
.3631
.4863
.5608
.4554
.4517
.3630
.4863
.5608
1.001313 1.001440 1.001375 1.001334
.999375 .999313 .999313 .999313
.487250 .487667 .486917 .487500
.998867 .998945 .998906 .998867
.9247
.1524
.1213
i.nnom
.9244
.1519
.1213
1 01127
.9252
.1514
.1213
1 INIRA
.9244
.1509
.1213
1 Ilnild
As to South American exchange, mixed movements
occurred. Argentine Pesos, under the stimulus of
good buying to cover shipments of hides, beef and
grain, advanced about 9 points to 40.74, for checks,
and to 40.79 for cable transfers, then closed at
40.70 and 40.75, against 40.65 and 40.70 last week.
The strength in this currency has revived talk of
a return to the gold standard and the actual establishment of a free gold market. Brazilian milreis,
on the other hand, were dull and weak, and the
close was at 15.13 for checks and at 15.18 for cable
transfers. This compares with 15.23 and 15.28 a
week ago. Chilean exchange was steady and finished at 123 (unchanged), while Peru ruled easier,
closing at 3 903/2, against 3 92, the previous,close.
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday,
Sept. 18.
Monday,
Sept. 20.
Tuesday, Wednescry, Thursday
Sept. 21. Sept. 22. Sept.23.
Friday,
Sept.24.
Aggregate
for Week.
104,000000 109.000000 67,000,000 74,000.000 91100,000 86,000,000 Cr.531,000,000
Note -The foregoing heavy credits reflec the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the clearing
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on Institutions located outside of
New York are not accounted for in arriving at these balances, as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Sept. 23 1926.
Sept. 25 1925.
Banks of
Gold.
I
Silver.
Total.
Gold.
£
1
E
E
L
155,930,451 160,660.075
England__ 155,930,4511
France a_ 147,375.968 13,520,000 160.895,968147,314.221
c994,600 67,959,600 52.682.050
Germany b 68,965.000
102.260.000 26,084.000128,944,000101.467,000
Spain
45.426.000 4,196.000 49.622,000 35,609,000
Italy
Nethlands 34,956,000 2.270,000 37,226,000 34.863.000
Nat. Belg_ 10,955.000 3.394.0001 14,349,000 10.891,0001
Switzland 16,989.000 3,430,000 20,419,000 19.611.000
Sweden_ _ _ 12,647,000
12,647.000 12.883.00
878,
Denmark _ 11,617.000
12.495,000 11,634.
8,180.000
Norway
I 8,180.000 8.180.0001
Total.
Silver.
E
I
L
4. 160.660,075
12,360,000159,674,221
d994,800 53.676,650
26.176,000 127.643,000
3,363.000 38.972,000
1.933.000 36,796.000
3,429,100„
3,533,000 23,144,000
I 12,883,000
1,149.000 12,783.000
8,180.000
Total week 613,301.419 55,366.600668,668.019 595.794,346 52.937,600648,731.946
Prey. week 612,177.027 55,509,600667,686,627 595,220,898 52,899,600648.720,498
a Gold holdings of the Bank of France this year are exclusive of £74,572,836
held abroad. b Gold holdings of the Bank of Germany this year are exclusive
of .C10,085,000 held abroad. c As of Oct. 7 1924.
Germany and the Financial Recovery of Europe.
M. Briand's reported attempt to carry forward
the Franco-German rapprochement at Geneva by
discussing with Herr Stresemann, the German Foreign Minister, some of the practical ways in which
the position of the two countries might be improved,
appears to have had the immediate result of stirring
up some of the old anti-German feeling in France,
and of exciting suspicion that M. Briand was disposed to go too fast and too far. In the absence of
an official statement, we do not yet know precisely
SEPT. 2e 1926.]
THE CHRONICLE
1549
what the two statesmen said to one another in their fixed the capital value of the German railways at
conversation at Thoiry, but it has been assumed that 26,000,000,000 gold marks. In connection with the
they discussed, among other things, the early evacu- transfer of the railways from Government control
ation of the Rhineland by the Allied troops, the to control by a private corporation, the Dawes plan
withdrawal of the Allied Control Mission from Ger- provided, first, for the immediate issuance by the
many, the restoration to Germany of the Saare, and railway company of 11,000,000,000 gold marks of
the recovery by Germany of Eupen and Malmedy, bonds, secured by a first mortgage on the railway
now attached to Belgium under the Treaty of Ver- properties, and bearing interest in the third and subsailles. Whatever the precise topics, the early re- sequent years at 5%,with 1% annually for amortizaports of dissent in the French Cabinet from M. Bri- tion. The remaining 15,000,000,000 gold marks of
and's course have been to some extent set at rest by estimated capital valuation was to be represented
the official announcement on Tuesday that the Gov- by 13,000,000,000 of common stock, all of which was
ernment "was unanimous regarding the interest of to be held by the German Government, and 2,000,these conversations and the utility of their continu- 000,000 of preferred stock, one-fourth of which was
ance," but M.Poincare is also reported to have "tied to be turned over to the German Government, while
a string" to even this general approval by stipulat- the remaining three-fourths was to be "set aside
ing that any technical questions raised by the nego- in the treasury of the company, for sale to private
tiations should at the proper time be brought before persons to provide funds for the payment of existthe Cabinet for consideration.
ing indebtedness and future capital expenditures."
This is about what was to be expected, and all It is this Government one-fourth, or 500,000,000 gold
that was to be expected. In his enthusiasm'for the marks, of the preferred stock which the Government
restoration of cordial relations between France and is now reported to have offered to its Allied creditGermany, M. Briand is doubtless somewhat in ad- ors, presumably as an inducement to end the milivance of the main body of French public opinion, tary occupation or permit the recovery of territory
which still thinks of the losses and suffering of the from Belgium, in addition to so much of the railway
war and cherishes suspicion of Germany's good in- bonds as the creditor Governments may be disposed
tentions. There is a strong element in the Ministry, to take in aid of stabilization, or perhaps in settlerepresented most conspicuously by Andre Tardieu, ment of reparations claims.
the intimate friend of Clemenceau and his "handy
The objections which are reported to have been
man" at the Peace Conference, which has never voiced in American banking circles, and by Treasury
ceased to call for the complete enforcement of the spokesmen at Washington, to putting on the market
Versailles treaty, be the rigors of the treaty 'what at this time, or in the near future, either the Govthey may. M. Poincare himself has been consis- ernment share of the railway preferred stock, or the
tently sympathetic with this point of view, and a railway bonds, or both, are not convincing. The pregood deal of his hold upon the country is due to the ferred stock represents in round figures U25,000,insistence and iteration with which he expounded 000, the bonds $2,750,000,000. The first of these
his policy of "Thorough" in a long series of Sunday amounts is not excessive as American foreign loans
speeches. Of late, indeed, he would appear to have go, and the amount of the suggested bond issue is
modified somewhat his extreme views, but it was not well within the powers of international finance.
to be expected that he should reverse himself com- The 5% return on the bonds is a relatively low rate
pletely in a few days or weeks. Probably it is just for foreign bonds, and might necessitate a sale at a
as well that in a union Cabinet, formed on the lower price than has been obtained for foreign loans
avowed principle of bringing together the leading bearing a higher rate of interest, but it is also to be
representatives of opposing political programs, such remembered that while some of the foreign loans
a difference of opinion as exists between M. Briand which have been floated in the United States since
and some of his colleagues should find expression. the war have suffered an appreciable decline in the
It takes time to iron out differences in such a hybrid market, most of the German bond issues have risen
Ministry as that of M. Poincare, and to time the in value, and that German credit is to-day distinctly
task must be left.
high. The preferred railway stock, on the other hand,
Much more important, in the large European view, pays 7%, subject to the German income tax, and is
than the questions of military occupation or terri- entitled to participate in the profits of the railway
torial readjustment which M. Briand and Herr company after payment of the charges imposed by
Stresemann are believed to have discussed, is the the Dawes plan.
proposal, reported on Sunday to have been made by
The objection that the payment of the interest,
the German Government, to turn over to the creditor which naturally is in gold marks, on the bonds or
Allies the Government share of the preferred stock stock might encounter exchange difficulties, is
of the German Railway Company, and in addition to equally unconvincing. Most, if not all, of the formake available, in whole or in part, the 11,000,000,- eign loans which have been negotiated in this coun000 gold marks of German railway bonds to aid in try since the war call for the payment of interest in
stabilizing the currencies of Belgium and France. dollars or their gold equivalent, and the various war
The suggestion of using the German railway bonds debt agreements which the United States has confor reparations purposes has been made unofficially cluded contemplate the payment of interest in
before, but the preferred stock of the German Rail- United States gold coin or in United. States
way Company has not figured previously in discus- securities at par. The experience of the Agentsions of the financial situation, and the facts regard- General for Reparations during the first two
ing this particular issue of securities may properly years of the operation of the Dawes plan, seems
to indicate that the problem of transferring large
be recalled.
whose
experts
findings
sums
of money from Germany to other countries has
and
recomrailway
The
mendations were made a part of the Dawes report proved less difficult than at first was feared. For
1550
THE CHRONICLE
[VOL. 123.
the year ending Sept. 1 last, the report of the Agent- conjecture. But is it not passing beyond the pale
General (see the "Chronicle"for Sept. 18, page 1450) of reason, to even contemplate the idea that characrecords the transfer in foreign currencies of 415,- ter can be manufactured by any such means? Is it
612,000 gold marks, included in this amount being possible to assert that either the size or texture of
14,844,038 20 gold marks paid to the United States. the brain indicates talent or genius? For all that
The transfer of 35,000,000 gold marks of interest on speech and memory have a locale in the brain,
the railway preferred stock, in addition to repara- according to recent investigations, is there then
tions payments, would hardly unbalance the ex- nothing in man save the physical? Wandering in
change market, and while the transfer of 550,000,000 the material mazes of the infinite, is it not possible
gold marks of interest on the bonds (assuming thab that science sometimes dreams, intoxicated by its
the entire bond issue was placed outside of Ger- own discoveries? What is life and what is the mysmany, which would probably not be the case) would tic Ego? If this study of man is to lead us into
be a more serious undertaking, it is not clear that it paths of character production, what is to become of
could not be accomplished safely with the aid of the responsibility? If what we are, and think, and do,
same financial co-operation that floated the bonds.
are but the products of hidden chemical combinaObviously, the proposal of the German Govern- tions, that may be induced by drugs or minerals,
ment with regard to the bonds could not be carried why hold man to an accountability to what we term
out without the consent of all the countries that have the divine? Already we are dallying with disease
claims to reparations payments, nor, even so, with- as the cause of crime, but to say that duty and devoout the co-operation of American financiers. Now tion are mere matters of molecular structure is far
that the proposal to use both the bonds and the rail- beyond this.
way preferred stock has apparently been given a
The truth is we do not know just what we are, or
concrete official form, however, it ought not to be how we think. Poe undertook to show the processes
dismissed by the financial world save for the most by which he produced "The Raven," but it has been
convincing reasons. "Probabilities," said Alexan- more than once hinted that his ratiocination came
der Hamilton in the first of his great reports on after the writing and not before. If there are no
public credit, "are always a rational ground of con- two physical persons alike, are there any two mental
tract," and if the securities of the German railways persons alike? And if mere mentality is played
can be used to dispose of the vexatious question of upon by some unseen thing (we have come to term
reparations, or to enable France and Belgium to it soul), can the power of this unseen be ruled by
stabilize their currencies, no effort should be spared the drug-induced ,metabolism of the human cell?
to put them at work.
How can these separate individualities, hidden combinations of the seen and unseen, of the known and
unknown, these separated persons, be made to conCharacter by Chemistry.
form in character to a plan imagined to be the perA profound respect for the achievements of science fect one? What is character if it
be not that inner
in the physical world receives something of a shock nature, part inherited and part the result
of struggle
when a proposal is tentatively made to shape char- against or with environment, that is
peculiar to each
acter by the introduction of chemicals into the human of us, the source and citadel of all
our relations
system. For some time after prohibition was en- with our fellows? How very little
in the accomacted we heard a great deal about the influence of plishments of men and races can we trace
to the
alcohol upon the creative power of poets and writers. foods they eat or the drugs they take.
Soils, cli. We were told that the exuberant joy of life would mates, seas, mountains, we are wont
to claim, inflube darkenefl by the afisence of mellow wines that ence peoples, the Saxon in his cold North, the Latin
enliven but do not intoxicate. Little was said about in his sunny South, but what do these conditions
tobacco and coffee, but it is well known that these affect if it be not soul as well as body?
have stimulated the imagination of writers who
The formation of character by elaborate systems
have become famous as novelists. The opium drug of education has long been a purpose with every
has played its part in the history of letters, and both people. Each individual is the result of complexiColeridge and De Quincy are declared to owe much ties in life that defy analysis. True, we refer to
a
to the gorgeousness of the dreams which it produces. man's "bringing up," to his forbears, to his
surBut it remains for a more modern and sober-sided roundings, to his opportunities, as responsibl
e for
science of chemistry to suggest the possibility of his personal character. But in a larger
and more
building character to order by administering chem- important sense, while alchemists and
astrologers
icals. Science has never before gone quite so far in were delving in the Black Art, certain
peoples were
its marvel-producing conjectures, but then, we have formulating some of the most profound
philosophies
never known much about ductless glands until re- the world has ever known. The
thought we are
cently. These small and sometimes hard to locate trying to lead to is this: These
recent "discoveries"
glands have been heralded as the real control of the of modern science are mere bubbles
on the stream
individual. Stimulated to action by the mysterious of Life that began we know not where
and will end
power of chemicals they become, we are told, the we know not how or where. Out of the immaterial
most important agencies in moulding the thoughts world of thought, conscious, subconscio
us or whatand deeds of children and men. If true, poets need ever it may be, man has evolved a scheme conduct
of
no longer be born, they can be made from any stock. by which and through which he hopes
to achieve
We are not disposed to treat this matter lightly, happiness. He can no longer believe that he was
since it is a fact that opium at least has at first a destined to be damned either in this life or the next,
stimulative and then a degenerative effect upon the if there be one. He has come closer to the Infinite
mind. There may be possibilities in this study of and Unknown (God) through an appreciation of his
the influence of chemicals that are now even beyond inner self, his real and potential being, and physical
r
SEPT. 25 1926.]
THE CHRONICLE
1551
science, while a contributing factor to this, has all responsibility in human relations and forget that
played not the most essential part in it.
a due appreciation of the worth of life is i proper
Not science but soul, not chemistry but philos- form of reverence?
ophy, is the key that will unlock the future state of
It is plain common sense to demand that we think
mankind. And while we do not speak of the triviali- on the problem of becoming Godlike in love as well
ties of fundamentalism and modernism, we do see as in power. What kind of a spiritualized religion,
in these arrant and , audacious claims of current take any of the great ones for an example, can we
Science the inculcation of a spirit of irresponsibility hope to produce and perpetuate through chemically
and infidelity dangerous to social life and the human produced character? Is this reducing a tentative
race. For if we may make or mar, or generate or proposition to an absurdity? It may be, and it may
destroy, individuals by these germs and glands and be also that that is where it should stand. But
we
drugs, then there is no such thing as character or think that philosophy is older than chemistry—far
duty, or devotion, or love and happiness, of and as it has had to travel to be worthy the name. And
within ourselves. If we know anything we know it will not add much to a tranquil and peaceful life
that man is not supreme in his own power. If we on earth to blot God out of the Universe by tying
have any real appreciation of the gift of life, even to perform miracles in creation, life and personality,
by our own standards of reason, we know that we by chemically mixing a witch's broth warranted .to
are bound to give thanks, which is a form of worship, produce any kind of character at will.
to the Cause of All. It is by the cultivation of this
The Opening of the Universities—What It
inner, this immaterial nature, we name it spiritual,
Means.
that we progress and come within the circle of the
Infinite Power that gave us being and an earthly its"The university is a place which wins the admiration of the young by
celebrity, kindles the affections of the middle-aged by its
and
habitation. This is the sublime truth that is im- rivets the fidelity of the old by its associations. It is the seat beauty
of wisdom,
a light of the world, a minister of the faith, an Alma Mater of the rising
bedded in and yet transcends all formal religion generation."—Cardinai Mercier.
s.
Science that never bows its head degrades its
No general event is more important than the
very
nature.
opening of the schools for the academic year which
As a social question it is imperative to conside begins with September, and by.the first
r
of October
the sources and unfolding of our common or popular is in full operation in the universities.
The number
thought. A people that rebels against all restrain
t, of students was never so large, and the pressure.of
that acknowledges no superior authority to its own those seeking in vain for admissi
on, especially in
wisdom, will soon come to rebel against all law, the higher institutions, was
never so severe and
even that of its own making. Irresponsibility is not disheartening.
only a product of desire, it may become a product
For this there are two causes. One is the awakenof reason. Science, probing too deeply into the laws ing of young life everywhere as
the result of the
of life, seeking in the physical for the origin of all war; the other that most of
the schools have exerted
things, reveling in its own knowledge of the
un- themselves to the limit to make provision for the inknown, and finding deep under deep yet unexplo
red, creasing attendance of the past few years and, now
comes at last to acknowledge no master but its own when the pressur
e is still at the flood, some institupowers. If "no scalpel ever found a soul," no phys- tions have
been compelled to fix for themselves a
ical science ever found a God. Two of our greates maximu
m, and many have had to close their doors
t
workers in the physical are reputed to be what
we against the crowd, including even applicants who
term infidels or agnostics—Burbank, now dead, and had passed
the required examinations.
Edison, still living and working. Is it not, in time
The question arises: Why this excitement? What
of "turmoil," of "revolt," of "progress," of social does educati
on, especially that in the higher grades,
necessity, that we study the effect of these scientif
ic stand for? The movement is in no sense artificial.
pronouncements on the popular thought that lies It has not been worked up;
it is not local, nor tranbehind manners and customs? Irresponsibility
is sient, nor incidental. It extends in varying degree
the legitimate product of negation.
to all grades of society and all countries. It is comBut irresponsibility does not stand alone. A riot- pelling educators
to face questions concerning the
ous form of living, a madness for pleasure, a think- fundamentals
which have long been dormant but
ing of to-day and its fleeting moments, a spending, now demand attenti
on, and some nations have found
by a frivolous people, must make them careless of it necessa
ry to change their whole system of eduthe general good and the rights of others. It is not cation.
sermonizing to ask that our great investigators in
But we are concerned with the question as it
science think a little on philosophy as well as chem- affects the young people and
their parents. Pracistry. There is such a thing as respecting the ways tically a new generation
faces manhood and womanof Providence. Why, though these chemical agen- hood. What shall that
be? What lines should be
cies to life, health, thought, may or do exist, is it chosen; and what doors
are open? The question of
written anywhere that natural laws must be sup- cost is not
so important. On all sides are found
planted by artificial—that we should cease to grow men from the humble
r walks of life who have secured
foods in the fields and manufacture them in the an educati
on, not infrequently the most highly spelaboratory? Out of thousands of years of endeavor, cialized,
and who are eminently successful. It has
growth, accumulation, industry, we have developed long
been said that any boy who really wants an
a mode of life, an ethics of human relations, a moral education
can get it; and of late in our colleges and
procedure, embraced in the word philosophy, by universi
ties the number of those who receive aid or
which we know rights, duties, responsibilities, and win
scholarships is so great as to be a substantial
which we endeavor to maintain and protect by lib- proportion
of the total attendance.
eral governments, shall we now throw this into the
The question, therefore, to-day comes back for
discard and by chemically produced character, shirk the young to this: Is it worth it? What
does the
1552
THE CHRONICLE
[Wu 123.
opening of the doors of the colleges and universities with a university or older college, as the Tuck School
mean? It is put before them in this way. You are did at the start with Dartmouth; or the universito live; you have desires; life, as well as the doors ties have of late expanded by organizing a great
of the schools ie opening for you; you stand at the variety of departments covering this field. It is
parting of the ways; you can choose. The rule is possible, therefore, to link up the academic work in
exacting; opportunity awaits the fit man; chance various degree with the post-graduate lines, so as
to get the benefit of both in a somewhat shorter
is an illusion.
The Open Door, if you are a man, says which will time than has hitherto been the case. A student can
you have? You certainly want all you can get. now get all, if he will, or, at least, take a large
Shall it be an "augmented livelihood," all you can part of the cultural or what used to be the specific
get of what is outside yourself; or an "enlarged and college course, in anticipation of his further special
ennobling life," making the most of all that is within work, and at the same time secure some sufficient
you, while you do the work which life shall bring, and time-saving preparation for it.
For the father eager for the best education of his
for life has open doors also?
In response to this choice the schools make their son, or the lad desirous of getting his best equipbid; and the answer goes according to one's choice. ment in as reasonably short time as may be, it is
Despite the crowd there are open paths. Doors thus possible to settle in advance his general course,
swing again year after year, and only the men who or at least to secure the benefit of the complete colknow what they want and get ready, when the time lege course before he decides upon post-graduate
comes, go through. The ancient university and the work. The "enlarging and ennobling of life" is
old college with their narrow curriculum and their desirable, whatever the demand for "augmenting
prescribed courses have given place to the new one's livelihood."
America has definitely entered the field of Euroorder. Other schools of high scholarship and quite
business and begun to compete for world marpean
have
They
them.
beside
arisen
have
other courses
created and met a new demand. They have blos- kets. Success will not be determined solely by the
somed into universities of a new type, or they have quality and the price of the merchandise. The
joined the older ones; so that within and without knowledge and the skill of the men producing and
the old walls much that is new is to be found; while selling it counts high. Within the past 25 years
all that was best in the old still remains. The choice schools of high grade to train such men have been
established in the chief European countries. Gerto-day is definite but not too difficult.
What
many has taken the lead and set the pattern. Concourse
advise?
What, then, should fathers
for the business is to be keen.
test
there
are
two.
Primarily
choose?
should the youths
have received an advanced copy of a complete
We
and
school,
high
the
with
stop
to
One is to decide
go to work. The majority of our business men have, and detailed account of the German system in an
either from necessity or by choice, done this, and in article on "Collegiate Education for Business in
every line of business many of the successful and Germany" by Dr. August W. Fehling, booked to
outstanding men are of this class. Their number appear in the "Journal of Political Economy" for
and their success have justified the prevalent talk August. We are glad to call attention to some of
about the necessity of "beginning at the bottom." its main features. It may be accepted as showing
But times have changed. Business is a much bigger, what Europe is doing in this vital direction. Some
broader, more highly developed affair than it has years ago Professor Wendell of Harvard called atlads
been. The broader a young man's education the tention to the marked superiority of the French
our
of
out
coming
boys
the
over
years
17
or
16
the
better
of
his
training,
mental
his
more thorough
of
breadth
understanding of himself, the larger his vision, the preparatory and high schools, in the
with
converse
to
more he is worth. To be only a hewer of wood is their intelligence and their ability
not sufficient. Men of affairs are not picking up men. Before that the merchants of Berlin had or"any old horse" or second-hand Ford. They want the ganized a special training school for their own sons
the
best their money will buy; and they want about them to accomplish a similar result. We now have
movement.
of
the
the
development
of
in every position men who have capacity, and if pos- account
The German high schools taking boys at ten years
sible, a future. The professional schools are comage plan to hold them for nine years, offering
all
of
candidates
ing to require an academic degree of
various courses of study and graduating them
them
and
limitfurther
for admission, and some are going
the grade of the end of sophomore year of
about
at
The
grade.*
pressure
ing admission to men of A or B
They have worked 26 or 27 hours a
colleges.
our
now
can
admit
they
that
for admission is so great
the
first three years and 29 or 30 hours
during
week
their
in
college
maxima
only the best. Magna and
six years. They can then enter the
other
the
during
deThey
value.
market
definite
a
stand have now
wish. Meanwhile the outstandif
they
universities
whatever
the
start,
the
at
s
opportunitie
termine
of
along modern lines was
school
commerce
ing
show.
may
future
in
Cologne, based on a large legacy
The question then becomes: Shall it be college, or opened in 1901
as
banker
its
a
endowment. It was received
a technical or some school of commerce or business from
the
by
with
approval
municipal authorities and had
administration? Most of the higher schools of this
It
immediate
success.
soon 'established a variety
kind have already entered into some form of union
of departments in Governmental and social adminThe Law School
*Harvard, Department of Business Administration,
and in 1919 united with other scientific
who enter the Law istration
does the same. It reports that of the college graduates
in
distinction
the
Law
attained
and
22%
technical
schools in creating a university.
degree
School with an "honor"
School; of those who had the magna degree 40%, and of those who had Frankfort and Hamburg have within a dozen years
men
the
Of
who
had enmasttme, 80% took honors in the Law School.
tered college with conditions, less than 3% took honors in the Law School. taken a similar step and now have each a university
to
the
called
were
only
bar,
who
384
of
that
Oxford University reports
Frank18% of those who had graduated without honors won distinction, while of this kind over against the old universities,
of honor men 48% won distinction, that is 3 to 1 compared with the other fort preceding Cologne by five years in 1914. In
group.
SEPT. 25 1926.]
THE CHRONICLE
1553
scope has been broadened. Some railroad indentures of about twenty years ago authorized the company to issue bonds from time to time at different
coupon rates not exceeding 4%. The post-war
money market which left 7% coupon issues in the
funded debt of such representative properties as the
Atlantic Coast Line, the Great Northern, the Louisville & Nashville and the Pennsylvania has resulted
in more liberal stipulationsin subsequent bond issues.
In some cases thelow coupon rate of an existingfinancing medium may be circumvented by pledging bonds
for collateral note issues above their par value. Or
the procedure followed by the Southern Railway
may. be followed, where 6% and WA% bonds were
sold secured by the development and general mortgage with a specified interest rate of 4%. In these
cases a supplemental indenture was drawn covering
2% additional interest.
the 2% and 21/
Among the bonds that may be selected as covering roughly representative issues of the last twenty
years, we may mention the Chicago Rock Island &
Pacific Railway first and refunding 4s, 1934, dated
1904; the Buffalo Rochester & Pittsburgh Railway
consolidated 4y2s, 1957, dated 1907; St. Louis Southwestern Railway first terminal and unifying 5s,
1952, dated 1912; St. Louis-San Francisco Railway
prior lien 4s, 1950, dated 1916; New York Chicago
& St. Louis Railroad refunding 5y2s, 1974, dated
1924; Wabash Railway general and refunding 5y2s,
1975, dated 1925. All these issues are junior mortgages covering practically all the property operated
or owned, and, generally speaking, they were all
designed to finance improvements and provide a
financing medium for the respective companies. Not
any of these bonds has a general sinking fund, although the New York Chicago & St. Louis and the
Wabash indentures provide that sinking fund payments must be made in connection with any bonds
issued to pay for equipment. The Rock Island 4s,
the Buffalo Rochester & Pittsburgh 4/
1
2s and the St.
Louis Southwestern 5s are not callable; the others
are. Considerable variation is found in the provisions governing the issuance of specific amounts of
bonds for various purposes, but these variations are
largely due to the circumstances under which each
particular issue was prepared and indicate no apparent trend.
Characteristics of Bond Issues—Rail Bonds
However, the features with regard to additional
Follow Established Forms.
issues under the same mortgage are most interesting.
Railroad bonds are the oldest form of corporate The Rock Island 4s were authorized to the extent
obligation with which the investing public is gen- of $163,000,000 and are now outstanding in one way
erally familiar; and their legal provisions have be- or another well up toward the authorized amount.
come fairly standardized. The mortgage forms of Furthermore, the company has been in the courts
ten and twenty years ago continue to be followed trying to rid itself of a burdensome restriction that
without much variation. About the only change is no other mortgage may be placed on the property.
toward a greater latitude for future financing, a The Buffalo Rochester & Pittsburgh 4y2s were augrowing preference being given the more or less open thorized to $35,000,000 and there are now 425,578,mortgage and provisions generally being included 000 outstanding. The St. Louis Southwestern 5s
for different coupon rates, maturities and call prices are authorized at $100,000,000, and so far only
to conform to variations in the bond market. Un- $8,063,000 have been publicly issued. Principal of
usual financing devices—a feature of some indus- coupon bonds is payable in dollars, in pounds stertrial and utility financing since the war—are prac- ling, in Dutch guilders, German marks or French
tically unknown in railroad loans. Apparently francs. These specifications with regard to foreign
there has been little incentive to depart from meth- currencies have practically ceased since the war.
ods that have become well established with the in- The St. Louis-San Francisco Railway prior lien
vesting public and the supervising Government au- mortgage authorizes $250,000,000, of which $144,thorities.
283,875 have been issued at different rates of interThe provision for future series at different coupon est. The New York Chicago & St. Louis refunding
rates is by no means a new arrangement, but its mortgage may be issued at any time to an amount,
1920 Berlin's School of Business Administration
was taken over by the Chamber of Commerce; and
at least eight similar advanced institutions are now
established in German cities, all having some connection with a university either as a regular part or
with the privilege of taking university courses in
law, cultural, and the like.
It is to be noted that at first the merchants, espedaily in Cologne and in Hamburg, having ideas that
are familiar with us, opposed the whole movement,
holding it back some years, because they felt that
years of work, particularly in foreign lands, were
more valuable. This opposition has long gone by.
The fundamental difference between these schools
and the old universities was that they contradicted
the exclusively cultural ideal of the university and
its teaching of science for science's sake. The Department of Economics, for example, in the universities belonged originally to the faculty of Law!
The Department of Economics can now see that its
main task should be training to meet the needs of
business. The universities have with hardly an exception refused to take up the technique of trade,
as it is not recognized as a scientific field. Our
American universities seem to have found it much
easier, as have the English, to adapt themselves to
the new situation. The distinction is not important,
as the choice of opportunity exists there as here.
The German schools differ among themselves in
emphasis on special departments due to local interests. In Cologne it is upon industry and transportation. Berlin and Frankfort lay stress upon banking. All give courses in history, political science,
literature and, of course, always in modern languages. They also offer diplomas for special subjects, taxation, insurance, social service and public
administration. The kind of degree given to graduates is determined by the State, as with all the universities and schools. Cologne and Frankfort are
allowed to give the Doctor's degree, though this is
to-day deprecated by the teaching staffs of the universities and the professional schools.
This is sufficient to show how wide is the door
and how inviting the field that to-day opens before
the new generation, and it is matter of no small
concern for their fathers.
1554
TTTE CHRONICLE
including bonds to retire prior debt, equal to three
times the amount of outstanding capital stock. So
far $35,634,000 of these bonds have been placed publicly. The Wabash Railway general and refunding
mortgage is limited to an amount which with prior
obligations will not exceed one and a half times the
outstanding stock.. After the sale of series "B" 5s
last July, the bonds under this mortgage totaled
$27,500,000. The total bonded debt was $90,244,437
and the capital stock $138,492,967.
Of the bonds under review all except one series of
St. Louis-San Francisco prior liens and the Wabash
general and refunding bonds contain the tax-free
covenant and pay 2% of the normal Federal income
tax. Many issues outstanding before the institution
of the Federal income tax make the payment because
the indenture- provisions were liberal. Thus the indenture of the Buffalo Rochester & Pittsburgh 4/
1
2s
says:
[VoL. 123.
to bear, it will be months before physical order can
be brought out of the present chaos and the ravages
of the hurricane can be made good.
Every great catastrophe carries its lessons as well
as its burden of loss, and the hard experience which
Florida has undergone is no exception to the rule.
Coming as it did at a time when the Florida land
boom had collapsed, and when the closing of a large
number of banks in Georgia is ,still fresh in mind,
there has naturally been a good deal of speculation
regarding the probable effect of the calamity upon
the business of the country generally, as well as
upon that of the region particularly affected. On
this point the action of the stock market, which is
often a barometer in such matters, has been distinctly encouraging, and has seemed to indicate that •
the financial loss, while heavy, is not likely to administer a severe check to business, trade or transportation. It is believed that insurance claims will
The railway company further covenants and agrees that be paid promptly, without the necessity of throwing
said principal and Interest shall be paid without deduction upon the market
any considerable quantity of secufor any tax or taxes which the railway company may be
rities
held
by
the
companies, and that there will be
required or permitted to pay thereon or to retain therefrom
under any present or future law of the United States. ... no reluctance ,in extending credit for rebuilding
where the fundamental credit conditions are sound.
The foregoing is typical of the provisions generReports
of the disaster indicate that while the sea
ally to be found in railroad mortgages put out prior
played
havoc
with waterfront properties and small
to the establishment of the Federal income tax.
craft,
and
added
to other destruction and peril that
Recent provisions are quite specific as regards taxes.
The tendency is to disclaim all liability for Federal of disastrous flood, the larger and more solid buildings, including business structures of the better
income taxes. Yet in its application to list the
modern type, in general withstood the fury of the
Series B refunding bonds on the New York Stock
hurricane.
Most of the buildings that were deExchange, the New York Chicago & St. Louis Railstroyed,
especially
the dwellings, appear to have
road said:
been
of
the
slight
and
temporary construction only
Interest is payable without deduction for any Federal
Income tax (except the excess of the aggregate of any such too familiar in boom towns, and the loss of life was
tax or taxes in any one year over 2% of such interest) undoubtedly greatly swelled by that fact. If the
which the company may be permitted or required to pay new buildings, which are already
planned to replace
thereon or retain therefrom under any present or future
the
old
ones,
shall
turn
out
to
be
of a proper and
law of the United States.
substantial kind, the repetition of such a disaster as
But the Wabash bonds were advertised with "in- Miami and other places
have suffered will be less
terest payable without deduction for any tax or to be feared, dear
as is the price at which the knowltaxes (except any Federal income tax)."
edge will have been gained.
Nothing more distinguishes the American people
than its prompt and unstinted response to calamity
The Florida Catastrophe.
The calamity that burst upon Miami, Pensacola or distress. Within a few hours after the belated
and other parts of the coast and interior of Florida news of the Florida disaster was received, the oron Friday and Saturday of last week was one of ganization of relief on a large scale had been begun.
those events which the law, with mingled reverence The efficient machinery of the Red Cross, apparand mystery, speaks of as "an act of God." Great ently always ready, was set in motion, and railway
as has been the progress in the conquest of nature trains, motor trucks and naval vusels were on their
by man, nature still holds forces which, once they way with doctors, nurses, food, water, supplies and
are let loose, no human power can yet control, and shelter. Within a few hours martial law had taken
against whose violence we have yet learned only im- the looters in hand, and profiteers were warned that
perfectly to guard. In this case the hurricane was the devastated area was no place for them. There
predicted by the Weather Bureau, and every effort, is good reason to hope that, thanks to the promptapparently, was made to warn the region of its ap- ness and generosity with which the resources of
proach, but it was too late then to do much more relief were mobilized, the inevitable suffering and
than await the event. Estimates of the loss in life privation may be reduced to a minimum, and outand property place the number of dead at approxi- breaks of epidemic disease prevented. What has
mately 365, the number of injured at 1,100, and the been done is only a beginning, and there will be
property loss at some $165,000,000. Some 50,000 need for some time of continuing outside aid, as •
persons are reported to have been made homeless. well as of concerted business and financial support
Even these appalling figures, which it is to be hoped in the process of rebuilding, but what the nation has
may be reduced later, are to be supplemented by the begun it will carry through as long as the need
serious losses due to the disruption of business and remains.
transport, the dislocation of all the normal activities of community life and the check to growth and Henry Hazlitt of the "Sun" Forsees Downward
prosperity in the towns that have been devastated
Trend in the Cost of Living.
or destroyed. With all the energy and resource
A downward trend in the cost of living in the next ten years
which a hopeful and determined people can bring was predicted by Henry Hazlitt of the editorial staff of the
SEPT. 25 1926.]
THE CHRONICLE
1555
"Sun," speaking Friday night before the dinner meeting
ports the following further account of the decision from its
the American Statistical Association at the Aldine Club, Washington correspondent:
On the heels of the decision come reports of an impending reorganization
200 Fifth Avenue. Mr. Hazlitt said in part:
the Commission which will have a still further taming effect on its activi"Disregarding minor fluctuations, the weight of probabili- of
ties. The term of Huston Thompson of Colorado, head of the famous team
ties for the next decade is heavily in the direction of lower of Thompson and Nugent, the militant dissenting minority of the Comcommodity prices. On the one hand, the value of goods, mission, will expire on Saturday. Mr. Thompson will not be reappointed,
it is understood. He will be replaced by a conservative Democrat more in
chiefly as aSresult of increasing supply from what promises harmony
with the Administration's attitude toward business.
Mr. Nugent may resign. Many persons believe it would be the ethical
to be a continued advance in productive methods, should
go down. On the other hand, the value of gold, in which thing for him to do in view of this active candidacy on the Democratic
ticket for the Senate against Senator Frank R. Gooding in Idaho. If he
prices are expressed, should, as a result of greater demand for wins the election,
his resignation would follow as a matter of course. Abram
monetary uses, go up. But even if we could calculate these Myers, former Assistant Attorney -General, the newest member of the
elusive physical factors exactly, it would be folly to attempt Commission, took office only recently, succeeding Vernon W. Van Fleet,
who resigned.
to forecast just how far the decline in prices is likely to go.
Thus, the outlook for more harmonious functioning and fewer dissenting
Certainly there is nothing sacrosanct about the 1913 level opinions by the Commission is measurably Improved coincidentally with the
decision radically curtailing
of prices, though the fact that this is given a value of 100 on handing down of the District Supreme Court's
its inquisitorial activities. Undoubtedly, these developments will stir the
most index numbers may lead some of us unconsciously to Insurgents and Democrats in Congress to renewed efforts at the approaching
regard that as the real 'normal,' a sort of economic sealevel. session to abolish the Commission. They made the effort at the last session
on the ground that the trade body was no longer a useful agency of the
There is no sealevel in prices.
Government,from their point of view, but they did not succeed in blocking
"There is no reason, however, why the future decline in the appropriations for the Commission.
prices should not be gradual and mild. It could easily be
Ripley's Argument Answered.
acoompanied by activity and reasonable prosperity in genThe opinion, rendered by Justice Smith, enjoins the Conuoiesion from
eral trade. Indeed, this is precisely what has happened in executing subpoenas directed to the Millers' National Federation at Chicago.
the last year. This last sharp price decline; incidentally, The subpoenas were issued last spring,shortly before the announcement that
the Commission, in compliance with a Senate resolution, would inveetigaze
could very well be followed, in the near future, by a minor the
baking and milling industry, particularly to get facto about the cost
upswing. As in the stock market,so in the markets for com- of bread to the consumer.
Justice
Smith's decision was regarded here as answering the argument of
modities generally, there may be important secondary moveWilliam Z. Ripley, Harvard professor of economics, which caused a flurry in
ments within the major trend. But the forces which we can Wall Street
last month, to the effect that the Trade OsiamlosIon should
now definitely foresee combine to indicate that that major compel greater publicity of the affairs of corporations.
The
language
of Justice Smith's opinion, viewed as haying a direst
trend will be downward."
bearing on Professor Ripley's contention, was as follows:
Among the reasons Mr. Hazlitt gave for expecting greatly
"No mere administrative agency, acting ass'eh, has any right to Invade
privacy of business except as prescribed by law, and then only within
increased production were that the former belligerents of the
constitutional limitations. Indeed, so far as natural persons or private
Europe had not yet returned to the production to be expected corporations are concerned,it is certain that Congress cannot give adminisofficials authority to rummage throu .h papers without their consent
of them, but should do so within the next decade, and that trative
n the hope that evidence may be discovered useful for a public purpose."
present high wages and high labor costs have been stimulatAfter holding two hearings on injunction petitions filed by the millers,
ing efficiency by forcing employers to adopt more economical Justice Smith in his memorandum opinion says that the Federation is entitled to an Injunction to prevent the Inspection of its books and records,
methods and more machinery.
whi h were ordered produced by the subpoenas. The Federation is a nonMr. Hazlitt asserted that the "quantity theory" of money profit organization, it was pointed out, whose membership consists of large
held by many economists as an explanation of price move- milling and baking cone ms in the country.
Infringes Constitutional Rights.
ments had broken down completely since the war. There
"It appearsfrom the bill for injunction," said the opinion of Justice Smith,
was no direct relation, he said, between the volume of gold
if the letters, papers and documents are produced to the Commission
in the United States and the commodity price level,.remark- "that
they will be revealed to the public at the time and place designated by tho
ing that though the country's stock of gold between May of Commission and will be transmitted to the Senate. where they will be pub1920 and July of this year had increased 70%, prices in the lished and made available for inspection y en ery one as a public record.
a publication or revelation constitutes an intrusion on t e privacy
same period had fallen 39%. Similarly, though Federal Re- of"Such
business and an infringement of constitutional rights for which the law
serve notes in circulation increased 83/2% between May 1920 affords no adequate remedy and from that it follows that the intervention
and November of the same year, prices fell an average of of equity is justified.
"Courts, it Is true, will not issue injunctions against administrative offi20%. Between May of 1920 and December of 1925 com- cers
of the Government on mere apprehensions that they will not do their
modity prices dropped 37%, he speaker said, while demand duty according to law, but administrative officers must keep within the
statute
In the exercise of their powers, and if they threaten or seek to do
deposits of Federal Reserve member banks increased 24%.
which is wholly beyond their jurisdiction they will be restrained.
Even when an increase in physical volume of production in something
"Where an administrative agencx seeks, attempts or threatens to do
1924 over 1920 was allowed for, the 37% drop in commodity something beyond its Jurisdiction which will constitute an invasion of
prices was still accompanied by a net increase of 9% in de- property or constitutional rights and threatens to commence criminal prosecutions to compel obedience to its mandates, it may be enjoined from
mand deposits.
commencing such criminal prosecutions. If tie Commission may be rePower of Federal Trade Commission Curbed—Must Not
Give Private Business Affairs Publicity, Supreme
Court of District of Columbia Holds.
The power of the Federal Trade Commission to investigate and give publicity to the private business affairs of
corporations and individuals stands virtually nullified by a
decision on Sept. 23 of the District of Columbia Supreme
Court. Information to this effect is contained in Washington advices to the New York "Evening Post," which re-
strained from bringing criminal proceedings it can hardly be argued that
it cannot be enjoined from exceeding its jurisdiction and doing the things
which would constitute the basis for such criminal proceedings. Even corporations will be protected against the taking of their books and papers by
administrative officers, if no such authority is conferred by statute.
Power Unthinkable.
"The resolution under which the Commission attempted to act did not
authorize the Commission to compel the production of documents or papers
and it is unthinkable that the Senate Intended to clothe the Commission with
power to compel the attendance of witnesses at Chicago from • very part of
the United States and to force firms, partnerships and corp -at I sin the
milling and baking and allied industries to submit their bocri 3
Tete
representatives of the Commission."
The New Capital Flototions in August and for the
Eight Months to August 31.
New security issues during August were on a greatly reduced scale. Being a summer month, the aggregate of the
new flotations in August is nearly always below the average, and the present year the offerings were more than
ordinarily light. The total is well below that for the corresponding month last year, when we reported that the
amount had been the smallest of any month of either 1925
or 1924, excepting only March 1924. With the further
diminution now shown, this year's August aggregate not
only falls below the small total for March 1924, but is
actually- the smallest of any. month of any year since September 1923. Our tabulations, as always, include the stock,
bond and note issuen by corporations and by States- and
municipalities, foreign and domestfc, and also
coin
emissions. The grand total of the offerings of hew securities under these various heads during August reached only
$345,999,259. This compares with $582,279,598 in July;
with $723,549,858 in June; with $660,747,562 in May; with
$635,614,548 in April; with $650,595,075 in March; with
$612,513,614 in February, which was a short month; with
$731,844,584 in January; with $728,179,163 in December;
with $589,119,381 in November; with $506,180,910 in October,,and with $492,022,119 in September.
In August last year, when as already stated, the total of
the new issues was with one exception the smallest of any
month of either 1925 or 1924, the aggregate corning on the
1556
THE CHRONICLE
market was $404,039,397. As compared with even that
month, the present total shows a falling off of over $58,000,000. The amount of the offerings was relatively light, too,
under each of the leading groups, though the amount of foreign Government securities placed was of fairly moderate
proportions. The total of the municipal issues, which until
lately was running in the neighborhood of $100,000,000 a
month, in August reached no more than $64,224,479, which
compares with $83,727,297 in August last year. Furthermore, it happens that an exceptional proportion of the new
issues represented refunding operations, diminishing to that
extent the applications for strictly new capital. The amount
of strictly new capital involved in the August flotations
the present year was no more than $278,242,259. This compares with $301,354,197 in August 1925 and with $331,394,993 in August 1924. It is necessary to go back to August
1923, when the amount was $207,963,498, to find a smaller
total than that now recorded for August 1926.
In the case of new corporate issues in August, offerings
on behalf of industrial corporations led in volume with a
total of $158,930,780. This amount, however, showed a
sharp decline from the previous month's total of $221,778,640. Public utility issues totaled only $69,434,000, which
likewise was a sharp decline from the total of $211,829,480
reported for this group in July, while railroad offerings at
$15,085,000 were well below the total of $40,775,000 recorded
for them in July.
Total corporate offerings in August were, as previously
noted, $243,449,780, and of this amount $179,634,000 comprised long-term issues, $17,309,000 were of short-term
maturity and the remainder, $46,506,780, consisted of stock
issues. The portion used for refunding purposes was no less
than $67,294,500, or over 38% of the total. More than half
this total is accounted for by the two following issues
brought out exclusively for refunding purposes: $30,000,000 Westinghouse Electric & Manufacturing Co. 20-year 5s,
1946, and $9,500,000 National Power & Light Co. debenture
6s "A," 2026. In July $59,748,000, or only about 12%, was
for refunding. In June the amount Was $93,362,700, or
almost 20%. In May the sum was only $12,237,000, or less
than 3%. In April the refunding portion reached no less
than $111,069,770, or slightly over 25%; in March the
amount was $37,168,000, or only about 7%%; in February
$33,095,000, or slightly over 8%, while in January $68,706,575, or 11% of the total, was for refunding purposes. In
August of last year $29,237,000, or 12% of the total, was for
refunding.
The $67,294,500 raised for refunding in August of the
present year comprised $52,743,000 new long-term to refund
existing long-term, $10,815,000 new long-term to refund existing short-term, $334,000 new short-term to refund existing short-term, $465,000 new stock to refund existing longterm, $1,100,000 new stock to refund existing short-term,
and $1,837,500 new stock to replace existing stock.
Foreign corporate issues sold in this country during August aggregated $45,845,000 and comprised the following:
Cariadian-$3,000,000 Montreal Rail & Water Terminals,
Ltd., 1st (c) m. 6%s, 1951, offered at par. Other foreign$10,815,000 United Steel Works Corp. (Germany) 25-year
6%s "C," 1951, placed privately; 256,000 shares of Consolidated Railroads of Cuba 6% cum. pref. stock, offered to
stockholders of Cuba Co. at $40 per share; $5,500,000 Havana Electric Ry. Co. debenture 5%s, 1951, offered at 92,
yielding 6.12%; $5,000,000 of the same company's 6% cum.
pref. stock offered at.par ($100), with a bonus of 6-10ths
of a share in common stock; $5,000,000 Compania Cubana
3-year 6s, Sept. 1 1929, placed at par; 25,000 American Trust
Certificates of Disconto-Gesellschaft (Germany), offered
at $147 60 per certificate, involving $3,690,000, and $2,600,000 Caribbean Sugar Co. 1st mtge. 7s, 1941, issued at 95%,
yielding about 7.50%.
The largest domestic individual corporate offering made
during August was that of $30,600,000 Westinghouse Electric & Manufacturing Co. 20-year 5s, 1946, at 99, yielding
5.08%. Other important industrial offerings were: $10,500,000 Interstate Natural Gas Co., Inc. (Del.), 1st (c)
M. 6s, 1936, brought out at 105, yielding 5.35%, and $9,500,000 165 Broadway Bldg. (Benenson Bldg. Corp.), N. Y. City,
1st (c) M. 5%s, 1951, sold at par.
[vol.. 123:
Public utility issues worthy of special mention were:
$15,000,000 North American Light & Power Co. (Del.) debenture 5%s "A," 1956, offered at 94%, to yield about
5.90%; $9,500,000 National Power & Light Co. debenture
6s "A," 2026, sold at 98, yielding about 6.10%, and $5,000,000 Midland Utilities Co. serial 5s, 1929-31, offered at prices
ranging from 99% to 98%, yielding from 5.17% to 5.30%.
Aside from the issue of Consolidated Railroads of Cuba
6% pref. stock, only two domestic railroad offerings came
on the market in August, namely: $2,670,000 Central RR.
of New Jersey equip. trust 4%s, 1927-41, offered at par,
and $2,175,000 Fruit Growers' Express Co. equip. trust 4%s
"G," 1927-41, offered on a 4.40% to 4.70% basis.
Three foreign Government loans were brought out in this
country during August for a total of $34,000,000. The loans
were as follows: $16,000,000 Republic of Peru external
secured 7%s, due 1956, offered at par; $10,000,000 Republic of Chile 6 months' Treasury 5s, due Feb. 2 1927, offered
at 99%, to yield about 5.25%, and $8,000,00 German Consolidated Municipal Loan of German Savings Banks and
Clearing Association secured Is of 1926, due 1947, offered
at 98, yielding about 7.20%.
Six issues of farm loan bonds amounting to $4,325,060
were brought out during August, the yields on them ranging
from 4.25 to 4.55%.
Offerings of various securities made during the month,
which did not represent new financing by the company
whose securities were offered and which therefore are not
included in our totals, comprised the following: $3,000,000
Erie Steam Shovel Co. 7% cum. pref., offered at par ($100);
280,000 shares of common stock of the same company, offered at $25 per share, involving $7,000,000; 12,000 shares
of Pacific Boiler Corp. common stoek, offered at $12% per
share, and 30,000 shares of Montana Power Co. common
stock sold locally at $75 per share.
The following is a complete summary of the new financing-corporate, State and city, foreign Government, as well
as Farm Loan issues-for August and the eight months
ending With August. It should be noted that in the case of
the corporate offerings we subdivide the figures so as to
show the long-term and the short-term issues separately
and we also separate common stock from preferred stock,
and likewise show by themselves the Canadian corporate
Issues, as well as the other foreign corporate flotations.
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
AND MUNICIPAL FINANCING.
MONTH OF AUGUST.
CorporateDomestic-Long term bonds & notes_
Short term
Preferred stocks
Common stocks
Canadian-Long term bonds & notes_
Short term
Preferred stocks
Common stocks
Other For'n-Long term bonds & notes
Short term
Preferred stocks
Common stocks
Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Possessions
Grand total
New Capital
Refunding.
$
$
52,743,000
334,000
2,937,500
465.000
160,719,000
9,309,000
15,179.500
12,397,280
3,000,000
8.100,000
5,000,000
15,240,000
3,890,000
10,815,000
18,915,000
5.000,000
15,240,000
3,890,000
176,155,280
34,000,000
4,325,000
87,294,500
243,449,780
34,000,000
4,325,000
63,761,979
462,500
64,224,479
278,242,219
87,757,000
345,999,259
Grand total
3,113.144,451
234,619,000
84,625,000
•sion
$
107.976,000
8,975,000
12,242.000
11,932,280
3,000,000
EIGHT MONTHS ENDED AUG. 31.
CorporateDomestic-Long term bonds & notes.. 1,682,948,330
Short term
187,176,895
Preferred stocks
370,287,772
Common stocks
456,784,914
Canadian-Long term bonds & notes_
95,892,000
Othort term
1.250,000
Preferred stocks
4,000,000
Common stocks
990,000
Other For'n-Long term bonds & notes 239,474,000
Short term
19,000,000
Preferred stocks
25,240.000
Common stocks
30,100,740
Total corporate
Foreign Government
Farm Loan issues
War Finance Corporation
Municipal
Canadian
United States Posse
Total.
854,453,229
53.792,000
8,288,000
4 24R 091
Ann
378,691.1702,061,639.500
35,043,000 222,219,895
10,227,500 380,515,272
11,027.575 467,812,489
27,458,000 123,350,000
1,250,000
4,000,000
990,000
10,815,000 250,289,000
25,000,000
6,000,000
25.240,000
33,520,040
3,419,300
482,681,545 3,595.825.996
14,873,000 249,492.000
40,200,000 124,825,000
13,128.547
46.000,000
867,581,776
99.792,000
8,288.000
sea 1252 na9 4 945 504.772
In the elaborate and comprehensive tables which cover
the whole of the two succeeding pages, we compare the foregoing figures for 1926 with the corresponding figures for the
four years preceding, thus affording a five-year comparison. We also furnish a detailed analysis for the five years
of the corporate offerings, showing separately the amounts
for, all different classes of corporations.
1922.
Refunding.
21,196.000
3,561,000
1,393,000
Total.
74,121,400
8.650,000
27,963.000
13,781.720
200.000
26,150,000
124,716,120
6,142,718
69,375.996
32.292.718
84.000
202,676.116
8,500.000
1922.
Refunding.
Total.
470,000
4.878,900
11,440,500
1,500.000
4,641,000
1.030,000
16,600.000
10,000,000
21,196,000
8,102,000
7.000,000
1,000,000
22.600.000
74,121,400
3.561,000
8,650.000
85,000
6,000,000
200,000
3,561,000
8,850.000
1,393,000
5.602,720
4.880,000
2,899,000
a
5.250,000
1.668,000
945,000
1,393,000
4,031,000
1,393,000
4,641.000
85.000
6.000,000
10.000.000
26.150,000
20.500,000
41,744.720
4,878,900
25,693,220
6,380,000
2,899,000
1.000,000
21.850.000
1,668,000
9,247,000
7.000.000
1,000,000
43,100.000
124.716,120
{*9g61 9g u,121S
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE MONTH OF AUGUST FOR FIVE YEARS.
1923.
1924.
1925.
1926.
MONTH OF AUGUST.
New Capital.
Total.
Total.
New Capital. Refunding.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
Corporate—
$
Domestic—
52,925,400
17.387,900 111.602,800
94,214,900
115,068.000
88,899,000 203,967,000
19,137,000 142,732,000
123.595,000
52.743.000 160.719,000
Long term bonds and notes_ 107,976.000
5,089,000
6,88.5,500
4.000,000
7,627,000
2.885.500
7.627.000
350,000
7,760,000
9,309,000
7.410.000
8.975.000
334.000
Short term
27,963,000
9,410,000
21,863,000
9,410,000
22.185,000
18,500,000
3,363.000
300,000
15.179,500
21.885,000
2,937,500
12,242,000
Preferred stocks
12,388,720
5.146,786
16,391.656
5,146.786
15,791.656
42,185.100
12,397,280
600,000
9.450,000
32.735,100
465,000
11.932.280
Common stocks
Canadian—
10,000,000
10.000.000
2.125,000
2,125,000
3.000.000
3.000,000
Long term bonds and notes_
200,000
Short term
Preferred stocks
Common stocks
Other Foreign—
6,000,000
6,000.000
18,915.000
8,100.000
10,815.000
Long term bonds and notes_
22.000,000
24.000.000
22,000,000
24.000,000
5,000.000
5.000.000
Short term
15.240.000
15.240.000
Preferred stocks
3.690,000
3.690.000
Common stocks
98,566.120
21,387,900 133,045.086
111,657,186
211,750.100
92,862.000 287,848,656
194.986.656
29,237,000 240,987,100
67,294,500 243,449.780
176,155.280
Total corporate
40,000.000
48,065,000
40,000,000
8,700.000
28.065,000 20,000.000
8,700,000
34,000.000
34.000,000
Government
Foreign
8,500.000
1.000,000
500.000
1,000,000
500,000
4,325.000
4,325,000
Farm Loan Issues
War Finance Corporation
63.233,278
56,987,954
108,220,267
2.753,642
54,234,312
876,930
83,727,297
107,343,337
80.279,097
3,448,200
64,224,479
462,500
63,761,979
Municipal
10,000.000
10,000,000
70,000,000
70,000.000
Canadian
84,000
2,072,000
2,072.000
125.000
125,000
United States Possessions_:
170,383.398
24,141.542 232,105.040
207.963,498
331.394.993 123,738,930 455,133,923
301.354.197 102.685,200 404.039.397
67.757.000 345.999.259
278.242.259
Grand Total
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE MONTH OF AUGUST FOR FIVE YEARS.
1923.
1924.
1925.
1926.
New Capital.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
MONTH OF AUGUST.
New Capital. Refunding.
$
$
Long Term Bonds and Notes—
4.878,900
25,895,000
25,895,000
111,340,000
77,000.000
34,340,000
19,245,000
19,245,000
4,845.000
4,845,000
Railroads
10,970,500
22,478.900
12,303,900 34,782.800
54,349,000
470,000
45,214.000
15,-671.605 60,851.000 53.879,000
45,604.000
25.354,000 20,250.000
Public utilities
1,000,000
1,500.000
13,000,000
1,000.000
7.029.000
5,971,000
2,500.000
2,500.000
17,715,000
10,815,000
6,900,000
Iron, steel, coal, copper, &c
110,000
110.000
960,000
960,000
500,000
500,000
1.500.000
1,500,000
Equipment manufacturers
1,000.000
Motors and accessories
11.959,000
1,375,000
1,375,000
3.650.000
3.650.000
12,01,000
11,795,000
300,000
37,475,000
7.075.000 30,400,000
Other industrial and manufacturing
24,600,000
10.000,000
19,516,000
5,084,000
4,264,000
5.736.000
5.000.000
5,000,000
10,500.000
10,500.000
Oil
8,017,000
20,240,000
20,240.000
18,568,000
18,568.000
36,428,000
33,228.000
3.200,000
48,220,000
820,000
47,400.000
Land, buildings, &c
1,000,000
150.000
150,000
Rubber
1,000,000
Shipping
12,600.000
3.600,000
3.600.000
8.100,000
7.964.000
136.000
8,238,000
8.238,000
13.625,000
1,273,000
12,352.000
Miscellaneous
52,925,400
17,387,900 111.602,800
94,214,900
131,068,000 88,899,000 219,967,000
19,137,000 144,857,000
116,076.000 63,558.000 179.634,000 125.720,000
Total
Short Term Bonds and Notes—
5,000,000
5.000,000
Railroads
5,089.000
6,400,000
2,400.000
4,000,000
492,000
492,000
28,300,000
27,950,000
350.000
9,390,000
9,390.000
Public utilities
Iron. steel, coal, copper. &c
Equipment manufacturers
Motors and accessories
650.000
650.000
3,300,000
3.300,000
Other industrial and manufacturing
100.000
100.000
Oil
200,000
60,000
60,000
1.935,000
1,935,000
Land, buildings, &c
Rubber
Shipping
485,500
485.500
23.485,000
23.485.000
5,984,000
334,000
5.650.000
Miscellaneous
5,289,000
6,885,500
2,885,500
4.000.000
29,627,000
29,627,000
31,760,000
350.000
31,410.000
17,309.000
334,000
16.975,000
Total
Stocks—
10,240.000
10,240.000
Railroads
5,602.720
6,274.250
6,274.250
19.290,400
17.227,400
2,063.000
22,387,800
300,000
22,087.800
14,440.000
1,100.000
13.340.000
Public utilities
4,880,000
2.332.536
2.332.536
1.750.000
1.750,000
Iron, steel, coal, copper, &c
1,506,000
Equipment manufacturers
Motors and acdessories
5,250.000
1,925,000
1,925.000
4.150.000
1.909,000
2,250.000
20,782,680
8.650,000
12.132.680
9.345.250
465.000
8.880.250
Other industrial and manufacturing
1,668.000
11,844,256
11,844,256
9,447,000
9.447.000
Oil
945,000
1,400,000
1,400.000
500,000
500,000
506.250
506.250
2,472.780
2.472.780
Land, buildings, &c
800.000
800,000
Rubber
3,995,120
3,995.120
Shipping
2.625,000
20.500.000
720.000
2,625.000
720.000
6.451.250
6.451.250
10.008.750
1.837.500
8.171,250
Miscellaneous
40,351,720
14.556.786
38,254.656
14,556,786
3,963,000
34,291,656
64.370,100
9,750,000
54,620.100
46.506.78a
3.402,500
43.104.280
Total
Total—
25,895,000
4,878,900
25,895,000
77,000,000 116,340,000
39,340.000
19.245,000
19.245,000
15.085.000
15.085,000
Railroads
21,662,220
16,303,900 47.457,050
74,131,400
31.153,150
2,533,000
71,598,400
16,287,000 111,538,800
95.251.800
69,434.000
21.350.000
48,084,000
Public utilities
6,380,000
3,332,636
14.750,000
3,332,536
7.029.000
7,721.000
2,500,000
2,500,000
17,715.000
10,815.000
&c
6.900.000
Iron, steel, coal, copper.
1,506,000
110,000
960,000
110,000
960.000
500,000
500,000
1.500,000
1.500,000
Equipment manufacturers
1,000,000
•
Motors and accessories
17,209,000
3.300,000
8.450,000
3,300,000
1,900.000
6,550,000
36.177,680
8,950,000
27,227,680
46.820.250
30,865,000
15.955.250
Other industrial and manufacturing
1,668.000
24,600,000
19.516,000
5,084,000
4.264,000 21,844.256
17,580,256
14,547,000
14,547.000
10,500,000
10.500.000
Oil
9,162,000
21,640,000
19,068,000
21,640.000
19,068,000
36,994,250
52,627,780
3,200.000
33,794,250
820.000
51,807.780
Land, buildings, &c
1,000.000
800.000
150,000
800,000
150,000
Rubber
1,000,000
3,995.120
3,995,120
Shipping
33.100,000
6.710,500
_
6,710,500
32,305.000
136,000
32,169,000
14.689,250
14.689.250
29,617,750
3.444,500
26,173.250
Miscellaneous
98.566.120
I:13.045.0M
21.387.900
657.186
111
287.848.656
92,862,000
194.986,656
240.987.100
243,449.780
211.750.100
29.237.000
67,294.500
securities
176,155.280
Total Corporate
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT FARM LOAN AND
5 MONTHS ENDED AUG. 31
1926.
1925.
Corporate—
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Domestic—
S
$
4
$
$
term bonds and notes 1,682,948.330 378.691.170
2.061,639,500
1,526.753,375
324,663,025
1.851,416.400
term
187,176,695
35.043.000 222,219.695
137,028,750
77580000 214.608,750
Preferred stocks
370,287.772
10,227,500 380,515.272
392,047,585
30.693,500 422,741.085
Common stocks
11,027,575 467,812,489
456,784,914
302.804,989
45,876,910 348,681,899
Canadian—
Long term bonds and notes_
95,892.000
27,458,000 123.350.000
54,495,000
10,050,000
64,545.000
Short term
1,250,000
1,250,000
18,000,000
2,500,000
20,500,000
Preferred stocks
4,000,000
4,000,000
1,000,000
2.600,000
3,600,000
Common stocks
990.000
990,000
2.600,000
2,600.000
Other Foreign—
,
Long term bonds and notes_ 239.474,000
10.815.000 250.289,000
160,900,000
160.900.000
Short term
19.000,000
6,000.000
25,000,000
46,000,000
46,000,000
Preferred stocks
25,240,000
25.240,000
23.000.000
23,000,000
Common stocks
30,100.740
3.419.300
33.520,040
2,925.000
2.925,000
Total corporate
3,113,144,451 482.681,545 3,595,825,996 2,664,954.699 496,563.435 3,161,518,134
Foreign Government
234.619,000
14.873.000
249,492,000
310,831,000
95,000,000 405,831,000
Farm Loan!alines
84,625,000
40,200,000 124.825,000
106,097,100
14,527.900 120,625,000
War Finance Corporation
Municipal
854,453,229
13,128,547
867,581,776
946,401.777 ig,-7/4-.§87 980,196,064
Canadian
53,792,000
46,000,000
99,792,000
38.658,000
94.522,000 133,180.000
United States Possessions_
8,288.000
8,288.000
4,175.000
4.175.000
Grand Total
4,348,921,680 596,883.092 4,945,804 772 4,071,117.576 734.407.622 4 805 525 198
1924.
1923.
1922.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
4
$
$
$
$
$S
$
$Long
286,208,377 1,531.130,660 1,199.952.457 333.626.543 1.533,579,000 1,097.299.035
1,24422.223
2.
446,428.415 1,543,727,450Short
195800
.8
28270000 224153.000
122,345,700
22,916.800 145,262,500
93501000
23,011,000 116,512,000
167,250,327
214,648,847
15,400,223 182,650,550
67,609,839 282,258,686
30,300.000 231,827,600
201,527,600
404.021,079
5,500.000 409.521,079
3,266,760 201,408.874
198.142.114
103,688,332
10.291.625 113,979,957
35.875,000
35,875,000
22,996,600
22,996,600
17,170,000
17,170,000
21,150,000
8,000.000
29,150,000
11,200,000
11,200,000
3.500.000
3.500.000
46.680.000
22,000.000
10.000,000
56,680,000
22.000.000
24.100,000
24.100,000
80,445.000
1,250,000
81,695,000
2,137.781,629
229,005,000
144,400,000
353,378.600 2,491.160.229 1,782,185,718 427,419,942 2,209.605.660 1,608,330,967 511,281,040 2,119,612,007
150,000,000 379.005,000
140,845,000
6,000,000 146,845,000
354,305,000 1 15.000.000 369,305,000
243.118.000
144,400.000
55.032,000 298,150.000
222,340,000
42,000,000 264.340,000
1.004,215,831
39,556.562
6.035,000
3,560.994.022
9,873,088 1,014,088,919
694,304,720
16,650.000
26,308,000
56,206,562
6,035.000
2,851,000
529.901,688 4.090.895.710 2.889,612,438
797,033,279
709,565,710
41,249,679
65,356,650
2.851,000
24,484,000
518,654.611 3,408,267.049 3.071.849.896
15,260,990
14,941,679
819,078.237
168,606.650
24.484,000
693,575,998 3.765,425.899
22.044.958
103,250,000
CHARACTER AND GROUPING OF NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE
EIGHT MONTHS ENDING AUGUST3
FIVE YEARS.
1926.
Refunding.1
925.
1924.
8 M )NTHS ENDED AUG. 31.
1923.
1922.
New Capital,
Total.
New Capital. Refunding.
New Capital. Refunding.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
Lo ng Term Bonds and Notes—
6
$
$
$
$
Railr Dads
$
$
$ ..:
$
$
$
$ ,.
$
$
$
208.901,000
36,055,000 244,956,000
295,133.500 110,719,000 405,852,500
397,649,800
137,238,900
PubllC utilities
269.594,500
534,888.700
397.848,980
26,073.000 295.66r.500
108,223,570 506,072.550
773,979,330 243,808,170 1,017,787,500
582,244,400 137,402,100 719,646,500
493.772.923 105,352,577 599,125,500 330.260,971 164,169.629 494,430.600
Iron, steel, coal, copper, drc
119.721,161
305.639,539
425,360,700
116.081,000
31,884.000
147,965,000
33,150,000
76,612,000
37.496,000
4.346.000
20,148,000
Equi nnent manufacturers
96,760,000 234,743.139
46,806.861 281,550.000
84,560.000
1.750.000
86.310.000
6,799.000
6.799,000
7.800,000
, 5,960,000
7,800.000
Motore and accessories
5,960.000
8,210,000
8,210.000
•
66,000,000
__-_-66,000,000
76,150,000
350,000
76,500.000
4,460,000
Other
8,315,000
'industrial and manufacturing 168.687.000
12,775.000
11,962.000
4,288,000
16,250,000
•
11.650,000
2.500.000
14,150.000
70,746,000 239,433,000
148.849,800
33,735.700 182,585.500
95,329.000
18,699,900 114,028.900 106.171.447
011..
24.757;053 130.928,500
118.535,881
56,464,119 175,000.000
54,515,000
7,935,000
62,450,000
60,400,000
.9.932.000
73,900,000
13,500,000
4,278,000
Land, buildings, &c
14,210,000
58,016,000
30,084,000
88,100.000
43,149,300
108.220.700
151,370,000
420,316.000
19,347,000
439,663,000
410,034,900
163,282,500
19.418.000 429.452,900
790.000 164,072.500 130.849,000
Rub er
1,250,000 132,099,000
95,389,000
8.530.000 103,919.000
1.750,000
1,750,000
34,500,000
34.500,000
400,010
Ship ling
400,000
1,335.000
665,000
2,000,000
3,600,000
26.200,000
29,800,000
6.900,000
6,900,000
3,259,775
4,-3-1-5-;225
7,575,000
3,800,0003.800.000
2.568,000
dlaneous
107,000
2,675,000
19,110,000
20,610,000
1.500.000
191.994,000
6.581.000 198.575,000
90,626.000
76.279.000
10,927.000 101,553,000
1.W6-666
77,665,000
93.339,000
115.431.335
35.426.000 128.765.000
14,568,865 130.000,20C
rotal
2,015,922,330
416,356,170
2,432,278,500 1,742,148.375 334,713,025 2,076.861.400 1.327.477.223 296,208,377 1,623,685,600 1,247,049,1/57 333.626.542 1,580,675,600 1,194,914,035 447.678,415
Sl ort Term Bonds and Notes—
1,642.592.450
Raikcads
6.500,000
16,000,000
22,500.000
24,500,000
400,000
24,900,000
54.050,000
19,000.000
PubliC utilities
9,087,500
73,050.000
9,087,500
32,351.800
3,000.000
35.351,800
59,050.000
11,725.000
70,775,000
90,620.000
26,980,000 117,600.000
85.038,000
Iron, steel, coal, copper, &c
13.420,000
98,458,000
33.652.200
45.165,000
11.512.800
18,245.000
20.011,000
38,256.000
6,000.000
6,000,000
20.265.000
22,765,000
1,675,000
2,500.000
-650.000
Equipment manufacturers
2,325.000
9,850,000
9,850,000
404,200
404,200
1,150,000
1,000,000
1,150,000
MotcIn and accessories
1,000.000
830,000
830.000
,13.210.000
200,000
13,410,000
9.000.000
Oth r industrial and manufacturing
9,000,000
15,496,000
9,604.000
25.100,000
16.700.000
16,700.000
43,400.000
5,750,000
49.150,000
17,618.750
___
17,618.750
2.560.000
3,200.000
011_ .
5,760.000
3.000,000
1,800,000
500,000
4,800.000
500.000
12,966,000
7,034,000
20.000,000
16,600.000
66,800.000
50,200,000
53,500,000
Lan .. buildings, &c
53.500.000
44,814,000
44.814,000
30,400.000
30,400,000
16.256.500
16.256,500
18.450,000
2.925,000
18.450,000
Rub Dot
2,925,000
1.080,500
1,080,500
2.385.000
2,385.000
32,250,000
32.250,000
Shin ?big
500.000
500,000
5.000,000
5,000,000
Mi ellaneous
1,000.000
1.000,000
215.000
- 215-,66
20 2%4,195
334.000
20,628.195
6,825,000
6,825,000
29.285.000
29,285.000
3.535.500
3.500.000
3,535,500
3,500.000
Total
210.426,695
41,043,000 251,469.695
201,028,750
80,080.000 281.108.750
239,033,000
. Stodes—
36,270.000 275.303.000 122.345,700
22.916.800 145,262.500
23,011,000 127,712,000
104.701,000
Raft'owls
10,240.000
10,240,000
26,823,737
26,823,737
Pub lc utilities
300.000300,000
10.929.600
--------10,929,600
_
385.948,882
7,714.300 393.663,182
322.843,015
20,662.500 343,505,515
381,027.389
0-76-,666
. 134,462,386
11.355.223 392,382,612 123.776.386
11-,Iron. steel, coal, copper, &c
106,311,670
26.318,625 132,630,291
36.675,000
36,675,000
12,890,000
15,484.160
12,890.000
15,484,160
Equ pment manufacturers
28,012,246
4,896,760
32,909,006
31,936,250--- -_
31,936.250
5,628,500
5,628,500
662.500
662,500
MotDrs and accessories
4.006,000
1.3-93.000
5,399,000
41,220.650_
41,220,650
99,159.000
1,110.000 100,269,000
3,227,000
200,000
3,427.000
19,155.325
1,335.000
Oth c industrial and manufacturing 121,107,642
20,490.325
11,525,000
11,525,00(
1i,122,
133,230,217
126,562.851
16,428.000 142,990,851
011_
61.340.600
16,959.149 135,068,332
118,109,183
9.345.000
70,685.600
44,679,002
4,900.000
40,579,001
102,287.140
2,800,000 105.087,140
37,176,788
40.504.910
77,681,698
55.390,968
55,390,968
Lan 1. buildings. &c
50,249,013
984.690
51,233.703
41,820,410
7.98,0,000
49,800.410
34,506,480
34.506,480
23,662,750
120.000
23,782,750
7.143.357
7.143,357
Rub ber
10,348,000
5.480,000
10,348,000
5,480,00(
1,464.537
1,464,537
750.000
1,550.000
800.000
1,600,000
1.600,000
350,000
350,000
4,175,000
4,175.004
Ping •
6,245,120
6,245,120
ellaneous
147,716.595
2.645,500 150.362.095
92,488,050
2.145.000
94.633.050
18,571,695
18,571.695
62,490.808
35.625.000
47.853.000
98,115.808
47.853.00(
Total
886,795,426
25,282.375 912.077.801
721.777.574
81,770,410 803.547,984
571,271,406
Tcktal—
20.900,223 592,171,629 412,790,961
70,876,599 483,667.560
308.715,932
40,591.625 349.307,551
Raft•oacis .
225.641,000
52.055.000 277,696,000
319,633,500 111,119,000 430,752,500
478,523,537 156,238,900 634,762.437 278,982,000
26,073,000 305.055,000
Public utilities
441,130,380 111,223,570 552,353.95(
1.218.978.21
263,247,470
1,482,225,682
995,707,415
1,180,752.015
185,044.600
959,838,312 130.127,800 1,089,966,112 487,689,557 186,758.429 674,447,986
Iron. steel, coal, copper, /cc
430,196,209 166,050,786 596.246,991
158.756.000
31.884,000 190,640,000
66,305,000
6,846.000
20,798.000 114,569,160 272,605,385
93.771.160
73,151,000
Equlpment manufacturers
51,703,621 324,309,006
116,900.450
1,750,000 118,650,454
12.427,500
12,427.500
8.950,000
8.950,000
7,622,500
______
7.622,500
Mob3rs and accessories
9,040,000
______ _
9,040,000
4,006,000
1,393,000
5,399,001
120,430,650
200,000
120.630.650
175,309,000
1460,000 176,769,000
25,202,000
8,515,1116
16.687,000
Oth r industrial and manufacturing 333,194,642
46,613.325
61,840.325
15,227,000
39.875,000
2,500,000
42,375.00(
88,618,575 421,813.217
50,163,700 343.195,101
293,031.401
31,244.900 190,474.500 227.280.630
159.229.600
011
43,516.202 270,796.832
163.714,883
61.364,119 225,079,00!
167768,140
17,769,000
187,537,140
114,176,788
104.204.910
4,278.000
118.822.968
218.381.698
123,100.968 153.079.013
Lan I, buildings, &c
31.068,690 184,147.703
115,369.710 116,200.700 231,570,414
471.078,980
19.347.000 490.425.980
452,147.650
19,538,000 471.685,650
173,350.857
790.000 174,140,857 142,277.500
Rub Der
1,250.000 143,527,500
103.254.000
8,530,000 111,784,004
35.464.537
35.464.537
35,250,000
800,000
36,050,000
2.000.000
2,000,000
Ship ping
665.000
1,685,000
2,350,000
7.775,000
26,200,000
33.975,004
7,400,000
7,400,000
14.504,895
4.315.225
18,820.120
3.800,000 •
3,800,000
Mcellaneous
107,000
3,568.000
3,675,000
19,325,000
1,500,000
20,825,004
360,004,790
9.560.500 369,565.290
189,939.050
13.072,000 203.011.050
124,135,695
1,386.000 125,521,695 159.365,308
71.051.000 230,416.308
166,784.33.5
14.568,865 181,353.204
Tcotal corporate securities
3.113.144.451 482.681.545 3.595.825.996 2.664.954.699 406.583.435 3.1fi1 .51l.134 2.137.783.R20 353.37R.600 2.401.150.220 1.7R2_1 R5.71R 427.410.042 2.200_6n3.aan Efins.3n0_067 511 .2R1 .1140 2.110.1112.M'
1559
THE. CHRONICLE
SEPT. 25 1926.]
DETAILS OF NEW CAPITAL FLOTATIONS DURING AUGUST 1926.
LONG-TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Purpose of Issue.
Amount.
Railroads2,670,000 New equipment
2,175,000 New equipment
Price.
100
1100.097
1 97.864
To Yield
About.
Company and Issue, and by Whom Offered.
%
4.50 Central RR. of New Jersey Equip. Tr. 45s, 1927-41. Offered by Blair & Co., Inc.
4.401 Fruit Growers Express Co. Equip. Tr. 4345 "G", 1927-41. Offered by Guaranty Co. of N. Y. and
Halsey, Stuart & Co., Inc.
4.70f
4,845,000
Public Utilities500,000 General corporate purposes
97
98
2,000,000 Acquisitions: other corp. purposes_
100
969,000 Capital expenditures
100
92
200,000 Additions & improvements
5,500,000 Acq.street railway properties
300,000 General corporate purposes
9831
3,500,000 Addns., extensions, hunts., &c
98
385,000 Extensions, betterments, Ac
100
9,500,000 Refunding
98
3,000,000 New construction: gen. corp. purp.
99
15,000,000 Refunding; working capital,
9434
4,750,000 Refunding
98
6.30 Central Public Service Co. Coll. Tr. 68 "A," 1940. Offered by Thompson, Ross & Co., Inc. and
F. H. Blakely & Co.
6.20 Electric Public Service Co. Secured 65 "B," 1941. Offered by R. E. Wilsey & Co., Inc., Stanley
& Bissell, Inc. and Henry D. Lindsley & Co., Inc.
Allyn & Co., N.Y. and Harper
6.00 Florida Public Service Co. 1st M.65 "B, 1955. Offered by A.
& Turner, Philadelphia.
6.00 Florida Telephone Corp. 1st M. 65, 1945. Offered by R. F. DeVoe dr CO., N. Y.
6.12 Havana Electric Ry. Co. Deb. 5345, 1951. Offered by Speyer & Co., J. & W. Seligman & Co.,
Hemphill, Noyes & Co. and Otis & Co.
5.25 Houston (Tex.) Gas & Fuel Co. Ref. & Imp. (now 1st) M. 5s, 1932. Offered by Harris Trust &
Savings Bank, Chicago.
5.65 Jersey Central Pr. & Lt. Co. 1st M. & Ref. 5345 "A," 1945. Offered by E. H. Rollins & Song.
Blyth, Witter & Co., Eastman, Dillon & Co., Federal Securities Corp. and H. M. 13yllesby &
Co., Inc.
6.50 Los Angeles Water Service Co. 1st M. 6348 "A," 1946. Offered by Southwest Bond Co.. Los
Angeles.
6.10 National Pr. & Lt. Co. Deb. 68 "A," 2026. Offered by Old Colony Corp., W. C. Langley & Go.,
Bonbright & Co., Inc., Tucker, Anthony & Co., Jackson & Curtis, Hale, Waters & Co., and
Toerge & Schiffer.
6.10 The Nevada-California Electric Corp. Deb. 68, 1941. Offered by Spencer, Trask & Co., Blytb,
Witter & Co., International Trust Co., Denver, Boettcher & Co. and United States National
Co., Denver.
5.90 North American Lt. & Pr. Co. (Del.) Del. 534s "A," 1956. Offered by E. H. Rollins & Sons.
Marshall Field, Glore, Ward & Co., Spencer, Trask & Co., Blyth Witter & Co., Illinois Merchants
Trust Co., Chicago and J. G. White & Co.., Inc.
5.10 Public Service Co. of Oklahoma 1st M. 55 "C," 1961. Offered by Halsey, Stuart & Co., Inc..
A. B. Leach & Co., Inc. and Hill, Joiner & Co., Inc.
C.
45,604,000
Iron, Steel, Coal, Copper, &c.
400,000 Additions & improvements
1,600,000
1,500,000
3,000,000
10,815,000
400,000
98
6.24 Buck Mountain Coal Mining Co. 1st (closed) M. Leasehold 68, 1938. Offered by Graham Roberta
& Co., Phila.
Placed privately Elk Hill Co. 10-yr. 75, 1936. Placed privately with Hanover National Bank, N. Y.
100
7.00 North Butte Mining Co. 1st M. Cony. 7s, 1936. Offered by company to stockholders.
Placed privately Scranton Coal Co. 10-yr. ys, 1936. Placed privately with Hanover National Bank, N. Y.
Placed privately United Steel Works Corp. (Germany) 25-yr. 6345 "C," 1951. Offered by Dillon, Read & Co.
96
7.55 Wet Branch Mining Co., Inc. of Del. lot (closed) M. 78, 1941. Offered by Searight & Co., Inc..
N. Y.
Acquisitions, impts.; wkg. cap_
Development of property
Acquisitions, impts.; wkg. cap.
Refunding
Acquisitions, equipment, &c
17,715,000
Equipment Manufacturers1,500,000 Finance lease of equipment
Other Industrial & Mfg.
500,000 New plant
400,000 Capital expenditures
igg.tg
ioo
250,000 Pay off mtge. debt; working cap_
600,000 Refunding; addns. & impts
97
___
*800,000 Capital expenditures
100
1,500,000 Acq. of Downing Co., Inc
2,150,000 Acq. predecessor Co.; taints., &c_
300,000 Acquisition of property
75,000 Working capital
500,000 Additions & betterments
30,000,000 Refunding
400,000 Refunding; retire fltg. debt
98
9934
100
100
9434
99
37,475,000
Olt10,500,000 Acquisitions; constr. of pipe line__ 105
Land, Buildings, &c.500,000 Acq. property; construct bldg-- -- 100
4.8)1 General American Tank Car Corp. Equip. Tr. 4348, Series 16. due 1928-36. Offered by Drexel
& Co. and Chas. D. Ba ney & Co.
5.001
4.50-6.00 Abingdon Sanitary Mfg. Co. 1st (closed) M.65, 1926-33. Offered by Union Trust Co., Chicago.
7.00 Buffalo Electro-Chemical Co., Inc. 1st (closed) M. 75, 1941. Offered by Schoeilkopf, Hutton &
Pomeroy, Inc., Buffalo.
6.70 Castle Braid Co. 1st M.6345, 1946. Offered by Paton & Co., Inc.
5.00-6.25 Ewauna Box Co.(Klamath Falls, Ore.) 1st (closed) M.68, 1927-38. Offered by Lumbermens Tr.
•
Co. and Minnesota Loan & Trust Co.
6.50 Federal Portland Cement Co., Inc. 151 M. 6348, 1941. Offered by Manufacturers & Traders
Trust Co., Buffalo, Howe, Snow, & Bertles, Inc., Det., O'Brian, Potter & Co.. Baker. Trubee
& Putnam, Inc. and VI tor, Common & Co. Inc., Buffalo,
6.75 Gillicaa Co., Inc.(New Orleans) Deb. 634s, 193d. Offered by Whitney-Central Trust ds Savings
Bank, Canal Bank & Trust Co., Marine Bank & Trust Co., Watson, Williams & Co., Eustis
& Jones, Moore-Hyams & Co., Inc., New Orleans and Rogers, Green & Jones, Inc., Laurel, Miss.
6.04 Hawley Pulp & Paper Co. 1st M. 6s, 1946. Offered by Blyth, Witter & Co.
6.50 Leslie Co. (Lyndhurst, N. J.) 1st (closed) M. 6548, 1941. Offered by Schluter dr Co., Inc., and
Vought & Co. Inc., N.Y.
7.00 M. & H. Valve &'
Fittings Co. let M. 78, 1927-41. Offered by Ward, Sterne & Co., Birmingham,
Ala.
7.20 Martel Mills, Inc. 1st M.6348 "B," 1937. Offered by Peabody, Houghteling & Co., Inc.
5.08 Westinghouse Electric & Manufacturing Co. 20-yr. 58, 1946. Offered by Kuhn, Loeb & Co.
5.12-6.27 White Pine Sash Co. 1st M. 65, 1927-37. Offered by Union Tr. Co. and Ferris & Hardgrov a,
Spokane, Wash.
5.35 Interstate Natural Gas Co.,Inc.(Del.) 1st (closed) M.68, 1936. Offered by Jesup & Lamont, N.Y
6.00 (Earle C.) Anthony, Inc. 1st Mtge. 68, 1938. Offered by Hunter, Dulhi & Co., Schwabacher
& Co.d Dean & Co.
2,200,000 Improvements to property
100
6.00 (Harold L.) Arnold,Inc.(Los Angeles) 1st M.65, 1929-41. Offered by Security Co., Los Angeles.
150,000 Finance construction of apartment 101-100 6.44-7.00 The Astor Apts. (Los Angeles) 1st (closed) M. 7s, 1928-36.. Offered by Ralph G. Wolff Co.,
Los Angeles.
150,000 Finance construction of apartment 100
7.00 Auditorium Apts. (Seattle) 1st Mtge. 78, 1928-38. Offered by W. D. Comer & Co., Seattle.
100,000 Provide funds for loan purpose___
100
6.00 Bankers Mortgage Bond Co. (Birmingham, Ala.) 1st Mtge. Coll. 68 "J", 1931-36. Offered by
Ward, Sterne & Co., Birmingham, Ala.
150,000 Real estate mortgages
6.50 Beatrice Apts.(Chicago) 1st Mtge. 6345, 1928-36. Offered by Gerard & Co., Chicago.
100
335,000 Finance construction of building
6.00-6.50 Blackstone Mansions Bldg. Corp. (Chicago) let Mtge. 6348, 1928-38 .Offered by the arena
Bros. Co., Chicago.
95,000 Finance construction of apartment 100
6.00 Boston Court Apts. (Detroit) let Mtge. Senior Series 68, 1928-36. Offered by Guaranty Trust
Co., Detroit.
3,000,000 Acquisition; Improvements
99
6.10 Budd Realty Corp. 1st & Ref. Mtge. 68, 1941. Offered by Lee, HIgginson & Co., Brown Bros. &
Co. and Townsend, Whelan & Co.
1,750,000 Real estate mortgage
5.55-6.25 City Hall Square Bldg. Corp. (Chicago) lot Mtge. 6315, 1928-41. Offered by Greenebaum.Soni
Inv. Co., Chicago.
500,000 Finance construction of apartment 101-100 6.43-7.00 Cliff Haven Apts.(Oak Cliff, Dallas, Tex.) let Mtge 75, 1928-32. Offered by G. L. Miller & Co.;
Inc., New York.
1,000,000 Finance construction of hotel
5.50-6.50 Edgewater Gulf Hotel Co. (Biloxi, Miss.) 1st Mtge. 6345, 1928-40. Offered by the Union Trust
260,000 Finance construction of apartment 100
320,000 Refunding
205,000 Finance completion of building._ _
1,220,000 Finance construction of apartment
850,000 Real estate mortgage
425,000 Finance construction of apartment
1,750,000 Finance construction of building_ _
265,000 Finance lease of property
575,000 Finance construction of building
1,750,000 Finance construction of building
100,00
Provide funds for loan purposes
1,100,000 Finance construction of apartment
450,00 Additions and impts, to property_
3,600,00
325,000
600,000
225,000
220,00
Real estate mortgage
Finance construction of hotel
Finance construction of building
Improvements to property
Finance construction of building._
225,000 Finance construction of building
170,000 Finance construction of apartment
210,000 Retire outstanding debt
500,000 Finance construction of building
365,000 Finance completion of apartment_
125,000 Improvements to property
1,500,000 Acquisition of properties
110,000 Finance construction of hotel
8.00 El Cid Apts. (West Palm Beach, Fla.) 1st Mtge. 85, 1926-35. Offered by Palm Beach Guaranty
Co., West Palm Beach, Fla.
6.50 Elysia Homes Co. (Det.) 1st Mtge. 6345, 1927-34. Offered by Fenton, DRAB & Boyle, Detroit.
5.00-5.85 First Church of Christ Scientist (Louisville, Ky.) 1st Mtge. 65, 1927-37. Offered by Mbagssippl
Valley Trust Co.. St. Louis.
100
6.50 534 Stratford Bldg.(Chicago) let Mtge,6145, 1928-38. Offered by Geo M.Forman Co., Chicago,
6.25-6.50 Forrest Hills-Ricker Hotel (Augusta, Ga.) 18t Mtge. 6348, 1928-38. Offered by Adair Realty &
Trust Co., Atlanta, Ga.
5.70-6.00 Gates Circle Apts. (Buffalo) 1st Mtge. 6s, 1927-36. Offered by S. W. Straus &Co., Inc.
ioo
6.50 Great Lakes Terminal Warehouse Co., Inc. (Detroit) 1st (closed) Mtge 6348, 1941. Offered
by A. C. Allyn & Co., Inc. New York.
5.00-6.00 (Myron) Green Bldg. Co.(K. C., Mo.) let Mtge. Leasehold 6s, 1927-46. Offered by Stern Bros &
Co. Kansas City, Mo.
___
6.25-6.50 Griswold Hotel (Cleveland) let Mtge. Leasehold 634s, 1929-38. Offered by S. W.Straus & Co..Ino.
100
6.00 The Halle Bros Realty Co.(Huron Prospect Property) 1st Mtge. Leasehold 6s A, 1928-46. 01fered by Hayden, Miller & Co. and the Union Trust Co., Cleveland.
5.00-5.75 Hibernia Mortgage Co., Inc. 1st Mtge. Coll. Trust 65 "H", 1927-32. Offered by Hibernia Securities Co., Inc., New Orleans.
100
7.00 Holbrook Hall(Mt. Vernon, N. Y.) 1st Mtge. 78, 1928-38. Offered by G.L. Miller & Co., Inc.
5.25-6.00 Home Mission Board of the Southern Baptist Convention 1st Mtge. 6s, 1927-41. Offered by
Stix & Co. and Lorenzo E. Anderson & Co., St. Louis.
100
5.50 Hotel mangor (Seventh Ave. Hotel Corp.) N.Y. City 534% Guar.Prudence Certificates, 1928-36.
Offered by the Prudence Co., Inc.
101-100 .-7.00 Hotel Newburgh (Newburgh. N.Y.) 1st M.78, 1928-32. Offered by G. L. Miller & Co., Inc., N.Y
6.07-6.50 (The) Huron (Chicago) let Mtge.(3)4s, 1929-38. Offered by Greenebaum Sons Inv, Co., Chicago.
160.48-100 6-6.50 Kenwood Park No.3(Detroit) 1st Mtge.6348, 1927-36. Offered by Backus,Fordon & Co., Detroit
100
6.50 Keystone Bldg. (Sc, Louis) 1st Mtge. Leasehold 634s, 1928-36. Offered by G. L. Miller & CO..
Inc., New York.
100
6.00 Liles Bldg. (Anniston, Ala.) 1st Mtge. 6s, 1928-37. Offered by Caldwell & Co., Nashville, Tata.
100
6.00 Malden Apts.(Detroit) 1st Mtge. Senior Series 68, 1928-36. Offered by Guaranty Tr. Co., Detroit.
100
5.00 Mercy Hospital (Des Moines, Ia.) Sisters of Mercy of Council Bluffs, Ia. 1st (closed) Mtge. 5.5,
1928-56. Offered by Harry H. Polk & Co., Inc. and Des Moines Natl. Bk., Dee Moines, Ia.
6.00-6.50 Michigan-Colfax Realty Co.(South Bend, Ind.) lot Mtge. 634s, 1928-36. Offered by the Strati
Bros Co., Chicago.
100
6.50 midway-Woodlawn Apts.(Chicago) 1st
Mtge. 634s, 1928-36. Offered by Gerard & Co., Chicago.
100
6.50 Montezuma College(Las Vet as, N.M.)1st Mtge.6345, 1929-40. Offered by the Canal Bank & Trust
100
t1001-9955
1 Morgan Properties Co. lot Mtge. 6a, 1927-41. Offered by Union Trust Co., R. V. Mitchell & Co.
5.22-6.051i
and Hayden, Miller & Co., Cleveland.
6.50-7.00'mount Vernon Hotel Co.(Mt. Vernon, Wash.) 1st Mtge. 75, 1928-36. Offered by Marine Na I.
I
co., Seattle. Wash,
1560
THEI OIEROITICLE
Amount.
To Yiela
About.
Price.
Purpose of Issue.
550,000 Finance construction of stadium__
[Vox.. 128.
Company and Issue,rand by Whom Offered.
100
6.00 Multnomah Amateur Athletic Club (Portland, Ore.) lot Mtge. 6s, 1946. Offered by Ralph
Schneeloch Co., Seattle, Wash.
6.00 Oakland Mortgage & Finance Co. Coll. Tr. 6s B. 1931-36. Offered by Dean, Witter & Co. and
500,000 Provide funds for loan purposes__ 100
Mitchum, Tully & Co.
5.50 165 Broadway Bldg. (Benenson Bldg. Corp.) N. Y. City 1st (closed) Mtge. 5340, 1951. Offered
100
9,400,000 Real estate mortgage
by P. W. Chapman & Co., Inc., Blyth, Witter & Co., E. H. Rollins & Sons, White, Weld &
Co. and Pearsons-Taft Co.
5.50 Pantlind Hotel Co. (Grand Rapids, Mich.) 1st Mtge. 5348, 1946. Offered by Howe. Snow ec
1,650,000 Working capital; retire cum dt.,&c 100
Bertles, Inc., First Natl. Co. and Security Trust Co., Detroit.
5.50 Plaza Lane (Bklyn, N. Y.) Guar. lot Mtge. 534% Certificates, 1927-36. Offered by New York
4350,000 Finance construction of apartment 100
Title & Mtge Co., New York.
• 6.50(The) Potter Co-operative (1958 Valejo St., Inc.) 1st (closed) Mtge. 6348, 1929-42. Offered by
225,000 Finance construction of apartment 100
Bradford, Kimball & Co., San Francisco.
1,500,000 Real estate mortgage
5.50-6.00 President Apt. Hotel (Atlantic City, N. J.) 6% Guar. Prudence Certificates, 1927-36. Offered by
the Prudence Co., Inc., New York.
550,000 Finance construction of apartment 100
5.50 Prospect Lane(Bklyn, N. Y.) Guar. lot Mtge. 534% Certificates, 1927-36. Offered by N. Y. Title
& Mtge. Co.
.
130,000 Finance construction of building 101-100 6.43-7.00 Realty Commerce Bldg. (Winter Haven. Fla.) 1st Mtge. 75, 1928-32. Offered by G. L. miller
& Co., Inc., New York.
205,000 Real estate mortgage
6.00 Ruth Manor Apts. (Chicago) 1st Mtge. 6s, 1928-36. Offered by Chicago Trust Co.
100
325,000 Finance construe. of theatre bldg._ ___
6.00-6.50 Saenger Realty Corp., Inc. (Saenger Theatre, Mobile, Ala.) lot Mtge. 6348, 1928-41. Offered
by Hibernia Securities Co., Inc., New Orleans.
•100,000 Finance construction of building
100
6.50 Santa Monica Elks Home,Inc. 1st Mtge. 63.5s, 1941. Offered by G. Brashears & Co. and Howard
G. Ruth Co., Los Angeles.
6.00 Southern Commercial Bldg. Inc. (Lafayette, La.) let Mtge. (is. 1927-39. Offered by Marine
100,000 Finance construction of building_ 100
Bank & Trust Co., New Orleans.
100
6.50 Southern Dairies Bldg. Co. 1st Mtge. 6348, 1927-36. Offered by Caldwell-Garber Co. Birming85,000 Finance construction of building
ham, Ala.
6.00 Stanley Apt. (Det.) 1st M.Senior Series 6s, 1928-36. Offered by Guaranty Trust Co. of Detroit.
80,000 Finance construction of apartment 100
6.50 Sun Realty Co. (Los Angeles, Calif.), (Seventh St. issue "Roosevelt Addition") 1st Mtge,
100
1,000,000 Finance construction of building
Leasehold 634s, 1945. Offered by Union Bank & Trust Co., Los Angeles, E. H. Rollins & Sons.
Hunter, Dulin & Co. Alvin It. Frank & Co. and Ca q, Howard & Sanford, Los Angeles.
100
6.50 Superior & Ninth Business Block (Walnut Improvement Co.), Cleveland 1st Mtge. 634s,
500,000 Finance construction of building
1928-36. Offered by Geo. M. Forman & Co., Chicago.
100
6.50(Wm. S. and John H.) Thomas, Inc. (Detroit) 1st M.634ii, 1936.'Offered by Otis & Co., Union
525,000 Refunding; Improvements
Trust Co. and Benjamin Da-sard A; Co., Detroit.
___
6.00-6.50 351-359 West 42nd St. Hotel (New York) 1st Mtge. 634s, 1928-41. Offered by American Bond
1,000,000 Finance construction of hotel
& Mtge. Co., Inc.. New York.
6.50 211 East Delaware Place Apts. (211 'ast Delaware Place Bldg. Corp.), Chicago 1st Mtge,
525,000 Finance construction of apartment 100
634s, 1929-38. Offered by Fidelity Bond & Mtge. Co., Chicago.
5.00 Ursullne Convent and Academy (Oakland, St. Louis County, Mo.) 1st Mtge. 55, 1928-42.
100
150,000 Real estate mortgage
Offered by Mississippi Valley Trust Co., St. Louis.
6.50 Valencia Apts. (Chicago) 1st Mtge. Om 1928-34. Offered by Garard & Co., Chicago.
250,000 Finance construction of apartment 100
___
6.00-6.50 Wright Bldg. Corp. (Chicago) 1st M. 63.48. 1929-36. Offered by the Straus Bros Co.. Chicago.
170,000 Finance construction of building
5.00-5.25 Wurzburg Realty Co. 1st M.5345, 1928-46. Offered by Old National Co., Grand Rapids, Mich.
___
275,000 Finance completion of buildings
48,220,000
Rubber150,000 Working capital; other corp. purp_ 100
Miscellaneous1,500,000 Refunding; acquisitions
75.000 Development of business
2,600,000 Retire existing debt
98
100
9535
550,000 Acquire predecessor company
700.000 Acquire predecessor co.; wkg. cap_
9934
100
1.500.000 Acquire chain of stores
3.000,000 Acquisitions; improvements
300,000 Additions; other corp. purposes
150,000 Finance oper. of motor bus line
350,000 Acquisitions; new construction
1,600,000 Acquisitions; working capital
1,100,000 Refunding;expansion
100
100
9834
---9934
100
7.00 Eagle Rubber Co.(Ashland,0.) 1st M.7s, 1936. Offered by Borton & Dorton, Cleveland.
6.27 Amalgamated Phosphate Co. lot (closed) M. 68. 1936. Offered by National City Co.
7.00 Bond Bros. Inc.(Pendleton, Ore.) 7s, 1927-36. Offered by Murphey, Fevre & Co., Spokane, Wash.
7.50 CarIbbean Sugar Co. 1st M. 7s, 1941. Offered by Lawrence Tumure & Co., N. Y., and Bank of
Italy, San Francisco.
6.06 (Adolf) Cobel, Inc.. 10-yr. 68, 1936. Offered by Hitt, Farwell & Co. and Schoot & GallIver, N. Y.
6.00 Bendier Creamery Co., Inc., 1st M. Convertible 6s, 1946. Offered by Commonwealth Bank of
Baltimore, Md.
5.00-6.57 Chester L.) Jones Stores Corp. Sec. Cony.6148, 1927-36. Offered by Stifel, Nicolaus & Co., Inc..
Lorenzo E. Anderson & Co., Geo. H. Burr & Co. and Prescott, Wright, Snider Co.
6.50 Montreal Rail and Water Terminals, Ltd., 1st (closed) M.650, 1951. Offered by White, Weld St
Co. and Blyth. Witter ez Co.
6.50 National Lime & Stone Co. (Carey, 0.) 1st (closed) M. 6545. 1941. Offered by Kuechle & Co..
Milwaukee.
6.12 North Branch Bus Co.(Pa.) 1st Mtge. 6s, 1946. Offered by Markle Banking & Trust Co., Hazleton, Pa.
5.50-8.00 Southern Properties Inc.(Dallas, Tex.) 1st Mtge.68"A," 1927-36. Offered by the White-Phillips
Co., Davenport, Iowa.
6.50 Stanley-Mark Strand Corp. 15-yr. liYis, 1941. Offered by Edward B. Smith & Co., Hayden.
Stone & Co. and Cassatt & Co.
6.00 United States Cold Storage Co. (of Kansas City) lot Mtge. Os "A," 1946. Offered by Jackson
& Curtis and Brickhart & Ellis.
13,625,000
SHORT-TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount:
Purpose Of Issue.
Public Utilities900,000 Acquisitions; other corp. purp__-_
To Yield
About.
Price.
Company and Issue, and by Whom Offered.
6.35 Electric Public Service Co. 3-yr. 6s, Aug. 1 1929. Offered by R. E. Wilsey & Co., Inc., Stanley
& Bissell, Inc., and Henry D.LindsleY & Co., Inc.
6.00 Indiana Telephone Securities Corp. 3-yr. Coll. 65, Aug. 15 1929. Offered by Fletcher-American
Co., Indianapolis.
99 yi-98% 5.17-5.30 Midland Utilities Co. Serial 55. 1929-31. Offered by Halsey, Stuart & Co.. Inc.
99
6.38 Northern Electric Co.(Wisc.) 3-yr. 1st M. Os, July 11929. Offered by Halsey. Stuart & Co., Inc.;
the Minnesota Loan & Trust Co. and Second Ward Securities Co., Milwaukee.
99
490,000 Acquisitions; working capital, te_ _ 100
5.000,000 Dove!. of subsidiaries, &o
3,000.000 Acquisitions, add'ns. exta..
9,390,000
Land, Buildings,
500,000 Real estate mortgage
5.00-6.00 (The) Baptist General Convention of Texas Direct Obligation 5s, 1927-31. Offered by Bitting
& Co., St. Louis.
5.00-6.00 Baptist State Convention of North Carolina (Trustees of) Direct Obligation 58, 1927-31. Offered by Bitting & Co. and Hawes & Co.. Inc., St. Louis.
7.00 Bungalo Court Apt. House (Seattle) 7% Participating Certificates, 1927-31. Offered by Seattle
100
Improvements to property
Title Trust Co.
6.00 Detroit-Pontiac Homes Co. 1-yr. Sec. 68. Aug. 1 1927. Offered by Fenton, Davis & Boyle, Grand
100
Add'I capital; other corp. purp
Rapids.
Price on application Garden View Apt.(Bklyn., N.Y.) Guar.533% Prudence Ctfs., 1927-31. Offered by The Prudence
Real estate mortgage
Inc.
100.48-100 6-6.50 Heffner & Fleming (Detroit) let M.6348, 1927-31. Offered by Backus-Fordon & Co., Detroit.
Finance sale of property
6.00 Maternity & Children's Hospital (Toledo,0.) lst M.68, 1931. Offered by the Collin-Norton Co.;
Finance construction of buildings_ _ 100
Toledo.
6.50 Mentor Realty Co.(Cleveland) 1st M.et Coll. Tr.6348, 1927-31. Offered by S. Ulmer & Sons,Inc„
100
Real estate mortgage
Cleveland.
5.50-7.00 Virginia Bond & Mortgage Corp. Coll. Tr. 78, 1926-30. Offered by Wheat, Gallaher & Co., Inc.,
Provide funds for loan purposes_
Richmond, Va.
275,000 Real estate mortgage
10.000
475,000
365,000
50,000
560,000
80,000
100,000
1,935,000
Miscellaneous350.000 Improvements to Property
300.000 New Capital
334.000 Refunding
6.50 Camulos Ranch Corp. (Ventura, Cal.) lot (closed) Mtge. 5-Yr. 634s, July 11931. Offered by
First Securities Co. and Cass, Howard & Sanford, Inc., Los Angeles.
100
6,000,000 Liquidate bank loans & other float100
ing debt
98.65
6.00 Convents Cubana 3-Yr. 6s, Sept. 11929. Offered by Dominick & Dominick, Brown Bros. & Co.
and Chas. D. Barney & Co.
5.75-6.00 (Fred.) Herrick Coll. Tr. (1s, 1928-31. Offered by Lacey Securities Corp., Chicago.
6.00(Chas. R.) McCormick Lumber Co. (Del.) 3-yr. 534s, Aug. 1 1929. Offered by Lumbermen'S
Trust Co., Portland, Ore.
IS 984,000
STOCKS.
Par or
No.ofShares
Purpose of Issue.
Railroads25,800,000 General corporate purposes
Public Utilities'20,0008118. General corporate purposes
*15,000 shs. AV:111181We of constituent cos
1,100,000 Refunding
.5,000,000 Acquire street ry. properties
700.000 General corporate purposes
4.500.000 Acquisitions, additions. &O
1,000,000 General corporate purposes
To Yield
a Amount Price
Involved. per Share. About.
10,240,000
40
%
Company and Issue and by Whom Offered.
Consolidated RRs. of Cuba 6% Cum .Pref. Offered to stockholders of Cuba Co.
700,000 Mkt. (around $35) Associated Gas & Electric Co. Class A stock. Offered by Banks, Huntley & Co.:
Hunter,Dulin & Co.; M.H.Lewis& Co..and George H.Burr, Conrad & Broome, Ins.
96
7.29 Derby Gas & Electric Corp. (Del.) 47 Div. Pref. Offered by Pynchon & Co.; West &
Co.; W. S. Hammond & Co., and John Nickerson & Co.
1.100,000 100
7.00 Greenwich (Conn.) Water & Gas Co. 7% Pref. Offered by Putnam & Storer, Inc.;
Boston.
5,000.000 100b
6.00 Havana Electric Ry. Co. 6% Cum. Pref. Offered by Speyer & Co.; J. &. W. Seligman & Co.; Hemphill. Noyes & Co., and Otis & Co.
700,000 9234
6.50 Indiana Service Corp. 6% Pref. Offered by Utility Securities Co., Chicago.
4.500.000 25 (par)
Lone Star Gas Corp. (Del.) capital stock. Offered by company to stockholders.
1,000,000 95
7.37 Pennsylvania Gas & Electric Corp. (Del.) 7% Cum. Pref. Offered by A. C. Allyn
& Co.. Inc.
14.440,000
1,440,000
SEPT. 25 1926.]
Par or
llo.ofShares
THE CHRONICLE
a Amount
Price
To Yield
Involved. per Share. About.
Purpose of Issue.
Other Industrial & Mfg.
200,000 Acquisitions; expansion
3
1
.
100,000 Acquisitions: expansion
1,000.000 Retire stock of inactive owners_ _
*30,000511s. Expansion of business
200,000 Additional capital
250,000
1,00,000
885.000
200,000
1,960,000
'
68,5005115. Acq. predecessor co.; wkg. capital_
3,219,500
409,500 Working capital
465,000
780,000
409,500
*7,500 shs. General corporate purposes
Land, Buildings, &c.
*15,000shs. Acquisitions; improvements
456 ctfs. Finance lease of property
80,000 Finance construction of building
176,250
14 shs. Pref.) For American Paulin System,Inc.,7% Cum.Partic. Pref. Offered by Wright, Alexander
dr Greeley, Las Angeles.
2 abs. Cons.)$125 American Paulin System, Inc., Common stock. Offered by Wright, Alexander
& Greeley, Los Angeles.
98
7.14 Arnold Print Works (North Adams, Mass.) 7% Cum. lot Pref. Offered by' Ames,'
Emerleh & Co.
2934
8.14 Automatic Musical Instrument Co. Prior Partic. Pref. cum.8240 per share. Offeredby Steele dr Co., New York.
9834
6.09 (William 0.) Goodrich Co. (Milwaukee) 6% Cum. Pref. Offered by Edgar Ricker
& Co., Milwaukee.
98
7.14 Hawley Pulp & Paper Co. 1st Pref. Cum. $7 per share. Offered by Blyth, Witter &
Co.; Mitchum, Tully dr
and Anglo London Paris Co
47
(The) Liquid Carbonic Corp.
Co..Common. Offered by Potter & Co.; Spencer Trask &
Co. and Merrill, Lynch de Co.
93Paraffine Companies. Inc., Common. Offered by company to employees.
26
-i:i9 Schumacher Wall Board Corp. Panic. Pref. Cum. $2 per share. Offered by Hunter,
Dunn dr Co.; Schwabacher & Co., and Cass, Howard & Sanford. Inc,San Francisco.
24
7.29 Trumbull-Vanderpoel Electric mfg. co. 7% Class A Cum. Cony. Partic. Pref.
Offered by Paine. Webber dr Co.
2334e.
Ward Electric Refrigerator Corp. Class A stock. Offered by Nelson S.Gustin Co..Det.
9,345,250
1,500,000 100
230,280 505
80,000 /00
275,000 General corporate purposes
275,000 100
209,000 Finance construction of apartment
200,000 100
375 Ws Finance lease of property
187,500 500
2,472,780
Miscellaneous25,000 etre Additional capital
3,690,000 147.60
*51,000 ails. Acquire predecessor company
800.000 Acquire predecessor company
2,500,000 Refunding; equipment
1,275,000 25
800.000 100
2,500,000 100
700,000
300,000
*20,000 abs.
*1,500 abs.
*7,500 abs.
Company and Issue, and by Whom Offered.
%
*20,000she. Acct. predecessor co.; Impts., &e_..
*5,000 abs. Refunding
*30,000she. Acquisition of predecessor co
1561
Budd Realty Corp. Stock Trust certificates. Offered by Lee, Higginson & Co.: Brown •
Bros. & Co. and Townsend, Whelen dr Co.
5.70 General Outdoor Advertising Co. (Cleveland Branch) Land Trust certificates]
Offered by Philip H. Collins Co., Cleveland.
6.00 Grelf-Farabaugh Realty Co. (South Bend, Ind.) 6% CUM. 1s1 Pref., 1928-39
Offered by Fletcher American Co. Indianapolis.
6.00 Meridian & Eleventh Realty Co. (Indianapolis) 6% Cum. Pref. 1929-38. offered
by the Peoples State Bank, Indianapolis.
6.00 Oxford Gables (Indianapolis) 6% Pref. 1928-42. Offered by the Meyer-Kiser Bank;
Indianapolis.
5.50 216-226 E. Main St. (Columbus, Ohio) Land Trust Certificates. Offered by Find
Citizens Corp., Columbus, Ohio.
Disconto-Gesellschaft (Germany) American trust certificates. Offered privately by
Dillon, Read & Co.
(Adolf) Cobol, Inc., Common. Offered by Hitt, Farwell & Co.
7.00 (Adolf) Gobel, Inc., % Cum. Cony. Pref. Placed privately.
6.50 (The) Halle Bros. ao. (Cleveland) 1334% Cum. Pref. Offered by Hayden. Miller &
Co. and thl Union Trust Co., Cleveland.
Acquire predecessor co.; wkg. cap_
700.000 103
Hendler C ,mery Co.,Inc.,7% Cum.Prior Pref.By Commonwealth Bank of Bait., Md.
6.79
Additional capital
300,000 100
7.00 Lebeck Bros. (Nashville, Tenn.) 7% Cum. Pref. Offered by Caldwell & Co., Neatly.
Expansion; general corporate purl).
500,000 25
8.00 Schlne Chain Theatres, Inc., Preference stock, cum.$2 per share. Offered by E. O.
Childs & Co., Dm,Syracuse, N. Y.
Acquire predecessor company
243,750 {1 oh. Pref.1 For Von's,Inc.(Los Angeles) $8 Corn. Pref. Offered by Geo. H.Burr, Conrad & Broome.
5 shs.
Inc., Los Angeles.
$16234
Acquire predecessor company
Corn.
Von's,Inc.(Los Angeles) Common stock. Offered by Geo.H.Burr, Conrad & Brooms:
Inc., Los Angeles.
10,008,750
FARM LOAN ISSUES.
Amount.
Issue.
Price.
575,000 Atlanta (Ga.) Joint Stock Land Bank 5s,
1936-56
250,000 Burlington (Iowa) Joint Stock Land Bank
4345. 1935-55
1,500,000 Denver (Colo.) Joint Stock Land Bank 58,
1936-58
500,000 First Joint Stock Land Bank of Montgomery
Ala.,58, 1936-66
To Yield
About.
Offered by
103%
4.52 C. F. Childs & Co.
101%
4.30 Halsey, Stuart & Co., Inc., and Wm. R. Compton Co.
103%
4.52 C. F. Childs & Co.
103%
4.55 Barr Bros.& Co.,Inc., N.Y.; the Central Trust Co. of Illinois, Chicago;Shawmut Corp
of Boston, and First National Bank, Montgomery, Ala.
1,000,000 First•Trust Joint Stock Land Bank of
Chicago 4L 5, 1936-56
100
500.000 New York & New Jersey Joint Stock Land
Bank (Newark, N. J.) 56, 1936-56
104%
4,325,000
4.25 First Trust & Savings Bank, Chicago.
4.40 J. S. Rippel & Co., Newark, and Remick, Hodges & Co, New York.
FOREIGN GOVERNMENT LOANS.
Amount.
Issue.
10,000,000 Chile(Rep.of)6 mos.Treasury 56,-Feb.2 1927
8,000.000 German Consolidated Municipal Loan of
German Savings Banks and Clearing Association Sec. 7s of 1926. due 1947
Price.
99%
98
16,000,000 Peru (Rep. of) Sec. 734s of 1926, due 1956_ ___ 100
34,000,000
To Yield
About.
Offered by
5.25 Blair & Co., Inc.; Brown Bros. & Co.: Equitable Tr. Co. of N. Y.; E.H.Rollins & sonc
Graham. Parsons & Co.: Illinois Merchants Trust Co., Chicago; First Trust & Savo.
Bank, Chicago, and Continental & Commercial Co., Chicago.
7.20 Harris, Forbes & Co.: Lee, Higginson & Co.; Guaranty Co. of New York; E. H. Rollins
& Sons, and Equitable Trust Co. of New York.
7.50 Blyth, Witter & Co.; White, Weld & Co.; J. Henry Schroder Banking Corp.; Marshal
Field, Clore, Ward & Co.; E. H. Rollins & Sons, and Tucker, Anthony & Co.
'Shares of no par value. (a) Preferred stocks of a stated par value are taken at par
puted at the r offering prices. (b) bonus of6-10ths share of common given with each share while pref. stocks of no par value and all classes of common stocks are comof preferred. (c) Bonus of 1 share of class B stock given with each share of
class"A"stock.
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, Sept. 24 1926.
016 course the outstanding feature of the week was the
historic storm in Florida which extended to Georgia and
Alabama, with great loss of life and serious damage in
Florida, possibly to the amount of $200,000,000. Naturally,
it had for a time a dampening effect on the stock markets
here and in London. Moreover, the temperatures in the
West and Southwest have been abnormally high, reaching
104 to 106 degrees in Oklahoma and Texas. They were also
high in other parts of the Southwest. And now comes a
cold wave down from Canada. To-day it was down to 6
degrees in Montana and in other parts of the Northwest 8 to
28 degrees. The effect could hardly fail to be temporarily
detrimental to business. But of course it was only a passing phase. The country, taken as a whole, is doing a good
business though not in large lots for forward delivery.
Yet the consumption of goods is large. That fact is unmistakable. Little less than wonderful totals of car loadings
emphasize it, in spite of recent floods in Iowa, Indiana,
Illinois and Ohio and big rains in Nebraska. Bad roads in
parts of the West following heavy rains have been a drawback for the moment. The South, moreover, has suffered
a decline in the price of cotton within two weeks of nearly
4 cents, or 91/
2 cents compared with a year ago. The latest
Government crop estimate is 15,810,000 bales. That was
600,000 bales larger than the generality of people had expected. On the 23d inst., when it was published, the effect
was to put prices here down 130 points, and quite as much
In New Orleans. Just what the ultimate effect on the cotton trade will be remains to be seen. Possibly it may cause
something of a pause in the trade in cotton goods. But finished cottons have in the main been firm. It is noticed that
prompt deliveries are urgently desired. Buyers seem to
care more about that question than the particular price at
1562
THE CHRONICLE
[VOL. 123.
Fall River reported print cloths and mills were very firm
which they buy. Many of them have been caught napping.
to prices. It reports more activity in mill stocks, with
as
policy
their
with
wind
They sailed a little too close to the
small. At Lowell, Mass., the carding and spinofferings
of hand-to-mouth buying. It would not be surprising if this
of the Sterling woolen mills have gone on an
rooms
ning
busiof
branches
other
some
should prove to be the ease in
Worcester, Mass., wired that 300 emschedule.
overtime
denims,
ness. A larger trade has been noticed of late in
mills in Clinton, Mass., have rethe
Lancaster
ployees of
ginghams, fall lines of staple cotton and printed novelties,
is now operating 50% of its
mill
the
and
work
to
turned
unLatterly
goods.
not to mention blankets and napped
N. H., the Amoskeag mills
r,
At
ts.
Mancheste
departmen
finished cotton goods in New York have met with only a
a request for an increase of 10% in
made
have
workers
the
deliveries,
forward
on
Ihc.
of
moderate sale at a decline
wages. A proposition whereby the workers would have.
while spot goods have been firm.
accepted wage reductions to enable the company to get
have
and
worsteds
woolens
that
notice
It is gratifying to
orders, failed to gain the approval of the Workers' Congarof
The
strike
met with a better demand in some lines.
At Biddeford, Me., the Pepperell Manufacturing Co.
gress.
ment workers here, which began this week, has not pre500 additional looms into operation. The Connecputting
Is
retailwith
trade
brisk
a
vented manufacturers from having
Co., operating three separate plants in Fall
Mills
ticut
of
ers in fall and winter goods. It is said that supplies
Mass., where the yarn is made, and at
Taunton,
River and
fall dress goods are down to a low stage and prices have
tire fabrics are woven, have dewhere
Conn.,
Danielson,
a
as
country
the
taking
latterly been firmer. Collections,
the machinery of the corporation
of
one-half
move
to
cided
whole, have been somewhat more prompt, especially her* in
unit for the manufacture of
complete
a
where
South,
the
to
a
of
to
that
equal
either
is
New York. Trade in most lines
Charlotte, N. C., spinners
At
up.
set
be
will
fabrics•
tire
a
rule,
year ago or better than then. The grain markets, as
not lowered prices and are reported to be rejecting
have
export
The
West.
the
at
weather
bad
have advanced with
lowered bids.
trade in wheat has been slow and the world's wheat stocks
On the 20th inst. a strike of New York City shirt makers
Increased in August 37,000,000 bushels. After all, the
a certainty when the unions refused the contractors'
became
0
seems,
192,900,00
it
was,
1
world's total supply on Sept.
for a 15% wage reduction. In the Philadelphia
demand
bushels, an increase over that of Sept. 1 last year of some
district 10 of the largest carpet and rug mills have increased
58,000,000 bushels. For the time being European grain
wages 5% and have more workers on the payroll than at
American
regards
as
markets are playing a waiting game
time since last April. The linoleum and felt base comany
wheat. Stormy weather at the West has unfaVorably afare credited with enough unfilled business to take
panies
exit
be
but
may
s,
implement
fected the business in farm
the year-end holiday period.
beyond
them
.
pected to increase with the return of normal conditions
r, England, cabled that the Federation of MasMancheste
Illinois,
Indiana,
in
notably
belt,
corn
A large area of the
Spinners has called a meeting for Sept. 28 to consider
Ohio, Missouri and Iowa, has been flooded by recent big ter
proposition of increasing curtailment of production
the
rains, but clear, warm weather in other parts has been
to the coal strike. The German cotton spinning mills
owing
crop
of
the
75%
to
50
some
beneficial, and it is said that
at about two-thirds of capacity. The knitting
running
are
corn
Is either safe or nearly so from frost. Like cotton, the
industries are working full time. Polish texclothing
and
Corn
for
a
time.
weather
dry
warm,
belt needs continued
busier and are expected to make heavier cotare
mills
tile
selling.
of
hedge
has declined, partly under the pressure
ton
purchases.
But other grain markets have advanced, though only modA great storm from the West Indies of wind and rain
erately. The movement of the wheat crop in Canada is on
Florida, Georgia and Alabama on the 18th, 19th and
struck
a very large scale, despite snows and rain in Alberta and
insts. and inflicted great loss in life and property,
Manitoba. Coal has recently been very active at higher 20th
in Florida and Alabama, but more particularly
especially
prices, and the same may be said of coke.
The wind rose there to 100 to 125 miles an
Western farmers benefit by the rise in cattle prices to In Florida.
of rain fell, houses were demolished, streets
torrents
hour,
more
is
Wool
reported
year.
the highest point seen this
shipping driven ashore, travel suspended.
flooded,
were
active in the Boston market, braced by the favorable reto buildings, wharves, etc., in Florida is estisults of the London auction sales. Australian wool here is The damage
00 including $100,000,000 at Miami alone.
$200,000,0
at
mated
Australian
reported to be particularly firm. The recent
in
Florida is estimated at 400. It was at
life
of
sales have been successful. The sales of pig iron within the The loss
much greater. It was a storm of hisbe
to
supposed
first
West,
at
large
the
been
have
last ten days are reported to
has already courageously started
but
Florida
severity,
toric
though of only moderate size at the East. Prices have been
tion.
firmer at Pittsburgh. The demand for steel rails has been reconstruc
Temperatures below freezing on the 224 inst., occurred
larger, even if actual business has not yet increased much.
Montana, northern Idaho, eastern Washington, northern
The indications point to a larger business in ears. It turns in
and western North Dakota and extending to 11
Wyoming
structural
in
fabricated
out that the August transactions
Alberta. Rains developed over all sections east
in
degrees
steel were much larger than those of the same month last
Mississippi except in Virginia and the Carolinas
the
from
rea
Seattle
year.
nearly
in
fact,
year and the largest, in
northern Michigan. Rains or snows occurred in Neports a big business in new pack salmon. Los Angeles is and
the Dakotas, Montana and northward. Temperahaving a better export demand for fruits. In the country at braska,
ns were rapid, as might be expected from
fluctuatio
ture
in
feature
large wearing apparel has been the most notable
the 22d inst. the weather at New York was
On
map.
a
the retail trade. Also, there has been quite a good business such
warm, with 72 degrees. Chicago had 60,
rather
and
cloudy
particujewelry,
furniture,
In such items as shoes, lumber,
and Cleveland 82, Indianapolis 86,
84,
Detroit
Cincinnati
larly diamonds. An excellent trade is also reported in
ia
58, Philadelph and Boston 76. The heat in Lonleather, hardware, furs, manufactured tobacco and many St. Paul
so great that it has interfered with business.
been
has
don
through
other products. There is a sharp demand for goods
in Paraguay caused deaths estimated at
the mall order, chain store and installment concerns. Rub- A great hurricane
and floods prevailed west and south.
rains
Heavy
.
500.
to
owing
in
and
London,
ber has advanced sharply here
had 6 to 7.65 inches in a singlopday.
Georgia
and
Alabama
reports that the output would be restricted by the British
Ohio. Snow was predicted for northern
struck
tornado
A
points
to
120
50
reached
which
Government. If the rise,
on the 23d Inst. and rains and cold weather for
here yesterday, goes much further here or in London it may Minnesota
of the Northwest and also the Central West.
parts
other
output.
to
curtail
the
scheme
defeat
was very cold to-day throughout the West
weather
The
the
In London the failure of the coal conference to end
for this season of the year. At Helena,
Northwest
strike has had a sobering effect on the stock market. But and
to 6 degrees above zero and elsewhere
down
was
it
Mont.,
faire
work;
laissez
to
the.miners are returning steadily
It was 40 in Kansas and 48 in
degrees.
28
to
6
north
the
In
may be the solution of the problem. In other words, let
of Texas. In New York here to-day was
Panhandle
the
no
with
a
out
to
it
finish,
fight
employees
employers and
summer-like and humid. When the thermometer was 75
'paternalistic interference. It is said that 200,000 miners
humidity was 62. It was 6 degrees above zero in Monare already, back in the mines as the result of a revolt the
and 8 to 28 degrees in other parts of the West. Yestana
been
Rubber
shares have
against the tyranny of the union.
Chicago 'was up to 78 and Kansas City to 90. Cinpopular feature in a rising market in London as the crude terday
was 88, St. Paul had a minimum of 36 degrees, Bos.cinnati
cona
already
As
intimated,
product advanced in price.
degrees, Amarillo, Texas, to-day 48. A cold wave
38
ton
tinuance of the upward movement of prices for rubber and
d the West. The forecast was for rain here tooversprea
no
be
that
will
there
end
the
in
rubber shares may mean
clear and colder on Saturday.
and
night
further restriction of the production.
SEPT. 25 1926.]
THE CHRONICLE
Continuance of Good Business Looked for by National
Bank of Commerce in New York.
According to .the National Bank of Commerce in New
York, "the outlook continues to be for active good business
throughout the remainder of 1926." This observation is
made by the bank in its monthly discussion of current market conditions, made public Sept. 20, in which it also has the
following to say:
1563
pared with 150.7 for July, a decrease of 1%. Compared
with August 1925, with an index number of 160.4, there was
a decrease of 7%. The Bureau's statement, issued under
•
date of Sept. 18, continues:
Farm products averaged somewhat lower than in July, due mainly to
declines in grains, cattle, hogs, lambs, live poultry and onions. Foods
also averaged considerably lower than in the month before, and minor
decreases were reported for chemicals and drugs, housefurnishing goods and
miscellaneous commodities. On the other hand, clothing materials, fuels,
metals and building materials showed slight increases for August over
The probability is that the aggregate volume of goods passing into final July.
Of the 404 commodities or price series for which comparable information
consumption between now and the end of the year will be at least as large
as in 1925 and it might show a gain of from 3 to 5%, this being generally for July and August was collected, decreases were shown in 109 instances,
and
increases in 109 instances. In 186 instances no change in price was
accepted as a normal expansion due to year-to-year increase in the population
reported.
and business of the country.
This is not to say, however, that the situation is absolutely clear. It is INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS AND COMMODITIES (1913=100.0).
useless to deny the presence of a feeling of some uncertainty, which now
amounts to no more than a doubt as to whether business may not be too
1926.
distributive
magood to last. The fact is that the entire productive and
Groups and Sub-Groups.
1925.
chine is geared up to operate on the basis of an active sustained demand,
August.
Jul,.
August.
and any interruption of this apparent equilibrium would be promptly re140.8
163.1
137.9
flected in production and employment. While there are no signs of a Farm products
145.8
139.2
168.8
Grains
pronounced recession in the ordinary sense of the term, there are some
138.1
13L9
155.0
Livestock and poultry '
indications that in the later months of the year less favorable aspects in
139.6
14L7
166.5
Other farm products
the businss situation may become more clearly discernible.
159.2
150.8
153.8
Foods
159.4
162.4
153.4
Meats
Building and Construction.
144.7
141.9
150.3
Butter, cheese and milk
152.8
155.5
161.5
Other foods
The major cause of the rather indefinite uncertainty in business Is doubt
173.3
174.7
1891
as to the outlook for building and for urban real estate, in their various Clothing materials
184.2
184.3
186.7
Boots and shoes
aspects. A decline in construction is clearly under way. It must be re157.3
160.3
181.4
Cotton goods
189.8
211.8
membered that for a number of years past financing large speculative build189.7
Woolen goods
180.1
158.7
177.5
Silk, ,ice
ing operations in various parts of the country has been made easy by the
177.0
170.0
179.5
Fuels
ready sale of real estate mortgage bonds. Any shrinkage in the demand
225.4
223.7
219.4
Anthracite
coal
for such issues, whether the result of a realization of falling demand for
198.5
194.0
198.5
Bituminous coal
155.3
158.4
143.9
Other fuels
additional Apace or from other causes, would exert a powerful deterrent
128.2
127.3
128.6
Metals and metal products
influence on the volume of new construction.
134.1
133.9
134.0
Iron and steel
108.8
110.8
112.6
Iron and Steel.
Nonferrous metals
171.6
172.4
171.8
Building materials
autumn
business
in
iron
and
steel
might
A month ago there was talk that
181.4
181.9
180.9
Lumber
204.3
204.7
204.2
fall below earlier expectations, the fear being that the good business of
Brick
129.1
129.1
127.5
Structural steel
July and early Aitgust would turn out to be at the expense of the fall
183.4
164.8
165.3
Other
building
materials
months. Now, there is a marked change of sentiment. Expectations of Chemicals
130.9
130.8
134.6
and drugs
heavier business are based on hopes of heavy tonnages of rails and good
118.7
118.3
127.2
Chemicals
108.4
108.5
106.2
Fertilizer materials
buying in some other lines, such as tin plate and automobile sheets. It
184.1
182.5
179.8
Drugs and pharmaceuticals
now seems likely that steel business will be active through September, and
161.1
160.8
169.2
Houseturnishing
goods
"
into October, but in view of the building situation and its implications it
140.2
140.6
149.7
Furniture
228.4
228.4
232.9
is at least an open question as to whether the industry will be able to hold
Furnishings
12L8
122.5
137.9
Miscellaneous
its own at current levels throughout the remainder of the year.
118.7
115.2
134.8
Cattle teed
134.8
134.7
140.3
Automobiles.
Leather
175.3
171.8
186.5
Paper and pulp
In this line, as in steel, some confusion of sentiment is evident. On
104.2
104.1
123.5
Other miscellaneous
one hand the leading manufacturing companies are reported to be at All commodities
149.2
150.7
160.4
schedules
heavy
production
assured
months
to
for several
capacity with
come and a retail shortage of cars is said to exist throughout the country,
with used car stocks only normal. On the other hand, statements have
Hasty Liquidation
appeared that practically all sales of new cars involye trade-ins, and that Brookmire Service Counsels Against
of Real Estate.
there is some irregularity in the markets in such industrial centres as
Cleveland and Pittsburgh. As a whole, there seems to be more assurance
Warning against hasty liquidation of real estate bonds is
of good demand in agricultural districts than in industrial regions, a reversal of conditions compared with most recent periods. Automobile sounded in the current issue of the "Investment Bulletin,"
demand apparently will continue active through October, after which a published by the Brookmire Economic Service, Inc., which,
recession is likely, sufficient to carry output down so that the total for the
while conceding there is danger of delayed and defaulted
year will be little over 1925.
Textiles.
interest payments on some real estate bonds, contends
There is an improved undertone in all three major textiles. The demand there is nothing to be gained by throwing such holdings overfor silk goods is better, this being reflected in deliveries of raw silks to
realty bond market is panicky,
mills which in August were close to the highest on record. The autumn board at this time. The
promises to be snore satisfactory for silk makers than last spring both as according to this authority, values have been greatly disto volume and profits, but not so good as last autumn. Demand for cotton counted and in consequence the time is not opportune for
textiles has improved somewhat and the same is true of woolen and worsted
situation which has been stimufabrics. It cannot be said, however, that general prosperity is in sight selling. In its study of the
for the cotton and wool industries for the remainder of the year, although lated by the recent failure of a prominently known real
individual manufacturers here and there no doubt will do very well.
estate bond house, Brookrnire's analysis concludes that real
Agriculture.
estate bonds can no longer be bought indiscriminately, but
A good deal of uncertainty still prevails about the final outturn both of must be
judged individually. The formation of a real
cotton and corn, due to their extreme lateness and the danger of frost.
Agricultural prices are not very good. According to the Department of estate bond exchange, it thinks, will be hastened as a result
Agriculture, in July they were about' 85% of non-agricultural wholesale of the present condition, and numerous safeguards are
prices. Cotton and wheat have declined since. Even the prices which
found desirable. Most important among these is the
some special crops are bringing are not very satisfactory. California
oranges are now as much as one-third below the price of last year. Prices suggestion that American practice adopt an idea from
of lemons and grapes are also weak and there is some prospect of an over- British law. British law is reported to require appraisers
loaded apple market.
to be personally responsible for any losses caused by overMoney.
After some temporary easing following United Sattes Treasury operations valuation. "Such a requirement in this country would
on Sept. 15, the outlook is for a further moderate advance in rates, until produce much more conservative financing than we have
the peak of autumn requirements has passed. Of course, untoward business had in the past and tend to restore the real estate bond to
developments, indicating commercial demand below expectations or a
genuine stock market recession could abruptly terminate the upward trend. its former position." Brookmire's review also observes that
the present situation warrants a closer and more continuous
Investment Securities.
It seems likely that bonds will slip a little as a result of lighter de- check-up on earning reports of borrowers in the realty field
mand as money rises to its seasonal peak. If they do, however, they will and advises purchasers of new realty bonds to rely more
recover promptly when money begins to ease off. Should there be any
upon apprisal
marked decline in stocks it would exert a pronounced further strengthen- upon the standing of issuing houses than
ing influence on those classes of bonds which, because of the nature of the figures. In summarizing the situation the Brookmire
obligation they represent, can be said to be well-nigh independent of specu- bulletin reaches the following conclusion:
lative activity. Firm money is likely to be a deterrent on new offerings
1. Real estate bonds can no longer be bought Indiscriminately as giltduring the immediate future except in the case of those of the finest edge securities. but must be judged Individually in the light of current
investment quality, as the rates on other classes of issues are likely to be developments, and will often be rated as distinctly low-grade bonds.
too high to be attractive to many potential borrowers.
2. Some corrective measures are desirable in order to snake appraisals
present more exactly the value of the property. British law is reported
to require appraisers to be personally responsible for any loss caused by
an over-valuation. Such a requirement in this country would produce
Continued Decline in Wholesale Prices.
much more conservative financing than we have had in the past and tend
in
the
general
decline
level
of
wholesale to restore the real estate bond to its former position.
A further slight
3. The bond investment houses should require more continuous current
prices from July to August is shown by information gathinformation on gross and net earnings for the mortgagors. Such information
markets
by
the
representative
Bureau
of
Labor
Staered in
will be available to the bondholders and to the public, and represent a
tistics of the United States Department of Labor. The valuable check upon the status of the bond.
4. The proposition to establish a real estate bond exchange will be
Bureau's weighted index number, which includes 404 com- stimulated
by the need for additional marketability and for the current
modities, or price series, registered 149.2 for August, com- determination of market value for each bond.
1564
THE CHRONICLE
5. Holders of outstanding real•estate bonds should not sacrifice their
holdings at panic prices but must expect in many cases some difficulties
in the collection of interest and principal when due together with a decline In the current value of the securities held.
6. In view of the uncertain validity of appraisals and of estimates of
earnings, purchasers of new bonds must rely more upon the standing
of the issuing investment house than upon these figures.
Decrease in Retail Food Prices in August.
The retail food index issued by the Bureau of Labor Statistics of the United States Department of Labor shows for
Aug. 15 1926 a decrease of practically 1% since July 15
1926; a decrease of nearly 3% since Aug. 15 1925, and an
increase of a little more than 54% since Aug. 15 1913. The
index number (1913=100.0) was 160.4 in August 1925, 157.0
in July 1926 and 155.7 in August 1926. The Bureau, in
the data made public Sept. 18, adds:
During the month from July 15 1926 to Aug. 15 1926 20 articles on
which monthly prices were secured decreased as follows: Cabbage, 16%;
onions, 13%; potatoes, 12%; pork chops, legs of lamb and hens, 3%;
bananas, 2%; rib roast, chuck roast, plate beef, bacon, lard, rolled oats,
rice, baked beans and prunes, 1%, and sirloin steak, round steak, ham and
coffee, less than 5-10 of 1%. Nine articles increased: Strictly fresh
eggs, 7%; oranges,
; fresh milk, butter, canned peas and granulated
sugar, 1%, and canned red salmon, cheese and tea, less than 5-10 of 1%.
The following 13 articles showed no change in the month: Evaporated
milk, oleomargarine, vegetable lard substitute, bread, flour, cornmeal,
corn flakes, wheat cereal, macaroni, navy beans, canned corn, canned tomatoes, raisins.
[VOL 123.
Year and
Corn
Pota
Cof- Weighted
Month. Lard Eggs Bread Flow Meal Rice toes Sugar Tea fee Food hides
1907
80.7 84.1
95.0 87.6
82.0
105.3 105.3
1908
80.5 86.1
101.5 92.2
111.2 107.7
84.3
1909
90.1 92.6
109.4 93.9
112.3 106.6
88 7
1910
103.8 97.7
108.2 94.9
93.0
101.0 109.3
1911
88.4 93.5
101.6 94.3
92.0
130.5 111.4
1912
93.5 98.9
105.2 101.6
97.6
132.1 115.1
1913
100.0 100.0 1(15:6 100.0 100.0 100.0 100.0 100.0 100.0 100.0
100.0
1914
98.6 102.3 112.5 103.9 105.1 101.2 108.3 108.2 100.4 99.7
102.4
1915
93.4 98.7 125.0 125.8 108.4 104.3 88.9 120.1 100.2 100.6
101.3
1916
111.0 108.8 130.4 134.6 112.6 104.6 158.8 146.4 100.4 100.3
113.7
1917
174.9 139.4 164.3 211.2 192.2 119.0 252.7 169.3 106.9 101.4
146.4
1918
210.8 164.9 175.0 203.0 226.7 148.3 188.2 176.4 119.1 102.4
168.3
1919
233.5 182.0 178.6 218.2 213.3 173.6 223.5 205.5 128.9 145.3
185.9
1920
186.7 197 4 205.4 246.5 216.7 200.0 370.6 352.7 134.7 157.7
203.4
1921
113.9 147.5 176.8 175.8 150.0 109.2 182.4 145.5 128.1 121.8
153.3
1922 __
107 6 128.7 155.4 154.5 130.0 109.2 164.7 132.7 125.2 121.1
141.6
1923
112 0 134.8 155.4 142.4 136.7 109.2 170.6 183.6 127.8 126.5
146.2
1924
120.3 138.6 157.1 148.5 156.7 116.1 158.8 167.3 131.4 145.3
145.9
1925
147.5 161.0 167.9 184.8 180.0 127.6 211.8 130.9 138.8 172.8
157 4
1925Jan ___ _ 144.3 204.4 164.3 181.8 180.0 123.0 147.1 147.3 136.4 173.2
154.3
Feb.. _- 144.3 154.8 169.6 193.9 183.3 124.1 152.9 140.0 137.5 174.8
151.4
March_ _ 146.2 113.3 167.9 193.9 183.3 125.3 147.1 140.0 138.1
151.1
175.5
Aprll_ _ _ 146.8 110.4 167.9 184.8 183.3 126.4 141.2 136.4 138.8 174.8
150.8
May
143.0 113.9 167.9 184.8 180.0
.
. 130.9 139.0 175.2
151.6
June _
144.9 122.6 167.9 184.8 180.0 126.4 205.9 130.9 139.3
155.0
170.5
July__ _ 148.7 133.9 167.9 184.8 180.0 128.7258.8 129.1 139.3
159.9
170.5
August - 153.8 141.7 167.9 184.8 180.0 129.9 258.8 127.3 139.5 170.8
160.4
Sept__ _ 151.9 160.4 167.9 184.8 180.0 129.9 211.8
171.4
127.3
159.0
139.3
October. 152.5 174.8 167.9 178.8 176.7 129.9 217.6 123.6 139.3 171.5
161.6
147.5 201.2 167.9 181.8 176.7 131.0 305.9 120.0 139.2 171.8
167.1
143.0 191.9 167.9 184.8 173.3 131.0 305.9 121.8 139.3 172.1
165.5
1926Jan ---- 141.1 156.2 167.9 187.9 173.3 163.3341.2 121.8 139.9 172.1
164.3
Feb_ -- 140.5 127.0 167.9 190.0 173.3 133.3 335.3 121.8 139.9 172.1
161.5
March.- 138.6 111.6 167.9 187.9 173.3 134.5 329.4 121.8 139.9 172.1
159.9
April__ 136.1 111 9 167.9 184.8 170.0 134.5 394.1 120.0 140.3
162.4
171.5
May -__ 136.1 112.8 167.9 184.8 170.0 134.6352.9 121.8 140.4 171.1
161.1
June -._ 143.0 118.0 167.9 184.8 170.0 134.5 294.1 125.5 141.4
159.7
171.1
July_ _ _ 144.9 122.0 167.9 181.8 170.0 134.5 241.2 125.5 141.5 171.5
157.0
August.. 143.7 130.1 167.9 181.8 170.0 133.3 211.8 127.3 141.7 171.1
155.7
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Changes in Retail Prizes of Food by Cities.
