Full text of Commercial and Financial Chronicle
Full text of Commercial and Financial Chronicle
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The.
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financial
rentde
INCLUDING
Public Utility Compendium
Railway &Industrial Compendium
Railway Earnings Section
& Municipal Compendium
State
VOL. 125.
SATURDAY, OCTOBER 22 .
The T4ronicit
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The Financial Situation.
The week has been one of severe liquidation in the
stock market, but without disturbance of the bond
market and with money conditions continuing easy,
the call loan rate dropping to 3 %. The Dow-Jones
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industrial average, which reached a high in all time
on Monday, Oct. 3, at 199.78, and which was reduced arbitrarily by 6.82 points on Oct. 8 on account of the splitting of General Motors shares, declined heavily during the week, reaching 186.81 on
Monday, 187.32 in a rally on Tuesday, 184.48 on
Wednesday, 182.90 on Thursday and 181.75 on Friday.
There were a number of occurrences during the
week which ordinarily would have stopped a market
break. The President issued an optimistic statement on business conditions, saying that he was advised by the members of his Cabinet that certain conditions existed. What he said did not contain news
to those who had been following business and market developments, but being an optimistic statement
which would reach practically the entire public and
reflecting Mr. Coolidge's own sound judgment and
presumably also that of Secretaries Mellon and
Hoover, as well as the other members of the Cabinet,
it would ordinarily have had a beneficial effect upon
market sentiment, but did not on this occasion. The
decline in money rates was also without influence.
Furthermore, an expectation that brokers' loans
would show a substantial decline had no effect up to
the close on Thursday and the announcement of an
increase of over $39,000,000 late Thursday afternoon, coming as an unpleasant surprise, accentuated
the decline on Friday.
One of the principal elements entering into the
present market situation is a widespread fear of
Bank and Quotation Section
Bankers' Convention Section
NO. .
dire consequences to follow the introduction of the
new Ford model, particularly to General Motors
Corporation and to other companies manufacturing
small cars. This has been one of the most talked of
subjects during the summer and fall. On the other
hand, as Colonel Ayers of the Cleveland Trust Co.
recently stated, the re-entering of the Ford business
into the market may be of great benefit to the general situation for the reason that at present American markets are deprived in large part of the buying power of Ford wages and American production
is deprived of the consuming market of the Ford industry. This in its multifarious ramifications from
one industry to another amounts to a very substantial total and quite likely its absence has been one
of the important elements in the falling off in car
loadings this year.
The week has again witnessed a very large total
of new bond issues, principally of large proportions.
Furthermore, these issues have been quickly absorbed and have not adversely affected the general
level of bond prices. It is, of course, probable that
all of the bonds of the large issues of last week and
this week have not yet been entirely distributed at
retail, even if they have all been taken frcun the
hands of the original underwriters. Notwithstanding this, there does not appear as yet to be any sign
of congestion in the bond market and certainly not
in connection with really high grade issues. Nevertheless, it is not to be expected that the pace of the
past two weeks will be maintained.
Among the more prominent issues of the week
have been the following: On Tuesday a large syndicated headed by the Bankers Trust Co. offered $47,000,000 Republic of Poland stabilization 7s, ,
at 92, yielding 7.86%; on Wednesday a syndicate
headed by Bonbright & Co., Inc., and Harris, Forbes
& Co., Inc., offered $66,000,000 New York Power &
Light Corporation first 4 s, , at 96, yielding
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about 4.72%. This, like the Philadelphia Electric
issue of the week before, represents a high water
mark as to price and yield in respect to the quality
of bonds, the issue being a well-protected first mortgage issue, although not quite of the thoroughly seasoned type of the Philadelphia Electric. On Wednesday also a syndicate headed by Lee, Higginson & Co.
offered $40,000,000 Edison Electric Illuminating Co.
of Boston notes, of which $30,000,000 were threeyear 4 s, , offered at 100, yielding 4 %, and
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$10,000,000 one-year 4s, , offered at 993 yield4,
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ing about 414%. These notes were quickly absorbed.
On Thursday a syndicate headed by Halsey, Stuart
& Co. offered $12,500,000 West Texas Utilities first
mortgage 5s, , at 97 , yielding 5.15%, and on
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2
the same day a syndicate headed by the Chase Secu-
THE CHRONICLE
rities Corporation offered $20,000,000 Commerz und
Privat Bank 51 2s, , at 971 2 yielding about
/
/,
6
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1
4%. On Friday J.P. Morgan & Co. offered $9,871-,
000 Morris & Essex RR.3y due Dec. 1 , at 85,
2s,
yielding about 4.15%, and a syndicate headed by
Drexel & Oo., Bonbright & Co., Inc., and Harris,
Forbes & Co, offered $18,000,000 Georgia Power
:
Co. first and refunding 5s, due , at 98, yielding
about 5.12%.
The story as to brokers' loans on the Stock Exchange is still the same. These loans keep on expanding and are constantly establishing new high
records. To have to repeat this remark week after
week, and month after month, is getting rather
tiresome, but the figures admit of no other statement. Last week the grand aggregate of these loans
did show a trifling decrease, but so small as to be,
as we said at the time, almost inconsequential, the
reduction being less than $1,000,000, and amounting,
in fact, to only $945,000&#;and this from the very
highest total on record, made the previous week
(Oct. 5). Even this very small reduction was a
relief, and very gratifying, too, since it marked a
change in the right direction. It was looked upon,
moreover, as a prelude to a much larger contraction
&#; the following week&#;that is, in the return to be
issued after the close of business on Thursday of this
week and covering the week ending Wednesday,
Oct. 19. But now that the figures for this later date
are at hand, it is found that instead of the expected
decrease, they show that these loans have mounted
still higher, and in the sum of nearly 40 million
dollars, the exact amount of the addition being $39,817,000.
There was every reason to believe that there would
be a substantial decrease in the aggregate the present week, inasmuch as the stock market has been
weak and declining all week and to all appearances
liquidation has been proceeding on an extensive
scale. With the single exception of last week the
total has been uninterruptedly rising for seven
weeks&#;and in no small amounts, either. That the
expansion should thus steadily proceed through all
stages of the stock market&#;through periods of declining as well as rising prices&#;and through all the
variations in the money market, is one of the most
inexplicable features of a very remarkable Situation.
With the further addition of nearly 40 million dollars, the total of these loans "to brokers and dealers
(secured by stocks and bonds)" by the 52 reporting
member banks in New York City is now up to the
unparalleled figure of $3,434,107,000. At the corresponding date a year ago (Oct. 20 ) the amount
was only $2,655,118,000, showing an increase during
the twelve months in eXcess of three-quarters of a
billion dollars, the exact increase being $778,989,000.
Expansion is shown in each leading group of loans,
the amount of the loans made by these 52 reporting
member banks "for own account" being now $1,095,947,000, against $818,623,000 a year ago; the loans
"for account of out-of-town banks," $1,350,201,000,
against $1,109,454,000, and the loans "for account
of others," $987,959,000, against $727,041,000. As
was the case a year ago, and as has been the case all
along, the preponderating portion of the whole consists of loans subject to immediate call, which is
proof that the borrowing is mainly for speculative
account. The portion consisting of time loans is
only $783,082,000 this year and was no more than
[VoL. 125.
$714,659,000 in , while on the other hand, the
demand loans aggregate $2,651,025,000, there having
been an increase to that figure from $1,940,459,000
on Oct. 20 last year.
As to this week's xetUrns of the Reserve banks
themselves, the changes this time are not very striking, any more tnan was the case last week. There
was a further small reduction in the direct borrowing of the member banks, as indicated by the fact
that the discount holdings of the twelve Reserve
banks combined Oct. 19 were $417,597,000, in comparison with $430,249,000 on Oct. 12. As partial
offset to this, however, the acceptance holdings have
risen from $274,361,000 Oct. 12 to $282,503,000 Oct.
19. Holdings of United States Government securities are slightly lower, being $500,393,000 Oct. 19,
against $510,129,000 a week ago, but comparing with
only $306,964,000 on Oct. 20 . The final result
is that total bill and security holdings (representing
the full amount of Reserve credit employed) stands
at $1,201,113,000 this week, against $1,215,559,000
a week ago. The deposits of the twelve banks, which
consist almost entirely of the reserves of the member banks, increased during the week from $2,404,967,000 to $2,429,098,000. This enabled the twelve
Reserve institutions to decrease the amount of Federal Reserve notes in actual circulation from $1,733,829,000 Oct. 12 to $1,716,785,000. At the same time
gold reserves increased from $2,971,498,000 to
$2,975,505,000. The ratio of total reserves (including reserves other than gold) to deposit and Federal
Reserve note liability combined is 75.1% this week,
against 75.0% last week.
For the Federal Reserve Bank of New York by
itself the changes during the week have been more
pronounced&#;that is, there has been a much larger
reduction in the Reserve credit employed, the contraction at this centre having been attended by increases in other parts of the Reserve System. The
discount holdings of the Federal Reserve Bank of
New York have fallen from $119,787,000 Oct. 12 -to
$96,873,000 Oct. 19; the bills bought in the open
market from $111,125,000 to $102,843,000 and the
holdings of United States Government securities
from $105,216,000 to $102,026,000. Total holdings
of bills and securities by the New York Reserve
Bank, in other words, are only $301,742,000 this
week, against $336,128,000 last week. But they compare with $205,574,000 on Oct. 20 .
The most noteworthy feature in last Saturday's
statement of the New York Clearing House banks
and trust companies was the wonderful traniformation in their reserve position. The return for the
previous Saturday had shown a deficiency below
legal requirements in amount of $10,425,530, and
this in turn followed a deficiency the preceding Saturday (Oct. 1) of $23,772,560. As against this impairment of reserves on the two previous Saturdays,
the statement for last Saturday showed excess reserves in the huge sum of $77,347,050. The improvement was brought about by the fact that the Clearing House institutions increased their reserve with
the Federal Reserve Bank $91,639,000, while enlarging their loans and discounts (which had been heavily reduced the previous week, following a big increase on Oct. 1) in amount of $8,846,000. They also
added $2,295,000 to their holdings of cash in own
vaults, though this does not count as reserve for
members of the Reserve institutions. As against the
OCT. 22 .]
THE CHRONICLE
big increase in the reserve kept with the Federal
Reserve Bank the expansion in deposits was relatively slight, being $28,996,000 in the net demand
deposits and $7,955,000 in time deposits. From this
juxtaposition of the different items the wiping out
of the previous week's deficiency and its replacement by a large surplus reserve, far in excess of
legal requirements, followed as a matter of course.
It only remains to add that the United States Government deposits held by the Clearing House institutions are being maintained at very high figures,
the total of these deposits (and which are not lumped
with the general deposits) having been last Saturday $111,714,000 and the previous Saturday $111,722,000.
usually heavy. In value the increase in cotton exports for the nine months of this year was only 7%,
while The gain in the value of all exports for the nine
months of over was about 3%.
Gold exports last month were $24,439,000, much
the largest of any month in the past year, although
in September the amount was $23,081,000. Imports of gold for September this year amounted to
$12,970,000 and compare with $15,987,000 a year
ago. For the nine months of , gold exports were
only $57,637,000, while gold imports amounted to
$192,957,000, an excess of imports of $135,320,000.
For the corresponding nine months of , gold
exports were $99,629,000 and imports $170,851,000,
an excess of imports of $71,223,000. Silver exports
last month were $6,617,000, and imports $4,The foreign trade statement of the United States 992,000.
for the month of September makes quite a different
showing from that of the preceding month. MerA tariff accord between France and the United
chandise exports last month were larger than in any States appeared somewhat more distant the past
other month this year, while imports again show a week, with the exchange of notes between the State
falling off, and were less than for the earlier months Department and the Quai d'Orsay still in progress.
of the year with the exception only of February and Publication, early in October, of the French notes
July. Furthermore, the value of both exports and of Sept. 14 and 30 and the American note of Sept. 19
imports in September was again less than in the revealed fundamental differences in the tariff laws
corresponding month of . Exports last month and customs of the two countries. Basically, tiie
amounted to $426,000,000 and imports to $341,000,- chief difficulty was seen to be one of systems, with
000, the excess of exports being $85,000,000. In Sep- France committed to bargaining tariffs and the
tember merchandise exports were valued at United States committed to the principle of gen$448,071,000, against imports of $343,202,000, the ex- eral equality, except in so far as the 50% provision
cess of exports being $104,869,000. In no preceding of the flexible clause of the Fordney-McCumber Act
month since December last year has the excess of would give some elasticity. The discussion, it will
exports been as high as it was in September and for be remembered, girew out of the application by
several months this year prior to September the ex- France on Sept. 6 of maximum duties against Amercess of exports was very much reduced.
ican products. This action, following close on the
For the nine months of the current year, the value heels of a commercial accord between France and
of merchandise exports from the United States was Germany, placed some American goods at a decided
$3,509,407,000 and imports $3,152,539,000, an excess disadvantage as against similar German products.
of exports amounting to $356,868,000; during the The State Department at Washington, in order to
same period of last year exports were $3,407,690,000 re:olve the difficulty, attempted first to hasten the
and imports $3,320,677,000, exports during that time conclusion of a Franco-American commercial accord,
exceeding imports by only $87,013,000. In the first negotiations having been in progress for some time.
half of , merchandise imports were higher in This, however, proved ineffectual, and the exchange
value than exports in five months out of the six, but of notes followed, with both Governments obviously
this condition was changed after June, so that for desirous of finding a modus rivendi so that converthe nine months of the year there was an excess of sations between experts could be inaugurated.
exports, as shown above. For the nine months of
The notes exchanged subsequent to the French
this year exports were larger than during the same aide memoir of Sept. 30 have not been made public.
time in by $101,717,000, while imparts this year Nevertheless, it was made plain at Washington that
to date show a decline of $168,138,000 from those of the American rejoinder of Oct. 8 requested a recesa year ago.
sion of the French tariff rates to the levels in force
September was the third month in succession in before the Franco-German commercial accord was
which exports have shown a decline in comparison signed in August, or else to the still lower minimum
with the preceding year, and, as in August, a part rates now enjoyed by Germany. The United States
.
of the loss this year was due to the k malfer move- was said in turn to have expressed a willingness to
ment abroad of cotton. In considering this fact, have the Tariff Commission investigate production
however, it should not be overlooked that the higher costs in France in order to determine whether a
price for cotton in recent months this year has some- lowering of schedules against French goods might
what upset the calculation. The decline in the total be feasible under the flexible provision of the Fordof merchandise exports last month from a year ago ney-McCumber law. The note insisted, according to
was $22,000,000, or 4.6%, but the decline in the value a Washington special of Oct. 19 to the New York
of cotton exports was $7,294,000, a loss as to the "Times," upon the discontinuance by France of "the
latter of 9.5%. When quantities are considered, additional discrimination which became effective
however, a different story is told. Exports of cotton Sept. 6" as a condition of negotiating for a permain September this year were 631,041 bales, as against nent commercial treaty. To this France replied on
794,600 bales in September , a reduction this Oct. 14 after the customary Friday Cabinet meeting.
year of 20.6%. For the nine months of this year It was decided at the meeting, dispatches said, to
cotton exports were 6,582,000 bales, an increase of offer as a temporary arrangement during the nego1,921,100 bales over , or 41.2%. During the tiations, to revert to the status quo ante for imports
first four months of cotton exports were un- from America. This action, it was made plain,
-t.
THE CHRONICLE
would not amount to giving the United States mostfavored-nation treatment in principle, because there
would still remain a distinction between the rates
now enjoyed by Germany and the rates effective on
American goods prior to Sept. 6. But the difference, materially speaking, was said to be very small.
A Paris dispatch of Oct. 14 to the New York "Times"
mentioned, as a further point in the note which conveyed the Cabinet decision, that the French Government reiterated its stand of being willing to negotiate a commercial treaty with the United States
only on the basis of reciprocity. Moreover, the new
note stated plainly that France expects a modicum
of concessions by America in establishing the temporary regime.
Secretary of State Kellogg, after studying the latest French note, indicated to Washington press correspondents Monday that it had been found unsatisfactory because of conditions attached to the offer
of a temporary regime. Regarding the conditions, a
New York "Times" Washington special said: "It is
understood that the conditions laid down by France
in part refer to guarantees for lowering duties on
French goods and removing sanitary regulations
against French products, now under embargo, in return for a temporary lowering of duties on American
goods during the period of negotiations over the tariff and the pending new commercial treaty. The
United States, however, cannot make a flat guarantee on the two points prior to an examination of
French production costs and a study of American
laws governing sanitary regulations." It was also
asserted that officials were not clear as to just what
temporary rates were being offered by France. A
literal offer to return to the rates in effect prior to
Sept. 6 was not made and a thorough study was
indicated as necessary in order to determine just
what the duties would be under the French proposal. In any event a reply on the part of the
United States Government was said to be necessary.
This was taken to mean that whereas unofficial intimations of the contents of the note from Paris had
led to the hope that the controversy would now be on
its way to treatment by conversation and technical
studies, the diplomatic correspondence of the last
four weeks will have to be continued. The optimism
of the previous week was said, Monday, to be giving
way to doubts with indications developing of the possibility of a deadlock between the two countries. In
Paris also a much less optimistic view of the tariff
situation was manifested, following receipt of the
news from Washington of the unfavorable impression created by the latest French proposals. A significant intimation was, however, made in "official
quarters," according to a dispatch of Tuesday from
Edwin L. James, Paris correspondent of the New
York "Times." This was to the effect that the
French would probably accept very small concessions before beginning the negotiations. The majority of the Cabinet, it was added, "are determined,
as a matter of principle, to obtain some concessions
of some sort in return for those America is
asking."
The conclusion of a- Franco-German chemical entente was announced at Paris, Oct. 15, bringing
France into the trust agreement already existing between the British and German chemical producers.
Belgium is also to be included in the chemical combination which, it is expected, will have far-reach-
[voL. 125.
ing results. The trust,it is said, will follow the lines
of the steel entente recently established among the
chief European producers. The official reasons for
the conclusion of the chemical accord were given as
"greater economy, superior production and the interests of the consumer." The actual signing of the
agreement will not take place until late in October,
dispatches said, but the understanding is complete
and operations are expected to begin in November.
The entente, according to a Paris dispatch of last
Saturday to the New York "Times," follows many
months of arduous negotiations between the German
and French producers, but so quietly were these conducted that definite news of them was not hitherto
available. The new chemical trust operates in dyestuffs and synthetic and nitrogenous fertilizers. The
dyestuffs agreement, it was said, fixes the price and
establishes a limited German import quota into
France, although when the export campaign begins
to bear fruit it is believed the Germans will withdraw from France entirely. As in the case of the
steel trust, the members of the chemical trust have
established.an accord on the question of home markets and have agreed to pool all their available resources to gain the world trade. The world market
is divided under tentative plans laid for a unit sales
system, which consists of the establishment of sales
organizations at strategic points. Through this
method the new chemical trust expects greatly to reduce the cost of distribution. The total capital represented by the members of the trust is said to exceed $1,000,000,000. The Italian and Swiss producers are also expected to join the new organization, thus making the chemical trust the most pow
erful combination of its kind in the world. Paris
disatches of Oct. 15 and 18 to the New York "Times"
indicated that the new trust will attemt to compete
more effectively with the American chemical industry. M. Agache, one of the leaders of the French
chemical industry, confirmed the accord in an ad.
dress before the Chemical Congress, now in session
in Paris. "This new European political policy of
economic accords," he said, "will have a social effect
which cannot now be estimated. It will bring about
a necessary rationalization of industry, improve the
conditions of life in all the industries involved and,
far from increasing the cost of vital materials, will,
by more intelligent industrialization, bring about a
decrease in the price of nearly all products."
Much interest was manifested throughout the
Western World late last week in a statement on the
"Roman Question," or problem of the status of the
Holy See inside the Kingdom of Italy, made in the
"Osservatore Romano," official organ of the Vatican.
The loss of the Pope's temporal power has for more
than fifty years caused an estrangement between the
Church and the Italian State, and two editorials,
printed Oct. 13 and 14, made clear for the first time
the conditions on which a reconciliation is possible
from the Vatican point of view. These conditions
are, briefly, that the Pope's temporal power must be
restored by the Quirinal, and the Italian State must
cede to the Holy See enough territory to form a new
Papal State. A very modest State would suffice,
according to the Vatican organ, which added:"Only
Italy, which robbed the Holy See of its territory in
, can set matters right again now by ceding
enough territory for a new Papal State. If Italy
agree to this, the Vatican is willing to resume rela-
OCI't 22 .]
THE CHRONICLE
tions of amity without demanding guarantees by the
foreign Powers or international courts." The "Osservatore's" suggestion, according to Arnaldo C,ortesi, Rome correspondent of the New York "Times,"
caused a deep sensation in official circles in Italy.
The impression among Premier Mussolini's entourage was "that we are really on the eve of one of the
most sensational develoments in modern history."
The restoration of the Pope's temporal power, the
"Times" correspondent said, undoubtedly would encounter bitter opposition from many Italian patriots. Moreover,it "is likely to cause a certain amount
of misgiving even among Catholics. Many Catholics make no secret of their belief that if the Pope
again became a temporal ruler the Vatican would
lose ranch of its prestige and influence in the world."
Subsequent dispatches from Rome indicated that the
"Roman Question" continued to be the chief subject
of discussion in Italian circles early in the present
week. Commenting .on it last Sunday, the "Popolo
Romano," leading Fascist organ, said: "There is
no hurry; Fascist Italy is young and has many years
yet to live, while the Church, as a supernatural gift,
will never grow old. Time, which through its incessant action imposed the necessity of a solution, will
also decide the moment of that solution. Probably
the Roman question will solve itself automatically;
therefore there is no hurry." A further expression,
printed Thursday in the Fascist "Foglio d'Ordini,"
was regarded in Rome as ending the discussion for
the time being. It seems logical, this paper stated,
"that the question of real judicial independence of
the Holy See is not necessarily allied with conditions
of a territorial nature." Fascist Italy, it was intimated, will in time solve the Roman question without abdicating to anybody the fundamental rights
of the State in matters where Liberalism failed in
repeated attempts."
.1 distinct rift in the German Coalition Cabinet
of Chancellor Marx developed early this week over
the National School Bill and may possibly contribute to an early crisis in the Government. The school
bill is an attempt to regulate the positions of the
denominational and non-denominational schools in
Germany and seeks to obtain equal opportunity for
the development of both. The Reichsrat, or upper
Chamber of the German Parliament, rejected the
version of the bill presented by the Marx Cabinet by
a vote of 37 to 31 Oct. 14. This, under the German
Constitution, places the Government in a delicate
situation, as it must now submit its own original
measure which, according to a Berlin dispatch of
Oct. 14 to the New York "Herald Tribune," will be
even more difficult to carry through the Reichsrat
than the amended version presented. Moreover, the
Bavarian People's Party, an important member of
the Coalition Government, has threatened to withdraw its support unless radical changes in fiscal
legislation are made at once. These events formed
the prelude to a short extraordinary session ot: the
Reichstag, or popular body of the Parliament, called
for Oct. 18 to consider the school bill and a valary
measure. The rift in the Cabinet was widened
Wednesday, dispatches said, when the People's Party
announced that it would vote for the school bill only
with distinct reservations. The second measure, for
which the short session of the Reichstag was called,
likewise appeared to be in difficulties. A protest
against the proposed salary increases of civil service
employees and public officials was said, in a Berlin
dispatch of Thursday to the New York "Times," to
have been made by S. Parker Gilbert, Jr., Agent
General of Reparations. Mr. Gilbert holds, it is
claimed, "that increased salaries can only be paid
from surpluses and must not be made a new burden
on the budget. For the first six months of the current fiscal year the surplus amounts to 240,000,000
marks, which is less than one-fifth of the amount
needed to meet the obligations of the Reich as stipulated in the salary bill. Under these circumstances
there is nothing left for the Reichstag but completely
to change the bill."
Premier Poincare of France made plain during
the week, both in public speeches and in discussions
with the Finance Committee of the Chamber of
Deputies, that he would continue unabated his long
struggle for fiscal reforms and a balanced budget.
The Finance Commission began preliminary work
on the budget some time ago in preparation for the
session of the Chamber of Deputies, which begins
Nov. 3. The Premier, speaking at Bar-le-Due Sunday, warned the Commission that there must be no
interference with his plans. "It has never been
more indispensable than now," he said, "to work in
order and mutual confidence for the completion of
the work of improving the monetary and financial
situation, which is not completed and which perhaps may be irreparably compromised by impru
dence and prodigality. If we do not wish to betray
the hope of those who died for France we must consecrate to this task all our power of mind and decision and our heart." M. Poincare appeared before
the Chamber Finance Commission in Paris Tuesday
and again urged the vigilant scrutiny of every measure. All important amendments were rejected by
the Premier, and it was predicted, according to a
Paris dispatch to the New York "Times," that the
objectionable amendments will be withdrawn in accordance with M. Poincare's demands. The announcement was made Wednesday by M. de Chapdelaine, Chairman of the Committee, that the Budget
bill had been approved with excess receipts provided
totaling 123,000,000 francs.
The tenth anniversary of the Russian Bolshevist
revolution was celebrated in Leningrad during the
present week by a six-day session of the Central
Executive Committee of the Soviet Congress. The
progress of the Soviet Union was reviewed in a
manifesto read by Alexis I. Rykoff, President of the
Council of People's Commissars. The shortening of
the working day to seven hours and the granting of
various privileges to peasants and workers were also
provided in the manifesto. The sessions, held in the
Tauride Palace which Catherine the Great built in
, were overshadowed by the presence in Leningrad of Leon Trotzky and Gregory Zinovieff, the
Opposition leaders who were recently expelled from
the Executive body of the Communist International.
They appeared at the session of the committee last
Sunday, causing wide speculation and many rumors
as to their purpose in attending. This, however, has
not yet been made plain. In Moscow, meantime, the
fight on the Opposition was continued with vigor.
The official "Pravda" announced Tuesday that M.
Vouyovitch, who with Trotzky led the criticism of
the Comintern policies last May, will be expelled
from the party for his refusal to leave Moscow when
THE CHRONICLE
[VoL. 125.
ordered to do party &#; work in the provincial town of bassy and the British Minister in Mexico City made
Voronesh. &#; Trotzky, it'is said, may still rise to the "suitable representations."
issue in the party congress in December.
The recent threat to Peking, in the Chinese civil
The defeat administered by the Calles Govern- war, has been entirely removed, according to late
ment to the Mexican revolutionists who rose Oct. 3 dispatches from the old Manchu capital. The Shansi
has apparently been complete and final. General army of General Yen Hsi-shan, which attempted to
Arnulfo Gomez is now the only rebel leader k till at capture Peking early in October, was routed last
large, according to an announcement made Oct. 14 week by the forces of Marshal Chang Tso-lin, Manby General Jose Alvarez, Chief of the Presidential churian dictator and leader of the Ankouchun, or
Staff. General Gomez, the announcement said, has Alliance of Northern Military Governors. Neverbeen located, with only thirty-five of his followers theless, the Shansi troops continued to hold the imstill with him, in the Huatusco region of the State portant strategic centre of Kalgan, thereby threatof Vera Cruz. Defeat and capture or death in bat- ening the capital from the northwest. This prestle were declared to be the only alternatives for the sure was relieved Oct. 17, when Kalgan again fell
insurgent General who, until he took the field into the hands of the Ankouchun. The situation
against the Government, was one of the three candi- between the north and south was thus restored virdates for the Presidency of Mexico. A skirmish be- tually to what it was before the Shansi armies between the rebels and the small Federal garrison of gan .hostilities. Guerilla raiding parties are rethe town of Huatusco was reported last Sunday, the ported in the vicinity of Pekipg, but no organized
rebels again being defeated and driven off. The re- army of hostile troops is near. General Feng Yuvolt, it was said, was prompted partly by antagon- siang, crafty Governor of Honan Province, is credism to the re-election campaign of former President ited in dispatches with having instigated the move
Obregon. The Mexican Constitution formerly re- by (3eneral Yen Hsi-shan and is said to have bequired that Mexican Presidents hold office for one trayed him. The Northern troops are pushing their
term only, but the Constitution was amended at the advantage, according to an Associated Press disinstance of the Calles-Obregon faction so as to make patch of Oct. 17 from Peking, and have occupied
inconsecutive second terms possible. A further towns in Eastern Honan. Feng's troops are remea.F.ure has now been adopted by the Mexican Sen- ported in retreat westward, and it is believed in
ate extending the President's term of office from Peking that General Feng intends to withdraw to
four to six years. The bill will have to be passed by Shansi, still furtheiwest.
The situation in the Shanghai area, where most
the Chamber of Deputies and ratified by a majority
of the foreign business is transacted, remains comof the States before it becomes a law.
A closer integration of the Mexican Federation paratively quiet. A reduction in the number of
,was foreshadowed in a Mexico City dispatch of British troops in the Shanghai district has been in
Monday to the New. York "Times." The Governors progress for some weeks and was said, in dispatches
&#; of all the States and Territories, the dispatch said, of Oct. 15, to have been completed. The British dehave joined in a nation-wide campaign to improve fense force now consists of 6,000 men, as compared
the present depreKed economic situation. The Ex- with the peak force of 20,000 of last spring. The
ecutives expressed their willingness to join the British do not believe, a dispatch to the New York
Chambers of Commerce throughout the land in a "Times" said, that the possibility of trouble in
study of the vital problems of taxation and State Shanghai is ended, but it is felt that the remaining
expenditures. The Governors' idea, it was said, is forces will be sufficient, with the American, Japanto follow the example of the Federal Government, ese and French defenders, to preserve the integrity
which has effected such economies that the budget of the International Settlement: No change in the
expenditure for the current year has been reduced American forces has been indicated by Rear Admiral
.to only 208,000,000 pesos. Numerous employees will Mark L. Bristol, Commander of the American
be discharged, if the plan is carried through, and Asiatic Fleet.
expenses reduced in other directions. Commerce
Banditry, which has prevailed for several months
would thus be benefited generally and prices posin northern Nicaragua, has lately been increasing
sibly reduced to some extent.
Banditry remains very common in some parts of and has caused several sharp clashes with the native
Mexico, despite all efforts by the Federal Govern- constabulary aided by.American Marines. The banment to suppress it. Reports from border towns dits are ranging through the most mountainous part
and from the Mexican capital tell of many depreda- of Nicaragua, made almost inaccessible at this seations, particularly in the western part of the coun- son by the tropical rains. They are said to be under
try. One such occurrence, in the State of Nayarit, the leadership of the Liberal Generals Sandino and
bas, developed into another case of serious interna- Salgado, who refused to join .the Liberal surrender
tional importance through the robbery of the pay- when American naval forces halted the revolution
roll of the American owned Amajac mines at Ixtlan early last May. Retreating to jungle fastnesses with
and the kidnapping of the general manager of the a handful of followers, these two Generals proceeded
mines, W. E. Mitchell, a British subject. The out- to attack American owned mines in the vicinity and
rage occurred Oct. 14,and representations have since to terrorize the inhabitants. American naval air-been made to the Mexican Foreign Office by the planes have patrolled the territory continually in an
United States and Great Britain. The first an- effort to preserve peace. One such plane, piloted by
nouncement of the incident came from the American Lieut. E. A. Thomas and Sergeant Frank E. DowState Department Wednesday. American Consul dell, crashed in the Department of Nueva Segovia
.William P. Blocker at Mazatlan, the announcement two weeks ago and fears are expressed for their
said, had demanded that the military authorities safety, as they have not been located. A searching
grant adequate protection to the mines. The Em- party was immediately organized by the American
Ocr..]