During the month from July 15 1926 to Aug. 15 1926 the average cost
of food decreased in 38 cities, as follows: Minneapolis,
; Columbus,
Indianapolis, Kansas City, Louisville, Milwaukee, Peoria, St. Louis, St. Paul Over
$20,000,000 of Ordinary Life Insurance Soldand Springfield, Ill., 3%; Atlanta, Butte, Chicago, Denver and Omaha,
Daily-August Figures.
2%; Birmingham, Dallas, Detroit, Fall River, Houston, Little Rock, Manchester, Memphis, Newark, New York, Philadelphia, Richmond and ScranThe amount of ordinary life Insurance sold in the United
ton, 1%, and Boston, Buffalo, Charleston, S. C., Cleveland, Mobile, New
Orleans, Norfolk, Providence, Rochester and Savannah, less than 5.10 of 1%. States during the month of August is practically identical
In the following eleven cities the average cost of food Increased: Jack- with that sold in August 1925 when the sales were 27%
sonville, New Haven, Portland, Ore., and San Francisco, 1%, and Balti- ahead of the previous
August, according to a report just
more, Bridgeport, Los Angeles, Pittsburgh, Portland, Me., Salt Lake City
and Washington, D. C., less than 5-10 of 1%. In Cincinnati and Seattle published by the Life Insurance Sales Research Bureau of
there was no change in the month.
Hartford, Connecticut. The report includes the 'sales of
For the year period Aug. 15 1925 to Aug. 15 1926, 48 of the 51 cities new paid-for
ordinary insurance as reported by eithty-one
showed decreases: Salt Lake City, 7%; Dewier and Rochester,
;
Boston, Buffalo, Butte, Chicago, Detroit, Newark, New York, Omaha, St. companies having in force 88% of the total life insurance
Louis and Scranton, 4%; Bridgeport, Cleveland, Columbus, Fall River, outstanding in the United States legal reserve companies.
Houston, Indianapolis, Kansas City, Los Angeles Louisville, Manchester,
The Bureau also has the following to say:
Minneapolis, New Orleans, Peoria, Philadelphia,'
Portland, Me., Portland,
The largest sectional gains are In the West South Central and East
Ore., Providence, San Francisco and Springfield, Ill.,
; Baltimore,
Central states, with increases of 6% and 3% respectively. The
North
Charleston, S. C., Dallas, Little Rock, Memphis, Pittsburgh, Richmond
records
for individual states show the greatest gains in Delaware and
and Seattle, 2%; Birmingham, Mobile, New Haven, Norfolk, St. Paul and
Washington, D. C., 1%, and Cincinnati and Milwaukee, less than 5-10 of Vermont.
In the first eight months of the year sales are 4% higher than in the
1%. The following three cities showed increases: Jacksonville, 2%, and
corresponding period of last year, all sections sharing In the general gain.
Atlanta and Savannah, less than 5-10 of 1%.
year-to-date increases range from 2% in the Middle Atlantic states to
The
As compared with the average cost in the year 1913, food on Aug. 15
1926 was 67% higher in Birmingham; 65% in Richmond and Washington; 8% in the South Atlantic states.
New England.-Northern New England shows the best gain for August;
64% in Chicago and Detroit; 63% in Baltimore; 62% in Atlanta; 61% in
Buffalo; 60% in Charleston, S. C., Cincinnati and Jacksonville; 59% in Vermont with a 40% increase; New Hampshire, 20%;and Maine with 9%.
Hampshire leads in the year-to-date gain, or 14%. The section shows
New
Scranton; 58% in Boston, Philadelphia and Providence; 57% in Milwaukee, New York and Pittsburgh; 56% in Cleveland, New Haven and St. a7% gain for the twelve months ended August 31 1926 over the preceding
Louis; 54% in Manchester; 53% in Fall River and New Orleans; 52% twelve months.
Middle Atlantic.-Sales In the Middle Atlantic section are 4% less than
in Dallas, Omaha and San Francisco; 51% in Indianapolis, Kansas City
and Minneapolis; 50% in Little Rock, Louisville and Memphis; 47% in in August 1925. This section is comprised of New York, New Jersey and
Newark; 46% in Seattle; 44% in Los Angeles; 39% in Denver; 38% in Pennsylvania, each state showing a decrease in sales from August of last
Portland, Ore., and 32% in Salt Lake City. Prices were not obtained in year. These states show a 2% gain for the first eight months over the same
Bridgeport, Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland, months of 1925, New Jersey leading with a 12% increase.
East North Central -Ohio leads this section with an 8% increase, the
Me., Rochester, St. Paul, Savannah and Springfield, Ill., in 1913, hence
average gain being 3%. All states in the section show gains for the year
no comparison for the 13-year period can be given for these cities.
to date. The increases range from 3% in Wisconsin to 8% in Michigan.
Below we give the index numbers of retail food prices
West North Central.-The largest gain in this section for the month Is
in Nebraska. The average gain for the year to date is 4%. Sales In
28%
furnished by the Bureau:
the first eight months of the year are 6% ahead of sales in the first eight
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES OF
months of 1925 in Minnesota, Iowa, North Dakota, Nebraska and Kansas.
FOOD IN THE UNITED STATES.
South Atlantic.-The best increase in all the states is 45% in Delaware.
Sales
in Florida continue to increase, and during the month of Augut
Year and Sirrn Round Rib Chuck Plate Pork
But'
Month. Steak Steak Roast Roast Beef Clops Bacon Ham Hens Milk. ter. Ch'se aggregated $8,932,000 as compared to 86,766,000 in August 1925, a 32%
gain. The South Atlantic section shows an average gain of8% for the first
1907
____ 74.3 74.4 75.7 81.4
71.5 68.0 76.1
85.3
eight months of the year, leading all the other sections of the country.
1908
____ 76.1 76.9 77.6 83.0
73.3 71.2 78.1
85.6
Florida shows a gain of 44% for the first eight months.
1909
90.1
76.6 73.5 81.3
____ 82.7 82.9 82.0 88.5
East South Central.-Kentucky, Tennessee, Alabama and Mississippi
1910
80.3 77.9 84.6
____ 91.6 94.5 91.4 93.6
03.8
1911
80.6 78.7 84.8
____ 85.1 91.3 89.3 91.0
87.9
comprise this section. Tennessee leads with a 4% gain. The average gain
1912
91.2 90.6 90.6 93.5
91.0 89.3 93.6
97.7
section for the year to date is 3%.
1913
100.0 100.0 100.0
fobTo 100.0 mob 100.0 Imo
100.0 100i.43 for the South
Central.-This section shows an average gain of6% for August.
West
1914
102.0 105.8 103.0
104.1 104.6 101.8 101.7 102.2
94.4 103.6
1915
101.1 103.0 101.4
100.0 96.4 99.8 97.2 97.5
93.4 105.0 the largest Increase in any of the nine geographical sections. Improved
107.5 109.7 107.4
1916
106.0 108.3 106.4 109.2 110.7
103.0 116.7 conditions are reflected in all the states in this section except In Arkansas.
1917
124.0 129.8 125.5
129.8 151.7 151.9 142.2 134.5
127.2 160.4
153.2 165.5 155.1
1918
oil4
170.2 185.7 195.9 178.1 177.0
150.7 162.4 Oklahoma leads both the monthly and the year-to-date gains.
Mountain.-Wyoming leads this section for the month, showing a 24%
164.2 174.4 164.1
1919
166.9 201.4 205.2 198.5 193.0
177.0 192.8
172.1 177.1 167.7
1920
151.2 201.4 193.7 206.3 209.9
183.0 188.2 increase. Idaho continues to lead in the year-to-date gain. Sales in the
152.8 154.3 147.0
1921
118.2 166.2 158.2 181.4 186.4
135.0 153.9 section decreased 4% from sales in August of last
year, but show an increase
147.2 144.8 139.4
1922
105.8 157.1 147.4 181.4 169.0
125.1 148.9
153.9 150.2 143.4
1923
106.6 144.8 144.8 169.1 164.3
144.7 167.0 of 5% for the first eight months of the year.
155.9 151.6 145.5
1924
109.1 146.7 139.6 168.4 165.7
Pacific.-Sales in the Pacific states are practically identical with sales in
135.0 159.7
159.8 155.6 149.5
114.1 174.3 173.0 195.5 171.8
1925
143.1 166.1 August of last year. The gains in the section as a whole average
4% for
1325152.4 147.1 143.9
109.9 146.2 149.3 177.0 168.1
Jan
136.6 162.4 the first eight months of the year, and 8% for the twelve months ended
109.1 144.3 150.4 178.8 169.5
Feb_ _ _ _ 151.6 146.6 143.4
132.1 164.7 August 31 1926 over the preceding twelve months.
111.6 178.1 164.4 190.3 173.2
March 155 9 150.7 147.0
144.9 165.2
114.1 175.2 172.6 198.9 177.9
159.1 155.2 150.0
April
139.2 165.2
115.7 171.4 171.9 197.0 177.9
160.6 157.0 150.5
May
135.5 164.3 August Life Insurance Sales in
Canada Show 14% Gain
114.0 172.4 174.1 197.0 173.2
161.4 157.8 150.5
June
137.6 165.2
115.7 188.7 180.4 202.2 171.8
July._ _ 166.1 163.7 153.5
138.9 165.6
Over
Year
Ago.
114.9
190.5
182.6
204.1
170.0
August _ 165.4 162.3 153.0
141.3 166.5
114.9 192.4 183.0 204.1 171.8
145.7 167.4
Sept._ 163.8 159.6 152.0
Fourteen per cent. more ordinary life insurance was pur116.5 186.2 183.7201.9 171.4
October. 162.2 158.7 151.5
155.1 168.3
116.5 178.6 182 2 198.9 168.1
158.7 154.3 149.0
155.9 169.2 chased last month in Canada than in August of 1925, accord116.5 170.0 180.0 197.4 171.4
Dec
158.7 154.3 149.5
153.0 169.7
ing to a report just published by the Life Insurance Sales
926119.8 173.8 178.5 198.1 181.2
Jan
160.6 157.0 151.5
144.6 170.1 Research Bureau of
Hartford, Connecticut. In its advides
120.7 172.9 181.1 999.3 182.6
Feb_ _ _ _ 159.8 156.1148.0
142.3 169.7
120.7 177.1 179.3 200.7 185.0
March 160.2 156.5 151.0
139.9 168.3 the Bureau says:
121.5 182.4 179.6202.6 190.1
April_
161.8 157.8 152.5
132.9 165.2
During the month 836,010,000 of new business was delivered and paid
120.7 191.9 182.6 207.8 192.5
May
163.4 160.5 153.5
130.5 162.9
120.7200.0 190.7221.9 188.7
ltI113- 165.4 162.3 154.5
131.3 161.5 for by companies having in force 84% of the total business in Canada.
165.4 162.8 155.1
July
119.8 198.6 193.71 226.4 184.0
130.8 161.1 This is an increase of 84,286,000 over the sales of last August. The report
•"cern.
IIIA A 11A9 '1 IR/ ICi,aeiaeQlQO82211.7177.9
13211a15
Includes the production of new paid-for business, exclusive of revivals.
SEPT. 25 1926.]
THE CHRONICLE
increases, dividend additions, reinsurance from other companies, and group
Insurance.
Every province shares in the general gain. Saskatchewan and New
Brunswick lead with gains of 39% and 20% respectively. Ontario and
Quebec,the two most important provinces, have increases of 14% and 15%.
The records of the cities vary widely. Improvement is most noticeable
in Hamilton, which shows a 46% gain; and in Toronto, which shows an
18% increase.
Eight Month Period.
In the first eight months of the year sales are 828,440,000 ahead of the
sales in the corresponding period of last year, a 10% increase. The general
gain for the first eight months is reflected in each province. Saskatchewan
leads with a 30% increase. Ontario and Quebec show gains of 7% and
13% respectively for the year to date. Montreal leads the cities for the
eight months with a 13% increase over the same period of last year.
The gain in the twelve months ended Aug. 31 1925 over the preceding
twelve months is the same as the cumulative gain,or 10%. Every province
shows a gain for the twelve month period.'
Loading
of
Railroad
Revenue Freight
One Million Cars per Week.
Still.
Above
Loading of revenue freight for the week ended on Sept. 11
totaled 1,031,081 cars, according to reports filed by the
carriers with the Car Service Division of the American
Railway Association. This was a decrease (owing to the
observance of Labor Day) of 120,265 cars under the preceding week, when loadings were the heaviest for any one
week on record, amounting to 1,151,346 cars. Despite
the'holiday, however, revenue freight loadings continued to
exceed one million cars a week, this being the sixteenth
week so far this year that the million mark has been exceeded.
Compared with the corresponding week last year, which also
included Labor Day, the total for the week of Sept. 11
this year was an increase of 55,582 cars, but it was a decrease
of 30,700 cars under the corresponding week in 1924 which
week, however, did not include Labor Day, the holiday
having taken place in the preceding week that year. Further details are given as follows:
1565
from the British colonies are resumed. Actual consumption
in spite of lower prices has not kept pace with this increase
in supply. By the use of reclaimed rubber and by the
conservation campaign in'tiated by Secretary Hoover last
winter, American consumption of crude rubber actu_a14
shows a slight decrease for the first seven months. This is
the more remarkable since the sale of motor cars and trucks
has continued to expand during this seven months period,
and the mileage traveled has increased. The month of
July, for example, was the biggest month on record in the
production and sale of tires. The need for rubber is greater
than eirer before, but there is no longer the same necessity
to purchase it from foreign sources.
"Both England and the United States can learn a lesson
from the past year. It must be evident to Great Britain
that restriction on rubber which results in an excessive price
will only stimulate efforts on the part of the consumers to
obtain the commodity from another source, or to consume
less of it, or to devise a substitute. The United States,
on the other hand, has discovered that it is not as dependent
upon British rubber as was once supposed. This country
would seem to have no legitimate reason for quarreling with
reasonable British regulation of rubber; if the regulation
becomes extortionate, it will defeat the end it was intended
to serve. Great Britain and the United States have a
common interest in maintaining reasonable conditions in
the rubber market."
The following table shows imports of crude rubber, and consumption of
crude and reclaimed rubber compared with last year's figures:
•
(In Long Tons)
January to July, Inclusive—
1925.
1926.
Change,
Crude Imports
215,705
245,724 • +13%
Crude consumption
234,233
215,472
—08.7%
Reclaimed rubber (6 months only)
47.455
69,106
+45.6%
In the meantime, stocks have piled up In England in unprecedented
Livestock loading for the week of Sept. 11 amounted to 34,699 cars, volume. The stocks on hand in London to-day are 350% greater than at
an increase of 1,489 cars above the week before and 5.969 cars above the first of the year. It is significant that, despite the large American imthe same week in 1925. Compared with the corresponding week in 1924. ports resulting from a more reasonable price, the demand from this country
it was a decrease of 4,095 cars. In the western districts alone. 26,648 has not been sufficient to assure England of an adequate market for its supply. The justification for the Stevenson Plan, as far as the British are concars were loaded with livestock during the week, 5,761 cars above
the cerned, lies in this fact: that the laws of supply
and demand are not sufsame week last year.
ficiently
active for rubber to keep the British plantations profitable.
Miscellaneous freight loading totaled 377.140 cars, a decrease of 54,426
cars under the week before, but 1,219 cars above the salve week in 1925.
It was, however, 16,555 cars under the same week ni 1924.
Loading of grain and grain products amounted to 42.902 cars, a de- Policy of General Tire & Rubber Co. Regarding
crease of 14,459 cars below the preceding week and 2.161 cars below the
Reclaimed Rubber.
corresponding week in 1925. Compared with the same week in
1924,
Commenting on a recent statement of the Secretary of
it also was a decrease of 23,327 cars. In the western districts alone grain
and grain products loading totaled 27,898 cars, a decrease of 4,737 cars Commerce, who attributes present rubber prices to a "rubber
under the corresponding week last year.
conservation campaign of manufacturers and consumers,"
Loading of merchandise and less-than-cat:load-lot freight amounted
Wm. O'Neill, President of the General Tire & Rubber Cp.,
to 241,172 cars, a decrease of 31.445 cars below the week before but
3,156
cars above the same week in 1925. It was, however, a decrease of 13.133 says:
ears below the corresponding week in 1924.
It is still true that you can't save rubber by using less of it. The conCoal loading totaled 182,233 cars, a decrease of 15,644 cars under
the sumer has not been helped by the tire manufacturer who has taken to using
preceding week this year, but 24.740 cars above the same week in
1925. more substitutions for real new rubber in the last few months. What tire
Compared with the corresponding week In 1924. however, it was a de- users want is mileage, and the net result of the increase in
the use ofshoddy,
crease of 567 cars.
second-hand rubber and other substitutes in tires has been to lessen the wear
Forest products loading totaled 67.217 cars, 4,428 cars undor the week of such tires. So the consumer, to obtain a stated number
of miles from
before but 2.495 cars above the same week in 1925. It was, however, "substituted tires," must actually pay more per mile
instead of less, if he
2,616 cars below the same week in 1924.
uses such products.
Ore loading totaled 73,809 cars, a decrease of 961 cars below the preWe bdlieve we are helping the consumer most by refusing to use a single
ceding week but 19,201 cars above the corresponding week in
1925. Com- ounce of reclaimed rubber in General Tires, and we shall continue to manupared with the same week in 1924, it was also an increase of 25.975 cars. facture from the best Materials obtainable. The
consumer may have to
Coke loading totaled 11,909 cam, a decrease of 391 cars below
the pre- pay a little more for Generals at the start, but his cost per mile will be far
ceding week but 963 cars above the corresponding week in 1925, and
lower
in the end. Call it first cost, final cost, cost-per-mile, or what you
3.618
cars above the same week in 1924.
will, It is the amount of money in dollars and cents a car or fleet owner must
All districts showed decreases, due to the Labor Day holiday, com- pay for a given service
that really counts.
pared with the preceding, week in the total loading of all commodities,
Mr. Hoover re ions a diminished demand for new rubber goods and a
but all except the southern reported increases compared with the corre- corresponding increase in demand for substitutes
in the past sixty days.
sponding week last year. The eastern, Allegheny and central western If that
be true, the situation of the General Tire & Rubber Co. must be exwere the only district to report decreases compared with the
corresponding ce.ittonal, for we have never had so great a demand as we have now for our
week in 1924.
products, in which absolutely no substitutes are tolerated.
Loading of revenue freight this year compared with the two previous
As manufacturers, we are unwilling that credit for a reduction In tire
years follows:
prices go to anyone outside the tire business. Tires have always been
1926.
1925.
1924.
cheaper
than any other ge aerally used commodity considered in the cost of
Five weeks in January
4,432,010 4,456,949
4,294,270
Four weeks in February
3,676,449 3,623,047
3,631,819 living. Even at the so-culled high peak price of a few months ago they cost
Four weeks in March
3,877.139
3,702.413
3.661,922 less in actual dollars and cents than before the war, and good tires have
Four weeks in April
3.795.837
3,726,830 3,498.230 Increased in quality six to ten fold in the same period.
Five weeks in May
Practically every
5,142,879
4,853,379 4.473,729 other commodity
Four weeks in June
has advanced some 60% in cost since the war began, and
4,112,150 3,965.872
3,625,182
Five weeks in July
most
of
increased
5,245,367
them
a
penny's
not
have
worth
4,945.091
in
quality or usefulness.
4.470,522
Four weeks in August
4.417,780 4.321,427
3,898,384 The tire manufacturer has always been quick to pass along every saving,
Week of Sept. 4
1.151,346
1.102,785
921.303 every improvement, to the public without making the
Week of Sept. 11
user pay for the im1,031,081
975,499
1.061.781 provemeats. Even
the last tire price cut came at a time when some tire
Total
36.881.938 35,673,292 33,537.142 manufacturers were still grinding rubber that cost them close to a dollar a
pound. And the prices in the past year have never been based on anything
higher than 50-cent rubber, though most manufacturers had to pay twice
Conditions in the Rubber Trade.
that much for some of it.
•
The ups and downs of raw material markets will continue to affect the
"Present conditions in the rubber market are marked by
price of tires every year. That is a foregone conclusion. I firmly believe
the seemingly paradoxical development of an increase in that good tires are cheaper now than they will be again for some time.
American imports and a slight decline in American consumption," says a recent number of the review of Dominick & Dominick. "American imports of crude rubber
increased 13% in volume during the first seven months of
the year, as compared with the same period of 1925. Consumption, on the ther hand, dropped 8.7%. This increase
in stocks of rubber in America undoubtedly has been
brought about by the present low price and the possibility
of an increase in that price when the restrictions on exports
Firestone Tire Prices Cut—Reduction of 73/ to 10%
to Auto Makers Causes Protest.
A reduction in the prices of tires to automobile manufacturers ranging from 73/i to 10% was announced on Sept. 23
by executives of the Firestone Tire & Rubber Co. In
reporting this the New York "Times" said:
Other competing companies are expected to follow this action, although
protest has been lodged that there is no necessity or justification for a
THE CHRONICLE
1566
reduction at the present time. Firestone's action is attributed to increasingly keen competition in the tire trade.
This cut In the prices of tires on so-called "original equipment business" is
the third since July. Firestone executives said that while tire manufacturers generally had hoped there would be no tire price reduction for some
time after the adjustment in July, there is every indication that an early
announcement of a still further slash in prices to dealers would be made.
Large Automobile Production in August.
August production of motor vehicles in the United States,
as reported to the Department of Commerce, was 424,394
of which 379,111 were passenger cars and 45,283 were
trucks, as compared with 355,455 passenger cars and trucks
in July and only 252,451 in Augint 1925. The Canadian
figures for August are not yet available.
The table below is based on figures received from 172
manufacturers for recent months, 65 making passenger cars
and 124 making trucks (17 making both passenger cars and
trucks). Data for earlier months include 77 additional
manufacturers now out of business, while August data for
21 small firms, mostly truck manufacturers, were not
received in time for inclusion in this report. Figures on
truck production also include fire apparatus, street sweepers
and buses.
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
[VOL. 123.
Altogether, the 348 comparably reporting softwood mills had shipments
104%, and orders 107% of actual production. For the Southern Pine
mills these percentages were respectively 102 and 110, and for the West
Coast mills 101 and 105.
Of the reporting mills, the 322 with an established normal production
for the week of 219,797,181 feet, gave actual production 101%, shipments
106% and orders 109% thereof.
The following table compares the softwood lumber movement,as reflected
by the reporting mills of seven regional associations, for the three weeks
indicated:
Preceding
Corresponding
Week 1926
Week
Past
(Revised).
Week.
1925.
357
364
348
Mills
217,088,126
238,587,746
Production
234,755,206
202,609,449
223.086,218
Shipments
243,828,260
210,894,807
251,316,057
201,895,018
Orders(new business)
The. following revised figures compare the national softwood lumber
movement of the same seven regional associations for the first 37 weeks of
1926 with the same period of 1925:
Orders.
Shipments.
Production.
•
8,850,234,872 9.078,307.140 9.111.924,453
1926
8,822,951,194 8.753,991.864 8,607,858,393
1925
The mills of the California White and 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 the foregoing tables, or in the regional
tabulation below. Nineteen of these mills, representing 55% of the cut
of the California pine region, gave their production for the week as 29,355.000 feet, shipments 21,193,000, and new business 17,334,000. Last
week's report from 18 mills, representing 52% of the cut was: Production,
27.738,000 feet; shipments, 21.518,000, and new business, 16,243,000.
Trucks.
Passenger Cars.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 107 mills reporting for tne week ended Sept. 18 was 8%
1925.
1,565 above production, and shipments were 1% above production. Of all new
26,638
28.203
8,301
213,851 205,550
January
32,789
1,693 business taken during the week 49% was for future water delivery, amount-.
34,482
10,779
253,955 243,176
February
45,180 43,091
2,089
13,014
334,214 321.200
March
46,408
47,984
15,515
1,576 ing to 57,459,413 feet. of which 41,628,693 feet was for domestic cargo
393,262 377,747
April
45,719 43.831
18,351
1,888 delivery and 15.830,720 feet export. New business by rail amounted to
May
384.548 366,197
38,151
36,357
1,794 53,855,304 feet, or 46% of the week's new business. Forty-five per cent
14,249
366,510 352,261
June
11,140 41,870 40.025
1,845
360,124 348,984
July
feet, of
36.364
37,850
1,486 of the week's shipments moved by water, amounting to 50,143,153
7,430
223,517 216,087
August
which 39,026,286 feet moved coastwise and inter-coastal, and 11.116,867
13,936 feet export. Rail shipments totaled 56,821.594 feet, or 50% of the week's
98,779 319.439 305.503
2,529,981 2,431,202
Total(8 months)
shipments, and local deliveries 5,976,190 feet. Unshipped domestic cargo
58,002
2,480
10,372 60,482
274,227 263,855
September
1,690 orders totaled 159,357,508 feet, foreign 105.076,599 feet, and rail trade
46,013 44,323
13,921
408,017 394,096
October
37,811
40,048
2,237 132.561,770 feet.
8,741
337,435 328.694
November
32,757
1,731
34,488
7.498
Labor.
286,141 278,643
December
Logging both east and west of the Cascades is rapidly getting into the fall
22,074
Total(year)
3,835,801 3,696,490 139,311 500,470 478,396
stride, according to the Four L Employment Service. Lumber manufac1926.
turing Is normally active. Douglas fir logging is now well under way for
29,763
3,698
33,461
11,781
284.703 272,922
January
Fir lumber manu37.608
41.685
4,077 the fall and winter. Many camps have resumed work.
14,761
334,524 319,763
February
4,385 facturing is fully as active as it has been at any time this year. with extra
17.989 49,233 44,848
399,105 381,116
March
50,314
3,673 shifts being operated at a large number of mills. Logging and lumber
53,887
17,929
401,836 383,907
April
3,505 manufacturing in the Grays Harbor district continue very active. East
51,343 47.838
21.429
394.569 373,140
May
2,933
18,818 *47,070 *44,137
*358,365 *339,547
June
being
2,255 of the Cascades woods work has picked up somewhat, several camps
12,953 *41,847 *39,592
*328,816 *315,863
July
b
45,283
opened and other concerns making preparations for logging. Sawmill
b
379,111
August
operations are beginning to show signs of the usual tapering off previous
339,383
2 765,369
Total(8 mentlre___
to winter closedowns.
1
Jan.
1926.
Southern Pine Reports.
•Revised. a Reported by Dominion Bureau of Statistics since
b Not yet available.
The Southern Pine Association reports from New Orleans that for 122
mills reporting, shipments were 1.68% above production, and orders
10.48% above production and 8.65% above shipments. New business
New Automobile Models and Prices.
taken during the week amounted to 73,579.650 feet, shipments 67,720,800
Few changes have been announced duringlthis week in the feet, and production 66,600,801 feet. The normal production of these
most
the
interest- mills is 75,421,685 feet. Of the 118 mills reporting running time,86 operautomobile industry, but of the few, one of
ated full time, 21 of the latter overtime. Three mills were shut down, and
ing was the introduction by the Moon Motor Car Co. of a the
rest operated from three to five and one-half days.
at
$1,195
the
at
priced
sedan,
new Moon 6-60 four-door
The Western Pine Manufacturers Association of Portland, Ore., reports
factory. A new brougham model for Hupmobile on its a substantial increase in production, and marked increases in shipments and
business.
straight eight chassis has also been introduced. It is a two- new
The California Redwood Association of San Francisco. California reports
door five passenger car priced at $2,245. The coloring is production about the same, considerable increase in shipments, and new
in Pelham blue offset by double black beading and gold strip- business well in advance of that reported for the previous week.
The North Carolina Pine Association of Norfolk. Virginia, with five fewer
ing. There are nickel trimmed head and cowl lamps, a mills
reporting, shows some decrease In production, a nominal increase in
short curved integral visor and a largo trunk rack with shipments and a slight decrease in new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn•
polished guard bars.
esota, with two fewer mills reporting, shows a slight increase in production,
heavy increase in shipments, and a big gain in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Lumber Industry Active.
Oshkosh, Wisconsin, (in its softwood production) with two fewer mills
Reports received by telegraph from 367 of the important reporting, shows substantial increases in production and shipments, and a
commercial softwood, and 145 of the chief hardwood,lumber marked decrease in new business.
Total.
U. S. a Canada.
Total.
U. S. a Canada.
mills of the country indicate that the lumber business of
the country is extremely active, says the National Lumber
Manufacturers Association on Sept. 23. These reports
cover the week ending Sept. 18. Compared with reports for
the previous week, the 348 comparably reporting softwood
mills show a notable increase in production and huge gains
in shipments and new business. As compared with the
corresponding week of 1925, there is a slight decrease in
production, an increase of nearly 21,000,000 feet in shipments and approximately 50,000,000 feet increase-20%in new business. The first 37 weeks of 1926 lead the same
period of 1925, in sales, by more than 500,000,000 feet.
The hardwood operations report increases in all three items,
when compared with reports from 144 mills for the week
earlier.
Unfilled Orders.
The unfilled orders of 229 Southern Pine and West Coast mills at the
end of last week amounted to 653,054,727 feet, as against 658,134,097
feet for 230 mills the previous week. The 122 identical Southern Pine
mills in the group showed unfilled orders of 256,058,850 feet last week, as.
against 250,200,000 feet for the week before. For the 107 West Coast
mills the unfilled orders were 396,995,877 feet, as against 407,934,097 feet
for 108 mills a week earlier.
Hardwood Reports.
The hardwood mills of the Northern Hemlock and Hardwood Manufacturers Association reported from 18 miles, production as 1,045,000 feet,
shipments 3,686,000 and orders 2,866,000.
The Hardwood Manufacturers Institute of Memphis, Tennessee reported
from 127 units, production as 21,662,997 feet, shipments 20,925,164 and
orders 23.239,474. The normal production of these unite is 21,955,000 feet.
The two hardwood groups totals for the week as compared with the preceding week were:
Mills. Production. Shipments. I Orders.
145 22,707,997 24,611,164 26,105.474
Week ended Sept. 18
144 21,196,671 24.021,223 25,895,338
Week ended Sept. 11
For the past thirty-seven weeks all hardwood mills reporting to the
National Lumber Manufacturers Association gave production as 1,003,992,682 feet, shipments 1,064,605,793, and orders 1,092,200,152.
•
West Coast Lumbermen's Association.
One hundred and eight mills reporting to the West Coast
Lumbermen's Association for the week endedlSopt.111
manufactured 101,004,295 feet, sold 98,521,594 foot and
shipped 86,883,695 feet. New business was 2,482,701 feet
more than production and shipments, 11,637,8991feet less
than production.
SEPT. 25 1926.]
THE CHRONICLE
COMPARATIVE'TABLE SHOWING PRODUCTION,W NEW
BUSINESS,
SHIPMENTS ANDLITNFILLED ORDERS. -• Ne......
)
1 Week.Ended7-1111;Sept. 11. ..iii_ Sept. 4.1114 t, Aug. 28.
Atm. 21.
Number of mills reporting
108
105 .:
109
108
Production (feet)
98,521,594 108,756.074 111,113,194 112,492,078
New business (feet)
101.004,295 109,405,726„
102,380,601
Shipments (feet)
86,883,695 113,826,201 114,486,197 116,579,324
Unshipped balances:
Rail (feet)
135,936,919 125,213,673
130,510,848
Domestic cargo (feet)._ 154,775,367 159,303,804 133,771,141
152,421,618 159,367,678
Export (feet)
117,221,811 112,499,851 112,843,791 120,159,790
Total (feet)
407,934,097 397,017,328 399,036,550 410,038,316
First 37 Weeks1926.
1925.
1924.
1923.
Average number of mills_
105
117
124
132
Production (feet)
3,802,018,997 3,695,485,004 3,406,185,652 3,677,678,208
New business (feet)
3,959,193,757 3,819,785.235 3,459,036,525 3,740,297,735
Shipments (feet)
3,923,125,971 3,852,393,046 3,575,499,886 3,889,101,918
Amoskeag Workers Fail to Approve Wage CutContinuation of Present Pay Rates for Six
Months Accepted.
The following Manchester (N. H.) Associated Press
advices Sept. 23 are from the Boston "Herald":
A proposition under which the 16,000 workers in
the textile mills of the
Amoskeag Manufacturing Co. would have accepted
wage reductions to
enable the company to get orders has failed to gain
the approval of the
workers' congress. Meeting with the management
yesterday, the 250
delegates from all departments of the mill accepted
a proposal to continue
present wage rates for six months but adjourned
without accepting the plan
of the management.
The congress was informed by Agent W.Parker
Straw that he saw nothing
at present to warrant optimistic articles appearing
in newspapers.
He then outlined a proposal that the workers enter
into a form of"partnership" with the management. There are
instances, he said, when large
orders may be obtained by cutting the quoted
list price slightly. In such
cases, he proposed, a committee of employees
and corporation officials
should confer on the advisability of readjusting
the wage scale to permit the
company to make the price reduction.
Mr. Straw told the workers that such a system
had been in shoe shops in
Haverhill, Mass., for some time. Company officials
expressed regret after
the workers' congress failed to approve the proposal.
•
Cottonseed Oil Production During August.
On Sept. 17 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipptd out, on hand
and exports during the month of August 1926 and 1925.
=
COTTONSEED RECEIVED, CRUSHED, AND ON
HAND (TONS).
Reed at Mille
Crushed
On Hand atMills
Aug.1 to Aug.31 AugAto Aug.31
Aug. 31
1926. 1925. 1926. 1925. 1926. 1925.
State.
Georgia
Mississippi
Texas
All other
12,235 43,197 5,292 16,456 9,396 27,054
6,836 32,725 7,904 13,476 4,567 22,228
88,354 116,179 51.108 53,690 48,208 83,582
10,323 77,151 6,353 29,314 8,496 55.728
United States
117.748 269.252 70.657 112.936 70.667 188.592
•Includes seed destroyed at m Ils but not 23,576 tons
Aug. 1, nor 1,305 tons and 3,365 tons re-shipped for 1926 and 32,276 tons on hand
and 1925. respectively.
COTTONSEED PRODUCTS MANUFACTURED;
SHIPPED OUT, AND ON
HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
Aug. 31.
Shipped Ota
Aug. 110
Aug. 31.
On Hand
Aug. 31.
Crude oil
1926-27 *8,405,715 19,641,020 14,835,589
*10,044,772
(pounds)
1925-26
4,847.333 33,781,221 27,000,998 17,330,211
Refined oil
1926-27 x145,603,880 :17,784.511
x89,411,678
(pounds)
1925-26 173,549.345 19,572,763
92,976,508
Cake and meal
1926-27
151,578
33,266
94,356
90,488
(tons)
1925-26
18,976
52,467
47,831
23,612
Hulls
1926-27
97.989
19,597
36,698
80,888
(tons)
1925-26
39,503
31,278
36,348
34,435
Linters
1926-27
68,186
12.193
34,877
45,502
(running bales)
1925-26
18,547
19,976
22,227
16,296
Hull fiber
1926-27
14,586
67
787
13.866
(500-1b. bales) _.1925-26
4,008
2,467
2,699
3,776
Grabbots, motes,Sm. 1926-27
7,633
498
3,295
4,836
(500-1b. bales)._
1925-26
1.75R
7A55
1 945
1 911A
•Includes 3,532,157 and 654,486 pounds held by
and manufacturing
establishments and 2,970,733 and 2,682,030 pounds in refining
transit to refiners and consumers Aug. 1 1926 and Aug. 31 1926, respectively.
Includes 3,044,473 and 3,138,595 pounds held by refiners, brokers,
agents, and
warehousemen at places other than refineries and manufacturing
establishments,
and 2,699,519 and 7.426,298 pounds in transit to manufacturers of lard
oleomargarine, soap, Sze.. Aug. 1 1926 and Aug. 31 1926, respectively. substitute,
z Produced from 20,364,084 pounds crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR ONE MONTH
END.AUG.31.
Itetn.
011, Crude
Refined
Cake and meal
Linters
1926.
Pounds
Pounds
tons
running bales
133,024
169,070
27,025
6,225
1925.
•
2,509
2,816,782
16,813
2,640
Activity in the Cotton Spinning Industry for August
1926.
The Department of Commerce announced on Sept. 21
that, according to preliminary figures compiled by the
Bureau of the Census, 37,524,888 cotton spinning spindles
were in place in the United States on Aug. 31 1926, of which
31,321,936 were operated at some time during the month,
compared with 31,0 ,2,482 for July, 31,770,900 for June,
33,267,410 for May, 32,893,042 for April, 33,233,382 for
March, and 31,269,774 for August 1925. The aggregate
number of active spindle hours reported for the month was
7,489,366,898. During August the normal time of operation
was 26 days, compared with 26 for July, 26 for June, 253
1567
for May, 25 2-3 for April and 27 for March. Based on an
activity of 8.78 hours per day the average number of spindles
operated during August was 32,807,810, or at 87.4% capacity on a single shift basis. This percentage compares
with 78.9 for July, 88.4 for June, 88.9 for May, 98.2 for
April, 102.1 for March, and 80.1 for August 1925. The
average number of active spindle hours per spindle in place
for the month was 200. The total number of cotton spinning
spindles in place, the number active, the number of active
spindle hours and the average spindle hours per spindle in
place, by States, are shown in the following statement:
Spinning.Spindles.
State.
In Place
Aug. 31.
Active
during.
August.
Awe. Spindle HoursforAug
Total.
Average per
Spindle fa
Place.
Cotton-growing States
New England States
All other States
17,878,650 16,964.426 4,867,929,378
17,885,712 12,854,786 2,358,521,301
1,760,526 1,502,724 262,916,219
272
132
149
Alabama
Connecticut
Georgia
Maine
Massachusetts
New Hampshire
New Jersey
New York
North Carolina
Pennsylvania
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,460,894
1,200,164
2,917,424
1,130,600
11,414,250
1,422,206
415,604
916,126
6,081,816
138,172
2,573,684
5,355,432
567,500
239,828
711,314
979,874
1,409.CR6 373,358,790
995,236 174,516,843
2,753,400 774,716,476
807,532 134,440,421
8,098,086 1,517,785,663
916,286 160,750,946
405,324
40,120,388
717,872 140,059,694
5,666.510 1,630,215,680
118,602
23,033,742
1,903,938 345,201,876
5,267,378 1,639,539,883
519,764 142,444,949
211,556
60,795,465
687,894 136,109,851
843,472 196.186,231
256
145
266
119
133
113
97
153
268
167
134
3011
251
253
191
200
37,524,888 31,321,9367,489,366,898
2C0
United States
Cut-Association of 65,000 Workers
Sign 44-Hour Week Agreement.
The following is from the New York "Times" of Sept.22:
Dockmen's Hours
Joseph P. Ryan, International Vice-President of the Longshoremen's Association, announced yesterday afternoon that the membership of the North
Atlantic Coast District, totaling 65,000 longshoremen, checkers and cargo
repairmen, had voted to accept the wage scale and conditions submitted by
the Transatlantic Steamship Conference Committee, which represents all
the transatlantic lines on the North Atlantic coast. The agreement affects
all ports on the coast from Portland, Me., to Hampton Roads, Va. One
hundred delegates from the various coast locals took part in the tabulation
of the results.
The terms accepted were 80 cents an hour for a 44-hour week for the whole
year, with Si 20 an hour for overtime, Sundays and holidays.
The vote was tabulated yesterday at 164 Eleventh Avenue, headquarters
of the union.
Crude Oil and Gasoline Price Changes.
Additional changes in the price of crude oil and a number
of reductions.in the gasoline market, marked the week in
oil trading circles. The Gulf Oil Co. on Sept. 18 met reductions of 10 cents a barrel in Bellevue crude, announced by
Standard Oil of Louisiana last week- (see pages 1438). On
Sept. 20, the Humble Oil & Refining Co. served notice to
Crane and Upton County producers that, while it has not
posted prices in that territory, it will pay producers on the
basis of the new schedule posted by Kay County Oil & Gas
Co. on Sept. 15. Effective Sept. 23, the Humble
-CrirE
Refining Co. also posted a price of $1 25 a barrel for all
Carson and Hutchinson County crude oil run to storage.
No other change was made at that time. Previously Humble
paid from $1 35 to $2 15 a barrel for Hutchinson County
crude, according to gravity. The Magnolia Petroleum Co.
on Sept. 24 announced a reduction to $1 25 a barrel in the
posted price of crude oil, meeting the reduction made by
Humble Oil & Refining for Hutchinson and Carson Counties,
Texas. This company went a step further and made the
new price apply to the entire Panhandle district. On the
same date, the Gulf Pipe Line Co. mot the new posting of
$1 25 a barrel by Magnolia Petroleum Co. for all crude oil
in Hutchinson and Carson Counties. These are the only
two counties in which the Gulf company posts in Panhandle
district.
In the gasoline market, several small reductions mostly
local in character, occurred. The Standard Oil Co. of New
York on Sept./20 reduced the tank wagon and service stan
tion price of gasoline in Rochester, N. Y., 1 cent a gallon
to 20 and 24/cents, respectively. On Sept. 22 the Union
Oil Co. of California reduced the price of gasoline/3e. a
gallon at LoslAngeles, Calif., and this was followed on the
same day by/the...California Petroleum Corp. Other marketers werejsaidlto be awaitineaction by Standard
of California.
In the wholesale sales U. S. motor gasoline was quoted at
103' to 19% cents/a/gallon against 10%©11 last week.
Kerosene and fuel oils were unchanged.
1568
THE CHRONICLE
Crude Oil Production Again Shows Decline.
The daily average gross crude oil output in the United
States for the week ended Sept. 18 showed a decline of 11,950
,barrels. Daily production fell to 2,172,400 barrels as compared with 2,184,350 barrels for the preceding week. The
daily average production east of California was 1,575,80d
barrels as compared with 1,585,550 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.
(In Barrels.)
Sept. 18'28. Sept. 11 '26. Sept. 4 '26. Sept. 19 '25.
Oklahoma
467,100
493,950
465,000
465.300
Kansas
112.750
112,950
111,500
112,250
North Texas
199,850
197,300
77.250
201,800
East Central Texas
64,900
66,800
87,700
59,050
West Central Texas.,.._
93,150
94,200
74,950
93,050
Southwest Texas
46,10046,800
46,700
45,450
North Louisiana
56,450
55,950
56,800
47,800
Arkansas
152,450
154,259
156,950
218,800
Gulf Coast
173,700
175,750
177,500
95,050
Eastern
110,000
109,500
107,500
110,500
Wyoming
68,350
67,500
65,700
87,800
Montana
27,900
24,900
27,950
15,050
8,650
8,500
Colorado
8,300
3,800
New Mexico
4,750
4,750
4,550
4,000
California
596,600
598,800
601,000
661,000
Total
2,172,400
2,184,350
2,196,300
2,131,600
The estimated daily average gross production of the Mid-Continent field,
.Including Oklahoma, Kansas, North, East Central, West Central and
Southwest Texas. North Louisiana -and Arkansas, for the week ended
Sept. 18 was 1,186,150 barrels, as compared with 1,192,950 barrels for the
preceding week, a decrease of 6,800 barrels. The Mid-Continent production, excluding Smackover. Ark., heavy oil, was 1,066,850 barrels, as compared with 1,072,550 barrels, a decrease of 5,700 barrels.
In Oklahoma. production of North Braman is reported at 9,900 barrels
against 9,950 barrels; South Braman, 8,100 barrels against 7,950 barrels;
Tonkasva. 39,350 barrels against 40,650 barrels; Garber, 29,050 barrels
against 29,450 barrels; Burbank, 47,850 barrels against 49,100 barrels;
Bristow-Slick, 27,550 barrels against 27,650 barrels; Cromwell, 15,500 barrels against 15,650 barrels; Papoose, 10,250 barrels against 10,500 barrels;
Wewoka, 30,100 barrels against 30,450 barrels; Seminole, 20,300 barrels
against 17.400 barrels.
In North Texas. Hutchinson County is reported at 112,600 barrels against
110,500 barrels, and balance Panhandle 9.100 barrels against 8,250 bafrels.
In East Central Texas, Corsicana Powell, 25.550 barrels against 26,250 barrels; Nigger Creek. 13.350 barrels against 18.000 barrels; Reagan County,
West Central Texas,28,750 barrels against 28,200 barrels; Crane and Upton
counties. 9,300 barrels against 9,250 barrels; and in the Southwest Texas
field, Luling, 21,400 barrels against 21,700 barrels; Laredo district, 18,300
barrels against 18,500 barrels; Lytton Springs, 3,750 barrels against 3.950
• barrels. In North Louisiana, Haynesville is reported at 9,300 barrels, no
change; Irania. 14,250 barrels, against 13,550 barrels; and in Arkansas,
Smackover light, 14,650 barrels against 14,750 barrels; heavy, 119,300 barrels against420.400 barrels, and Lisbon, 8,000 barrels against 8,500 barrels.
In the Gulf Coast field, Hull is reported at 19,350 barrels against 17,950 barrels; West Columbia, 8,550 barrels against 8,750 barrels; Spindletop, 87,050
barrels against 89,250 barrels; Orange County. 8,150 barrels against 8,100
barrels, and South Liberty, 4,109 barrels against 4,500 barrels.
In Wyoming, Salt Creek is reported at 46,800 barrels against 44.200 barrels, and Sunburst, Montana, 22,000 barrels against 25,000 barrels.
In California, Santa Fe Springs is reported at 48,000 barrels, no change;
Long Beach, 94,000 barrels against 96,500 barrels; Huntington Beach,
44,500 barrels, no change; Torrance, 27,000 barrels; against 27,500 barrels;
Dominguez, 22,000 barrels against 21,500 barrels; Rosecrans. 13.000 barrels against 13,500 barrels; Inglewood,42,000 barrels against 43.000 barrels;
Midway Sunset, 94,000 barrels, no change; Ventura Avenue, 48,600 barrels
against 47,800 barrels.
For- 123.
Wash.,and Los Angeles, Calif., will take 6.000 and 7.250 tons, respectively,
on which bids Will be requested soon.
Fabricated structural steel bookings in August 250.000 tons, were the
largest since last October. Those of Aug. 1925. were 238,000 tons. Sales
so far this year are only 30,000 tons short of the 1,750.000 tons for the
eight months of 1925.
Sheet sales have topped shipments for three successive months. Independent manufacturers produced 801,900 tens in June. July and August and
shipments were 807,900 tons, while sales amounted to 919.400 tons. For
the 8 months of this year shipments have run 37,000 tons Per month ahead
of the same period of 1925.
Sheets mills are now producing at 85 to 90% of capacity and seem likely
to exceed this year their high record of 1925.
Some sheet manufacturers are asking $2 a ton advance, or 3.10c. for
No. 24 black and 3.95c. for galv'anized.
In standard weight steel pipe demand is well below the mid-summer
volume, though quite satisfactory in pipe for oil and gas wells. There is
doubt as to the full employment of all the seamless tube capacity that is
coming forward.
Not all indices of August business show gain. Production ofsteel barrels,
511,542, was less than in July and June. Shipments likewise were lower.
Lessened power plant construction appears in a falling off of mechanical
stoker business as compared with July and June, though better than in
August last year.
In keeping with a stronger coal market, coke prices have advanced again,
and for merchant blast furnaces there is a prospect of higher fuel costs in
the fourth quarter. Producers have taken a firmer stand at Pittsburgh.
where Bessemer iron has been sold at an advance. At Cleveland prices of
foundry and malleable irons for local delivery have gone up 50c. a ton.
On the Eastern seaboard, water shipments of pig iron are an increasingly
important factor in market calculations. A New England furnace has
booked 1,500 tons for barge delivery to the Philadelphia district and has
also taken business for shipment to Brooklyn.
More use of water transportation appears also for scrap shipments. A
Buffalo mill has purchased 45,000 tons of heavy melting steel and compressed sheets at Detroit for delivery by Lake boat. Scrap prices are
weaker in most markets. At Pittsburgh heavy melting steel has declined
50c. and at Chicago 25c. a ton.
Pig tin, in selling at 71c. and 71.12%c. per lb. within the past week, has
reached the highest price since the war. Demand of the tin plate industry
and increasing use of tin in bearing metals for the automobile industry
contribute largely to the active market.
The finished steel and pig iron prices remain unchanged in the composite
price table below.
Finished Steel-Sept.211926,2.439e. per Pound.
Based on prices of steel bars, beams,tankOne
I
week ago
2.439c.
plates, plain wire,
we, open-hearth rails. One month ago
2.431c.
black pipe and black sheets, constitut- One year ago
2.3960.
ing 87% of the United States output_ 10-year pre-war average_ -1.689c.
Pig Iron-Sept. 21 1926, $19 46 per Gross Ton.
Based on average of basic iron at Valley One week ago
$19 46
furnace and foundry irons at Chicago. One month ago
19 46
19 84
Philadelphia, Buffalo, Valley and Bir- One year ago_ _ _ _
mingham,.
10-year pre-war average__
15 72
Pig Iron
Finished SteelLow.
High.
High.
Low.
1926___2.453c. Jan. 5 2.403c. May 18 $21 54 Jan. 5 $1946 July 13
1925___2,560c. Jan. 6 2.3960. Aug. 18 22 50 Jan. 13 18 96 July 7
1924___2.789c. Jan. 15 2.460c. Oct. 14
22 88 Feb. 26 19 21 Nov. 3
1923___2.824c. Apr. 24 2.446c. Jan. 2 30 86 Mar.20 20 77 Nov.20
.Major developments in iron and steel during the past
week have been on the side of continued confidence. Railroad inquiry for cars and track material has broadened,
four quarter pig iron purchased have topped 100,000 tons
and prices are stronger. Automobile production is bowling
along at a rate which, if maintained proportionately in later
months, should surpass the 1625 total, declares the "Iron
Trade Review" in summarizing conditions affecting the
market in its issue of Sept. 23. Mahoning Valley sheetmakers have put up their prices $2 and are lengthening their
backlogs. Demand for semi-finished material and improved
Steel Market Strengthened by Rail Orders-Prices
orders for finished steel in the first twenty days of September
Stable.
exceeded those of the corresponding period of August, despite
New orders for finished steel and deliveries on those placed
Labor Day handicap, continues the "Review," adding
in the summer continue in fair balance, but forecasts for the the
features of interest which are quoted below:
fourth quarter show some divergence. Pittsburgh mills find further
Opposed to these favorable factors are a decline of several points in the
operations
in the fourth steel ingot rate at Pittsburgh,although Youngstown and Chicago operations
indications tliat in a few lines
being maintained and a disposition on the part of Western implement
quarter will be somewhat less than in the three months now are
manufacturers to specify more moderately pending the determination of
its
in
Sept.
28
Age"
market
"Iron
observes
the
ending,
the extent to which adverse weather in the Central West will check fall
implement purchasing in heavy lines such as plates, shapes and bars and
review.
surrendered leadership for tin being to lighter lines, particularly sheets,
Considerable activity in fourth quarter contracts in plates, the
notwithstanding heavy ordering this month.
past
week, prices being
shapes and bars has developed in the
Pig iron requirements for fourth quarter and first quarter as well are
in the main the same that have obtained since June. Speci- receiving more attention at Buffalo. Sales at Cleveland the past week
65,000 tons or more than four times the recent weekly averagej
fying also has been stimulated by a Sept. 30 limitation on totaled
Higher quotations on coke, some loss in merchant iron production, and inunspecified bars and shapes booked at 1.90c.,adds the "Age," creased melt in some directions contributed to generally stronger iron
market.
giving additional facts of interest as follows:
Following the lead of a Chicago maker last week, most Mahoning Valley
Almost uniformly producers put their operating rate at 85% and they sheet interests have advanced their quotations $2 a ton and now are asking
expect to carry it into October. Chicago outdoes other districts in report- 3.95c., Pittsburgh, for galvanized sheets and 3.10c. for black and 2.40c. for
ing the past week's sales and specifications as the best since early August. blue annealed. This rise, coming on the heels of new bases and differentials
Thus far in September rail buying and rail inquiry for 1927 have been on black and galvanized sheets, Imparted a firmer tone to the sheet market
closely In line with what developed at this time a year ago, except that the and has spurred users to cover ahead into first quarter in instances where
Pennsylvania order Is expected to be an early one this fall. Again it will deliveries become more deferred. The Bethlehem Steel Co., which has
be close to 200,000 tons, of which 40,000 tons is reported already placed transported scrap from the head of Lake Superior to Buffalo, is now underfor the lines west of Pittsburgh.
stood to have purchased 50,000 tons at Detroit for water movement to
Chicago mills report definite rail inquiries this week for 220,000 tons Buffalo. This eastbound traffic on the Great Lakes in scrap supplements
and look for as much more in the next few days. The C. & 0. will buy the growing movement offinished material from Lake Erie ports to Detroit.
54,000 tons of rails and 8,000 tons of track supplies. An L. & N. inquiry
The "Iron Trade Review's" composite price on 14 leading iron and steel
Is for 8,000 kegs of bolts. 18,000 kegs of spikes and 6,000 tons of angle bars. products this week is $37 86. This compares with $37 78 last week and
• Buying of rolling stock is starting lust as the books of the car shops are $37 76 the previous week.
nearly bare. The American Refrigerator Transit Co. has placed 2,000
cars and the week's total is 2.600 and 41 locomotives. For the Chicago
& North Western $12,000,000 worth of equipment has been authorized Heavy Copper Sales at Easier Prices-Large Consumer
including 2,450 freight cars.
Buys at 14.25 Cents, Delivered in East-Zinc and
For fourth quarter delivery the Pennsylvania RR.'s inquiry for plates.
shapes and bars is of good size-22.000 tons- and it has just bought
Tin Lower.
3,000 tons of frabricated car parts.
The feature in the market for non-ferrous metals this week
Included in 34.000 tons of structural steel newly inquired for is 9,600
tons for subway construction in New York. Pipe lines for Ellensburg. has been the activity in copper. The volume of sales in
SEPT. 25 1926.]
THE CHRONICLE
zinc has been much less than last week, while trading in
lead has also been quiet. Prices on all of the more important
metals have tapered off slightly, though lead has almost
held its own, "Engineering and Mining Journal" reports.
Non-ferrous metals consumption continues on as large a
scale as ever, though advance orders are not so great as they
were a month or two back, especially among the copper and
brass manufacturers.
Demand for copper the "Engineering and Mining Journal"
says, was quiet until yesterday when one large consumer
made heavy purchases, absorbing most of the floating
supply of 143.4 cents a pound, delivered in the East. A few
small orders were placed at 14.425 cents, delivered in the
Middle West. Compared with prices at which business went
through last week, the market declined about 5 points.
Most sellers continue to quote 14.30 cents a pound, delivered
in the East. The foreign market has been a little better.
The official contract price of lead held at 8.75 cents a •
pounds, New York. In the St. Louis market the prices for •
lead developed some irregularity. Although sales were
larger than last week, the market may still be described as
quiet. Zinc prices held farly steady until the last two days,
when a lull in buying caused producers to shade prices to
some extent. Tin for prompt delivery brought 71N cents
a pounds, New York, last Thursday, thereby establishing
a high record for the last six years. Since then it has
declined steadily to 69.1234 cents a pound, in sympathy
with London.
Stephen Birch Thinks Copper Industry Should Once
More Thrive.
Stephen Birch, President of the Kennecott Copper Corporation, one of the authorities on the copper industry,
declares, in the September "Mining Congress Journal,"
that "America's copper industry should once more thrive
and prosper," following the depression incident to Europe's
decreased buying power. He points out that the United
States has for many years uninterruptedly held a "dominant
position in the copper-producing world." Tracing the beginning of America's copper industry in Michigan in 1845, Mr.
Birch points out that production of copper in the United
States has yearly increased from "an insignificant total of
224,000 pounds to the stupendous amount of 1,708,000,000
pounds in 1925."
"The copper industry," says Mr. Birch, "has continued
hand in hand through these three quarters of a century with
the improved facilities which industry and an increasingly
exacting civilization have demanded; the telegraph and
telephone; electric lighting; electric railways; automobiles
and radios. In short, the history of America's copper industry is but the history of the refinements of civilization,
which to us have now become necessities. In these America
leads the world. The superiority and economy of copper
and alloys have replaced inferior metals in many uses."
Referring to the copper export trade Mr. Birch says:
But America's copper industry cannot really prosper with European
consumption so far below normal. The copper industry has suffered as no
other from effects of the war, and has never recovered from its consequences. The progress of Europe has been retarded, and with it the
progress of the copper industry. The greatly lowered European consumption has been the cause of the unprecedented depression in our copper
industry since the war. As Europe is restored financially and economically,
America's copper industry should once more thgive and prosper.
Domestic shipments for August came to 84,034 tons, second
in
history of the industry, compared with 76.352 tons in July. highest
78,206 in
June, 73,197 in May, 88,573 tons in March, all-time record, and
67,829
in January,low for the year. Total of domestic shipments for eight months
was 613,627 tons, average of 76,703 tons, compared with monthly average
of 69.264 for full year 1925 and 62,782 tons for 1924.
Foreign shipments in August came to 43,173 tons, compared with 43,824
tons in July, 41,810 in June and 43,976 tons in May, making total
for
eight months 333,995 tons, average of 41,739 tons, compared with monthly
average of 48,712 tons for full year 1925 and 47.200 for 1924.
August Output.
Production of refined copper in August for North and South American
mines came to 128.925 tons, daily average of 4,159 tons, compared with
119,020 in July, daily average of 3,839 tons, 116,743 tons, daily average
of 3.891 tons in June and total of 941,198 tons so far this year. Monthly
and daily averages for eight months were respectively 117,649 and 3.873
tons, compared with averages of 117.649 and 3,705 for full year 1925 and
108,361 and 3,553 tons in 1924.
Wire-bar shipments in August came to 82,171 short tons, or 64.6%
of the total for the month, with domestic shipments of wire-bars 53,286
tons. Cake shipments came to 15,428 tons, or 12.13%, with 12,754
tons domestic. Ingot-bar shipments came to 7,460 tons, or 5.86% with
3.854 tons for export. Ingot shipments came to 7,373 tons, or 5.8%.
with 7,090 tons domestic. Shipments of cathodes came to 5,955 tons,
or 4.68%, with 4,615 tons domestic. Blister shipments totaled 5,712
tons, or 4.49%, all for export. Other shapes totaled 3.108 tons, or 2.44%.
with 2,683 tons domestic.
Germany Principal Customer.
Wire-bar shipments for first eight months came to 632,977 tons, or
66.8%, with 393.489 tons domektic. Cake shipments totaled 96.426
tons, or 10.18%, with 73,196 tons domestic. Ingot shipments were
tons, or 7.79%, with 38.953 tons export. Ingot shipments came to 73,782
tons, or 5.7%, with 52,638 tons domestic. Cathode shipments54,035
came
to 53.695 tons, or 5.66%, with 40,204 domestic. Blister shipments came
to 14,464 tons, or 1.52%, all but 2 tons being for export. Other shapes,
totaled 22,243 tons, or 2.35%, with 19,269 tons domestic.
Germany led in export shipments in August with 9,811 tons, or 22.727;
of the total exports; Great Britain was second with 8,634 tons,
or 19,99%;
Italy third with 7,154 tons, or 16.57%; France fourth with
tons,
or 12.62%; Rolland fifth with 3,833 tons, or 8.88%; Far East5,447
sixth with
3,007, or 6.97%; and Belgium seventh with 2,937 tons, 6.8%•
For the eight months Great Britain led with 74,807 bons, or
France was second with 73,588tons,or 22.03%; Germany tihrd with22.4%;
tons, or 17.12%; Italy fourth with 35,140 tons, or 10.52%; Belgiums7,173
with 28,959, or 8.67%; Holland sixth with 20,300, or 6.08%, and fifth
Far
East seventh with 15.141 tons, or 4.53%.
Increase in World Copper Production in August.
Copper production of the world in August amounted to
132,500 tons, an increase of 4,000 tons as compared with
July, according to statsties of American Bureau of Metal
Statistics. In July the output totaled 128,500 tons and in
June 128,100 tons. The "Wall Street News" of yesterday
(Sept. 24) in giving these figures, added:
For the first eight months of 1926 the production of reporting countries
was 1,041,151 tons, or an average of 130.143 tons per month, compared
with an average of 128,406 tons monthly in the entire year 1925 and 121,623
in 1924. Allowing for estimates for non-reporting countries the
in the eight months ended Aug. 31 last is placed at 1.073,100 tons.output
The following table gives the production for August vrith comparisons.
figures in net tons:
8 Mos. End.
Aug.
July.
June.
Aug.31.
United States
77,613
76,479
77,166
Mexico
3,274 3.532 3.762 637.159
28,197
Canada
3,142 2.927
1,788
22,988
Chile and Peru
19,501 18,430 18,921 164.224
Japan
*6,000
6.057
6,085
48.349
Australia
226
540
1.469
5,690
Europe_ a
10,500 8,880 7,600
74,900
Belgian Congo
8,206 7.718 7,309
59.644
Total
124,483 124,100
Non-reporting countries, estimated_128,462
4,000 4.000 4.000 1.041,151
31,900
Worlds'total
132,500 128,500 128.100 1.073.100
*Estimated. a Incomplete: partly estimated.
World Zinc Stocks Down 4,000 Tons-Sharpe Estimates
Zinc Stocks, Sept. 1, at 33,200 Metric Tons,
Against 37,200 Aug. 1.
A. J. M. Sharpe, Honorary Foreign Secretary of the
American Zinc Institute, estimates world stocks of zinc
Sept. 1 at 33,200 metric tons of 2,204.6 pounds each, compared with 37,200 tons Aug. 1, a decrease of 4,000 tons in
August, says the "Wall Street Journal" of Sept. 21, from
which the following is taken:
World stocks July 1 he estimated at 40.600 tons; June 1, 49,200; May
1.
43,100; 36.400 April 1. and 33,500 March 1.
Following table gives, in metric tons, Mr. Sharpe's estimates of zinc
stocks in the various countries for the last six months:
Stocks of Copper Declined in August.
Copper to blister stage and beyond in hands of North and
South American producers, including copper in process and
in transit, came, according to American Bureau of Metal
Statistics, to 326,251 short tons Sept. 1, compared with
341,750 tons Aug. 1, reduction of 15,499 tons or 30,998,000
pounds in August. The "Wall Street Journal" of Sept. 13
in noting this said:
These stocks July 1 were 341,312 tons, 344.312 June 1, high. and 321.957
Jan. 1, low of the year.
Stocks of refined copper in hands of North and South American producers
Sept. 1 came to 66,940 tons, compared with 64,940 tons Aug. 1, low of united States
Canada
the year, increase of $1,311 tons or 2,622.000 pounds in August. Refined Australia
stocks July 1 came to 66,096 tons, June 1, 69,369 tons, 72,644 May 1 and Germany and Poland
high
year.
of
1,
the
March
tons
86,354
Belgium
Blister copper in stocks at smelters and refineries, in process and transit France
Great Britain
Sept. 1, came to 259,593 tons compared with 276,810 Aug. 1, high of the Scandinavia
year, decrease in August of 17,217 tons or 34.434,000 pounds. Blister Far East
and
June
tons
275,338
were
1,274,943
tons.
figures July 1
Elsewhere
Distribution of Shipments.
Shipments, foreign and domestic, by North and South American producers and refineries in August were 127,207 short tons, compared with
120,176 in July, 120,016 in June, 117,173 in May, 132,946 in March and
105,370 tons in January. Total for first eight months was 947,627 tons.
monthly average of 118,452 tons, compared with 117.933tons a month for
full year 1925 and 109,982 tons for 1924.
1569
Total
Sept. Aug. I. July 1. June 1. May I. Ai'r.l.
16,500 20,900 23,4(X) 27,200 23,000 18,000
2,400
2,300
2,100
2,400
2,200
2,600
2,200
2,200
2,200
2.200
2.200
2.300
5,500
5,800
6,500 9.000
7,500
7.400
2,000
1,800
2,800
1,800
2,600
2,400
1,000
1.000
1.200
1,200
1,000
1,000
1,400
1,000
2,200
1,200
1,800
800
200
200
200
200
200
200
500
500
500
500
500
500*
1,500
1,500 1,500 1,500 1,000.
1,500
33,290
37,200 40,600 49,200 43.100 36,400'
Mr. Sharpe, in viewing the world situation as it pertains to zinc, sees a
shortage of zinc in Evrope in face of an abundance of ore, provided
the
English coal strike is settlel this month, as he expects. A possiblethat
reason
for apprehension that he warns against is an increase in American output
which must reflect itself in uneasiness in European prices, even if American
prices should stay above European parity.
1570
Tilfil CHRONICLE
Believes British Strike About Over.
In discussing the situation in detail Mr. Sharpe says:
"September has opened very quietly from a market point of view, and
It is doubtful whether there will be any real liveliness until the prolonged
coal strike in Great Britain is over and the miners return to work. Undoubtedly, the back of the strike has been broken, and with the near
approach of winter it becomes imperative for the union leaders to make the
best tenrs possible for a settlement. The crisis is now on its last legs,
and it will surprise everyone if the dispute is not settled during the current
month.
"Meanwhile, the British zinc industry remains entirely closed. The 20
tons reported to have been produced in August were obtained from experimental work. It will be at least a month after the coal miners return to
work before the zinc smelters can attain full operation.
"Fair stocks of Australian concentrates exist, and to prevent any undue
accumulation and locking up of money the bulk of the arrivals has been
turned over to the Belgian smelters. Thus, the ore supply has been superabundant,a factor which has influenced a hardening in the returning charge
and the practical cessation of imports of ore from the Tri-State field.
"The Belgian zinc Industry has attained its pre-war scale of production,
and the main concern in that country to-day is its ability in the years to
come to compete successfully with the ever-increasing output of high-grade
metal produced by the electrolytic and electro-thermic methods of treatment. High grade 99.9% is becoming increasingly popular, as its premium
over the selling price of common zinc lessens. The premium has steadily
come down from £3 a ton a few months ago to
17s. 6d.. and as it becomes
necessary to place larger quantities, so will the spread between the two
grades contract, in my opinion. Belgian zinc interests are not unnaturally
somewhat apprehensive of this cheaper method of producing metal, which
they are unable to employ through lack of hydto-electric power in their
own country. For this reason, we may be assured that the Belgians will
leave no stone unturned in improving their distillation practice, at the
same time trying out the new metallurgical processes.
Consumption in Europe Good.
"Consumption in Europe is well maintained and highly encouraging,
having regard to the disturbed political and economic situation. The galvanizing trade keeps busy, and the rollers are still so heavily occupied that
no fresh business can be accepted for delivery nearer than three months
ahead.
"Increased number of retorts operating in the United States at the end of
July has caused a certain amount of perturbation on this side, lest it is the
forerunner of another increase in American production of slab zinc.
"One point I would desire to emphasize is that if the United States
smelters do inflate their output again and have to press sales at the sacrifice
of market prices, there will be a repercussion on this side of the Atlantic.
While it is true that the St. Louis quotation is above London parity, there
must always be a certain amount of sympathy between the two markets,
and any decided trend in America would be promptly reflected in England?.
Bituminous Coal and Anthracite Prices Continue to
Show Advance—Foreign Trade Good.
An extraordinary overseas demand and the normal
seasonal expansion in domestic requirements for bituminous
coal fuse to form the controlling factor in the soft coal
markets of the country at the present time, declares the
weekly market review issued Sept. 23 by the "Coal Age."
The first-named movement is sweeping a large part of the
sbuthern end of the Appalachian region free of surplus coal
at a time when the slowing up in lake shipments might bring
increasing pressure upon all-rail inland markets. The
broadening of domestic demand—particularly in the Middle
West—is checked only by the ability of the producers to
market an increased output of small coal concurrently with
the larger sizes, observes the "Age" in reviewing conditions
affecting the trade. It then goes on to say:
A secondary factor about which little Is heard at this time, but which
may crowd the present primary influence for position, is the car shortages
On the whole, the service accorded the mines by the railroads has been
excellent. In a large degree this service has acted as a brake upon rising
prices. The fluidity of transportation also has encouraged large industrial
consumers to run with smaller reserve stocks than were thought advisable
In the old days of recurring car shortages. The surplus, however, is uncomfortably small, and railroads are frankly warning consumers that only
prompt loading and unloading will prevent a crisis.
The advance in spot prices continues. Notwithstanding slight losses on
certain sizes in specific markets—especially on screenings in Chicago—
weighted average prices in all fields either held previous gains or showed
an advance. "Coal Age" index of spot bituminous prices for Sept. 20 was
181 and the corresponding weighted average price was $2 19—an increase
of 5 points and Sc. over Sept. 13. These figures, also registered twice in
January, are the highestirecorded this year.
Weekly bituminous production is at a high rate. Despite the holiday
loss of 785,000 net tons during the week ended Sept,. 11, the daily average
increased 58,000 tons. Loadings the first two days of last week indicated
a recovery which would again push the weekly output over the 11,000,000ton mark. Lake dumpings, however, are less of a factor In Maintaining
the high rate. During the week ended Sept. 19 the total dumped was
835,983 tons of cargo and 55,569 tons of vessel fuel. This brought the
season's total to that date to 20,922,808 tons, as against 18,676,138 tons
last year, 16,219,332 tons in 1924 and 22,431,845 tons in 1923.
Domestic anthracite is riding on the crest of the wage of the householders' rebellion against forced substitution of fuels last winter. Stove
maintains its undisputed leadership; chestnut is growing in strength, but
egg and pea are easier. Independent prices at New York have been advanced again, but other markets show a distaste for increasing premiums
on domestic tonnage. In spite of the strong position of hard coal, the field
for other fuels is quietly expanding.
Conditions in the steam division of the trade are mixed. Some No. 1
buckwheat still goes into storage and independent producers are compelled
to make sharp concessions in prices to effect prompt disposition. Rice,
too, is none too strong. Barley is in the best position of an, but even here
coal is moving at less than the company circulars.
The Connellsville coke trade is marking time. ThErrecent advances in
Prices on furnace coke have been maintained, but there is no great demand
for spot tonnage. Scattered orders for fuel for domestic consumption are
now coming into the market.
[vol. 123.
In the'train of'distinctly improved condition, better feeling
and stronger prices, the coal industry has run into some
inevitable
difficulties. Car shortage has made its debut for
.. —
the season and in the midst of unemployment in certain disGets is heard the cry of labor shortage in others, declares
the "Coal and Coal Trade Journal" in its review of conditions in the market during last week.
—undoubtedly in the past few weeks an immense change
has come over the whole coal market,and no decided change
can be accomplished without its attending pain and disorder, continues the "Journarin its issue of Sept. 22,adding:
The difficulties are normal ones that are to be expected and to an extent
were anticipated. In the matter of transportation of coal by rail and ship
for export, coal has cone into conflict with wheat. Ships have already
been taken from the coal exporter to carry foodstuffs to foreign ports.
Back of this comes the warning to unload coal cars quickly as they might
tend to accumulate at the ports and elsewhere and cause at the mines a
congestion of coal that should be placed in cars. Labor has moved in
several directions in the last few months. Now that it is needed at certain
points, it is found wanting. This is a temporary condition but a trying one.
It is generally reported that the industrial buyers are again in the market.
Gas and low volatile are in demand, the latter having made a notable advance in price. It is said that the producers of low volatile now actually
look for a profit from their mining operations Instead of continuing at
a loss or dangerously near to that condition.
New York dealers have received in many instances an increase of orders
for anthracite and the delivery and service is said to be good. It can be
pointed out here that considerable has been accomplished in the way of
meeting any reasonable demand that the public may make. "Co-operation
all along the line"is the watchword at this time. The effects ofthe Saratoga
Convention are distinctly being felt.
From Cincinnati comes the word that the, car shortage is acutely felt with
heavy buying pressure reported from the interior. A notable confirmation
of the transportation difficulties is found in the fact that in Kentucky and
West Virginia two lines are attempting to cause a diverging of shipments
from tidewater to Lake ports. Lake buyers are regretting now that they
did not take advantage of a lull when it certainly existed in the early spring.
to secure their usual tonnage.
Bituminous grades and qualities are stronger in price, demand and
movement in West Virginia.
Pittsburgh activities have not indicated the increase in price that might
be expected. There is peculiarly little change in coke prices, but again
the demand has increased.
Ohio is carrying on a rather remarkable campaign to bring about the
advancement of its coal industry. Whatever the result may be the effort
can hardly be considered as other than commendable. Two-thirds of Ohio
miners are idle, it is declared, and some change in the labor situation is
needed before any real improvement can be expected.
One of the authorities who speaks through this issue of "Coal and Coal
Trade Journal" declares that there is no excess of coal at New York piers
and that New England loading is likely. Hampton Roads, that generally
takes care of the northern points, has plenty to do without remembering
them.
Altogether the coal market is facing a distinctly interesting situation.
Prices have advanced fairly and moderately. Some of the best authorities
advise looking out for what may happen overnight. If
kis Is.
-
Observance of Labor Day Causes Decline in Output
of Coal and Coke.
The production of bituminous coal declined by 785,910
net tons and that of anthracite by261,000 net tons during
the week ended Sept. 11. The observance of a holiday on
Sept: 6 (Labor Day) was the cause. Coke output also fell
off by about 4,000 net tons during the same period, according
to data—
ftirlinhed
by the United States Bureau of Mines,
portions of which we quote herewith:
Because of the Labor Day holiday production of soft coal decreased
during the week ended Sept. 11. Total output, including lignite and coal
coked at the mines. Is estimated at 10,230,000 net tons as against 11,015,000
tons in the preceding week.
From the shipments on Labor Day (Monday, Sept. 6), which amounted
to 12,773 cars, it appears that in the bituminous fields the day was 0(11.11Valent to about four-tenths of a normal working day. Loadings on the
remaining days of the week show that after the holiday production was
stimulated and the average daily rate of output was higher than in any
week since February.
Estimated U. S. Production of Bituminous Coal (Net Ton.nn, Including Coal Coked.
1926—
1925
Week. Cal. Yr.to Date.
Week. Cal.YrioDate.b
August 28
11,217,000
353,508,000
11,133,000
315,298,000
Daily average
1,870.000
1,739,000
1,856.000
1.552,000
Sept. 4.c
11,015,000
364,523,000
10,827,000
326,125,000
Daily average
1,836,000
1,742.000
1.805,000
1,559,000
Sept. Il_d
10,230,000
374,753,000
9.983,000
336,108,000
Daily average.°
1,894,000
1,746,000
1,566,000
1,849,000
a Original estimates corrected for usual error which In past has averaged 2%•
I, minus one day's production In January to equalize number of days In the two years.
c Revised. d To be revised, e Counting labor Day as equivalent to 0.4 of a
normal working day.
ANTHRACITE.
All anthracite mines were closed down on Monday, Sept. 6—Labor Day.
Production during the five remaining days of the week amounted to 1.690,000 not tons, indicating a daily rate of output higher by about 4% than in
the preceding week.
Estimated United States Production of Anthracite (Net Tons).
19213-1925
Week. Cal. Yr.to Date.
Week, Cal.YrioDate.s
August 28
1,999,000
2,263,000
52.243,000
60,794,000
September 4
1,951.000
434.000
54.194,000
61.228,000
September 11
1,690,000
5,000
55.884,000
61,233,000
e Minus one day's production in January to equalise number of days in the
two years.
1
THE CHRONICLE
SEPT. 25 1926.]
1571
MONTHLY OUTPUT OF BY-PRODUCT AND BEEHIVE CORE IN THE
UNITED STATES (NET TONS).a
Bp-Product
Coke.
May 1926
rune 1926
July 1926
August 1926
a Excludes screenings and breeze. b
Total.
1,615,000
806.000
946.000 b
3.133.000
2.833.000
3.326.000 b
1923 monthly average
1924 monthly average
1925 monthly average
884.000
811.000
963,000
752,000
Revised since last report.
3,722,000
3.610.000
3,756.000
3,749,000
4,748,000
3.639.000
4,272,000 b
4.606,000
4,421,000
4,719,000
4.501.000
The total quantity of coal consumed at coke plants in
August was about 6,574,000 tons, of which 5,386,000 tons
were consumed in by-product ovens and 1,188,000 tons in
beehive ovens.
Of the total output of by-product coke during August
3,119,000 tons, or 83.2%, was made in plants associated
with iron furnaces, and 630,000 tons, or 16.8%, was made
at merchant or other plants.
PER CENT OF TOTAL MONTHLY OUTPUT OF BY-PRODUCT COKE
THAT WAS PRODUCED BY PLANTS ASSOCIATED WITH IRON
FURNACES AND BY OTHER PLANTS, 1921-1926.
1922.
1923.
1924.
1925.
1926.
I
1921.
I
Month
FurFurface. Other nace. Other
FurParFUTFurnace Other nace. Other nace. Other nace.
January _ _
February _
March_ _ _
April
May
tune
July
A ugust _ _ September
October...
November
December.
83.1
82.3
81.3
80.3
81.1
82.6
81.2
83.0
83.8
84.0
84.2
84.9
16.9
17.7
18.7
19.7
18.9
17.4
18.8
17.0
16.2
16.0
15.8
15.1
82.4
83.3
83.3
83.7
85.5
85.7
86.0
80.3
82.7
83.3
83.1
82.9
17.6
16.7
16.7
16.3
14.5
14.3
14.0
19.7
17.3
16.7
16.9
17.1
82.8
82.3
82.6
82.6
82.7
83.1
83.3
82.7
82.2
82.2
82.2
82.6
17.2
17.7
17.4
17.4
17.3
16.9
16.7
17.3
17.6
17.8
17.8
17.4
82.8
83.6
84.0
83.6
80.0
80.8
80.8
79.5
82.0
82.9
83.4
84.6
557 171 S26 16.4 82.6 17.4 82.3
C.C.,IC000,000002,1
Coke Production During the Month of August.
Production of by-product coke during August remained
practically stationary, the total amount ng to 3,749,000 tons,
compared with 3,756,000 tons in July, a decrease of less than
-two-tenths of 1%, according to the information given out
by the United States Bureau of Mines. The daily rate
declined in the same ratio from 121,156 tons in July to 120,930
tons in Kugust. There were 75 active plants, the same
number as in July, and these plants produced about 90%
of their total capacity.
According to the "Iron Age," the output of pig iron
during the 31 days of August amounted to 3,196,190 gross
tons, or 103,103 tons per day. This is a decline of 875
tons, or less than 1% from the 103,978 tons per day made in
the 31 days of July.
The output of beehive coke during August was the smallest
during the current year, amounting to 752,000 tons, a
decrease of 22% when compared with the July total.
Outbid of all coke totaled 4,501,000 tons, the by-product
plants contributing 83% and the beehive plants 17%.
Beehive
Coke.
84.8
83.7
83.7
83.7
83.2
83.1
82.6
82.1
82.2
823
83.0
82.9
15.1
16.1
16.1
16.3
16.1
16.1
17.4
17S
17.6
177
17.0
17.1
82.9
81.7
82.6
82.8
82.6
82.7
83.3
83.2
17.1
18.3
17.4
17.2
17.4
17.3
16.7
16.8
83.1 16.9
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Sept. 22, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combined, shows declines of $78,800,000 in bill and security holdings and of $85,300,000 in total
deposits, partly offsetting the increases reported a week ago
in connection with the Treasury's quarterly financial operations. Increases of $96,100,000 in holdings of discounted
bills and of $7,900,000 in acceptances purchased in open
market were more than offset by a reduction of $182,900,000
in Government securities, holdings of which last week included $192,000,000 of temporary certificates issued by the
Treasury to the Federal Reserve banks pending the collection of the quarterly installment of taxes. Federal Reserve
note circulation •declined $8,000,000 and cash reserves
$7,400,000. After noting these facts, the Federal Reserve
Board proceeds as follows:
$43,500,000
$17,400,000:
$6,490,000;
The Federal Reserve Bank of New York reports an increase of
In discount holdings; Chicago, an increase of
St. Louis,
San Francisco,
Kansas
Cleveland
and Atlanta,
City,
The remaining five banks
show detreases aggregating
Open-market acceptance holdings
of the New York bank increased
and of Atlanta
while the St. Louis bank reports a decline of
The system's
holdings of United States securities declined
or
less than the amount of temporary certificates redeemed by the Treasury
during the week.
The principal changes in Federal Reserve note circulation during the week
comprise declines of
at the New York Reserve bank,
at Philadelphia,
at San Francisco, and increases of
at the Atlanta bank and
at Dallas.
516.300,000;
$3,500,000,
$10,700,000;
53,200,000.
$3,800,000.
$8,300,000
$6,900,000.
$182,900,000,
$7,400,000
$2,800,000
$2,500,000
$3,400,000.
$9,100,000
54,100,000
$3,000,000
The statement in full, in comparison with the preceding
week and with the corresponding date last year, will be found
on subsequent pages-namely, pages 1605 and 1E06. A
summary of changes in the principal assets and liabilities of
the Reserve banks during the week and the year ending
Sept. 22 1926, is as follows:
Increase (-I-) or Decrease (-)
During
Week.
Year.
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations__ _ _
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
-57,400,000
-6,700,000
-78,800,000
+96,100,000
+50.500.000
+45,600,000
+7,900,000
-182.900.000
+2,300.000
--1,200,000
184,000,000
8,000,000
-85,300,000
-138,500,000
+63,500,000
+386.700,000
+60,500,000
+28,000,000
+20,900,000
.-18,600.000
+39,500,000
+31,900,000
-18,000,000
-4.200,000
-105,400,000
+91,600,000
+45.700,000
+64,500,000
+23.500.000
+35.400.000
The Member Banks of the Federal Reserve SystemReports for Preceding Week-Brokers' Loans
. in New York City.
It is not possible for the Federal Reserve Board to issue
the weekly returns of the member banks as promptly as the
returns of the Federal Reserve banks themselves. Both
cover the week ending with Wednesday's business, and the
returns of the Federal Reserve banks are always given out
after the close of business the next day (Thursday). The
statement of the member banks, however, including as it
does nearly 700 separate institutions, cannot be tabulated
until several days later. Prior to the statement for the week
ending May 19, it was the practice to have them ready on
Thursday of the following week, and to give them out concurrently with the report of the Reserve banks for the next
week. The Reserve authorities have not succeeded in
expediting the time of the appearance of the figures, and they
are made public the following week on Mondays instead of on
Thursdays. Under this arrangement the report for the week
ending Sept. 15 was given out after the close of business on
Monday of the present week.
Partly as a result of the Treasury's financial operations,
the Federal Reserve Board's weekly statement of condition
of 695 reporting banks in leading cities as of Sept. 15 shows
increases of $118,000,000 in loans and discounts, $50,000,000
in investments, $131,000,000 in reserve balances, $312,000,000 in net demand deposits and $173,000,000 in Government deposits, and decreases of $28,000,000 in time deposits
and $34,000,000 in borrowings from the Federal Reserve
banks. Member banks in New York City reported increases
of $86,000,000 in reserve balances, $126,000,000 in net demand deposits, $48,000,000 in Government deposits and
$37,000,000 in loans and discounts, and declines of $27,000,000 in investments, $16,000,000 in time deposits and
$41,000,000 in borrowings from Federal Reserve bank.
Loans on stocks and bonds, including United States Government obligations, were $47,000,000 above the previous
week's total, the principal changes being increases of $19,000,000 in the Boston district and of $6,000,000 each in the
New York, Cleveland and Kansas City districts. All other
loans and discounts increased $71,000,000, of which $36,000,000 was reported by banks in the New York district
and $12,000,000 by banks in the Chicago district. Total
loans to brokers and dealers, secured by stocks and bonds,
made by reporting member banks in New York City were
$57,000,000 above the Sept. 8 total, loans for out-of-town
1572
THE CHRONICLE
banks increasing $29.000,000, for own account $8,000,000
and for others $20,000,000. As already noted, the figures
for these member banks are always a week behind those for
the Reserve banks themselves. The statement goes on to
say:
Holdings of Government securities increased $18,000,000 at banks in
the Boston district, $12,000,000 each in the Philadelphia and Chicago districts. $10,000,000 in the Cleveland district and $8,000,000 each in the
Atlanta and San Francisco districts'. Banks in the New York district
reported a reduction of $4,000,000 in Government securities and of $24,000,000 in holdings of other bonds, stocks and securities.
Net demand deposits of reporting member banks increased in all districts except Philadelphia and Richmond,the principal increases by districts
being: New York,$145,000,000; Chicago. $62,000,000; Boston, $30.000,000;
San Francisco, $24,000,000; Cleveland,$15.000,000: St. Louis,$13,000,000,
and Dallas, $12,000,000. Government deposits, in connection with the
Treasury financial operations, increased $173,000,000, larger figures being
reported by banks in all districts.
Borrowings from the Federal Reserve bank were $34.000,000 below the
previous week's total. Reductions of $42,000,000 reported by member
banks in the New York district, $9,000,000 in the San Francisco district
and $12,000,000 in four other districts were partly offset by an increase of
87.000,000 in the Atlanta district. $6,000,000 each in the Boston and Cleveland districts and $4,000,000 in the Richmond district.
On a subsequent page—that is, on page 1606—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items
as compared with a week ago and with last year: .
Increases (+) or Decreases (—)
During
Year.
Week.
+$118.000,000 +$718,000,000
Loans and discounts, total
—19,000,000
Secured by U.S. Govt. obligations
+17,000,000
+30,000,000 +458,000,000
Secured by stocks and bonds
All other
+7000,000 +279,000,000
+30,000,000 +191,000,000
Investments, total
+16,000.000
U. S. securities
+73,000.000
stocks
and
securities
—23,000.000
Other bonds,
+175,000,000
Reserve balances with Fed. Res. bans..... +131,000,000 +139,000,000
—6,000,000
Cash in vault
+6,000,000
+312,000,000 +227,000,000
Net demand deposits
—28,000,000
Time deposits
+499,000,000
+173,000,000 +114,000,000
Government deposits
Total borrowings from Fed. Res. banks_ _ _ _ —34.000.000
+67,000,000
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. 25) the following summary
of conditions abroad, based on advices by cable and other
means of communication:
CANADA.
The Federal elections on Sept. 14 were followed by considerable gratification in business circles and the general outlook is regarded as very
satisfactory. Except in Alberta, where unfavorable weather has prevailed, wholesale and retail trade is improving in most of the provinces.
General business in the Maritime Provinces is slightly better than it was
a year ago. Continued Improvement is reported in the boot and shoe
Industry of the country with increased production by most of the factories.
There is much commercial activity in Ontario, and sales are growing
In many lines. This is most pronounced in dry goods, wearing apparel,
hardware, and heating equipment lines.
GREAT BRITAIN.
The week ended Sept. 18 was featured in Great Britain by further
strenuous efforts to find a basis for ending the coal deadlock, but it appears
that no progress was made toward a settlement of the difficulty. However. the Government is still working actively on the matter, and it is
hoped that this effort, together with the Increasing industrial and household needs for a general resumption of coal mining, will shortly bring
favorable results. On the other hand, there is considerable demand in
the freight market for vessels to bring coal from the United States to
Great Britain, and, as it appears that chartering is taking place for loadings
as late as November and December, it would seem that some English
quarters do not expect to receive English coal in sufficient quantities
for several months to come.
BELGIUM.
There is a noticeable increase in optimism in business circles, attributed
primarily to the vigorous financial policy of the Government. The economic position of Belgium is generally much stronger now than a month
ago. Little public protest has been aroused by the forced consolidation
of the internal loan and the distribution of' railway stocks. The August
retail price index showed a further noticeable increase in the cost of living.
A heavy adverse trade balance is revealed by the foreign trade figures
for the first seven months of 1926. Among the commodities showing
special activity on the Belgian market are coal, iron and steel, cement,
glass, leather, and linen, petroleum products and tobacco. Automobile
sales are very dull. Although the wheat and rye crops are slightly below
normal, other important crops are quite good. August traffic at the
port of Antwerp was the heaviest in history.
[VOL. 128.
ment in the trade with Hungary is reported as a result of the terms of the
new commercial treaty, effective Aug. 14. Considerable dissatisfaction is,
however, expressed concerning trade with the eastern European States, and
particularly Rumania. This is a result of unsatisfactory collections.
CZECHOSLOVAKIA.
The industrial situation in Czechoslovakia shows no decided change,
although there are certain signs leading to a belief that improvement may
be expected in the near future. As an instance of this may be mentioned
the commercial agreement with Hungary, the pending commercial treaty
negotiations with Germany and Canada, and the improvement in the internal situation in Poland.
NORWAY.
Norway's materially reduced imports—from 129,415,000 crowns during
July 1925 to 72,091,000 crowns during July 1926—reflect industrial stagnation. It is also evident that there has been a readjustment in consumption
and spending. Exports,including re-exports,by value have remained practically stationary during the year ended July 31 1926. The discount rate
recently was reduced from 534 to 5% and money has been plentiful for some
time. Foreign bank deposits have been largely withdrawn since the elimination of exchange fluctuation. The labor situation still is very unsettled
and no agreement has been reached in the conflict in the paper industry.
SWEDEN.
Domestic business has shown moderate activity in Sweden during the last
few weeks. The money market continues easy and the decrease in rediscount and bank clearings during August reflected general summer slackness.
Irregularity exists in the stock market, with industrials registering losses
and banking shares showing gains. It is predicted in Sweden that the Government will borrow primarily for refunding purposes in the domestic market
before June 30 1927, the close of the fiscal year.
DENMARK.
The unemployment problem is steadily becoming more serious. During
July, when unemployment is usually at its lowest, the percentage in Danish
Industry increased from 16.3 to 17.4%, and during August it rose further to
a high of between 18 and 19%. The money market continues very tight.
capital is scarce and offered only at a premium, although credit restrictions
have to a certain extent become more lax. Much new capital will be needed
when activity in Danish industry and trade increases, following the present
period of stagnation and depression.
GREECE.
The political situation continues comparatively calm. After the effective
termination of the brief Communistic disturbances, increased confidence is
evident. The proceeds of the pledged revenues, under the control of the
International Finance Commission,showed a district increase amounting to
Drs. 1,376,877,000 in the first six months of 1926, as compared with Drs.
1,124,151,000 for the corresponding period of 1925. The cost of living
continues to rise the latest official figure being 1807.8 for July, as compared
with 1790.7 for June, 1926. The financial condition continues to be the
key of the Greek situation, and business in general is still affected by the
peoples diminished buying capacity. The demand for manufactured goods
In general is not so great as during the last three years. The existing
embargo on certain luxury articles has been extended to Jan. 31 1927.
TURKEY.
Aided by the steady increase in sales of the new season's exports, the
market situation In general shows considerable improvement. Orders from
abroad, as compared with last year, are in most cases satisfactory, and the
exchange value of the Turkish pound has reacted favorably. There are
several other indications which justify a brighter outlook than was possible
a few months ago. Particularly encouraging is the prospect that this year's
harvest will be at least as abundant as in normal years, while the modification of the consumption tax law seems to be meeting with a good response
on the part of the public.
EGYPT.
The local cotton futures market continues somewhat nervous, prices
fluctuating for the most part with New York. A draft law to prevent
mixing of the qualities of Egyptian cotton has been referred to Parliament
by the Council of Ministries. Egyptian exports showed a considerable
improvement during the month of July, 1926. as compared with July, 1925,
but the total trade continues to show an import surplus for the year; total
Imports for the first seven months amounting to LE28,833,388,as compared
with exports for the first seven months valued at LE24.967,488.
PALESTINE.
Summer crop conditions have been somewhat unfavorable in the south
because of a deficiency of dew fall in the coastal plain region. In the
north, however, conditions were more advantageous. On the whole, the
crops are generally good, although early attacks of insect pests have
resulted in marked irregularity between districts. While decreases in the
wheat yield are noted, production in the Gaza area are reported as 20%
below that of last year. The quality of tobacco is distinctly better than
that of last year. There is a pronounced movement among Jewish farmers
to replace almonds by apricots, owing to the ravages of almond borers.
The increased use of agricultural machinery in orange groves is reported,
and elsewhere a number of both heavy and light tractors are In use.
JAPAN.
Business tone is fairly optimistic in Japan owing to prospects of bumper
crops and continued improvement in Japanese exchange. However, this
feeling of optimism is somewhat tempered by such unfavorable factors as
unsatisfactory silk prices, depression in tbb cotton spinning Industry and
disappointing seasonal trade returns. The South Seas Trade Promotion
Conference is now meeting in Tokyo under Government auspices. The
new Minister of Finance has intimated that the gold export embargo will
not be removed in the near future and announced that there will be no
change in the Government's retrenchment policy.
The Japanese steel industry is more optimistic due to advancing European
quotations and the possibility of the diversion to the United States or elsewhere of the large export stock of Indian pig iron. It is reported that
anti-dumping penalties will not be applied to European steel but that
THE NETHERLANDS.
further increase in steel import duties are probable.
The usual summer calmness in the Netherlands has been succeeded
CHINA.
by an improvement in general business conditions. Crops are on the
The acute political and military situation which has developed in the
animal
the
industry
has
been
hard hit by the
whole satisfactory, but
Yangtze Valley, particularly around Hankow,has had an unfavorable effect
British import embargo on meat. The tourist season, which is just closing, on business throughout North China. Money has become tight, interest
is regarded as a failure, due to competition of Belgian and French summer
rates are higher and, with the approach of the autumn settlement day
resorts, which as a result of the low exchange has drawn tourists to those
which comes on September 21, all business has slowed down.. Rail transcountries. Tax yields continue to exceed estimates and it is believed
portation continues to be extremely unsatisfactory, particularly on the
in the Netherlands to be probable that a tax reduction program will be
Peking-Hankow and Peldng-Suiyuan lines. The fighting along the Yangtze
acted on in the near future.
near Hankow has disturbed river shipping and slowed up cargo movement
AUSTRIA.
considerably.
The industrial and trade situation of Austria still continues in an =settsBusiness in Manchuria is embarrassed by the continued depreciation of
fac..ory condition but some encouraging signs are apparent. Some improve- the local paper currency. South Manchurian crops are estimated at 80%
SEPT. 25 1926.]
TICE CHRONICLE
1573
of normal, with a better than average yield in North Manchuria. The
North Manchurian bean crop is placed at 10% above normal. Trade
estimates of the north China cotton crop place the yield at 30% below last
year. The quality is reported to be excellent. North China automotive'
sales declined during the September quarter but increased activity is anticipated in the trade during the last three months of the year. Local industries in Peking are depressed and building activity is at a standstill with a
consequent decline in the demand for hardware and builder's supplies.
ations. Weather conditions favorable to the new crops continue. The
official report on agricultural conditions issued on Sept. 15 states that
pasturage is good, crop prpspects for wheat are fair to good, *while the outlook for linseed, oats, rye and barley is excellent.
NETHERLANDS EAST INDIES.
Netherlands East Indies business continued its upward trend in August,
with Government finances, collections and credits satisfactory. Money
was sufficient for business transactions. In import lines, automotive sales
continued good, but showed the first signs of slackening in the pronounced
activity of recent months. Somewhat reduced demand is expected locally
until December, which is normally a good month for the trade. Textile
imports were somewhat lower in August, particularly in staples. Considerable activity in imports of fertilizers, paints, cement and building
materials was noted. The sugar market was strong, with active forward
sales of the new crop. Rubber continued quiet. August exports from
Java and Madura totaled 4.489 metric tons. Preliminary statements of
July trade of Java show increased in both exports and imports, the former
amounting to 84,126,000 florins ($33,818,000) and the latter to 40,347.000
florins ($16.219,490).
BRITISH MALAYA.
Slight improvement in the general business situation and trade of British
Malaya continued in August. Foreign trade in both imports and exports
increased over recent months. The former totaled 85,288,000 Straits
dollars In value ($47,089,200 at the average exchange rate of $0.5615 for
August), and the latter, 98.147.000 Straits dollars ($55,209,540). Rubber
reflecting the general quiet of the market, averaged a decline in price.
Tin prices, however, continued to advance, reaching a record figure of
146.65 Straits dollars ($82.34) per picul of 133 1-3 pounds. Tin exports
for the month totaled 5.020 long tons, of which 54% went to the United
States, 30% to Great Britain, 13% to Europe and 1% to Japan.
SIAM.
The activities are slack in Siam, with continued high prices for rice and
paddy. Condition of the new crop is apparently satisfactory, but it is
early for estimates. Harvesting does not begin until the latter part of the
year. Approximate imports into Bangkok in August were valued at
12.000,000 ticals, a decline of 3,000,000 from the previous month. Exports
of 12.850,000 ticals showed an increase of about 1,000.000 ticals over July.
A Franco-Siamese treaty regulating questions of the Indo-China boundary
along the Mekong was signed on Aug. 25. The exchange value of the tical
remains unchanged at $0.44 bank's selling rate and $0.4525 buying rate.
INDO-CHINA.
Indo-China's export market is very dull, owing to the continued scarcity
of paddy at the mills, which is retained up-country by the farmers. Rice
prices, in consequence, remain high. Steadier exchange has caused a small
amount of business with Europe, but transactions with the Orient are unimportant, with the exception of shipments of brokens to Java. Buyers are
turning to Bangkok and Rangoon, owing to the high local prices. Of the
August exports of rice, which totaled approximately 95.000 metric tons,
75,000 tons were white rice, 12.500 brokens, and 8.400 flour. Reports of
the new crop are promising, despite recent floods in rice areas. The
official exchange rate of the piaster on Aug. 31 was quoted at 19.25 francs,
or a dollar value of $0.55%.
AUSTRALIA.
Australia's agricultural and pastoral outlooks are most encouraging, and
business men in all lines are inclined to be optimistic. Wool is arriving in
the'market in good condition and prices are being well maintained, the
average being considerably above that received at July sales. The wheat
crop is in good condition, but the market remains unchanged. Manufacturers are reported busy, with unemployment at a minimum. Money is
easier, owing to the distribution of Commonwealth War Loan interest on
Sept. 15. Banks have decided to continue the pool system of financing the
export trade during 1926-27, when about E78,000.000 is expected to be
required for moving crops to overseas markets.
ARGENTINA.
Trade continues at a low level in Argentina with a decline in the exports
of all cereals. A slight rise in exchange is based on coverage of future oper-
of New York and Dwight W.Morrow.of J. P. Morgan
& Company.
Benjamin Strong, Governor of the Federal Reserve Bank
of New York,and Dwight W.Morrow of J.P.Morgan &Co.
were among the arrivals from Europe yesterday. According
to the "Wall Street Journal," Governor Strong in expressing
himself optimistically as to the European outlook said,
"Every year I go abroad I notice an improvement in conditions."
COLOMBIA.
Two steamers are aground at a point just below Puerto Berrie but otherwise transportation on the Magdalena River and the congested condition of
freight at the transfer points is improved. The impossibility of moving
INDIA.
foodstuffs from the coast to interior points during the drought caused the
The general business outlook is satisfactory in nearly all lines, and the cost of living to rise with the result that agitation was started by the newsmonsoon may now be considered generally satisfactory, assuring crops above papers to have the Government reduce the import duty on such articles.
the average both in quantity and quality in most regions. The report of On Sept. 15 an emergency decree was promulgated to be effective for ninety
the Currency Commission is being freely discussed by the Indian press days,reducing the duty on wheat flour by 60%,on barley 50%,wheat 50%.
and public prior to definite action by the Legislature in February, and refined sugar, oats, cereal flours, tapioca, starch, beans, beef and port 30%,
particularly those sections which relate to the fixing of the rupee at 18 Pence potatoes 20%, corn 30%, and rice is to pay 1 centavo (practically 1 cent)
and the establishment of a new reserve banking system. Silver continues per kilogram.
HONDURAS.
to be extremely nervous, reacting easily to operations in India as well as
abroad. The speculative tendency is bearish, with a poor offtake.
Business throughout the Republic of Honduras suffered the customary
Owing to late crops and lower commodity prices, marked uneasiness August depression and was poorer during that month than at any other time
prevails in the money market and is expected to continue until the end of this year. The total banana exports show a normal seasonal decline from
October. The demand for funds for moving the jute crop, however, is 1,556,566 bunches as reported for July to 1,414,401 bunches for August.
growing. Currency note circulation has reached a new high level. State The rate of exchange remains unchanged. Important financial negotiations
railways returned 5%% on capital investment during the year ended were concluded on Sept. 8, authorizing a loan by American baakers to the
March 31. The cotton mill situation is improving somewhat. Little Government of Honduras in the amount of $500,000. to be used in their
interest is being shown in raw jute by local mills, evidently awaiting publica- road-building program. A tentative agreement was also signed, calling
tion of the final crop forecast on Sept. 22. Shellac is excited at present— for a further loan of $2,000,000, pending approval of the next Congress.
partly healthy and partly speculative—and a downward reaction is expected Both of these loans are guaranteed by the National Road Funds and Lands.
in the trade.
A further general loan of $500,000 has been arranged for Sept. 14. which is
PHILIPPINE ISLANDS.
guaranteed by the receipts of Tele custom house.
Business conditions of the Philippines in August were slightly under
PORTO RICO.
July's level and the month did not average as well as August of last year.
Weather conditions in Porto Rico remain favorable for the whole island,
Some improvement has taken place in early September. The textile trade
was generally unsteady, with large stocks and slow buying. Competition and business continues to approximate the 1925 level. Merchants are
in clearing over-stocks was keen. Trade in automobiles and tires is con- limiting their purchases while watching the trend of sugar prices. It is
sistently good and business of August, especially in trucks and medium probable that many firms will be in a difficult position if there is no increase
sized cars, was better than at the same time last year. Some old automotive in prices for the coming sugar crop, and especially if there are losses in other
stocks are being sold at nearly cost price, with a view to introducing new crops due to unfavorable growing conditions or price declines. Business is
lines. Demand for flour imports continued good but trade in canned quiet in the southern part of the island, with the credit situation in Ponce
and vicinity very fair as a result of conservative buying. The growing cane
fish was dull.
appears to be in good condition as a result of recent rains, and one of the
HAWAII.
largest
mills expects to start grinding about Dec. 1, with the expectation
Weather conditions during the past month have continued favorable to
that its sugar production will exceed the output realized from the last crop.
growing crops, with temperature relatively high and rainfall normal.
Present reports indicate that the new sugar crop will about equal the recent
From all indications new year's crop will be satisfactory. The sugar yield
crop, which was 603,000 short tons, but no estimate will be made by the
this year exceeds 781,000 short tons, setting a new record for the Islands.
Department of Agriculture until after the October rains. The outlook for
The harvest of Kona coffee which has just begun is expected to yield
the tobacco crop is improving and the rebuilding of sheds destroyed during
60.000 bags. It is estimated that $500,000 will be distributed to agricultural labor during the next four months. Island trade is moderately the July storm is progressing rapidly.
active and collections were better. Real estate is slower, at firm prices.
Building activities are seasonally slow.
Return of Governor Strong of Federal Reserve Bank
Lift Gold Bar Charge—Treasury Department October 1
Will Eliminate 5-Cent Charge on Gold Bars Below
999.1000ths Fineness.
The following is from the "Wall Street Journal" of last
night (Sept. 24):
Treasury Department will, effective Oct. 1, lift the charge of 5 cents per
$100 imposed on gold bars of a fineness below 999 thousandths, when
special sizes are not requested. This ruling applies principally to bars
which are used for export purposes.
On $5,000 bars of fineness 999 thousandths, mostly used in the jewelry
trade, the charge of 5c. per $100 value still prevails. while on bars of less
than $5,000 to $500 a charge of 6c per $100 is imposed; on less than 8500 a
charge of 7c. per $100: bars between $300 and $200 a charge of 9c. per $100:
bars of fineness of 999.9, not over $5,000, a charge of 9c .per $100 and for
bars of fineness of 999.9. over $5.000. a charge of Sc. per $100.
Silver Hits Lowest Leval—Decline Traced to Selling
Orders from China.
The following is from the New York "Times" of Sept. 23:
A decline in silver to the lowest level it has reached in five years occurred
yesterday when a price of 60% cents an ounce was established. The
London price remained at 27 15-16d. per ounce. unchanged since Sept. 20
last, which is the lowest price in many years. The price in London of
silver for future delivery was quoted at Hd. higher than spot, and this has
led to the opinion that the present decline is only temporary.
Yesterday's decline in the New York market was traced mainly to an
accumulation of selling orders from China, where Tuesday was a holiday.
The selling was a continuation of the pressure that has existed for many
weeks as a result of the program in India for adoption of the gold standard
and the demonetization of silver. Chinese interests have been the principal
sellers and at the same time they have purchased Japanese yen on the theory
that the Japanese Government would return to the gold standard some time
this year. As a result the Japanese yen has been advancing recently, but
it reacted yesterday as the result of profit-taking.
Further commenting on the decline, the "Times" said:
The price of silver at New York went to its lowest point in five years
yesterday, on continuation of the selling movement that started with the
announcement of the program of India for the adoption of the gold standard
and the demonetization of silver. Bullion dealers said, however, that they
could not see why the Indian program should have caused such extensive
decline in silver, except for "psychological" reasons. While there was no
tendency to discount the importance of the proposed changes in India, it
was not believed by them that the country would actually dump any large
supplies of silver on the market. Its reserves are not considered too large
to take care of the use of silver for subsidiary coinage and tokens and, with
the problem of educating the public to the use of gold rupees, it would
1574
THE CHRONICLE
not be deemed advisable to injure the status of the existing silver rupees by
throwing large supplies of metal on the market. Most of the selling on the
present decline has come from Chinese interests.
Reporting a further decline, the New York "Evening
Post" of last night (Sept. 24), said:
Silver prices continued to decline here to-day, a new load record since
1921 being made with a further drop of 1 cent to 59 cents an ounce. The
break followed a decline in London.
The low point reached since the beginning of the World War was in 1915,
when quotations fell to 463 cents, but a high price of $1 29 an ounce was
reached in Feb. 1920, in response to heavy buying for India.
As a result of adoption of plans for demonetization of silver in India.
Chinese and Indian speculators have been heavy sellers, and dealers here
say the market is highly speculative. Heavy stocks have been accumulated in the Far East, notably Shanghai, where offerings have been large
this week.
Heavy Chinese selling of the metal, following the lifting of a trade boycott in Hongkong was blamed by some bullion dealers for the latest slump.
The price of silver in London yesterday touched 273id.,
the lowest figured since March 1916.
Bank of France Fixes Purchase Price of Gold Franc.
Associated Press advices from Paris, Sept. 23, stated:
The Bank of France to-day fixed the purchase price of the gold franc at
19 francs 75 centimes paper per gramme of fine gold. This works out at
about 114 francs 70 centimes for the gold louis, which is equivalent to
20 gold francs.
The new rate is in conformity with the recent law permitting the Bank
of France to purchase gold and foreign money with paper francs at rates
to be established from time to time.
Paris advices to the "Wall Street Journal" published in its
.issue of last night, Sept. 24, said:
Bank of France publicly offers to buy gold pieces at a rate corresponding
to 114 francs 70 centimes paper for 20 francs gold. Offer becomes valid
Sept. 27 and until further notice. It is explained by bank officials that it is
the intention to obtain hoarded coins, amount of which is roughly estimated at 1,000.000,000 francs, but which is constantly decreasing, owing
to the illicit traffic or shipment across frontiers. It is denied that the rate
of 19 francs 75 centimes per gram of gold implies a decision ultimately to
stabilize the franc at that level. The Government, it is not believed, has
yet determined on any level.
It is doubtful to what extent the appeal will succeed, but it is possible,
if it fails, that another rate may be offered: while if it is unexpectedly
successful,future rate may be reduced. The bank thinks it may be possible
to absorb 500,000,000 francs, and thus strengthen its reserve against the
time of a return to the gold standard, but it admits that this is an experiment. Critics point out in any event that the offer involves the abandonment of legal fiction that the paper franc is equal to the value of a gold franc.
As authorized in the recent law, notes issued in exchange for coins will
not figure in the total circulation as published weekly, nor gold obtained,
In the gold reserve figure.
On current rate of exchange, at $.0277, the Bank offers $3 177 in paper
francs for $3 80 in gold coin.
Reference to the arrangements of the Bank of France to
purchase French and foreign gold was made in our issue of
Sept. 18, page 1445.
Dr. David Friday Sees Recovery for French Franc—Says
German Help Is Bringing Back Stabilization—
Dawes Payments Analyzed.
From the New York "Sun" we take the following copyright message from Berlin, Sept. 22:
"Prophets who a year ago said that eventual French stabilization would
[Vol.. 123.
payment, by a wide margin. France will receive from Germany $172,000,000. She will pay England $20,000,000 and is asked to pay the
American Government $30,000.000, while interest on the sinking fund
of her commercial debt on one billion dollars does not exceed $75,000,000.
This makes a total of about $125,000,000 per year and leaves her with
a surplus of about $47,000,000.
"The Dawes plan and the German payments are M. Poincare's strongest
financial suPPort•-
Dutch Loan to France—$12,000,000 Operation for Railways--Germany Borrows at Home.
An Amsterdam cablegram Sept. 19, copyright by the New
York "Times," says:
The French Government has completed with a Dutch group of financiers
a railway loan of 30,000,000 guilders in 7% bonds, redeemable in 35 years.
More interest is taken in the somewhat surprising fact that Germany is
about to Issues good-sized internal loan at somethingliko 6%. This certainly indicates a far more favorable condition of the German investment
market.
French Wheat Crop Deficiency Put at 500,000 Tons—
War-Time Bread and Other Ration Measures
in Disfavor.
Paris Associated Press cablegrams Sept. 18 state:
Eating the "bread of adversity," a yellowish, sodden load, a compound of
cornmeal, rye, barley, potatoes and coarse wheaten flour, is the most irksome item on the Frenchman's program of penitence. Paying a higher
price for this mixture than for real bread does not make it more palatable.
However,the deficiency of the homegrown wheat crop is placed at 500,000
tons by the Department of Agriculture, but this is regarded as far too
optimistic by independent experts, some of whom estimate the deficiency
at 2,000,000 tons.
Provincial restaurant keepers, as well as tripe dealers, are of the opinion
that the Government is on the wrong tack in limiting bills of fare to only
two meat dishes. The two-meat-dish regulation has npt caused trouble in
Paris, but smaller cities object to it and dealers in the cheaper cuts of meat
and in tripe, liver and kidneys in Paris declare their business has fallen off.
The tripe dealers say that any one able to have only two dishes of meat will
not take tripe as one of them.
These dealer point out that the same number of animals are bring killed
to provide beefsteaks and roasts but that the heads and the hearts and other
edible entrailsare now wasted, and that, therefore, this is false economy.
Rhine Evacuation Begun by French—Nearly 7,000
Troops Expected to Withdraw Before End of
the Month—Whole Allied Army to Go.
Coincident with the departure of Foreign Minister
Stresemann from Geneva,France on Sept. 22 began the withdrawal of her troops from the Rhineland says a copyright
cablegram from Berlin to the New York "Times," from
which we also take the following:
Thus far only a single battalion of Chasseurs Alpins has entrained and
without ceremony rolled off toward the frontier. According to reports
reaching Wilhelmstrasse from Coblenz, however, between 6,000 and 7.000
French soldiers will be moved out of the occupied area before the end of
the month.
This force will not be replaced and hence will constitute a permanent
reduction of the allied armies of occupation unless, indeed, the present
movement means the beginning of complete evacuation. Before the Rhineland is liberated altogether, however, many months admittedly must
elaspse, even under the most favorable conditions.
German Cabinet Wets To-day.
Dr. Stresemann will arrive here to-morrow afternoon and immediately
confer with Chancellor Marx. The Cabinet meeting which will formally
be made with German help now bid fair to be right," according to Prof. approve the program tentatively drawn up with M. Briand at Thoiry will
David Friday, the American economist.
be held Friday morning under the Chairmanship of President von HindenProf. Friday visited Berlin in January and than predicted the German burg. Subsequently, perhaps early next week the Foreign Minister will
industrial recovery with such astonishing accuracy that he has earned a explain the situation to the Reichstag's Foreign Relations Committee behind
reputation for almost uncanny knowledge. Now, after weeks in Germany, closed doors. The Reichstag itself presumably will not meet before
he has received the correspondent and said:
November.
"Stabilization of the French currency is Europe's chief financial problem.
Nationalist attempts at belittling the Briand-Stresemann accord are
It is nearer solution to-day than ever before, for the world in the last six growing steadily feebler. Already there are signs of the Junker faction's
weeks has become convinced that Germany will meet her reparations willingness to participate in the Government on the basis of the Thoiry
payments.
agreement. The reactionary-Boersen Zeitung this morning devotes a whole
"But Germany's importance for Premier Poincaire of France is not alone page to the necessity of reorganizing the Cabinet to admit Nationalist
in confidence that France can reckon on regular payments from Germany Ministers, The Right's opposition is bond to be weakened still more by
and construct a budget accordingly. In August the Agent-General of repa- the French move to decrease the number of troops on the Rhine.
rations made the first large cash transfer to the Allies under the Dawes
Confer on Railway Bonds.
plan, of which France received about half, approximately $8,000,000.
It became known to-day that M.Parmentier, the French financial expert
"This cash was of the utmost importance in maintaining the franc
during August, the possibility of which experts generally had questioned, and intimate of M.Loucheur,is here conferring with S. Parker Gilbert, the
Reparations Agent General, about mobilizing German Railway bonds for
In the face of the billion in paper franc payments which must be met.
the stabilization of the French and Belgian franc. Simultaneously a long
Increase in Payment.
semi-official exposition concerning the status of these securities was issued.
"But the franc held astonishingly and the Agent's statement for Sep- It sheds no fresh light on the problem of how the bonds are to be marketed,
tember showed why the franc had not fallen. There was a greater surprise nor does it mention what is to become of the preferred railway stock, to
when early in September the Agent-General'announced that Germany the value of 500,000.000 marks, now in the German Treasury, and, as
had agreed to increase the current reparations payment by $75,000,000, cabled to the New York "Times" last Sunday, earmarked for ultimate
of which France will get about half, or an additional billion and a quarter employment as part of the price demanded by France for evacuating the
francs.
Rhineland and restoring the Sarre Valley to the Reich without plebiscite
"Her total reparations receipts for the current year, therefore, will proceedings.
amount at the current rate to six billion francs. This year France will
Commenting on this inspired statement on the bonds, the Socialist
receive about $15,000,000 a month, nearly twice the first year's payments. Vorwaerts says these probably could not be issued to American investors
than
a
will
have
from
more
Germany
half
billion
France
In other words,
at a price higher than 75 or 76. Their sale at the present time, the Vorwaerts
francs a month.
adds, inevitably would entail shrinkage in the capital value of the railway
"It must be remembered that the cost of the French military occupa- stock.
tion has been reduced more than half since 1924. Now the $75,000,000
Noting that almost simultaneously with Germany's enincrease in Germany's payment during the third year of the Dawes plan
has a special significance for Premier Poincare, since France's share will trance into the League of Nations, the German authorities
be more than $38,000,000—more than the suggested $30.000,000 annual in the Rhineland reached an agreement with the Rhineland
payment to the 'United States under the Berenger agreement. Therefore, Commission
regarding what is called the "Pacification of the
M. Poincare could tell the French people that the Chamber of Deputies
ought to ratify the agreement, since he already has found additional occupied territory," the New York "Evening Post" in a
revenues to meet the payment.
copyright message from Coblenz Sept. 13 stated:
According to this accord, the Germans agree not to take legal measures
Heavy Sum to France.
during
the
current year ex- against any one who may have come into conflict with the German law in
"German reparations payments to France
press
ceed all the foreign debts of the French Government,including the Berenger rendering obedience to the occupation authorities. The Nationalist
SEPT. 25 1926.]
THE CHRONICLE
1575
Interprets this to mean that Germany promises not to begin proceedings
for treason against participants in the separatist movement.
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 reptea nted 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 pack goes into 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.
on him of statements about the desecration of American soldiers' graves:in
France, said it could only be the result of a misunderstanding. PIM
"Senator Caraway evidently misunderstood the statement I made last
year in the Senate that some American monuments in France had been
disfigured," said Senator Reed. "This referred not to graves but:tethe
battlefield monuments.
"I may cite an instance in the monument of the Twenty-seventh Division
at Bony. These disfigurations were the acts of irresponsible private
individuals, children and others.
"There has been no desecration whatsoever of graves. I have just
been visiting the cemeteries and can assure the relatives of the fallen heroes
that their graves are perfectly tended and looked after.
The Ministry of Pensions has issued an official denial of Senator Caraway's accusations, stating that the Minister, immediately up
-7Sing
informed of the statements appearing in the press, ordered a strict inquiry.
"The result showed these accusations entirely unfounded," the denial
says. "On the contrary, the French people give frequent proofs of the
respect and sympathy they bear toward the fallen soldiers of a friendly
• Under date of Sept. 22 Associated Press advices from nation, both on the occasion of anniversaries and during individual daily
visits to the American cemeteries and the graves of American soldiers."
Geneva stated:
The French, who make respect for their dead a veritable cult, are deeply
Germany and France are envisaging complete evacuation of the Rhineland and not a mere reduction of the forces of occupation, Dr. Stresemann, shocked at the very thought that it should for one moment be entertained
the German Foreign Secretary, told the newspaper men prior to his depar- that they are capable of the—desecration of the fallen heroes' tombs, which
ture for Berlin to-night. The task of the German delegation to the League they consider sacred.
of Nations, he added, was not to secure a reduction of the Allied forces
Senator Caraway's charges were referred to in our issue of
in the Rhineland by some thousands, but to make it clear that after Ger- a
week:ago, page 1452.
many's entry into the League the occupation of German territory was incompatible with the principle of equality among League members.
Senator Caraway's Charges of Desecration of Graves
of American Soldier Dead in France Declared
to Be Without Basis.
On Sept. 14 Senator Caraway of Arkansas was reported
as stating that the French feeling against the United States
had gone so far as to show itself in ribald remarks on graves
of American soldier dead in France. In indicating that
such charges were without basis, Associated Press cablegrams from Paris on Sept. 18 stated:
•
Application to League of Nations for Floating of Loan
by City of Danzig—Dr. Stresemann, Before League
Council, Opposes, Then Agrees to, Reduction
of Loan.
It was indicated in the "Wall Street Journal" of Sept. 18
that the Free City of Danzig had applied to the League of
Nations for permission to raise another loan, this time for
811,000,000, to be used for widening the port, for housing,
and for repayment of part of the floating debt. It is pointed
out that the British Overseas Bank placed the last Danzig
loan easily about two years ago in London. Danzig's floating debt at the present time is some 15,000,000 gulden. The
New York "Times" in a copyright cablegram from Geneva
Sept. 20 had the following to say regarding the new loan
sought:
So great was the feeling caused by publication in the French press
of
Senator Caraway's charge of the desecration of American war graves in
France that the Minister of Pensions ordered a rigid inquiry at all sectors
of the battlefront where American soldiers are buried.
The investigation is said to have revealed no basis for the Senator's
charges. On the contrary, the authorities state, it showed that isolated
graves in local cemeteries are scrupulously kept up by the French, although
The first speech of Foreign Minister Stresemann in the Council of the
they are visited by Americans only once a year, on Memorial Day.
League of Nations was made this afternoon in protest against a report of
The American Graves Registration Service, charged with the upkeep
of
the groat national cemeteries, denies categorically any desecration of the the League Financial Committee, recommending a reduction by half of the
proposed loan of 60,000,000 gulden to the Free City of Dantzig. Stresegraves, which are guarded daily by former service men.
A cablegram to the New York "Times"from Paris, Sept. 17 raann's protest was based on the ground that the Free City had already
floated loans of 13.000.000 gulden in Germany and would be unable to meet
(copyright) also referred as follows to the feeling created by Its obligations if the full loan were not granted.
The League Financial Committee in recommending the cutting of the loan
Senator Caraway's allegations:
Senator Caraway's statement that the graves of American soldiers in gave as its reason that the Danzig authorities were seeking to cut down
France have been desecrated is prominently displayed in all French news- the Free City's deficit by increased taxes rather than by reducing expenses.
To have half the amount, it said, it was essential that the Free City
papers with exclamations of amazement. The entire press demands
that
should introduce a tobacco monopoly:bring to a definite conclusion the negothe Senator from Arkansas be required to submit proof of his charges
or
tiations with Poland regarding distribution of the customs duties: make
else withdraw his remarks as an insult to France.
This attitude received support from an American source to-night
when arrangements with the proper authorities, clarifying its position regarding
liabilities under the peace treaty: adopt a detailed scheme for budget
Vice-Commander McCann of the Paris Post of the American Legion
made
public the following cablegram to Senator Caraway, which was
equilibrium, fixing the maximum figure for budgetary expenses for 1927
approved
and 1928:reduce officials by not fewer than 400 in each of the next two finanat a special meeting of the Post's Executive Committee:
cial years; eliminate the time limit on reduction of salaries adopted for a
Senator Caraway, Senate. Washington, D. C.:
period offour years,and finally simplyfy the budget and accounting systems.
"You are quoted in to-day's Paris papers to the effect that the
have desecrated American soldiers' graves. I am instructed by the French
M. de Brouckere of Belgium made a diplomatic defense of the report of
Executive Committee of the Paris Post of the American Legion to ask whether
the Financial Committee and Dr. Stresemann acceded, saying he himyou are correctly quoted, and, if so, to substantiate.'
self would like to see a reduction of officials and expressing the belief that
"McCA N INT, Vice-Commander."
one of the best means for helping Danzig out of its financial morass was for
While Legion officials have expressed considerable doubt as to the truth Germany and
Poland to conclude economic agreements.
of Caraway s statements, it is known that reports of insulting drawings and
The loan was voted.
inscriptions upon the monuments placed over scattered units by the
For the first time since the Germans entered the League the question
evacuating American contingents in 1919 were brought to the attention of the of official
languages arose when the President of the Council suppressed
highest American army officers some months ago. It was not believed an English
translation of a 25-minute speech by the Danzig Senate Presithat the feeling indicated by these insulting writings and markings repre- dent, M. Sahm,
Lord Cecil said he accepted suppression of the English
sented the attitude of the French people, and nothing was done regarding translation
on this occasion because of the element of time, but wanted it
the matter.
understood that this should not be considered a precedent.
Legion officials point out that more than 80,000 French people actively
participated in the Decoration Day ceremonies in France this year for the
American dead.
In announcing that the source of his information was Mayor of Leipzig Here to Sign City of Leipzig Bonds.
Dr. Karl Rothe, Mayor of the City of Leipzig, Germany,
Senator David A.Reed of Pennsylvania,Senator Caraway on
Sept. 18, according to Wazhington advices to the New York arrived here on Sept. 20 on the Hamburg-American liner
"Deutschland" to sign the $5,000,000 bonds of his city which
"Times," stated:
The statement made by me rested upon no personal information of mine. were sold by Speyer & Co. in March of this year. The
I was careful to make it plain that I had not been in that part of France. bonds carry a 7% coupon, have
a sinking fund, and mature
In the Military Affairs Committee of the Senate on May 211926, Senator
David A. Reed of Pennsylvania, a member of the committee and also of in 1947. They were offered at the time by the bankers at
3 and are now selling above 97 and
the Battle Monuments Commission, said that the resentment of the French 94%,
interest.
pronounced against
was so
Americans that they were defacing the monuments; that such expressions as "To Hell with America" and obscene
phrases were written on their monuments; and that even the battle monument at Belleau Wood has been defaced with such inscriptions.
The substance of this testimony was publlshed at the time and has never
been contradicted so far as I know.
This statement with elaborations was made to me at the time.by Senator
Reed. Also I am in receipt of letters from many people substantiating the
statement I have made with reference to the attitude of France. Among
them was a letter from a gentleman in Boston,(=hiring me,saying he had
seen such inscriptions, but thought they had been written by drunken
Americans. Of course, with that explanation, if it satisfies him and
others, I have no quarrel.
Definitive Bonds of City of Frankfort-on-Main External
Loan of 1925 Available for Exchange for Interim
Receipts.
Speyer & Co. announce that the definitive bonds of the
City of Frankfort-on-Main 7% serial gold bonds, extemal
loan of 1925, are now ready for delivery at their office, 24
and 26 Pine St., New York City, in exchange for and upon
surrender of their interim receipts.
The same paper in a Paris cablegram (copyright), Sept. 19,
reported Senator Reed as stating that Senator Caraway had
Exchange of Definitive Bonds of Brazilian Loan for
misunderstood a statement made by the former, the "Times"
Temporary Bonds.
account being as follows:
Dillon, Read & Co. announce that temporary bonds for
Senator Reed of Pennsylvania, now on a vacation in Paris, when Informed this afternoon that Senator Caraway of Arkansas had laid the onus the issue of $60,000,000 United States of Brazil 63i%
1576
THE CHRONICLE
[Vol. 123
external sinking fund gold bonds of 1926 are exchangeable Salt Lake City; Deseret National Dank, Salt Lake City; Mercantile Trust
for definitive bonds at the office of Dillon, Read & Co. on Company of California, San Francisco.
The bank at San Francisco has a paid-in capital of $700,000
and after Sept. 24.
and the Los Angeles bank $450,000. Each bank is a member
of the Association of Pacific Coast Joint Stock Land Banks.
Last American Bank Closes in Mexico—British Domin- Including
this issue the bank at San Francisco reports $10,Mexico
Over
ate Field as Bank of Montreal Takes
225,000 of bonds outstanding, and the bank at Los Angeles
City Banking Company.
$7,120,000. The statement of the Pacific Coast Joint Stock
A cablegram from Mexico City Sept. 20 (copyright by Land Banks, as officially reported Aug. 311926, follows:
the Chicago Tribune Co. and published by the New York
San Francisco. Los Angeles.
82,699
Acres of real estate security loaned upon- _....
258,945
'Times") says'.
The last American bank in Mexico closed its doors this morning when
the Bank of Montreal took over the Mexico City Banking Co. of this city.
American banking institutions here have been continuously going on the
rocks for the last quarter of a century because no great banking house
thought Mexico a good centre for business, notwithstanding the fact that
70% of all foreign business of Mexico is with the United States.
The British interests have four strong banking concerns here, probably
the strongest of which is the Bank of Montreal, which has by far the largest
business. The Americans now will have to do business through the British
banks.
In a certain sense this Is an advantage, as it always has been in LatinAmerican countries where British have had control of the banking houses,
as in South America, where naturally British shippers, merchants, business
men and interests have been favored.
The closing of the Mexico City Banking Co.'s institution to-day was
lamented by many Americans, who will attempt, through the American
Chamber of Commerce here, to induce some big American interest to open
a bank of fitting strength for the American colony in Mexico City.
Under date of Sept. 17 the "Times" reported the following
copyright advices from MeXico City in the matter:
The sale of the Mexico City Banking Corporation to the Bank of Montreal
in Mexico City removes all American Banking competition in the country.
The American bank, which was owned by Eman Beck, has transferred all
its accounts and stock to the Canadian institution.
This transfer makes Canadian institutions the only foreign banks in
Mexico with the exception of one German bank.
Increase in Argentina Grain Area,
Associated Press advices from Buenos Aires, Sept. 23,
report that the area sown to grains in Argentina for the
season of 1926-27 represents an increase of 102,640 hectares
over last season, according to official estimates by the Department of Agriculture. (The hectare is equivalent to 2.47
acres.) The press advices state:
The estimates show decreases of 28,990, 22,530 and 6,600 respectively in
the areas sown to wheat, oats and canary seed, but these are counterbalanced by a big increase in linseed, with an area 130,550 hectares larger
than last year, together with increases in barley of 22,800 hectares and
rye of 7,410 hectars.
The total area shown is 12,275.000 hectares, comprising 7,740,000 of
wheat, 2,640,000 of linseed, 1,270,000 of oats, 387,000 of barley, 210.000
of rye and 28,000 of canary seed.
Total amount loaned
$10.681,700 00 $7,127,100 00
Appraised value of real estate security
$25,796,104 00 $16,911,599 00
$204.49
Average appraised value per acre
$99.65
$86.18
Average amount loaned per acre
$41.25
Percentage of loans to appraised value of
•
security
42.14%
41.4%
Purchase of $500,000 Land Bank Bonds by V. B.Murphy,
State Comptroller.
In aid of the homeseekers of the State, Vincent B. Murphy,
New York State Comptroller, has directed a further investment of $500,000 in the bonds of the Land Bank of the State
of New York, bearing 434% interest. This makes an aggregate of $3,000,000 of investments of this character by this
official since he assumed public office. The proceeds of this
bond issue are offered to the savings and loan associations of
the State of New York at 434% per annum,plus a commission
ment in the bonds of the Land Bank of the State of New
York, bearing 434% interest. This makes an aggregate of
$3,000,000 of investments of this character by this official
since he assumed public office. The proceeds of this bond
issue are offered to the savings and loan associations of the
State of New York at 434% per annum, plus a commission
of three-tenths of 1%, the amount necessary to pay the
expenses of the Land bank. Applications should be filed
not later than Oct. 4. It is announced that the officers of
the Land Bank have made arrangements with the Manufacturers Trust Co., 139 Broadway, New York City, to
make temporary loans at the rate- of 5% per annum to
associations whose applications for advances have beeR
approved by the Land Bank, until such time as all details
have been completed and the bonds issued. Barnard G.
Parker of Gouverneur, N. Y., President of the State Land
Bank, commenting on the action of the State Comptroller,
said:
It is a fine thing. I think, to note that the State Comptroller while
conserving the safety of the State's sinking funds should incidentally
aim to make State moneys serve a desirable economic and social purpose
by encouraging individual home-ownership throughout the State. By
buying Land Bank securities he aids the savings and loan associations
of the State better to serve their members with mortgage loans for the
purchase of homes. It is interesting to note that the funds so far invested by the State Comptroller have been allocated by the Land Bank
to associations in no less than 20 different counties in the State. This is
the most practical way I know of for aiding the solution of the housing
problem without State paternalism.
Death of S. Hayami, Japanese Finance Minister—New
Minister Named.
The Japanese Minister of Finance, S. Hayami, died on
Sept. 13 in his villa at Kamakura after a lingering illness.
He was 57 years old. He was a graduate of Waseda University and for two years was chief instructor of the Saltama
English school. It is announced that C. Kataoka, formerly
Minister of Commerce and Industry, has been appointed
of $3,000,000 6% Treasury Gold Notes of
Finance Minister to succeed the late S. Hayami, and I. Offering
of Serbs, Croats and Slovenes (JugoKingdom
been
appointed
has
Party,
Fujisawa, of the Kenseikwai
slavia)—Issue
Oversubscribed—Books
Minister of Commerce and Industry.
Closed.
the
Chase Securities Corp. offered
and
Inc.,
Co.,
&
Blair
("Hering of $1,750,000 5% Bonds of Pacific Coast Joint
24) an issue of $3,000,000 Kingdom of
(Sept.
yesterday
Banks.
Stock Land
the Serbs, Croats and Slovenes (Jugoslavia) six months 6%
Harris, Forbes & Co., William R. Compton Co., Halsey, Treasury gold notes due March 31 1927 and priced at 100
of
Bank
Savings
&
Stuart & Co., Inc., and the Harris Trust
and interest to yield 6%. The proceeds will be used to
Chicago offered on Sept. 20 an issue of $1,750,000 5% bonds refund a like amount of Jugoslavia notes maturing Sept. 30
of the Pacific Coast Joint Stock Land Banks. The bonds next. It is announced that the issue has been oversubwere offered at 10334 and interest, to yield about 4.55% to scribed and the boks closed. The new issue will be dated
the redeemable date (1936) and 5% thereafter to redemption Sept. 30 1926. The notes will be in denomination of
or maturity. The bonds (issued under the Federal Farm $1,000. Principal and interest will be payable at maturity
Loan Act) are dated Aug. 1 1926, will mature Aug. 1 1956,
in United States gold coin at the offices of the Chase National
and are redeemable at par and accrued interest on any inter- Bank of the City of New York and Blair & Co.,in New York
est date on and after ten years from date of issue. They are City without deduction for any taxes or imposts, present or
in coupon form, in denomination of $1,000, fully registerable future, imposed by the Kingdom or any taxing authority
and interchangeable. Principal and semi-annual interest therein. Dr. N. Peritch, Minister of Finance of the Kingare payable in New York, Chicago, San Francisco, Los An- dom of the Serbs, Croats and Slovenes, says:
geles or Salt Lake City. The bonds are the obligations of
These notes are to be the direct obligation of the Kingdom of the Serbs,
Croats and Slovenes, and the Issuance therof is duly authorized by the
the following banks of issue:
$1,000,000 Pacific Coast Joint Stock Land Bank of San Francisco. The
bank operates in California and Nevada. John Drum, President, also
President of the Mercantile Trust Co. of California. San Francisco.
of Los Angeles. The
$750,000 Pacific Coast Joint Stock Land Bank
bank operates in California and Arizona. J. F. Barton, President, also
Angeles.
Los
Bank,
Savings
President of the Security Trust &
Finance Law of March 31 1926. The Government agrees that until
these notes are paid it will not issue any evidences of indebtedness having
any specific security without giving these notes priority in respect of
such security.
Regarding the Kingdom's public debt he says:
The public debt of the kindgom, including pre-war debt, and the kingthe
by
stockholders dom's share of the Austro-Hungarian pre-war debt, assumed under the
These banks are owned or controlled
terms of the peace treaty, together with the war debt to the United States
trust
and
banks
companies:
Coast
Pacific
of the following
addition certain war debt
National Bank, recently funded, totals $499,850.000. In
Security Trust & Savings Bank, Los Angeles; The First
claims of Great Britain and France which are open to discussion and comLos
Angeles; The
Los Angeles; Pacific-Southwest Trust & Savings Bank,
promise remain to be funded. Those claims which It is expected will be
First National Bank, Portland; Walker Brothers, bankers, Salt Lake City;
reduced, amount to £33,000,000 and 1,700,000.000 francs. re.
greatly
State
Utah
National
Bank,
The
City;
Lake
The National Copper Bank,Salt
SEPT. 25 1926.]
THE CHRONICLE
1577
of stabilized
While it looks to-day as if we wert in the middle of an era
ours stabilization
prosperity, it must be remembered that in this world of
state of
Is not normal. Change is normal. A perfect or almost perfect
. Prosperity appears to be
Government revenues from customs and monopolies and equilibrium cannot be maintained indefinitely
construction industry,
a stable basis in business generally, as well as in the
condition than
gross receipts of State railroads, in the whole of 1925 at on
but some industries to-day are in much less satisfactory
about
d
aggregate
construction is not
the monthly average rate of exchange alone
others. Just so, to-day's rather favorable situation in
real estate
Florida
the
of
The flattening
$122,467,000 and for the first six months of 1926 about uniform throughout the country.
n in that muchboom has not only brought about a recession in constructio section of the
Southeastern
$56,257,000.
advertised State, but also in other parts of the
financing that has been
country. We know that some of the construction
basis. We know that
unsound
on an
Offering of $24,000,000 Bonds of Siemens & Halske A. G. done in the last two years has been
signs of
overbuilt, that constructioneemand has shown
are
sections
some
twerke.
Schucker
and Siemensof the construction
slackening. We know that this prosperity phase
e
maintenanc
requires for
A syndicate headed by Dillon, Read & Co., Mendelssohn business is a selling phase, and that such a condition
the nature and volume of demand
of
gauging
accurate
and
very
a
of
Co.
stability
&
Ward
& Co., Amsterdam; Marshall Field, Glore,
of these factors might
and of production in relation to demand. Any one
International Acceptance Bank, Inc., yesterday offered at any time develop into a situation that would upset the apparent equi% sinking fund gold debentures in librium of the present moment.
$24,000,000 25-year
develop into a new
The recent rise in contract volume might possibly
the form of 50% paid allotment certificates. Of the above upward
appears now to be only
movement of large proportions, although it
from present
issue $6,500,000 m as withdrawn for offering in Europe, a moderate fall upturn. Although indications of change their
weight is
just now,such as they are
in addition to which Reichsmark bonds totaling about levels are rather slight and feeble
wiser to look
seems
it
rate,
At any
decline.
moderate
of
side
the
on
rather
lly
until the indications
$6,000,000 are being offered in Germany on substantia
upon moderate decline as the more likely procedure
similar terms. The bonds, with warrants for contingent become more positive than they are at present.
recession has come after a
It is worth noting that in the past, when a
additional interest, offered at 99 and interest, to yield
rise has usually been the one to show
the
after
year
second
the
big
rise,
very
(exclusive of warrants) over 6.55%, were oversubscribed the a really marked decline. However, conditions in this country are now so
gradual recession seems more
day of offering.
generally satisfactory that moderate and
unless something should happen outside of
Siemens & Halske A. G. and Siemens-Schuckertwerke likely than anything violent,
disturb general business conthe construction field that would greatly
G. m.b. H.together are one of the largest electrical manufac- ditions. If the depression of 1920 produced in the following year a reduction
appear that a similar
turing concerns in the world, their production covering the in total construction volume of only 8%,then it would
estimate
a sufficient margin'of safety now in an
entire electrical field. Combined sales for the fiscal year reduction ought to allow
end a monthly contract
for 1927. Assuming that this year maintains to the
of next
repreestimate
which
of
minimum
one-third
over
000,
1925 exceeded $135,000,
average of 550 million dollars or better, the
is oper- Year's volume should be an average of 500 millions a month,or $6,000,000.
sented exports. At present Siemens & Halske A.
better than that, even though
for the year, with the prohability of doing
now,
estimate
ating at 100% of capacity and Siemens-Schuckertwerke 000
such an
there should be a decrease from 1926. In making
next week or of next month
G. m.b. H.at about 75%.
it should be borne in mind that developments of
To each debenture will be attached warrants for contin- might necessitate a drastic revision. the most satisfactory one, it should
matter what estimate is taken as
gent additional interest, entitling the holder thereof to re- beNo
the entire country will be a
kept in mind that the general trend for
The general decline in
year,
ceive in United States gold coin on May 1 of each
balancing of varying trends in various sections. England had a decline
in 1921 New
from 1927 to 1936 inclusive, $3 33 1-3 for each 1% (and a 1921 from 1920 was only 8%. But
sections had an increase
33% and the Rocky Mountains and Pacific Coast sections had moderate
other
proportionate sum for each fraction of 1%) by which the of
of 18%. These were the extreme cases. Some
average per cent of cash dividends (to be determined as pro- Increases: most of them had considerable declines. near the mid-point of
somewhere
Summing up, the present seems to be
vided in the indenture) declared upon the stocks of Siemens
from six
stability in construction volume, ranging
comparative
era
of
an
b.
H.
contracts annually. This
& Halske A. G. and Siemens-Schuckertwerke G. m.
to nearly seven billion dollars in construction
conceivably
might
1927; it
for the preceding fiscal year shall have exceeded 7%, all as condition of stability may continue through indications
that might forecome to an end at almost any time. Present
more fully to be stated in the indenture.
are slight and inconcluactivity
n
the rate of constructio
in
shadow
changes
The companies will issue in the first instance allotment sive, but they are rather on the side of moderate and gradual decline. As
There is no reason for
certificates, in bearer form, evidencing payment of 50% of always, the situation should be closely watched.
bigger than a man's hand mightswell
no
clouds
the
of
some
but
pessimism,
ed
the allotment price of the debentures represent thereby. to larger proportions before we know it. On the other hand,if the construcautoThe remaining 50% may be called in one or two installments tion industry can gauge its production to demand as closely as the
time, and if general business
(no call to be for less than 25%) on 60 days' published no- mobile industry has done up to the presentmay
cona
for
maintained
be
comparative stability
tice, on or before Sept. 1 1929, and shall, if not theretofore prosperity continues,
time when another era of
siderable time, perhaps even to that point of
called, be due on said date. Holders of allotment cer- growth is ready to start.
of Great
spectively. Negotiations for the funding of the said claims
Britain will shortly be undertaken.
tificates may make payment in full on any interest date on
Mr.