THE CHRONICLE
Marines, but an organized attack by a party of 400
The statement of the Bank of France as of Oct. 19
bandits on Oct. 9 prevented the success of the expedi- revealed a decrease of 399,883,000 francs in note cirtion. The engagement, according to an Associated culation. The total of that item is now 55,004,098,Press dispatch of Oct. 18 from Managua, was a san- 310 francs, compared with 54,988,355,120 francs a
guine one, with sixty-seven bandits killed or ' year ago and 46,599,073,965 francs in . The
wounded. Four members of the Guardia Nacional State 'repaid 250,000,000 francs to the Bank and in
also were killed, no casualties being reported among so doing reduced its indebtedness to 24,950,000,000
the American Marines. The bandit force was said francs. The total last year was 36,150,000,000 francs
to number 400, well armed and with plenty of am- and for this same time in 30,350,000,000 francs. munition and dynamite. The searching party con- Gold holdings at home were reduced 1,000,000 francs,
sisted of only 40 Marines and constabulary and was while gold abroad available and abroad non-availforced to withdraw. A contingent of 600 constab- able remained unchanged. The aggregate sum fell
ulary is to be organized for the suppression of the to 5,544,833,327 francs, against 5,548,789,446 a year
bandits, the dispatch added. A further report from ago and 5,547,395,642 francs the previous year. Other
Managua yesterday said that the conditions in north- important items that showed changes were:"Divers,"
ern Nicaragua are rapidly growing from banditry or sundry, assets decreased 307,212,000 francs, trade
into a state of insurrection. A number of American advances 21,618,000 francs, Treasury deposits 42,mining engineers have been forced to leave that 374,000 francs, and general deposits 114,563,000
region after many years spent there, as a consider- francs. Silver increased 2,000 francs and bills disable portion of the Northern Departments is said to counted 72,831,000 francs. The Bank of France
have fallen into the hands of the "insurrectos." It is statement shown below gives a more complete comexpected that when the dry season comes in Decem- parison of the various items:
ber the Nicaraguan constabulary and the American
BANK OF FRANCE'S COMPARATIVE STATEMENT.
M arines will take the field to subdue the insurrection.
Changes
Status as of
Official discount rates at leading European centres have undergone no change during the week.
They remain at 7% in Germany and Italy; 6 % in
/
1
2
Austria; 5% in Paris, Belgium, Denmark and Madrid; 4 % in London, Holland and Norway;
/
1
2
in
Sweden and 3 % in Switzerland. In London open
/
1
2
market discounts yesterday were 41 % for short
4
bills, as against 45-16@4%% on Friday of last
week and 4 5-16% for long bills, the same as a week
ago. Money on call in London yesterday was 31 8%,
/
the same as on Priday of last week. At Paris the
open market discount rate has advanced from 178%
/
to 2%, but in Switzerland the rate has been marked
down from 338% to 3 5-16%.
/
An increase of £207,074 in gold bullion was reported by the Bank of England for the week ended
Oct. 19. Total gold holdings now stand at £151,214,054, against £154,095,823 at the same time last year
and £152,740,756 at the corresponding date in .
The proportion of reserve to liabilities rose to
29.16%, from 27.97% last week and 25.93% two
weeks ago. As circulation decreased £734,000, the
reserve of gold and notes in the banking department
increased £941,000, raising the total of that item to
£35,425,000. Notes in circulation now aggregate
£135,538,000. In they were £138,712,000 and
in £142,540,595. In the depokt items, public
deposits increased £267,000 and 'other" deposits decreased £2,125,000; loans on Government securities
declined £5,380,000, but those on other securities
expanded £2,616,000. The official discount rate remains at 4 %. Below we furnish comparisons cf
/
1
2
the various items in the Bank of England return for
five years:
BANE OF ENGLAND'S COMPARATIVE STATEMENT.
.
.
.
.
.
Oct. 19.
Oct. 20.
Oct. 21.
Oct. 22.
Oct. 24.
z
Circulation
,538,000 138,712,000 142,540,595 122,905,630 123,110,835
27,096,000 20,202,300
Public deposits
9,618,418 14.757,735 13,956,896
99,381.000 105,343,753 109,182,246 112,497,350 105,640,722
Other deposits
Govemm't securities 47,550.000 35.325,435 32,378,644 42,468,443 41.313,506
56,176,000 72,771,941 74,111,101 77,116,347 71,872,045
Other securities_ _
Reserve notes St coin 35,425,000 35,133,518 29,950,161 25,332,115 24,312,729
Coln and bullion _ _,214,054 154,095,823 152.740,756 128,487,745 127,673,584
Proportion of reserve
4 Si%
to liabilities
5%
%
%
%
29.16%
Bank rate
27.99%
4%
4%
4%
Includes, beginning with April 29 . £27.000,000 gold coin and bullion
&#;
previously held as security for currency notes Issued and which VMS 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 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 Reemint of currency note Issue.
for Week.
Oct. 19 . Oct. 20 . Oct. .
Gold Holdings&#;
Francs.
Francs.
Francs.
Francs.
In France
Dec. 1.000,000 3,680,512,414 3,684,468,538 3,683.674,734
Abroad, available_
Unchanged
462,771, 1,864,320.907 1,864,320,907
Abroad, non-avail. Unchanged
1,401,549,425I
Total
Dec. 1,000,000
Silver
Inc.
2,000
Bills discounted__ _Inc. 72,831,000
Trade advances_ Dec. 21,618,000
Note circulation_ _Dec. 399,883,000
Treasury deposits_ Dec. 42,374,000
General deposits_ _Dee. 114.563,000
Advs. to State_...Dec. 250,000,000
Divers assets
Dec. 307,212,000
5,544,833,327 5,548,798.446
342,926,841
339,025,191
1,412,215,323 4.672.880.068
1,668,382,179 2,214,235,707
55,004,098,310 54,988,355,120
23,552,282
32,951,245
10.582,307.556 3,251,479,151
24,950,000,000 36,150,000,000
24,219,009,450 5,009,444,321
5.547,395,642
310,104.251
2,796,012.514
2,670,178,329
46,599,073,965
45,497,056
2,319,501.360
30,350.000,000
3,833,337,515
The statement of the Bank of Germany for the
week ended Oct. 15 showed a reduction of 211,421,000 marks in note circulation, accordingly total circulation is now 3,792,632,000 marks, against 2,971,739,000 marks in and 2,493,925,000 marks the
previous year. Other daily maturing obligations
increased 78,869,000 marks and "other" liabilities
$12,821,000 marks. On the asset side of the account
gold and bullion fell 242,000 marks, while deposits
abroad remained the same as last week. Reserve in
foreign currencies rose 5,831,000 marks, silver and
other coin 2,451,000 marks, notes on other banks
4,968,000 marks, advances 30,790,000 marks, and
other assets 7,655,000 marks. Bills of exchange and
checks declined 171,073,000 marks. The total
amount of gold held by the bank is 1,851,527,000
marks, comparing with 1,652,617,000 marks last year
and 1,204,514,000 marks in . A comparison of
the various items in the German bank statement is
shown below for three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
Oct. . Oct. . Oct. .
Assets&#;
Reichsmarks.
Reichsmarks. Recishmarks. Reichsmark..
Gold and bullion
Dec.
242,000 1,851,627.000 1,652,617,000 1,204,514,000
Of which depos.abroad Unchanged
66,543,000 185,557,000 124,431,000
Res've in for'n curr_ _ _Inc.
5,831,000 161,716,000 446.133.000 306,414.000
Bills of exch. 82 chrks Dec. 171.073,000 2,432.152.000 1.293,308,000 1,483.169,000
Sliver and other Coin._Inc.
2.451.000
82.895.000 114,037,000
66.488.000
Notes on oth.Ger.bks_ Inc.
4,968,000
19,762.000
16,370.000
31,612,000
Advances
Inc. 30,790,000
94.914,000
34.954,000
28,885.000
Investments
Dec.
111,000
92,075,000
91.310.000 207,243.000
Other assets
Inc.
7,655,000 544,610,000 655,838.000 698.584,000
LiabilUies&#;
Notes in circulation. Dec. 211,421,000 3,792,832,000 2,971,739.000 2.493.925,000
Oth.dally matur.oblig.Ine. 78,869,000 889,684.000 737.765,000 785.759,000
Other liabilities
Inc. 12,821,000 411,450,000 235,188,000 438,830,000
The current ease in the New York money market
was accentuated the past week. Call loans were
fairly easy at the opening Monday, with the demand
small and virtually no calling of loans by the banks.
THE CHRONICLE
An exceptionally large surplus reserve was shown
in last Saturday's Clearing House statement, and
this, of course, contributed to the ease in call money.
Tuesday's market was a repetition of that on Monday, with the exception that "outside" funds were
reported available at 33
470. On Wednesday, however, there was a rapid drop in the demand rate from
/0
1 ,
2
470 to 3 7 with a flood of money, estimated by
some observers at $40,000,000, available at the lower
figure. In the outside market call loans were re/ 0
0
ported at and subsequently at 37. The drop
in the rate for demand funds attracted a good deal
of attention, as it happened to coincide with a wave
/
1
2
of liquidation on the Stock Exchange. The 3 %
official rate was continued Thursday and Friday
with a good supply of funds available in the street
0
market at 37 on both days. Thursday's statement
of brokers' loans against stock and bond collateral,
as compiled by the Federal Reserve Board for the 52
New York reporting member banks again occasioned
considerable comment in the money market. The
tabulation showed an increase for the week of $39,817,000, despite the heavy liquidation on the Stock
Exchange. The total of such loans is again at a
new high record.
Dealing in detail with the rates from day to day,
the renewal rate for call loans on the Stock Ex/
change both on Monday and Tuesday was , but
with some loans put through each day at 47. On
0
Wednesday the renewal rate was marked down to
/0
1 .
2
4%, with some business transacted at 3 7 On
Thursday and Friday all loans, including renewals,
were at 3 %. Rates for time loans also declined,
/
1
2
quotations yesterday being 3%@4%. for 30 days,
4 @4 % for 60 days and 4 @4%% for all other
/ /
1 1
2 4
/
1
4
periods from 90 days to six months. Commercial
paper rates for four to six months' names of choice
character remain at 47, though for the shorter
0
choice names the quotation is 334@4%. For names
/
less well known the quotation is now 4 7 For
/o
1 .
4
New England mill paper the range is 4@414%.
/
In the market for banks' and bankers' acceptances
the American Acceptance Council on Thursday reduced the rate for call loans against acceptances
from 3/ to 3 7 The Council made no change in
12
/o
1 .
4
the rates for acceptances. This left the posted rates
yesterday on prime bankers' acceptances eligible for
purchase by the Federal Reserve banks 3 % bid
/
1
2
/
and 3% asked for bills running 30 days; 314% bid
and 3 % asked for bills running 60 days;3%% bid
/
1
2
/
and asked for 90 days; 3 70 bid and 3%70
/
1
2
asked for 120 days, and 3%7 bid and 3/ 0 asked
0
127
for 150 and 180 days. In the open market quotations on Monday were lowered / for five and six
1 8%
months, to the basis of the Acceptance Council.
The open market schedule is as follows:
SPOT DELIVERY.
Prime eligible Mlle
lble bills
Prime
f
il
&#;180 Days&#; &#;150 Days&#; '6
-120 Days&#;
Asked. Bid.
Asked. Bid.
Bid.
Asked.
3%
335
3%
334
3%
351
&#;90 Days&#; &#;60 Days-- &#;30 Days&#;
Asked.
Asked. Bid.
BM.
Asked. Bid.
g
3%
334
3%
3%
3%
FOR DELIVERY WITHIN THIRTY DAYS.
ble member banks
le non-member banks
bid
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:
[VOL. 125.
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in Effect
on Oa. 21.
34
34
34
34
34
334
34
34
3%
34
34
3%
Date
Established.
Aug. 5
Aug. 5
Sept. 8
Aug. 6
Aug. 18
Aug. 13
Sept. 7
Aug. 4
Sept.13
July 29
Aug. 12
Sept.10
Previous
Rate.
4
4
4
4
4
4
4
4
4
4 try
4
4
Sterling exchange this week has again been in emend and showing firmness, although the rate was
inclined to be easier in the forepart of the week. On
Wednesday the rate went to a new high for the year,
surpassing the high point touched last week, which
was the peak since . Cable transfers sold at
4.,. The range for the week was about 11-32@
%,bankers' sight ranging from 4.863/ to 4.86 8, and
cable transfers from 4.86 29-32 to 4.873.. The advance and firmness in sterling continues somewhat of
a surprise, because it comes at a season of the year
when the rate should normally be against London.
The various factors back of the unparalleled market
have been frequently discussed in these columns,
especially during the past three weeks, and there is
nothing new to report. The fact is simply that
sterling is in extraordinary demand in nearly all
quarters of the world, and there are not sufficient
commercial offerings or other influences to counteract
the same. As pointed out last week, when the
present firmness of sterling is considered, comparison
is, perhaps, made with the extraordinarily low figures
which prevailed six months or a year ago, when
domestic conditions in England were not nearly as
bright as they are now. It is, perhaps, a truer picture to see sterling now as just about right, whereas
the quotations of a while ago were abnormally low.
There is hardly a market in the world where
sterling is not at all times in request for the settlement of international commercial accounts. We
think of the United States as enjoying great prosperity, but the fact is that all the countries of the
world find thmselves in a much more prosperous
condition than a year ago, and this almost worldwide prosperity is reflected in a larger exchange of
international products and goods. Consequently,
there must of necessity be a greater demand for
exchange on London in all leading trade centres.
Such an improved condition of world business must
be considered an important factor contributing to the
firm exchange on London. The business and political
skies in England are not only clearer, but growing
still more clear, and under such circumstances,
with the banks and the Bank of England in a strong
position, optimistic opinions regarding the pound
appear to be entirely justified. For instance, British
Board of Trade returns for September show that
total exports were £10,000,000 more than last
year; British steel output is up; the decline in prices
has been temporarily arrested, with the result that
traders are encouraged; the general industrial situation shows a revival in many lines of activity, and
the British business world is much more statisfied
with the outlook than at any time in several years.
Business is finding it easier to make credit accomodations. A week ago bank advances in the case
of the ten London clearing banks reached a record
total of 035,000,000, a proof of reviving trade.
The high rates which have been ruling for the pound
during the last few weeks cause speculation as to
OCT. 22 .]
THE CHRONICLE
the probability of London drawing gold from New effective Oct. 15 . Strangely enough, coincident
York. There is little prospect of such a gold tide, with this figure, a cable to Dow, Jones & Co. stated
as the concensus of well-posted banking opinion that the Reichsbank had decreased its purchasing
is that the rate would hame to go to about 4.88%, price of fine gold from 2,790 to 2,784 marks per kilo3
a full cent and one-half above the best price touched gram, with the purpose of discouraging gold imports.
this year, and this seems at this juncture hardly This decision is, of course, equivalent to reducing the
gold content of the mark. At a quotation of 23.91
a possibility.
The Bank of England increased its gold holdings for cable transfers, it might be reasonable to expect
007,074 this week, taking the largest share of the that Germany would soon be able to draw down gold
open-market gold. On Friday of last week the Bank from either London or New York, at pleasure. With
of England sold £7,000 gold bars to a designation not the reduction in the Reichsbank's purchasing price
stated, and exported £7,000 in sovereigns to Spain. of fine gold,.the rate would have to climb still higher.
On Saturday the Bank sold £10,000 in gold bars to Of course, this action could not have been taken witha designation not stated. On Monday the Bank out the knowledge and permission of the Reparations
sold £16,000 in bars and exported £5,000 in sovereigns Commission and of the Agent-General for Reparato Spain, £5,000 to Germany, and £6,000 to Holland. tions. In all, probability the appreciation of the
On Tuesday the Bank bought £244,000 in gold bars mark was anticipated by the central banking authoriin the .pen market. On Wednesday the Bank ex- ties of Great Britain and the United States, and such
ported £10,000 in sovereigns to Spain and £5,000 to a ruling provided for by mutual. agreement at some
India. At the Port of New York the gold movement of&#; the conferences held by the heads of the central
for the week ended Oct. 19, as reported by the Federal banks in the recent past. It follows as a matter of
Reserve Bank, consisted of exports of $1,000,000 to course that the Reichsbank could not have taken an
Argentina and imports of $78,000 from Latin America. independent attitude. as the Reich is indebted in
There was no Canadian movement of gold either to particular to American and British financial authorior from New York. Canadian exchange continues at ties for the restoration, at least, if not for the maina premium, which varied this week from 7-64 of 1% tenance of the mark on a gold basis. There was a
reaction on Thursday to 23.873/ for cable transfers
to i4of 1%.
Referring to day-to-day rates, sterling last Saturday at which point the most of the business for the day
was steady at 4.87 1-32@4.87 1-16 for cable transfers was done and in rather good volume. The Reichsin a dull half-session, only slightly changed from bank reported a decrease of 242,000 marks in gold
Friday's closing rate. The range was 4.86 9-16@ holdings in its last report, greatly offset by an in4.86 11-16 for bankers' sight, and 4.87 1-32@ crease of 5,831,000 marks in reserves in foreign cur4.87 1-16 for cable transfers. On Monday the mar- rency. As frequently stated, the firmness in the
ket was dull and sterling eased off. Demand ranged mark is due in large part to the funds pouring in from
from 4.863/ to 4.86%. Cable transfers were German foreign loans. London foreign exchange
2
4.86 15-16(4)4.87. On Tuesday dulness continued. circles are responsible for opinions to the effect that
The range was 4.86 17-32@4.86 11-16 for bankers' Germany's credit is declining in England and the
sight, and 4.86 29-32@4.87 3-32 for cable transfers. Continent on account of these foreign borrowings,
On Wednesday the market turned strong and sterling supplied chiefly by the American market. It is well
made a new high for the year. Cable transfers sold known that German industrial and financial interests
at 4.873(. The range was from 4.86 11-16 to are at loggerheads on this question, the banking
4.86 13-16 for bankers' sight, and from 4.873/i to authorities discouraging the loans, especially to States
4.873 for cable transfers. On Thursday the range and municipalities, while the industrial interests urge
was from 4.863 to 4.86% for bankers' sight, and their free expansion, without either opposition or
4
from 4.873/i to 4.873. for cable transfers. On Friday supervision by any authority of the State. It is
the range was 4.869@4.86% for bankers' sight, and quite possible that the withdrawal of credit to a
4.87 5-32@4.873 for cable transfers. Closing quo- greater or lesser extent by London and Continental
tations yesterday were 4.86% for demand and 4.873. bankers may be largely responsible for the firmer
for cable transfers. Commercial sight bills finished money rates in Berlin which are proving so attractive
at 4.86%, sixty-day bills at 4.823/, ninety-day bills to American funds. At all events, there is further
8
at 4.813/, documents for payment (sixty days) at talk of an increase in the rediscount rate of the
s
4.827 , and seven. day grain bills at 4.86 1-16. Reichsbank, which is now fixed at 7%. Such an
4
Cotton and grain for payment closed at 4.86%.
increase in the rate would almost certainly send
marks higher, but it seems highly improbable that the
In the Continental exchanges interest centred this Reichsbank would dare to face the business storm
week in the continued activity and conspicuous firm- which a higher rate would be sure to create.
ness in German marks. From an exchange point of
The Polish stabilization loan, which is of great
view considerable interest also has attached to the interest to foreign exchange traders, was discussed
currencies of Poland, Greece and Rumania. To the here last week. Details regarding the loan may be
first two, because of loans for the improvement and found on page . Foreign exchange circles are
stabilization of the currencies, and to Rumania be- interested in the $45,000,000 Greek reconstruction
cause of the prospect of such a loan. The German loan which is pending. It is understood that probmark is on new high ground. On Saturday last in ably not more than $15,000,000 of the loan will be
dull trading the mark was quoted 23.87 for cable offered in the American market. The success of the
transfers. The par of the mark is 23.82. A moder- scheme for reconstruction depends on the stabilization
ate firmness around 23.88 for cable transfers fore- of the drachma. The par of the drachma is 19.30.
shadowed an important demand for the Berlin unit. It fell from an average of 3.25 in to about 1.33,
Early in Tuesday's trading the rate shot up to 23.91, where it has been anchored for some time. The
a record high since the reform of the German currency currency if stabilized cannotibe raised to a much
on lines laid down by the Dawes plan, which became higherifigure. French:exchange was firm throughout
THE CHRONICLE
(VoL. 125.
the week, showing no new features. The Bank of 26.333/b during the week. The weakness of NorFrance has the exchange situation thoroughly in wegian reflects the retreat of speculative traders from
hand at the de facto stabilization point around the unit. Sometime ago there was active buying of
3.923@3.923/
2
.
Norwegian for a rise, but. following the statement
The Italian exchange situation is unchanged. This made by President Hegge,of the Norske Credit Bank,
week Luigi Podesta, American representative of the about a month ago, that there is no prospect of a
Italian National Institute of Exchange, called public return to gold in Norway until internal prices apattention to a speech made by Premier Mussolini at proach international levels, speculative holders of the
the opening of the Italian Wheat Exhibition at Rome currency have been unloading at every opportunity.
several clays ago, in which Premier Mussolini reiter- When President Hegge made this statement, Norated: "It is the firm determination of the national wegian ranged around 26.40@26.45. Speculative
Government to maintain the value of the lire, for a trading is, however, bound to return to the Norwelong period of time, between 88 and 90 to the pound gian currency, as the gold standard will very surely
sterling." Mr. Podesta said that the Government is be reintroduced even though delayed.
in a strong position to control the quotation of the
Bankers' sight on Amsterdam finished on Friday
lire, as has been recently demonstrated, when, under at 40.22, against 40.20 on Friday of last week; cable
the pressure of speculative movements, the lire rose transfers at 40.24, against 40.21, and commercial
in value. He pointed out:"From time to time there sight bills at 40.17, against 40.15. Swiss francs
have been numerous published reports concerning the closed at 19.283/ for bankers' sight bills and
19.29
revaluation of the lire, but the above-mentioned com- for cable transfers, in comparison with
19.283/b and
munication from Rome definitely indicates that the 19.29 a week earlier. Copenhagen checks finished at
Italian Government intends to maintain the value of 26.80 and cable transfers at 26.81, against 26.80
the lire for a long time at present levels, i. e., 89 to and 26.81. Checks on Sweden closed at 26.94 and
90 to the pound sterling, which is equivalent to about cable transfers at 26.95, against 26.92 and 26.93,
5.47@5.41 in U. S. currency."
while checks on Norway finishrKI at 26.33 and cable
The London check rate on Paris closed at 124.09 on transfers at 26.34, against 26.28 and 26.29. Spanish
Friday of this week, against 124.07 on Friday of last pesetas closed at 17.22 for checks and at 17.23 for
week. In New York sight bills on the French centre cable transfers, which compares with 17.16 and 17.17
finished at 3.92%, against 3.923 a week ago; cable a week earlier.
transfers at 3.92%, against 3.923/, and commercial
2
sight bills at 3.92%, against 3.91%. Antwerp belgas
The South American exchanges continue extremely
finished at 13.913/ for checks and at 13.923/ for quiet. Brazilian exchange showed a firmer tone,
2
cable transfers, as against 13.92 and 13.93 on Friday checks selling at 11.95 and cable transfers at 12.00,
of last week. Final quotations for Berlin marks though weakening somewhat at the close. The
were 23.87 for checks and 23.88 for cable transfers, rate doubtless was a reflection of the improved outin comparison with 23.853/2 and 23.863/ a week look resulting from the flotation of the stabilizatio
n
earlier. Italian lire closed at 5.463 for bankers' loan totalling $85,000,000, of which $41,500,000
was
sight bills and at 5.463 for cable transfers, as against for the American market, and £8,750,000 was
%
offered
5.46 and 5.463/2 last week. Austrian schillings have in Europe. The stabilization program was
discussed
not been changed from 143'. Exchange on Czecho- last week. Argentine sold off early in the
week but
slovakia finished at 2.963/, against 2.963/ on Bucha- partly recovered later. Argentina continues
8
;
8
to draw
rest at 0.623, against 0.62; on Poland at 11.20, gold from New York. About $27,000,000 has been
against 11.20, and on Finland at 2.52, against 2.52. exported from New York in the present
movement,
Greek exchange closed at 1.323 for checks and at begun about a month ago. Argentine paper
%
pesos
1.33 for cable transfers, against 1.32% and 1.33 a closed yesterday at 42.71 for checks, as
compared
week ago.
with 42.80 last week, and 42.76 for cable transfers,
against 42.85. Brazilian milreis finished at 11.99
In the exchanges of the countries neutral during for checks and at 12.00 for cable transfers,
against
the war, interest centres this week, as last, on the 11.96 and 11.97. Chilean exchange closed at 12.19
rise in Holland guilders. Last week, it will be re- for checks and at 12.20 for cable transfers, against
called, the guilder touched a high of 40.21 on Friday. 12.19 and 12.20, and Peru at 3.82 for checks
and
It should also be remembered that a week ago the 3.83 for cable transfers, against 3.89 and 3.90.
.
Bank of the Netherlands increased its rediscount rate,
from 33/2% to 43/2%. The market was taken by surThe Far Eastern exchanges were steady, in someprise this week when the Holland guilder moved up what greater demand and the Chinese
were slightly
to still higher ground, touching 40.24 yesterday for firmer this week. The firmness in the
silver excable transfers. Guilders sold throughout this week changes was due largely to the steady tone
of silver,
at from 40.20 to 40.24. Guilders are in good demand supplies of which, according to London
dispatches,
not only in the New York market but also in other were sluggish, except at advancing
rates. The
centres. Swiss francs are dull, with practically no greater part of the inquiry for silver came
from China,
change from recent weeks. The Scandinavian ex- where purchases were being made for covering
and
changes are quiet and firm. Swedish krona were re- for fresh business. Japanese yen were very
steady,
peatedly traded in yesterday at 26.95 for cable trans- although fractionally lower than a week ago.
The
fers, the high point reached a week ago, about 15 Japanese unit has been exceptionally free from bearpoints above gold parity. The possibility that Swe- ish influences in the past three weeks. Hardly any
den might draw gold from New York or London was reflection of the difficulties which have marked the
discussed here last week. It seems improbable that banking experience of Japan during the first half of
Sweden will take gold unless the krona goes to 27.00. this year appears in the profit and loss showing of
Norwegian krone fluctuated more than any of the the Yokohama Specie Bank for the six months ending
other neutrals, the price ranging from 26.253/ to June 30. The net profits for the half-year were
a
OCT.22 1,927.]
THE'CHRONICLE
House Institutions,
York City
in
15,179,045 yen. This compares with 15,142,357 the daily balances. as only the items payable in Newinstitutions are represented of
The large volume of checks on
located outside
New York are not accounted for in arriving at these balances, as such ehecks do
yen made in the second half of . The showing not pass through the Clearing House but are deposited with the Federal Reserve
appears to be fairly representative of all the larger Bank for collection for the account of the local Clearing House banks.
banks in Japan. Unless very untoward events of a
The following table indicates the amount of bulcatastrophic nature should occur, which may, of lion in the principal European banks:
course, not be reckoned with in advance, the JapanOctober 20 .
October 21 .
ese currency should continue steady. It is one of Banks of
Gold.
Silver. I
Total. I
Gold.
Silver. I
Total.
the last to offer any speculative possibilities, and its
£
,
g
I
f
1
f
1 i I 154 095.823
r
151.214.054
return to par is a likely exchange prospect. The England .._ 151.214,054 13,680,000 160,900,497 154.095.823 13.560..938.742
France a. 47,220,497
147.
89,254,200
c994.600 74,349,600
c994,600 90,248,800 73.355,000
par of the yen is 49.85. Closing quotations for yen Germany b 104.039,000 26,876.000 130.915,000 102.262.000 26,486..748,000
Spain _-- 46,900.000 3,729.000 50,629,000 45,470,000 4.153.000 49
.623.000
checks yesterday were 46.60@46%, against 46.55C) Italy
Netherrds 32.178,000 2,252,000 34.430.000 34.912,000 2,196, 37.108,000
Nat. Bela_
1.182.000
14.325.000
46% on Friday of last week; Hong Kong closed at Switzeri'd. 19.263,000 2,537,000 20,445,000 10,955,000 3.370, 20,563.000
18.057.000
20.594.000 17,490.000, 3.073.000i
493@49 3-16, against 49 1-16@49/; Shanghai at Sweden_ _ _ 12.840,000 691.000 12,840,000 12.572,000i 921, 12,572,000
Denmark
10,116,000
10,807,000 11,61.6.000:
12.537.000
8,180.000
1 8.180.000
,000 8,180.000'
62 3-16@62h, against 62@62/; Manila at 49 9-16, Norway
1
Total
639.261.751 51.941,.203.351
against 49 9-16; Singapore at 56 7-16@56 9-16, Prey. week 639.806,839 52,418..225..286,565 54.753,.040.165
week
616.664,486 55.085.600 671.750.086
a Gold h tidings of the Bank of France are exr naive of gold held abroad. amounting
against 569/s@56 9-16; Bombay at 36 9-16, against the present year to
L'75.572.836. b Gold holdings of the Bank of Germany are exclusive cf gold held abroad, the amount of which the present year Is .83.3.:7&#;180.
36 9-16, and Calcutta at 36 9-16, against 36 9-16.
c As of Oct. 7 .
Pursuant to the requirements of Section 522 of the
Government Approval of Foreign Loans
Tariff Act of , the Federal Reserve Bank is now
President Coolidge's New Doctrine.
certifying daily to the Secretary of the Treasury the
The caustic interviews given out by Senator Glass
buying rate for cable transfers in the different countries of the world. We give below a record for the on Oct. 13 and on Monday last, in which he criticized
week just past:
the policy of the Department of State in approving
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
or disapproving proposed foreign loans and the reTO TREASURY UNDER TARIFF ACT OF ,
BANKS
OCT. 15 TO OCT. 21 . INCLUSIVE.
markable defense of that policy offered by President
Coolidge, together with the recent action of the DeNoon Buying Rate for Cable Transfers to New York,
Value in United States Money.
Country and Monetary
partment regarding the Prussian loan and the
Unit.
0(1.15. Oct. 17. Oct. 18. Oct. 19. Oct. 20. 00. 21.
French refunding loan, have called public attention
EUROPE
$
$
sharply to a situation whose importance is by no
Austria.schilling
I .
.
.
.
.
Belgium, belga
.
.
.
.
.
means confined to the field of finance. The practice
ley
Bulgaria.
. . . . .
Czechoslovakia. kron . . . . . .
of which Senator Glass complains is not, to be furre,
Denmark. krone
.
.
.
.
.
England. pound steroriginal with the present Administration. It began
sterling_
4
4.
4.
4.
4.
4.
Floland. murkka
. . . . .
when Pre.ident Harding, in , summoned a numFrance. franc
.
.
.
.
.
Germany. reichsmark. .
.
.
.
.
.
ber of prominent bankers to Washington, and inGreece. drachilla
. . . . . .
guilder
.
.
.
.
.
II it usury pengo
formed them that the Government wished to be ad
.
.
.
.
.
Italy. lira
.
.
.
.
.
Norway, krone
.2 132
.
.
.
.
.
vised in advance of any negotiations which they pro.
Poland, ziot
.
.
.
.
.
Portugal. escudo
.
.
.
.
.
posed to undertake regarding the flotation or foreign
Romania. leo......
. . . . . .
Spain, peseta
.
.
.
.
.
loans in this country. It was given formal effect
Sweden. krona
.
.
.
.
.
Switzerland. intim_
.
.
.
.
.
.
when, on March 3 , the then Secretary of State,
Yugoslavia. dinar
. . . . . .
ASIACharles E. Hughes, issued a circular in which, after
ChinaChefoo tail
.
.
.
.
.
pointing out that the Department "cannot, of course,
litutkow mei
.
.
.
.
.
.
Shanghai tied
.
.
.
.
.
require American bankers to consult it," that it "will
Tientsin tuel
.
.
.
.
.
Bong Kong dollar._ .
.
.
.
.
.
not pass on the merits of foreign loans as buErness
ltlexicatt dollar. _ .
.
.
.
.
.
Tientsin or Peiyang
propositions, nor assume any responsibility whatdollar
.
.
.
.
.
Yuan dollar
.
44,5
.
.44.3
.
.
ever in connection with loan transactions," and that
.
.
.
India. rupee
.
.
.
Japan. yen
.
.
.
.
"offers for foreign loans should not, therefore, state
Blogapore(S.S.1dollar. .
.
.
.
.
.
NORTH A M Elt.
or imply that they are contingent upon an expresCanada, dollar
I 1. 1. 1. 1. 1.
. . . . .
Cuba. peso
Mexico. peso
. . . . . .
sion from the Department of State regarding them,
Newfotualland, dollar. . . . . . .
SOUTH AMER.nor should any prospectus or contract refer to the
Antentina, peso (gold) .
1 .
.
.
.
.
.
.
Brazil. inPrels
.
.