In submitting the post-war construction record,
or after Sept. 1 1927, and will thereupon receive the debenit
what
not
is
cycle
business
the
tures represented thereby. Holders of allotment certifi- Holden noted that while
on to say:
went
He
dead.
not
is
it
to
be,
used
cates who default in any payment thereon will, at the option
to emerge at some more
is rather more likely awaiting the opportunity set of habits and charof the companies, forfeit all rights thereunder, including all orIt
a new
less unexpected time, alive and kicking, with
in the environment
prior payments. Holders of allotment certificates will be acteristics adjusted to the radical changes it has found
is but the name given
For the business cycle after all
entitled to receive interest on the debentures represented In which it operates.business,
subject to
like all other human affairs, to be
the tendency for
goes too far and a backward
thereby only in proportion to the amount of the allotment to
an ebb and flow, to have a forward swing that
s that are understood
price paid thereon, but will be entitled to receive the entire swing that corrects excesses. Minor fluctuation
or I:codified. Human wisdom is scarcely
amount of contingent interest payments in respect of the and anticipated can be centrclled
major movements.
big enough to consciously control the
can be seen in the
warrants. Further details regarding the offering are given yetOne interesting
modification of the bUsiness cycle
Since the war the oldin our "Investment News Department" in to-day's issue, post war construction record for New York City.
21-month cycle. The end of
style 40-month cycle has changed into a
page 1644.
1921. 1923 and 1925) has been the crest
T. S. Holden of F. W. Dodge Co. on Building Outlook
—Country's Construction Record Since War.
• At the 13th Annual National Business Conference at
Babson Park, Mass., on Sept. 18 Thomas S. Holden, VicePresident in charge of statistics of F. W. Dodge Co., New
York, presented a review of the country's construction record
since the war, and undertook to survey the building outlook.
•
As to the latter he said:
each odd-numbered year (1919,
and the ends of the even-nurrof a wave of construction contract letting,
low building volume. This
bered years have all been periods of relatively
observed only in the records of
two-year cycle has up to the present been
conceivably develop later
New York. It may be temporary, or it might
will work out this year.
In other sections of the country. Apparently it
York City in the second
giving a reduced volume of contracts for New
half-year as compared with the first half.
been the tendency toward an
Another shift in the business cycle has
the fall months of each yea
upturn in construction contract volume in
in each of the past
after a slackening in the summer. This has taken place
time. Last year
five years and appears to be taking place at the present
and took on
the fall upturn started a couple of months earlier than usual
the proportions of a full-sized boom.
construction boom
At this time last year, right at the peak of the biggest
n contract
we have ever had, it was quite possible to analyze the constructio
business cycle trend
record by the method customarily used in showing the
Such an analysis
and in this way find the indications of future trends.
volumes to continue high
made a year ago showed a tendency for contract
peak, which
spring
the
through the early months of 1926 and to fall off after
easy and gradual,
is exactly what has happened. The decline was most
coming of such a
and was halted about Aug. 20 by an upward turn. The
is somewhat
very mild reaction after a boom of such impressive proportions
the future trend
to
as
unusual and leaves us without positive indications
Already there is a slight indication of lessened construction demand.
The volume of contemplated construction work reported in July was the
smallest monthly total since January 1925. The volume reported in August
was considerably under that of July, and was smaller than any monthly
total since November 1924. In spite of a fall rise in contract volume that
is now in progress, there is thus some indication of lessened demand. It is
also worth noting that the recent rise has been mainly due to contracts for
large engineering work, such as roads, sewers, bridges, &c., largo industrial
work and other expensive types of construction which usually characterize
the waning period of a boom.
The current prosperity phase of construction has reached a rate of activity
averaging 550 millions of dollars in contracts a month. Reviewing construction records of the past quarter century, it is evident that after a big of construction.
cycle trends may be
A little later, perhaps, an analysis of the business
rise in construction volume is usually followed by a considerable recession.
time. At the present moment it seems
Except in the war period the recessions have never caused activity to drop more helpful than at the present
more light on the building outlook by makas low as the rate that prevailed before the rise. This leads us to believe that we may possibly get a little
the post-war developments in the construcof
review
to
than
ing
a
to
1925
and
closer
historical
to
1926
that
of
be
of
ought
sort
volume
year's
that next
a strictly statistical study in the conventional
the volume of any year previous to 1925. In other words, a monthly tion industry rather than
average within reasonable range of 550 millions ought to be maintained. manner.
since the war, it seems
In reviewing the country's construction record
It remains to guess whether the 1927 volume is likely to be over or under
years in groups of threes.
the
consider
to
convenient
that figure.
1578
THE CHRONICLE
[VOL. 123.
The first three-year period, then, will consist
of the years 1019, 1920 of materials that
has held prices at relatively stable levels ever since
and 1921. In the middle of 1919 came the post-wa
1923
r boom, which continued In spite of rapidly
increasing demand. It is probable that a very large inInto 1920. Then came the serious depression which
continued into the fol- crease in construction
lowing year, and then in the middle of 1921 the recover
volume could be easily met at the present time with
y from the slump. an adequate supply
Within each of these three years there were violent
of materials. The same is scarcely true of the supply
fluctuations. The period of labor. But it
is true of the supply of credit. Up to the present time
contained practically a complete cycle of boom,
depression and recovery. the only effectiv
e limitation on credit for building operations is the judgIn spite of this, however, the contract totals for,the
three calendar years ment of investors,
lenders and lending institutions.
did not vary greatly from each. other. The writer
estimates the entire
These conditions became apparen
country's contract totals for the three years
t last year and operated toward the
at $3,142,000,000 for 1919. development of various
more or less new methods of selling construction.
$3.338.000,000 for 1920 and $3,060,000.000 for 1921.
In 1920 there was a So long as the demand
for construction exceeded the supply,the contract
6% increase over 1919: in 1921 a decrease of 8% from
ing
1020. During organizations and the
the three-year period the monthly contract volumes average
institutions which ifnanced construction were in the
d around 265 position of taking
orders. During the past twelve months both groups
million dollars. This figure may be conveniently consider
ed as the normal have shown a strong
monthly contract volume for the United States during
tendency toward producing buildings to sell in the
the first phase (or market. It is probabl
first three years) of the post-war era.
y true that that marginal volume of construction
over absolute requirements in any boom
During this entire first phase, with its violent fluctuat
period consists largely of speculaions between boom tive work, built to
be sold. But various entirely new selling devices
and depression, its hysteria of Inflation and subsequ
and
ent panic, there was new combinations
present a condition which became the
of the financing and contracting and speculative-builder
principal stimulus to the development interests have
been
of the second phase of post-war construc
tion development. This was the is a selling phase. developed recently. The current phase of constructing
The problem this year and next year is to
building shortage. It was only after the purgati
find a market
ve processes of deflation and to stimulate
sales for a product that can apparently
and depression that took place in the first
be manufactured
phase that the country was ready in any desired
quantity.
to make real progress in catching up on the shortage
. The
This brings us to the question of
ing that started in the middle of 1821 was carried forward revival of buildthe present demand for construction.
with a gathering There is always a basic
and increasing momentum. The year 1922, with
demand for pressing current needs, due to replacerecovery in full swing, ment of old
buildings, fire replacements and populati
had $4.330,000,000 worth of construction, an increase
on growth, &c. Since
of 41% over 1021. It is rather generally
It is to be noted that this big jump took place
admitted that the country is somewhat overbuil
in the transition period be- to-day, it is obvious
t
that necessity requirements do not now constitu
tween the first two phases of the post-war era.
te a
sufficient demand to keep the industr
The second phase of the post-war era was the
y going at the current rate. Yet the
period of growth, expansion, actual demand, as
shown in the volume of work planned
of catching up with the shortage. It consiste
in proportion to
d of the years 1922. 1823 and the volume of work
started, has until quite recently kept pace
1924. Beginning auspiciously in 1922 with
with the
a construction volume of record-breaking contract
$4.330,000.000 (with its 41% increase over 1921),
volume of the past fifteen months. It has been
it continued into 1923 and is what may be
with a total construction volume of $4.768.0
called a prosperity demand. It depends
on advanced
00,000. and into 1924 with a living standards
of the people, the desire for better-located,
year's total of $5,237.000,000. Comparing these years
better equipped
with the years of industrial and commerc
the first phase, with their monthly contract average
ial quarters,the demand for more and better schools,
of 265 million dollars, churches, places of
amusement,roads, sewers, water supply systems
we note that 1922 averaged 381 millions month,
and all
a
1923 had 397 millions a the other improvements
month and 1924 had 436 millions a month.
that a prosperous community can afford. But
the
continuance ofsuch a demand Is
Thus the second phase was a period of steady
entirely
dependent upon continued business
growth in construction vol- prosperity.
ume, stimulated by the existence of an unusual
ly heavy building demand
At the present time this prosperi
which was occasioned by a real shortage
ty demand is being kept alive by the
in the necessity construction re- extraordinary
supplies of credit available for all the business
quirements of the country. One result of thin continua
demands of
lly enlarging activity the country.
of the years 1922 through 1924 was the wiping
Heretofore, a period of construction boom has
usually
out of the shortage. For, inaugurated general
taking the country as a whole, all pressing necessit
business prosrerity, which has brought on rising
y building requirements and business
prices
expansion. The credit demands of business expansi
had practically been caught up with by the end
of 1924.
have
on
then cut short the
An even more important result, from the point
of view of present con- putting the brakes supplies of money available for building projects, thus
on the building boom, usually with some severity
ditions, was the very considerable expansion of producti
. In
on facilities for the present unprece
dented credit situation this does not seem likely
construction that accompanied the rapid growth in building
to hapexpansion of production facilities probably did not gain volume. This pen. If a limitation in the supply of money and credit is the one sesentia
much headway brake that can
l
retard tho current rate of construction activity
until about the 'Riddle of the three-year period, the
, then the
middle of 1923. Cer- time of real
slowing-up is not in sight to-day.
tain it is that in the spring of 1923 the volume
of work under way, small
But the question arises as to whether
in proportion to what can be handled now
in the past credit limitations were
with the greatest ease and dis- the actual
causes ofreduced building volume. Back
patch, was so considerable as to threaten a shortag
of the credit conditions
e of materials and sky- there have
always been tte controlling factors of demand
rocketing of prices. Delays in contract-lettings eased the
and supply for
situation at the construction. Credit
time, and never since then has there been time when
was
the
machinery through which demand and supa
there seemed to be ply operated.
So long as the potential volume of credit
any danger of shortage of materials, exceptin
for all economic
g a few occasional and more or purposes is
strictly limited, credit limitations will be
less local instances. Expanded facilitie
the immediate means
s for the manufacture of material of putting
the brakes on building booms: With
was accompanied by a proportional expansi
the potential supply of
on of facilities in the depart- money and
credit practically unlimited, will not
ments of designing and erecting building
the law of demand and
s.
supply still be the controlling factors?
Perhaps the most conspicuous advance in construc
And will not the law of demand and
tion facilities was the supply tend
through some means or other to set a check
Widespread growth in new methods
of financing construction projects. activity
on construction
when the country has produced
It is scarcely a matter for wonder that,
a considerable surplus of conat a time when the country more structio
n over its current requirements?
or less suddenly found the pockets of
its citizens and the vaults of its banks
Just like any other business, the business
full to overflowing with unprecedented accumulations
of erecting buildings for specuof money and credit, lative or investm
ent purposes is entered into with the expectat
ways would be found for easing the rapid flow
of a large portion ofthis money With rents
ion of profit.
on the decline, vacancies on the increase
and credit into one of the most rapidly growing and
and building costs
conspicuously prosper- still very high,
the profits on buildings must be declinin
ous of the large industries of the country. Further
at the present
more, it was an industry time. Of
g
course, if interest rates should continue for
which had scarcely had adequate credit facilities in the
a long time somepast.
where near the present low levels, we are
Expanding construction activity, expanding construc
rather likely to see profits on all
tion facilities, ex- forms of capital
investment adjust themselves downward
panding credit, all accompanied a growth in general
toward a normal
industrial and com- relation to the
prevailing interest rates. The net returns
mercial prosperity and an unprecedented growth in wealth
on building inand income of vestments will surely
be less in the next few years than they
She people of this country. By the time our pressing
were during
construction needs the period of shortage
.
were caught up with, at the end of 1924, it was no longer
necessary to conEasy credit has not only acted as a stimulu
sider merely the country's absolute space requirements for
s to building, but has probhousing its popu- ably also served to
stabilize conditions that might make for a serious decline
lation, its industry and its commerce. The people, In
the industry and in building operatio
ns. So far, whatever losses are resulting from vacancie
.commerce of the country, were ready to consider buying
s
what they wanted have been so widely
distributed as not to cause any percepti
In the way of buildings with all kinds of modern improve
ble trouble.
d features, rather Some new buildings
have been entirely or partially filled by drawing
than to hold themselves down to Immediate space require
tenments. This was ants away from the older
structures.
the situation at the end of the second, or growth, phase
of the post-war era.
Some new buildings have been financed
Construction activity during the Tirst few months of 1925
with definite provision for
did not show carrying them through a fairly
any particular tendency to increase greatly over the activitie
extended period of only partial occupancy.
s ofthe previous General prosperity and easy
year. It was in midsummer that the boom
credit must be in various ways enabling the
started. Contracts reached owners of both new
and old buildings to carry their current
the record volume of 663 million dollars in August of
losses without
last year, and contract serious difficulty.
Up to the present moment there has been
volume and construction activity continued at record breakin
no economic
g levels prac- pressure to force liquidation of
tically up to the present time. The boom that develop
these losses, the total amount of which may
ed last year brought still be comparatively
small.
the 1925 contract total up to $6,622,000,000, an increase
of
preceding year. Just as the transition from the first phase 26% over the
to the second
phase of the pest-war era was accompa
nied by a very marked rise in con- Discussion of Agricultural Problem
by Evans Woollen.
struction volume (as between the years 1921 and 1922),
so also was the
transition from the second phase to the
Existing troubles of agriculture from various angles
third phase marked by a big inwere
crease. The monthly contract average
for 1925 was 552 million dollars, discussed by Evans Woollen, President
of the Fletcher Savcompared with 438 millions a month
In 1024 and 265 millions a month in ings & Trust
Co. of Indianapolis, at the annual meeting of
the 1919-1921 period.
This brings the record up to the current
year. the final outcome of which the Indiana Bankers Association in Lafayette, Ind. on Sept.
is still uncertain. It is also desirabl
e to make some sort of guess as to the 22. Mr. Woollen's remarks were
much more uncertain outcome of 1927.
introduced under the head
of "The Agricultural Problem." The speaker is Chair
At present it looks as if this year's total construc
tion volume would
man
be fairly close to that of 1925. At the end of August
there was a lead of of the Economic Policy Commission of the American Banker
s
6 to 7% over 1925. The declining tendency of tine earlier
months of this Association and Democratic candid
year rather led to the expectation that the
ate for the United States
over 1925 would decrease Senate
to
fill
a little faster than it actually has and thatmargin
out
the unexpired term of the late Senator
it would probably vanish before
the end of the year. Since this declining trend
was interrupted in August, Ralston. He declared that the three outsta
nding factors in
by what now appears to be a minor fall revival. the prospect
for a final total the agricultural problem are
"the favoring attitude toward
very close to that of last year is very good. In other
words, the monthly
indust
ry
average for 1926 will probably not vary greatly from
assumed by our Government, a taxing
that of 1925. which
system that
was 552 millions of dollars. If the remaining
months of this year should bears unduly on the land, and the
control of transportation
equal in volume the corresponding months of last year, which
might happen, rates," and added:
but is a little unlikely, the 1926 average will be 575
millions, probably the
Conditions inherent in agriculture,
maximum estimate that one would care to make to-day.
which should be distinguished from
these three circumstantial influences
The first two years of the current phase of construction
are being met by the farmer himself.
evolution appear His initiative,
resourcefulness and courage were never
to show a tendency toward stabilization at a normal
displayed more advolume
around 550 millions of dollars a. month, or $6,600,000,000 a somewhere mirably. The need for more effective organization of farm units and
year. It re- better methods in both
for
buying and selling is recognized.
mains to be seen whether next year Is likely to run over or under
that figure.
In and of itself, the farm Is rising to
p One characteristic of the current phase of the construction situatio
the
emergen
cy.
There
can
be
no
n is complaint from other
almost entirely new. The growth of this industry has produce
d a surplus and of itself, cannot, population groups on that score. But the farm, in
unless It should succeed in establishing monopoli
production capacity. It has been the surplus capacity for the
stic
production control over its products
, remedy maladjustment arising out of our national
SEPT. 25 1926.]
THE CHRONICLE
of transpolicy of industrial stimulation, our taxing system and our control
portation rates.
revealed.
The intertiependence of country and city, farm and factory are
genThe danger of a divided social structure is emphasized. The present
We are
eration is called upon to give new impetus to the nation's destiny.
wella
for
strive
shall
indeed confronted by the question "whether we
balance
rounded, self-sustaining national life in which there shall be a fair
nations
between industry and agriculture, or whether, as have so many
cities.
In the past, we shall sacrifice our agriculture for the building of
Mr. Woollen also said in part:
1579
about 313 75 per cwt.
Hogs
$14 per cwt.
Lambs
$10 to $11 per cwt.
Cattle
$1. 25 to $1 35 per hu.
Wheat
from 34c. to 40 c. per lb.
Wool
from 80c. to 90c. per hu.
Corn
$8 50 per ton
Sugar beets
about 1734c. per lb.
Cotton
These prices do not reflect returns which are below cost of production.
They rather reflect, in most instances, a fair profit to the producer.
Mail order houses and machinery dealers report heavy sales to farmers.
Montgomery Ward's and Sears. Roebuck's sale; are normal.
One small town I visited in Nebraska, reported sales of over fifty farm
tractors this year, and collections thereon very good.
What about the current reports that farmers are going broke and leaving
Social solidarity and economic strength in the United States are based
the
on the farm. For a century and a half, the span of our national life,
farmer has been the sure resource from which America has drawn values
prejucaste
and
In character as well as in substance'. Class distinctions
dices do not flourish in the companionship of the fields. Destroy the city the farm?
West. and the productive effort of agriculture will build it anew. Let the farm
I have recently talked with farmers in the Northwest and Middle
disappear and the city will languish to its death. Manufacturing, mining. and do not find many who claim to be losing money, nor many farms
agriculture.
transportation, trade,finance are not effective for long without
abandoned where the farm is basically a producer. I found many Iowa
t Since 1920 an economic gulf between agriculture and other business farms in the hands of the banks and loan companies.
of
best
the
1924.
year
The
proportions.
serious
of
been
has
undertakings
These farms are now being operated by tenant farmers and will gradually
the period for the farmer In many respects, yielded on fifty-nine billions work back into indi idusl ownership.
Agriculare
In property valuation a net return of 6.6%. The Department of
My definite inquiries, addressed to farmers, concerning whether they
ture, in arriving at that figure, made no allowance for depredation or man- dissatisfied with the farming industry and present prices, for farm products,
from
seventyreduced
been
had
and
equipment
land
of
farmer
value
the
The
where
agement.
were answered by statements that clearly indicate that
nine billions in 1920 as a basis for the analysis. This makes more significant owns his farm, free of heavy Incumbrance, he is actually making and
the meager return. The average net Income for the five years 1920-1924 saving some money. On the ether hand, where he has a heavy mortgage
Is estimated by the National Industrial Conference Board, after exhaustive on his farm, and is compelled to place in "interest paid" account his farm
satisfied with
research, at about 1.7%.
earnings, he is not getting along so well nor feeling so well
Such is the situation faced. It has great significance. It concerns the current conditions.
land
are not
Mississippi Valley in a special manner. By all tests this heritage of
My deductions, therefore, lead me to believe that the farmers
were made at a
ought to be without a superior as a source of material gain for its occupants.
leaving the farms, but rather leaving the mortgages which
large
"including
Van
Rise,
says
Valley,"
the
its
Mississippi
of
part
with
of line
"The upper
time when the loans obtainable on farm land were all out
parts of Ohio. Wisconsin, Minnesota, the Dakotas, Nebraska, Kansas.
improved Iowa farm land, at $100 to $150 per
Well
value.
earning
or
true
Oklahoma and Texas, and all of Illinois, Iowa and Indiana, is the garden acre, which is the current price at which much is now available, as the banks
of the United States, the heart of the country. No equally large area in are anxious to liquidate their land holdings, is a genuine bargain, and one
the 'world can be compared to it in present ferility." The very words of which will soon be recognized by those farmers now renting this same land.
when
Van use constitute a challenge to bring about somehow a better distribution
The purchasing power of the American dollar is greater to-day,
of the rewards the soil confers.
on good farm land, than for any other investment or
payment
as
applied
The
side.
economic
Two aspects of the farm problem appear on the
commodity to which it may be applied.
farmer, by his patriotic endeavor to win the war with food, stimulated
is beginning to
For the farmer, this is the time to buy land, and he
'agriculture to abnormal production. This abnormal production could not
fact.
that
appreciate
measures is
be brought abruptly to an end with the close of the conflict. The process
I am wondering if the current agitation for "farm relief"
of farming will not permit quick changes to the degree possible in manufrom the farmers or from tha banks and Insurance companies
coming
really
necessary
policy
rotation
A
ahead.
be
far
planned
facturing. Crops must
with foreclosed farms on their hands.
ago, paid $237.50
for the best results can not be altered Instantly. This obstacle Intensified
In central Iowa. I talked to a farmer who, eight years
a condition of oversupply and underdemand that developed, the latter prosays he is getting along well, and saving money
He
land.
his
for
acre
per
ceeding chiefly from the impairment of European purchasing power.
at current prices for, his products.
The long-term aspect of the problem goes back Into the last century.
equal value.
Across the road from this farm is another farm of about
The complaint then in some quarters was that agriculture was so attractive
now owned by a bank, obtainable at about $100 per acre.
that capital would not flow Into industry on the scale desired. As a conseobserver,
careful
a
to
facts
This condition of affairs brings home two
quence of that and other arguments our national policy since the Civil War
as good farms are available at these prices, farms in the
long
so
That
viz:
the
been
has
the
factory
of
has favored manufacturing. The stimulation
will continue to be
same localities, with heavy mortgages against them,
great concern of the Government. This is not to say that agriculture has
companies: that
abandoned by the farmer and fall into the hands of loan
been wholly disregarded in national legislation. It is to say, however, that
companies
insurance
and
concerns, banks
mortgage
farm
as
time
such
until
discussion
the encouragement of manufacturing has been the predominant feature
their foreclesed farms, the public is liable to hear much
liquidate
of our national policy.
concerning "relief" measures for the farmers of the Middle West.
The
problem.
the
on
too
taxes
have
bearing
indirect,
as
well
made on
Direct, as
The foreclosures here mentioned, are not the result of loans
National Industrial Conference Board has found. after relating taxes to
at the crest of
current or sound values, but are the echoes of loans made
farmers
the
Income for the purpose of showing their real effects, that in 1922 the ratio
when
and
forgotten
were
Inflation when sound earning values
of taxation to income for agricultural groups was 16.6%..while for all other
encouraged by banks and farm loan concerns, to incur debt.
were
being
American
the
War
the
World
before
year
groups it was 11.9%. The
from sound
When bankers or mortgage companies or farmers depart
farmer on-the average was paying in taxes 10%(IMF;income. The remaintrouble
principles in the extension of credit or incurring of debt,
der of the population was paying 6%. Since then Income taxes have, of business
result.
are the
concerned,
parties
all
to
loss
and
the
with
course, borne more heavily on others than on the farmer, but,
deflation
In my judgment, it will be a very long time,before such heavy
reduction of income taxes, we are now,it is estimated by competent authordozen years
lands again takes place, as the lesson of the last half
ity, "about back" to the 1915 ratio of 10 to 6 against the farmer. The De- of farm
has been effective and not without much profit to the nation.
partment of Agriculture made an investigation of conditions in three Indiana
economic
Summing up, therefore, the foregoing as pertains to the present
counties--Tipton, Miami and Monroe. One represented high-value, one
farmers, we make the following deductions:
American
the
of
status
than
more
of
records
average-value and one lower-value land. The tax
got low.
1. That present prices of farm products are, In the main,
100 farms were examined. The income accruing to the land in the form
on his farm
2. That the farmer who Ls not paying heavy interest charges
of rent, before taxes were deducted, was found to be 3.8% annually on the
is saving some money.
now
value of the farms. City real estate in the same territory yielded 4.6%
companies
Insurance
and
3. That the banks, farm loan concerns
before taxes were deducted.
prices
farms, and until such farms are liquidated, farm land
have
many
that
goods
manufactured
other
and
clothing
fertilizer,
On machinery,
the farm rtxtuires, railroad freight charges are higher than they were ten will be low.
for farm aid and
4. That so far as I can ascertain, the present agitation
years ago. Spokesmen for agriculture have contended that they are even
of the farmer, Is not all coming from the
behalf
in
legislation
Federal
reasons
farmer
The
higher proportionately on the products of the land.
that freight rates are included in the price he pays for what he buys. He farmers.
farmers, as a class, is very
5. That the present purchasing power of the
also contends that the price he gets for his products is the terminal market
quotation, minus freight rates to the terminal market and the local dealer's near normal.
as they are leaving the
much
as
6. That farmers are not leaving the farms
profit. The plea has been for lower rates on crops and livestock. It is
on the farms when farm lands and farm Products
placed
mortgages
heavy
to
is
It
if
n,
transportatio
that
farmer,
more
than
the
by
none
agreed, and
a tremendous wave of inflation.
be relied on for effectiveneSs, must be prosperous. The question raised were on the crest of
being fanned by
7. That the farm land acquired by foreclosures is now
Is as to the distribution of the rate burden.
become landowners.
renters who are making some money,and will gradually
and existing sound land
8. That the present price of thefarmer's products
any time for ten years,
Present Economic Status of Farmer as Viewed by
values, offer a much sounder basis of credit, than at
rather than on
J. D. Neale.
as any loans now made on land are on a ground floor basis,
rn and Middle a greatly inflated or Imaginary value.
Following a six weeks' visit to Northweste
Western farming sections J. D. Neale, of J. R. Mason &
Co., of San Francisco (dealers in Government and Municipal
bonds) finds that "the present economic status of the farmer
is not unfavorable nor alarming, but rather encouraging, both
from the standpoint of the farmer, those from whom he buys,
and to those who, from time to time, extend his credit on
his products or land." Inasmuch as the firm with which
Mr. Neale is associated are dealers in public agricultural
securities, and are brought daily face to face with the financial status of the borrowers, namely the farmers, who are
seeking credit for various public improvements, Mr. Neale's
impressions are worthy of study and we hence reproduce what
he has to say herewith:
Recently, I spent a month in the farming sections of Montana and the
in which
Middle West. The farmer's true economic status is a subject
some of my obevery business man is vitally interested. I here record
servations:
average good, comparing favorably with
lk Present prices of farm products
for the basic products
the average for the last ten year period. Farm prices
are now about as follows:
Department of Agriculture Discontinues "Maximum"
andmMinimum" Estimates in Cotton Reports.
Announcement was made on Sept.22 by the Department
of Agriculture that in future Government reports on cotton
the "maximum" and "minimum" estimates will be omitted
From Washington advices Sept. 22 we take the following:the
a part of
The so-called "range estimates" heretofore this season made
Reporting Board of
cotton crop reports issued semi-monthly by the Crop
followdiscontinued,
the Department of Agriculture, were to-day ordered
of Agriculture
ing a conference of Southern Representatives, Secretary
Department's Bureau of AgriculJardine and Lloyd S. Tenny, head of the
tural Economics.
Representative Eugene Black
The Congressional delegation was headed by
Box and Fritz Lanham,
of Texas and included also Representatives John C.
Wilson of Louisiana.
of Texas: B. G. Lowery of Mississippi, and Riley J.
Voice Protest of South.
which the Crop Reporting Board purThey protested against the method
probable yield figures additional
sued in coupling with its condition and
in a maximum and minimum way,
figures showing what the crop might do
exceedingly harmful and urged
The delegation held that the method was
eliminated immediately.
that the objectionable features be
1580
THE CHRONICLE
In a brief statement following the conference, Mr. Teeny
stated that the
Crop Reporting Board, which comes under his jurisdiction, had consider
ed
discontinuing range estimates after the report to-morrow in any event, but
In the light of the protest he authorized discontinuance of
the service at
once.
Mr. Black, in speaking for the delegation, declared that at the outset
he
wanted it distinctly understood that he was not objectiog to the Government issuing its estimates of the condition of the crop and basing
estimates
as to probable yield of the crop on such conditions, but that what
he was
objecting to most strenuously was the issuance at the same time of so-called
minimum and maximum estimates which were purely speculative, confusing and demoralizing to the stability of the cotton market.
[vol.. 123
and shaped us as an international lender of capital. It is not amiss,
therefore, to call briefly to mind some of the slow processes of our historical
evolution as a people, through which our present financial
and economic
position and viewpoint has been attained.
IL
In its earlies days, the United States was a very poor colonial country,
far on the fringe of civilization and hemmed in between its long Atlantic shore and the Appalachian Mountains running parallel
to it north and
south. This mountain chain was not particularly high,
yet, save in a few
places, it proved singularly impassable for early
means of transportation.
As a result, the country faced eastward toward Europe
in practically all
its economic interests. The poverty of its often rocky
and inhospitable
Cites Instance.
soil regularly drove its inhabitants to the sea to
livelihoo
earn
a
d. On the
As an example of this confusing and demoralizing effect he cited
the Gov- water, however, they exhibited much of the adventurous trading instinct
ernment report which was given out by the Department on Sept.
8,in which of the British mother country. In the days before steam, shipbuilding was
the Government estimated the probable yield at 15.166,000 bales,
but went a great American industry. Already the American mania for speed and
• further and stated that under certain conditions there might be
a yield of become apparent in our clipper ships. Wharves abounded in every little
16,379,000 bales. It was these latter figures, he said, which
were most seaport town. American sailing masters carried on trade all over the
instrumental in breaking the market, and have been the big
factor in caus- world, and the new flag with its Stars and Stripes was seen on all the
ing a decline in the market up to the present time of 290 points
or nearly seven seas. Despite their small population and their economic immaturity,
$12 50 per bale.
the United States proved a decided factor on the water.
When the North
Mr. Black and the delegation accompanying him insisted
that the de- African pirates took to plundering Mediterranean cargoes, they were very
partment discontinue at once the reports of possible maximum
promptly
made
to
feel
the
force
of
the
new
United States Navy under
and minimum production and confine itself strictly and alone
to reports of the Decatur. Perry, another far-wandering American naval commander, succondition of the crop and estimates of probable yield based on such
ceeded in opening to the trade of the world the island
reports
kingdom of Japan,
of condition of the crop as and of the strict date of the reports
of condition, previously a hermit nation. Thus, in these early annals of the United
and also give out the number of bales actually ginned,
States,
a
strong
tradition
for
shipping
and
foreign
as at present.
trade developed.
In all probability, to-day's order of Mr. Tenny will
Suddenly, however, toward the middle of the 19th
operate gaainst the
century, this maritime
activity and international outlook vanished. The
issuance of reports of this character in future cotton years,
American merchant maalthough no rine
was slowly abandoned, and the American shipping
statement to that effect was forthcoming to
towns languished,
-day.
never really to revive. The young men no longer
took to the sea. The
Stars and Stripes practically vanished, not only
Started in July.
from
oceans, but
distant
The understafiding here is that the Crop Reportin Board
g
resorted to the almost from the Atlantic as well. Abandoning the seaways, the United
issuance of maximum and minimum figures because
the uncertainty of the States turned its face to the western wilderness.
crop earlier in the season made that action desirable
This transformation, still so perplexing to Europe
. The practice was
in some of its presentstarted with the July report this year,requests
coming from various sources, day consequences, was occasioned by a major historical happening—the
including the recommendations of a cominitt
ee of statisticians making it successful westward passage of our Appalachian Mountain chain by the
appear desirable.
steam railroad. Almost at a stroke the old coastal
settlements along the
The department stated that the publicati of
on the range figures this year Atlantic were placed within easy access of what were perhaps the richest
was largely experimental. The object was to put
agricultu
ral and mineral lands in the world. It is therefore
the cotton industry on
little wonder
notice that the earlier forecasts were subject
that America abandoned the seaways for the landways
to material changes.
, and that the energy
of our people was diverted from roaming the seas
Reference to the protest against the "maximum"
colonizing the wilderand ness. The whole country suddenly faced the west, to
and became immersed in
"minimum" estimates was made in our issue of
a week a new and vast internal conquest.
ago, page 1456.
It is well, if we are to grasp the full significa
nce of the last hundred
years of American history, that we attempt to
visualize the tremendous
task undertaken by the early American pathfinde
rs and pioneers. From
the summits of the Appalachian Mountain chain there
President Simmons of New York Stock Exchan
stretched away to
ge on the westward an enormous valley,
extending some 2,000 miles to the Rocky
America's Outlook on International Financ
Mountains and the Pacific Coast, and an equivalen
e.
t distance from the
The great need to-day "of a closer acquain
Great Lakes to the Gulf of Mexico. This vast valley area
of fertile plain
tanceship and and virgin
forest, the heart of the whole North American continent
a deeper mutual understanding between
, was a
American and for- region of incalculable potential wealth. Exceptin
g Russia, the whole coneign trade and finance, not only as a pleasur
e and facility tinent of Europe could be without difficulty placed inside its tremendous
interior reaches. The penetration of this primeval
to ourselves, but as a duty to the future of
region by the steam
our own coun- railroad at once imposed
upon the American people the task of
tries, and indeed that of the world," was
stressed by E. H. and bringing under one Governmental control thie enormous area. colonizing
H. Simmons, President of the New York
With the perspective of almost a century, the proportio
Stock Exchange, in seem
ns of this task
even greater. No nation in history had ever faced so colossal
an address on "America's Outlook on Interna
a land
tional Finance" problem, save perhaps Russia in her Siberian
provinces—and in this latter
before the New York University Forum
on International case, as events have proved, the central Government has largely collapsed
under the strain
Finance in the Governing Committee Room of
controlling its tremendous land areas. The American
the Stock Ex- frontier, moving of
steadily westward, has almost exclusively absorbed
change on Sept. 23. President Simmons in his
our
discussion national attention. It has frequently dominated our political and economic
surveyed "some of the slow processes of our
aspirations. To understand the present-day United
States without consid- •
historical evo- ering its tremendo
us program for internal development, would
lution as a people through which our present
be to cast
financial and Hamlet without the melancholy Dane.
To an overwhelming extent the
economic position and viewpoint has been
attained," de- United States is to-day what the Mississippi Valley has made it. Not
until our
picting the early days of the nation, when
Western agricultural regions were established
was the idea
"the United of wealth great
in the European sense frequently associated
States was a very poor Colonial country";
with the United
the develop- States. It has been from this great central valley that most
of
our national
ment of the country from the pioneer age
to its present wealth and prosperity has been continually drawn.
Until opr own times, only once has our vast internal
status as a great creditor nation was traced
problem of colonizby President ing the great valley been seriously menaced
by war. Our Civil War—so
Simmons, who remarked that the present is an
age of tran- remote to the interests and preoccupations of Europe at the time—proved
sition no less in the United States than in Europe
a tremendous and lasting tragedy to us. After the
Civil War the United
. "Amer- States
was left shaken and disrupted to resume its former
ica," he observed, "Is at the crossroads of a
labors of internal
developm
ent. And again this national effort called
momentous
upon
all the potential
change in her economic policies and interests."
"So far as abilities and energies of our people. The Franco-Prussian War, of such
profound significance to Europe, was to us only the
sound foreign securities can be floated in the
muttering of a thunderUnited States," storm on the far horizon. So, too, it was
with later conflicts and diplomatic
he said, "the process should serve to
facilitate the com- crises abroad. The task of driving the iron pathway
of the steam locomoposure of the difficult financial problems of many
tive through
great valley and over the Rocky Mountain
s to the Pacific
European Coast, was tootheabsorbin
g a task for us, to allow us to comprehend
Governments, to provide European industries with
the sigmuch nificance of the balance of power system developing in Europe.
equipment and materials, and serve to restore in
During the latter half of the 19th century, however,
Europe as
our British cousins
had a vastly better understanding
satisfactory conditions to the average man—and
our problems than we had of theirs.
perhaps British capital investments in our ofrailroad
in time even more satisfactory conditions—t
and other enterprises assumed
han those which enormous proportions. What sea routes and shipping
were to the British,
obtained before 1914. We give the address in full
our railway lines were to us. Without the railways,
herewit
our Federal Governh
ment could not in all probability have successfully
It is with particular interest and pleasure
that I welcome you to the New
exerted control over our
York Stock Exchange to-day, since
vast interior areas. The British philosopher,
I have always felt that the founders of
Edmund Burke, had dethis course of addresses and discussio
ns on foreign security investment have spaired of the ability of the Royal Government of his time successfully to
exercise control over North America. Ile in
deserved the hearty congratulation of
fact drew a vivid picture of
the American public, for their admirable endeavors to promote in this
country a wider and more thorough our great valley populated only by roaming and nomad pc-tpla of white
knowledge of this highly important
race, yet scarcely more civilized than the
original red inhabitants. In the
subject. Speaking for the New York
early days of the American republic,
Stock Exchange, I can assure you of
Washington and our other leading
our keen interest in the many pracstatesmen were equally baffled by the
tical problems which have arisen from the
same problem. Thus it came that
recent flow of American capital
the epoch-making invention of the steam
abroad, and our earnest desire to co-operat
e in effecting a wise and salulocomotive followed swiftly by
the large scale investments in railroad
tary solution of them.
securities, and the development of
an active market for these securities on the
Foreign investment has long since ceased
Stock
to be a theory—it is a condiExchanges of London and
New York, proved one of the indispensable
tion with which we are each year more and
more completely confronted. growth.
Railway building, a necessary step factors in our rapid national
To most if not all of us, it is so recent a
in colonizing and settling new
development in this country that lands,
naturally became one of our major
we realize we have very much to learn about
it, and not only the misunderpreoccupations almost throughout the 19th century. Financial panic
standings of the public, but also of ourselves
after panic in the United States
concerning the subject was caused by
our constant speculative
should tend to be dissipated by the talks and discussio
tendency to over-build our railway
ns provided by this facilities.
course.
Nevertheless, by means of this
financial speculation in railway
securities on both sides of the
The investment of American funds abroad is, as a
Atlantic, the
matter of fact, only political and
one of the highly significant manifestations of
economic United States of our physical foundations for the
America'
times were laid.
At the turn of the century in 1900,
tion as the leading creditor nation of our times. While s present posihowever, there were manifested for
we should on our the first time
part make all efforts to obtain a more adequate
signs that a new economic
knowledge of the condi- hand.
era
in the United States was at
In fact, we experienced at that
tions and customs of foreign nations whose loans
time a sort of false dawn as a credare now gaining currency itor nation.
among our investors, it is no less necessary
The conclusion of the Spanish
for us, and for foreign counWar left us with new colonies
In both the Atlantic and Pacific,
tries as well, to realize clearly those
and the difficulties of a new colonial
past circumstances which have *mated policy
to distract us and draw our eyes
outward from our traditional prob.
SEPT. 25 1926.]
•
THE CHRONICLE
lems of internal growth. At the same time heavy gold imports and other
unusual circumstances led to a marked though temporary financial prosperity, and even to some investment by Americans in European securities.
Yet the few foreign securities which at that time came to be listed on the
New York Stock Exchange, possessed to us a strange and somewhat paradoxical air. The United States was still in reality a debtor nation, and
was still dependent upon European capital for its own continued development. Our sharp financial panic in 1907 conclusively proved this fact,
and by exposing our financial insufficiency led to the creation of a vastly
stronger mechanism of finance in both the American banking and security
markets.
Nevertheless, the pioneer age in America was rapidly passing. The principal railway lines were laid at last, and by 1910 the American railway
net attained its maximum mileage. There were other similar signs such
as that afforded in the West, where the wheat farms were rapidly absorbing the cattle ranches. Thus it came about that at the outbreak ot the
Great War in Europe, the United States found itself able to care for its
own financial needs, and after a few years to lend a surplus of its capital
abroad to others. Had the European war occurred ten or twenty years
earlier, the ability of the United States to play a significant part in it
financially, would have been vastly more doubtful.
It was inevitable that sooner or later the United States would have become a great creditor nation. The practical effects of the war have therefore been to force within a brief period, an economic development in the
United States which under other circumstances might well have required a
half century or more. And this profound and tremendous significant transformation of the international economic status of the United States has
come suddenly upon a nation almost wholly unprepared for it by experience, economic interest, or traditional outlook.
It has often been said that until the World War, the United States lacked
an international outlook, and under the circumstances of our own striking
internal growth, this was inevitable. The great bulk of Americans knew
and understood very little concerning Europe. From their scho al geographies they had perhaps gathered that Great Britain was an island, that.
Italy was a peninsula shaped like a boot. Yet of the complex social, economic and political establishments of Europe, or of the European historic
background, there was little or no real comprehension.
But during the war millions of our young men for the first time set foot
upon foreign shores, and to-day these first-hand witnesses are spreading
through countless little towns and villages throughout the heart of the
United States a knowledge of other lands and other customs, with undoubted economic and financial consequences for the future. In these latter
years, travel abroad has in the United States become no longer a luxury,
but a commonplace. Moreover, owing to the continued advance of scientific invention, the world's distances have perceptibly shrunk thro igh the
spread of the radio, air navigation and other new and striking facilities
for transportation and communication.
The present is therefore an age of transition, no less in the United
States than in Europe. America is at the crossroads of a momentous
change in her economic policies and interests. Her great internal task of
colonization and development is by no means finished, nor will it probably
be for yet some generations. Nevertheless, the United States is once again
facing outwards. The century-old spell of absorption in settling our great
valley is not yet altogether broken, nevertheless it is mingled with a
broader vision of the modern world, and a wider realization of the part
which the United States must play in it. This viewpoint, so natural and
traditional to Europe, means with us the reversal of habits of thought and
custom which have dominated us for almost one hundred years. Such shifts
in national viewpoints take time.
Exactly what part the United States will play in the world of to-morrow
depends on the collective wisdom of Europe as well as on our own. Surely,
if material prosperity is any necessary basis for this, the United States
should fulfill a constructive role as creditor nation in the coming years.
Under an unyielding regime of Federal economy so constantly maintained
by President Coolidge and his able Secretary of the Treasury, Mr. Mellon,
the economic burdens of war in the United States are rapidly being abated,
and taxation here is steadily lightening. Had a less courageous and wise
attitude regarding our Government financing been undertaken after the
war, the United States would by no means be in the sound financial condition which it at present enjoys.
Yet the role of creditor nation is still very new to us, nor have we had
time to learn much about it, in the intense haste and pressure of the past
unprecedented ten years. So far as sound foreign securities can be floated
and sold in the United States, the process should serve to facilitate the
composure of the difficult financial problems of many European Governments, to provide European industries with much equipment and materials,
and serve to restore in Europe as satisfactory conditions to the average
man—and perhaps in time even more satisfactory conditions—than those
which obtained before 1914. It is particularly necessary, I feel, for America
to benefit in this work by the longer and ample experience of the creditor
nations of Europe—particularly, of course, that of Great Britain.
Already there has been extensive investment by small American investors
in foreign Government bonds, which has proved a very constructive and
stabilizing factor to Continental nations. In the United States, our large
Government war loan flotations tremendously broadened the investing public by creating a new class of security buyers. These new investors need
the maximum protection which organized finance can throw about them,
and in the United States much financial technique of a new order is needed
to further such a policy. The American investor has already ceased to be
a supporter only of the American Government and American business
enterprise. Properly led and properly safeguarded in his investments, he
can exert an even wider and more constructive influence in the restoration
of economic prosperity abroad.
One common experience has resulted from the recent war both here and
abroad—the definite proof and general realization of the permanent character of our modern financial system of credit, and in fact of the entire,
present system of private capitalism. In the days before 1914, we were
frequently told by numerous learned gentlemen that warfare under modern
conditions had become an impossibility, because of the appalling shock
which it would impart to the credit machinery of the modern world. The
element of truth in these assertions we have witnessed in the extraordinary
conditions produced in financial centres on both sides of the Atlantic during
the past ten years. Yet to-day the financial machinery of the creditor
countries of the world is again being actively appealed to, in the effort to
restore the world, and this machinery is moving constructively to accomplish this task. If modern capitalism in Europe and America can survive such a war as has recently been concluded, its ability to sustain the
lesser shcicks and burdens of normal peace times need give little concern
in the future to any reasonable man.
The war has likewise conveyed a similar and even more significant lesson
regarding the modern system of private capitalism. Before and even after
the war, there has been much glib talk concerning the Utopian character
of State Socialism, and until recently it was difficult to definitely disprove
such easy prophesies, because no country had ever been foolish enough to
1581
attempt to realize them. The war forced a condition of Government control everywhere, and a considerable chance to observe its much-heralded
benefits to the average man. Yet now, not only Britain and the United
States but many other countries with a less distinctive tradition toward
freedom, are striving to restore the private initiative of pre-war days which
our recent experience has shown us to be so necessary a factor irs actual
economic achievement. Civilization will in the future always have the
supremely practical benefit of the Russian example, as an object lesson
to casual and uninformed critics of private capitalism. Indeed, the great
nations of the present world owe a profound debt to Russia for providing
civilization with a permanent example of the fallacious follies of State
Socialism and complete Government control of trade and industry.
Thus, in point of fact, private capitalism has experienced ita supreme
test during and after the recent war, and by its tenacious ability to survive
and function has secured its greatest triumph. The practical task now
summoning us, is to effect a closer partnership between modern capitalism
and the continued discoveries of modern science, to build patiently and
steadily a better world.
In my own case, I can of course speak with a greater degree of assurance
in these matters in connection with the capital markets on our Stock Exchanges, which are so fundamentally necessary in the modern system of private capitalism. During the war, the securities market on the New York
Stock Exchange was of necessity curtailed in many ways by a policy of
Government control. But with the passing of war conditions, the old dependence upon private initiative rather than Governmental administration
or political regulation, has very conspicuously and completely revived. We
have, in keeping with what may be called the Anglo-Saxon genius for private initiative in business affairs, always been skeptical of any bureaucratic administration of our commercial and financial affairs by our Government. We have instead always adhered to the idea of a free and open
securities market, untrammeled, as far as possible, by hampering legislation,
and dependent for its value and usefulness upon the responsibility and fairness of free citizens. The enlightened attitude of our Federal and State
legislation in this matter, as well as the similar wisdom of our courts, has
permitted the organized security markets on the New York Stock Exchange
under freedom to expand its sphere of usefulness, within the limitations of
purely economic considerations.
Undoubtedly much remains still to be done to distribute the full benefits
of modern private capitalism to everyone. In recent years, we have experienced a remarkable increase in the number of our security investors as a
result of our war loans and the publicity attending them, and a remarkable
diffusion of the ownership of our large corporations. The increasing tendency in this direction has already brought with it a gratifying improvement in public opinion concerning the relations of Government and business. Here, as I see the matter, is the means for a healthy democratization
of security markets and finance itself, which should be safeguarded and
fostered in all possible ways by financial men.
Probably the most threatening menace to the wider diffusion of security
ownership, at least in the United States, consists in the highly dangerous
activity of security swindlers. Security swindling, I have come to believe,
is to a considerable extent an international evil. The professional swindlers of America are becoming accustomed to pursue their activities abroad,
and in our financial centres swindlers from foreign countries also occasionally operate. Concerted action by the leading financial centres of the
world in this matter might accomplish very genuine and permanent benefits to our security holders, and provide everywhere safer surrounding circumstances for the vital work of garnering private capital through our
various financial systems for constructive use. The financial systems of
Europe and America, so different in superficial aspects and so profoundly
alike in fundamentals, have already done yeoman service during the past ten
years in repairing the wastage of the war. It is my hope that by closer
co-operation they can cherish and provide for the future, the safety which
should surround the indispensable flow of private funds here and abroad
into the creative work of reconstruction.
Iv.
To-day there is perhaps a more widespread and calm consideration of the
possibilities of future years than ever before in history—a natural result
of the unprecedented events which have occurred since the outbreak of the
war, and the changes which have already been seen throughout civilization.
I am no philosopher of scientist, nor can I even lay claim to being an
observer of the significant tendencies now operating in the modern world,
with a knowledge and judgment comparable to their complexity and immensity. Nevertheless, close acquaintanceship with a great security market
forces certain conclusions upon any one, since there perhaps the real forces
of our modern world are most sensitively and broadly manifested.
We are all living to-day in a great scientific age, when the announcement
of new discoveries and inventions crowd fast upon each others' heels, and
when new methods and devices are pouring rapidly from our laboratories
and workshops to be placed swiftly at the service of mankind. Let us
make no mistake about the matter—this scientific progress cannot be
halted even by so appalling an episode as a world war. Indeed, the signs
multiply, that it is already accelerating. It has behind it the momentum
of an astonishing century, and its ultimate significance no man can surely
foretell. The march of armed men is, after all, not impressive beside the
march of science. Nature covers with surprising quickness the scars of the
battlefields, and even the ache of human loss fades with the passage of
time. Meanwhile, science is providing a new release of tnergy and hope
everywhere throughout civilization. Neither. the statesman nor the business man can afford to face the future with a closed mind.
There has never been a time in the world's history when the progress of
science has been so rapid, or the creation of wealth so widely facilitated
and so swiftly rendered possible. This is not any chance rhetoric, nor
merely the expression of an easy-going optimism. Just as the burdens and
scars of the great Napoleonic wars a century ago were paid off by the
inventions of Arkwright and Whitney, so, too, I believe, the consequences
of the latest World War will be met and liquidated by the continued advance of scientific knowledge and mechanical ingenuity. Thus scientific
discovery holds forth a bright hope to the life of everyone to-day, of a
broader and better existence for us all.
As practical men, however, it is not so important for us to concern ourselves with mere'prophesies of better things to come, as it is with how their
arrival can best be facilitated. Spencer once defined life as "the continuous adjustment of internal relations to external conditions." Even in the
fluid civilization of the United States, many of our ways of life will never
return in the exact form with which we were familiar before the war.
Even under conditions of long future peace it must be expected that the
changing external conditions created by the advance of science will demand a continuous adjustment of our internal relations to them. It is
inevitable that the dynamic urge of scientific discovery, halted for a brief
space by the war, is destined to become more and more forceful and intent.
And meanwhile there is placed upon financial leadership a need of constant
alertness in adapting our financial machinery and our financial methods
to the great work of financing a more useful and productive industrial
establishment. There has probably never been a time before when there
1582
THE CHRONICLE
existed so great an actual and potential need of capital as to-day, and in
consequence the opportunities for the investment of capital in our own
times provide not only the proper incentive of private profit, but also the
more significant possibility of a broader human service. In the coming
years there is a great work for modern finance to do, and especially in the
free markets of London and New York a stirring opportunity and a deep
responsibility must be faced.
So it is that I return to my original thesis—the great need to-day of a
closer acquaintanceship and a deeper mutual understanding between American and foreign trade and finance—not only as a pleasure and facility to
ourselves, but as a duty to the future of our own countries, and indeed that
of the world. Too long have the commercial and financial relationships of
modern countries been popularly considered merely as a fertile source of
wars. Certain impetuous critics have so far pursued what is called the
"economic interpretation of history," that they are continually agitated
lest with every trade dispute and every instance of commercial competition,
we should at a moment's notice fly at each others' throats. We all well
know what nonsense such a jaundiced view of history really is, and both
here and abroad we should take it upon ourselves more actively than perhaps
we have, to establish the fact more widely. For international trade and
the international contacts furthered by modern finance, when rightly considered, can be and long actually have been, a solvent for international
misunderstandings and disputes of all sorts. The merchant and the banker
have long proved very potent ambassadors of peace, and have frequently
exerted restraint upon the narrow tendency toward self-glorification to
which all peoples are in varying degrees subject, and which has so frequently
proved a check and hindrance upon the world's progress.
Recently there has been much rather futile discussion concerning the
primacy of the financial centres of London and New York. But I confess
that I am not very deeply interested in the question of which is larger or
greater than the other. I am more concerned that both London and New
York, as well as the other leading financial centres of to-day, should work
in a closer partnership than ever before to provide a more effective financial leadership in the modern world. There are very great common tasks
which.to-day lie ahead of us all—the restoration of sound and honest currencies everywhere, the elimination of the needless instabilities of trade and
credit alike, and the establishment of strong and enduring foundations for
a wider diffusion of wealth, and a higher type of civilization in the days
to come.
[VoL. 123.
With reference to the position of public utility,real estate,
mortgage and municipal bonds, the firm says:
Three developments of outstanding itterest have occurred thus far i n1926
to emphasize the strong investment position of public utility bonds. The
first was the action of the Legislatures of Massachusetts and New Jersey
admitting public utility bonds, under certain restrictions, to the list of
securities eligible as "legal investments" for trustees and savings banks in
those States.
The second has been anl ncrease of about 12% in the output of the electrical power plants of the country over last year, which was by far the
largest on record. A significant aspect of this increase is that all sections
of the country shared almost uniformly in the gain. The third has been
the renewal of investment confidence in well-protected electric railway
bonds evidenced by strengthening prices among representative issues and
the ready absorption of recent offerings of this character. Utility bonds,
as a class, continue in a very strong position.
The financing of the vast volume of building construction which has been
undertaken in this country during recent years has greatly increased the
amount of outstanding real estate bonds. When surrounded with proper
safeguards, these bonds are attractive investments. The main assurance
of the existence of these safeguards, such as conservative valuation and
adequate earning power, must come from the reputation of the sponsoring
investment house. Investments in this class should be selected probably
more carefully under existing circumstances than in any other field of
domestic securities.
Perhaps the most notable development in the municipal market for the
year so far has been the distinct decline in the total volume of now issues
as compared with the corresponding period of 1925, although there has been
an increase in the total volume of corporate financing. Another feature
of the market has been the relative scarcity of obligations offering medium
yields, while there has been a fairly liberal supply both of those approaching
a 4% yield basis and those yielding 5% and upward. Issues now in pros-pect for the remainder of the year are not numerous, and the outlook at
present is that the final figures for 1926 will be below those for either 1925
and 1924. In direct contrast with a year ago, price levels were well maintained du-ing the slack midsummer season of 1926. and the tone of the market continues strong.
Origin of Coupon Clearing System of New York
Daily Statement of New York Stock Exchange on
Clearing House.
Call Money Market.
In inaugurating this month its coupon clearing system
The following are the daily statements issued this week
the New York Clearing House, it is said, adopted an idea
by the New York Stock Exchange regarding the call money
which originated in the mind of a former clerk employed by
market:
•
the National City Bank of New York 24 years ago and
CALL LOANS ON THE NEW YORIerSTOCK EXCHANGE.
carried into effect recommendations embodied in a report
Sept. 20—Renewal, 5; high, 5%; low, 5; last, 5%. A rather heavy turnover with light offerings resulted in an advance in rate to 5%% presented to the Clearing House Committee May 28 1903—
by mid-day with a plentiful supply at that rate.
a report prepared by that clerk and two others which had
Sept. 21—Renewal, 534; high. 544: low, 5%; last!5%. Another good
sized turnover but with funds in free supply at the renewal rate, reposed on the shelf of the Clearing House Committee for
over 23 years. This interesting bit of New York banking
which remained unchanged throughout the day.
Sept. 22—Renewal, 53; high, 5%;low, 544, last. 5%. A very light turn- history, it is
announced, came to light as a result of an
over with funds accumulating in the late afternoon.
Sept. 23—Renewal, 53; high, 5%; low, 5; last. 5. A moderate turnover investigation by J. M. Telleen, Secretary of New York
with funds in free supply resulting in a cut in rate to 5% before Chapter, Inc., American Institute of Banking. It is made
noon. Ample accommodations were available at the lower rate. known that the young bank
employee was Leopold Fredrick,
Sept. 24—Renewal, 5; high, 5; low. 5; last, 5. Business In light volume
with sufficient funds for days needs and no change in rate who, with M. F. Bauer and W. F. Linson, then students at
from the 5% renewal.
the banking institute, were appointed a committee to prepare
Statements of previous weeks appeared weekly in our suggestions looking to the establishment of a clearing house
issues since July 10; last week's statement wildbe found on for coupons. Mr. Fredrick, since his employment by the
National City Bank, has been manager of the foreign
page 1457 of our issue of a week Ago.
department of the National Bank of Commerce in New
York for three years and for 12 years director or Treasurer of
Halsey, Stuart & Co. on the Security:Outlook. ,
Halsey, Stuart & Co. in their quarterly review express the the American Smelting & Refining Co., Braden Copper Co.,
opinion that "All the fundamental factors which have con- New River Collieries Co., Chile Copper Co. and numerous
tributed to advancing security prices during the past year re- other corporations. Mr. Bauer is now an officer of the
main favorable, with no indication of an early major change." Chatham & Phenix National Bank & Trust. Co. Both
recalled the events of a quarter century ago when the matter
In support of this view the review says:
Business is active, the agricultural outlook is promising, building opera- was called to their attention by Mr. Telleen, Secretary of
tions continue on a large scale, employment conditions are excellent, the the Institute of Banking here. Mr. Fredrick briefly rebanking situation with respect to both loans and reserves is exceptionally
viewed the subject as follows:
sound, and prosperity is widespread. The existing strength of bond prices
Is a natural consequence.
The comments of the review on the foreign bond situation
are as follows:
There are unmistakable signs that the American investor is gradually
becoming habituated to the role of foreign lender. Sensational news dispatches from Europe no longer produce the effect upon the market which
they formerly did, and there are evidences of a tendency on the part of the
public to distinguish between important developments and these which are
purely ephemeral in character.
A representative list of fifty foreign Government and Municipal obligations show an average gain of somewhat over 2 pcints on the basis of present
quotatins as compared with these of a year ago. Eighteen South and Central American items in the list show an average gain of over 3 points. Eighteen European items, Government and municipal, of countries which participated in the World War, show a gain of nearly two points, while those
of former European neutrals included in the list show an advance of slightly
less than one point. The foregoing may be interpreted to indicate that
Investment confidence in well-selected foreign bonds is steadily gaining
ground.
"I remember making, on Dec. 5 1902, a short speech at a meeting of
the old Chapter suggesting a clearing house for coupons. Mr. Samuel
Ludlow, then President of the Chapter. was particularly pleased with the
Idea. Mr. Bauer, Mr. Ideson and myself were named a committee to
work up the idea in detail.
"On May 28 1903 our committee presented its report and the President
was directed to place it before the Clearing House Committee.
"My plan to establish a clearing house for coupons was shelved at that
time on account of the secession of the New York trust companies from
the New York Clearing House. The trust companies, which are now cashing
the bulk of their coupons by the new method, seceded on account of a
question of reserve ratio to be maintained by them. The matter was not
subsequently revived until this month—after a lapse of 24 years."
It is the President of the bank where Mr. Fredrick was employed 24 years
ago, Charles E. Mitchell, who is credited with responsibility for the action
of the Clearing House in reviving the coupon clearing plan. Mr. Mitchell
is now Chairman of the Clearing House Committee. Mr. Frederick is an
authority on international finance and is well known for his work in connection with the introduction of dollar exchange in South America and for
his campaign to popularize the investment trust idea in the United States.
The prospects of the industrial companies are considered
Failed Georgia Banks—Fourteen of Chain Banks
excellent, and the review points this out as follows:
The present outlook is that the industrial companies of the United States
Reported Reopened—Twelve Others in Process
vrill report larger aggregate earnings for 1926 than for any previous year.
of Reorganization—Ancillary Receiver
All classes of industry naturally are not sharing uniformly in this prosperity,
Named for Holdings of W. D. Manley
but generally speaking it is the exceptional company which is not reporting
satisfactory income. As a rule, the companies are taking advantage of the
in Florida.
position,
and
financial
in
many cases have
opportunity to strengthen their
That Georgia State Banking officials on Monday of last
built up reserves adequate to meet any likely contingencies. Industrial
bonds are in a materially stronger position than ever before. It is the week, Sept. 13, had announced that fourteen
of the chain
opinion of many well-informed investors that this class of bonds offers the
Georgia banks which were closed following a suit for
most attractive opportunity at the present time, from the viewpoint of of 83
receivership of the Bankers' Trust Co. of Atlanta, of which
reasonable safety and satisfactory rate of return.
SEPT. 25 1926.]
THE CHRONICLE
W. D. Manley was head had reopened as separate and
independent units, and that twelve others were being
reorganized and would reopen within the next week, was
stated in the Atlanta "Constitution" of Sept. 14. In addition to the twelve banks that were being reorganized, it was
announced that twenty units of the Georgia State Bank
were expected to be reorganized and reopened shortly and
that a meeting for the reorganization of the Georgia State
Bank units would be held the latter part of the week. W.J.
Davis, General Agent for the State Banking Department,
was reported as saying that the total resources of the reopened
banks within the next week would be one-third of that of
all the Georgia banks that closed this summer. The total
resources of the closed banks, he pointed out, was $18,000,000, while that of the reopened banks would be $6,000,000.
Among the fourteen reopened banks are the following:
State Bank of Cochran, Bank of Haziehurst, Bank of Stapelton, Rockmart bank, Habersham Bank of Clarksville, Cornelia bank, Demorest
branch of Cornelia bank, Bank of Lulu, Merchants and Planters' bank at
Whigham, Exchange bank at Sycamore, Bank of Adairsville, Farmers and
Merchants' bank at Rebecca and Planters bank at Pave.
A special dispatch from Atlanta to the "Journal of Commerce" of this city on Sept. 10 reported that the Farmers &
Traders Bank of Atlanta, one of which Manley was President,
was being reorganized as the People's Bank. This dispatch
said:
W. S. Witham, who was succeeded as head of the Farmers & Traders
Bank and Bankers' Trust Co. by W. D. Manley many years before the
crash of the Manley enterprise, was at work to-day reorganizing the
Farmers di Traders Bank. The new bank will be known as the People's
Bank and will be operated as a State bank under the State Banking Department, and will be operated as soon as the reorganization is completed, about
November 1.
Practically all of the $50,000 capital stock has been subscribed, mostly
by former associates of Witham, who will obtain a charter through the
State Banking Department, which, he asserts, has approved the reorganization.
The old bank is being liquidated and will pay off 75%, according to Dr.
John Powell. Chairman of the organization, meeting yesterday. Mr. Witham will be Chairman of the board, but other officers have not been selected.
"We want an old-time Witham bank," Mr. Witham declared.
The Farmers & Traders Bank was thrown into bankruptcy recently with
the crash of the properties of Manley and the Bankers' Trust Co., of which
he was head. Manley is now under nineteen State and Federal indictments
and several of his associates also face indictments on State and Federal
charges.
1583
The principal charge against Mr. Amos was that, knowing the banks
were in unsound condition and operating on a cash reserve so far below
their legal limits as to render their operation unsafe, he neglected to perform his duty by removing the bank officials.
A presentment returned by the Grand Jury to Judge Curtis C. Chillingworth of the Circuit Court censures the Comptroller for laxity in office
and declares that he almost "wholly and shamefully failed in his duty."
It recommends to the Legislature of the State that proper steps be taken
to remove the Comptroller from office.
The presentment further recommends drastic changes in the banking
laws of the State and petitions the Governor or other constituted authority
to calls special Grand Jury to investigate the affairs of the Bankers Finance
Co. in Jacksonville and of J. R. Anthony and his affiliated companies,
two of the largest banking institutions in the State.
The jury criticizes officfa's of the City of West Palm Beach, espeoially*
the Director of Finance, and charges that the City of West Palm Beach
had enormous sums on deposit in the Palm Beach Bank & Trust Co. at
the time that bank failed and that on a part of these sums collateral security
was obtained from the bank only nine days before it closed its doors.
It says that when the bank closed it was carrying a $250.000 overdraft
against the City of West Palm Beach In one of its accounts, while the city
Clerk and Treasurer of West Palm Beach owed the bank $30,000, and his
personal account had been habitually overdrawn for weeks prior to the
bank's closing, and was overdrawn to the extent of $6,775 at that time.
The indictment against Clayton charges that while the capital of the
Palm Beach Bank & Trust Co. was $75,000 and its surplus $100,000, he
unlawfully permitted loans to other bank officials of more than $500,000,
these loans being made without the consent of the bank's board of directors.
The charge against Smith is that he permitted loans aggregating $233,171*
to the East Coast Trading Co., the firm of Williams & Smith, Inc.,the Pains
Beach Holding Co., Harmon, Slaton & Throop, and the Mizner Development Co., all real estate concerns in which he was interested, without the
consent of the board of the bank.
Williams is charged with making loans aggregating $177,577 to Williams
& Smith. Inc.; the Morris Plan Co.; Nichols, Williams Co., Inc.; the Mizner
Development Co., and the Palm Beach Holding Co., without the consent
of the bank directors. Payne is charged with similar unlawful loans aggregating $133,357, to the East Coast Trading Co., the Palm Beach Acreage
Co.and the Palm Beach Holding Co. Carter is charged with making a loan
of $2,170 to Smith before application for the loan had been submitted in
writing to the board of directors.
Cook was charged with unlawfully loaning to the Palm Beach Realty dc
Investment Co., the Mizner Development Corporation and the Southern
Florida Securities Co., concerns in which he was interested, sums aggregating $117,540. Pearson was charged with loaning to the Manor Development Corporation, Meerdunk & Pearson, the Morris Plan Co., and the
Heights Land Co., $144,000, either of which amounts exceeded 40% of ths
aggregate capital and surplus of the Commercial Bank & Trust Co.
Failure of the Palm Beach Bank & Trust Co. and the
Commercial Bank & Trust Co. on June 28 last was reported
in the "Chronicle" of July 3, page 45.
In regard to the holdings of W. D. Manley in Florida, the Bankers in Philadelphia and Elsewhere Opposed to
Atlanta "Constitution" in its issue of Sept. 14 printed the
Hull Amendments to McFadden Bill Reported as.
following Associated Press dispatch from Jacksonville under
Considering Plans to Unite in Opposition to
Committee of One Hundred.
date of Sept. 13:
D. S. Goodrich, of Jacksonville, was appointed ancillary receiver to-day
branch banking in Philadelphia and other
of
Advocates
to take charge of the Florida holdings of W. D. Manley, of Atlanta, head
States are considering the advisability
United
sections
the
of
of the defunct Bankers' Trust Co., by Judge Rhydon M. Call in Federal
court. The appointment was made on the petition of seven Florida banks, of organizing to support the McFadden-Pepper Banking
members of the Bankers' Trust Co. chain.
present Hull amendments, when it comes
The petitioning banks were the Bank of Umatilla, Bank of Mount Dora, bill, without the
Citizens Bank of Eustis, Bank of Monticello, Bank of Sebastian. Delray before the next session of Congress, according to the PhilaBank and Trust Co. and the Bank of St. Cloud.
delphia "Ledger" of Sept. 21, which goes on to say
The petition set forth that Manley was adjudged bankrupt in United
States district court for the northern district of Georgia on September 2.
Assets of the alleged bankrupt, it was alleged, consist largely of stocks,
bonds, promissory notes and other securities which are held in the state of
Florida and readily salable.
Part of the assets, the petition continued, consist of stocks of close corporations in this state in which Manley owns a large part of the stock. The
assets of the corporations, the petitioners averred, consist in part of second
mortgages on apartments, land purchases and orange groves, all in need of
financing and management.
Direct obligations to Florida banks were listed as $297.000.
The petition stated that Manley's holdings in Florida were in six corporations. Only one was listed, the Church Street Holding Co. of Jacksonville. of which Manley was said to be Vice-President.
The petition asked the appointment of an ancillary receiver to take charge
of the assets of the bankrupt in this jurisdiction.
State Comptroller of Florida Indicted as Result of
Failure of Two West Palm Beach Banks Last
Jime—Seven Officials of the Institutions Also Accused.
Special advices to the New York "Times" on Wednesday
of this week (Sept. 22) from West Palm Beach, Fla., stated
that Ernest Amos, Comptroller of the State of Florida,
had,been indicted on that day in West Palm Beach by. the
fall term of the Grand Jury on three counts, charging alleged
malpractice in office in connection with the failure last June
of the Palm Beach Bank & Trust Co. and the Commercial
Bank & Trust Co.—both West Palm Beach institutions.
It was further stated that seven officials of the two banks
had also been indicted. These were: Benjamin R. Clayton,
President of the Palm Beach Bank & Trust Co.; Howard P.
Smith, D. Lester Williams and Ralph Payne, Vice-Presidents, and Carl A. Carter, head of the trust department;
Thomas M. Cook, President of the Commercial Bank &
Trust Co., and Adrian E. Pearson, Vice-President.
Regarding the specific charges against the State Comptroller and the banks' officials, the dispatch said:
Suggestions that,a committee be formed to work for the passage of the
bill, minus the Hull amendments, or with the wording of the amendments
changed, have twice been made to national bank presidents in this city,
whose institutions have in oper-ation one or more offices in addition to their
main bank.
The identity of those who have suggested an organization Is being withheld in secrecy for the present. The suggestions have been advanced because of the activities of the Chicago Committee of One Hundred on behalf
of the bill, with the Hull amendments.
Handicap to National Banks.
If the bill is enacted into law in Its present form and with the Hull amendments unaltered, bankers, whose institutions maintain additional offices
(the legal IMMO under which branch-banking is conducted in this city and
State) assert nationally chartered institutions would be handicapped in
future competition with State chartered banks.
The Hull amendments were drafted to limit branch banking in so far as
national banks are concerned to the corporate limits of cities in States
where branch banking was allowed by law at the time of the passage of the
bill. In other words,according to the contention of branch bank advocates,
were a State to permit trust companies and State banks to open branches
after the McFadden-Pepper bill became a law, national banks in such
States would be prohibited from establishing branches.
Charles S. Calwell, President of the Corn Exchange National Bank,
which has two offices, yesterday called attention to the fact that the United
States is the only civilized country in the world that has not nationally a
branch banking system.
Few Oppose Branch Banking.
Very few bankers in Philadelphia are opposed to branch banking. Philadelphia's enlarged activities commercially and industrially require large
banks to finance its needs, advocates of the McFadden-Pepper bill, without
the Hull amendments,assert. This necessity, they say, calls for creation of
additional offices for local banks. The national banking system, they also
declare, needs the unamended bill to retain its standing, because, if a bank
is prohibited from establishing a branch or branches under the Federal
laws, it would surrender its charter and take up a state charter if the State
in which it is located should permit branch banking.
Competition,the Philadelphia bankers hold, is good for all concerned. As
one banker said yesterday, it stimulates trade and makes men.
For two-score years or more, Philadelphia banks have had inter-State
competition, and have not complained, from two Camden banks—the
Camden National Bank and tho First National State Bank, the former
having an office at Second and Walnut streets and the latter at 223 Market
Street.
It is not considered likely that the plans of the anti-Hull forces will provide for analisplay of their strength before the Gaither convention of the
1584
THE CHRONICLE
American Bankers Association in Los Angeles. The Association is on record
as favoring the bill with the Hull amendments. That it will reiterate its
position, taken two years ago at Chicago, is regarded as a foregone conclusion.
Country Bankers Mistaken.
Delegates from the smaller banks will outnumber those from the large
cities, and it is generally agreed they will support a resolution that favors
the Hull amendments, as they did two years ago.
Several Philadelphia bankers said yesterday that the country bank delegates, in assuming this position, will do so under the misapprehension that
the banks of the large centres are contemplating the extension of their
activities beyond the city limits. The McFadden-Pepper bill, if enacted
into law, would prohibit such extension without the Hull amendments.
Although present indications show no signs of concerted action at the Los
Angeles convention by the branch-banking advocates, nevertheless the convention floor is likely to be the scene of considerable debate on the question,
because California is the home Of State-wide branch banking in the United
States.
There are 26 States in which branch banking is not now permitted.
Pennsylvania is one of them. Yet nearly all the principal trust companies
in this city, which receive their charters from the State, practice it by the
simple practice of opening an additional office when they so desire and notifying the Secretary of Banking of such action.
The Secretary of Banking, in turn, notifies the officers of the State-chartered institutions of the provisions of the banking laws of the State. These
aws require, among other things, that the assets of the bank must be kept
in the main office of the institution.
However, in view of the risk that would be taken in transferring cash
and securities from various sections of the city to the main banking house
twice a day and the cost of the transportation, a number of the institutions
are keeping the cash and securities of the additional offices in vaults of those
offices.
In 1922, when the growth of the trust company additional office movement in this city became a real one, the national banks took up the question
of meeting this competition with the Comptroller of the Currency.
Individual action was taken by the banks, with the result that in nearly
all instances the national banks were given the right to establish the additional offices. To-day the leading national banks and trust companies here
have, in addition to their main banking houses, one or more additional
offices.
Trouble Said Likely Among Bankers at Los Angeles—
Controversy over McFadden Bill Assumes Serious
Form—J.F.Sartori Writes Protest to Oscar Wells.
Under the above head the New York "Journal of Commerce" printed the following in its issue of Sept. 22:
It has been known for some time past that serious trouble in the American
Bankers Association was brewing. This trouble grew out of the effort of
one faction in the organization to force the McFadden bill upon the attention of the members—an effort to be renewed this year at Los Angeles.
How it is viewed by the California bankers became known yesterday when
copies of a letter sent by J. F. Sartori, the best known of the Los Angeles
bankers, and addressed to Oscar Wells, President of the American Bankers
Association, Birmingham, Ala., were received in this city.
Mr. Sartori's Letter.
Mr. Sartori writes:
"Dear Mr. Wells,—I am in receipt of a circular presumably sent to all
banks in the country from a so-called committee of 100,from which I quote
the following:
"'Committee of 100 opens campaign to have American-Bankers Assoclation'reindorse Hull amendments in October.
"'You will receive within a few days Bulletin No. 1 of the committee of
100. The indisputable facts disclosed will show why every banker in the
United States should go to Los Angeles Oct. 4-7 to fight for the principles
of independent banking.'
"From these quotations and other matters in the cireidar it appears that
this organization is preparing to inject into the proceedings of the American
Bankers Association convention, to be held in October, an attack upon
branch banking. I wish to call to your attention and that of the administrative council of the American Bankers Association the objectionable
nature of such action and to protest against its being countenanced or
permitted by you and those associated with you in the management and
conduct of the affairs of the Association.
[Vol,. 123.
"Unjust and Inexcusable."
"From my point of view, it would be unjust and inexcusable to permit
prejudiced and intemperate speeches to be made on the convention floor
arraigning branch banking as unsafe, unsound, tuamerican, &c., here in
Los Angeles where branch banks have total deposits of $750,000,000,
against deposits of less than $320,000,000 in all other banks, and perhaps
five times the number of depositors.
"Branch bankers, as far as I know, are in no way opposing, but, on the
other hand, have approved the modernizing of the National Bank Act
and the giving to the national banks the same rights and privileges, as far
as they desire them, that the States give to their State banks. All branch
bankers, so far as I know, are heartily in favor of the extension of the charters of the Federal Reserve banks. Moreover, no branch bankers are seeking or proposing legislation, nor, except as a matter of defense, are attacking unit banking either in Congress or in the State Legislatures or in the
American Bankers Association.
Squabbles in Convention.
"Branch bankers do not desize to enter or to be forced into any unseemly
squabbles at the coming convention, even as a matter ofself-defense.
The
most important question is whether members of such an association should
be attacked by fellow members. It will be necessary for the bre nch bankers
to prepare for such an emergency in a resistance that shall be at least
comparable to the attack.
"We feel constrained to say that inasmuch as we are hosts, and the attacking members will be mostly guests, freedom from embarrassment and,
as we believe, benefit to the Association would follow a control of
this
matter by the officers of the Association. A destructive controversy, which
would at best be in bad taste, should be eliminated."
New York State Bankers Association Favors Modification of McFadden Bill With Respect to
Branch Banking.
Pointing out that the New York State Bankers Association
has come out in favor of changing the McFadden banking
bill, now pending in Congress, so as to permit branch banking by member banks within city limits in those states which
may hereafter authorize branch banking the "Wall Street
Journal" of last night (Sept. 24) said:
This is tantamount to calling for the elimination of the Hull amendment
which would, if enacted, thereafter forbid national or member banks
from
having branches in present non-branch permitting States, regardless of
subsequent permissive legislation. This amendment has been causing
considerable controversy among bankers throughout the country and has
threatened a serious split in the ranks of the American Bankers Association
Although New York State is one of the branch permitting States and the
Hull amendment is consequently not of direct concern to Now York bankors,
yet this recommendation from such an important organization of bankers
is expected to have a far-reaching influence when the American Bankers
Association meet in a few days at Los Angeles, where a stiff fight is looked
for over the question of restricting the spread of branch banking. A largo
faction of bankers in the ranks of the American Bankers Association is
dissatisfied with what is regarded as failure on the part of the A. 13. A.
executives to act conscientiously for the Hull amendment.
The action was taken in the following resolution passed by the Council
of Administration in New York, Thursday.
"Whereas, it is most desirable that the banking interests of the country
should be united and harmonious respecting matters of mutual interest, and
"Whereas, such a condition can exist only if all banking institutions,
whether national banks, State banks or trust companies, are treated fairly
and equally as ta their privileges and opportunities, and
"Whereas, nearly half of the States now permit branch banking the Hull
amendments to the so-called McFadden bill propose to recognize that
privilege in those States, and
"Whereas, the question of branches within the limit of a city should be
a State and local proposition, and
"Whereas, there are circumstances under which a branch bank will give
an outlying section of a city the best banking facilities, and
"Whereas, it Is fair and just that all members of the Federa Rrerve
system should have equal opportunities, now therefore be it
"Resolved, that the New York State Bankers Association, by action of its
Council of Administration, urges the members of the American Bankers
Association that they endeavor to adjust their differences regarding the
branch bank question among themselves, so as to present a united front
before Congress, and be it further
"Resolved, that if necessary to obtain united action, the American Bankers
Association favor a modification in the McFadden bill so as to permit of
branches within the limits of a city in those States which may later give
such permission to their State banks without forfeiting their membership
in the Federal Reserve system."
Nature of Bankers' Association.
"The American Bankers Association is an organization embracing every
sort of bank in the country—State and national banks, savings banks, trust
companies, unit banks and branch banks. It is manifestly dangerous to
the unity of the Association, and its future welfare for any group within
its membership to use the Association to launch an attack upon any other
group.
"It seems to me entirely unnecessary that this issue should be again
forced upon the Association by any Committee of One Hundred or by any
Explaining the Stand.
other group within or without the Association.
Accompanying this resolution, sent to all members of the Now York State
"The proper place for the activities of the Committee of One Hundred,
Of any other group favoring legislation which is antagonistic to any
kind of Bankers Association, is an explanation or amplification of the association's
banks or banking, is not the convention of the Association in which
ewpcint in regard to branch banking and as to the drawbacks of the
Hull
all
are members with equal rights, but before the Committee of Congress
Pointing out that the difference of opinion between national
and amrer.dment.
With their Senators and Representatives in Congress. Congress is the and State banks regarding the Hull amendment to the McFadden bill may
proper place to which the officers and legal department of the American lead to the formation of two oppr sing delegations to represent their interests
Bankers Association should go for the same purpose. To come
Washington, it is stated that "such a condition would seem to be most
hero to in
California, the home of a large number of sound branch banks with immense unfertunate and is liable to result in neither group getting what they desire,
resources, all active and loyal members of the American Bankers
legislatirn killed as a consequence. In the minds
Associa- ard perhaps some good
tion, having the confidence of and serving millions of depositors, and of the public, and probably of the representatives also, there is little or no
present a reopening of this question, and the making of intemperate speeches distinction between the different types of banks, as they are all considered
by one group of banks against another group, all members of the American hr nking institutions.
"The main difference of opinion in connection with the McFadden bill
Bankers Association, would be an inexcusable and unjustifiable outrage.
I would consider it equally outrageous if branch bankers should make a is that some bankers do not want banks in States nct now allowing branches
similar attack on unit banking, say, in the Dakotas or Iowa, should the to ever be permitted to have them so 1 ,ng as they remain members of the
Federal Reserve System, whereas other bankers want the privilege of havconvention chance to be held in one of those States.
ing branches if their State laws are changed so as to give permission for
Resources of Branch Banks.
branches.
"State branch banks in California have more than eight hundred million
"It would be most desirable if these groups could agree on something
more resources than the national banks and the unit State banks combined, upon which they could, unite before Congress. While it does not
affect
and we cannot be expected to sit quietly and see ourselves berated and con- New York State, which alrer dy permits branches, it would seem that
there
demned as though we were guilty of some crime against the Common- are many cases where an outlying community in a city could be better
served
wealth me: y because we employ a form of banking which all the great by a branch than by a sun II community bank. The public would
rather
commercial rat.ons to-day, except ourselves, have adopted as the soundest , place its money under charge of a strong institution securing that
protection,
and best. Our California experience confirms their judgment.
while at the same time enjoying the convenience of nearby banking facili'Branch banks in California have total resources of $2,273,770,000, as ties. Such branches are also particularly desirable in these days
of serious
of April 12 last, and at least one and three-quarters millions of satisfied traffic conditions in au downtown sections of cities.
Furthermore, a large.
depositors. I say 'satisfied' because they do not withdraw their patronage. strong bank could not be built up in most outlying sections of
a city—heace,
SEPT. 25 1926.]
THE CHRONICLE
Independent banks in those neighborhoods svpuld of necessity be small institutions.
A Fairer Proposition.
"To allow branches outside of a city is objectionable, because such a
branch would then be controlled by interests outside of the town served
and not in touch with its conditions and problems.
"It would appear that if additional States permit branch banking, that
State and national banks in those States should have the same privileges as
are enjoyed by any other bank which is a member of the Federal Reserve
system. It is probable that if a State should so change its laws, then both
national and State banks located therein would undoubtedly want to be
allowed to have branches. Usually the best results are not obtained by
using force, which appears to be the idea in forcing State banks out of the
Federal system if they have branches in States not now permitting them,
but later give such permission. Would it not be better to recognize that it
is legitimate for a bank to have such branches within a city as its State
banking department deems wise, and to allow the permission' to extend to
States which may later permit branch banking?
"Your Council of Administration at its meeting on Sept. 23 1926 adopted
the inclosed resolution and request that as one of our official representatives
in the A. B. A., at the proper time you use your influence at the Los Angeles
convention along the lines of this resolution and see that the resolution is
presented to the convention as representing the sentiment of our association."
1585
"The sole executive officer of our Association appearing before the
Banking and Currency Committee of the Senate when the unfortunate
changes were made substituting for the Hull amendments, restricting the
spread of branch banking, the 'contiguous territory' provision encouraging
its spread, read the 1924 resolution passed by the American Bankers Association and attempted to excuse himself from further testimony, a service
which could have as well been performed by mailing the committee a cop3,
of the resolution.
"Was this doing his 'utmost'?
"The sole representative of the Federal Legislative Committee of the
American Bankers Association to appear before the Banking and Currency
Committee of the Senate testified immediately after a persuasive appeal
by the representative of the Cleveland Trust Co. (an institution operating
53 branches) for provisions in the bill permitting branch banking outside
of parent city limits. After listening to the proponents of the extension
of branch banking this representative of the American Bankers Association
Federal Legislative Committee stated that from what he had heard that
day he thought branch banking ought to be permitted along the lines
argued for by the branch bank advocate who preceded him—'that it would
make it (branch banking) more popular' 1
"How was the spirit of the Association's resolution carried out by such
testimony?
peal
"And except for these two representatives the Association was officially
silent. Other officials of the Association are reported to have been present
during the hearing held by the Banking and Commerce Committee of the
Senate, but the official record does not disclose any effort upon their part
to carry out the 1924 resolution."
Branch Banking Dispute Spreads—Faction of A.B.A.
Members Criticizes Association's Inactivity on
It is proper to note that the above extract from the comBehalf of Hull Amendment.
mittee's circular was given in our issue of Sept. 4; page 1196.
We take the following from the "Wall Street Journal" of
Sept. 18:
According to officials of the American Bankers Association, the so-called Festus
J. Wade Succeeds Walter W. Head as Chairman
Committee of One Hundred recently announced in Chicago and "composed
of Committee of One Hundred.
of senior officials of both national and State banks, members of the American Bankers Association," to further the cause of the Hull amendment to
Festus
J. Wade, President of the Mercantile Trust Co. of
the McFadden bill restricting the spread of branch banking, was organized
and is working independently of the Association. In fact, the committee St. Louis, has .succeeded Walter W. Head of Omaha as
is critical of the recent attitude of the Association on this question, it being Chairman of the Committee.of One Hundred,
according to
contended that the Association has not been as active in carrying out
the
1924 resolution endorsing the Hull amendment lately as it should have been. an announcement made by the committee. In accepting
Denial by officials of the American Bankers Association of all responsi- the Chairmanship of this committee, Mr. Wade said:
bility for the Committee of One Hundred, as well as resignation of Walter
W. Head from the Chairmanship of the committee, gave rise to reports
that the Association was preparing to change its attitude on the question
of branch banking,in view,especially, of the forthcoming annual convention.
But this is not the case,according to Oscar Wells,President of the A.B.A.,
who was in New York on the way to Los Angeles and was interviewed
by a
representative of the "Wall Street Journal" on this matter. Mr.
Wells
is President of the First National Bank of Birmingham, Ala. Mr.
Wells
said:
"The assumption that has been made that the resignation
of a past
Presidentfrom the Committee of One Hundred and the Association's
denial
that such conunittee has any relationship to the Association
are significant
of its changing attitude toward the McFadden bill is not warranted.
The
Association
the
position of
was fixed definitely by the Chicago resolution
of 1924. It is on record as favoring the McFadden bill, including
the Hull
amendments. The Association and its officers are instructed
by that Act.
No effort has been made to change its position. To the contrary,
the mandate of the resolution has been followed rigidly.
"Mr. Head's acceptance or resignation from the so-called Committee
of
One Hundred, an organization formed independently
carry out its own
ideas of what legislative strategy may be followed asto
to the Hull amendments has no bearing whatever on the attitude of the Association
and should
not be construed as reflecting a new conviction on its part.
"There is no justification in this situation for undertaking
to
prejudge
the action of the convention at Los Angeles."
It is largely on account of its critical attitude toward the
A.B.A. that
Mr. Head resigned as Chairman of the Committee of One Hundred.
It
was made to appear that Mr. Head was "disappointed" at
the reputed
failure of the Association to uphold the integrity of "our
independent
banks." Consequently, in resigning Mr. Head said he preferred
to work
in behalf of restricting branch banking within rather than without
the ranks
of the A.B.A.
Genesis of the Committee.
The Committee of One Hundred is an outgrowth of an Association
of
outlying Chicago banks organized several years ago to protect
themselves
from the branch banking menace, although Illinois is at the moment
a nonbranch banking State. This is why these banks are now
"rooting" for the
Hull amendment. Active in the interest of these banks was
E. N. Baty,
who, after the A.B.A. declared itself unreservedly against
branch banking
in 1922, was appointed Secretary of the latter's committee on
branch
banking.
At the 1924 convention the A.B.A. modified its former attitude
by endorsing the Hull amendment of the McFadden bill providing for
restricted
branch banking in present permitted areas, but preventing its
spread to
present non-branch States.
But dissatisfied with the recent activities of the Association In this
respect
and in order to bring an influential body of bankers to the
convention to
insure no further modification of attitude on branch banking,
the present
committee has been organized with E. N. Baty as Secretary.
It is understood that as no discussion of branch banking has been provided
for in the
program of the coming convention, it is planned to
precipitate a discussion
on the floor of the meeting.
Just who compose the Committee of One Hundred is not
known. However, it has succeeded in enlisting, it is understood, an extensive
following
among the small banks throughout the country, sufficiently
numerous to
constitute a serious spllt in the ranks of the A.B.A.
Typical of the criticism leveled at the A.B.A. by the Committee
of One
Hundred is the following statement recently circularized by
the latter
among the banks.
Claims "Utmost" Was Not Done.
."Since 1906 the branch bank question has been the most extensively
discussed subject in the meetings of the American Bankers Association.
The 1924 convention was one of the largest conventions in point of attendance of the Association. Its action in unanimously approving the Hull
amendments, designed forever to stop the spread of branch
banking into
those 26 States whose laws now prohibit branch banking, was taken only
after full and complete discussion following an advance notice to the membership that the branch bank question would come before the convention.
"The unanimous resolution ended, 'the executive officers and members
of the Federal Legislative Committee are instructed to aid to the utmost'
In getting the McFadden bill with the Hull amendments enacted at the
earliest date.
"What happened when the Hull amendments were under consideration
by the Congress?
The question of the extension of branch banking is one of national-importance, in which all bankers and the general public should be interested.
I am in full sympathy and accord with the program of the Committee of
One Hundred, which is seeking to restrict the spread of branch bankineto
those States where it is now legal under State laws. This is the intent of
the Hull amendments to the McFadden banking bill, and I believe thoroughly in the need of these amendments. .
Mr. Head's resignation as Chairman of the committee
was noted in our issue of Sept. 4, page 1193.
.T. R. Preston, Vice-President of A.B.A., Urges
--Restriction pf Branch Banking by Adoption
of Hull Amendments.
T. R. Preston of Chattanooga, Tenn., Vice-President of
the American Bankers Association, strongly urges passage
of the McFadden banking bill, with the Hull amendments
included, at the coming short session of Congress. Mr.
Preston is President of the Hamilton National Bank, the
Hamilton Trust & Savings Bank and the Clearing House
Association of the city of Chattanooga. In a letter to the
Committee of One Hundred, Which is composed of national
and State bankers, all members of the A.B.A., organized
for the purpose of urging upon the national convention of
the A.B.A. re-endorsement of. the Hull amendments, Mr.
Preston said:
The big question before this country, so far as bank legislation is concerned, is to get the McFadden bill with the Hull amendments through at
the short session of Congress, and I am one of those who believes that it
can be done if we all concentrate on the Senate. If the Hull Amendments
are not included, it would simply be an invitation to the national and State
banks in States like Illinois to go before the State Legislature and urge the
passage of a measure giving State hanks the right to establish branches,
which would automatically give the same privilege to national banks, and
it would not be long until the other 26 States would have branch banks.
Savings Bank Association of State of New York Seeks
Membership in Federal Reserve System.
Announcing that the Savings Bank Association of the
State of New York is desirous of affiliation with the Federal
Reserve System, a dispatch from Lake Placid (N. Y.)
Sopt. 22 to the New York "Herald-Tribune" said:
While members of the State Savings Bank Association do not see as
Imminent the realization of their plan for a reserve savings bank in this
State launched at their convention a year ago, they are continuing
thdr
efforts to bring it about.
Assembled here for their thirty-third annual meeting to-day, they
reiterated their faith in the project by the passage of two resolutions, one
memorializing the Federal Reserve Board at Washington to consider the
question of extending Its facilities to mutual savings banks and the other
continuing the life of the committee which is studying the pldn. It was
also voted to telegraph the Connecticut Savings Banks Association, now
in
session, of their action.
Darwin R. James, President of the East River Savings Bank of New
York, said savings banks were not to-day in as strong a position as
they
were before the enactment of the Federal Reserve law. They need, he
said,
a greater liquidity of assets and greater flexibility in their business
methods.
About 350 delegates and guests are here for the thirty-third.
convention
of the association, whose membership embraces every one of the
149 savings
institutions in the State.
1586
THE CHRONICLE
George 0. May on Publicity of Corporation Reports
Urged by Professor Ripley—Extension of Independent Audit System Advocated.
George 0. May, of Price, Waterhouse & Co., whose
dissent from some of the statements in the recent article of
Professor Ripley relative to the publicity of reports of corporations, was noted in our issue of Sept. 4, page 1201, had
something further to say on the subject this week. In an
address at the annual banquet of the American Institute of
Accountants at Atlantic City on Sept. 22, Mr. May stated
that from an examination he had caused to be made as to
the percentage of companies whose stocks are dealt in on the
Stock Exchange having their accounts audited annually, he
found that in the case of industrial companies the practice
bad become almost universal. "In these circumstances," he
said, "it seems to me that the extension of the independent
:audit, accompanied by a clearer definition of the authority
.and responsibility of auditors, is one of the most valuable
remedies to be found for, the defects of which Professor
Ripley complains." We give what Mr. May has to say in
full herewith:
My presence here to-night is a direct result of the publication by Professor
Ripley of his article in the September "Atlantic Monthly" on the subject
accounts.
Soon after that article appeared I wrote to a leading New York newspaper
drawing attention to certain inaccuracies in it, and suggesting that it did
not constitute an althogether fair presentation of the situation which exists
to-day. Your Committee then invited me to speak at this meeting, and as
the regular business program was filled they suggested that I might take
this occasion to make a few remarks on the subject of publicity of accounts
from the standpoint of directors and auditors.
I do not propose to discuss Professor. Ripley's article in detail. I dissent
from him on some of his facts and on some of his arguments, and I entirely
disagree with his suggestion as to the role which should be played by the
Federal Trade Commission. But I do not wish to-night to discuss these
disagreements; I would rather express my gratification at the success with
which he has attracted the attention of the public to the subject, and
consider what we. as accountants, can do to bring about that improvement
in the information furnished to stockholders and potential stockholders of
Corporations for which his article is a plea. No doubt the primary
responsilility for furnishing the stockholders adequate information rests on
the directors, but the auditor ought,to use his best efforts to ensure that the
directors publish accounts which conform to the highest established
standards and to be able to advise directors what these standards are.
I am not sure that auditors have done their full duty in this respect
in the past. To some extent this may have been due to the limitations
of their authority and the rather precarious tenure of their appointments.
I think the time has come when auditors should assume larger responsibilities, and their position be more clearly defined.
The practice of having independent audits has become so general that it
is no longer necessary to demonstrate its value. In discussing the subject
therefore, we are now free from any imputation that we are crying up our
own wares.
After undertaking to speak to-night I caused an examination to be made
to ascertain what percentage of the companies whose stocks were dealt in
on a given day on the New York Stock Exchange had their accounts audited
annually, and I was myself surprised to find that in the case of industrial
companies the practice had become almost universal; certainly over 90%
r
of all the industrial companies on the list were audited.
It In these circumstances it seems to me that the extension of the independent audit, accompanied by a clearer definition of the authority and
responsibility of the auditors, is one of the most valuable remedies to be
found for the defects of which Professor Ripley complains; and I think
the Institute should consider very seriously, and invite the co-operation
Of other bodies in considering, what are the proper responsibilities of
auditors. and what can be done to hold them to such responsibilities, and
to put them in a position to assume all the responsibilities which they
ought to assume.
In England, to which country Professor Ripley pointed, the situation is
now fairly clearly defined by statute. I recognize, of course, that owing
to the fact that incorporation is a State question, it is not readily possible
here to define audit standards by legislation, but a reference to the English
statutes may at least be helpful as suggesting the objectives at which we
ought to aim.
Under the English law the independent audit has for many years been
compulsory, and the auditors share with the directors the responsibility
for the accounts as published.
Auditors have been held liable for damages,and have even been subjected
to criminal prosecution, for participation in the issue of false accounts. As
a necessary corollary they have teen given adequate powers. The language of the English Companies Act Is simple:
"Every auditor of a company shall have a right of access at all ti”tes
$0 the books and accounts and vouchers of the company, and she'll e
entitled to require from the directors and officers of the company such
Information and explanation as may be necessary for the performance of
the duties of the auditors."
The following clause provides that the auditors shall make a report to
the shareholders on every balance sheet laid before a shareholders' meeting
during their term of office, and shall state whether or not they have obtained all the information and explanations they have required,and whether
the balance sheet is properly drwan up so as to exhibit a true and correct
View of the state of the company's affairs. It is made a misdemeanor to
circulate a balance sheet which has not been audited, or which does not
bear a copy of the auditor's report or a sufficient reference thereto.
Finally, the position of the auditor is strengthened by a provision that no
auditor other than the retiring auditor shall be eligible for election at an
annual meeting of shareholders, unless due notice has been given in advance
Of the intention to nominate a new auditor, and this notice must be given
to every shareholder and also to the retiring auditor. If, therefore, directors are disposed to seek now auditors because of differences of opinion with
the existing auditors. ample opportunity is afforded for the shareholders to
become informed of the merits of the case and act accordingly.
A Government committee which recently reviewed the English Company
law in the light of developmetis during toe last twenty years, felt able to
report:
"We are of the opinion that in general the law as it stands with regard
to the powers and duties of auditors Is satisfactory.'
Dr publicity of corporation
(VOL. 123.
And also:
"Cases in which auditors fall below the level of their duty are few and
far between."
•
Now,while it Is doubtless impracticable to bring about through legislation
In this country a development similar to that which has proved so satisfaotory in England, I see no reason why this should not be done in a large
measure through the co-operation of such bodies as the leading stock exchanges, the investment bankers, and the commercial banks which grant
credit, and I suggest that the Institute should endeavor to bring about
co-operation to this end. Every member of the Institute, I believe, appreciates the value to its membership, to the banks, and to the business of the
country, of the co-operation with bankers in regard to credit statements
which has been developed in recent years. I think the Institute should
seek to extend such co-operation to the field with which Professor Ripley's
article (teals. The New York Stock Exchange, for instance, could readily
bring about through its listing agreements a situation as respects companies
listed on its exchange, similar to that which exists in England. In recent
years the Stock Exchange has given various indications that it attaches
constantly greater importance to the work of accountants, and it has also
shown a disp-sition to examine sympathetically any proposal which may tend
a) protect those who deal in the securities which it lists. It would, I
think, therefore, be receptive to a suggestion such as I have put forward.
As I have said, the accounts of a very large proportion of the industrial
companies whose stocks are listed (and I limit for the present the
suggestion to industrial companies and exclude railways, public utilities and other
companies which are under some form of public supervision) are now
audited:
the public would welcome a clearer definition of the sighificance of such
audits, and of the responsibilities of auditors. Such clearer definition.
though it might increase the accountant's obligation, would also in the long
run be of advantage to the members of the profession and give them enhanced importance in the business world, just as it has done in England.
By similar co-operation, standards might be established for balance sheets
and income accounts which would be welcomed by many corporation executives and accountants who desire to be guided by the best practice,
if they
can be assured what that practice is.
As regards balance sheets, the essential points are fairly well established
and observed by the leading companies. A clear statement of the way in
which the capital assets are valued is one requirement of an adequate disclosure which is not now generally observed, and there might be some discussion as to the form of statement of surplus. The object should be so to
state the surplus as to indicate what part ofit Is legally available for dividend
distributions, and what part is not so available; but in the present state
of
the law, particularly in the case of companies with stock of no par value,
this is not always easy and it is impossible to lay down hard
and fast rules.
The practice in regard to the income account is not so well
established,
and there 19 probably room for more difference of opinion as to what would
constitute a proper disclosure. The difficulties arise largely from two facts
which are not at all adequately appreciated. The first is, that the
significamce of an income account is two fold; it shows what amounts have been
earned and are available for distribution in dividends if the directors see
fit to make the distribution. The income account of the past is also in
a measure a guide to the expectations of income in the future. In many
aisOS this second use is the more important. because It is the reasonable expectation of yield in the future which determines the value of any property
to-day. This economic truism, which incidentally makes much of the discussion of the values of capital assets from the standpoint of reproduction
cost irrelevant and meaningless,should never be lost sight of or obscured.
The second difficulty is that the attribution of income to particular perlode of time is at best in a large measure arbitrary and based on conventions.
While we accountants recognize this fact more fully the longer we practice,
it is by no means properly appreciated by the general public, and far too
much significance is commonly attached to the figure of income for a particular year or other period.
Bearing in mind these two points, it seems to me that fairness in the presentation of an income account Is even more important than fullness. Much
of the information that is contained in more elaborate reports is no doubt
interesting to stockholders and appeals to their sense of proprietorship, but
is of little practical value to them. The vitally important requirements are
that, if the profits of the year include extraordinary or extraneous profits,
which render the figures useless as a guide to earnirg capacity, these should
be clearly disclosed; and secondly, that where the accounts are based on
any conventions other than those commonly accreted, that fact should also
be clearly disclosed. I have in mind such departures from accepted convention as the valuing of inventories on a basis other than cost or market;
or the failure to provide for depreciation or depletion. Probably discussion
would arise as to whether the amount of depreciation provided should be
shown separately; probably on the whole it should, although the
precise
amount set aside for depreciation or the amount expended for maintenance
is of less real significance to a stockholder than the statement of a competent and disinterested person who is familiar with the details of the business
that the amount provided or expended is in his judgment adequate for the
purpose.
Undoubtedly there would be differences of opinion on the question
whether gross sales should be disclosed. Viewing the matter solely from the
standpoint of the stockholder it seems to me this is a question of expediency.
Where the percentage of gross profit Is high, the profit is apt to be
regarded
as unreasonable, although in judging its reosonablenoss many factors
besides the percentage it bears to sales ought really to be taken into account.
A packing company which can earn a fair return on its investment
with a
relatively small percentage of profit on a large turnover can very
well
afford to publish its sales, and to point to the small percentage of
profits
with an expression of surprise at its own moderation. On the other
hand,
an agricultural implement company with a largo investment and a relatively
small turnover might be merely inviting ill-informed criticism by a
similar
disclosure.
Undoubtedly many of the objections to fuller disclosure are
based on
unsubstantial grounds and would be cleared up by frank discussion.
Many
corporations, as Professor Ripley points out, disclose in their
listing applications information which they do not give in their reports
to their stockholders.
I have been able to touch only briefly to-night on some of the important
phases of the question of publicity of corporation accounts; my
main purpoie
is to urge that co-operation between interested bodies should
do much to
improve,the existing situation, and that the American Institute
of Accountants might well take the initiative in an effort to
bring about such
co-operation. I think the Institute has reason to be proud of Its
accomplishments in the single decade of its existence, but I believe
that there is here
a field in which the Institute could do still greater service, and in doing
so
could help its members to render a higher service to the community.
Return to Standard Time—Notices of Federal Reserve
Banks of New York and Chicago.
Daylight saving time, which has been in effect since April
25, will end at 2 a. m.to-morrow (Sunday) morning, Sept. 26,
SEPT. 25
1926.]
THE CHRONICLE
the
when standard time will prevail with the turning back of
York
New
of
Bank
Reserve
Federal
The
hour.
clocks one
issues the following notice in the matter:
1587
Governor Smith's proclamation, issued in Albany, read:
State of New York, Executive Chamber, Albany.
When a great catastrophe due to uncontrollable forces of nature smites
depths.
a Community and strikes it down the heart of America is stirred to the
YORK.
man,
FEDERAL RESERVE BANK OF NEW
Such occurrences evoke a flood of sympathy which impels every
721.)
No.
powers.
Circular
their
Superseding
within
is
aid
1928,
woman and child to give the afflicted whatever
iCircular No. 742, Sept. 20
for immeReturn to Standard Time.
The calamity which has just befallen the people of Florida calls
enormous
and
diate relief. The State of New York, with its great wealth and its
To All Banks, Trust Companies, Savings Banks
of
Bankers in the Second Federal Reserve District:
resources, has a great obligation resting upon it to respond to the call
Branch
Buffalo
its
and
their rebank
this
assume
to
1926,
failed
never
in distress, and our people have
Beginning on Monday, Sept. 27
humanity
standard time, which
which
will open and close for business in accordance with
sponsibillties. I know that we will place all our available resources
may
of Buffalo by the rebecomes effective in New York City and in the City
may be needed in the way of supplies, food, medical care or whatever
State.
tarding of one hour at 2 a. m. on Sunday, Sept. 26 1926.
be called for in the circumstances at the disposal of our sister
and
m.
a.
10
at
place
and
take
individuals
will
as
House
State
Clearings at the New York Clearing
I therefore call upon the citizens of New York
10:15 a. in. on
on behalf
at the Buffalo Clearing House at 11 a. in. on week days and
through charitable relief organizations, to give all possible aid, and
I have
Saturdays.
of the State I have appointed a Florida Relief Committee, of which
directed
Very truly yours.
named Major-General William N. Haskell as Chairman. I have
the
BENJ. STRONG, Governor.
co-ordinate
to
him to devote all his energy to taking inunediate steps
of
The following notice is issued by the Federal Reserve Bank efforts on behalf of New York State to assist the stricken communities
Florida.
Chicago:
of
Capitol,
Given under my hand and the privy seal of the State at the
SavEffective Sept. 26, Chicago banks, in compliance with the Daylight
in the year of our Lord
Central in the City of Albany. this 20th day of September,
ings Ordinance, will turn their clocks back one hour, reverting to
twenty-six.
one thousand nine hundred and
standard time.
(Signed) ALFRED E. SMITH.
There will be no change in banking hours, which are from 9 a. m.to 2 p. m.
officially representing New York City, to
daily, except Saturday, when they are from 9 a. m.to 12 m.
A committee,
As to the observance of daylight saving time, the New (r2;anize relief work for the sufferers in the Miami storm
said:
23
York "Journal of Commerce" on Sept.
disaster was appointed by Mayor. James J. Walker. He
Daylight saving was more widely observed this year than during any seathe following message to Governor Martin of Florida
sent
mease
war-tim
a
as
pawed
was
which
law
national
the
of
son since the repeal
ure, according to the Merchants' Association, which for a number of years Sept. 20:
has opposed the repeal of the Daylight Saving Law of New York.
Even in New England, where opposition to any Interference with "God's
time" has been most zealous, many urban communities adopted it.
In the States of Ohio, Indiana, Illinois, Kentucky, Michigan and Wisconsin there was a marked increase in the territory which followed daylight
saving.
Reports from various cities along the Pacific Coast indicate its adoption
in several of the larger cities, and it is said that next year will find additions
to the list.
Physicians, who always have advocated Its benefits, have extended their
endorsements of daylight saving and have been a powerful factor in bringing about its observance in communities where it hitherto has been opposed.
It is estimated that during the season which will close at 2:00 a. m. on
Sunday next. Sept. 26, more than one-third of the population of the United
States have enjoyed the benefits of daylight saving. •
The Hurricane and Disaster at Miami.
The overshadowing event of the week has been the havoc
and disaster caused by a hurricane of great violence and intensity which last Friday night and early Saturday morning
swept over the lower peninsula of Florida and destroyed
nearly everything in its path. The full fury of the storm
struck Miami, and it is there that the greatest damage resulted to life and property. At the same time, however,
a number of smaller places on the ocean side of the peninsula,
all the way from the Florida keys to Palm Beach, were some
of them almost completely wiped out, among them Hollywood, Hialeah, Coral Gables, Ojus, Fort Lauderdale, Dania,
Hallandale, Homestead, Pompano, Fort Myers and Moore
Haven. The wind attained a velocity of 125 miles an hour,
torrents of rain fell, streets were flooded, houses demolished,
shipping driven ashore, travel suspended, telegraph and telephone and even radio communication out off.
In Miami a large part of the loss of life appears to have been
occasioned by the fact that the storm seemed to have spent
its force between 8 and 9 o'clock Saturday morning, the wind
then beginning to ,die down and the skies to clear. This
induced many to venture out, even to go to the beaches
with a view to clearing up the wreckage and undertaking
the work of repairing the damage done. Then the storm
doubled on itself and returned, and the unwary persons were
swept away or killed by wreckage floating in the air. Some
accounts go so far as to say the hurricane returned a third
time late Saturday afternoon. When the storm finally
passed from Miami, it headed for Mobile and Pensacola,
and both places were for a time out off from communication
with the outside world—Pensacola for nearly two days.
No loss of life, however, seems to have occurred at either
point, and the property damage has seemingly been slight.
President Coolidge, as well as Governor Smith and Mayor
Walker, at once issued appeals for aid and relief for the
stricken communities. President Coolidge's proclamation,
issued from the Executive offices in Washington on Sept. 20,
was as follows:
To the People of the United States,
An overwhelming disaster has come to the people of Miami, Hollywood
and surrounding communities in southern Florida. Such assistance as is
within the means of the Executive departments of the Government will be
rendered, but, realizing the great suffering which now needs relief and will
need relief for days to come. I am prompted to appeal urgently to the American people, whose sympathies have always been so comprehensive, to contribute generously in aiding the sufferers of this disaster.
That the utmost co-ordination and effectiveness in the administration
of the relief funds may be obtained, I urge that all contributions for this
purpose be sent to the American National Red Cross at Washington or to
the local Red Cross chapters. I need not assure the people that the Red
Cross will utilize in the most effective manner all contributions received for
relief in this catastrophe.
(Signed) CALVIN COOLIDGE.
concem at the
The people of New York City are shocked with grief and
We are in
stupendous affliction which has visited the State of Florida.
exaggerated.
much
been
have
hopes that in the alarm and confusion reports
Please be assured that New York City stands ready to render every aid
humanly possible.
At the present time it is estimated that the loss of life
throughout Florida as a result of the storm has been between
350 and 400, the property loss between $100,000,000 and
$200,000,000, and that in the vicinity of 50,000 persons
have been rendered homeless.
Hand-to-Mouth Buying Commended by Dr. Benjamin
M. Anderson, Jr.—Expanding Business Despite
Falling Prices.
Financial Advertisers' Association in
the
before
Speaking
Detroit on Sept. 22, Dr. B. M. Anderson Jr., Economist of
the Chase National Bank, New York, commended the general policy of hand-to-mouth buying. He said that this had
been responsible for a new phenomenon, namely, the fact
that business could expand despite falling commodity prices
in 1926. Bradstreet's average of commodity wholesale
prices dropped 12.2% from December 1925 to August 1926,
but the physical volume of production for the first half of
1926 increased 3.3% over the same months of 1925, and profits in 1926 appear to have been well sustained. Such an
occurrence seems never to have happened before. It could
not have happened this year if inventories purchased at 1925
prices had been large in January 1926.
Dr. Anderson said that there had in the past been a conflict between economic theory and business experience as to
the effect of falling prices on the volume of business. The
law of supply and demand would hold that falling prices
stimulate buying, whereas business experience has been that
the first effect of-falling prices is to check buying, since
buyers wait for still lower prices. In the long pull,
business experience has confirmed economic theory since,
when the decline in prices slows down, buying picks up again
and business revival begins when prices are still slowly falling. The hand-to-mouth buying policy, however, in 1926
at least, has brought economic theory and business experience together. The immediate effect of price reduction has
been increased buying, for the business field as a whole.
Dr. Anderson indicated that departure from the hand-tomouth policy to-day might be more dangerous than it would
have been before the war, particularly in view of our inelastic
labor supply. A sharp increase in forward buying would
lead to sharp competitive bidding for labor, which would
lead labor costs to mount much more rapidly than they would
have done before our immigration restrictions. Though
appreciating the inconvenience of this policy to certain
manufacturers, he none the less defended it as good for the
country as a whole. He suggested that the manufacturers
are finding partial relief, at least, through throwing an increased part of the burden and risks of carrying raw materials
upon the general speculative markets, which, when well
burorganized, are particularly well qualified to carry such
dens. Dr. A nderson said:
phenomenon—
The past year has witnessed a very remarkable business
business. There
the coincidence of falling commodity prices and expanding
as compared with the
has been an actual expansion of production In 1926
based on agriculture,
same months of 1925. An index of production,
n, for the first six months of 1926
manufacturing, mining and transportatio
1588
THE CHRONICLE
[VOL. 123.
shows an increase of 3.3% over the same months of 1925. Profits, more- long been accustomed, where possible, to hedge the raw materials
which
over, appear to have been well sustained in 1926. Prices meanwhile have they purchase by forward contracts in the raw materials
markets.VA
declined 12.2% from December 1925 to August 1926, according to Brad- further development in this direction may well solve the main problems
street's index number, while Fishers' weekly index has gone down 8.7% of the manufacturer growing out of the general policy of hand-to-mouth
during approximately the same period.
buying.
There has long been a conflict between the economic theory of the textObviously, too, hand-to-mouth buying has often been carried to extremes
books and the practical experience of business men as to the effect of which greatly increase the cost of distribution. When small orders sent
falling prices on the volume of business. The law of supply and demand, hurriedly by express are substituted for carload lots sent by freight there
as set forth in the textbooks, would lead to the expectation that falling Is obvious waste which in many cases can be
avoided without sacrificing
prices would increase the volume of goods sold, the lower prices bringing the advantages of prudent buying. As a whole, however, the policy
has
new buyers into the Market or inducing existing buyers to take more. such great merits and contributes so much to business stability that it should
Business men,on the other hand, have been of the opinoin that a downward be welcomed, supported and generally adhered to. We should have had
tendency in prices tends to check buying since purchasers hold off expecting a great deal of business trouble in 1926 if We had built up large invenstill lower prices in the future. Economic theory and business experience tories in 1925.
both justify the view that fallen prices, even if not falling prices, will lead
to an increase in the volume of buying. It has repeatedly happened in the
A."12.w Erskine of Studebaker Corporation Forecasts
past that a business reaction, leading to a drop from a high level of prices
to a low level of prices, has set buying going again after the readjustment Ow Prosperous 1927 for Auto Industry---1..ittle Fear
Was accomplished, and that business expansion on the basis of lower prices
of Overproduction or Credit Inflation.
has taken place. But the economist has often ignored in his theorizing
prosperity in which the automobile industry
the process of the readjustment, and the actual facts have usually been that
business is checked while prices are falling from a higher level to a lower
share to the extent of making 1927 another four-millionlevel and that business expansion takes place most rapidly when prices
car year, is predicted in a statement made by A. R. Erskine,
begin to rise. It appears, however, to be a fact that the revival in the
physical volume of business begins before the price decline is over and President of the Studebaker Corp. of America. "In my
continues for some time with slowly falling prices.
judgment," he stated, "the United States is facing a long
One of the ablest writers among the students of business barometers, in
a book published in the autumn of 1925, has developed a business barometer period of prosperity. Consequently I believe 1927 will
designed to forecast Bradstreet's index of commodity prices rather than be a big year for the automobile industry, in which, if these
general business. The author declares, however,that the barometer which expectations are realized, production
will amount to apforecasts Bradstreet's commodity prices is essentially a barometer of general
business because "rises or declines of business prosperity do not occur proximately four million cars. Studebaker's production
'Without average commodity price changes in the same direction." He will be between 150,000 and 200,000 cars." Mr. Erskine
adds:"The writer has been able to find no case in economic history where a believes the present
high intrinsic value of American motor
general increase in physical volume of production has not been closely concars will be maintained without important price changes.
nected with a rise in commodity prices."
I think this proposition was pretty nearly true at the time this author "In my judgment, automobile prices will hang around present
was writing (his preface is dated Aug. 8 1925). However, the following
levels," he stated. "As the volume of production deteryear has shown the decline of 12.2% in Bradstreet's average of commodity
prices, accompanied by an extraordinary business activity which still con- mines cost, it becomes manifest that present prices are
tinues. We have here pretty nearly a new thing in business history. It is made possible by this year's record production. Automobile
too early to reach dogmatic conclusions about it. I think that it has been
values are at least 25% greater per dollar of price to-day than
made possible by the hand-to-mouth buying policies of business men.
With quick turnover, declining commodity prices do far less damage to in 1915, when only 818,000 passenger oars were produced,
business than they did under old conditions.
as against 3,839,000 in 1925." He expressed litt!e fear
A substantial part of the explanation of previous business cycles as
of overproduction' or credit inflation resulting from largeworked out by the lest students, among them Mitchell and Vance, has
rested on the observation that business men buy too heavily and reduce scale installment buying—factors to which critics have
buying too sharply at the wrong times, overstocking when prices are lately pointed as sources of imminent danger. He
declared:
high, but expected to go higher, and understocking when prices are low,
One of the greatest responsibilities of management is the avoidance of
but it is feared they may go lower. The beginning of a rise in commodity
overproduction
and
the set-backs it implies. We have had no serious
prices, moreover, is said to be cumulative, partly because the turn in the
market generates a great increase in buying, and the fall in prices is said overproduction nor unemployment in the United States since 1921, and
we
will
not
have
it
in
1927 if production is carefully adjusted to demand.
buying
in
which
a turn in
td be accelerated sharply by the sharp reduction
the market downward generates. To the extent, however, that the mer- To produce only enough to satisfy demand is oftentimes most difficult,
but
generally
speaking, management can usually foresee and forestall
cantile world has adopted a hand-to-mouth buying policy throughout all
stages of the cycle, whether prices are rising or falling, it is obvious that overproduction. During the past year the industry has made notable
progress
in
holding
production within the limits of evident public demand,
too,
that
the extremes of
these explanations no longer hold. It is obvious,
and I look for a continuation of this policy in 1927.
business fluctuations are going to be mitigated greatly and, in particular,
• the periods of business reaction are going to be shorter than would otherThe prosperity of the automobie industry is in no danger
wise have been the case.
from
credit inflation brought about by the widespread
illustrations
general
of the
I think we have here one of the very striking
fact that economic processes, being, in large part, the work of conscious practice of installment,buying, in Mr. Erskine's opinion.
and reflecting men, are greatly influenced and modified by being studied. His statement pointed out that while a high percentage of
Chemical elements react invariably In the same way, no matter how many new
car sales is made on a time payment basis, losses do
laboratory experiments are made and no matter how many generalizations
are made by the scientists regarding their behavior. But economic phe- not exceed one-fourth of 1%. Mr. Erskine added:
nomena are changed through the very process of being studied, and the
Consumer banking credit, on which time sales are based, is not inflation.
publication of an accurate scientific study may lead to changes in the Manufacturers, merchants, and financiers realize to-day as never before
economic process which will invalidate predictions based on that scientific that the wheels of business cannot be kept turning on a large scale without
study.
mass consumption. Mass consumption is necessary to support mass
There is no guaranty that the policy of hand-to-mouth buying will be production and high wages, and mass credit is the Atlas that holds up
experiences
which
the
the
of
out
business
primarily
grows
all
of them. Consumer banking credits and the time payment plan are
continued. It
world had in 1920, and the fears which still prevail in the business world here to stay. Without them the automobile industry would never have
as a consequence of those experiences. Temptations to depart from It reached its present volume.
arise whenever the price trend is upward. There was a departure from it
on a considerable scale in the autumn of 1922 and,the-very early months of
1923, with, however, a frightened reaction toward hand-to-mouth-buying Review of Savings Bank Advertising by Guy W. Cooke,
when it became evident early in 1923 that costs also were beginning to
of First National Bank of Chicago.
mount rather sharply with the rise in prices which the increased forward
At
the
Financial Advertisers' Association convention at
forward
buying
of
the
too,
1922-23
repbuying generated. Apparently,
resented a change from a general state of very empty shelves to a general Detroit on Sept. 21, "A Review of Savings Bank Adverstate of moderately stocked shelves. The commodity liquidation of 1921 tising" was presented by Guy W. Cooke, Assistant
Cashier
and early 1922 had been very thorough and inventories were very low in
early 1922. Since the spring of 1923 the business community of the United of fhe First National Bank of Chicago. In the concluding
States has apparently held to the policy of limited forward commitments portion of his address Mr. Cooke says:
pretty rigorously, both when prices were moving upward and when price
As yet savings advertising apparently has been able to offer little to meet
were moving downward.
directly the competition of partial payment buying. The practice of "buy
The danger that the policy may be changed with the next upward ten- now, pay later," has gained considerably on "you can do it better with
dency in prices is one that we need to watch very carefully. Money cash." Employees and customer ownership in corporations and speculative
rates could stiffen very suddenly and sharply if, to the existing immense and semi-speculative investments have taken millions of dollars that might ,
volume of bank investments in securities and stock and bond collateral have once been results for savings bank advertising. Perhaps it is as well
loans, we should suddenly add a sharp increase in commercial loans. More- so. The old school of experience remains the best teacher and those who
over, if boom phenomena, resulting from a sharp increase in forward buy- are responsible either for savings bank advertising or savings bank manageing, should present themselves we would meet, with our inelastic labor ment or both may gain a reasonable degree of satisfaction in the fact that
supply, a very sharp and sudden increase in labor costs, with the increase savings deposits in the United States have more than doubled in the last
In competitive bidding for labor among various industries suddenly called ten years.
upon to meet a sharply accelerated demand for goods. In the times before
Savings banks have profited by advertising and the cause of advertising
our immigration restrictions, the labor supply was much more elastic, the has been served by savings banks. The bank which advertises and its
in
good
years
immigration
bad
immigration
in
and
years neighbor which does not pay the same rate of interest. The cost of the
difference between
• was very great, and a sharp increase in competitive bidding for labor advertising is absorbectby volume. Progressive policy,evidenced by advercould go far without violently disturbing wage scales and other factors tising, assures broader facilities, more comprehensive service and a better
in labor cost. There is no such elasticity in the labor market to-day, and appreciation of financial requirements.
the importance of avoiding violent spurts in production is, consequently,
Savings advertising no longer needs economic justification.
much greater than it used to be.
In part he also had the following to say on the subject:
I appreciate that the hand-to-mouth buying policy has its drawbacks.
The history of savings bank advertising covers only a brief and recent
It involves hardships to certain manufacturers who are obliged to carry
and while there are isolated instances of such advertising as early
period,
wholesalers
and
retailers
were
carrylarger stocks than would be the case if
ing larger stocks. On the other hand, manufactuerers to a considerable as the late fifties, they were few in number and followed the general anextent may carry smaller stocks of raw materials, throwing back on the nouncement style of that date. One instance will suffice: The savings, loan
general speculative markets in raw materials the risks and financial burden and trust company states that it "will receive money for accumulation,
of carrying them. These markets are, after all, when well organized, as allowing interest at the rate of 7% per annum when the amount is deposited
for example, the market for cotton, the best qualified markets to bear the for a number of years." This indicates that long-time deposits were
risks. Speculators are professional risk-bearers. Manufacturers have specifically desired, but in the period immediately following 6% interest
_Continued
will
SEPT. 25 1926.]
THE CHRONICLE
1589
was offered on savings deposits. Advertising of that date was so limited,
"So it often happens that if the wives and mothers
not save there is
not only in the financial field but of merchandise as well, that a review of no saving done, and when trouble comes, the family do
is like a rudderless
savings advertising may well be confined to the last three decades. To- boat in a storm at sea. Life at beall is an uncertain thing. Sickness and
trouble
come
when
least expected; accidents that render the wage-earner
wards the end of the last century banks, notably two, located in large unfit for
service happen at most inconvenient times; work becomes
scarce
Industrial cities where the local field had been comparatively well cultivated, just when it should be plentiful;
something is turning up every little while
to
advertising.
embarrass
Weekly and monthly magazines were used
began national
the family pocketbook, unless there is a clever woman
at the
with human appeal copy,that was distinctly good—judged even by present- helm who has foreseen just such a time,and has laid by a snug little bank
account to fall back upon."
day standards. These banks had a carefully planned and fully developed
We of the present day have developed a certain amount
follow-up system of both letters and booklets to be used in developing
of style and
business from inquiries. Other banks, a limited number, attempted to technique, probably giving more attention to policy and plan than did
those
follow the leaders, but after a few years banking by mail ceased to be whose advertisements appeared before most of us here had any connection
much of a factor in savings advertising. National advertising was not adap- with financial advertising. Collectively we have followed many by-paths.
ted to savings nor could savings be adapted to national advertising. Rising Savings advertising is tied up with spending. The Christmas Club,
the
costs and diminishing returns, leaving too small a margin of profit, after Vacation Club and the Save-to-Travel Clubs are but instances of the
present
the payment of 4% interest (which was the usual rate) were the reasons day tendency to offer inducements for savings that are not
inherent to
generally described to the cessation of national advertising. More intensive thrift. Banks have developed various glans for savings and
insurance—
savings and investment and savings and checking; all of these
local advertising became the order of the day. .
.
plans have
Newspapers have so long held a premier position in the field of local adver- been productive of and developed by excellent
advertising. There is
tising that it is unnecessary to'advocate their use for savings. To-day probably no form of savings advertising that has been so extensively
used
everybody reads newspapers and they offer the quickest and broadest means as that in connection with the Christmas Savings Club
idea and the other
of disseminating thought. Supplementing newspaper advertising and in combinations mentioned while not so universal in their appeal nor
so
some instances superseding it, comes direct mail, used both for prospects generally adopted by savings banks, offer advertising possibilities
—adand to increase current balances, and its twin medium, mass distribution, vantage of which has been taken to the fullest degree.
the topic of another speaker on to-day's program. Direct mail advertising
has been and is being used extensively by savings banks. It affords, as the
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
name implies, direct, fast and reasonably confidential contact and may be
timed as judgment dictates. The medium has been developed to a reThe
New York Stock Exchange membership of Stewart
markable extent by advertising organizations, which take the responsibility
for the creation of copy, illustration and production, delivering the product H. Haggerty, deceased, was reported posted for transfer
ready for mailing and even going so far as to relieve the bank entirely of this week to Thomas O'Keefe,the considerati
on being stated
all responsibility, mailing the matter to names furnished. In some inas $150,000; the same as the last preceding sale.
stances the organization even goes so far as to prepare the lists and does
the
mailing, leaving the bank only to pay the bill.
Outdoor advertising has found considerable favor with financial adverMemberships on the San Francisco Bond & Stock Exchange
tisers during recent years. The medium offers posters, standard 16 sheets,
were stated to have reached their highest this week when
painted bulletins and wall signs. There are a number of variants, such as
placards, road signs and an occasional spectacular—as the electric displays sales of two seats were reported each for $40,000. The last
are designated in the parlance of the business. The medium affords size, preceding sale was at $30,500.
color, a reasonable degree of permanency and the ability to cover more or
less completely a specific territory. Street cars, or more properly, car card
The annual fall rally of New York Chapter,Inc., American
advertising, includes advertising in street cars, elevated, subway,
suburban
and interurban cars. Motor coaches have recently been added to the list. Institution of Banking (section of the American Bankers
While considered a large city medium, car card advertising's scope has been Association),
brought together last night (Sept. 24) in the
extended to more than 8,400 communities. It is rarely a primary medium
for savings advertising, but is used effectively in combination with other Grand Ball Room of the Hotel Astor, members of the chapmedia. It is especially valuable in carrying the load between campaigns ter and their friends for the opening event in the active
year
in newspapers or by mail; its continuity making practical the temporary outlined for
the season of 1926-1927. The rally was of parcessation of other advertising. Window display has achieved considerable
ticular
interest, as it is probably the last of the gatherings
importance in savings advertising within the last decade. Its origin
is
shrouded, but the fact remains that there are few banks to-day which have of this type, because in the future other
arrangements will
windows available for display that are not taking advantage of them
to have to be made, due to the growth of the Chapter.
Enterimpress locations and facilities upon the passing throng. The use
of win- tainment
featured the meeting, and greetings were extended
dows might well serve as the topic for a full session,),iut is passed here
with
an endorsement as one of the best and most economical forms of savings ad- on behalf of the Chapter by Edwin C.
Estes, President.
vertising.
For the speaker of the evening the Chapter drafted one
The distribution of home banks,employees' contest?,solicitation by salesmen, and other devices designed to help people help themselves through of its pioneers, a member of the old Alexander Hamilton
saving money, all require advertising tie-up, but in themselves are allocated Chapter, which in 1904 was merged into the
present organito a different sphere of business development. The foregoing by no means zation,
William E.Stevens, Comptroller of the Bronx Savings
comprises the complete list of media used by or offered to savings
banks for Bank.
Registration week for all students and prospective
advertising; yet it does cover those used most generally and successfully.
In recent years illustration has come into general,use and has added
to students covers the period from Sept. 27 to Oct. 1, and the
the effectiveness of savings copy, although copy used more than
a quarter
of a century ago is proof of the original premise that the best in savings Chapter office at 15 West 37th Street will be open for this
advertising is but repetition of old ideas. An Indiana
bank used the purpose from 6:30 to 9 p. m. each evening.
following before we began to write "1900";
"As the twig is bent the tree's inclined." "How is it with
The Guaranty Trust Co. of New York announces the
young people
of your household? Are they saving money? Have the
they- learned to
appreciate the value of the dollar? Are you endeavoring
to instil into their appointment of Joseph D. Dent and Joseph McDonough as
minds correct ideas concerning thrift and economy? Are
opportunity to 'bend the twig'? Would you like to listenyou:seeking the Assistant Secretaries, both at the company's Fifth Avenue
to a plain suggestion? If so, here it is: Send the young folks to
bank with the first Gffice.
spare dollar that comes into their hands. The next our
dollar
would
in like manner, and the practice so continued until a fixed habitbe treated
has been established. A goodly bank account will soon result; of saving
the young
Walter Trimble, President of the Bank for Savings, at
folks will get an inkling of the ways of business, and
being
are likely to grow up into straight and thrifty manhood." thus 'inclined Fourth Avenue and
22d Street, died on Sept. 19 at his home
•
Another advertisement of the same bank in the same
at Hewlett, L. I. He was in his seventieth year. Both his
seriesit.
"Lifters not Loaners" "are wanted in this great work-aday world, and father and his grandfather had preceded him in the Presiso, very early in life you should learn to become a 'lifter.' One
of the most dency of the bank.
effective ways of lifting is to acquire leverage through
Mr. Trimble succeeded his father, the
the
habit
of saving;
and this habit of saving comes to those who deposit their spare
money late Merritt Trimble, nineteen years ago, and he had been
bank."
this
with
An Iowa bank comes straight to the point:
"'We solicit the Savings Deposits' of business men and
men,
of clerks and bookkeepers; of mechanics and laborers; ofprofessional
housekeepers; of married women and single women; of sewing girls and
young people and
children."
And hero's one from another Ohio bank—it might as well
have been
printed yesterday:
"'A Few Facts for your consideration'.
"First—That systematic savings pays. A deposit
of $5 a month for
five years. with 4%.interest computeci semi-annually will
yielel you $332 27.
Ten dollars a month for the same length of time will yield
$664 60, while
you
years
would
ten
have
in
$1,474 76.
"Second—The safety of your money. The well known
lharacter and
directors is a sufficientrt
ability of our board ofdi
guarantee f hones and
capable management.
"Third—That we take any amount from $1 upwards.
"Fourth-1.hat your money is payable on demand.
"Fifth—That we pay 4% interest on certificates of deposit
savings
accounts, crediting the interest on the savings accounts on tileand
first day of
January and July in each year.
"Sixth—That we extend to our patrons every courtesy and
accommodation in our power, consistent with good banking, and
"Seventh—That we are under Government inspection. Wet
respectfully
solicit your business."
Another advertisement—and mind you this was printed more
than 15
years before the Financial Advertisers Association began its work for better
advertising. It, too, was before the time of most of us considered women
capable, as well as charming factors in finance. The advertisement is
headed:
"Thrifty Women," is signed "Very respectfully" with the President's
name and reads as follows:
"Nine times out of ton the women are the money-savers of the family.
Men mean well enough. They know the value of having money in bank,
but they haven't the knack of saving. They haven't learned the trick of
making one dollar do the work of two in buying, and of laying the other
dollar away against the rainy day that is sure to come.
a trustee of the bank for twenty-three years.
The Pennsylvania Exchange Bank opened its new banking
offices in the Pennsylvania Exchange Bank Building, 322
Eighth Avenue, corner of 26th Street on September 20. The
Bank had previously been located at 8th Avenue and 25th
Street. With the opening of its new quarters, the bank
distributed new dimes to about 300 school children in the
neighborhood together with literature on thrift. Together
with the opening of the new quarters, the new officers
of the
bank were installed, viz.: Robert E.• Wilson, Vice-President,
formerly Cashier; Frank M. Davis, Jr., Cashier; Arthur F.
Kaufhold, Assistant Cashier. •
The Irving Bank & Trust Co. is the new and more convenient name under which the Irving Bank-Columbia Trust
Co. now carries on its business beginning Sept. 20. As
a result of stockholders' action, the capital of $17,500,000
will be increased to $22,000,000 and surplus and undivided
profits from $14,500,000 to approximately $19,000,000. The
institution, it is stated, now serves the public through 19
fully equipped banking offices, the latest of which is made
available by acquisition of the National Butchers & Drovers
Bank, whose main office at 501 Seventh Avenue (corner of
37th Street), Manhattan, becomes the Seventh Avenue
1590
[VoL. 123.
THE CHRONICLE
for October 1st. Temporary quarters for the bank will be
office of the living Bank & Trust Co. The Advisory Board
on Claremont Parkway near • Third Avenue, while the
of the Seventh Avenue office is composed as follows:
Del Monte & permanent new building will be erected on Claremont
Abe
President,
Monte,
Del
be
Office.—A
Avenete
Seventh
Secretary Parkway and Third Avenue at 170th Street. It is expected
Co., Inc.; George F. Gentes, Vice-President; William M. Kennard,
Board
either late this fall
and Treasurer, Garfield Worsted Mills; Lewis E. Pierson, Chairman
Inc.; that this new building will be complete
of Directors; Charles Pinnell, President, Fred Butterfield & Co.,
Skinner or in the nearly winter. The opening of this branch will
William
President,
Skinner,
William
dent;
Vice-Presi
Max Rubin,
Untergive the Chelsea Exchange seven banking headquarters in
& Sons; David Tishman, President, J. Tishman & Sons, Inc.; Israel
berg, President, I. Unterberg & Co., Inc.; Harry E. Ward, President.
the Metropolitan district and the opening of several aditional
The business of the Third Street office of the Butchers & branches is contemplated. The Chelsea has resources of
Drovers Bank has been transferred to the Eighth Street more than $20,000,000.
office of the Irving Bank & Trust Co. at Eighth Street and
Branch offices of two finaneal institutions were opened
Broadway. The Advisory Board of the Eighth Street office
in
Flatbush (Brooklyn) on Sept. 7. They are the new
as
follows:
d
is compose
TexEighth Street Office.—Michael M. Abrahams, Treasurer, AshlandJames offices of the Brooklyn Trust Co., at Church and Ocean
Co.;
tile Co., Inc.; Milo Belding, Vice-President, International Salt
Gold- avenues, and the Midwood Trust Co., at Flatbush and FlatH. Clark, Sol Friedman & Co.; William Goldman, President, Cohen,
Lam- lands avenues. The opening of the two trust company
man & Co., Inc.; H. A. Guinzburg; Samuel C. Lampert, President,
Jonas &
of Sept. 7,
port Manufacturing Supply Co.; Aaron Naumburg, President,
Co., offices, said the Brooklyn "Eagle" in its issue
&
Naumburg Corporation; Charles Pinnell, President, Fred Butterfield Ward,
l institufinancia
18th
and
17th
E.
the
of
Harry
advent
the
Co.;
marked
Tailoring
Inc.; R. H. Reiss, Treasurer, International
Edison Co.; John tion in the section. The following in this regard is taken
President, Arthur Williams, Vice-President, New York
Williams, Vice-President.
from the Brooklyn paper:
The following officers of the National Butchers & Drovers
The Midwood Trust Co. office was opened informally for business and
Monday (Sept. 13). The Brooklyn
Bank have been elected officers of the Irving Bank & will mark its official opening next
Trust Co. also opened infcrmally, but will hold formal reception to-night
Trust Co. and assigned to the Seventh Avenue office: Max (Sept. 7) from 3 to 9 o'clock.
Both banking institutions are entering new buildings recently built by
Rubin, Vice-President; Robert Sherwood, Assistant ViceBoth have in a measure carried out the colonial spirit of the section
President, and John E. Schliesman, Assistant Vice-President. them.
is colos & in the architecture of their offices. The Brooklyn Trust Building
Butcher
National
the
of
merger
the
g
regardin
Items
nial in type, of brick, laid in Flemish bond. The Midwood Trust Building
tic stepped
Drovers Bank with the Irving Bank-Columbia Trust Co. is designed in the Holland Dutch style with the characteris
page gables and mullioned windows. Both buildings provide in the interior
appeared in these columns July 31, page 537; Sept. 4,
larie facilities for the execution of banking in all its branches.
1208; Sept. 11, page 1340, and Sept. 18, page 1464.
The management of the Brooklyn Trust office will be under the direcbusiness
The Times Square Trust Co., which will begin
of
on Oct. 5, with a capital of $2,000,000 and a surplus
,
directors
of
board
its
to
members
three
added
$500,000, has
& Bros.;
namely: Louis Hubshman, of H. M. Hubshman
FredLouis G. Barth, President of Barth & Guttman, and
A
Co.
Banking
Textile
of
sident
erick Wandelt, Vice-Pre
our
previous reference to the new company appeared in
until
issue of Aug. 21, page. 946. Arthur D. Mendes, who,
was
his retirement from active business early this year,
J.
F.
of
firm
banking
ent
investm
the
of
managing partner
bond
Lisman & Co., was elected managing director of the
-department of the Times Square Trust Co. at a meeting of
the board of directors this week. John Fnderman has been
foreign
elected Assistant Vice-President and Manager of the
n
Enderma
Mr.
Co.
Trust
Square
Times
the
of
department
Bank of
was formerly connected with the First National
of the
• Boston and was later the American representative
.
Holland
am,
Rotterd
of
Rotterdamache Bank
of
Lionello Perera, who for many years was President
has been
the private banking house of Perera & Co.,
of
elected Pres:dent of the Commercial Exchange Bank
New York. A. H. Glannini was made Chairman of the
A. Pinto and
board of directors. James F. Cavagnare, A.
and
Vice-Presidents,
d
appointe
Guida Perera have been
of the new instiRalph W. Taylor has been made Cashier
r to
tution. The Commercial Exchange Bank, the successo
a surplus of
Perera & Co., has a capital of $1,500,000 and
its prede$1,000,000, which is almost double the capital of
cessor.
National Bank
James R. Postal, Cashier o- f the Central
and Cashier.
t
Presiden
Viceelected
been
of New York has
the Hamilton
Oscar J. Goerke is now c- onnected with
Mr.
Cashier.
t
Assistan
as
York
New
of
National Bank
he
years;
ten
Bank
National
Goerke was with the Liberty
National
was also with the Chase National Bank, Seaboard
Bank and the Federal Reserve Bank.
n &
Dwight P. Robinson, Presid- ent of Dwight P. Robinso
direcof
board
the
to
elected
been
has
Co., Inc., eng:neers,
tors of the Mortgage-Bond Co. of New York.
Manufacturers
August Zinsser, Vice-President of the
e Bank before the
Trust Co., and President of the Yorkvill
urers Trust Co.,
merger of the bank with the Manufact
Savings Bank.
Central
the
of
t
has been elected Presiden
Koppel, whose death'on
Adolph
succeeds
Zinsser,
Mr.
August 7, page 671.
August 3d was noted in our issue of•
Avenue (Brooklyn)
Owing to the success of its ne- w Bedford
Chelsea Exchange.Bank
the
15th
er
Septemb
opened
branch
the opening of another
of this city is expediting plans for
to Edward S. Rothchild,
new branch in the Bronx, according
new opening is planned
President of the institution. This
tion of A. K. Alford, assisted by S. A. Barnewall. The Midwood Trust
office will he known ELS the Flatlands branch, and will be directed by
Francis F. Feger, who has been active in Flatbush for the past 39 years.
In its issue of Sept. 14 the New York "Times" gave the
following account of the festivities the previous evening
(Sept. 13) in connection with the opening of the Flatlands
branch of the Midwood Trust Co.:
A new procedure in the formal opening of banks for business was folthe Midlowed in the Holland Dutch building of the Flatlands branch of
wood Trust Co. at Flatbush and Flatlands avenues, Brooklyn, yesterday.
the
Instead of the directors sending invitations to re,idents to attend as
acted
opening, a committee of persons not connected with the company
hcsts.
of the
The committee consisted of the Rev. Charles A. Roeder, pastor
pastor of
Old Flatlands Dutch Reformed Church; the Rev. James Kehoe,
County
former
St. Thomas Aquinas Catholic Church; William R. Bayes,
Ditrnas, LesJudge; Edmund W. Voorhies, former Postmaster; Charles A.