.
attitude of this Government?' nevertheless declared
.
.
Chile. peso
.
.
.
1.
1.
1.
Urwtutty. peso
1.
1.
1.
that "the Department believes that in view of the
possible national interest involved, it should have
Owing to a marked disinclination on the part of two the opportunity of saying to the underwriters conor three leading institutions among the New York cerned, should it appear advisable to do so, that
Clearing House banks to keep up compiling the figures
there is or is not objection to any particular loan."
for us, we find ourselves obliged to discontinue the
publication of the table we have been giving for so What Secretary Kellogg has done, accordingly, and
many years showing the shipments and receipts of what Mr. Coolidge, in his statements given out on
currency to and from the interior.
Oct. 14, has not only upheld but vastly altered and
As the Sub-Treasury was taken over by the Federal enlarged in scope, has its foundation in a practice
Reserve Bank on Dec. 6 , it is also no longer which the Harding Administration initiated.
possible to show the effect of Government operations
The justification for the policy which Senator
on the Clearing House institutions. The Federal Glass has sharply condemned appears to have been
Reserve Bank of New York was creditor at the Clearfound in the contention that foreign loans, involving
ing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANE as they do the establishment of certain legal relaAT CLEARING HOUSE.
tions between American citizens and foreign citisai
.,&#;1" IA/mutely. Tuesdny.1Wrdnead'y. Thurxdizy. Friday.
Aggregate
zens or Governments, necessarily involve, actually
for Week.
Oct. 17.
Oct. 21.
Oct. 18.
Oct. 20.
Oct. 19.
Oct. 15.
or potentially, the American Government also, and
$
$
11
I
$
110.000 000 110 000.000 90.000 000 90.0 0 000 103 01)0.000 890.000.000 rr 501.00 000 hence may properly be subjected to inquiry by the
0.
Nole.-The foregoing heavy credits reflect the huge mass of cheeks which come Department of State before the loan contracts are
to the New York Reserve Bank from all parts of the country In the operation of
the Federal Reserve System's par collection scheme. Theme large credit balances. concluded. In the years immediately following the
however, reflect only a part of the Reserve Bank's operations with the Clearing
THE CHRONICLE
[vor" 125.
World War, and particularly while the arrangement ers seek the opinion of the Department is that they
of the war debt settlements was in progress, there were virtually required to do so by President Hardwas a feeling at Washington that American loans ing when he summoned them to Washington in ,
abroad, certainly if they should be indiscriminately as they have been by the implications of the Hughes
made, might embarrass the Government in its war circular, since it was issued. Such consultation is
debt negotiations in case the beneficiaries of the in no proper sense "purely voluntary" on their part;
loans were Governments that had not yet arranged they must go to Washington or incur the displeasure
to pay their debts. When the question of disarma- of the Government. The statement, too, that the
ment began to take a prominent place in interna- Department never "approves" a proposed loan is
tional discussion, there was quietly added by the only a formal disclaimer. An announcement that the
Government the further objection that American ad- Department has no objection to a loan is, to all invances ought not to be used to aid in building up tents and purposes, an approval of the loan, and its
foreign military establishments. It was See_yt:Ly practical effect, as Senator Glass points out, is not
Hoover, we believe, who first emphasized the theory only to give to the loan, in the eyes of the public
that American foreign loans should be used only which is invited to invest in it, the virtual sanction
for "productive purposes," meaning thereby pur- of the Government, but also to facilitate its flotation
poses not connected with national defense or prep- at rates of interest much higher than those which
arations for war. Foreign loans, in other words, can usually be obtained for equally sound domestic
were held to involve the possibility of political com- loans whose approval by the Government is never
plications, however difficult it might be to trace any asked.
The statements attributed to Mr. Coolidge on Oct.
such possibility in the terms or circumstances of the
loan itself, and the Department of State has accord- 14, on the other hand, go very much further in the
ingly continued to assert a right of supervision ovr direction of Government autocracy than the Depart
loan transactions, to the extent of informing bank- ment of State has claimed a right to go. According
ers as to whether or not a proposed loan seemed open to Mr. Coolidge, not only is the flotation of foreign
to objection on grounds of what Secretary Hughes loans "one element of foreign relations," but he is
vaguely described as "the possible national interest." also represented as having come to the conclusion
Everyone, presumably, recognizes that war, and "that unless some such plan was followed Congress
to a lesser extent the disturbed political or economic might enact a drastic regulatory law, which in the
conditions that usually follow a war, create a tem- end might interfere with the making of any such
porary emergency where the strict letter of the law loans." Correspondents to whom these statements
must sometimes yield for the time being to necessi- were addressed were quick to recall the statement
ties imposed by new problems and unprecedente I made by Mr. Coolidge in this city on April 25 at the
situations. It is more than five and a half years, dinner of the United Press, when he declared that
however, since Secretary Hughes's circular mbody "our Government has certain rights over and cering the policy begun by the Harding Administration tain duties toward our citizens and their property
the previous year, was issued. In that interval the wherever they may be located. The person and
war debt settlements, with the exception of property of a citizen are a part of the general dothat with France, have been concluded and main of the nation, even when abroad."
ratified, a number of countries with depreIt is difficult to believe that Mr. Coolidge, upon
ciated currencies have returned to a gold reflection, will allow such statements to stand withbasis, the stabilization of the currencies of out explanation, or that he will seriously commit
Italy and France has been materially advanced himself to the support of the truly extraordinary
and the economic life of those countries greatly im- doctrines which they embody. it may well be quesproved, the reparations controversy has yielded to tioned whether there is a word or a phrase in the Conthe Dawes plan, and an immense recovery has taken stitution of the United States, or an allusion or implace in the hula try, commerce and social well-being plication in any decision of the Federal courts, which
of almost every nation in the world that was in- would sustain the contention that the supervision of
volved in the Great War. Whatever the conditions foreign loans made by private citizens is an element
that may have seemed to justify the policy of Gov- of the foreign relations power of the Federal Governmental concern about American foreign loans in ernment. In so far as such loans constitute foreign
, , or since , those conditions cannot in or domestic commerce, they are placed by the Confairness be said to obtain now. Why, then, should stitution under the exclusive jurisdiction of Conthe Government go on doing what there seems to be gress, while in so far as they are private business
no longer a need of doing, even conceding that five cransactions, 'which, of course, they are when
the
and a half years ago and more the need was as appar- Government itself is not the lender, they are not enent and strong as was then represented?
visaged by the Constitution at all. To maintain, as
The lines of defense which the Department of Mr. Coolidge is represented as maintaining, that
State and Mr. Coolidge have constructed do not Executive supervision is necessary in order to prestand rip very well under Senator Glass's attacks. vent Congress from legislating upon the subject,
is
It is quite beside the mark, for example, to contend, not only to set the Executive in opposition to Conas the Department was represented as contending gress at a point at which the constitutional authorin substance on Oct. 14, that the Department "never ity of Congress is clear, but suggests a further
approves a loan to a foreign Government," that "so mu urpation of Executive authority whose sole defar as the bankers are concerned, their asking the fense appears to be that Congress, if it chose to act
State Department about the advisability of negotiat- within its undoubted right, would probably act uning a loan is purely voluntary," and that ''there is wisely. It is indeed a novel constitutional doctrine
no obligation on their part to abide by the Depart- that the Executive may properly act in a financial
ment's view." This is not quite the whole story. matter of importance, notwithstanding the lack of
The main reason, if not the only. one,.why, the bankl constitutional warranty in order to discourage Con.:
OCT.22 .]
THE CHRONICLE
Consider for a moment the story depicted in this,
pageant! The scene opening one hundred years ago4
shows the vast wilderness of our interior valley&#;
American Indians are yet largely in possession of
the territory. Father Marquette is seen blessing the
Mississippi, down which he traveled in a birch bark'
canoe, giving it the name of the River of the Concepcion and dreaming, for France, of a mighty new
empire for the Church and State; river transport
appears, the bateau of the first settlers; then roads
cut through the forests preparatory to that first
march by wagon over the Alleghanies when John'
Sevier led his emigrants into the "Southwest"; then
,
the canal boat that helped to develop eastern Amer.ica, together with the "tobacco roller" and the early
,
coaches, a form of vehicle that served from Washington to Henry Clay. But all these means of transport were slow, crude, insufficient. ThOugh &#;ever.
the star of empire was westward, the swelling vol1
ume of trade and the expanding energies of the peoplc demanded greater speed and larger :facilities)
In Baltimore it was discovered that the new Erie
Canal was taking trade away froth the city. Now,
as seen from the grand stand, the pageant; passing
before the spectator upon a specially constructed'
railroad track, unfolds the story of the Baltimore ti
Ohio Railroad starting for the far distant Ohio, and
typifying the spread of steam travel to to-day.
On floats we see: the meeting of citizens of Baltimore, in costume, to consider the bold project of the
road; the laying of the first stone; the army engineers surveying the route; the horse car in
making the first daily trips from Mount Claire, Baltimore, to Ellicott's Mills, fourteen miles away; the
treadmill car and sail car, strange devices; and then
the "Tom Thumb," the first American-built locomotive, designed by Peter Cooper of New York, demonstrating the practicability of steam power. A prize
of $4,000 is offered for the most "effective steam
locomotive," it is won by Phineas Davis of York,
Pa. The model weighs "three and a half tons and
is capable of carrying a load of fifteen tons fifteen
miles an hour." Follow a series of replicas of locomotives ', '35, '37, the last the "William Gallo"The Fair of the Iron Horse."
way," first engine with a horizontal boiler used on
of Um most unique, instructive and success- the B. & 0., all mere caricatures of those in use toOne
ful of the many industrial exhibitions held in the day. Decade by decade the advance in motive power
United States closed its gates Oct. 15 with a record is shown by examples running before us on their
of over one million admissions&#;the Baltimore & own steam. In the times call for tremendous
Ohio Centenary Exhibition and Pageant, -. speed and the famous "" and "" steam past:
If the full significance of this exposition could be England, mother of railways, contributes the
brought home to the entire population of the coun- "Rocket," the Stephenson engine of , showni
try it would serve to renew the pride and admiration upon a float, and the "King George ," No. , ,
of our citizenry in the more than two hundred and "capable of sustaining a speed of eighty miles aii
fifty thousand miles of railroads that serve the na- hour," loaned to the exhibition. Other locomotives;
tion&#;a pride that sometimes seems to wane a little early and late, appear in the loan collection; front
in the exuberance over new modes and forms of the New York Central, the Pennsylvania- Atlantic
,
transportation. And if there be any of the old preju- & Gulf, Western Maryland Canadian National and
dice against our magnificent system of inter-com- Canadian Pacific.
munication, the record as here shown in example
At Halethorpe, a short distance outside Baltimore',
and story of the conception, growth and success of on a tract of a thousand acres, a loop track six thoui
this the fir:t of our railroads must dispel it. Neces- sand feet long is constructed, providing a scen6
sarily limited in its appeal to the masses as a mere for the pageant. In this enclosure a brick and steel
"Fair," because confined to the single industry of Hall of Transportation is provided 502 feet long and
transportation, so great was the care expended upon auxiliary ,buildings including one 'devoted tq allied
the exhibition, so perfected the arrangements, and service. Outdoor exhibits include the first PullinaiL
so educative the display, that it proved a triumph- car and the most modern, a cOMbination ccMch,
ant success. And the Baltimore & Ohio Railroad agricultural demonstration train, a train-side matt&
thus honoring its own history has honored all our bus, an individual seat car, a refrigerator car, au
oil tank ear, a glass-lined milk car; worit
great railroad systems.
gress from acting in the same matter in a way that
the Executive might not like. It is certainly to be
hoped that Mr. Coolidge, who on several occasions
has come out strongly against Federal usurpation at
the expense of the States, may make it clear that
his remarkable statements on Oct. 14 do not imply
any support for Executive encroachment upon the
Federal legislative power.
It were better on all accounts if the supervision
which the Department of State exercises over foreign loans were abandoned. The information regarding political or economic conditions in foreign
countries which American bankers possess is, we
must suppose, quite as good as that accumulated by
the Department, and it is extremely unlikely that
any American banker or banking syndicate would
knowingly negotiate a foreign loan which would
embarrass the United States. It is better for the
bankers that they should shoulder full responsibility for their loans without calling the Government,
even indirectly to their aid. It is better, everywhere
and always, that business should be free, rather than
the Government should hold a hand over it and insist upon being consulted. It is better that the Government should keep itself as free as possible from
every kind of foreign entanglement, that it should
not stultify itself by as:erting a right of approval or
disapproval of loans and then ostentatiously wash
its hands of responsibility for what the bankers do,
and that it should not be.open to the allegation of
using its claim of authority, as in the case of the
French refunding loan, to approve a loan transaction as a means of winning favor in a negotiation of
another kind. We certainly ought not to have any
more of the my: terious backing and filling, objection to this and deference to that, which accompanied the recent proposal of a loan to the State of
Prussia. The exceptional circumstances which may
have justified the policy of the Department of State
half a dozen years ago have passed away, and with
their disappearance may well go the policy which
they inspired and which no "possible national interest" seems any longer to need.
THE- CHRONICLE-
ears, labor-saving devices, and the development of
track construction, a modern freight train and the
"Capitol Limited." Over in the Allied Service Building are housed the displays of the Western Union,
American & Telegraph Co., American
Railway Expre,s, models of steamships, etc. In the
Hall of Transportation are thirty-one full-size models and originals "covering in brief the world history
of steam-driven engines," together with contrasts in
old and new lighting systems, contrasts in heating
systems and brakes and sleeping coaches. We enumerate these exhibits briefly, not for descriptive purposes, but to indicate the scope and purpose of the
enterprise. Complete as is the picture, its suggestive power opens a greater one&#;that of the interconnected railways of forty-eight States, their huge
terminals, their ocean-way connections, a vast service devoted to all the people.
There unfolds a vision of enterprise nowhere elie
equaled in all the world. The Alleghanies are
crossed, the Valley of the Mississippi leaps into
thriving life, the forbidding Rockies are conquered,
and ,the Pacific Ocean alone halts the masterly
march. On the transcontinental lines of to-day the
shuttle movement of goods and men links a people
into unity and prosperity. In the last half of the
previous century on into to-day these flying trains
tells the story of a conquest marked with hardship
and determination and illumined with courage and
sacrifice. Against fear and fault-finding, despite
prejudice and selfishness, encouraged by grants,
subsidies, huge capital investments, daring..coneepts.
and fruitful adventures, the pioneer railway builders, through the strenuous years of American growth,
consummate this universal link between producer and
consumer, and make possible the magic life of the
civilization we now enjoy. It is an epic story of
endeavor. It is a thrilling narrative of practical
success. Through hamlet, town and city speed the
countless trains bearing the products of millions ol
workers that all men may be equal according to theil
toil and thrift. Criss-crossing a continent, over
rivers, plains, valleys and mountains, at noonday
and dead of night, with small loss of life, transportation burgeons a people with plenty.
What infinite toil has gone into these roadbeds!
What magical constructive ability has gone int(
these interlacing systems! What infinite care oper
ates these swift-moving caravans of service and
comfort! For a couple of hundred dollars one can
cross the continent and return, loitering by the way
to contemplate the unrivaled scenic grandeur, and&#;
to view the panorama of farm, factory and mine.
Beyond all cavil, our railroads make us one in prospect and purpose. The farm would be barren, the
factory would be silent, the mine would be lost in
darkness without them. And the colossal service is
for each and every one who aspires and works, saves
and conserves. It is a service constant, impartial,
indispensable; worthy of the utmost good-will and a
guaranty of perpetual freedom. The ribbon of the
rails Is the roadway to economy and wealth. The
sound of the locomotive whistle is the call to unflagging enterprise. The thunder of the fast mail
is the diapason of progress. We owe the e slowly
Consolidating systems not binding laws but a eat&#;nral unfolding. We-should pay without murmuring
what the traffic demands. We should not tax too
heavily these burden bearers of all our own initiative and enterprise. We should remember wnat of
-
125.
our own endeavor has gone into their making. We
own them; they are our faithful servants; they are
our unified voices asking only for justice and fair
play. All this, and more, is suggested by this "Fair
of the Iron Horse," a happy conception and a splendid success!
The Country's Needs and the Political Issue.
As from time to time the American citizen is
called to vote he is usually slow to move. It is one
of the tasks he is content to "leave to George."
Whether the brutal exclamation "The people be
damned" be rightly attributed to a political "boss"
or to a railroad magnate, it has never aroused more
than a deprecatory smile. The country goes its way,
and however goes the election - the people believe
things will eventually turn out right. Political
managers may meet in secret conference to draw up
persuasive party platforms, and attractive candidates may be put before the voters, and in the controlling desire to win votes the great questions before the country are apt to be played with or
ignored.
These questions are known of all. They divide
into two classes, the domestic and the foreign. The
domestic are chiefly economic. Mass production,
organization, big business, corporate efficiency, however it may be considered, indicates the great change
in our economic world. It has created new conditions in every form of business and of industry, and
it projects into and contrbls the future. The single
project of a new Ford automobile, for example, to be
soon put upon the market in hundreds of thousands,
checks the manufacture and sale of all motor cars
Ind disturbs the centres of &#; finance. At the same
time the abundance of money and the question of its
distribution, its use, and its investment, extends to
all classes; this though not so well recognized is
profoundly affecting the common life.
Then there are the problems of our foreign relations on both coasts. Facing Europe, we are
brought into intimate connection with ideas and traditions which are in conflict with our own; and on
he Pacific we find ourselves in serious contact with
the -yellow races. The distinct significance of both
:elations appear with a moment's thought.
We seek foreign trade. England has for centuries
_lultivated that; it has definite lines, traditional
.nethods, established confidence, all the result of
ong experience and intimate knowledge. This canlot be readily uprooted or easily replaced by newcomers, however excellent their wares or however
,killed and persuasive their approach. London's
ong-established pm ition, for example, as the commercial centre for the world is due primarily
her
_!entral geographical position. She has made the
most of her advantages; she has built up incomparable business institutions, has established financial
credit, and has provided facilities for transport and
for exchange which cannot be improved. Germany
has patiently followed her example, and when of
late we sought commercial entrance into South
America we found Germany's commercial position
too well established in Brazil, Argentina and Chile
to be readily disturbed.
Our modes, and in many ways our manner and
our morals, are changing; we go to France for the
first, if not indeed for all.
A new age has come, with a new freedom of life
and thought and our young people are traveling far
OCT.22 .]
THE CHRONICLE
When the two sides of the foreign problem in our
afield, all over Europe, even to India, for their suggestions and their warrant for discarding old teach- situation to-day are set together the difference beings and old restraints. Family life is profoundly tween them at once appears. The question as to the
shaken and in social relations emancipation extends Asiatics is almost, or altogether, what we think of
to "all knowable things and everything else." In them. That alone is somewhat pressing and imporart, literature, music, the same is true; intimate con- tant. What they shall think of us awaits the future.
tact with Europe only emphasizes our dependence. When we turn in the other direction and look toward
Throughout its extent from Italy and Greece to Europe the situation is reversed. While the EuroScandinavia and Russia it has furnished in these peans have long held certain more or less definite
our ideals and our teachings; and this is still true. opinions of us, we know that these have been subWe are proud to show our appreciation and are glad ject to frequent individual change due to passing
to acquire any new example, or to make even simple events. The war has given abundant evidence of
approach to similar attainment. We are proud to this. Lindbergh's visit seems to have done as much
to re-establish good-will toward us in France, which
have Sargent placed to-day among the immortals.
All of which reminds us that, big and powerful had been considerably disturbed, as Lafayette did
and self-sufficient as we are, we are still subject to a century before. Admiral Sims's arrival with his
many superior and subtle influences that are not little fleet in dissipated at a stroke Britain's
easily shaken off or outgrown. We are reminded captious feelings which had been barely dormant
to-day that: "We are warned by one recent histo- since the days of the Trent and the Geneva award.
rian, Henry Adams, that mere motion cannot ac- Kossuth's visit to America three-quarters of a cencount for direction or for the problems of vital en- tury ago created a feeling toward us in Hungarl
ergy; and by another, Oswald Spangler, that there which opened all doors to Mr. Jeremiah Smith when
is an organic logic, the logic of understanding and he was sent to them the other day by the League of
of things understood&#;a logic of direction as against Nations to revise their finances. The personal re-a logic of extension," (In Beard's "Rise of Ameri- gard of the Czar Nicholas for one or two American
can Civilization") and this means the necessity of gentlemen created an attitude of Russia toward
America which has hardly been disturbed by all her
taking due account of age-long foreign influence.
recent experiences.
Then, looking across the sea in another direction
But why multiply instances? Enough has .been
to the West, we face a different problem, that of the
of the Pa- said to show how many and how prevailing are the
yellow races. It is not simply an affair
cific Coast; it is a national question. Does our orig- nroblems that lie beneath the surface of our national
worth
inal declaration of the right of all to liberty and the life. Thoughtful men know them and they are
pursuit of happine-s hold good, and is our Consti- the attention of all.
For those who would see the situation in its detutional guaranty of just and equal standing before
book
the law exclusive of the Chinese and the Japanese as tailed significance we commend the new
exceptionally wellsuch? The one is the most numerous people, with "America Comes of Age," by that
the oldest civilization in the world; and the other informed and open-minded French professor of pothe most advanced and the most commanding in the &#;litical economy, Andre Siegfried (Harcourt, Brace
East. Doubtless they both have their own positions & Co.). He confirms the view we have taken, but
and their own tasks in the progress of humanity. with an amount of accurate and important detail
But they both have immediate and valuable relations surprising in any foreign observer.
He asks at the end: "Can the individual possibly
to us. The Chinese were early welcomed, and by
California, where they survive in the transformation of society which is pro there were 25,000 in
proved very valuable. By they reached their duced by this concentration of energy on the one
maximum of 107,000, which under the pressure of re- supreme object of mass production? At the very
strictive legislation fell away to 62,000 in the coun- moment when America is enjoying such prosperity
try in . They have ceased to be regarded as a as the world has never seen before, an impartial
danger and, though they cannot be assimilated they observer is forced to ask whether this abundance of
wealth will in the long run lead to a higher form of
are now in small numbers acceptable.
The Japanese in numbered only 2,039; but, civilization. The chief contrast with Europe is a
in the
as the Chinese were excluded, they took their place, fundamental difference between two epochs
They began as history of mankind. Is the individual a means or
until in there were 110,000.
coolies, but quickly advanced to better positions and an end? Europe, where industrial mass production
hostility arose. Since Japan's war with Russia her was initiated, hesitates, terrified by the logical constatus as a nation has so greatly changed that the sequences."
Meanwhile America "plays ball"&#;or attends to
problem concerning her people entered into a new
phase. In a "gentlemen's agreement" was ne- busines.s.
gotiated by which Japan would issue passports to its
nationals for the United States, but would not supA "Constructive Suggestion" Regarding the
ply them to manual workers or coolies. California
Federal Reserve.
has continued so opposed to all Asiatic immigration
[Editorial from New York "Journal of Commerce," Oct. 19 .1
that in a law to that effect was enacted. MeanThe "Journal of Commerce" has been asked by an erawhile the Japanese residents are rapidly adopting neat banker to furnish a "constructive suggestion" for the
American ways and speech, their many excellent settlement or adjustment of the difficulty or dIfereuce of
qualities are coming to be appreciated, the imme- view with respect to the relative powers of the Federal Rethe Reserve banks in establishing rates of
diate fear of the "yellow peril" has subsided, at least serve Board andrequest is made apropos of the discussion
discount. The
for the time, and the problem is largely united to and criticism of the various projects for settling the diffithe question of assimilation; their American-born culty that has emanated from various sources and is, in the
children become citizens, but are inevitably viewed opinion of this newspaper, an entirely proper request. The
;
following therefore, is duly submitted in response:
quite apart.
*1.98
THE CHRONICLE
[Vol,. 125.
1. The Federal Reserve Act was passed after lengthy
.
The Low Rate Fiasco&#;The World Money
debate and came as the culmination of the discussion of
Situation.
currency and banking lasting for many years. We must
[Editorial from New York "Journal of Commerce," Oct. 15 .]
assume, therefore, that it represents the will of the public,
Another of the European central banks has joined the
especially those portions of it which have escaped amend- procession
of those which are moving away from the low
ment in the course of the many changes of the past thirteen rate idea. This is
the Bank of the Netherlands, which has
years.
increased its charge from 3 to 4 %, the first alteration
/
1
4
/
1
4
; 2. The first duty of our administrators then is to observe since Oct. 2 .
The action follows close upon the decithe law because they have been set to enforce it and have sion of the Reichsbank to do likewise,
and is likely to be
taken an oath to do so. Such observance is their most con- followed
by a similar decision on the part of other banks,
structive function.
which take a similar view of the present discount rate situa3. The meaning of the law is as plain as the English lan- tion. Recent
visits made by bankers in Brussels have reguage can make it. It calls for the initiation of rates in the sulted
in impressing them with recognition of the vast supseveral Reserve banks and it gives the Board authority to plies
of money available at low terms, the low rates prereview and approve or disapprove them. This power, of veiling
there and the dangerous character of the stock marcourse, is to be exercised in such a way as to carry out the ket situation. There has
been hazardous speculation in seManifest and plainly stated intent of the law, which is to curities,
not only there, but in many other European counmake the Federal Reserve Board a central board of directors tries,
where rates have been cut too rapidly and kept too low.
for the entire system. The duty and fanction of the Board
A few years ago the strong effort which had been made
then is to leave the rate initiating power to the several Just
after the war to reduce prices and restore solvency all
banks and to use its power for the purpose of bringing about
around was causing many business enterprises, and particuharmonious action (not necessarily identical action) in the
larly many speculators, to feel the pinch of the new policy
several districts, without delay. That such is the case has
very severely. "International conferences" (mostly of the
been recognized by the Board in establishing a private tele- backstairs
type) among bankers followed and it was agreed
graphic system between the different banks, connecting them
that low rate medicine was the kind of narcotic that the
with itself.
world market needed in order to soothe its suffering. There
- 4. Experience shows that the Board can and for long followed
a steady campaign for the cutting of rates, which
periods of years has with success performed its functions in culminated
with that of the Bank of England&#;quite conthis way and that its lack of success of late years has come
sciously put into effect in order to bring about a better
from the presence of politically appointed and not very com"business situation," and the extravagantly low rates in the
Petent men who have mishandled the situation.
United States enforced in the effort to "help England."
5. The immediate step that is needed, therefore, in getConsequent upon these developments came the whirlwind of
ting back the proper administration of the law is not a
stock speculation which has reached cyclonic proportions
change.in the act or a gentlemen's agreement as to a bureau- in
this market and corresponding, although less violent,
cratie division of power bst is the entire freeing of the force in
Europe.
System from political influence and the assurance that only
Now there begins to come recognition of the hazardous
competent men of banking knowledge and experience shall results
of this easy money sedative to a financial world
serve on the Board.
whose nerves had, as a result of the war, been jangled, out
6. If, after a year or two of fair trial of the original pro- of tune and harsh.
The medicine has not done much good
visions of the Act by an efficient Board free entirely of po- and
it has done a great deal of incidental harm. The proper
litical interference, the system, in the opinion of that Board thing to
do is to reverse the low rate policy and get back to
and of qualified observers, fails to work satisfactorily the a basis
which recognizes the real facts of the present money
entire Act should be overhauled and amended by Congress.
and capital situation. So doing may give the markets a sePut this constructive suggestion in a sentence and it is
vere jolt, but not necessarily an injurious one. The sooner
this: Stop tinkering with and manipulating the Federal the
policy is definitely taken up and consistently followed,
Reserve Act and give it a fair trial; if it does not work, the
better off we shall be and the less suffering we shall
repeal it.
undergo.
Indications of Business Activity
STATE OF TRADE&#;COMMERCIAL EPITOME.
Friday Night, Oct. 21 .
Cleneral "trade is still in unsatisfactory shape. Retail
trade has suffered the most here in the East, owing to
heavy rains. At the West it has been too warm for seasonale
There have been temperatures in the 80's
Which at this time of the year may be considered abnormal,
and eien- now they are in the 70's. Kansas City yesterday
was'82 degrees. Further to the Southwest there were
temperatures in the 90's, notably in Texas and Oklahoma.
Such weather is not stimulative of trade, either retail or
wholesale. 'Even on the Pacific Coast the temperatures have
been too high for this time of the year. As the case stands,
Wholesale business has been less affected by the abnormal
weather than retail trade. The first half of the present
week New York had remarkable rains, In fact the rainfall
in October thus far seems to have been the largest In nearly
fifteen years. Things that make the best showing are the
shoe trade and the business in rayon, jewelry, knitwear and
radio. Iron and steel have been dull and tending downward.
Not for nearly a dozen years has pig iron been as low as it
is now. And Buffalo is invading the eastern Pennsylvania
iron market. The output of the steel industry as a whole in
this country is around 64%, or 21% less than a year ago.
There has been a good business In copper. Car loadings
show a decrease as compared with the previous week and
also-with the same week last year. September exports fell
Qtr. nearly 5%. There has been a fair business in woolens
heavy..clothing. An increase in the output of soft coal
.
has followed.the settlement of the tattlers' strike. It is a
&#;
Equi.
significant sign of the times that the automobile industry
is quiet and that the sales of new cars show a
decrease.
There is less building. The lumber trade is therefore
slow.
The petroleum output shows a decrease in most
of the
larger fields. Detroit employment decreased only
600 as
compared with last week, but it is 29,500 smaller than
a year
ago, now being 195,300. Beef steers at Chicago
are at the
highest price in seven years, now being $17.35
for choice.
Unfinished cotton goods have been quiet.
Recently cool
weather in the Middle West helped the sale for
a time of
heavy weight woolen and worsted goods.
Raw silk was
quiet and lower here. Failures show an
increase as compared with last week and last year, and in fact
as compared
with most recent years.
Wheat has declined 8 cents, with a better
crop outlook in
Argentina and Australia, enormous marketings
by Canada
&#;6,100,000 bushels on Thursday&#;and an
unusually small
export trade for this time of the year.
European markets,
moreover, have been declining. The price
of the 11-pound
/
4
bread loaf has been reduced one cent in
Toledo. Export
sales of American flour to Europe, it is
gratifying to notice,
have leaped to 250,000 barrels this week and
further foreign
buying is said to be under way. Flour mills
at the Northwest and Southwest are doing a much larger
business. Corn
has declined rather sharply, though not so
much as wheat,
the drop being some 3 to 4 cents, owing to
better weather at
the West and an increased pressure of
country offerings.
It is said, however, that a little export
business has been
done with Europe and there are indications
that both Liverpool and the Continent are ready to buy
American corn,on
OCT. .1
THE CHRONICLE
Lowell. It made, it appeared later, $908,000 net, or $9.08 a
a fair scale at about this level of prices. In oats there applants in the Philadelphia disbusiness, also at a moderate share for the year. Textile
pears to have been some export
trict showed a gain in employment, total wages paid and
1
/
decline in prices. Rye has dropped some 22 to 3 cents on
work during September, as compared with Augmost deliveries, but here again there has been some export man-hours
ust, according to the mid-month report of the Federal Rebusiness, the sales of late being 300,000 bushels. Provisions
Bank of Philadelphia. Employment was up 6%, total
have declined. Coffee has advanced about % cent, owing serve
1%.
with wages paid increase .7%, and man-hours work gained
to a better demand from the home trade coincident
gains were well distributed throughout the texrising markets in Brazil. In spite of the prospect of large The slight
with woolen and worsted plants showing the
supplies, the Brazilian Defense Committee seems to be mak- tile group,
.
largest nincrease New Hampshire hosiery mills are doing
ing good, at least for the time being. What the sequel will
night work has had to be
quiet, awaiting defi- a large business. At Laconia
be is another matter. Sugar has been
started on fancy half hose. At Belmont the same is true.
nite news as to just what will be done about the restriction
mills are increasing their machinery. The
of grinding. The date for the beginning may be Jan. 15, Some hosiery
Leighton knitting machinery manufacturers are increasing
but that is not clear. The curious fact remains that Cuba
operatives. The Arrow Knitting Needle Co.
is to all appearances selling considerable sugar to England the number of
is operating at a high rate.
at a lower price than she charges the United States, alAll of the Greenville, S. C., textile plants will be operated
though this country grants Cuba a preferential duty. Cotboth night and day within the next few weeks. The F. W.
ton has declined roughly 1 to 1% cents, owing to better
Manufacturing Co. is going on a night schedule shortly
weather at the South and a d'sposition to increase the esti- Poe
It was announced. The inauguration of a night shift at the
mates of the crop to 13,000.000 bales and above, as against
will not only mean that all Greenville textile
the last Government estimate of 12,678,000. A Memphis Poe mills
both night and day, but a large
go as high as plants will be in operation
estimate is 13.760,000 bales, but very few
increase in the number of workers.
that. Meanwhile there has been very heavy liquidation.
The cost of living is advancing. Retail prices of food adThe long account was far larger than had been suspected.
vanced about 1% in September over August, while wholesale
Another weight on the market has been the pressure of
,
of various commodities rose 1.1 4% during the same
hedges, while, as usual in such cases, there has been more prices
period, the Department of Labor stated, according to reports
or less selling for the decline. Another matter was the disfrom Washington. But, retail food prices are nearly 3%
appointingly large into-sight total this week, whereas it had
below those in September last year, while wholesale prices
been hoped that the peak of the crop movement had been
4
are about 31 % lower.
passed. The exports are some 300,000 bales behind those
Berlin cabled that the spread of the soft coal strike in
up to this time last year, and spinners' takings are now
central Germany threatened to affect the textile industry
compartively small, in contrast with those of a year ago.
of Western Saxony if the Golpa Power Station is forced to
At the same time Manchester is dull and Worth Street quiet.
down. Many Gera, Kottbus and Forst factories, relyRubber has had an agitated week owing to an announce- close
ing solely upon electric power for their operation, are threatment from London that there would be no change in the
with stoppage unless the Golpa can continue to operate.
British plan of restricting exports. Prices dropped sharply ened
Berlin cabled later that industry is beginning to feel the
and then rallied, but they show a noteworthy decline for
strike. Various sugar refineries and. paper mills in the
the week. It looks as though rubber production was out- coal
Halle and Dessau districts have closed. Mine owners have
running consumption and that artificial measures to stave
feared a prolonged strike, involving loss of their new Scanoff the consequences were not effectual. Wool has been
dinavian markets to Great Britain.
steady, but rather quiet, with foreign markets firm. AluThere were heavy rains for three days in New York early
minum declined 1 cent. Coal has been quiet and tending
in the week, causing floods in outlying districts, the predownward. Coke has fallen.
c'pitation reaching some four inches. The rain stopped on
On the 17th inst. the stock market had one of the severest
Wednesday afternoon, but there was some rain on Thursdeclines of the present year, I. e. 1 to 8 points, with transday. It has been a wet, cool week. Frost has occurred in
actions of 2,000,000 shares. To-day there was a further departs of the South, that is 28 to 35 degrees. On the 19th insL
cline of 3 to 17 points as a natural sequel of an overbought
here it was 49 to 56; in Chicago it was 60 to 62; in Cleveland
market in which specialties played altogether too conspicu56; in Cincinnati 52 to 60; in Detroit 54 to 60; in Minneous a part and even cheap money could not save the situaapolis 68 to 74; in Texas 34 to 92. On the 20th inst. it was
tion. United States Steel, General Motors and even the
50 to 58 degrees here, 68 to 74 in Chicago; 62 to 72 in Cincinrailroad stocks shared in the sharp decline. The transacnati; 52 to 64 in Cleveland; 54 to 82 in Kansas City; 50 to
tions were 2,876,000 shares and the ticker was far behind
58 in Montreal; 42 to 54 in Winnipeg; 50 to 68 in St. Paul;
the trading all day. Money on call was 3 %. Rallying
2
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50 to 60 in Philadelphia; 48 to 62 in Pittsburgh; 54 to 58 in
power was lacking. General business continued to be disPortland, Me.; 54 to 66 in Boston, and 64 to 74 in Milwauappointing, with the weather adverse to seasonable trade.
kee, the same as in Charleston, S. C. More than eight inches
The worst feature, however, is not the state of trade, for
of rain have fallen in New York thus far in October. In
that is bound to mend with seasonable weather, but the
October it was 10.58 inches and in 11.55. The
extravagances of speculation which have not been justified last nineteen days of rainfall along the New Jersey coast
even by the enormous resources of the country's trade. The
has broken the October record of 7.65 inches, accordpricking of the bubble is a salutary corrective of such hectic
ing to M. M. Dow, meteorologist of the United States
trading and after the liquidation has been completed the
Weather Bureau at Fort Hancock. Heavy rains have afmarket will be in all the better position.
fected bays and estuaries, as well as flooding thousands of
Chicago wired that a survey by five large livestock and cellars. It was cloudy here to-day, with temperatures 54 to
agricultural newspapers showed that actual prosperity has 58; Chicago 48 to 74; Cincinnati 48 to 72.
penetrated the Middle West and that it is based upon conditions that promise long life. Trade in the larger depart- Wholesale Prices in September Higher than in August.
ment stores was said to be about on a par with the same
Wholesale prices of commodities in September averaged
time in , which was an unusually active season. Cotton
higher than in August, according to information collected
manufacturers from all over the country assembled here in representative markets by the Bureau of LabJr StAthis week to attend the first annual meeting of the Cotton tistics of the U. S. Department of Labor. The Bureau's
Textile Institute at the Hotel Biltmore on Wednesday. revised index number, computed on prices in the year
They will spend some time in visiting selling agents and asthe base,and including 550 commodities or price series,
customers. Their presence is expected to stimulate buying stands at 96.5 for September, complred with 95.2 for the
very noticeably. It has had a good effect without really month before, a rise of 1 1-3%. Compared with SepIncreasing business very noticeably.
tember,however,with anindex numberof99.7,a decrease
Fall River, Mass., wired that Mills Nos. 1 and 5 of the of3q% is shown. The Bureau, under date of Oct. 19, adds:
Durfee cotton mills, which have been closed for about seven
Farm products rose from a level of 102.2 in August to 105.9 in Sephay, cotton,
weeks will resume work next Monday. Boston wired that tember. due to advances in hogs, calves, beef steers, alfalfa barley, oats,
eggs, and lemons. Small price increases wore shown for
the annual statement of the Pepperell Manufacturing Co. and rye, while corn and wheat declined sharply.
Foodstuffs were generally higher than in August, this being particularly
for the year ended June 30 would be highly satisfactory.
of butter, cheese, and most meats. Hides and leather products
The company would appear to be in good shape from the true
advanced slightly. as did textiles and coal, while petroleum products
'fact that it is running all of its plants on full time except at were somewhat cheaper.
THE CHRONICLE
Iron and steel products and non-ferrous metals averaged lower than
In August. I umber also was cheaper, while no change in
the general
price level was reported for brick and portland cement. Chemicals.
Including fertilizer materials and mixed fertilizers, were slightly
higher.
while cattle food and crude rubber in the group of miscellaneous
commodities were lower than in the month before.
Of the 550 commodities or price series for which comparable information
for August and September was collected, increases were shown in
171
instances and decreases in 134 instances. In 245 instances no change
in
price was reported.
Comparing prices in September with those of a year ago, as
measured
by changes in the index numbers, It is seen that farm products
and hides
and leather products were considerably higher while decreases are shown
for all other groups of commodities. These decreases range from
less
than 1% In the case of textiles and housefurnishing goods to 71i
% in
in the case of building materials and 17% In the case of fuel and lighting.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND
SUBGROUPS OF COMMODITIES (=100.)
.
Groups and Sun-Oresys.
September.
August.
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese and milk
Meats
Other foods
Hides and leather products__
Hides and skins
Leather
Bcs ts and shoes
&#;
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted goods_ _ _
Other textile products
Fuel and lighting
Anthracite coal
Bituminous coal
Coke
Manufactured gas
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
Chemicals and drugs
Chemicals
Driers and pharmaceuticals_ _
Fertilizer materials
Fertilizers
Houseturnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Paper and pulp
Rubber
Automor Ile tires
Other miscellaneous
All commodities
99.3
95.3
103.7
,97.7
99.8
101.1
101.6
98.0
98.8
95.8
99.1
99.8
100.0
98.9
100.0
99.0
98.4
98.5
101.5
98.4
98.2
95.3
99.0
105.4
101.2
99.8
102.2
100 0
102.3
99.8
99.5
98.5
97.7
99.4
102.1
102.7
99.8
100.2
101.0
101.1
97 0
100.0
99.5
09.5
99.4
94.2
95.6
95.7
85.1
91.4
100.0
99.7
102.2
108.3
98.2
120.8
94.2
98.8
90.3
95.0
111.7
131.3
114.3
103.3
103.3
96.2
100.2
86.6
97.3
95.7
84.1
95.7
101.9
93.8
99.6
66.5
98.0
95.1
92.5
99.3
102.2
100.7
92.9
92.2
93.2
96.5
91.9
92.5
93.0
96.4
100.2
86.7
91.2
89.7
98.6
97.8
100.0
89.9
125.4
92.0
71.9
77.9
100.0
95.2
Purchasing
Power of the
September. nollar
in September
(Cents).
105.9
120.9
104.1
107.6
96.5
105.6
92.2
95.8
112.5
128.4
115.4
105.6
104.9
98.5
106.1
86.6
97.3
95.9
84.2
96.5
102.4
94.0
97.8
66.4
97.6
94.7
90.7
99.3
102.2
100.7
92.1
91.0
93.2
96.5
93.2
90.0
92.3
96.4
101.4
86.7
92.1
91.7
98.6
97.6
99.3
89.2
117.7
92.4
69.2
77.4
100.2
96.5
94.4
97.2
95.3
92.9
103.6
94.7
108.5
104.4
88.9
77.9
86.7
94.7
94.5
101.5
94.3
115.5
102.8
104.3
118.8
103.6
97.7
106.4
102.2
150 6
102.5
105 6
110 3
100.7
97.8
99.3
108.6
109.9
107.3
103.6
107.3
111.1
10R.3
103.7
98.6
115.3
108.6
109.1
101 4
102 5
100.7
112.1
95 0
108.2
144.5
129.2
99.8
103.6
Increase in Retail Food Prices in September as
Compared With August.
The retail food index issued by the Bureau of Labor
Statibties of the United States Department of Labor shows
for Sept. 15 , an increase of abaut 1% since Aug. 15
; a decrease of nearly 3% since Sept. 15 ; and an
in-Tease of 50% since Sept. 15 . The index number
(191=) was 158.5 in Sept. ; 152.4 in August ;
and 154 in Sept. . The Bureau's statement in the matter
issued Oct. 19 alsa says:
During the month from Aug. 15 . to Sept. 15 , 13 articles on
which monthly prices were secured increased as follows: Strictly fresh
eggs. 16%; pork chops. 8%; butter. 4%; canned red salmon and oranges,
3%; cheese, lard and cornmeal, 2%; plate beef and navy beans, 1%; and
sirloin steak, chuck roast, and vegetable lard substitute, less than fi.°tenths of 1%. Fifteen articles decreased. Oniens, 14%; cabbage,
7%;
potatoes. 6%; Prunes. 3%; flour, 2%; ham, lamb, oleomargarine, rice.
baked beans, canned tomatoes, granulated sugar, tea and bananas, 1%;
and coffee, less than fix e-tenths of 1%. The following 14 articles showed no
change in the month: Round steak, rib roast, bacon, hens, fresh milk.
evaporated milk, bread, rolled oats, cornflakes, wheat cereal, macaroni,
canned corn, canned peas, and raisins.
Clanges in Retail Prices of Food by Cities.
During the month from Aug. 15 , to Ser t. 15 , the average cost
of food increased in 46 of the 51 cities as follows: Newark. 4%; New York,
Rochester. and Washington, 3%; Boston, Bridge_ ort, Buffalo, Cleveland,
Detro;t, Fall River. Kansas City, Los Angeles, Louisville. Manchester.
New Haven, Norfolk. Philadeli hia, Pittsburgh, Portland, Ore.. and
Providence.2%;Atlanta,Baltimore, Charleston,S. C., Chicago, Columbus,
Dallas, Houston, Indianapolis. Jacksonville, Milwaukee. New Orleans,
Omaha, Richmond, St. Louis, Salt Lake City, San Francisco, Savannah,
and Scranton, 1%; and Birmingham, Cincinnati. Denver, Minnea oils,
Mobile. Portland, Me., Seattle, and Springfield, Ill., less than five-tenths
of 1%. In 5 cities there was a decrease: Butte Little Rock, and St. Paul,
1%; and Memphis and Peoria, less than five
-tenths of 1%.
For the year period Set. 15 , to Sept. 15 . 49 dties showed
decreases: Jacksonville, 8%; Kansas City, Minneapolis, Omaha, anti
St. Paul, 6%; Cincinnati, Indianapolis, and Savannah, 5%; Baltimore.
Birmingham, Charleston. S. C., Cleveland, Columbus, Houston, Little
Rock, Louisville, and Richmond, 4%; Atlanta. Buffalo, Butte. Denver.
Los Angeles, Memphis, Milwaukee, Mobile, Peoria, Philadelphia, Pitts-
[VOL. 125.
burgh. Rochester, St. Louis, Salt Lake City, Seattle. and
Washington. 3%;
Chicago, Detroit, New Haven. Norfolk. Portland Me., Providence,
San
Francisco, Scranton. and Springfield, Ill., 2%; Boston, Birdgeport. Dallas,
and New Orleans, 1%. and Manchester. New York. and Portland.
Ore.,
less than five-tenths of 1%. In Fall River and Newark there was
an
increase of less than five-tenths of 1%.
As compared with the average cost in the year , food on Sept.
15
. was 65% higher in Chicago: 64% in Washington: 63% in Detroit;
60% in New York and Richmond;59% in Atlanta, Baltimore, Birmingham,
and Scranton;58% in Philadelphia and Providence:57% in Boston, Buffalo.
and St. Louis: 56% in Charleston, S. C., Milwaukee and Pittsburgh:
55%
'n Cincinnati. Fall River. and New Haven; 54% in Cleveland. Dallas,
Manchester, and New Orleans; 50% in Jacksonville, Louisville, Newark,
and San Francisco; 49% in Indianapolis: 47% in Minneapolis and Omaha;
46% in Kansas City and Memphis;45% in Little Rock;43% in Los Angeles
and Seattle; 40% in Portland. Ore.. 36% in Denver: and 32% in Salt Lake
City. Prices were not obtained in Bridgepert. Butte, Columbus. Houston.
Motile, Norfolk. Peoria, Portland, Me.. Rochester, St. Paul. Savannah.
and Springfield, Ill., in , hence no comparison for the 14
-year period
can be given for these cities.
Col. Ayres of Cleveland Trust Co. Views Shutting
Down of Ford Plants as Attribute in Business
Recession-New Ford Model Expected to Revive
Trade.
Pointing out that "in terms of productive capacity the
Ford company comes close to being half of the automobile
industry of the entire world," Col. Leonard P. Ayres, VicePresident of the Cleveland Trust Co., in the Oct. 15 number
of the company's "Business Bulletin" comments on the part
which the shut down of the Ford plant has played in the
slackening of trade, and he makes the prediction that "when
the new Ford models get into something like full production
the industrial activity of the country will surely be largely
inereased. We quote herewith the comment:
The most important business development of the past month is one that
has not been reflected in the current statistics of industry or trade. It is
destined nevertheless to play a most influential part In shaping the course
of business activity during the coming months, and next year. It is the
completion of the design of the new Ford car.
In future years when the business history of is studied in retrospect,
it will probably be the verdict of careful students of such matters that the
general slowing down of business which has characterized the second and
third quarters of this year was caused in no small measure by the shutting
down of the great Ford plants. We are perhaps accustomed to thinking of
matters relating to that particular automobile company as being comparable
t, similar developments In the affairs of the other leading manufacturers
In the same field, and perhaps even as lacking something of the same general
Interest because the Ford shares are not dealt in on the stock exchanges.
Such an attitude is far from being justified. The fact 18 that in terms of
productive capacity the Ford company comes close to being half of the
automobile industry of the entire world. Its activities include the operation
of railroads and fleets of vessels, extensive mining of coal and iron ore,
lumbering, manufacturing of glass and textiles, and other varied industrial
undertakings on a great scale.
I ast May it was announced that when it had completed the manufacture
of 15 millions of its Model T machines the plants would be closed down, and
a new model developed. This was a step without precedent in the history
of the industry. Its effect was something like what might happen if the
united States Steel Corporation should suspend operations for six months,
although not so serious. A number of competitors reaped great profits, buS
general business was adversely affected.
The new models have now been completed, and some hundreds of
thousands of orders for them have already been placed, and are waiting to
be filled. Manufacturing industry throughout the Middle West will soon
feel the stimulus of this new business, while railroad traffic, and wholesale
and retail trade will be affected by it throughout the country.
For sime three months now the financial pages of the new:papers have
been carrying interviews and articles about the expected pickup of business
that was to come with the close of the summer season. It has been disappointingly slow In making its appearance. but when the new Ford models
get into something like full production the industrial activity of the country
will surely be largely increased.
In most other lines business continues to move forward on an even course.
Bank credit is in large supply at easy rates, and the prospects are that these
conditions will be maintained for a considerable time to come. Building
nstruction is still in large volume, and the 'respects are that it will
Continue so as long as interest rates remain low. The prospects for a large
11,11day trade are excellent.
Gains Reported in Sales of Ordinary Life Insurance
In United States.
Sales of ordinary life insurance in the United State. in
September amaunted to $606,760,000
-an increase of 2%
aver September , according to the Life Insurance Sales
Research Bureau. The Middle Atlantic States lead with a
monthly gain of 8%. South Carolina leads all the States in
the country with its very high gain of 33%. An average
gain of 3% is recorded for the first nine months of this year.
During the twelve months ended Sept. 30 sales
have
increased 4% over sales in the preceding twelve months. It
is noted that the decrease in sales in Texas this month
from
sales in September is due to the decrease of sales of one
company doing a substantial business in that State.
Increase in Sales of Ordinary Life Insurance in Canada.
During the month of September sales of ordinary life insurance in Canada gained 1% over September . Actual
production amounted to over $35,000,000 this month,
according to figures just issued by the Life Insurance Sales
OCT.22
THE CHRONICLE
Research Bureau. The report includes new paid-for ordinary
business produced by companies having in force 84% of the
total outstanding Canadian business. The Bureau's advices,
Oct. 18, also state:
High gains are recorded in several Provinces. Manitoba leads with its
monthly increase of 28% over last September. Alberta and Quebec show
gains of 13% and 6%, respectively. Slight losses In sales are registered
by some Provinces.
Excellent gains are recorded by the cities included in the report. Increases range from 1% in Montreal to 58% in Quebec.
Nine Month Period.
Sales of ordinary life insurance in Canada totaled $360.500,000 for the
nine months just ended. This is an increase of $20,694,000. or 6% over the
same period last year. Practically all Provinces share this gain&#;increases
ranging from 4% in British Columbia to 11% in Quebec and Prince Edward
Island.
Ottawa continues to lead city production with its gain of 48% for the
year to date. All cities report increases for this period.
For the twelve months ending Sept. 30 , sales in Canada have increased 8% over the preceding twelve months. With the exception of a
slight loss in Manitoba&#;all the Provinces share this gain.
Outlook for Manufacturing and Trade One of Sound,
Although Gradual, Recovery According to Union
Trust Co. of Cleveland.
According to the Union Trust Co. of Cleveland the outstanding characteristics of the current business situation are:
First, the agricultural recovery, both with respect to crops and to prices.
Second. the stimulation of retail trade.
Third, the tardiness of the industrial recovery.
Fourth. firmer commodity prices.
Fifth, the continuing ample supply of capital and credit at easy rates.
Summing up the situation, the trust company in forecasting "fair weather ahead," says:
To sum up: Large ft rm crops at good prices have laid the groundwork
for continuing good business. This is reflected somewhat immediately in
the retail trade but tardily among the industrials. Although our present
period of "easy money" greatly facilitates the conduct of business and is
an added assurance of "good times." it is bringing about a stock market
situation which Is susceptible to misinterpretation. The outlook for manufacturing and trade is one of a sound, though comparatively gradual,
recovery.
In its predictions for a gradual industrial recovery the
trust company, in its business magazine "Trade Winds,"
states:
General distribution has been at a high level all year and continues to
remain high. Inventories are low. With the stimulus which the revival
of farm purchasing power s even to retail trade, we may expect a heavier
public demand for merchandise to be reflected in increased industrial
production later in the Fail. it is a mistake, however, to assume that the
general lcv 4 of inanuf: cturing will be immediately raised as soon as the
farmer turns his arena into cash. A considerable period of time must
naturally elapse before th &#; doll, r received by the farmer finds its way to the
books of the manufacturer. The first money which the farmer receives
from crops must as a general thing be turn d back toward the liquidation
,
of the expenditures incidental to the raising of them. The farmer's margin
of profit is not so quickly avallt hie as many people seem to expect.
Bear in mind tint it was Just about a year ago that farm prices were so
Out of line with industrial prices. It was last Fall that the sale of ereps
at low prices was consuirm&#; ted. Yet the question of "farm relief" did not
come into the limelight until considerably later, and it was not until this
summer that the curtailment of the farmers' purchasing power wrs felt
in industry as a factor which aggravated the customary seasonal recession.
So now it seems probr hie that industry will not feel the effect of crop sales
immediately, but that farm dollars, as they filter through from the outlying d:stributors to the factories, will gradually give momentum to
industrial production.
Take for inst: nce the case of steel. For a number of weeks now the trade
has a nticipt d recovery which has failed to materialize. That satisfactory
agricultur, I production shou d sooner or later be reflex ted In the demand for
steel is Indeed true&#;but this process may be spread over a good many
months. With the exception of items such as automobiles and farm
machinery, the farmer buys steel only indirectly. The farmer's pocketbook
reaches the steel trade when heavy crop movements necessitate additions
to or replacements of rolling stock, and when high volume of merchandise
distribution stlmu atm the erection of buildings and factories and the
purchase of factory machinery. All this takes time.
To general manufacturing, therefore, the significance of the farm situation is not so much in the direction of an immediate recovery from the
summer dullness, as it is in the direction of assurance of a firm foundation
throughout the winter, with the probability of a gradual ascent toward
higher levels of production and distribution. From the psychological
standpoint the effect is of course excellent, instilling general con-if:1mm and
a quiet optimism into the minds of many who, during the late summer,
were inclined toward hesitation and uncertainty. But the net effect of
this year's farm returns in terms of industrial profits may not be realized
until or even later.
Anchored by an abundance of credit on attractive terms and a much improved agricultural situation, business Is in a position to withstand satisfactorily such negative influences as exist at the present time. Favorable
weather during the past month was of much help to late crops resulting
In additional income for many farmers on whom an early Fall would have
worked a hardship. Good progress, on the whole, was made by the corn
crop during the past six weeks. Although the cotton crop Is nearly a third
smaller than the record output of last season, the growers will receive more
for it in the aggregate. Canada, one of our best foreign customers, has
had exceptionally good crops this year. The soft coal strike has come to an
end. Rapid recovery is taking place in the area devastated by the Mississippi floods. Additional favorable elements are the relative steadiness in
commodity prices, low inventories, high real wages, comparatively few
labor disputes, and much confidence in the general situation on the part of
the public.
Business during the current year has proved its resiliency and adherent
soundness by the manner in which it has absorbed the shocks created by
the cold backward spring, the bituminous coal strike, the flood disaster
in the lower Mississippi Valley, and the unsettled conditions existing
abroad. Among other factors which come in for consideration in this
connection at the present time are the reduction in the output of the steel
industry, and in the volume of building construction; the aprroach of a
Presidential year: dullness in the vast oil industry resulting from continued
overproduction; further additions to the labor surplus in some cities; new
high records in loans to stock brokers; and new advances in stock proces
in the face of reports of smaller corporate earnings.
Operating schedules of Michigan industries,as a whole,during September
were at or close to normal. Overtime is reported in only a few lines. Reports of subnormal operations were relatively few in number. Returns
from the great majority of cities show manufacturing to be on an even keel
and the general outlook encouraging. Southwestern Michigan reports
industrial activity slightly betterthan a yearago. Detroit's non-automotive
industries have been making a good showing as have also a number of
its motor plants. Lumbering and mining in the Upper Peninsula are Improving, employment is picking up, and a much better tone has followed
In the wake of a record volume of tourist business. Employment is on the
increase in Jackson, Port Huron, Atlanta. Charlotte. Harrison, Ishpeming
Lapeer, Monroe, Muskegon and Wyandotte. A high plane of activity
prevails at Flint. Pontiac reports future prospects very bright. Figures
prepared by the Employers' Association of Detroit show a small decrease In
Industrial employment compared with a month ago. It is said that the
Ford Motor Co. will add close to 30.000 men to its payrolls during October.
Automotive output in September, according to early estimates, was between 10 and 12% lower than the production for August which amounted to
303,040 cars and trucks. October production probably will fall below
that for Sertember. Motor output usually tapers off during the fourth
quarter but this customary trend may be altered this year by the bringing
out of the new Ford car, which will put in its appearance, it is now said, the
latter part of this month or early in November. Production schedules will
start off with a few hundred units a day and will be increased as raoidly as
possible in order to supply dealers with sample cars during the month of
November. Estimated freight car requirements for all other makes for the
last quarter of exceed those for the corresponding period of a year ago
by 18%. Care is being taken against loading dealers with mere cars than
they can handle and production schedules are, accordingly, in keening with
the volume of sales. Used car stocks are growing larger and present an
increasingly difficult problem for the dealer. The total annual capacity
of the industry is now placed at 7,300,000 units.
Michigan Business Review by W. W. Putnam of Union
Trust Co., Detroit&#;Operating Schedules of Industries in September Close to Normal.
'While reporting operating schedules of Michigan industries
as a whole during September at or close to normal, Wayne
W. Putnam, Assistant Secretary, of the Union Trust Co.,
Detroit, states that "although showing a substantial volume,
business during September did not reach the porportions
indicated a month ago." In his Michigan business review
he also states in part:
Retail trade was checked by prolonged warm weather and manufacturing
activity was retarded, in part, by further delay of the Ford industries in
getting into production. Cooler weather is'needed to bring about a more
businesslike tone and to put trade in its Autumn stride. Broadly viewed.
is reasonably good and promises to remain so until
the economic situation least.
the end of the year at
First National Bank In St. Louis Views Business Outlook for Remainder of Year as Encouraging.
The industrial seivice department of the First National
Bank in St. Louis finds the positive and negative factors
in the present business situation as seemingly fairly well
balanced. "While there has been a gradual decline in
many lines since early Spring" says the bank in a Business
and Financial Review, "and industrial profits for most
concerns will probably be slightly below those of last year,
the change has come about gradually, and has /II the whole
been of modest proportions." The fundamental industrial
situation is described by the Bank as sound "since it is free
from inventory inflation and most concerns are in a strong
financial position." The bank further says "the construction industry continues as a business mainstay and the value
of new construction contrasts let remains close to record
levels. The ease of bank credit should operate as a stimulus to business. The improvement in the agricultural outlook is an encouraging factor. In substance, there is no
definite indication, either for a sharp decline, nor a sustained advance in general business during the next three or
four months." In its analysis of business and financial
conditions the Bank also says in part:
The business outlook for the remainder of this year is, on the whole,
encouraging. Following the unseasonable spring weather, business was
hesitant with a slackening tendency in numerous lines. This appears to
have been due largely to the feeling on the part of many producers and
distributors, that the then Immediate situation offered little promise
of profitable results by further expanding operations. Numerous factors
were responsible for this feeling but it was primarily due to the unfortunate
combination of an unusually late, wet spring, which made the crop outlook discouraging, and the wide-spread devastation wrought throughout
the middle west and south by the flood. These factors dominated business opinion for some months and despite the easy money situation gave
little encouragement to the rank and file of business men. For several
months the situation was rather anomalous because of the unusual activity
in the financial markets, and, au the same time a hesitant tendency in
most lines of business. In the past six weeks, however, the adverse
Influences of the crop and flood situation have been detreasing In Importance
as crop ros; ects have steadily im: roved. Evidence is now accumulating
that August robably marked the turning point of business for the time
being. General business appears to be improving and while the degree of
inr rovement has been only moderate, it has been slightly better than the
expected normal seasonal increase. It should be recalled In this connection
that for business merely to hold its own, at the levels current for the past
year or more, would. of itself, be an achievement. Taking all factors
THE CHRONICLE
(Von. 125.
Into consideration there seems to be little ground for either pessimism on
.
.
. '
the one hand or extreme optimism on the other. It appears, rather, that Five weeks in January
4,524.749
'4,428,256
.949
the general condition of industry, as measured by the standards of the past Four weeks in February
3.323.931
3 677.332
3,623,047
several years, will remain in somewhat of a neutral position for some time Four weeks in March
4,016.395
3,877,397
3.702,413
to come. The country has been accustomed, in recent years, to new,tend- Five weeks in April
4.890,749
4,791.006
4,710,903
&#; ards of industrial and financial activity and if we take into consideration Four weeks in May
4,096.742
4,145.820
3.869,306
the high level that the country has reached it is unreasonable to assume that Four weeks in June
3,974,160
4.089.340
3,065,872
, each year will necessarily set new and higher standards. We must, of Five weeks in July
4.935.397
5.213,759
4,945.091
course, always make aflowance for the fact that population is increasing Four weeks in August
4.249.359
4.388,118
4,321.427
r and that the demands of our population are expanding.
Four weeks in September
4.360.022
4,523.112
4,297.936
. Fundamentally our whole business and financial structure was remarkably Week ended October 1
1.126,390
1,180,049
1,113,233
strengthened as a result of the events of recent years. During and after Week ended October 8
1.100.552
1,174.928
1,106,036
the war the market for our goods was greatly expanded and we undoubtedly
secured much business which, under normal conditions of peace and comTotal
41.098.446 41,489,117- 40,112.263
petition with other nations, we could not have obtained for many years. We
have been able to handle ourselves remarkably well on both the financial and
Industrial sides. Notwithstanding the enormous gold supply that has come
Decline in Employment and Wages in Pennsylvania
into our possession no serious Inflation, either of prices or credit, has
During September-Increases in Delaware.
occurred. Indeed, despite our increased gold reserves the wholesale price
.
level has been tending downward for several years. This movement Is of
The report for September, just released by the Federal
course. sub1ect to variations from time to time but the downward trend
still appears to hold true despite the fact that there has been some strength- Reserve Bank of Philadelphia, covering the employment
ening of prices in recent weeks. The current advance can, however, be situation in Pennsylvania, showed a decrease from August
accounted for by the rise in the price of certain raw products such as cotton
of 0.1% in the number of men employed and a decline of
and corn and such commodities whose prices are determined largely by the
supply coming into the market from year to year. This condition of a large 2.2% in the total amount of wages paid. Part of this degold supply and easy credit situation, cheap money and a receding price crease, however, was attributable to
the observance of
level is somewhat of an anomaly. It has been a source of surprise and, to
some extent, a disappointment to some of our European friends since it Labor Day in the September pay-roll period, says the Bank,
commodity price inflation had occurred In ,he United States as normally which also states:
would have been expected under the circumstances, it would have been
In spite of this general decline, however, all of the groups of industries,
much easier for the Europeans to sell their products in our markets and to with the exception of metal manufactures and chemicals and allied prodrestore their industrial organizations more rapidly and thus place them in a
ts, showed slight increases over August. The industries reporting the
position to more quickly pay the debts they owe us. It is even a surprise greitest decreases were engines, machines and machine tools, iron and
to many of our own people that we have been able to control this delicate s eel forgings, structural iron works and shipbuilding.
And difficult situation without its resulting in any serious consequences.
Over half of the total number of firms also reported the number of emp1 wee hours worked, and these figures likewise showed a decline, 224%
from August.
John B. Glenn of Chatham Phenix National Bank &
Delaware industries increased 4% in employment and 2.6% in
Trust Co. Reports Encouraging Progress in Europe payments. Practically all of the industries shared in this inrcease. wag*
&#;
Of
-Some -Impediments Seen to National Recovery. with the 17 city areas for which figures were compiled, all showed decreases
the exception of Harrisburg. Wilkes-Tlarre, Williamsport and York.