La Rose,
ter Van Brunt, J. Van Wicklen Bergen, James B. Roche, Joseph
Joseph
Jere F. Whalen, John Vanderveer, Arthur Wilmott, George Criss,
James
Fenelly, Holmes V. D. Ditmas, Thomas Gilfeather, Edward Rowland,
A. Rymer, Robert P. Brand and Wynant Huffmire.
ward of 1,000 persons attended the reception and partook of refreshts.
np
meU
C.
The Municipal Bank of Brooklyn, N. Y., on Sept. 15 formally opened a new branch bank at 736-738 Manhattan
Avenue, in the Greenpoint secVon of Brooklyn, and which
will be known as the Greenpoint branch. This makes the
sixth branch of the Municipal Bank in operation in Brooklyn. The new branch is under the direction of Walter
Wilmurt, formerly with the Greenpoint Bank (now merged
with the Bank of the Manhattan Co.), who'has been appointed Assistant Vice-Pres*dent and Manager. Because
of his long connection with the Greenpoint Bank, Mr. Wilmurt is familiar with the needs and the enterprise of the
residents and business people of Greenpoint. The Municipal
Bank has been expanding rapidly in recent years and at
present has resources of more than $30.000,000. In addition to its main office at Stone and Pitkin avenues, its
branch offices now are: West End branch, 20th Avenue
and 86th Street; Borough Park branch, 47th Street and
13th Avenue; Eastern Parkway branch, Eastern Parkway
and Kingston Avenue; Flatbush branch, Parkside and Flatbush avenues; Kings Highway branch, Kings Highway and
ManConey Island Avenue, and Greenpoint branch, 736-738.
hattan Avenue.
Bank
G. Foster Smith, President of the Nassau National
his instituof Brooklyn, N. Y., announced on Sept. 15 that
Building,
tion had leased quarters in the Montague-Court
at Mona 35-story building now in course of construction
from its
move
would
and
city,
that
streets,
Court
and
tague
present home, which it has occupied for a score of years, to
rethe new quarters in the spring of next year. In this
in
part:
15
said,
Sept.
of
"Eagle"
n
gard the Brookly
local banking circles
The announcement is one of the most important in
City Bank. The
since the merger of the People's Trust with the National
in the borough
Nassau National is the largest independent national bank
its business has taxed its
at the present time. For a number of years
unexpected
present quarters to the utmost and the plan to move was not
in banking circles.
SEPT. 25 1926.]
THE CHRONICLE
The space which the bank has taken will be built in the construction of
the building, according to plans of the bank and will provide one of
the
finest banking rooms in the city.
The bank will occupy the entire Court Street corner of the banking
floor, consisting of the second and third stories.
The lease 'or 21 years calls for a total rental of $1,260,000, with the
privilege of renewal for 21 years, and was effected by Nemerov & Nemerov.
The Montague Court Building, the tallest office building in Brooklyn,
will be 35 stories above the street level, with a superstructure of three
stories.
The Lafayette National Bank of Brooklyn, which only
opened for business on March 29 of this year, has decided to
increase its (apital from $2C0,000 to $400,000, according to
the New York "Herald-Tribune" of Sept. 22. The new
stock will be sold at the same price as the original stock
of the institution, namely $140 per share (par value $100).
George S. Horton, President of the insitution, which is located at 69 Lafayette St., on Sept. 21 made the following
announcement in this regard:
Directors of the Lafayette National Bank, carefully considerin
g the
number of accounts which were offered to it, which would necessitate
the
bank being able to offer larger accommodations to its customers
, decided
to recommend to the stockholders to increase the capital
stock from $200.000
to $400,000. the necessary application for approval of this increase
being
sent to the Comptroller of Currency. Notices have been
mailed to-day
to the stockholders of the meeting to be held on Oct.
26. It being necessary
to give 30 days' notice of such a meeting.
The Lafayette National Bank Is not yet opened six
months, but will
complete this period on Oct. 29. Its business has developed
to such an
extent that an Increase in the capital seemed advisable.
As soon as approval of the stockholders has been had,
rights will be
issued to each stockholder enabling him to purchase
one additional share
of stock for each share of stock now held at $140 per share.
When the
new stock his been issued the capital stock and surplus
will be $560.000,
which the directors believe will be sufficient, and enable
us to meet the
demands of our depositors.
The new Hampton Bays National Bank, of Hampton
Bays, N. Y., has perfected its organization with the election
of the following officers: President, William W. Hubbard
;
Chairman of the Board,Benjamin G.Halsey; Vice-Presidents,
Julius Kelier and Adam Muller. The bank was organize
d
on Sept. 9 and began business on Sept. 20. It has a
capital
of $50,000 and surplus of $25,000.
Charles Niebling, President of the American National
Bank of Newark, was elected President and Julius S. Rippel,
the inyestment banker, was made a director, at a meeting of
the directors of the Bankers' Indemnity Insurance Co. of
Newark held on Sept. 21, according to the Newark "News"
of Sept. 22. At the same meeting John F. Clark was elected
Secretary of the institution to succeed Alfred D.
Way, and
William M. Grover was chosen Treasurer to take the
place
of Frank V. Kelly, who was Vice-President and
Treasurer,
and who with John H.Conover, the President, resigned
some
time ago because the extension of the company's activities
into other States made too great demands. The officers
who
retired were elected when the company was formed last
spring. The new selectoins were made, it is said, because
it was deemed advieable to have,officers actively in
charge
of affairs. Frederick E. Wilkens remains Vice-Preside
nt
and General Manager. Mr. Clark was formerly connecte
d
with the Hartford Accident & Indemnity Co.
and the
Norwich Union Indemnity Co. of which he was
Treasurer.
Mr. Grover has been in the insurance business in
Newark for
20 years, it was stated.
The Guardian Trust Co. of New Jersey (Newar
k) has
launched a special savings campaign, the purpose
of which
is to encourage thrift and savings among the
residents of
Newark and surrounding territory. During
the course of
this campaign the officers and directors of the
institution
will distr.bute a simplified budget booklet which
will aid
Individuals in planning their weekly expendit
ures. The
Crust company also announces a change in its
business
hours. In the future the savings department will
be open
business
for
on Monday evening from 6 to 9 p. m. for
the
convenience of depositors unable to make deposits
during
the day. Numerous useful souvenirs are being distributed
among new depositors. In connection with the campaig
n
the bank has arranged through educational window displays to tell in graphic form the story of the rise to success
through systematic savings. The opening of the Guardian
'Trust Co. was referred to in our issue of Aug. 7, page 671.
At a meeting of the directors of the Citizens' National
Bank of Boston on Sept. 21, the following important changes
were made in the official staff of the institution: Harry H.
Ham was elected Chairman of the Board; Frank DeW.
Washburn was elected President, and William H. Thayer
1591
was made a Vice-President. The directors also elected
Frederick R. Sawyer a member of the board. According to
the Boston "Herald," of Sept. 22, Mr. Washburn, the new
President, was formerly President of the Haymarket National Bank, Treasurer of the Johnson-Washburn Co., and
a director of the Massachusetts Trust Co. He is a director
of the Associated Merchants Mutual Insurance Co. and a
graduate of Harvard University, Class of 1900: Mr.
Thayer, who as Vice-President will have charge of the
Market District office of the bank on State Street, has for
many years been active in the affairs of the Shoe & Leather
Mercantile Agency, serving for the last twelve years as
Treasurer. He will assume his new duties immediately.
Mr.Sa yer is a member of the firm of Sawyer Brothers,Inc.,
investment bankers, and has had a wide experience in financial matters and banking affairs. He is Chairman of the
Investment Committee of the Second National Bank of
Malden, Mass.
Robert J. Barnett, Secretary and Treasurer of the Ninth
Bank & Trust Co., of Philadelphia, has tendered his resignation to accept the position of First Vice-President of the
East Orange Trust Co., East Orange, N. J. Mr. Barnett
went to the Ninth Title & Trust Co. as Secretary and Treasurer at the time of its organization in 1920, and has held
his present position since the Ninth Bank & Trust Co.
succeeded that institution and the Ninth National Bank in
October 1923. He assumes his new duties Nov. 1.
The board of directors of the Franklin Trust Co. of
Philadelphia this week voted to issue the remaining $500,000
of stock authorized at a meeting of the stockholders on
July 26 1923. The present stockholders will be entitled to
subscribe to one share of the new stock for every three shares
of stock now held at the price of $300 per share. There
are now 15,000 shares of Franklin Trust Co. stock outstanding with par value of $100 per share._ The last
public
sale of Franklin Trust stock was at $451 in December 1926:
With the proceeds of the sale of the new stock the capital
of the Franklin Trust Co. will be increased to $2,000,0
00
and their surplus to $3,750,000, or a total capital and
surplus of$5,750,000. The board also declared a semi-ann
ual
dividend of 7% payable on Oct. 1 to stockholders of
record
on Sept.22 1926 and transferred $250,000 to the surplus
account, thus immediately .increasing their surplus
to
$2,750,060. In making this announcement, C. Addison
Harris Jr., President, stated that the progress of the Franklin
Trust Co. during the past.year has been exceptionally gratifying; the deposits have increased about $5,000,000 and
th—
e
resources now total $40,000,000. The Franklin Trust Co.
claims to be the largest exclusively day and night bank
in
America.
On Sept. 9 the Market Street Title & Trust Co. of Philadelphia (according to the Philadelphia "Ledger" of
Sept.
10) declared a semi-annual dividend of 121
/
2% and an extra
dividend of 2/
1
2%, payable Nov. 1 to stockholders of record
Oct. 15. The par value of the trust company's stock is $50
a share. The last previous dividend paid by the institution, the Philadelphia paper said, was 10% regular and
5%
extra. New stock, it was said, not paid in full May 1 1926
will receive the dividend pro rata, as provided in a resolution of the board of directors adopted at a meeting held
Oct. 13 1925. It was further stated that the sum of $150,000 was added to the bank's surplus and an extra compens
ation of 30% on their semi-annual salary was voted to
the
employees.
•
In regard to the affairs of the defunct Producer
s' & Consumers'• Bank of Philadelphia, the Philadelphia "Record
"
of Sept. 17 printed the following:
All petitions for priority claims against the defunct
Producers' & Consumers' Bank, Tenth and Chestnut streets, for
money deposited between
noon, May 2 1925 and 3 p. m. May 4, when
the bank suspended business,
were dismissed yesterday by Judge Lewis in
Common Pleas Court, No. 2.
Judge Lewis ordered, however, that all checks
deposited in that period
were to be paid in full, as they are recorded
in the business of May 4.
It was explained, following the Judge's decision,
that unless those claiming priority file exceptions to the court's thci,ion, adjudicating
the matter,
Albert M. Greenfield, receiver of the bank, will proceed with
payments.
Ten days are allowed wherein to
file exceptions.
A later reference to the bank's affairs was made in
the
Philadelphia "Ledger" of Sept. 23, which said:
Depositors of the Producers' & Consumers' Bank, who did not
continue
as depositors in the Mitten Men & Management Bank &
Trust Co., which
took over the affairs of the defunct organization, will receive 60
cents on
the dollar. Albert M. Greenfield, who effected the reorganizat
ion tuznounced Wednesday (Sept. 22)•
Checks will be sent out Friday (Sept. 24) to the amount of
60% of each
depositor's savings at the time the bank failed last spring.
1592
THE CHRONICLE
Mr. Greenfield said that action of the courts in adjudicating claims
against the Producers' & Consumers' Bank have made possible payment of
depositors who did not enter into the Mitten bank plan. He said depositors
should not come to the bank for their money, but should wait and receive
their checks through the mail.
In his statement Mr. Greenfield expresses gratitude to Peter G. Cameron,
Secretary of the State Banking Department, who assisted in the reorganization of the defunct bank.
"The stockholders and depositors of the Producers' & Consumers' Bank,
many of whom had their lifetime savings invested in and on deposit at the
institutiOn, indeed owe a debt of gratitude to Mitten Men & Management,
who stepped into the breach at a very critical moment, when it seemed
that the maximum that would be paid depositors' would be in the neighborhoow of 50 cents on the dollar, while the stockholders would lose all.
"Under the plan that we have evolved the depositors •in the former institution who elected to continue as depositors in the new bank will ultimately receive payment in full, and even the stockholders of the defunct
Producers' & Consumers' Bank, who would ordinarily be entitled to recover
nothing, are entitled to share in the profits of the new bank under the
Mitten Men & Management undertaking."
Mr. Greenfield, in his statement, says that he will accept no remuneration for the part he has played in the reorganization.
Our last reference to the affairs of the Producers' & Consumers' Bank, which failed in May 1925, and which has
now been succeeded by the Mitten Men & Management Bank
& Trust Co. of Philadelphia, appeared in our issue of July 3,
page 45.
The board of directors of the Franklin Trust Co. of Philadelphia on Sept. 21 declared a semi-annual dividend of 7%,
payable on Oct. 1 to stockholders of record Sept. 22 1926.
The board also directed that on Oct. 1 $250,000 be transferred to surplus account. This will give the institution a
surplus of $2,750,000. Its capital is $1,500,000. The directors further authorized the issuance of the balance of treasury
stock of 5,000 shares to be offered to stockholders after Oct. 1
on the basis of one share for every three shares standing in
their respective names as of Sept. 21 at $300 per share, first
payment of 25% to be made on or before Nov. 15 1926.
[vol.. 123.
a substantial interest in the capital stock of the Sheridan
Trust & Savings Bank, located at Broadway and Lawrence,
one of the largest Chicago banks outside "the Loop," and
which serves the uptown Chicago district. According to
Mr. Read, who is the President of the institution, there will
be no changes in the present organization. It is understood,
however, that the number of directors will be increased to
include representatives of the new interests. The "Tribune"
went on to say:
There will be no changes in the present organization of the bank,according
to Mr. Read, who is President. It is understood, however, that the
number of the board of directors will be increased to include representatives
of the new interests.
Mr. Read has spent the last fifteen years with the Sheridan Trust & Savings Bank,and to a large extent is responsible for its growth. Mr. Macnish
(a Vice-President of the Sheridan Trust & Savings Bank) has been with
the bank for many years, and devotes his entire time to it. The bank now
has resources of over $13,000,000.
The bank was organized in 1909. It first was located in a small store
at 4611 Broadway. Because of the growth of business it found new quarters
in 1913. At this time the bank purchased part of the triangular plot of
ground bounded by Broadway, Leland and Racine avenues. Since that
time its growth has become so rapid that it was necessary once again to
arrange for larger quarters, and the bank is to-day located in its own
eight-story bank and office building at the southeast corner of Lawrence
Avenue and Broadway.
-4--
That a new bank, to be known as the Anchor State Bank,
with capital of $25,000, was being organized in West Milwaukee, was reported in the Milwaukee "Sentinel" of Sept.
14. The bank, it was stated, would be located on National
Avenue in the vicinity of 34th or 35th avenues. The incorporators were given as H. C. Anton, Theodore H. Bohmann,
William G. Fischer, E. J. W. Groth, Robert Roberts, Walter
J. Weingart, Joseph J. Hagner, Gustav Niederstadt, J. Rebernik and Burne Pollock.
•
Failure of the Franklin State Bank of Franklin, Mo., on
Sept. 13 caused, it was said, by the embezzlement of $40,00&
by its Cashier, F. A. Temple, was reported in a special dispatch from Boonville, Mo., on that date to the St. Louis
"Globe-Democrat." The bank, whose resources total approximately $80,400, was the 42d State bank to close in
Missouri this year, it was stated.
Lewis C. Rice,formerly Vice-President of the City Savings
Bank of Baltimore, was elected President of the institution
on Sept. 20 to fill the vacancy caused by the death of J. K.
Rusk, Jr., according to the Baltimore "Sun" of Sept. 21.
At the same meeting A. Clarence Dietrich was appointed'
Vice-President to succeed Mr. Rice, and James P. Reese
was re-elected Treasurer. Mr. Rice, the new President, is
The proposed union of the Holston National Bank and the
one of the oldest trustees of the institution. He is also Third National Bank, Knoxville, Tenn. institutions, under
Chairman of the Board of the City Baking Co. of Baltimore. the title of the latter, mention of which was made in the
Mr.Dietrich, the new Vice-President,is President of E. Scott "Chronicle" of Aug. 14, page 806, was unanimously approved
Payne & Co. of Baltimore.
by the stockholders of both banks on Sept. 18, according to a
the
An Associated Press dispatc- h from Parkersburg, W. Va., press dispatch from Knxoville on that date, appearing in
stockholders also
on Sept. 20, which appeared in the Pittsburgh "Gazette" Memphis "Appeal" of Sept. 19. The
company to
Of Sept. 21, stated that William M. Smith, former Cashier unanimously approved the formation of a trust
bank and
national
new
the
of
stockholders
the
by
owned
be
of the First National Bank of Parkersburg, who had been
missing from his home since last April, voluntarily appeared to be known as the Holston Trust Co. The consolidation of
effect Oct. 1.
before U. S. Commissioner F. B. Burk in Parkersburg on the institutions, it was stated, would go into
the dispatch said:
Sept. 20 and pleaded not guilty to a charge of embezzlement Continuing
The new Holston National Bank will have a capital,surplus and undivided
of $35,000 from the bank. Mr. Smith gave $25,000 bond profits of $1,350,000. Owners of stock in the two present banks will
for his appearance before the grand jury at the next term participate equally in the new bank in accordance with their present
of the Federal Court to be held at Parkersburg, it was stated. Investments.
$200,000 and have a surplus
The Holston Trust Co. will be capitalized at
of $50,000.
-of the Home Savings & Loan
Plans for the consolidation
Joseph M.Gaut,President of the Holston Bank, will continue as President
Cashier of the Third National Bank,
Co. of Cleveland Heights (a Cleveland suburb) with the of the new bank,and J. BasilofRamsey,
the new bank.
first Vice-President
Doan Savings & Loan Co., 5517 Euclid Ave., Cleveland, will be
were approved by the directors of the latter institution on
At a meeting of the directors of the California Bank of
Sept. 16, according to the Cleveland "Plain Dealer" of (Jos Angeles on Sept. 10, Colonel J. B. Chaffey was elected
Sept. 17. Continuing the Cleveland paper said in part:
a Vice-President of the institution, according to the Los
Directors of the Home recommended the merger at an earlier meeting
of Sept. /1. Colonel Chaffey .is also a
before stockholders early in October. Angeles "Times"
and the proposal will be placed
John R. Moxon, President of the Doan, said last night:
The Home Savings & Loan Co. represents the consolidation of six companies, including the Lee Road, Pay Day, Protection, Jefferson, Universal
and the Home. It has assets approximating $440,000 and will bring
up total resources of the Doan to slightly more than $2,000,000.
The Doan was organized 13 years ago and has never missed a dividend.
Its statement of June 15 showed assets of $1,671,037 including $782,689
capital stock, $34,000 reserve, $45,352 undivided profits and $697,642
of deposits. It is the intention to maintain the Home office as a branch.
Vice-President of the California Group Corporation, the
recently formed holding company of the California Bank
and its affiliations, and in his capacity as Vice-President
of both institutions he will have charge of all the real
estate activities of the banking group. Colonel Chaffey is a
son of George Chaffey, pioneer banker and developer of
Ontario, Cal., and the Imperial Valley, and a brother of
Andrew Chaffey, President of the California Bank. He has
The Indianapolis "News" of Sept. 20 stated that an- been affiliated with the California Bank since Nov. 1 1922.
nouncement was made on that day by Thomas D. Barr, Prior to 1922 he served in the United States Army with the
State Bank Commissioner of Indiana, that his Department rank of Lieutenant-Colonel.
had approved a proposed merger of the Farmers' Trust &
Savings Bank of Marion, Ind., with the First National Bank
of that city. The enlarged First National Bank will be
capitalized at $250,000 and have resources of approximately
$3,500,000. George L. Cole, the present head of the First
National Bank, will continue as President.
The Chicago "Tribune" of Sept. 21 reported that according
to an announcement made the previous evening, a group of
five, composed of the Foreman banks, Emil Seip, Walter
Schmidt, Edwin L. Reed, and F. J. Macnish, had acquired
The following in regard to the pending consolidation of
the Merchants' National Bank of Los Angeles and the Hellman Commercial Trust & Savings Bank of that city (to
which reference was made in our June 5 issue, page 3169)
appeared in the Los Angeles "Times" of Sept. 11. The institution which will result from the union of the above-mentioned banks will be known as the Merchants' National
Trust & Savings Bank and will have a capital of $4,000,000.
Its deposits will amount to about $125,000,000, and its total
SEPT. 25 1926.]
THE CELRONICLE
1593
resources will approximate $135,000,000. Officera and
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
directors of the new bank, it is understood, will be named
Violent advances and sharp recessions have characterized
following meetings of the stockholders of both banks on
the
movements of the New York Stock Market this week.
Oct. 7. The item said:
Terms under which the stockholders of the Merchants' National Bank Interest has centered largely in the railroad shares, parand the Hellman Commercial. Trust & Savings Bank, National Association ticularly in the stocks included in the so called Van Sweringen
of Los Angeles, will exchange their shares for stock of the new Merchants' group, several of which have again made new high
records.
National Trust & Savings Bank were announced yesterday (Sept. 10) in
letters mailed to the stockholders of both banks. The letters also carried Many individual stocks in the industrial and motor groups
the announcement of the offer to stockholders of the right to subscribe to have scored further advances, and a number of the special5,000 additional shares in the consolidated bank at $300 a share.
ties have likewise climbed to higher levels. The outstanding
The capitalization of the new bank will be $4,000,000, divided into 40,000
shares of $100 par value. Stockholders of the Merchants' National Bank feature of the half day session on Saturday was the specwill be allowed to exchange share for share, giving them a total of 15,000 tacular jump of Chesapeake & Ohio, which bounded upward
shares. Hellman bank stockholders will receive four new shares for every
12 points to a new high at 171% followed by a brisk forward
five now owned, or a total of 20,000 shares.
• On the basis of the theoretical value, the rights to subscribe to the movement in New York, Chicago & St. Louis which spurted
5,000 additional shares will represent a privilege of considerable monetary upward 7 points while Southern Railway advanced 3 points.
importance to both groups of stockholders. Each stockholder is given the
right to subscribe to one share for every seven of the new stock received General Motors was also a feature of the trading and made
under the terms of exchange. To the owner of 100 shares, for example, a gain of more than 2 points over its previous close. Sharp
this will amount to fourteen and two-sevenths shares at the sale price of upturns were also recorded in Mack Trucks and Hudson
$300 a share.
Giving the new stock of the Merchants' National Trust & Savings Bank a Motors. Violent declines characterized the early trading on
market value of $360 a share the theoretical value of the rights is in the Monday though there were some sharp advances also,
neighborhood of $8. Stockholders will have the option of exercising their particularly in Ches.
& Ohio which made a new high record
warrants to buy the new stock, or of selling the rights at the prevailing
price on the Los Angeles Stock Exchange. Fractional rights will be pur- at 173 and Pere Marquette which scored a fresh advance of
chased or sold at the head offices of both the Merchants' and the Hellman 3 points to 111
though it receded a point or more later
banks. Rights will expire on Oct. 4.
in the day. Motor shares were somewhat unsettled due in a
Officers and directors of the Merchants' National Trust & Savings Bank
will be named following the stockholders' meeting on Oct. 7. Total re- measure to the break in Hudson Motors which followed the
sources of the bank will approximate $135,000,000 and deposits about publication of an unfavorable earnings report for the quarter
$125,000,000.
ending August 31.
The market turned upward on Tuesday and many of the
The "Wall Street Journal" in is issue of Sept. 21 printed
more
active stocks moved briskly upward to new high records.
from
San
Francisco
dispatch
which
a
stated that the Mercantile Trust Co. of California of that city now in process of United States Steel common improved four points and
consolidation with the American Bank of San Francisco was General Motors reached a new peak above 159 at its high
for the day,though it receded to 157% at the close. Hudson
to open a branch office in Honolulu.
Motors and Dodge Bros "A" slipped backed fractionally.
The issuance of 50,000 shares of stock of the Bank of Railway equipment shares were somewhat lower, Baldwin
Italy, completing the full capitalization previously author- Locomotive and American Locomotive moving downward
ized, has been formally approved, according to an announce- a point or more. Railway stocks, on the other hand, were
ment by the directors. The new stock will be sold at $450 higher, Union Pacific moving up 2 points, and Norfolk &
per share and will give the institution, together with its Western, Atchison, New York Central and New York
affiliation, the Stockholders Auxiliary Corporation, a com- Chicago & St. Louis each advancing a point or more. United
bined capital and surplus of approximately $75,000,000. States Cast Iron Pipe & Foundry had another sharp run up
On the basis of the issue, each stockholder will have the of 53/i points, and Allied Chemical equalled its previous high
right to subscribe for one share of the new stock for each record with an advance of 7 points. The market moved
four shares now owned. With the issuance of this stock the down again on Wednesday, though for a time some of the
Bank of Italy, together with the Stockholders Auxiliary more active stocks displayed considerabe strength. RailCorporation, will each have its fully authorized capital paid road stocks were fairly strong in the early trading, Atlantic
In, represented by 250,000 shares. An increase in the Coast Line moving forward 3 points, followed by Union
annual dividend rate to $18 per share has been authorized Pacific, Nickel Plate, and Wheeling & Lake Erie. Oil shares
by the directors of the Bank of Italy. This represents an improved, Union Oil of California advancing 4 points to
additional $2 per share over the previous dividend and is above 55 and fractional advances were recorded by Marland
the second increase made during this past year. The new and Midcontinent Petroleum. Allied Chemical & Dye
rate will become effective with the dividend payment, Oct. 1. made a new top of 147 but yielded 2 points in the recession
Since the date of its organization in 1904 the Bank of Italy of the last hour.
The market again swung upward on Thursday, the most
has increased its dividend upon ten occasions. Beginning
with a declaration of $5 per share, it has advanced the fig- important movements of the day centring around the railure successively from $5 to $6, $1, $7%, $10, $12, $13%, $14, road issues. Chesapeake & Ohio and Nickel Plate were
$15, $16 and $18. The last two advances in the rate have especially strong, the former making a further advance of
been made since September 1925. In announcing the pres- 9 points to a new high at 178 and Nickel Plate bounding upent increase, the bank points out that the action is in line ward more than 6 points to a new top at 2043/3. Erie first
with its policy of allowing the dividend to keep pace with preferred advanced a point or more and New York Central
moved forward 1% points. In the early trading Union Oil
the growth in earnings.
of California was the strong feature of the oil group and
The election on Sept. 14 of 0. J. Boos, Vice-President of spurted forward 4 points to 58% at its high for the day, but
the Boos Brothers' Cafeteria Co., as a director of the Sea- lost all of its gains and closed % point off. As the day adboard National Bank of Los Angeles, was reported in the vanced, United States Steel rebounded to 1453/8 and General
Los Angeles "Times" of Sept. 15. Mr. Boos succeeds on Motors moved up to 157%. On Friday railroad stocks
the bank's directorate the late Horace Boos, President of moved into the foreground as the feature of the trading and
substantial advances were recorded by several of the more
the Boos Brothers, Cafeteria Co., whose death occurred active issues
of the group. The strong stocks included
recently.
Wheeling & Lake Erie,Southern Pacific, Chicago Rock Island
& Pacific and Atlantic Coast Line. Specialites also were in
Fred I. Weber, heretofore Assistant Vice-President of the sharp demand at improving prices, General Electric
moving
Hibernia Commercial & Savings Bank of Portland, Ore., up 1% points while American Ice advanced nearly 4 points.
on Sept. 15 was elected Cashier of the institution to succeed General Asphalt crossed 87 and Union Oil of California improved fractionally. The outstanding strong stocks of the
F. L. Beach, who resigned to accept a position with the day included
Woolworth, up 4 points, Warner Bros. Pictures,
Burroughs Adding Machine Co. at Detroit, Mich. Mr. with an advance
of 9 points, and Mack Trucks, which moved
Weber, according to the "Oregonian" of Sept. 16, has been up 47% points. The final tone was good.
with the Hibernia Commercial & Savings Bank for nineteen
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE.
DAILY. WEEKLY AND YEARLY.
years, having entered its employ as a messenger boy in 1907.
He gradually worked his way up and ten years ago was made
40 Stoat,
Mare.
United
Railroad.
Week Ending Sept. 24
No.
Municipal &
• &c.
States
an Assistant Cashier, an office he held until January of this
Permian Bdt.
Bonds.
Shares.
Bonds.
year, when he was promoted to Assistant Vice-President, laturday
$1,158,000
2,581,000
776,957
$431,950
the position he now relinquishes for the Cashiership. Mr. donday
1,831,708
4,992.000
1,787.000
548.950
2,274,000
1,702,641
5,430.000
594,100
Weber has been active in the work of the Portland Chapter Tuesday
Vedneeday
1,532,940
4,495,500
2,403,000
254,950
Thursday
1,328,494
5,389,000
1,654,000
388,000
of the American Institute of Banking, holding the office of i'r1day
1,460,600
5,187,000
1,773,000
401,000
President in 1917 and in recent years being one of the
Total
$28,074.500
8.633.332
$11,049,000
$2,618.950
instructors.
1594
THE CHRONICLE
[VoL. 123.
way or the other, a tranquil market can hardly be anticipated. Fluctuations. unexpected and sharp, up or down, are more likely to occur. The
ability of bears to maintain their position may be tested by attempts to
corner deliveries, especially in India. American producers have lost their
Stocks-No,of shares_
331,768,713
294,982,763
8.633,332
9,518,484
usual optimism-and rightly so-and they have begun to gauge the real
Bonds.
$270,097,310 condition of the silver market, and this must be reckoned as a factor. For
Government bonds_ _
$197,164,700
62,618,951 $5,086,550
State & foreign bonds_
477,275.950
516.943.500 Instance, the following extracts appear in the Bulletin of the U. S. Mining
11,049,000 15,924,000
Railroad & Misc. bonds 28,074,500 37.498.500 1.480,332,700 2,355.843,775
Congress:
"Silver men claim that the outlook for production is worse than at any
Total bonds
$41,742,450 858.509.050 82,154,773,350 $3,142,884,585
time within the last fifty years and that unless some practical remedy is
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
obtained, producers will face harder times. . . . Some of the larger
BALTIMORE EXCHANGES.
silver producers feel that the situation can be solved if there can be brought
about an increased consumption of silver in the arts and as subsidiary coinPhiladelphia.
Baltimore.
Boston.
age. Consideration has been given to an advertising campaign to popularize
Week ending
the use of silver plate and to replace in foreign countries paper money with
Shares.
Sales
.
Sept. 24 1926.
Bond
Shares. Bond Sales. Shares. Bond Sales.
silver coins. It is expected that the silver producers will map out a program
Saturday
$36,000
347
59,100 to create a
9.504
11,778
515,000
natural demand for silver."
Monday
22,600
13.000
1,464
17,448
23.742
38,000
United Kingdom imports and exports of silver during the week ending
Tuesday
1,189
4,000
17,000
16.296
20.434
5,000
36,800
the
1st
Wednesday
16,900
758
inst.
15,743
were:
16,254
7,500
6,800
Thursday
17,700
1,173
15,878
16.712
20,000
ImportsExports17,000
Friday
7,000
1,254
15,733
19,000
7,041
China
£917,205 France
154,850
42,387
66,280 Bombay
$96,300 TI. S. A
6,185
Total
81,910 $107.600
104.653 $104,500
Mexico
11,079
33.230 Other countries
43.421
Prey, week revised 137.732 $162,850 124,527 $118,200
886.900 British West Africa
6,514
Straits Settlements
52,615
Other countries
15.787
Sales at
New York Stock
Exchange.
Week ending Sept. 24.
1926.
1921.
Jan. 1 to Sept. 24.
1926.
1925.
THE CURB MARKET.
£1,128,538
2108,316
Trading in the Curb Market this week was in small volume
INDIAN CURRENCY RETURNS.
(In Lacs of Rupees)Aug. 31.
Aug. 15. , Aug. 22.
and the movement of prices irregular. There was some im- Notes
in circulation
20053
19907
19983
9984
provement as the week closed, prices moving forward though Silver coin and bullion in India
9837
9913
Silver coin and bullion out of India
business continued small. Utilities were the features. Amer. Gold coin and bullion in India
a.5
2232
22.5
Gold coin and bullion out of India
Gas & Elec., common, moved up from 1013. to 1103/2 and Securities
(Indian Government)
8;i5g.
5738
. 5g
2099'
2100
2100
ends the week at 1093
4. Commonwealth Power, common, Securities (British Government)
No silver coinage was reported during the week ending the 31st ult.
advanced from 403. to 42%. Mohawk Valley Co. moved
The stock in Shanghai on the 4th inst. consisted of about 72,400,000.
up from 383 to 41 and down finally to 403.. In miscel- ounces in sycee, 63,200,000 dollars and 9,800 silver bars as compared with
laneous issues Pittsburgh & Lake Erie RR. made a sudden about 72,400,000 ounces in sycee, 63,200,000 dollars and 9,380 silver bars
the 28th ult.
jump on few transactions selling up from 160 to 178 and onQuotations
during the week:
at 173 finally. Warner Bros. Pictures after a loss of some
-liar Silver Per Oz. Std.- liar Gold per
Quotations
Cash.
2 Mos. • Oz. Fine.
10 points to 403/i ran up to 58, closing to-day at the high Sept.
2
28 11-16d. 28 13-16d. 84s. 1140.
Sept.
3
289-16d.
28
11-16d. 84s. 1140.
Du
point
to
203.
gained
a
figure. Continental Tobacco
Sept. 4
2840.
845. 1140.
2840.
2840.
Ms. 11 d.
284d.
Pont (E. I.) de Nemour & Co. was strong, advancing from Sept. 6
Sept. 7
28 5-16d.
28 7-16d.
84s. 103d.
156% to 1593's and reacting finally to 158%. Durant Sept. 8
285-16d.
2S7-16d.
845. 11 d.
84s. 11. d.
28.437d.
28.562d.
Motors was active and rose from 123' to 143', reacted to Average
The silver quotations to-day for cash and two months' delivery are each
12% and sold finally at 13. Fanny Farmer Candy Store %d. below those fixed a week ago.
4. Oils were very quiet and
gained almost 4 points to 273
price changes narrow. Indiana Pipe Line sold up from
COURSE OF BANK CLEARINGS.
58 to 61 and ends the week at 6C%.
Bank clearings the present week will show a small increase
A complete record of Curb Market transactions for the compared with a Year ago. Preliminary figures compiled
week will be found on page 1622.
by us, based upon telegraphic advices from the chief cities
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
of the country, indicate that for the week ending to-day
(Saturday, Sept. 25), bank exchanges for all the cities of the
BONDS (Par Value).
STOCKS (No. Shares).
United States from which it is possible to obtain weeklx
Mining. Domestic. For'n Govt.
Oil.
Week ending Sept. 24.
returns will be 2.7% larger than in the corresponding week
90,430 $815,000 5104,000
35,010
Saturday
47,867
$9,411,852,753, against
48,830 1.756,000
151,000 last year. The total stands at
98,150
Monday
143,614
89,800 1,931,000
930,000 $9,162,180,943 for the same week in 1925. At this centre
91,880
112.058
Tuesday
47,650 1,689,000
202.000
85,485
Wednesday
142,251
152,000 there is a gain for the five days of only 0.9%. Our com49,700 1,832.000
64,081
112,343
Thursday
164,000
30.300 1,474,000
51,435
144,589
Friday
parative summary for the week is as follows:
Total
702.722
426.041
356,710 $9,497003 L703,000
Clearings-Returns by Telegraph.
Week Ended Sept. 25..
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.8 1926:
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1926.
1925.
$4,038.000.000
517.060.525
441,000,000
365,000,000
123,340,647
126.100,000
158,394,000
*140.000,000
156,854,398
163,772,871
96,638,803
82,407,573
65,946.629
84,003,280,251
536.190,721
441,000,000
327,000,000
113,922.394
123,800.000
157,090,000
128,175,000
143,134,707
156,626,043
92,668,777
87,100,905
74,950,978
Per
Cent.
+0.9
-3.6
+11.6
+8.6
+1.8
+0.9
GOLD.
+9.2
+9.6
The Bank of England gold reserve against notes on the 1st inst. amounted
+4.6
to £154,075,550, as compared with £153,399.420 on the previous Wednes+4.6
-5.4
day.
-12.6
About /286,000 bar gold was available in the open market this week,
and of this the Continent secured about £190,000 and the trade E60,000.
+1.4
$6,474,515,446 $6,385,939,776
Thirteen cities, five days
The balance was taken on account of India.
+4.9
1,145,907.545
1.202,028,515
Other cities, five days
The Bank of England has announced the following gold movements
+1.9
$7,676,543,961 $7,531,847,321
Total all cities, five days
since our last issue:
1,630,333.622
+8,4
1.735,308,792
All cities, one day
Withdrawn.
Received.
nil
nil
Sept. 2
mow all rides for week
89.411 812_751 SO 1112.1A0.943
-1-2.7
-nil
nil
Sept. 3
•Estimated.
£510,000
nil
Sept. 4
Complete and exact details for the week covered by the
16.000
£400,000
Sept. 6
nil
nil
foregoing will appear in our issue of next week. We cannot
Sept. 7
E17,000
nil
Sept. 8
furnish them to-day, inasmuch as the 4reek ends to-day
The receipt on the 6th inst. was in the form of sovereigns from South (Saturday), and the Saturday figures
will not be available
as
were
sovereigns
withdrawn
The
£527,000
Africa.
destinations of the
follows:'£500,000 set aside on account of the South African Reserve Bank, until noon to-day. Accordingly, in the above the last day
£10,000 to Holland, £10,000 to Singapore, and £7,000 to Spain. During of the week has in all cases had to be estimated.
the week under review £133,000 on balance has been withdrawn from the
In the elaborate detailed statement, however, which we
Bank, decreasing the net influx since Jan. 1 1926 to £10,573.000, and increasing the net efflux since the resumption of an effective gold standard present further below, we are able to give final and complete
to £1,022,000.
results for the previous week-the week ended Sept. 18. For
SILVER.
that week there is a decrease of 2.8%, the 1926 aggregate
During the week China has been the chief seller, as America has been
aggreg`te
reluctant to follow the falling prices. Bear covering and some Indian ship- of clearings being $10,226,106,540 and the 1925
$10,519,565,800. Outside of New York City the decrease
ment orders absorbed the fairly plentiful supplies...,
The consignment from China, unusual in character and a record in size is only 0.5%,the bank exchanges at this centre having shown
(valued by H. M. Customs at £917,000). to which we referred in our circular of July 21 last, has now arrived in London and has considerably swollen a loss of 4.7%. We group the cities now according to the
the floating stock in this market. This fact explains the larger discount Federal Reserve districts in which they are located, and from
on cash silver, and may exert a depressing effect upon the market in the long
I this it appears that in the Boston Reserve District there is
run, although the silver has already been sold for forward delivery.
The movements of the price of late would seem to show that the market, improvement of 6.9%, and in the Cleveland Reserve DisIn spite of temporary resilience, has lost the power of remaining at the trict of 5.6%, but in the New York Reserve District (inquotation level of the last few years. With a large body of speculative
Philadeloperations and with the chance of fresh speculative factors intervening one cluding this city) there is a loss of 4.6%. In the
THE CHRONICLE
SEPT. 25 1926.]
phia Reserve District the totals are smaller by 1.7%, in the
Richmond Reserve District by 16.7% and in the Atlanta
Reserve District by 21.6%. The St. Louis Reserve District
shows 3.5% decrease, the Minneapolis Reserve ,District
11.2%, and the Dallas Reserve District 6.2%. In the Chicago Reserve District the totals are larger by 2.6%, in the
Kansas City Reserve District by 3.0%, and in the San Francisco Reserve District by 6.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week Ended Sept. 18 1926.
Federal Reserve Diets.
let Boston_ _ _ _1 • cities
2nd New York _10 "
3rd Philadelphia 0
4th Cleveland.- 8
5th Richmond - 6
6th Atlanta_ _ _13
7th Chicago -23
8th St. Louis8 "
9th Minneapolis 7 "
10th Kansas CitY12
11th Dallas
5 "
12th San Fran _ _17 "
•
1926.
Inc.or
Dec.
1925.
552.985,020
5,624.957.488
630,763,258
465.673.078
202,186.548
242,401,566
1,034,071.517
260,848,187
152.741,301
288,351,778
98.691,901
672,434,898
517,370,974
5,897,875,866
641,895,648
440,958,788
242,777,715
310,279.848
1,007,897,518
270,240.624
171,969,792
279,935,217
105.X6,749
833,157,041
1924.
1923.
612,571.203
-4.6 5,058.409,464
-1.7
565,417,387
+5.6
388,653,733
-16.7
189,515,809
2C6.286,219
-21.6
+2.6
891,438,510
-35
=.487,816
-11.2
149,671,821
+3.0
262,479,690
-6.2
91,242,397
516,148,05
+6.2
438,151,664
4,162,704,341
514,181,802
389,427,313
179,648,183
185,093,954
856,641,265
67,426,102
136,241,458
255,565,665
80,048,682
501,684,924
Total
129 cities 10,226,106,540 10.519,565,809 -2.8 9,054,244,108 7,766,815,351
Outside N. 1'. City
4,735.716,949 4,759,911,232 -0.5 4,105,019,562 3,725,091.358
Canada
29 eltle8
317,881,261
311,828,229 +1.9
301,373,832
296,096,266
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
lifeek Ending September 18.
Clearings at
1926.
1925.
Inc.or
Dec.
1924.
$
$
$
%
First Federal Reserve Dist rict-Boston Maine-Bangor
806,981
662,131 +21.9
772,617
Portland
3,847.675
3,489.008 +10.3
2,998,289
m888.-Boston
499,000,000 462,000,600 +8.0 462.000,000
Fall River
1,885,285
2,058,303 -8.5
1,622.158
Holyoke
a
,a
a
a
Lowell
1,069,309
1,195,841 -10.6
1,100,900
Lynn
a
a
a
a
New Bedford
1,449,369
1,336.701 +84
1.383,102
Springfield_ _
6,012,873
5,922,362 +1.5
4,802,734
Worcester
3,753,985
3,617,171 +3.8
3,810,000
Coon -Hartford
14,191.893
17,338,991 -18.2
15,174.263
New Haven...
7,421,851
6,824,270 +8.7
7.184,088
R.I.-Providence
12,923,800
12,282,900 +5.2
11,102,100
N.H.-M'chester
621,999
643.296 -3.3
621,052
Total(12 cities)
552,985,020
517,370,974
+6.9
1923.
$
784.045
*2.500.000
395,000,000
2,601,611
a
1,312,300
a
1,339,433
4.315,295
3,480,000
9,141,186
6.031,244
10,995,160
651.450
512,571,203 438,151,664
Second Feder al Reserve D strict-New York6,718,461
N. Y.-Albany
6,421,171 +4.6
5,387.747
5,134.889
Binghamton._
1,154.956
1,004,600 +15.0
968,300
911.900
Buffalo
57,042,649
60,274,325 -5.4
49,477,832
51,005,220
Elmira
1,114,756
900,723 +23.9
855,376
607,506
Jamestown....._
0,866,709
2,026,034 -8.9
1,512,171
1,131.729
New York
5,490.389,591 ,759,654,568 -4.7 4,949,224,546 4,041.723,993
Rochester
13.198.573
12.519,755 +5.4
10,660.096
9,417,307
Syracuse
6,277.275
5,878.618 +6.8 , 4,642.292
-4,463,142
Conn.--'t -mford
d3,509,843
3,839,358 -8.6
3,201,722
3,015,421
N. 5.-Montclair
718,188
603,839 +18.9
654,847
459,503
Northern N. J.
42,966,487
44,752,895 -4.0
31.824,535
44,833.731
Total(11 cities) 5.624,957.488 5.897,875.886 -4.6 5,058,409,464
4.162,704,341
Third Federal Reserve Dist rict-Philad elphiaPa.-Altoona....
1,792,898
1,503,242 +19.3
1,631,775
1,430,290
Bethlehem_.._
4,816.236
4,638.288 +3.8
3,651,376
4,276,275
Chester
1,614,186
1,533,890 +5.2
1,312,617
1,382.156
Lancaster
2,206.385
2,263,336 -2.5
2,521,304
2,872.641
Philadelphia
597,000,000 609,000,000 -2.0 535,000.600 486,000,000
Reading
4,162,922
4,034.250 +3.2
3.240,870
3.•,23,175
Scranton
6,791.234
5,965,024 +13 8
5,871,082
5,190,666
Wilkes-Barre_
d4,400.942
4,776,924 -7.9
3,610,255
3.279,868
York
2.031.251
1,775.642 +14.4
1,606,997
1,495,256
N.3.-Trenton._
5,947.204
6,405,052 -7.2
6.971,111
5,031,475
Del.-Wilm'ton _
a
a
aa
a
Total(10 cities) 630,763,258 641,895,648 -1.7 565,417,387
514,180302
Fourth Feder al Reserve D istrict-Cie veland
Ohlo-Akron
d6,675,000
8,744.000 -23.7
8,774,000
7,244,000
Canton
4.570,996
5.055,766 -9.6
5,317.978
4,700.147
Cincinnati
81.505,514
84,077.333 -3.1
68,244,792
70,261.904
Cleveland
148,008,459 137,942.110 +7.3 125.741,318 119,583,576
Columbus
21,298,800
17,229,400 +23.6
13,848,500
13,026,900
Dayton
a
a
aa
a
Lima
a
a
aa
a
Mansfield
d2,670,531
2.912.697 -8.4
2,154,385
2.039,866
Springfield_ _ .._
a
a
aa
a
Toledo
a
a
aa
a
Youngstown...
5,949,926
5,944,406 +0.1
5,539,758
6,757,157
Pa.-Erie
a
a
a
a
Pittsburgh_
194,993,852 179,053,076 -4.9 159,033,002 165.813,763
Total(8 cities)_ 465,673,078 440,958,788 +5.6 388,653,733
389,427,313
Fifth Federal Reserve Dist net - Rich mond
W.Va.-Hunt'g'n
1,628,063
1,511,329 +7.7
Va.-Norfolk_ __ _
d7,766,352
7,786,719 -0.3
Richmond
55,591,000
59,995,000 -7.3
d2,660,490
8.C.-Charlmton
2,753,049 -3.3
Md.-Baltimore. 106,927.019 145.484,428 -26.5
D.C.-Washing'n
27,613,624
25,247,190 +9.4
Total(6 cities).
202,186,548
242,777,715 -16.7
1,537,736
7,250,773
54.518.000
2,360,030
101.29,1,270
22,550,000
189,515,809
Sixth Federal Reserve Dist net- Atlan taTenn.-Chattga. d8,359,875
8,808,766 -5.1
6,733,921
Knoxville
3,356,607
3,356,249 +0.01
3,415,429
Nashville
23,787.085
24.465,888 -2.8
22,383,587
Oa.-Atlanta.__. 65.816,657 95.688.082 -31.2 58.743,617
Augusta
3,128,171
2,954,638 +5.9
2,771,442
Macon
2,358,054
2,667,495 -11.6
1,970,792
Savannah
a
a
aa
F1a.-Jacienvoie.
26,595,147
31,361,347 -15.2
14,240,411
Miami
66,822,235
29,120.088 -76.6
3,379,704
Ala.-Birming'm.
28,851,547
31,462.314 -8.3
28,058,421
Mobile
2,304,670
2,316,723 -0.5
1,945,878
c1,484,669
Miss -Jackson..
2,047,000 -27.5
1,571,000
453,693
Vicksburg
751,718 -39.7
497,693
La.-NewOrleans
69.083,152
75,279,540 -8.2
59,496,324
Total(13 cities)
242,401,566
310,279,848 -21.6
205,208,219
1595
Week Ending September 18.
Clearings at1926.
Inc.or
Dec.
1925.
1924.
1923.
Seventh Feder al Reserve D istrict-Chi CSIg0Mich.-Adrian
233.031 +35.3
317,685
217,259
248,927
Ann Arbor.._ _
1,033,527
1,211.556 -14.7
1.107.343
945,315
Detroit
207.219,941 192,481,766 +7.6 155,572.657 161.432.421
Grand Rapids.
9,136,602
8,431,608 +8.4
7.830,782
6,988.820
Lansing
2.800,992
2,789.093 +0.4
2,498,594
2.529,640
Ind.-Ft. Wayne
3,169,113
2.695,383 +17.6
2,175,138
2,159.686
Indlanapolls
25.105.000
17,863,000 +40.5
19,750.000
20,876,000
South Bend.._
2,928,100 +22.8
3,596,50
2.768,800
2,673.591
Terre Haute...
5,382,091
5,300.470 +1.5
5,511,483
4,508,648
Wis.- Milwaukee
49,719,867
43,170,109 +15.2
38,4 3.678
38,333,098
Iowa-Ced. Rap_
2,626.288 +0.5
2,638,650
2.301.287
2,349.258
Des Moines_
10.422,905 -0.8
10.335,587
10.663,027
10,916.289
Sioux City_ _
6,817,538
6,383.366 +6.8
6,794,827
5.992,671
Waterloo
1,341,193
1,363.790 -1.7
1,314,213
1,547.559
Ill.-Bloomingt'n
1,795,796
1.834,943 -2.1
1.620,458
1,620,240
Chicago
690,560.086 605,886.174 -0.8 624,052.037 582.425,302
Danville
a
a
a
a
a
Decatur
1,525,486
1,462,407 +4.4
1,524.314
1,392,627
Peoria
5,308,133
4.917,926 +7.9
4,859,200
4,155.902
Rockford
3,717,749
2,927.158 +27.0
2,277.111
2.097,854
Springfield.. _ _
2,929,981
2,968.447 -1.3
2,159.139
2.446,582
Total(20 eitles) 1.034,071,517 1.007.897,518 +2.6 892,438.510 856.641.265
Eighth Feder& Reserve Ms trict-St. Lo ulsInd.-Evansville.
5,901.876
5.545,336 +6.4
5.972,053
4.895,040
Mo.-St. Louis_ _ 169,900,000 171,400,000 -0.9 147,900,000
Ky.-Loulsville
39.899,435
35.811,138 +11.4
33,331,775
30,249,226
Owensboro_ _ _
289,540
399,587 -27.6
385,143
337,702
Tenn.-Memphis
23,470,443
33.040,768 -29 0
18,527,405
19,429.690
Ark.-Little Rock
19,489,260
22,039,821 -11.6
13,542.223
11,630,485
Ill.- Jacksonville
444,092
383.101 +15.9
394,145
386,078
Quincy
1,453,541
1,620.873 -10.3
1,532,787
1,400,166
Total(8 cities).. 260,848,187 270,240,624
Ninth Federal Reserve Dist rim-811one aped isMinn.-Duluth..
10.573.698
16,194,423 -34.7
Minneapolis...
99,046,167 111,207.579 -10.4
St. Paul
35,282.352
37.126,760 -5.0
No. Dak.-Fargo
2,155,385
1,866,224 +15 5
S. D.-Aberdeen.
1,468,265
1,739.429 -14.5
Mont.-Billings ..
645.497 +10 1
710,510
H lena
3,504,924
3,189.880 +9.8
222.487.816
67,426,102
13,941,834
95.197,157
33,107,088
1,944.271
1,664.710
623.724
3.193.037
10,964,962
81,605.646
36,182,195
2,388.276
1.580,777
595.877
3.523.728
Total(7 cities)_ 152,741,301 171,969,792
Tenth Federal Reserve Dist rim-Kitties!
Neb.-Fremont..
d440,317
545,430
Hastings
487.834
624,122
Lincoln
4.994.661
5.024,976
Omaha
45.209,484
45.230,86
Kan.-Topeka...
3.082,208
8,401,953
Wichita
8,641,279
8,113,312
Mo.-Kan. City. 162,726,222 152,567,445
St. Joseph_ _ _
7,442,336
6.666,660
Okla.-Muskogee
a
a
Oklahoma City * 32,449,720
31,330,264
Tulsa
a
a
Colo.-Coth.Spgs
1,260.215
1,345,910
Denver
23,192,408
20,919,351
Pueblo
1,223.272
1.366,752
149,671,821
136,241,456
410.689
599,160
4,113.241
43,717.570
3.043.082
8.014.919
148,927.703
7,251,148
a
23,203 711
a
1,083,897
21.072,324
1,042,246
367.308
513.169
4,201,079
41,929.828
3,018,919
8,107.000
144,246,141
7.700.774
•
22,399,222
•
1,131.822
21,072.399
878.004
-11.2
City-19.3
-21.8
-0.6
+0.1
-9.4
+6.5
+6.6
-10.4
a
+3.6
•
+68
-9.9
+11.7
Total(12 cities) 288,351,778 279,935,217 - +3.0
Eleventh Federa !Reserve Die trict-Della
Texas-Austin
1,885,586 +10.5
2,084.350
Dallas
66,528,129 -12.5
.58,237,237
Fort Worth__
15,676,631
14,799,379 +5.9
Galveston
14,941,000
13,226,000 +12.9
Houston
a
a
a
La -Shreveport..
7,752,683
8,767.655 -11.6
262,479.690 255.565,665
3,726.642
57,817.606
13,667.993
10,716,267
a
5,313,889
2.327,502
47,194,507
14,015,551
10,971,629
a
5,539.493
Total(5 cities).
98,691,901 105,206,749 -6.2
91,242,397
Twelfth Feder al Reserve D strict-San Franc' two-Wash.--t•cattle_
54,634,025
51,770,762 +5.5
48.893,711
Spokane
15,392,000
14.447,000 +6.5
13.951,000
Tacoma
a
a
a
a
Yakima
1,676,843 -3.7
1,614,562
1,549,792
Ore -Portland. _
48.476,041
47,582.244 +1.9
42,876.765
Utah.-S.L.City
19,827,714 +7.4
21,290,527
16,965,729
Nev.-Reno
a
a
a
a
Ariz.-Phoenix _
a
a
a
a
CaRl.-Fresno_
5,651,618 +11.2
6.286,858
5.137,077
Long Beach_
8,277,163
7,545,926 +9.7
6,678,820
Los Angeles. _
211,388,000 189,025,000 +11.8 141,303,000
Oakland
28.506,621 -0.02
28,503,765
17,411,203
Pasadena
6,569.470
6 191,864 +6.1
5,002,328
Sacramento... e13,722,603
12,640,599 • +8.6
10,444,800
San Diego_ _ _ _
7,409,257
5.609,918 +32.1
4,128.128
San Francisco_ 236,856,000 230.961,548 +2.5 193,100.000
San Jose
3,890,352
3,214,738 +21.0
2,820,999
Santa Barbara_
2,003,796
1,724,768 +16.2
1.697,677
Santa Monica_
2.811,579
2,440,178 +15.2
2.113,530
Stockton
3,308,900
4,339,700 -23.8
4,073,500
41.843,145
13,029,000
a
1,440,981
43,149,988
16,387,107
a
a
5,628,101
9,263,885
152,094,000
16,648,455
4.792.730
9,040.545
3,516,335
178,000,000
2,472,291
975,761
Total(17 cities) 672,434,898 633,157,041
Grand total (129
cities)
10226 106,540 10519585.800
+6.2
516,148.059
80.048,682
3.393,600
501.684.924
-2.8 9.054.244,108 7,766,815,351
Outside New York 4,735,716,949 4,759,911.232
-0.5 4,105,019.6623,725,091.358
• Week Ended Sept. 16.
Clearings at1926.
1925.
Inc. or
I Dec.
1924.
1923.
Canada$
$
$
%
$
Montreal
98,734,229 +0.5
99,200,880
98,058,180
92,851,909
Toronto
87,286,467 +12.5
08,169,240
96,156,267
91,251,880
Winnipeg
--51,548,2546 -15.4
43,626,119
39,781,192
39,618,349
Vancouver
15,625,434 +10.4
17,248,924
14.481,730
14,579,824
Ottawa
6,657,571 -2.8
6.473.583
6.305,291
6,705.097
Quebec.
6,429.755
5.676.222 +13.3
5,683,007
5,998.738
Halifax
2,589,243
2,660,907 -2.7
2,720,750
2,507.881
Hamilton
6,005,359
5,379,403 +11.6
5,270,160
6,902.956
2,063,533 Calgary
5,499,471
6,187.270
-11.1
4,845,324
4,711,861
9,949,695 St. John
2,599,441 -10.1
2,337,089
2,573,843
2,553,315
53,853.000 Victoria
2,259,378
1,892,484 +18.3
1,990,178
2,140,169
2.418,614 London
2,613,030
2,533,890 +3.1
2,717,751
2,493,741
89„246,341 Edmonton
4,580.023
4,608,013 -0.6
3,978,992
3,866.367
22,117,000 Regina
4,431,739
5,314,615 -16.6
2,766,952
3,894,108
Brandon
591,211
606,5103 -2.6
744,581
*memo
179,648,183 Lethbridge.......,
479,170
592,767 -19.2
721.434
673.838
Saskatoon
1,990,475
1,844,647 +7.9
1,497,975
1,733,547
Moose Jaw
1,186,128
1,228,713 -2.5
1,017,007
1,323,673
7,241,899 Brantford
1,099,897
1,045,622
971.782 +13.2
817,712
3,179,792 Fort William....
1,024,197
943,425 +8.6
737,859
992.076
20,653.255 New Westmhaster
820,160
597 513
824.758 -0.6
562,462
55,986,654 Medicine Hat...
267,135
.300,000
299,212 -10.7
361.480
2,725.299 Peterborough_
843,850
751,021
751,992 +12 2
778,040
1,656,140 Sherbrooke
648,821
816,978
859,227 -4.9
780,244
a
Kitchener
889,316
975,207
947,141 +3.0
909,909
11,469,615 Windsor
3,760,418
4,257,602
3,417,969 +24.6
3,771,108
Prince Albert.._
271,328
375,837
297,906 +26.1
334.137'
25,610,062 Moncton
762,693
730,3.57 +8.4
791,739
815.135
1,836,329 Kingston
807,288
+11.2
795,128
897,842
930,729
892,855
379,790
Total(29 citiesl 317,881,261 311,828,229 +1.9 301,373,832 296,096.26C
53.462,264
a No lon,er report clearings. b Do not respond to requests tor figures. c Week
185.093.954 ended Sept. 15. d Week ended Sept. 16. e Week ended Sept. 17. 6 Five days,
no clearings Saturday account of hurricane. •Estimated.
[Vol.. 123.
TIER CHRONICLE
1596
ENGLISH FINANCIAL MARKETS-PER CABLE.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Fri.,
Mon., Tues., Wed., Thurs.,
London,
Sat.,
Week Ending Sept. 24.
Sept.18. Sept.20. Sept.21. Sept.22. Sept.23. Sept. 24.
Silver, per oz
d 27 15-16 27 13-1627 13-16 27 13 16 27 1116 2736
Gold, per fine ounce
a 84.1136 84.113 84.113( 84.113( 84.113( 84.113
5434
5434
5434
Consols, 23( per cents______
5436
5431 ,
10134
10134
British 5 per cents
10134 • 10134
10134
953(
95
95
953(
British 436 per cents
95
48.75
48.85
48.90
48.40
French Rentes (in Paris)__fr..
48.25
52.80
52.65
52.20
FrenchWarLoan(InParis)Jr.
51.75
52
The price of silver in New York on the same days has been.
Silver in N.Y., per oz.(cts.):
Foreign
6031
6036
6036
6034
60
5936
Public Debt of United States-Completed Returns
Showing Net Debt as of July 31 1926.
The statement of the public debt and Treasury cash holdings of the United States as officially issued July 31 1926,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1925.
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
July 311926. July 31 1925.
$218,237,689 $148,236,039
Balance end month by daily statement,&c
Add or Deduct-Excess or deficiency of receipts over
-2,943,192
+2,329,099
or under disbursements on belated items
$215,294,397
Deduct outstanding obligations:
Treasury warrants
Matured interest obligations
Disbursing officers' checks
Discount accrued on War Savings Certificates
Settlement warrant checks
3,351,713
41,727,588
77,004,768
15,223,918
$125,643,022
$137,307,987
Balance, deficit(+)or surplus(+)
+8894051 4375
INTEREST-BEARING DEBT OUTSTANDING.
Interest July 311926.
8
Payable.
Title of Loan599,724,1)50
Q -J
2s, Consols of 1930
48,954180
Q -F.
28 of 1916-1936
25,947,400
Q.-F.
25 of 1918-1938
Q -M.
49,800,000
3s of 1961
28,894.500
3s Conversion bonds of 1945-1947
Q.-J.
J -J. 482,079,000
Certificates of indebtedness
.1 -J. 1,397,689,100
3365 First Liberty Loan, 1932-1947
5,156,800
J -D.
45 First Liberty Loan, converted
l• -D. 532,874,250
4368 First Liberty Loan, converted
J.-D.
3,492.150
4365 First Liberty Loan, second converted.
20,849,700
M.-N.
48 Second Liberty Loan, 1927-1942
3,083,678.100
4318 Second Liberty Loan converted
M.-S. 2,463,272,450
43(8 Third Liberty Loan 01 1928
A.-0. 6,324,471,950
43i8 Fourth Liberty Loan of 1933-1938
753,948,300
4318 Treasury bonds of 1947-1952
1,047.087,500
4s Treasury bonds of 1944-1954
494.898,100
3345 Treasury bonds of 1945-1955
Matured 359,357,204
48 War Savings and Thrift Stamps
12,881,080
.7-5.
2368 Postal Savings bonds
.7-1). 1,612,403,600
5368 to 53.60 Treasury notes
+813,257,151
Total
New York___
Philadelphia..
Baltimore_ _ _ _
NewportNews
Norfolk
New Orleans*
Galveston..
Montreal_ _
Boston
-
July 31 1925.
599,724.05048.954,180
25,947.400
49,800.000
28,894,500
577,285.000
1,409,995.950
5,159,050
532,872,600
3,492,150
20,875,300
3,083,680,950
2,875,377.350
6,324,480,200
763,948,300
1,047,088,500
•
gommerciali andMiscellanzonsgtme
Breadstuffs figures brought from page 1656.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years.
Receipts al-
Flour.
Wheat.
Corn.
I
Oats.
Barley.
Rye.
bis.1961bs.bush.50 lbs.bush. 56 lbs.bush. 32 lbs. bush.48lbs ush.56Ibs.
916,000 221,000
641,000,
53,000
Chicago
257,000
582,000
640,000 435,000
127,000
305,000
Minneapolis..
3,366,000
357,000 996,000
759,000
Duluth
3,902,000
64,000
47,00
32,000
256,000, 113,000
151,004
Milwaukee- -153,000
3,000
231,000
51.000
Toledo
38,0001
24,000
80,000
8,000
Detroit
76,000
108,000
202,000
Indianapolis..
128.000
770,000
178,000,
7,000
354,000
40,000
St. Louis_ _
65, 00
18,000
70,000
23,000
610,000
Peoria
1,383,000
97,000
83.000
Kansas CitY533,000
295,000
210,000
Omaha
207,000
113,000
40,000,
St. Joseph _
6,000,
354,000
13,000
Wichita
32.000
98,000
32,0001
Sioux City_
Total wk' 26
Same wk. '25
Same wk. '24
Since Aug.1
1926
k 1925
1924
497,000 11,727,000
448,000 14,147,000
490,000 18,875,000
2,830,000 3,065,004 1,828,000 1,047,000
1,988,000 6,325.000 3,434,000 1,904,000
4,834.000 10,792.000, 3,249,0001 3,211,000
3.515.000103,682.000 17,521,000, 34,474,0001 9,252,004)1 4,048,000
3.453.000 91.524,000 27.546,000, 74,335,00022,201,000, 6,039,000
3,753,000162,890,000 35,455,000. 71,863.000 12,856,000 12,276,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Sept. 18, follow:
Rye.
Barley.
Oats.
I
675,000 705,000 452,000
3,902,00022,520,00027.i11.000
Total wk. '26 443,000 6,114,0001
141,000
Since Jan.1'2617,913,000 151,529,000, 5,215,000
Week 1925......
141,000 2,107,000 1,975.000 892,000
405,000 2,302,000!
Since Jan.1 '25 17,680,000 137,844,000 5,138,000 59,182.00025,775,00027,059,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Sept. 18 1926, are shown in the annexed
statement:
Wheat,
Corn,
Flour,
Rye,
Oats,
Barley,
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
190,549
1,412,260
17,033 108,131
55,254
100,000
6.000
368,000
5,000
688,000
21,000
14,000
2,000
9,000
2,000
288,000
19,000
15,000
31.000
1,090,000
- 7,000
1,818,000
57,000
74,000 180,000 708,000
Exports fromNew York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Total week 1926... 5,764,260
Same week 1925
3,189,459
57,033
39,000
189,000 898,549
325,000 1,473,829
216,131 170,254
119.515 2,427,706
The destination of these exports for the week and since
July 1 1926 is as below:
Flour.
Exports for Week
and .Since
July 1 to-
Week
Sept. 18
1925.
Corn.
Wheat.
Since
July 1
1926.
Week
Sept. 18
1926.
Week
Sept. 18
1926.
Since
July 1
1926.
Since
July 1
1926.
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
148,033
38,033
United Kingdom_ 114,056
839.552 1,810,310 31,106,248
89,075 1,135.068 3,484,950 38.372,082
Continent
656,000
133,980
373,000 2,043,000
1,000
So. de Cent. Amer_ 7,000
325,000
18,000
6,000
117,000
8,000
West Indies
188,250
Other countries_ ..---120,811
96,000
Total 1926
Total 1925
215,131 2,346,411 5,764,280 71,717,580
119,515 2,683,728 3,189,459 49,312,556
57,033 1,129,033
40,000
39,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Sept. 18, were as follows:
GRAIN
Wheal,
bush,
769,000
12,000
1,396,000
3,458,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
384,529.717 Buffalo
" afloat
12,234,220
2,404,241,400 Toledo
Detroit
19.357.459,414 20,198.580.717 Chicago
Aggregate of interest-bearing debt
244,430,758
268,826.951 Milwaukee
Bearing no interest
c20,392.000 Duluth
10,632.740
Matured, interest ceased
Minneapolis
619,612,522,910 20,487,799,668 Sioux City
Total debt
+49,651.375 +13,257,151 St. Louis
Deduct Treasury surplus or add Treasury deficit
Kansas City
619,522,871,335 20,474,542.517 Wichita
Net debt
St. Joseph, Mo
a The total gross debt July 31 1926 on the basis of daily Treasury statements was Peoria
$19,412,527,472 28, and the net amount of public debt redemption and receipts Indianapolis
Omaha
in transit, sic., was $4,562 14.
On Lakes
I; No deduction is made on account of obligations of foreign Governments or On
Canal and River
other investments.
C Includes $1,304,500 4% Loan 01 1925.
Corn.
Bushels. Bushels.
Bushels. I Bushels.
Barrels.
Bushels.
63,000 295,000
58,000
204,000j
230,000 1,634,000
1,000
42,000
332,000
2,000
36,000
22,000
496,000
8,000
58,
31.000
2,000
2,000
21,00
75,000 • 564,000
67,000
451,000
135,000
6,000
337.000J 639,000
45,000 2,597,000
2,000
40,000
3,000
22,000
8150,565,138
39,888,864
74,282,502
9,909.675
1,562,081
Wheat.
Receipts at-I Flour.
941.000
1,654,000
3,064,000
2,949,000
738,000
2,545,000
240,000
7,199,000
1,140,000
6,912,000
7,254,000
478.000
3,997,000
15,783,000
4,174,000
1,259,000
14,000
1,753,000
3,710,000
289,000
400,000
STOCKS.
Oats.
Corn.
bush,
bush,
811,000
136,000
39,000
134,000
56,000
121,000
70,000
6,000
257.000
98,000
78,000
2,514,000
45.000
164,000
10,000
8,883,000
129,000
9,000
668,000
203,000
479,000
1,588,000
2,000
337.000
225,000
174,000
1,152,000
1,410,000
2,925,000
•
Rye.
bush.
134,000
3,000
13,000
104,000
124,000
8,000
29,000
Barley.
bush.
25,000
1,000
5,000
149,000
226,000
50,000
8,000
243,000
40,000
50,000
10,000
812,000
8,805,000 2,425,000
425,000
237,000
1,848,000
700,000
9,208,000 2,899,000
17,963,000 3,545,000 2,444,000
23,000
202,000
7,000
156,000
23,000
26,000
7,000
485,000
192,000
78.000
816,000
233,000
2,459,000
44,000
29.000
125,000
11,000
21,000
100.000
19,000
Total Sept. 18 1926-72.130,000 17,190,000 48,135,000 10,174,000 4,834,000
Total Sept. 11 1926......67,753,000 18,255,000 47.424,000 9,957,000 4.503,000
Total Sept. 19 1925..__..40,967,000 5,130,000 63,919,000 6,645,000 4,860,000
Note.-Bonded grain not included above: Oats, New York, 54.000 bushels; Buffalo, 123,000; Duluth. 72,000; total, 249,000 bushels, against 13,000 bushels in 1925.
Barley, New York, 12,000 bushels; Buffalo, 77,000; Buffalo afloat, 58,000; Duluth,
51,000; Canal, 168,000; on Lakes, 152,000; total, 518,000 bushels, against 841,000
bushels in 1925. Wheat, New York, 825,000 bushels; Boston, 1,000; Philadelphia,
479,000; Baltimore, 603,000; Buffalo, 526,000; Buffalo afloat, 110,000; Duluth,
180,000; Canal, 364,000; on Lakes, 1,450,000; total, 4,548,000 bushels, against
2,805.000 bushels In 1925.
Canadian1.181,000
3,765,000
225,000 1,238,000
Montreal
795,000 1,197,000 1,175,000
Ft. William & Pt. Arthur. 5.966.000
4,535,000
848,000
Other Canadian
706,000
5,209,000
Total Sept. 18 1926____11,682,000
5,530,000
Total Sept. 11 1926_ __ _11,457,000
332,000 2,121,000
Total Sept. 19 1925_ _10,661,000
Summary72,130,000 17,190,000 48,135,000
American
11,682,000
5,209,000
Canadian
1,422,000 3,119,000
1,089,000 2,949,000
1,073,000 3,517,000
10,174,000 4,834,000
1,422,000 3,119,000
Total Sept. 18 1926._.._83,812.000 17,190,000 53,344,000 11,596,000 7,953,000
Total Sept. 11 1926__79,210,000 18,255,000 52,954,000 11,046,000 7,452,000
Total Sept. 19 1925____51,628,000 5,452,000 66,040,000 7,718,000 8,377.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Sept. 17, and since July 1 1926 and 1925,
are shown in the following:
Wheat.
1925-26.
Week
Sept. 17.
Since
July 1.
Bushels.
Bushels.
North Amer.11,498,000 107,997,000
Black Sea___
952,000 6,788,000
Argentina.-359,000 8,071.000
Australia _•....
224,000 5.848,000
India
2,760,000
0th. countr's
585,000
Total
Corn.
1924-25.
Since
July 1.
1925-25.
Week
Sept.17.
Since
July 1.
1924-25.
Since
July I.
Bushels.
Bushels.
Bushels.
Bushels.
655,000
731,000
84,000
66,253,000
3,568.000 493,000 5.619,000 6,999,000
15,723,000 3,668,000 42,176,000 43,616,000
10,816,000
2,150,000
25,000 6,161,000
13,033,000 132,040,000 98,620,000 4,245,000 48,551,0001 57,431,000
SEPT. 25 1926.]
THE CHRONICLE
Cincinnati Stock Exchange.—Re
of transactions at
Cincinnati Stock Exchange Sept. 18 cord
to Sept. 24, both inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Am Laundry Mach corn 25 1133.( 112%
116
American Products pref.__'25%
25% 25%
Amer Rolling Mill com__25 47%
4754 48
Preferred
100 11054 10934 110%
Baldwin new pref
100 105
105 106
Buckeye, Inc
100 3734 3654 3754
Carey (Philip) corn_ _100
17534
17534
Champ Coated Paper pf100
109 109
Champ Fibre pref
100
10034 100%
Churngold Corporation__•
5054 51
City Ice & Fuel
* 2254 2254 2254
Cooper Corp new pref...100
104
105
Eagle-Picher Lead com __20 30%
3034 32
Early & Daniel com
*
4534 4634
Fay -er Egan pref
100
70
70
Formica Insulation
•
23
2334
Giant Tire
*
3434 3454
Gibson Art corn
* 39
3954 40
Globe Wern corn undp100
100 100
Preferred undep
100
95
95
Gruen Watch corn
• 48
43
48
Hatfield-Reliance corn_._• 15
15
15
Johnston Paint pref._ _100
100 100
Kodel Radio pref
20
2034 2034
Kroger corn
10
131 131%
McLaren Cone
* 1834 1734 1854
paragon Refining com25
754 7%
Procter & Gamble corn._20 152
152 154
8% preferred
100
16234 16234
6% preferred
100 11034 11034 110%
Pure 0116% pref
100 9534 9534 9534
Seaboard Oil pref
100 86
88
88
Thermos corn
11
15
Preferred
35
35
3734
U S Can corn
* 47
47
48
Preferred
100
104 10434
U S Playing Card
20 15134 14954 15134
US Print & Litho com-100
8734 88
Preferred
100
9834 98%
U S Shoe com
.1.
734 744
Whitaker Paper corn
*
50
54
Wurlitzer 7% pref
100
115 115
Banks—
Fifth-Third-Union unIts100
325 325
Public Utilities—
Cincinnati & Sub Tel_ _50
88
89%
Cm n Gas & Elec
100 90
89% 90
C N & C Lt& Trac com 100
8854 8854
Preferred
100
6734 6734
Ohio Bell Tel pref
100 10954 10934 111%
Tr actions—
Cin Street Ry
50
Columbus Ry Pr & Lt"B"• 3434 3434 35
96
96
Railroads—
Lithe Miami aura
so
113
03
*No par value.
Range Since Jan. 1.
Low.
High.
811 108
Mar 147% Jan
160 2454 Apr 2754 Feb
1,653 4854 July 57
Feb
110 108
May 111
Apr
33 10434 Jan 107
Aug
97 30
Jan 39
July
319 173
July 181
Apr
13 10834 Aug 111
Mar
60 100% Sept 106 Juno
170 4934 Aug 70
Feb
245 23
May 2534 Jan
97 9931 June 108
Jan
1,720 2634 May 35
July
23 3754 Mar 46
May
1 55
Apr 80 • Feb
125 20
Apr 27
Jan
50 2354 Jan 39
Jan
1,252 3634 Feb 40
Apr
10 9354 Apr 101
Jan
2 88
Apr 99 June
8 50
Aug 36
Jan
7 1434 Apr 1834 Jan
50 99
Jan 10234 Mar
50 2034 Sept 2134 Jan
193 10434 Mar 13534 Apr
105 18 June 2034 Feb
67
634 May
9
Jan
105 13934 Jan 164
July
1
80 10834 Apr 11434 Apr
2 8534 Jan 98
Apr
20 88
Sept 88
Sept
161 11
Sept 2034 Mar
6 35
Sept 4434 Mar
70 3944 July 63
Jan
30 99
Mar 104
Feb
386 137
Apr 155
Jan
50 8644 Jan 95
Feb
16 91
July 100
Feb
25
554 May
834 Jan
174 43 June 56
Jan
12 107% Jan 110
Apr
23 318
108 81
154 88
35 8154
45 63
16 109
389
1
17
Mar 330
Apr 89%
Mar 95
Jan 9334
Apr 7034
Jan 115
Apr
July
Mar
June
June
July
32
Mar
9454 Mar
35
Mar
9954 Aug
or
eau
M*r
mw,
Pittsburgh Stock Exchange.—Re
of transactions
at Pittsburgh Stock Exchange Sept. cord
18 to Sept. 24, both
inclusive, compiled from official sales lists:
Stocks—
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares
.
Am Vitrified Prod corn.-50
Preferred
100 90
Mn Win Gi Mach corn -100
Preferred
100
Arkansas Nat Gas eom-100
734
Auto Finance, cora
•
Blaw-Knox Co
25
Byers (A M) Co, pref_100
Columbia G & E pre new.._ 98%
Conley Tank Car prof..100 100%
Consolidated Ice, corn--50
Preferred
50
Devonian Oil
10
Duquesne Light 7% p1.100
Houston Gulf Gas
•
Indep Brewing pref
50
7
Jones-Laugh Steel pref_100
Lone Star Gas
25 40;4
Nat Fireproofing pref..100
Ohio Fuel Corp
25 42%
Certificates of deposit__ _ -----Ohio 011 ex Gas
5
Oklahoma Natural Gas_ _25 28H
}ULM> Brewing cam_
_50
Pittsburgh Coal pref..100
Pittsburgh 011 & Gas_ _5
Pittsb Plate Glass corn _100
Salt Creek Congo' 011_ _ _10
Stand Plate Glass pref _100 32
Stand Sanit Mfg corn— _25 98
Tidal Osage Oil
10 1934
Waverly 011 class A
Westinghouse Air Brake.50
West Pa Ry pref
100 95
Rights—
Lone Star Gas
Range Since Jan. I.
Low.
High.
23% 23%
115 23
Aug 33% Jan
90
91
45 90
Apr 94% Jan
61% 61%
60 61% Sept 80
Jan
81% 82%
47 81% Sept .9114 Jan
7% 854 34,865
5
Feb
8% Sept
15
15
25 15
July 25
Apr
76% 80
197 45
Mar 80
Sept
104 105
20 98
Apr 105
Aug
98% 98%
47 95
Aug
98% Sept
100% 100%
10 100 June 101% Mar
1% 1%
120
1% Aug
2% Feb
16
16
35 16
Sept 24
Feb
14% 15
370 12% Apr 17
Jan
115 115
125 112
Mar 115% Aug
6
6% 1,125
5% Apr 10
Feb
6
7
167
5% Feb
8
Feb
116% 116%
. 10 114
Jan 119% Aug
40
41% 3,643 30
Apr 56% Jan
26
28%
1,270 26
Sept 39
Feb
42
42% 2,426 33
Apr 43;4 July
42
42%
55 41% Sept 42% Sept
5;4 5%
200
5
July
5% Sept
28
29
3.289 27% July 34
Jan
5
53.4
270
3
Jan
8
June
71% 71%
140 71
Apr 83% Jan
3% 3%
100
334 Aug
6
Jan
288 288
21 270 June 310
Aug
8% 8%
265
8
Apr 10
Feb
32
32
20 25
May 50
Feb
98
99
543 98
Sr pt 118% Jan
17% 20
2,120
8% July 23% Sept
42
42
500 40% Aug 42%
Sept
132% 132%
100 106
Mar 139
Sept
95
95
27 90
Jan 95
July
3
3
10
2% Aug
3% Aug
Bonds—
Pittsburgh Brew 6s.. _1949
95
95
$6,000 91% July 96
Mars Coal deb 58_ _ _1931
Mar
96% 96%
500 98
Mar 98
Mar
•No par value.
Note.—Sold last week and not reported:
10 Duquesne Light preferr
ed at 115:
929 Oklahoma Gas, 2934ra 2954: 119 Pittsburgh Coal
pref. at 119g 119X;40 Stand.
Plate Glass prior pref. at 85%;30 Stand.Sanitary Mfg.
erly Oil Works, cl. A, at 42%; 3,210 Lone Star Gas corn. at 98g@98%;20 Wav"rights" at 2%g 2%.
National Banks.—The following infor
mation regard:ng
national banks is from the office of the
Comptroller of the
Currency, Treasury Department:
APPLICATIONS TO ORGANIZE
RECEIVED.
Capital.
Sept. 15—First National Bank in Greenwich, Conn'
Corres_pondent, Henry II. Adams,
Greenwich. Conn. $100,000
Sept, 15—The Montauk National Bank, Monta
uk,
N.
Y
Correspondent, A. C. Webb, Monta
100,000
uk, N. Y.
Sept. 15—New First National Bank of Colman,South
Dakota....25,000
Correspondent, Chas. Simonson, Colma
n, S. D.
APPLICATION TO CONVERT RECE
IVED.
Sept. 17—The Union National Bank of Neodesha, Kan
$50.000
Conversion of the Union State Bank, Neodesha,
Kan.
1597
CHARTER ISSUED.
Sept. 15-12990—The Mechanics'
Nat. Bank of Bayonne, N.
J.$20
President,Dewitt Van Buskirk;
Cashier,A.G.Beckman, 0,000
VOLUNTARY LIQUIDATIONS
.
Sept. 13-4411—The City Nation
al Bank
Effective Aug.31 1926. Liquidof Paris, Texas- _ ------$200.000
National Bank of Paris, Texas. ating agent,the Liberty
Succeeded by the Liberty National Bank
Sept. 17-5579—The First Nationof Paris, Texas. No. 12651.
al Bank of Farmington,Iowa_
Effective Sept. 6 1926. Liquidating
-$100,000
ber, Ottumwa, Iowa. Succeeded agent, J. F. Web- ,
by First Trust &
Savings Bank of Farmington, Iowa.
Auction Sales.—Among other
ties, the following,
not actually dealt in at the Stock Exchasecuri
nge, were sold at auction
in New York, Boston and Phila
delph
ia on Wednesday of
this week:
By Adrian II. Muller & Sons, New York
:
Shares. Stocks.
$ per
600 John Famum Co.,common_ _ __ 24sh. Shares. Stocks.
25 Internat. Products Co., pref._$ Perrsh.
200 Zinc Concentrating Co.
_$50 lot
(Del.),
Bonds.
par $10
Per cent.
lot
$1
$8,700
Apperson Bros. Automo
10 Astoria Mahogany Co., Inc.,
Co. let mtge. 75, 1932, Oct. bile
preferred
1925
$1 lot
coupon on
$620 lot
By R.
L. Day & Co., Boston:
Shares. Stocks.
$ per sh. Shares. Stocks.
10 Citizens National Bank
130
20 regular units First Peoples $ per sh.
5 Old Colony Trust Co
Trust
2 First Nat. Bank, New Bedford,326
ex-div.
10 special units First People7234.
Mass
s
Trust
5%
10 Manufacturers Nat. Bank. Cam-286% 11 Cambridge El. Lt. Co., par 325.13834
20
North
Boston
Ltg. Prop., corn-- 97
bridge, 25% paid in liquidation
50
10 Edison Elec. Ill. Co., Brockt
10 Great Falls Mfg. Co
on,
1954
par $25
30 Arlington Mills
6154
35 Naumkeag Steam Cotton Co. 7634 50 New Bedford Gas & FAison
Light Co., par $25
7534
15934,
7
North
Boston
Ltg. Prop.,
ex-div•
5 Ipswich Mills, corn
49;4-50 2 Mass. Ltg. Cos., com___corn--- 0654
29 Dwight Mfg. Co., par $25
71,
23
24 Mass. Ltg. Cos.,6% pref_96 ex-rights
2 Manomet Mills
. ex-rights
50
New
1934
Bedfor
d Gas& Edison Light
18 Saco Lowell Shops, first pref.__
Co., full paid receipts, par 325
1534
7 Weetamoe Mills
7834
24
200
Lawren
ce
Gas
&
Elec.
15 Potomska Mills
Co., par
6734
$25
4 Saco Lowell Shops, 2d pref
7
10 Southern Minnesota Joint Stock 6334
3 Lyman Mills
Land Bank
10 Merrimack M fg.Co.,com _113 119%
77
;4-114% 26 regular units First People
2 Middlesex Co
s Trust
70
13 Stevens Manufacturing Co
72H, ex-div.
11434
14
Union
Twist Drill Co., pref.
3 West Point Manufacturin
g Co.._135
39 Manomet Mills
102%, ex-d1v.
1954 15 American Glue Co., pref
11 Pepperell Manufacturing
Co_
__
_125
4 10 Merrimac Chemical Co., par $501133.4
14 Nashawena Mills
84
5 Merrimack Mfg. Co., prof
7754, ex-d1v.
73
Rights.
32 Whitman Mills
Per right.
50 Massachusetts Ltg. Cos
51
20 Dartmouth Mfg. Co., corn
134
119
50 Massachusetts Ltg. Cos
15 Davol Mills
134
33
145
Mosaae
husetts Ltg. Cos
22 Lyman Mills
1 9-16
11934
Bonds.
100 Samoset Cotton Mills
Per
15
$1,000 Rittenhouse Square Apart- Cent.
20 Bates Manufacturing Co
13354
ments 13345, June 2 1934 ($500
20 Draper Corporation, new
6534
pieces)
20 Springfield Gas Lt. Co.,
$928& int.
par $25_
10 Jersey Central Power & Light 6134 $19,500 Pine Tree Pulp Co. let M.
8s, May 15 1932, coupon May
Co., pref
15
9534, ex-div.
1925 & sub. on ($11,000
2 Worcester Elec. Lt. Co.. par
1,000
$25_163
Pieces). $8,500 500 teems)--$1.00 lot
0
By Wise,
Hobbs & Arnold, Boston:
Shares. Stocks.
$ Per sh. Shares. Srocks.
5 First National Bank
$ Per sh.
6 Nashua Mfg. Co., commo 336 ex. dlv. 4 Worcester G. L. Co., preferred,
n
5034
par $25
10 Androscoggin Mills
10434
ex-d1v.
52
25 Beverly G.& Elec. Co., par
25 Great Falls Mfg, Co
$25- 87
1934 16 Units First Peoples Truat_
12 Naumkeag Steam Cotton
72% ex-cUv.
Co.
20 Plymouth Cordage Co_ _ _133
34-133%
159-159% ex-div. 10 International Securit
15 Merrimack Mfg. Co., com_11
ies Trust of
3%-114
America, 655% preferred
15 Union Cotton Mfg.Co
157
86
15 Draper Corporation, new
15 American Founders
6554
Trust, 7%
9 North Boston Ltg. Prop., pref
Preferred, Par $50
10454
11.000
4534
Welding Patents Co
SEE. Gray Co., preferred,
$100 lot
par $10 8
15 Springfield Gas Lt. Co.. par 525. 8194
7 Boston Wharf Co
112
Rights.
30 Amen Glue Co., commo
i Per HOS.
n
40
787 Massachusetts Ltg. Co., com_l
9-16
By
Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per share. Shares. Stocks.
2 Hestonv., Mantua & Fairmo
$ per
unt
4 Bk. & Tr. Co. of West Phila.,shot.
Passenger Ry., pref
4031
par 850
5 Huntingdon Valley Tr. Co.,
86
Pa_ 76
5 Broad St. Trust Co., par 550
15 Phila. Life Ins. Co.,
7134
par $10__ 143.4 5 Broad Street Trust
Co., par S50 7134
40 Steinmetz Electric Motor
Car
10 Metropolitan Trust Co.. par 350.11
Corp., pref
8
Phoeni
10t
$1
2
x
Trust
Co.. par $50
80 Steinmetz Electric. Motor
6534
Car
3 West End Trust Co
Corp., corn., no par
35354
$1 lot 5 Balla-Cynwyd Nat. Bank
550 National Life Preserver
Co.,
6 F. G. Vogt & Sons, Inc., pref.150
par $1
$5 lot
Par $50
2,000 Tex. Royalties Corp.,
51
Par
$1_51
lot
10 John B. Stetson Co., prof.,
30 Costikyan Carpet Co.,
Paz
pref.,
$25
par $50
40
$6 lot 10 John B. Stetson Co., pref., par
30 Costikyan Carpet Co.,
coin,
$25
no par
$1 lot 100 Commonwealth Casualty Co., 3934
100 Wayne Petroleum
Co., par $1_$1 lot
par $10
16 Magna Metal Corp.,
15
corn., par
1 Phila. Rapid Transit., pref
$10
5034
$1 lot 4 Philadelphia Bourse. cons
20 Magna Metal Corp., Prof.,
20
par
25
units
Banker
Bond
s
& Mtge.,
$10
il lot
old stock
100 Copper Exploration,
125
1,000 De Luse Brush, parpar $10__$1 lot 50 units Bankers Bond & Mtge.,
$1
$1
lot
new
stock
5 Schwartz Royalties Co
125
$3 lot 60 Hare & Chase, Inc., pref
877 Dairy Equip. ex Contai
9834
ner Co..
122 Hare & Chase, Inc., pref
corn., par $10
9634
$4 lot 36 Flare & Chase, Inc., corn.. no
100 Dairy Equipment &
par
2834
Container
22 Hare & Chase, Inc., corn., no
Co., pref., par $10
par 2634
$4 lot 237 Hare dc Chase, Inc., corn
5 Nat. Bank of Comme
2634
rce
260
Bonds.
5 Corn Exchange Nat.
666
52,000 Wilkes-Barre & Scranton Per cent.
5 Corn Exchange Nat. Bank
66554
let M. 4%s, 1938, prin. & Ry.
3 Corn Exchange Nat. Bank
int.
Bank
66454
guar. by Lehigh Coal dr Naviga
35 Union National Bank
255
Lion Co
10 Tradesmens Nat. Bank
97;4
470
51,000 Linwood Country Club
7 Kensington Nat. Bank,
M.6s, 1935, Equitable Trust let
2 Nat. Bank of No. Philapar $50„198
Co.,
220
Atlanti
c City, trustee
5 First Nat. Bk. of Pistils
465
$5,000 Bldg. 1420-22 Walnut St. 9534
1st M.Os, 1936
ioo
By A. J. Wright & Co., Buffa
lo:
Shares. Stocks.
5 Labor Temple Assoc. of $ ver share. Shares. Stocks.
$ per shareBuffal
o
6 Buff.,
'
,
Nag. & East. Pow., Prof
and Vicinity. Inc., par
par $25
1,000 Night Hawk, par $5___51 25 lot
2434
$1
7c.
1,000
Preston East Dome, par SI
150 March Gold, par $1
7e.
15c.
Bonds—
Per cent.
$1,000 Buffalo Athletic Club
900
DIVIDENDS.
Dividends are group
in two separate tables. In the
first we bring togetheredall
dividends announced the
current week. Then we follothe
with a second table, in which
we show the dividends previwously
announced, but which
have not yet been paid.
The dividends announced this week are:
Name of Company.
[VOL. 12:t
THE CHRONICLE
1598
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
15
'134 Nov. 1 *Holders of rec. Oct.
Byers(A. M.) Co.. pref.(quar.)
154 Oct. 16 Holders of rec. Sept. 30
Canada Cement Co.(quar.)
50c. Oct. 15 Holders of rec. Oct. 1
Canada Dry Ginger Ale (quar.)
Oct. 4 Holders of rec. Sept. 25
2
Canadian Cottons, com. (quar.)
154 Oct. 4 Holders of rec. Sept. 25
Preferred (quar.)
Sept. 30
*154 Oct. 15 'Holders of rec. Sept. 30
Canadian Explosives. pref. (quar.)
320. Oct. 15 Holders of rec.
Canadian Industrial Alcohol (quar.)_
21
Sept.
rec.
Chicago Railway Equip., com.(quer.)-- *750. Oct. 1 "Holders of
5154 Oct. 1 *Holders of rec. Sept. 21
Preferred (qua?.)
256
Sept.
rec.
of
Holders
1
Oct.
El
Clinchfield Coal
154 Oct. 1 Holders of rec. Sept. 20
Cohn-Hall-Marx Co., pref. (quar.)
Sept.30
to
26
Sept.
Public Utilities.
30
Sept.
500.
Conley Tank Car, corn. (quar.)
Sept. 30 Sept.26 to Sept. 30
2
Preferred (quar.)
Oct. 13 *Holders of rec .Sept. 30
*2
•1
Oct. 1 "Holders of rec. Sept. 21
American Gas of N. J. (quar.)
Cornell Mills (quar.)
Sept. 23
rec.
30
of
*Holders
Sept.
"21.50
of rec. Oct. 4
Gas
(quar.)
Amherst
Corn Products Refining, com.(quer).-- *500. Oct. 20 *Holders of rec. Oct. 4
(I) Nov. 1 Holders of rec. Sept.30
Oct. 15 'Holders
"154
Associated Gas& Elec.. class A (quar.)
Preferred
1
(guar.)
Oct.
Oct. 15 Holders of rec.
of rec. Oct. 5
'Holders
Oct.
15
*2
Brooklyn-Manhattan Transit (quer.)_ _ _ Si
(quar.)
common
153 Oct. 1 Holders of rec. Sept. 70 Cudahy Packing,
2
Sept.30 Holders of rec. Sept. 22
California Elec. Generating, pref.(au)_
Dixon (Joseph) Crucible (quar.)
14 Oct. 1 Holders of rec. Sept. 15
Holders of rec. Sept.. 30
Oct.
20
Central Illinois Light,6% pref.(quar.)_ _
50c.
Ltd.
(qua?.)
Mines,
Dome.
134 Oct. 1 Holders of rec. Sept. 15
*50c. Nov. 1 *Holders of rec. Oct. 15
Seven per cent pref.(quar.)
Eaton Axle de Spring, corn. (quar.)
of rec. Oct. 15
•1 34 Oct.
1 *Holders of rec. Sept. 20
Central Power & Light, pref.(gnarl--- 154 Nov. 1 Holders
Edmunds Se Jones, pref. (quar.)
1 to Oct. 17
14 Oct. 1 Holders of rec. Sept. 20
Gin. Newport & Coy.L.Se Tr., corn.(au) 153 Oct. 15 Oct. 1 to Oct. 17
(quar.)
pref.
(William),
Edwards
Oct.
15
Oct.
14
*Holders of rec. Sept. 25
*154
Sept.
30
(quar.)
Preferred
Elyria Iron & Steel, pref. (quar.)
°6231e Oct. 1 *Holders of rec. Sept. 24
50o. Oct. 1 Holders of rec. Sept. 25
Cincinnati Street Ry.(quar.)
Estey-Weite Corp., class A (quar.)
1 Holders of rec. Oct. 14
Holders of rec. Sept. 20
1
154
Oct.
Commonwealth Power Corp.. corn. (qu.) 500. Nov.
Filing Equipment Bureau, pref. (inar.)
134 Nov. 1 Holders of rec. Oct. 14
13; Oct. 1 Holders of rec. Sept. 270
Preferred (quar.)
(qua?.)
254 Oct. 1 Holders of rec. Sept. I50 Finance & Trading Corp., pref.
Holders of rec. Sept. 176
1
14
Oct.
Consumers Gas(Toronto) (quar.)
(quar.)
Mills
Flint
"14 Oct. 15 *Holders of rec. Sept. 30
2-3 Oct. 10 Holders of rec. Sept. 30
East Bay Water. pref. A (quar.)
Foshay (W. R.) Co.. cons.(monthly)_
Sept. 30
rec.
of
*Holders
15
Oct.
•154
7-12 Oct. 10 Holders of rec. Sept. 30
P Preferred B (quar.)
7% preferred (monthly)
(a) Oct. I Holders of rec. Sept. 15
2-3 Oct. 10 Holders of rec. Sept. 30
Eastern New York Utilities
Preferred A (monthly)
of rec. Sept. 23
30
*Holders
Sept.
'$2.25
Easthampton Gas (quar.)
*4 Oct. 1
Fraser Company, com. (quar.)
*154 Oct. 1
Electric Light dc Power of Abington &
(quar.)
Preferred
20a
Sept.
50c. Oct. 1 Holders of ree.
Oct. 1 Sept. 26 to Sept.30
IP Rockland (quer.)
Gary (Theodore) & Co., com.(quar.)_ _ 53
51.25 Oct. 1 Holders of rec. Sept. 15
Oct. 1 Sept.26 to Sept. 30
$2
El Paso Electric Co.(Del.) corn
Preferred (quar.)
of rec. Sept. 17
75e
Oct. 1 *II Mere of rec. Sept. 25
Elmira Water, Light de HR., 1st pf.(qu.) 154 Sept.30 Holders of rec. Sept. 17
A
class
Mfg.,
Gemmer
154 Sept. 30 Holders
Oct. 1 Holders of rec. Sept. 25
30c
Second preferred (quar.)
Class B
of rec. Oct. 8
Oct. 1 *Holders of rec. Sept. 20
General Public Service, cony. pt. (qu.)-- $1.75 Nov. 1 Holders of rec. Sept. 23
*51
(quar.)
corn.
Fireproofing,
General
*Holders
*Holders of rec. Sept. 20
"ln
Greenfield Elec. Lt. & Pr., corn.(qu.). •$2.50 Sept.30
Preferred (guar)
23
Sept.
rec.
of
*Holders
30
Sept.
'3731c
1
Sept.20 Holders of rec. Sept. 10
Preferred (quar.)
(monthly),,,_
154 Sept.30 Holders of rec. Sept. 170 General Necessities Corp.
Holders of rec. Oct. 5
15
1
Oct.
Houston Gas & Fuel, preferred (guar.)
Monthly
874c Oct. 15 Holders of rec. Oct. 4
1
Nov. 15 Holders of rec. Nov. 5
Internat. Utilities, class A (quar.)
Monthly
of rec. Oct. 20
1
Holders
Nov.
$1.75
1
Dec. 15 Holders of rec. Dec. 5
Preferred (quar.)
Monthly
131 Oct. 1 Holders of rec. Sept. 15
Dec. 31 Holders of rec. Dec. 20
e25
Kansas Electric Power. pref. (guar.).Stock dividend
I Holders of rec. Sept. 17a
Oct.
154
(quar.)
preferred
Lighting,
Oct. 15 *Holders of rec. Oct. 5
•50c
County
Kings
General Outdoor Advertising, com.(qu.)
Nov. 1 *Holders of rec. Oct. 15
*75c. Oct. 15 *Holders of rec. Oct. 7
Massachusetts Gas Cos.. common (au)- '51.25
(quar.)
Refractories
General
21
Sept.
of
rec.
154 Oct. 1 Holders
Holders of rec. Sept. 20
Oct.
51
Memphis Power & Light, pref. (quar.)_ _
(quar.)
cons.
Co..
ke
Globe-Wernic
2 Oct. 15
Holders of rec. Oct. 15
154 Nov.
Montreal Telegraph (quar.) •
Gotham Silk Hosiery, 1st & 2d pt. (qu.) 4,20
1 Holders of rec. Sept. 30
"Holders of rec. Sept.29
2
Sept.
Nevada-Calif. Elec. Corp., pref.(quer). 151 Nov.30
(stock
dividend)
Lamp
Holders of rec. Sept. 161 Hall
02310. Sept.
Holders of rec. Sept. 23
Oct.
1
New Haven Gas Light (quar.)
Hamilton-Brown Shoe (monthly)
134 Oct. 1 Holders of rec. Sept. 20
Holders of rec. Sept. 23
45e Oct.
New Orleans Public Serv., pref. (quar.)
Oct. 1 Holders of rec. Sept. I50 Harbauer Company (quar.)
of rec. Sept. 21
*Holders
Oct.
*51
N.Y.& Richmond Gas,common (quar.) 2
(quar.)
Co.
Cooley
&
Holders of rec. Sept. 150 had
1
Oct.
131
of rec. Sept. 25
*Holders
•100
Oct.
Preferred (quar.)
Ionia Co.(monthly)
Hayes
15
1
Nov.
of
rec.
Dec.
Holders
14
*Holders of rec. Oct. 25
*10c Nov.
Ohio Edison, 6% preferred (quar.)
Monthly
1.65 Dec. 1 Holders of rec. Nov. 15
of rec. Nov. 25
*Holders
*10c
Dec.
6.6% preferred (quar.)
Monthly
154 Dec. 1 Holders of rec. Nov. 15
•100 Jan 1'2 *Holders of rec. Dec. 25
7% preferred (quar.)
Monthly
550. Oct. 1 Holders of rec. Sept. 15
•10c Febl'2 'Holders of rec. Jan. 25
6.6% preferred (monthly)
Monthly
550. Nov. I Holders of rec Oct. 15
•10c Mar1•2 'Holders of reo. Feb. 25
6.6% preferred (monthly)
Monthly
55c. Dec. 1 Holders of rec. Nov. 15
134 Sept.3 Holders of rec. Sept.28
6.6% preferred (monthly)
Heath (D. C.) & Co., pref. (quar.)
10 Holders of rec. Sept. 30
Holders of rec. Sept. 18
500 Oct.
Peoples Lt.&Pow.Corp.,com.A(mthly.) 20e. Oct.
(quar.)
Glass
Hazel-Atlas
7-12 Oct. 10 Holders of rec. Sept. 30
35c Oct. 2 Holders of rec. Oct. 22
Co.(mthly)
7% preferred (quar.)
Spencer, Bartlett dc
Hibbard,
20a
Sept.
rec.
11
of
Holders
Oct.
5
35e Nov.2 Holders of res. Nov. 19
Philadelphia St Camden Ferry (quar.)
Monthly
Nov. 1 Holders of rec. Oct. 15
350. Dec. 3 Holders of rec. Dec. 24
Philadelphia Rapid Transit, corn.(quar.) $1
Monthly
rec. Oct. I
1
of
Holders
Nov.
21.75
20c. Dec. 3 Holdall of rec. Dec. 24
Preferred (guar.)
Extra
300
Sept.
rec.
15
of
*Holders
Oct.
•154
Holders of rec. Sept. 24
154 Oct.
Phila. dc Western Ry., pref. (quer.).- Hibernia Securities, pref. (quar.)
Nov. 1 Holders of rec. Oct. 10
$1
Holders of rec. Sept. 24
34
Oct.
-Pittsburgh Utilities, common
(quar.)
Holmes(D. H.) Co., Ltd.
10
Oct.
of
rec.
1
Holders
(a)
Nov.
Holders of rec. Sept. 28
Oct.
353
Common (extra)
Holt, Renfrew Co., pref. (quar.)
334 Nov. 1 Holders of rec. Oct. 10
1 Oct. 2 to Oct. 15
3
Oct.
Preferred
Utah
of
Co.
Mines
Silver
Horn
254 Nov. 1 Holders of rec. Oct. 10
Holders of rec. Oct. la
1
Oct.
$1
Preferred (extra)
Howe Sound Co.(guar)
154 Oct. 1 Holders of rec. Sept. 20
*Holders of rec. Oct. 20
'35c. Nov.
Porto Rico Rys., Ltd., pref. (quar.)-Oct. 1 Holders of rec. Sept. 150 Hupp Motor Car, corn. (guar.)
St
1 *Holders of rec. Oct. 5
Oct.
•110
stock).
Providence Gas (quar.)
common
in
(payable
Common
Oct. 1 Sept. 16 to Oct. 1
Holders of rec. Sept. 20
Ridge Avenue Passenger Ry. (quar.)., $3
Refr., corn.(qu.) 62540. Oct.
154 Oct. 15 Holders of rec. Sept. 25a Hussmann (Harry L.)
Holders of rec. Sept. 20
374e. Oct.
Southern Canada Power, pref. (quar.)
Huttig Sash & Door, com.(quar.)
Holders of rec. Sept. 15
Holders of rec. Sept. 20
154
Oct.
Southern Cities Utilities. pref. (quer).- 58 1-3c Oct. 10
Preferred (quar.)
15
Sept.
1
of
rec.
Oct.
Holders
134
(quar.)..
Holders of rec. Sept. 20
Oct.
6254e.
Southw. Gas & Elec.. 7% Pref.
India Tire & Rubber, com. (quar.)
134 Oct. 1 Holders of rec. Sept. 15
Holders of rec. Sept. 20
154
Oct.
Southwest Power, preferred (guar.).--Preferred (guar.)
Sept. 23
rec.
30
of
Sept.
*Holders
*52
Holders of rec. Oct. 22
1
(quer.).
Nov.
$1
Elec.
&
Power
Falls
Turners
Pipe Line (guar.)
Indiana
I70
Sept.
rec.
27
of
Sept.
Holders
154
Nov. 1 Holders of rec. Oct. 22
$I
Utilities Securities, preferred (quar.) Extra
134 Oct. 15 Holders of rec. Sept. 30a
Holders of rec. Sept. 20
2
Oct.
(quad)._
pref.
Western Power Corp.. preferred (quar.)
2d
Corp.,
Indus. Accept.
of rec. Sept. 28
Holders of rec. Oct. 21
(qu.) 154 Nov.
West Kootenay Pow.& Lt., pref. (attar) 154 Oct. 1 Holders of
rec. Sept. 20.9 Industrial Finance Corp..6% pref.
Sept.30 Holders
$1
Holders of rec. Oct. 21
154 Nov.
Worcester Electric Light (quar.)
(quar.)
stock
deb.
and
pref.
7%
Holders of rec. Sept. 160
Holders of rec. Sept. 15
Oct.
75c
Worcester Gas Light, common (quar.)- 630. Oct. 1
(quar.)
Johns-Manville, Inc.
160
Sept.
rec.
1
of
Oct.
Holders
2
of rec. Oct. 18
*Holders
P Preferred (quar.)
Kayser (Julius) & Co., common (quar.)- *75c. Nov.
750. Oct. 16 Oct. 7 to Oct. 15
Sept. 22 to Oct. 1
Oct.
2
(quar.)_
York Railways, common (quar.)
Transport
dc
Lime
Island
Kelley
31 Oct. 7 to Oct. 15
Oct.
6240
of rec. Oct. 9
Holders
3
Oct.
324c
(quar.)
Preferred
Kellogg Switchboard & Stipp. com.(qu.)
154 Oct. 3 Holders of rec. Oct. 9
Preferred (qua?.)
to Sept. 30
21
Sept.
Oct.
750.
Banks.
_
(qua?.)
common
Co.,
Kemper-Thomas
354 Sent.30 Sept.26 to Sept. 30
Holders of rec. Sept. 15
51.75 Oct.
Bowery dc East River Nat,(quar.)
Knox Hat, Inc., prior pref. (quar.)
1
Sept.30 Sept.21 to Sept. 29
Holders of rec. Sept. 20
154 Oct.
(qu.)
Eastern Exchange (quar.)
pref.
Prod.,
Clay
-Christy
Laclede
Oct. 1 Holders of rec. Sept. 30a
6
354 Sept.30 Holders of rec. Sept. 23
Fifth Avenue (quar.)
Lawyers Mortgage Co. (quar.)
Sept. 30 Holders of rec. Sept.24
3
Nov. 1 Holders of rec. Oct. 186
2
Garfield National (quar.)
Lord & Taylor, 2d pref. (quar.)
Oct. 1 Sept.22 to Sept. 30
6
154 Sept.30 Holders of rec. Sept. 300
(qu.).
pref.
1st
Hanover National (quar.)
Sons,
&
(M.)
Lowenstein
1 Sept.21 to Sept. 30
Oct.
2
18 Holders of rec. Oct. 3
154
Oct.
(quar.)
(Brooklyn)
prof. (quar.)
Municipal
Oct. 1 Holders of rec. Sept. 28es Maple Leaf Milling. lot pref. (quer.).-3
154 Oct. 1 Holders of rec. Sept. 21
Nassau National (Brooklyn) (quar.)-McCaskey Register,
24 Oct. 1 Holders of rec. Sept. 14
1 'Holders of rec. Sept. 21
Oct.
*2
(quar.)
Peoples National(Brooklyn)(quar.)
Second preferred
Oct. 1 *Holders of rec. Sept. 21
Second pref. (acct. accum. dividends) *52
Oct. 20 Holders of rec. Sept. 30
3
(guar.)
Trust Companies.
com.
Petroleum,
Mexican
Sept. 29 Holders of rec. Sept. 250
3
2
Oct. 20 Holders of rec. Sept. 30
Empire Trust (quar.)
Preferred (quar.)
Sept. 30 Holders of rec. Sept. 22
4
200. Oct. 1 Holders of rec. Sept. 20
Title Guarantee & Trust (quar.)
Missouri-Illinois Stores, corn. (quar.)... 25c.
Sept. 30 Holders of rec. Sept. 22
5
Oct. 1 Holders of rec. Sept. 23
(extra)
Cement
Extra
Portland
Missouri
Oct. 1 Holders of rec. Sept. 27
4
154 Oct. 1 Holders of rec. Sept. 21
U. S. Mtge. & Trust (quar.)
Mohawk Rubber, pref.(quar.)
2
Oct. 1 Holders of rec. Sept. 20
Murray Ohio Mfg., pref. (quar.)
154 Oct. 1 Holders of rec. Sept. 23
Miscellaneous.
(quar.)
Nashua Mfg., pref.
*750.
Oct. 15 *Holders of rec. Sept. 30
National Cash Register, class A (qua?.).
Nov.
*Holders of rec. Oct. 15
$1.25 Oct. 1 Holders of rec. Sept. 25
Abraham dc Straus. Inc., pref. (quer.).- •1;4
National Equipment, pref. (qua?.)
Sept. 27
rec.
of
*Holders
Oct.
*3754e
154
Oct. 15 Holders of rec. Oct. 1
A
Aero Supply Mfg., class (guar)
National Fireproofing (quar.)
Oct.
Sept.21 to Sept. 30
2
600. Oct. 15 Holders lof rec. Oct. 1
Alabama Fuel & Iron (quar.)
Newmont Mining
*Holders of rec. Sept. 23
*50c. Oct.
4
Oct. 1 Holders of rec. Sept. 24
(quar.)....
Co.
Mortgage
Alles & Fisher (quar.)
N.Y. Title &
Holders of rec. Sept. 20
134 Oct.
1
Oct. 1 Holders of rec. Sept. 24
Amer.Bond & Mortgage, pref.(quar.).
Extra
Nov.
Oct. 12 to Nov. 1
$1
•15c. Oct. 20 *Holders of rec. Sept. 30
American Coal(quar.)
Co.
(quar.)
Mines
Nipissing
rec. Sept. 25
of
Oct.
Holders
1 *Holders of rec. Sept. 22
$I
Oct.
"2
Louis)
(au)
(St.
Indemnity
Credit
Amer.
(quar.)
Holders of rec. Oct. 156 North dr Judd Corp.. pref. (qua?.)-..
50c. Oct. 1 Holders of rec. Sept. 25
Amer. Home Products Corp. (quer).- 200. Nov.1
Novadel Process
Oct.
"Holders of rec. Sept. 21
"21
$1
Holders of rec. Sept. 30
Oct.
15
American Investment, corn
coin.
(quar.)
Ohio Brass,
*Holders of rec. Nov. 2
Oct. 15 Holders of rec. Sept. 30
Si
Amer. Laundry Machinery, COM.(quar.) *750. Dec.
Common (extra)
*Holders of rec. Nov. 2
*25o. Dec.
154 Oct. 15 Holders of rec. Sept. 30
Common (extra)
(quar.)
Preferred
Marl'27 *Holdersofrec.Feb.21'27
*51
Holders of rec. Sept. 306
Common (guar.)
Pan Am.Petr.dcTran.,corn.,tcom.B(au.) $1.50 Oct. 20
Oct.
*Holders of rec. Sept. 20
*51
Nov. 1 Holders of rec. Oct. 15
5
American Sales Book (quar.)
(Canada)(No. 1)
Holders of rec. Sept. 210 Perfection Glass
154 Oct.
of rec. Sept. 25
2
Oct.
*Holders
411.50
American Screw (quar.)
Corp.
(qua?.)
-Dodge
Phelps
250
*Holders of rec. Sept. 27
2
Sept. 30 Holders of rec. Sept.
Amer. Solvents & Chem., pref. (No. 1)_ *75c. Oct.
Sept. 30 Holders of rec. Sept. 25a Pilgrim Mills (quar.)
4
Oct. 20 Holders of r. c. Oct. 1
134
American Surety (quar.)
common
(qua?)
Oordage,
Plymouth
Oct. 1
Holders of rec. Sept. 21
rec.
154 Oct.
of
Holders
20
Oct.
Arlington Mills (quar.)
Common (extra)
Oct. 1
75c. Oct. 1 Holders of rec. Sept. 15
Asbestos Corporation, preferred (quer.). 154 Oct. 1 Holders of rec.
Pratt & Lambert, Inc. (quar.)
Holders of rec. Sept. 24
Oct.
2
13.4 Oct. 1 Holders of rec. Sept. 256
Atlantic Ice & Coal, common (quar.)_
Providence Ice, 1st pref. (qua?.)
Jan1'2
354
Oct. 15 Holders of rec. Sept. 305
51
; Preferred
Safety Cable Co.(quar.)
Oct. 1 Holders of rec. Oct. 1
$I
154 Oct. 1 Holders of rec. Sept. 28
Atlas Plywood (quar.)
Scullin Steel, pref. (quar.)
560. Sept.30 Holders of rec. Sept. 15
Oct. 20 Holders of rec. Sept. 30
30e.
stk.)
Bancitaly Corp.(quar.)
24%
on
(30c.
cash
Holders of ree. Sept. 30a Seagrave Corp.
154 Oct.
50c. Oct. 1 Holders of rec. Sept. 20
Barnet Leather, preferred (quar)
Securities Invest., cons. (quar.)
Oct.
Holders of rec. Sept. 23
1 Holders of rec. Sept.20
Oct.
6240.
Baer. Sternberg & Cohn, corn.(quar.). 500.
Common
(extra)
Holders of rec. Sept.23
154 Oct.
1st preferred (quar.)
Oct. 1 Holders of rec. Sept. 20
2
Preferred (quar.)
Sept.23
rec.
of
Oct.
Holders
2
Holders of rec. Sept. 24
2
Oct.
F'2d preferred (quar.)
Selberling Rubber, pref. (qua?.)
30c. Oct.
Holders of rec. Sept. 20
Holders of rec. Sept. 25
1,4 Oct.
Berry Motor (guar.)
21a Shanklin Mfg., pref. (guar.)
Sept.
rec.
Oct.
of
Holders
25c.
Holders of rec. Sept. 20
500. Oct.
Bliss(E. W.) Co., common (quar.)
Oct. 1 Holders of ree. Sept. 210 Sheffield Steel (quad.) •
$1
of rec. Sept. 21
*Holders
30
Sept.
*750.
First preferred (quar.)
Co.
(qua?.)
Wheat
Shredded
Oct. 1 Holders of rec. Sept. 210
87310
Holders of rec. Sept.30
1
(quar.)
A
class
Oct.
134
Second preferred.
21a Spanish Riv.Pulp &Pap.,com.& pf (qu.)
Sept.
1
rec.
Oct.
of
Holders
150.
Holders of rec. Sept. 21
254 Oct.
Second preferred, class B (quar.)
Standard Screw, COM.(qua?.)
20
'134 Oct. 1 *Holders of rec. Sept. 22
75c. Sept.30 Holders of rec. Sept. 20
Bowman Biltmore Hotels CorP.,PL(Qa.)
Telling-Bell Vernon, Com,(qear)
1 Holders of rec. Sept. 22
Oct.
750.
Holders of rec. Sept.
30
134 Sept.
Boyd-Welsh Co. (quar.)
B
Preferred
(quar.)
20
Sept.
1
rec.
20
Oct.
of
Holders
Sept.
154
Oct. 1 Holders of rec.
13
Bridgman Company, pref. (guar.)
Thompson Products, com. (quar.)
62310. Oct. 1 Holders of rec. Sept. 20
Oct. 1 Holders of reo. Sept. 20
Bruce Co.,com.(quar.)
Common (payable in corn. stock) ---- 25
20
Nov.
reo.
134 Oct. 1 Holders of rec. Sept. 20
of
•114
*Holders
Dec. 1
Preferred (quar)
Preferred (qua?.)
276
250. OM' 1 Holders of ree. Sept. 20
Oct. 1 Holders of rec. Sept.
2
Brunswick Site Co
150 Textile Banking (guar.)
Oct.
1
reo.
Nov.
of
Holders
"11.75
Burns Bros.. Prior pref.(qua?.)
Railroads (Steam).
14 Oct. 1 Holders of rec. Sept. 22
Boston Revere Beach & Lynn (quar.)__
24 Oct. 15 Oct. 2 to Oct. 14
Georgia RR.& Banking (quar.)
154 Oct. 1 Holders of rec. Sept. 240
Manhattan Hy.,7% guaranteed (quar.)$1.25 Oct. 15 Holders of rec. Sept. 30a
Midland Valley
Holders of rec. Oct. I50
Missouri-Kansas-Texas. pref. A (quar.)- 14 Nov. 1
254 Oct. 1 Sept. 16 to Sept. 30
New London Northern (quar.)
Holders of rec. Sept. 130
1
Oct.
14
Northern RR. of N.H.(quar.)
Nov. 11 *Holders Of rec. Oct. 14
*SI
Reading Company, common (quar.)_
Holders of rec. Oct. 1
15
Oct.
$1.25
West Jersey &_Seashore
Oct. 1
SEPT. 25 1926.]
Name of Company.
THE CHRONICLE
Per
When
Ceni. Payable.
Books Closed
Days Inclusive.
1599
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Conchic'ed)Columbus Elec.& Power,corn.
Holders of rec. Sept.20a
Preferred series B (guar.) (quar.)-- 234 Oct.
1,4 Oct.
Holders of rec. Sept.20a
Second preferred (guar.)
1,2 Oct.
Holders of rec. Sept. 200
Consol. G.,EL L.& P., Balt.,corn.(qu.) 62)4e
Oct.
Holders of rec. Sept. 15a
Series A preferred (guar.)
2
Oct.
Holders of rec. Sept. 156
Series B preferred (elm.)
1,4 Oct.
Holders of roe. Sept. 156
Series C preferred (guar.)
1,4 Oct.
Holders of rec. Sept. 15a
Series D preferred (guar.)
1)4 Oct.
Holders of rec. Sept. 16a
Consumers Power,6% pref. (quar.)
. _
1)4 Oct.
Holders of rec. Sept. 15
6.6% preferred (guar.)
1.65 Oct.
Holders of rec. Sept. 15
7% preferred (guar.)
1,4 Oct.
Holders of rec. Sept. 15
6% preferred (monthly)
50c. Oct.
Holders of rec. Sept. 15
6.6% preferred (month
55e. Oct.
Holders of rec. Sept. 15
6% pref ‘rr,d (guar.) ly)
13.4 Jan.
Holders of rec. Dee. 15
6.6% preferred (guar.)
1.65 Jan.
Holders of rec. Dee. 15
7% preferred (guar.)
1% Jan.
Holders of roe. Dec. 15
6% preferred (monthly)
50e. Nov.
Holders of rec. Oct. 15
6% preferred (monthly)
50e. Dec.
Holders of rec. Nov.
e% preferred (monthly)
50c. Jan 22 Holders of rec. Dec. 15
6.6% preferred (monthly)
15
55c. Nov.
Holders of rec. Oct. 15
6.6% preferred (monthly)
55e. • Dec.
Holders of rec. Nov. 15
6.6% preferred (monthly)
Below we give the dividends announced
55e. Jan 2'2 Holders of rec. Dec. 15
ntal Gas & El. Corp., corn.(qu.) 21.10
and not yet paid. This list does not incluin previous weeks Contine
Oct.
Holders of rec. Sept.13a
7% prior preference (guar.)
1% Oct.
Holders of rec. Sept. 13a
Participating preferred (guar.)
nounced this week, these being given in the de dividends an134
Oct.
Holders
of rec. Sept. 13a
preceding table.
Participating preferred (extra)
34 Oct.
Holders of rec. Sept. 13a
6% preferred (guar.)
Oct.
134
Holders
of
rec. Sept. 13a
Denver
Tramway Corp.,
Per
When
Books Closed.
Holders of rec. Sept. 15a
Name of Company.
Detroit Edison (guar.) pref. (quar.).... 21.25 Oct.
cent. Payable.
2
Oct. 1
Days 'reclusive.
Holders of rec. Sept.20a
Diamond State Teiep.. pref.(guar.)...
1,4 Oct. 1 Holders of rec. Sept. 20a
Railroads (Steam).
Dominion Power & Transm.,
pref. (qu.) 1,4 Oct.. 1 Holders of rec. Sept.23
Akron Canton & Youngstown
Duke Power Co. (guar.)
4
Oct. 1 Holders of roe. Sept.
1
Oct.
Holders of rec. Sept. 15
Alabama dr Vicksburg
Duluth
15
-Superi
or Traction. pref.(guar.). 1
3
Oct. 1 Holders of
Oct.
Holders of rec. Sept. 15a
Bangor dr Aroostook, common (guar.)
Sept. 8a Eastern Mass. Street
._ 750. Oct. 1 Holders of rec.
234 Oct.
Holders of roe. Sept. 15
Preferred
rec. Sept. 140 EasternTexas ElectricRy., adj. stock.._
Co.. pref. (guar.) 1,4
131 Oct. 1 Holders of rec. Sept. 146 Electric
Holders of rec. Sept. 170
Beech Creek (guar.)
Bond & Share Securities (guar.) 250. Oct.
50e. Oct. 1 Holders of rec.
Oct. 1
Boston & Providence (quar.)
Holders of rec. Sept. 15
2)4 Oct. 1 Holders of roe. Sept. 15a Electric Bond & Share, pref. (guar.)
114 Nov.
Holders
Boston & Albany (guar.)
Sept. 20
of rec. Oct. 11
Electric
Power
& Light, pref.(quar.)_ _ $1.75 Oct.
2
Sept.30 Holders of rec. Aug. 31a
Canadian Pacific, corn. (guar.)
Holders of roe. Sept. 15a
Prof. allotment etfs. 40% paid
2)4
Oct.
1
Holders
70e.
Oct.
of rec. Sept. la Electric Public
Holders of rec. Sept. 15a
1. Preferred
Service
2
. pref.(guar.)- - 1,4 Oct.
Oct. 1 Holders of rec. Sept. la
Carolina Clinchfield & Ohio, corn.(cm.).
Holders of rec. Sept. 20
El Paso Electric Co.. pref ser.
75e. Oct. 10 Holders of rec. Sept.
A (qu.)_
1,4 Oct. 1 Holders of rec. Oct. Its
Stamped certificates
30a
Preferred series B (quar.)
$1.25 Oct. 10 Holders of res. Sept.
1)4 Oct. 1 Holders of rec. Oct. la
Chesapeake & Ohio. corn. ((ivar.)
30a
Empire
Gas
&
Fuel,
2
8% pref.(monthly). 662-3 Oct.
Oct. 1 Holders of rec.
Preferred A
Holders of rec. Sept. 15
Seven per cent preferre
3,4 Jan 1'27 Holders of rec. Sept. 8a
58 1-3 Oct.
Holders of rec. Sept. 15
Clev. Cm. Chic. dr St. L.. oom.(qu.)
Dec. 80 Empire Power, 26 prof. d (monthly)_
134 Oct. 20 Holder., of res. Oat.
(Ulan)
21.50 Oct.
Preferred (guar.)
Holders
of rec. Sept. 23
5a
Partici
pating
stock
114 Oct. 20 Holders of rec.
50c. Oct.
Consolidated Rita. of Cuba, pref.
Holders of rec. Sept. 23
Oct. 5. Engineers Public Service
(qu.)_
,
Oct.
pref
.(quar.
1)4
1
)
21.75 Oct.
Holders of roe. Sept. 170 Federal Light
Holders of roe. Sept. la
Cuba RR.. common
&
Trac..
$1.40 orr
corn.(quar.)-Holders of rec. Sept. 17
20c Oct.
Freferred
Holders of rec. Sept. 154
Common (payable in common
3
Feb l'2 Hold, of rec. Jan. 15'276
stock)..
15e. Oct.
Gulf Mobile dr Northern, pref.
Holders of rec. Sept. l5a
Florida Public Service,7% pref. (quar.)
_
Holders of rec. Sept. 15a Fort Worth
1,4 Oct.
Holders of rec. Sept. 15
Hocking Valley. corn. (guar.) (quar.).... 1)4 Oct.
Power
& Ltg., pref. (qua?,).. 1,4 Nov.
2
Sept.3 Holders of rec. Sept. 80 General
Holders of rec. Oct. 15
Kansas City Southern, pref.
Gas & Elec., com. A (guar.)
(guar.)-- 1
Oct 1 Holders of rec. Sept. 30a
3734e. Oct.
Holders of rec. Sept. 150
Lehigh Valley. common (guar.)
$8 preferred clasa A (guar.)
87)4e Oct.
$2
Oct.
Holders of roe. Sept. 110
Holders
of rec. Sept. 15a
Preferred (guar.)
preferre
$7
d class A (guar.)
21.25 Oct.
$1.75 Oct.
Holders of rec. Sept. 1la
Holders of rec. Sept. I56
Meadville. Conneaut Lake & Linesvil
Preferred class B (guar.)
Oct.
$1.75 Oct.
Holders of roe. Sept. 15
Holders of rec. Sept. 15a
Minn.St. Paul & 5.5. M.leased lines..le. 2
Gold
&
Stock
2
Oct.
1)4 Oct.
Holders of rec. Sept.206 Haverhill Gas Telegraph (guar.)
Holders of rec. Sept. 3011
New York Central RR.(guar.)
Light (guar.)
114 Nov.
550. Oct.
Holders of roe. Oct. 50 Illinois Bell
Holders of roe. Sept. 170
N.Y. Chicago & St. Louis, cam.
Telephone (guar.)
(guar.) 214 Oct.
2
Sept.30 Holders of rec. Sept. 294
Holders of rec. Aug. 16m Illinois Power,
Preferred A (guar.)
6% pref. (guar.)
154 Oct.
1)4 Oct.
Holders of rec. Aug. 16a
Holders of rec. Sept. 15
N.Y. Lackawanna'& Western
Seven per cent preferred (guar.)
(guar.)
1)4 Oct.
1,4 Oct.
Holders of roe, Sept. 15a Illinois Power
Holders of rec. Sept. 15
Northern Pacific (quar.)
& Light. 7% pref. (guar.) 1,4 Oct.
134 Nov.
Holders of rec. Sept. 30a
Holders
Old Colony RR. (guar.)
of rec. Sept. 10
Six
per cent participating pref.(guar.) 1H Oct.
1,4 Oct.
Holders of rce. Sept. ha
Holders of rec. Sept. 10
Pere Marquette, common (guar.)
Six per cent preferred (guar.)
1H Oct.
Holders of rec. Sept. 15a Illinois Tractio
13.4 Oct.
Holders of rec. Sept. 15
Prior preference (guar.)
n,
preferred (guar.)
1)4 Oct.
14 Oct.
Holders of rec. Sept. 154 Indianapolis
Holders of rec. Sept. 20
Five per cent preferred (guar.)
Water Works, pref
114 Oct.
334 Oct.
Holders of rec. Sept. 15a internat.
Holders of rec. Sept. 110
Pittsburgh Bessemer & Lake Erie.
Pow..Ltc1.(Canada)Ist pf.(611.) 1,4 Oct.
75c. Oct.
Holders of rec. Sept. 15
Holders
Pitts.& West Virginia. corn.(quar.)com_
of rec. Sept. 15
Interna
tional
Telep. & Teleg.(guar.) _
1)4 Oct. 3 Holders of rec. Oct.
1)4 Oct. 1
Holders of rec. Sept.270
Common (guar.)
1,4 Jan. 3 Hold, of rec. Jan. 15 156 Interstate Power. pref.(guar.)
81.75 Oct.
Holders of rec. Sept. 4a
Providence dr Worcester (guar.)
'270
Jamaic
Public
a
Service
, pref. (guar.).
234 Sept.3 Holders of rec. Sept.
1% Oct.
Holders of rec. Sept. 20
Reading Company, 2d pref. (guar.)
8
Jersey Central Power & Lt., pref.
50c. Oct. 1 Holders of rec. Sept. 21a
1,4 Oct.
(qu.)Holders of rec. Sept. 17
St. Louis-San Francisco Ky., corn. ._ _ _
Kan. City Pow.& Lt., 1st pf ser.A(q
(qu.)
1,4 Oct.
u.) 21.75 Oct.
Holders of rec. Sept. 15a Kansas Gas
Holders
Preferred (guar.)
of rec. Sept. 15a
& Elec., pref.(guar.)
114 Nov.
1,4 Oct.
Holders of rec. Oct.
Holders of rec. Sept. 15
St. Louis Southwestern, pref.
(guar.)._
1)4 Sept.3 Holders of rec. Sept. 15a Kentucky Securities Corp., corn.(qu.) _
134 Oct.
Holders of rec. Sept. 206
Southern Pacific (guar.)
15
Preferr
ed
I)4- Oct.
Holders of rec. Aug. 27a Laurentide (qool%)
134 Oct. 1 Holders of rec. Sept. 20a
Southern Railway, common (guar.)
Power (guar.)
1
Nov.
114 Oct. 1 Holders of rec. Sept. 30
Sept. 22 to Oct.
Preferred (quar.)
Lone Star Gas (guar.)
1)4 Oct. 1 Sept.22 to Oct. 12
4334e Sept.3 Sept. 22 to Sept. 30
Mobile & Ohio stock trust certific
12
Long
Island
ates_
2
Oct.
154 Oct.
Holders of rec. Sept. I5a Louisville Lighting, pref. (tivat.)
Holders of rec. Sept. 21
Union Pacific, corn. (guar.)
234 Oct.
4334e Sept.2i Holders of rec. Aug. 316
Holders of rec. Sept. la Mackay Gas & EL,corn. A & B(MO
Preferred
Companies. common (guar.).
2
Oct.
1,4
Oct.
Holders of rec. Sept. la
Vermont & Massachusetts
I
Holders
of rec. Sept. 8a
Preferred (guar.)
3
Oct.
Oct. 1 Holders of rec. Sept. 80
Sept. 9 to Oct. 7
1
Violist). Shreveport dr Pao., corn. &
Manhattan Railwaypref. 2)4 Oct.
Holders of rec. Sept. 84
Western Pacific RR,. Corp., pref.(qu.)_
modifie
d
guarant (guar.)
_
1)4 Oct. 2 Holders of rec.
t3.4 Oct. I Holders of
Oct. 7a Manila Elec. Corp.,ee
common (guar.)... 50c. Oct. 1 Holders of rec. Sept. 21)(1
Public Utilities.
rec. Sept. 156
Common (guar.)
50c Dec. 3' Holders of rec. Dec. 156
Alabama Power, 7% pref.(guar.)
Massach
usetts Lig. Co,.. corn.(quar.)_ _ 75e. Sept.3(
11( Oct.
Holders of roe. Sept. 20
Holders of roe. Sept.20
6% preferred (quar.)
Six per cent preferred (guar.)
134
Oat.
Holders of rec. Sept. 20
1)4 Oct. L Holders of rec. Sept.25
All-America Cables (guar.)
Eight per
2
Oct. 1: Holders of rec. Sept.25
American & Foreign Power, pref.(guar.) 134 Oct. 1 Holders of roe. Sept. 30a Metropolitancent preferred (guar.)
Edison Co., 27 pref.(qu.). $1.75 Oct. 1 Holders
Holders of rec. Sept. 176
Corn.& Prof. allot. Ms.25% pd.(qu.) $1.75 Oct.
of rec. Sept. 15
26 preferred (guar.)
43,20
Oct.
Holders of roe. Sept. 176 Middle
$1.50 Oct. 1 Holders of rec. Sept. 15
Amer. Gas dr Elec., common (quar.)
West
25e. Oct.
Utilities, prof. (quar.).
Holders of rec. Sept. 17
131 Oct. 1: Holders of rec. Sept.30
Preferred (guar.)
Midland Utilities, prior lien (guar.) .21.50
Nov.
Holders
_
_
1,4 Oct. I Holders of rec. Sept.22
of rec. Oct. 11
Amer. Power & Light. pref.(guar.)
Preferred A (guar.)
11.4 Oct.
Holders of res. Sept. 16
1,4 Oct.
American Public Service, pref. (guar.)._
Holders of rec. Sept. 22
Minnes
Power & Light, pref.(qUar.)
Holders of rec. Sept. 156 Mohawota
Amer.Public Utilities, prior pref.(guar.) 1,4 Oct.
Holders of rec. Sept. 15
- 154 Oct.
k
Valley
$1.75
Co.
(guar.)
Oct.
Holders of rec. Sept. 15
50e. Oct. 1 Holders of rec. Sept. 210
Participating Preferred (quar.)
Monong
ahela
$1.75 Oct.
West Penn P. S., pf.
Holders of r C. Sept. 15
4334e
Amer.Superpower Corp.,com.A dr
Oct.
I
Holders
of rec. Sept. 15
Montana Power, common (guar.)
B (qu) 30e. Oct.
Holders of rec. Sept. la
1)2 Oct. I Holders of rec. Sept. 10a
First preferred (guar.)
Preferred (guar.)
$1.50 Oct.
Holders of rec. Sept. to Mounta
1,4
Oct.
Holders
American Telep. & Teleg. (guar.)
1
of
rec. Sept. 10a
in States Power. pref.
2)4 Oct. 15 Holders of rec.
(guar.).- 134 Oct. 20 Holders of rec. Sept.30
Quarterly
2)4J an 15'27 Holders of rec. Sept. 20a Municipal Gas Co.(of Texas), pt.(qu.).. 1,4 Oct.
Holders of rec. Sept. 15
Quarterly
Dec. 20a Municipal Service,
234A
pr 15'27 Holders of
Prof.(No. 1)
50e. Oct.
Holders of rec. Sept. 15
Arkansas Central Power. pref.(quar.)
Mar. 15a Narragansett Electric
$1.75 Oct. 1 Holders of rec.
Lightin
$1 Oct.
Arkansas Natural Gas (guar.)
Holders of rec. Sept. lla
rec. Sept.
National Elec. Power, pref. g (qua?.)..
Oct. 1 Holders of rec. Sept.22
(guar.)
1,4 Oct.
Holders
Associated Gas& Elea., orig. pref.(qu.)_
of rec. Sept. 20
94
Nationa
l
Power
& Light, pref. (atiar.)
817,40. Oct. 1 Holders of
21.75 Oct.
Holders of rec. Sept. 15
Original preferred (extra)
National Public Service Corp.,
112340. Oct. 1 Holders of rec. Aug. 31
1,4
pf.A(gtL)
Oct.
Holders of rec. Sept. 17
rec. Aug. 31
$7 dividend series pref.(guar.)
Partici
pating
121.75
pref.
Oct. 1 Holders of rec. Aug.
1,4 Oct.
Holders of rec. Sept. 17
Bangor Hydro-Elec. Co , pref. (guar.)._
31
New Eng. Pow. Assn.,(guar.)
corn.
Barcelona Tr. L.& P., partie. pref.(qu.) 1,4 Oct. 1 Holders of rec. Sept. 10
New England Pub. Sem, (qu.)(No.1) 373.4c Oct. 15 Holders of rec. Sept. 30
1,4 Sept.30 Holders of rec.
pref. (quar.) 31.75 Oct. 15
Boll Telephone of Canada (guar.)
Sept.
20
Now
Englan
d
2
Telep. & Teleg. (quar.)
Oct. 15 Holders of rec.
2
Sept.30 Holders of rec. Sept. 1041
Bell Telephone of Pa.. pref. (guar.)--- 134 Oct. 15 Holders of rec. Sept. 23a Now Jersey Pr. dr Lt.. part. pref.(qu.)
1,4 Oct. 1 Holders of rec. Sept.
Binghamton L., H.& P.,$6 pref.(guar.)
15
$1.50 Oct. 1 Holders of rec. Sept.20a Newport News & Hampton Ky., Gas &
Birmingham Electric Co., pref.
Sept.
15
Electric
. common (guar.)
(qu.)--- $1.75 Oct. 1 Holders of rec.
114 Oct. 1 Holders of roe. Sept.
Boston Elevated fly.. corn.(guar.)
Sept. 14
Preferred (guar.)
15a
Oct.
134
1
Holders of rec.
1,4 Oct. 1 Holders of rec. Sept.
Second preferred
New York Central Elec.
15a
334 Oct. 1 Holders of rec. Sept. 9
Brazilian Trac., Lt. & Pow., Prof.
Sept. 9
New York Steam Co., Corp., pt. (qtr.) 1H Oct. 1 Holders of rec. Sept.21
1)4 Oct. 15 Holders of
Brooklyn-Manhat. Transit. pref. (:111.)154 Oct. 1 Holders of rec. Sept.
rec. Sept. 15
New York Telephone. pref. (guar.)15a
A (qu.) 1H Oct. 15 Holders
pref. (quar.)-154 Oct. 15 Holders of roe.
of rec.
Preferred seder' A (guar.)
Niagara Falls Power, commo
11.4J an 1527 Holders of rec. Oct. 1
n (guar.).- 50c. Sept. 30 Holders of rec. Sept. 200
Preferred series A (quar.)
Preferred (quar.)
Sept. 15
1)4A pr 1527 Holders of rec. Dee. 31
4331e. Oct. 15 Holders of rec. Sept. 300
Brooklyn Union Gail (guar.)
Apr. 1
Niagara
Locke.
&
$1
Oct.
Ont. Pr., corn.(guar.) 500. Sept.30
1 Holders of rec. Sept.
Buff. Niagara & East.Pow., corn.(qu.) 250.
Holders of rec. Sept. 150
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 8a
1,4
Oct.
1 Holders of rec. Sept.
Preferred (guar.)
15
North American CO..
40e.
1 Holders of rec. Sept. 15
(250. Oct. 1 Holders of rec. Sept. 150
Capital Tram, Washington, D.C.(qu.).. l)i Oct.
Preferred (guar.) corn. (guar.)
7
Oct.
750. Oct. 1 Holders of rec. Sept. 7
Carolina Power & Light, pref.(quar.). $1.75 Oct. 1 Holders of rec. Sept. 14
Northeastern Power Corp., Cl.
1
Holders
A
of
rec. Sept. 14
$6 Preferred (guar.)
Northern N.Y. Utilities, corn. (MO-- 21.50 Oct. 1 Holders of rec. Sept.20
$1.50 Oct. 1 Holders of roe.
(guar.)... 750. Sept.29 Holders of recs. Sept. 20
Central Illinois Pub.Serv., pref.(guar.)_
Sept. 14
Northern Ohio Pr.& Light,
134 Oct.
6% Pf.(qu.) 1)4 Oct. 1 Holders of rec. Sept. 15
Central States Elec. Corp.,corn.(guar.).. 25e. Oct. 15 Holders of rec. Sept. 30a
Seven per cent Prof.
1 Holders of rec.
(quar.)
1,4 Oct. 1 Holders of roe. Sept. 15
Preferred (guar.)
Northern States Power,
134 Oct. 1 Holders of rec. Sept. 10
corn.,
Nov. 1 Holders of rec. Sept.30
Chicago City Ky.(guar.)
Sept. 10
Six per rent l ref. (guar.) cl. A MU.) 2
1)4
134 Oct. 20 Holders of rec. Sept.30
Chic. North Shore & MIlw., pr.lien (qu.) 1,4 Sept.30 Sept.21 to Sept.25
7% pref. (qu
Oct. 1 Holders of rec. Sept.
Oct.
134
20 Holders of rec. Sept. 30
Preferred (guar.)
15a
Northpo
rt
Water Works, pref.
1)4
(guar.)-- 1t4 Oct. 1 Holders of rec. Sept.23
Chicago Rap. Tran., prior p1.(mthly.) _ BS?. Oct. 1 Holders of rec. Sept. 15a North West Utilitie
Oct. 1 Holders of rec.
s, prior lien
$1.75 Oct. 1 Holders of roe. Sept. 154
Prior preferred (monthly)
65e. Nov. 1 Holders of rec. Sept. 210 Ohio Bell Telephone, pref.(guar.)
1,4 Oct. 1 Holders of rec. Sept. 200
Prior preferred (monthly)
650. Dec. 1 Holders of rec. Oct. 196 Ohio River Edison,7% pref.(guar.)
Nov.
---- 154 Oct. 1 Holders of roe. Sept. 15
Chickasha Gas & Elec., corn. (guar.) _ 2
Oct. 1 Sept. 25 to Oct. 160 Ottawa Light, Heat & Pow..corn.(qu.).
Sept.30 Holders of rec. Sept. 15a
134
1
Preferred (guar.)
Preferr
ed
(guar.)
1)4 Oct. 1 Sept. 25 to
1,4 Oct. 1 Holders of rec. Sept. 150
Oct. 1
Cleveland Railway (guar.)
Ottawa 'Fraction (guar.)
11( Oct. 1
of rec. Sept. 13
Oct. 1 Holders of rec. Sept. 15
1
Pacific
Coast Valleys Gas & EL.6% Pref.(Q11.)- 134 Oct. -1 Holders
Gas
&
Electric
, corn.(quar.)_. 2
Holders of roe.
Oct. 15 Holders of rec. Sept.306
7% pref. series B (guar.)
PacificTelep. & Teleg.,
11( Oct. 1 Holders of roe. Sept. 15
154
corn.
(guar.)
Sept.
30 Holders of roe. Sept.27a
Sept.
15
Columbus Ry., Pr.& Lt., let pref.(gu.)- 111 Oct. 1
Preferred (boar.)
Holders of rec.
134 Oct. 15 Holders of rec. Sept.
Panama Power & Light,
•
i Series B preferred (guar.)
$1.63 Nov. 1 Holders of roe. Sept. 15
prof.(guar.)-- 1,4 Oct. 1 Holders of tee. Sept. 304
Oct. 15
18
Penn Central Lt.& Pow.,
pref.(guar.).- 31.25 Oct. I Holders of rec. Sept. 15
Miscellaneous (Concluded).
Tonopah Mining
Trumbull-Cliffs Furnace, pref. (quar.)_ _ .1734e. Oct. 21 *Holders of rec. Sept. 3(1
134 Oct. I Holders of rec. Sept. 20
Tuckett Tobacco, corn. (guar.)
I
Oct. 15 Holders of rec. Sept.
lk Preferred (guar.)
1,2 Oct. 15 Holders of rec. Sept. 30
Tulip Cup Corp., corn.(guar.)
37)4c. Oct. 1 Holders of rec. Sept. 30
1 Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 24
Union Metal Mfg.(guar.)
500. Oct. 1 Holders of rec. Sept. 24
Extra
25e. Oct. 1 Holders of rec. Sept. 20
United Ice Service, pref. A (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 20
U. S. Radiator, common (guar.)
*35o. Oct. 15 *Holders of rec. Oct. 2I0
pI Preferred (quar.)
1
*134
Oct. 15 *Holders of rec. Oct. 1
Universal Lenf Tobacco, pref. (guar.)._
2
Oct. 1 Holders of rec. Sept. 21
Utah-Idaho Sugar, pref. (guar.)
17340. Sept.30 Holders of rec. Sept.
Vick Chemical (guar.)
18
Wagner Electric Corp.. pref. (guar.)._ *87)4c Nov. 1 *Holders of rec. Oct. 16
Western Grocers(Canada).pref.new(qu) •131 Oct. 1 * elders of rec. Sept. 20
134 Oct. 15 Holders of rec. Sept.
Westmoreland Coal(guar.)
$1 Oct. I Sept. 28 to Oct. 30
Whitman (William) Co.. pref. (guar.)
1
._
Oct. 1 Holders of r c. Sept. 21
Winnsboro Mills, corn. (guar.)
2
Oct. 1 Holders of rec. Sept. 24
Preferred (guar.)
1,4
Oct.
1 Holders of rec. Sept.
Woods Mfg., pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 24
27
131
Name of Company.
Name of Company.
[VOL. 123
THE CHRONICLE
1600
When
Per
Cent. Payable.
Books Closed.
Days Intlustre.
Name of Company.
When
Per
Cent. Payable
Books Closed
Days Inclustre.
Mitcelleneous (Con'tnued)
Public Utilities (Concluded).
7540. Oct. 4 Holders of rec. Sept.28
Ahumada Lead Co.(guar.)
134 Dec. 1 Holders of rec. Nov. 20
Penn-Ohio Edison, 7% pref. (quar.)_
1734c Oct. 4 Holders of rec. Sept.28
Extra
30
Sept.
to
Sept. 18
Oct. 15 Holders of rec. Sept. 300
Pennsylvania Gas& El., corn.(guar.).-- 156 Oct. 1
$1.25
Air Reduction Co.(quar.)
15( Oct. 1 Sept. 18 to Sept.30
Preferred (guar.)
Oct. 15 Holders of rec. Sept. 30a
$1
Extra
of rec. Sept. 15
30 Sept.24 to Sept.30
Sept.
Pennsylvania Power & Light, pref. (qu.) $1.75 Oct. 1 Holders
50c.
(qu.)
corn.
Pap.,
Perf.
Wrapping
Albany
17a
Oct. 1 Holders of rec. Sept.
30 Sept.24 to Sept. 30
Pennsylvania Water & Power (quar.)--- 2
15(
Sept.
Preferred (guar.)
Oct. 18 Holders of rec. Oct. 40
2
Oct. 1 *Holders of rec. Sept. 15
1-3c
Peoples Gas Light & Coke (quar.)
*2
(monthly)__
Co.
Grain
Pacific
Alberta
la
Oct.
rec.
of
Oct. 30 Holders
$I
1 *Holders of rec. Sept. 15
Philadelphia Co., common (guar.)
Oct.
1-30
*2
Monthly
$1.50 Nov. 1 Holders of rec. Oct. la
Six per cent preferred (quar.)
*2 1-3c Oct. 1 *Holders of rec. Sept. 15
Monthly
$2 Oct. 1 Holders of rec. Sept. 100
I *Holders of rec. Sept. 15
Philadelphia Traction
Oct.
1-3c
*2
Monthly
20
25c. Oct. 1 Holders of rec. Sept.
Power Corporation. common (quar.)_
Oct. 1 Holders of rec. Sept. 17
2
Aldred & Co.(guar.)
of rec. Sept. 15
Portland Elec.Pow.Co.,6% 1st pf.(qu.) 134 Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. 150
134
pref.(qu.)
Dye
&
Corp.,
Chemical
Allied
Holders
134 Oct. 1
Prior preference (guar.)
15( Oct. 15 Holders of rec. Sept. 246
Allis Chalmers Mfg., pref.(guar.)
Public Service Corp. of New JerseyInc.,com.(qu) 50c. Sept.30 Holders of rec. Sept. 156
$1.25 Sept.30 Holders of rec. Sept. 30 Aluminum Manufactures,
Common (quar.)
154 Oct. 1 Holders of rec. Sept. 200
(guar.)
Preferred
3a
Sept.
rec.
of
Sept.30 Holders
2
Eight per cent preferred (guar.)
(quar.). 50e. Oct. 30 Holders of rec. Oct. 15a
15( Sept.30 Holders of rec. Sept. 3a Amerada Corporation, common
Seven per cent preferred (guar.)
Art Works, com.& pref. (qu.) 154 Oct. 15 Holders of rec. Sept. 30
American
3a
Sept.
rec.
of
Holders
30
Sept.
134
Six per cent preferred (quar.)
40c. Oct. 1 Holders of rec. Sept. 156
American Bank Note, corn.(quar.)
Oct. 1 Sept.25 to Oct. 1
Public Service Co. of Okla., com.(guar.) 2
750. Oct. 1 Holders of rec. Sept. 156
Preferred (quar.)
134 Oct. 1 Sept.25 to Oct. 1
Prior lien stock (quar.)
$1.50 Sept.30 Holders of rec. Sept. 246
&
(qu.)
corn.
Shoe
Fdy.,
Brake
American
1
Oct.
to
25
Sept.
1
154 Oct.
Preferred (guar.)
154 Sept.30 Holders of rec. Sept. 296
Preferred (guar.)
1% Sept.30 Holders of rec. Sept. 3
Sept. 270
Public Serv. Elec..ir Gas,7% pref.(qu.)
Am. Brown Dover' El. Corp., pf. (qu.). 134 Oct. 1 Holders of rec. Sept.
154 Sept.30 Holders of rec. Sept. 3
160
• Six per cent pref.(guar.)
154 Oct. 1 Holders of rec.
(guar.)
preferred
Can,
American
150
Oct.
1 Holders of rec.
Public Service Elec. Power, pref.(quar.) $1.75 Nov. 15 Holders of rec. Sept. 200 Amer. Car & Foundry, common (guar.) $1.50 Oct. 1 Holders of rec. Sept. 150
1.54 Oct.
Puget Sound Power & Lt., pref.(qu.)_
15( Oct. 1 Holders of roe. Sept. 150
(guar.)
Preferred
200
Sept.
rec.
of
Holders
15
Oct.
154
Prior preference (guar.)
American Cellulose & Chemical Mfg.,
154 Oct. 15 Holders of rec. Sept.30
Quebec Power Co., common (guar.)_
134 Sept.30 Holders of rec. Sept. 15
First participating preferred (guar.)._
154 Oct. 15 Holders of rec. Sept. 30
50c. Sept.30 Sept.21 to Sept.30
Preferred (quar.)
American Chain, class A (guar.)
la
Sept.
rec.
of
15( Oct. 1 Holders
Oct. 1 Holders of rec. Sept. 15a
Radio Corp. of America, pref. (guar.)._
750.
(guar.)
Chicle,
com.
American
154 Oct. 15 Holders of rec. Sept.30
154 Oct. 1 Holders of rec. Sept. 150
Republic Ry.& Light,6% pref.(quar.)_
6% preferred (quar.)
Oct. 1 Holders of rec. Sept. 15a
Holders of rec. Sept. 150
'1g
Oct.
Savannah El. dr Pr., deb. 1st pt. A (qu.) 2
(guar.)
preferred
7%
154
134 Oct. 1 Holders of rec. Sept.
1.34 Oct. 1 Holders of rec. Sept. 150
Debenture 1st pref., series D (quar.)
Oct. 1 Holders of rec. Sept. 15a American Cigar, preferred efluar.)
3
1
Oct. 1 Holders of rec. Sept. 15
Preferred
(quar.)
common
old
Cyanamid,
Amer.
24
Sept.
rec.
of
Holders
1
Oct.
2
Shawinigan Water AL Power (quar.)
20c. Oct. 1 Holders of rec. Sept. 15
New common A & B (guar.)
Holders of rec. Sept. 156
Southeastern Pow.& Lt.,$7 pref.(qu.). $1.75 Oct. 1
34 Oct. 1 Holders of rec. Sept. 15
Old common (extra)
$1 Oct. 1 Holders of rec. Sept. 15a
Holders of rec. Sept. 15
100. Oct.
Participating preferred (guar.)
(extra)
B
&
A
common
New
23
Sept.
1 Holders of rec.
Oct. 1 Holders of rec. Sept. 15
South.Indiana Gas & Elec.,7% pt.(au) 154 Oct. 1
$1.50
Preferred (guar.)
Holders of rec. Sept. 23
134 Oct.
Six per cent preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 17a
(guar.)
Express
American
23
Sept.
rec.
of
1
Holders
Oct.
$1.65
Holders of roe. Sept.20
15( Oct.
6.6% preferred (guar.)
Amer.Furniture Mart Bldg., prof.
+1,13i Oct. 15 *Holders of rec. Oct. 1
South Pittsburgh Water. 7% pt.(qu.)._
$1 Oct. 1 Holders of roe. Sept. 16a
American Hardware Corp.(guar.)
Holders of rec. Sept. 20
*1
*Holders of rec. Sept. 15
Oct.
Southwestern Bell Telephone, pref.(qu.) 134 Oct. 1
Quarterly
15
Sept.
rec.
of
1
Holders
15 Oct.
*2
Oct. 1 *Holders of rec. Sept. 15
Springfield Sly. dr Light, pref.(quar.)_ _
Extra
75e. Oct. 25 Holders of rec. Sept. 30a
Standard Gas Jr Electric, corn. (guar.)
$1 Jan 1'27 Holders of rec. Dec. 16a
Quarterly
134 Oct. 25 Holders of rec. Sept. 30
200.
Oct. 1 Holders of rec. Sept. 156
Prior preferred (quar.)
Home
Products
Amer.
(guar.)
Holders of rec. Sept. 300
Nov. la
Common (payable in common stock)_ 11-200 Oct. 25
Amer. La France Fire Eng., com.(qu.). 250. Nov. 15 Holders of rec.
31a
Dec.
rec.
of
Holders
27
Jan25
11-200
154 Oct. 1 Holders of roe. Sept. 15
Common (payable in common stock).
Preferred (guar.)
of rec. Sept. 176
Holders
1
15(
Oct.
Tennessee Eastern Elec. Co.
pref.
(guar.)
Linseed,
American
1.80 Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 17
3 referred (guar.)
50c. Oct. 1 Holders of rec. Sept. 15
6% first preferred (monthly)
154 Jan 3'27 Holders of rec. Dec. 176
Preferred (guar.)
60e. Oct. 1 Holders of rec. Sept. 15
154 Apr 1'27 Hold. of red.Mar.18 '270
7.2% first preferred (monthly)
(quar.)
Preferred
Sept. 15
rec.
1
of
Holders
Oct.
2
(guar.)
pref.
$2 Sept.30 Holders of rec. Sept. 130
Toledo-Edison Co., prior
151 Oct. 1 Holders of rec. Sept. 150 American Locomotive, com.(guar.).
154 Sept.30 Holders of rec. Sept. 136
Twin City Rap.Tr.,Minneap.,com.(qu.)
Preferred
I50
(quar.)
15( Oct. 1 Holders of rec. Sept.
154 Oct. 1 Holders of rec. Sept. 17
Preferred (quar.)
15 Holders of rec. Sept. 306 American Mfg., common (guar.)
134 Dec. 31 Holders of rec. Doe. 17
United Gas Improvement, com.(quar.). $1 Oct.
(guar.)
Common
15
Oct.
rec.
of
*Herders
15
Nov.
r25
Stock dividend..
134 Oct. 1 Holders of rec. Sept. 17
(guar.)
Preferred
1 Holders of rec. Oct. 15
Nov.
60c.
(qu)
B
&
B
154 Dec. 31 Holders of rec. Dec. 17
corn..
el.
old
Pr.,
&
United Lt.
Preferred (guar.)
1 Holders of rec. Oct. 15
2
Oct. 1 Holders of rec. Sept. 15
New common,class A & B (quar.)_ _ 12c. Nov. 1 Holders of rec. Sept. 15
(quar.)
common
Piano,
American
$1.63 Oct.
154 Oct. 1 Holders of rec. Sept. 150
Preferred, class A (guar.)
Preferred (guar.)
Sept. 15
1
rec.
of
Holders
Oct.
*$1.7 Sept.30 *Holders of roe. Sept. 21
Preferred. class B (guar.)
1st pref
15( Oct. 1 Holders of roe. Sept. 210 Amer.Pneumatic Service,
Sept.30 Holders of rec. Sept. 150
United Utilities Co., preferred (guar.)._
American Radiator, common (quar.)... Si
1 Holders of rec. Sept. 15
$1.50 Sept.30 Holders of rec. Sept. 15
Utah Gas & Coke, pref. & part. pf.(qu.) 134 Oct. 1 Holders of rec. Sept. 10
American Railway Express (gnu.)
134 Oct.
50c Oct. 15 Hold rs of rec. Sept. 306
Utah Power & Light, pref.(quar.)
(quar.)...
common
Mill.
Rolling
Amer.
11
Sept.
rec.
of
1
*15( Sept.30 *Holders of rec. Sept.20
Utilities Power & Light, class A (quar.) 14500. Oct. 1 Holders
Fret s•rt d (quar.)
Holders of rec. Sept. 11
anti. Oct.
15( Oct. 1 Holders of rec. Sept. 150
Class B (quar.)
Preferred (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 11
75c Oct. 1 Holders of rec. Sept. 100
Preferred (guar.)
(guar.)
Razor
Safety
American
17
$1.25
Oct. 1 *Holders of rec. Sept. 15
Virginia Public Service So.,7% pf.(qu.) 15( Oct. 1 Holders of rec. Sept. 24
American Salamander Corporation
rec.
of
Sept.
Holders
15
Oct.
2
of rec. Sept. 106
Washington Water Power,Spokane(qu.)
Amer. Seating Corp., corn.(qu.)(No. 1) 50c. Oct. 1 Holders
roe. Sept. 30
Oct. 1 Holders of rec. Sept. 10a
Western States Gas & Elec., pref. (211.)- 15( Oct. 15 Holders of
75c.
1)
(No.
(guar.)
Preferred
Oct. 15 Holders of rec. Sept. 25a
2
of rec. Oct. 156
Holders
1
Nov.
Western Union Telegraph (guar.)
2
Amer.Shipbuilding,common (quar.)...
1M Dec. 1 Holders of rec. Nov.21
West Chester Street Hy., pref.(quar.)
15( Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
rec. Sept. 150
of rec. Sept. 106
Holders
1
Oct.
West Penn Eleo. Co., class A (guar.)._ _ $1.75 Sept.30 Holders of
3
1)4 Nov. 1 Holders of rec. Oct. 150 American Snuff, corn.(guar.)
West Penn Power Co..6% pref.(guar.)_
U' Oct. 1 Holders of rec. Sept. 106
Preferred (quar.)
1)( Nov. 1 Holders of rec. Oct. 150
15 Holders of rec. Oct. la
'Tho.
Oct.
Seven per cent preferred (quar.)
(quar.)....
corn.
Steel
Foundries,
Amer.
1)( Oct. 1 Holders of rec. Sept. 15
1 Sept.30 Holders of rec. Sept. 15a
Winnipeg Electric Co., pref.(guar.)_ _
15,
Preferred (quar.)
rec. Oct. 31
Wisconsin River Power, pref. (guar.)... *$1.75 Nov.20 *Holders of
50o. Oct. 1 Sept. 16 to Oct. 1
American Stores Corp.(guar.)
Oct. 2 Holders of rec. Sept. is
151
(quar.)_
com.
Refining,
Sugar
American
Banks.
134 Oct. 2 Holders of rec. Sept. la
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 15a
3
America, Bank of (guar.)
Oct. 1 Holders of rec. Sept. 10a
1)4
(quar.)
preferred
Tobacco,
American
21a
Sept.
Oct. 1 Holders of rec.
4
Amer. Exchange-Pacific Nat.(quar.)_
Oct. 15 Holders of rec. Oct. 50
American Type Founders, com.(guar.). 2
21
Sept.
rec.
of
Holders
1
Oct.
2
Amer. Exch. Securities Corp., cl. A (qu.)
154 Oct. 15 Holders of rec. Oct. 50
Preferred (guar.)
500. Oct. 1 Holders of rec. Sept. 21
Class B (guar.)
50c.
Oct. 15 Holders of rec. Oct. 5a
corn.
(qu.).
Products,
Vitrified
American
134 Oct. 1 Holders of rec. Sept.20a
American Union (guar.)
154 Oct. 1 Holders of rec. Sept.20a
Amer. Wholesale Corp., pref. (guar.)._
234 Oct. 1 Sept'. 21 to Oct. 1
Oct. 1 Holders of rec. Sept.23
Broadway Central(guar.)
154
corn.
Mach.,
(qu.).
Glass
Window
Amer.
200
Sept.
rec.
13 Oct. 1 Holders of
Capitol National (guar.)
15( Oat. 1 Holders of rec. Sept.23
Preferred (quar.)
13a
Sept.
rec.
of
1
Holders
Oct.
3)4
Chase National (guar.)
15( Oct. 15 Sept. 16 to Sept.23
pref. (guar.)
$1 Oct. 1 Holders of rec. Sept. 13a American Woolen, class A (guar.)._
Chase Securities Corp.(quar.)
5013. Oct. 10 Holders of rec. Sept.20
Apco Manufacturing,
Oct. 1 Sept. 16 to Sept. 30
4
of rec. Sept. 10
Chatham & Phenix National(quar.)__
Armour & Co., Illinois, pref.(quar.).... 154 Oct. 1 Holders of rec. Sept. 10
1)4 Oct. 1 Holders of rec. Sept. 17
Chelsea Exchange (guar.)
154 Oct. 1 Holders
Oct. 1 Holders of rec. Sept. 20a Armour & Co. of Delaware, pref.(quar.) 154 Oct. 1 Sept. 18 to Oct. 1
3
Colonial (quar.)
(guar.)
corn.
Cork,
Oct. 1 Holders of rec. Sept. 17a Armstrong
4 Oct. 1 Sept. 18 to Oct. 1
15,
Commerce, National Bank of (guar.)._ _ 4
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 200
20
75o. Oct. 1 Holders of rec. Sept.226
First National (quar.)
Oct. 1 Holders of roe. Sept. 300 Artloom Corporation, corn. (guar.)
5
Sept.25 Holders of rec. Sept. 116
50c.
First Security Co.(guar.)
Associated Oil (quar.)
Oct. 1 Sept.21 to Sept. 30
1
40c. Oct. 25 Holders of rec. Sept. 110
Franklin National (guar.)
Extra
Oct. 1 Holders of rec. Sept. 200
3
Oct. 1 Holders of rec. Sept. 20
$1
(guar.)._
Greenwich (guar.)
common
Automobile,
Auburn
1 Sept. 16 to Oct. 1
Nov. 2 Holders of rec. Oct. 206
e5
Harlem Bank of Commerce (qu.)(No. 1) lg Oct.
tock dividend
Oct. 1 Holders of rec. Spet. 170
154 Oct. 1 Holders of rec. Sept. 11
Manhattan Co., Bank of the (quar.).... $2 Oct. 1 Holders of rec. Sept. 180 Ault & %Viborg Co., preferred (guar.).
3
1 Holders of rec. Sept.206
15(
Oct.
(quar.)
Mechanics (Brooklyn) (guar.)
Wilcox
Oct. 1 Holders of rec. Sept. 23a Babcock &
3
154 Jan2'27 Holders of rec. Dec. 206
Mutual (guar.)
Quarterly
Oct. 1 Holders of rec. Sept. 170
4
15( Aprl'27 Hold. of rec. Mar.20'276
National City (guar.)
Quarterly
Oct. 1 Holders of rec. Sept. 17
4
25e. Oct. 1 Holders of rec. Sept.20
(monthly)__
National City Company (guar.)
Oct. 1 Holders of rec. Sept. 180 Balaban & Katz,common
2
25e. Oct. 1 Holders of rec. Sept.20
New Netherland (guar.)
Common (monthly)
Oct. 1 Holders of rec. Sept. 170
6
53
Sept.27 Holders of rec. Sept. 18
ace.div.)
cct.
(
peel.
1st
Park, National (guar.)
Brick,
1 Holders of rec. Sept. 20a Baltimore
Oct.
4
62340.
Sept.30 Holders of rec. Sept. 166
Public National (quar.)
Bancroft (Joseph) & Sons (du.)(No. 1).
Oct. 1 Holders of rec. Sept. 23
4
Spindler
&
Seaboard National (guar.)
Brothers
Barnhart
1 Holders of rec. Sept. 250
Oct.
Nov. 1 Holders of rec. Oct. 230
134
234
_
_
_
_
(guar.)
Standard (guar.)
First and second preferred
Oct. 1 Holders of rec. Sept. 250
rec. Sept. 150
Standard National Corp., common (qu.) 234 Oct. 1 Holders of rec. Sept. 25a Barnsdall Corp., class A and B (quar.). 50c. Oct. 1 Holders of rec. Sept. 30
1M
*1)4 Oct. 15 *Holders of
_
(quar.)_
pref.
first
Inc.,
Preferred (guar.)
Cigars,
1 Holders of rec. Sept. I70 Bayuk
•1
Sept.30
Oct.
rec.
of
*Holders
4
15
Oct.
(qua?.)..
State (guar.)
Convertible second preferred
Oct. 15 *Holders of ree. Sept.30
*2
234 Oct. 1 Holders of rec. Sept. 206
United States. Bank of (quar.)
8% second preferred (guar.)
1 Holders of roe. Sept. 15a
Sept. 20
rec.
of
Oct.
*Holders
1
Oct.
*$1.25
134
(guar.)
com.
(Bank
Heights
of)
(guar.).Washington
Beatrice Creamery,
•13i Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
60c. Oct. 9 Holders of rec. Sept.250
(guar.)
com.
Trust Companies.
Packing,
Beech-Nut
15( Oct. 15 Ilolders of rec. Oct. la
134 Sept.30 Holders of rec. Sept.206
American (guar.)
Preferred (guar.)
234 Oct. 1 Holders of rec. Sept. 200 Belding-Heminway Co.,corn.(quar.).. 750. Oct. 1 Holders of rec. Sept.206
Bank of Europe Trust Co.(guar.)
Oct. 1 Holders of rec. Sept. 240 Belgo-Canadian Paper,com.(quar.).... 154 Oct. 11 Holders of reo. Sept. 300
Bank of New York & Trust Co.(guar.). 6
Oct. 1 Holders of roe. Sept. 150
134 Oct. 1 Sept. 4 to Sept. 5
Bankers (guar.)
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 25
6
50c. Oct. 1 Holders of roe. Sept. 150
class A
Brooklyn (guar.)
rec. Sept. 29a Bendix Corporation, 7% pref. (guar.) 1% Oct. 1 Holders of rec. Sept. la
1
of
Holders
Oct.
7
(guar.)
Central Union
Steel Corp.,
Sept. 30 Holders of rec. Sept. 200 BethlehemOil
3
Sept.29 Holders of rec. Sept. 20a
25
Equitable (guar.)
Oct. 1 Holders of rec. Sept. 300 Big Lake Mines
Sept.30 Holders of rec. Sept. 20a
$1
2
Federation Bank & Trust (guar.)
Bingham
30
Sept.
to
23
Sept.
30
Sept.
Oct. 1 Holders of rec. Sept. 170
750.
21,4
Fidelity (guar.)
Borg & Beck (guar.)
Oct. 15 Sept. 26 to Oct. 14
$4
234 Oct. 1 Holders of rec. Sept. 206 Borne Scrymser Co
Fulton (guar.)
Sept. 17
of
roe.
Holders
30
Sept.
3
Oct. 15 Sept. 26 to Oct. 14
4
Guaranty (guar.)
Extra
Sept.
roe.
17
1
of
Holders
Oct.
354
154 Oct. 1 Holders of rec. Sept. 20
Machine, preferred (guar.)
Irving Bank-Columbia Trust (quar.)_
1 Holders of rec. Sept. 20a Bridgeport
Oct.
Oct. 1 Holders of rec. Sept. 150
50e.
5
(qu.)
A
el.
p1.
Inc.,
(guar.)
Manufacturing,
Manufacturers
Sept.30 Holders of rec. Sept. 180 Brine
5
62340. Oct. 1 Sept. 18 to Sept.30
New York (guar.)
British-American Oil, Ltd.(quar)
1234 Oct. 1 Holders of r.o. Sept. 20a British-Amer. Tobacco, ord. (interim).. (k) Sept. 30 Holders of coup. No.114k
United States (guar.)
of rec. Nov.30
British Columbia Fish & Packing (guar.) 134 Dec. 10 Holders of roe. Sept.21
Holders
Motor Truck Corp., pref.(qu.) 154 Oct.
Fire Insurance.
Oct. 1 Holders of rec. Sept. 156 Brockway
of rec. Sept. 18
Holders
$1.50
Oct.
134
(guar.)
(qu.).
'Fob.,
con].
America
of
Co.
Williamson
Brown &
Ressia Ins.
Fielders of roe. Sept. 18
154 Oct.
Preferred (guar.)
Holders of rec. Sept.206
Oct.
134
(guar.)
Miscellaneous.
pref.
Co.,
-Coll.
Brunswick-Balke
134 Oct. 1 Holders of rec. Sept. 20
Holders of rec. Sept. 200
134 Oct.
Abitibi Power & Paper, pref. (quar.).__ *62540
Bucyrus Company, com.(guar.)
Oct. 1 *Holders of rec. Sept. 20
Holders of rec. Sept. 20a
154 Oct.
Acme Steel (guar.)
Common (extra)
Sept.30 Holders of rec. Sept. 156
$1.50
Holders of rec. Sept. 200
Oct.
1)4
Express
(guar.)
(guar.)
Adams
Preferred
1 Holders of rec. Sept. 186
Oct.
50c.
Holders of rec. Sept. 20
75e. Oct.
Adams Royalty (guar.)
(guar.)
Incubator
Buckeye
154
Sept.
rec.
of
Holders
1
Oct.
Sept. 21 to Oct. 1
Oct.
$1
Advance-Rumely Co., pref. (guar.).- 730. Sept.30 Holders of rec. Sept. 20
Bulkley Bldg.. pref.(guar.)
Holders of rec. Sept. 155
154
Oct.
15(
(guar.).
Aeolian Company, preferred
Burns Brothers, pref. (guar.)
20
Sept.
roe.
of
Holders
30
Sept.
of rec. Sept. 156
• Aeolian. Weber Piano & Planets, pf.(qu.) 154 Oct. 1 Holders of roe. Sept. 16
Burroughs Add. Mach. no par stock (qu.) 750. Sept.3 Holders
Holders of rec. Sept. 15
25c.
30
15(
Sept.
Aetna Rubber, corn.(guar.)
Preferred (guar.)
1 Holders of recs. Sept. 16
Oct.
154
Preferred (guar.)
SEPT. 25 1(26.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Bush Terminal Co., deb. pref. (quar.)_
I% Oct. 15 Holders of rec. Oct. la
Bush Terminal Buildings, pref. (guar.)_
I% Oct. 1 Holders of rec. Sept. 17a
Butte & Superior Mining (guar.)
50e. Sept.30 Holders of rec. Sept. 15a
By-Products Coke, preferred (guard
234 Oct. 1 Holders of rec. Sept.20a
Cambria Iron
El
Oct. 1 Holders of rec. Sept. 15
Canada Bread, 1st pref. & pref. B (qu.). .134 Oct. 1 *Holders of roe. Sept. 15a
Canada Dry Ginger Ale stock div.(gu.)_ e13.( Oct. 15 Holders of rec. Oct. la
Stock dividend (guar.)
e114 Jan15'21 Holders of rec. Jan 1 '27a
Collodion Canners, Ltd., pref. (quar.)
Oct. 1 Holders of rec. S p1.22
1
Canadian Car & Fdy.. pref.(guar.)
134 Oct. 9 Holders of rec. Sept. 24
Conn.
Canad.
Cot. Mills,8% pref.(qu.) 1
Oct. 1 Holders of rec. Sept. 15
Canadian Cottons,Prof.(guar.)
Oct. 1 Holders of rec. Sept. 15
1
Canadian General Electric. pref. (guar.) If( Oct. 1 Holders of rec. Sept. 15
Canadian Locomotive, pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 20
Canadian Salt (quar.)
Oct. 1 Holders of r 0. Sept. 24
2
Canfield Oil, corn.(guar.)
134 Sept.30 Sept. 21 to Oct. 4
Preferred (guar.)
154 Sept.30 Sept.21 to Oct. 4
Case(J. I.) Thresh. Mach., pf.(guar.)_ _
I% Oct. 1 Holders of rec. Sept. 130
Preferred (acct. accum. dividends)
7
Oct. 1 Holders of rec. Sept. 130
Central Aguirre Sugar, corn. (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 25
Central Alloy Steel, corn.(guar.)
500. Oct.d10 Holders of rec. Sept. d25a
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. d25a
Central Steel. pref.(guar.)
2
Oct. 1 Holders of rec. Sept. 15
Century Electric Co., pref. (guar.)
154 Oct. 1 Holders of rec. Sept. 150
Certain-teed Products, corn.(guar.)
$1
Oct. 1 Holders of roe. Sept. 156
First and second preferred (quar.)
If( Oct. 1 Holders of rec. Sept. 150
Chandler-Cleve. Motors, Prof. (guar.)
$1
Oct. 1 Holders of rec. Sept.20a
Chesebrough Mfg. Cos. (guar.)
750 Sept.30 Holders of roe. Sept. 100
Extra
25e. Sept.30 Holders of rec. Sept. 100
Chicago Fuse (guar.)
6234c Oct. 1 Holders of roe. Sept. 166
Chicago Mill & Lumber, pref. (quar.) _
154 Oct. 1 Holders of r c. Sept. 220
Chicago Motor Coach. pref. (guar.)
_ •154 Oct. 1 *Holders of rec. Sept. 20
Chicago Yellow Cab Co.(monthly)
33 1-3c Oct. 1 Holders of roe. Sept.20a
Monthly
33 1-3e Nov. 1 Holders of rec. Oct. 20a
Monthly
33 1-3e Dec. 1 Holders of rec. Nov. 190
Chile Copper (guar.)
6234c. Sept.27 Holders of roe. Sept. la
Chrysler Corporation, COM.(guar.)
75e. Sept.30 Holders of roe. Sept. 150
Preferred (guar.)
$2
Sept.30 Holders of rec. Sept. 154
Preferred (guar.)
$2
Jan3'27 Holders of rce. Dec. 15a
Service
Cities
Co., common (monthly)_
M Oct. 1 Holders of rec. Sept. 15
Common (monthly)
Nov. 1 *Holders of rec. Oct. 15
Common (payable in common stock).._
Oct. 1 Holders of
Sept. 15
Common (payable in common stock)._ 134 Nov. 1 *Holders of rec.
roe. Oct. 15
Preferred and preferred B (monthly)_
54 Oct. 1 Holders of ree. Sept. 15
preferredand preferred B
•34
Nov. 1 *Holders of rec. Oct. 15
Bankers shares (monthly)(monthly)
34 Oct. 1 Holders of rec. Sept. 15
Bankers shares (monthly)
Nov. 1 *Holders of rec Oct. 15
City Investing Co., pref. (guar.)
154 Oct. 1 Holders of rec. Sept. 25
Cleveland Builders Supply (quar.)
6234c Oct. 1 Holders of rec. Sept. 15
Cleveland Union Stock Yards (quar.)
2
Oct. 1 Sept. 19 to Oct. 2
Cluett, Peabody & Co., Inc.,
154 Oct. 1 Holders
pref.
Coca-Cola Co.,common (guar.) (qu.)_ $1.75 Oct. 1 Holders of rec. Sept.200
of rec. Sept. 15a
Coca-Cola International, common
(qu.)_ $1.75 Oct. 1 Holders of rec. Sept. 15a
Colt's Patent Fire Arms Mfg.(guard_
50c Oct. 1 Holders of roe. Sept. 11
Commercial Credit Co., corn. (quar.)
34 Sept.30 Holders of rec. Sept. 10a
..
634% 1st pref.(guar.)
154 Sept.30 Holders of rec. Sept. 100
7% preferred (quar.)
4334c Sept.30 Holders of rec. Sept. 100
8% preferred (guar.)
54 Sept.30 Holders of rec. Sept. 100
Commercial Invest. Trust, corn.(quar.)_ 90e.
Oct. 1 Holders of rec. Sept. 15a
Seven per cent first pref.(guar.)
154 Oct. 1 Holders of rec. Sept. 15a
first
6 M%
preferred (quar.)
134 Oct. 1 Holders of rec. Sept. 15a
Commercial Solvents Corp., cl. B (qu.) $2
Oct. 1 Holders of roe. Sept. 20a
_
Congress Cigar, Inc.(guar.)
75e. Oct. 1 Holders of rec. Sept. 15a
Consolidated Cigar Corp.,common
$1.75
Oct.
1
of rec. Sept. 15a
Consolidated Ice, Pittsburgh, pref (111.) 154 Sept.25 Holders
Holders
Consolidated Lead & Zinc, class A (qu.)_ 6234e. Oct. 1 Holders of rec. Sept. 116
of rec. Sept. 15
Continental Baking, corn., cl. A
$2
Oct. 1 Holders of rec. Sept. 180
(qu.)
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 18a
Continental Can, pref.(guar.)
134 Oct. 1 Holders of rec. Sept.20a
Converse Rubber Shoe, corn. (guar.)
$1
Oct. 1 Holders of roe. Sept. 15a
Coty Inc. (guar.)
$1
Sept.30 Holders of rec. Sept.20a
Craddock-Terry Co.,corn.(guar.)
8
Sept.30 Sept. 16 to Sept. 30
Crane CompanyCommon (payable in common stock)_ 110
Oct. 15 Holders of rec. Sept. 15
Creamery Package Mfg., corn.(guard
•500. Oct. 10 *Holders of rec. Oct. 1
Preferred (guar.)
*154 Oct. 10 *Holders of rec. Oct. 1
Cresson Cons. Gold M.& M.(quar.)_. 10e. Oct.
10 Holders of rec. Sept.30
Crown Finance Corp., pref. (quar.)
81.75 Oct. 2 Sept. 16
to Oct. 1
Crown Willamette Paper. 1st pf.
$1.75 Oct. 1 Holders of rec. Sept. 15a
OW
Crucible Steel, corn. (quar.)
154 Oct. 30 Holders of rec. Oct. 15a
Preferred (guard
154 Sept.30 Holders of rec. Sept. 15a
Cuban-American Sugar, coin.(quar.)
25c. Sept.30 Holders of rec. Sept. 40
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 4a
Clime Press, Inc. (guar.)
al
Dec. 15 Holders of rec. Dec. 1
Curlee Clothing, pref. (quar.)
1% Oct. 1 Holders of rec. Sept.20
Davis Mills(guar.)
154 Sept.25 Holders of roe. Sept. ha
Hayfield Realty Corp., preferred
354 Oct. 1 Holders of rec. Sept. 15
Detroit & Cleveland Navigation
Oct. 1 Holders of rec. Sept. 15
(guar.)- 2
Devoe & Raynolds,corn., A & B (guar.).
60e. Oct. 1 Sept. 21 to Sept. SO
First and second pref.(guard
1% Oct. 1 Sept. 21 to Sept. 30
Dobry(D. A.) Securities Co.,7% pf.(qu) 154 Oct. 1
Holders of rec. Sept. 15
7% preferred (extra)
54 Oct. 1 Holders of rec. Sept. 15
Dodge Bros., pref. (guar.)
151 Oct. 15 Holders of rec. Sept. 28a
Doebler Die-Casting, pref.(guar.)
154 Oct. 1 Holders of rec. Sept. 22
Dominion Glass, Ltd.. corn. & pf.
I% Oct. 1 Holders of roe. Sept. 15
Dominion Textile, corn.(quar.) (qu.)_
$1.25 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
1% Oct. 15 Holders of rec. Sept.30
Douglas-Pectin Corp.(guar.)
50e Sept.30 Holders of rec. Sept. la
Extra
50c Sept.30 Holders of rec. Sept. la
Douglas(W.L.) Shoe Co., pref.(quar,)
I% Oct. 1 Holders of rec. Sept. 15
Draper Corporation (quar.)
2
Oct. 1 Holders of rec. Aug.
Extra
1254 Oct. 1 Holders of rec. Aug. 28
28
Extra
1234 Jan1527 Holders of rec. Aug. 28
Dunham (J. H.)& Co.,common(guard_
134 Oct.
Holders of rec. Sept.206
First preferred (guar.)
154 Oct.
Holders
of
reo. Sept.20a
Second preferred (guar.)
1% Oct.
Holders of reo. Sept.209
du Pont(E. I.) de Nemours & Co.
Debenture stock (guar.)
Oct. 25 Holders of roe. Oct: 96
134
Eagle-Picher Lead, common (guar.)
40e. Dec. 1 Holders of rec. Nov.
Eastern Rolling Mill (quar.)
37)4c. Oct. 1 Sept. 18 to Oct. 15
1
Extra
1254c. Oct. 1 Sept. 16 to ®et. 1
Eastern Steamship Lines. 1st pf.(qu.)
1% Oct. 1 Holders of rec. Sept. 246
Preferred (quar.)
87 Mc Oct. 15 Holders of rec. Oct. 70
Eastman Kodak, corn.(guar.)
$1.25 Oct. 1 Holders of rec. Aug. 310
Common (extra)
750. Oct. 1 Holders of rec. Aug. 310
Preferred (guar.)
154 Oct. 1 Holders of rec. Aug.
Economy Grocery Stores (guar.)
25e. Oct. 5 Holders of rec. Oct. 3I6
1
Eisenlohr (Otto) & Bros., Prof.(quar.)._
154 Oct
1 Holders of roe. Sept.
Electric Auto-Lite Co.(guar.)
$1.50 Oct. 1 Holders of rec. Sept. 21a
226
Electric Controller & Mfg., corn.(qu.)
$1.25 Oct. 1 Holders of rec. Sept. 200
Preferred (guar.)
1)( Oct. 1 Holders of rec. Sept.
20a
Elec. Storage Battery, COCO. & pf. (qu.)_ $1.25 Oct. 1 Holders of rec.
Sept. 7a
Electric Vacuum Cleaner, corn.(extra)__ $1 Oct. 1 Sept. 21
to Oct. 1
Common.(guar.)
1.
Oct. 1 Sept. 21 to Oct. 1
Preferred (guar.)
154 Oct. 1 Sept. 21 to Oct. 1
Elliott-Fisher Co., common (guar.)
$1.50 Oct. 1 Holders of rec. Sept. I50
Common series B (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 15a
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 150
Emerson Elec. Mfg., pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 20
Empire Safe Deposit (quar.)
154 Sept.30 Holders of rec. Sept.22
Endicott-Johnson Corp., corn. (quar.)__ 1.25 Oct. 1 Holders of rec.
Sept. 180
Preferred (quar.)
1% Oct. 1 Holders of rec.
Equitable Office Bldg.. common (qu.)-- 81.25 Oct. 1 Holders of roe. Sept. 180
Sept. 15
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 156
Erupcion Mining (guar.)
7ge Oct. 1 Holders of rec. Sept. 150
Extra
234e Oct. 1 Holders of rec. Sept. 156
Bucild 011
30. Sept.25 Holders of rec. Sept. 10a
Evans(E.S.)& Co.,class A & B (quar.)- 75e. Oct. 1 Holders of rec. Sept.206
Famous Players-Lasky Corp., com(qu.) 82
Oct. 1 Holders of rec. Sept. 150
Preferred (qu ir.)
2
Nov. 1 Holders of rec. Oct. 15
Name of Company.
1601
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Fair (The), common (monthly)-------20c. Oct. 1 Holders of rec. Sept. 20a
Common (monthly)
200. Nov. 1 Holders of rec. Oct. 21a
Preferred (guard
Nov. 1 Holders of rec. Oct. 21a
1
Fairbanks-Morse & Co., corn. (quar.)
750. Sept.30 Holders of rec. Sept. 154
Common (guar.)
750. Dec. 31 Holders of rec. Oct. 15a
Preferred (guar.)
134 Dec. I Holders of roe. Nov. 156
Fanny Farmer Candy Shops,Ine.,pf.(qu.) 60e. Oct. 1 Holders of rec. Sept. 15
Faultless Rubber(guard
50o. Oct. 1 Holders of roe. Sept. 15
Federal Motor Truck, new no-par stock
(guard (No. 1)
20o. Oct. 1 Sept. 19 to Sept. 30
Stock dividend
234 Oct. 5 Sept. 19 to Sept.30
Federal Purchase Corp., el. A
75e. Nov. 2 Holders of rec. Oct. 15
Class B (quar.)
25c. Nov. 2 Holders of rec. Oct. 15
Fifth Ave. Bus Securities (guar.)
16e. Oct. 16 Holders of rec. Oct. 26
Financial Investing Co., Ltd., common_
25e. Oct. 1 Holders of rec. Aug. 31
Extra
150. Oct. 1 Holders of rec. Aug. 31
Firestone Tire & Rubber,6% pt.(qu.)
134 Oct. 15 Holders of rec. Oct. 1
First Investment Co., class A
$1.50 Oct. 1 Holders of rec. Sept. 15)
Extra
25e. Oct. 1 Holders of rec. Sept. 15
First National Pictures, 1st pref.(guar.) $2
Oct. 1 Holders of roe. Sept. 15a
First National Stores, corn.(quar.)
37340 Oct. 1 Holders of rec. Sept. 200
First preferred (guar.)
•$1.75 Oct. 1 *Holders of rec. Sept.20
Fleischmann Co., common (guar.)
50e. Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
134 Oct. 1 Sept. 16 to Sept. 21
Foote Bros., Gear & Machine,corn. Olud
25e. Oct. 1 Sept. 21 to Sept. 30 I
Preferred
154 Oct. 1 Sept. 21 to Sept.30
Preferred (quar.)
154 Jan 1'27 Holders of rec. 5 p1.20
Forhan Company, common.(guar.)
25e. Oct. 1 Holders of rec. Sept. 156
Common,class A (guard
40c. Oct. 1 Holders of rec. S pt. 15a
Fox Film Corp., corn. A & B (guar.)Oct. 15 Holders of rec. Sept.30
$1
Franklin Res. & Disc. Corp.. pf. (qu.)- $1.75 Oct. 1 Holders of rec. Sept. 15
French (Fred F.) Construction Co., pref. 334 Oct 1 Holders of rec. Sept. 15
Gabriel Snubber Mfg., corn. A & B (qu.) 62e. Oct. 1 Holders of rec. Sept. 15a
Common A & B (extra)
82e. Oct. 1 Holders of rec. Sept. 16a
General Amer.Tank Car, pref.(Wird
154 Oct. 1 Holders of rec. Sept. 150
General Baking, class A (guar.)
$1.25 Get. 1 Holders of rec. Eept. 15
Preferred (guar.)
2
Sept.30 Holders of roe. Sept. 186
General Electric (guar.)
750. Oct. 28 Holders of rec. Sept. 15a
Special stock (guar.)
15e. Oct. 28 Holders of rec. Sept. 15a
General Cigar, debenture prof.(guard
154 Oct. 1 Holders of rec. Sept. 246
General Ice Cream Corp.. corn.(guar.)
Oct. 15 Holders of rec. Oct. 1
-- 81
General Motors, 7% pref.(guard
154 Nov. 1 Holders of rec. Oct. 4a
Six per cent pref.(guard
134 Nov. 1 Holders of rec. Oct. 4a
Six per cent debenture stock (qu.)._
134 Nov. 1 Holders of rec. Oct. 44
General Railway Signal, corn. (quar.)
$1
Oct. 1 Holders of rec. Sept. 10a
Common(extra)
250. Oct. 1 Holders of rec. Sept. 10a
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 10a
General Tire & Rubber, pref. (guar.)
154 Oct. 1 Holders of rec. Sept.20
Gibson Art, common (guard
•650. Sept.30 *Holders of rec. Sept. 20
Preferred (guar.)
'154 Sept.30 *Holders of rec. Sept.20
Gimbel Bros., pref.(guard
•154 Nov. 1 Holders of rec. Oct. 15
C. G. Spring & BumperCommon (in corn. stk. on each 10 shs.) f2-10 Nov. 15 Holders of roe. Nov. 8
Common On corn.stk. on each 10 shad 13-10 Feb1527 Holders of rec. Feb.8'27
PreLartd (guard
Oct. 1 Holders of rec. Sept.24
2
Glidden Company, common (guard
50c Oct. 1 Holders of rec. Sept. 166
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 16s
Globe-Wernicke Co., common
Oct. 1 Holders of rec. Sept. 20
Si
Common (guar.)
$1.50 Jan 1'27 Holders of rec. Doe. 20
Goodrich (B. F.) Co., pref.(quar.)
134 Oct. 1 Holders of roe. Sept. 15a
Goodyear Tire & Rubb.of Can., pf.(qu.) 134 Oct. 1 Holders of rec. Sept. 15
Preferred (account accum. dividends)_ 5334 Oct. 1 Holders of roe. Sept. 15
Goodyear Tire & Rubber, pref. (qu.)._.. 154 Oct. 1 Holders of rec. Sept. la
Prior preference (guar.)
Oct. 1 Holders of rec. Sept. 15a
2
Gossard(H. W.)& Co., corn.(m'thly)- 33 1-30 Oct. 1 Holders of rec. Sept. 20
Common (monthly)
33 1-3c Nov. 1 Holders of rec. Oct. 20
Common (monthly)
33 1-3e Dec. 1 Holders of rec. Nov.19
Common (monthly)
33 1-3c Jan 3'27 Holders of rec. Doe. 20
Gotham Silk Hosiery, corn.(guar.)
6234e. Oct. 1 Holders of rec. Sept. 156
Goulds Pump,common (quar.)
134 Oct. 1 Holders of roe. Sept.20
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 20
Grasselli Chemical, common (guar.)
Oct. 1 Holders of rec. Sept. 156
2
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 156
Great Lakes Steamship (quar.)
*$1.50 Oct. 1 *Holders of rec. Sept. 21
Great Lake Towing, corn. (guar.)
134 Sept.30 Holders of rec. Sept. 15
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Great Western Sugar, corn.(guard
Oct. 2 Holders of roe. Sept. 156
$2
Preferred (guard
134 Oct. 2 Hold rs of rec. Sept. 15a
Greenfield Tap & Die,6% pref.(quar.). 134 Oct. 1 Holders of roe. Sept. 15
8% preferred (quar.)
Oct. 1 Holders of rec. Sept. 15
2
Greif Bros.. class A (guar.)
80c. Oct. 1 Holders of rec. Sept. 15
Grennan Bakeries, common (guard
*2543. Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
•154 Oct. 1 Holders of roe. Sept. 15
Group No. 1 011 Corp
$750 Oct. 15 Holders of rec. Oct. la
Guantanamo Sugar, pref. (guar.)
2
Sept.30 Holders of rec. Sept. 15a
Guenther Publishing, preferred (quard
25.5 Nov. 16 Holders of rec. Oct. 16
Preferred (acct, accumulated diva.)
5254 Nov. 16 Holders of rec. Oct. 16
Gulf Oil Corp.(guar.)
3754o. Oct. 1 Sept. 21 to Sept.23
Gulf States Steel, corn.(quar.)
'134 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
154 Oct. I Holders of rec. Sept. 15a
Preferred (quar.)
134 Jan2'27 Holders of rec. Dec. 15a
Hamilton (Ontario) United Theatres, pt. 334 Sept.30 Holders of rec. Sept. 15
Hammermill Paper, prof.(quar.)
•154 Oct. 1 *Holders of rec. Sept. 20
Hams(P. H.) Knitting, prof.(guard-- IM Oct. 1 Holders of rec. Sept. 20
Harbison-Walker Refrao., pref. (quar.). 134 Oct. 20 Holders of rec. Oct. 96
Hartman Corporation, class A (guar.)-50c Dec. 1 Holders of rec. Nov. 17
Class A (gear.)
50e Mar127 Holders of rec. Feb.15'27
Class A (guar.)
500 J'nel'27 Holders of rec. May 17
Class B (guard in class A stock
(0) Dec. 1 Holders of rec. Nov. 17
Class B (guar.) in class A stock
(o) Mar 127 Holders of rec. Feb 15'27
Class B (guard in class A stock
(o) J'nel'27 Hold. of rec. May 17 '27
Hathaway Baking, prof. A (guard
$2 Oct. 15 Holders of rec. Sept.30
Heime (George W.) Co., common (qu.).
75e Oct. 1 Holders of rec. Sept. las
Preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 130
Hercules Powder,common (guar.)
2
Sept.25 Sept. 16 to Sept.25
Hibbard,Spender,Bartiett & Co. extra
20c Sept.24 Holders of rec. Sept.17
Holli nger Consol. Gold Mines
*10e. Oct. 7 *Holders of rec. Sept. 21
Homestake Mining (monthly)
50c. Sept.25 Holders of rec. Sept.204
Hood Rubber Co., common
Sept.30 Sept. 21 to Sept.30
Man) - $1
Hudson Motor Car (guar.)
8734c Oct. 1 Holders of rec. Sept. 154
Humble Oil & Refining (guard
30e. Oct. 1 Sept. 12 to Sept.30
Extra
20e. Oct. 1 Sept. 12 to Sept. 30
Hydraulic Press Brick, pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 25
Illinois Brick (guar.)
2.4 Oct. 15 Holders of rec. Oct. 4
Imperial Tobacco of Canada, ordinary _- 154 Sept.29
Preferred
3
Sept.30
Independent Oil & Gas (guard
250. Oct. 18 Holders
rec. Sept. 306
Independent Pneumatic Tool (quar.)...... $1 Oct. 1 Sere. 21 of to
Sept.30
Indian Motocycle, pref.(guar.)
154 Oct. 1 Holders of rec. Sept. 216
Industrial Acceptance Corp., let pf.(qu) 154 Oct. 1
Sept. 20
rec.
Holders
of
Inland Steel, pref.(quar.)
154 Oct. 1 Holders of roe. Sept. 15
Inspiration Consol. Copper (guar.)
50c. Oct. 4 Holders of rec. Sept. 166
Insurance Securities Co., Inc.(quar.) - 354 Oct. 1 Holders of rec. Sept. 15 I
Interlake Steamship (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 18 I
Internat. Business Ma blues (quar.)___ 75e. Oct. 11
Holders of rec.
Internat. Buttonhole Sew. Mach.(qu.). 154 Oct. 1 Holders of roe. Sept. 24a
Sept. 151
International Cement, corn. (guar.)
Sept.30 Holders of rec. Sept. I5a
--- $1
Preferred (quar.)
Sept.30 Holders of rec. Sept. 150
154
Internat. Harvester, corn.(guard
134 Oct. 15 Holders of rec. Sept. 254
Internat. Match Corp., panic. pf.
800. Oct. 15 Holders of rec. Sept. 254
International Nickel, corn. (guardOlud - 50c. Sept.30 Holders of rec. Sept.
170
Internat. Paper, 7% pref. (guar.)
134 Oct. 15 Holders of rec. Oct. la
6% preferred (quar.)
134 Oct. 15 Holders of rec. Oct. la
Internat. Projector Corp., corn.
(guard - 25e. Oct. 1 Holders of rec. Sept.20
$7 preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 20 1
International Salt (guar.)
13.4 Oct. 1 Holders of rec. Sept. 15a
International Shoe, corn.(quar.)
$1.50 Oct. 1 Hold roof rec. June 15a
Pref:rred (monthly)
54 Oct. 1 Holders of rec. Sept. 15a
International Silver, common (quar.)
--- 154 Oct. 1 Holders of rec. Sept. 154
Preferred (guar.)
15.1 Oct. 1 Holders of rec. Sept. 15a
1602
Name of Company.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
[VOL. 128.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Con:inued).
Miscellaneous (Continued).
Intertype Corporation, 1st pref.(quar.)- 52 Oct. 1 Holders of rec. Sept. 15
Orpheum Circuit, Inc., corn. (monthly). 16 2-3 Nov. 1 Holders of rec. Oct. 20e
Island Creek Coal, corn.(guar.)
Oct. 1 Holders of roe. Sept. 230
Common (monthly)
34
16 2-3c Oct. 1 Holders of roe. Sept. 20a
Preferred (guar.)
Monthly
$1.50 Oct. 1 Holders of rec. Sept. 230
16 2-3 Dec. 1 Holders of rec. Nov. 20e
Jewel Tea, preferred (guar.)
Monthly
134 Oct. 1 Holders of rec. Sept. 200
16 2-3 Jan 2'27 Holders of rec. Dec. 20a
Preferred (acct. accum. dividends)._ 5234 Oct. 1 Holders of rec. Sept. 20a
Preferred (Guam.)
*2
Jan 227 *Holders of reo. Dec.d15a
Jones & Laughlin Steel, pref.(guar.) - 134 Oct. 1 Holders of rec. Sept. 15a
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 15a
Jordan Motor Car, pref. (guar.)
Otis Elevator, tommon (guar.)
134 Sept.30 Holders of rec. Sept. 18
$1.50 Oct. 15 Holders of rec. Sept. 300
Kalbfleish (The) Co., pref. (guar.)
I
Holders
Sept.
of
rec.
30
referred
Sept.
18
(guar.)
134
1% Oct. 15 Holders of roe. Sept. pa
Kaufman Dept. Stores, pref.(quar.)_ _
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 200
114 Jan15'27 Holders of roe. Dec. 310
Preferred (guar.)
134 Jan 227 Holders of rec. Dec..20a Otis Steel, prior pref. (guar.)(No. 1)__ _
1)/ Oct
1 Holders of rec. Sept.240
Kaynee Co. preferred (guar.)
Holders
of rec. Sept. 20
Overman Cush on Tire, corn., cl. A (qu.) 1)4 Oct. 1 Sept. 16 to Oct. 1
134 Oct. 1
Kayser (Julius) & Co., pref. (guar.)... _
Oct. 1 Holders of roe. Sept. 170
Common, class B (guar.)
2
1% Oct. 1 Sept. 19 to Oct. I
Kelsey Wheel. common (guar.)
Preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 200
1)/ Oct. 1 Sept. 19 to Oct. 1
Kennecott Copper Corp. (guar.)
Oct. 1 Holders of rec. Sept. 3a Owens Bottle Co., common (guar.)
$1
75e. Oct. 1 Holders of rec. Sept. 150
Kerr Lake Mines, Ltd
Preferred (guar.)
1234c. Oct. 15 Holders of rec. Oct. la
13/ Oct. 1 Holders of roe. Sept. 15a
Kinney (G. R.) Co.. corn.(guar.)
Packard
Holders
210
of
rec.
Sept.
Motor Car (monthly)
Oct. 1
51
20c. Oct. 30 Holders of rec. Oct. 15a
Kirby Lumber (guar.)
Monthly
134 Dec. 10 Dec. 1 to Dec. 10
20c. Nov.30 Holders of roe. Nov. 15a
Kirchbaum (A. B.) Co., pref.(guar.).- 1% Oct. 1 Holders of rec. Sept. 200 Paige-Detroit Motor, co:..mon (guar.). _ 45c. Oct. 1 Holders of rec. Sept. 15a
Kraft Cheese, corn.(guar.)
Preferred (guar.)
3714c Oct. 1 Holders of rec. Sept. 180
'134 Oct. 1 Holders of rec. Sept. 15
Common (payable in common stock)__ fly4 Oct. 1 Holders of rec. Sept. I80 Paraffin° Companies, common (guar.).- $1.50 Sept.27 Holders of rec. Sept.
17a
Kresge (S. S.) Co. common (guar.)._ 300. Sept.30 Holders of rec. Sept. 150
Preferred (guar.)
51.75 Sept.27 Holders of rec. Sept. 17a
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 15a Park-Utah Consol. Mines (guar.)
'
15c. Oct. 1 Holders of rec. Sept.s156
Kresge Department Stores, pref. (guar.) 2
Oct. 1 Holders of rec. Sept. 200 Peabody Coal (monthly)
58e. Oct. 1 Holders of rec. Sept. 20
Kress (S. H.) Co., pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 200 Penick & Ford, Ltd., pref.(guar.)
134 Oct. 1 Holders of rec. Sept. 200
Lambert Co. (guar.)
87340. Oct. 1 Holders of roe. Sept. 170 Penney (.1. C.) Co., 1st pref.(quar.)__
154 Sept.30 Holders of ree. Sept. 200
La Salle Extension Institute, corn.(qu.). 114 Oct. 1 Holders of rec. Sept. 20
Pennek 011 Corporation (guar.)
50c. Sept.25 Holders of rec. Sept. 150
Pet Milk Co., corn. (guar.)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 20
75c. Oct. 1 Holders of roe. Sept. 10
Laurentlde Co. (guar.)
134 Oct. 2 Holders of rec. Sept. 17
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 10
Lawton Mills (guar.)
Pettibone Mulliken Co., lst.1e2d pf.(qu.) 1% Oct. 1 Holders of rec. Sept. 210
$2.50 Sept.30 Holders of rec. Sept. 23
Lawyers Title & Guaranty Co
234 Oct. 1 Holders of rec. Sept. 180 Philadelphia Finance Co., pref.(guar.)
1)/ Oct. 1 Holders of rec. Sept. 18a
Lawyers Westchester Mortgage
Phillips Petroleum (guar.)
Oct. 1 Sept. 17 to Oct. 1
2
75c. Oct. 1 Holders of rec. Sept. 15a
Lehigh Valley Coal Salem (guar.)
Pick (Albert) & Co., pref. (guar.)
82 Oct. 1 Holders of rec. Sept. 14
Oct. 1 Holders of rec. Sept. 17
Leonard, Fitzpatrick & Mueller Stores,
Pie Bakeries of America,class A (guar.). $1
Oct. I Holders of rec. Sept. 15
preferred (No. 1)
Preferred (guar.)
*2
Oct. 1 *Holders of rec. Sept. 18
1,4 Oct. I Holders of rec.Sept.d15
Liberty Baking, pref. (qu.) (No. 1)____
Pierce-Arrow Motor Car, pref.(qua?.).. 2
Sept.30 *Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept.1.5
Life Savers, Inc. (guar.)
40
Oct. 1 Holders of rec. Sept. 15a Pittsburgh Plate Glass (guar.)
2
Oct. 1 Holders of rec. Sept. 18
Liggett & Myers Tobacco, pref. (quar.)_
Extra
134 Oct. 1 Holders of rec. Sept. 15a
5
Oct. 1 Holders of rec. Sept. 18
Lion 011 Refining (guar.)
Pittsburgh Steel Foundries, pref.(guar.) 1)4 Oct
50e. Oct. 27 Holders of rec. Sept. 30
1 Sept. 16 to Sept. 30
Liquid Carbonic Corporation (guar.)... *90°. Nov. 1 *Holders of.rec. Oct. 20
Portland Gold Mining (guar.)
2c. Oct.d15 Oct. 7 to Oct. I 5
Loew's, Inc.(guar.)
500. Sept.30 Holders of rec. Sept. 180 Plymouth 011 (monthly)
50c. Sept.30 Sept.21 to Sept.23
Long Bell Lumber, cl. A com. (guar.)-- $1
Sept.30 Holders of res. Sept. 100
Extra
25c. Sept.30 Sept.21 to Bept.23
Loose-Wiles Biscuit, 1st pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 200 Prairie Pipe Line (guar.)
*2
Oct. 30 *Holders of rec. Sept.30
Second preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 180 Pratt & Whitney, Prof.(guar.)
I% Sept.30 Holders of rec. Sept. 160
Lord & Taylor, common (guar.)
Preferred (acct. accum. diva.)
23.4 Oct. 1 Holders of rec. Sept. 170
3
Sept.30 Holders of rec. Sept. 16a
Holdem
of
Premier
rec.
Sept.
f2
150
Oct. I
Lorillard (P.) Co., corn.(in corn. stock)
Gold Mining (guar.)
Sc. Oct. 4 Holders of rec. Sept. 15
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 150 Pressed Steel Car, pref. (guar.)
134 Sept.30 Holders of rec. Sept. la
50o. Oct. 1 Holders of rec. Sept. 200 Price Bros., common (guar.)
Ludlum Steel (guar.)
)4 Oct. 1 Holders of roe. Sept. 15
Holders
of rec. Sept.300
Preferred (guar.)
MacAndrews & Forbes Co., corn. (qu.). 650. Oct. 15
131 Oct. 1 Holders of rec. Sept. 15
134 Oct. 15 Holders of rec. Sept. 300 Procter & Gamble Co.,8% pref. (guar.) 2
Preferred (guar.)
Oct. 15 Sept. 26 to Oct. 13
Mack Trucks, Inc., common (quar.)--- $1.50 Sept.30 Holders of rec. Sept. 156 Pro-phy-lac-tic Brush. common (guar.). 50c. Oct. 15 Holders of foe. Oct. 1
13/ Sept.30 Holders of rec. Sept. 150
Preferred (guar.)
First & second pref.(guar.)
114 Dec. 15 Holders of rec. Doe. 1
Nov. 1 Holders of rec. Oct. 160 Provincial Paper Mills, COCO.(quar.)__ _ - I% Oct. 1 Holders of roe.
Macy (R.H.)& Co., pref.(guar.)
Sept. 15
75c. Oct. 15 Holders of rec. Oct. la
Preferred (guar.)
Magma Copper Co.(guar.)
134 Oct. I Holders of roe. Sept. 15
MaHinson (H. R.) & Co., Inc., pf. (qu.) 134 Oct. 1 Holders of rec. Sept. 2I0 Pure 011, 534% preferred (guar.)
134 Oct. 1 Holders of reo. Sept. 10a
Manhattan Electrical Supply (guar.)-- $1.25 Oct. 1 Holders of rec. Sept. 200
6% preferred (guar.)
13‘ Oct. 1 Holders of rec. Sept. 10a
Manhattan Shirt, pref. (guar.)
S% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 170
2
Oct. 1 Holders of rec. Sept. 10a
Manning, Maxwell & Moore (guar.) -- 114 Oct. 2 Holders of rec. Sept. 30
Quaker Oats, common (guar.)
81 Oct. 15 Holders of rec. Oct. 1
Holders
11
Sept.
300
Oct.
of
Manufactured Rubber (guar.)
rec.
Preferred
(guar.)
134
13.4 Nov.30 Holders of roe. Nov. 1
Margay 011 Corporation
25c Oct. 9 Holders of rec. Sept. 20
Quissett Mills. preferred (guar.)
3
Dec. 1 Holders of roe. Nov.20a
Marland 011 (guar.)
$1 Sept.30 Holders of rec. Sept. 18a Rand-Kardex Bureau, Inc., corn.(guar.) 75e. Oct. 9 Holders of rec. Sept. 20
Marlin-Rockwell Co., corn.(guar.)
50c. Oct. 1 Holders of rec. Sept.230
Preferred (guar.)
51.75 Oct. 1 Holders of roe. Sept. 20
1% Oct. 1 Holders of rec. Sept. 235 Real Silk Hosiery, corn. (guar.)
Preferred (guar.)
Oct. I Holders of rec. Sept. 20
51
Oct. 1 Holders of rec. Sept. 170
Mathleson Alkali Works, corn.(quar.)_ _ 51
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 20
Oct. 1 Holders of roe. Sept. 17a Reece Buttonhole Machine (guar.)
Preferred (guar.)
35c. Oct. 1 Holders of ree. Sept. 15
Oct. 1 Holders of rec. Sept. 15a Reece Folding Machine (guar.)
May Department Stores, pref. (quar.)_ _
5. Oct. 1 Holders of roe. Sept. 15a
50c. Dec. I Holders of rec. Nov. 154 Regal Shoe, preferred (guar.)
MaYiall Co.(guar.)
1;4 Oct. 1 Sept.21 to Sept.30
McCall Corp.,corn. (guar.)
50o. Nov. 1 Holders of rec. Oct. 20
Reid Ice Cream Corp.. corn.(qua .)-- 750. Oct. 1 Holders of roe. Sept.20a
McCord Radiator & Mfg., class A (qu.)- The. Oct. 1 Sept. 23 to Sept.30
Reis(Robert) & Co., first pref.(guar.)._
144 Oct. 1 Holders of rec. Sept.21
Holders
of rte. Oct. 200 Remington Noiseless Typew., pref.(qu.) 13/ Oct. 15 Holders of roe. Oct. 1
McCrory Stores. pref. (guar.)
134 Nov. 1
2
Medart (Fred) Mfg., pref. (guar.)
Oct. 1 Holders of rec. Sept. 21
Remington Typewriter, 1st pref.(qu.)__
144 Oct. 1 Sept. 18 to Oct. 1
Merchants & Mfrs.Securities, corn.(qu.) 6214c Oct. 1 Holders of rec. Sept. 15
20 preferred (guar.)
2
Oct. 1 Sept. 16 to Oct. 1
Oct. 1 Holders of rem Sept. 15
1
Common (payable in common stock)_
Reo Motor Car (guar.)
20e. Oat. 1 Holders of roe. Sept. 15
Participating preferred (guar.)
62340001. 1 Holders of rec. Sept. 15a
Extra
200. Oct. 1 Holders of roe. Sept. 15
Oct. I Holders of rec. Sept. 150 Republic Iron & Steel. pref. (guar.)..._
Participating preferred (In corn. stock) 1
11( Oct. 1 Holders of reo. Sept. 15a
Oct. 1 Holders of roe. Sept.20
Merck & Co., preferred (guar.)
$1
Reynolds(R.J.) Tob.,com.&com.B (qu.) $1.25 Oct. 1 Holders of roe.
$1.25 Sept.30 Holders of roe. Sept. 3a Rice-t3tix Dry Goods, common (guar.)- 3714o. Nov. 1 Holders of moo. Sept. 184
Mergenthaler Linotype (guar.)
Oct. 15
Holders
Sept.
30
of roe. Sept. 30
25
Extra
First and second preferred (quar.)---- 1% Oct. 1 Holders of tee Sept. 15
$1.25 Sept.30 Holders of rec. Sept. 18
Merrimac Chemical (guar.)
Richardson & Boynton Co., part.PL(Clu.) 75c. Oct. 1 Holders of rec. Sept. 15
Metropolitan Paving Brick, pref.(guar.) 134 Oct. 1 Holders of roe. Sept. 15
Richman Bros., common (guar.)
51.50 Oct. I Holders of rec. Sept.23
Oct. 1 Holders of.reo. Sept. 18
4
Mexican Investment, preferred
Royal Baking Powder, corn.(quar.)____
2
Sept.30 Holders of roe. Sept. 150
Oct. 1 Holders of roe. Sept. 23
Midland Steel Products, corn.(guar.) _ _ $1
Preferred (guar.)
134 Sept.30 Holders of roe. Sept. 184
Holders
490.
Oct.
1
(extra)
of rec. Sept. 230 Ryan Car, preferred (guar.)
Common
2
Sept.30 Holders of rec. Sept. 15a
Oct. 1 Holders of rec. Sept.230 Safety Car Heat & Lighting (guar.)____
$2
Preferred (guar.)
2
Oct. 1 Holders of roe. Sept.17
Oct. 1 Holders of rec. Sept. 230 Safeway Stores, pref. (guar.)
51
Preferred (extra)
81.75 Oct. 1 Holders of roe. Sept. 15
250. Oct. 1 Holders of rec. Sept. 17a St. Joseph Lead (gum.)
Midvale Company
500. Doe. 20 Doe. 10 to Doe. 20
134 Oct. 1 Holders of rec. Sept. 20
Mill Factors Corp. (guar.)
Extra
250. Dee. 20 Dec. 10 to Doe. 20
Extra
34 Oct. 1 Holders of rec. Sept. 20
St. Louis National StockYards (quar.)_
2
Oct. 1 Sept.24 to Sept.30
Montgomery Ward & Co., pref. (guar.) 134 Oct. 1 Holders of reg. Sept. 200 St.Louls Rocky Mt.&Pac.Co.,com.(qu.)
34 Sept.30 Holders of tee. Sept. 15a
.$1.75 Oct. 1 Holders of rec. Sept.206
Class A (guar.)
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. I56
1
Oct.
Holders of rec. Sept. 180 St. Maurice Valley Corp., pref.(qua?.).. 134 Oct. 1 Holders of rec.
$1.25
Morgan Lithograph, corn.(guar.)
Sept. 15
*2
Sept.30 Holders of rec. Sept. 20
St. Regis Paper,corn.(guar.)
Mortgage-Bond Co. (guar.)
50c. Oct. 1 Holders of rec. Sept. 20
Motion Picture Capital Corp., pref.(qu.) 50c. Oct. 15 Holders of rec. Oct. 1
Preferred (guar.)
$1.75 Oct. 1 *Holders of rec. Sept. 20
Motor Meter Co.. Inc.. cl. A (guar.).- 90c. Oct. 1 Holders of rem Sept. 150 Salt Creek Consol. Oil (guar.)
200. Oct. 1 Holders of rec. Sept. 155
50c. Sept.20 Holders of rec. Sept.10a Savage Arms, 1st pref. (guar.)
Motor Wheel Corp. (guar.)
'154 Oct. 1 *Holders of rec. Sept. 15
o2c. Oct. 15 Holders of rec. Oct. 1
Second preferred (guar.)
Mountain & Gulf 011(guar.)
'1)4 Nev. 15 *Holders of rec. Nov. 1
dlr. Oct. 15 Holders of rec. Oct. 1
Schlesinger (B.F.) & Sons,Ino.,com,o1A 75e. Oct. I Holders of rec. Sept. 15
Extra
Mountain Producers Corp., corn.(guar.) 600. Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
1,4 Oct. 1 Holders of rec. Sept. 15
150. Dec. 15 Holders of rec. Nov. 30
Schulte Retail Stores. pref. (guar.)
Munyon Remedy Co.(guar.)
2
Oct. 1 Holders of rec. Sept. 15a
Oct. 15 Holders of roe. Sept. 300 Schwartz (Bernard) Cigar Corp A (qu.)_ 200. Oct. 1 Holders of rec. Sept. 13
$1
National Biscuit, common (guar.)
Holders
of
rec.
1
Sept.
011,
15
Seaboard
National Brewers, common (qua?.)
pref. (guar.)
2
Oct. I Holders of rec. Sept.20
134 Oct. 1 Holders of rec. Sept. 15
Sefton Manufacturing, pref. (guar.)
_
Preferred (guar.)
134 Oct. 1 Holders of roe Sept.220
$1.50 Nov.15 Holders of rec. Nov. la Shaffer 011 & Refining, pref.(guar.).._
National Casket,common
144 Oct. 25 Holders of rec. Sept. 30
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 170 Shattuck (Frank G.) Co.(guar.)
500. Oct. 11 Holders of rec. Sept. 200
National Dairy Products, corn. (guar.)_ 75e. Oct. 1 Holders of roe. Sept. 20a Shell Union 011 Corp., corn.(guar.)._ 350. Sept.30 Holders of rec. Sept. 76
134 Oct. 1 Holders of rec. Sept. 200 Sherwin-Williams Co., Can.,corn.(gu.) 134 Sept.30 Holders of rec. Sept. 15
Preferred A & B (guar.)
Preferred (guar.)
Nat. Enameling & Stamping, pref. (qu.) 134 Sept 30 Holders of rec. Sept. 100
13.4 Sept.30 Holders of roe. Sept. 15
Nat. Fabric & Finishing, pref. (guar.).
134 Oct. 1 Holders of rec. Sept. 200 Shreveport-El Dorado Pipe Line (guar.)- 260. Oct. 1 Holders of roe. Sept. 200
National Fuel Gas(guar.)
Sieloff Packing, common (guar.)
*$1.50 Oct. 15 *Holders of rec. Sept.30
30e. Oct. 1 Holders of roe. Sept. 20
Jan 1'27 Dec. 21 to Dec. 31
National Grocer, preferred
Simmons Company, Common (guar.).. 50c. Oct. I Holders of roe. Sept. I5a
3
National Lead, common (guar.)
Sept.30 Holders of rec. Sept.100 Singer Manufacturing (guar.)
2
234 Sept.30 Sept. 11 to Sept.80
National Licorice, pref. (guar.)
Extra
114 Sept.30 Holders of rec. Sept. 14
1
Sept.30 Sept. 11 to Sept.
National Lock Washer, (stock dividend) 50
Oct. 15 Holders of rec. July 260 Sloss-Sheffield Steel dr Iron, pref.(qu.)_ _ 1% Oct. 1 Holders of roe. Sept. 80
20a
Holders
of
National Refining. pref.(guar.)
1
Oct.
rec. Sept. 15
2
Smith(L.C.)& Corona Ty pew.,com (gu *50e. Oct. I Holders of roe. Sept.21
*1,4 Oct. 1
National Standard, common (guar.)
Preferred (guar.)
_ 62140 Oct. 1 Holders of rec. Sept.20
Holders of roe. Sept.21
Extra
12140. Oct. 1 Holders of rec. Sept. 20
Smith (Howard) Paper Mills, pref.(qu.) 2
Oct. 10 Holders of rec. Sept.30
National Sugar Refining (guar.)
11/ Oct. 2 Holders of rec. Sept. 7
Southern Acid,common (guar.)
750. Oct. 1 Holders of roe. Sept. 15
National Supply, pref. (guar.)
13/ Sept.30 Holders of roe. Sept. 20a Southern Baking, pref. (guar.)
2
Oct. 1 Holders of roe. Sept. 15a
Holders
of
National Surety (qear.)
234 Oct. 1
rect. Sept.206 Southern Dairies. Inc., class A (qua?.).. 81 Oct. 30 Holders of rec. dOet.15a
National Tea,common (guar.)
$1 Oct. 1 Holders of moo. Sept. 18a South Penn 011 (guar.)
3734c. Sept.30 Sept. 14 to Sept.30
Oct. 1 Holders of rec. Sept. 15
3
Naumkeag Steam Cotton Co.(guar.)
South Porto Rico Sugar, corn. (guar.).
1)4 Oct. 1 Holders of rec. Sept. 10a
*30e. Oct. 1 *Holders of roe. Sept. 17
Nelson (Herman) Corp.(guar.)
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 10a
250. Sept.30 Holders of roe. Sept. 170 South West Pa. Pipe Lines (guar.)
51 Oct. 1 Holders of rec. Sept. 15
Nevada Consol. Copper (guar.)
Holders
1
of
(guar.)
Sparks-Withington Co., corn. (qua?.)... 25e. Sept. 30 Holders of rec. Sept. 20
rec. Sept.30
2340 Oct. 15
New Bradford 011
25e. Oct. 1 Holders of roe. Sept.23
Preferred (guar.)
New England Fuel 011 (guar.)
154 Sept.30 Holders of rec. Sept. 20
*50c. Oct. 1 *Holders of roe. Sept. 20
1;4 Oct. 1 Holders of roe. Sept. 15
Newton Steel, common (guar.)
Sperry Flour, pref. (guar.)
•144 Oct. 1 *Holders of rec. Sept.20
2
Oct. 1 Holders of rec. Sept.20a
Spicer Mfg., pref. (guar.)
Preferred (guar.)
75e. Nov. 1 Holders of rec. Oct. 140 Sprague-Sells Corp. partici. A stk.(qu.).' 8234o. Oct. 1 Holders of roe.
New York Air Brake, corn.(guar.)
Sept. 20
500. Oct. 18 Holders of rec. Oct. •la Standard Fruit & SS. Corp.. 1st pref.__ $3.50 Oct. 1 Holders of rec.
New York Transportation (guar.)
Sept. 24
134 Oct. 1 Holders of rec. Sept. 20
11/ Sept.30 Holders of roe. Sept. 17a
Nichols Copper Co., 7% prof.(guar.)Standard Milling. common (qua?.)
North American Car Corp., class A (qu.) *13210 Oct. 1 *Holders of rec. Sept. 27
Preferred (guar.)
134 Sept.30 Holders of roe. Sept. 17a
North Amer. Provision. pref. (quar.)-- 134 Oct. 1 Holders of rec. Sept. 100 Standard National Corp., corn.(guar.)._ 2;4 Oct. 1 Holders of roe. Sept.250
Proferred (guar.)
1;4 Oct. 1 Holders of rec. Sept.250
North Star 011 & Ref., pref. (guar.)._- 154 Oct. 1 Holders of rec. Sept. 15
Norwalk Tire dc Rubber, pref. (guar.)- 134 Oct. 1 Holders of rec. Sept. 200 Standard 011(KY.) (guar.)
$1 Sept.30 Sept. 18 to Sept.29
$1.25 Oct. 1 Holders of rec. Sept. 22
Standard Oil(Ohio) corn. (guar.)
Ogilvie Flour Mills (guar.)
52.50 Oct. 1 Holders of rec. Aug. 27
Oct. 1 Holders of roe. Sept.22
$5
Standard Plate Glass, prior pref.(qu.).. 144 Oct. I Holders of rec. Sept. 200
Bonus
Oct. 15 Holders of roe. Sept.30a Stanley Co.of America, new stock (qu.) 760. Oct. 1 Sept. 19 to
2
Ohio Fuel Corp.(guar.)
Sept.30
500. Oct. 1 Holders of roe. Sept. 150
Preferred (guar.)
011 Well Supply, common (quar.)
51.50 Oct. 1 Holders of rec. Sept.30
134 Nov. 1 Holders of rec. Oct. 15a State Theatre Co.. Boston, prof.(guar.) 2
Oct. 1 Holders of rec. Sept. 180
Preferred (guar.)
Oct. 1 Holders of roe. Septd2Id Sterling 011 (extra)
2
Onondaga Silk, preferred (guar.)
•10o. Oct. 5 Holders of rec. Sept. 25
Oot. 1 Holders of rec. Sept. 170
2
Omnibus Corporation, pref. (guar.)Extra
•100. Oct. 5 Holders of rec. Sept. 25
•134
134
134
134
Oct.Si
8iirr 25 1926.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable
Books Closed
Days Inclusive.
1603
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
Stern Bros. class A (guar.)
$I Oct. 1 Holders of rec. Sept. 20a
The following shows the condition of the New York City
Stone (II. 0.)& Co.. corn.(guar.)
$1.25 Oct. 1 Holders of rec. Sept. 156
Preferred (guar.)
1,' Oct. 1 Holders of rec. Sent. 15a Clearing House members for the week ending Sept. 18. The
(guar.)
Carburetor
Oct.
I
21.50
Stromberg
Holders of rec. Sept. 10a
figures for the separate banks are the averages of the daily
Stroock (S.) & Co. (guar.)
750. Oct. 1 Holders of me. Sept. 15
Swedish-Am. Invest., partic. pf. (qu.)
1% Oct. 1 Holders of rec. Sept. 15a results. In the
ease of the grand totals, we also show the
Oct. 1 Holders of rec. Sept. 10a
Swift & Co. (guar.)
2
Symington Company, class A (guar.)._ _ 50c. Oct. 1 Holders of rec. Sept. 15
actual figures of condition at the end of the week.
Syracuse Washing Mach.. corn. (guar.). 750. Oct. I Sept. 19 to Sept. 30
Common (extra, In common stock)_
f2
Oct. 1 Sept. 19 to Sept. 30
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
Preferred (guar.)
$2 Oct. 1 Sept. 19 to Sept. 30
(Stated in thousands of dollars-that is, three ciphers (000) emitted.)
Telautograph Corporation. common
30c. Nov. 1 Holders of rec. Oct. 15a
Preferred (guar.)
1% Oct. 11 Holders of rec. Sept. 30
Texas Company (guar.)
750. Sept.30 Holders of rec. Sept. 30
New I
Texon Oil & Land
Oct. 25 Holders of rec. Oct. 56
20
Capital Profits Loans,
Reserve
Thompson (J. R.) Co.(monthly)
30c. Oct. 1 Holders of rec. Sept. 240
1
Week Ending
Discount, Cash
with
Net
Time Bank
Monthly
30e. Nov. 1 Holders of rec. Oct. 23a
Sept. 18 1926. Nat'l, June 30 Investin
Legal Demand
Monthly
De- Circu30c. Dec. 1 Holders of rec. Nov.23a
State, June 30 merits, Vault. Deposi- Deposits. posits. Baton.
Thompson-Starrett Co., preferred
4
Oct. 1 Holders of rec. Sept. 18
(000 omitted.) Tr.Cos.June 30 &e.
tortes.
Tidewater Associated Oil, corn. (guar.). 30c. Nov.
Ill 4
Holders of rec. Sept. 116
Convertible preferred (guar.)
134 Sept.3 Holders of rec. Sept. 110
Tidewater Oil, common (guar.)
3730. Sept.30 Holders of rec. Sept. 110 Members of Fed. Res. Bank. Average. Average Average Average. Average Awe.
Bank
of
N
Y
&
$
$
$
$
$
Timken-Detroit Axle, corn.(guar.) _ _ 134 Oct. 1 Sept. 21 to Sept. 30
$
$
5
Trust Co_ ___ 4,000 12,996 72,989
471 7,232
53,431 7,755 ...._
Common (extra)
34 Oct. 1 Sept. 21 to Sept. 30
Bk of Manhat'n 10,700 15,523 170,324 3,269 18,430 133,958 26,857
TIntic Standard Mining (guar.)
20e. Sept.25 Sept. 16 to Sept. 24
of
Bank
America 6,500 5.136 76,006 1,670 11,124
83,858 3,736
Extra
20e. Sept.25 Sept. 16 to Sept. 24
National City__ 50,000 63,133 664.017 6,412 72,109 *692,849 96,165
Tobacco Products Corp., corn (guar.) _ _ $1.75 Oct. 15 Holders of rec. Sept. 27
89
Chemical Nat__ 4,500 18,535142,645 1.309 16.090 121,326 3,600 347
Torrington Co., corn. (guar.)
Oct. 1 Holders of rec. Sept. 24
3
Am Ex-Pac Nat 7,500 13,095 144,693 1,800 17.327
129,926 9,517 4,941
Tower Manufacturing
3734c. Oct. 1 Holders of rec. Sept. 15
Nat Bk of COM_ 25,000 41,943 357.135
Traveler Shoe (guar.)
773 39,349 299,374 19,660 .._
3734e Oct. 1 _Holders of rec. Sept. 15
Chat Ph NB&T 13,500 12,763 215,659 2,515 21,948
161,920 44,173 8.038
Underwood Computing Mach. pt. (au.) 1% Oct. 1 Holders of rec. Sept. 15
Underwood Typewriter, corn.(quar.)_ _ _ $1 Oct. 1 Holders of rec. Sept. 46 Hanover Nat__ 5,000 26,003 119,365
528 13,458
102,625
---- -___
Preferred (guar.)
175.945 31,411
13( Oct. 1 Holders of Tee. S pt. 46 Corn Exchange. 10,000 14,825 201,915 6,577 24,787
Union Carbide & Carbon (guar.)
866 15,969
121,360 7,748 3:489
$1.25 Oct. 1 Holders of rec. Sept. 76 National Park_ 10.000 24,152 167,751
Bowery & E.R
Union Twist Drill (guar.)
3,000 3,224 58,778 1,786 5,631
38,718 17,365 1,490
*1% Sept.30 *Holders of rec. Sept. 20
United Cigar Stores of Amer.,corn.(nu.) 500. Sept.30 Holders of rec. Sept. 10a First National__ 10,000 74,875 322,733
614 28,436 200,007 14,626 6,484
Common (payable in common stock)_ 11% Sept.30 Holders of rec. Sept. 106 IrvingBk-ColTr 17,500 14,444 298,601 2,653 35,856 268,409 30,970 -7,912
United Dyewood, preferred (guar.)
139
899
6,142
13$ Oct. 1 Holders of rec. Sept. 156 Continental.... 1,000 1,239
440
ChaseNational. 40,000 36,782 567,367 7,089 71,284 *537,710 31,551 1:732
United Equities Corp
Oct. 1 Holders of rec. Sept. 20
United Fruit (guar.)
500 2,798 25,890
831 3.146
24,207
21 Oct. 1 Holders of rec. Sept. 40 Fifth Avenue Bk
Commonwealth
United Profit Sharing Corp., pref
800
1,176
14,928
514 1,469
5
Oct. 30 Holders of rec. Sept. 30a
10,222 4:445
Garfield Nat'l__ 1,000 1,782 17,896
United Shoe Machinery, corn. (quar.).. 62%0 Oct. 5 Holders of rec. Sept. 14
463 3,264
17,635
853
Seaboard Nat'l. 6,000 10,415 124,835 1,051 15,349
Common (extra)
$1
Oct. 5 Holders of rm. Sept. 14
116,584 5,251
43
BankersTrust_ 20,000 33,043 333,274
Preferred (guar.)
937 35,441 *283,824 44,712
3734c Oct. 5 Holders of rec. Sept. 14
US Mtge & Ti'. 3,000 4,667 58,897
U.S. Bobbin & Shuttle, pref. (quar.)._... 1% Sept.30 Holders of rec. Sept. 8
862 7,175
52.797 5,439,
U.S. Cast Iron Pipe & Fdy.,corn.(qu.)
254 Dec. 15 Holders of rec. Dec. is Guaranty Trust 25,000 23,250 426,422 1,416 46,284 412,824 53,984 ____
Preferred (guar.)
j 4,000 3,108 43,030
737 4,755
1% Dec. 15 Holders of rec. Dec. la Fidelity Trust__
35,743 4,092
New York Trust 10,000 20.843 175,65
U. S. Gypsum, common (guar.)
483 19.372 143,258 19,219
40e. Sept.30 Holders of rec. Sept. 15
Farmers L & T 10,000 19,493 139,64
Preferred (guar.)
546 13,760 •I04,631 18,406 _
1% Sept.30 Holders of rec. Sept. 15
U.S.Industrial Alcohol, pref.(guar.). _ _
134 Oct. 15 Holders of rec. Sept. 306 Equitable Trust 30,000 21,46f 282,59
1,448 29,923 *297,346 22,992
U.S. Light & Heat Corp., pl. A (quar.). 25c. Oct. 1 Sept. 16 to Oct. 1
Total of arerag 328,500520,7195,211,258 47,759577,867e4.283,491 524,967 24,651
Seven per cent preferred (guar.)
35c, Oct. 1 Sept. 16 to Oct. 1
U.S. Steel Corporation, corn. (guar.)
134 Sept.29 Sept. 1 to Sept. 2
United States Tobacco, corn. (guar.)... 750. Oct. 1 Holders of rec. Sept.136 Totals, actual condition •pt.18 ,204,023 43,344540,385c4.227,096 22,9944, .697
Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 130 Totals, actual condition •1ent.11 ,171,967 49,432618,032e4,248,176 36.660,24,673
United Verde Extension Mining (quar.)_ 75e. Nov. 1 Holders of rec. Oct. .6a Totals, actual condition Sept. 45.194,233, 44,208553,700 4,234,077 53,40024,582
Universal Pictures, pr ferred (guar.)
$2
Oct. 1 Sept. 21 to Oct. 1
I
State Banks Not Me inhere of Fed`l Res've Bank.
Universal Pipe & Radiator, pref.(guar.) 134 Nov. 1 Holders of rec. Oct. 156
Utah Copper Co.(guar.)
$1.25 Sept.30 Holders of rec. Sept. 170 Greenwich Bank 1,000 2,573 23,8411 2,144 1,812
21,738 2,628 -State Bank--- 5.000 5,463 107,9141 4,552 2,521
Van Dorn Iron Works, pref. (guar.) _
134 Oct. 1 Holdesr of rec. Sept. 22
39,131 63.817 --Vivaudou (V.). Inc.. corn. (guar.)
75c, Oct. 15 Holders of rec. Oct. 1
of
Total
Preferred (guar.)
averages 6,000 8,036 131,5551 6,696 4,333
$1.75 Nov. 1 Holders of rec. Oct. 15
60,869 66,445 -Vulcan Detinning, pref. & pref. A (guar.) 1% Oct. 20
Oct. 10
Totals, actual condition Sept.18 132,2991 6,411 4,279
Preferred (account accum. dividends). 62
Oct. 20
61,122 66,509 --Oct. 10
Wabasso Cotton Co.(guar.)
Totals, actual condition 'ieot.11 129,6761 6,839 4,407
$1
Oct. 2 Holders of rec. Sept. 15
59,409 66,380 --Waldorf System, corn. (guar.)
31%0. Oct. 1 Holders of rec. Sept.200 Totals, actual condition Sept. 4 86,4651 2,457 6,356
57,573 2,383 --First preferred (guar.)
20e. Oct. 1 Holders of rec. Sept. 14
1
Trust Cornea ales N ot Mem • sot Fe d'i Res've Ba . k.
Preferred (guar.)
20e. Oct., 1 Holders of rec. Sept.20
Title Guar & T 10,000 17,449 64,448 1,655 4,328
Waltham Watch, prior pref.(guar.).-- •1% Oct. 1 *Holders of rec. Sept. 22
39,743 1,609 -Walworth Manufacturing. pref.(guar.). 750. Sept.30 Holders of rec. Sept.20
Lawyers Trust_ 3,000 8,287 22,4541
987 1.760
17,936
755 ---Ward Baking Corp.,(tom., class A (qu.). $2 . Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
•
Total of average 13,000 20,736 . 86,902, 2.642 6,088
134 Oct. 1 Holders of rec. Sept. 15
57.679 2,364 -Warner-Quinlan Co
50e. Oct. 2 Holders of rec. Sept. 166
Warren Bros. common (guar.)
21
Oct. 1 ...elders of rec. Sept.200 Totals, actual condition 'ept.18 87,67911 2,550 6.168
58,349 2,354 --First preferred (guar.)
75e. Oct. 1 Holders of rec. Sept.200 Totals, actual condition Sept.11 86.780 2.612 6,263
57.392 2,386 -Totals, actual condition Sept. 4
Second preferred (guar.)
87340. Oct.
86.465 2.457 6,356
Holders of rec. Sept. 20
57,573 2,383 ---Weber & Heilbroner, common (guar.)._ Si
Sept.30 Holders of rec. Sept. 15a
Gr'd aggr..am.347,500549,4925,429,715 57.097588,288 4,402,039593,776 .651
Preferred (guar.)
Dec.
Holders of rec. Nov. 15
Western Auto Supply, partle. pref.(qu.) 50c. Oct.
Comparison With prey. week _. +26.540-1.345+5.130 +37,1941_I5.294 +61
Holders of rec. Sept. 20
Western Electric Co. (guar.)
*234 Sept.30 *Holders of rec. Sept. 25
West Coast 011 (guar.)
Gr'd aggr.. acX/cond'n Sept.185,424,001 52,305550,832 4,346,567591,857 .697
*31.50 Oct.
*Holders of rec. Sept. 25
Extra
Comparison with prey.week- +35.578-6.578-77.870 -18,410,-13,589 +24
*55 Oct.
*Holders of rec. Sept.
Western Paper Goods Co.. A 44B (qu.)._ *50e. Oct. 1 *Holders of rec. Sept. 25
,..
30
Westinghouse Air Brake (guar.)
$1.75 Oct. 3 Holders of rec. Sept.302 Gr'd aggr., oatcond'n Sept.11 .,388,423 58.883628,702 4.364,977606,42624,673
West Point Manufacturing (guar.)
Gr'd aggr., act/cond'n Sept. 45,410,265 53,3941584.267 4,350,738622,037
$2
Oct. 1 Holders of rec. Sept. 15
,68
2
Westinghouse Elec.& Mfg.,corn.(guar.) $1
Oct. 30 Holders of rec. Sept.300 Gr'd aggr., acrl cond'n Aug 285,397,621 55,517!5S5.164 4,352,928625,545 .067
Preferred (guar.)
$I
Oct. 15 Holders of rec. Sept.30a Gr'd agrr., act!cond'n Aug.21,351,527 54,585597,841 4,310,940
.
Weston Elec InstrumentCorp..el.A(MO 50e. Oct. 1 Holders of rec. Sept.20a Gr'd aggr.. acqcond'n Aug. 14j5.368.937 53,072,578.254 . . 623.263
.83 4,306
Wheeling Steel Corp., Prof. A (guar.)._ _ _ $2
Gr'd agrr.. aa'reonci'n Aug. 7,5.409.777 54.1791623.214 4.358,92461.59524,159
Oct. 1 Sept. 12 to Oct. 1
Preferred A (account accum. dividend) 1460c. Oct. 1 Sept. 12 to Oct. 1
Preferred 13(guar.)
Note.-U. S. deposits deducted from net demand deposits in the general totals
$2.50 Oct. 1 Sept. 12 to Oct. 1
above were as fo lows: Average total Sept. 18,$32,418,000. Actual totals Sept. 18,
Preferred B (account accum. diva.)_ h75c. Oct. 1 Sept. 12 to Oct. 1
White Eagle Oil & Refining (guar.)
$55,837,000: Sept. 11, $13.069,000; Sept. 4, $13,071,000; Aug. 28, $13,074,000;
*500. Oct. 20 *Holders of rec. Sept. 30
White Motor (guar.)
$1
Sept.30 Holders of rec. Sept. 156 Aug.21,$16.226.000; Aug. 14, 518,936.000. Bills payable, rediscounts, acceptances
White Motor Securities Corp., pref.(qu.) 134 Sept.30 Holders of rec. Sept. 15a and other liabilities, average for week Sept. 18.$588,078.000: Sept. 11, $593,107,000:
White Rock Mineral Springs,com.(qu.) 300. Oct. 1 Holders of rec. Sept. 270 Sept.4,8570,984,500; Aug.28,5558,334,000; Aug. 21. 3575.063,000; Aug. 14, 2900,Common (extra)
200. Oct. 1 Holders of rec. Sept. 270 714,000. Actual totals Sept. 18, $574,643,000; Sept. 11. $835,362,000: Sept. 4.
First preferred (guar.)
5582,590.000; Aug. 28, $572,383,000; Aug. 21, $582,497,000.
1% Oct. 1 Holders of rec. Sept. 27
Second pref. (guar.)
2% Oct. 1 Holders of rec. Sept. 27
'Includes deposits in foreign branches not included in total footing as follows
Second pref. (extra)
154 Oct. 1 Holders of rec. Sept. 27
National City Bank, $165,915,000: Chase National Bank, $11,248,000; Bankers
Williams Tool Corp., pref. (guar.)
Oct. 1 Holders of rec. Sept. 20a Trust Co., $23.231,000; Guaranty Trust Co., $66,986,000; Farmers' Loan & Trust
Willys-Overland Co., pref. (guar.)
0,1,‘ Oct. 1 *Holders of rec. Sept. 21
Co., $3,386,000; Equitable Trust Co., 572,392,000. Balances carried$27,44
in bankol
7o on;
Wilt & Donna Candle, pref.(qu.)
2
foreign countries as reserve for such deposits were: National City Bank,
Oct. 1 Holders of rec. Sept. 17
Woodley Petroleum (guar.)
15e. Sept.30 Holders of rec. Sept. 15
Chase National Bank, $2,459,000; Bankers Trust Co. 5801,000; Guaranty Trust
Worthington Pump 44 Mach., Pt. A (qua 134 001. 1 Holders of rec. Sept.20a Co., 53,823.000; Farmers'
Loan at Trust Co., 23,386,000;
'
Equitable Trust Co.,
Preferred B (quar.)
134 Oct. 1 Holders of rm. Sept. 206 $6,020,000.
Wright-Hargreaves Mines (quar.)
234c Oct. 1 Holders of rec. Sept. I56
C Deposits In foreign branches not included.
Bonus
50. Oct. 1 Holders of rec. Sept. 156
Wrigley (Wm.) Jr. & Co.(monthlY)250. Oct. 1 Holders of rec. Sept.20
The reserve position of the different groups of institutions
Monthly
250. Nov. 1 Holders of rec. Oct. 20
on the basis of both the averages for the week and the
Monthly
2543, Dec. 1 Holders of rec. Nov.20
Yale & Towne Manufacturing (quar.)... $I
Oct. 1 Holders of rec. Sept. 100 actual condition at the end of the week is shown
in the
Yates Amer. Machine, partio. prof.(qu.) 65e. Oct. I Holders of rec. Sept.
following two tables:
Yellow Truck & Coach Mfg.,el. B (qu.). 1834e. Oct. I Holders of rec. Sept.200
156
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 150
Youngstown Sheet & Tube.corn.(guar.) $1
Sept.30 Holders of rec. Sept. 15a STATEMENT OF RESERVE POSITION OF CLEARING HOUSE BANKS
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 15
AND TRUST COMPANIES.
•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. I The
Averages.
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
Cash
Reserve
a Transfer books not closed for this dividend. d Correction. e Payable in stock.
Reserve
in
Rutplus
Reserve
Total
IPayable in common stock. g Payable in scrip. h On account of accumulated
in Vault. Depositaries Reserve.
Reguised.
Reserve.
dividends. in Payable in preferred stock.
(Dividends payable in cash or stock at option of holder as follows: 8 15-100ths Members Federal
$
$
$
Reserve banks..
of a share of class A stock for each share of original series preferred, and 5 5-100th
577,867,000 577,867,000 572,602,840 5,264,160
State banks*
of a share of class A stock for each share of $7 dividend series preferred.
6,896,000 4,333,0001 11,029,000 10.956,420
72,580
k Dividend in ten pence per share. All transfers received in London on or before Trust companies*_
2,642,000 6,088,000 8,730,000 3,651,850
78,150
Aug. 31 will be in time for payment of dividend to transferee.
Total Sept. 18,..... 9,338,000 588,288.0001597,626,000 592,211,110 5,414,890
I At the rate of 235% of one share of Class A stock for each share held.
Total Sept. 11_ _ _ 9,563,000 583,159,0001592,721,000 587,811,860 4,909,140
o At the rate of one-fortieth share of class A stock for each share of class B stock.
Total Sept. 4...- 9,131.600 588,085,000 597,218,000 590,539,980 6.676,020
p Extra dividend on Pittsburgh Utilities common stock is 5187 500.
Total Aug. 28_ _ _
Subject to action of stockholders at special meeting on Sept. 23.
8,990,000 579.657.000 588,647.000 584.335,050 4,311,950
N. Y. Stock Exchange rules Park Utah Consol. Mines ex-dividend Sept. 16.
• Not members of Federal Reserve Bank.
I Payable In common stock at the rate of one-fortieth of a share for each share held.
si Dlvideds are payable in cash or stock as follows: On Class A stock at the rate
b This is the reserve required on net demand deposits in the case of State banks
Of One-fortieth of a share of Class A stock and on Class B stock one-fortieth of a and trust companies, but in the case of members of the Federal Reserve Bank
share of Class B stock.
includes also amount of reserve required on net time deposits, which was as follows:
o Payable also on increased capital.
gra. 18, 215,749,010; Sept. 11, $16,240,950; Sept. 4, 516,681,260; Aug. 28, 516,x At rate 01 5% for period from July 12 to Sept. 30 1926.
633.710; Aug. 21. 316.788.300.
1604
THE CHRONICLE
Actual Figures.
Cash
Reserve
Reserve
in
In Vault. Depositaries
Members Federal
Reserve banks_ _
State banks*
Trust companies*„..
Total Sept. 18._ _ _
Total Sept. 11_ _ _ _
Total Sept. 4._
Total Aug. 28_ _ _
$
6.411,000
2,550,000
Total
Reserve.
S
Reserve
Required.
Surplus
Reserve.
Boston Clearing House Weekly Returns.—In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
5
$
$
$
540.385,000 540,385,000 565,212,300 -24,827.300
4,279.000 10,690,000 11.001,960 —311,960
—34,350
6,168.000 8,718,000 8,752.350
8,961,000 550,832,000559.793,000 584,966,610 -25,173,610
9.451,000 628,702,0001638,153,000 587.665,100 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
* Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the °see 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. 18, $15,689,820; Sept. 11, 816,099,800; Sept. 4, 816.602,000: Aug. 28, $16.703,640.
[VOL. 123.
Sept. 21
1926,
Changes from
Previous Week.
Sept. 15
1926.
Selg. 8
1926.
$
$
$
$
Capital
69,500,000 Unchanged
69,500.000
69,500,000
Surplus and profits_ _ _ _
95,602,000 Dec.
94,024,000
20,000
94,022,000
Loans. Meets & Invest. 1,069,221,000 Inc. 12,022,000 1,057,799,000 1,036,407,000
Individual deposit& _ _ _ 689,713,000 Inc. 1,847,000 687,866,000 671,559,000
Due to banks
128,251.000 Dec. 1,199,000 129,450,000 124,528,000
Time deposits
242,798,000 Dec. 2,428,000 245,226,000 245,016,000
United States deposits_
36,580,000 Inc. 18,420.000
13,685,000
18,160,000
Exchanges for Cl'g H'se
25,054,000 Dec. 1,535,000
26,589,000
22,982,000
Due from other banks
81,319,000 Inc. 1,326,000
79,993,000
77,158,000
Res've in legal deposles
80,636,000 Dec.
245,000
80,881,000
79,112,000
Cash in bank
10,299,000 Dec.
106,000
10,405,000
9,930,000
Ree've excess In F.R.Bk
373,000 Dec.
141,000
553.000
514,000
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. 18, with comparative figures
for the two weeks preceding, is given below. Reserve
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK: NOT INCLUDED IN CLEARING HOUSE STATEMENT.
requirements for members of the Federal Reserve System
(Figures Furnished by State Banking Department.)
are 10% on demand deposits and 3% on time deposits, all
Differencesfrom
to be.kept with the Federal Reserve Bank. "Cash in vaults"
Sept. 18.
Previous Week.
Loans and Investments
$1,195,676,000 Inc. $5,644,800
is not a part of legal reserve. For trust companies not memGold
4,442.800 Dec.
170.500
Currency notes
23,717,500 Dec.
514,400 bers of the Federal Reserve System the reserve required is
Deposits with Federal Reserve Bank of New York_
96,349.200 Inc. 2,585,300
Total deposits
1,204,980,600 Inc.
269,100 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 comDailies in N.Y. City, exchange, & U.S. deposits_1,131,143,400 Dec. 10,247,900
Reserve on deposits
165,016,700 Inc. 5,534,800
Percentage of reserve, 20.8%.
RESERVE.
—State Bank
—Trust Companies—
Cash in vault
*$41,077,200 16.70%
583.432.300 15.27%
Deposits in banks and trust cos.,_.. 12,533,400 05.05%
27.973,800 05.12%
Total
553,610,600 21.75%
$111,406,100 20.39%
* Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on Sept. 18 was $96,349,200.
Banks and Trust Companies in New York City.—The
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
tilist companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Week Ended—
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
Bept.11
Sept. 18
Loans and
Investments.
Demand
Deposits.
$
6.582,432.800
6,521,187,600
6,587,304,700
6,523.491,400
6,526,804,700
6,513,234,700
6,680,126,900
6,690,909.700
6,590,587,300
6,484,762,300
6,568,161,000
6.649,515,100
6,574,966,900
6,544.607.200
6.538.084,700
6,588,168,500
6,593,206.900
63325,391,700
$ •
5,589,923.100
5,540,622,800
1,585,988.300
5,560,053,300
5,557,458,800
5,506,256.100
5,701.049.700
5.619.613.100
5.537,899.000
5,511,878,400
5.497.566,600
5,562,538,500
5,7 0,305,900
5,437,978,000
5,522,021.300
5,512.541.300
5.569.5.56.300
5,607,019.600
Total Cash
in Vaults.
Reserve in
Depositaries.
$
$
84,136.900 733,073,700
84,670,600 722.498.600
83,233,000 736,347.100
85.162,900 728.322.700
81,127,100 727,750,500
81,499,400 715,419,000
85,751,100 754.610,700
89,326.100 736,547,200
87.442.700 730,145,100
81,662,300 702,008.100
82,039,100 .723,588,600
81,793,500 727.017.800
83.952.500 712,571,100
80.536.800 709,242,000
82.328,600 708,699,500
83,086.700 105,865.300
87,287.200 713,794.700
85.257.300 725.144.400
New York City Non-Member Banks and Trust Cornpanies.—The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING
HOUSE.
(Stated in thousands of dollars—that is, three ciphers 1000( Omitted.)
Week Ended Sept. 18 1926.
Two Ciphers (00)
omitted.
Capital
Surplus and profits
Loans, disets & investm'ts
Exchanges for Clear.House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposit's_
Reserve with F.It. Bank..
Cash in vault *
Total reserve & cash held....
Reserve required
Excess res. & cash in vault
Membersof
Trust
F.R.System Companies
49.975,0
150,610,0
945.585.0
36,852,0
111,020,0
139,557.0
630.313,0
154,039.0
923,909,0
5.000.0
17,605,0
49.052,0
516.0
19,0
837,0
30,207,0
2,117,0
33,161,0
4,299,0
68,400,0
10,385,0
78,785,0
68.837,0
9,948,0
1,452,0
5,751,0
4.681,0
1,070,0
Week Ending
Sept. 18 1926.
Members of
Fed'I Res've Bank.
Grace Nat Bank_ _ _
Total
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. His.
Colonial Bank
Total
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech.Tr., Bayonne
Net
counts,
Profits. Investments,
vec.
Reserve
with
Cash
Net
Net
In
Legal Demand Time
Vault. Deposi- Deposits, Deposits
tories.
I
1.000
13,531
45
1,140
7,615
3.868
1,000
1,883
13,531
451
1,140
7,615
3,868
300
1,200
1.080
2.990
9.671
33.635
790
3.600
399
1.7671
6,6541
29.2211
2.864
5,157
1,500
4,050
43,306
4,3901
2,166
35.875
8,021
500
610
9.249
1
509
35
3,476
5,944
54,975,0
168.215,0
990,250,0
31,313,0
96,553,0
137,017,0
654,064.0
154,356,0
945.437,0
3,109,0
69,928,0
11,578,0
84,615.0
74,018,0
10.597,0
54,975,0
168,215,0
980,473,0
35.867,0
101,391,0
134,739,0
655,578,0
152,804,0
943.121,
3,776,0
69,182,0
11,496,0
84.454,0
73,291.0
11.163,0
0
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. 22 1926 in
comparison with the previous week and the corresponding
date last year:•
Sept.22 1928. Sept. 15 1926. Sept.23192$.
Resources—
Gold with Federal Reserve Agent
292,143,000 352,238,000 300,728,000
10,202,000
11.831,000
Gold redemp. fund with U. S. Treasury.. 10,595,000
Gola held exclusively apt.F.R.notes_ 302,738,000
Gold settlement fund with F. R. Board_ 303,823.000
Gold and gold certificates held by bank- 381,333,000
364,069,000
232,842,000
389,493,000
310,930,000
268,325,000
347,076,000
Total gold reserves
Reserves other than gold
986,404,000
25,481,000
926,331,000
24,422,000
1,013,659,000 1,011,885,000
13,743,000
11,946,000
950,753,000
18,295,000
987.894,000
25,765,000
Total reserves
Non-reserve cash
Bills discounted—
Secured by U. S. Govt. obligations
Other bills discounted
4.4.4
Total bills discounted
Bills bought In open market
U. S. Government securities—
Bonds
Treasury notes
Certificates of Indebtedness
Total U. S. Government securities
Foreign loans on gold
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
•4
Total resources
119,440,000
69,412,000
98,767,000
47,630,000
159,791,000
72,974,000
188.852,000
45,915,000
146,397,000
37,631,000
232,765,000
27,151,000
1,822,000
27,048.000
26,094,000
2,641,000
27.236,000
156,207,000
1,257,000
58,492,000
755,000
54.964.000
186,084,000
60,504,000
2,187,000
289,731,000
370,112,000
322,607,000
648.000
648,000
215,709,000
16.739,000
2,220.000
707,000
149,671101
17,159,000
3,375,000
16,739,000
2,192,000
1 521,413,000 1,629,259,000 1,462,572,000
610
9.249
509
3.476
5,944
6.545
I
66.086
—11
4,944
—29
3,341 a46.966
—82
+764
17,833
+39
Gr'd
Gr'd
Gr'd
Gr'd
6.545
6,545
6.545
6.545
66.097
64,931
64.646
64.582
4,973
4.826
4.5011
4.611
3.423
3.397
3.301
3,244
17.794
17,730
17,713
17,765
3,000
3,000
3.000
3,000
35
a46.202
844.902
a44.337
544.768
a United States deposits deducted. 558.000.
Bills payable, rediscounts, acceptances, and other liabilitieS, 51,720,000.
L:Excess reserve, $247,710 decrease.
Liabilities—
Fed'I Reserve notes in actual circulation. 373,635,000
Deposits—Member bank, reserve acc't— 857,977,000
28,834,000
Government
6.292,000
Foreign bank (See Note)
8.932,000
Other deposits
380,992.000
941,795.000
32,000
12,295,000
17,079,000
349,210,000
859,457,000
14,841,000
5.809,000
10,180,000
901,835.000
146,620,000
35,746,000
59,964,000
3,613,000
971,201,000
177,834,000
35,732,000
59.964,000
3.536,000
890,287,000
128,780,000
31,949.000
58,749,000
3,597.000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total liabilities
500
aggr., Sept. 111
eggs., Sept. 4
eggs., Aug. 28
aggr., Aug. 21,
Sept. 4
1926.
Average. Average. Average. Average.' Average.
$
1,883
Grand aggregate
3,000
Comparison with prev. week
Total
54,975,0
168,215.0
994.637,0
37,368,0
111,039,0
140,394,0
660.520,0
156,156,0
957,070,0
4,299,0
68,400,0
11,837,0
84.536,0
73,518.0
11.018.0
Sept. 11
1926.
* Cash in vault not counted as reserve for Federal Reserve members.
Total bills and securities (See Note)
Loans,
CLEARING
NON-MEMBERS Capital.
1926
Total.
1,521.413.000 1,629.259,000 1,462,572,000
Ratio of total reserves to deposit and
Fedi Reeve note liabilities combined.
Contingent liability on bills purchased
for foreign correspondents
79.5%
74.8%
76.7%
12,491,000
11,595.000
8,549,000
NOTE.—Beginning with the statement of Oct. 7 two new Items were added in
order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, All other earning assets," now
made up of Federal intermediate credit bank debentures, has been changed to
"Other securities," and the caption. "Total earning assets" to "Total bills and 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
Sections 13 and 14 of the Federal Reserve Act, which are the only items included
herein,
SEPT. 25 1926.]
THE CHRONICLE
1605
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday aft&noon, Sept. 23,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the system
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns for the
latest week appears on page 1571, being the firet item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPTEMBER 22 1926.
Sept. 22 1926. Sept. 15 1926. Sept. 8 1926. Sept. 1 1926. Aug. 25 1926 Aug. 18 1926. Aug. 11 1926 Aug. 4 1926 Sept.231925.
RESOURCES.
2
$
$
$
$
2
$
$
$
Gold with Federal Reserve agents
1,384,679,000 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 1,405,694,000
Gold redemption fund with U. S. Tress_
58,339,000
6,1,894,000
53,954,000
53,622,000
55,153,000
49,729.000
61,936.000
53.189000
48,726,009
Gold held exclusively agst. F.R. notes 1,443,018,000 1.491,141,000 1.412,385,000 1,448,933,000 1,498,066,000 1,515,292.000 1,503,085000 1,484.586.000
Gold settlement fund with F.R.Board
743,656,000 696.619,000 734.727.000 732.717.000 681.297,0410 661.402.000 674.266.000 685.170.000 1,454,420,000
719,341,000
Gold and gold certificates held by banks
639,323,000 644,901.000 634,353,000 646.661,000 661.244,000 657.629,000 659,833,000 667,192.000 591,784,000
Total gold reserves
2,825,997,000 2,832,661,000 2.831,465,000 2.828,311,000 2,640,606,000 2,834,323,000 2.837.184,000 2,836.948.000 1,765,545,000
Reserves other than gold
131,643,000 132,404.000 130.501.000 138,032,000 137,281,000 137,897,000 137.433,000 139.640.000 105,394,000
Total reserves
2,957,640,000 2.965,065,000 2,961.9136.000 2,1366,343,000 2,977.887,000 2,972,220.000 2.974,6173300 2,976.588.000 2,870,939,000
Non-reserve cash
52,275,000
52.352,000
45,483.000
49,328,000
52,918,000
50,812,000
51.968.000
51.338,000
51,872,000
Bills discounted:
Secured by U.S. Govt. ob1igations_.- 319,076;000 268,609,000 324,831,000 320,675,000 291,408.000 268,161,000 289.027.000 281.268.000
337,649,000
Other bills dtscounted
342,560,000 296,926,000 289,436,000 305,673,000 279.230,000 266,383,000 259084.000 266.337.000 303,078,000
Total bills discounted
661,636,000 565,535.000 614,267.000 626,348.000 570.638,000 534.544,000 549,011.000 547,605,000 640,727,000
Bills bought in open market
270,407,000 262,480,000 265,984.000 253,481,000 254.616.000 254.122.000 230.968.000 228,492.000 138,493,000
U. S. Government securities:
Bonds
49,093,000
51,409,000
45.459,000
45,605.000
45.632.000
83.351.000
84,209.000
83.262.000
55,610,000
Treasury notes
146,213,000 147,435,000 220,418,000 217,702.000 216.950.001) 217,192.000 223,959.000 228,582,000 151,603,000
Certificates of indebtedness
107,546,000 291,493,000
46,407,000
55,657,000
58,629,000
58,617.000
58,372.000
58,376,000
15,919,000
Total U. S. Government securities _ 305,168,000 488,021000 312,284,000 318,964,000 321,217,000
360.018,000 S053382000 370,220.000 323,132,090
Other securities (see note)
3,700,000
3,100.000
3,700,000
3,700,000
3,700,000
3,200,000
3.200.000
3.200.000
2,420,000
Foreign loans on gold
8,100,000
Total bills and securities (see note)._ _ 1,240,911,000 1.319,736,000 1,196,235.000 1,202.493.000 1,150,171,000
1,151,681,000 1.148,861.000 1.140.517.000 1,212,872,000
Due from foreign banks (see note)
648,000
648,000
669,000
744,000
693.000
681,000
684.000
697.000
707,000
Uncollected items
749.939,0001 895,695.000 667,549,000 620.052.000 616.510.000 701.434.000 630.072.000 629.828.000 685,239,000
Bank premises
60,001,000. 59,991,000
59,938.000
59.931,000
59,931.000
59,9143300
59.896.000
59,850.000
61,399,000
All other resources
13,901,000
13,4713.000
16.754.000
16,696,000
16,626.000
17,992,000
17,539.000
17,459.000
18.044,000
Total resources
5,075,315,000'5,303,963,000 4.948.594.000 4,915.587,000 4,874.736000 4,954,937,000 4,883,637.000 4.885.277,0041 4,901.072,009
LIABILITIES.
F. It. notes in actual circulation
1,716,087,000 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 1,670,348,000
Deposits—
Member banks—reserve account
2,230,591,000 2.339.136,000 2,207,185.000 2,223,902,000 2,203,634,000 2,215,239,000 2.225.644,000 2.216.700,000 2,207,090,009
Government
67,613,000
4,084,000
5,565,000
24.326,000
25,618.000
28.108.000
15,202.000
32,817,000
32,169,000
Foreign banks (see note)
14.840,000
15,641,000
11,339,000
15.166.000
12,436,000
8.600.000
7646006
10.793.000
7,464,000
Other deposits
28,485,000
18,959,000
18.235.000
18,926.000
16.291.000
16,579.000
15.826.000
16,237,000
20,731,000
Total deposits
2,332,003,000 2,417,346,000 2,242.324.000 2,282.320,000 2,257.979,000 2,272,321.000 2,267,876,000 2.269.234.000 2,267,454,000
Deferred availability items
663,202,000 802,314,000 596.902.000 568,299.000 561,967,000 635,591,000 572.872.000 577.963.00(4 614,787,000
Capital paid in
123,839,000 123,787,000 123.711,000 123,490.000 123.467,000 123,441,000 123.108.000 122.991.000 116,433,000
Surplus
220,310,000 220.310.000 220,310,000 220.310.000 220.310,000 220,310,000 220,310,000 220,310.00) 217,837,000
All other liabilities
19.874,000
19,138,000
18.823,000
18,266.000
18.376.000
17.257.000
16,691.000
17,483.000
14,213,000
Total liabilities
5,075,315,000 5,306,963.000 4,948,594,000 4,915,587.000 4,874,736,000 4,954.937.000 4.683,637.000 4.885.277.000 4,901,072,000
Ratio of gold reserves to deposit and
F. It. note liabilities combined
68.5%
69.8%
71.4%
70.9%
71.9%
71.8%
71.6%
71 8%
70.3%
Ratio of total reserves to deposit and
F. R. note liabilities combined
71.6%
73.1%
74.3%
74.4%
75.4%
75.3%
75.1%
75.4%
72.9%
Contingent liability on bills purchased
for foreign correspondents
45,124,000
44,228,000
44,824,000
44,875,000
47.785,000
49.776.000
10,807.000
51.877.000
34,027,000
Distribution by Ma 'rifles—
$
$
$
$
$
$
$
s
$
1-15 day bills bought in open market
83,679,000
81,131,000
90,732,000
68,967,000
72,070,000
68.190.000
70,754,000
75.269.000
74,270,000
1-15 days bills discounted
494,841,000 409,370,000 456.632.000 462,142.000 410.640.000 378,798.000 394,322,000 389,578,000 492,635,000
1-15 days U. S. certif. of indebtedness_
337,000 192,000,000
730,000
865,000
1-15 days municipal warrants
16-30 days bills bought in open market_
49,684.000
55,581,000
49.831.000
52,065,000
52.228,000
46,397.000
40.228.000
50,599.000
46,240,009
16-30 days bills discounted
50,160,000
46,492,000
46,671.000
42,356,000
34.495.000
32,775,000
31,334,000
38,323,090
31,195.000
16-30 days U. S. certif. of indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market_
70,409,000
83.460,000
65.387.000
67,797,000
74,669,000
74,810,000
66,224.000
62.911.000
58,431,000
31-60 days bills discounted
62,940,000
69,102,000
66,823.000
69,268,000
71,868,000
62.574,000
61,630,000
67,667,000
61,502.000
31-60 days U. S. certif. of indebtedness_
31-60 days municipal warrants
61-90 days bills bought in open market_
51,565,000
56,445,000
48,682,000
55,138,000
47,631,000
52,158,000
41,023.000
49,444,000
43.476.000
61-90 days bills discounted
45.354,000
35,802,000
36,325,000
42,264,000
42.803,000
41,407,000
43,717,000
46088.000
49,707.000
61-90 days U. S. certif. of indebtedness_
39,138,000
1,684,000
61-90 days municipal warrants
Over 90 daYs bills bought in open market
9.173,000
11,760,000
11.352,000
9,514,000
7.718.000
8,365.000 ' 6,570.000
10,108,000
6.608.000
Over 90 days bills discounted
5,847,000
7,263,000
7,816,000
10,318,000
10.832,000
5,732,000
11.587.000
14,093.000
16,623.000
Over 90 days certif. of indebtedness
68,071,000
34,463,000
453377,000
55,657,000
58,629,000
58,376,000
13,370,900
58,617,000
58,372.000
Over 90 days municipal warrants
F. It. notes received from Comptroller
F. It. notes held by F. It. Agent
2.923,819,0002.912.691,000 2,863.816.000 2.871.780,000 2,865.326.000 2,856.503.000 2.849.660,000 2,860.503
000
46,000
856,912,000 841.328.000 807,709,000 835.734,000 837.424,000 844.024.000 839.866,000 838,086,000 2.950,9
963,786,000
Issued to Federal Reserve Bank()
2,066,907,000 2,071,363,000 2.056,107,0002,036,046,000 2,027,902,000 2.012,479.000 2.009,794,000 2.022,417.000 1,987,160,000
—
How Secured—
By gold and gold certificates
306,634,000 304,134,000 304.134.000
Gold redemption fund107,211,000
92,072,000 102.055,000
Gold fund—Federal Reserve Board
970,834,000 1,033,041.000 1.002,242.000
By eligible paper
895,994.000 800,852,000 855,953.000
300.983,000 300.983,000 300,984.000 300,982.000 301.984,000
105.023,000 102,911,000 103,221.000
96.609.000 106.631,000
989,305,000 1.039.018,000 1,049,151,000 1.055,865,000 1,022.782.000
855,009,000 798,336,000 760,119,000 7513334.000 755.993,000
307,901,000
105,346,000
992,447.000
838,938,000
,....„ ... ,... — —
•
•
. .
•
•
•
• .
.
•
•
•
NOTE.—Beginning with the statement of Oct. 7 1925, two new items were added in order to show
balances
he
of
separately
d
amount
abroad
the
and
amounts due
to foreign correspondents. In addition, the caption, "All other earning assets," now made
securities," and the caption, "Total earning assets" to "Total bills and securities." The of Foreign Intermediate Credit Bank debentures, has been changed to "Other
latter item has been adopted as a more accurate description of the total of the
discounts, acceptances and securities acquired under the provisions of Sections 13 and 14 of the
Federal Reserve Act, which are the only items included therein.
• .11 .vlsrd figures
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
THE 11 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS SEPT. 22 1916
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond Atlanta, Chicago.
Federal Reserve Bank of—
Si. Louis, Minneap. Kan. City Dallas. San Fran.
Total.
RESOURCES.
$
$
$
$
$
$
$
$
$
$
$
$
$
Gold with Federal Reserve Agents 146,121,0 292,143,0 99.102,0 181.332.0 42.739,0 120.248,0
178,724.0
Gold red'n fund with U.S. Treas. 7,803,0
10,595,0 11,010,0 4,423,0 2,900,0 4,286,0 6,349,0 15,778,0 54,047,0 50,054,0 23,798,0 180,593.0 1,384.679,0
657,0 2,169,0 3,587,0 2,082,0 2,478,0
58,339,0
Gold add excl. asst. F.R. notes 153,924,0 302,738,0 110,112,0 185,755,0
45,639,0 124,534,0 185,073,0 16,435,0 56,216,0 53,641,0 25,880,0 183.071,0 1,443,018,0
Gold settle't fund with F.R.Board 45,426,0 303,823,0 39,003,0 61,750,0 29,659,0 23,106,0 123,291.0
15,400,0 10,970,0 41,267,0 21,134,0 28,797,0 743,656,0
32,199,0 381,333,0 32,012,0 44,107,0 11,033,0 4,646,0
Gold and gold certificates
65,731,0 16,841,0 7,220,0 4,492,0 10,383,0 29,326,0 639,323.0
231,549,0 987,894,0 181,127,0291.642,0 86,331,0 162.256.0374,095.0
Toteu gold reserves
11,807,0
Reserves other than goid
25,765,0 7,840,0 9,719,0 6,301,0 8,899,0 23,018,0 48,676,0 74,406,0 99,400,0 57,397,0 241,194,0 2,825,997,0
16,266,0 3,2420 4,587,0 7,506,0 6.713,0 131,843,0
243,356,0 1,013,659,0 188,967,0 301,361,0 92,632,0 161,185,0
Total reserves
397,113,0
6,270,0
13,743,0 1,403,0 2,896,0 2,618,0 3,769,0 9,623.0 64,942,0 77,648,0 103,967,0 64,903,0 247,907,0 2,957,640,0
Non-reserve cash
3,385,0
993,0 2,226,0 1,714,0 3,635,0
52,275,0
Bills discounted:
Sec. by U. S. Govt. obligations 24,779,0 119.440,0 28,136,0 28,547.0 12,704,0 8.192,0 35,743,0
15,157,0
69,412,0 17,015,0 21,806,0 33,072,0 49,804,0 35,191,0 17,280,0 1,690,0 8,017,0 4,824,0 29,724,0 319.076,0
Other bills discounted
35,797,0 5,987,0 8,929,0 18,536,0 31,854,0 342,560,0
39,933,0 188,852,0 45,151,0 50,353,0 45,776,0 57,996,0
Total bills discounted
70.934,0 53,077,0 7,677,0 16,946,0 23,360,0 61.578,0 661,636,0
market
open
23,245,0
in
45,915,0 22,358,0 27,102,0 12,133,0 32,521,0 40,749,0
Bills bought
761,0 11,848,0 14,679.0 11,799,0 27,297,0 270,407,0
U. S. Government securities:
543,0
1,822,0
Bonds
585,0 1,176.0 1,191,0
263,0 19,978,0 1,761,0 14,263,0 8,189,0 1,555,0
83,0
51,409,0
4,839,0
27,048,0 16,864,0 21,224,0 2,997,0 1,492,0 13,753,0
Treasury notes
10,980,0 4,516.0 9,533,0 9,347,0 23,620,0 146,213,0
26,094,0 2,479,0 11,345,0 2.872,0
Certificates of indebtedness... 4,625,0
82,0 13,304,0 6,777,0 4,407.0 10,277,0 10,120,0 15,164,0 107,546,0
10,007,0
54,964,0 19,928,0 33,746.0 7,060:0 1,837.0
Total U. S. Govt. securities
47.035,0 19,518,0 23,186,0 27,999.0 21.022.0 38.867,0 305,168,0
[VOL. 123.
THE CHRONICLE
1606
RESOURCES (Concluded)Two Ciphers (00) omitted.
New York. ,Phila.
Boston.
8
2,000.0
$
$
Other securities
$
$
1
700.0
$
1
$
1,000,0
$
Total.
S
3,700,0
4
••
289,731,0 89,437,0 111,200,0 64,969,0 93,054,0 158,718,0 73,356,0 43,711,0 59,624,0 56,181,0 127,742,0 1,240,911.0
648,0
648,0
184,701,0 64,895,0 75,011,0 63,792,0 34,779,0 94,670,0 33,499.0 14,306,0 42,786,0 30,455,0 46.819,0 749,939,0
60,001,0
16,739,0 1,597.0 7,409,0 2,364,0 2,944.0 7,933,0 4,111,0 2,943,0 4,666,0 1,793,0 3,434.0
13,901,0
303,0 2,989,0
550,0
944,0
311,0 1,467,0 1,648,0
321,0
617,0 2,495,0
2,192,0
73,188,0
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
Cleveland. Richmond Atlanta. Chicago. St. Louis Minntop. Kan. City Dallas. San Fran.
64,226,0
4,068,0
64,0
Total resources
LIABILITIES.
F. R. notes In actual circulation_
Deposits:
Member bank-reserve acc't
Government
Foreign bank
Other deposits
391,172.0 1,521,413,0 346,620,0 498,821,0 226,686,0 297,198,0 669,705,0 179,910,0 142,096.0 213,819,0 155,349,0 432,526,0 5,075,315.0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
198.764.0
373.635,0 112,500,0 204,290,0 76,182,0 175,975,0 208,892,0 47,300,0 63,665,0 66,962,0 48,195.0 189,727,0 1,716,087,0
147,202,0
• 5.423.0
895,0
105,0
857,977,0 135,775,0 183,678,0 66,666,0 69,351,0 327,054,0 80,250,0 51,667,0 90,613,0 56,025,0 164,333,0 2,230,591,0
67,613,0
687,0 1,670,0 1,121,0 2,182.0 5,106.0 1,529,0
28,634,0 3,990,0 5,490,0 4.340,0 7,441,0
14,840,0
624,0
812,0
412,0
471,0 1,613,0
377,0
459,0
506,0
6,292,0 1,119,0 1,260,0
18,959,0
28,0 5,870,0
66,0
99.0
975,0
299,0
259,0 1,324,0
778,0
224,0
8,932.0
153,625,0
61.953.0
8,800,0
17,020,0
1,010,0
901,835,0 141,108,0 191,206,0 71,696,0 77.362,0 330,329,0 82,725,0 53,424,0 94.578,0 61.571,0 172,544.02,332,008,0
146.620,0 59,178,0 65,199,0 59,478,0 28,778,0 80,392,0 33.822,0 13,171,0 38,016,0 32,693,0 43,902,0 663,202,0
35,746,0 12,465,0 13,551,0 6,109,0 . 5,029,0 16,666,0 5,292,0 3,102.0 4,189,0 4,301,0 8,589,0 123,839,0
59,964,0 20,464,0 22,894,0 11,919,0 8,700,0 30,613,0 9,570,0 7,501,0 8,979,0 7,615,0 15,071,0 220,310,0
19,874,0
974,0 2,693,0
905,0 ,1,681,0 1,302.0 1,354.0 2,813,0 1,201,0 1.233,0 1,095,0
3,613,0
391,172,0 1,521,413,0 346,620,0 498,821,0 226,686,0 297,198,0 669,705,0 179,910,0 142,096,0 213,819,0 155,349,0 432,526,0 5,075,315,0
Total liabilities
Memoranda.
73.1
62.6
68.4
63.6
49.9
66.3
64.4
59.1
73.6
74.5
76.2
79.5
'
80.5
Reserve ratio (per cent)
Contingent liability on bills pur45,124,0
12,491,0 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
chased for foreign correspondls 3,416,0
F. R. notes on hand (notes reed
.
from F. It. Agent less notes In
34,544,0 105,018,0 41,602,0 23.394,0 13.286,0 31,125,0 36,691,0 4,237,0 7,120,0 6,869.0 5,524,0 41,410,0 350,820,0
circulation)
FEDERAL
Federal Reserve Agent at-
RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS SEPT. 15 1926.
New York.
Boston.
$
(Two Ciphers (00) omitted.)
1'.R.notes reed from Comptroller 239,808,0
F.R.notes held by F. R. Agent_ 56,500.0
F.R.notes issued to FR.Bank 183,308,0
Collateral held as security for
F.R.notes issued to F .R.Bk.:
Gold and gold certificates__ 35,300,0
16,821,0
Gold redemption fund
Gold fund-F.R.Board,- 94,000,0
63,181,0
Eligible paper
209,302,0
Total collateral
Phila. Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San Fran
Total.
$
it
$
$
$
$
$
8
$
$
$
3
771,973,0 188,102,0 274,524,0 116,743,0 273.010,0 427,700,0 73,217,0 86,388,0 113,551,0 71,966,0 286,837,0 2,923,819,0
293,320,0 34,000,0 46,840,0 27,275,0 65,910,0 182,117,0 21;680,0 15,603,0 39,720,0 18,247,0 55,700,0 856,912,0
-,--478,653,0 154,102,0 227,684,0 89,468,0 207,100.0 245,583,0 51,537,0 70,785,0 73,831,0 53,719,0 231,137,0 2,066,907,0
16,656,0 10,000,0
7,945,0 13,212,0
8,780,0 28,805,0 14,238,0
171,698,0
24,445,0 10,325,0 12,552,0 4,934,0 8,010,0 3,080,0 1,533,0 1,835,0 4,194,0 3.142,0 16,340,0
96,000,0 88.777,0180,000.0 9,000,0 98,000,0 175,644,0 6,300,0 39,000,0 45.860,0 4.000,0 154,253,0
213,696.0 56.181,0 75,114,0 56,950,0 90,473,0 111.580,0 53,833,0 19,449,0 31.544,0 35,146,0 88,847,0
306,634,0
107,211,0
970,834,0
895,994,0
505,839.0 155,283,0 256,446,0 99,689,0 210.721,0 290.304,0 69.611.0 73,496.0 -81,598,0 58,944,0 269.440,0 2,280,673,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
behind
and liabilities of the 695 member banks from which weekly returns are obtained. These figures are always a week
were given in the statement
those for the Reserve banks themselves. Definitions of the different items in the statement
figures
of Dec. 12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the
for the latest week appears in our Department of "Current Events and Discussions," on page 1571.
SEPTEMBER 15 1926. (Three ciphers (000) omitted-)
I. Data for all reporting member banks In each Federal Reserve District at close of business
Federal Reserve District.
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds....
All other loans and discounts_
Boston. New York
Phila.
94
5
38
$
$
60,538
7,702
376,774 2,329,4J4
648,071 2,725,616
1,032,547 5.115,556
Total loans and discounts
Investments:
153,043 1.011,502
securities
Government
U. S.
Other bonds,stocks and securities 242,855 1,163,445
Cleveland Richmond Atlanta. Chicago. St. Louis. Minntap. Kan. City Dallas. San Fran.
75
8
68
36
99
31
24
67
48
Total.
695
$
$
158,694
7,416
287,622 6,581,757
923,621 8,575,830
65
$
21,711
571,701
794,146
5,133
145,367
369,985
$
$
21,194
6,377
104,415 902,194
4)0,643 1,275,912
$
7.269
189,956
325,978
$
3,382
71,970
161.420
$
4,088
122,421
322,281
$
3,998
7(1,445
239,556
808,978 1.386,558
520,485
511,425 2,199,300
523,213
236,772
448,790
313.999 1,218,658 14,316,281
294,961
358.623
71,660
68,389
48,015
58,609
318,523
462.698
64,735
113,975
67,503
47,904
105,871
90,273
140,049
106,624
5
lams
419,488
388.602
91,906
267,801
39.5,898 2,174,947 359,707 653,584
Total investments
1,428,445 7,290,503 1,168,685 2.040,142
Total loans and investments
85,154 135,536
90,844 832,844
rteserve balances with F. R.Bank
32,852
15,880
78,909
20,862
Cash in vault
1.084,170
771,158
5.676,457
911.052
deposits
Net demand
431,802 1,283,263 244,680 821,087
-Time deposits
23,597
69,299
33,452
35,751
Government deposits
Rills pay. & redis. with F. R. Bk.:
21,268
8,815
84.584
13,320
Secured by U.S.Gov't obligations
8,728
10,649
38,158
15,684
All other
29,996
19,464
29,004 122,742
Total borrowings from Fit•Bank
;Bankers' balances of reporting member banks In F. It. Dank cities:
55,318
129,588 1,095.749 178.170
Due to banks
27.117
82809
40000 108 64.6
Due from banks
781,221
178,710
115,407
196,144
660,534 618,049 2,980,521
41,766
40,942 271,724
53,832
10,836
14,061
381,731 343,003 1,897,464
209,232 220,938 1,050,273
29,544
9,232
7,669
701,923
49,788
7,933
413,145
217,680
6,120
352.179
22,762
5,556
209,779
119,263
2,469
644,934
56,389
11,270
522,790
150,344
5.451
54,871
24,710
259,903 2,542,493
212,879 3,112.161
79,581 472,782 5,654,654
-- - --- -- ---393.580 1,691,440 19,970,935
29,174 110,467 1,767,390
283,362
20,569
10,802
270,117 793,426 13,274,292
99,115 83.5,841 5,683,518
257.618
9,379
25,655
5,394
16,853
4,011
25,833
20,458
12,733
6.182
12,819
2,530
2,515
3,840
2,933
2.030
9,115
29.340
12,505
201,772
108,525
22,247
29,844
33,191
19,001
5.045
6,773
11,145
41,845
370,297
30,802
17.271
16,923
12.908
385,096
170.043
82,064
25.710
45,481
23.890
107,641
44 004
25,718
911 013
117,098 2,269,648
1117 60y,
r.7 470
2. Data of reporting member banks In New York City, Chicago, and for the whole country.
'
Reporting Member Banks in N. F. City. Reporting Member Banks in Chicago
All Reporting Member Banks.
16 1925. Sept. 151926. Sept. 8 1926. Sept. 16 1925.
Sept. 15 1926. Sept. 8 1926. Sept. 16 1925. Sept. 15 1926. Sept. 8 1926. Sept.
46
61
46
46
• 57
56
727
697
695
Number of reporting banks
$
$
$
$
$
$
$
$
$
Loans and discounts. gross:
22,892,000
60,770,000
14,861,000
45.059,000
13,396,000
57.110,000
177,392,000
141,484,000
158,694,000
obligations
Secured by U. S. Gov't
5,581,757,000 5,551,695.000 5,123,533,000 2,050,802,000 2,058,415,000 1,984,543,000 687,336.000 686,984,000 618,058,000
Secured by stocks and bonds
8,575,830,000 8,504,894,000 8,296,995,000 2,382,992,000 2,349,828,000 2,245,549,000 714,059,000 703,800,000 676,208,000
All other loans and discounts
14,316,281.000 14,198,073,000 13,597,920,000 4,490,904,000 4,453,302,009 4,290,862,000 1,416,256,000 1,404,180,000 1,317,158,000
Total loans and discounts
Investments
2,542,493,000 2,469,541,000 2.526,828,000 894,474,000 898,025,000 895,942,000 170,988.000 162,274,000 173,111,000
U.S. Government securities
2,936,682,000 854,397,000 877,773,000 846,682,000 216.859,000 212,531,000 191,773,000
Other bonds, stocks and securities_ 3,112,161.000 3,135,080,000
5,963,510,000 1,748,871,000 1,775,798,000 1,742,624,000 387,847.000 374,805,000 364,884.000
5.604.621,000
5,654,654.000
•
Total Investments
6.239,775,000 6,229.100,000 6,033,486.000 1,804,103,000 1,778,985.000 1,682,042,000
19,061,430.000
19,802,694,000
19,970,935,000
Total loans and investments
1,628.072,000 770,398,000 684,567,000 682,981,000 187,244.000 177,092,000 168,372,000
Reserve balances with F it. Banks_ 1.767,390,000 1.636.849,000
23.685,000
65,312,000
61,717,000
64,030,000
22,161,000
21,034,000
277,054,000
288,978,000
283,362,000
vault
Cash in
1,183,376,000
13,274,292,000 12,961.645,000 12,964.967,000 5,106.057,000 4.979,941,000 5,038,323,000 1,258,900.000 1,238,249,000 470,389,000
Net demand deposits
850,193,000
520,381,000
789,016,000
834,323,000
518,131.000
5.683,518,000 5,711,807,000 5,184,829,000
Time deposits
9,916,000
3,264,000
4,120,000
15,046,000
15,149,000
63,096,000
143,456,000
84,250,000
257,618,000
Government deposits
Bills payable and redLscounts with
Federal Reserve Banks:
4,386,000
69,070,000 110,730.000
3,495,000
167,648,000
34,640,000
5,420.000
246,563,000
201,772,000
6.562,000
Secured by U. S. Gov't obligations
3,180,000
33,770,000
34.786,000
4,801,000
23,541.000
145,683,000
157,967,000
168,525,000
All other
10,948,000
6,675,000
144,500,000
103,856,000
58,181,000
303,331,000
10,221,000
404,530,000
370,297,000
Total borrowings from F. It. bks
(secured by stocks and bonds) made by reporting
Loans to brokers and dealers City:
member banks in New York
971,812,000 963.901,000
• For own account
1,163,359,000 1,134,421,000
For account of out-of-town banks
685,211,000 664,707,000
others
of
account
L For
2,820.382,000 2,763,029,000
Total _ ---- _
2,117,151,000 2,063,763,000
On demand
703.231,000 699.266.000
el. fIrn•
* Revised figures.