John B. Glenn, Assistant Vice-President of the Chatham The change for Philadelphia was a decrease of 0.4% in the number of wage
Phenix National Bank & Trust Co., has returned to the earners and an advance of 1.1% for total wage payments.
United States following a European trip beginning last
March, during which he visited twenty-two countries, including Finland, Esthonia, Latvia, Lithuania, Poland,
Czechoslovakia, Jugoslavia, Norway, Sweden and Denmark. Commenting on conditions abroad Mr. Glenn says:
The compilations follow:
EMPLOYMENT AND WAGES IN PENNSYLVANIA
Compiled by the Federal Reserve Bank of Philadelphia and the Department of
Labor and Industry. Commonwealth of Pennsylvatila.,
No.of
Increase or Decrease
Plants
Sept. over Aug. . '
ReEmployTotal
Aterage
Group and Industryporting.
men:.
If we compare the present European situation with that preceding .
Wages.
Wages.
832
0.1%
I believe that scarcely any country is in as good a condition now as at that All industrial (47)
-2.2%
-2.2%
277
-0.5
-5.1
-4.6
time but by comparison with, say . there has been, with few excep- Metal manufactures: and parts
Automobiles, bodies
19
+6.2
+2.2
-3.8
tions. encouraging progress. War losses in money, men and property,
Car construction and repair
18
-3.2
-5.1
-2.0
Electrical machinery and apparatus... 18
aryl particularly the poatbellum burden of debt.remain serious Impediments
+3.9
+0.1
-3.6
Engines, machines and machine tools
38
-3.1
to national recovery. Even the neutral nations, for the most part, owe
-10.4
-7.5
Foundries and machine shops
52
-1.2
-7.3
-6.2
many times more than in . A further aggravating difficulty in Europe
Heating appliances and apparatus
15
+3.0
+0.3
-2.6
Is the almost universal establishment of tariff walls in the effort of each
Iron and steel blast furnaces
11
-1.8
-6.5
-4.8
Iron and steel footings
nation to develop Ica own industries and become self-sustaining. Hut,in
10
-1.0
-16.8
-16.0
Steel works and rolling mills
34
general, a somewhat detailed observation of more than twenty countries
+0.8
-3.1
-3.9
Structural iron works
17
-0.1
-14.8
-14.4
during nearly seven months leaves definitely the impression of, a gradual
Miscellaneous iron and steel products
- 25
-0.4
-6.7
-6.3
improvement and the likelihood of an increasing stability, as the
Shipbuilding
3 -16.8
'-10.8
handi+7.3
Ilardware
caps left by the war decrease.
8
-1.1
-1.1
+0.1
Nonferrous metals
9
+2.7
+0.5
-2.1
Textile products:
165
+0.6
+0.7
+0.1
Carpets and rugs
8
+0.6
-Ca
-0.2
Railroad Revenue Freight Loading Continues Below
lists,feltand
Clothing
32
-1.6
-0.2
-1.7
other
6
-1.5
-1.0
+0.5
Last Year.
Cotton goods
16
+1.0
+6.4
+7.5
Silk goods
41
Cars loaded with revenue freight for the week ended on
+0.4
-3.4
-3.0
oolens and worsteds
14
+4.2
+0.5
+4.8
Oct. 8 totaled 1,100,552, according to reports filed on Oct.
Knit goods and hosiery
37
+0.9
+4.2
+5.2
Dyeing and finishing teItIlei
11
-2.5
-6.9
-9.3
19 by the railroads with the Car Service Division of the Foods and tobacco:
105
+1.6
-1.5
+0.1
Bakeries
31
-2.4
+0.3
-2.1
American Railway Association. Compared with the preConfectionery and ice cream
23
+5.2
+1.4
+6.7
Slaughtering and meat packing
14
ceding week, this was a decrease of 25,838 cars, decreases
+1.8
+1.2
-0.5
Mars and tobacco
37 '+1.4
-3.3
-4.6under the week before being reported in the loading of grain Building materials*
66
+1.8
+1.5
-0.3
Brick, tile and terra cotta products
26
-0.8
-3.4
-2.6
and grain products, coal, coke, forest products, ore and
Cement
14
-2.0
-1.9
+0.1
Glass
23
+7.9
+8.5
+0.5
miscellaneous freight with increases in the loading of live
Pottery
3
+0.2
+2.9
+2.8
35
+4.7
stock and merchandise and less than carload lot freight. The Construction and contracting:
+8.4
+3.5
Buildings
19
-0.5
+2.0
+2.6
total for the week of Oct. 8 was a decrease of 74,376 cars
Street and highway
4
+18.2
+20.4
+6.9
General
12
-2.2
-1.6
+0.5
under the same week last year and 5,484 cars under the Chemicals and allied products:
33
-9.8
-1.0
+9.1
Chemicals and drugs
13
+3.0
+1.6
-tame week in . Additional details follow:
-1.6
Explosives
3
-1.8
+5.3
+7.3
Miscellaneous freit ht loading for the week totaled 422,986 cars, a decrease
Paints and varnishes
9
-0.3
-7.9
-7.7
Petroleum refining
leum
C
of 16.746 cars under the corresponding week last year and 3,399 cars below
5 -18.2
-2.7
+10.03
the same week in .
+0.3
+1.1
+0.8
151
+1.2
+1.3
+0.1
Loading of merchandise and less than carload lot freight totaled 271.439 Miscellaneous Industries: products
I.umber and planing mill
25
+1.2
+0.6
-0.6
cars, an increase of 475 care abos e the same week last year and 220 cars
Furniture
18
+3.8
+5.5
-1-1.6
I.eather tanning
above the corresponding week two years ago.
17
+2.8
+4.9
+2.0
Leather products
8
+2.6
Coal loading amounted to 190,929 cars. This was a decrease of 30,987
+3.8
+1.2
Boots and shoes
22
-0.6
-4.7
-4.1
cars under the same week last year but an increase of 6,280 cars compared
Paper and pulp products
19
-0.2
+0.5
+0.7
with the same reriod two years ago.
Printing and publishing
36
+2.3
+2.2
-0.1
Rubber tires and goods
Grain and grain troducts loading totaled 49,902 cars, an increase o.
3
-2.3
-5.8
-3.7
Novelties and Jewelry
3
-1.6
2,368 above the came week in and 6,599 cars above the same period in
-1.1
+0.5
. In the western districts alone, grain and grain products loading
EMPLOYMENT AND WAGES IN CITY AREAS
totaled 35,749 cars, an increase of 3,548 cars above the same week last Compiled by the Department of fitati.nics and Research of the Federal Reserve
Bank of Philadelphia.
year.
Na. of
Increase or Decrease.
Live stock loading amounted to 38.689 cars, a decrease of 2.082 cars
Mawr.
Seq. over Aug. .
under the same week last year and 5,927 cars below the same week in .
ReportEmployToga
Averred*
Areas
western districts alone, live stock loading totaled 30,904 cars, a
In the
tag.
meet.
Wages.
Wages.
Allentown-Bethlehem-Easton
76
decrease of 1.262 cars under the game week last year.
- .1%
-4.9%
2
-2.95
Altoona
15
-0.4
-1.3
-1.7
Forest products loading totaled 65,029 cars. 6,061 cars below the same Erie
14
-0.6
-0.3
+0.3
Harrisburg
week last year and 6.004 cars below the same week in .
34
+ 1.3
+4.8
+3.3
Hazieton-Pottsville
20
-0.0
Ore loading totaled 52,123 cars, 17,508 cars below the same week in Johnstown
+0.2
+0.2
12
+5.1
-6.0
-10.5
but 117 cars above the corresponding week two years ago.
Lancaster
31
-2.2
-3.8
-1.6
Coke loading amounted to 9.455 cars, a decrease of 3,835 cars under the New Castle
9
6.7
-12.9
-0.6
Philadelphia
257
same week in and 3.370 cars below the same period in .
+1.1
+1.6'
Pittsburgh
90
-0.0
-4.9
All districts re,&#;orted decreases in the total loading of all commodities Reading-Lebanon
-4.9
64
-04
-9.5
-9.1
compared with the corresponding period in but all except the Eastern.
34
-0.9
+1.7
+2.6
Southern and Southwestern districts reported increases compared with the Sunbury
24
-0A-10.6
-9.9
Wilkes-Barre
20
corresponding period in .
+7.5
+ ma
+3.1 &#;
Williamsport
23
+5.7
+11.7
+5.7 ,
Loading of revenue freight this year compared with the two previous Wilmington
30
0.3
-0.4,
-0.1.&#;
years follows:
York
45
+3.8
+2.6
-1.2
OCT.22 .]
THE CHRONICLE
EMPLOYMENT AND WAGES IN DELAWARE.
(Compiled by Federal Reserve Bank of Philadelphia.]
No. of
Increase or Decrease.
Plants
Sept. over Aug. .
ReportEmployTotal
Average
Industrymen!.
Wages.
Ow.
Wage
-v.
All industries
+4.0%
29
+2.6%
-1.4%
Foundries and machinery products......_
4
+4.5
+3.8
+8.5
Other metal manufactures
-1.5
+2.1
-3.5
5
Food industries
-31.9
3
+169.6
+83.7
Chemicals, drugs and paints
3
+2.1
-2.8
+5.1
Leather tanned and products
3
+4.1
+0.6
+3.4
Printing and publishing
4
-1.0
-1.9
+0.9
Miscellaneous industries
+2.2
7
+2.8
+0.6
than a year ago, the small marketings of livestock, together with lower
prices for hogs and lambs make it appear certain that income from livestock marketings was smaller in September than in the Corresponding
month last year. Hog prices were $2.25 per hundred weight higher in
September than in August, but were lower than a year ago. Veal calves
and prime butcher steers sold at the highest prices in several years. Prices
of the feed grains were higher in September than a year ago, and stocker
and feeder steers are entering the winter feeding period at a higher price
than in any year since 1$20.
The effects of the rtc.nd volume of crop marketings during September
were shown in debits to individual accounts at representative cities, which
reached a new high total for the month of SetpcmSer. Aberdeen, Billings;
MAN-HOURS AND AVERAGE HOURLY WAGES IN PENNSYLVANIA.
Fargo. Jamestown, Minneapolis. Minot, and Winona all reported large
(Compiled by the Federal Reserve Bank of Philadelphia and the Department of September debits to individual accounts that in any previous Septemher.
Labor and Industry. Commonwealth of Pennsylvania.)
and the volume at Duluth was only slightly under the previous record
for the month.
Increase or Decrease
No. Sept. over Aug. .
The majority of other indexes of business conditions which are available
of
Total
Average at the present time indicate decreases as compared with a year ago. Sept
Plants
Man
Hourly
Group and Industrytember shipments of flour and linseed products fr m Minneapolis an'd
Reporting.
Rates.
Hours.
All industries (42)
491
-2.4%
-0.3% freight car loadings of ore, forest products, coal and coke in the northMetal manufactures
western district were all smaller than in the corresponding month last
199
-4.2
-0.8
Automobiles, bodies and parts
15
+1.6
+0.8
year. and car loadings of merchandise and miscellaneous commodities
Car construction and repair
12
-2.2
-2.7
were only 1% larger than a year ago.
Electrical machinery and apparatus
+0.9
13
+0.8
Engines, machines and machine tools
Building permits were 17% larger in September than in the same month
29
-9.8
0.0
Foundries and machine shops
42
last year, but building contracts awarded were 40% smaller. The largei
+1.6
-9.7
Heating appliances and apparatus
7
+0.5
-2.6
valuation of building permits, as compared with last. year, was due to
Iron and steel blast furnaces
9
-6.1
+0.7
Increases outside of Minneapolis and St. Paul. Nine of the 13 smaller
Iron and steel forgings
6
-19.2
-6.7
Steel works and roiling mills
cities which have reported on September permits showed larger valuations
22
-1.1
-2.1
Structural Iron works
&#;
r
11
-14.0
+0.5
than in September a year ago.
Miscellaneous iron and steel products
17
-0.5
-6.6
Oct. 1 United States Department of Agriculture crop forecasts for
Shipbuilding
3
-4.1
-7.0
Hardware
corn reflected the favorable September weather in this district with an
6
+1.7
0.0
' Non-ferrous metals
7
increase of 15%, or 32.000.000 bushels over Sept. 1 forecasts for our heavy
-3.0
+3.8
Textile products
+0.2
+1.0
73
corn producing States. Minnesota and South Dakota. The increase
Carpets and rugs
+2.7
5
+5.8
for the whole United States was only 6%, or 147.000,000 bushels. If
Clothing
+3.9
11
-0.8
- Cotton goods
the Oct. 1 corn forecast are realized, the South Dakota crop will be
12
+3,0
-2.1
Bilk goods
22
-0.7
+0.9
larger than the Minnesota crop for the first time since . Duruth
Woolens and worsteds
8
+3.0
+2.1
wheat estimates for our four States were reduced, but the reductions Imre
Knit goods and hosiery
10
- --5.0
,
+0.4'
more than offset by increases in bread spring wheat, with the result that
Dyeing and finishing textiles
5
-2.6
Foods and tobacco
all spring wheat increased more than 3,600.000 bushels.
43
+3.5
-0.8
Bakeries
Confectionery and ice cream
Slaughtering and meat packing
Cigars and tobacco
Building mateal
Brick, tile and terra cotta products
Cement
Glass
Construction and contracting
Buildings
Street and highway
General
Chemicals and allied products
Chemicals and drugs
Paints and varnishes
Petroleum Rainuing
Miscellaneous industries
Lumber and planing mill products
Furniture
Leather tanning
Leather products
Boots and shoes
Payer and pulp products
Printing and publishing
Rubber tires and goods
18
10
9
6
33
14
7
12
29
16
4
9
19
10
6
3
95
18
15
9
5
+0.5
+6.9
+1.5
-3.5
-2.0
+3.4
-6.3
+0.1
+10.1
+2.3
+28.6
-3.0
-7.8
+1.2
-10.1
-9.1
-0.3
-6.5
+6.2
+0.1
+3.5
-0.8
-2.5
+2.4
+2.7
+0.7
-0.6
0.0
+1.5
-1.5
-2.7
+8.2
+0.6
+4.5
+0.2
+0.3
+6.3
+0.4
-0.8
-0.9
+0.4
10
12
-4.7
+0.9
0.0
-0.3
+1.1
23
3
+3.0
+1.0
-4.5
Farm Hands in Excess of Demand-Average Wages.
Farm hands have been slightly in excess of the demand this
year, due largely to the lower volume of industrial employment, according to the Bureau of Agricultural Ecanomies,
United States Department of Agriculture. The supply for
the United States is reported at 2.3% larger than demand.
Farm wages are reported by the bureau at 75% higher than
the -14 pre-war level, but farm wages are still well below
relative industrial wages. The index of farm wages on
Oct. , is placed at about 85% of Oct., , whereas
the index of the average weekly earnings of New York State
factory workers in August this year was about 119% of the
level. Farm wages per month, with board, are reported at an average of $35.68 for the United States; wags
per month, without board, $49.77; wages per day, with
board, $1.96, and wages .per day, without board $2.53.
The highest pay per month, without board, is in the Far
Western States at $78.33. The highest per day, without
board, is $3.62 in the North Atlantic States.
Automobile Models and Prices.
&#;&#;
The White Motor Co. has introduced a new express
truck of 1.j tons capacity, known as model 57. It his a
4
-cylinder motor and wheelbase of 141 inches. The chassis
sells for $2,725.
The Auburn Automobile Co. now has a complete line
.
priced as follows: 6-66 roadster $1,095; 6-66 cabriolet $1,295
6-66 sport sedan $1,195; 6-66 sedan $1,295; 8-77 roadster
$1,395; 8-77 cabriolet $1,595; 8-77 sport sedan $1,495; 8-77
sedan $1,695; 8-88 roadster $1,995; 8-88 cabriolet $2,095;
-passenger
S-88 sport sedan $2,095; 88-8 sedan $2,195; 8-88 7
sedan $2,595. Freight, tax and equipment extra.
Automobile Production Shows Heavy Reduction. :
September. production (factory sales) of motor vehicles in
the United States, as reported to the Department of Commerce by the National Automobile Chamber of Commerce,
was 257,577, of which 225,013 were passenger cars and 32,564
were trucks. In September last year the production was
396,357 ears. Except for August and Sept. , the tabte
below is based on figures received from 153 manufacturers
in the United States for recent months, 53 making passenger
cars and 118 making trucks (18 making both passenger ears
and trucks). Figures for passenger cars include taxicabs an:d
those for trucks include ambulances,funeral cars,fire apparatus, street sweepers and busses. Canadian figures have beezi
supplied by the Dominion Bureau of Statistics.
AUTOMOBILE PRODUCTION
(Number of Machines)
Canada (a).
United States.
,
Passenger
Total.
Trucks.
Cars.
Total.
300,612
354,432
422,728
430.523
417.214
380.372
354,394
422,294
393.357
Passenger
(Jars.
Trucks.
.
Agricultural and Financial Conditions in Minneapolis
Federal Reserve District-Early Crop Movement
Brings Into September Volume of Business Generally Realized in October.
The preliminary summary of agricultural and financial
conditions issued by the Federal Reserve Bank of Minneapolis on Oct. 14 says:
The crop is moving to market with extraordinary rapidity. More than
one-fourth of the cash crop production was marketed during August and
September: and freight car loadings of grain and grain products in the
north western district during the four weeks ending Sept. 24 made a new
high record for mtritetings during that portion of the crop year. This
early movement of the large crops has brought forward a considerable
volume of business into September which under ordinary circumstances
would fall in the month of October.
The cash value of wheat, rye, flax and potatoes marketed during September by farmers in this district was $95.000,000. This amount was
four times as large as the value of the marketings in August, nearly twice
as large as the value of marketings in September , and constituted a
new high record for the month of September, according to our estimates
which extend back through . Other farm income during September
did not compare favorably with farm income in September a year ago.
Although it is probable that the value of dairy products was slightly larger
January
February
March
April
May
June
July
August
September
272,922
319.763
381,116
383.907
373,140
339,570
317,006
380,282
350,923
27.690
34,669
41,612
46,616
44,074
40,802
37,388
42,012
42,434
15,479
18,838
22,374
21.502
24.934
21,751
15,208
*15,261
17.495
11,781
14,761
17,989
,17.929
.21,429
13.818
12.953
.12.778
13,624
3.698
4,077
4,385
3,573
3,505
2.933
2,255
*2,483
4,871
Total (9 months)- 3,475,926 3,118,629
357,297
172,842
141,082
31,780
39,577
31,446
26,070
14,670
9.828
7.752
10,595
6,774
6,052
4.075
3.054
1.700
4.54.390 *205,092 *164,483
*40,609
.
October
November
December
329,142
250,950
163,431
4,219,449 3.765,059
Total (year)
.
January
February
March
April
May
June
July.
August
September
289,565
219,504
137.361
&#;
&#;
234.231 106,100)
37,242
298.765 260,644
38,121
386.84. 341,676
45.165
397.780 353 223
44,557
395,674 352.428
43,246
313,584 273.718
39,886
263.23 , 233.384
,
29.8.55
6' 6. b&#;32,102
,575 b225,013 632.564
Total (9 months). 2)151 2 RIM 0IR
342.718
15,376
18.655
23.250
24,611
25,708
19,208
10,937
12.526
11,262
11,745
14.826
19,723
20,890
'21.991
16,470
4.719
10.129
8,681
3,631
3.829
3,527
3.721
3.717
2.738
2.268
2,387
. .2,581
161_533
133_104
2)
a Reported by Dominion Bureau of Statistics. b Totals for -"f t1olud Automoblie
,6
.
Chamber of Commerce members only. &#; Revised.
THE CHRONICLE
Deliveries of Tires During August Exceed
Production.
Shipments of automobile casings&#;balloons, cords, fabrics,
solids and cushions&#;for August exceeded the total putput
for that month,according to statistiCs compiled by the Rubber
Association of America, Inc., from figures estimated to
represent 75% of the rubber and tire industry. Shipments
for that month amounted to 4,843,544 casings compared
with 4,362,044 casings produced. During the first eight
months of this year a total of 34,208,063 casings were
delivered, an increase of 3,880,535 casings, or 12.7%, over
the same period in , while 34,805,856 casings were
produced, oompared with 31,629,007 casings for the first
eight months a year ago. The Association, in its bulletin
dated Oct. 14, gave the following figures:
Month of AVOW,&#;
Balloons
Corde
Total pneumatic eaatngs_x
Solid and mullion Urea
Total
Inner Tubes&#;
Low preasure
High preesnre
Total
First Rigla Months&#;
Balloons
Fabrics
Oords
Total pneumatic casinge_x
-Solid and cusbion tires
Total
Inner Talmo&#;
Low pressure
High preeaure
Totst
a Balloons. cords and fabrics.
Production Shipments Production Shipments
[vol.. 125.
reports received by the National Lumber Manufacturer:,
Association from approximately 500 of the larger commercial lumber mills of the country. The 333 comparably
reporting softwood mills showed no noteworthy change in
production and orders, but a considerable decrease in shipments, when compared with reports from 329 mills for the
week earlier. In comparison with reports for the same
period last year, production and shipments were about the
same, with a notable decrease in new business.
The 141 hardwood operations, when compared with reports
from 129 mills for the previous week, showed increases in
all three items. In comparison with the corresponding week
a year ago, when 125 units reported, there was an increase
in,
in production, a decrease in shipments and new business
was about the same, the
Association declares,
adding further data as follows:
Unfilled Orders.
The unfilled orders of 226 Southern Pine and West Coast mills at the
2,209,580 2,413,700 2,020,347 2,167.943 end of last week amounted to 554,542,653 feet, as against 561.045.942
2.059.868 2,250.576 2,246,111 2.581,574 feet for 226 mills the previous week. The 108 identical Southern Pine
4,313,758 4.795.171 4,404.286 5,057.846 mills in the group showed unfilled orders of 204.636.160 feet last week,
48.286
48.373
43,579
56,119 as against 205,312.000 feet for the week before. For the
118 West Coast
4,362,044 4,843,544 4,447,865 5,113.965 mills the unfilled orders were 349,906.493 feet, as against 355,733,942
feet for 118 mills a week earlier.
1,883.417 2,445.670 2.024.197 2,321,747
Altogether the 331 comparably reporting softwood mills had shipments
2,976,393 3,541.012 3,543,903 4,862.692
88%. and orders 85%. of actual production. For the Southern Pine
4,859,810 5,986,682 5,568,100 7,184,439 m018 these percentages were respectively 93 and 92. and for the West
Coast mills 80 and 79.
Of the reporting mills, the 192 mills of four associations, with an es19.120,485 17,846,960 15,201,598 13,806,346
521.803 910,020 1.951,594 1,813,936 tablished normal production for the week of 123.978.038 feet, gave actual
14.738.522 15,047.619 14,088.098 14,355,932 production 89%,shipments 85%. and orders 81%, thereof.
The following table compares the lumber movement, as reflected by
34.380.810 33.804,599 31,241,290 29,976.214
mills of seven softwood and two hardwood regional associa425.046
403.464
387.717
351.314 the reporting
tions, for the three weeks indicated:
34.805,856 34.208.063 31,629,007 30,327.528
Corresponding
Preceding Week
19.821,952 18,294.788 17.035.782 14,715,769
Week .
Past Week.
(Revised).
17,949,490 20,464,180 22.481,443 21,919.694
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood.
37.771.442 38.758.968 39.517.225 36.635.463
Rubber Export Restrictions to Remain Unchanged for Next Quarter.&#;Reported Change in
Production Assessing Plan.
From London Oct. 20 the New York "Journal of Commerce" reported the following advice:
No change will be made on Nov. 1 in the regulations which at present
British
govern the export of rubber frcm Malaya and Ceylon, according to a
confirmed statement from the Colonial Office.
Under the Stef enson restriction plan the standard production which
may be exported frem Malaya and Ceylon will remain at 60% for the
Quarter, which begins with the f.rst of next month. The Colonial Office
reserves the right to make any change on Feb. 1 , the first day of the
succeeding quarter, if it is considered that a charge is necessary. Notice
as far ahead as is practicable will be given, the statement continues.
Government territerles concerned will be asked to overhaul the mach:nery
of the restriction scheme with a view to increasing efficiency, and the
Government will be consulted as to whether any alterations are required
In the regulations now in force, the statement adds.
Under date of Oct. 18 the New York "Times" announced
the following Landon advices (copyright)):
A recovery to nearly 1 shilling 5 pence a pound occurred to-day in the
price of plantation rubber as a result of the tightening of the modus operand of the Stevenson restriction scheme.
A more stringent application of the scheme had been advocated by the
rubber producers for some months. It will be effected by a change in
the assessment of the standard of production.
&#; There is to be a new standard tapping system. Hitherto this has been
one daily cut on a quarter of the circumference of each rubber tree. Under
the modified tapping arran-ement, there is to be one cut on one-half of the
circumference of each tree every third day&#;a change which is equivalent to a
reduction of 16 2-3%
In practice, however, the aggregate assessment of the Malayan plantations may not be reduced to the full extent of this percentage, as rubber
not yet fully mature automatically Is entitled to an increased standard
at each annual reassessment.
The estimated standard of Malayan production for the current restriction year, which closes at the end of this month, for instance, is 340,000
tons. For the preceding year the corresponding figure was 301,000 tons.
which,in turn,compared with 280,000 tons for the year ending Oct. 31 .
Requisitions 17% of Cuban Sugar.
The "Wall Street Journal" of Oct. 20 announced the fol&#;
lowing from Havana:
141
341
333
125
329
128
Mills
Production_ 244,981,000 20,808,000 240,234,000 18,991,000 247,630.000 19,219,000
Shipments 215.864.000,19,656,000 224,501.000 22,280.000 239,523,000 18,567,000
207,834,.014,000 238,074,000 22,199,000 212.117,000 20,092,000
Orders
The mil s of the California White and Sugar Pine Association make
e&#;kly reports, but not being comparable, are not Incllded in the foregoing
tables. N neteen of these mills, representing 62% of the cut of the California pine region, gave their production for the week as 25.298.000. ship-2.000, and new business 20,899.000. Last week's report from
ments 23.8
15 mills, representing 55% mf the cut, was: Production, 22.449,000 feet:
shipments, 19.334.000, and new business. 19 241.000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 118 mills reporting for the week ended Oct. 15 was 21%
below production, and shipments were 19% below production. Of all new
business taken during the week,44% was for future water delivery, amounting to 42,758.560 feet, of Which 30.747,626 feet was for domestic cargo
delivery, and 12.010,934 feet export. New business by rail amounted to
49,187.040 feet, or 51% of the week's new business. Forty per cent of the
week's shipments moved by water, amounting to 39.218,863 feet, of which
25,746,788 feet moved coastwise and intercoastal, and 13,472,075 feet export. Rail shipments totaled 55,905,838 feet, or 55% of the week's shipments,and local deliveries 5,287,734 feet. Unshipped domestic cargo orders
totaled 103.749,438 feet. foreign 125,731,478 feet, and rail trade 120,425.577
feet.
Southern Pine Reports.
The Southern Pine Association reports from Now Orleans that for 108
mills reporting, shipments were 6.59% below production and orders were
7.61% below production and 1.09% below shipments. New business taken
during the week amounted to 61,173,760 feet (previous week 47,104.000):
shipments. 61,849,600 feet (previous week, 56.360,960); and production,
86,211.827 feet (previous week, 61,6 8,015). The normal production of
these mills is 72,213,038 feet. Of the 106 mills reporting running time. 56
operated full time, 20 of the latter overtime. Three mills were shut down,
and the rest operated from one to sif days.
The Western Pine Manufacturers Association of Portland, Ore., with one
less mill reporting, shows slight decreases in all three factors.
The California Redwood Association of San Francisco. Calif.. reports
some decreases in production and shipments and new business considerably
less than that reported for the preceding week.
The North Carolina Pine Association of Norfolk. Va., with five more
wills reporting, shows a marked increase in production, a substantial increase in shipments and new business slightly below that reported for the
week earlier.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports some decreases in production and shipments and a fair gain in new
business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) with two fewer mills reporting,
shows a notable decrease in production, shipments about the same and a
marked decrease in new business.
The Sugar Commission has issued an order for all sugar mills to re-ort
Immediately the amount of sugar they have on hand. in national territory,
,
Hardwood Reports.
whether sold or unsold. Its purpcse is to set aside 17% of the total to be
The Northern Hemlock and Hardwood Manufacturers Association of
placed at the disposition of the Sugar Export Corperation to cover the sale
Oshkosh. Wis., reported from fifteen mills (two fewer mills than reported
of 160.000 tons to England recently made.
President Machado has signed loot. 191 the decree placing new tariff the previous week), a noticeable decrease in production and shipments
"Gazette" they will be and a good gain in new business.
schedules into effect. After publication in official
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
put in force in about five days. New schedule has been studied for more
than a year, Congress having passed a law rutting rrwer into the Presi- from one hundred and twenty-sif mills (fifteen more mills than reported for
'dent's hands to derive a new schedule as slon as the Tariff Commission hzd the week before) material increases in production and shipments and a
agreed rates. It is understood sihedule incltdes increased rates on nominal increase In orders. The normal production of these units is
21,168.000 foot.
various articles imported from the United States.
- - -West Coast Lumbermen's Association Weekly Report.
Little Change in Week's Lumber Survey.
One hundred and eighteen mills reporting to the West
There was little change in the actvities of the lumber
industry for the week ended Oct. 15, when compared with Coast Lumbermen's Association for the week ended Oct. 8
reports for the preceding week, according to telegraphio manufactured 131,646,709 feet, sold 111,774,248 feet and
OCT.22 .]
THE CHRONICLE
shipped 127,085,766 feet. New business was 19,872,461
feet less than production and shipments 4,560,943 feet less
than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Sept. 24.
Week EndedOct. 8.
Oct. 1.
Number of mills reporting
118
120
119
Production (feet)
131,646,709 125.593.635 124,448,239
New business (feet)
,248 118,097,732 112,571.065
Shipments (feet)
127.085.766 120,176,008 115,299,481
Unshipped Balances
Ball (feet)
131,346.493 126,483,478 .450
Domestic cargo (feet)---- 95,952,768 117,317.417 131.
128.434.681
125,855,358 112,560.375
Export (feet)
Total (feet)
355,733,942 369,656,253 375.211,738
First 40 Weeks of.
.
.
Average number of mills_
91
106
115
3 517,260,782 4,211,378,728 4,038,470,935
Production (feet)
New business (feet)
3,555,833,187 4,314,812,213 4,164,903,690
3 538,335,991 4,,303 4,198,346,379
Shipments (feet)
While more than the current output was moving into channels of consumption, the report shows that stocks of goods declined and unfilled orders
increased.
Stocks on hand at the beginning of the year amounted to 247%234.000
yards. Stocks on hand September 30 amounted to 201.920.000 yards. a
decrease of 18.3%.
Unfilled orders on Jan. I were 324,943,000 yards. On Sept. 80 unfilled
Sept. 17.
120 orders amounted to 479,368,000 yards, an increase of 47.5%
122,134.027
By the addition of upwards of 100 other kinds of standard cotton textile,
111.
111,981,744 since the beginning of the year the reports compiled by the Association now
Provide more comprehensive statistics of the industry than have been
130.012.621 available hitherto. This additional information has been made possible
126,772.778
118.459.416 through the co-operation of The Cotton-Textile Institute, Inc. which is
compiling reports from mills not previously reporting to the Association
375.244,815 and also from additional reports now furnished by members of the Associa.
tion. The consolidated report now includes more than 300 standard kind*
123 of cotton cloth and represents a large proportion-in some cases more than
3,747,228,8'8 90% of the production and sale of these cloths in the United States.
3.764,422,697
3,890,239,820
Census Report on Cotton Consumed in September.
Under date of Oct. 14 the Census Bureau issued its
report showing cotton consumed, cotton on hand, active
cotton spindles and imports and exports of cotton for the
month of September, and . Cotton consumed
amounted to $627,321 bales of lint and 78,260 bales of linters,
compared with 570,570 bales of lint and 74,806 bales of linters
in September and 633,434 bales of lint and 73,987 bales
of linters in August . It will be seen that there is an
increase over September in the total lint and linters
combined of 60,205 bales, or 9.3%. The following is the
statement complete:
COTTON CONSUMED AND ON HAND IN SPINNING MILLS AND IN
OTHER ESTABLISHMENTS, AND ACTIVE COTTON SPINDLES.