SEPT. 25 1926.]
THE CHRONICLE
1607
Daily Record of U. S. Bond Prices. Sept. 18 Sept.20 &pi.21 Sept. 22 Sept.23 Sept.24
Vanittrst
azette.
Wall Street, Friday Night, Sept. 24 1926.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1593..
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.
lfreek Ended Sept. 24.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Par.Shares $ per share.
$ per share.
Railroads.
Cleve & Pittsburgh__ _50
14 71 Sept 23 71
NY & Harlem
50
10 190 Sept 21 190
N Y Rys Ws 2nd stpd •
5 136 Sept 23 136
Y State Rys pref_ _100
100 41 Sept 20 41
Reading Rights
5,100 1951 Sept 20 22
Vicksb Shrev & Pac_ _100
100 95 Sept 23 95
Range Since Jan. 1.
Lowest.
Highest.
per share.1$ per share.
Sept 23 70
Sept 21 175
Sept 23 108
Sept 20 40
Sept 20 1631
Sept 23 90
Industrial & Misc.
Amalgamated Leather_.
700 1831 Sept 21 1831 'Sept 24 16
Preferred
100
100 10931 Sept 20 10931 Sept 20 102
American Piano pref,.100
100 100 Sept 24 100 Sept 24 9334
Am Type Founders pf100
300 10434 Sept 18 10431 Sept 22 10214
Barnet Leather
. 100 4714 Sept 21 4734 Sept 21 40
Bayuk Bros let pref_100
200 10131 Sept 23 102 Sept 24 98
Canada Dry Ginger Ale * 8,600 4231 Sept 24 4431 Sept 18 4231
Central Alloy Steel__.
'
4 1,200 3131 Sept 22 32 Sept 20 3131
Columbia Gas & El ctfs * 1,400 80 Sept 20 82 Sept 24 80
Consolidated Cigar Rts_ 33,800
34 Sept 24 134 Sept 20
Continental Bak cl A..5 4,700 7534 Sept 21 79 Sept 18 733I
Class B
•14,500 1131 Sept 20 1251 Sept 18 11
Preferred
100 1.600 9014 Sept 2 93 Sept 22 9051
Crex Carpet
1
200 21 Sept 23 21 Sept 23 20
De Beers Cons Mines__
100 38 Sept 18 38 Sept 18 27%
Elk Horn Coal Corp...• 1,200 9 Sept 20
1034 Sept 24 834
Preferred
50
300 2631 Sept 2 27 Sept 24 21
Emer Brant ctfs
100
100 234 Sept 23 234 Sept 23 1%
Emerson-Brantingham
etre
100 1,100 931 Sept 20 12 Sept 23 8
Engineers Public Serv..• 1,500 20 Sept 23 21 34 Sept
20 20
Preferred
400 94 Sept 24 9434 Sept 22 94
Federal Motor Truck... 8,000 2734 Sept 23 3151 Sept
18 24%
‘Gen Gas & Elec cl B...•
200 41 Sept 24 42 Sept 22 41
Gulf States Steellstpf100
200 10131 Sept 24 10134 Sept 24 10131
Hartman Corp Cl B.__ _* 2,700 27 Sept 21
2934 Sept 24 2531
Jones & L Steel pref..100
100 11634 Sept 18 11634 Sept 1 114
Kinney Co pref
100
200 85 Sept 23 8631 Sept 22 85
Liquid Carbonic ctfs___* 2,400 4551 Sept 21 47
Sept 1 4554
Montana Power pref.100
300 119 Sept 23 119 Sept 2 11234
Murray Body ctfs
*, 700 9 Sept 24 931 Sept 20 9
N Y Steam let pref._ _ *
100 10251 Sept 24 10234 Sept 2 9914
INlagLock&Ontpowpf100
100 11034 Scot 2211031 Sept 22 109
Otis Steel Prior pf__ _100
100 74 Sept 22 74 Sept 22 74
Pacific Tel & Tel _ _ _100
900 130 Sept 20135 Sept 24 117
Penick & Ford pref..100
100 99 Sept 24
Sept 24 99
Peoples Gas, Chicago Rts 1,400 234 Sept 20 9934
23.( Sept 20 214
Reid Ice Cream pref.100
100 9734 Sept 18 oni Sept 18 9534
Rels(Rbt) & Co 1st p1100
100 8431 Sept 18 8434 Sept 18 77
Sloss-Sheff St & Jr pf_100
100 104 Sept 21 104
21 10031
Texas Gulph Sulph new *42,000 42 Sept 23 44 Sept
Sept 24
Und Typewriter pf_ _100
100 11834 Sept 23 11834 Sept 23,1183(
U S Express
100
100 334 Sept 22 33-4 Sept 22 331
Van Raabe
*, 100 1431 Sept 23 1451 Sept 23 1234
1st preferred
100
100 60 Sept 22 60 Sept 22 58
Vulcan Detinning p1.100
100 90 Sept 18 90 Sept 18 88
'White Sewing Mach pf..• 11,400 .5634 Sept 18
5914 Sept 20 4734
Jan! 73
Apr 205
Ju1y1141
June 5031
Maxj 2231
Jan 98
July
Jan
Sept
Jan
Feb
July
July 21
July 113
M 100
Aug 107
May 57%
May 102
Sept 49
Sep 3331
Sep 82
Sep
3-1
Sept 9374
Sep 15%
Sept 9631
Sept 63
Apr 38
June 1231
Mar 27
Aug 2%
Sept
Sept
Sept
Feb
Feb
Sept
Sept
Aug
Sept
Sept
Aug
Sept
Aug
Jan
Sept
Feb
Sept
Aug
July 1414
Sept 24%
Sept 9634
July 34%
Sept 48%
Sept 101%
Aug 30
Janda)
Sept 9934
Sept 4831
Jan'11951
Sept! 1134
Apr;10334
an'
J110
14
Sept" 74
Jan'135
July'104
Sept! 231
Mar 100
Mari 85
Jan 110
Septl 44
Sept 123
July 4
Ati. 22
Aug 75
AplI 95
JulyI 5931
Sept
July
Aug
Aug
Aug
May
Sept
Aug
Jan
Sept
Jan
Aug
June
Sept
Sept
Sept
June
Sept
Jan
July
June
Sept
Jan
Jan
Feb
Feb
Mar
Sept
New York City Banks and Trust Companies.
All prices dollars per share.
Banks-N.Y. Bid. As*.
Banks.
Bid. Ask. Trust Cos. Bid. Ask.
America._ _
300 310 Hamilton.... 225 230
New York.
Amer Ex Pee_ 470 480 Hanover
1050 American.
Amer Union.. 195 200 Harriman__ _ 1040
615
610
Bank
of N Y
Bowery EastR 392 398 Manhattan
226 229
& Trust Co 630 645
Broadway Cen 340 365 Mutual*
525
Bankers Trust 638 644
Bronx Boro... 1300 1450 Nat American 240
Bronx Nat_ 460 500 National City 612 iio Bronx Co Tr_ 300 330
Bryant Park* 200 225 New Nerh'ds• 295 6i7 Central Union 910 920
305 County
300 310
Butch & Drov 180 190 Park
486
353 358
Capitol Nat.._ 230 240 Penn Exch... 130 495 Empire
Cent Mercan_ 280 290 Port Morris_ 235 140 Equitable Tr_ 278 282
Farm L & Tr_ 535 545
Chase
424 428 Public
540
Fidelity Trust 292 298
Chath Phenix
Seaboard _ _ _ 650 670 Fulton
400 425
Nat Bk &Tr 362 367 Seventh
173 180 Guaranty Tr_ 406 412
Chelsea Exch. 275 285 Standard
640
Irving BankChemical_ __ 804 810 State*
590 600
ColumblaTr 302 307
Colonial._ _ _ 600
Trade*
157
162 Lawyers Trust
Commerce_ _ 380 aaa United
190 205 M ingfacturer 523 527
Com'nwealth• 295 305 United States* 310
Continental.. _ 280 290 Wash'n Rte.- 800 320 Mutual(Westchester) _
100
215 230
Corn Exch_ _ _ 595 605
Brooklyn.
N Y Trust_ _ 545 550
Cosmop'tan._ 225 250 Coney Island* 375
Title Gu & T 685 6
Fifth Avenue.2300 2500 Dewey •
175
U S Mtg & Tr. 390 400
First
25 0 2615 First
405 iio United States. 720 1750
Franklin
170 180 Mechanics'._ 295 310
Weetches'r Tr 550
_
Garfield
375 385 Montauk._ _ _ 350
Brooklyn.
Globe Exch._ 210 240 Municipal 4.- 300 510
Brooklyn._ _ - 815 830
Grace
350
Nassau
354 354 Kings County 2100 300
Greenwich... 530 550 People's
600 650 Midwood_
I 300 310
Queensboro •_ 200 215
•Banks marked (9 are State banks
()New stock.
(z) Ex-dividend.
y Ex-rights.
LK,
I
New York City Realty and Surety Companies.
All prices dollars per share.
Alliance Rity
Amer Surety_
Bond & M 0_
Lawyers Mtge
Lawyers Title
& Guarantee
Bid. Ask.
45
52 Mtge Bond..
185 188 Nat Surety _
328 335 N Y Title &
212 297
Mortgage..
S Casualty_
280 287
Bid. Ask.
Bid. Ask.
147 152 Realty Assoc
215 220
(Bklyn)corn 205 210
1st pref._ _ _ 88
92
465 475
2d pref.
85
89
310 330 Westchester
Title & Tr_ 500
Quotations for U. S. Trees Ctfs. of Indebtedness, &c.
Maturity.
Rate.
Bid.
Dec. 15 1926_ 351% 99,11s
Dec. 15 1927... 43-4% 100%
Asked.
Maturity.
Int.
Rate.
Bid.
100 ii Mar. 15 1927___ 414% 10031
100noi June 15 1927_ _ _ 331% 9931
Asked.
100'n
991.82
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
Exchange. The transactions in registered bonds are given
in a footnote at the end of the tabulation.
First Liberty LoanHigh 100"s2
334% bonds of 1932-47_ _{Low_ 100,1s2
(First 314s)
Close 100nn
Total sales in $1,000 units.....
16
Converted 4% bonds ofrlgh
1932-47 (First 4s)._._ Low_
Close
Total sales in $1,000 units.....
Converted 434% bonds{High 101nst
of 1932-47 (First 4348) Low_ 101"ss
Close 101"n
Total sales in $1,000 units....
14
Second Converted 431 Tigh
bonds
bon 011932-47 (First Low_
Second 434s
Close
Total sales in $1,000 units_ _Second Liberty Loan
{High
4% bonds of 1927-42 _ _ Low_
(Second 4s)
Close
Total sales in $1,000 units.....
Converted 431% bondsIlligh
of 1927-42 (second
Low_ 100nn
414s)
Close 100,,s2
Total sales in $1,000 units,....
173
Third Liberty Loan
High 1011ss
434% bonds of 1928_ _ _ _ Low_ 101112
(Third 43js)
s2
Close 101,
Total sales in $1,000 units_ -161
Fourth Liberty Loan
(High 102,22
434% bonds of 1933-38._ Low. 1021s2
(Fourth d348)
Close 102,
ss
Total sales in $1,000 units__ _
46
Treasury
{High 107ns
4345, 1947-52
Low_ 107",
Close 107ns
Total sales in $1,000 units___
16
(High .1031,4
45, 1944-1954
Low_ 103"s
Close 103"s
Total sales in $1,000 units_ _ _
1
(High 10113s
3)4s, 1946-1956
Low- 10111s
Close 101",
Total sales in $1,000 units_ - _
1
100,,s 100"ss 100Iss, 100,,n
100nn 100".. loon. 100,,s2
1001,s2 100,,n low% 100,1n
111
16
3
121
100"s2 100"as
100,132 100,,n
1001,st 100,,s2
5
1
10.11,2; 101"st 101,111 101-ns;
101"22 101"n 101"s2 101,131
101,,s2 101"22 101"22 101"st
12
20
4
101"s2
101"ss
101"n
15
100
100,121
100082
123
101,22
101'n
101,
22
140
1021,2
1021st
102,ss
63
107"n
107nn
107,031
51
100,,s2
1001,s2
95
101,
n
101,
12
101,
12
210
102*ss
102,s2
102'n
104
107nn
107ns:
107"st
55
103"s2
1031,n
1031,32
17
1011,12
1011,s2
- 101"st
5
-
1001,22
10011s2
10011,2
35
101,
s2
101,ss
101,22
13
102,st
1021ss
1023n
78
1071'n
1071122
107ns
4
103",
103",
1031,s
2
1011,s
10111n
1011,s
2
10017,,
100"ss
71
101,12
101,
s2
101,s2
56
102,
n
102,32
102,
n
• 49
1071,22
107,,s2
107"ss
24
103"n
103,182
103,1ss
8
101,,ss
1011%
10111n
21
100,,ss
100nn
4
101"s2
101,,n
101,,s2
47
100,532
1001122
100"ss
66
101.n
101,n
101.82
88
102,
a2
102,
s2
102,
s2
167
107,,s2
107"a:
107nis
8
103,,ss
10311ss
103"n
16
101,,s2
1011,82
101142
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
28 1st 2d 4345
25 3d 434s
100% to 1001481189 4th 4345
101
to 1013n
102 to 10241
Foreign Exchange.-Sterling exchange continued quiet
and a shade easier, on light transactions. The Continental
exchanges were also inactive,.but irregular, being strong and
weak by turns, with sharp changes reported in francs and lire.
To-day's (Friday's) actual rates for sterling exchange
were 4 84 13-16@
4 8431 for checks and 4 85 5-16(8148531 for cables. Commercial
on banks,
sight, 484 11-16@4 8434; sixty days. 480 11-16@4 8134;
ninety days.
4 78 13-16@4 7831, and documents for payment (sixty
days),
4
@481: cotton for payment, 484 11-16(3448434. and grain for 80 15-16
payment.
484 11-1664 84%•
To-day's (Friday's) actual rates for Paris bankers' francs
were 2 7631(4
2.77 for short. German bankers' marks are not yet
quoted for long and
short bills. Amsterdam bankers' guilders were
40.02 for
Exchange at Paris on London, 174.45 fr.; week's range. short.
173.50 fr. high
and 176.50 fr. low.
.
The range for foreign exchange for the week follows:
Sterling ActualChecks.
Cables.
High for the week
4 85 9-32
4 85 17-32
Low for the week
4 84 13-16
4 855-16
- Paris Bankers' FrancsHigh for the week
2.81
2.82
Low for the week
2.7131
2.7231
German Bankers' MarksHigh for the week
23.80%
23.8231
Low for tha week
23.7931
23.8131
Amsterdam Bankers' GuildersHigh for the week
40.07
40.08
Low kr the week
40.05
40.07
Domestic Exchange.-Chicago, par. St. Louis, 151425c.
per $1,000
discount. Boston, par. San Francisco, par. Montreal.
51.484375 per
51,000 premium. Cincinnati. par.
The Curb Market.-The review of the Curb Market is
given this week on page 1594.
A complete record of Curb Market transactions for the
week will be found on page 1622.
CURRENT NOTICES.
-Thomas M. Claflin, Gorham Hubbard and Frank Jenkins announce
the formation of a corporation for the transaction of a general
investment
business under the name of Claflln, Hubbard & Jenkins Co., with
offices
at 50 Congress Street, Boston. They also announce that Ralph F.
Carr,
formerly with Paine, Webber & Co., is associated with them in charge
of
the trading department.
-Announcement has been made by G. Vincent Grace and Albert
F.
Ritter of the formation of a copartnership under the firm
name of G. V
Grace & Co., with offices at 34 Pine Street, New York. for
the trams/ties
of a general investment business, specializing in the
underwriting and distribution of securities of water companies and other
public utilities.
-Farr & Co., members New York Stock Exchange,
New York City.
are distributing a new circular summarizing Consolidated
Railroads of
Cuba preferred stock, with revised map showing railroad construction
completed to end of fiscal year, June 30 1926, and new railroad property
acquired.
-Meyer, Connor & Co. announce the opening of offices at 208
South
La Salle St., Chicago, for the transaction of a general business in
investment securities. Ben Franklin Meyer, President, was formerly
Sales
Manager for Federal Securities Corp. and Russell Brewster & Co.
-Wood, Gundy & Co. have just issued for distribution, a 14
-page
circular which describes a broad selection of Canadian
Government,
municipal, corporation and public utility securities with yields
ranging
up to 7.22%.
-The National City Bank of New York has been appointed
exchange
agent of the 6% debenture bonds of the Dartmouth Club Real Estate
Corp.
and registrar of the common and preferred stock of the General
Bond &
Share Corp.
-Howe,Snow & Betties, Inc., New York and Grand Rapids,
announce
the opening of offices in the Kohl Building, Sae Francisco, under the
management of Thornton E. Grimes.
New York Stock Exchange- Stock Record, Daily, Weekly and'Yearly
OCCUPYING SI Y PAGES
For sales during the week of stocks usually inactive, see preceding Page
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT.
Saturdao,
Sept. 18.
Monday.
Sept. 20.
Tuesdau,
Sept. 21.
Wednesdau, Thursdnu,
Sept. 23.
Sept. 22.
Pridav.
Sept. 24.
per share
per share
$ per share $ per share $ per share $ per share
Sales
for
the
Week.
PER SHARE
Range Since Jan. 1 1926.
On basis of 100-share tots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Shares.
$ per share
Railroads.
Par
15234 15514 15418 15712 15314 156
155 15714 15458 15638 15538 157% 70,600 Atch Topeka & Santa Fe 100
Preferred
100
9912 1,400
*9912 9934 9912 9912 9912 9912 9958 9934 9912 9912 *99
12
12
38
12
2 f 00 Atlanta Birm & Atlantic_ _100
*l2
58
58
*12
%
22218 226
22378 227
222 2231. 22212 22434 22178 22434 22218 22518 11,100 Atlantic Coast Line RR_ _ _100
100
44,300 Baltimore & Ohio
10512 10738 10634 10812 106 10714 10612 10738 10612 10714 107 108
100
300 Preferred
7334 *734 7334
*7318 7334 7318 7318 *7212 7334 73,4 7314 *73
50
600 B angor & Aroostook
4278 4278 4212 4212 *43
43
4314 43
43
44
*43
44
Preferred_
100
*101
*100
____ *101
*101
_
*101
*101
63
6318 631s 6218 -di
62
63
6212 6314 6218 63
63,4 8,600 Skin-Manh Trac v t c_No par
No par
200 Preferred v t c
*85
85
*8414 8514 8412 8412 *84
*8412 85
85
8512
85
14
14
*14
164 1578 1638 2,000 Brunswick Term & Ry Sec-100
1512 1414 1458 1438 1512 15
Buffalo Rochester & Pitts-100
*8114 83
*814 83
*8114 83
*8114 83
*8114 83
*8114 83
Canada Southern
100
63
*60
63
63
*60
63
63
63
*60
*60
*60
*60
100
164 16412 16334 165
16412 1654 16434 16534 16512 16614 *16434 16614 4,400 Canadian Pacific
100 Central RR of New Jersey.800
*283 293
290 290 *280 290 *280 290 *280 290 *280 290
100
17212 17838 241,400 Chesapeake & Ohio
15912 17112 169 17338 167 171 1 68 1704 16934 178
Preferred
100
*17212 173
*17512
*169
*167
*166
*167
100
512 512
518 514
512 512
512 512 *5,4 512
512 512 1,500 Chicago & Alton
100
812 812 *812 834 *812 834 1,900 Preferred
812 812
838 858
81s 8%
100
C C C & St Louis
260 300 *260 300
*260 300 *260 300 *260 300 *260 300
*32
800 Chic & East Illinois RR_..100
32
34
*31
33
32
*31
35
*31
34
*31
34
100
200 Preferred
*42
4212 42% 4212 4212 4212 4212
*4112 43
*42
43
43
1014 1014 3,700 Chicago Great Western_ _ _100
1014
1012 1034 1038 1058 1012 1058 1018 1012 *10
100
2778 2834 2814 28% 13,300 Preferred
2734 2914 28
2938 2734 287s 2818 29
100
1118 1112 1,600 Chicago Milw & St Paul
1112 1134
1134 1134 li12 1134
1134 1134 1114 1114
Certificates
100
*1058 11
2,700
1034 11
11
1114
1118 111s
1078 104 *1034 1114
100
2034 21
7,900 Preferred
1914 2014 20
2114 2014 2114 2012 2118 2078 21
*20
1,800 Preferred certificates__ _ _100
1912 20
2014
1912 1934 20
2034 1934 2014 *1934 2034
7918 81
7914 8034 78% 79% 7878 7934 20,400 Chicago & North Western.100
7912 8034 7918 81
100
100 Preferred
*125 12534 125 125 *125 12534 *12538 12534 *125 12534 *12538 12534
64% 26,300 Chicago Rock isl & Pacific 100
6258 6438 6214 6412 6214 6312 6212 6378 6234 63,4 63
100
900 7% preferred
*10312 10412 10338 10312 10312 10312 10358 10334 *10334 10414 104 104
100
9112 9112 9112 9112 9138 9112 914 914 1,200 6% preferred
*91
91
913s 91
100
68
68
69
6912 7012 2,900 Colorado & Sauth2rn
6718 6734 6718 6912 67
674 *67
100
First praferred
72
*70
72
*70
72
*70
72
72
*70
72
*70
*70
Second preferred
100
*65
*65 _ _ _ _ *65 _ _
*65
____ *65
-*65
100
177 17814 177 17714 177 17114
17612 18012 177 178
17512 178
- 4,400 Delaware & Hudson
141 14214 14112 14312 143 14412 142 14312 14234 14312 5,100 Delaware Lack & Western_ 50
143 143
43
41
2,000 Deny & Rio Gr West pref_ _100
44
44
4312 4112 43,s 4034 4112 4114 4114 41
100
3312 3414 3358 3418 3358 3412 3438 3478 38,000 Erie
3234 3458 3312 35
100
4212 4438 4334 4478 4358 4434 4378 4434 4418 4538 4578 463s 49,700 First preferred
100
4314 4318 44
4218 42
421s 42
21,500 Second preferred
4118 414 4114 4214 42
7734 7638 77,4 77
7818 7714 7738 77
7734 14,700 Great Northern preferred._100
77
7834 77
2014 1,800 Iron Ore Properties_ _No par
2034 2034 2078 2078 2078 2078 2018 2012 204 20,s 20
36
37
37
36% 3614 3678 3634 3678 3678 3738 4,300 Gulf Mobile & Northern_ _100
3638 37
100
100 Preferred
*106 107 *105 10734 *105 10712 *106 10714 10712 10712 *10612 10812
3858 3858 3858 3858 3812 3834 3834 3834 3834 3834 3878 3878 1,400 Hudson & Manhattan._ _ _100
78
*76
100
*76
78
*76
78
*76
78
*76
Preferred
77
78
*76
12414 125
124 12412 12412 12534 2,700 Illinois Central
100
12558 12578 12414 125
12312 126
100
Preferred
*124 128 *124 128 *124 128 *123 128 *123 128 *124 128
76
*75
20 Railroad Sec Series A._1000
7512 *75
7512 7514 7514 *75
7512
7538 75% *75
*2714 2712 *2714 2712 *2714 2712 *2714 2712 2714 2714
100 Int Rys of Cent America 100
*2714 28
6812
Preferred
100
*64
67
*64
67
*64
6812 *64
67
6512 *64
*64
40
42
4012 4178 41
4178 41
4214 42,4 4038 41
414 10,900 Interboro Rapid Tran v t 0.100
112 *___
114
112
100
112
Iowa Central
112
47
100
4878 4738 48
4712 4938 4718 4912 4714 484 47
474 12,400 Kansas City South 3rn
67
6614 6614 *66
67
67
*66
6712 *66
200 Preferred
100
*6618 67
6712
*8712 89
50
*8712 884 *8712 89
500 Lehigh Valley
8753 88% *8712 8912 *8713 89
1361s 13612 13612 13612 13678 139
100
3,200 Louisville& Nashville
12634 13914 138 13914 13578 136
Manhattan Elevated guar.100
*8814 9012 *8814 9012 *8014 8912 *884 9012 *8814 90,2 *88
92%
5012 5114 x4912 504 4912 50
49
4814 49
100
4834 4934 48
7,100
Modified guaranty
438 438 *458 5
*412 5
*412 5
100 Market Street Railway__ _ _100
*458 612 *412 6
*2012 30
*2012 30
30
*2012 30
100
30
*22
*23
30
Preferred
*21
1,400 Prior preferred
100
4214 4218 4214 4214 4212 *4218 43
*4214 4234 4214 4212 42
*1234 16
*1234 16
Second preferred
100
*13
16
•13
1512 *1212 16
*1212 16
178 *134
134
100 Minneapolis & St Louis_ _ _100
*158 2
*134 2
*134 2
*134
178
134
4012 *38
4112 4112 *4014 4212 *404 4112 40
500 Minn St Paul & S S Marie.100
41
*4112 43
*60
65
*6012 65
100
*62
66
*62
65
*61
65
Preferred
67
*60
65
*63
Leased lines
100
6512 *63
65
6512 *63
6512 *63
*65
6838 *63
3714 2,200 Mo-Kan-Texas RR__ _.No par
3734 3734 3712 3814 3718 3714 3712 38% 3714 3714 37
94
931z 94
934 934 9378 9378 93% 93% 94
3,200 Preferred
100
*9334 94
100
4134 43,8 4218 4318 4112 4234 4158 4214 4112 4214 4158 424 18,900 Missouri Pacific
92
9278 9138 92
9234 15,200 Preferred
100
9218 9338 9114 93,4 9134 9278 92
*514 614
*514 614 *514 6'4
*514 64 *5,4 614
Nat Rys of Mex 1st pref__ 100
*514 614
24 214
200 Second preferred
*214 238
214 2,4
100
*212 234 *218 238 *212 214
122 122 *121 128
100 New On Texas & Mexico_ _100
*121 129 *121 129 *121 128 *121 128
100
142 14412 14212 14458 • 142 14334 142 14334 14112 14334 14312 144% 95,700 New York Central
192 19578 19514 19938 198 20412 198 204
34,500 NY Chic & St Louis Co_ _ _100
18938 194
186 189
104 104
10378 10378
100
1,900 Preferred
10214 10212 10212 10212 10212 10212 10258 104
4334 44,4 22,600 N I( N II & Hartford
100
4312 4434 4312 4458 4338 4378 4334 4438 4338 44
*2434 25,2 2414 2412 2414 243s 2412 24% 2414 2458 *2438 2412 1,200 N Y Ontario & Western_ _ _100
*812 612 *812 92 *834 912 *834 912 *834 912
100 N Y Railways pref ctfs_No par
9
9
2312 *20
2312 *20
22
100 New York State Railways.100
24
*20
*17
22
22
*17
22
4014 3914 4038 *394 41
100
2,500 Norfolk Southern
4112 40
*36
41
4018 40
*38
100
161 1634 16134 16314 16112 16412 165 16712 17,400 Norfolk & Western
15912 1624 16034 163
100
Preferred
*84
8512 *84
86
8512
86
*84
*8414 8612 *8414 8612 *84
100
78
7834 7834 7934 22,400 Northern Pacific
79
7818 79
7834 7918 7812 7912 78
100
*18
25
Pacific Coast
*18
25
*18
25
*18
*18
*18
25
25
25
50
544 5438 5434 12,100 Pennsylvania
5438 55
5418 55
54,4 54% 54% 5138 54
100
*2012 24
*21
Peoria & Eastern
23
24
*17
*17
23
*2312 25
*20
24
100
Marquette
112
112
Pere
10818
11312
11114
16,900
11112
109
105 10834 108 11112 110
100
93
93
93
93
600 Prior preferred
93
91
93
9212 9212 *91
93
91
100
*88
89
*88
89
89
300 Preferred
89
*88
*88
8812 8812 89
*88
*1451, _
Pitts Ft Wayne & Chic pref 100
*14518 *1451s -- *1454 ---- *14518 -- -- *1454
1078 1095* 10918 11134 - 1,900 Pittsburgh & West Va_ __ _100
106 106 *10512 107
10534 10534 106 106
9212 9314 12,500 Reading
50
9212 9378 9218 94
92
9338 9212 937s 9212 93
50
100 First preferred
*4018 41
*404 40% *4018 405* 408 405*
*4018 41
*4018 41
40
44
4314 44
*43
45
500 Second preferred
4434 *43
4434 *4212 4434 *4314 44
100
*4812 50
200 Rutland RR pref
*45
53
*45
*49
53
*45
53
5012 4734 48
97
9712 9712 9814 13,200 St Louis-San Francisco._ I00
98
9812 97% 9938 97
9818 974 08
100
*9158 92
*9138 92
92
92
92
92
92
*9158 92
92
500 Preferred A
6634 6712 3,000 St Louis Southwestern ___ _100
67
6878 *67
6634 6878 68
68
674 07,4 67
100
76
76
*76
79
79
*76
*75
79
*75
79
*75
79
100 Preferred
100
3458 341s 3434 3434 3434 15,700 Seaboard Air Line
3512 3318 34% 3318 34,4 34
35
7
100
3712 378 37
37
37
4012 3612 38
36% 3718 37
*39
5,600 Preferred
100
10638 10712 106 10712 10534 10634 10612 10714 10614 10718 10718 1084 33,300 Southern Pacific Co
100
12512 12634 12658 128
49,700 Southern Railway
12512 12814 12818 13034 2125 12634 12512 127
100
*934 9378 2,400 Preferred
93
29234 9234 93
9334 9378 94
93
9412 95
5612 4,500 Texas & Pacific
100
56
56
5534 5678 5534 5612 56
5612 58
57
57
100
30
3178 *32
34
3,300 Third Avenue
3012 3012 3012 3058 2914 3014 2912 31
*6818 69
6818 6818 *6714 684 *673* 6878
200 Twin City Rapid Transit_ _100
6818 6818 *6734 69
100
163
161
16312
163
1633
4
Pacific
163
16414
1625
8
16334
Union
16118
42,800
161 16234
100
7618 1,300 Preferred
7912 7934 7978 7934 7934 79
*7918 7912 7918 7918 79
*2414 30
*2414 30
*2414 30
*244 30
*2414 30
United RallWa s Investm1.100
*2414 30
90
*75
90
*75
90
*75
100
*75
90
90
Preferred
*75
90
*75
4578 4414 4538 4434 4512 17,100 Wabash
4512 45
100
4458 4558 4514 4638 45
754
76
7612
100
754
75
3
4
7578 7534 7614 9,500 Preferred A
7512 7614 76
76%
*62
65
*63
65
*63
65
100
65
*62
Preferred B
65
*62
65
*62
1234 1312 1318 1338 134 1314 3,400 Western Maryland
100
*1234 13
1314 1314 1278 13
2212 2212 233s 2212 2234 2234 23
100
8,200 Second preferred
2234 2318 22
*22
23
38
37
37
3718 3718
100
*37
3712 *37
800 Western Pacific new
*3714 3712 3738 38
100
8512 8512 8514 8512 8514 8314 *85
8514 1,200 Preferred new
*85% 86
8538 86
273
8
284 2814 2958 103,900 Wheeling & Lake Erie Ry _ _100
2458 25,2 2512 2658 25% 2658 2634 2938
454 4834 4634 4714 46,2 4834 17,100 Preferred
45
100
4258 44,2 4412 4534 44
*92
97
927
94
9312 95
*9534 97 1,9518 9514 *9534 64)619
•Rid and asked prices. x Ex-dividend.
Industrial & Miscellaneous.
700 Abitibi Power & Paper_No par
Highest
Lowest
Highest
$ per share $ per Share $ per share
122 Mar 30 161 Sept 1
9418 Mar 5 100 June 12
12May 28 10 Jan 2
18112 Mar 30 26212 Jan 2
8312 Mar 3 10934Sept 7
6712 Jan 6 737 Aug 20
33 Mar 2 4i Feb 1
9778Feb 8 101 July 12
541e Mar 31 6914 Feb 5
78 Mar 31 8612 Aug 23
812AIar 4 1712 Aug 30
6934 Mar 26 8734 July20
58 Jan 15 61 June 14
14612 Jan 9 168%Sept 7
240 Mar 30 305 Jan 11
112 Mar 2 1781s Sept 24
119 Jan 20 16134Sept 9
414 Sept 18 115* Feb 20
618May 18 1814 Feb 13
17314 Mar 29 275 Aug 24
3014May 10 37 Feb 10
3612 Mar 31 5134 Feb 10
734 Mar 31 1218Sept 9
1614 Mar 30 3138Sept 9
9 Mar 29 1412 Jan 6
818 Apr 20 14 Jan 8
1418 Mar 31 24 Aug 24
14 Apr 20 2338 Aug 24
6514 Mar 30 8334 Sept 10
11812 Jan 4 12612 Apr 30
4012Mar 3 6638Sept 3
96 Mar 4 10478Sept 9
8314 Mar 31 9112Sept 10
52 Mar 3 70!2Sept 24
62 Mar 2 7212 Aug 11
Si) Jan 11 645s Aug 12
15014 Mar 30 18312Sept 2
129 Mar 30 15312 Jan 12
3712May 19 47 Jan 2
2212M,r 29 40 Jan 2
3334 Mar 30 4778July 8
30 Mar 30 4512July 8
6812 Mar 30 8012Sept 10
19 June 2 2714 Feb 15
2518 Apr 20 3914June 22
95 Mar 29 10938Sept 7
345 Jan 22 40 Apr 8
6734 Mar 31 79'4 July26
11312Mar 3 131 Sept 7
11512Mar 30 12912Sept 7
7114 Jan 6 77 June 23
2514 Mar 30 31 Feb 13
62 Mar 30 66 June 24
2412 Jan 15 5214May 25
312 Jan 15
1 Aug 14
3414 Mar 3 5138 Sept 9
605 Mar 31 6838Sept 10
7512 Mar 3 9312July 15
118 Mar 30 144 Sept 3
84 Mar 3 9234 Apr 20
3818 Jan 26 6178May 28
10 Feb 9
418 July 31
21'2Sept 10 40 Feb 9
3918June 21 5138 Feb 10
1212Sept 16 2212 Feb 10
37 Jan 11
138July 26
34 Apr 21 5212 Feb 3
55 Mar 20 79 Feb 3
6212 Jan 4 6678 Feb 24
32 Mar 3 4718 Feb 9
82 Mar 2 95 Jan 4
27 Mar 3 45 Sept 1
7112Mar 3 95 Sept 3
434 Apr 10
834 Jan 7
412 Jan 7
2 Mar 18
120 Mar 30 13212 Jan 9
117 Mar 30 14712Sept 7
130 Mar 3 20412Sept 23
93 Mar 1 1 106 July 8
3038 Mar 30 t,4838 July 17
1934 Mar 30 12878 Feb 13
6 Jan 25 2014 Feb 5
2014July 16 2812 Jan 14
2778 Apr 15 443 Sept 2
13914 Mar 30 168 Aug 31
84 Jan 7 853* Aug 11
6534 Mar 30 8212 Aug 26
18 Aug 27 48 Jan 6
485s Mar 30 5678 Sept 3
19 Mar 4 2634 Jan 14
67 Mar 3 11312Sept 24
79 Mar 1 96 July 7
7034 Mar 29 9l7 July17
14212 Jan 2 150 Sept 8
85 Mar 30 11938 Jan 11
79 Mar 30 100 July 9
40 Jun 5 42 Apr 26
40 Mar 30 45 Sept 24
42 Apr 8 6114 Aug 2
85 Mar 30 102 Sept 7
8312 Apr 1 921,4July 14
5712 Mar 19 74 Feb 9
72 Mar 19 80'4 July27
2712 Mar 31 51 Jan 2
3112 Mar 31 48% Feb 18
9618 Mar 30 11014 Sept 3
1035s Mar 30 13114Sept 3
nis Apr 6 9512 Aug 5
4218 Mar 30 6138 Jan 13
1312 Jan 8 43 Apr 23
68 May 4 7834 Jan 4
14112Mar 30 16412 Aug 31
7434 Jan 6 8114 Aug 28
1934 Mar 3 2712 Apr 7
65 Mar 2 90 Sept 15
3378 Mar 30 52 Jan 12
68 Mar 30 7834 Jan 13
57 Mar 29 72 Jan 29
11 'Mar 3 16% Jan 4
163s Mar 30 2438Sept 2
3314 Mar 30 3914 Jan 2
7712 Jan 15 8634Sept 11
18 Mar 30 32 Jan 2
37 Mar 30 874 Aug 20
7034May 21
PER SHARE
Range for Precious
Year 1925.
98 Sept 14
11614 Jan
9212 Feb
3 Jan
14714 Jan
71 Mar
6278 Apr
3514 Mar
89 June
3518 Jan
727 Jan
3 Feb
48 Apr
56
Jan
13612 Mar
265 Mar
8914 Mar
10514 Apr
35* Apr
518 Apr
140 May
2934 Mar
40 Mar
9 Jan
1914 Mar
314 Apr
7 Sept
7 Apr
1278 Oct
47 Apr
10134 Apr
4018 Mar
92
Jan
82 Mar
44% Jan
60 Mar
14012 Dec
98 Dec
1134 Dec
268 Dec
9412 Dec
6734 Nov
5612 Nov
100
Oct
64 Nov
8334 Dec
1718 Nov
9238 May
59 May
1523* Jan
Jan
321
13012 Dec
130 Dec
105* Feb
1912 Feb
200 Dec
384 Aug
5714 Jan
15 Feb
3238 Feb
1638 Jan
11 Nov
2812 Jan
22 Nov
8078 Dec
120 Dec
588 Dec
100 Dec
8912 Mar
7012 Sept
6634 Dec
54
Jan
13312 Mar
125 Mar
345 Oct
2634 May
35 June
34 June
60
Apr
25 Dec
23 Mar
8912 Mar
2134 Mar
6412 Feb
111 Mar
11212 Apr
6814 Aug
18 Jan
5912 Jan
1312 Mar
112 Jan
2833 Mar
57 Jan
69 Mar
Jan
106
64 May
3218 Mar
6 Nov
20
Jan
4214 Nov
15 Dec
214 Oct
305 Apr
40 Mar
5712 June
2814 Jan
7434 Jan
30% Jan
71 Mar
112 June
112 June
11314 June
11314 June
118 June
8812 Jan
28 Mar
2033 Apr
5 Dec
21 Dec
2178 Apr
12312 Mar
7512 Jan
5814 Apr
20 Aug
4212 Apr
1334 Apr
6134 June
78 July
6812 Apr
139
Jan
63 Mar
6934 Mar
357 Mar
364 Mar
42 Apr
5712 Jan
76
Jan
4334 June
7018 June
2038 Jan
35 Mar
96
Oct
772 Jan
83 Jan
4314 Jan
712 Apr
58 Jan
13314 Apr
72
Jan
18 Aug
4812 Mar
1912 Mar
5534 Jan
3812 Jan
11 Mar
16 Mar
1934 July
72 July
1034 Mar
22 Apr
6212 Aug
155 Apr
14734 June
60 Jan
393 Dec
4678 Jan
4334 Jan
8238 Dec
405* Jan
363 Sept
10914 Sept
383 Aug
72 July
12512 Dec
12514 Dec
7414 Dec
3318 Sept
6612 July
3412 Feb
312 Mar
51 Dee
6314 Dec
8812 Dee
148 Dee
11912 Sept
5114 Feb
12 Sept
4614 Sept
6514 Sept
3514 Sept
4 Mar
57 Nov
8614 Nov
63 Feb
4512 Sept
9212 Dec
4134 Dec
9112 Dec
314 Dec
314 Dec
13712 Dec
13712 Dec
183 Dec
9878 Nov
47 Dec
3434 Aug
12 June
36 July
45 Sept
151 Dec
86 Dec
7814 Dec
4012 Dec
553 Dec
215* Dee
8512 Dec
8934 Dec
795 Dec
144 Nov
123 Dec
9114 June
41 June
4438 June
627 Jan
10214 Aug
9214 July
6914 Dec
7834 Dec
5414 Nov
5112 Aug
10838 Jan
12012 Dec
9512 Sept
59 Dec
155* Sept
7814 Dec
15314 Jan
774 July
33l May
838 Dec
4714 Aug
737 Dec
6012 Aug
1838 Aug
2614 Jan
3912 Dec
81 Dec
32 Dec
537 Dec
ft?
.1,,
7614'Dec
New York Stock Record-Continued-Page 2
1609
For sales during the week of stocks usually I.nactive, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 18.
Monday,
Sept. 20.
I uesaay,
Sept. 21.
n eanes,ty, t nursoav,
Sept. 23.
Sept. 22.
Friday,
Sept. 24.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share 8 per share 3 per share $ ner share 3 ner share S rer shqre Shares Indus. & Miscel. (Con.) Par
5412 5412 5534 57,2 2,400 Abraham & Straus_ _ _ _No par
55
*52
55
54
55
55
*5212 55
100
Preferred
/
4 111 *10914 111 *10914 111 *10914 111
*10914 111 *10918 111 *1091
Albany Pert Wrap Pap_No par
2712
2712 *2612 2712 *27
2712 *27
2712 *27
2712 *27
*27
100
All America Cables
*145 148 *142 148 *142 148 *142 148 *142 148 *142 148
100
12312 12312 130 136 *128 130
12712 12812 8,400 Adams Express
121 123
*119 121
100
1034 22
49,300 Advance Rumely
1514 1618 1514 1534 16
1712 174 1934
15
15
100
5912 59
5534 5534 558 5638 5612 5712 57
60,2 60% 6534 33,300 Preferred
1
7% 7% 2,500 Ahurnada Lead
73* 734
7,2 758
713 75,
712 734
7,2 712
2,100 Air Reduction, Inc_ _ _.No par
127 131
12834 130
13012 13178 *129 131
12712 12812 *128 129
No par
812 83*
812 8% 3,200 Ajax Rubber, Inc
812 812
812 834
85, 85s
81
/
4 8%
118
1
1
*1
11
/
4
1
1
*1
118 2,000 Alaska Juneau Gold Min_ 10
*1
118 *I
14234 14534 14312 14512 365,300 Allied Chemical & Dye_No par
1361
/
4 13938 137 14034 137 14412 14214 147
100
800 Preferred
121 121 *120 121
11934 120
12018 12018 12012 121 *12012 121
100
1,600 Allis-Chalmers Mfg
88
88
88
8734 8812 88
8838 8718 88
88
*8812 89
100
200 Preferred
*107
*10912 110 *10912 110
10912 110 *109*109
-_
No par
3138 3178 3114 3134 3112 32
315 -i2
3178 3214 3158 3214 13,200 Amerada Corp
*16
17
*1634 17
16
1612 16,2 16% 1618 1,300 Amer Agricultural Chem _ _100
1618 1658 16
100
55
531 5412 523* 53
53
53
53
5514 5514 55
5414 2,800 Preferred
10
1,100 Amer Bank Note, new
3912 3912 40
40
*391
/
4 4012 397 3978 40
40
40
4014
50
Preferred
*51
55
*51
*5114 58
55
*51
55 i*51
55
*51
55
100
*223* 24
900 American Beet Sugar
23
23
223* 2234 *2234 24
2314 2314 2314 2314
100
200 Preferred
60
60
*6012 64
64
63
63
*61
64
*61
64
*61
203* 2078 2014 2012 20
4,100 Amer Bosch Magneto_.No par
208 2138 2038 21
2014 20
20
136 136
135 136
3,000 Am Brake Shoe & F__.No par
13518 136
136 137
136 136 x13412 140
100
Preferred
*115 11934 *115 11934 *115 118 1*115 118 *115 11934 *113 118
45
45/
1
4 4434 4534 4414 4534 4412 4534 45
4558 44% 4618 14,500 Amer Brown Boveri El_No par
100
9634 964 *9613 9678 *9612 97
*963 97
100 Preferred
*9612 97
*9612 97
25
5318 543
5218 543* 53
524 54
5312 54% 118,500 American Can w 1
548 5314 545
100
*12314 12334 12314 1234 *124 12412 124 124 *12214 124 *122 124
900 Preferred
997 994 9912 101
100 100
9931 100
9912 9934 100 10138 3,800 American Car & Fdy _ _ _No par
100
•12414 128
126 126 *12414 12614 *12414 127
200 Preferred
12612 12612 *12414 1267
2518 2518 *2413 25
400 American Chain,class A._ .:_25
25
25
*2412 25
25
*2413 25
25
No par
*3814 39
3834 384 *377 38
500 American Chicle
*377 3912 3714 374 .344 38
No par
*3414 37 .33
37
Do certificates
*321
/
4 37
*3212 37
*3212 36 .3212 36%
9% 914
913 914
9
9
9
9
878 9
9
018 6,900 Amer Druggists Syndicate_ _10
100
125 125
124 126
124 12914 12834 129 *125 127
130 13434 3,200 American Express
18
1878 1734 1812 1734 1858 18
9,000 Amer & For'n Pow new_No par
18
1712 18
1712 18
No par
1,700 Preferred
*87
8812 8612 8714 8612 874 877 88
*87
874 *8712 8734
900 American Hide & Leather. 100
8
8
74 73*
734 74 *734 812 *734 812 *734 812
100
*40
43
4012 4012 *4012 42
700 Preferred
4034 4034 408 404 4114 4134
*25
2514 2512 2512 *2512 26
2514 255
253* 2614 2618 26,8 3,300 Amer Home Products_.No par
100
125 12512 12514 126
125 126
12512 12612 127 127
12,700 American Ice
12734 131
4.83
8378 *83
100
8378 83
200 Preferred
83
8312 8312 *8278 834 •83
8334
International
Corp_
_100
3338 338 337 337
Amer
2,100
334 3334 *3318 34
3318 34
*3312 34
1312 133* 1332 1334 1312 1312 1318 133* 1318 1314 13% 13% 2,800 American La France F E _10
100
39
39
39
414 3814 3912 3912 3912 3812 3812 3734 3812 4,700 American Linseed
100
*75
79
7912 7912 79
1,900 Preferred
7934 7812 7812 76
76
• 7578 75%
10412 10714 10434 106
10312 105
10414 10512 104 10514 10514 10634 12,300 American Locom new..No par
100
*11514 117
117 117 *116 117 *116 117 *11634 117
200 Preferred
117 117
*73/
1
4 75
7234 731.2 7212 743* 7312 7412 73
7312 *7214 734 2,200 Amer Machine & Fdy_.No par
100
*121 125 *12178 125 *121 124 *121 125 *121 125 *121 125
Preferred
*497 5014 4934 494
50
50
50
50
50
50
*497 50
900 Amer Metal Co Ltd___No par
100
Preferred
*113 115 *112 115 *112 115 *112 116 *112 116 *112 116
68
693
661 1 6712 6612 68
16,900 Am Power & Light__ _.No par
67
673
664 67
6678 70
115 11534 11414 11518 114 115
115 115
25
11412 115
11412 1141
2,200 American Radiator
*81
84
8134 8134 82
841
/
4 *82
84
82
82
900 Amer Railway Express_ _ _ _100
*8178 8414
*5634 58
*5614 60
5634 5634 *55
57
*50
57
100 American Republics....No par
*5034 577
6112 6112 61.
6712 6634 6834 6512 67% *6512 6612 66 *66% 14,100 American Safety Razor_ _ _ _100
63* 718,
*61
/
4 61
612 612 *7
7%
1,100 Amer Ship & Comm_ _ _No par
7
7
*678 7
14514 149
143% 14712 144 146
14234 145% 14258 14414 14152 14432 135,400 Amer Smelting & Refining_100
100
11812 11812 *119 11912 119 119 *11812 11918 *11814 119 *11812 1191
500 Preferred
12534 12534 *124 127 *124 127 *124 127
100
12934 12934 12614 129
700 American Snuff
4358 4418 4334 4334 4414 4414 434 4412 4414 441
433 44
1,600 Amer Steel Foundries..No par
100
*11014 11212 *11014 11212 11014 11014 *11014 112 *11014 112 *11014 112
100 Preferred
733 7638 7514 76
100
7312 74
7312 74
8,700 Amer Sugar Refining
7512 76
753* 76
*102 104 *102 104 *102 104
100
1028 10278 10214 10214 *10212 103
200 Preferred
35
3714 3512 3712 3512 3712 3514 3714 35
8,100 Am Sum Tob new ctfs_No par
361
3638 36
100
Option A ctfs
5672 -311-2 ;in- -ill; ;56- -312-2 515f2 -311-2 i30i2 -31-1-4
100 Amer Telegraph & Cable_ _100
14678 147 x144 14434 144 1443 14412 14478 14434 1453* 1454 14534 9,100 Amer Telep & Teleg
100
12314 12358 1225* 12312 12178 12212 123 12334 122,2 12334 12212 12212 4,400 American Tobacco
50
•11012 111
11078 11078 11014 11014 *110 111 *110 111 *110 111
100
400 Preferred
12212 12212 122 12314 12114 122
122 123
12178 12218 122 12278 3,600 Common Class B
50
1185, 11858 118 11812 11634 117
11634 11634 11634 117
117 11812 1,900 American Type Founders_ _100
5812 5834 5734 5912 5714 58
59
5958 *58
5934 4,500 Am Water Works & Elec__ _20
581
/
4 58
*10314 1068 *10314 10634 106 106 *1034 10634 *10324 10612 *10314 10634
100
100 1st preferred (7%)
1
3018 3078 2934 31
3014
3012 313* 2852 30
29% 30
6,600 American Woolen
100
823* 8238 8212 82,2 82
8238 82
8212 795* 8014 7834 79
2,300 Preferred
100
1
1
1
58
34
34
1
1
3,400 Amer Writing Paper pref. _100
1
34
78
1
*34
1
58
58
58
58
*58
34
54
34 5,000 Preferred certificates_ _.100
*55
34
*63
7
634 634 *613 7
*61
/
4 634
300 Amer Zinc, Lead & Smelt _25
634 6%
6% 634
3258 32
34
*32
34
*32
3334 34
3334 333 *32
1,100 Preferred
34
2'
4834 4912 483* 4912 4812 49
4858 493* 4818 49
4838 4914 17,300 Anaconda Copper Mining_ _50
43
427
8
424
*4012
*4012 43
*4012 4234 *4013 427 *4013 42,4
100 Archer, Dan'Is, MidI'd_No pa
*10412 107 *10412 107 *10412 107 *10434 107 .10412 107 *10412 107
Preferred
100
9378 9378 94
94
93% 932* 9358 94
*94
94
94
600 Armour & Co (Del) pref
9412
100
1678 1678 1634 1678 1614' 1612
163* 163* 1618 163* 1618 1635 7,700 Armour of Illinois Class A._25
97 10
97 10
1012
10
1018 10
913 912 5,300
934 93
Class B
25
*83
87
*83
87
*86
87 '*85
87
*86
87
*86
87
Preferred
100
24
24
24
24
24
2418 23
24
24
24
*24
1,600 Am Cons Corp tem ctf No pa
25
*21
2212 *21
2212 *21
2214 .21
2214 *21
2214 *21
2214
Art Metal Construction_ _ _ _10
483* 4858 z48
*485* 4914 *4852 50
48
463 4714 48
700 Artloom
48
No pa
_ *110
_ *110
_ *110
*110
_ •110
Preferred
100
41-58 41
*1104134 413
_- 4 4012 ---4138 41
---4278 4114 -4-1-14 *42
2,800 Associated Dry Goods_ __ _10
43
*99
100
993
4
*99
100
9934
*98 100
*98 . 100
.98 100
100 181 preferred
100
*105 10612 *105 10612 .105 10612 10534 10534 .104 106 *104 106
100 2d preferred
100
*6012 63
*6012 63
.5012 51
*501
/
4 52
5012 5012 51
51
400 Associated 011
2
3912
3
3914
383* 3918 39
*3912 40
39 '
'1 3834 40
*39
40
2,200 Atl Gulf & W IS S Line__ _10
*4114 43
4118 4118 *41
43
41
41
*40
*40
42
41
300 Preferred
10
110 111
111 111
10918 11012 10938 112
11112
11112 11278 11112
4,800 Atlantic Refining
100
•116 120
116 116 *115 118 *115 11614 *115 118 *115 118
100 Preferred
100
59
60
*59
60
*59
60
60
60
*5912 60
.5913 60
300 Atlas Powder
No pa
7
97
*95
97
*95
*95
98
*95
98
*95
98
*9512 98
Preferred
100
*97 1012 *934 1012 10
10
*10
1012 10
*9
10
912
200 Atlas Tack
No pa
11
1112 1018 1034 108 107* 10
*1112 12
9
1014 6,400 Austin, Nichols&Co vtc No pa
1034
67
55
65
*65
66
*65
C5
65 *____ 64
*60
64
300 Preferred
100
38
*4
12
*4
38
38
*14
12
200 Auto Knitter Hosiery_.No pa
*4
12
*38
12
115 11778 11612 11734 116 11812 118 12078 33,200 Baldwin Locomotive Wks.100
116 11778 115 118
/
4 *11013 11212
•11012 112 *11012 11112 11114 11114 *11012 11312 11012 1101
300 Preferred
10
268 2714 2618 2634 2612 274 2678 2714 27
2612 27
27% 11,100 Barnsdall Corp class A
2
2412 2412 2412 24
*24
2412 2412 2412 2413 *24
24
1,400
25
Class B
2
4518 4518 4518 4518 *4514 4612 *4512 4612 4612 46,2 474 48
1,300 Bavuk Cigars Inc
No pa
5812 58
5914 *5812 59
5978 58
5814 5814 25738 57%
1,600 Beech Nut Packing •
*59
2
30
30
30
2912 2978 2912 2912 *2912 2934
3038 3038 x30
800 Beld'g H'way Co tern ctfNo pa
4934 5012 141,900 Bethlehem Steel Corp
4734 5014 493* 5118 4912 5034 4932 5034 4914 50
100
103 10312 10312 10358 4,000 Preferred (7%)
10334 10414 10314 10314 10278 10334 103 103
100
33
3258 33
.3212 3312 *3234 3312 1,000 Bloomingdale Bros_ _ _.No pa
3312 3312 3312 33
*33
_ *110 11018 *108 11018 *108 110 *108 110
*108
200 Preferred
*108
100
4
-614 *534 612 *53
64 *534 632 *534 614
200 Booth Fisheries
6
-6
*534 .No pa
*37
42
42
3714 3714 *37
3634 37
*3512 37
100 1st preferred
*3712 42
100
26
26
26
*25
26
25
500 Botany Cons Mills class A._50
25
*2634 2712 2714 2714 26
3014 30
3012 2934 3012 3058 3034 4,800 Briggs Manufacturing..No par
3038 3034 3014 3034 30
•/
1
4 118
*12
i18
•12 118
*12
118
*/
1
4 118
*/
1
4 1
British Empire Steel
100
*912 30
*912 30
*912 30
*912 30
*912 30
*912 30
151 preferred
100
*134 234 *134 234 *158 234 *158 234 *13* 24 *1% 234
2d preferred
100
150 15212 15012 153
151 15312 154 15578 9,300 Brooklyn Edison, Inc
150 151
*149 150
100
9034 9112 8912 9014 9012 9012 9034 9234 91
9214 92
92
5,900 Bklyn Union Gas
No par
1
4 351.2 35
3412 34% 2,200 Brown Shoe Inc w 1
35
033512 3612 348 354 354 3512 35/
100
__ *108
_ *108
*108
__ *108
..
*108
Preferred
*108
100
3712 3-814 37 -3-i7g 3658 18
36,2 -3-834 3618 -3-63-4 9,000 Brunsw-Balke-Collan'r_No par
373* -38
134 13412 *135 136 *135 136 *135 136 *135 136
200 Burns Bros new clAcom No par
*135 137
*32
34
*32
33 .32
3312
*3214 34
300 New class B com___ _No par
3312 *32
3214 33
*99 103
*99 103
*99 103
*99 103
*99 103
Preferred
*99 103
100
.,le 117
itch 116 *1114* 116
115 115 *1141,
1144 1144
700 Burroughs Add Mach_ _Ns par
*Bid and asked prices: no sales on this day. z Ex-dividend.
PER SHARE
Range Since Jan. 1 1926
On basis of 100-share lots
Lowest
per share
43 May 20
10418 Mar 19
27 May 4
131 Jan 6
994 Mar 18
10 Mar 19
4814May 11
738Sept 14
10714May 19
712May 11
1 Sept 16
106 Mar 30
11834 Mar 20
7814 Mar 26
105 Apr 7
2414May 20
15 May 20
51 May 20
3458 Mar 31
55 Jan 15
2012Sept 13
5938Sept 14
16' May 19
110 May 19
11014Mar 24
304 Mar 29
8612 Mar 31
384 Mar 30
121 Jan 4
9112 Mar 31
12312 Apr 7
2314 Mar 30
3718 Mar 31
341
/
4Mar 31
414 Jan 5
10578 Mar 31
1514MaY 19
8612Sept 20
7 May 10
3312May 7
2458May 20
109 Mar 31
8214Sept 9
3134July 19
1214Sept 2
2814 Apr 21
75 Mar 31
9014 Mar 31
116 Aug 9
7114 Aug 5
114 July 15
47 Mar 30
11312 Apr 15
5034May 19
10114May 19
7738 Mar 31
50 June 15
42 Apr 14
512 Jan 2
1095* Apr 21
1127s Mar 31
122 June 28
40 May 11
11014 Sept 21
6514 Apr 14
100 June 19
2914 Aug 13
1412 Apr 28
2512July 6
13958June 18
11138 Mar 31
10618 Jan 4
11018 Mar 31
114 Jan 22
4334 Apr 13
10112Mar 3
19 June 9
66 Apr 30
12 Aug 13
12 Aug 4
518May 19
20 May 19
4112 Mar 30
3478June 11
100 Mar 4
9014May 2
1312May 22
534May 20
80 Apr 30
18 Apr 12
1918 Jan
4 34Sept 2
108 Mar 18
3714 Mar 30
96 Mar 25
102 May 1
4434 Jan
3318 Mar 3
3514 Apr 1
97 Mar
11514 Apr 21
54 Mar
94 Jan
9 July
8 July 30
64 Sept 2t
%Sept 18
9278 Mar 31
105 Mar 31
2312May 11
23 July 14
39 Mar 31
5318 Apr 13
2912Sept'22
3714May 20
99 June 1
28 June 11
10414June 21
41
/
4 Mar 24
3518 Apr 15
20 May 25
25 May 10
12MaY 5
934June 29
112June 24
133 Mar 31
68 Mar 30
2912June 1
107 June 5
24% Mar 30
121 Mar 31
2978 Mar 31
97 Mar 30
7712 Apr 13
Highest
S per share
5712Sept 24
109 May 22
2734June 23
155 July 24
136 Sept 22
22 Sept 24
6534Sept 24
94 Jan 4
14512 Aug 9
16 Feb 10
2 Jan 4
147 Sept 22
12214 Aug 17
9458 Jan 14
11012May 24
3278 Aug 9
34% Jan 14
9612 Jan 14
43% Jan 8
5812July 10
3834 Feb 5
83 Feb 24
3438 Jan 4
180 Feb 2
12814 Feb 18
50 Aug 9
9718 Jan 16
6318 Aug 4
12678July 27
1144 Jan 12
12914June 23
2614July 20
51 Jan 4
4714 Jan 7
1038 Aug 19
140 Jan 6
42% Jan 2
98 Feb 13
1712 Feb 9
6714 Feb 9
26% Apr 29
136 June 8
8634June 1
4634 Feb 16
1578 Jan 4
52% Jan 4
87 Jan 4
11978 Jan 4
12014 Feb 11
8012 Aug 16
122 Aug 23
57% Feb 16
hO Feb 6
7212Sept 8
122% Aug 9
5413Sept 21
74 Jar 5
70% Aug 17
1178 Mar 12
152 Aug 17
12014 Aug 17
105 Feb 9
47 Aug 3
115 Feb 23
8234 Feb 5
10758 Aug 13
357 Sept15
36 Aug 19
4118 Feb 10
15034 Feb 15
12484 Sept 8
113 May 26
124 Sept 8
135 Feb 13
74 Jan 4
10814 Jar 27
42% Jan 13
89% Jan 4
5% Jan 13
4/
1
4 Jan 13
1218 Feb 4
4818 Feb 4
51% Aug 6
4434 Jan 2
105 Jan 4
97% Jan 13
2512 Feb 13
17 Jan 4
93 Feb 11
3134 Jan 6
2312 .1...n 26
6312 Jan 21
11134 Feb 1
54% Jan 9
102/
1
4 Jan 6
108 Jan 28
60 Mar 4
6838 Jan 6
5614 Jan 30
12838May 24
120 June 22
61 Aug 28
9718 Aug 16
1712 Jan 30
28 Jan 29
93 Jan 6
218 Feb 11
13612 Jan 4
114 Feb 6
3312 Jan 2
2912 Jan 2
5078 Aug 9
714 Feb 4
3934 Jan 4
5118Sept 20
105 Feb 2
35 Sept 7
108 Sept 16
9% Jan 11
6112 Jan 7
4118 Jan 4
3712 Jay 4
3 Jan 18
27 Jan 28
1018 Jan 11
163 Sept 8
9714 Aug 6
48% Jan 7
111 Mar 10
3934Sept 15
144 July 23
44 Feb 13
10312June 22
11712Sept 15
PER SHARE
Range for Previous
Year 1925
Lowest
Highest
per share $ per share
ii6 -
Jan
Apr
Apr
Feb
Oct
Jan
Dec
Jan
Mar
Jan
Jan
Jan
13384 Oct
1171
/
4 Oct
20
Oct
6214 Oct
12% Slay
117% Dec
15% Jan
212 Oct
116% Dec
12114 Nov
9714 Dec
109 Dee
1312 Mar
3612 Mar
3912 Dec
5312 Jan
2958 Oct
78 'Dec
2618 Mar
9014 Mar
10712 Jan
4734 Dec
9018 Nov
471
/
4 Dec
115 Jan
9712 Apr
12034 Apr
2212 Oct
37
Jan
37
Jan
414 Dec
125 Apr
2714 Apr
Jan
87
812 Mar
5812 Sept
297 Oct
8212 Dec
44% Dec
581
/
4 Sept
43 Jan
874 June
5412 Jan
156 Dec
114% Dec
5378 Oct
98 Dec
4934 Dec
12178 Sept
11534 Sept
128 July
27 Feb
62 Apr
5812 Apr
634 Jan
166
Jan
5138 Sept
94 Feb
1438 Dec
754 Jan
90
13
47
718
8634
938
1
80
117
7112
10314
83 Mar ii6 - Dec
7412 Mar 86 July
3218 Mar 46% Nov
1114 Jan 20 Nov
20 Mar 5914 Nov
Oct
53 Jan 89
10412 Jan 144% Mar
115 Aug 124 Feb
45% Mar 575 Oct
111 Mar 119 Nov
8978 Jan
x76 Sept
48
Jan
36% Jan
5% Dec
90% Mar
10512 Jan
13814 Apr
3758 June
108 Jan
47% Jan
911
/
4 Jan
12212 NOv
84
Jan
7934 Dec
7634 Nov
141
/
4 Feb
14413 Dec
11514 Oct
154 Nov
47/
1
4 Dec
11318 Oct
77% Dec
10414 Nov
3754 June
13058 Jan
85 Feb
10412 Jan
8412 Feb
103 Apr
3438 Jan
97/
1
4 Aug
3434 May
6912 may
112 Dec
/
1
4 Dec
7 Slay
24% May
3514 Apr
26
Jan
9012 Jan
9018 Mar
20 Mar
16 Dec
90 Dec
8 .Tan
15 Jan
39 June
10112 Aug
4612 Aug
94 Jar
101
Jan
32 Mar
20
Jan
Jan
31
9512 Jan
113 Sept
45 June
9012 Oct
918 Feb
22 July
8732 Jan
12 Dec
107 Mar
107 Aug
1834 Aug
16 Aug
3814 Sept
60 Ma
37 Sep
37 June
9314 June
145 Dec
12112 Oct
110 Nov
11913 Oct
135% Nov
7814 Dee
103 Feb
64% Jan
9618 Jan
712 Jan
Jan
4
1212 Jan
44% Dec
53,4 Nov
4612 Dec
Oct
105
Oct
100
2712 Oct
20% Oct
9314 Nov
17% Oct
20% Nov
60% Dec
110 Dec
6138 Nov
102
Oct
10814 Feb
4714 Dec
77 Sent
60 Sept
11712 Feb
11734 June
65 Dec
94_ Jan
21 Dec
3212 Jan
95 Aug
414 May
146 Feb
11658 Jan
33/
1
4 Dec
30 Dec
53/
1
4 Feb
7734 Aug
41% Dec
53/
1
4 Jan
102
Jan
7i18 May
25 June
40% Aug
27
Oct
158 Slay
22 July
6% July
12058 Jan
7318 Dec
46 Dec
96 Mar
24 June
9212 Feb
17 Mar
9113 July
65 Jan
52
Oct
46 July
4412 may
5
Oct
36
Oct
14
Oct
15612 Nov
10014 Nov
4614 Dec
109
Oct
49% Jan
136 Dec
39 Dec
99
Oct
103 Sept
-if- Feb
878 Oct
1610
New York Stock Record-Continued- Page 3
For sales during the week of stocks usually Inactive, see third page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 18.
Monday,
Sept. 20.
Tuesday,
Sept. 21.
Wednesday, Thursday,
Sept. 22.
Sept. 23.
Friday,
Sept. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 11926.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Premien.
Year 1925.
Lowest
Highest
$ Per share $ per share $ Per share $ Per share S ver share $ per share Shares. Indus. & Miscell.(Con.) Par $ per share $ per share $ per share 8 Per share
28
28
*28
30
28
2912 *28
2912 '
320
2912
28
*28
200 Bush Terminal new___ _No par 1634 Mar 18 3414 July 14
1458 June 26 Deo
924 93
93
93
93
*9212 95
*9212 934 *9212 9412 93
500 Debenture
80 May 8978 June
100 86 Apr 6 93 Aug 2
"10038 _ .*102 106 *10218 _
_ _ _ ___ Bush Term Bldgs, pref._ _100 9912 Jan 20 103 June 4
*1024 103 *103 1034 *10218
9612 Jan 103 Dec
434 134
478 478
458 478
834 Jan
478 478
434 _--434 1,600 Butte Copper & Zinc
414 Mar
434 1-34
614 Feb 10
434May 23
5
64
66
57
6478 55
5814 58
18,800 Butterick Co
5912 5834 5934 5912 60
17 May 2834 Jan
100 1734 Mar 3 71 Sept 15
*934 1012 *934 1012 *934 1012
912 934 *912 934
800 Butte & Superior Mining_ 10
912 94
718May 18 1614 Jan 11
612 May 2414 Jan
•56
5713 5712 5812 5878 594 80
644 6314 6978 6912 7212 0,400 By-Products Coke_ __No par 53 June 30 72 . Sept 24
*38
40
311
38
*37
38
38
38
3838 3838 38
3978 2,200 Byers & Co (A M)_ _ _No par 28 Mar 29 414June 18
8 Oct
23 Oct 447*70
7014 70
7078 6914 7058 70
70
70
70
70
7012 2,300 California Packing_ _No par 6914 Aug 31 17912 Feb 4 10012 Jan 3612 Nev
3214 3238 32
3214 32
3214 32
3214 3218 3212 3218 3212 15,300 California Petroleum
25 303* Jan 20 3818 Feb 10
2378 Jan 3438 Dee
134 178
134 178
134 14
134 134
134 134
134 178 2,700 Callahan Zinc-Lead
434 Feb
10
112 Mar 26
258 Jan 15
114 Oct
*69
7012 8718 69
6712 1,700 Calumet Arizona Mining
*67
68
68
6634 6678 68
68
10 5512Mar 29 7358 Aug 9
45 Apr 6118 Dec
*1758 18
1734 1734 1734 18
174 1814 *1713 1773 *1714 1778 3,100 Caiumet & Heels
2' 1338 Mar 31 1812 Aug 9
1214 May 1858 Jan
151 154
15312 15814 153 158
157 158
6,400 Case Thresh Machine
157 16034 *155 158
100 6212 Jan 4 176 Aug 6
24 Mar 6812 Dee
10918 10918 *109 110
111 111 '111 11114 2,370 Preferred
109 109
110 111
100 96 Jan 5 11812 Aug 10
60 Mar 10712 Dec
*9
914
834 834 *9
94
878 878
912
9
834 834 1,800 Central Leather
718May 3 2012 Jan 6
100
1434 Mar 2358 Oct
5712 5774 5812 5734 5612 58
57
5634 5713 5,800 Preferred
5778 58
57
100 4314 Apr 28 6834 Jan 5
Oct
4914 Mar 71
*15
1678 1612 1612 *15
*15
17
200 Century Ribbon Mills. No par 1258June 8 3278 Jan 8
17
*15
17
*15
17
3034 Sept 4713 Mar
*80
89
*80
Preferred
89
*80
*80
89
*80
84
*80
89
89
100 83 May 25 90 Jan 21
94 Dec 9834 Jan
894 6978 6812 6918 6814 6834 68
6838 68
6818 6734 6838 4,600 Cerro de Pasco Copper_No par 5712 Jan 22 7312 Aug 9
434 Mar 6438 Nov
42
4214 40
4112 4113 4178 4178 5,300 Certain-Teed Products-No par 3618May 20 4912 Jan 5
4214 4012 41
4178 42
4034 Mar 5834 Sept
'
310312 106
105 105 *105 106 '3105 106 *105 106 *105 106
100
1st preferred
100 100 May 22 10512 Jan 21
8913 Jar 110 Sept
*1412 15
1412 1412 1438 1438 14
1412 *14
1413
400 Chandler Cleveland MotNo par 1134May 18 26 Feb 11
1414 *14
*3112 32 z30
3058 2938 3014 3014 3012 30
3038 3012 3012 4,400 Preferred
No par 28 May 18 4514 Feb 15
*100 114 *110 11212 *110 11012 110 110 '3109 112 *109 114
100 Chicago Pneumatic Tool_ _100 9412 Apr 8 120 Jan 2
8014 Mar 128 -Dec
*51
5112 5012 51
5112 51
51
*51
52
700 Childs Co
No par 4518M8y 19 6638 Jan 4
5112 5112 *51
4978 Mar 7478 Oct
3314 3312 3314 334 33
4,000 Chile Copper
3314 3318 3318 *3318 3314 3234 33
25 30 Mar 3 363a Jan 6
3012 Mar 3758 Jan
*18
24
*18
24
*18
24
*18
24
*18
24
*18
24
Chino Copper
5 16 Mar 3 24 July 20
19 Apr 2838 Feb
3758 3758 3612 3718 3612 37
1,400 Christie-Brown certifs_No par 354Sept 16 6334 Jan 4
37
37
3778 3778 *3714 38
6234 Dec 8412 Dec
3312 3438 3314 3438 33
34
323* 337s 3234 3473 35
3578 125,800 Chrysler Corp new_ __ _No par 2812 Mar 30 544 Jan 9
10178 102
10112 10178 *10158 10178 *10158 10178 1014 102
2,700 Preferred
102 102
No par 93 Mar 30 108 Jan 2 10018 July 1117; Nov
*6413 6612 *65
100 Cluett. Peabody & Co__ _100 6014 Afar 31 6812 Jan 7
6614 *65
€5
*64
65
*64
65
6612 65
5813 Mar 7134 Jan
*115 116 *110 113 *11313 116 *111 116
114 114 *114 116
100 Preferred
100 10314 Jan 13 116 Sept 17 10312 Jan 109 Sept
15812 15978 156 16012 15814 1584 157 1584 15714 15778 15758 16034 21,800 Coca Cola Co
No par 128 Mar 24 165 Sept 13
80 Jan 17734 Nov
57
5934 57
59
5534 5612 •5658 5738 8,000 Collins & Aikman
No par 3434May 27 5934Sept18-57
5838 57 58
116 118
116 119
100 98341May 27 119 Sept 20
11512 11714 11712 11758 11718 11718 *11412 1164 2,000 Preferred
44
4538 44
4514 44
4512 4434 4512 4414 4434 45
4513 6,900 Colorado Fuel & Iron
100 2738 Mar 3 4834Sept 10
3214 -Apr 4814 Jan
6418 6412 64
8418 6418 6458 8414 65
6413 6412 65
65
2,600 Columbian Carbon v t c No par 5558 Jan 26 694 Feb 23
45 Mar 6234 Dec
8012 8012 8058 81
81
8112 8112 83
8034 814 81
8314 4,300 Col Gas & Elec
No par 8312 Mar 29 90 Jan 9
Oct
4534 Jan 86
*11214 11378 *11238 114
11312 11434
113 114
900 Preferred
114 114 *11314 114
100 11134Sept 13 11578 Aug 3 10414 Jan 11412 Dec
2734 2734 2734 28
28
28
2712 2734 2712 274 1,200 Commercial Credit_ __No par 26 May 19 4712 Jan 14
*2784 28
3812 Sept 5518 Dec
*23
24
Preferred
*23
24
*23
24
*23
24
*23
24
*23
24
25 2212 Aug 30 2614 Jan 13
2514 Sept 2712 Oct
*2412 26
*24
26
*24
25
Preferred B
28
*24
26 '
324
*24
26
25 234 Aug 5 2734 Jan 11
2614 Sept 2734 Deo
*93
96
93
93
93
93
*93
*93
94
*93
95
200 1st preferred (814)
95
100 90 June 1 9912 Feb 26
*6112 65
*6112 67
*6112 65
Comm Invest Trust_ _No par 55 Apr 12 72 Jan 11
*6112 63
*6112 65
*6112 65
50 Jan 8412 Nov
.96 100
*96 100
7% preferred
*9612 100
*9613 100
*96 100
*96 100
100 97 June 7 104 Jan 28 100 Nov 10712 Nov
*9034 91
600 Preferred (61i)
904 9034 *9012 934 9012 9013 *9038 9112 904 9038
100 89 May 7 100 Jan 13
17012 17234 2169 17312 170 17834 17212 17634 172 172
173 17834 14,000 Commercial Solvents B No par 11814 Jan 4 17834Sept 24
76 May 189
Jan
2514 2638 25
25
253s 2518 2538 32,700 Congoleum-Nairn Inc_No par 1212May 13 2938Sept 1
263s 25
20
254 20
1578 Nov 4312 Jan
4458 4458 4458 4458 4418 4412 44
4438 4438 464 464 4714 15,400 Congress Cigar
No par 4012May 17 4714Sept 3
-__
*12
34
*12
34
512
34
*12
34
*12
34
Conley Tin Foil stpd_No par
%Mar 18
1 Mar 12
-12 May 17 -Feb
78 -7-914 7738 7878 7712 7812 77
7818 a767s 7712 7638 7738 21,700 Consolidated Cigar__ _No par 4514 Apr 15 81 Aug 30
2612 Jan 6334 Dec
*92 102
*90 10212 *95 102
*93 102
*92 102
*95 102
Preferred
100 91 Afar 31 10738July 28
7934 Jan 96 Dec
214 212
2
2
238 212 6,500 Consolidated Distrib'rs No par
2
218
214 214
218 214
112 Aug 13
612 Jan 7
318 Jan
938 Feb
10858 10818 10578 10712 1053* 1074 1063
,10834 10712 1103* 10912 11038 82,400 Consolidated Gas(NY) No par 87 Mar 30 1153* Aug 6
744 Mar 97 Dec
214 214
218 214
218 214
2
2
2
2
2
2
2,300 Consolidated Textile_ _ _No par
114May 10
334 Jan 18
234 June
514 Jan
76
7658 7,54 7612 7512 7612 7534 7614 7538 76
7434 76
10,300 Continental Can, Inc. No par 70 Mar 30 9212 Jan 2
6012 Mar 9312 Dec
13734 13734 13612 13712 134 13514 13434 135
13438 13438 134 13412 2,225 Continental Insurance_ 25 122 Mar 31 14434 Jan 9 '103 Jan 140 Dec
1078 11
1034 1078 1034 11
1034 1078 1058 1078 1034 11
6,200 Cont'l Motors tom ctfs_No par
978May 17 13 Jan 5
1512 Oct
814 Jan
4414 4434 44
45
444 4038 454 4618 4512 4578 4434 46
54,200 Corn Products Refin w 1._ 25 3558 Mar 30 4838June 21
3238 May 4238 Dee
*124 128 *12313 125 *12312 125 •___ 12413 *12412 126 *12412 126
Preferred
100 12212 Jan 6 12918 Apr 28 11818 Jan 127 July
5378 534 z54
544 5212 54
54
5412 5458 5512 554 5712 4,700 Cots'. Inc
No par 4412 Mar 29 6034 Jan 4
48 Aug 6012 Dec
7414 75
7412 7513 74
7478 7434 7434 7453 7458 7434 7538 3,300 Crucible Steel of America_ _100 64 Apr 15 8112 Jan 4
6412 Mar 8458 Nov
*100 102 *100 102 *100 102 *100 101
10034 10034 100 100
200 Preferred
100 96 Afar 30 102 Aug 5
92 May 102 Dec
3412 344 34
3434 34
3412 34
3434 *34
3412 34
34
2,900 Cuba Co
No par 304 Aug 30 5338June 30
4414 Dec 5438 Oct
*918 912
918
918
914
94
978 lOIs
10
10
958 958 9,000 Cuba Cane Sugar
84May 22 1112 Jan 29
No par
734 Oct 1458 Feb
41
42
4113 45
4334 4558 44
*4013 42
45
4458 4518 17,100 Preferred
100 3512June 8 494 Feb 4
3718 Oct 6258 Feb
2514 25
2338 2358 2358 2358 2334 2138 2414 2514 25
2514 12,600 Cuban-American Sugar_ _ _ 10 2014 Aug 10 3038 Jan 28
20 Oct 3312 Mar
*101
10312
*101
10312
*101
104
*101 104 *101 10313
*101 10312
Preferred
100 9734 Jan 5 104 Feb 5
9378 Nov 101 Mar
1534 1534 *1512 1578 1512 1558 5,000 Cuban Dorn'can Sug new No par 151:Sept 21 2014.1une 7
174 316
174
*16
1534 16
10818 1094 10713 10918 10534 10718 10712 109
107 109
10558 107
12,300 Cudahy Packing
100 76 Apr 21 11018 Sept 17
9312 -Dec 107 Oct
100 100
*97
99
*97 100
597 100
*97 100
*97 100
200 Cushman's Sons
No par 77I2Mar 1 105I2Sept 2
62 Mar 104 Oct
44
44
4414 4414 4414 4418 4418
4414 4414 4414 4414 44
800 Cuyamel Fruit '
No par 424 Apr 15 51 Jan 14
44 Nov 59 May
3313
3458
3284
3414
33
3414 3478 3414 3518
3414 3334 34
9,800 Davison Chemical v t c_No par 2718 Mar 30 4634 Feb 17
2778 Apr 4934 Jan
13612 13612 213312 13313 *134 137 *13414 137
135 135
136 137
1,100 Detroit Edison
•
100 12312Mar 30 14118 Feb 1 110 Jan 15912 Sept
364 3612 z3612 3612 36
36
36
36
*3512 3613 *3512 36
500 Devoe & Raynolds A_ No par 3378 Apr 15 1041s Feb 10
53
Oct 9014 Dec
28
2834 2714 2814 2678 29
2778 49,900 Dodge Bros Class A
2634 274 2614 2758 27
No par 2114May 17 4714 Jan 2
214 June 4834 Nov
8738 8778 8712 8734 8738 8734 8712 8734 8712 874 3,900 Preferred certifs
8734 88
No par 7912May 17 90 July 20
7312 May 9112 Oct
1034 1034 1034 1034 1078 1118 1118 ills
11
11
Dome
1078 1118 5,100
Alines, Ltd
No par 104July 22 20 Mar 13
1234 Apr 181s Nov
*35
3778 *35
38
*35
38
37
3778 3712 3712 *364 38
300 Douglas Pectin
No par 10 Mar 20 38 Aug 31
14 Feb 2312 Aug
115 115 *11434 11512 *11434 1154 *11434 11514 11514 11514 *11434 11512
200 Duquesne Light 1st pref _ _ _100 11112 Mar 3 11634 Aug 10 105 Jan 11314 Deo
117 118
11918 11912 11714 11914 11718 118
118 118
11734 11734 2,700 Eastman Kodak Co_ --No par 10658 Mar 30 123 Aug 23 10434 July 118 Jan
2512 2512 254 2512 2514 2514 2512 2512 2,200 Eaton Axle & Spring_ No par 2378May 19 3234 Feb 14
2534 2534 2514 26
1012 Feb 3012 Deo
309 313
31013 317
31114 316
313123143* 313 31512 31412 31512 19,600 E I du Pont de Rem -Co__100 19318 Mar 29 317 Sept 20 13414 Jan 27114 Nov
*10612 10712 *10612 10712 10714 10714 107 107
10634 10634 *106 10712
300 6% non-vol deb
100 10034 Apr 20 10712 Aug 11
94 Jan 10412 Nov
*1278 1312 1312 1312 13
13
13
13/4
13
13
"13
1312 1,200 Eisenlohr & Bros
25 1134June 10 2012 Feb 1-.70
70
*69
8978 r69
69
"68
6834 *6714 8858 1,000 Electric Autolite
No par 6134 Mar 31 82 Feb 1 ---- ---- ---70
71
918 912
10
1078 104 1034
94 1058 45,900 Electric Boat
No par
94 978
912 10
4 Mar 23 1078Sept 22 -... ---- ---- ---1734 1814
1812 1728 1814 1734 18
1814 1812 18
1734 1838 13,400 Elec Pow dr Lt et's_ _No par 1534May 19 3412 Feb 10
1738 Apr 4018 July
•10234 106
10238 106 *1023,108
500 40% pr pd
103 103
9912Mar 30 115 Feb 11 100 Mar 110 June
104 104 *103 106
*103
__ *103
Pref full paid
*103
103 Apr 17 11012 Feb 26 10012 Mar 11034 June
__ 51024 106 *10212 106 *102
*95 -9-612 9612 9612 9578 9578 95
9514 *94 15
500 Preferred certifs
*94
95
8912 Ma r 24 9814 Sept 10
8978 Aug 9434 Dec
6214 63
6158 6258 6118 6214 5938 6258 60
61
6078 6212 17,600 Electric Refrigeration_ _No par 6938Sept 22 7812June23_8978 9034 8914 9034 89
8818 5,000 Elec Storage Battery_ _No par 7118 Mar 3 9418 Aug 19
8912 8834 8935 874 8812 88
6034 Mar 80 -Deo
300 Emerson-BrantIngham Co_100
1 May 20
•134 3
*134 3
*212 3
212 212 *134 3
*134 3
4 Feb 1
118 May
538 July
*14
16
Preferred
*14
100
16
*14
*14
16
*14
16
*14
16
5 May 20 2434 Jan 29
16
8 May 2634 Aug
*6612 67
400 Endicott-Johnson Corp_ _ _ 50 6512Mar 31 7258 Feb 8
67
67
*6612 6714 6612 6612 *6612 6714 6614 6614
6334 Apr 7478 Sept
*11814 120 *11814 120 *11814 120 *11814 120
200 Preferred
100 114 Jan 7 120 Sept 15 111 May 11834 Oct
11912 11912 *11814 11912
123 123 *122 12314 *122 12638 12314 12312 12278 123 *12212 123
600 Equitable Office Bldg pfd_100 9978June 17 13214July 28
-.5212 54
5314 5338 *5314 5312
900 Eureka Vacuum Clean_No par 43 Slay 19 56 July 15
*53
54
5234 53
53
53
4812 Nov 5712 Dec
•1434 15
Exchange Buffet Corp.No par 1434 July 20 17 Apr 22
*1434 15
*1434 15
*1434 15
*1434 15
*1434 15
1312 July 194 Jan
*212 358 *2/2 358 *214 358 *212 358 *3
358 "3
Fairbanks Co
25
358
2 Apr 16
3348ept 11
214 Mar
434 Aug
*47
49
No par 46 Mar 29 5934 Feb 10
*4714 48
47
4614
1,500 Fairbanks Morse
4714 4712 4712 4614 4634 46
3214 Jan 5458 Oct
*108 111 *108 111 *108 111 *108 111 *108 111 *108 111
Preferred
100 10812 Jan 6 115 Feb 9 ,1061
,106'z June 11018 Nov
1121s 114
11178 113
11034 112
112 11418 113 11513 11512 117
58,100 Famous Players-LaSkY-No Dar 1034 Jan 19 12712June 11
9014 Feb 11434 July
•119 121 *118 12114 .119 121 *119 121
100 115 Mar 31 124 Mar 11 10378 Feb 120 July
120 120 *119 121
100 Preferred (8%)
*3112 3212 3034 3114 3034 3034 31
15 28 Mar 31 3938 Feb 3
3114 31
3114 31
3134 3,300 Federal Light & Tree
26
Oct 3714 Dec
*861
___ *8612 - _ *8613 90
Preferred
No par 86 June 18 89 Jan 4
*8812
. *8612 90
*8612 90
8212 Sept 89 Dec
"79 2-83
*79 -83- *79
Federal Mining & Smelt'g_100 41 Slay 22 11134 Jan 5
82
*80 12
*79
82
*79
82
1514 Mar 9512 Deo
_*73
7512 73
73
100
73
Preferred
73
7312 73
*7312 7538 73
73
1,000
61 Mar 3 105 Jan 8
4912 Mar 944 Dec
19112 19112 *190 193 *190 195 *190 195 *190 195
S193 199
100 Fidel Pllen Fire Ins of N Y. 25 160 Apr 15 20014 Jan 23 14713 Jan 179 Deo
1714 *15
*15
1712 *15
1714 *15
Fifth Ave Bus tem ctts.No par 144 Jan 2 2138 Feb 9
1714 *15
1714 *15
1714
12
Jan
1734 July'
First Nat'l Plc, 1st prof__ _100 96 May 18 107 Feb 13
*98 101
*98 101
*98 101
*98 101
. *98 101
No par 30 Mar 30 4938 Feb 5 -381; -Dec -40 -Dec
3112 *98"3113 3334 23112 3112 31
1,000 First Nat'l Stores
3112 3113 "3118 3112 *314 33
No par 1414May 20 2614 Jan 13
18
1812 1734 1812 1758 13
1734 18
1738 1734 1712 1734 18,400 Fisk Rubber
1012 Mar 2834 Oct
81
1st preferred stamped_ _ _100 7678 Apr 19 8414 Mar 16
*79
5034 8034 *79
*79
81
100
8012 *7934 8034 *7912 8012
9812 *9714 101
*9714 10112 9734 9734 *9714 101
100 94 June 3 107 Mar 1
*9814 10112 98
300 1st preferred cow
-8
49
Fleischman
Co
483
4812
new____No
4858 4812 4858 4834 4914 12,600
par 3214 Alar 29 5612 Feb 1
4834 4914 4838 49
9318 9534 8914 9313 8958 9258 8912 9212 33,600 Foundation Co
No par 85 May 19 17934 Jan 29
96
95
96
94
90 Jan 18334 NOV
No par 5518 Mar 31 85 Jan 2
73
7514 75
78
7338 75
75
73,200 Fox Film Class A
7338 75
77
7558 77
6813 Sept 85 Dec
2613 2634 25
2612 2434 274 2614 2714 264 2718 2738 294 35,100 Freeport Texas Co__. No par 1958 Jan 13 3412June 3
8 Mar 2478 Oct
3112 *3114 3112 31
31
31
1,400 Gabriel Snubber A_ _ No par 29 Mar 25 42 Feb 11
3111 3114 314 314 31
31
2878 Aug 394 Nov
Gardner
Motor
63
4
612
No
*612
612
614
1,700
par
812 613
614
614 612
634 634
512June 9
934 Jan 4
418 Jan 1614 Mar
4418 4418 4418 4614 4414 4414 2,000 Gen Amer Tank Car
100 39 Mar 29 5538 Jan 2
45
45
45
454 *4434 45
Oct
4412 Aug 60
100 9912June 24 10512July 27
•10412 107
100 Preferred
10412 10412 *10412 107 *10338 107 *10338 107 *10312 107
9334 Feb 104 Nov
80
8314 8112 8538 8412 8758 76,700 General Asphalt
100 50 Afar 3 9414 Aug 28
80
8278 7934 8278 7858 82
4212 Mar 70 Dec
129 13058 2,400 Preferred
100 9478 Mar 3 14018 Aug 28
124 124
12218 125
120 120 1 2218 12218 122 128
8512 Mar 109 Dec
51
1,000 General Cigar, Inc new_No par 46 Mar 29 5912 Feb 11 __ - _ .--- - -- - --.51
51
5113 5112 51
51
5034 504 *5034 5112 51
Preferred (7)
*110 120
(7)-1100 100
110 120 *110 120 *110 120 *110 120 *110 120
914 A
Jan 11 1154 Feb 18 105 Jan 11114 Mar
Debenture preferred
11134 115 *11134 115 *11134 115 *11134 115 *11134 115 *11134 115
pr 12 11812 Feb 10 104 July 118 Dec
5334 5334 544 1,700 Gen Outdoor Aciv A__ ,.No par 51 Mar 30 5638 Aug 4
5258 5258 5358 5354 *53
534 5313 5312 *53
454 Aug 5434 Sept
3314 *33
3314 3338 3318 334 3234 3314 533
2818 Aug 3438 Deo
334 3313 3414 6,200 Trust certificates_ No par 2658 AIar 30 3512 Aug 3
General Electric
100 285 Apr 15 3864 Feb 19 22714 Feb 33714 Aug
New
8634 8838 49,800
-iiia -8178
No par 79 June 9 9512 Aug 14 __- ---- - - - - ---- -8834 -ii- -858 iiii "8611 874 8818 87
•Bid and a8lted prices; no SAWS On this day. X EX-dividend. a Ex-lights.
New York Stock Record-Continued-Page 4
1611
For sales during the week of stocks usually inactive, see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 18.
Monday,
Sept. 20.
Tuesday,
Sept. 21.
Wednesday, Thursday,
Sept. 23.
Sept. 22.
Friday,
Sept. 24.
Sales
for
the
Week.
$ per share $ per share $ per share $ per share $ per share Shares. Indus. & Miscell. (Con.) Par
/
4 8.900 General Electric special_ _ _ _10
1114 1138 1114 1114 1114 1114 1114 1138 1114 111
47/
1
4 4812 1,700 General Gas & Elec A._No par
47
4738 47
1
4 47/
1
4 46
4834 4834 47/
No par
600 Preferred A (7)
9812
*9814 9918 *984 994 9814 984 98
*9814 99
No par
100 Preferred A (8)
110 110
*108 113 *108 111 *108 110 *109 110
No par
100 Preferred B (7)
*9312 96
*9312 96
*9312 96
*9312 96
*9312 96
Corp
No par
Motors
General
761,900
165
3
4
15418
1573
8
15558
159
1577
8
15512
159
/
1
4
159
155
100
120 120
3,500 7% preferred
1
4 11958 120
11914 11914 11958 119/
11912 120
*10312
100
6% preferred
*10312 - - *10312 ---- *10312 _
*10312
25
General Petroleum
86 16-5s 8558 8614 8558 8612 86 8738 10,700 Gen Ry Signal new _No par
-8234 8513 87'
100
Preferred
*103
103
_ *103
*103 ____ *103
•103
General Refractories_ _ No par
*43
*43
47
47
47
*4318 4712 *4318 4712 *43
*43
47
No par
4918 4814 491
51
/
4 9,600 Gimbel Bros
5012 49
5012 5078 46
.5112 51
51
100
Preferred
104
*10418
10412
100
*1023
4
104
*10418
106
106
1037
8
*10418
•10418 106
No par
1858 1858 1934 1918 1958 1958 2058 15,200 Glidden Co
18
1812 18
18/
1
4 187a
4812 4912 4818 4858 474 4814 4714 4734 4714 4714 6,000 Gold Dust Corp V t 0_ _NO par
4812 49
No par
4912 4912 4912 49
49/
1
4 3,000 Goodrich Co (B F)
49
493
4912 4912 4912 4912 49
100
100 Preferred
*9638 9814 9812 9812 *9612 9812 *9612 9812 *9632 9812 *9612 9812
&
Goodyear
T
Rub
pf
v
t
0_100
800
*1043
10514
10514
4
10512
*10414
1043
8
10514
105
/
1
4
10512
1043
4
*10514 10512
preferred
100
Prior
106
108
*106
108
108
*10614
108
*106
108
*106
*106 108
300 Gotham Silk Hosiery. No par
55/
1
4 5558 .56
58
58
55/
1
4 5578 *56
*56
57
56
56
5512 *5412 5512 55
No par
500 New
55
*5412 5612 5412 5412 *55
55
55
100
300 Preferred
113/
1
4 114
*114 117 *113 117 *11312 117 *114 115 *11312 115
No par
1514 1514 1514 1514 1512 1512 1514 1514 *1514 16
400 Gould Coupler A
*1512 17
3134 3058 3134 3014 3078 3014 3118 29,800 Granby Cons M Sm & Pr 100
3138 3234 3114 3212 31
3,200 Great Western Sugar tern ctf25
9934 100
99
9912 9812 99
9834- 99
9838 99
*98 100
100
100 Preferred
*115
*11434 -- *11438 11618 11434 11434 '11434___ *115
1978 2018 1978 2038 19/
21
2,800 Greene Cananea Copper_ 100
1
4 -20
1934 -193
..-4 1934 20
*20
*812 712 *612 634
7
712 *7
7
7
700 Guantanamo Sugar..__ _No pa
734 *7
734
100
71
1
4 6712 *70
6834 67/
67
6712 67
2,100 Gulf States Steel
6814 88
6712 68
*47
52
*47
52
51
51
*50
62
*50
52
100 Hanna 1st pref class A_ _ _ AO
.50
52
Hartman Corporation. No pa
_
No pa
-Z;;- 28 2734 2i1-827'2 28 -2712 27-1-2 25 271-2 -Zi- 2512 - -6:77645 Hayes Wheel
2
*75/
1
4 77
200 Helme (G W)
7612 764
*7434 76
76
76
*7534 77
*7534 77
28
•2612 28
30
30
1
4
*2812 2978 2978 29/
28
300 Hoe(R)& Co tern ctfs.No pa
*2634 30
10
*58
*58
60
200 Homestake Mining
59/
1
4 59/
1
4
60
5912 5912 *59
60
*58
60
1
4 42/
1
4 4318 4334 4318 434 4334 4412 4118 44/
1
4 2,300 Househ Prod,Inc.tern ctfNopa
4334 4334 *42/
6012 6012 3,600 Houston Oil of Tex tern ctfs10
56
57
56
56
59
59
60
5732 59
59
4338 4414 44
No pa
1
4 4438 4338 44
4412 43/
43
44
4214 43
19,800 lIowe Sound
1
4 196,000 Hudson Motor Car_ _ _ _No pa
1
4 5238 5114 52/
51
.5434 5014 5438 511s 5234 49/
5358 55
1
4 2678 2514 2534 2538 26
2512 2714 2534 2714 2634 2634 24/
60,600 Hupp Motor Car Corp_ _ _ _10
2638 11,100 Independent Oil & Gas_No par
25/
1
4 2614 2512 2612 255g 257s 2512 2618 2534 2618 26
$ per share
1114 114
48
4878
994 9918
•108 113
94
94
15134 15514
11912 120
*104 -
PER SHARE
Range Since Jan. 1 1926
On basis of 100-share lots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
Lowest
Highest
$ per share $ per share $ per share
1158 Mar 22 1018 Oct 1178 July
1
4 Dec
59 Jan 2 5878 Dec 61/
99345ept 10 99 Dec 100 Dec
113 Sept 9 110 Dec 110 _ Deo
_
96 Jan 4
22534 Aug 9 6458 Jan 1493 Nov
Jan 115 Dec
12034Sept 1 102
105 June 29 8812 Apr 9912 Nov
/
4 Dec
704June 23 42 Jan 591
93/
1
4 Aug 18 68 Nov 8034 Oct
104 Jan 4 9012 July 10578 Nov
Oct 5812 Jan
49 Jan 4 42
7878 Jan 19 47 Mar 83 Dec
11138 Jan 7 10214 Mar 11412 Nov
2534 Jan 4 1212 Mar 2612 Dec
Oct
56/
1
4 Feb 3 37 Mar 51
7434 Nov
7034 Feb 9 3634 Jan
Jan 102 Nov
100 Feb 16 92
loirs Aug 1 8618 Jan 11458 Oct
109 Sept 14 103 Apr 109 Dec
39 Dec 42 Dec
61 Aug 18
58 Sept 9
125 Aug 17 -6512 i];;; 10212 Dec
1878 Dec 23 Sept
2112 Jan 23
/
4 Dec
13 Mar 211
3234Sept 18
Jan 11314 June
91
10614 Feb 2
Apr 11512 Dec
11814July 22 107
1134 Mar 1914 Jan
2212July 24
3/
1
4 Sept
612 Jan
1078 Feb 1
6718 Mar 9534 Nov
9338 Jan 4
4212 July 89 Feb
57 Feb 26
2534 Apr 374 Jan
35 Jan 6
30 Star 4912 Nov
46 Jan 14
1
4 Jan
66 May 77/
80 July 12
1
4 Jan
3512 Aug 11
27 Dec 48/
43 Jan 50 Jan
62 Feb 23
1
4 Nov
3412 Jan 47/
4838 Jan 8
59 Apr 85 Jan
71 Jan 5
1612 June 314 Nov
45 Sept 15
33/
1
4 Jan 13912 Nov
12314 Jan 4
1414 Mar 31 Nov
2838 Jan 4
134 Jan 4134 June
34 Jan 2
13 Mar 24 Aug
18 Jan 6 2414 Feb 4
1414 Dec
512 Jan
8 Sept 20 1334 Feb 13
1
4 Dec
6 Sept 12/
8 Apr 13 1212 Feb 13
77 Mar 110 Dec
90 May 14 106 Sept 17
Dec
10712
Nov
77
Jan
5
104
31
Mar
8014
38/
1
4 May 50 Feb
3412May 11 4312 Jan 7
10834 Mar 16 115 Feb 9 10412 Apr 112 Sept
2214 Apr 3234 Jan
2034 Mar 30 2678 Feb 10
1312May 10 2134 Feb 11
7l
Jan 24'e Nov
1314July 27 2614 Jan 22
40 Apr 85 Nov
80 July 19 95 Jan 27
1
4Sept 15 110 Mar 17614 Nov
d3818 Mar 30 52/
52
Jan 8112 Sept
7178 Jan 21
4912Sept 2
102 Mar 17 106 Jan 26 10212 Nov 107 Aug
3134 Jan 6912 Dec
6112 Jan 5
33(2Mar 3
9618 Mar 13814 Sept
11214 Mar 29 13538 Aug 6
12634 Aug 7 114 Mar 121 Nov
118 Jan
1
4 Feb
17
718 June 14/
123
8
Feb
21
Sept
6
27 Aug 5234 Feb
27 Mar 30 4632 Feb 16
1
4 Dec
5658 Dec 60/
5312Star 3 6638 Feb 23
2414 Mar 4812 Nov
3238 Mar 30 4614 Jan 5
94
Jan 102 Nov
10118 Jan 29 10414 Apr 21
Oct
4814 Mar 76
4418 Apr 15 6334 Aug 28
86 July 9938 Oct
89.May 7 9812 Jan 2
135 May 6 175 Jan 11 108 Feb 19934 July
8712 Apr 144 Aug
111 Mar 3 133 Jan 25
1812July 24 29 ' Jan 7 . 18 July 2938 Oct
1612 July 2638 Dec
1
4 Aug 17
25 Jan 4 43/
11512 Jan 29 125 Feb 9 10212 Jan 11512 Dec
1134 Dec 2178 Feb
1012J'une 30 1912 Feb 5
65 Nov
35/
1
4 Aug
1914Sept 9 66 Feb 19
112 June
34 Jan 8
14 Mar 4
14 May
99
Jan 10958 Sept
10714 Mar 29 11258Sept 9
18/
1
4 Mar 4218 Dec
3314May 20 4758 Jan 14
/
4 July
12/
1
4 Mar 211
1214May 19 2112 Feb 6
41 Mar 74 July
51 May 20 7434 Feb 5
43 Mar 72 July
61 Aug 14 7314 Feb 5
87
A
124 Dec
86 May 12 126 Feb 4
4612 Mar 5914 Nov
1
4 Feb 10
4934 Met'30 58/
312 July
134 Sept
218 Jan 2
12May 11
Oct
75 Mar 100
4138Sept 13 8218 Jan 7
4234 Mar 30 82 Jan 29
113 Feb 18 11434 Feb 26 11014 Mar iii" Oct
2812 Dec 4534 Jan
1
4 Jan 14
154 Mar 25 33/
Jan 9734 June
88
7014 Mar 26 9314 Feb 1
146 Mar 29 17512Ju1y 10 11014 Jan 178 Mar
$ per share
11 Jan
34 Mar 30
95 May 11
10512 Apr 8
9214 Apr 27
11314 Mar 29
11312 Jan 29
9814 Apr 13
4912 Mar 2
6012 Mar 31
103 Apr 14
36 May 27
4518 Mar 30
10358 Apr 1
1538June 3
4112 Mar 31
4512May 20
95 June 25
9812 Mar 30
10538 Jan 22
33/
1
4 Mar 30
4712July 12
98 Apr 6
15 Aug 18
16/
1
4 Mar 31
89 Apr 14
10812 Mar 30
934 Apr 3
54 Jan 5
62 May 15
45 June 18
2534June 21
21 Sept 24
63 Mar 29
1712May 27
4712 Jan 4
40 Mar 3
5014 Mar 31
27 Jan 8
4958June 25
17 Mar 2
1958 Mar 30
i.%
No par
*1812 19
1812 1812 *1814 1812 1812 1812 *1814 19
600 Indian Motocycle
*1812 19
8
8
812 812 *812 9
1
4
3,100 Indian Refining
8
834
8/
1
4 8/
8/
1
4 9
*812 9
10
8
812 812 *814 834 *812 9
8
900 Certificates
*96 107
Preferred
*96 107
*96 107
*96 107
100
*96 107
*96 107
95
*95 _ _
97
07
800 Ingersoll Rand new.__.No par
*97
*95
9734 9714 9714 9734 98
41
No par
40/
1
4 4112 40/
3,200 Inland Steel
4012 41
4012 401
1
4 4034 4012 41
41
11034
Preferred
100
11034 s____ 11034 *____ 11034 *____ 110/
1
4 *____ 11034
1,500 Inspiration Cons Copper_20
2412 2458 2414 2412 2414 2412 2438 2458 2414 2414 *2414 2434
*15
15
1
4 17
1538 1518 1538 1514 1578 1512 1534 15/
15
4,000 Intercont'l Rubber___No par
1414 *14
No 100
par
1412 3,300 Internal Agricul
1418 1418 14
*14
14
14
15
*14
15
81
*8112 83
82
82
8318 8318 *8212 83
700 Prior preferred
8118 *814 83
51
1
4 51
50/
1
4 5114 51
5012 51
2,400 Int Business Machines_No pa
5112 250/
5078 51
51
52
5118 5114 4912 5114 5012 5112 5012 5118 7,000 International Cement_No pa
52
/
4 52
511
100
10412 10412 *104 10412 10414 10414 104 104 *10212 10412 *10214 10212
400 Preferred
1
4 86,400 Inter Comb Eng Corp_ No pa
43/
1
4 4512 4318 4514 4218 4438 4314 4414 4234 43/
1
4 4112 43/
130 13114 13(1 13214 12958 1321 13034 13258 13034 13112 213012 13412 20,800 International Harvester_ _100
100
124 124
200 Preferred
125 125 *124 12514 *12318 124 *12318 124 *12318 124
*814 878 *614 678
6
81
*612 7
6/
1
4 7
4,000 Int Mercantile Marine_ _ _ _10
*612 678
100
30
2912 2934 2912 31
311
/
4 7,000 Preferred
*2912 2934 294 2978 *2914 30
6418 6418 644 6438 6414 644 26312 6312 1,000 International Match pref _ _3
6434 65
*6412 65
1
4 364 3534 36
35/
1
4 36/
3558 36
1
4 15,500 International Nickel (The)_2
3638 3678 3618 3678 35/
100
*101
*101
____ *101 ...._ *101
100 Preferred
*101
____ *101
100
*5512 57
1
4 *55
1
4 5534 57/
56/
1
4 5712 6,800 International Paper
57
58
5818 554 57/
100
9738 9738 9712 9738 9738 9714 9738 9714 9714
700 Preferred (7)
9714 9738 *97
International Shoe_ _ _ _No pa
*160 165 *16012 165 *161 165 *16034 165 *16034 164 *151 164
11512 11678 116 11678 11612 11634 118 12014 19,000 Internal Telep & Teleg_ _100
1
4 117
11512 11738 115/
21
*19
21
•19
21
2134 .19
*1912 2012 *1912 2134 *19
Intertype Corp
No pa
100
3814 3814 3912 3934 *3812 3912 3918 394 304 3918 *3914 4014
1,100 Jewel Tea, Inc
100
100 Preferred
*122 12712 *119 123 *119 125 *119 125 *123 12712 123 123
11
12
*11
1118 1118 *11
11
1212 1114 1114 *11
400 Jones Bros Tea. Ine,stpd_ _100
1114
2038 2034 2034 2114 2018 2112 2014 21
*2012 21
No pa
2034 2114 4,000 Jordan Motor Car
*14
/
1
4
*1
/
4
/
1
4
10
100 Kansas Gulf
38
3t;
38
*14
*14
14
14
*14
11134 11134 *110 112 *110 112 WO 112 *110 11134 11134 112
300 Kan City P&L 1st pf A_No pa
404 41
4012 41
41
41
41
41
41
4134 2,300 Kayser (J) Co v t c___ _No pa
4012 41
1312 1234 1234 1234 1234
13
*13
13
1312 13
13
13
900 Kelly-Springfield Tire
25
*51
59
55
*50
55 .50
55
5912 *50
*51
*50
55
8% preferred
100
64
64
64
64
*60
64
*60
64
*60
*60
*60
*60
6% preferred
100
*88
94
*88
04
*88
90
*88
95
96
*88
94
*94
Kelsey Wheel, Inc
100
5534 56
No pa
13,500 Kennecott Copper
5618 56/
1
4 5558 5612 .5553 5578 5558 5612 5538 56
600 Keystone Tire & Rubb_No pa
ks
34
84
"8
34
*58
34
58
88
/
1
4
*58
34
4318 43/
494 45
4838 *46
1
4 *4218 4238
45
*46
300 Kinney Co
4834 *46
No pa
52
51
5212 5018 5112 5118 52
10,000 Kresge (S SO Co new
5112 53
5212 5212 52
10
*10812 11314 *10812 11314 *10812 11314 *10812 11314 *10812 11314 •10812 11314
Preferred
100
*2014 2112 1,300 Kresge Dept Stores_ _ _ No pa
20
21
21
*2012 22
20
2012 20
*2012 22
*73
80
*7412 80
*71
*71
80
*71
80
80
*7412 80
Preferred
100
159 159 *159 165 *159 165
160 160
*158 162 *159 162
200 Laclede Gas L (St Louts).100
20/
1
4 2072 2058 21
2078 2138 21
2138 43,500 Lago Oil & Transport_No par
2112 21
2034 21
6234 6018 6114 60
6114 6014 6238 6212 6634 17,900 Lambert Co
59/
1
4 6112 60
No par
934 *9
9
9
9/
1
4 912 *9
500 Lee Rubber & Tire__ _No par
834 834
834 9
914
1
4 36
3612 361
3518 3512 3534 3638 3512 3534 3534 3614 35/
/
4 3,300 Lehn & Fink
par
/
4 2034 2114 *21
2112 2112 2112 *21
214 2118 214 211
2114 1,900 Life Savers
No
No par
*90
91
93
92
92
*91
93
*91
92
*91
100 Liggett & Myers Tob new...25
*9012 02
*122
*122
12
125
125
124 124
5 *122 125
100 Preferred
•122 125 *122
100
91
91
91 14 *9034 91
91
91
*91
700 "B" new
9112
9058 9118 *91
25
61
60
601 1 *60
62
6114 6114 6112 6112 6234 6234
500 Lima Lee Wks
*61
par
4214 43
4212 4338 4234 444 24,000 I: ew's Incorporated__ _N
42
4238 4234 4338 4212 43
N par
ar
634 7
7
7
7
7
618 634
*7
718
612 612 3,800 Loft Incorporated
No par
4512 45
4412 4412
45
*4412 4534 *4412 4534 *4412 4534 *45
200 Long Bell Lumber A__ _No par
150 156 *154 157
154 154
157 157
15534 15912 2,300 Loose-Wiles Biscuit
*155 158
100
156 160
16014 16014
300 2d preferred
•1F0 165 *150 165 *150 165 *150 165
100
30/
30/
1
4 31
1
4 30/
1
4 3058 3078 2958 3012 3038 30/
1
4 16,700 Lorillard
31
31
25
*111 116 *111 116 •111 116 *111 116 *111 116 *Ill 116
Preferred
100
7,000
1514 1512 1514 1512 1514 1514 1538 1512 1512 1534 1538 15,
Louisiana
Oil
temp
ctfs_ No par
8
2414 *24
24
24
2414 24
24
2418 1,200 Louisville G & El AU _No par
24
2414 24
*24
*3212 33
*3212 33
400 Ludlum Steel
*3212 3334 23212 3212 3134 3134 3134 32
No par
Mackay Companies
*130 13412 •130 13412 *130 13412 *132 135 *132 135 *132 135
100
7012 7012 7012 *70
70/
1
4 *7014 71
200 Preferred
*6912 7012 *7018 7012 *70
100
1
4 105 10878 106 10912 10718 10778 10634 10838 10712 11212 160,600 Mack Trucks, Inc
107 110/
No par
11112
*11014 11112 111 11112 *11114 112
300 1st preferred
*11014 11 112 *11014 11112 *110
100
10412 10412 *10414 107 *10414 107
106 106 *10414 106
300 2d preferred
*104 106
100
11812 120 *11712 119
118 119
11878 120
118 118
11812 119
2,300 Macy (R H)& Co, Inc_No par
200 Preferred
*11534 11634 *11534 11634 *11534 11634 11578 11578 *11534 11612 11534 11534
100
3914 38/
3938 39
39
1
4 3878 39
38/
1
4 39
2,700 Mag a Copper
3918 3918 39
No par
*15
1612 *1512 1612 16
*16
1612 *16
17
16
100 Mallinson (II R)& Co_No par
*16
17
fll
62
61
*59
63
61
61
*59
*59
63
800 Mutat( Sugar pref
*59 • 61
100
7412 7738 7434 7678 20,700 Manh Elec Supply_ ___No par
7758 79
1
4 SO
8058 78/
/
4 x79
1
4 811
80/
2318 2312 21
2314 2314 2334 24
*24
23
1,500 Manhattan Shirt
25
*2212 23
25
414 4412 4418 4418 444 4412 *4414 4413 2,800 Manila Electric Corp_ No par
44
44
4418 44
4,2134 23
2212 2218 2218
2212 •22
2134 2178 2134 2258 *22
900 Maracaibo Oil Expl___.No par
5713
5634 56
5714 5612 5734 57
5734 53,000 Marland Oil
5614 574 56
561/4
No par
27
400 Marlin-Rockwell
2712 2612 2612 *2612 2712 *2612 2714 *2612 2714
28
•27
No par
*20
*20
21
20
20
20
21
1914 20
20
600 Martin-Parry Corp_ __ No par
10
19
*77
79
*77
*76
77
79
79
*77
7734 78
400 Mathieson Alkall Wkstem ctf50
79
*76
12112 12134 123 12334 12312 127
6,200 May Department Stores_ _50
12314 12314 12114 12312 *122 124
Preferred
*12214 125 *12214 125 *12214 125, •12214 125 *12214 125 *12214 125
100
2258 2238 2234 23
22/
1
4 2258 2,200 Maytag Co
234 2278 23
1
4 23
No par
2338 23/
*77
79
•78
80
77
*77
76
77
80
500 McCrory Stores Class B No par
77
80
*77
2412 2412 2158 2458 2458 2458 *2458 2478 *2458 2478 1,000 McIntyre Porcupine Mlnes_5
*2412 25
1
4
300 Metro-Goldwyn Pictures pt 27
*2312 23/
1
4 2312 2312 *2312 2334 *2312 2358 2312 2312 2358 23/
10
10
10
1012 1012 2,400 Mexican Seaboard OIL..No par
1012 1012 1012 1034 1018 1038 10
15
151s 1518 1514 1518 1554 1512 1618 1618 1612 19,100 Miami Copper
5
15
15
3158 3114 3134 3118 3138 9,900 Mid-Continent Petro._No par
1
4 3138 31
311
/
4 3118 3134 30/
31
sales
on
this
day.
x
prices;
no
Ex-dividend.
CI
Ex-rights,
asked
*BM and
Highest
PER SHARE
Rangefor Previous
Year 1925
1918May 14
3912May 7
634 Aug 18
3034 Mar 30
1714May 4
7218 Mar 31
11934 Jan 18
71 Max 24
5312 Mar 31
1
4 Mar 2
34/
618Sept 23
4212July 23
88 Mar 30
12014 Mar 30
2952Sept 23
11118 Apr 5
12 Mar 3
2234 Mar 31
3014 Mar 30
130 May 15
68 Mar 19
10312Mar 30
10934 Jan 4
104 Apr 1
8612Mar 2
11512 Mar 1
34 Apr 19
15 Aug 30
55 June 4
56 Jan 4
2212May 24
2712 Mar 20
2034 Mar 3
4914 Mar 30
26 Sept 16
17 May 20
6212May 12
10678May 17
122/
1
4 Feb 2
19 Mar 3
72 Mar 30
2258 Jan 2
2214 Jan 8
6 Feb 25
11 Mar 3
2712July 22
2412June 14
66/
1
4Sept 24
14 Jan 4
414 Jan 2
22 June 25
94/
1
4 Jan 25
12934May 5
1
4Sept 1
94/
6934 Jan 4
4112Sept 24
1114 Feb 10
5012 Feb 3
16712Sept 8
167 Sept 8
4214 Feb 3
120 Aug 31
1978June 21
2618 Feb 10
5814 Feb 4
138 Feb 9
7318 Feb 9
159 Jan 4
113 June 10
10854 Sept 3
126345ept 7
11834 Jan 14
44/
1
4 Feb 10
2818 Jan 5
82 Feb 1
8734July 19
3278 Jan 4
4538 Sept 14
28 Feb 2
6338June 17
33 Mar 11
23 June 25
10618 Jan 2
13712 Jan 2
125 June 11
2412Sept 8
121 Jan 11
30 Feb 15
244 Feb 9
13/
1
4July 23
1612Sept 24
37 Jan 2
-111
/
4 Feb
3714 Dec
57 Mar
1612 Jan
5512 Mar
60 . June
22 Feb
Jan
6
14 Mar
77 Feb
104 Feb
3014 Jan
10818 Feb
1358 Aug
23 Per
3134 Feb
114 Mar
66 Mar
117
Jan
104 Jan
99
Jan
6912 Jan
11434 Jan
34 Star
2114 Dec
79 July
32 Mar
2014 Mar
2812 Mar
2038 Sept
3258 Mar
10/
1
4 Mar
19 Dec
Jan
51
101 Mar
11612 Mar
2178 Nov
79 Mar
16
Jan
18
Jan
9 Dec
8 May
25/
1
4 Aug
19
44%
Oct
Oct
_
92 Dec
124 Dec
891
/
4 Dec
7438 Jan
4434 Nov
9/
1
4 Apr
43 Sept
14334 Dec
148 Dec
3934 Sept
116 Aug
2334 Feb
2638 July
60 Dec
141 Sept
78/
1
4 Feb
242 Nov
113 Aug
106% Aug
Oct
112
118 Aug
46 Nov
3712 Jan
824 June
59 Mar
347g Nov
4912 Apr
354 Jan
6012 Dec
3278 Oct
374 Jan
10714 Dec
13912 Dec
124 June
2638 Oct
139/
1
4 Oct
2234 Oct
2412 Nov
2212 Jan
2334 Jan
381 Nov
1612
New York Stock Record-Continued Page 5
For sales during the week of stocks usually inactive, see fifth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 18.
Monday,
Sept. 20.
Tuesday,
Sept. 21.
Wednesday. Thursday,
Sept. 22.
Sept. 23.
Friday,
Sept. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 11926.
On basis of 100-share lots
Lowest
Highest
$ Per share $ per share S net share $ ner share 8 nee shere $ ner share Week. Indus. Sr MIscell. (Con.) Par S per share 5 per share
*98
9914 .98
9934 *98
100 Mid-Cont Petrol pref
9914 *99
9914 9812 9812 *9712 9914
100 90 Mar 30 10018 Aug 12
*1
118
1
114
118 2,000 Middle States Oil Corp____ 10
1
118
1
1
14
1
1
1 Sept 13
212 Jan 8
4,34 i
4.34
1
1
*34
Certificates
10
*34 1
78 Jan 7
*4 1
*118
114
118 Jan 8
*118 -120 *117 119
600 Midland Steel Prod pref.-_100 107 Mar 30 13312 Feb 23
118 11812 11978 11978 *115 11612 11512 116
*3634 38
100 Miller Rubber etts____No par 30 May 17 4434 Feb 25
3612 3612 *37
*36
3734 *3634 3734 *3658 38
38
7714 7738 7718 7738 77
Montana
2,700
Power
774 77
778 *77
100 6938 Mar 26 8312 Jan 14
79
7718 774
6078 6234 6038 6212 6014 6214 6112 6412 63
6334 6312 6412 63,800 Montg Ward & Co III corp__10 56 May 19 82 Jan 2
*21
211.1 2012 21
2014 2114 1814 2078 18
25,800 Moon Motors
19
No par
1834 19
18 Sept 23 3738 Feb 10
534 54 *578 6
534 578 *534 54
534 534
534 578 1,900 Mother Lode Coallt1on_No par
514July 12
712 Feb 8
*1612 1678 1612 1612 16
1,200 Motion Picture
16
164 1518 1612 1612 1612 *15
No par 1518Sept 22 2312June 3
3918 3958 38
3938 38
3934 394 3912 4,700 Motor Meter A
384 394 39
39
No par 3334May 19 5138 Feb 10
22
2214 2112 2134 204 2114 2014 2078 2038 2012 2034 2034 4,400 Motor Wheel
No par 2018Sept 21 3378 Feb 15
*1218 13 .1.1.3
200 Mullins Body Corp_ _ _ _No par 11 July 7 1934 Feb 1
1338 1318 1318 *13
13
*1218 13
144 13
*3712 38
*3712 38
100 Munskigwear Co
3712 3712 .3612 38
*3612 38
*3612 38
No par 3434 Apr 6 3834July 6
914 94
912 928
938 958
94 912
934 934
812 914 7,500 Murray Body
No par
3 May 8 1578 Feb 20
5834 5958 5814 5878 5818 5834 5614 5834 564 5778 584 584 23,700 Nash Motors Co
No par 52 Mar 24 66 Feb 23
8
8
*734 8
900 National Acme stamped_ _100
*738 8
84 *734 8
8
*734 8
712Ju1y 13 124 Jan 9
92
9214 9212 9538 94
21,700 National Biscuit
94
9534 934 9514 9312 9414 94
25 74 Jan 8 9812June 25
*128 129
128 129 *128 12914 128 128 *128 130 *128 130
100
Preferred
100 126 Jan 27 13112 Apr 28
4034 41
4058 41
Register
Nat.Cash
4058 41
4058 4114 4034 4114 41
A w I No par 38 May 22 54 Jan 5
4138 7,700
26
26
26
2614 *2514 28
500 National Cloak & Suit_ _ _ _100 2012May 21 57 Jan 2
2514 2512 *2514 26
*2514 27
*77
82
77
*76
200 Preferred
7714 *7612 78
8212 *76
100 6814 Aug 25 9212 Jan 8
7812 *7678 7812
7112 7112 744 9,300 Nat Dairy Prod tern ctrsNo par 53 Apr 14 80 Jan 2
714 7214 x7031 71
71
71
7053 71
71
*2618 2614 *2618 2614 *2618 2614 *2618 2614 2618 2618 *26
100 Nat Department Stores•No par 2514May 25 4238 Jan 7
2614
*9012. 91
*9012 91
lit preferred
100
*9012 91
100 90 Jan 14 97 Jan 19
*9012 91
9012 9012 *9012 91
2058 2034 2038 2058 2038 204 2038 2038 194 2012 21
2,100 Nat Distill Prod etts_ __No par 1212May 18 34 Jan 4
21
*4512 4712 *45
Preferred temp ett__No par 3712 Aug 2 734 Jan 4
4712 4538 454 *45
45
*40
300
4714 43
44
2818 2818 2712 28
2738 2778 27
100 2118July 14 4012 Jan 2
2714 26
27
2678 2673 2,100 Nat Enam & Stamping
*81
85
*80
Preferred
85
*80
100 76 July 13 8934 Jan 4
S5
85
*80
*80
85 .80
85
•153 155 *152 156 *153 155
200 National Lead
155 155
155 155 *155 15612
100 138 Apr 15 17434 Jan 5
*116 117 *116 117
Preferred
11638 11638'11614 IIS *116 118 *116 118
100 116 Jan 16 120 May 20
100
2138 2134 214 2134 2034 2112 2058 2114 2058 2111 21
2134 12,700 National Pr & Lt etre_ _No par 1634 Mar 2 3838 Jen 21
694 6912 6912 7134 6934 70
70
7012 694 70
70
7014 5,500 National Supply
50 554 Jan 4 71345ept 29
*130 136 *12914 136 *133 136
136 136 *136 140 *130 140
100 National Tea Co
No par 119 May 15 238 Jan 4
13
1314 13
1314 13
1318 13
13
13
1318 1318 1318 3,700 Nevada Consol Copper
5 1158June 1 1438July 14
44
4414 44
44
4338 44
4312 4312 4278 4314 4234 4314 4,800 N Y Air Brake
No par 3612 Jan 2 4612Sept 7
37
38
3434 38
35
37
8,000 N Y Canners temp ctfs.No par 32 Apr 12 8434 Jen 29
3718 3612 3718 37
37
37
*834 8514 *83
8514 *83
8514 *83
8514 *83
Preferred
8514 *83
No par 83 June 16 85 Apr 29
854
*3458 3612 34
35
*34 , 35
34
34
*33
300 New York Dock
35
35
100 3212 Mar 30 4578 Feb 5
*33
*72
73
72
72
*71
*71
72
72
72
Preferred
*71
71
200
71
100 69 May 13 74 Feb 5
*28
2814 *28
2814 2814 2814 2814 2814 *28
700 Niagara Falls Power pf new_25 2758Mar 31 285 Jan 22
, *2814 2838
283
5278 5312 52
5314 521s 5278 5218 53
5212 5278 5212 53
17,800 North American Co
10 42 Mar 30 67 Jan 14
51
*5012 51
51
51
51
*504 5134 50% 5014 *5014 5134
Preferred
800
50 49 Jan 2 5214 Aug 31
No
964 9678 *96
Amer
700
Edison
pref__No
9612 *96
9614
par 9118 Mar 31 96785ept 18
964 *96
9612 96
9612 96
5*4 55*
6
6
5
534
54 54
553 534
538 57s 6,400 Norwalk Tire & Rubber__ _ _10
5 Sept 20 1518 Jan 14
*1512 1612 *1512 1612 15% 1558 *1512 17
*1512 17
100 Nunnally Co (The)____No par 1338 Mar 1
1712 Jan 7
*154 17
011
*3314 3412 *3312 34
3312 3312 *34
*335
Well
15
8 35
200
25 30 July 2 36 Feb 5
*3412 3434
Supply
1414 1514 15
1458 1458 1434 15
1578 1478 1514 1458 1518
5.300 Omnibus Corp
No par 1418 Mar 30 2214 Feb 23
42
42
4112 42
*40
41
51
4234 *42
4234 42
1,200 Onyx Hosiery
42
No par 314 Feb 2 4512June 29
100 100
*99 100
99
99
9212 99
99
Preferred
*99
100 95 Apr 17 10318 Aug 9
400
*90 110
*6012 62
*6012 62
6114 6112 60
6134 6012 6012 61
1,900 Oppenheim Collins& CoNo par 47 Jan 12 62345ept 2
61
*2812 2912 22938 2938 *2812 29
1 2712 Mar 25 3114J une 29
29
2838 284 29
2914 2914
800 Orpheum Circuit, Inc
*102 106 *102 103 *102 106 •102 105
Preferred
105 105 *102 106
100
100 101 Jan 13 105 Apr 21
*1194 12038 119 11934 11834 119 *11812 12038 •11812 1203
, 120 120
900 Otls Elevator
50 106 May 20 12934 Feb 5
*10812 10912 *10812 10912 *10812 10912 *10812 10912 *10812 10912 *1084 10912
Preferred
100 10234 Jan 13 10912 Aug 30
*834 9
878 9
84 84
878 878
878 9
9
812May 10 1412 Jan 19
914 2,500 Otis Steel
No par
•97 10212 *100 10212 *100 10212 •100 10212 10212 10212 *100 10212
100
Preferred
100 85 May 17 10778 Feb 17
8112 85
82
84
8012 84
8312 8178 8218 8212 8312 8,200 Owens Bottle
33
25 5334 Mar 29 85 Sept 18
*51
52
51
51
*4912 5112 *4914 51
4938 4958 *4914 5014
300 Outlet Co
No par 44 May 19 52 Apr 5
*103 106 *10312 105 *10312 106
10314 10314 *10314 106 *10312 106
100
Preferred
100 974 Apr 1 104 Sept 2
13134 13134 *13178 13238 132 1334 13278 133 *13212 133
133 133
3,100 Pacific Gas & Electric_
100 118 Mar 31 133785ept 21
.112 112
138
112
138
112
138
138 *138
138
112
138 3,000 Pacific 011
No par 1*1 May 13 8318 Feb 13
357a 3638 3578 3684 3578 3612 3513 3678 347a 3578 3558 36
16,600 Packard Motor Car
10 3134 Mar 31 4514July 7
*1578 1614 1578 1578 16
16
16
1512 1534 1534 1534 1,200 Paige Det Motor Car_ _No par 1338May 14 2812 Jan 4
16
6612 67
67
67
66
66
*66
6712 6712 6712 *6714 6712 1,700 Pan-Amer Petr & Trans___ _50 564 Mar 31 7612 Jan 2
, 6618 6738 6618 664 6612 68'
6634 673
6778 67
Class B
67
6758 37,500
50 5678 Mar 31 7838 Jan 4
36
36
3512 354 3512 354 3538 3614 •36
3612 36
3618 3,000 Pan-Am West Petrol B_No par 34 Mar 1 46 Jan 2
1578 16
16
16
16
16
16
1,400 Panhandle Prod & Ref_No par
1578 16
16
16
16
44 Jan 21 32 June 17
•504 85
*50
85 - _ _ _ _
75 •_ _ _ _ 75 *._ _ 75
_ •70
Preferred
100 51 Jan 19 9938June 16
2312 2312 2312 2312 22 --*2218 23
2212 22 • 22
234 1,600 Park & Tilford tern etfa_No par 1914 Apr 13 2818 Jan 4
23
578 54 *534 6
1
700 Park Utah C M
54 54
54 54 *534 54
578May 14
57s 578
812 Feb 5
51
531s 52
5412 52
5314 53
53
54
8,900 Pathe Exchange A____No par 4518May 17 83 Jan 7
5234 53
56
19
1914 1812 19
19
1912 194 2012 2038 3,900 Penick & Ford
2114 20
20
No par 1678 Jan 28 23 June 16
•914 1212 *94 1212 *9
1212 *9
1212 *9
Penn Coal & Coke
1212 *9
50
7 Aug 6 17 Feb 8
1212
Ds
118
118
118
118
118
114
118
114
114 13,600 Penn-Seaboard St'l vto No par
118
lls
118July 14
214 Jan 4
*128 12612 126 126
12612 12612 *126 12634 *126 12634 126 126
300 People's G L & C (Chic)_100 117 Jan 4 130 Feb 11
.070
73
*71
73
73
73
73
7312 *71
7312 *71
7312
300 Philadelphia Co (Pittsb). _50 5918 Mar 2 7658 Apr 8
*50
5012 •50
5012 50
50
*494 5014 *4912 5014 *4912 5012
200 6% preferred
50 4734 Jan 4 5114July 7
4334 45
4438 46
4414 4558 44
4514 44
4558 45
4512 18,700 Phila & Read C & I.. No par 3614 Apr 14 4838 Feb 13
*4334 46
*4312 4534 *44
46
*4334 48
•44
464 *4414 4638
Certificates of int__No par 36342une 14 4612 Jan 11
*4812 54
*4812 57
5412 *50
5414 *4812 54
*50
5412 *50
Phillips-Jones Corp_ _ _ _No par 50 Mar 30 5534 Jan 29
•2134 22
2111 2134 2138 2178 2138 22
2138 2112 213a 2134 10,800 Phillip Morris & Co, Ltd_ _10 16 Apr 3 2478 Aug 19
494 4978 494 5014 4858 4934 494 504 50
5034 5058 .505 58.600 Phillips Petroleum____No par 40 Mar 30 5284 Sept 1
40 - 40
39
3912 3912 39
*1812 40
*38
*38
40
40
300 Phoenix Hosiery
5 31 Mar 30 447s Jan 9
*97 100
•97 100
*97 100
*97 100
100 100 *100 101
Prefefred
100
100 94 Mar 25 100 Sept 17
2658 274 2614 2734 26
2738 2618 2612 264 2758 27
2738 21,200 Pierce-Arrow Mot Car No par 19 May 15 434 Jan 9
115 1164 11312 1154 113 11334 11418 11534 11614 1174 116 118
5,600
Preferred
100 7612 Apr 15 12714 Aug 19
600 Pierce 011 Corporation •
34
*33
5s
25
*5ti
34
38
34
58
%July 21
*58
4
5s . as
178 Jan 30
PER SHARE
Range for Previous
Year 1925.
Lowest
Highest
5 per share 5 per share
8314 Apr 9414 Oct
314 June
58 Apr
112 Feb
112 Feb
96 Jan 147 Aug
---- - -- --6C4 Apr 9-914 Aug
41 Mar 8414 Nov
2234 Mar 42 Dec
6 May
918 Jan
1958 Dec 2012 Dec
40 Nov 4478 Oct
18 Apr 35 June
13 Aug 2112 Feb
3018 Apr 39 Dec
514 Dec 4212 Mar
Oct
19312 Jan 488
414 Mar 1258 Dec
65 Apr 79 Dec
12312 Mar 12812 May
4912 Dec
8734 Dec
42 Jan
3812 Jan
96 Apr
2958 Dec
5212 Jan
25 Apr
75 June
13812 Apr
11412 Sept
. Oct
84-4
104 Jan
8178 Nov
45 May
102 Jan
4318 Oct
Oct
81
4158 Dec
8934 Jan
17434 Nov
119 Sept
-5438 -Dec -71.- -31i;
201 Dec 250 Dec
1134 Apr 1638 Jan
3112 Oct 5612 Jan
3134 Mar 8112 Dec
-1-8 Mar
5218 Jan
27% Oct
4112 Jan
4658 Jan
9412 Dec
1212 Sept
8 Jan
3338 Dec
-4514 -Nov
76 Dec
Jan
29
Oct
75
5012 Sept
9612 Dec
1814 Aug
1812 Nov
38 Nov
1-858 Jan 39 Dec
7814 Mar 97 Nov
41% Sept 53 Dec
2534 Jan 3278 July
98 Jan 107 Sent
874 Feb 14012 Aug
101 Feb '112 July
8 Mar 1514 Aug
504 Mar 974 Aug
4234 Mar 6938 Nov
494 Nov 57 Nov
98 Nov 10078 Dec
10212 Jan 13718 Nov
5158 Aug 7812 Dec
15 Jan 4812 Nov
1738 May 32 Oct
5912 Sept 8378 Mar
6018 Aug 8412 Mar
3714 Oct 4934 Dec
614 Dee
214 Aug
37
Oct 6012 Dec
25 Sept 3512 Jan
-76 Nov 9638 Oct
17 Dec 28 Apr
1234 Apr 2638 Jan
1 Aug
3 Jan
112 Jan 123
Oct
5112 Mar 674 Dec
4512 Jan 49 July
3734 May 5218 Jan
38 July 5012 Jan
51 Nov 9018 Jan
1234 Mar 2514 Sept
3614 Mar 474 June
18 Apr 4214 July
84 Apr 99 Deo
1078 Mar 4734 Oct
43 Mar 100 Nov
312 Feb
114 Nov
204 Dee 40 Feb
412 Dec
814 Feb
3714 May 5412 Jan
80 May 99
Jan
94 Mar 10212 Jan
30 Apr 6334 Jan
79 July 8814 Nov
6458 Nov 121 Dec
14
*1212 - 16
•12
*1212 16
*1212 16
*1212 16
*1212 16
Preferred
100 13 Aug 25 2718 Jan 30
3
3
*278 3
258 24
258 234 2,800 Pierce Petrol'm tern.ctfallo par
214 Aug 26
258 258
212 253
7 Jan 30
*30
31
31
*3038 3034 *3058 304 3012 3058 3012 3012 *30
300 Pittsburgh Coal of Pa
100 29 June 9 4212 Jan 5
71
*7114 73 .7118 7212 7114 7114 7114 7114 *7114 72
Preferred
300
100 70 June 21 85 Jan 5
71
9618 9618 *96
98
96
200 Pittsburgh Steel pref
9712 *96
974 *96
9712
•96
96
100 94 Mar 29 98 Feb 1
.38
*38
*36
*36
42
42
40
40
40
Pitts Term Coal
*38
*38
100 3934 Aug 19 634 Jan 9
40
*SO
*80
*SO
Preferred
100 83 Mar 26 9214 Feb 5
86
86
86
86
86
86
480
*80
*80
10434 106
10414 10634 10414 10718 10412 10634 105 107
107 10778 28,100 Post'm Cer Co Inc new_No par 7512Mar 30 12478 Feb 3
*40
100 341sMay 19 4314 Aug 31
4112 *3978 4134 3978 397s 4012 4112 .41
800 Pressed Steel Car new
4134 *4012 4134
Preferred
*82
100 82 Mar 4 9534 Jan 7 -7612 July 92-12 Jan
*82
824 *82
100
84
84
8218 *82
8212 8218 824 *82
• 1334 1334 1312 1334 1312 1312 1314 135
1334 14
1334 1334 3.300 Producers & Refiners Corp.50 11 Mar 29 1712 Jan 2
1212 Aug 3258 Feb
Preferred
*32
3518 *31
*3118 35
*314 34
50 3034May 11 37 Sept 15
35
35
*3112 35
432
27 Sept 4758 Feb
94
95
93
9658 21,300 PubServCorp of NJ new No par 72 Mar 2 9778 Sept 15
9312 9434 934 9458 94
954 9134 94
6258 Mar 8778 Aug
*161 101
10014 1004
*99 10118 *9918 101
200 6% Preferred
9918 99% *99 101
100 9612 Apr 7 10012Sept 2-.10107 10712 10714 10714 10712 10712 108 108 *10714 10818 *10714 108
300
7% preferred
100 10318 Jan 12 10958July 9 'II; Jan 10-6 -Nov
*12114 123 .12114 123 *12112 123 *1214 123 *12114 123 *12112 123
8% preferred
100 115 Mar 2 12314Sept 3 10858 Apr 119
Oct
*10318 104
103% 1035* 1034 10318 1034 10318 *10318 104 *103 10312
300 Pub Serv Elee & Gas pfd_100 97 Jan 22 104 July 22
99 Jan 106 Nov
*11214 114 •11124 114 *11214 114 *11214 114 *11214 114 *11214 113
Pub Service Elec Pr pref_100 106 Jan 18 114 Aug 5
1004 Dec
9212May
195 19534 19018 19512 18912 193
18734 18934 18678 190
29,900 Pullman Company
189 193
100 1454 Mar 31 19912Sept 16 129 Mar 17312 Sept
*3812 39
39
39
39
4034 1914 4012 3912 394 3978 394 5,700 Punta Alegre Sugar
50 33 Apr 14 47 Feb 4
33 July 4714 Jan
26% 2634 2612 27
7,700 Pure 011 (The)
2612 2634 2658 2718 2658 2718 2634 27
25 2558 Apr 13 31 Jan 4
2518 Aug 3334 Feb
*109 111 •110 ill *HO 111 *109 111 *109 111 *109 111
8% preferred
100 106 Apr 14 11234June 25 10212 Jan 10812 Sent
47% 4834 4618 494 4612 48
4712 48% 474 48% 4814 4934 49,700 Radio Corp of Amer_ __No par 32 Mar 30 5212Sept 9 .3914 Nov 7778 Jan
*4814 49 .4814 484 *4812 49
Preferred
*4812 49
4812 484 *4814 49
200
50 44% Mar 31 487a Sept15
45 Dec 54 Feb
39
3958 40
---- 39
__ 4.3912
_
____
400 Rand Mines, Ltd
__ *3912
No par 3234 Apr 30 ‘.0 Sept 21
3334 Nov 3912 Alit
1418 14
14
14
14
2,200 Ray Consolidated Copper__10 1012Mar 3 1538 Aug 9
14
14 -*14 1418
137s 14
14
1158 Apr 17% Feb
x4238 423 *4312 45
45
*44
4478 4312 4312 4314 4312
*44
400 Reid Ice Cream
No par 4178July 9 56 Jan 4
43 Oct 6014 Dec
. 48
912
914 913 2,000 Reis (Robt) & Co
9
912 912
9
912
8% 9
9
No par
712July 24 1834 Feb 23
May 2814 July
10
111 112
111 11214 10958 112
11012 11012 *11012 113
111 111
1,600 Remington TYPewriter---100 8312 Apr 20 127 Feb 3
4634 Jan 11734 Dec
__ '116._.. •116
__ *116
_ •116
116
__ *116
__ 1
7% 1st preferred
100 106 Apr 21 11614Sept 17 100
Jan 10912 Oct
.111
116 *Ill 1-1-5 *111 116 4,111 116
8% 2d preferred
-111 ifs *111 116
100 105 Apr 1 11514 Aug 27 103 Sept 11312 Apr
95 1018
934 978
1012
' 1018 1018 10
912 94 3,000 Replogle Steel
No par
958 934
878May 20 1578 Jan 4
1258 June 2314 Jan
5734 594 5812 5912 5912 60
4,400 Republic Iron & Steel
595
60
58
5912 5912 59
100 44 May 10 6358 Jan 7
4218 Apr 6458 Jan
9734 9734 *9714 9734 9734 9734 *9614 9734 *96
Preferred
200
*9734 99
9734
100 9114 Mar 30 99 Sept 15
Jan
8414 July 95
614 614
614 614
614 614
614 614 *614 63*
No par
614 614 1,300 Reynolds Spring
512 Feb 24 105* Jan 5
Jan
8 July 18
10714 10778 10712 10814 10774 10814 108 108
1074 108
108 108
14,200 Reynolds (142) Tob Class B 25 90 Mar 30 115 Aug 30
7212 Mar 954 Nov
85
*82
85 .81
85
*82
85
•81
*81
85
•81
Rossla Insurance Co
85
25 79 Sept 17 100 Jan 20
85 June 9713 Feb
5014 50
5012 5058 504 .5014 5034 3,200 Royal Dutch Co(NY shares). 4914 Aug 9 573 Jan 9
5012 5012 504 504 50
4814 Mar 5758 Jan
41
41
4058 41
41
4012 4012 1,800 St Joseph Lead
4134 41
*41
4158 41
10 3658May 11 4818 Feb 10
3534 July 5212 May
52
52
5118 5312 533 543 13,000 Safety Cable
*5134 5212 5134 5134 *5158 52
No par 4218 Mar 31 5412June 22
48 Dec 5012 Dec
5
754
*7612
754
80
*76
7458
7812
*754 7812 74
7612 7612
500 Savage Arms Corporation_100 73 Mar 31 10212 Feb 10
4812 July 10838 Mar
200 Seneca Copper
5
512
54 *5
512 *5
512
*5
5
51s 5% *5
No par
434June 2 1014 Jan 4
11 Nov
9 Nov
6434 6412 6512 6,200 Shubert Theatre Corp_No par 52 Mar 4 7058July 28
63
63
60
64
64
*6434 6638 644 65
5112 Dec 5512 Dec
483
4
48
484
4712
4734 4812
4834 484 4712 49
4858 4884 4,200 schulte Retail Stores
No par 4212Mar 30 13812 Jan 23 10134 Sept 13478 Dec
_ _ *118 125 *118 125 *118 125
0118 125 *118_ •118
Preferred
100 11212 Jan 6 120 Sept 9 110 -Jan 118 Aug
127. 14
*4*, 1
,11a
14 14
137
, 137* 1378 1378 •1334 1378
700 Seagrave Corp
No var 121,MAT. 3 144 Mar 12
1314 Nov
1634 June
•Ski and asked prices; no sales on this day. x Ex-dividend. a Ex-rights. n Ex-dividend one share of Standard Oil of California new.