(Linters not included.)
The statistics of cotton In this report are given In running bales, counting round as
half bales, except foreign cotton, which is in equivalent 500 pound bales.
Cotton Consumed
During (Bales)Locality.
Year
Septemher.
Cotton on Hand Sept. 30.
Cotton
Sp! tales
Two
In Consum- In Pu)lic
Acti 'e
Months
tap Estab- Storage & at
Du lag
.Ending
lishments
Compresses September
Sept. 30.
(Bales).
(Bales).
(Num ,er).
United Stateo....{ .927 *627,321 *1,260,755 *1,118,776
570.570 1.070,823
936,441
*3,964,680
3,287.285
32,343,414
32.146,748
Cotton-growing
462,213
926,411
732,313
3,672,929 17,725,348
t926 411,213
770,707
569,296
3,110,225 17,150,606
States
New England
136,243
277,290
325,093
79,078 13,159,678
249,871
314,433
States
133,155
103,475 13,537,904
61,370
1,458,428
Al other States 1 t927 28,865
57,054
212,673
1 26,202
52.712
73,585
50.245
145 23C
"
* Includes l9,13.341 hg . 7..O., other for., and 1,30, itin-c4i. COudaluied; aZ,ZU &#;
21.896 other for. and 3.474 Am-Eg. in consuming est.; and 17,556 Kg., 7,211 other
for. and 3.042 Am-Kg. in public storage. Two-months consumption, 42,085 Ego
13,807 other for., and 2,589 Am-Kg.
Linters not Included above were 78,260 bales consumed during September In
and 74,806 bales In ; 147.321 bales on hand In consuming establishments on
Sept. 30 . and 100,318 bales in ; and 38.914 bales in public storage and at
compresses in and 38,457 bales in . Linters consumed during two months
coding Sept. 30 amounted to 152,247 bales in and 148.338 bales in .
IMPORTS AND EXPORTS OF COTTON AND LINTERS.
Imports of Foreign Cotton (300
-Pound Bales).
September.
Country of
Pioduaion.
2 Mos. End. Sept. 30.
.
.
.
Total
28.346
10,007
56.387
23,276
Egypt
Peru
China
Mexico
British India
All other
18,312
3,502
1,353
54
4,635
490
2,334
1,314
104
5.067
1,100
88
34.764
8,285
2,850
54
9.840
504
11,398
2,183
292
5,420
3,915
89
.
Activity in Cotton Spinning Industry for September
.
The Department of Commerce announced on Oct. 20
that, according to preliminary figures compiled by the Bureau of the Census, 36,562,232 cotton spinning spindles were
in place in the United States on Sept. 30 , of which 32,343,454 were operated at some time during the month, compared with 32,239,246 for August, 32,324,426 for July,
32,756,862 for June, 32,905,256 for May, 32,886,984 for
April and 32,146,746 for September . The aggregate
number of active spindle hours reported for the month was
8,761,346,598. During September the normal time of operation was 25 days (allowance being made for the observance
of Labor Day in some localities), compared with 27 for
August, 25 1-6 for July, 26 for June, 25X for May and
25 2-3 for April. Based on an activity of 8.78 hours per
day, the average number of spindles operated during September was 39,132,371, or at 107.0% capacity on a single shift
basis. This percentage compared with 103.5 for August,
99.1 for July, 109.3 for June, 108.9 for May, 105.6 for April
and 98.5 for September . The average number of active
spindle hours per spindle in place for the month was 240.
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:
4s41if
.
al i
Spinning Spindles
r
Active Spindle Hours for Sept.
In place
Sept. 30.
Active during
September.
Total,
Ass'. pee spindle
in rags.
United States
36.562,232
32,343.454
8.761,346.598
240
Cotton growing States_
New England States
All other States
18,228.592
16.680,864
1,652.776
17,725.348
13,159.678
1,458.428
5.796.140,201
2,645,704,965
319,501.432
318
159
193
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All other States
1,541,022
1,167,016
2,983,832
1,118,316
10,363,298
175.492
1,419,866
378,660
870,800
6.205.924
2,467,560
5,408.722
588,292
270,496
713,398
889.538
1,496,336
1,057,358
2,906,120
930,436
7.933,634
153.432
1,096.788
363,008
728,306
6,037,612
2,024,558
5,327,066
569.654
242,204
687,934
789.008
446,198.850
217,087.457
911,293.099
168,591,060
1.574.983.571
52.875,908
232.524,759
62,502.164
173.084,486
2.013,676.242
437,524,175
1.883.933.513
168,956,580
79.474.736
160,180,809
186.453.189
290
186
305
142
152
301
164
165
199
324
177
348
287
294
225
212
Exports of Domestic Cotton and Linters
-Running Bales (See note for Mien).
September.
Country to Which
Exported.
2 Mos. End. Sept. 30.
.
.
.
.
Total
631,041
794.584
971,352
1,185.879
United Kingdom
France
Italy
Germany
Other Europe
Japan
All other
64,391
80,331
26,734
261,185
106,763
77,428
14.209
181,535
69.698
49,887
268.589
126,239
75.806
22,829
108,953
127,483
48,118
346,398
214.867
91.587
33,968
238,862
119,694
83,947
378.906
216,343
107.504
40,623
Note -Figures Include 10.754 bales of Buten) exported during Sept. in .927 - ncl
5,149 bales In , and 29,145 bales for the 2 months ending Sept. 30 in and
11,340 bales in . The distribution for Sept. follows: United Kingdom.
116; Netherlands, 291; France, 1,154; Germany, 7.804; Czechoslovakia. 162:
Italy, 225; Canada, 997; Mexico, 1; Swtizerland, 2: Panama, 2.
Crude Oil and Gasoline Prices Remain Practically
Unchanged.
Market prices for crude oil and gasolina remained undisturbed during the week just ended. In the Chioago wholesale market quotations on Oct. 21 stood as follows: United
States motor grade gasoline 6@6K kerosene 41-43 water
4c;
w..ite 06(0)4%c; fuel oil 24-26 gravity 85o.
Gross Crude Oil Stock Changes for the Month
of September.
Pipe line and tank farm gross domestio crude oil stooks
WORLD STATISTICS.
east Of the Rocky Mountains increased 5,235,000 barrels
The estimated world's production of commercial cotton exclusive of linters. grown
in . as compiled from various sources, is 27.900.000 bales of 478 pounds of lint, in the month of September, according to returns compiled
consumption of Cotton (exclusive of linters in the United States) for the
while the
by the American Petroleum Institute fr.= reports made
year ending July 31 was approximately 23,940,000 bales of 478 pounds of lint.
The total number of spinning cotton spindles, both active and idle, is about 164,000.- to it by representative companies. The net change shown
000.
by the reporting companies accounts for the increases and
decreases in general crude oil stocks, including crude oil in
Sales of Cotton in First Nine Months of Year.
That a large volume of cotton goods has been manufactured transit, but not producers' stocks at the wells.
and sold during the first three quarters of this year is indicated in a statistical report for this period just, compiled Changes in Stocks at Refineries East of California
for the Month of,September.
by the Association of Cotton Textile Merchants of New York,
The following is the American Petroleum Institute's
which says:
Sales of standard cotton cloth during the nine months ending Sept. 30. summary for the month of September of the increases and
amounted to 2,508,454.000 yards. This was 108.6% of production which decreases in stocks at refineries covering
approximately
was 2,308,715.000 yards. Shipments amounted to 2,354,029,000 yards,
87% the operating capacity east of California,
or led% Of production.
. &#;
_
Barrels of 42 GallonsDomestic crude oil
Foreign crude oil
Gasoline
Kerosene_
Glts and fuel oils
Lubricating oil
Miscellaneous
THE CHRONICLE
Increase,
1 445,000
Decrease.
75,000
2,257.000
523.000
,
1,697,000
30,000
1,076,000
"Total
Deduct
3.142.000
(VoL. 125.
drab market of oil country and line
Not since April , have there
been until now serious recessions from the'PIPe
schedules then established:
The price uncertainties in strip steel r ppehf
to have checked buying already curtailed by the relatively low current
demand from the automobile
trade. Concessions of as much as $.3 a ton, on
orders of no great size, are
reported from the 2.10c. price for wide hot-rolled
strip and 2.30c. for the
narrow strip.
3,961.000
3,142.000
The cuts in sheets developed In the last two
weeks.have not stimulated business. In the East further concessions
have been made to jobbers on
the black and galvanized products.
819.000
Sales in September of the independent sheet
makers, however, were 45%
ahead of July and 25% ahead of the average of
cr,pile Oil Output Reveals Another Large Decrease.
July and August. They exceeded both production and shipments for
September. by 17% fir'the
An estimated decrease of 32,450 barrels has occurred in one case and-12% In the other.
The
the daily crude oil output, according to advices received being heavy tonnage products are uniformly being well held, the exception
concessions of $2 on plates
from .the American Petroleum Institute, which estimates As a conspicuous consumer of on some large tank orders west of Chicago. .
bars, the farm machinery
makers, who
promise to take a heavy volume well into
that the daily average gross crude oil production in the
, have for the time being
displaced the automobile builders."
United States for the week ended Oct. 15 was 2,494,350
Rail orders Include 30.000 tons for the Union
barrels, as compared with 2,526,800 barrels for the preceding to the Pueblo mill and the rest to Chicago. ThePacific. 13.000 tons going
York Central's lines in Canada and the United 190.000 tons for the New
week. The daily average production east of Californiawas
States may be distributed
this week., The Illinois Steel Co.'s recent
bookings exceed 100.000 tons.
,150 barrels, as compared with 1,893,800 barrels, a
The Great Northern is planning to build 2.700
cars at Superior. Wis..decrease of 32,450 barrels.
he following are estimates of and the first boat load of 5,000 tons of steel for these has arrived at Duluth
daily average gross production by districts for the weeks from Buffalo.
Without the 56,000 tons awarded for the bridge
to be built across the
indicated:
Hudson River at New York, structural steel bookinga
of the week were
DAILY AVERAGE PRODUCTION.
22.000 tons, the lowest since August. New projects
Include 25.000 tons
(In Barrels)
Oct. 15 '27.
Oct. 8 '27.
Oct. 1 '27. Oct. 16 '28. far three office buildings and a hotel In Toronto
and 8.000 tons for a Chicago
Oklahoma
790.200
807,000
809.700
486,150 hospital.
Kansas
104,750
104,800
105,000
114,300
Panhandle Texas
Nine months sales this year. according to the Department
90.200
90.650
90.200
154.650
of Commerce.
North Texas
82,150
83.000
82,700
89.700 covered 2.048.000 tons of fabricatel steel, compared with 1.930.000
West Central Taiga
tons
62,400
64,050
65,350
55,250 for the same period of .
West Texas
205,950
211.150
208,050
43,900
Pig iron prices continue to decline. Eastern Pennsylvania
East Central Texas
28.700
29.900
30,050
foundry iron
55.900
Southwest Texas
27,350
27,550
28.900
43.650 is 50c. lower, and foundry and malleable grades at Chicago have dropped
North Louisiana
51,600
51,850
52.350
57.000 $1 a ton. Western New York fro Is again invading the Philadelphia
Arkansas
"
101,050
100,200
100,550
149,900 district, where a sale of 2,000 tons was
Coastal Texas
trade at a concession of nearly
120,250
125,250
125,550
154.500 $1.50 a ton from
Coastal Louisiana
recent quotations by euffalo furnaces.
15,200
14,300
15,250
12,250
Eastern
113.000
Prices on silvery pig iron have been reduced $1..50 to $2
112.000
110,500
109,000
a ton depending
Wyoming
50.000
49.050
54.900
65,250 on the grade, while Bessemer ferrosileon has gone down $2.
Montana
Continued
13,750
13,750
13,800
20.800 weakness in spiegeleisen has
Colorado
been reflected in another recession of $1 a
6,400
6.700
6,850
7,900
New Mexico
2.200
2.600
1,950
5,750 ton to $30. furnace, fir 20% rraterial.
California
629.200
633.000
Heavy melting scrap has decliaed 50c. a ton at Pittsburgh.
635.300
608,300
Detroit and
Birmingham and 25c. a ton at Chicago. The
Total
2,494.350
suspension of shipments
2,526,800
2,536.950
2,234,150 against contracts Is
complicating a situation in which consumption Is
The estimated daily average gross production of the Mid-Continent field,
receding faster than scrap output. A Cleveland
null has e.tended an emincluding Oklahoma. Kansas. Panhandle, North, West Central, West Texas,
bargo on deliveries of steel-making scrap to blast
furnace material
East Central and Southwest Texas, North Louisiana and Arkansas, for the Chicago,
At
where there is a heavy flow of scrap from the
railroads, ills becomweek ended Oct. 15, was 1.544.350 barrels, as compared with 1.570,150 ing increasingly
difficult to find outlets for material. Yard
operations have
barrels for the preceding week, a decrease of 25.800 barrels. The Mid- been entirely
suspended by two Buffalo dealers, and others
are running
Continent production, excluding Smackover. Arkansas heavy oil, was at only half of
capacity.
1,466.800 barrels as compared with 1,492,050 barrels, a decrease of 25,250
Reduced export freight rates from Pittsburgh to Atlantic
seaboard are
barrels.
promised, in the order of $4.10 a ton against a present
rate of 25.10.
The production figures of certain pools in the various districts for the
Both of the "Iron Age" composite prices make new lows
this week, that
current week compared with the previous week follow (figures in barrels for pig iron declining
from $18.09 to $7.84 a ton and that for finished
steel
of 42 gallons):
from. 2.331c. to 2.307c. a lb. Not since has pig
Iron been so low.
tyclahontaOct. 15. Oct. 8.
Southwest TexasOct. 15. Oct. 8. The usual conflux/Ito price tables staid as follows:
Nqrth Braman
2,600 2,650 Luling
15.050 15,200
Sontli Braman
Finished Steel,
2,400 2.400 Laredo District
8,800 8.950
Mg Iron.
Topkawa
Oct. 18 . 2.307c. per Lb.
18.050 18,800
North LouisianaOct. 18 . $17.84 per (iron Ton.
Garber
One week ago
10,400 10,800 IlaynetwIlle
2.331e. One week age
7,150
7.100
$18.09
One month ago
35,000 35,050 Urania
Burbank
2.. One month ago
9,300 9,750
18 00
Bristow Slick
One year &Ku
24,900 24,900
at rkansas2.451e One year ago
19.71
Cromwell
10-year pre-war average
11,600 11,800 Smackover, light
1 .110-year pre-war average
10,000 9,600
16.72
Based on steel bars, beams, tank plates,
Wewoka
Smackover, heavy
Based on average
77.550 78,100
Seminole ________
plain wire. open-hearth rails, black pipe Valley furnace and of bade Iron at &#;-&#;
68.950 70,150
Coastal Texas
foundry Irons at
130,950 136,700 West Columbia
Bowlegs- -c
9,000 10,000 and black sheets, constituting 88% of Chicago. Philadelphia; 'Buffalo.
Vella
Searight
29.7
30.600 Blue Ridge
and Birmingham 3,750 4,000 the United States output.
Little River
Pierce Junction
4
39
.
3.
7 550
7,950 8,350
Earisborb
__172.400 178,600 Hull
16,000 16,950 _2.453c. Jan. 4: 2.307o. Oct. 18 _319.71 Jan. 4: $17.84 Oct. 18
Panhahdle Texas,
SpindlatoP.
49,200 52,950 _2.453c. Jan, 5; 2.. May 18 ._ 21.54 Jan. 5; 19.40 July 18
Hutchlniou County...-. 66.300 69,100 Orange County
2.396e Aug. 18 ._ 22:50 Jan
4,400 4,400 _2.660c. Jan.
_2.789e. Jan. 15; 2.. Oct. 14 .. 22.88Feb. 13: 18.4/6 July 7
Carson coiinty. ,
__
8.400 8,500
Wyoming
6,
__2.. Apr. 24: 2.446c. Jan. -2 ... 30.86 Mar 20: 19.21 Nov. 8
14,100 11,550 Salt Creek
.32,600 31,300
20.77 Nov 20 &#;
Wheeler:,
1,350
1,500
MontanaWest central Tenn-An unusually good week in structure' steel has averted
Sunbugat
11,500 11.500
Drown County21,500 22,000
California
settling of finished steel demand to a still lower level.
Shackelford Counw ---_ 5.200 5,450 Santa Fe Springs
39,000 38.500 a
''
West Taps-- . &#;
Long Beach
91.500 92.500 asserts the "Iron Trede Review" of
Reagan tounty-_,----- 23,250 23,200 Huntington Beach
Cleveland this week.
.63,000 63,000
Feces County_
27,100 27,100 Torrance
20,500 20,500 The 61,800 tons placed with a Pittsburgh
fabricator for the .
Crane Jc Upten Co5nties:132,200 137.850 Dominguez
.
15,000 15,000
Wiakier
10,500 8,550 Roseerans
8,000 8.000 towers and floor of the Htidsoil River Bridge at New York
Fast Central Texas
,
Inglewood
33,000 33,00e sets'a new high record in
structure awards. Bridge-and
Corsicana Powell
14,000 14,700 Midway-Sunset
84,000 84.000
Nigger Creek
1,500
1.600 Ventura Avenue
56,200 57,500 structural work pending at Cleveland
totals 23,000 tons.
Seal Beach
62,000 88.000
Net decrease
Jr
I
Three bridges in the Mississippi Valley and .another
at
New York promise further tonnage, reports the "Iron'Trade
Variety of Steel Orders and Irregular Prices Indicate a Review" of Oct. 20 from which
we quote further as follows
',Turn in the Market-Prices Decline.
New business in other finished steel lines, in the
aggregate, has been
lighter the past week and operations In some branches
:Two develepnients of the week are taken to indicate that are nearer 50 than 60%. A sign
of the industry
that will grow more
a'turn in the steel market is imminent, declares the Oct. 20 quarter wears on is the passing of some recent rail hopeful as the last
orders to the Chicago
mills
"Iron Age" in its weekly resume of events in the iron and nage for rolling, with a consequent slight gain in ingot production. Tonusers
steel trade. One is a rather pronounced movement of mis- automotive of steel generally remain aloof from the market, and in the
industry the tendency is downward.
cellaneous ordering of all products, and the other is a heavy
Prices, especially of the lighter steel products, have
become more sensitive to slack demand and the market Is becoming
leaning toward weakness in prices, with a virtual confusion
increasingly difficult
to ascertain. To corral attrative business
producers frequently offer
in this respect in strip steel and pipe, the result more of sharp concessions, then return to the stated
levels. Irreprlaritles In sheets,
cbmpetition among makers than of the pressure from buyers. strip, pipe and wire products are more marked. Many
buyers are pressing
There are instances of specifications and new buying so for further reductions.
Pig iron
are becoming resigned to a
dragging market until
volume ahead of the corre- first quarter buying develops. Large
far this month being 10% in
melters in most districts
sponding period of September and in the case of companies small lots frequently instead of covering ahead. The recentare placing
reduction
of $1 Per ton at Chicago has
limited way. Discounting ex- selling measure. Carryoverproved more of a defensive than an aggressive
serving railroads only in a
iron from the third
quarter is retarding
pansion in automobile production in November or December, sales at Cleveland. Automotive foundries at Detroit are
inciting less
has been
it remains that a railroad car buying movement, not yet in iron. Silvery iron furnace reduced $1.50 to $2 per ton.
Distress beehive
coke has been sold at $2.75
the past week, with
evidence, is depended on to start an active revival,observes lots up to 25 cars at $2.85. Beehive
foundry coke Is weak and not in
demandto
a
otrd$3ers.75
the "Age," adding:
Meanwhile, operations remain substantially unchanged for the industry
ass whole, in the face of some advancing of ingot output in Chicago following releases on recent rail contracts. Several weeks of the giving of suppleMental and preferential discounts now give signs of some stabilization in
pipe prices, without the issuing of a new card, which tvould be retroactive
for 60 days. Buyers of standard merchant pipe have gained an average
of $2 a ton, while variable and greater concessions have ruled in the recently
taken by Pittsburgh makers from
Sheet
users other than car
builders and automotive interests have shown a
slight increase the past
week. Railroads have bought some galvanized
sheets for repair work.
Furniture sheets have followed autobody down to
4.15c. Pittsburgh.
Chicago mills have Cut black and galvanized $2 per
ton and blue annealed
$1, with backlogs not to e(coed a week. September
sales of Independent
sheetmakers totaled 258,427 tom a good gain over
the 177,647 tons of '
OCT. .]
THE
criRoragr,g
August. but production declined from 266.645 tons in August to 220.619
tons In September. Last September orders reached 448.147 tons and
output 307.459 tons.
Makers of both hot and cold rolled strip claim to be back upon established
tevels, following excursions as low as 2.00c. Pittsburgh, on the former
and 2.95c. on the latter.
While soft steel bars have surrendered their market leadership at Chicago
they have regained it at Pittsburgh. where cold bar finishers are the best
-ton pipe line at Newark. N. .7.
buyers. Leading plate demand is a 3.000
The spurt In tankage demand at Chicago has flattened out. with 2.000
to 2.500 tons placed in the past week and as much still on inquiry.
Half of the 30.000 tons of rails placed by the Union Pacific RR. will
be rolled by Chicago mills. The Grand Trunk is inquiring for 10.000
tons. Western mills have begun roiling their share of the recent Chesapeake
& Ohio order. New England roads are expected in the market shortly
with their requirements. Railroad spikes are off 81 to 2.75c..
Pittsburgh.
A Cincinnati district steelmaker has placed with a foreign maker about
100 tons of ferromanganese for prompt shipment at $88, or $2 under what
bas been considered the market. Spiegeleisen also is weaker, now being
quotable at $31 to $32.
' Ford Motor Co. has released sheets to three makers and forgings to two.
The "Iron Trade Review" composite of 14 leading iron and steel products
is unchanged this week at $35.55.
World's Production of Copper for Month of
Shows Increase Over Last Year.
September
. According to figures compiled by the American Bureau
of Metal Statistics, the total world's production of copper
for the month &#; of September amounted to approximately 136,300 short tons, as compared with total output
in August last of about 138,000 short tons and in September
of about 128,200 short tons.
Copper output for the first nine months of this year by
principal countries of the world, which furnished about 98%
of the world's total, amounted to 1,222,132 short tons, as
compared with 1,173,270 short tons in the corresponding
period of , anlincrease of 48,862 short tons. The daily
raterof production, for these countries for the month of
September was 4,433 short tons, as compared with
4,400 short tons-the same month last year and 4,174 short
tons in September . The B areau's figures are as follows:
the recent uneven price situation has been accentuated by an easing following the labor settlement in the Southwest while the I. W. W.uprising In
Colorado has slowed up the filling of a growing volume of orders.
Bituminous production during the week ended Oct. 15 registered a further
Increase, according to the estimate of the National Coal Association. The
figure was 10,575,000 net tons. Estimates of the U. S. Bureau of Mines
for the week ended Oct. 8 placed the total for that per:cd at 10.280,000 net
tons. Cumulative production to Oct. 15 approximated 415,889,000 tons,'
as compared with 434.689.000 tons for the corresponding period in . '
Lake dumpings during the week ended at 7 a. m. Oct. 17 were 926.821
tons of cargo and 42.794 tons of vessel fuel. This brow ht the total dumplogs for the season to date to 29,069,358 tons, as compared with 24.281.110
tons a year ago. During the week ended last Saturday 28 cargoes of bitunii;
nous coal were discharged at the Head of the Lakes. Shipments from the
thcks are being dispatched promptly, so that there is not much misgiving
of congestion developing.
The anthracite trade shows scarcely any change in wholesale demand foe'
domestic sizes in New York, but there are renewed signs of life in Philadelphia market. The mines were able to operate on heavier schedule last
week and accumulations are being reduced. Stove is most active at Nest
York, with chestnut in the lead in the Quaker City. Egg and pea are
easy. Steam sizes are moving well.
&#;
There has been a further recession In the moyement of both furnace and
reflection of fuel conditions genl
heating coke in the Connellsville market, a
erally as well as of the iron and steel trade. Spot quotations are $2.65.
S1.75 for heating coke, $2.85@$3 for furnace and 14@i4.75 for -foundiY.
,
L mited contracting for fourth quarter blast rurnace4roke is at $3.15.
The anthracite industry has settled down to a -stage of
temperature expectancy. The thermometer has become
the barometer of the market remarks the "Coal and Coal
Trade Journal" on Oct. 20. One-half to three-quartei
time is the prevailing condition at most of the operations,
the "Journal" goes on to say, adding:
Prices are remarkably well maintained considering the vacillation in
demand. It has been a market of extremes so far this season, a rush period
followed by one of exceeding dullness. However: these extremes are disappearing and demand becoming more regular and normal as the season
advances and the out-of-doors. or Nature's thermostat, is set at a figure
that requires heat in homes, to be comfortable. There is some talk of a
less demand and consequently lower production compared with normal
years, but this seems unwarranted. A late report indicates that forty
to fifty per cent of the usual demand for domestic sizes has not been supplied.
The bituminous market has been like the intermittent puffs of wind that
precede the culmination of a great storm. Each puff or effort to create a
better or profitable market during the past few months failed through overproduction in the East. The climax of months of expectancy and hope for
a profitable market came with the settlement of the big or western end of
a'MONTIILY'COPPER PRODUCTION.
The settlement in Illinois, quickly followed by
(By principareountries of the world, which furnished about 98% of world's total.) the six months' strike.
others in Indiana, Iowa and the Southwest, left a market wake of disaster
m
at ."
ias
trade at large has not yet recovered. Railroads and large
from which the
Daily Rate.
Monthty.Production.
industries stopped buying after the settlement. The whole market became
1Weli
t I
, . .
.
.
P &#;-.
.
like a slack-wire artist having exceeding difficulty in keeping and regaining
.
his balance. The adjustment is not yet accomplished
143,331 4.204 4,178 4.624
129,518
130,310
January
it would be foolish to say that the operators of Illinois and the West as a
132,870 4,392 4.516 4,745
136,455
122,975
February
whole, or even a majority, are happy over resuming work even temporarily
136.347 4,366 4.346 4.398
134,727
135,359
March
135.729 4,130 4,565 4,524
124,510
APrIl
136.938
under the Jacksonville scale. It is felt that the settlement was forced as a
139,114 4,072 4,402 4,488
May
126,236
136.468
matter of temporary expediency, by large consuming interests whose
134.243 4,189 4,137 4.475
June
124,100
1,25.685
holdings in Illinois mines are so large, rather than with any regard for the
132.186 4,030 4,016 4,377
July
124,483
124,926
135,015 3.955 4,147 4,315
permanent welfare of the operators, miners, the tradeat large or evenAugust
122,618
128,568
133.291 4,174 4,400 4,433
September
125,206
132,013
themselves. Simply a case of taking care of the present and letting Hut
4,459 4.406
October
138,234
136.600
&#;
future care for itself.
4,434 4,944
November
133.007
148,321
The trade is watching with interest for the,report ofthe Illinois committee
4.252 4,590
December
131,809
142,300
of Nov. 1. With.the disaffection existing
on loading-machine scale as
1,540,875 1,600,491 1,222,132 4,222 4,385 4,477
'Total I
there if no agreement should be reached, and ,with the peak of demand of
115,7.12
Monthly average_ ._
133.374
128,406
the West supplied In the meantime, it would not be surprising If there
'States, Mexico, Canada, Chile and was more trouble in Illinois.. Also with the concentration of activity by
a Table&#;includes production by the United
Peru. Japan, Australia, Europe (partly estimated) and 'Aelttian Congo.
the miners' officials in the East, it is felt that the strike is anything but set..
tled. Since the stampede In Illinois followed by similar conditions in InIncreaseeTonnage'and Mild Weather Retard Bitum- diana and Iowa, it has been the effort of the miners' officials to settle by
districts, but without so much promise of success as in Illinois. There
inoUs Coal Trade-Anthracite Market Dull.
&#;
,
may yet be a see-saw for several months,and it Is felt that it nisi take all or
The weakening tendency that appeared in spots following more than the total prodm-tion to
, .&#;18nd of an average winter:
08 ,
the settlement of the six months suspension of union operations in Illinois, Indiana and the Southwest has become fairly
general in; the bituminous coal markets throughout the
territory east of the Mississippi, observes the Oct. 20 "Coal
Age News" in its general,reView of conditions affeciin
Coal markets. The,.largely increased potential. supply of
tonnagellia,s had a softening effect on prices, with the edge
of consumer interest considerably dulled. Large consumers
of steam coal, having reserves well in excess of current requirements, are disposed to await developments, meantime
picking up occasional lots of distress tonnage. The prevaence of mild temperature has had a deterrent effect on deinand for domestic grades, continues the "News" which
we further ,quote as follows:
Further Increase Reported in Production of
Bituminous Coal-Anthracite Output Falls.
Bituminous coal production showed another gain during
the week of Oct. 8, reaching the level of 10,280,000 net tons,
or 221,060 tons more than in the preceding week, according
to v_e United States Bureau of Mines. In the same week
the production of anthracite declined 48,000 net tons.
Beehive coks production during the week of Oct.8 amounted
to 103,000 net tons, a gain of 7,900 net tons over that
during the week of Oct. 12. The statement&#;of the Bureau
of Mines follows:
BITUMINOUS COAL.
&#;
The total production of soft coal during the week ended Oct.8 is estimated
net tons, an increase of 221.000 tons, or 2.2%, over the
at 10,280.000
Price declines were especially marked In the Midwest. with a pronounced revised estimate for the preceding week.
drop in quotations on Indiana coals in the Chicago market, notably on
Estimated United States Production of Bituminous Coal (Net Tons), Thel. Coal Coked.
screenings. Western Kentucky offerings also are weaker in the Middle
----------.
West as well as in Louisville. The same holds true of eastern Kentucky
Cal.Yr.to Date.
West.
Cal. Yr.to Dots.
Week.
391,12.3,0u°
11,717.000
384,971,000
9,871,000
Sept. 24
coals in the latter market.
1,755,000
1,953,000
1,706.000
1,645,000
the last week. "Coal Daily average
Average spot le mis showed a further decline during
408,131,000
12,008,000
395,034,000
10,059,000
News" index of spot bituminous prices yesterday was 158 and the Oct. Lb
Age
1,762,000
2,001,000
1,705,000
1,677,000
Daily average_
corresponding weighted average price was $1.91. Compared with the Oct.8 c
420,414,000
12,363,000
405,314,000
10.280.000
1,769,000
2,061,000
1.705,000
1.713.000
figures for Oct. 12 this was a decline of 3 points and 4c. or a recession of 13 Daily average._
a Minus one day's production first week in January to equalise number of days in
points and 16c. since Sept. 28.
years. b Revised since last report. c Suble.:1 to revision.
situation in the Cincinnati market presented a somewhat striking the two
The
The total quantity of soft coal produced during the calends" year
contrast to the spiritless tone prevailing in most other trading centres, a
(approximately 238 working days) amounts to 415.314.000 net
drop in temeerature and a decrease in visible supply of tonnage having a to Oct. 8
for corresponding periods in other recent ytas are given
moderately stabilizing effect. high-volatile coals profited most by this tons. Figures
steadying influence, smokeless continuing to hold its own,except for screen- below:
357.316.000 net tons
420,484,000 net tonal
ings, which are weak. Production in the Pittsburgh district is absorbed
439,799,,n0 net tons
376,896,000 net tons
only with difficulty, and prices, already out of line with production costs,
293,638, -A tkns
are relatively unchanged. Atlantic seaboard markets show only featureless
As already indicated by the figur-A above, the total production of soft
routine activity.
for the country as a whole dur ng the week ended Oct. 1 amounted to
Activity is maintained in good style at the Head of the Lakes and a re- coal
10.059,000 net tons as compared with 9.871.000 tons in the preceding week.
newed interest is being shown in anthracite. West of the Missouri River
THE CHRONICLE
Thefollowing table apportions the tonnage by States and gives comparable
figures for other recent years:
Estimated Weekly Production of Soft Coal by Stales (Net Tons).
Total Production for Week Ended
-September
Oct. 1
Sept. 24
Oct. 2
Oct. 3
Average
.
.
.
.a
.b
Alabama
383.000
379,000
453.000
417.000 405,000
Ark., Kan.. Mo. & Okla_ 238,000
222.000
260.000
229.000
264.000
Colorado
280.000
271.000
256,000
218.000
214,000
Illinois
229,000
209,000 1,496,000 1,327.000 1,584.000
Indiana
327,000
319,000
475,000
389,000
549,000
Iowa
21,000
17,000
100.000
89.000
117,000
Kentucky&#;Eastern
1,145,000 1,058,000
940,000
966.000
712.000
Western
506.000
512,000
364,000
246.000
248,000
Maryland
66.000
67,000
71,000
59.000
40,000
Michigan
19,000
19.000
15,000
18,000
27.000
Montana
72.000
77,000
75,000
71,000
68.000
New Mexico
64.000
62,000
66,000
52.000 &#; 56,000
North Dakota
37.000
28,000
29,000
32,000
27,000
Ohio
166,000
159,000
612.000
599,000
860.000
Pennsylvania
2.510.000 2,458.000 3,056.000 2,832 000 3,580,000
Tennessee
97.000
98.000
113,000
121,000
119.000
Texas
23,000
23,000
29,000
23,000
26.000
Utah
105,000
102,000
103,000
121.000
103.000
Virginia
276,000
265.000
267,000
261,000
244,000
Washington
49.000
42,000
62,000
50,000
58,000
West Virginia&#;Southern c 2.305,000 2,347,000 2,170,000 1,860.000 1,510,000
Northern d
964.000
969.000
814,000
804,000 818,000
Wyoming
175,000
165,000
179,000
159.000
165,000
Others
2,000
3,000
3.000
4,000
4.000
10,05 000 9.871,190 12.004,000 10.947.000 11.798.000
Total
,
a Revised. b Weekly rate maintained during the entire month. c Includes
operath,ns on tha&#; N. as W
& 0.,
& M., o
& U.and Charleston
division of the B. & 0. d Rest of State, Including Panhandle.
ANTHRACITE.
The total production of anthracite during the week ended Oct. 8 is
estimated at 1.593,000 net tons. Compared with the output in the preced-
[Vor.,. 125.
log week,this shows a decrease of 48.000 tons, or 2.9%. The daily average,
however, was the same as that for the month of September-266,000 tons.
Estimated United Stales Production of Anthracite (Net Tons).
Week Ended&#;
Week.
Cat. Yr. to Date.
Week, Cal.Yr.to Date.a
Sept. 24
1,519,000
53,863.000
2,059,000
59,938,000
Oct. 1
1,641.000
60.504.000
2,052,000
61.990,000
Oct. 8_ b
1,593,000
62,097,000
2.069,000
64,059,000
a Minus one day's production first week in January to equalize number of daye
in the two years. b Subject to revision.
BEEHIVE COKE.
The output of beehive coke during the week of Oct. 8 amounted to
108.000 net tons, a gain of 7,000 net tons over the production during the
preceding week.
Estimated Production of Beehive Coke (Net Tons).
-Week Ended
Oct. 8
Oct. 1
Oct. 9
to
to
.11 .c .
Date.
Date.a
Pennsylvania & Ohio
75,000 69.000 172,000 4,575,000 7.493.000
West Virginia
17.000 15.000 15,000
628,000
593,000
Ala., Ky., Tenn.& Oa
5.000
5,000
7,000
202.000
502,000
Virginia
5.000
5,000
6,000
261,000
278,000
Colorado & New Mexico
4,000
4,000
5,000
157,000
201,000
Washington & Utah
2,000
3.000
3,000
132.000
133.000
United States total
108,000 101,000 208.000 5,955,000 9,200,000
Daily average
18,000 17.000 35,000
25,000
38,000
a Minus one day's production first week in January to equalize number of days
In the two years. b Subject to revision. c Revised since last report.
The weekly estimate of bituminous coal production,
compiled by the National Coal Association,shows an increase
in tonnage for the week ended Oct. 15. The output for that
week, calculated from preliminary shipping totals, was
10,575,000 net tons.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on Oct. 19, made public by the Federal Reserve Board,and which deals with the results for the twelve
Feieral Reserve banks combined, shows declines for the
week of $14,400,000 in bill and security holdings and of $17,003,000 in Federal Reserve note circulation, and increases of
$8,100,000 in cash reserves and of $59,400,000 in member
bank reserve deposits. Decreases of $12,700,000 in holdings of discounted bills and of $9,700,000 in Government
securities were partly offset by an increase of $8,100,000 in
holdings of acceptances purchased in the open market.
After noting these facts, the Federal.Reserve Board proceeds
as follows.
The Federal Reserve Bank of New York reports a decline for the week
of $22.900.000 in holdings of discounted bills. San Francisco a decline of
$17.500.000. Cleveland 511.300.000. Boston $6,300,000 and Minneapolis
$4.500.000. The other Reserve banks report larger holdings of discounted
bills, the principal increases being $16.100,000 at the Chicago bank. $9,500.000 at St. Louis. 59.200.000 at Kansas City and $ at Richmond.
Total holdings of acceptances purchased in open market increased 58.100.
000 and of Treasury certificates $2,400.000, while holdings of Treasury
notes declined $8,400.000 and of United States bonds $3.700.000.
The principal cbanges In Federal Reserve note circulation for the week
Comprise declines of 56.700,000 reported by the Cleveland bank,$5,300,000
by Philadelphia and 33.200.000 by San Francisco.
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 and .
A summary of changes in the principal assets and liabiliites
of the Reserve banks during the week and the year ending
Oct. 19 is as follows:
Total reserve.;
Gold reserves
Total bills and securities
Bills discounted. total
Secured by U.8. Govt. obligations
Other bills discounted
Increases (+) or Decreases (&#;)
During
Week.
Year.
+38,100.000 +,200.000
+4.000.000
+149,600,000
&#;14.400,000
&#;12.700,000
+32,100.000
&#;44,700,000
+12,200.000
+169.000,000
&#;65.200,000
&#;103,800.000
Bills bought in open market
+8.100,000
&#;10,300,000
U. S. Govt. securities, total
Bonds
Treasury notes
Certificates of indebtedness
&#;9,700,000
&#;3.700,000
&#;8.400,000
+2,400.000
+193,400,000
+201,800,000
&#;11,400.000
+3.100,000
Federal Reserve notes in circulation
&#;17.000.000
&#;13,000.000
Total deposits
Members reserve deposits
Government deposits
+24,100,000
+59.400,000
&#;4,000.000
171.500,000
+170.200.000
&#;10,600,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts&#;Brokers' Loans.
Beginning with the returns for June 29 last the Federal
Rese:ve Board also began to give out the figures of the
member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics
covering the entire body of reporting member banks&#;now
660&#;cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Mcsnday. The
New York statement, of course, also includes the brokers'
loans of the reporting banks, which this week reached another
high peak, the grand aggregate of these loans for Oct. 19
be.ng $3,434,107,000, against $3,394,290,000 for Oct. 12 and
$3,395,2.34,000 on Oct.5, this latter having been the previous
record figure.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN
CENTRAL
RESERVE CITIES.
New York,52 Banks.
Oct. 19 . 041.12 , Oct. .
8
Loans and investments&#;total
6 785.020,000 6,759.267,000 6,151,031,009
Loans and discounts&#;total
4 990,142.000 4,985,408,000
4.450.983,000
Secured by U.S. Government oblig'ns. 38,302,000
42,408,000
41,779.090
Secured by stocks and bonds
2 270,302,000 2,257,329,000 1,901,252.000
All other loans and discounts
2,681,538,000 2.685.671,000 2,507,952,000
Investments&#;total
1,774.878,000 1,773.859,000 1,700,048.000
U.S. Government securities
887.496,000
Other bonds, stocks and securities_ _ _ 887,382,000
Reserve balances with Ir. R. banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. H. Bank&#;total_
883,736.000 '869.182.000
890,123,000 830.866.000
751,463,000
56,861,000
694,140,000 664,958.000
59.853,000
62,914,000
5,285.922.000 5,203.021,000 4,979,163,000
1 011,317,000 1,018.620,000
92,339,000 123,521.000 827.376,000
43,248,000
106,501,000 118.372,000 112,449.000
1 224.125.000 1.168.034,000
1,070,447,000
46,651.000
70.732.000
44,807,000
Secured by U. S. Govt. obligations...
All other
25.160.000
21,501.000
20.100.000
50.632,000
24.750,000
20,057,000
Loans to brokers and dealers (secured by
stocks and bonds):
For own account
1 095.947,000 1.093,153.000
For account of out-of-town banks__ _1.350.201.000 1. 33.596,000 818.623.000
3
For account of others
987.959,000 967.541.000 1.109.454.000
727.041,000
Total
,107,000 3.394,290,000 2,655.118m0
On demand
On time
2,651.025.000 2.604.998.000 1.940,459.000
783.082.900 789,292,000 714,659,000
Chicago. 45 Banks.
Loans and investments--tota
,
1 876.722,000 1,870,296,0('D
1.775.471.000
Loans and discounts&#;total
1.474,562,000 1,469,318,000 1,405,102.000
Secured by U. S. Govt. obligations
14,991,000 14,631,000
12,939,000
Secured by stocks and bonds
790,951,000 776.767,000
All other loans and discounts
668,620,000 677,920,000 677,383,000
714,780,000
Investments&#;total
402,160.000 400.978,000 370,369.000
U. S. Government securities
178,835.000 177.721,000 164.978,000
Other bonds, stocks and securities
223,325,000 223,257.000 205,391,000
Reserve balances with F. R. Bank
192,182.000 185,714.000 167,045 000
Cash in vault
18.068.000
18,498.000
20,789.000
Net demand deposits
1 278,139,000 1.279.535.000
Time deposits
571.38.5.000 /63,195,000 1,215.990,000
518,319,000
Government deposits
16,194,000
21,672,000
10,677.000
Due from banks
154,405,000 146.082.000 153.376.000
Due to banks
371,357,000 381,244,000 349.836.000
Borrowings from F. R. Bank&#;total.&#; 12.859.000
4,226.000
12.213.000
Secured by U. S. Govt. obligations
All other
-
11,244.010
1,815.000
2,689,000
1.637.000
6.775.000
5,438,000
THE CHRONICLE
OCT.22 .1
BELGIUM.
Although the usual autumn revival of business has been slow in developing in Belgium, all indications point to an increase in activity within a
short time. With the exception of the metallurgical industries and coal
As explained above, the statements for the New York and mining, which are dull, commercial and industrial circles report a great
Chicago member banks are now given out on Thursdays, volume of business inquiries and good prospects for the early future. Doand is seeking investment opportunimestic and foreign
simultaneously with the figures for the Reserve banks them- ties. The financial capital is plentiful extremely optimistic. As tax returns
tone in general is
and covering the same week, instead of being held are exceeding all expectations, it is likely that the budget may show a stirselves,
a
until the following Monday, before which time the statistics plus of 250,000,000 francs, and plans are being made for on reduction of
the Bourse,
year. The general optimism is reflected
taxes
covering the entire body of reporting member banks, now certain tradingnext high prices has been active all month. The final stages
at
where
got ready.
660, cannot be
of the new commercial treaty with France are now being discussed at Paris.
of
In the following will be found the comments of the Federal Foreign trade during Augtbt showed a further improvement. Exports of
metallurgical, textile and animal products during the first eight months
Reserve Board respecting the returns of the entire body af this year are much larger than those during the similar period of last year.
reporting member banks of the Federal Reserve System for Combinations of competing exporters are being urged by the Government,
but little progress along this line has been made as yet. It is reported,
the week ending with the close of business Oct. 11-12:
or more manufacturThe Federal Reserve Board's condition statement of660 reporting member however, that an export organization including twenty
with British India.
banks in leading cities as of Oct. 12 shows an increase of $11.000,000 in ers in various branches has been formed for trade direct
bus
Investments and of $19.000,000 in time deposits, and declines of 353,000,000 Railway car loadings and freight receipts are high, although motor
in the coal minin loans and discounts, $9,000,000 in net demand deposits and 333,000.000 competition is cutting into passenger traffic. Conditions
overproduction.
ing industry are becoming critical, with heavy stocks and
In borrowbigs from the Federal Reserve banks.
Loans on stocks and bonds, including United States Government obliga- The situation in the cement industry is satisfactory. It is reported that
lower than a week ago, the principal changes being the Belgian and German cement producers have agreed to share the Nethertions, were $93,000,000
$15,- lands market on a basis of 40 and 60%, rerpectively. Conditions in the
a decline of $97,000,000 in the New York district and an increase of
000,000 in the Chicago district. "All other" loans and discounts increased metallurgical industry continue bad, but an improvement is expected. The
the New York demand for plate glass, leather, textile products, automobiles and paper is
$40,000,000 during the week, increases of $17,000,000 in
district, $8,000,000 each in the Boston, Atlanta and San Francisco districts good and conditions in those industries are satisfactory. Crops are genby a de- erally lower than last year, exception being the sugar beet crop, which is
and of $5,000,000 in the Philadelphia district being offset in part
cline of $9,000,000 in the Chicago district.
noninal, and hops and tobacco, the yields of which are greater than those of
Holdings of United States securities and of other bonds,stocks and securi- last year.
during the week,
BRAZIL.
ties increased $7,000.000 and $4,000,000, respectively,
only slight changes being reported for any of the districts.
Business continues comewhat inactive in Brazil, but the tone is better.
Net demand deposits were 59,000,000 below the total reported on Oct. 5. Exchange has been steady and the coffee market firm. Foreign trade fir
the principal changes including reductions of $64,000,000 and $18.000,000 ores available show that exports for the first six months of this year
In the New York and Boston districts, respectively, and increases of $23,- amounted to 1,181,1)32 convict ($188.142,808), as compared with 1,426,795
000,090 in the Chicago district, $,000 in the Cleveland district and contos ($205,458,483), and imports amounted to 1,635,656 eontos ($194,$19,$10,000,000 in the San Francisco district. Time deposits increased
643,064), as compared with 1,332,808 cantos ($191,924,352) fcr the corre000,000 at reporting banks in the New York district and at all reporting sponding period of . Values for are converted at $141 per canto.
banks.
while for a conversion value of $119 has been used. The foregoing
Borrowings from the Federal Reserve banks were $33,000.000 less than
district being statistics indicate a change from a favorable merchandise balance of 93,987
on Oct. 5, the larger reduction of $51,000,000 in the New York
cantos ($13,534,128), to an unfavorable balance of 54,634 cantos ($6,500,partly offset by increases of $11,000,000 and $13,000,000 in the Cleveland
256). The $17,315,672 decline in exports is traceable to a 30% drop in
and San Francisco districts, respectively.
although actual quantities shipped were somewhat greater,
A summary of the principal assets and liabilities of 660 reporting member eonee prices,
amounted to 6,463,616 bags in , against 6,995,000 bags during
banks, together with changes during the week and the year ending Oct. 12 having
the first semester of . Imports each month have been consistently
, follows:
Oct. 11-12
Incr.(+) or Dec.(&#;) During greater during the first six months of the year than in . However,
Year.
Week.
.
an effort is being made to restrict purchases from abroad, and the Finance
$
$
revising the tariff, that
21,105,786,000 &#;42,035,000 +1,103,126.000 Committee of the Senate is at present engaged in
Loans and Investments, total
end being one of the major objectives in view. Hence, for the second semes-1-632,326,000 ter of the year, a favorable trade balance is anticipated, particularly in view
15,039,259,000 &#;52,933,000
Loans and discounts, total
greater towards the end
&#;11,152.000 of the fact that coffee exports are normally much
+3,079.000
Secured by U. S. Govt. obligations 125,896,000
will prove any
6,072,353,000 &#;95,543,000 +530,746,000 of the year. However, there is no indication that
Secured by stocks and bonds
8,841,010,000 +39,531,000 +112,732,000 more favorable than the preceding year, which was one of considerable ecoAll other loans and discounts
Complete Return of the Member Banks of the Federal
Reserve System for the Preceding Week.
6,066,527,000
+10,898,000
+470,800,000
2,609,019,000
U. S. Govt. securities
Other bonds, stocks and securities_ 3,457,508,000
+7,398,000
+3,500,000
+128,784.000
+342,016,000
Investments, total
nomic strain.
CANADA.
Total imports in September were valued at $91,803,000, an increase of
7% over September of last year. Imports for the first half of the fiscal
+62.413,000 year ended Sept. SO were valued at $551,478,000, an increase of 8% over
Reserve balances with F. It. banks._ 1,704,678,000 &#;.000
&#;44,510,000 the same period in . By commodity groups, animals and animal prod+4,306.000
268.215,000
Cash In vault
and vegetable products, other than foods,
&#;8,748,000 +263,625,000 ucts increased 20%; agricultural
13,409,572,000
Net demand &wattle
products,
6.374,855,000 +18,717,000 +633.147,000 16%; non-ferrous metals and their products, 14%; iron and its
Time deposits
+945,000 +100,415,000 13%; agricultural and vegetable products, mainly foods, 13%. All other
337,232,000
Government deposits
textile products, which
groups showed increases except fibres, textiles and
&#;2,839,000
1.282,300,000
Due from banks
decreased 2%. September exports amounted to $97,412,000, an increase of
3,443,807,000 &#;143,500.000
Due to banks
5.6'; over September . Total experts for the six months ended Sept.
&#;216,641,000 30 amounted to ,823,000, a slight decrease from the previous correBorrowings from F. It. banks, total_ 286,452,000 &#;33,455,000
total. Compared with , agricultural and vegetable products,
Secured by U.S. Govt. oblIgens._ 146,935,000 &#;43.023,000 &#;112,634,000 sponding
mainly food, decreased 10%; non-ferrous metals and their products, in+9,568,000 &#;104,007,00
139,517.000
All other
creased 6%; agricultural and vegetable products, other than foods, in.
erased 4%; animal and animal products, decreased 2%; fibres, textiles
Summary of Conditions in World's Market According and textile products, increased 2%; and wood products and paper, increased
frorn last week. Cotton comto Cablegrams and Other Reports to the Depart- 2%. General trade is practically unchanged and the leather trade is active.
panies and boot and shoe producers are busy,
ment of Commerce.
Cooler weather has stimulated the sale of heating appliances and other fall
The Department of Commerce at Washington releases for lines of hardware. Inclement weather has delayed harvesting operations in
the Prairie Provinces. The Manitoba and Saskatchewan wheat crop is
publication to-day (Oct. 22) the following summary of Con- officially indicated as below the ten-year average in quality but above the
by cable and other means average in quantity ; Alberta expects a record crop in both quality and
ditions abroad, based on advices
quantity. Total production in of electrical apparatus and supplies was
of communication:
valued at $69,767,000. This is an increase of 16% over and is the
ARGENTINA.
highest total on record. Production in the wire and wire goods industry
Business in general is quiet except for the automobile trade, which has in Canada during amounted to $17,247,000, an increase of 6% over
thown marked improvement, owing to the beginning of the summer season. the previous year. Car loadings for the week ended Oct. 1 were 82,431 (a
The weather is normal and the growing wheat and linseed crops are con. week ago 74,856 cars, a year ago 77,331 cars). The cumulative total to
oldered safe, even if it does not rain again until their harvest. Argentine date, 4.419,926 cars ( to date 2,312,518 cars). Grain shipments were
Government ge;)eral revenues for September amoanted to 61,000,900 paper responsible for the increase. The total traffic through the Welland Canal
pesos, an increase of 3,400,000 paper pesos over those of the corresponding from the opening of navigation to Sept. 30 was 5,209,000 tons, which is
month of the previous year. The Argentine navy has placed a contract in larger than for any entire season prior to the record one of . August
Italy for three submarines. According to an Argentina Government esti- returns from the sea fisheries are 18% in quantity and 22% in value under
mate on.Oct. 11, there were available for export 878,000 metric tor, of returns for the corresponding month of last year.
wheat and 156,000 metric tons of linseed.
CHINA.
AUSTRALIA.
Plans are under way for a new 24,000,000 silver dollar loan for current
sales held at Sydney on Oct. 11 enjoyed good clearances and firm quarterly expenses of the Nanking Government. Under the plan, the loan is
Wool
prima. The result of recent elections in New South Wales is improving to be secured on the 2%% import surtax collections, beginning January
business confidencs in that State, according to reports. The Commonwealth , after completion of payment on the 30,000,000 silver dollar loan of
budget surplus for -27 is stated to be £2,635,597 and the Federal last summer. The interest on the new loan, of 8.4%, is to be secured on
Treasurer forecasts a 10% reduction in land and individual income taxes the current luxury surtax of 21%. The Nationalists have legalized opium
2
/
for the coming fiscal year. Budget estimates for -28 place revenues traffic for a period of three years, effective in Kiangsu Province on Oct. 10,
£62,731,000, against estimated expenditures of £62,677,139.
at
and to be effective in other provinces at a later date. Revenue from 15,000,000 to 20,000,000 silver dollars is anticipated from this source. InAUSTRIA.
creasing labor disturbances are evidenced in the strike and demands by
The Austrian budget for (fiscal year is the calendar year) estimates
employees of two foreign cigarette factories in Shanghai, which have been
total revenues at 1,031,000,000 shillings and expenditures at 1,595,000,000 closed since Oct. 1.
shillings. There will be, in addition, an expenditure of 191,000,000 shillings
FRANCE.
of capital investment for railway electrification, improvements to road conAt a meeting of the Cabinet held Oct. 14, the date on which Parliament
and agricultural development. These capital investments are to
struction
has now will reconvene was fixed as Nov. 3. Debits and credits of the Paris Clearbe covered from the proceeds of the proposed foreign loan which
House during September totaled 41,186,000,000 francs. The average
been approved by the Finance Control Committee; the approval of the ing
clear, covering 25 business days, was 824,000,000 francs, the
reparations committee and the various relief creditor States is still, how. daily draft to
lowest since September . Total tax returns under the general budget
every, pending.
THE CHRONICLE
during the first nine months of this year were
29,293,000,000 francs, of
which 28,492,000,000 francs were from normal
and permanent sources. In
addition there were receipts of 4,551,000,000
francs which went to the
Autonomous Office for the amortization of the
public debt. Receipts from
all sources during the first nine months of
this year were greately superior
to those for the corresponding period of last year.
A drop in the returns
from indirect taxes and monopolies during Septembe
r is interpreted as reflecting a slackening in economic activity.
GERMANY.
September production and sales of coal were at
the August level despite
the sharp inland competition of British fuel;
this indicates that the expected diminution in the volume of industrial demand
has failed to materialize. Pig iron production was slightly under that
of August, and it is
expected that the September production of steel and rolling
mill products
will at least equal August, as a large volume
of orders is still on hand.
The Reichsbank's discount loan portfolio and note
circulation, at the end
of September, were at the highest level of the post-war
period. The action
of the Reichsbank, on Oct. 4, in raising its discount rate
from 6 to 7%
was intended primarily to relieve the growing strain on that
institution's
credit facilities. The sharp break in stock quotations, following
the announcement of the higher rate, reveals a fear on the part of
speculators of
renewed interference in the Stock Exchange activity by the
Reichshank.
The Government is giving careful consideration to the problem of
confining
foreign borrowing to essential productive undertakings.
[Vol.. 125.
SPAIN.
Statistics recently published by the Council of
National Economy indicate
that in the first quarter of imports amounted
to 543,660,000 pesetas,
as compared with 624,479,000 pesetas during the
similar period for ,
and exports were 527,044,000 pesetas, as compared
with 473,481,000 pesetas
during the first quarter of . The unfavorab
le balance was accordingly
reduced from 150,998,000 pesetas during January-M
arels to 16,616,000
pesetas during the corresponding period this year.
SWEDEN.
Many of the important industries of Sweden
are confronted with the
problem of drawing up new wage agreements,
to replace those which are
now expiring. There are 210,000 workers
involved, about 80% of the
members of the Swedish Labor Union. The
most important industries
affected are the iron and metal, lumber and
clothing. At a meeting held
In Stockholm recently by the principal manufactu
rers of high-grade paper
in Sweden, Norway, Finland, Austria, Holland and
Belgium, unanimity was
reached with regard to the desirability of eliminati
ng the heretofore existing injurious competition between those countries
and a resolution was
adopted in favor of raising the export prices on
this grade of paper. While
no definite decisions were made at the conferenc
e, it may be inferred, however, that a certain amount of co-operation
between the manufacturers of
high-grade paper in seven European countries
was established thereby and
that, as a result of this co-operation, an
improvement Is the prices of highgrade paper may soon be expected.
GREECE.
UNITED KINGDOM.
Business conditions in general continue steady, with
greater activity
The recent flotations of Brazilian and South
noted in the automotive trade. Present local estimates
African loans in the British
indicate that the market were well received. The
London offering of the former was
tobacco crop will be slightly below last year, when
it was put at about £7,000,000 and this was subscribe
d five times over before the closing of
54,000,000 kilograms. The cost of living continues
to mount, reaching a the subscription list fifteen minutes
after opening. The South African
new high for the year.
£5,000,000 loan also was heavily over-subscribed
. Board of Trade returns
INDIA.
of British foreign commerce during September show
imports at £101,427,The Poojah holidays have passed without incident.
All markets are 000, an increase of £11,327,000 over August and the highest
quiet, with money easier. Soane (river) railway workshop
import valuas are experienc- tion since March. Exports of United Kingdom goods
in September aggreing labor unrest because of retrenchments.
gated £60,488,000, an increase of £1,078,000 over
the preceding month
and the largest monthly figure since May. Exports
ITALY.
have increased progressively since June. Re-exports in September
amounted to £8,054,000,
September imports amounted to 1,140,000,000 lire, and exports
to 1,168,- being £738,000 less than in August, and
continuing the progressive de000,000. The existence of even a small favorable balance
is considered very crease from the May figure of £12,351,000.
unusual. Budget appropriations have been officially reduced
The Olympia motor show
by 821,000,000 opened on Oct. 13 with a mord first day
Aire because of the appreciation of currency.
attendance. Closed cars predominate; four-wheel brakes and cellulose finish
are general. Many new
six-cylinder British models are being shown, but the
JAPAN.
small bore and highspeed motor features are retained. The general design
Japan's foreign trade for the first ten days of October
shows a tendency to
showed an export eater to foreign condition
s in order to attract export business. Steel bodies
excess of 19,000,000 yen. This is an improvement over
the export excess predominate. There
is, however, an increase in the number of models
of 13,300,000 yen for the same period last year. Bank
readjustment is showing fabric bodies, particular
ly in the lower-priced cars. Price levels
progressing satisfactorily, and when completed, it is expected
financial con- are generally lower than
they were a year ago. The excellent display of
ditions will be measurably improved. The Bank of Japan has
reduced loan American ears is attracting
much attention. The coal trade is not
rates on commercial bills to 5.47%. It is probable that additiona
exl munici- panding as anticipated and general
slackness continues. On Oct. 8 the
pal loans will be floated in the domestic market. Electrical
unequipment employment registers contained the
names of 1,076,000 persons, an increase
business is active.
of about 25,000 over the previous weekly report and
about 1,000 more than
MEXICO.
the total reported for Sept. 5. The recent increase is
probably
The general commercial situation which became snore depressed
than to increased unemployment among coal miners. A new British due largely
usual during the recent revolt has again returned to normal. However, single-engined
record for a
train was established on Oct. 13, when the
business remains at a low level, particularly in the disturbed areas,
Royal Scot Exsuch as press running between London and Carlisle, completed a
the States of Vera Cruz, Chiapas and Jalisco. Communications
non-stop journey
which were of 800 miles in 5 hours and 86 minutes.
also interrupted in a number of instances have again been resumed.
NETHERLANDS.
The spirit of confidence that haa been growing slowly in
the Netherlands
Is reflected in the autumn improvement in general business.
Industrial and
trading conditions are good for the most part, although complaint
s are still
heard against narrow margins of profit and difficulties encounter
ed in export trade. The establishment of a bargaining tariff is advocated
in some
quarters, but is meeting with strong opposition in ohter circles.
Further
improvement in Government finance is reflected in the
budget and tax
reductions are probable. The money market
has continued firm under the
influence of heavy autumn requirements. A Government
issue of Treasury
bills and promissory notes totaling 50,000,000 florins
was heavily oversubscribed. The gradual recovery of various
branches of industry is reflected in the activity on the Stock Exchange
, which centred mainly in
domestic industrials. The capital issue market
also continues active, with
foreign borrowing extremely heavy. Commodity markets
have in general
been firm. Stocks of lumber are out of all proportio
n to the demand.
Leather sales are very active and the shoe industry
is working at full
capacity. The textile factories are also busy, but operations in
the engineering and shipbuilding plants are only relatively satisfactory.
Sales of
automotive products, iron and steel, hardware and general specialtie
s are
maintaining good levels.
PERU.
The Pan-American Sanitary Conference, which convened on Oct. 12, is
attracting considerable public interest. Leading automobile tire and tube
companies have reduced local prices 10%, the changing having gone into
effect on Oct. 8. Business conditions are normal and the general atmosphere is optimistic. Exchange on Oct. 14 stood at $3.86 to the Peruvian
pound, there having been no change since Sept. 9.
PHILIPPINE ISLANDS.
The Philippine copra market continues weak. Arrivals at Manila
are
plentiful and stock sufficient, although two oil mills are
operating only
Intermittently. The provincial equivalent of resecado (dried
copra) delivered at manila is now 12.25 pesos per picul of 139 pounds; at Hondugua
,
121 pesos, and Cebu, 12.50 pesos. Abaca trade is slightly easier
/
4
as a
result of continued heavy production. Selected grades are now quoted
at
36.50 pesos per picul for grade ; I, 32.50; JUS, 25.50; JUK, 20.25,
and
L, 18.75.
PORTO RICO.
Trade and economic conditions in Porto Rico remained stable during the
first half of October. About 15,000 tons of sugar remain to be shipped.
Recent tobacco sales have been limited to small orders, but it is reported
that more important sales are in prospect. With the movement of 126,000
boxes of grapefruit in the past two weeks several large growers have now
completed their shipments, and it is estimated that after next week's shipments have taken place 75% of the grapefruit then remaining will be of a
quality only suitable for canning. Orange exports increased from 19,000
boxes in the week ending Oct. 8 to 28,000 boxes in the past week. The
coffee crop now being harvested is estimated to be 40 to 50% less than
normal, but is of excellent quality. The average Porto Rican coffee crop
Is approximately 30,000,000 pounds. A few sales of coffee futures have
been made in Europe. For the best grade the first sales brought $0.32 per
pound, while more recent sales were made at $0.35 per pound.
American Prosperity Chief Topic Among
Europeans,
Says Col. Leonard P. Ayres Returning from
Abroad,
&#;Views on Market Here.
Officers of the Chatham Phoenix National Bank
and Trust
Co. held an informal reception on Oct. 17 for
Colonel Leonard
P. Ayres, Vice-President of the Clevaland
Trust Co., who,
upon landing at noon from the "Leviathan,"
was escorted
to the Main Offices of the Chatham Phoenix at
way. Colonel Ayres was returning to Americ 149 Broada
weeks in Europe in connection with the decenni after seven
al convention
of the American Legion. During his stay abroad
he visited
seven countries and participated in recepti
ons accorded the
ranking American delegates by the
five nations. "The question mostgovernrnental heads of
frequen
Europeans," said Colonel Ayres, "related tly asked by
b the causes of
American prosperity." He added:
The fortunate economic situation of our country
seems to me to rest upon
the fact that for the first time in history, a
has both an excess of working capital and an nation&#;the United States&#;
natural resources. I do not believe we could accumulation of unexploited
sustain the claim that
American "management" is markedly superior to
that found in Europe,
nor
even that our superior mechanical equipment
would account for a
substantial difference in national conditions. We have,
however, learned in
America the vital importance of "turn-over" in
all its ramifications, to
degree little appreciated overseas and in a
a
period of hand-to-mouth
chasing, such as now prevails, this is of primary
pursignificance.
With his return from abroad Col. Ayres
was reported as
stating that he had been out of touch
situation and consequently was not in a with the financial
a stock market trend. The "Wall Streetposition to forecast
News" from which
we quote, went on to say:
He did say, however, that he was surprised
that stock prices continued
at their high level.