New York Stock Record-Continued-Page 6
1613
For sales during the week of stocks usually inactive, see sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 18.
Monday,
Sept. 20.
Tuesday,
Sept. 21.
Wednesday, Thursday,
Sept. 23.
Sept. 22.
Fride,.
Sept. 24.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share $ per share $ ner share $ Per share $ Per sha -e $,
er sha-e shares Indus. & miscen.(Con.) Par
5514 5458 5478 55
5512 564 55
5514 55
5614 54
558 22,900 Sears,Roebuck & Co newNopar
59
*57
5812 5812 259
5812 5734 5734 59
591
/
4 .58
59
No par
500 Shatuck (F 0)
*4258 43
4212 4212 *4238 4358 *43
*4258 43
4414 *4254 44
100 Shell Transport & Trading_£2
2912 28% 2918 2834 2878 2878 29
29
2914 2912 2938 2958 18,600 Shell Union 011
No par
108 108 *10734 108
*10712 108 *10734 108
108 108
107 10734
600 Preferred
100
18
1818 181* 1818 1814
18
1818 1834 1814 1838 1814 1812 10,400 Simms Petroleum
10
3334 3412 3234 337
3312 34
33
337
33
3312 33
3358 3,200 Simmons Co
No par
*10634 108 *10634 107% *10634 10718 *10634 107 *10634 107 .10634 107
Preferred
100
201* 2058 2012 207o 2018 2012 2014 2034 2014 203* 2014 2038 30,100 Sinclair Cons 011 Corp_No par
*96
97
9612 96,2 974 9712 *96
9712 9712 9712 *97
9812
300 Preferred
100
33% 3418 3312 35
3318 3334 3314 34
3412 3514 347 3514 31,300 Skelly Oil Co
25
125 125
125 125
128 128
127 127 *12412 12612 126 128
800 Sloss-Sheffield Steel & Iron 100
11414 11512 *113 114
11214 11214 113 115
113 113
1131* 11312 3,300 South Porto Rico Sugar___100
*106
11714
*106
*106 11714
11714 *106 11714 *106 11714 *106 11714
Preferred
100
3114 3112 31
3158 31% 3112 317
3112 3138 317s *3112 317
6,200 Southern Calif Edison
25
5014 5078 4914 4934 4934 50
497 50
50
5012 504 5018 4,300 Southern Dairies cl A_No par
2712 2638 2718 2678 2714 27
2734 2818 27
274 2658 2714 10,800
Class B
No par
•1112 1412 *1112 1412 *1112 1412 *1112 1412 *1112 1412 *1112 1412
Spear & Co
No par
*76
80
•76
80
*90 -___ *76
80
*76
80
*76
80
100
Preferred
2412
233* 24
24
2412 2312
2312 2478 2314 24
24
2538 8,900 Spicer Mfg Co
No par
*104 105 *10212 104 *10212 104 .10212 104 *10212 104 *10212 104
Preferred
100
5418 5412 5438 55
5412 54% 5418 55
5414 5412 545 5473 10.300 Standard Gas & El Co.No par
56
56
5614 5614 56
56
5618 5610 56
56
56
5618 1,000 Preferred
50
*69
73
70
*6912 73
703* 7014 7014 7014 704 7112 72
1,100 Standard Milling
100
*83
88
*83
88
*83
88
*83
88
*83
88
*83
88
100
Preferred
60% 6112 6012 6138 6018 60% 597 6078 6034 6112 6034 610* 45,600 Standard 011 of Cal new.No par
4258 4278 425* 42% 423* 43
4258 43
4234 43
4212 4278 26,600 Standard 011 of New Jersey_25
*116 11618 116 116
116 11618 116 11618 116 11614 *11614 11638 2,400 Pref non-voting
100
1534 6
534 534
6
6
*534 (3
*53
6
1,000 Stand Plate Glass CoNo par
*5,2 6
*88
8834 88
8814 *8778 88
88
8814 884 91
91
913* 3,800 Sterling Products
No par
6614 67
6314 663* 633 6578 6134 6412 6112 6334 6158 645* 63,200 Stewart-Warn Sp Corp_No par
63 .6114 6212 6212 6212 611* 6212 .62
*62
6234 *6112 6212
700 Stromberg Carburetor_No par
58
.5834 5712 5918 5712 5858 5712 5858 5714 58
5714 5812 42,900 Studeb'rCorp(The) new No par
*119 11934 *119 11934 11934 11934 *119 120 *117 120 *119 120
100 Preferred
100
2
2
218 218
218 24
218 214
218
234
23* 23* 22,000 Submarine Boat
No par
35
35% 3434 3434 34
34
33
3312 *33
34
*33
35
1,900 Sun Oil
No par
17
*113 2
178
134
134
178 2
2
214
2
2
5,800 Superior 011
No par
30
2912 2934 30
*293 3012 *2934 3012 *2912 3012 *2912 3012
300 Superior Steel
100
16% 1638 16% 1612 1614 1614 1618 1814 *16
1612 16
1618
1,200 Sweets Co of America
50
*814 858
814 83*
814 814
814 814
814 814
814 814 2,800 Symington temp ctfs__No par
*1634 17
*1634 17
*1634 17
165 1634 1634 1634
600 Class A temp ctfs__No par
1634 1684
1212 1212 *1212 1234 1212 1212 1218 1218 •12
1212 12
12
470 Telautograph Corp__ __No par
1212 12
12
1234 12
1214
1134 1214
1134 12
*1178 12
8,200 Tenn Copp & C
No par
5438 5378 5414 5378 5438 5414 5538 5538 5578 37,200 Texas Company
5378 5418 54
25
(The)
16514 1673s 1611 16714 166 168% 16634 16812 16734 169
16934 17512 28,800 Texas Gulf Sulphur
10
15% 16
15
1534 147 1538 15
1514 15
16
1518 1534 14,800 Texas Pacific Coal & Oil__ _ _10
900 925 *850 920
900 920 895 899
900 940
945 978
491 Texas Pacific Land Trust_100
*28
2814 273 28
273* 28
275 28
27% 277
2734 28
1,000 The Fair
No par
49
49
4818 4914 48
493* 4812 4914 4812 4812 24812 4812 3,000 Thompson (J It) Co
25
•30
31
30
30
*2934 30
*2912 30
30
30
*30
31
200 Tide Water 011
100
9112 9112 9013 903 *9012 92
*9012 92
*9012 92
*9012 92
400 Preferred
100
6214 62% 6134 63
6212 6212 62% 6234 7,300 Timken Roller Bearing_No par
6112 6238 6213 63
11312 11412 11278 11434 113i2 116i2 11412 11658 11458 1155* 11518 11534 68,200 Tobacco Products Corp
100
11612 11612 116% 116% 11612 11838 11634 11714 117 117
100
1163* 11712 5,000 Class A
414 412
414 412
414 414
414 438
4
414
44 412 24,600 Transc't'l 011 tenictf newNopar
15
15
*15
16
*15
16
.15
16
*15
16 .15
16
100 Transue & Williams St'l No par
5212 *52
*5212 5312 52
5312 *5212 5312 *5212 53
5134 5214
1.400 Underwriter Typewriter__25
48
4814 4612 4814 47
4714 47
47
4712 474 48
48
1,500 Union Bag & Paper Corp 100
88
89
8814 89
8734 8812 88
8812 88% 897s 8978 91
15,600 Union Carbide & Carb_No par
52
5012 514 5112 5512 5414 58% 55
5153 51% 51
5614 116,100 Union Oil California
25
117 11812 11514 116
115 115
11512 11512 *113 11534 11512 11512 1,300 Union Tank Car
100
•114 116 *11512 116 *11412 116 *11412 11511'111412 11534 *1144 11512
100
Preferred
-..
.
1 7..7 .--“,.-- United Alloy Steel_ _ _ _No par
- --- 9612 -9612 97
978 953 -9i58 97 17-34 97 18-14 9812 -9134 -25
3-,900 United Cigar Stores
*122 127 *122 126 *122 125 *122 125 *122 126 *122 126
Preferred
100
166 166
1645s 165
165 165
165 166
16414 16414 164 165
2,400 United Drug
100
5818 5818 5818 5858 *5713 585 *5712 584 58
58
*5712 5818
800
1st Preferred
50
11512 11512 116 11614 116 11612 11678 11678 *116 11614 116 116
1,000 United Fruit new
No par
18
*1814 1812 18
*1812 20
*1812 2012 *1812 21
*1812 2012
100 United Paperboard
100
*9512 9612 *9512 9612 9312 9312 *9212 9512 *9212 9512 *9212 9512
100 Universal Pictures 1st pfd_100
1812 1878 1878 2014 19
1914 19
194 1914 1912 1918 1912 4,800 Universal Pipe & Rad_ _No par
7012 7012 *7018 77
7018 7018 *70
74
*7018 74
*7014 735g
400 Preferred
100
199 20212 197 206
199 20712 20412 210
203 208
20712 21134 16,500 US Cast Iron Pipe & Fel,'_100
*105 106 *103 107 *102 107 *102 107 *102 107 *102 107
Preferred
100
52
533
5234 54
5314 544 5314 6412 5234 5334 5334 54
7,300 U S Distrib Corp tem et( No par
4812 4812 4878 501
61 12 5112 *5114 5112 5,100 U S Hoff Mach Corp vteNo par
50% 5214 51
515
78
803* 7914 8112 7812 8014 7834 80
7834 7934 793 81
40,700 U 5 Industrial Alcohol_ _ _ MO
108 108
10712 10712 .107 109 *10513 109 *10512 109
*106 108
300 Preferred
100
633 6418 6212 6312 61
6212 6218 6234 62
62
6134 6212 6,900 US Realty & Impt new.No par
614 63
617 63
6118 6258 61
6234 6014 61% 60% 6238 48,000 United States Rubber
100
10634 107 *10612 107
*10614 107
10612 1065* *10634 10718 *10512 109
1,000
1st Preferred
100
*3634 3714 3518 36% 3212 364 3512 3714 313
36% 361
/
4 3678 6,900 US Smelting, Ref & Min_ _ _50
*4858 49
4858 4858 *4814 491
*485* 49
/
4 *481
/
4 4914 *4814 4914
100 Preferred
50
143 14514 14214 14514 14214 14658 14518 14738 14334 14614 1453* 1494 712,400 United States
•12614 12712 12614 12634 12614 12614 12614 12638 12612 12638 *12612 12712 1,300 Preferred Steel Corp__100
100
*65
70 .65
70
*65
70
65
65
*6234 65
*6234 65
200 U S Tobacco
No par
__ •114
*114--- •114
___ *114
___ •114
Preferred
100
*8834 105
-•885, ios .8854 105 *8834 125 *114
•88% 1-05
*8834 105
Utah Copper
10
3112 3014 3112 3012 31
31
3012 31
303a 3058 3012 3114 8,800 Utilities Pow A, Lt A---No par
39
3934 4012 39
384 3934 39
4014 *3914 40
40
40
3,000 Vanadium Corp
No
par
464 4614 *4614 47
4614 4614 *4014. 47
*46
47
46
46
600 Vick Chemical
No par
_
Virginia-Caro Chem
No par
- 4 -ilia -1-1-5; -1.1i2 -1-1-1-2 -iii4 -1-1-1-4 -HT8 -iiii -iois -fit; - -4,100 New
- His 1-13No par
No par
*40% 4034 3978 4012 3912 3912 *40
4012 4018 4618 4112 -4178 4,266 6% pref WI
100
*90
9018 9018 *9012 91
91
*9012 91
9034 91
9012 9114
700 7% pref WI
100
48
*47
48
.47
*47
48
48
*47
47
47
47
47
200 Virginia Iron Coal & Coke_100
3138 31
31
3114 31
31
31
31
31
3258 323* 32% 25,300 Vivaudou (V) new----No par
____
__ 10318 10318 *10358 10434
*99 1034 *102 10312 102 102
400 Preferred
100
22012 204 2053 201
2053 -2234 205* 2058 2034 2034 2,000 Waldorf System
*2034 21
No par
1 1538 16
16
16
16
164 *151 16
*1514 16
*1538 16
1,200 Walworth Co ctfs
No par
*105 11018 .105 1101$ *100 110 *100 11018 •100 11018 •100 110%
Ward Baking Class ANo par
3014 3114 301
3312 3034 32
/
4 31
31
30
31
30
3034 10,400 Class B
No par
•90t2 9112 91
91
*91
9134 *91
92
91
91
*9114 92
300 Preferred (100)
No par
545
4514
5112
505
5512
5012
8
52
5378 5434 63 301,200 Warner Bros Pictures A_ _10
5112 55
4934 4934 *48,2 4914 484 4812 *4712 4912 48/
1
4 4834 48
48
400 Warren Bros
No par
59
*56
57
60 .56
*56
57
*57
56
56
55% 56
900 Weber & Ileilbr, new c_No par
/
4 152 15212 *151 152
151 15312 15134 1511
*151 155
151 151
1,000
Western Union Teleffraph_100
13334 13438 13114 13338 13114 13513 1334 13512 134 135
133/
1
4 1353* 11,500 Westinghouse Air Brake___50
693 693
6918 6938 694 6912 6918 6912 6914 6912 6,700 Westinghouse Eiec
69
70
& Mfg._50
1612 1618 1612 *1614 1612 1618 1614
1612 1612 16
1638 1634 1,900 Weston Elec Instrument
*31
3212 *3012 31
32
*31
317 *31
*3012 3212 *31
7
Class A
31
.954 97
*95
97
9514 9612 96/
1
4 9634 *94
97
96
96
400 West Penn Elec dl A vtf No par
100 100
_ *100
-- _
•100 102 •100 102 *100 102
100 Preferred
100
-- 115 115 *113 117 •100--.116
*115
.113 117 *113 117
100 West Penn Power pref_ _100
2612
27
27
27
2612
27
26/
1
4 2634 263* 2634
2612 /6-78
900 White Eagle Oil
No par
56/
1
4 55
56
5512 5614 55
6558 5612 55
5534 5534 5634 17,300 White Motor
50
*2612 27
26
2678 2612 275
2712 *2634 2734 *2678 28
1,100 White Rock Min Sp ett_No par
*27
1
*78
78
78
78
7,
*78
1
*78
1
3,300 Wickwire Spencer Steel ctf,_ __
*78
1
2414 227 2334 23
2358 2414 2278 2438 2212 2414 23
24
59,900 Willys-Overland (The)
5
*92
9412 *92
*9412 96
94/
1
4 •92
9314 *92
*9412 96
Preferred
9312
11
*1014 1034 1058 11 18 1058 1058 105* 1112 2,200 Wilson & Co, Inc, new_No 100
11
II
*10
par
21
2114 203* 21
2112 21 21
21
21
21
221
/
4 3,600
411
Class A
No par
63
62
61
60
62
*6012 61
63
64
66
63
5,800 Preferred
63
100
15714 160
15712 1595* 16878 16378 27,950 Woolworth Co (F W)
159 16134 157% 16238 1573 160
25
29
2912
293
4
33
32
3134
3212
2914
3214
31
32
6,200 Worthington P & M
29
100
*6314 67
•6314 67
*64
•6314 67
70
67
*6412 70
•65
Preferred A
100
_ 53
54
*503
*5212 55
54
54
55
*53
58
300 Preferred B
*52
100
311
/
4 32
3178 3212 *32
3112 ii
3234 2,100 Wright Aeronautical _ _ _ No par
3214 3212 3214 323
5212 5212 .5238 52% *5238 52% 523 523 *5214 5212
200 Wrigley(Wm Jr)
*5253 53
No par
*
70
*6812
70
*6812
70
*6812
70
70
70
200 Yale & Towne
70
25
313 333
3214 333 123,000 Yellow Truck & Coach._ __100
3214 335* 313* 327s 3012 3218 314 328
104 10418 104 104 *102 104
104 10434 104 104
1,800 Preferred
*104 106
100
RR% 871, 8655 8712 86
8738 8612 8712 85% 86
8614 8734 7.400 Youngstown Sheet & T AM tuar
*Bid and asked prices; no Bales on this day. z Ex-dividend. 0 Ex-dividend and ex-rights.
.A.... ....,.......
Range Since Jan. 1 1926
On basis of 100-share lots
Lowest
Highest
....... .......Rangefor Previous
Year 1925
Lowest
Highest
$ per share 5 per share $ per share 5 Per share
4414 Mar 29 5838Sept 7
4018 Mar 92 Aug
47 Mar 30 6958 Jan 4
3912 Sept 49 Dec
4012July 26 4858 Jan 4
24 Mar 3 3012Sept 3
2158 Aug 2812 Dec
9912 Jan 10614 Nov
103 Mar 3 114 July 2
1734 Sept 2634 Jan
1518 Aug 18 2858 Jan 2
3114 Mar 5458 Nov
3218 Aug 25 5412 Jan 4
107 Sept 9 10912July 2 10018 Jan 10618 Dec
17
Jan 2478 Feb
1938 Apr 13 2478 Feb 23
7834 Jan 944 Feb
90 Mar 30 9912June 24
2134 Mar 3212 Nov
2658 Mar 30 3718June 28
8014 Mar 14312 Dec
103 Apr 12 14212 Aug 10
62 Jan 10918 Dec
92 Apr 15 14712 Feb 2
112 May 4 11718 Feb 8
9934 Jan 11314 Dec
3012June 14 33 July 19
43 Mar 31 5512July 17
22 Mar 31 3534 Mar 11
11 June 2 17% Feb 19 1318 Dee -21 May
7814 Dec 92 May
72 Apr 20 8212 Jan 13
1512 Feb 3678 Sept
1834 Apr 19 3138 Feb 5
92 Apr 108 July
101 Jan 12 10512Sept 1
4014 Jan 61
51 Mar 2 69 Feb 8
Oct
5013 Mar 5612 Nov
5334 Mar 30 57% Feb 9
62 May 88 Dec
6734May 19 0212 Feb 4
81
Jan 864 Dec
80 Mar 2 90 Feb 5
5258May 14 6358Sept 8
- ---- ---- -4012Mar 3 46% Jan 2 -3-878 Mar 4712 Feb
11514 Aug 26 11918May 18 11614 July 119 Feb
16
Jan
434Slay 21 107s Feb 10
55* Aug
6214 Mar 82 Dec
75 Mar 27 9138Sept 24
55 Mar 9612 Dec
6112Sept 23 9278 Jan 2
61 Mar 8958 Oct
5978May 19 7714 Jan 4
4114 Jan 683* Nov
47 May 18 62 Sept 15
11412 Feb 23 12212June 23 112 Mar 125 Sept
3
Oct12 Mar
112 July 27
334 Feb 21
3818 Nov 43% Nov
3018 Mar 30 4158 Jan 4
2 Dec
618 Feb
414 Jan 8
1 July 29
20 May 413* Jan
1912 Apr 12 3478Sept 7
51 Mar 1512 Oct
8% Apr 13 1758Sept 13
1012 Jan 2078 Sept
712May 14 1412 Jan 4
1934 Dec 264 Sept
16 June 28 2078 Feb 4
11 Aug
1614 Nov
11 Apr 5 1478 Jan 19
758 Apr 16 Dec
16 Feb 5
1075 Mar 31
4234 Jan 55 Dec
48 Mar 30 58 Aug 31
9712 Feb 12178 Dec
11912 Jan 12 17312Sept 24
1078 Aug 23% Feb
1218 Mar 2 1912 Jan 7
Apr 657 Dec
510 Mar 19 1035 May 27 255
3214 Sept3914 34ct
2718 Mar 31 34 Jan 14
4214May 7 5012Sept 11)
30 Aug 13 3914 Jan 25 2014 Sept -36-7g -Dec
99 Nov 101
Oct
90 Mar 31 103 J,,n 25
3734 Mar 593 Oct
4478 Mar 3 6458Sent 9
70
Jan 10134 Nov
9514 Apr 12 1165sSept 22
9318 Jan 1103* Nov
103 Mar 3 11838Sept 21
312 Sept5* May
512July 9
3 Mar 4
2412 Sept35 Jan
15 Aug 28 27 Jan 28
514 Mar 30 6334 Jan 7
3818 Mar 6514 Nov
36
35 May 21 71% Jan 5
Apr 86
Oct
7712/%1.1.29 93 Sept 3
3714 Jan 20 58%Sept 23 23
Oct -433* -Feb
8414Mar 31 120 Sept 16
94 Dec 134 June
11314Msy 22 118 July 12 11314 June 117'g May
2512 Jan 21 35%July 15
24 May 36% Mar
8318 Feb 4 10954 Aug 17
6014 Jan 11512 Nov
11478Mar 4 125 June 30 115 Dec 13314 Dec
134 Mar 30 171 Sept 8 11078 Feb 16212 Oct
5512Mar 5 59 July 8
52
Jan 5812 Nov
98 Apr 15 11812Sept 8
18 Sept 17 381254tz 2
1-814 -Apr 2312 Dec
947 Dec 10312 Oct
90 Mar 8 9712July 8
26 Dec 5078 Feb
1358 Mar 31 2834 Jan 5
52 Mar 30 7813 Jan 6
65 July 94 Feb
150 Stay 19 24812 Aug 3 13114 Apr 250 Feb
91 July 113 Aug
100,4 Mar 8 109 July 9
3018 Feb 6314 Dec
39 Mar 30 6112 Feb 13
457 Jan 2 5938 Feb 4
23
Jan 4918 Oct
4538 Star 30 82 Sept 17
7014 Dec 98
Oct
/
4 Apr 22 108 Sept 20 102 Dec 115 June
991
4818 Mar 29 717 Jan 4-.5014MaY 19 8814 Jan 23 -3312 Mar 27-12 'Nov
10112Mar 30 109 Jan 19
9234 Mar 10878 Nov
30
Feb 51
Dec
3212Sept 21 497 Jan 2
44
Apr 4914 Dec
4714 Aug 19 50 Jan 4
117 Apr 15 1595* Aug 17 112% Mar 13914 Nov
12412Mar 3 13018June 11 12218 May 12658 Jan
5612 Jan 4 65 Sept 9
5112 Mar 5914 Nov
112 Mar 19 115 Aug 19 10558 Apr 114 Sept
93 Apr 1 105 Feb 11
82 Mar 111 Nov
2814 Mar 31
29 Mar 3
4314July 21
se Feb 26
10 Sept 1
5g July 2
39 Aug31
8512July 8
40 May 15
26 Mar 30
9434 Jan 29
17 Jan 12
1214June 2
99 June 30
2414May 18
90 Apr 15
12 June 11
4378 Apr 15
53 Apr 20
13412Mar 30
10514 Mar 31
65 May 19
138iMay 10
271
/
4 Jan 4
881s Jan 6
9512May 17
108 Mar 25
2518 Apr 20
5118 Apr 15
26 Mar 27
/
1
4July 22
18 May 17
914 Jan 19
6 May 20
14 May 21
42 May 19
13514May 19
2014 Mar 30
66 Aug 11
53 Mar 29
2412 Mar 30
47 Apr 3
604 Mar 4
20 May 24
9112 Apr 3
AO MI.
,14
37 Feb 15
43 Aug 16
52 Aug 6
17 Jan 15
2512 Feb 3
158 Jan 8
69 Jan 4
9818 Jan 6
50 June 10
32% Aug 3
10314 Feb 10
217 Aug 19
23/
1
4 Jan 27
195 Jan 2
8533 Feb 1
11012 Jan 15
6914 Sept 15
52 Aug 30
8512 Jan 13
1577eSept 8
13912Sept 8
7912 Feb 10
1912July 28
3234July 7
97 Feb 11
10012July 15
115 Sept 21
29/
1
4 Feb 10
90 Feb 11
38% Feb 3
3% Jan 6
34 Jan 4
99 Feb 4
1214July 16
2278 Sept 16
66 Sept 24
222 Jan 4
4434 Jan 6
80 Feb 2
65 Feb 24
3934July 16
5934 Feb 11
7212 Aug 26
3958Sept 8
10712Sept 2
061, Any A
30 Aug
2558 May
38 Aug
3434 July
112 Sept
177 Dec
78 Aug
5614 Nov
1
4 Nov
92/
30 June
714 Jan
- - ---1-412 Aug
2114 Dec
116 Apr
37/
1
4 Star
9412 Feb
1714 Dec
43 June
51
Apr
11614 Jan
97 Apr
6614 Mar
914 Apr
195* Mar
____
834 July
2178 Dec
47 July
637k Dec
9512 Dec
46 Dec
2834 Dec
- ---1-978 Jan
2414 Dec
198 Dee
9512 Oct
112 Dec
27s Oct
5012 July
10012 Dec
14478 Sept
144 Aug
84 Jan
2012 Aug
2878 Dec
--- ----
1.64 Jan
2512 Aug
574 Mar
3312 Dec
2 Dec
918 Jan
7214 Jan
__-- ---_ - _- ---_ __-1-1114 Jan
3514 Aug
76 Nov
58 Aug
16 Mar
2512 Mar
62 Sept
2278 Oct
90
Oct
01 14.8sr
iii Yid;
3134 Feb
10412 Aug
491 Aug
55 May
347 Nov
1237 Dec
---- ----- ----- --22-0
Oct
795* Jan
RS
Jan
7634 Feb
325* July
571
/
4 Oct
7014 July
4034 Oct
100
Oct
ow.'Nino
1614
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Erchange method of gaoling bonds was changed and prices are now "and Interest"-except for income and defaulted bonds.
BONDS
N Y STOCK EXCHANGE
Week Ended Sept. 24.
13"E
k
1.1
Price
Friday.
Sept. 21.
Week's
Ranges?
Last Sate
0
0
4,9 (0w
High 1V o
U. S. G00000maid.
Bid
First Liberty LoanD 100,144 Sale 1001,4410011n 271
31.4% of 1932-1947
6
1001441001,n
D 1001,44
Cony 4% of 1932-47
D 101,,a4 Sale 1012.4210P,14 99
Cony 431% 011932-47
25 cony 431% of 1932-47
in 101 142 Sale 101.42101803s 15
Second Liberty LoanMN 100,44 Sale 1001,44SePt'26 _ _
1s of 1927-1942
4, 563
/
MN 1001,44 Sale 1001..210011
Cony 431% of 1927-1942
Third Liberty Loan431% of 1928
MS 101,44 Sale 1011,2 101344 167
Fourth Liberty LoanAO 102.42 Sale 102,44 102'41 506
431% of 1933-1938
Treasury 431,
1047-1952 * 0 107"44 Sale 1071,44107,1n 158
Treasury 4s
1044-1954 J o 1031344 Sale 1031,441031,n 44
1011,44 Sale 10113441011,n 30
Treasury 31,
1946-1956 M
O0000 and City Securities.
NY City-4As Corp stock _1980 MB
434s Corporate stock
1961 M
6349 Corporate stock
1966 AO
431s Corporate stock
1972 AO
1971 J D
431s Corporate stock
431s Corporate stock _July 1967 J J
414s Corporate stock
1965 ID
1083 MS
434a Corporate stock
N
1959
4% Corporate stock
4% Corporate stock
1958 Si N
1957 MN
6% Corporate stock
4% Corporate stock
1956 MN
1% Corporate stock
1055 Si N
4% corporate stock
1935 1.1 N
431% Corporate stock__ _1952 MN
134% Corporate stock_1957 MN
334% Cori orate stk_May 1954 MN
331% Corporate stk_Nov 1954 MN
3348 corporate stock
1955 MN
J
New York State Canal Im_451961
4s Canal
1960
& 5
1962
*Canal
1942 • J
1964 ii
414s Canal impt
fs Highway Inapt register01958
Highway Improv't 4318_1963 MS
1991
Virginia 2-38
10038 -- 10038 10012
10112 _- 10218 Sept'26
10112 102 10238 July'26
1014 102 102 Sept'26
10614 10634 10538 Apr'26
10578 10634 10614 June'26
10578 10618 106 Aug'26
105% 106% 10534 Sept'26
9812
9812
9812
9812 _- 9834
9834
9812 99
9834
9834
9714 Mar'26
4
97,
9714 Apr'26
4
97,
99 Mar'26
_ _ _ _ 10578 10514
10514
____ 10578 10538 Sept'26
8914 89,
4 89 Aug'26
8914 ___- 89/
4 July'26
1
____ -_- 89 Apr'26
4 Jan'26
/
1011
--__ _
10212 Aug'26
_
102 May'26
10138 Mar'25
102 Apr'26
1017s Mar'26
11014 May'26
7612 Feb'25
Foreign Govt. & Municipal's
Argentine (Nat Govt of) 75_1927 FA 10012 Sale L001x
1959 ID 9834 Sale 983,
B I 6s of June 1925
Ertl.IC,of Oct 1925..
1959 * 0 9812 Sale 9812
Sinking fund(
4 Ser A...._ _1957 1.1 S 9834 Sale 9834
1
/
External 6s Series B._Dee 1958 Jo 9878 Sale 9838
Extl of 680f May '26 rcts_1960 MN 9838 Sale 98,4
92
Argentine Treasury 5a i_1945 MS 9214 03
Australia 30-yr tai.._ July 15 1955 I .1 9812 Sale 9814
D 102 Sale 10114
1943
Austrian (Goat) at 71,
D
Belgium 25-yr eat o f 7318 g_1945
-years f 88
20
1941 FA
25-year eat 631s
1949 1.5 S
Ext1 a f Be
1955 J J
Exti 30-yr af 7s
1955 ID
Bergen (Norway) g f Se
1945 IS N
25-year sinking fund 68_1949 40
Berlin (Germany) 634s
1950 * 0
Bogota (City) ext'l s f Ss_ _1945 * 0
Bolivia (Republic of) 8a
1947 MN
Bordeaux (City of) 15-yr 68_1934 IS N
Brazil U EL external 88
1941 ID
Externals f 6348 of 1926.1957 AO
78 (Central By)
1952 ID
734s (coffee secur) £ (flat).1952 * 0
1935 MN
Bremen (State of) extl 75
Buenos Aires (City) eat'63481955 J 1
Canada (Dominion of) 58
1931 * 0
10-year 5318
1929 FA
6,
1952 MN
1936 FA
63111
1954 1 .1
Carlsbad (City) o 1 8s
Chile (Republic) extl e f 8s_ _1941 FA
External 5-year a(138_ _1926 A0
20-year extl 78
1942 MN
1946 MN
25-year a f 8a
Chile Mtge 13k 634s June 30'1957 ID
Sf163.4s of;1926_ _June 3() 1961 J D
Chinese (Hukuang Ry) 58 1951 J D
Christiania (Oslo) 30-yr s f 681959 MS
Cologne (City) Germany 63113 '50•S
1927 AC
Colombia (Republic )8 As
Copenhagen 26-year, 5312_1944 I
Cordoba (Pros') Argen 75.._1942 ii
1944 MS
Cuba 6s of 1004
External Is 01 1914 Ser A_1949 FA
1949 P A
External loan 4318
.•
1
1953
Sinking fund 531e
*0
812_1951
Csechoeloyak (Repub of)
Sink fund 8sSerB
1952 * 0
1945 AO
Ertl a 1 734s Ser A
7
4
10034 58
84
99
89
99
99,2 54
9834 54
9918 110
9212 18
4 110
98,
102,4 48
10712 Sale 10712 10814
8
10712 Sale l0738 107,
9214 Sale 9214
9314
86 Sale 8534
87
95 Sale 95
9618
11212 11312 11312 11312
100 10012 101
101
9412
94 Sale 94
10238 Sale 10134 10234
10318 Sale 10318 10212
8714 88
8812
87
104%
104 Sale 104
8914 Sale 89
8912
9512
9514 Sale 9434
107% Sale 10738 108
9912
9912 Sale 9914
9934 100 994 100
10112 Sale 10112 102
10134 Sale 10118
102,4
1044
104 Sale 104
4
984
981g Sale 97,
1034
10212 10478 103
10814 Sale 108
10814
10114
1004 10114 10114
10112
10112 Sale 100
108%
10838 10834 108
9534 Sale 95,
4
9614
99
9934 9914
99%
3812
3714 Sale 37,4
101
101
8
94,
9414 Sale 94
4
10014 Sale 10018 100,
994
9912 Sale 99,4
4
97,
97,4 97,2 9712
102 Sale 10112 102
102
102
102
94 Sept'26
9312 -95
10112
10112 Sale 101
103 Sale 10218 10314
102 Sale 101% 103
10134
10112 Sale 101
60
29
51
117
122
1
9
150
63
47
32
93
239
76
3
38
10
13
49
52
71
11
17
1
98
19
48
20
25
1
103
39
81
23
58
72
37
141
11112 14
111 11114 Ill
4 1094
1
10934 111 109/
5
1034 Sale 10312 10411 91
16
96
9518 Sale 9512
10214 10212 104 Sept'26 -9738 12
9712 Sale 9712
Ms 31
98 Sale 98
10514 24
10518 Sale 10518
10518 61
1054 Sale 10518
10338 Sale 103
58 42
103
14 Sale 10318 1214
1085, 13
108 Sale 108
8912 23
8912 Sale 89
9938 79
9914 Sale 99
22
9312 935, 9312
94
9414 20
9312
9312 94
108
10434 Sale 10418 105
112
99
98% Sale 98
9338 542
9212 Sale 92
10518 218
105 Sale 1047g
9912 75
9938 Sale 9914
12
9912 Sale 9912 100
10514 219
10514 Sale 105
11814 40
118 Sale 118
10012 Sale 10012 10114 40
8912 23
9838 Sale 8818
9912 58
9912 Sale 9812
10034 Sale 100
10034 15
97
97 Sale 9614
44
99 100
9914
9934 43
10018 Sale 100
10014 29
9214 734
92 Sale 91
8912 8978 8918
93144 t2)1(
98
8
9734 Sale 9734
94
9214 Sale 9214
81
9712 53
9714 Sale 9714
8812 33
87
88
87
88
Sale
48
0 Mar'26
387
_
_874
36
374, 37
37
5
8041
4 mapn.
,, • 4 I.L•
,
Option sale,
0 July. bDu. Aug. V Due Nov.
Danish Con MunIcip 8, A 1946 FA
1946 FA
Beriee B f 8s
1942• J
Denmark 20-year 68
Dept of Caldas(Colombia)731s'46 J J
Dominican Rep Con Adm f 58'58 FA
Custom Administr 531e_ _ _1942 M
Dresden (City) extl 7s
1945 M N
Dutch East Indies extl 6s
1947 J J
40-year fie
1962 M
SO-year extl 534e
1953 M
80-year eat' 531s
1053 MN
El Salvador (Rep) 88
1948 I I
Finlaad (Rep) eat! 68
1945 MS
External a 1 78
1950 M
Finnish Mon Ln 831s A_1954 * 0
External 1331e Series B1954 AC
French Repub 25-yr eat! 88_1945 M S
D
20-yr external loan 7319_1941
1949 Jo
External 7s of 1924
German Republic extl 71_1949 A0
German Cent Agrie Bk 78_ _ _1950 MS
1959 NI N
Graz (Municipality) 8s
(It Brit & Irel (UK of) 5348.1937 FA
1929 P A
10-year cony 5315
N
Greater Prague (City) 7311_1952
1964 MN
Greek Govt 78
1952 40
Haiti (Republic) s f 65
Heidelberg(Germany)ext 731s'50 1 .1
Hungarian Munle Loan 734e 1945 1 .1
Hungary (RIngd of) sf 7441_1944 P A
End Bank of Japan 6% n ,tes1927 P A
Italy (Rifled of) ext'l 78_1951 ID
J
1931
/aDaneee Goat £ loan 48
1954 FA
30-year a I 0 3511
Oriental Development (15_1953 M
1947 P A
7a
Leipzig (Germany)
Lyons (City of) 15-year 60_1934 MN
Marseilles (City of) 15-yr 68_1934 MN
Mexican Irrigation 434._1943 MN
Range
Since
Jan. 1
Low
BONDS
N. Y STOCK EXCHANGE
Week Ended Sept. 21.
11,
"E
9910,2 002744
1001044 101
100141 0111.4
101,,ss 03,n
106,n 081,44
42
/
1.13213,4 0411
42
1
44 02/
/
10011
Week's
Range or
Last Sate
Range
Since
Jan. 1
ata
High
9911,2 01"as
99.144 011111
101114, 02.11.2
44
/
101,44 0211
Price
Friday,
Sept. 24.
Mexico (13(3) esti 58 011899 t.'45 Q
Assenting 56 01 1899
1945
Assenting 6a large
Assenting 68 small
Gold deb 48 01 1904
1954 J D
Assenting 48 of 1904
Assenting 45 01 1004 small
Assenting 49 01 1910
Assenting is of 1910 large_
Assenting 48 01 1910 small_ _
Tress 68 of '31 assent (large)'33
Small
1952 1 D
Montevideo 78
Netherlands 6s (fiat prices). _1972 M S
30-year external Cs (Jlaf) 1954 A 0
Norway 20-year ext.' 6s
1943 F A
20-year external 6,
1944 F A
30-year external 65
1 0
1952 ,
40-year e f 531s temp___ _1965 J D
Oslo (City) 30-Year 8 f 68.-1955
N
1953 I D
Panama (Rep) extl 531a
1044 A 0
Peru (Rep of) external 8a
Ertl sink fd 731s temp
1940 MN
Poland (Rep of) gold 68_ _1940 A 0
Esti sink fd g 88
1950 1 J
Porto Alegre (City of) 85_ _1961 2 D
Queensland (State) ext s t 78.1941 A 0
1947 F A
25-year external 6s
TM Grande do Sul extls f 88_1946 0 0
Rio de Janeiro 25-yr a 1 88_1946 4 0
25-yr extl 85
1947 A CI
Rotterdam (City) extl 6a
1969 M N
100 101
10012 10214
4
/
10012 1021
10924 102
10512 10538
10478 10638
10488 10634
10412 10638
4 99
1
97/
9734 99
9778 99
9714 9714
9704 9714
99
98
10412 106
4
1
10414 105/
4
/
8734 891
8814 891
4 Sao Paulo (City) a f 88
/
1952 NI N
8834 89
San Paulo (State) ext s f 88 1936 J J
4
/
4 1011
/
1011
External a f 85 Int rects_1950 J J
10212 10212
External water loan 7s_ _ _1956 M S
10134 102
1942 J
Seine (France) extl 75
Serbs. Croat,' & Slovenes 88.1962 M N
Soissons (City) esti 68
1936 M N
Sweden 20-year 6s
1939 .1 I/
External loan 5343
1954 MN
Swiss Confed'n 20-yr 9 f Ss 1944)1 J
Switzerland Govt ext. 5318..1996 A C
Tokyo City 5s loan of 1912_ _1952 M
4 10218 Trondhjem (City) extl 630..1949 J J
1
100/
9978 Upper Austria (Prov) 78_1945 .1 13
96
9578 100
Uruguay (Repubilc) ext 88_1945 F A
4
1
9614 100/
External ,1 as Int refs_ _ _1960 M N
9534 904
4
1
99/
98
Railroad
85
9314 Ala CIL Sou 1st cons A 58_ __1943 J O
9612 9902 Ala alid 1st guar gold 58.__ _1928 MN
100 103
Alb -& Suse cony 3318
1946 AC
1998 40
Alleg & West let 6 go 4s_
105 111,4 Alleg Vol gen guar 648
1942 MS
19534 108% Ann Arbor 1st g413
July 1995 Q
95
88
Atch Top & S Fe-Gong 48_1995 AC
4
1
8112 87/
*0
Registered
4 9784
/
911
Adjustment gold 4s __July 1995 Nov
11214 115
Nov
Registered
98 10178
Stamped
July 1995
N
4 9134
1
85/
MN
Registered
4 104
/
961
Cony gold 441 1909
1055 J D
9612 104,8
Cony 48 1905
1955 J D
8114 8912
Cony g 48 Issue of 1910..._1960 ID
10012 105
East Okla Div let a 48.-1928 MS
8912 90
Rocky Mtn Div 1st 48_ _ 1965 • J
89i, 96,2
Trans-Con Short L 1st 48_1958 J
103% 108
Cal-Arla lst AL ref 434s A_1962 MS
9212 9912 Atl Knory & Nor lat g Se__ _1946 V la
9714 10134 Atl & Cheri A List A 4/
48_ _1949 1
1
10114 10318
J
1st 30-year 5s Series B_ _1941
101 18 1034 Atlantic City 1st cons 4s
1951
.1
8 Ati Coast Line 1st cons 4a_ _81952 Si
102% 105,
1930
974 99
N
10-year secured 7s
10114 10418
1969
D
General unified 434s
10713 10904
L & N coil gold 4s _ _Oct 1052 MN
10014 1024 All & Dana 1st g 4s
1
1949
100 102,2
1949 1
2,54,
107 1094 Atl & Yad lot g guar 4s
19411 •0
9434 9802 Austin & N W 1st go g 5a
1941 I .1
99,4 9912
8 Bait & Ohio 1st g 4s__ __July 1948 * 0
37,4 48,
99 10212
July 1948 Q
Registered
9478
91
20-year cony 431s
1933 NI 8
9934 1004
MS
Registered
101
9814
Refund & gen 65 Series A.1995 ID
4 9978
1
95/
1948 5.0
1st g 5s
98 102
10-year (38
1929 1 .1
98 10212
Ref & gen 6s Ser C
195E ID
88% 10114
N
PLE&WV,Sy, ref 4s_1941
10012 103
1950 1 .1
Southw Div 1st 58
99/
4 10334
1
Tol & C113 Div 1st ref 45 A _1959 J J
904 104
Ref & gen 50 Series I)-----(100) 11 S
957s 103
Battle Cr & Star 1st au 38_1989 Jo
I
1936
Beech Creek 1st au g 4s
J o
Registered
losi2 1191
4
/
10812 112
Beech Cr Ext 1st g 334s_..-1951 * 0
102 10512 Big Sandy 1st 4s
1949 ID
9512 96
Bost & N Y Air Line let 46_1955 FA
1938 J J
10112 10512 Bruns & W 1st go gold 4s
9378 994 Buffalo R & P gen gold 5a...1937 SI S
9204 9834
1057 MN
Consol 434a
MN
Registered
10334 1065,
1939 * 0
10334 106,2 Burl C R& Nor 1st 55
10112 10412
102 10438 Canada Sou cons go A 56_1962 A0
103 10914 Canadian Nat 434e_Sept 15 1954 MS
5-year gold 4349__Feb 15 1930 FA
84/
4 90
1
Canadian North deb e I 7s__1940 J o
9412 100
1946 J
8914 9412
20-year s 1 deb 831e
10-yr gold 4 34s_ __ _Feb 15 1935 FA
89% 95
J
Canadian Pac Ity 4% deb stock.
9812 105
9212 9934 Carb & Shaw lat gold 49_ .....1932 M
8618 9414 Caro Cent 1st con g 4a
D
1949
D
10132 10538 Caro Clinch & 0 1st 3-yr 58.1938
94 10014
1952 JD
1st & con g 6s Ser A
1981 ID
9618 100
Cart & Ad 1st gu g 4a
10314 10612 Cent Branch U P 1st g 48...._1948 ID
Central of Ga 1st gold 58...._p1945 FA
11718 1 19
Consul gold 58
1945 MN
9278 10214
1.1 N
Registered
84
89,4
994 99%
D
10-year seem' as
June 1929
9618 101
Ref & gen 5318 Her B
1959 AO
D
Chatt Div pun money g 48_1951
8434 100
Mac & Nor Div 1st g 58.... 1946
J
9312 102
Mobile Division 58
1946 J
4
1
9934 100/
J
81i18 0934 Cent New Eng 1st fru 4s _ _1961
8338 9018 Central Ohio Reorg 4345..1930 IS S
9238 98/
4 Cent RR & 11 of Oa 8011 g 58.1937 MN
1
94
85
Central of N J gen gold be _1987 J J
98
Registered
95
1987 QJ
8l'8 8912 Cent Pee 1st ref gu g 41___ _1940 P A
8112 89
Mtge guar gold 3lis
11929 ID
31
*0
30
Through St L 1st go 4.8
15511 P a
ilnaranteed e 68
2834 40
Low
Mg.
High
Ask Low
4212 55
5112 70
50 Aug'26
3412 5012
55
43
47
4612 46
48g,
38
42 Aug'26
3712 3812 3712 May'25
1/17, if2812 2834 34 July'26
701. 371,
40
2834 Sale 28/
4
1
30
25% 25%
28
3912 2538
25% 54
2538 Aug'25
294 30 Ifs; -817-1
2812
3132
22
257 Sale 2534
2618 40
3912 5212
4312 4612 46 Sept'26
3712 5312
46 Sept'26
96 10212
10034 Sale 10012 100 4 39
4 110
1
10714 Sale 10718
10714 38 106/
104 Sale 10378 10418 199 10314 18472
9934 10271
101 Sale 100% 10138 74
10138 Sale 10034
10138 62 100 10214
10078 Sale 10078
10118 34 100 10212
9915
05
9812 Sale 9812
9834 249
9812 101,4
99% Sale 0938 10012 20
102 10234 02
10414 Sale 0312
100 Sale 00
71 Sale 7012
8938 Sale 8912
10312 Sale 0314
11334 11378 13,
4
10434 Sale 0434
104 Sale 04
10234 Sale 02
10214 10212 02
104% 105 10412
4
102,4
104,4 46
91
101
55
71
222
90
4
1034
8 17
113,
10514 26
104,2 33
4 38
103,
10238 10
10434 28
10012 103
1011,105
97 10124
7078
61
8218 91
118% 10372
14012 11914
10418 108
9838 105
9714 104
97 10284
103 107
10534
10534
10514 Sale 10514
10534 Sale 10512
9612 9634 9612
9014 Sale 9014
9334 Sale 9312
8334 8578 8512
10434 Sale 104,
4
4
10334 Sale 103,
11334 113% 11314
10338 103% 103,
8
7514 Sale 75,4
10014 101 10014
9034 Salo 9012
10912 Sale 10812
4
9578 Sale 91,
1
10534
45
106
68
106
16
97
9112 253
943, 100
8614
1053. 54
29
104
7
1133,
17
10334
75,2 18
6
10012
2
4
90,
10912 76
141
96
10012 10584
10214 10612
10112 100
9412 9711
9112
84
4
/
8712 991
87
81
1031
4 10534
/
10113 ios's
113 11m
10234 106
67 77
9914 10112
94
90
10712 111
97
188
4 Aug'26
/
10134 -- 1031
8 July'26
10012 102 100,
5
8578
8534 ____ 854
8312 Aug'26
6
9418
9414
7818 79
79 Sept'26
9218 78
9114 Sale 9114
90 Sept'26
8712 Sept'26
8734 Sept'26
_
8214
5
8712 88
8712
8712
8212 _ _ 85 Sept'26
8788 89 Sept'26
87
88
8812 8814 Sept'26 _
844 87,
4 8734 Aug'26
99% Sale 9914
8 14
99,
8912 8912 Sept'26
88
8938 12
8934 9034 89/
4
1
96% 13
96% _- 9638
103,4 -- 10312 Apr'26
9738 9734 9734
9734 35
3
10278 10312 10234
10234
8512 July'25
15
9212 Sale 9212
93
10538 13
105 10532 10538
9712 13
9718 9734 9714
9118 Sale 9034
9114 66
5
80 Sale 7938
8034
2
72
72
71
72
8014 82
8112 Sept'26 - _
10134 ---- 102 July'26
4
1
1017, 103/
10038 102
4 8634
/
841
4 86
1
82/
923s 96
75% 8212
4 94
1
89/
8814 9114
841
4 883
/
,
8734 8734
4 89
/
841
8314 85
4 8978
1
84/
8412 8972
4 8734
1
83/
9814 100
8612 8934
92
88
4 9911
1
94/
10312 10313
904 981:
4
/
1021,1041
9118 Sale 9078
9134 51
89
9034 8918 Sept'26
9612 Sale 9614
9612 253
0512 Sept'26
9814 Sale 98
9812 103
102% Sale 10212 10278 39
10318 Sale 1021
4 10312 81
/
10614 Sale 10618
10712 52
5
9112 92
9112
92
100 Sale 100
100% 116
80 Sale 80
8014 20
9712 Sale 9718
97% 203
6238
6214 Feb'26
9434 9612 9512 July'26
94
94 Aug'26
7812
80 Aug'26
3
901
91
90
4
/
4
1
90/
7504 76
77 Setp'26
9514
9514 Sept'26
10338
10314 Aug'26
9138 Sale 9014
9138 59
88
90
8714 Feb'26
10014
10038 Sept'26
4 92/
/
891
4
1
883a 9011
144
0834
4 9512
1
88/
9312 9834
10214 105
4 1034,
1
102/
104 109
4 92/
1
89/
4
1
98 102
7984 812,
4 9814
1
97/
4
/
821
1
93
9572
94
94
82
80
91,78 0111
4
/
7278 791
9314 9514
16172 10314
4 92
1
87/
8714 8714
4
/
10014 1011
2
10418 10458 10414
10414
94,8 94,2 9434 Sept'26
984 Sale 9834
9912 54
114% 11538 115
11512 20
11712 Sale 11738 11712 19
56
97
9634 97
96%
8418 Sale 8414
8478 100
9312 _ _ _ _ 9414 July'26
8412 85
8412 Sept'26
2
4 10234
/
4 104 1021
/
1021
5
10712 10734 10714
10712
5
88
8734 8818 88
1
82%
8238 83
82%
2
1051
106
Sept'26
19
10338 Sale 10338
10378
_
100 102 10138 Feb'26
8
10218 10212 10218
10212
4
10334 104/
4 10334
1
104
1
87
8812 8712
8712
3
_ 10112 10278
10278
102
10138 Mar'26
11
7618 Sale 75%
761s
9812
9938 May'26
9912
9912 10012 9912
6
1107g
111 11138 11078
4 Sept'26
/
10914 110 1091
21
91
9078 Sale 9078
9714 -- -- 9714 Sept'26
88 July'26
8712 89
10034 98
10014 Sale 10014
4 10518
/
1021
9314 9524
4 9911
1
98/
1143,11714
4 118/
/
1161
4
1
4 9814
/
961
4 86/
/
801
4
1
9414
04
4
/
811, 841
10132 10372
107 10912
8134 90
79% 8438
10318 106
102% 104%
4 10131
/
1011
10218 1037,
10178 10614
8614 8812
100 10314
4
/
10138 1011
7618
68
9812 99%
4 10139
1
98/
10888 113
4 I 1 la
1
108/
8878 OM
4
/
oei, 971
87
oo
9712 102
947k
92
10618 107
4 9831
1
93/
90/
4 9434
1
8212
76
76
85
761, 83
10018 102
4
BONDS
241Y STOCK EXCHANGE
Week Ended Sept. 24.
z
New York Bond Record-Continued-Page Z
13
Ih
Price
Friday,
Sept. 24.
BONDS
N.Y.STOCK EXCHANGE
Week Ended Sept. 24.
Range
Since
Jan, 1
Week's
Range or
Last Sale
High
801
High Aro Low
Ask Low
_ 11812 11817
- - 118 Aug'26
Charleston & Savannah 7s__1936 1 J 11738
1 11.1014 101,2.
Ches & Ohio fund & imPt 58_1929 1 J 10112 Sale 10112 10112
10238 10558
1939 M N 10378 10414 104 Sept'26
let consol gold be
10114 10314
11139 M N
10214 Aug'26
Registered
97
92
37
1992 M S 9558 Sale 9512
96
General gold 4545
9018 July'25
1992 M 8
Registered
1930 F A
9834 Sale 9858
9834 124 ifs; 99-7-8
20-year cony 45413
124 153
153 Aug'26
_
BO-year cony secured 58 1940 A 0 105
129 14312
A 0
13912 July'26
Registered
2 10018 10214
194' I J
10012 10012
Craig Valley lst g be
88
83
8618 Aug'26
Potts Creek Branch 1st 45_194( I I 8512
8534 88%
6
1984 1 3 8714 -g 8714
R & A Div lst con g 4s
8714
827s 8717
5
1980 1 3 85% 8634 86
86
2d consul gold 4s
9834 102
ts arm Springs V lat g bs1941 Ph 9 9912_ 102 July'26
7112
65
7012 Aug'26
Chits & Alton RR ref g 3s_ 1940 A. 0 6914 VO
70
64
6914 Sept'26
6914 70
Ctf dep stpd Apr 1926 Int. _
5138 61
Batlway first lien 334s_ _ ._195( 1-1 60 Sale 5912
6018 172
5912 59
16
59,4
59
61
5914
Ctfe Sep Jan '23 & sub coup
4
86
-- 854 88% 8514
8334 87
012113 Burl &Q-III Div 350_1941 13
_
8412 Feb'26
8412 8434
1 J
Registered
9138 9412
1940 1 J
9314 9312 9312 Sept'26
Illinois Division 49
__ _ _ 9978
5
9e34 1001.4
9978
Nebraska Extension 4e _ _1927 M N 100
9912 Mar'26
,
M N
'
9912 991
Registered
19585 M S 9158 9212 92
90% 9312
9212 11
General 4e
9118 9238
9238 Mar'26
m S
Registered_
1971 F A 20558 105% 10558
let & ref 55 series A
10578 10 1025x 10613
_ 10358 10712
Chicago & Ea& Ill Is fie__ 1934 A o 105 10712 10512 Sept'26
0&E III Ry (new co) gen ba 1951 MN 7712 Sale 7714 7778 88 7318 7934
5 10158 10618
10418
Chic & Erie 1st gold 5e__ __. 1982 5.1 N 10458
10512
&its 7078
6934 251
Chicago Great West let 48 .1951' Al S 6914 Sale 6918
Chic Intl & Loulsv-Ref 88_1947 / 3
1947 1 1
Refunding gold 58
Refunding 4e Series C__ _1947 J J
196r M N
General be A
May 196f 3 3
General 68 B
Chic Ind & Sou 50-year 48. 1956 J .1
Chic LB & East 1st 4549. _1980 .1 D
0 M & Puget Rd let au 4e
1941.9 3
U S Tr certifs of deposit__________
Ch M & Eh P gen g 4s ser A,Isost
General gold 354e Set II__e1981 J J
Gen 454e Series C_ _ _May 1981 J J
Registered
- Gen & ref Series A 41.4a -2014 A 0
Guar Tr certifs of deposit .
,o.te if--it.
Gen ref eon. eter B is.
Guar Tr certifs of deposit.......
.1113 I-3
let see 8a
eb
ISA^ .1 D
D enture 414e___
Bankers Tr certifs of deposl
Dsent
o
or. 4s_ _ _
1.zr 1-15
U S Mtge & Tr ctfs of dell- 3, 1---i
.
25 year nenen 11, els
Farm L & Tr efts of deposit______
.
sinte & Mo Riv Illy be .1921
Chic & N'west gen g 334e_1987 51 at
Q 1
Registered
1987 NI N
Gsneral 45
Q F
Registered
Stpd 4s non-p Fed In tax '87 M N
Gen 4 (e etpd Fed inc tax_1987 MN
1987 M N
General be stamped
1879-1929 A 0
Sinking fund lis
k 0
Registered
1879-1929 A 0
Sinking fund ba
1879-1929 4 0
Registered
1933 M N
Slaking fund deb 58
MN
Registered
1930 1 ID
10-year se ured 78 g
I5-year secured 648 g.__ _1936 M S
Let & ref g be
May 2037 1 D
011'c RI & P-Ratlway gen 451988 1 J
1 J
Registered
1934 A 0
Refunding gold 4e
A 0
Registered
113% ---- 11314 Aug'26
10278
10278
10278
9038 Sept'26
991/3 -6912 9912 Sept'26
10612 10714 10612 10612
8918 92
9012 Aug'26
9614 _ 96 June'26
5118 :3.12 53
53
54
53
53 Sept'26
8414 Sale 82,2
8414
-7312
7312 Aug'26
9112 92
9134
9134
9114 Apr'26
5514 Sale 5412
55,4
5412 55
54
5412
54 Sale 5314
5412
_ 5414 5334 5418
103 Sale 103
10338
5414 Sale 53,2
5414
5414 Sale 5314
5414
5414 5412 5314
5434
5418
5418 54,4 5314
5414 Sale 5312
5414
5418 5414 5314
5414
_
997
9912 June'26
8 77
76587634 Sept'26
7412 July'26
--7i
8758
88
8 4 90
87 Aug'26
_ _ 8814 Sept'26
88
10178 Sale 10112 102
10512 106 10512 Sept'26
103 10312 10312 Sept'26
10334 June'26
ioi" 10214 101
101
101
10034 Sept'26
10114 10214 10138
10138
10678 10718 10114 Aug'26
107 Sale 10634
10714
11212 Sale 112
11212
10114 Sale 10114
102
8614 86,2 8614
8614
83% 8514 8334 Aug'26
9034 Sale 9034
91
8958 Aug'26
Ch St L & N 0 Mem Div 48_1951 2 D
1932 A 0
OBtL&PletconsgLe
ChIeStPM&Ocone6s_.J930J D
Cons Os reduced to 345_1930 I D
1930 M S
Debenture be
Stamped
Oblc T II & So East let 6s__1961 J D
Dec 1 1960 /51 S
Inc gu 58
Chic Un Sten 181 gu 414s A_1983 1 J
1963 J .1
let 55 Series B
1944 3 D
Guaranteed g 5e
1983 1 J
let 654s Series C
Chic & West Ind gen g 6e_..211932 2 Si
1952 1 J
Consol 50-year 4e
1962 M S
let ref 548 eer A
1952 M N
Choc Okla & Gulf eons 55
I937 /
Cin H & D 2d gold 4 As_
Bt L&C let g 4s_ __Aug 193C Q F
Registered
Aug 193C 2 F
1942 41 N
Cin Leb & Nor gu 4.1
Cin 9 & CI cons let g 58_ _ _192/. 1 3
8812 90
8712 July'26
101 10212 101 Aug'26
10314 10334 10314
10338
9334
9418 Sept'26
99
9959 99 Sept'26
99 10018 99 Aug'26
9012 91
9058
9118
9314 Sale 8214
8314
97(4 Sale 9634
9712
10414 Sale 10414
10434
10018 10038 100%
100%
11812 Sale 11738
11812
10538 10612 10534 10534
8558 Sale 8514
86
10378 Sale 10334
10378
10314
103
- - 103
9834 Sale 9834
9834
_ 9312 Aug'26
9518
_
937
9314 July'26
8 91.- 9012 May'26
901810012 ---- 10012 10012
Cleve Cie Ch & 81 1. gen 46_1993 1 D
1931 3J
20-year deb 454e
I)
General Is Series B
Ref & imp, fie Series A_ _1924 /
1941 1 J
le Series C
1965 1 J
lq Series D
Cairo Div 1st gold 4s_.... _1939 1 J
Clii W & M Div 1st g 4e_ _1991 I J
St L Div lot coil tr g g 4e_ _1990 '.IN
51 N
Registered
ape A, Col Illy let g 4e____194( 14
W W Val Div 1st g 4s____194( I .1
_1934 /
DCC&I gen cons
dies Lor & W con let g 68_1933 5.0
Cleve & Mahon Val g 58..„193£. 3 J
N
_1935
.1935
CI h Mar 1st gu g 4%s
Cleve & P gen gu 44e eer 13_1942 A 0
1942 1 J
fier A 4548
1948 MN
Series C 33.48
1950 F A
Series D 334e
Cleve Shor Line 1st gu 4 As.1981 A 0
1972 A 0
4e
Term
Cleve Union
1973 A 0
let f bs Ser B
Coal River Ry let gu 4e_ _1945 I D
Colorado & South 1st g 41_1929 F A
Refunding & eaten 43.4e. _1935 M N
1940.0
Col & II V 1st ext g is
1956 F A
COI & Tol let ext 48
Conn & Pass= Riv it 4s...1943 A 0
1930 F 14
Oonsol Ry deb 48.
1954 I J
Non-cony 4e
Non-cony debenture 48.1955 1 .1
Non-eons debenture 4e.1950 1 J
Cuba RR let 50-year 85 g-- -1952 I J
1936 1 II
let ref 748
19363 D
1st Ilen & ref egt ger 11
me I 1
Ca.._
let
Ity
Cuba Northern
138
)2
34
,
72
9912
8658
8734
9834
98%
102 Aug'26
102% Sale 10234
102%
10712 Sale 10712 10712
10158 101% 102
10218
9238 9338 9212
9212
84% 8578 8438
8438
8612
8658 Sept'26
8358
8314 Feb'26
911g July'26
9114
9012
8112 May'26
104
10418 Sept'26
10118
101 14
10114
9958 Sept'26
99%
9984 9638 Mar'26
98
99
9918 Aug'26
86%
10112 Mar'26
86 Aug'26
85%
84%
8458 Sept'26
9878 99% 9878
9978
107% Sale 10678 10778
103% Sale 10312 10334
- - 8838 July'26
8812
9812 Sale 9812
99
9538
96
9538 96
8714 9212 90 Aug'26
8912 9012 8918 Aug'26
8534 Sept'26
8534 88
9234 _ _ _ _ 9238 Aug'26
73
73
73
73 -7512 73
7318
73
7318
76
73
9512 96
9512
9614
10834 Sale 10834 10918
99
9934 9912 Sept'26
9734 Sale 9712
98
-
_
4
_
_
1
68
9
50
24
26
23
43
117
118
44
134
2
70
4
22
2
5
14
41
6
1
194
6
44
20
14
16
9
15
4
45
36
3
3
2
3
4
22
1
19
5
2
2
11
22
41
25
19
6
9
2
15
11
_
42
Day & Mieh let eons 454e_1931
Del & Hudson lst di ref 4s___1943
1936
30-year cony be
1937
I5-year 545
1930
10-year secured 7s
LI RR & Ildge let gu 49 g
1936
Den di R CI-1st cone g 4.9 1936
1936
Consol gold 44s
A92?
Improvement gold 5e
Den & 140 West gen 5s_Aug 1955
Bee M At Ft D let gu 4...193S
Temporary etts of deposit..._.
Dee Plaines Val let 454s_ _ _ _1947
Get & Mack-let lien g 48 I995
1995
Gold 48
Detroit River Tunnel 454e 1981
ilul Missabe & Nor gen be_ _1941
DM& Iron Range 1s1 bs _ _1937
1937
Dul Sou Shore de All g 58
ERA Ry Minn Nor Div let 48.'48
East T Va & Ga Div g 581930
1956
Cons let gold be
Elgin Joliet & Emu lel g 58_ _1941
1965
El Paso & S W lst 5s
ltr.c let comet gold 78 ext_1930
1996
let eons g 4s prior
1997
Registered
181 consol gen lien g 48_ _199C
Registered
1991'
1951
Penn eel, trust geld 48
1953
5e year CODV 48 Ser A
1953
do Series II
1953
Oer cony 45 Series D
1956
Erie dr Jersey let f 6s
Genesee River 1st s f 5e 1957
1940
Erie& FR1811118 34e 13
1940
Series C 354s
1954
Est RR extl s f 78
110% 11314
101 10334
7958 9038
9934
92
10314 105%
8312 92
9614
95
5434
47
4578 5438
8138 87
Fla Cent & Penn let ext g 58_1930
1943
Consol gold 55
7014 7434
Florida East Coast 1st 4548_1959
903s 95
9114
91
1974
1st & ref be Serlea A
1952
4814 5814 Fonda Johns & Glov 4 413
4714 551,1 Fort St U D Co 1st g 4Sie-- -1941
1961
4712 5514 Ft W &Den C Ist g 5S58
5614 Ft Worth dr Rio Gr mete 48_1928
47
102 106
Frem Elk & Mo Val let(is_ _ _1933
47 • 5534
46:4 55% GH&SANI&Pletbe
1931
1931
45% 5512
2d extene 55 guar
1933
46% 5512 Galv nous di Bend 1st 5s
4712 5514 Ga & Ala Ry let cons 5s____01945
5512 Ga Caro & Nor 1st gu g 58_1929
47
9812 91178 Georgia Midland 1st 38
1948
1941
744 Me Or R & I ext 1st gu g 44e
7412 7412 Grand Trunk of Can deb 78_1940
8558 8912
1936
15-year f 6s
8614 87
Great :Tor gen 7e Series A _1936
8558 8914
Registered
10114 10214
let & ref 44e Series A._ 1961
1952
103 10838
General 5548 Series II
1973
10112 11357e
General Is Series C
1976
10314 10334
Genem14Sis series D
10012 1031, Green Bay & West deb ctts A____
19012 10(34
Debentures etre 13
1940
100 10178 Greenbrier Ry 1st gu 4s
10114 10114 Gulf Mob & Nor let 5545_ _1950
10634 10818 Gult & S I Ist ref & t g 5a __ _b1952
11114 11412
9958 10414 Hocking Val let cone g 4542.1999
88
1999
85
Reglatered
8334 8512 Housatonic Ry eons g 58.,1937
8718 92
1937
H & c tat g int guar
1930
Waco & N W 1st 65
88,4 90'3
Houston licit & Term let 60_1937
8614 90
Houston E & W Tex 1st g 58_1933
1933
101 102
1st guar 5s red
10278 10412 Hud & Manhat Sc Series A..1957
9418 95
Registered
9814 101
Adjustment Income 511_ _.1957
9818 10014
92
77
Illinois Central let gold 48._ _1951
7658 5534
1951
Registered
9418 98
1951
let gold 3148
Ha 10578
Registered
100 103
Extended let gold 3 e__ _1951
11578 11914
1951
let gold 3e sterling
9912 10612
Collateral trust gold 45._ _1962
8714
81
Registered
1004 105
1955
let refunding 45
10238 104
1952
Purchased linos 354s
904
96
Registered
94 t2
93
Collateral trust gold 4a___11953
9314 9314
Registered
8912 90,2
1955
Refundinp 55
100 10112
1934
I5-year secured 548
1936
15-year secured 654s g
8778
85
1950
Cairo Bridge gold 48
974 9938
Litchfield Div let gold 38_1951
102 10418
Loulsv Div & Term g 35481952
10134 10378
Registered
105 108
Omaha Div Is gold 3s____1951
9954 10:134
St Louis Div de Term g 311- 195I
0312
91
1951
Gold 334e
8134 8578
Springfield Div Is g 3148_1951
8212 8734
Western Linea 1st g 48__ I951
6314 6314
1951
Registered
84, 91 18 III Central Ar Chic St L & 11 08112 90
Jolnt 1st ref ba Series A _ 1963
10418 10734
1951
Gold 55
10(14 10234
Registered
9958 994
Gold 3548
1951
908 964 Ind Bloom & West let ext 4s_1940
9918 991s Ind III & Iowa 18t g 48
1950
10112 10118 Ind & Louisville 1st gu 48.__195C
8312 86
Ind Union Ry 0011 5s Ser A_.1965
8512
84%
Gen & ref 5e Series B
1985
9759 101'8 let & Grt Nor let (Sa Ser A._1952
10512 1084
Adjustment 6f4, Series A 1952
10034 10434
Stamped
8634 8838 Int Rya cent Amer 151 58- - -1972
9814 9912
1st coll tr 6% notes
1941
9538 9712 lows central let sedei 5s_ _ _1935
8718 9'212
Certificates of deposit
8718 90
Refunding gold 48
1951
8534
81
Certificates of deposlt ______
75% 9234 James Frank & Clear
1st 48.195f,
6512 73
6512 75
193/,
KaA&GRletRugfe
65% 74
Kan & 151 1st gu g 48
1990
8814 9612
2d 20-year 55
1927
105 110
KC Ft BA 141 cons g (is__ _ _1929
98 100
K C Ft Ei & 83 R., ref 8 48._ .1938
9214 9834 KC&MR& 1st gu 58
1929
Kansas City Sou let gold 3s 1950
Ret & inapt 58
Apr 1950
,Due Jan. 8 Due Feb. e Due May. o Due Oct. p Due Dec :Option
P.k
sale.
1615
Prize
Friday,
Sept. 24.
Week's
Range or
Last Raid
Range
Sines
Jan, 1
8
33.
3034
High
Ask Low
Bid
HUM No. Low
9771 P831
_ _ 9778 June'26
9778
9058 95
9212 91
9214 9212 9214
11838 Sale 11712 12012 164 10818 12212
10358 104 10312 103% 12 10275 10514
11018 11 107 11(18
110 Sale 110
9414 95
95 Apr'26
9414
85% 91
53
90
8958 Sale 8914
95
89
9312 9358 9312 Sept'26
9512 100
9914 17
9914 Sale 9918
62
734
621
71
6812 Sale 6818
39
474
38
39 Sept'26
41
47
39
36
40 Aug'26
44
9612 9614
9634 Aug'26
93%
72
70
71% 75
71 June'26
65
65
65
65 Sept'26 67
94% 9812
11
9634
9534 98
9634
10312 10434
10434 Sept'26
10378
1011s 10312
102 10212 10212 Aug'26
904
85
85 Sept'26
84
81
__
91
9112
91 Sept'26
9034 93
10035 10134
101 Sept'26
101
10614 10612 10534 10614 12 10058 10634
2 10118 10478
10112 10412 10112 10134
7 10258 10415
10412 Sale 10412 10412
10714 30 10538 1081,
10714 Sale 10714
7412 8044
8014 64
7914 Sale 79
7112 Dec'25
113-4
04
120
72
7134 Sale 7114
6812
1
65
6812
6812
965e 985,
9758 25
-07E8 W. 1)758
8714 77
7534 23
7512 757s 75
6714 77
7558 48
7512 Sale 75
7318 85
8212 206
8212 Sale 81%
5 104 111
111
111 Sale 111
8 10414 11012
11012 Sale 10934 110
92
86
8814 91
89 June'26
8312
88
_
8818 Sept'26
8814 91
8112 89
88% 222
8714 Sale 8634
10012
100%
9814
60
9218
9714
10714
9938 Apr'26
10078 10078
_
98 Sept'26
141
99
Sale 98
6014
5
6012 60
9514 9014 Dec'25
10634 106% 10
5
9714
Sale 9714
108 10812 July'26
98 100
9814 102
95% 9812
97 10012
5838 6474
itS
98
107
107
98%
10838
10012 101 10012 10012
9978 10014 10012 Sept'26
4
9612
96
9612 9618
1
98
9814 98
98
100
6
99% 10018 100
72%
7212 Sept'26
97 Sept'26
9558
12
115 Sale 11412 115
34
10634 Sale 10634 107
11314 188
113 Sale 113
11318 Apr'26
9558 14
9-134 05'2 95%
106 Sale 10534 10614 45
101 Sale 10034 10112 23
91% 37
9114 9112 9112
2
8414
8414
8312 85
2112 154
2112 Sale 21
9114 July'26
105
10414 106 105
10678
10712 Aug'26
9714 10112
10018 101
9312 99
96 100
100 1004
724
83
9558 9771
11318 1184
10578 108
19934 11412
11214 11313
9558 17
9512
90 May'26
9712
9712
2
10214
10214
10134 Mar'26
9834 Sept'26
_
10018 Aug'26
10018 Aug'26
9634 66
9612
_
97 Apr'26
8134' 66
8112 Sale 8114
9138 974
90
90
9512 9912
100 10234
10134 10184
9612 100
1(0,8 10112
100 10115
9212 98
97
97
7514 8312
_
94 Aug'26
_
93 Mar'26
1
91
91
8234 Jan'25
2
87
87
87
84
Feb'26
71
75
68
5
9014
9014 Sale 9014
8034 Nov'25
8414
9
9212
9238 Sale 9238
3
82%
823s Sale 8238
_
8412 July'25
8734 38
8712 Sale 8714
_
_ 8234 Dec'25
8512
10512 106 10512 10512 10
8
102 Sale 10134 10234
11218
3
11238 11312 11218
_
90
92% 927 July'26
7618 __
76% Sept'26
8214 Aug'26
81% 83
-. 8118 Aug'26
_
7414 75 - 7412 July'26
80%74% 75
7334 Sept'26 _
8334 85
8378 Sept'26
8378 _ _ _ _ 84 Sept'26
9014 ____ 9014 July'26 _
88 ____ 84 Aug'25
0114 9712
93
93
8314 874
9512 Sale
9712 Sale
10134 -10134 -9834 _ _
10018
10018 101
9612 Sale
9378
8612
9113 9713
10258 108
9714 10234
9112 9578
8114
78
1311 2112
8838 9114
101 108
10312 10712
71
87
71
8812 92
,131;
907
815a 8511
86
8914
105 Cg1-8
10214 104
11118 11318
9059 9275
7814
74
8034 83
7888 8212
7312 74%
7358 7412
811e 8714
8212 85
8954 90%
10112 Sale 10078 10111 57
10418
10414
1
10414
10214 Apr'26
79
7812 Feb'26
9138
2
9212
9212
9012
91 Sept'26
8412 Aug'26
10212
10212 Aug'26
10212 10312 10212 Sept'26
105 10512 105
10514 35
8012 124
8012 Sale 79
8038 Aug'26
7914 47
7612 77
7658
48
95
95 Sale 95
3
5914
5914
5918 61
Sept'26
5834
58% ---12
1812 2014 19
20
- - - - 15 Aug'26
9114 8914 Sept'26
89
9912 10312
10314 105%
102,4 10214
7515 7611
9212 9211
8934 92
7938 841.
10058 104
1007e 10315
103 10815
83
68
6914 80%
7614 81
9534
95
571s 6558
85
58
1684 2318
15
15
881e 9114
Apr'26
_ 101
10212
84
8334 - - 84
8934
9934 10034 8934
10218
102 10214 102
92
91% Sale 9134
99% 10014 10178 July'26
7258
72% Sale 7258
9778
9734 Sale 974
101 101
87
83
9978 10114
10015 103.1s
8915 93
.1021,
983
7217 76
9358 9918
-_-
____
2
5
13
62
5
61
1616
New York Bond Record-Continued-Page 3
BONDS
N.Y.STOCK EXCHANGE
Week Ended Sept. 24.
Price
Friday,
Sept. 24.
Week's
Range or
Last Sale
Range
Stmc.
Jan. I
2,2.2
Ask Low
fliet
High Aro.
KSIlatia City Term let 41___1960 • J
8634 Sale 86%
8718 51
Kentucky Central gold 44__1987 J .1 86% 89 8614 Sept'26
Kentucky & Ind Term 430_1961, J 8214 8414 914 Aug'26
Stamped
1961
8812 Sept'26
.• 1 8714 88
Cake Erie & West let g 5e_1937
.1 10134 10214 101% 10214 30
2d gold 56
1941
j 9934 100 97%
9934 11
Lake Shore gold 345
2
1997 • D 7914 79% 7914
79%
Registered
78
7
1997 in 7712 7812 7738
Debenture gold 4s
99
79
1928 M S 99 Sale 9834
25-year gold 4s
9714 Sale 97
97% 39
1931 M
Registered
96 Dec'25
1931 MN
Lth Val Harbor Term 56_1954 FA 104 10412 104
104
2
Leh Val NY let gu g 44a-1940 J
9778 9814 9734
3
97%
Lehigh Val (Pa) cone g 46_2003 MN
85 Sale 85
85
35
Registered
8012 May'26
MN
General eons 441
95
9512
9
2003 MN
9514 05
Lehigh Val RR gen 5e Beries_2003 M N 10314 10412 10338 103%
2
Lob V Term Ry let 2u g 5a 1941 40 102 105 102 Aug'26
Leh & NY let guar gold 46_1941 M
8978 90
894 Sept'26
Lex & East let 50-yr 5s 411_1965 * 0 107 Sale 107
10718 18
Little Miami 48
1952 MN 8634 86% 8812 Apr'26 _
Long Dock consol g 64
1935 AO 109 11012 10938 June'26
Long bid let eon gold 56_41931• J 100%
_ 101 Sept'26
let consol gold 4e
9612 _ _ 9712 Aug'26
51931 Q J
92 Aug'26
General gold 44
1938 in 9112
Gold 48
_ 97 July'26
1932 in 9414
Unified gold 45
89
7
1949 MS 8812 8914 8812
Debenture gold 58
9934
2
1939
'
U 9912 9934 9934
10-year 13 m deb 50
9612 9738 9714 Sept'26
1937 MN
Guar refunding gold 46...1949 MS 87
88
88
87
Nor Bh B let con g gu 513_01932 Q J 100 101
2
100
00
Louisiana & Ark let g 54_ _1927 M
10012 101
0012 Sept'26
Lou & Jeff Edge Co gu g 4e 1946 MS 88% 89
873; July'26 _
Louisville & Nashville 5s......1937 MN 103 10318 03% 103%
6
Unified gold 45
95% 60
1940
.1 95 Sale 94%
Collateral trust gold 55
10014 10114 0112 Sept'26
1931 M
3
10618
10-year secured 79
105% 10612 0618
1930 M
let refund 545 Series 4_2003 A
10814 Sale 08
10814 23
let & ref 56 Series B
200,3 * 0 10434 105% 0518 10518 11
let & ref 430 Series C
9834 15
2000 * 0 9814 9834 9834
N 0& M 1st gold 66
1
10414
1930 3.1 10334 10434 0414
26 gold (is
10334 10478 0378 Aug'26
1930 .1
Paducah & Mem Div 48_1948 F A
92% 92
92
92
1
it Louis Div 2d gold 38_1980 M
6712 Sale 6712
6712
2
Mob& Montg let g 448_1946 MS 99 ____ 98% Aug'26
South Ry Joint Monon 4s_1952 J
87 Sale 8634
6
87
op,
AO %nosy & Cin Div 48_1955
9112
3
91% 92
N
Lousy Cm & Lex Div g 445'32 MN 99
9934 100 Sept'26
Mahon Coal RR let 58
10134 Mar'26
1934
.▪ 1 10138
Manila RR (South Linea) 48_1939 MN 6412 65
7
644
6418
let 48
7114 7134 7114
1959 MN
7114
5
Manitoba Colonization be_ _.A934 ill 100 Sale 100
100
4
ManGB&NW let 348_1941 ".1 8318 _ _ _ _ 85 Apr'26
Mich Cent Del & Bay City 6s_'31 M
101 10112 102 Sept'26
Registered
101 June'26
M
11lob Air Line 46
9418 ____ 955 July'26
1940
I LASlet gold 314s
1951 MS 8334
79 Mar'26
let gold 34s
8434 Sale 8434
8434 • 5
1952 MN
30-year debenture 4s
9812
9812 26
1929 AC 9812
MEI of NJ let ext Is
944 Aug'26
1940 AC 9412
LB & West imp g 561929 FA 10014 10112 101 Aug'26
Mil& Nor let tit 44a(blue)1934 in 94
96
9412 Dec'25
Cons ext 44e (brown)
95
9512 Sept'26 _1934 it 94
efil Spar & N W 1st gu 46.-1947 M
9012 Sale 9012
9012 11
NIllw & State L let Ho 34s-1941 .2.2
81% Dec'25
BONDS
N Y.STOCK EXCHANGE
Week Ended Sept. 24,
Prize
Friday.
Sept. 24.
Weeks
Range or
Last Sale
Range
Jan. 1
Mob & Bir prior lien it 54_1946 J .1
1946.2 J
Mortgage gold Si
Small
1945 J .1
Mobile & Ohio new gold 66_1927 J
let extended gold Os
41927 Q J
General gold As
1938 M S
Montgomery Div let g 51_1947 F A
St Louis Division 55
1927 .1
Slob & Mar 1st gu gold le_ _1991 MS
Mont C 1st gu g 66
19373
let guar gold 56
1937.2
Morrie & Essex let gll 34e 2000 J D
Nub,Chatt & St L lst 56_ _1928 A 0
lella&SIstrug 5s
1937 F A
Nat Ay of Mex or Ilen 4Me 1957
J
July 1914 coupon on
Assent cash war rot No Son. .-Guar 70-year 5 f 49
1977 A 0
Assent cash war rot No 3 on_ _--.
Net RR Men prior lien 4346_1926 J .1
July 1914 coupon on
J I
Assent cash war rot No 3 on.
1st consul 46
1951 A 0
April 1914 coupon on
A0
Arent cash WM rot No 3 on. _.
10018 _ _ 99 Sept'25
8518 8712 86 Sept'26
78% 85% 7834 Sept'26
102
1
10134 101% 0178
2
10178 Sale 0118 Aug'26
5
9212 _
9212
9212
5
9938
995; _ _ _ _ 99%
9934 10018 0018 July'26
8812 Aug'26
87% 89
11118 11214 11112 Aug'26
10214 104 10214 July'26
8
7812 80
78,2
7858
1
10012 Sale 10012 10012
10318 10312 10312 Aug'26
2112
1
2112
19 Apr'25
1812 12
1812 Sale 1812
8712 Aug'25
9
20
2114
2512 2038
3812 July'25 _
23 June'26
-2914 167; 3112 3112 5
28 Apr'25
1812 June'26
1
10 163-4 17
17
High
Low
sta
Ad Low
High N . Low
High
85
8834 N Y Central & Hudson Haver91
86
Mortgage 314e
1997 J J
79% 80
7918
7612 8112
8014 27
81
9112
Registered
1997 J J
77% 79% 78 Sept'26
765s 50%
8534 8812
Debenture gold 46
1934 M
96 Sale 9534
9414 9612
41
96
100 193
'egistered
944 9434
MN
98% 101
30-year debenture 42
1942 1
9214 Sale 9
92
43
14 SeP9
t3
.238
0214 97
6 20
78% 82
Registered
93 Feb'25
80
Lake Shore roll gold 349_1996 F77
71's 78
7718
4 -fa; ir
771
98% 012
Registered
1996 F A
7734 June'26
76
78
9614 9734
MIch Cent coll gold 346 1998 FA
7912 80
84
7834
12
78
791
Registered
1998 FA
7818
77
813
7834
7834 10
468 31 Y Chic & St L 1st g 4e___ _1937 40
102 1-1/
9412 95
9412 Sept'26
92% 95
99
90
Registered
1937 • 0 938 _ _ _ _ 9438 July'26
92
94%
8568 8714
25-year debenture 413
• 1931 MN
96
93t2 9754
96% 96
2
96
80
83
2d 613 Series A B C
1931 MN 10234 Sale 02% 103
45
10218
105
99
92
Refunding 54,Series A.1974 A 0 10312 Sale 03
103% 105
984 104%
wok 10534
Refunding 545 Sec B
1976 I J 10318 Sale 0238 10318 42
9814 105
NI Y Connect let gu 44s A1953 F A
102 104
94% 95
Sept'26
92
9634
9038
1st guar 58 Series 13
85
1953 FA 101 102% 0925384
1 10018 104
10512 110
'4Y & Erie let ext gold 413_1947 MN
91 July'26
11911 91
84'8 8712
3d ext gold 44e
1933 M
98 Sept'26
98
98
109 10934
4th ext gold Si
1931 • 0 10018
100% 100%
100% Mar'26
10018 101
5th ext gold 48
1926
9814 99,2 99 Mar'26
98% 99
9412 9712 N Y& Greenw L gu R Be__ ....1948 MN
9918 9912 98 Aug'26
94
99%
90% 93
N Y dr Harlem gold 346.
2000 MS 79% ____ 7914 Apr'26
7914 7914
97
97
8434 91% N Y Lack & W 1st & ref 58_1973 SIN
80 July'25
let & ref 446
974 9934
1973 MN ioEl
101 June'26
99% 102
94 100
Y LE&W 1st 76 ext_1930 NI S
_ 10618 June'26
10618 106%
85
90% 33 Y & Jersey let 56
1932 FA 10618_100% 10118 100% Sept'26
100% 10112
'4V&
99% 1004
Long Branch gene 43_141 MS 9038 92
90 Mar'26
90 90
997 101
NY&NEBost Term 45
1939 AO
88 July'26
88
88
YNHA Hart n-c deb 48_1947
86'8 OW2
7518 ____ 774 June'26
S
7015 7715
10212 10534
Registered
6
70 JAuu
ng
e:226
5
MS
9314 95%
Non-cony debenture 3%4_1947 MS
-52
82i 70
101 104
Non-cony debenture 348_1954 * 0 6
73
838 S:3
1:8 6
74
612
68
10
8134 08
10514 108
Non-cony debenture 4s___1955 J J
73 Sale 73
6634 7514
7434
2
loss 11014
Non-cony debenture 4s_ _ .1956 M N
74
2
67%
75
10314 10814
Cony debenture 34s
1956 i Jr 6534 67
6714
6734
74
4
61
98 10014
Cony debenture 65
1948 j j 10314 Sale 10314
97% 10434
10334 34
104 107
Registered
10034 Sept'26
I J
96 100%
103% 104
Collateral trust Os
964 101
10012 93
1940 A 0 101514 gale 100
91% 9212
Debenture 4s
1957 Al N 6712 Sale 6712
673* 20
58
70
6512 68
Harlem It & Pt Chee let
8918 8934 89 Sept'26
84% 89
9354 99% 33 Y dr Northern let g 5s_ 4s1954 M N 10014 1003
4 10014 Aug'26
1927 A 0
100 100%
Y 0& W ref 1st g te_June 1992 v s 7355 Sale 735;
854 89
7414 14
6784 76
904 9312
General 4s
1955 1 D 6834 Sale 6
86
84
3 A p2
6212 71
6
r83
64 :
:
7
994 100
33 Y Providence & Boston 46.1942 A 0 8713
101% 10134 N Y & Putnam lst con 11U 44-1993 4 0 85
874 May'26
VI; -1/1-2
6012 67
NY&RB 1st gold 56
1927 V S 100... 100 July'26
100 10034
6212 7618
Y Sung dr West let ref 56..1937 jJ 8712 88 8712
8712
1
77% 89111
100 101
2d gold 44e
1937 F A 6918 75
70 Aug'26 -73
64
85
85
General gold 58
69%
1940 F A 6914 70
697
63 7412
10078 102
Terminal let gold 55
99
10034 99 July'26
1943 ail N
97%
99
99% 101
y Vrehes & B let Ser I 44e 46
76
77
7714
7612
3
6938 7814
92% 95%
80% Nord Ry extls f 645
79
1950 A 0 85 Sale 8412
85
89
7714 8514
83
8512 s/orfolk South let & ref A 58 1961 F A 88 Sale 8734
88
29
77% 90
93% 9834 Norfolk & South let gold 58_1941 MN
99
997 00 Aug'26 94 101
9012 96
Nor(& West gen gold 66
0714
10714
1931 M N 107%_
10534 10714
10018 101%
Improvecnent & ext 6e
4 l09l2 May'26
1934 F A 10818 1-08310912 110
New River bet gold
1932 A (3 1068 ____ 101 July'26
_ _ 107 10764
93% 98%
N & W Ry let cone g 44.._1996 4 ij 9238 Sale 927
92
43
9014 9334
93
89
Registered
92
9178 May'26
1996 A 0
89 924
Div'l let nen & gen g 44_1944 J j 923* 9314 9238
944
93
6
90%
10-year cony 65
1929 'Af S 1655; Sale 655; 1655;
5 138 166
Pocah C & C joint 4e
1941
9214
3
D 92% 933 9214
91
93
64
57
Nor Cent gen & ref 55 A
10418
1974
10414 Aug'26
10038 10413
56 63% North Ohio let guar g 54
1945 A 0 947 Sale 93%
88
9714
6
948
23
18
Nor Pacific prior lien 4e
8912 52
1997 Q .2 8918 Sale 89%
864 91
12% 1614
8712 ____ 88 Sept'26
Regletered
1997 Q J
86
88
General lien gold 35
_a2047 @ F 6538 Sale 6514
6512 31
6134 66
557g 9112
Registered
02047 @ F ____ 63 6312 Apr'26
60 634
97% 9934
Ref & !mot 4%s eer A__2047 j J 92
9212 9214
9214 56
87
954
97% 9934
8818
____
1123*
Registered
Apr'25 _
10214 106
Ref & lmpt 63 Der B
112
2047
.1 11112 Sale 111
79 1-6111.4
Ca
;
l
10938 103%
11014 Mar'26
Registered
11014 11014
1 .11
8838 9712
Ref & impt 158 eer C
1017
2047 3 j 101 1-0112 1017
gg% 104
1
1,3
93
Ref & impt 58 sec D
9814 10314
2047 I .1 10114 Sale 101%
1018 37
93
96
Nor Pea Term Co lit g 641_1933 1 J 10934 11014 10934 July'26
_ 109% 1094
84% 8754 No of Cal guar g 52
10434 May'26
1938 A 0 105
10112
1...
05;
4
9614 103
North Wisconsin 1s1 64
1930 1 .1 10218 ____ 10212 Sept'26
10215 195
•
goal 808
10
10212 414 Og & L Chem let gu Si II-1948 ii 7914 Sale 7914
6
7912
73 82
904 9534 01110 Connecting Ry 1st 4s__1943 MS 9214 --- 9034 Dec'25
Ohio River RR let 856
10114 ---- 10118
10118
1936
2 1001, colie
D
894 100
General gold 58
10212
102 June'26
1937 * 0 10012
101% i07
- --38 10018 100%
Ore & Cal lst guar g 58
7 10018 10114
1927
.1 10014 100
101% 107,4 Ore RR & Nav con g 4s
9178 93
9178
91%
1945
2
9212
891
4
7412 Ore Short Line-let cons g
65
3 10434 108
.1 105% 10612 10512 10534
88
93
10512 10638 10734 108
Guar cons 58
2 10518 108
1946 1
Guar refund 45
1929
129
98
D 98 Sale 9734
96% 98%
Oregon-Wash let & ref 45-1961 / J 854 Sale 85%
85% 18
83% 88
7934 90e Pacific Coast Co 1st g 5e
94
11346
9
D 92% Sale 93%
91% 96
78% 87
Pat RR of Mo let ext g 511-1938 ('A 93% 9414 9312
9312
3
9112 94
10078 103%
2d extended gold 56
1936
1 10112 102 101% Sept'26
100 101%
10912 10614 Paducah & Ills betel 4%t..1955
98
28
.1 9752 -- 97%
9614 9814
90
9212 Paris-Lyons-Med RR 65
201
81
1958 ('A 8014 Sale 8014
7312 82
9874 101
S f external 76
92
1958
290
S 9114 Sale 91
82 93
9J4 1004 Paris-Orleans RR sf7s
1954 MS 89% Sale 89%
9034 82
82 9034
9858 Faunas By 76
87
1942 MS 10112 10212 10212 Aug'26
100% 103
10941 11212 Pennsylvania RE-cons g Si 1943 MN
951
___ 9312 Aug'26
9314 94%
10111 10278
93344 95
Consol gold 4s
9334
944
1948 MN
2
9112 9914
7734 81%
9314 94
4s Merl stpd dol___May 1 1948
93,2 Sept'26
N
9114 9814
1004 101%
1960 ('A 101 Sale 10012 101
Consol4j4s
8
97% 101%
10134 10318
General 44e Sec A
1945
9712 68
D 97% Sale 9738
9414 994
2112 2111
General 156 Ser B
1968 ID 10414 Sale 10414
105
10 102% 1047s
10-year secured Ts
1930 *0 10712 Sale 1073, 107% 228 106% 108%
2
IS .221
111%
Sale
11132
15-year secured 345
112
1936 FA
41 111% 11312
112 June'26
Registered
('A 111%
112 11214
173, 27
40-year gold 54
10112 98
1964
N 101 Sale 101
981s 102%
Pa Co-Gu 33.4s colt tr Areg 1937 MS
864 Oct'25
23
23
Guar 3%;coil trust Sec B_1941 ('A
86 July'26
83"
Guar 3%e trust Ms C.__.1942 ID 8412
2812 3512
8418 Aug'26
84 844
_
Oulu.34s trust 0th D1944
83,
g June'26
D 84
831s
82
184 21
Guar I5-25-year gold 4s 1931 * 0 9712 Sale 9712
4
9712
9814 9734
13
20%
884
8914 8812 Sept'26
Guar 46 Ser E
1952 MN
881s 8914
194/ ii
New England cons 55
1945 33
Consol 4e
1986 FA
16 J Juno RR guar let 48
/I0& NE ler ref&imp 445 A '52 iJ
New Orleans Term let 45.. _1953 ii
N ()Texas & Men n-o!no 54..1936 AO
1954 AG
1st 5e Series B
1954 AO
1st 5145 Series A
& C Bdge gen guar 4%s,,1948 ii
RYB&MBlatcong 56_1936 40
Y Cent RR cony deb 6s1935 MS
MS
Registered
Consol 48 Series A
1996 F
Ref & Impt 414s
_
2013 40
Ref & Rapt 66 Series C__201.3 AC
Registered
0
10018 July'26
8614 Sept'26
84% Sept'26
95% 97
9614 Sept'25
8618 8612 8618
8618
9934 100
9934
9934
99% Sale 99%
99%
105 Sale 10434 10512
94% 96
95 July'26
10034 10114 10034 June'26
10714 Sale 107
107%
10612 May'26
_
8934 8834
8914
9634
9634 97
97
103% Sale 10314
103%
10314 Aug'26
9514 10018
87
81
84% 8514
92% 974
87%
84
96% 10034
96 10078
10218 10512
944 9634
9934 102
104% 109
10618 10612
8534 9014
9214 9712
10118 10534
10318 103%
_
1Ainn & St Louie let 75
____ 100 103 Nov'25
1927 J
let consol gold 55
5812 62
58 Aug'26
1934 M
Temp tils of deposit
5812 5912 5912
5912
M
let de refunding gold 4s_1949 M
20% 21
2014
2018
Ref & ext 50-yr be Ser A__1962 Q
14
15
1414
14,4
let guar g 75
99 102 102 Sept'25
1927 J
M St P&IIISM eon g 44 hit igu'38
8834
J 8734 Sale 8734
1st cons IN
1938 I, 8714 8734 98 Sept'26
let cons 58 gu as to Int
98
1938
.1 9712 98% 98
i0-year ooll trust 6145__1931 MS 10318 Sale 103
10318
Iert & ref 6s Serial A
1946 ii 101 10112 10112 Sept'26
90
15-year 5344
89% 90% 8912
19413 M
let Chicago Term sf 45
93,4
1941 MN
- 93 Mar'26
Mieshetippi Central let 54_ 1949 1
9512 Aug'26
9512 96
Rao Kan & Tax-let gold 4s_1990 J
8618 8612 8618
8614
0-K-T RR-Pr 151 Sec 4_1962 33 101 Sale 101
10112
85 Sale 85
40-year 46 Series B
8614
1962
103 Sale 10212 10318
10-year be Series C
1932
Cum adjust 58 Sec A Jan_1967 AC 94 Sale 9334
9412
Missouri Pacific (reorg CO)
9734 Sale 97%
lit & refunding Is Sec A 1961 F
98
10612
let & refunding 84 Sec D1949 FA 10512 Sale 105
10512
lit & refund 64 Sec E hit_1951 MS 10514 Sale 10514
7238 Sale 7212
General 431
73
1971 M
Pao 331 74 extat 4%
1935 MN 92% 93 9238 Sept'26
a Due Jan
4 Due April
15
35
2
32
2
91
13
21
145
19
42
243
43
114
57
249
97% 101
8618 _
p Due Dec. 5 Option isle.
13
2
33
56
10
6
30
86
Peoria & East let cons 44_ _1940 * 0
Income 4s
1990 Apr.
Peo & Pekin Un 1st 545... _ _1974
0
Pere Marquette let Sec 456.1956 1 .1
let M Ser B
1956
J
Phil& Bait & W let g 46
1943
N
Gen 53 Series B
1974 ('A
Philippine By let 30-ye,145 1937 1 3
Pine Creek regstd fis
1932 ID
P C C & St Lgu 41-is A
1949 • 0
Salm B 4%e guar
1942 40
Series C 41413 guar
1942
N
Series D 4e guar
1945 MN
Series E 3444 guar gold___1949 ('A
Series F 44 guar gold
D
1953
Series CI 4e guar
1957 • N
84
8434 84%
8434
39
41
40 Sept'26
10112 Sale 10112 10134
102% Sale 10212 102%
8634 8712 8634
8634
93% 9434 9334 Sept'26
108 108% 10838
10838
42
4312 4212
43
10614 -- 105,4 Mar'25
98% -9934 9918 Sept'26
99
9912 99 Aug'26
9812
9812 Aug'26
9574
9418 June'26
9418 Aug'26
0578 ____ 9518 Aug'26
95%
95,
8 Aug'26
3
26
12
5
1
12
79% 874
42
35
10014 104
10118 10412
8534 88%
93% 94/5
1061s 11112
4012 45
Ififs
96%
9718
9312
924
92%
93
991,
9812
9418
944
9515
9515
New York Bond Record-Continued-Page 4
•
BONDS
N.Y STOCK EXCHANGE
Week Ended Sept. 24.
11
Pries
Friday. •
Sept. 24.
NO
Week's
Range or
Last Sole
Ask Low
a,
High No
Range
Since
Jon, 1
•
BONDS
N.Y STOCK EXCHANGE
Week Ended Sept. 24,
Low
1617
Price
rid
Ptir
I Sept. 24.
Week's
Ranee or
Last Sole
iv
Range
Since
Jas. 1
High
Rid
Ask toy
Mob
Low
Mob
N RR & Can gen 4e__1944
9212 Dec'25
9714 9714 Utah & Nor 1st ext 48
1933
9578
95%
95% 9578
9614 9818
linden& cons 4e See A
1951 FA
9013 - 9012 Aug'26
88
9012
96
98
Como' 48 Series B
1967 56 14 9014 ---_ 9034 July'26
8818 90%
100 10412 Vera Cruz & P let gu 44s-1934
20
Sept'25
994
20
10458
July 1914 coupon on
26
24 Apr'26
J 25
24" If
100 101
Assenting let 4118
1934
26 Aug'26
23 33
Virginia Mid 68 Series F____1931 71101
100
Dec'25
1-0.
67* 1-6314
General 58
1936 MN Inas
10238 102%
101 1023*
10134 10114 Vs & Southw'n lit gu 5e-2003 j j 100 10254 103
Aug'26
9912 103
---- -let eons 60-year 58
1958
96 Sept'28
9014 96
9934 100
Virginian ist be Series A1962 ro
A I$
C 10
93
134 Sale 10118
10178 115
9934 10312
9112 Wabash 1st gold be
91
1939
10278 Sale 10234 10278 48 101 104
10212 104%
20 gold 5e
1939
14 S
10
a3
1e 101
1%
j
A 102
S
9812 10178
10114
• 624 8834
Re/ 1 5848 ser A
1975 M
39
10212 103
98% 105
8318 84%
Debenture B 8s regietered_1939 M E
9314 Feb'25
5114
let lien 50-Yr g term 46_1954 • j 83% 14
Reeding Co gen gold 48
- 8412 Aug'26
84
1997 j j 98
991 99 July'26 -8610
954 99
Det & Chi ext let g Se__ 1941 j3 10212
Registered
10258 July'26
101 102%
j j
_ 4478 May'25 _Des Moines Div let g 48-1934 I .8 8814 lig% 8858 Sept'28
Jersey Central coll g 44-1951 A 0 -ilia 931 9112
8414 90
92
5
95
90
Om
Div
1st
g
1941
334s
2
Set
4$18
AC 8834 ---- 8314
Gen & ref
A
1997j j 9758 Sale 9758
834
774 834
977
944 9858
Tol dr Ch Div e 48
1941
Richm & Danv deb be etpd_1927 A 0 100- 1001 Sept'28 71
e 8034
90 Aug'26
87 90
993410014 Warren let ref gu g 3848
2000 PA --Rich & Meek let g 48
8012 Sept'28
80
81
1948 M N 79 16 78 July'26 ____
78
80
Cent
Wash
let
1948
gold
4a
!Rohm Term Ry let gu 58
87 8558 Sept'26
84
SI 85
1952 1 .] 101% 1013 10112
36
h01'1
1 10012 10234 Wash Term let gu 3$le
1945 Fl 851487 84%
31
Rio Grande Juno let gu 55_1939 I D 10014 Sale 10014 10014
83
Ws
8514
9512 10114
5
let 40-year guar 481
1945 Fl 9113.... 91% Apr'26
Rio Grande Sou let gold 4&A940 r j
83
st
7
9118
7
Aug'26
7
7
Guaranteed (Jan 1922 wan on) I J
6 May'25
$V Min W & NW le% gu 68A930 FR 98
9858 98 Aug'26 _
RIO Grande West let gold 48_1939 j j 9034 91,2 9034
968s 9331
907g
2 -E;674 9234 West Maryland 1.4 g 4e
1962 j
Mtge & coll trust 48 A
A 0
74
214 131$1__,.. 7334
1 10
1949 A 0 8238 83
&Ps Ws
7414 40
8253 . 828 11
74% 85
West N Y & Pa let g So....l937
RI Ark & Louis let 448_1934 si 8 9412 Sale 94
10118
Sept'26
1008
4 10212
941 177
89 94%
Gen gold 48
1943 A C
Rut-Canada let iru g 4s
8753 8814 8658 Sept'26
1949 r
ass 88
7912 8118 80
80's
2
75%
83
3
4
Income
g
be
Apr I 1943 No
Rutland let con g 44e
1941 j
---- 45 Feb'25
9018 91% 91
91
2
87
92
Western Pan let Ser A ba_ _1948
9
Bt. Joe & Grand Ill let g 114-1947 4 j 8412
99%
9934
f0-1778
8458
84%
2
7814 85
1st gold 68 Series B
1946 M
104
9
3 10084 10812
1e 10278 104
9
214
4
28
12
St Lawr & Adir let g be
0
30
j
1998 j j
9834 Aug'26
9712 9912 West Shore 1st 48 guar
2361
9
2d gold 65
85%
1996 A 0 102 106 101 Sept'25
83% 87
8578
Registered
2381 J 7
It. L & Cairo guar ir As
5
1931 1 J 954 10614 9534
8478
83
84%
86
9534
95
b
9653 Wheeling ALE lst g be_ _ _ _1926 A 0
995 Sept'26
a t It M & B gen con g 6i1-1131
994 101
:
1
0 100 10014 10018 10012
8 100 101
Wheeling Div let gold 58_1928 j j ____ 101 100 July'26
Stamped guar tie
100 10212
0
10018 1008 23 10014 1001t
Ex-en dr impt gold 58
1936 F A
Unified & ref gold 46
995* 10018 9912 Sept'28
1929 1 J 97 Sale 97
98% 99%
9714 67
vo% v714
Refunding 448 Series A 1986 M S 8988 8934 88% Sept'26
Registered
804 90
.1 j
93 Sept'25
_
RR let consol 45
1949 M s 8514 8612 8512
MY & G Div let g Mi
81
8512 10
1933 M N -OR' gile- 9134
8914
9214 82
8994
Wilk
&
East
let
gu
_1942
g
be_
Bridge
Ter
• D 70% • 73
gt L M
gug 511
7112 Sept'28
1930 A 0 100 101 100 Sept'28 -644 7414
eft
10012
Will & 8 F let gold be
:
88882
1938,
OIL & Elan Fran (reorg 00) de 1950 J J 8253 Bale 8214
292%58 S-888a6931:142
-._ 10212 Apr'26
jjj 10
102% 10212
U
N
11
t
j
8258 185
77% 8412 Winston-Salem 13 B let 41_1960
Registered
7
854 8814
87
8778
J J ____ _ __ 8314 June'26
80 84
Wie Cent 60-yr let gen 4e_ _ _1949
Prior lien Set B be
804 87
8254
1950 J J 9818 Sale 98
83,4 17
9814 785
93 997s
Sup & Dul div & term let 46'36
sets go%
Prier lien Set C be
89%
1928 J J 102 Bale 102
Sept'26
1024 26 10138 103
Wet & Con East let 4848_ _1942
Pr'or Ren 545 Bet D
1942 I J 10158 Sale 1014
7614 8611
86 June'26
13
99141031*
Cum adjust See A 88__119515 A 0 98 Bale 9712 101%
98
131
9214 98
INDUSTRIALS
Income Berke A 6e
/11960 Oct
9538 Sale 9512
96
171
8458 9614 Adams Express coil tr g 4e. _1948 M E
MLouls & Ban Fran Ry gen 68'31 I J 10578 -- 10534 Sept'26
8812 Sale 88
86 8834
8834 11
_ 101 108
Ajax Rubber let 15-yr at 88_1938 J D 10418 Sale 104
General gold 5e
10434 28 10112 106
1931 I .8 10011 10112 10058 10058
2 10018 10112 Alaska Gold M deb 66 A____1925 M
312 434 414
St. L Pee & N W lst gu be-1948 I 1 10353 10434 10
Oa 6
432 10
Aug'26
353
1
8
104
102
Cony
deb
6e
Series B.
1926 M E
It. Louts Sou let gu g 4e_ _1931 SI 5 9418
4
411
312 434 412 Feb'25
96 July'26
94% 97% &Ipine-Montan Steel 78--1965 II
It L SW let ir4s bond 008_1989 M N 8678 Sale 8614
90
Sale
18
8914
8
9112
893
4
9012
86% 13
844 88
Am Agile Chem let be
1928 A 0 103 _ _ _ 103 July'26
2d g 48 income bond otfe_p1989 J J 79
102/
1
4 10414
78 Aug'26
7912
82
76
let ref e f 7Sle g
Cone& gold 48
1941 F A 104 Sale 104
10458 53 1031s 106
1932 J D 9314 Sale 9314
9334 36
91% 98
Amer Beet Sue cony deb 68_1931 F A
let terminal& unifying 58-1952 J .1 9478 Sate 9412
9312 9412 9312
9011 10112
13
94
95
30
894 97% American Chain deb ci 811_1933 A 0 10114 Sale 101
M.Paul & K C Sh L let 44s 1941 F A
9814 102
10134 32
9012 Sale 9014
907
86
74
9218
Am Cot Oil debenture 58_1931 M N 94
IL Paul & Duluth let 5e___ _1931 Q F 10118 102 10114
95%
95
Sept'26
93
1f 9714
10114 15 10114 10114 km Dock & Impt gu 65
1936 .7 J 10514
lit °ousel gold 48
10512 1068s
1988 J D 8912 9012 91 Sept'26
10512 July'26
sv
91
Amer
Ice deb 7e__Juiy 15 1939
129 Sale 129
It Paul E Or Trunk 44e
1947 J J
1 118 18414
129
9212 ---- 91
Jan'26
901
.91
Am Mach dr Fdy f as
II Paul Minn & Man oon 48_1933 3 D 9534 98
1939 IC-0 10314 10414
10014 104
98% Sept'26
_
96
9734 Am Republic Corp deb 6s.A937 A 0 9978 Sale 104 Sept'28
Registered
98 1004
9978 10012 26
J D
9212 July'25 ____
_
& R let 30-yr be ser A1947 A 0 10012 Sale 100% 1003
lit oonsol g 4e
1933 J D lair., :::: 10734 Aug'26
99 10114
87
4
1
_
-0758 10934
let M 68 Series B
Registered
1947 A 0 10734 Sale 108
J J --_- _ ___ 108 Aug'26
10814 35 106 10884
107
108
Sugar
Amer
Ref
15-yr 641_1937 J .1 10334 Sale 10312 104
be reduced to gold 43.4s_.._1933 J .1 9918 9912 9912
47 102 10612
9912 35
99 100
Am Telep & Teleg coil tr 4e-1929 J
Registered
9814 Sale 98
1933 J J --- ---- 97% Aug'26
967s 9814
983s 168
9712 99
Convertible 4e
1936 M
Mont ext let gold 49
9258 9312 92%
1937 J D 9412 _ _
92 9158
2
9418
9414 Sept'28
93
9
6%
20-year cony 4$48
1933 *I E 9812 9934 984 Sept'26
Registered
ID ---- --- 93 Sept'26
97
14 10212
9214 93
30-year coil tr bs
19483 D 10234 Sale 10214 10314 54 10012 10312
Pacific ext guar 48(sterling)'40 J J 884 90
894 Sept'26
894 go
Registered
St Paul Union Depot 511____1972 J J .10438 Bale 104
J D 10112 ---- 103 June'26
102% 103
10438
5 10174 10534
35-yr e f deb be
19601 .8 10038 Sale 100% 10012 226
97% 102
20-year s f 5.411
6•& A Page 1st gu g 4e__ _19(3
1943 M N 105 Sate 10478 10512 141 102% 10634
J 8734 Sale 8734
8814
84 89
7
Am Type Found deb 6a
Banta Fe Pres & Phen 641_1942 M S 102
1946 A 0 10134 Sale 10012 10178 58 1(014 105
10212 10212
1004
10234 Am Wat Wks & Elec 5e.1934 A 0 97%
gay Fla & West lit g 60_..l934 A 0 1084 110 108 Sept'26
9534 994
97% 97%
9734 27
108 110
Am Writ Paper s f 7-6a
let g be
1939 J
58% Sale 58
1939 A 0 10214 10314
42
6114
5834 46
4 Dec'25
Temp Interchangeable etre dep_ .
lirdoto V & N E let gu g 48_1989 MN 8834 891 1013
5712
Sale
414
81%
5712
35
587
2
89 Sept'28
WS;
geaboard Air Line g 48
1950 A 0 8112 Sale 8112
9534
8112
78
1
4
Anaconda
Cop
Gold 40 stamped
Min let 8 _19E3 F A 10318 Sale 103
1950 A 0 80% 813 8038
1014
10411
208
10312
8012
6
82
7814
Registered
Adjustment bs
Oct 1949 F A 80 Sale 7912
10258 10278
1 102% 102%
8012 288
76 877s
115-year cony deb 7e. __ .193i F
Refunding 48
1959 A 0 7338 733 7318
10612 Sale 10612 10678 181 1024 107%
74
21
6914 78
Andes Cop Min cony deb 78_1943 J
let & cone 65 Series A__ 1945 56 5 95 Sale 9412
10512
Sale
9678 108
105
387
10612
951
388
91
9638 anglo-Chilean Nitrate Te_ _ _1945 MN
Atl& Diem 30-yr 18t g 46_61933 56
9014 Sale 8934
96% Sale 9618
9514 10018
97
96
901 110
8812 94
Seaboard-All Fla let gu 60 A.1935 F A
Antilla (Comp Azue) 748_1939 J .1 98
95 Sale 94
84% 924
983 8912
90
11
951
57
98%
9214
Ark & Mem Bridge & Ter be- 64M E 98% 991 9878
Seaboard &-Roan be ext'd_ _1931 J J 100 100% 10012
9418 99%
9878
1
Aug'26
99% 10012 Armour &Co let real est4j4s1939J
So Car & Ga let art 5848_1929 MN 101 1011
9(04 92%
D 904 Sale 90%
9034 34
10153 Aug'26
101 102
Armour & Co of Del b 418_ _ _1943 3 J
B&NAlaconegug be
1936 F A 10212 1031 10214 Sept'26
Sale
9312
92
93
984
204
9312
lig%
10214
Ansoclated 0118% gold notes 1931561 10212 Sale 10212 1023
Gen cons guar 150-yr be_ 1983 A 0 10818 108 10614
1034
102
4 22
4 10534 108% Atlanta Gae L 151 56
So Pao Col 4s(Cent Pac col)k1949 I D 88 Sale 8734 10614
19473 13 10012 ---- 99% Mar'25
8818
90%
29
Atlantic Fruit 79 ctfe dep
Registered
1934 7 D
J D 82
1538
16
28
88
15 Sept'26
8512 May'26
84118 8512
20-year cony 48
Stamped ctfe of deposit
June 1929 M
9818 Sale 9778
21
2018 Jan'28
204 20%
9818 157
967s 9858 AU Gulf & W I SS L col tr be-1959 J
20-year cony fie
1934 J I) 10034 Sale 10034 101
69
701
70
70
71
12
13
705
4
4
1023
4
100
20-year g 58
Atlantio Refg deb be
1944M N 100% 1013 10034 Aug'26
1937 1 J 10038 Sale 10038 10034 15
9984 10284
9914 101%
Ban Fran Terml let 41_A950 A.0 90
9058 go
90
10
91
87
Beldw Loco Works 1st 58_1940
Regletered
A 0
1 1021a 10514
85 June'26
85 8512 Baragua (Coup Az) 74e_ _1937 M N 10358 10538 10514 10514
So Pao of Cal-Ciu g be
1937 MN 10034 Sale 10018 10034
J J 105 1053 10414 10414
1 103 1084
2 1(058 10434 Barnadall
So Pao Coaat let gu g 48-__ _1937 J .1 64% ____ 95 Sept'26
Corp deb Gs
1940 J
98% 101
98 Sale 98
98% 134
95
9414
So Pao RR let ref 48
Belding-Heminway6s
1955 J
1936 1 7 ____ 983 9634
92 Sale 9114
94% 100%
92
1
9634
281
90 93
Bell Telephone of Pa 68
1948 J J 10214 Sale 102
100% 10378
10214
10
let & ref 5e Ser C
Southern-lit cons g 5e_ _ _1994 J j 10614 10632 10614
1060 A 0 102% Sale
1063
8 10278 87 100 10378
29 104 108
Beth Steel 1st & ref be guar A_'42 M N 100 Sale 1025
Registered
.1 D
10612 June'26
9558 1021e
99%
8
8
10114 10812
Develop & gen 48 Ser A__1956 A 0 8414 Sale 83%
30-yr p m & imp e 1 5e_ _ 1936 J .1 9712 Sale 9634 1007
93 984
84% 120
971
59
8818
811
4
Cone 30-year 68 Series A. _1948 F A 10034 Sale 10018
Develop Ac gen 61
1956 A 0 1114 Sale 111% 11158 15
9514 1018
1008 188
.
1074 113%
Develop & gen 8845
Cons3O-years34e5crlesB 1953 FA
1958 A 0 117% Sale 11712 118
9612 Sale 95%
8712 978s
154
97
Mem Div let g 4lle-ba_1996 J .1 10558 1061 10534 10534 55 112 118% Bing&Bluedeb684s
1950 MS 92
9312 93l4
904 95
3 101% 10612 Booth Fisheries
9314
1
St Louie Div late 45
1951 J J 8934 903 91
ieb
s
I
68_1928
AO
9713
9712
Sale
91
971z
70
1
974
6
86 91
Botany Cone Mills 64e1934 AC 84 Sale 84
East Tenn reorg lien g 58_1938 II S 10014 102 100
8012 95%
100
8414 14
1
99% 10058 Brier EMI Steel
Mob & Ohio coil tr 46_1938 M S 90%
let 584s
1942 * 0 10318 10414 10318 10314 12 101 106
91
9114
874 93
gpokene Internal let g bs 1955 1 1 84
B'way
&
7th
Av
let
cg
68„
853 8512
_1943
30
7018 72
853
71 Sept'28
71
20
_
8734
7638
81
Superior Short Line 1st .58_ _41930 M 8 9912
Ctfe of dep stmpd June '26 int
10012 Sept'26
684 69
70 Sept'26
70 73
_
9912 10012 Brooklyn City RR
Term Assn of St L 1st g 4344_1939 A 0 97% 9812 9778 Sept'26
58
1941 ii 94 Sale 94
95
9314 95%
5
9514 9812 Bklyn Edison Inc
1944 F A 10314 Sale 10214
let cons gold Si
gen
58 A._1999.73 10412 Sale 10412 10484 27 10258 105%
10214 10 101 106
General
Gen refund a f e 48
1953 J J 87
8734 9714
1930 1
10412 Sale 1054 106
9714
3 8434 8712 Bklyn-Man68 Series B
4 103% 1064
Texarkana & Ft B 1st bile A 1950 F A 102 Sale 10158 10218
59 101% 102% Bklyn Qu R Tr Sec 6e_ _ 1968 .7.7 9834 Sale 9814
9214 98
9634 210
Tex & N 0 con gold be
19433 .1 9912 Bale 9912
Co & Sub con gtd 58'41 MN 8158 Sale 6112
9912
1
01
815s
11
98%
8414
10214
let be
Texas & Pao ist gold 58
2000 .1 D 10512 Sale 105% 10511 lb
1941 31 7412 79
79 Aug'26
72 79
103 10712 Brooklyn R Tr
1931 l J 10018 100% 10014 Sept'26
La Div B L let g 50
let cony g 48_2002
J
Aug'26
99
8812
3
4
101
ssl2
8512
3-yr 7% secured notea
Tex Pan-Mo Pao Ter 545_1954 M 5 -___ 102% 10214 102% 30
1921 II
138% Nov'2
9914 106
Ctrs
Tol & Ohio Cent let go 58..1935 .7 J 101 .._
101
101
1 1004 10178 Bklyn of deposit stamped.......
12318 Mar'2 -Un
Western Dly let g 6e_-1935 A 0 1004
El
let
g 4-58
1950 PA 9334 Sale 9334
881, 97l
94
- 10012 10012
10012 101%
40
Stamped guar 4-be
General gold Si
1935 1 D 10018 10012 10018 Sept'28
1950 P A
9334 Sale 93%
94
8812 8554
15
97% 10218 Bklyn Un Gas let
Toledo Peoria dr West 48_1917 J J
cone g bs_ _1945 MN 102 10414 102 Sept'28 -- 10032 10434
23 June'26
23
37%
1st
lien
&
ref 55 Series A 1947
1950 A 0 8934 90
Tol St L & W 50-yr g 4s
8958
N 113% Sale 11312 11358 23 110 114
8934
6
8714 90%
Cony deb 514s
•coi w TAO gu 4145 A
1931 .1 J 99 100
98 Mar'26 _
1936 J
155 157 1544 15714 206 126 166
97% 98
Buff & Sum Iron a I be
1933 J J 99
Series B 4845
9658 Dee'2
1932 ID
91
92
91 June'26
Bush
Terminal let 48
1942 M S 9212
Serial C 42
90 Noy'25
1952 A0 89% 92 90
8714 9214
_
10
90
Conaal be
Tor Ham & Buff lute 48_ _ _1946 J D 89% ____ 8912
1955
.• 7 9478 Sale 9412
8912
90 984
1
947
9
87¼ 9014 Bush Term Bides
be gu tax ex 1950 AC 99 Sale 99
9984 15
95% 100
Ulster & Del let cons g 5e- _1928 J D 874 69 69 Sept'28
6012 80
Cal CI dr E Corp unit &ref 56_1937
1962 A 0 40% 43 41 Sept'28
lit refunding g 48
N 10138 Sale 10138 10118 14 10014 1024
3612
48
Cal
Petroleum
51 g 48_ _1933 AO 1037* 10414 103% 10414 24 10338 10514
Union Pacific let g de
1947 .1 J
9334 Sale 9312. 944 54
924 9512 Camaguey Bug let s6
Registered
J 1 9111 9334 9214 Sept'28
1 g 7e___1912 AO 9912 Sale 97%
904 9978
98
6
83% 9334 Canada BB Linea 1st
1927 3 J 9912 Sale 9912
20-year cony 4s
coll s 75 '42 MN 105
105
4 10118 106
105
9918 49
9914
100
Cent Dist Tel let 30-yr 5e_1943 J O 102%
Registered
J J
9912 May'26
1034
1025
8
10112
025*
1
103
_
99
9912 Cent Foundry let s f
e2008 MS 90 Bale 8934
let & refunding 413
68
93% 99%
0:8014 23
88
9034 Cent Leather let lien s f 8s 1931 P A 9618 9714 98% Sept'26
e2008 MS 102 10214 107
1st lien & ref be
1945
.• 1 10112 102 0178 10212 49 100 10234
107
1 10614 10912
10-year perm secured 61928J J 10678 10734 102
102% 22 102 10334
Pitts CM Chic & St L(COnanded)
Berke H 48
1960 F A
Berke I cons guar 4411-1963 V A
Series .7 44e
1984 to N
Series
General 711 56
A
1970 j D
Gen mtge Be Series B
1975 a 0
Pitta & L Erie 2d g Si
a1928 A 0
Pitts Moll & Y lot gu 611-1932 J J
PIKS Sh & L E let g be
1940 A 0
let censel gold be
1943 J 1
Pitts Vs & Char bit 41
1943 MN
NI N
Pills Y & Ash let cone 581927
let gen 418 serlee A
1948 I D
let gen be series B
1962 F A
Providence Elecur deb 4e
1957 to N
Providence Term let 4e
1958 as E
9,7
9512
94888 96
9614
9714 Sept'28
9734 Ifi- 9818 Aug'26
978
98
98
103 1-0312 10234 Sept'26
10234 10314
10214
i0
18378 100 Aug'26
,
ii- 106 106 Aug'25
10134 102 10134 Sept'26
10038 -- 10134 June'26
10
90
2%
9114 May'25
100 Apr'26
923 -ggl 9112 Mar'26
10218 1041 10278 Sept'26
67
70
6812 Aug'26
8458 ___ 8458 Aug'26
•
a Due Jan
0 Due May. •Due June. *Due July. k Due Aug.
PDUil NOY. *Option Bale
1618
BONDS
1 Y.STOCK EXCHANGE
Week Ended Sept. 24.
•
1]
Central Steel let get 8s__ _ _1991 28 N
;trio city & Conn Rye 58_ _1927 4 0
Ch 0 L & Coke let en g 65 A937 13
1927 P A
Chicago Rye let Se
1932 * 0
Chile Copper Bs Set A
Mein Gas & Elec let k ref 55,58 * 0
514s Ser B due Jan 1 ___.1961 * 0
Cities Sery Pow & L a f 63 _ _1949 MN
Clearfleld Bit Coal let 0_1940
Colo F & I Co gen a I 68_1992 P A
Col Indus let & coil 56 gu1939 FA
1927
Columbia 0& E let Se
3
1927 • 3
Stamped
3M
,
COl&9tbAy let gu g 58_ _ _110
New York Bond Record-continued-Page 5
Price
Oay.
Sept. 24.
Watt's
Range or
Last Sale
H403
Ask Low
13i4
121 Sale 12034 121
5312
5234 5338 53
10134 103 10158 10134
78
7734 Sale 7614
1064
106 Sale 106
1024 Sale 10214 10214
10358 10438 10358 1035g
9534
9512 Sale 9512
82 May'26
78
9513
9538 96 953s
89
8212 Sale 8812
9978 100 9978 100
100
994 10014 100
10 Oct'25
044
flt
Range
Singe
Jan. 1
No
23
5
6
180
120
6
1
220
_
11
2
12
3
High
Low
11514 1234
444 .56
1014 103
6534 81
1054 10912
102 1834
10214 10512
9434 9712
82 824
9014 9534
8334 91
9914 10114
100 101
BONDS
N Y. RTOCK EXCHANGE
Week Ended Sept. 24.
Pf1C1
Pridav.
Sept. 24.
Week's
Range or
Last Sale
RONNII
1Sffice
Jan. I
4
High
11101 No Low
As) Low
BO
774 8211
5
80
Hinge Couiety El lat g 41/... 1949 F A 7958 Sale 7958
89
7712
1
89
89
7978
8038
A
F
1949
9s
guar
Stamped
9858 101
J 1004 101 10012 Aug'26
3 j
4,
68_13959
o4a
re ntyLigbtlng
Kings County
1 106 110
10938 10934 10938 10938
1814
0112 107
10214 13
1936 1
2 D
C 10178 105 102
Kinney(0R)& Co 714% note3'
10038 Sale 10038 10034 62 100 1004
Kresge Found col tr 63
9614 100
8
9818 9838 9778
9818
Lackawanna Steel Ist 58 A 1950 M
3 100 10314
Lao Gas L of St L ref&ext 58.1939 A 0 1004 10058 10034 10034
0011 & ref 5)4R &nee 0-1953 F A 10312 Sale 10338 10378 55 10258 103
98 1004
7
9812
Lehigh C & Nav e f Ms A.-1959 1 3 98 100 97
mu 3 1004 10154
Lehigh valley Coal 142 g5s 1033 1 .1 10118 10112 1011s
1st 4 -yr gu Int red to 4% _1933 J J 994 95
2 10
34
4114
4'2'
99
90
1959 F A 9934 100 658;sepIii
let & ref e f 58
9012 Feb'26
Lex Ave & P F lert gu g 58_ _1993 M S
618,2
23
120
:
8 :
01150
12312
9 1:
Liggett & Myers Tobacco 78.1944 A. 0 124 1/11-2 123
12012 122
_ 12012 May'26
t 0 117
Registered
1951 F A 10018 101 10014 1004 40
55
_
9918
994
1
A
V
Registered
9912 105
99
9912
9912
Liquid Carbonic Corp 68-1941 F A 9811812
8
1944 4 0 118 Sale 118
Lorillard Co(P) 7e
°1
2
8
0
:
4
1
000
888 1110
$13
999:2
18
3
9
19
11814 June'26
A 0 115
Registered
9938
2
1951 F A 9814 foo 9938
da
9914
964 Oct'25
Registered
4
0-71027
2 9.
50
93
7,
M
A 9958 coo 9912 100
N
Louisville Gas & Electric W 19
92 964 96 Aug'26
894 96
Louley Ry let con 5a
CoHydro-Eleo
Lower Austrian
821s 88
86
15
1944 F A 8534 Sale 85
la e (143
99 10034
1
9938
97
9912 9938
75 8134
1
8114
8014 Sale 8014
98 1001,
99
5
99 Sale 9812
4
9213 9914
9414
93 Sale 93
10434 Sale 10412 10978 16 10214 10512
5 1045e 1(6
10912 105 1094 10958
90 9912
2
9312
94 Sale 9313
go 9912
94
6
94 Sale 94
8278 13
7812 86
8278 Sale 82
10534
10414
162
10534
0514
10512 Sale
7371 82
4
78
76
75
76
984 10214
01 Aug'26
10034
gels 103
- 5Y 0012 10058 23
10012 1(/
9314 103
994 13
1942 A 0 9812 Sale 9818
90 101
Maned Sugar 73,48
100
1
9912 100 00
694 694
654 13
Manhat By(NY)cone If 48-1990 A 0 65 Sale 65
Aug'25
904
10314 10334
63
53
57
60
60
60
1
1
D
2013
3;
103
s
61
0
1
2d48
0314 10314 10
894 9754_
9358 97 9718 Sept'26
Manila Elee Ry & Lt f 58.-1953 MI
94
25
8234 95
9313 Sale 9312
97 994
974
9714
Sale
8
45
977
.1
Q
A1990
Series
7e
St
By
Market
100
99
4
88
993
9958 Sale 9913
6 104 10814
88 96
%OW Ed let & ref g 65 Ser B.1952 F A 10712 Sale 10712 10712
9958 37
94 Sale 9334
9634 10114
100
15
1953 5 .1 100 Sale 100
let & ref be Series C
92 100
9878 73
9878 Sale 9738
1021a 1051&
_
10534
10512
Sept'26
1
I)
1953
65
Power
Metropolitan
19 10612 10912
10713 108 0712 108
7112 7458
7314
74
7314
7314
984 63 9114 994 Met West Side El (Chic) 48_193e F A 10934
98 Sale 9712
Sale 10412 10434 55 10114 105
1940 he
102
8 1004 10254 Mid-Cont Petr let 6 Me
102 13258 02
98
9214
9618
97
105
964
Sale
S
1936
56
f
cony
0
&
9354 9758 Midvale Steel
9534 11
9514 9578 9514
9658 99
3
9838
MilwElecRy&Ltref&ext448'31 1 .1 9738 9818 9778
4 1001s
1
98/
5
100
9912
9912
Sale
D
9312
1951
1
9514
55
A
ref
&
General
935s 10
9312
9013 984
65
98
Davison Chemical deb 648_1931 J J 93 9312 9218 Aug'25
191311 D 9678 Sale 9758
let & ref 5a B
10014 105
105 Aug'26
Deny City rramw let con 58 1933 AO 9611 9784 9612
let & ref g 138 Series C.._1953 MS
94 9834
7
9634
99 994
4
4
993
9913
Den Gas & EL let& ref s f g 58'51 MN
le
M
9312
4s_.1927
1st
9812
Gas
Lt
Milwaukee
2
9712
9712 9712
994 105
018
6
0:
62
19
MN 97
2 9;9
4 1004 101
32
;
i
13
39
;
Stamped
J
Montana Power let Is
7734 91
2
7812
7812
9612 9814
974 14
974 Sale 974
Dory Corp(D 0)let a I 78_1992 MS 7812 794 101
J
J
&
58.1991
let
ref
Tram
8
1037
Montreal
10078
10118
8
101 Sale
93
5212
5
93
93
Detroit Edison let coil tr 58_1933
A
0
_1956
_
Gen & ref s f 5s Ser A__
13 10058 108
103
102 Sale 102
84 88
863s 16
8614 86
let & ref 58 Series A_July 1940 M
line 3 .1 86
100 10438 Morrie & Co Isle f 4148_
11199 40 10112 Sale 10114 10234
80 81
80 81
May'26
81
Gen & ref 58 Series A
106
t
Set
2.1966
95
1081
Co
-Bond
4
Mortgage
7
10734 108 10734 10818
964 98
9634 25
let & ref 6s Series B__July 1940 M
1004 104
10-25-year 15a Series 3_1932 1J 9634 974 9612
8313 9634
1955 in 1014 10158 10112 1014 22
9634 116
Gen & ref 65 set B
oo 9713 Murray Body let 6)4s
1934 7 0 96 Sale 9512
27
94
9884 103
3 93 94 9312
103 102 Aug'26
'
Dot United let Pone g 414e_ _1932
2874
1947
_
4
Gas
g
let
9212
973
Mu
gu
Fuel
8 235
957
9514
9512
Sale
10214
100
1941
10114
N
Mar'26
100
138
_
deb
Broa
Dodge
4%_ .1991 M
Mut Un gtd bonds ext5a6934 83
7934 21
Dold (Jacob) Pack let 68__A992 MN 7934 Sale 794
34 61.34
9
4513
944
681a
20
59
5812
6812
Sale
Dominion Iron & Steel Is.._1939 3, 3914 Sale 3813
.1
J
1951
924 98
NBEN&U Else guar gold 9a
44
98
98 Sale 9712
98 10014
1942 j
100 Sale 9978 10014 19
Donner Steel 1st ref 78
National Acme 7).4e1931 J
10558 198 10434 107
,
954 1001
9912 94
99 Sale 9858
Duquesne Lt let & coil 611. _1949 Ii 1054 Sale 105
M
4
3
10634
8%
notes-1991
Prod
Dairy
Nat
1044
105
6
101
2 loots 103
10212 101
let coil trust54118031m B-1949 13 105 10514 105
Net Enam & Stamps let 5519292 1) 101
9914 10312
101
10312 Aug'26
J
J
58-1930
s
deb
1085
-year
20
103
Starch
Nat
62
.
10114 1041
10512 10438 10512
10338 104 10338 104
East Cuba Sag l5-yr s g lit'37 MS 1054
1952 M
93 994 National Tube let 58
9514 July'26
10214 10214
10214 10214
.1 9912
Ed El III Bkn let con g 91_1939
103 10858
RegisteredMN
_ 108 Sept'26
1 10012 10344
J 108
lOBs 10312 10312 10312
1995
9
Ed Elm III let cons g 55
.1
1945
•
be
Gas
Consol
05
s
1351
-Newark
24
95
14 10078 10312
10134 10214 10134 102
Elea Pow Corp(Germany6Ms'50 MS 9434 Sale 94
9818 100
New England Tel & Tel 5a...195e J
3
994 994
9248 9414
94
121
Elk IIorn Coal let & ref 6 Me.1931 J D 99 10014 9914
1961 MN 9334 Sale 9334
9914 9914
lstg9MeSerl1 wi
May'26
10238
12 10078 103
102
102
10212
Deb 7% notes(with warr'ts'31 3D
MN
104
611_1925
1st
cony
N Y Air Brake
10111
730
10312
1024
9014 9614
Sale
28
943
94
4
Sale
9914
MN
Ms_
_.1937
7
Fuel
Empire Gas &
New On Pub Sem, let Is A 1952 A 0 9938 Sale 9414
9612 98
81
97
9014 9612
9912 25
let & ref 6 Me(with warets)'41 * 0 9612 Sale 9613 10014
1955.1 D
9912 10031
lat&ref5eserll
864
811,
1
10014 Sale 10014
11
8
835
8312
8312
833
4
Moult Gas Light lit con 60_1932 M
A
F
9212 9772 N Y Dock 50-year ist g 9e_ _1951
9912
7
9412 95 9414
11534 Sale 11558 11614 37 115 118
Federal Light & Tr let 5s__ _1942 M
0
A
A.1991
1043s
Me
6
let
ref
100
&
Edison
Y
N
4
1041
10112
5
10278 20 102
1942 MS 10138 Sale 10114
let lien 68 stamped
1944 A 0 10258 10278 10212
1st lien & ref 5s B
93 9714
974 16
10512 10558 11 104 10384
1959 3D 974 Sale 97
341-year deb 138 Ser B
8412 98
Y Gee El Lt & Pow g 5a199e J D 10538 10578 9112
N
20
88
92
87
1191a
Sale
1
9112
87
1939• D
Federated Metals s 1 7e
1941, F A 914 9112
Purchase money g 48
16 11312 11634
101 101
101 _
101 July'26
1941 MS 116 Sale 11534 116
Flak Rubber lets 1 88
7614 88
NYLE&WeetC&RR 6148 1992 MN
4
8712
10141024
10112 Sept'26
Ft Smith Lt & Tr let g 5a_ 1936 ▪ B 8734 90 8712
.i9433 1
ck&ImpIs
9518
88
NYLE&WDo
50
9313
94
4
,
9312 Sale
2 10014 10334
10012 11114 10012 10012
A
log
Frameric Ind & Dee 20-yr 73092 .1
F
_1930
1075e
58_
g
let
P
&
L
El
Q
Y
N
3
62 60
Apr'26
_
55
60
3
Francisco Sugar 1st ef 743.1942 MN 10412 105 104 8 104
J
_1942
79 8614 N Y Rya ist R E & ref 98_ _
854 155
46 62
01 62 6154 SepV26
French Nat Mall IS Lines 7s 1949 3D 8434 Sale 845
Certificates of deposit
6 104
6
July'26
5
418
0
A
1942
_Jan
4
M._
Inc
1023
adj
10038
30-year
34 1014
1023
Sept'26
4
1023
5
10
Aug'26
4
44
J
6131949
D
-cense
Co
Gas & El of Berg
102 110
Certificates of deposit __ _
22 87
274 126
27 Sale 27
1939 A 0 10712 Sale 10514 10814 10
1966
_Jan
Gen Asphalt cony 66
_
92
6s-_
Inc
87.
Corp
Rye
NY
881s
9138 12
82
84
13
83
Sale
83
1942 F A 914 --.... 9138
I
1965
Gen Electric deb g 3 a
A
95 104
Prior lien 6e Series
21
10214 103
10014 10214
1024 Sept'26
1951 M N 10212
Gen Elec(GermanY)76 Jan 15_'95 2 J 10214 Sale
9914 11812 NY & Rich Gas let (te
5314 694
11014 11114 77
5514 12
4
MN 5312 -5414 53,
4413_1982
S deb 6;es with war_ _ _1990 J D 1104 Sale
C0118
let
Rye
9814
97
State
Y
N
51
98
9 7012 82
7014
1982 MN 69 6938 6978
Without warr'te attach'd '40 J D .9734 Sale 9712
lit eon 614e series B
9834 10112
118
10312 14 1014 1044
Sale 103
1940F A 9978 Sale 9934 100
Gen'Petrol let s f 5s
1004 10314 NY Steam 1st 25-yr 68 Be? A 1947 M N 10312
97 9918
10113
41
9818
974
Sale
9778
MN
448_1939
f
a
Gen Refr let f g 138 Set A 1952 F A 10113 Sale 1004
gen
&
97
lot
92
N Y Telep
9678 60
11012 34 1097. 11114
9614 96
Sale 110
Good Hope Steel & I sec 7e-1945 A 0 96
30-year deben f6a_ Feb 1949 F A 110
105
10534 36 104 107
0 10812 Sale 10838 1084 105 1074 1094
A
65.1991
gold
122
Goodrich (B F) Co let 648_1947 I .1 10514 Sale
11012
refunding
-year
20
11911 12012 18
10034 103
J J 974 10034 10138 Sept'26
Goodyear Tire & Rub 1st 8s_1941 MN 12012 Sale 110
10434 10612
11012 30 10934 11238 Niagara Fall rower let 58_1932
01931 F A 11038 Sale
Jan 1932 A 0 10514 10534 10514 10558
10-year 81 deb g 88
Ref & gen 6e
85 94
99 10134
52
94
94 Sale 917s
A 0 10014 10034 1004 10034 56
_1056
A_
58
1st
pr
0
101
&
100
Lock
Gould Coupler let s f 6e_ _ _1940 F A 10012
Niag
10012
10012
1
95 100
11
9634
Sale
9612
9612
9634
N
M
A'28
6e
eon
S
P
I'd
Granby Cons M S&
100 101
Arno Cement deb 6 Ms A 1940
No
105
2
1014
100
100
Sale
38
1034
10338
Sale
10314
1928 M N 100
1952 M S
68
Stamped
13278 215 100 1324 Nor Amer Edison
8 1034 106
10514
105
10514
105
1930 M N 129 Sale 127
S
M
13...1998
Ser
Me
6
g
I
a
Cony deb 75
Secured
904 9618
99
9512
924
62
9958
13
We
9618
9618
Sale
Sale
95
A
F
Light 68.. _ _1047 al S
01 Cons El Power(Japan)7e_1944
9714 101
27 100 10412 Nor Ohio Trae &25-yr
994 100 9978 10018 38
513 A _ _1941 A
Great Falls Power lets f 58_1940 MN 10314 10434 1034 10314
Nor States Pow
99 9914
Sept'26
9914
0
A
Registered
8534 884
10914 1064
8534
10434 lO5l 10414 10412
j _ _ s712 8534
Hackensack Water let 9s___1952
let & ref 25-yr 68 See BI941 A 0
_
9513 Aug'25
98
9612 98
9814 98
1931 MS an
Hartford St By let 9e
-Ws 1114-7-4 North W T 1st fd g 414e gtd_1934 2 .1 98
2
10434
10934
105
10434
MS
9411 10018
Havana El By L & P gen 54 A'59
97
7
11612 23 112 11612
9612 9612
A_ _1946 A 0 11618 Sale 116
Service
904
734e
Public
Havana Elm consol g 58_ _ _1952 ▪ A 95 Sale
Ohio
10214
4 11018 119
10134 102 111
1947 F A 11434 Sale 11934 11534
014 1/94
151 4 ref 7e series B
Hershey Choc let & coif 554e 1940 3, 10134
9 10114 1064
964
8 Sale 10978 10538
98 9478
J .1 105,
Hoe(R) de Co let 63atemp.1934 40 9658 Sale
79 857s Ohio River Edison let
88 974
29 100/8
9118 21
86
9112 9034
8512
1944 F A 91
68
let
Coal
10313
Holland-Amer Line as (f1aI).1947 MN 8512
Ben
Old
9938 10213
10078 101 10078 0118 15
N 10234 10312 10278 Sept'26
1940
Ontario Power N F lit 68-1995 F A 10034 101 10034 10034
Hudson Co Gm let g 5s
10112
103
9928 101
3
12
8
1013
4
1023
.1 10134 Sale
Ontario Transmission 58.... _ _1946 M N 9913 Salo 9914 100
Humble Oil & Refining 548_1932
9712 10012
85
J
_1942
6.s_
ref
At
gen
El
dc
1004 10312 Pacific
10112
994
36
10234
9
1024
10018
100
100
9934
Sale
8
A
F
1025
1956 in
Illinois Bell Telephone 58
Pao Pow & Lt let&ref 20-yr 683'30
944 98
9758 18
1937 3 1 10134 Sale 10154 10134 18 10028 10252
1940 * 0 9714 Sale 974
5e
lit
Tel
&
Tel
Illinois Steel deb 4548
Pacific
9812
914
1
1024
984
101
4
34
973
10034
Sale
10058
9734
9812
N
9734
M
1952
MN
1936
A
Intl Nat Gas& 011 58
Ref M 53 aeries
10114 1051a
2
1
10618 10612 10618 10678 133 109 112/
1962 MN 103 104 103 Sept'26
Indiana Steel let 58
Pan-Amer P & T cony e 6e_1939 MN 1051e 10554 105
7 1037a 1077a
10514
./ 100 ___. 9934 Dec'25
1930 F A
1936
l
Ws;fai
Ingersoll-Rand let 5e
let 10-year 78
98
924
20
•101
15
9712
Sale
10051
98
9734
Sale
J
4
J
1003
MN
548_1951
1945
Inland Steel deb 514s
102 Paramount-Bdway let
8512 96
92
10
92 9212 92
10034 101 10034 10154 19 10012
inspiration Con Copper648.1931 51
Park-Les it leasehold 634s_ _1953 J J 10234
11 Apr'25
13
-- 10234 Sept'26 _ . 100 10244
Interboro MetroP coil 4 Ms_ _1956 * 0 ____ 197s 13
13 13 Peg& Passaic G & El cons 58 1949 M
113
11014
5
May'26
10238
113
114
102
12
0
Guaranty Tr Co Ws dep
Poop Gm & C let eons g 65.._1943 A
9812 10314
101 10112 10118 10252 12
- -.- 1012 May'25
1947 M
CU dep stPd amtd 16% sub__
Refunding gold 55
621, 7534
10534
10312
72
13
7114
64
10334
Sale
10334
10414
A
F
sale
7112
A_1994
Ele
1-5
laterboro Rap Tran hrt 68._1969
62 754 Philadelphia Co coil tr
9858 10111
17
10012 10034 10034 101
7112 Sale 7118 714 175
Stamped
I5-year cony deb 5148_ _ _1939 141
991s 10234
23
7434 57 64 7834
10112
10112
Sale
10012
J
J
1932 40 7434 Sale 74
58_1973
ref
I
&
Reading
10-year 68
8534 9714 Phil& &
9$4 68
10-year cony 7% notes_ 1932 MS 954 Sale 95
8814 9812
4
103 110
95
95 94
N 93
881943 MS 109 Sale 10812 109
lot Aerie Corp let 20-yr 58..1932
821a 917a Pierce-Arrow 7805 Car deb15
July'26
1034 1077s
_
4
893
10012
8
84
877
1931 3D 1004 10354 99
1992____
MN
Dee
to
Stamped extended
Pierre 011 s 185
98
4
841
lig%
1014
142
8834
88
Sept'26
10113
102
10158
0
inter Mercan Marine a f 6e 1941 A0 8834 Sale
914 98 Pillsbury Fl Mills 20-yr 613_1943 3,
9611 100
40
97
_ 9912 Sept'26
3 9658 Sale 96
1947
'
international Paper 58
064 10011 Pleasant Val Coal 1st get 50.1929
93
162
10012
904
994
9034
GU
9134
98Aug'26
Sale
9934
1.5
1956
MB
Con Collieries let 51581957
Ref e f 69 Ser A
15 102 1054
10918 10934 305 107 11614 PocahArthur
10412 105
Can & Dk Ee A-1953 PA 105 _
ins Telep & Teleg cony 549 1946 MS 10934 Sale
Port
1054
1014
5
10412
10912
Sale
10914
FA
1953
B
let M 6s Series
99 104
2
10012 Sale 10013 10034
10758 Sale 10638 10758 26 100 116
Portland Else Pow let 65 B_11}47 MN 1004
Iurgens Works eie (flat price). 1947 3,
9918 1021s
1
MS 1034 Bale 10314 10314 22 10014 104
1003e 10014 10014
Ii
Kansas City Pow & Lt 58_1952 MS
1014 1064 Portland Gen Elea 1st 68-1931 MN
10578
10512
35
9258 90
Sale
_
Sept'26
10558
9118
Kansas Gas & Electle 68_1952 P A 10614 1074 107 Sept'26
1 Portland By let & ref 65....-1930
105 107,
8814 9434
92
9138 9212 9112
PA 9513581992
ref
lit
P
&
Lt
By
99
Portland
Kayser (Janus) & Co let a 78'42 M
97
4
97
97
12
99 1034
Sale
10114
104
97
101131
MN
04
_1946
1947
0
_
_
6s_
B
lat 1 & ref Ila Ser
Keith (B F) Corp 1st
108
10234
10813
10458
10534
47
10514
6
Sale
1081
10814
10858
108
10434
N
let & refund 7348 ser A1996 MN
Kelly-Spring!Tire8% notes.1932
90 9213
91
4
2 105 10614
.1 91 Sale 91
105
105
105
Keystone Telep Co let 56_ _ _1936 40 103
102 104 Porto Rican Am Tob 138-1931 MN
103
103
2
Hinge County El & P g 51937 40 123 12371
12078 124
--- 123 Sept'26
1097
Purchase money 85
Columbus Gas let gold Se__ _1932 ii
Commercial Cable let g 9a_ _2397 Q J
Commercial Credits!6e_ _ _1934 MN
1935
Col It at 54% notes_
3
'
Commonwealth Power es__ _1947 MN
Computing-Tab-Bee a f 68_ _1941 3,
Conn By de L 1s$& rate 414s 1951 I J
1951 • 3
Stamped guar 454s
Cons Coal of Md let & ref 58_1950 3D
Consol Gas(NY)deb 54e_ _1995 P A
Cant Pap & Bag Milts 8 Ms_ _1949 P A
Consumers Gas of Chic gu 52 1936 Ii
Consumers Power let 5e_ _ _1952 MN
Oopenhagen Telep eat 65.--1950 A0
1931 ▪ N
Corn Prod Refg f g 5a
1939 MN
let 25-year et 5e
Crown Cork & Seal let s 1611_1993 P A
Crown-Willamette Pap 68_1951 33
_1911'3
Cuba Cane Sugar cony
8%A.930 .1 ./
Cony deben stamped7s.Cuban Am Sugar let colt 831_1931 M
_ _1949 MN
Cuban Dom Sug let'
Cumb T & T let & gen 11_ _1937"3
Cuyamel Fruit let 611 lot c-Le
A0
-
4 Dim May. a Option sale.
SEPT. 25 1926.]
THE CHRONICLE
New York Bond Record-Concluded-Page 6
'22.44
.
t.; 4
BONDS
R. v STOCK EXCHANGE
.
8Week Ended Sept. 24.
at
Premed Steel Car cony g 542_ _1933 J .1
Prod & Ref *1 86(w ith war'nte)'31 J D
Without warrants attached_ J D
Pub Serv Corp of N .1 see 68.1944 F A
Pub Sere Elec di Gas let 51,461959 A 0
let & ref 5146
1964 A 0
Pub Serv El Pow & Lte 65 .1948 A 0
Punta Alegre Sugar deb Is..19373 J
Remington Arms Be
1937 M N
Repub I di 13 10-30-yr Ste f-1941) A 0
Ref & gen 534* Ser A--1953 1
Rbeinelbe Union 76 with war 194( 1
Without ink perch war'ts_194f 3 .)
Rhine-Main-Danube 78 A
1950 M S
Rhine-Westphalla Elec Pow 72050 MN
Rime Steel let 78
1956 F A
Robbins & Myers s 57*
1952.3 D
Rochester Gas & El 76 Bee 8.1946 M S
Gen Mtge 5M e Sales C
1948 M $
Roth & Pitts C&Ipm 5s_ _1946 M Ie
Rogers-Brown Iron gen & ref 7642 M N
Stamped
MN
Price
Friday.
Sept. 24.
w
Week's
2
- Ls
Range or z6.-Li
Last flak. ''''''
St Jos Ry Lt Ht & Pr 58__1937 MN
St Joseph Ettk Yde 1s3 4116-1931 1 J
St L Rock Mt & P 52; strand-1955 J J
St Paul City Cable cons be_ _1937 1 J
SeZ Antonio Pub Serv let 85_1952 J J
Saxon Pub Wks(Germany) 7* 41 M B
Schulco Co guar 611s
1946.2 J
Sharon Steel Hoop 181 88 Ber A'41 M B
Sheffield Farm; 1s1 di ref 6116242 A 0
Sierra & Ban Rile Power 58.1949 F A
Sinclair Cone 011 15-year 78_1937 M 8
14la col tees C with ware 19273 D
let lien 614e Ber B
1938 1 I)
Sinclair Crude 011 3-yr 138 A_1928 F A
8-yr 6% notes B Feb 15_1926 F A
!Umiak Pipe Line e f 5s. _1942 A 0
Skelly 01161,4% notes
19271A 0
Smith (A 0) Corp let 6118_1933 MN
9412 9438 9534 Sept'26 ___
9712
9718 Aug,26 ____
7738 -7-8
7734 Sept'26 .._
96 Sale 96
1
96
10512 Sale 10512 10678 16
9812 Sale 9812
9938 73
10014 Sale 10014 10038 58
108 10838 10734 108
5
10712 Sale 10738 10758 55
95
96
9514
961
26
100 Sale 98
98'z 99
10214 Sale 10138 103
147
• 9218 Sale 92
927
74
101 Sale 10034 101
33
__
___ 10034 100% 74
9234 gale 9214
9318 66
140 Sale 13334 140
126
10112 Sale 10114 10112 12
914 97
95% 9714
77 8178
9514 98
10138 10671
9284 100
10014 100%
107%109
10678 10811
914 9811
9334 9923
10312 11314
87 945i
1001 10111
10038 10111
87 9414
111%148
100 10211
South Porto Rico Sugar 78_1941 J 0
South Bell Tel & Tel let s I 581941 .1 J
Southern Colo Power 66_1947 J .1
erwelit Bell Tel let & ref 521_ _1954 F A
Spring Val. Water g 56
1948 M le
Standard Milling let 66
1930 M IN
let & ref 5116
1948 M S
Steel & Titbe gen e f 78 See C 1951 1 1
Stevens Hotel let ee ser A
1945 .1 J
Sugar Estates (Oriente) 78_1942
'Superior Oil 1st 8 f 76
1928 FA-1
Syracuse Lighting 1st g 56..1951 J 13
Tenn Coal Iron & RR gen 56_1951 J J
Tennessee Elea Power let 66_1947 J D
Titled Ave let ref 48
1960 i .1
Ad) Inc" 56 tax-ex N Y___a1960 A 0
Third Ave fly let g 58
1937 J J
Toho Elec Pow let 76
1955 M S
8% gold notes_ __July 15 1929.2 .1
Tokyo Eleo Light 6% notes-1928 F A
Toledo Edison let 76.
1941 M S
Toledo Tr L& P 5)4% notes 1930 3 .1
Trenton 0& El 1st g 56.._ _1945 M 8
Trumbull Steel 1st 6 f es___ _1940 F A
Twenty-third St fly ref 53_1962 .1 J
TM)Hydro-El Pow 7116_ _1956 MN
107 Sale 107
103 Sale 1023*
100 Sale 100
10238 Sale 10238
99,2
9912
10014 Sale 10014
10014 101 10078
10778 108 107%
993* 10012 9912
9712 Sale 9712
97 ____ 97
10238___ 10212
10312 18514 10312
105 Sale 105
6218 Sale 621e
5368 Sale 5234
62
6312 9718
9512 Sale 9512
9812 Sale 9812
9878 Sale 98
10712 Sale 10712
99 Sale 9834
1023* ____ 102
9758 Sale 9712
65
6814 65
97 Sale 9612
5
4
3
20
30
1
____
____
45
19
97
1
103
81
126
16
41
____
48
____
9
10534 10934
10118 10311
974 1027;
100%103%
9314 10031
985810111
977e 10114
1074 109
9912 10034
8912 100
95 9711
100 10214
i02'8104
10268 106
5512 651;
4112 6571
9238 981,
9012 983,
9612 99
96 991,
10714 1093,
98 997
10018 1022
9412 99
61
75
941 Se. A
Underifed of London 4 Me_ _1933 J J
Income es
1948 .1 1
Union Elee Lt & Pr let g 56 1932 M II
Ref & ext 56
1933 MN
1st g 53.4* Sallee A
1954 J .1
Union Elee RI,(Chic) 58.-1945 A 0
Union 011 let lien e f 56_4..1931 J J
80-yr (is See A
May 1942 F A
let lien e f 58 Ser C
1935 F A
United Mug 20-yr(is_Oct 15 1944 A 0
United Fuel Gee let 8 f 135._ _1938 J J
United Rye St L let g 421_1934 .7 J
United BS Co 15-yr ed
1937 MN
United Stores Realty 240-yr Se '42 A 0
0S Rubber let & ref 5e Ber A1947 J 1
Registered
J J
10-Yr 734% sec notes
1930 F A
13 8 Steel Corpfeoupon.. 41963 MN
If 10-60-yr &el registered-41983 MN
Utah Lt & Trae let & ref 58..1944 A 0
Utah Power & Lt 1st 58_ _ _1944 F A
Utica Elee L & P let 5e
1950 41 J
Mice Gee & Elea ref& ext-56 1957 .1 .1
Vertientes Sugar 181 ref 76_1942 S D
Victor Fuel lst a fee
1953 3 1
Vs-Caro Chem let 721
1947 J D
Stpd as to payt 40% of nein
1st 741
1947
Ctf of deposit asetd...... ---.
CU of deposit stpd _ ___. ,--,_
Va Iron Coal di Coke ling be 1949 M e
Va fly Pow let & ref be
1934 J J
Walworth deb 6 Ms(with war)'35 A 0
1st sinking fund 68 Ser A _ _1945 A 0
Warner Sugar RefIn 1st 78_1941 3 0
Warner Sugar Corp let 78_ _ _1939 J ./
Wash Wat Power 8 1 85.....i939 .1 .1
Wretched Lte g 56 stmlId
i 1950 J D
Weet Ky Coal 1st 78
1944 MN
West Penn Power leer A 58_1946 M 5
let 58 Series E
1963 M 8
181 5348 Serial F
1953 4A 0
Went Va C & C let Se
1950 i 41
9358 ___. 96 Apr'28 ____
931895 Aug'26 -- -,
101 1-0134 10134 10134
1
10134 Sale 19112 Sept'26 -___
10134 Sale 10168 10134 13
80
84
84
2
84
1013* Sale 10168 10138
3
10714 Sale 10714 10814
2
9512 Sale 9814
9812 38
10512 106 1054 10638 14
10212 103 10234 10312 22
76
774 7812
7612
3
88
8812 88
88
5
104 10414 10334 104
12
931.4 Sale 9314
9312 114
i07_ _. 9278 SSept'26____
Sale 10634 10718 33
106 Sale 10534 106M 158
_ _ _ _ _ _ _ 9278 Sept'26._ _.
9218 Sale 92
924 Be
97 Sale 963*
9714 77
10134 ____ 10134 10234
5
10134 Sale 10134 101% 18
983* Sale 978
984 342
54
56
67 Aug'26 ___
108%
.. 10812' 109
12
.
94 96
90 95
1001;100_,
10018 1025
10012 1023,
7712 851
10018 102
100%1081.
954 99
10312 1071
10112 1041
744 79
87,2 95
103 105
9134 e5
927e 9271
10614 1086
103 1074
10434 1061
8618 94
95 994
100%1013.
10018 1027.
9012 991
5314 641
105 110
10818 110 110 Sept'26 _._.
10818 _ _ 110 Aug'26 __._
10818 - -. 10812 Sept'26 _ --.
9134 -96
93 Aug'26 _
984 9834 9814
9812 i*
9178 9212 917
92
10
9678 Sale 9678
968 87
8414 Bale 80
8478 244
60 Sale 58
6034 88
10278 10334 10278 10278
1
10178
10178
10178
5
101 10134
--- - 10112 10178 11
10114 Sale 10012 10114 10
10012 10034 10012 10084
11
104 10414 10418 Sept'26 70 Sale 79
79
12
104341112:
10412 110
10678 1081
9114 98
9712 101e
89 952
914 97
79 100
56 881
10112 I021
1017 10331
100 1021,
99% 103
9924103',
10438 106
65 91
Western Electric deb 543_1944 A 0 101 Sale
Western Union coil IT car be 1938 1 -I 10212 Sale
Fund & real estate g 43.4* 41160 M N 9834 100
15-year 634* g
19w F A 11112 112
weetlughouse E & M 76......_1931 MN 104,2 Sale
Registered
M N
_ ____
White Sew Mach Os(wIth warr)'36 1 J IBB Sale
Wickwire Spen Steel 1st 721_1935 1 3 5078 Sale
Certificates of depoelt_ - 88
Certificates of deposit stamped lei-It' _ -_ -. _ 80
Wickwire Sp Steel Co 76 Jan 1931 55 04 46
5078
WIllys-Overland s f 6 Me___ _1333 M S 102 Sale
Wilson & Co let 25-yr s(88_1941 A 0 9858 Sale
Registered
_
Winchester Arms 734*
1941 A 0 105 Sale
Young n Sheet & T 20-yr 63_194) J .1 1044 Sale
a Due Jan.
d Due April. 8 Option sale.
45
17
17
21
_
Quotations of Sundry Securities
A II bond prices are-end Interest"except where marked "
Range
Sines
Jan. 1
Bia
Ask Low
High No Loa
MIA
9412 9514 941
95
3
94 984
11118 11114 111 Sept'26 _ _ _ 11014 1128
111 11114 111 ; Aug'26 - -,7 10984 11214
102M Sale 103
10312 70 100 10434
105 10518 10514 Sept'26 __-, 10334 1(614
10478 105 10478 10512 59 10378 10612
10828 107 1068* 10634
6 10138 108
108 10812 108 • 10812
9 104 ill
90 Sale 8912
8014 9122
90
22
9914 Sale 9914
991
6
9714 10014
97 Sale '9618
97
89
9211 9734
1083* Sale 10812 10938 380
9512 11238
97
9714 9712
9738
2
93 973*
10078 Sale 100
10078 45
9812 101
9978 Sale 9938 10018 59
95 1004
89M 90 90
6
9O'g
88 91
55
55
55
1
55 6812
1114 Sale 1114 1111
10 111 114
105 105% 105
10518
2 1043*106
90 ____ 904 Aug'26 ____
9012 90Ij
523* Sale 52
55
3
50 7344
5012 5278 50 Sept'26 49 654
10718
1023*
10012
103
Aug'26
10012
101
108
100
9734
97
Aug'26
Aug'26
10512
63
5378
974
96
9834
99
108
99
Aug'26
9778
Aug'26
97
11
1619
101
10112 38 1004 10314
102
10238 16 101 1031;
9812
9834
8
964 100
11112 112
8 111 11711
10338 10478 71 11338 107
10534 Aug'26 ___, 10584 10534
9912 1004 179
944 10011
55
.57
lb
33
7011
604 Mar'26 _
6014 6014
704 Mar'26 ___ _
70Is 7012
5078
52
7
397* 684
10112 10214 25 10112 105
9734
9516101
9878 49
93 Feb'25 _-__
- - -10434 105
14 101
- -38 101
104
1044 84 10114 105
Standard Oil Stock. Pre
Anglo-Amer Oil vot st_L1
Non-voting stock
tl
Atlantic Refining
101.
Preferred
100
Borne Scrymeer Co
100
New
Buckeye Pipe Line Co__ 50
Chesebrough Mfg new. 25
Continental Oily t 42 _ _ 10
Crescent Pipe Line Co__ 50
Cumberland Pipe Line_100
Eureka Pipe Line Co__100
Galena Signal 011 oom___100
Preferred old
100
Preferred new
100
Humble Oil& Ref
25
Illinois Pipe Line
100
Imperial Oil
1
Indiana Pipe Line Co_
50
International Petroleum_ _1
National Transit Co...12.50
New York Transit Co__ _100
Northern Pipe Line Co_100
Ohio 011
25
Penn Max Fuel Co
25
Prairie Oil& Gas new
25
Prairie Pipe Line new_ 100
Solar Refining
105
Southern Pipe Line Co new.
South Penn 011
25
Southwest Pa Pipe Lines.100
Standard 011 (California)_ _
Standard 011(Indiana).Standard 011 (Kansas)._ 26
Standard 011(Kentucky) 25
Standard 011(Neb) new.. 25
Standard 011 of New Jer- 21
Preferred
100
Standard 01105 New York 21
Ex
Standard 011 (Ohio)
10(
Preferred
Swan & Finch
10(
Union Tank Car Co_10b
100
Preferred
Vacuum Oil new
25
Washington 011
10
Other Oil Stocks
Atlantic Lobos 011
1
Preferred
50
Gulf 011
25
Mountain Producers_. le
Mexican Eagle 011
6
National Fuel Gas
10C
Salt Creek Cons 011
10
Salt Creek Producers_
10
za
SU. Ali I
Railroad Equipmests Para Batts
177g 1814 Atlantic Coast Line Bs-5.15 4.95
1714 1758
Equipment8 Me
4.90 4.75
11014 11112 Seltimore & Ohlo es
5.15 5.00
11412 11512
Equipment 411* & 156....
4.85 4.62
280 290
duff Reel,& Pitts equip es
5.15 4.95
68
73 Can -Ian Pad le 41es &Bs- 495 4.65
4614 4612 Co aal RR I N 361
5.10 495
73
74 Cneeapeak
'10 Oa---.. 6.20 5.60
1978 20
Eouipm
e Me
5.05 4.75
•1534 1634
is
Equipm
4.85 4.65
108 110 mess° 13, ; & Quincy 68._ 5,15 4.95
4812 48 Chicago le North West 62... 5.15 5,00
1818 17
Equipment6 Me
5.00 4.80
59
65 Chic R I & Pao 4Ms&
4.85 4.70
50
54
Equipment66
5.20 5.00
581s 58,2 Colorado & Southern 613
5.20 5.00
13412 13434 Delaware & Hudson 68
5.15 5.10
36
3614 Erie 41e6 B 58
5.00 4.75
6012 61
Equipment Be
5.15 5.00
33
338* Great Northern 68
5.15 5.00
13% 14,8
Equipment 56
4.85 4.70
3112 3312 Hocking Valley 522
4.85 4.70
6712 6912
Equipment68
5.15 4.90
4.75 4.60
Minois Central 494e & 81-.
5913 60
68
Equipment
1818 20
5.10 4.95
5112 52
Equipment 76 & 63411
4.85 4.70
12414 12434 Ennanne & Michigan 88
5.20 5.00
203 206
Equipment4M8
5.00 4.80
2434 254 Kansas City Southern 5148
5.10 4.85
37
38 Louisville & Nashville 88.-- 5.15 5.00
50
5212
F,quipment6 Ms
4.90 4.76
61
6134 Michigan Central 58 & Bs
4.95 4.75
0631; 634 Minn St P & Et S M 4146 & 4, 5.10 4.83
20
21
Equipment 6 A 8 & 721
5.25 4.90
12012 121
Missouri KAWAS & Texas Be
5.30 5.00
46
4612 Missouri Pacific 66 & &Me-. 5.20 4.90
4244 4278 Mobile& Ohio 414 11 & 55-..' 4.90 4.66
11614 1163* New York Central 4516 & 51 4.80 4.60
318 32
Equipment Be
5.15 5.00
298 300
Equipment 78
4.90 4.75
11814 120 Norfolk & Western 4 Ms-4.70 4.55
17
18 Northern Pacific 743
6.00 4.75
1i5'l 118 pacc Fruit Express 78---- 4.95 4.75
1141 1151; Pennsylvania RR ea Se & 8e 5.10 4.65
9814 98% Pitts & Lake Erie 61511
5.05 4.80
Equipment es
5.15 5.00
4.70 4.55
.. Reading Co 41,4* & 56
51.
4.85 4.70
I,
" .
.
I.4 St Louis & San Francisco
*3°8 '84 Seaboard Air Line 5Me & 68• 5.25 4.9e
92's 9234 Southern Pacific, Co 4%1, . 4.70 4.80
1
241 24 4
4.85 4.75
uipment 76
*4
8 fiqutbern Ry 4Ms & 58
4.85 4.70
157 163
Equipmentee
5.15 4.95
5.15 4.91
8% 81; Toledo & Ohio Central 68.
3034 31
4.85 4.70
Union Pacific 78
ad-
Public Utilities
emer Gas & Elec
1 109 110
6% pref new
95
1
05
Deb es 2014
Math; 1001i 10034
Amer Light & Tree com_10( 213 217
Preferred
101. 108 110
Amer Power es Lt
.10( 97
99
Deb Ile 2016 pref_-MIK
9928 9934
Amer Public Utll com_ _ _10(
70
77
7% prior preferred
_10( 92
95
4% partic peel
80
106
85
Associated Gas & El pf_1 49
51
Secured 583-48 1954--J&J •10434 10512
Blackstone Val G&E com be 0100 101
Cities Service common
21. •4438 454
Preferred
10( *893* 8978
Preferred B
11
*78 ---Preferred 11-B
104
77'; ---Cities Service Bankers Sharet *2214.__
Com'w'Ith Pow Corp new.1 *41
4 12
Preferred
104
89 89,2
Elec Bond & Share pref_10( 10712 1088*
Elec Bond & Sh Secur
70
71
Lehigh Power Securities i *1618 16,4
Mississippi Riv Pow com 10( 60
Preferred
104
97
95
Fleet mtgebe 1951_ -LW 10034 10112
S F g deb 7e 1935_11&r. 102. '2'
Nat Pow & Lt prof
3 100 1-02
North States Pow com_ _10( 105 106
Preferred
10( 101 103
Nor Texas Elea Co com_10( 21
23
Preferred
101 55
59
Pacific Gas& El let pref_10( 100 101
Power Securities com
1
*6
9
Second preferred
1
20
26
Coll trust Be 1949._J&D
92
9212
Incomes June 1949__F&A •82
86
Puget Sound Pow & Lt..10( 2712 28
6% preferred
106
83 85
104 102 105
7% Preferred
lat & ref 5115 1949_ _J&D 10014 10114
Republic fly & Light__ _10( 88
92
Preferred
104 115
South Cal Edison 8% pf 25 33
34
Standard O&EI 7% pr pf 10e 1034 10412
Tenn Elee Power let pf 72% 103 105
Western Pow Cora pf _10(
98 100
West Missouri Pr 7% prof..
92
95
-
Short Tern Se-unties
Anaconda Cop Min 642'29140
Chic RI & Pao 58 1929413
Federal Bug Ref 66'33_8(1N
Missouri Pacific 56 '27.J&J
Sloss-Sheff 511 ee '29..Fibe
WI. Cent 511s Apr 15 '27...
Chicago Joint Stk Land B
5943 Nov 1 1951 opt 1931_
lis Nov 1 1951 opt 1931_
5s May 1 1952 opt 1932_.
41e5 Nov 1 1952 opt 1932_
411e Nov 1 1952 opt 1932_.
4348 May 1 1963 opt 1933_.
Eis Nov 1 1963 opt 1933_.
4116 Nov 1 1984 opt 1934._
411* Oct 1 1965 opt I935_.
Pee Coast of Portland, Ore56 1955 opt 1935___M&N
58 1954 opt 1934_ _M&It
Tobacco Stock'
American Clgar common IN
10(
Preferred
British-Amer Totem or& 11
/I
Bearer
imperial Tob of G B & Imre
Int Clgar Machinery _ _ _ _lee
Johnson Tin Foil & Met.10(
MacAndrews & Forbee-10(
preferred
10(
.
1
10
Mengel Co
w
Rican-Amer Tob-10(
eorto
Universal Leaf Tob coul..10(
preferred
104
young (3 S) Co
10(
preferred_
101
135
99
6221
*221
*27
98
65
40
102
35
67
80
99
115
104
140
102
24
24
28
105
_
;Li
104
87
69
82
101
121
108
Rubber Stocks (Oleseland:
(t)•
.__
Falls Rubber oom
Preferred
25 • _
19
Flrestonelire & Rub eom 10 eff212
10e 102
6% Preferred
ltX
9612 17
7% preferred
General Tire &Rub cam. 21 44145 150
Preferred
10( 108 11011
Goodyeax Tire & R com-10( 3112 32
Goody'r T & R of Can pf 10C r _ - 961;
India'Tire & Rubber new (e) 4.4:4)
4,412 311;
Mason Tire & Rub com-(t) *112 2
101
prefesred
14
16
Miller Rubber preferred-101 100 10011
101
Mohawk Rubber
34
37.
Preferred
65
75
2401
Selberling Tire & Rubber (t: *24
101
95 100
Preferred
Sugar Stocks
64
Caracas Sugar
*114 2,4
Cent Aguirre Sugar corn. 2( .282
84
10e 14012 1421;
Fajardo Sugar
Federal Sugar Ref com_10( 35
45
101. 50 60
Preferred
Godecbaux Sugar. Inc
ft
*2
4
104
Preferred
15
25
Holly Sugar Corp oom (Y) *30
33
14)(
Preferred
75 80
National Sugar RefInIng_10G 12112 1231;
OC CO
New Niquero Sugar
75
01100
22 3
Santa Cecilia Sue Corp
Savannah Sugar com
(1) •145 150
10C 120 125
Preferred
10212 1023* Sugar Estates Oriente p1_101 652
58
99% 100
84
87
Ind Ja. & Miscellaneous
9978 10014 American Hardware
21 *82
86
10214 103 Babcock & Wilcox
101 116 118
10018 10038 Bliss(E W)Co new
(t) *23
25
Preferred
56 *55__.
Borden Company com (t) *95 -97
10212 10411 Celluloid Company
10( 14
17
101 10212
Preferred_
101. 67
70
10114 10212 Childs Company pref.-10C 115 117
10012 10112 Hercule* Powder
10C 187 172
9914 10054
Preferred
101 116 118
10034 10214 International Saver pref..10(. 105 108
10112 10234 Lehigh Valley Coal Bales 50 *93
96
9934 101
Phelps Dodge Corp
104 132 135
10018 1014 Royal Baking Pow com_10( 185 170
106 100 102
Preferred
10114 10314 Singer Manufacturing-104 359 363
10118 103 Singer Mfg Ltd
El
*614 811
•Per share. t No par value. b Basis cl Purchaser also pays accrued
dividend,
a New stock. 1 Flat price. S Last sale. n Nominal. z Ex-dividend.
Es- right.
a Ex-50% stockdividend. a Bale price r Canadian quotation.
BOSTON STOCK EXCHANGE -Stock Record
1620
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday,
Sept. 18.
Monday,
Sept. 20.
Tuesday,
Sept. 21.
Wednesday, Thursday,
Sept. 23.
Sept. 22.
Friday,
Sept. 24.
Sales
for
the
Week.
STOCKS
BOSTON STOCK
EXCHANGE
Peg. S;fer
Range Since Jan. 1 1926
Lowest
Highest
Railroads.
17012 17012
114 Boston & Albany
100 156 Jan 9 175 Feb 13
171 171
172 172
171 171 *3170 171
948 Boston Elevated
100 77 May 3 8512Ju1y 15
84
8312 8412 8312 8334 8312 8312
84 14
84
8412 84
40 Preferred
100 89 Feb 27 102 Mar 20
__
__ ____
*10012 ____ 100 100 *100 102 *10018 101
82 151 preferred
100 11518 Jan 16 122 Jan 7
11812 11812
-119 119 *100-119 119
*119
___ *119
119 119
235 29 preferred
100 9812 Jan 9 112 Jan 2
106 106
*x105181-08
105 106
105 105 *105 106
10518 106
3,338 Boston & Maine
100 35 Mar 30 5812July 26
5012 5212 5112 54
2014 52
50
50
50
5014 5012 51
16 Preferred
100 32 Apr 14 53 June 30
52
52
*49
*49
*49
---5 Series A lot pref
100 59 Apr 15 80 July 27
7512 -7512 *7534 18
- - -- _ _ *75 -78
*75 -78
*75 -78
--------100 Series B 1st pref
100 84 Apr 15 120 July 26
*110 ____ *110
114 114 *110 115
____ *110 115
Series C lot pref
____ ____ ____ ______
*95
100 74 Apr 15 105 July 27
.95 110
*97
*97 ____ *95
Series D 1st pref
100 105 Jan 29 148 July 26
*145
*148.*145
__ *145
*145
714 Prior preferred
94 Apr 16 107 Sept 17
10612 1-0112 10612 106l 106 1-07 *10512 10612 10612 10612 106 10612
--------15 Boston & Providence
100 x17512Mar 19 182 Jan 29
__ *x1g0 _ _ 180 180
*182*217912_ __ *31791
--------357 East Mass Street fly Co
I00 51 Apr 22 61 Jan 6
59
5612 57
*57 2_59
57
58
5878 58
5-9
20
1st preferred
100 5912 Apr 29 71 Jan 2
61
*59
*60
6012 6012 61
*601
- ---- ---100 56 May 6 69 Jan 13
60 2-60
-- --------1,235 Preferred B
*60
60 .60
59
60
*---- -59
100 40 Apr 29 4914 Jan 29
800 Adjustment
43
43
43
43
4318 43 -43 *242
43
43
43
42
100 49 Sept 1 60 Feb 3
85 Maine Central
*4914 50
____
__
49
49
4918 4918 494 494 *4918 50
100 3178 Mar 30 4838July 17
44 1418 1,612 NY NH & Hartford
4338 4438 4314 4434 4312 4334 4334 4418 4378 44
___ ____ ______ Northern New Hampshire_1001 81 Apr 8 93 Sept 7
*29312 94 *39312 96 *29312 95 *39312 96 539312 96
88 Norwich & Worcester pref_100 120 Apr 22 130 Aug 9
_ _ *3125 127 *3125_ 125 125
_ _ _ *2127
130 130 *2127
100 111 Jan 6 125 Sept 1
65 Old Colony
____ __ __
•2122 12412 *3122 12412 120 1-2-014 *2122 12412 122 1-2-2*2102 ____ *2102 ___ *.c102 _ __ ____ ____ ______ Vermont & Massachusetts.100 9934 Mar 12 105 JULY 26
*z102 ____ *z102
Miscellaneous.
212 Sept 22
5 Jan 7
212 212 --------465 Amer Pneumatic Serv1ce___25
24 212
3
3
3
3
*234 318
50 21 Aug 10 2414June 3
21
+21
2118 2114 2114 *21
2114 --------15 Preferred
*21
22
21
14518 14534 1,336 Amer Telephone & Teleg_100 13912June 24 15034 Feb 15
14612 14634 144 14434 14358 14412 14412 14478 14434 145
No par 4812July 13 71 Jan 2
56
5512 5512 53
1,213 Amnskeag Mfg
54
54
54
55
56
55
5534 55
No par 7234Ju1y 2 78 Feb 23
Preferred
*73
75
*73
75
*73
75
*73
75
*73
75
Art Metal Construe, Inc____10 20 Jan 16 2112 Jan 23
___ *20
no
____ *20
*20 ____ no
--------105 Atlas Plywood tr ctfs
5212 Apr 14 6334 Jan 19
57
57
*55
57
_ *5412 _ _
5514 -56
*5412
No par
912June 19 1714 Jan 2
10 Atlas Tack Corp
10
10
*912 1012 *10 11
*912 if
3.10 If
__
_
1418May 11 2012 Jan 14
1812 1812 --------20 Beacon Oil Co corn tr ctfs_
19
*18
1834 1838 1838 *18
605 Bigelow-Hartf Carpet_No par 77 Aug 26 9812 Jar 2
77
78
7812 7814 7814 7718 78
78 -7-8
*78
79
78
__ *10712
__ 10712 10712 *10712 ------------6 Boston Cons Gas pref 6)i %100 10512 Jan 25 10912June 21
•10712__ *10712
10 Dominion Stores, Ltd No par 57 May 8 6812 Feb 1
65
__ __ _ _._
60 -6-0 *36012 15 *26014 65 *360
*260 -6-5
_
_ _ _ _
_ _ _
____ ______
Preferred A
100 104 Jan 5 11218June 9
134Tvlay 20
East Boston Land
10
312 Jan 21
132
14 *2
132 *2
132 *2
14 .i
ii
612Sept 21
5
312 Mar 8
-6-12 1,380 Eastern' Manufacturing
514 512 *6
6
6
612
6
612
6
6
6
855
Eastern
SS
Lines,
Inc
25
53
Sept
23
8812
Jan 22
54
54
55
53
54
54
*55
57
*5412 56
56
56
10 Preferred
No par 3834 Apr 15 45 Jan 6
______
41
*3878 41
41
*39
41
*39
*39
40
40
1st preferred
100 92 June 25 9912 Jan 9
93
*91
93
*92
93
*92
*92
93
*92
93
1912July 7 26 Feb 5
240 Economy Grocery Stores
1934 1934 1913 1934 1934 1934 1912 1912
*1912 2012 *1034 20
129 Edison Electric Illum
100 2207 Jan 15 250 Feb 11
22514 2254 22514 226
227 228 *227 229 *226 227
227 227
10 Galveston-Houston Elec_100 14 June 22 2512 Feb 25
24____ ____
2414 *23
*23
2414 *23
*2313 2412 24
24
1134 Apr 12 17 Jan 22
*114 1214 ____ ____ ____ __ General Pub Serv Corp corn_
*1112 13
*1114 1158 *1114 13
*1114 12
3714 _ _
15 Gilchrist Co
No par 3414 Apr 20 4058 Jan 12
*37
38
3658 3658 *37
____
*3612 37
93
94
54 -967
2 3,077 Gilette Safety Razor_ ...No par 8812 Mar 30 11312 Feb 6
8 9234 9314 9314 94
__94 -947
9412 95
25 10 May 6 14 Sept 17
____ ____
__ ___ Greenfield Tap & Die
15
*13
15
*13
14
+13
*13
14
14
*13
No par 56 Aug 14 6834 Feb 4
--------175
Hood Rubber
_
59
61
594 5912 5912 5912 59
61
60
60
___ ______ Internal Cement Corp_No par 52 May 17 6814 Feb 9
_ ____ ____ ____
•.12 .45 *.12 .45 •.12 .45 *.12 .45 *.12 .45 ____ ____ ______ International Products_No par .10 Jan 2 .25 Mar 24
100 .30 May 19 .55 Jan 5
Preferred
.25 *____
.25 _____ ______
.25 *____
.25 •____
.25 •____
•____
___ Kidder, Peab Accep A pref_100 x93 Apr 15 96 July 30
_
_ *95
_
*95
*05 - - *95 - - *95 _
_10
612 Aug 13
934 Feb 1
160 Libby, McNeill & Libby
312 -812
4
8,2 8-'2 *812 184 *814 -0
834 -84
834 -3325
6 July 8 1218 Jan 18
17 Loew's Theatres
714 714 ---- - ---74 714 *714 ,- *714_-_-'714
r--------202 Massachusetts Gas Cos___100 80 Apr 20 8734Sept 15
85
85
87
*85 17
84 -85
8612 1612 86
100 65 Jan 6 7018 Feb 20
312 Preferred
6612 6612 6634 6634 6612 6612 6612 6612
67
67
67
67
30 Mergenthaler Linotype_No par 1104 June 2 1110 May 1
107 107
*3105 10712 *2106 10712 107 107 *2106 10712 *3106 107
734 Apr 22 1458May 26
10
--------130 Mexican Investment, Inc
10
*2512 712 1014 1014 10
10
5912 1012 10
8 Miss Riv Pow stpd pref_A00 89 Apr 9 96 Jan 4
97
__ __ _ _
97 *395
97 *295
95 5295
97
95
0295
Aug 4
412 Jan 5
10
2
National
Leather
187
1
12
25* 258
212
2% 2%
234 234 nlx 234
2,2 212
5 1512 Jan 9 2912July 19
--------100 Nelson (Herman) Corp
26
26
____ ____ *22512 27 *32512 27
-•.25 .30 +.25 .40 '1%25 .40 *.25 .40 *.25 .40 ____ ____ ______ New Eng 011 Ref Co tr ars__ .20 Jan 2 .95 Apr 29
100
3 July 15 1012 Jan 6
Preferred tr ctfs
__ ___ ___
__
*6
_ _ *6-_ ____
*6
*6 -__
*6
10
487 New England Pub Serv prior pf 95 Sept 20 100 Jan 6
-100 100
100 la, *100 10112 100 100
•100 10012 95 100
8 Feb 18
2 May 11
___ ____ ___ __ _ New Eng South Mills_ _No par
*3
4
4
*3
*3
4
*3
4
*3
4
5 Aug 5 28 Jan 29
100
--------165 Preferred
12
*124 15
12
12
12
*10
12
*10
12
493 New Eng Telep & Teleg_100 11078 AM 1 11834 Feb 17
114 115
11512 11512 115 11512 115 11558 114 115
115 115
__ ____- No Amer Util 1st pf full paid__ 89 Feb 15 96 Feb 25
*90
__ *90____
*90
.._ *90
590
18 Feb I 27 Feb 25
40 1s1 pref 25% paid
1
4 1918 Y0la
*19 1012 *19 19
*19 -2-012 *19 -20
*19 /0
100 3512July 6 55 Jan 2
1,797 Pacific Mills
47
4818 46
4818 4912 4814 4812 47
4814 4912 4912 50
100 40 Mar 25 6814 Jon 12
*46
55
___
_
___ --- Plant (Thos G), 1st pref
55
55
*46
55
*46
_ ___ +46
10 15 Feb 8 1714 Aug 26
190 Reece Button Hole
16
1578 1578
•zi578 1-64 154 1578 154 1512 1618 1618 16
134 Apr 28
10
112 Jan 19
*z412 2
*sits 2
____
___ ___ __ _ Reece Folding Machlne
*.z112 2
*Z112 2 'x1'3 2
98 May 28 110 Aug 6
pref
100
185
Sweet-Amer
Inv
part
106
106
106
106
10512
106
106 106
10634 10634 106 106
100 111 Apr 21 117 Feb 20
116 Swift dr Co
11434 11434 11434 11434 115 11514 *115 11512
115 115
*311458115
25 54 Mar 31 72 Sept 10
290 Torrington Co
69
6012 6034 6072 6072 269
71
70
70
71
7012 701
5
7 Jan 5 154 Feb II
180 Union Twist Drill
14
14
____ -_
_
14
*1312 14
14
14
*1312 14
14
25 47 Mar 31 5314 Aug 25
1,091 United Shoe Mach Corp
4914 4858 49
4914 50
49
4938 49
49
4978 49
49
25
28
Jan 2 30 June 25
Preferred
28
358
*3____
2812
284
2812
28
2
283
2
2852
283
142858 2914 2832
--------135 I/ S & Foreign See 1st pre( f pd 100 May 19 135 Feb 16
8712 111 111
_ 11014 11014 *87
112 113 *11014
60 May 30 90 Apr 3
1st pref 75% paid
87
87
985
8712 87
87
87
8712 87
8734 87 -8-7
87
725 WaldorfSys,Inc, new sh No par 17 Jan 6 2178 Aug 19
21
21
2058 2058
22012 2034 2012 2058 32012 21
2078 21
____ ____
39
38 Walth Watch cl B com_No par 29 Jan 18 40 Feb 5
+37
38
37
*37
38
38
38
38
*37
100 52 Jan 23 60 July 19
____
5 Preferred trust ctfs
____
58
*3553
4
58
*3553
4
58
*553
4
55
58
55
*57
Prior preferred
100 102 Jan 29 11012 Apr 13
*103 108 •103 108 *103 108 *2101 108 *2101 108
20 1234May 28 23 Jan 27
220 Walworth Company
1558 1558
16
16
16
1612 16
1512 1512 1514 1514 16
50 44 Mar 25 5218 Aug 31
142 Warren Bros
48
48
4812 4818 4814 48
48
4912 48
4912 4912 *248
preferred
39 Apr 15 43 May 24
1st
50
______
_--41
*2404
41
-_42 *34014 41 *x4014
42 *241
*41
50 42 Apr 16 47 Feb 10
29 preferred
44 *24218 43 534218 43 *34218 43
44 *242
*43
1034 Aug 18 1712 Jan 2
Will
&
Baumer
Candle
com___
13
*12
13
*12
13
+12
13
+12
13
•12
Mining.
Adventure Consolidated____25 .05 Mar 15 .40 July 19
5.20 .30 *.20 .30 *.20 .30 +.20 .30
4..20 .30 *.20 .30 '
25 .10 Feb 2 .10 Feb 2
Algomah Mining
•.05 .20 '5.05 .25 ..05 .20 *.20 .50 •.05 .20 *.15 .20
138 Aug 4
25 .25 Mar 27
235 Arcadian Consolidated
.80 .90
.80 .90
1
*a.90
1
*0.90
1
1 *0.90
1
Commercial
Arizona
5
914May 25 1234 Jan 2
356
1112
1114
*11
*11
1114
*103
4
11
11
1114
*11
1112 11
29
June
2
4 Jan 4
10
553
Bingham
Mines
470
403
4
41
403
8
4114 4112 4112 4134 4134 41
*4112 4212 x41
25 1314June 7 1858 Aug 9
1758 1778 2,381 Calumet dr Ueda
177s 177g
1734 1778 1734 1778 1734 1818
1758 18
Gold
1
.20
Hill
June
10
.50
Jan 2
Carson
200
.30
*.25
.30
*.25
.30
1.25
.25 .25 *.25 .30 '
*.20 .30
25 13 May 20 20 Jan 4
420 Copper Range Co
16
16
16
1632 1612 1632 1612 1614 1614 1618 1614 16
4 Feb 3
234May 18
East Butte Copper Mining_ 10
260
*23
4
314
4
3
*23
3
3
3
3
27
8
234
*234 3
25 .30 Sept 9
114 Jan 20
30 Franklin
*0.40 .60
.60 .60 *a.40 .60 .1.3.40 .60 *a.40 .60 *a.40 .60
114July 17
Hancock Consolidated_ _ _ 25 .50 Feb 25
+.50 .51
1
".50
*.50
1
*.50
1
*.50
1
•.50
1
Coal
Co
I
14
Mar
29
2114
Jan 4
Hardy
450
*1618
1612
*164
1612
16
16
1612 1612 *1614 1634 1614 1614
25
.80
Mar
27
2
Jan 11
Helvetia
____
__
___
____
*.90
1
1
*.90
1
1
•90
1
*.90
•.90
1 141 Mar 29 185 Aug 2
65 Island Creek Coal
180 180
183 183 3180 180
183 183
*182 184
18212 184
1 9912 Jan 4 106 July 28
55 Preferred
•103 105 *103 , 10314 *103 1034 103 103 *3100 103 *10118 10112
25
912June 7 14 Aug 9
60 Isle Royale Copper
1134 12
•1214 13
*1214 1234 1214 1214 *1214 '1234 1214 1214
25 .50 Jan 2
Copper
Keweenaw
2 Sept 14
15
2
178
*17
8
17
8
2
2
*17
8
2
*17
8
8
2
*17
8
*17
25
.75
Co
May 19
138July 14
Lake
Copper
18
.80 .80 •.75
114
114
114
.75 .75 5.75
+.75 114 '1..75
25 .80 June 12
212 Mar 15
114 *1
10 La Salle Copper
1
118
114
114 *1
114 3.1
114 *1
*1
5
134 Jan 26
140 Mason Valley Mine
258Sept 17
238 238 *214 212
212 212
*212 258 *238 258 •231, 258
25 .25 Mar 16 .75 July 19
170 Mass Consolidated
.30 .30 *.40 .60
.35 .40
1.40 .60
1.40 .60 .
41.40 .65 '
25 .55 May 17
85 Mayflower-Old Colony
112 Jan 5
.60 .60
.50 .50
*3.60 .75 *0.60 .75 *0.60 .75 *0.60 .75
25 30 Mar 30 43 Aug 9
340 Mohawk
41
*40
*4012 41
4114 4112 41
41
41
41
4112 42
765 New Cornelia Copper
5 1812May 19 24 Aug 9
2212 2212 *2172 2232
2214 22
22
2212 2214, 2232 22
22
New Dominion Copper
.05 Jan 30 .20 June 10
_
.30 ____
.30 •____
.30 •____
.30•-_
.30 *___•
100 24 Apr 20 25 Feb 4
New River Company
_ 2112 . _ -2-1_ 2112 +
• _ 22 • - 22 *. - 22 •
100 45 July 13 72 Feb 11
10 Preferred
'5* . 55
so
5612 »L'i
59
*i
57 '
-1
;Li
59
'
-,ii
70 Nipissing Mines
5
5 July 8
778 Jan 27
6
618 618
614
6
6
6
*578 614 *578 614 *6
15
2 Apr 13
378Sept 0
31,,f4 34 4,771 North Butte Mining
314 338
338 312
34 312
2% 378
234 278
147 Oilbway Mining
25 .50 Jan 4
138
.01
1 Apr 29
1
1
138
1
*al
1
las
138 *al
*al
Old Dominion Co
25 14 May 26 20 July 17
18 .17
*17
*17
18
1712
*17
18
18
*17
18
*17
135 P'd Crk Pocahontas Co No par 1012Mar 29 15 Jan 2
12
1178 1178
1214 12
1214 *12
1212 *12
*12
1234 *12
60 Quincy
25 1512May 24 25 July 16
1978 •19
20
1978 1978 *19
1102 1034 1978 20
*1912 21
250 St Mary's Mineral Land
25 2512May 25 3812 Feb 10
29
28
*28
29
2812 2812 28
29
2912 2912 *2812 30
_ ______ Seneca Mining
478June 1
958 Jan 4
225
Shannon
10 .35 May 18 .80 Jan 5
*.40
.60
.
.60
.4
+.40
.60
•.40
-.17.-41 -:iiii *.40 .60
25 Superior & Boston Copper_ 10 .35 Apr 21
.45 .45 .5.40 .60
I %Mar 1
•.40 .60 +.40 .60 *.40 .60 *.40 .60
4,090 Utah-Apex Mining
5
6 Jan 6 1134 Feb 5
658 7
74
7
74
7
74 714
718 738
*7122 738
1 .50 Jan 8 213f, Mar 13
1% Ps 6,165 Utah Metal & Tunnel
112 112
1% 1 if
138 1%
112
138
138 138
Victoria
.65
25 .40 May 24 .75 Feb 23
*.50] .65 *.50 .65 *.50 .65 '1%50 .65 •.50 .65 3..50
640 Winona
.17 .17
25 .10 Sept 13 .40 July 20
.20 .20 *.17 .25 *.17 .22
•.17,1 .25 •.17 .25
Wyandot
25 .40 Feb 1 .45 Mar 22
1'CA Jt1,11%.5
Range for Previous
Year 1925
Lowest
Highest
16434 Jan
85
Jan
10414 Dec
130 Dec
116 Dec
4912 Dec
46 Dec
65 Dec
8712 Dec
7912 De0
116 Dec
99 Nov
180 May
5212 Nov
73 Dec
70 Dec
50 Deo
56 Dec
4634 Dee
90 Dec
Oct
Jan 125
Oct
Jan 113
Feb 101 Dec
156 Feb
7514 Mar
Jan
92
109 Mar
94 Mar
10 Apr
1112 Apr
17 Apr
29 Apr
25 Apr
3512 Apr
96 Dec
167 Feb
26 Sept
60 July
51 Aug
35 Sept
23 May
28 Mar
70 Feb
100
96
87
5 • Dec
212 Mar
1612 Mar 2412 Dee
13038 Jan 145 Dec
6112 May 87 Aug
7014 May 8634 Aug
16 Aug
14
Jan
4612 Aug 6712 Dec
912 Aug 21 Dec
10912 Oct
10814 Aug
Oct
74
100 Dec
638 Sept
634 Jan
8978 Dee
4614 Oct
100 July
2312 Sept
1/12 Nov
Jan
103
2814 Jan
99 June
112 Apr
3 July
42 Mar
35 Jan
Jan
89
18 Aug
Jan
200
Oct
17
213 May
38 Jan
I234 Aug
5712 Jan
11 May
52 May
5212 Jan
.05 Dec
.10 Dec
8212 Jan
614 Apr
1114 Aug
68 Feb
6312 Jan
Jan
167
714 Sept
8712 Jan
334 Dec
1158 Dec
.10 Dec
534 Apr
---- ___278 Dec
20 Dec
99 Apr
90 Sept
20 May
50 Dec
32 Aug
1514 Aug
114 Nov
9914 Dec
10914 Apr
4512 Apr
Oct
3
4034 July
2612 Jan
98 Mar
2412 Jan
1412 Aug
5
Jan
1714 Jan
65 Jan
1634 June
37
Jan
3758 Jan
4012 Jan
11 Mar
-ii July
11512 Dec
1512 June
Oct
72
Oct
80
2 Jan
1012 Jan
9512 Nov
938 Jan
1378 Jan
85 Dec
70 Oct
197
Oct
1634 Jan
9614 Nov
634 Jan
17 Dec
2 June
12 Sept
---- ---11 Feb
55 Jan
12212 Nov
100 May
28 Mar
8112 Jan
75
Oct
18 Apr
234 Jan
101 Dec
120 Feb
7312 Dec
712 Jan
50 Nov
29
Oct
12412 Dec
73 Nov
1934 Jan
34 Dec
57 Dec
105 Dec
2714 July
5012 July
4312 July
48 Dec
2178 Dec
.05 Dec
.10 Mar
.50 Dec
912 Mar
2814 July
1238 June
.20 May
18 Dec
3 June
.04
Jan
.50 June
1512 July
1 Dec
121 Mar
9414 May
978 Apr
.50 June
1
Apr
1 Dec
.95 Sept
.40 May
.50 Nov
2513 June
18 Mar
.10 July
25 Apr
40 June
438 July
.89 June
.15 Nov
1634 Dec
1012June
19 Apr
2812 Apr
714 Nov
.50 May
.70 May
378 Jan
.40 July
.22 Nov
.10 Dec
05 Apr
.25 Jan
.25
Jan
3 Jan
1538 Feb
6014 Oct
1878 Jan
.90 Aug
33 Jan
64 Jan
138 Jan
134 Feb
23 Jan
312 Feb
165 Deo
10012 Dec
2012 Jan
112 June
3 Jan
34 Jan
234 Jan
114 Jan
3 Jan
Jan
41
Jan
25
.85 Feb
31 Aug
65 Aug
634 Jan
378 Nov
114 Jan
Jan
27
1878 Sept
3912 Jan
Jan
48
11 Nov
112 Jan
2 Jan
8 ifs Jan
Jan
.98
114 Jan
Jan
.48
21 Feb
•Bid and asked pricIts; no sales on this day. a Assessment paid. b Ex-stock dividend. t New stock. z Ex-dividend. y Ex-rights. s Ex-dividend and rights.
SHPT. 25 1326.]
THE CHRONICLE
1621
riWoUg
Boston Bond Record -Transactions in bonds at Boston
Stock Exchange Sept. 18 to Sept. 24, both inclusive:
Bonds1943
Andes Copper 78
AtIG&WISSL 58_1959
Central Pr & Lt Co Ss_1958
Chic Jot & U BY 5s._1940
141)
45
E Mass St RR ser B 581948
European Inv 7458._ _1965
Hood Rubber 75
1937
K C M St B5s inc._ 1934
Mass Gas 4455
1931
415s
1929
Miss River Power 56_1951
New Eng Tel & Tel 58_1932
NO Pont Bridge 7s_ __1941
78
1946
1944
Swift & Co 5s
United Ind Corp 6s_ _ _1945
Western Tel Ar Tel 58_1932
70%
8915
97%
104%
99
9845
10044
101
10044
107 107
70% 7015
96
98
101 101
89% 8914
74
74
97% 9745
104% 104%
99
99
9815 98%
100 100
100% 101
100% 10035
9815 9845
100 100
100% 101%
87
87
190% 101%
Range Since Jan. 1.
Low.
High.
$6,000 9914 Jan 107
Sept
Apr 74
8,000 65
Feb
July 96
12.000 96
July
Jan 102
5.000 99
Aug
Jan 90 July
1.000 86
Mar 78% June
2,000 65
Apr 98
4.000 96
Aug
8.000 104% Jan 10635 June
1,000 97%Jun
99%June
7,000 96
Jan 99
June
1,000 9845June 100 Sept
6.000 99
Mar 102% July
2.000 100% Feb 102
May
5.000 98% Sept 98% Sept
5,000 100
Sept 100
Sept
12.500 9935 June 10235 Aug
3,000 82
Apr 87% Sept
11,000 99% Mar 101% Aug
Philadelphia Stock Exchange -Record of transactions
at Philadelphia Stock Exchange, Sept. 18 to Sept. 24, both
inclusive, compiled from official sale lists:
Stocks-
Prtaa.
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High, Shares.
Range Since Jan. 1.
Low.
High.
Abbotts Al Dairy pref_ _100
103 103
8 10034 Jan 103
Aug
Alliance Insurance
50
10
15 36
50
Jan 59
Jan
Almar Stores
19% 1934 1934
410 1934 Sept 1934 Sept
American Stores
• 7334 7215 7534 4,416 60
Mar. 9434 Jan
Bell Tel Co of Penn pref__ ______ a11115 11234
65 10934 Apr 11334 June
Cambria Iron
40
$6
40
8 38
Jan 4015 Sept
Catawlma let pref
.40 42
ao
Aug 4334 Apr
4334 4345
Congoleum Co Inc
•
710 1315 May 29
2434 26
Sept
Consol Traction of N .7.100 36
36
20 29
36
Apr 38
Sept
East Shore G & E8% pf_25 28
100 25
2534 26
Mar 2634 Feb
Electric Storage BatVy-100
121 73
Jan 9334 Aug
8834 8934
Plre Association new_ _ _ _10 53
53
10 50
53
July 68
Jan
General Asphalt
60 58
100
8034 81
Mar 93
Sept
Giant Portland Cement_50
58
5915
470 31
May 6234 July
Preferred
50
54
54
150 3434 Jan 56
July
Horn & Hard of Phila
10 270
270
270 27034
Sept 27034 Sept
of N Y
do
50
50
100 50
50
Sept 50
Sept
Insurance Co of N A_ _ _ _10 5235 5134 5234
430 49
Mar 6415 Jan
Lake Superior Corp_ _ _ _100
2
2
850
145 July
415 Jan
Lehigh Navigation
50 112
529 9734 Mar 12034 Feb
11134 112
Lit Brothers
150 25
10
2634 27
Mar 3334 Jan
Minehill de Schuyl Hav_ _50 5034 5034 5034
31 5034 Sept 5215 June
Penn cent L & P,cum pt• 71
132 7034 Sept 91
7034 7134
Feb
Pennsylvania RR
50
54
55
9,410 4834 Mar 5614 Sept'
Phila Co, pre!(cum 6%)50
13 4834 Apr 5034 July
50
50
Phila Electric of Penna._25 6034 5045 5134 12,000 4134 Apr 6734 Jan
Power receipts
25
9
934
969
334 Apr
934
934 Sept
Phila Rapid Transit_ _ _.50 55
5415 55
570 51
Jan 5794 Feb
Phila Germ't'n & Norr'n.50
12334 12334
25 12245 July 124
May
Phila & Read C & I Co__ •
4315 4535
355 2734 May 4834 Feb
Philadelphia Traction_ _ _50 58
265 5635 Jan 65
5745 58
Feb
Philadelphia & Westdrn_50
12
105 11
12
Mar 1634 May
Preferred
103
3745 3745
.50
Aug
474 Jan 41
Reading Company
180 82
50
Apr 9935 July
9234 9334
Shrev El Dorado Pipe L.25 2215 21
23
1,800 1315 July 2334 Aug
Scott Paper Co, prei_ _100
9934 100
32 89
Jan 101
Feb
Stanley Co of America...* 89
8515 8914 15,410 55
May 9215 Sept
Tono-Belmont Devel. _1
3
1,320 2 1-16 Apr
334
415 Jan
Tonopah Mining
1
1,600
534 534
734 Feb
434 Aug
Union Traction
50 40
787 38
3974 40
Jan 4394 Jan
United Cos of N J
207 207
100'
Apr 207
10 205
July
United Gas Improv't___50 112
111 112% 6,976 8434 Mar 14434 Jan
U El Dairy Prod "A"
•
33
10 31
33
July 3834 Mar
Vlctor Talking Machine_ _1 102
100 102
460 80
Mar 103
Sept
Warwick Iron St Steel_ __10
1
1
500
1
Sept314 Mar
West Jersey & Sea Shore.50
4214 43
15 4215 Sept 48
July
Westmoreland Coal, new 50
50
51
Apr 56
95 49
Jan
York Railways. pref. __ .50 3534 3535 36
200 3515 Sept 3834 Feb
BondsAmer Gas & Elec 55. _2007
Consol Tract N J lst 5s 1932
Elec & Peon tr ctfs 48_1945
Keystone Telep 1st 58.1935
Lehigh C & N gen 43481924
Lehigh Val Coal let 581933
Phlla Co Cons & coil trust
5s. ampd skid & red '51
1st s 1 4s
1966
58
1960
let 5s
1966
5348
1947
5458
1953
68
1941
1972
534s
6134
5934
98
iont
97
6134
5934
91
98
10134
9774 $8,500 8915 Feb 10134 May
1,000 58
6134
Jan 6934 Feb
80
26,000 5735 Jan 6534 Feb
91
1,000 91
Jan 9315 Feb
9834 2,000 9734 Apr 10034 May
10134 2,000 10034 Mar 10154 Sept
987-4
87%
102
10334
10734
10734
107
10234
99
10,000 9634
8735
1,000 84
102
1.000 102
10415 24,000 102
10734 2,000 10334
10734 7,000 10334
107
1,000 105
10234 24,000 10034
Jan
Feb
Jan
Mar
Mar
Mar
July
Aug
9915
8774
10334
10434
108
108
10814
103
May
Sept
Apr
June
June
June
Aug
May
• No par value. a Ex-dividend.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange Sept. 18 to Sept. 24, both inclusive, compiled from official sales lists:
Stocks-
'may
.sates
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
Amer Wholesale pref _ _100
Arundel Corp new stock_ •
Baltimore Brick pref _ _ _100
Baltimore Trust Co__ __50 130
Benesch (I) corn
•
Preferred
25 27
Boston Sand & Gravel_100
10
Central Fire Ins
60 157
Century Trust
Chee & Po Tel of Balt pf 100 11445
Commercial Credit
• 2745
25
Preferred
25 2334
Preferred B
100 93
644% preferred
Coosa' Gas E L & Pow_ •
100
04% preferred
100
7% preferred
100
8% preferred
Consolidation Coal
_100
Eastern Roll Mill new stk_• 34
Empire 38 St Allot
Equitable Trust Co
25
50
Fidelity & Deposit •
Finance & Guar Co prof _25
Finance Cd of America_ _25
Finanee Service clru81 A _10 1734
,,.... n
•
10
99
34
83
12934
40
27
77
2515
157
114
2734
23
2334
93
5234
10934
11134
12634
3734
34
102%
66
12715
16
894
1734
18
99
35
83
130
40
27
77
2511
157
11434
2734
23
2415
93
5235
10934
112
126%
3745
34
10231
66
129
16
83-4
1734
18
15
875
4
123
7
24
5
25
105
14
227
76
105
380
8
5
28
85
245
80
10
10
90
70
25
498
11
Range Since Jan. 1.
Low.
98
2834
83
120
27
2634
61
25
153
11034
26
23
2315
90
45
10834
109
124
36
30
102
6215
11734
18
834
1734
18
S.W.:.
UN Week s Range for
Sale
Week.
ofPrices.
Stocks (Continued) Par Price. LOW. High. Shares.
Outside Stock Exchanges
Friday
Last Week's Range Sales
Sale
for
ofPrices.
Price. Low. High. Week.
.
June
Mar
Sept
Apr
Sept
Jan
Mar
Sept
July
Jan
May
Sept
Sept
June
Jan
Mar
Mar
Jan
Mar
June
Mar
Jan
Mar
Sent
Sept
Sept
July
High. .
101
36
88
154
40
27
77
2834
182
116
4835
2634
2734
97
5734
11134
11315
12834
53
48
10234
75
129
17
12
2134
2115
Feb
Jan
June
Feb
Jan
Jan
Sept
Feb
Feb
June
Jan
Jan
Jan
Feb
Feb
Aug
Sept
Feb
Feb
Feb
July
Feb
Sept
June
Jan
Jan
Feb
Ga So & Fla 1st pref._100 94
94
94
Hare de Chase prof
96
100
96
Houston 011 pref tr ctfe_100
84
84
Manufacturers Finance_ 25
4635 47
1st preferred
25 2015 2034 2034
2d preferred
25 2034 2015 2045
Trust preferred
21
21
25
Maryland Casualty Co_ _25
96
9634
Mortgage & Accept corn_*
1
1
1
Preferred
50
3645 3635
Dep A
36
38
Dep C
1
1
Mt V-Woodb M pf v t r 100
6745 69
New Amsterd'm Cas Co_10
5034 5134
Northern Central
50
8015 8034
Penns Water dr Power_100 167
161 167
Roland Park Homeland pf•
99
99
16
Silica Gel Corp
•
1634
Standard Gas Equip.._100 99
99
99
United Ry & Electric_ _ _50
1845 1834
US Fidelity & Guar_ ___50 215
215 225
Wash Bait & Annan pfd_50 16
16
16
West Md Diary Inc pref_ 50
52
53
BondsBalt Sparr P & C 4%8_1953
Balt Traction 1st 58_ _.1929
Consolidated Gas 58..1939
Cons G,E L & P 4%s 1935
6% notes series A_ _ _1949
Elkhorn Coal Corp 1345s'32
Fair & Clarks Trac 58 1938
Fla Cent & Penln cons 58'43
Maryland Elec Ry 6%8'52
Monon Valley Tree 50_1942
Norfolk & AU Term 581929
Penne W & P 5e
1941)
Ral & Gaston let 58..1947
United Ry de Elec 4s_ _1949
Income 48
1949
Funding 58
1938
6% notes
1927
135, when issued_
1949
Wash Bait de Annap 531941
•No par value.
9234
73
6934
4934
9934
64
8245
9915
10214
9834
107%
9934
9234
101
9654
9254
9945
10115
73
6954
4945
72
9915
9634
6334
Range Since -Tan. I.
Low.
13 9315
18 8515
30 81
57 4634
47 2034
125 1915
25 20
281 94
25
1
10 2894
69 36
55
1
68 8234
812 49
24 7814
145 141
25 98
120 16
58 9534
326 17
207 187
21
16
22 52
High.
Jan 9414
Aug 96
Mar 89
Sept 6834
June 23
Aug 2454
Mar 23
May 102
June 2334
June 50
Aug 36
Sept
1
June 83
Mar 5654
Jan 82
May 171
Apr 99
Sept22
Aug 10034
Jan 1945
Mar 225
Sept2535
Sept5434
Mar
Sept
Jan
Feb
Jan
Feb
Jan
Jan
Jan
Aug
Aug
Sept
Apr
Jan
June
Jan
Sept
Jan
Mar
Mar
Sept
Jan
Jan
8235 35.000 8235 Aug 8254 Aug
1,000 9945 May 9914 June
9934
10245 5,000 10014 Apr 10334 June
1,000 9515 Feb 99
9834
Sept
10714 3,000 10535 Jan 10734 Aug
Apr
9934 2,000 9815 June 100
9254 1.000 9015 Feb 94 June
Feb 101
1,000 100
101
July
9654 1,000 9135 Apr 9735 Mar
9234 2,000 8734 Jan 9334 June
1,000 9934 May 9934 May
9934
10115
1,000 10114 Sept10444 July
73
Sept73
2.000 73
Sept
70
Mar 7114 Mar
7,000 69
5034 32,000 48
Mar 51
Aug
4,500 8734 Jan 7215 Sept
72
1.000 9745 Jan 9915 Aug
9934
9835 2,000 9134 Jan 9745 Aug
July 7334 Feb
15,000 82
84
Chicago Stock Exchange.-Record of transactions at
Chicago Stock Exchange Sept. 18 to Sept. 24, both inclusive,
compiled from official sales lists:
Friday
Sates
Last Week's Range for
Week.
a/Prices.
Sale
Stocks-Par.Price. Low. High. Shares.
Adams Royalty Co corn..*
All America Radio CI A..5
Am Fur M Bldg Corp pi 100
Amer Pub Serv prof...100
Am Pub Utll Co par pf _100
American Seating pref__ •
American ShipbuildIng_100
Amer States Secur Corp A •
Class B
•
Warrants
Armour & Co (Del) pref 100
Armour & Co pref
100
Common cl A v t c_25
Common el B v t c_25
Assoc Investment Co_ _ _ _•
Auburn Auto Corn corn._25
Balaban & Katz v t c_ - 25
Beaver Board v t c B. •
Preferred certificates_100
Bendlx Corp Cl A
10
Borg & Beck corn
10
Brach & Sons(E J) coin_ •
Bunte Bros
10
Butler Bros
20
Central Ill Pub Serv pref.•
Central Ind Power pref_100
Central SW 7% pref....*
Prior lien pref
•
Warrants
Central Pub Serv Del_ _•
Chic City & Con Ry pref.*
Chicago Fuse Mfg Co_ _ _ _•
Chic NB & Milw com _ _100
Prior lien pref
100
Preferred
100
Corn Chem of 'Fenn el B_•
Consumers Co new
•
Trust certificates
Preferred
100
Continental Motors
•
Crane Co
25
Preferred
100
Crown(Wm)Pap 1st pfd.•
Cudahy Packing Co-..100
Cuneo Press A.
50
Decker (Alf) & Cohn,Inc_•
Deere & Co pref
100
Diamond Match
100
Eddy Paper Corp (The). •
El Household Util Corp_10
Elec Research Lab
•
Evans & Co,Inc, cl A_ _ _ _5
Clara B
5
Fair Co (The)
•
Preferred
100
Fitz Simons & Connell__
Dock & Dredge Co
Foote Bros(0 & M)Co_•
Gill Mfg Co
i0
Gossard Co(H W)
•
Great Lakes D St D...100
Greif Bros Coorege A corn •
Hart,Schaffner dc Marx 100
Hupp Motor
10
Illinois Brick
25
Illinois Nor utilities P1-100
Indep Pneumatic Tool_ •
Kellogg Switchboard newl0
Preferred
100
Ky Hydro-Elec pref._ _100
Kentucky 'MU Co pref_.50
Kraft Cheese Co
25
Kup'heimer &Co (B) Inc_5
Preferred
100
La Salle Ext Linty (III) _10
Libby, McN&Libby,newl0
McQuay-Norris Mfg
•
Merch & Mfrs. pref
25
Prior preferred
100
Middle West Utilities
•
Preferred
ioo
Prior lien preferred_ _100
Midland Steel Products_ •
Midland UM prior llen_100
Preferred A
100
2414
97
435
335
94
8634
16%
915
37%
56
39%
4734
28%
9215
99
23
16%
4
30
13845
7.4
9834
2934
27%
105
37
142%
5135
91
15
5114
63
9
17)4
36
9935
117%
10735
11515
100
97
Range Since Jan. I.
Low.
High.
Sept 37)4 Feb
150 24
2434
9
Apr 19
125
1515
Jan
430 94
96;5
Sept 96% Sept
May 99
520 92
98
July
83
Jan 91
70 82
Feb
37%
100 32% Aug 39% Sept
May 95% Jan
100 70
7854
1% May
435 3,600
8% Feb
1
Mar
5% Feb
334 5,300
1
45 May
June
7-6 9,800
94
151 90
Mar
Aug 98
356 79% May 9235 Mar
8634
17
May 2.5% Feb
355 13
10
170
Feb
5% May 17
37%
Aug 3715 Mar
185 30
5814 7,600 4035 Mar 7234 Mar
65
1,100 6214 Sept 7635 June
3 June
435
100
544 Aug
217 32
39%
Mar 45
Aug
34
1,010 25% Mar 35% Sept
Jan 48
21,900 28
48
Sept
31%
585 27% May 37% Feb
.101y
Apr 22
20
50 14
291( 2,040 2835 July 30
July
May 91
120 87
Jan
9034
10 85
Jan
July 93
8934
271 8915 Mar 9635 J103,
92%
99
Feb
1,120 93 June 100
922 1014 Jan 25% July
24
190 12
Apr 1635 July
16%
2;5 Aug
275
4%
Jan
7
11 30 June 35
30
Jan
30
May 61% Feb
10 37
45
45
465 99
9935 100
Mar
Aug 101
Jan
7334 73%
10 7235 Aug 83
1,617 1351( Aug 145 June
138 139%
515 Aug 103( Feb
735 7% 2,520
350
7% Sept
7% Sept
7% 714
265 70
Sept 93
7315 75
Feb
20
10% 11
934 May 13% Jan
4815 Sept 60
23
Jan
4815 50
90 11315 Mar 117;4 Jan
11645 11614
9715 Mar 10034 Jan
52
98% 98%
80
Apr 1093.4 Sept
1
109% 109%
100 4545 July 50
Feb
4914 4945
100 30 Jun
3115 31%
32 June .
47 106
Feb 110
Aug
10745 108
Mar 1291( Feb
116 11615
150 116
Apr 27 June
23
120 18
23
360 13
14% 14%
Sept 25 Jan
834 July 32% Jan
650
19
20
May 32
29% 30% 1,675 25
Sept
475 26% Aug 29
2745 28
Sept
May 3315 Jan
860 27
27% 28%
76 104% May 109
105 105%
Feb
24%
1434
96
96
83
37%
7815
3
2%
34
94
88
18%
9;5
3615
53
62;5
414
3935
33%
4315
3015
19
28%
89%
89%
92
98
22
1635
28% 28%
10 26
Jan 32 June
11% 12
60
9 May 1514 Jan
600
41( 5
215 May
515 Aug
510 3194 Mar 39
3614 37
Jan
14015 144%
Jan
Mar 171
38.5 122
May 43
3914 3945
73 86
Aug
108 10815
100 108
Sent 125
Jan
26% 27%
Mar 2894 Jan
358 19
4615 5115 13,800 37
Jan 5235 June
Mar
May 92
91
91
162 90
Jan
Jan 61
59% 5945
45 58
15
15
20 1334 Aug 17 June
Aug 102 June
97;5 9815
140 96
9315 9314
18 9134 .11100 9534 Aug
45 59
Mar 5234 Aug
5114 5115
675 55 May 9054 Jan
61% 641(
75 2934 Jan 36
Sept
36
36
10 10034 Mar 10214 Sent
10215 102%
Sept 1436 Jan
7
7
8% 1,150
402
754 Mar 1034 Sept
815 9
25 1534 June 1934 Feb
17% 1735
may 3654 May
34
450
35% 36
175 9814 Sept 9934 Sept
98% 9034
May 13434 Jan
113% 11715 13,200 108
1,806 9734 Jan 11155 Feb
106% 108
705 1013% Jan 12334 Feb
114% 11514
Mar 4934 Feb
300 41
4615 47%
June
Mar 104
535 98
100 10235
Jan 9974 June
311 96
97
99
Sales
Friday
Last Week's Range for
Week.
Sale
of Prices.
Stocks (Continued) Par Price Low. High. Shares.
.
2034
21
56
132
v
4931
2831
.im.
,—.
3434
6334
11534
2034
4034
5234
3034
323.4
4534
.1t1,
44.tititattaTs
21'2g.4V,221We,
xxxx
.
00!-Vt.0000NeV00
Ob.0.00.0N00000W
...
RRR 0Q0R
§§§888§8888§§
.i..ei4o-.-.Oci...6..
1-104
.0
CA
SO
97
84
00.
.ONNV
.
CO...
.
213-4
110
1734
..0.0.N.
..
155
,.,..,..ig„Is”.,Eltealiggg.ggawat'attl'a.MsgtitittVallteellm,
,
2.42.5,22gaa-,,,->wg.4-44,,a1,1
22•4<2..44.‹.a22.4a22
xxx x xx x x xx xxx x xxxx
xxx xxxx
m
M0.NW0MMXMr...C-0=0.N
to
97
9534
Low.
04,00NN00,,.00.00m0z0No000.0c4c.M.0.0.C1NW
v..0 cic.100Nw...MNN0.NONM.NNOMC...1.C.M
.
234
3134
Range Since Jan. 1.
High.
1
ci
Bonds—
Armour & Co of Delaware
20-year gold 5%s_ .._1943
Calum&S Chic Ry let 5s'27
Chicago City Ry 58_ _ _1927
Chic City & Con Rys 55'27
Chicago Railways 53.._1927
1927
5s, Series A
1927
4s, Series B
Commonw Edison 5&_1943
1st M C 5s ser A___1953
1st M C 5s,ser B _ .. _1954
nit m C 4 hs. ser C 1956
HousG G Cost g 6%s 1931
Northwestern Elev 58_1941
Swift ,4 Co 1st s f g 58_1944
8334
,ON00000000N000000.00000000000000000000000000000000000
,, 000C-00C-00.N0.[-.M.v..0.0.000C-.0.0c00.1..0C-.0MMcNONW0NM00.0.0
.. 0c..0.
000.0. 0. 0 .ep.m.o.wowc,0
Morgan Lithograph Co..•
Mo ser Leather Corp, corn
Nat Elec Power A w 1_ _ *
100
Preferred
10
National Leather
*
National Standard
North American Car,corn *
Nor West Util pr In pref 100
100
7% preferred
*
Novadel, pref
Omnibus, pref A w 1
100
Voting trust ctfs w i a •
•
Penn Gas & Elec w I
Pick, Barth & Co, pref A_•
Pines Winterfront A
5
Pub Serv of Nor Illinois_ _•
Pub Serv of Nor Illinols.100
100
Preferred
100
7% preferred
*
Quaker Oats Co
100
Preferred
Q R S Music, corn
*
Real Silk Hosiery Mills_ _10
Ryan Car Co (The)
25
So Cob Pow Elec A,corn 25
30
Sprague Sells
Southw Gas & El, pref _100
South City Util cl "A" corn
Stewart-Warner Speedom *
Swift & Co
100
Swift International
15
25
Thompson (J R)
Union Carbide & Carbon.*
United Biscuit class A--- -*
United Iron Works v t c_50
United Lt & Pr A w 1 new_*
*
B w I new
*
Pref class A w I a
•
Pref class B w I a
United Paper Board_ _ _100
20
U S Gypsum
100
Preferred
Univ Theatres Cone cl A_5
10
Vesta Battery Corp
Ward(Montgom'y).4 Co 10
•
Class A
Williams 011-O-Mat corn.*
*
Wolff Mfg Corp
Wolverine Portland Cem 10
*
Wrigley Jr
Yates Machines part pfd.*
Yellow Tr & Cch Mfg B.10
Yellow Cab Co Inc (Chic)•
65
1634
2634
9634
434
32
32
99
9734
28
08
2134
24
23
6034
140
143
106
11631
185
10834
29
5834
16
2534
3031
98
42
93
117
2231
5034
9234
5834
334
26
31
92
52
38
171
121
8
25
8134
114
2331
1034
934
5534
32
3934
5034
Feb
Aug
July
Feb
Jan
Sept
Jan
Jan
Aug
June
Feb
Feb
Feb
Aug
Aug
June
June
July
Mar
Aug
July
Aug
Jan
Jan
Jan
June
Mar
July
Jan
Feb
Jan
Sept
Sept
Jan
Sept
Feb
Mar
May
Sept
Mar
July
Aug
Sept
Jan
Jan
Aug
Feb
Feb
Jan
Jan
Feb
Sept
Feb
9534
78
8131
5631
82
5451
46
105
10234
1021.1
9434
99
85
101
Mar
Sept
Sept
Jan
Jan
Sept
Sept
July
Sept
Sept
Sept
Feb
Sept
Sept
•No par value.
St. Louis Stock Exchange.—Record
of transactions
St. Louis Stock Exchange Sept. 18 to Sept. 24, both
inclusive, compiled from official sales lists:
Sales
icrtaak
Range Since Jan. 1.
Last Week's Range for
Week.
ofPrices.
Sale
High.
Low.
Par. Price. Low. High Shares.
Stocks—
at
Bank Stocks—
100
Boatmen's Bank
Nat'l Bank of Comm'ce.100
Trust Company Stocks —
St Louis Union Trust_ _100
Title Guaranty Trust_ _100
Street Railway Stocks —
St Louis Public Service_ _ _•
Miscellaneous Stocks—
Amer Credit Indemnity_25
• 4134
Boyd-Welsh Shoe
100
Brown Shoe, pref
100
Curlee Cloth, pref
•
EL Bruce, corn
100
Preferred
Ely & Walker D G,com_25
100
First preferred
Hamilton-Brown Shoe_ _25
Hussmann Rein,com____• 3634
334
Hydr Press Brick, com_100
100 8134
Preferred
•
Indep Packing, corn
100
Preferred
• 160
Internat'l Shoe, corn
100 1073.4
Preferred
•
Johansen Shoe
•
Johnson-S & S Shoe
Laclede Gas Light, pref 100
Mo Portland Cement_ .25
Nat Candy, common...100
*
Pedigo-Weber Shoe
•
Polar Wave Ice & A
Rice-Stlx D G'ds, com___• 2234
Securities Inv, common...* 42
Sheffield Steel, common..' 26
•
Skouras Bros, "A"
Southern Acid & Sul, corn • 48
Twestern Bell Tel pref_100
St Louis Amusement"A"_• 50
100
3t Louis Car, pref
Wagner Electric. corn....
Wagner Elec Con), pref 100 68
Wm Waltke,common..-.' 48
100
Preferred
Mining Stocks—
Clonsol Lead & Zinc Co_ __• 2331
Street Railway Bonds@ St Louis & Sub Co 5s1932
St L & Bub Ry gen 5s_1923
United Railways 4s_ __1934
111Q/
..- --• ,--
156
184
156
165
8 153
13 155
325
41
325
42
100 316
100 40
1734
117
53
53
4134 4234
109 109
101 101
3834 3834
97
97
3134 3234
108 108
45
45
3634 3714
334 334
8134 8334
25
25
107 107
15934 16034
10734 108
34
34
58
58
8634 8634
57
57
7834 7634
32
32
3234 33
2234 23
42
44
26
2731
55
52
45
48
113 11534
50
50
9334 9331
17
1834
66
68
48
4934
108 108
13
35
25
20
7
25
72
5
10
20
125
66
40
10
161
20
10
10
35
35
2
10
445
140
440
45
84
335
148
10
5
370
65
205
5
17
2334 24
86
83
7631
MSG
457
86
$2,000
1,000
83
7634 5,000
7634 13.000
Jan 16034 May
Feb
Jan 171
June 330
June 52
Aug
Mar
20
May
55
4434
111
104
5331
10134
35
109
57
41
634
9734
29
1073.4
17534
11134
45
9834
90
67
92
39
3734
2534
45
2934
59
5211
11534
5934
97
3434
85
4934
108
July
Feb
Jan
Mar
Jan
Mar
Aug
Apr
Jan
Jan
Feb
Jan
Feb
Apr
Jan
Jan
Jan
Jan
July
Jan
Feb
Jan
Feb
Feb
Mar
Jan
Jan
Feb
Sept
Jan
Jan
Jan
June
Sept
Sept
1634 July
49
3534
1073.4
101
3834
97
2834
10734
43
34
334
80
25
10534
135
107
28
53
8434
4834
70
27
3134
2134
40
24
46
4234
11214
48
90
1334
61 34
40
104
23
Mar
Mar
July
Sept
Sept
Sept
May
June
May
Aug
Apr
Aug
Sept
May
May
June
June
June
Mar
Mar
Apr
May
May
Aug
Apr
May
Mar
June
Apr
Apr
May
July
July
Apr
Apr
Aug
8334 Jan
7931 Apr
75
Jan
74
Jan
28
Mar
87
95
7831
7514
Aug
Mar
Apr
An,.
• No par value.
Pittsburgh and Cincinnati Stock Exchanges.—For this
week's record of transactions on the Pittsburgh and St.
Louis Stock Exchanges see page 1597.
f Voi.. 123.
THE CHRONICLE
1622
New York Curb Market.—Below is a record of the
transactions in the New York Curb Market from Sept. 18 to
Sept. 24, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
h'ridat,
sales
Last Week's Range for
Sale.
ofPrices.
Week.
Par. Price. Low. High Shares
Week Ended Sept. 24.
Stocks—
1”dus. Sc Miscellaneous.
Aetna Life Insur Co _100
Ala Great
ea South, com___50
Preferred
5(1
Allied-Packers, prior pf_100
Second preferred
634
Alpha Portland Cement__. 37
Al,," Mu- Co. coin
Preferred 6%
100
* 71%
American Arch Co
100
American Cigar, com__100 130
Amer Electric Corp. cl A.25
Amer Electric • Corp v t c•
Amer Gas & Elec, corn...' 10934
600
126
127
635
129
128%
26
111 28
334
37
40
10
69
2 % 10
72
11
11131 1112
130 134
21%
21
7
834
10134 11034
3
410
110
225
50
200
400
400
75
30
200
600
27,800
200
300
200
1,150
75
100
520
2,700
20
American
Hawaiian SS__10 95% 95%
Preferred*
8
98
51
American Insurance Co_ _5
22
2234
Amer Lt & Trim. com__100 212
210 219
Preferred
100
10814 10834
Amer Multigraph. com_ •
Amer Pow & Lt, pref___100 98
9
16
91 9189%
American Rayon Products*
13
15
Amer Rolling Mill com_ _25 4734 4734 4734
Preferred
100 109
109 109
10
Am Seating (new corp) vtc• 37
3634 375" 5,800
Convertible preferred.... 3834 3734 3831 3.700
Amer Superpow Corp, A_• 3031 3034 3134
2,300
Class B
• 32
3031 3234 7,800
Prior preferred
25 26
2534 2634
800
First preferred
94
• 95
600
9534
American Thread, pref
331 354
200
5
Amer Writ Pap,new pf v t
1011
303.4 3034
Assoc Gas & Rice, class A_• 35
3,000
35
3634
Atlantic Fruit & Sugar...'
131
134
134 5,000
Auburn Automobile. com25
200
63
53
Babcock & Wilcox Co__100 11634 11634 11634
50
Balaban & Katz com v t c25
63
63
Bea,erboard Cos. ore( ,lk,
100
40
40
Bell Tel of Pa,634% pref.
20
111% 11134
1,000
97 10234
Blackstone V G&E,com_50
Blew & Knox Co, com_ _2577
100
80
• 2454 2134 2534
Bliss(E W)& Co
3.900
331
Blyn Shoes Inc corn
344 334
10
200
Borden Company
2,600
95
98'
50 95
100
Bradley Fireproof Prod__153e 53c
fond ,enort Machine, coin.'
200
634 834
Brill Corp (new), class A.• 32
32
800
3434
• 13
Class 13
500
13
1334
Brit-Amer Tob ord bear_ gl -- - - 23
2314 1,800
Brockway Mot Trk, corn.*
4134 4234
300
Brooklyn City RR
6% 7% 4.900
7
io
230
50
Bucyrus Co corn
230 230
Buff NiagdrEardPow,com19-6.
300
30
3034
200
25
Preferred
25
25
Burdines, Inc. corn
15
15
*
2
140
99
15
Celluloid Co, corn
1534
100 15
68
68
Preferred
100
100
450
• 150
17834 184
Celotex Co, corn
Preferred 7%
300
00 X% x813(
200
90
84
Central Aguirre Sugar__50
99
40
92% 93
Cent States El,8% pf _ _ 100 ._
18
Centrifugal Pipe Corp___* 15 M
900
1834
300
Chic Nipple Mfg,claim A.50
4454 4434
50 31
303.4 3131
Class 13
500
Cities Service, corn
20 4434 443-4 4434 7.600
4
7
•'
Preferred
100 89% 81:
9P
7' 2,L631
Preferred B
10
Preferred BB
100
300
7735 7734
2234 2231
200
Bankers' shares
100
Cohn-Hall-Marx Co
•
2034 2034
2%
2.1, 234 15,000
Colombian Syndicate
Columbia Gas & El(new co)
80
72
2,100
8034
Common w i
2,100
9734 99
Preferred w I
100 99
10
139 139
Commonw-Edison Co 100 139
Com'wealth Power Corp—
* 423-4
4031 4234 15,500
Common
89
1,000
90
100 90
1,900
• 69% 6334 6934
Warrants
3.900
Con Gas, E LAP Balt corn* 53% 5134 54
* 22
5:0
40
00
0
2
11
03,
4
4 20
2%
34 4
Consol Laundries
Continental Tobacco.. _ _•
Copeland Products, Inc—
200
Class A with warrants__
16
5%
m
% 2
„
4 2
gi 1
16
7i
Co i taulds. Ltd
1,800
Curtiss Aeropl & M,coin_•
100
81
81
Preferred
100
30
197 197
Curtis Publishing, corn....,'
11334 113 11431
190
Preferred
2.700
434 5
431
De Forest Radio Corp__ _ _•
Dinkier Hotel Co—
Class A. with purch warr• 2134 2134 2134
1,000
ioo
Doehler Die-Casting 0..* 16% 16% 16%
3:30
000
156
5x 159
5Li 10
Dubiller Cond & Rad! •
duPont deN&Co new corn * 15834
Inc*
13
1231 1434 92.100
Durant Motors,
100
33
33
Edmund & Jones com_ _ _ _. 33 _
3331
corn..' 33% 25
Eitingon-Schild Co co...*
900
.31 108% 10834
Elec Bond & Share pref_100108
320
Elec Bond & Share &cur_• 71% 69
7234 13.900
11,012005
0
934 4
Elec Invest without warr_• 4234
03
0
9
Elec Pow & Lt, 2d pf A..'
200
734 8
Opt warr to pur com stk •
700
26% 28
Empire Pow Corp part stk*
200
36
36
Erie Railways, corn
*
2434
22
2534 263;350000
Erie Steam Shovel
5
Estey-Welte Corp claas A_* x3235
10_
400
3
11
0% 3
Class 13
13
0
Fageol Motors Co tom_ _ill 124
28'1 23:2660001
31% 1244
14
% 1244
:
Fajardo Sugar
100
FannyFarmerCandyShops•
100
Federal Purchasing Corp B
10
10
* 12%
?SO
L,
234
Federated Metals
18
2%
,i 10%
Feltman & CurIne Sboe el A 38
38
38
2,290070
Film Inspection Machine_•
Ford Motor Co of Can_100 490
490 4973j
10
1,200
•
Forhan Co, class A
1054
Foundation Co—
5,300
Foreign shares class A...• IN
1634 18
Fox Theatres, ci A, corn_ _• 2634 2634 2734 19,500
100
Franklin (HE) Mfg, corn.'
20
20
75
Preferred
8034
80
_
100
Freed-Elaemann Radio •
7n
73.4 754 2,000
Freshman (Chas) Co
34
38% 27,600
• 36
25
Ga mewell C
•
Garland Steamship
3
1
W
634, 5ge
ot .. 3
Cared Corp
•
•
Range Since Jan. 1.
Low.
600
95
94.4
934
834
37
54 , 1
98 34
106%
110
20
634
64
9034
734
22
195
105
1934
92
11
4534
106
3234
3734
1935
2134
23
93
334
30
2534
89c
4134
10134
14
111
9034
5034
1834
334
9134
506
6
32
13
12134
2434
6%
179
2334
24
High.
Sept
Sept 635
Mar 18031 Feb
M a• 134
Aug
Jan
May 29
July
Sept 10
Sept 4534 JulY
70
Feb
Jan
May 102% Sept
Aug 13234 Feb
Feb 137
Aug
July 2434 Feb
Sept 1134 Feb
Mar 11034 Sept
Apr 9634 July
1134 Jan
July
Sept 2334 Sept
Jan
Mar 264
Mar 11534 Jan
Apr 2334 Feb
Aug
Apr 99
July 3534 Jan
5931 Feb
July
Jan 10931 Aug
July 38% Sept
July 4034 June
Mar 3734 Jan
Jan
Mar 39
Mar 2631 Sept
May 9534 Sept
4
Jan
Aug
Sept
Aug 34
Mar 3814 Aug
234 Feb
Jan
Mar
Mar 73
Jan
ne
49 j0
pr 1703i
Sept
Ailg
45
NI t
July
July 113
Apr 118 X Jan
Sept
Apr #0
May 2131 Sept
Aug634 Feb
Jan
Mar 110
134 Jan
May
Sent
15(4 Jan
Sept 5734 Jan
Jan
Sept 33
July 3131 June
Apr 42% Sept
914 Feb
Sept
Feb
Jan 335
July 3834 Jan
Feb 3134 July
1%
15
5 61'epbt 26
,e
Feb 75
51
117 June 205
88 June 9734
76% July 95
90
Jan 99
1531 May 27
42
Feb 4431
2534 Apr 3I 31
3714 Feb 4474
82
7.4 tepbr ss%
8
74
Mar 37934
is
2'2q
Js'
2034 Sept 3334
2
Mar
334
78
92
134
A
japn
r
Aug
Aug
Aug
Feb
Feb
Jan
Aug
Sept
Sept
Sept
Aug
Aug
Sept
Jan
Jan
Aug 85
Aug
Aug 00
Sept
July 14434 June
29
Mar
Jan
42
0% SeptPrfd
82
Mar 9
1
3
10
1%
34% M
76,1
0,8,
113;Fe
:
M
A,auybgr 2
Feb
153.4 Sept
2
16
544 A ug
May
2734 Jan
3
25
344 June
Jan
17
95%
7 j
89
3% Sept
Su
en
pe
t 20
113
Sept 11531 Sept
510 June 1034 Jan
1934
11%
434
149
334
33
25
104'34
5634
3031
90
74(
21
36
22
24
361
124%
1931
10
12
38
334
440
13%
May 2535 Jan
May 1834 July
Jan
Apr 11
Aug 15934 Sept
May 11% Sept
Sept 3831 June
Sept 3734 Jan
July
Jan 110
Mar 88
Jan
Mar 7434 Jan
Sept
Sept 90
Sept
8
Sept
Feb •
May 32
Sept 36 Sept
Sept 2834 Sept
Sept
Jan 33
Sept
July
1131
I !I
SeptJ
u1
Feb
Apr 169
Sept
Sept 28
May 13% June
Jan
June 22
3934 June
Septe
May
Mar
eRt
19% 6
Apr 655
Jan
Mar 20
15
May
Mar
19
19% Best
55
MN
33
Jan
Jan
Jan
78
3}4:
Wirl
uirr
17,A I
90
9)4. j
Aul
tig
t
Mr
214 Feb
n
59
1% Jan
Aug
8
SEPT. 25 1926.]
Friday
Sales
Last IFeet's Range for
Sale
Week.
ofPrices.
Stocks (Continued) Par Price. Low. High Shares.
THE CHRONICLE
Range Since Jan. 1.
Low.
High.
Friday
Sales
Last Week's Range for
ofPrices.
Sale
Week.
Stocks (Concluded) Par Price. Low. High. Shares.
1623
Range Since Jan. 1.
Low.
High.
General Baking, class A__• 5535
55
57% 3,800 4434. Apr 794 Jan Southern G & P. class A _ _• 23
23
2334
600 2131 Ja14
274
Class B
•
6% 7
8.700
54 Mar 174 Jan S'eastern Pow & Lt, com_* 294, 283,4 2934 11.400 2134 Mar 463( Feb
64
Jan
General Electric(Germany)
37
38
800 2234 Mar 39
Sept
Voting Mud certificates_
26
2634
Au.
300 26
26% Sept
Common stock receipts__
36
36
200 284 July 38% Aug
Participating preferred _• 69
6854 694
800 59
Mar 694 Sept
Gillette Safety Razor.._--• 96
93
9634 5,500 89
Mar 114
Feb
Warrants to pur corn stk.
834 834 1,700
834
Mar 154 Feb
7
Gleasonite Products_ _ _ -10 12
12
12
100
5
Apr 12
Sept PO, thwest Bell Tel p1. _100 1144 1133,4 11434
160 1114 Jan 116
July
C G Spring & Bumf.
1,500 12
1331 134 14
May 15% July Southw Pow & Lt7% p1.100
10334 104
400 994 Feb 10434 Aug
Glen Alden Coal
1804 18235
• 181
700 13834 Jan 184
Sept Stand (,a3 a: 1,17% pt. _ uo
104
lot
104
A
125
105
Sept
Glen Falls Ins Co
539
10 539
39
25 x39
Sept x39
Sept Stand Pr & Lt class A...25
184 184
100 17% May 24
Feb
Gobel (Adolph) Inc com_ _• 25% 25
25%
1,000 25
Sept 25% Sept Stand Publishing class A 25
634 7
1,100
634
64 July 19% June
Goodyear T & R corn_ _100 3234 314 33
3,000 28
May 50
Mar Standard Screw corn__ _100 107
110
107
75 10234 July 110
Sept
Griffith (D W)cl A
•
50c 50c
200 50c Sept
134 Apr Stromberg Carlson Telep.•
34
34
100 28
Mar 38
Apr
Grimes Rad & Cam Rec..
234 231 2,000
251
134 Apr
7
Jan Stroock (S) & Co, Inc__
474 464 4734 2,200 39
Apr
4734 Sept
Happiness Candy St cl A_•
64 634 1,300
6
July
64
831 Jan Stutz Motor Car
• 21
2074 2234 1,600 1954 Mar 3734 Jan
Founders shares
64 6%
100
5% June
74 Jan Swift & Co
1144 116
100
750 110
Apr 11634 Feb
Hartford Fire Insur Co_100
473 482
25 473
Sept 498
Sept Swift International
15 2035 204 213.4 4,400 144 May 2234 Jan
Hazeltine Corporation_ _ _• 17
1634 17
800
834 Apr 214 July Tampa Electric Co
50
•
504
200 48 June 67
May
Heilman (Richard) CoTexas Gulf Sulphur
4131 4234 8.800 41
10
Aug 43% Sept
Partic pref with warr'ts•
30% 31
300 30
Mar 36% Feb Thompson(RE)Radio vtc •
1
131
131
1,400 50c July
53( Jan
Hercules Powder, prct _ _100
116 116
20 109
Apr 11
Sept
Timken-Detro
Axle__
it
_10
1251 1254
400
834 Mar 1334 Aug
Hires(Chas) Co CIA corn.• 23
23
23
100 22% July 26
Jan Tobacco Prod Exports...*
334 334 2,500
354
334 Aug
474 Jan
Hollander(H)& Son,com.•
27% 28
200 27
Aug 364 Jan Todd Shipyards Corp_
•
3834 39
300 29
Jan 404 Sept
Home Insurance Co_ _100
336 340
20 336
Sept 347
Sept Torrington Company _ _ _25
73
73
10 67
Jan 73
Aug
hood Rubber Co cora _ _ _* 59
59
60
75 52
Aug 6834 Jan Trans-Lux Day Pict Screen
Horn & Hardart
•
4934 50
500 41
Mar 62% Jan
Class A common
•
9
634 June 14
8% 94 3,500
Jan
Industrial Rayon, class A.•
635 631 2,000
634
64 Aug 1934 Jan Travelers Insurance_ _ _100 1179 1178 1238
14 1178
Sept 1243
Sept
Insurance Co of Nor Am_10
53
325 53
544
May 64
Jan Tr,,- boll S.
.0'0000.25
1034 11
900
834 J..1
331 Feb
lot Concrete Ind fdrs shs 10
2
2
100
2
Apr
854 Jan Tublze APR Silk class B__•
175 175
Apr 240
40 161
Jan
Internet Silver common__ _
95
95
95
50 90
July 108
Feb Tung Sol Lamp Wks,corn•
934 931
734 Mar 1034 Jan
400
International VW,class A• 30
30
300 25 Sept 39
3034
Jan
Class A
1931 1934 1,400 1734 May 1974 Sept
•
Class B
•
335 4% 8,200
454
334 Sept
934 Jan United Artists Theatre Co
Johns-Manville, Inc
142 146
• 146
225 130
Mar 165
July
Allot errs for eon)& of stk 100
100 100
900 100
June 101
June
Keystone Solether
10
20e 250
8.000 100 Apr 750 July United Biscuit Class B _ _
9
1031
1.900
9
Sept 173( June
Kroger Grocery & Bak'g 10
13134 13131
100 108
Apr 132
July United Elec Coal Cos v t CS --3034 304 31
23
300
Mar
4434
Feb
Kruskal & Kruskal Inc_ *
1831 18% 1,000 16
May 2034 Feb United Gas Impt
110% 11334 4.000 84
50 112
Ma 14434 Jan
Land Co of Florida
•
204 22
600 204 Sept 4731 Jan United Light & Power A..
1334 1334 1334 12,400 1234 May 28
Feb
Lancia). Bros I e class A_ _•
3234 3234
100 32
Mar 37
Feb US Light & Heat. com_ _10
244 24%
1.000 16
Ma
253( Apr
Laurentide Co
102 102
100
10 102
Sept 102
Sept Universal Pictures
323(
32
•
200 294 July 40
Feb
Lehigh Power SecuritiesUtilities Pow & Lt, cl B..* 1335
1334 13%
300
1334
Aug
18
Feb
New consolidated corp_• 164 16
16,800
1634
10
Mar 22
Jan
Utility Share Corp
11
11
• 11
10
734 May 14% Feb
Lehigh Valley Coal Sales.50
934 95
75 80
Mar 102
Aug
Option
warrants
24
•
24 231
500
234 Jun
Feb
6
Lehigh Val Coal etfa, new.,, 45
4334 45
4,900 364 Mar 4534 June Van Camp Pack, pref.__ 50
2234 2234
100 20
Apr 38
Mar
Libby, McNeill & Libby_10
834 831
400
734 Mar 10
Sept Victor Talking Mach. 100 101
974 101
1,100 68
Apr 10434 Sept
Libby Owens Sheet Glass25, 14334 1434 14334
10 125
Aug 219
Jan
Warner
Bros
Pictures„.* 58
4034 58
83,000
8 Jun
Sept
65
Liberty Radio Chain St_ _•,
134 75c
131 14,300 100 Apr
334 Jan Warner Quinlan Co
•
2734 274
300 2314 Mar 3054 June
Lit Brothers Corp
10
26% 26%
100 25
Mar 324 Jan Wesson011& Snow corn vtes
55
125 49% June 57% Sept
55
MacAndrews Forbes, corn•
41
41
300 393,4 May 464 Feb Western Auto Suppl, partic
_Madison SC1 Gard Coy t • 1434
1434 154 3.400 14% Sept 154 Sept
pref with warrants
• 254 2534 2634
500 22
Mar 28
Jan
Marconi Wireless of Can_11 750
750 750
200 73c Sept
134 Jan Western Dairy Prod cl A.._
44
44
44
200 44
Aug 53 June
Marconi Nt ire! Tel Lou. _41
334
400
334
334 Sept
654 J011 Western Power. pref
98
99
ao
9134
Mar 99
Jan
Marmon Motor Car,corn_•
49
600 484 Sept 50% Sept Wheeling Steel com_ __ _100
49%
42
42
50
4234 Sept 4434 Sept
Mass Gas Cos corn
100
83
30 80
83
Aug 87
Jan
Preferred class A _ _ _ _100
104% 10434
10 104% Sep 104% Sept
McCall Corporation
6131 58
634 1,800 36
Mw
t334 Sept Williams 0110 Mat H com•
17
100 17
17
Sep
21
July
Mengel Co
100
3834 39
300 34
Apr
52
Jan Yates Amer Mach part pf_ _
2934 29
200 27
2934
July 28 June
Mercantile Stores Co_ _100
11434 115
200 100 June 145
Jan
Yellow Taxi Corp, N Y__*
13% 14
500
9
Mar
17%
Apr
Mesabi Iron Co
134
14 14 1,500
134 Sept
24 Jan
Metropol 5s & 50c pref_100'
41
25 2234 June 49
41
Jan
Metropol Chain Stores....
36
100 244 Mar 394 Jan
36
Former Standard 011
Middle West UM,corn___•', 117
113 117
4,600 10734 May 135
Jan
Subsidiaries.
Prior lien
100 1154 1144 1153.4
300 98
Jan 12234 Feb
7% preferred
100 1074 10634 1074
450 97
Jan 11134 Feb Anglo-Amer Oil (vot eh) Ll
18
18
200 1634 May 193( Jan
Midvale Co
24
•
200 2134 May 2534 Mar
24%
Non-voting stock_ _ ...El
1734 1734
100 1-34 Mar 184 Jan
Miller Rubber, pref
100
97
200 97
99%
Sept 103
Feb Borne-Scrymser Co- _ -100
295 295
40 226
Jan 301
Sept
Mohawk & Bud Pow,corns
2334 24
1,000 20% Mar 28% Feb Buckeye Pipe Line
4634 47
so
200 464 Sep
69% Jan
First preferred
•, 1034 1024 10334
125 1014 May 105
Chesebrough Mfg
Mar
25 7334 73
7334
400 65
Jan 754 July
Second preferred
100 100
•
25 90
Mar 102
Aug Continental Oil v t c__ _ _10 20
193-4 2054 14,300 1934 Apr 25% Jan
Mohawk Valley Co
6,800 25
4034 3834 41
July 4134 Aug Crescent Pipe Line
25
1531 1514
100 1334 Apr 16% July
Motion Plc Cap Corp pf_25
2331 234
100 22
Aug 27
Feb Cumberland Pipe Line_100
104 109
so 10734 Jul 137 Jan
Municipal Service Corp_ •
11% 11%
300 11 34 Sept 13% Mar Eureka Pipe Line
464 47
100
100 4634 Sep
633( Jan
Mu-Rad Radio
•
600
24 234
134 Mar
3 Sept Galena-Signal 011 corn.100 17
164
17
175 1634 Sep
3234 Jan
Narragansett Elec Ltg
86
700 75
8534 864
Feb 8634 Feb
New preferred
53
100
53
10 50
Sep
as Apr
National Baking. co.., _ •
13
800 1034 July 144 Aug
13%
preferred
Old
100
60
60
120
59
Sep
9734 Jan
Nat'l Ceske,. new corn...'
100 494 June 78
67
734
Humble Oil & Refining_ _25 58% 58
Sept
59
5.820 53% Mar 6834 Apr
Nat Elec Power, class A__• 234 23
2,100
23%
1534 Mar 264 Jan Illinois Pipe Line
100 1344 1344 13554
250 131
Jun 14434 Apr
National Leather
10
100
234 234
24 May
44 Jan Imperial Oil (Can)
• 364 36
3634 2.400 3234 May 383.1 Jan
Nat Power & Light, pref..*
475 97
10134 10234
Mar 1024 Jan Indiana Pipe Line
604 58
61
50
890
58
Jan 70
Mar
Nat Pub Serv, el a, com__•
20
100 1534 Mar 24
20
Jan National Transit..._12.50
134 1431
600 1334 Au
294 Jan
Common,class B
16
•
900 10
1634
Mar 1634 July Northern Pipe Line_ _ _ _100
68
150 68
69
Aug 8054 Feb
National Standard Co.._ _ _•1 3031 3034 3134
1.000 3054 Sept 31't Sept Ohio Oil
25 5934 5874 60
1,600 5531 Jul
Nat'l Sugar Refg
6734 Jan
100 123
123 123
25 102
Mar 12931 June Prairie Oil & Gas
25 51% 5031 52
4.900 48
Mar 604 Feb
NeLsner Bros Inc com_ _ _•
38
100 3734 Aug 384 Sept Prairie Pipe Line
38
100 1244 12431 12454
450
12254
Mar
Neptune Meter, class A__• 2434 2434 2434
Mar
12734
100 234 June 25% Jan South Penn 011
25 3734 37
3734
800 344 Jun
New Haven GM Light. _25
50
Jan
68
75 66
70
Sept 70
Sept Southern Pipe Line new....
25
100 2434 Au
25
27
New Mex & Ariz Land_ __I 114 11
July
600
114
934 Apr 17
Jan So West Pa Pipe Lines..100
5134 5134
100 49
May 56
New-Onl Grt Nor RR_ _100 18
Mar
17% 18
300 1434 Feb
18
Standard
Sept
011
(Indiana)_
63%
_25
6354
6331
13.200 61% Mar 70% Jan
N Y Merchandising Co....
23
100 164 Mar 26
23
Feb Standard 011 (Kansas)_ _25 204 2034 21
1,100 19% Aug 364 Jan
N Y Telep. 634% Pref-100 113
113 11334
200 110% Apr 11534 June Standard 011 (Ky)
25 12035 118 12134
1,600 108
Mar 13434 Jan
Niles-Bement-Pond Co new
20
200 19
204
Jan
274
Standard
Feb
011
(Neb)
46
new_25
46
4634
800 42
Apr 5134 May
North American Cement_•
204 21
300 18% Sept 21
Sept Standard Oil of N Y
25 31% 3134 324 31,400 3034 Apr 4731 Jan
Northeast Power, com___•1 184 184 184 7,600 1734 Mar
364 Jan Standard Oil (0) com_ _100
295 300
10 29034 Aug 382
Northern Ohio Power Co_• 1331
Jan
1334 1434 4,000 11
Mar
164
Jan
Preferred
100
1184 11834
Nor Ontario L & P, pf_ _100
July
79
10 774 Sept 85
79
290 11634 Feb 122
Aug Vacuum 011
25 9851 974 9935 4.4
00 9434 Mar 1094 Jan
Nor States P Corp.com- 100 1054 1054 10634
1,300 9834 May 13614 Jan
Ovington Bros, part pref.*
104 1051
100
9% June 11
June
Pacific Steel Boiler
• 1254
1234 134 5,100 11
Apr 1634 Feb
Other Oil Stocks.
Parke Davis & Co
119 119
25
50 111
Apr 125
Aug
Pender (David) Grocery A*
4434 44%
200 43% Apr 50% Jan Amer Contr
Oil Fielda___5
1
1
134 5,800 750 July
64 Feb
Class B
25
200 23
26
•
Apr 36% Feb Amer Maracaibo Co
•
54
5
6% 1.900
5
Mar 1434 Jan
Penn Ohio Scour Corp_ _•
8%
sg 934 5,800 64 May
104 Sept Arkansas Natural Gas_ _10
7.4
73.1 83,4 4,800
53( June
Preferred
804 80
734 Sept
80 80
81
Sept 82
Sept Atlantic Lobos Oil. com_ •
1% 1%
100
134 Aug
Penna-Dixie Cement corn.* 43
334 May
43
4334 2,100 43
Sept 434 Sept Be.tt 0 01 Co, t-orn
• 1934 1834 194 3,800 14,4 Ni:,r 1934 Jan
pesss pow & Light pref•
25 10434 Jan 109
1074 1074
Aug Carib Syndicate
16
154 16
14,400
9% Mar 22% Feb
Penn Water & Power..100 16734 162 16734
650 1304 Mar 174
Jan Consol Royalties
93,4
931 94 1,500
1
854 Mar 104 Feb
32
1,900 20
Pet'',les Drug Stores Inc..• 32
34
Mar 3434 Mar Creole Syndicate
• 1434
144 14% 8.400 10
Mar 16
51
Phil& Electric common_ _25
100 40
Sept
51
Mar 67
Jan Crown Cent Petrol Corp_.•
2
1,500
231
134 Mar
Phillp-Morr Cons Inc com • 10% 10
114 11,500 10
731 Jan
Sept 11% Sept Crystal Oil
1331
1311 14
600 133( Sept 14
Class A
20
5,000 20
25
Sept
214
Sept
2134 Sept
Preferred
75 5334 Sept 534 Sept
Pick(Albert),Barth & Co5334 53% 534
Darby Petroleum
•
334 34
400 75c. Apr
334
Common vot trust ctf_ _1
1234
1254 1234 4,700 10
July
Apr 13
July Derby Oil & Ref. corn_
•
23/ 23(
400
13( May
160 178
3,950 130
MUM & LE RR corn_ ..50 173
4
334 June
Mar 178
Sept
Preferred
15
• 15
1534
700 1234 Mar 19 June
Pittsburgh Plate Glass.100
290 290
10 274
June 310
Euclid
Jan
011
lir.
1
14
Prf 7.300 88c Mar
Procter & Gamble. com_20
70 1424 Jan 163
150 152
34 Feb
Jan Gibson Oil Corp
334 334 15,300 95e May
1
Pro-phy-lac-tic Brush com•
334
47
200 42
49
Feb 50
•
131 14 1,100 630 Mar
27% 28
300 2634 Aug 6634 Sept Gilliland 011 corn v t c
Puget Sound P&L,corn 100
2
734 M
Jan
ay
Gulf
Oil
Jan
Corp
of
Pa
• 924 89
9334 5,400 82
700 35
Purity Bakeries class A._25 453-4 4534 453.4
Apr 95
Sept
Mar 4734 Sept International Petroleum...' 33
323( 3334 19,900 2831 Mar
400 24
• 393( 39
Claw 13
3931
Jan
Mar 42% Sept Kirby Petroleum
•
1,200
154
134
Preferred
150 91
100
98% 99%
154 Aug 3731
3
Feb
Mar
Sept Leonard Oil Developl_25
854
734 834 8,600
400 104 Mar 10034
1234 1231
634 Apr 1234 Feb
10
Pyrene Mfg
12% Aug Lion 011 Refining
• 223,
22
2235 6,400 20
1.400 3434 Apr 48
Rand-Kardex Bureau....• 43
42
43
May 254 Feb
Livingston
Jan
Petrol
•
70e 70e
200 560 Aug
30 207
207 208
Realty Associates, corn. _•
1)4 Jan
Sept 245
40
40
300 38
700 304 Mar 5234 June Lone Star Gas Corp
3334 35
Rem-Noisel Typew corn A• 35
Aug 40
Sept
Jan
Marland 011 of Mexico_ _ _1
2
2
2
200
10 204 20
Aug
2
20% 3,100 19% Apr 2534 Jan Mexican
Reo Motor Car
Jan
Panuco Oil---_10
231
2% 3% 7,300
700
454 44
Republic Mot Truck v t c_•
234 Sept
5
334
4 Feb
4
Aug 164 Jan Mexico 011 Corp
8c
Se
10
200
1,000
17
Richmond Radiator com_•
17
80 Apr 10c
Jan
15
Jan 23
Mountain
Feb
&
Gulf
Oil_
_
._1
134
134
800 3811 F.13 4134
3914 4134
1.000
100
p-..erred
131 Aug
13( Jan
Mar Mountain Producers..___1
2434 24
2434 2,800 23
14,500
2%
234 3
..nbacker Motor
•
Apr 26
Jan
24 Sept
9% Jan New Bradford Oil
55( 5%
10
44
100 44
600
44
Royal Typewriter corn_ •
534 Aug
63( Jan
Sept 4934 Jan New York 011
9
25
9
50 123
129 130
100
Mar
17
8
Safety Car Ilta & Mg--100
Jan
Jan 130
Sept North Central Texas OIL. 104 104 10%
2G0 14
1614 16.34
1.300
84 July 4412: AugFeb
Schulte Real Estate Co_ _ _• 1634
July 244 Jan Northwest 011
Sc'
1
Sc
600 27
2,000
3e May
Seeman Brothers, com___• 2734 274 2834
7c June
Aug 2814
4231 4334 2.100 33
1434 1731 16,200 14% Sept 2241 Aug Ohio Fuel Corporation_25 43
Mar
Servel Corp (Del), com...• 1734
July
Certificates of deposit........ 424 4234
25
400 23
400 424 Sept 42% Sept
26
Sierra Pee Elm Co corn.100 25
Mar 2814 Jan Pandern 011 Corp
•
634
634 734 3.500
401 114 Mar 224 Jan
1534 16
834 SePt
94 May
Since Gel Corp. COM V t 0-*
Peer On Corp
•
500 550
1.600
20 295
355 360
50e May
23( Feb
Singer ManufacturIng-_12?
May 403
Sept Pennok Oil Corp
1634 16%
100
•
300 144 July 224 Feb
64 64
Singer Mfg Ltd
5
May
9
Jan
Red
Bank
011
26
350 894 Aug 99
4.700
99
64 Feb 38
30
93
99
May
Smith (A 0) Corp
Sept Reiter-Foster Oil Corp...* 17
16
19% 8,200 14)4 Jan 305( Aug
Snia Viscose ord (200 lire)
RIchaekl 011 of Calif_ _ _ _
263 2634
800 2634 Aug 274 Sept
8
200
8
Dep recta Chase Nat Bk.
July 1334 Junl Eloyal-Can
8
03.73Yadlnate.
400
350 930 76408
20e Apr
100 27% June 33 June
28
134 Sept
28
South Calif Edison pf A.25 28
II yan Consul Petroleum
53(
400
434 Apr
5
5%
534
243( 244
74 Jan
100 2434 May 25 June Salt Creek Consol
Sou Calif Edison pref 11_25
On___*
8
300
8
Apr 10
Feb
34%
34
400 27
South'n Cities UM corn 25
Apr 49
Jan Salt Creek Prodratura---113
31 r
1.500 28% Apr 36
30
Jan
Sates
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Other Oil Stocks
Par Price. Low. High. Shares.
(Concluded)
5
Sapulpa Refining
Shrevep El Dorado P L_25
Tidal Osage voting stock_*
Non-voting stock
.*
Tide Water Assoc 011
100
Preferred
Venezuelan Petroleum__ _*
Wilcox Oil& Gas new.....
Woodley Petroleum Corp.*
1
"Y" Oil & Gas
2055
1954
1855
23
9734
6
2855
8
220
100
154
100
2056
11.900
20
1955 8,400
2434 29,400
2.500
9755
635 4,700
500
2855 2855
1,000
8
855
210 27c 36,000
135
2055
1754
1635
22
9755
Range Since Jan. 1.
Low.
75c June
Jan
11
754 Apr
854 May
Apr
21
9754 Mar
455 Jan
Mar
22
4% May
5c Jan
Bonds (Concluded)-
High.
134
2234
25
22%
27
9954
734
3656
934
350
Sept
Aug
Sept
Sept
Mar
Mar
Mar
June
Sept
May
Mining Stocks.
1
Amer Corn M & M
Amer Tin & Tungsten_ _1
Arizona Globe Copper-1
1
Beaver Consol
10
Bingham Mines
1
Butte & Western
Calumet & Jerome Copp_l
10
Carnegie Metals
Consol Copper M Ines_ __ _1
1
Cortez Silver Mines
Cresson Corisol G M &M_1
Crown King Congo) M.1
Dolores Esperanza Corp_ _2
Engineer Gold Mines,Ltd 5
1
Eureka Croesus
1
Falcon Lead Mines
First Thought Gold Min_ _1
Golden Centre Mines..._.5
Goldfield Consol Mines....1
1
Goldfield Florence
Hawthorne Mines, Inc___1
25e
Heels M ning
Hollinger Cons Gold Min_5
1
Kay Copper Co
5
Kerr Lake
5
Mason Valley Mines
New Cornelia Copper-- -5
100
New Jersey Zinc
Newmont Mining Corp..10
5
Nipissing Mines
•
Noranda Mines Ltd
15
North Butte
1
Ohio Copper
1
Red Warrior Mining
South Amer Gold & Plat_ _1
Spea bead Gold Mining_l
1
Teck-Hughes
Tonopah Belmont Devl_l
Tr -Bullion Sm & Dev_ _10c
U S Continental Mines......_
United Eastern mining_ _ _1
United Verde Extens__50c
5
Utah Apex
Utah Metal & Mineral_ _ _1
Wenden Copper Mining 1
West End Consolidated_ _5
90
Sc
120
920
80
770
2
120
19%
lilie
235
634
18
100
70
550
25%
7
136
70
7c
40
40
90
8c
800 85c
42
42
Sc
Sc
100 120
1134 1135
2% 3
7c
70
21.is236
80 100
900 940
535 5%
80
80
750 790
3c
4c
2
2%
13c
13c
70
70
90 130
17% 17%
195
, 19
19‘s 155
155 1%
2% 23
22% 2*2%
190 191
68
66
6
6
17% 185£
3%
3
Mc
50c
20c 200
4% 456
3c
40
435 4111
355 3%
100 100
50
70
490 550
25% 26
7
7%
136
1%
3
2%
150 150
130 Aug
30 July
12.000
100 Aug
20 Aug
2.000
310 Feb
70 May
7,000
96c Feb
45c Jan
300
42 Sept 5355 Mar
100
Jan
50 Sept 100
10,000
160 Feb
8c June
7,000
Jan
500 1155 Sept 21
3% May
5,700
155 Apr
1,000
50 May 14c Aug
2% Jan
1,400
1% June
1% Jan
3,000
80 Sept
1
Sept
320 Aug
1,600
Feb
Aug
200
2834
4%
160 Aug
30 Apr
6,000
800 Sept
94,500
61c Aug
100 Apr
30 Aug
3,00
May
3
1 Mar
2,300
220 June
4.0 Feb
1.000
180 Feb
6,000
60 July
320 Feb
90 Sept
33.800
600 15% Mar 1914 Mar
400 17% Jan 19% June
49,100
2% Mar
154 June
155 Feb
Jan
1
100
235 Sept
1% June
900
16(
1854 May 2355 Aug
Jan
Mar 210
300 180
Aug
1,700 4654 Jan 68
1,500
735 Jan
5 June
3,900 1235 Mar 1955 Aug
200
3% Jan
2
May
600
75c Jan
470 Mar
2,000 15c July 35c Feb
100
5% July
3% Feb
tic May
9,200
20 Feb
1,700
41.,‘ Aug
211i• Jan
435 Jan
2,600
234 Apr
2,000
Sc May 150 July
Jan
10c
16,000
50 Sept
10,000 300 June 55c Sept
500 25% Sept 133 Feb
2,400
Feb
6% Feb 1154
100
255 Mar
135 Feb
334 Jan
1,300
2% May
Feb
1,000 15c July 30c
BondsAllied Pack deb 88_1039
1939
Debenture 65
1933
Aluminum Co 78
Am G & El 68, new_ _2014
American Power •St Light65,old without warr_2016
Amer Roll Mill es__ _1938
1936
Amer Seating 65
1928
Amer Thread 68
Amer W Wks & El 65.1975
Amer Writing Paper 651947
Anaconda Cop Min 65_1929
Andian Nat Corp 65_ _1940
Without warrants
Appalach El Pow 55_ _1956
Assoc Gas & Elec 65_ _1955
Assoc'd Sim Hardw 6555'33
1949
Atlantic Fruit 8s
Beaver Board Co 85__1933
Bell Tel of Canada 55-1955
Berlin Electric 6548_ _1928
Boston&Maine RR 65 1933
Brunner Pun & Eq 7548 '55
Buffalo Gen Elec 55__1956
Burmeister & Wain of
Copenhagen 15-yr 651040
Canada SS Lines 68......1941
Canadian Nat Rys 75_1935
Carolina Pow & Lt 55_1956
1966
Cities Service 6s
Cities Serv 75, Ser D.._1966
1954
Cleve Elec 111 58
Consol Cigar 60 --------336
Cons 0,EL & P .5.555 E '52
1949
68 series A
Consol Publishers 6%8.'36
Consolidated Textile 8e '41
Container Corp 68...... _1946
Cosg Mech Coal 6358_1954
Cuban Telep 7345...... _1941
Cudahy Pack deb 5558.1937
1946
55
Detroit City Gas 65 1947
Detroit Edison 75_ __ _1930
Duke-Price Pow 1st 65 1966
East Term Off Bldg 6348 43
Eitingon-SchIld 6s........1938
Elec Refrigeration 65_ _1936
Europ'n Mtg & Inv 716850
1933
Federal Sugar 68
1946
Flat 20-yr 5 f 75
Fisk Rubber 5545 ...._..1931
Florida Pow & Lt 58.._1954
Gair (Robt) Co 78_. -1937
Galena-Signal 011 75....1930
Gatineau Power 5[5_1955
1941
68
General Petroleum 65_1928
Goodyear T & R 55.-1928
000dy'r T & R Cal 5358'31
Grand Trunk KY 6548 1936
Great Cons Elec 8348 1950
1937
Gulf Oil of Pa 5s
1927
Serial 5558
.1935
78_
Co
Elec
Hamburg
Havana Rice Ry 5345_1951
With corn stk punch war..
iiiCentral RR 455s. _ 1960
Ilseder Steel Corp 7e.1946
Indep Oil & Gas 6558.1931
Indiana LI1188t011e 65.1941
Indianapolis P & L 65_1938
Internat Gt Nor 58 13_1956
Interstate Nat Gas 68.1936
With warrants
.
Without warrants
[VOL. 123.
THE CHRONICLE
1624
7734
68
10555
100% 10055
Jan
78 820,000 70% may 89
Jan
3,000 64 June 80
70
4,000 105% Sept 107% Feb
106
100% 128,009 98% Apr 101% Sept
9954 100 152,00
96
8,00 101
103 103
99% 9955 99% 50,000 9955
10135 101% 10135 6,00 10134
9555 95% 97% 119,000 9234
81
7754
5,00
81
81
10234 102% 102% 34,000 10235
100
9955
9455
112
10735
98
8434
9434
96%
10234
10055
103
9255
97%
92%
93
9334
9835
10135
9855
9654
88
101
99
9655
9735
9851
97
9835
10054
10334
10055
103%
98%
81%
103%
Aug
July
July
Jan
Sept
Aug
Aug
9,00
21,00
172,000
37,000
3,000
11,000
49,000
1,000
5.000
15,000
1,000
98
94%
0234
95
1856
9335
5
99/
98
9434
85
99%
Mar
July
Mar
Jan
Sett
Feb
Jan
Mar
Jan
June
Jan
10134
97%
10356
98
3136
100
101%
100%
101%
10135
103%
July
May
Aug
Sept
Jan
Aug
June
Sept
Sept
Feb
May
94%
97
11156
9955
94
11-2
103
9954
10635
10734
9734
8434
9754
93
111
94
96%
3,000
95
9755 98,000
5,000
11155
71,000
99
9455 334,000
112% 20,000
3,000
103
99% 45,000
1,000
10655
10734
1,000
76,000
98
8455 4,000
98% 19,000
16,000
94
11156
7,000
58,000
96
13,000
97
94
97
110
97%
91%
10155
102%
9..,
105
105%
9754
80
80
90
10855
91
9454
July
Sept
Jan
May
Apr
Jan
Apr
Sept
Mar
Feb
Sept
June
June
Apr
Jan
July
Jan
05
9754
11455
100%
94%
11335
10335
100
107
108
100
92
9934
96%
112
9634
97
July
Sept
June
May
Sept
Aug
June
Sept
June
May
Aug
Feb
Aug
Jan
Mar
Aug
Aug
107
134
102%
10055
9756
10255
98
85
9134
9735
91%
10435
9256
9354
9755
101%
9836
96
108
88
99%
100%
99
10755 17,000
2,000
134
10251 56,000
10055 11,000
0734 26,000
75,000
103
2,000
08
2,000
85
92% 106,000
97% 30,000
9255 402,000
1,000
104%
9351 21,000
93% 202,000
9855 373,000
101% 19,000
9855 16,000
9655 19,000
109% 45,000
88% 65,000
16,000
101
8,000
101
99% 17,000
104%
124%
100%
100
96
10055
9234
85
91%
93%
9135
103
84
9335
97%
100%
96%
96
107%
85
98%
100%
94
Jan
Apr
Apr
May
Aug
Mar
Jan
May
Aug
Apr
Mar
May
May
Sept
Sept
Aug
Aug
Aug
May
Apr
Feb
Aug
Jan
107%
138%
10355
101%
98
107
10055
9855
0355
98%
9654
10554
104
95
99%
10254
99%
99
109%
88%
10131
101
100
Sept
Feb
Aug
Aug
Aug
Jan
June
Feb
July
Jan
June
Mar
Mar
Aug
July
Jan
Jan
Apr
June
July
June
Jan
July
20,000
45,000
44,000
24,000
97.000
30,000
21,000
92
9655
94
9554
98
9634
94%
98
94%
9735
9756
1834
99
99
100
9954
10054
8655 85
102
05
100
9435
97
Jan
Jan
Sept
Sept
Mar
Aug
Sept
92
9656
97
9735
98
97
94%
9855
95
100%
9735
2055
99%
100./
9935
101
88
102
92
9655
98
98
9855
9754
94%
Aug 9274 Aug
Sent 96% Sept
June 9835 Sept
May 10054 Feb
Sent (1036 Aug
July 98% May
Sept 9555 June
117 117% 26,000 110
Aug 122
55,000 9834 SePt 101
98% • 99
Aug
Aug
Friday
Last Week's Range Sales
for
OfPrices.
Sate
Price. Low. High Week.
Kaufman Dept Stores 6535
With warrants
Keystone Telep 534s....1955
Krupp (Fried), Ltd, 751929
Laclede Gas Lt 5558_1935
Lehigh Pow Secur 65..2026
Libby, McN & Lib 75_1931
Liggett-Winchester 75.1942
Leonard Tietz, 111.3, 755546
With stock purch warls
Loews Inc 6s with war 1941
Long Isld Ltg Co 68_1945
Manitoba Power 550_1951
Mansfield Min & Smelting
1941
(Germany) 78
Mass Gas Cos 534s
1940
McCallum Hosiery 6 yis '4
Miag Mill Mach 78.....1956
Missouri Pacific RR 5s_'27
Montgomery Ward 55_1946
Morris & Co 7555_ __ _1930
Nat Dist Prod 6555___1945
Nat Pow & Light 65 A 2026
Nevada-Calif Elec 55_1956
1941
Nevada Cons 55
New On Tex .0 M RR 5556
Nor States Pow 6558.._1933
1933
6558 gold notes_
Ohio Power 55 ser B__1952
4555 Series D
1956
Ohio River Edison 55_1951
Okla Natural Gas 65_ _1941
1941
Otis Steel 55
Pan Amer Petrol 68_1940
Park Ave Bldg, Mayfair
1940
House, N Y, 6s
Park & Tilford 68
1936
Penn-Ohio Edison 65....1950
Penn-Dixie Cement 88 1941
Penn Pow & Light 5s_ _1952
1953
5s series D
Phila Electric Co 68....1941
Phila. Elec Pow 5555_1972
Phila Rapid Tran 65_1962
Pub Sen. Corp NJ 5555'56
1933
Pure 011 Co 6568
Rand-Kardex Bur 5345 '31
Sauda Falls Co 58.__ _1955
Saxon Public Wks 65581951
Schulte RE Co 6s........1935
68 without corn stk_1935
1931
Servel Corp 68
Shawsheen Mills 7s......1031
Siemans & Halske 7s....1928
1935
75
Silesian-American 75_ _1941
Sloss Sheffield S & I (is 1929
1934
Solvay & Cie 68
Southeast P & L 65_2025
Without warrants
Sou Calif Edison 58_ _ _ 1944
1951
.55
Stand Oil of N Y 6558_1933
Stutz Motor of Am 7558'37
1939
Sun Oil 5355
Swift & Co 5s_Oct 15 1932
Thyssen (Aug) I&S 75_1930
Tidal-Osage Oil 75_ _ _1931
Trans-Cont'l 011 78....._1930
United Elec Westph Power
Corp (Germany) 6555'50
United 011 Prod 80...A931
United Rys of Hay 7555'36
1927
U S Rubber 6555
1928
Serial 6355
1929
Serial 6555
Serial 655% notes__1930
Serial 655% notes_ _1931
Serial 634% notes_ _1932
Serial 655% notes_ _1933
Serial 655% notes_ _1934
Serial 655% notes_ _1936
Serial 655% notes_ _1937
Serial 655% notes._1939
Serial 654% notes_ _1940
US Smelt .0 Ref 5548_1935
United Steel Wks Burlach,
1951
Luxemburg 75
S Steel Works A 6555 '51
With stk pun warn, Ser A
Series C
1937
Valvoline 011 68
1976
Wabash Ry to;
Warner Bros Pie 6555.1928
West Penn Pow Co 55_1956
W'house Elec & Mfg 5s '46
Range Singe Jan. 1.
Low.
High.
98%
89
9734
100
93% 93
103%
104
107%
9855 5,000 9754 July 98% Ser.
Apr 8954 Au
89
000 83
9834 137.000 9054 Jan 9814 Sep
Jan 10155 A
98
4,000
100
Mar 9555 Fe
93% 64.000 93
Ja
104
4,000 10354 July 105
107%
1,000 106% May 10855 AP
100
100
98%
99
101% 10134
96
96
10055
9955
102
96
70.000
274,000
14,000
29,000
9355
97%
9955
94%
99%
9955 99
102 10255
102
99% 9955
9255 9155 92%
10055 100%
9755 9754 98
10235 10255 10355
97
97
9854
98% 98
93% 94
93
94
93
100% 100 10015
111
111 11155
10235 102%
9735 9755 9735
8934 8955 9055
9551 9555 96
99
99
99
95
9455 9555
10055 100 10055
44.000
39,000
9,000
55.000
4,000
36,000
23,000
2.000
41.000
54.000
28,000
57,000
20,000
6,000
15,000
97,000
265.000
42,000
160,000
181,000
94
99%
90
9254
100
97
10254
95
98
9355
9155
100
108
10254
94
8055
0.43.4
99
9134
9955
May
Jan
Sept
July
Mar
July
Sept
June
Aug
Aug
June
Aug
Mar
Aug
Jan
Aug
June
Sent
Sept
Apr
101
10354
991-4
9354
10054
9855
10555
99
9855
9555
99
101
131
10454
101%
9355
96%
9935
99
105
Jun
Jo
Sep
Jul
Jun
Au
AD
Ja
Sep
Jun
Au
See
Ja
J.
Jun
Jun
Au
Sep
Jun
Jul
101% 101% 101% 3,000
96
96
3,000
11155 1125,5 87,000
99
99
10.000
09
99
9955 5,000
99
9955 16,000
107 107
107
3,000
10254 102 10255 173,000
100% 101
6,000
9955 9834 9935 82,000
103% 103 104
26,000
114 115
3.000
9555 9635 11,000
9355 229,000
9355 93
9555 9,000
9555 94
8754 88
10,000
10134 101% 1021% 60,000
100 10055 8,000
100% 101 138,000
101
101% 10155 102
19,000
94% 9534 518,000
95
102% 103
10,000
5.1,00
103% 103% 10355
10055
96
98
99
9754
9755
106
10034
9755
98
102%
101%
94
9154
92
83
9954
96
9636
94
9454
102
101%
May
Mar
Apr
Sept
Mar
June
Jan
Mar
Jan
Aug
Jan
Mar
Mar
Aug
AP
AP
Ma
May
Jan
Jan
Sep
Jan
Aug
10255
98
11654
99
100
10034
10834
10355
10151
99%
104%
118
97
93%
9855
90
109
10254
101
10254
9554
103%
10455
Ma
Fe
Sep
Sell.
Ma
Jun
Jun
Ma
Ma
Jun
Au
Ja
Jul
Sell.
Ja
Jul
Jun
Ja
Set,
Sep
Sep
Jun
Ma
174,000 89
Ma
11,000 9634 Jan
111,000 973.4 Au
34,000 105% Ma
Sep
5,000 102
12,000 9755 Jan
61,000 9655 Jan
Jan
27,000 93
13,000 10354 Ja
Jun
13,000 91
9554
10174
99
10751
120
10054
9835
10255
10554
99
Jun
Jun
Jun
Ja
Ja
Jun
AD
Jul
Mn
Jul
May
Aug
Jan
Ma
Jul
Aug
Jul
Sept
Au
Mar
Mar
Mar
Mar
Mar
Jan
Jan
9154
45
11254
102%
102%
10354
102%
10255
10254
Sep
Fe
A
Ma
Jun
Ap
AP
Ja
Ja
94%
101
97%
10555 10554
102
102
99%
97% 9734
101% 101%
104
104
96
9455
94%
101
98
105%
104
9955
98
101%
104
97
91% 9155
39
39
11034 110%
10134 100% 10134
10154 10255
102
102 102
10155 10155
10155 lOi3,4
101% 10134
100% 10155
100% 100%
101 101
101341013-4
101 101
101 1015i
101
10155
101
91;4
9655
43,000
1,000
2,000
7,000
20,000
3,000
1.500
15,000
1,000
20,000
1,000
1,000
11.000
3,000
14,000
7.000
95% 08% 63,000
96% 9635
9755 9655
105
105
9555 9555
11634 10855
10055
99%
9756
9735
105
9534
118
10035
10056
Mar 103% Au
July 9934 Ma
Mar 103% Jul
AP
Apr 98
84
3055
10936
10055
101
101
101
10054
100%
10054
10056
10055
10055
10056
100
100
9255 May
20
101
2
22
M
FAAaePP
10254 Al)
10254 Ap
Au
103
9654 Sell
Au
541,000 96
July
Au
16,000 96
9
Aug 1:
0
90
pp
lev a
4,000 10354 Jan 10
25
214 s
95
125,000 9555 July
874,000 10854 Sept
uv
i
5,000 10034 July 100% ge
310,000 9931 Aug
Foreign Government
and Municipalities.
Antioquia (Dept of), Col1945
75 series A
7ssenieshwi
1945
Austria (Prov of Lower)1950
736s
Baden (Germany)75-1951
Bavaria(Free State)6355'45
Buenos Aires (frov)7345'47
1936
7s
1952
75
Danish Cons Munk 5 A s'55
Denmark (King) 5558..1955
1970
65
Finland (Republic) 6555'56
German Cons Munic 75 '47
New
Hungarian Land Mtge butt
1961
7558 series A
Indust Mtge Bk of Finland
1st M coils f 7s........1944
Italian Pub UM holt 75'52
Medellin (Colon) 85_ __1948
Netherrds (King) 65 B '72
Oslo (City) 534s
1946
Peru 7545
1956
Prussla(Free State)6555 '51
Roman Catholic Church of
Bavaria 6555
1946
Russian Govt6 As_ __ _1919
655% certificates_ _1919
53-4% certificates_ __1921
Santa Fe(Argentine)751942
Saxon State Mtge Inv 7545
Switzerrd Govt 5555...1929
92%
92%
9535
95%
98%
96%
99%
100
9455
9755
9255
92
log
9555
95%
9455
98
96%
933%
9734
99%
100
94
9754
97%
9556
9654
94%
99
9655
94
9754
995-4
10094
94%
98
97%
98
9855
99
9835
8955 8955
102% 102%
10755
96
100
100
96
9535
92
1455
92
14%
15
15
92%
99
99
10155 10154
02% 21,000
93% 52,000
99
8935
103
1073-4
96%
10055
96
92
15
1555
15%
92%
9935
10156
25,000
37,000
49,00
72,000
9,000
22,000
17,000
24,000
15.000
21,000
111,00
10,000
6,000
90
Jan
9136 Apr
9555
93
9255
9655
9634
9334
96
98
9935
94
9455
9734
July
Feb
July
Aug
Sept
Sept
May
Mar
Jan
Sept
Mar
Sept
95
June
93 Jun
9351 Sep
9835
9635
•95
10154
10034
9734
9934
100
10155
9434
9834
9855
M
IMP
Ben
Fe
All
Ma
Jul
Se
Ja
Ser.
Sep
Au
9955 Se
16,000 0634 Jan 100 Jo
May 93
121,000 87
M
Au
Jan 104
3,000 98
21,000 106% Mar 10956 Au
Man 9754 M
17,000 93
Aug 100% AO
29,000 100
291,000 9535 Sept983'i Be
4,000 9156
50,000 13
8,000 12
5.000 1
@FedFRASER