"When I went away. I was bullish but
scared," said Colonel Ayres.
am about the same way now. It has
"I
surprised me that a
reaction of substantial volume has not taken place and
that the price trend still
upward."
seems
Discussing the stock market situation
further, Colonel Ayres said
there was a development in the situation,
that
that is rather
hanks are seeing a rush of investme
nt funds seeking new new, in that most
fields for Investment
He continued that this flow of additional funds
was of huge proportio
continuing at a steady rate of increase.
n and Is
Regarding the general business situation
Colonel Ayres said, he expects
the present rate of business activity to
continue for the balance
and that new high records
of the year
will be established in
the Christmas holiday
trade.
Colonel Ayres said that he had noticed
a very broad
improvement in
industrial and agricultural conditions in every
country in Europe he visited.
He said that the improvement was wide
-spread and was clearly
Indicated by
the big sales of department and other stores.
OCT.22 .1
THE CHRONICLE
stabilize the currency at some easily maintainable level.
D. W. Morrow Leaves for Mexico.
The Bulletin adds:
Dwight W. Morrow, American Ambassador to Mexico,
The economic effects of the rapid appreciation of the lira which began in
left New York on Oct. 19 for Mexico City, according to an August of last year have been far-reaching and constitute the most important feature of the present situation in Italy. Wide-spread sentiment existed
announcement by the State Department at Washington.
raising of the lira to its pre-war or gold figure
Plan for Conversion of 6% Bonds of Underground
Electric Railway of London.
Speyer & Co. are advised that the. readjustment plan,
whereby holders of 6% Income Bonds of the Underground
Electric Railways Co. of London, Ltd., are to be given the
option to convert their bonds into fully paid .E1 ordinary
shares of the company, was ratified at a meeting of the shareholders of the company held on Oct. 6. This plan provides
that the bonds may be converted at any time prior to July
1 at the rate of one fully paid ,E1 ordinary share for
every £1.1.0 face amount of bonds. Income bonds may be
deposited in New York either at the office of Speyer & Co.or
the New York Trust Co. for the exercise of the conversion
privilege.
in in favor of the gradual
and drastic measures were instituted by the Government to bring about a
steady increase. Included in these measures were the payment by the
Government on account to the Bank of Italy of 2.500.000,000 lire and the
assumption of an obligation to pay annually 500.000.000 lire until the entire
debt had been paid off. Legal limit of 7,000,000,000 lire on the circulation
of the Bank of Italy for account of trade was imposed and the bank given
orders to restrict credit to the legitimate needs of business, in connection
not only with discounts but also with the advances against short-term
treasury bills&#;a form of accommodation which had been freely extended
in the past.
The above measures were immediately effective in raising the value of the
lira but the credit stringency entailed and the high interest rates which resulted brought about considerable hardship to Italian business. Furthermore
the upward movement of the exchange reduced industrial activity, especially
curtailing exports. Unemployment which had been negligible again began
to assume importance.
Because of the increasing depression in business the Government decided
that the rise of the lira must be stopped&#;at least temporarily. The
Minister of Finance announced in the spring of this year that no further
attempt to enhance the exchange rate would be made before October.
The slowness of economic adjustment, however, which followed this announcement convinced the Government that even this postponement would
be insufficient for complete readjustment to the appreciation which had
already occurred. It therefore announced later that consideration of the
question of further revalorization would be postponed indefinitely.
Purchase by Speyer & Co. of Bonds of Berlin Elevated
and Underground Railways for Cancellation.
Speyer & Co., as Fiscal Agents, have purchased for cancellation through the Sinking Fund, $99,000 Bonds of the
Premier Mussolini Abolishes Holidays in Italy as
Berlin Electric Elevated and Underground Railways Co.
Measure of Economy&#;Speeches Also Barred.
Thirty-Year First Mortgage 63,% loan. This represents
In announcing that a decree has been issued in Italy
the second Sinking Fund instalment.
abolishing holidays, Associated Press advices from Rome on
Oct. 18 stated:
Bank of France Raises Collateral Advances.
Determined not to follow in the steps of imperial Rome with its many
the fact that advances on securities which the holidays, Premier Mussolini has proposed that speechmaking and public
Reference to
celebrations be abolished and the Council of Ministers has enacted his
Bank of France is authorized to accept as collateral have proposal into
a decree. The decree announces that the
is made so
been increased from 50 to 80% was made in these columns that the functioning of the Government and the work ofmovepeople shall
the
Oct. 15, page . The office of the American Trade not be interrupted.
Not only will holidays be abolished but the Fascist State will celebrate
Commissioner at Paris reports as follows to the Department
two important events in its history on the Sundays that fall nearest, so that
of Commerce at Washington regarding the action:
the wheels of industry may continue to turn for six days a week.
The General Council of the Bank of France has raised from 50 to 80%
The Fascist march on Rome, which occurred Oct. 28 . will be ob-
of the market value the amount of the advances which it makes on securities served on Sunday. Oct. 30. The celebration of the signing of the armistice
deposited as collateral, with the exception of the shares of the railway com- between Italy and Austria, Nov. 4 , will be held on Sunday. Nov. 6.
panies, the proportion for which Is maintained at 50%.
When the armistice celebration closes, the holidays of the Italian people
The Bank of France is authorized to make advances on a certain number are ended until a new order is issued. The order of the Council of Ministers
of securities, notably French State securities, shares and bonds of the large read:
French railway lines, city of Paris bonds, Credit Fonder bonds, and on
"After Nov.6 and until a new order any ceremony, manifestation, celea
bonds of French cities, departments, colonies and protectorate countries.
bration, inauguration, anniversaries, great or small, centenaries, as well a
speeches of any kind, are prohibited because the Government and municipal
This increase from 50 to 80% of the market value for advances on these
make
authorities
we
various securities is significant, according to the French financial press. economies, must attend to their public duties: also because the must
population
especially of time, and must avoid overfeeding
which states that no better attitude could be adopted by the Bank of France with holidays.
even if legal stabilizaiton of the franc was an accomplished fact
November 1 Designated as "National Rice Day" in
Italy.
From Rome, Oct. 19, Associated Press advices were reCurrency.
ported as follows:
Nov. will be known hereafter throughout Italy as "national rice
Under the above head the New York "Times" of Oct. 18 Premier 1Mussolini said to-day. The Duce made the announcement day::
while
stated:
discussing plans for using rice as a daily food for Italians, with visiting
Belgian National Bank Purchases Gold Here&#;$3,000,000
Deal to Provide Additional Protection for Stabilized
The National Bank of Belgium has purchased $3,000,000 of gold in New tradesmen, to whom he explained it as part of his plan for doing away with
York, it was learned yesterday. While no announcement concerning the necessity of importing so much wheat. He believes that rice may be
the purchase was made at the Federal Reserve Bank, it is understood raised on large tracts of land now available.
that the gold was obtained as an added protection for Belgium under
the workings of the stabilization plan which went into effect a year ago.
Louis Franck, Governor of the Bank of Belgium. sailed for home on Three Nations Owe Canada $35,848,056&#;Greece, RuSaturday after visiting the United States. When here he conferred not
mania and Belgium Remain Debtors to Dominion.
only with officials of the Federal Reserve Bank, but also with other leading
According to the "United States Daily" of Oct. 17, the
financiers.
When Belgium stabilized her currency on a gold basis in October, , present status of foreign debts owing to Canada, including
the Government obtained a $100,000,000 international loan, of which
and Belgian Debts,is given in a report
$50,000,000 was provided in this country, and in addition the Federal the Greek, Rumanian
Reserve Banks, in association with other central banks, entered into an just received by the Department of Commerce from the
arrangement to purchase prime commercial bills on request from the Bank acting commercial attache at Ottawa, Oliver B. North.
of Belgium up to a total of $10,000.000 The stabilization loan provided
that the national bank maintain a minimum reserve in gold and foreign The three nations named owe a total of $35,848,056. The
exchange of 40% of its note circulation and other demand liabilities. Of full text of the report follows:,
the prescribed amount, 30% must be in gold. The reserve now is much
The amount of the Greek debt outstanding at present is $7,300,000.
higher than the required amount.
This debt was originally $8,000,000, but it has been funded on a serial basis.
the last payment to be made on Dec. 31 . The initial payment was
$80.000, and the amounts due Increase on an average of $5,000 every six
Gold to Argentina&#;Shipments by Drefus & Co. and months. The final installment will be at the rate of $275,000.
l'he original Rumanian debt amounted to about $20,500.000. It has
Seaboard National Bank.
been funded and with interest added, aggregates $23,969,720. The 4%
The New York "Sun" of last night (Oct. 21) stated:
bonds due April 1 are an obligation on the general credit of the country
More gold was shipped to Argentina to-day by two banking concerns, the and are additionally secured on the national revenues from export taxes.
amount consigned being S3,000.000. Of this, which was the result of ex- No part of the principal has been redeemed.
change dealings, the Seaborad National Bank provided $2,000,000. and
The amount owed Canada by Belgium totals E930,480. or $4,528,336, for
L. Dreyfus & Co. $1,000.000.
the sale of horses and equipment made at the end of the war. This debt
brings the total metal moved to Argentina on exchange dealings to Is not funded but is secured by Treasury notes and is due March 12 ; it
This
about $9,000.000. In addition the proceeds of a large Argentine loan were bears interest at the rate of 5%.
taken to Buenos Aires partly in the form of gold.
Italy and France have paid off their loans.
The Federal Reserve Bank's weekly statement on gold movements
showed exports of $1,000,000, all of which went to Argentina, and imports
Application for Loan by Esthonia Forecast&#;Credit
of only $98,000.
Italian Business Affected by Higher Lira.
Efforts of the Italian Government to revalorize the lira
upwaal have been temporarily abandoned, according to a
trade bulletin issued Oct. 11 by the Commerce Department's
Division of Regional Information. For the present, the
bulletin states, the Government will bend its energies to
Desired to Finance Adoption of Metric System
by Industries.
Application for a loan by Esthonia is forecast in a statement issued by the Department of Commerce, Oct. 15,
telling of the preparations made by this Baltic country to
adopt the metric system. The "United States Daily," in
announcing this, gave the text of the statement as follov,s:
ig
THE CHRONICLE
With the passage of a law providing for the introduction of the metr.c
system in Esthonia, and the issuance by the Esthonlan Government of a
regulation whereby the system will be introduced on Jan. , the Cham
ber of Commerce is reported to have the intention of requesting a credit of
20 to 25 million marks be granted for the purpose of financing the country's
industries in making the necessary changes for the metric units, according
to a report from Consul C. B. Follmer, Tallinn.
Bourse to List Foreign Stocks and Bonds.
The Stockholm Stock and Bond Exchange has requested
the Bank Inspection Service to permit the listing of foreign
stocks and bonds, reported commercial attache T.0. Klath,
Stockholm, to the Department of Commerce. This is
learned from a Washington dispatch, Oct. 17, to the New
York "Journal of Commerce," which adds:
Stockholm
The Bank Inspection Service has stated that as the holdings of foreign
stocks and bonds within a country increase, it is quite essential that fluctuations in their value be followed equally as closely as those of domestic securities. However, the introduction of many foreign stocks and bonds on the
Stockholm Exchange would give rise to many complications and consequently it would seem advisable that only a limited number be listed,
especially of foreign bonds. Only those that have been given as security
on the foreign loans that have been floated in this country, either fully or
in part, by domestic financial institutions, should be listed at this time, it
was stated.
Offering In U. S. of $47,000,000 Stabilization Loan of
Republic of Poland&#;Issue Oversubscribed&#;Books
Closed&#;Offerings Abroad.
The offering was announced on Oct. 18 of $47,000,000
Republic of Poland Stabilization Loan, 7% External
Sinking Fund Gold Bonds (American issue) by a nationwide syndicate headed by the Bankers Trust Co., Blair &
Co., Inc., the Chase Securities Corp. and the Guaranty Co.
of New York.
The agreement which was concluded last week for this
loan was noted in our issue of Oct. 15, page . In
addition to the offering in this country simultaneous offering
of the English and European portions of the loan wa:s made
as follows:
[VoL. 125.
The Minister of Finance of the Republic of Poland in
advices to the syndicate gives as follows the details of the
stabilization plan.
Stabilization Plan.
The plan provides for the following measures of a monetary, budgetary
administrative character:
and
Monetary Policy.&#;The Zloty has been given a gold value of 30. per
Zloty pursuant to the decree of Oct. 13 . corresponding to the exchange
rates which have prevailed without substantial variation for over a year.
All currency notes heretofore issued by the Republic will be retired, the
notes of the Bank of Poland becoming the only paper currency. These
bank notes will be payable in gold or gold exchange drafts, on the basis
of the new gold value. To ensure the ability of the bank to maintain such
payments:
Notes will be issued only in accordnace with new reserve requirements
providing for a minimum reserve, in gold or gold exchange, against both
note and deposit liabilities, of 40%: at least 30% being in actual gold.
Substantially the entire foreign exchange resulting from the present loan
will be put at the disposal of the Bank of Poland with the result that its
reserve ratio will then become one of the highest of any Bank of issue in
the world.
The capital of the bank will be increased so that its combined capital and
surplus will amount to over 200,000,000 Zloty.
In addition the Bank of Poland will have at its disposal the credits in its
favor from the Central Banks of Issue (noted elsewhere).
Budgetary Policy.&#;The budgetary equilibrium already attained will be
established on a firm basis. A total of 300 million Zloty of additional revenue
Is to be provided for the -28 budget, and a substantial surplus for the
year -29. A strict control of all departmental expenses will be exercised
by the Minister of Finance through a system of monthly budgets. The
entire floating debt of the Treasury will be redeemed and a working fund
for the Treasury of 75,000,000 Zloty will be created to enable the Government to meet any possible seasonal insufficiencies in its receipts. The
Government renounces long term borrowings for budgetary purposes.
American Adviser.&#;An American citizen will be elected a member of the
Board of the Bank of Poland for a period of three years. Ile will assist and
advise the Bank and the Government as to the carrying out of the various
measures provided for in the plan, and will be supplied with such information as he considers necessary to enable him to discharge his duties as
prescribed in the plan. The Adviser will prepare a quarterly report addressed to the Bank of Poland and promptly published by it, thus keeping
public opinion in Poland and abroad informed of the progress of the various
aspects of the plan.
Proceeds of the Loan.&#;The Zloty equivalent of the proceeds of the loan
will be credited to the Government by the Bank of Poland, the credit being
available only for the purposes of the plan, and only with the authorization
or counter-signature of the American Adviser. About 75% of the proceeds
of the loan will, directly or indirectly, be applied to stabilization purposes,
thus securing a better basis for the present currency without increasing the
amount of currency in circulation; the remaining 25% being available, in
further aid of stabilization, to provide credit facilities to State enterprises
and agricultural institutions, in accordance with a program to be worked
out between the Government, the Bank of Poland and the American
Adviser. These credits will be independently administered on behalf of
the Government by the Bank of Poland.
£2,000.000 principal amount in England by Lazard Brothers & Co.,
Ltd.
$6,000,000 principal amount in Switzerland by Societe de Banque Suisse
and Credit Suisse.
$4,000,000 principal amount in Holland by Lippman, Rosenthal & Co..
De Twentsche Bank and Hope & Co.
31,000,000 principal amount in Ieland by Bank Handlowy w Warszawie.
12.000,000 principal amount in Sweden by Stockholms Enskilda Bank
and Skandinaviska IC.reditaktiebolaget.
The same alvices state:
$2,000,000 principal amount in France by Banque de Paris & des Pays
Budgetary equilibrium has already been attained, with a substantial
Bas.
excess of receipts over disbursements. During the fiscal year ended March
The Bankers Trust Co. announced in behalf 3f the syndi- 31 there was a budget surplus of about $17,500,000 (about ZI. 156,000.cate with which it was identified that subscription books had 000). The first five months of the current fiscal year shown budget surplus
of about $14,500,000 (about El. 130,000,000).
been closed the day of the offering, the issue having been
The debt of Poland both external and internal is small, the external debt,
oversubscribed. The bonds ware offered in this country at including this loan, amounting to the equivalent of about $15 per capita
equivalent of less than $2 per capita.
to
92 and accrued interest to yield aver 7.86% to maturity. and the internalthisthe aggregates the equivalent of about The external
loan,
debt, including
$138,700.000.
In indicating the purpose of the loan the offering cimular whereof the principal item is advances from the American, French, British.
Italian and other treasuries during the war and armistice periods aggregatstates:
The Stabilization Loan is designed to consolidate and perpetuate a ing the equivalent of about $253,500,000; liability under the Treaty of
condition of monetary stability and budgetary equilibrium which the Polish Saint Germain for a portion of the former Austro-Hungarian debt amounts
Government has already achieved by its own efforts. The Plan of Stabil- to the equivalent of about 336,600,000.
The non-political external debt of Poland consists of the equivalent of
ization represents a comprehensive monetary, budgetary and administrative
program for ensuring a stable gold currency which will constitute a solid about ,600.000. including this stabilization loan.
In addition to the foregoing items there are a number of items of debit
foundation for the development of the Nation's resources and facilitate
post-war treaties, which items are still in suspense
relations with external markets by enhancing the credit of Poland already and credit arising under
and in the main unliquidated. but it is calculated that, on net balance, the
established at home and abroad.
debt of Poland will not thereby be increased materially, if at all.
The bonds will be dated Oct. 15 , and will mature
The Polish Government has concluded favorable arrangements with qe
Oct. 15 . They will be redeemable in whole or in part American, British, Italian, Dutch, Norwegian, Swedish, Danish and Swiss
governments for the refunding of their respective treaty advances and
at the option of the Republic only (except for sinking fund) payments under such agreements are being regularly
made.
on Oct. 15 or any interest date thereafter, on tkirty
Security of the Loan.
days published notice at 103. Regarding the sinking
The bonds constitute the direct obligations of the Republic which pledges
fund provisions it is announced:
its full faith and credit for due and prompt payment of principal, premium,
The Republic agrees to retire the entire Loan in semi-annual installments interest and sinking fund. As specific security the Government will assign
commencing at the annual rate of 4% for each of the first years and in- its gross customs revenues which will be paid into a special account of the
creasing such annual rate 3.6 of 1% for each succeeding four year period to a fiscal agents of the loan with the Bank of Poland. The Government is
maximum rate of 6% per annum. Such retirement is to be effected by entitled to draw thereon, in each month, only after a sum equal to 1-6 of
the tender of Bonds or by cash sinking fund payments applicable to the the current semi-annual service charge including sinking fund has first been
purchase of Bonds at or below the redemption price and accrued interest or, transferred to the fiscal agents.
If not so obtainable, to the redemption on Apr. 15 and semi-annually
The customs revenues for the past three fiscal years ending March 31
thereafter upon thirty days' notice of Bonds called by lot at 103%. Benda have averaged in excess ef the equivalent of 310,000,000 per annum.
payable at maturity at 103%&#;
are
being over 5 times maximum annual service requirements of the loan. Durmonths of the fiscal year - customs receipts
ing the first
Coupons bonds will be registerable as to principal only in amounted to five equivalent of about $14,500.000,
the
being over 170% of
denominations of $1,000, $500 and $100 and the bonds will budget estimated.
letter have been converted into dollars at zloty 8.91 to the
Figures in this
be interchangeable except into $100 denominations. Prin.
dollar except for figures relating to periods prior to the de facto
and int.(Oct. 15 and Apr. 15) will be payable.t the principal which have been calculated at the average rate of exchange stabilization
of the zloty
office of Bankers Trust Co. or The Chase National Bank of prevailing each month. Conversions of other currencies are made at approxiNew York, Fiscal Agents foz the Loan, in United mately current rates.
the City of
States gold coin of the present standard of weight and fineness
without deduction for any taxes or imposts now or hereafter
levied by or within the Republic of Poland; also payable at
the opt!on of the holder in London in Pounds Sterling at
the rate of $4. per Pound Sterling; in Zurich or Basle,
in Swiss Francs at the rate of 5.183 Swiss Francs per doliar;
or in Amsterdam, in Dutch Florins at the rate of 2.488
Flo:ins per dollat; or in Stockholm, in Swedish Kronor
at the rate 'f 3.731 Kronor per dollat.
Credits to the Bank of Poland which have been arranged
by the Central and Federal Reserve Banks are referred to
in another item in this issue. It is expected that temporary
bonds or interim receipts of the Chase National Bank of
the City of New York exchangeable for temporary or definitive bonds, will be available for delivery about Nov. 9.
Associated with the Bankers Trust Co.,in the offering were
Blair & Co., Inc.,Chase Securities Corp. and the Guaranty
Co. of New York, W. A. Harriman & Co., Marshall Field.
OCT.22 .]
THE CHRONICLE
Glore, Ward & Co., E. H. Rollins & Sons, Tucker,
& Co. and Paine, Webber & Co.
Anthony
on demand in gold or gold
the Bank of Poland are made legally payable
present right to issue
exchange drafts. The Government renounces its
program of stabilization for
currency notes and has made provisions in the
notes now outstanding.
ent
the retirement of the 280,000,000 zloty Governm
call for a minimum reNew reserve requirements of the Bank of Poland
n and deposits combined of 40% in gold or gold
serve against circulatio
gold. Substantially the entire
exchange, of which three-fourths must be in
ve loan to Poland will be put
foreign exchange resulting from the prospecti
that its reserve ratio will then
at the disposal of the bank, with the result
become one of the largest of any bank of issue.
an
Polish Loan Oversubscribed in Poland and in Europe
Centres.
Warsaw (Poland) Associated Press advices Oct. 19 said
Poland's $1,000,000 share Of the recently floated loan to
the
Poland for stabilization of the currency has been overA further statement by the Legation bearing on
here. Advices from London,Stockholm, Amster- Government's program of stabilization was issued on Oct. 17:
subscribed
adoption of the program
The Polish Government announces to-day the
dam and Paris also report over-subscription of the shares
basis of the loan of $72,000,000 to
of stabilization, which constitutes the
allotted to those cities. The London portion of the Polish be offered in the United States and Europe. This program was formulated
international experts who have
loan (X2,000,000) was offered it is stated at 92.
by the Government in collaboration with
and economic
Poland's financial
devoted more than a year to the study of
situation.
and the Bank of Poland disEarly in the Government of Poland
States to consult with their
patched a financial mission to the United
of the program conferences
bankers. After formulating the main principles
of consultation and
on in Paris and Warsaw with the benefit
were carried
who had collaborated in other
discussion with a number of financial experts
e in their cperation.
stabilization plans and had practical experienc
stabilization of the currency.
The program in brief provides for the legal
ent of an American financial
a return to the gold standard, the appointm
Bank of Poland and an interas adviser to the Government and the
expert
national loan of $72,000,000.
loan over $8,000,000 will be
Of the proceeds of the 372,000,000 Polish
of Poland, 315,000,000 to replace
used to increase the capital of the Bank
on with Bank of Poland notes
one-half the outstanding Treasury circulati
g Treasury circulation into silver
Oesterrelchische National Bank, Austria, Reichsbank, Germany. Hungary.
and $10,000,000 to convert the remainin
the Treasury's floating debt
Banque Nationale de Belgique. Belgium. Magyar Nemzeti Bank,
coin. About 33,000,000 will be used to retire
The balance of the proceeds
Narodni Danka Ceskoslovenska, Czecho- Dance d Italia, Italy. Nethleriands.
and about 38,000.000 as a Treasury reserve.
Nederiandsche Bank,
s ovak a.
the country.
Sveriges Itiksbank, Sweden.
will be used in the economic development of
Natlonalbanken, Den.ark.
d.
s of the program provide
Banque Nationale Suisse. Switzerlan
Bank of England, England.
The budgetary and administrative provision
Federal Reserve Banks, United States.
surpluses, a system of monthly
Finland, Bank, Finland.
for a balanced budget with substantial
Banque de France. France.
of borrowing for budgetary
budgets, renunciation by the Government
against
The Federal Reserve Bank of New York gave out the purposes and the creation of a 75,000,000 zloty reserve as insurance
ng the participa- contingencies.
following announcement on Oct. 17 regardi
embody those measures which
The monetary features of the program
are most perfectly adapted
tion of the Reserve banks:
monetary experts throughout the world agree
is
The Federal Reserve Bank of New York in association with all other to ensure the maintenance of a suitable currency. The Bank of Poland
ents granted
Government renouncing its
Federal Reserve banks has participated in the credit arrangem
ed the only noteLssuing body, the
upon a gold basis,
Polski, the Polish bank of issue, in constitut
by various banks of issuo to the Bank
notes. Its notes are established
ion right to issue currency
notes only in accordance with rigid
furtherance of the plans which have been completed for the stabilizat
and provision is made for the issue of
of the Polish currency. Under the terms of these arrangements the Federal reserve requirements. Upon the inauguration of the program the Bank
reserve ratios of any central bank.
Reserve Bank of New York has agreed, if desired, to purchase from the Bank
of Poland vrill have one of the highest
available a credit arranged in its favor
Polski up to a total of five and quarter million dollars of prime commercial
In addition, the Bank of Poland has
:
bills.
in the following fourteen countries
by banks of issue or reserve banks
Finland, Denmark, England, France,
Journal" of Oct. 18 in referring to the Austria, Belgium, Czechoslovakia.nds, Sweden,Switzerland and the United
The "Wall Street
Germany,Hungary,Italy, Netherla
credit arrangement said:
States of America.
co-operation in the program of stabilizaTypical of the growing tendency toward co-operation among the main
The extent of the international
of good-will and of that
banks of issue in international matters is the extension of 35,250.000 credit
affords a striking demonstration both
tion already
inspired by the adoption of the plan.
to Poland by the Federal Reserve banks througli their readiness to purchase
confidence in Poland's future which is
prime commercial bills up to that amount. l'olish stabilization. it was said.
in the world which cannot but quickly
It assures to Poland a new position
international finanIs a vital matter in the rehabilitation of Europe both from a political and
itself in all aspects of the country's
of the largest European markets for and favorably reflect
economic viewpoint. Poland Is one
internal economy.
cial relations and
American cotton and one banker declared that American agriculture should
benefit greatly if Poland is able to maintain a stable currency.
the fourth Charles S. Dewey Named as American Financial
Return of Poland to the gold standard late last week marks
Poland.
major step in the economic restoration of Europe. The first was the
Adviser to Government and Bank of
putting into operation of the Dawes plan, thereby paving the way for future
announced on Oct. 15
action. Then came the granting of a credit to England of ,000.000
The Polish Legation at Washington
by
Treasury
by the New York Federal Reserve Bank and another of .000,000
Charles S. Dewey, Assistant Secretary of the
s return to the gold standard in that
J. P. Morgan & Co. at the time of England'
accepted the position of Amerifiscal affaars, has
the spring of . a credit which, as far as it is known, was never drawn in charge of
and the Bank of
upon and was allowed to lapse in the spring of . Following the credit can adviser to the PolLh Government
was granted
to England, aid similar to that now being extended to Poland
time the Legation stated that the
Poland. At the same
a year ago to Belgium.
for a meetPresident of the Bank of Poland has issued a call
Poland's Second Attempt.
at which
on a gold basis, marks the ing of the shareholders of that institution Nov. 5
The present stabilization of Polish currency
second attempt Poland has made for an economic house-cleaning. Follow- Mr. Dewey will be elected to the directorate. The shareing the advice of financial experts a gold currency was issued and the Bank
act upon certain modifications of the statPolski founded as a central bank of issue in . The zloty was issued as holders will also
3.193. A year later, however, utes of the Bank in accordance with the stabilization plan
the monetary unit with a gold value of
a series of unforeseen difficulties arose, chief of which was the failure of her adopted Oct. 13. These changes and the appointment of
crops and a tariff barrier erected against her by Germany in an economic
incidental to the new Palish stabilization
war. In order to save her gold, Poland was forced to suspend specie pay- Mr. Dewey are
United States arid
ion, being quoted as
ments and the zloty suffered the inevitable depreciat
loan, which was floated this week in the
low as 3. in June . An upward movement then set in and for
reference to which is made elsewhere in this issue
Europe,
the past year the zloty has fluctuated between 3.11 and 3.. The gold
nt Secretary of
of our paper. Mr. Dewey has been Assista
par as announced by presidential decree is now slightly under $..
Credit to Bank of Poland Arranged by Federal Reserve
Banks and Central Banks of Issue.
In addition to the stabilization loan in behalf of the Republic of Poland floated this week in this country and Europe,
it was made known that credits to the Bank of Poland have
been arranged by banks of issue and reserve banks in fourteen
countries. According to advices under date of Oct. 13 from
the Minister of Finance of the Republic of Poland to the
syndicate floating the stabilization loan in this country, the
banks which have arranged these credits are:
Direct Loan Not Allowable.
The Federal Reserve banks are not permitted to make direct loans to
foreign countries and this,credit to Poland differs somewhat from the aid
being granted by the other banks of issue. Section 14 of the Federal
Reserve Act gives a Federal Reserve bank power to buy prime commercial
bills, both domestic and foreign. Under this provision, the Federal Reserve
now stands ready to aid the Bank Polski, not by a direct loan, but through
the purchase of prime commercial bills at any time within the agreed time
limit at the request of the Bank Polski.
Counting the entire Federal Reserve System as one unit, there are 14
banks of issue participating in present credits to enable Poland to carry out
the program.
of his appoint-.
the Treasury since July 1 . At the time
rthem
was Vice-President of the N,
ment to that post he
nt by Mr.
Trust Co., Chicago. The following stateme
by Poland
Dewey regarding the invitation extended to him
appeared in the "United States Daily" of Oct. 17:
from the Minister of Finance
I am to-day in receipt of a communication
Government of Poland,
of the Republic of Poland, advising me that the
, has invited me to
under a stabilization plan now in process of adoption
Polish Government The
accept the position of Financial Adviser to the
te of the Bank of
invitation also includes membership on the directora
Poland.
citizen to be
It is a rare privilege and a signal honor for an American
that the Government of
Poland Returns to Gold Standard&#;Program of tendered this position. I am deeply gratified t duty. I contemplate
Poland should have selected me for this importan
Stabilization&#;New Reserve Requirements.
opportunity to contribute,
accepting this invitation and I welcome the
joined the ranks of those countries which have to the best of my ability, to the success and prosperity of the Polish nation.
Poland has
definitely consummated and approved by
returned to the gold standard since the war through pro- When my appointment has beenhave been so advised, I shall, of course,
the Polish Government, and I
mulgation of a decree of the President of the Republic giving tender my resignation as Assistant Secretary of the Treasury.
leave the Treasury.
11 cents,
will be with great reluctance and real regret that I
the zloty the gold value equivalent to a little over
during which I have been connected with this
according to an announcement Oct. 16 by the Polish Lega- The three and a half years
personally, it having been
department have been of inestimable value to me
on
tion at Washington, which wentvalueto say: zloty has in fact both a privilege and an honor to be associated with so distinguished,
which the
and kindly a gentleman as Secretary Mellon.
This value is approximately the gold
is therefore judged to be best brilliant
maintained for about a year and a half, and
to maintain equilibletter from Secretary Mellon to Mr. Dewey concxatuA
the country and
adapted to meet the economic needs of
external price levels.
lating him an the honor conferred on him by Poland is taken
rium between internal and
ng the gold standard will be entrusted to the flank
The task of maintaini
follows from the same paper:
the exclusive right of note issue. The notes of as
of Poland, which Is given
THE CHRONICLE
Dear Mr. Dewey,&#;I congratulate
you upon the invitation that has been
extended to you to become a directo
r of the Bank of Poland and to assume
the duties of adviser both to the
Polish Government and to the Bank of
Poland, as contemplated in the propos
ed plan of stabilization to be adopted
by the Polish Government. I regret,
a decision which means your leaving however,that you should have reached
the Treasury Department.
Your selection for this import
ant post is deserved recognition of the work
which you have performed in
this department. During your service of
more than three years as Assista
nt Secretary you have successfully handled
numerous and varied proble
ms which have demanded administrative and
financial ability of high degree.
In disposing of these problems you have
at all times manifested a
clear understanding of fiscal policies and have
demonstrated unusual talent.
In your contemplated new field
of endeavor you will have the best wishes
of your former associates in the
Treasury, who look with confidence to your
success in the accomplishment of
the task you are now undertaking.
[VOL. 125.
will be callable in whol or in part in multip
les of $4,000,000 on any interest date on 30 days' notice
at par. Interest
payable semi-annually on May 1 and Nov. 1
at the rate of
5%% per annum. Principal and interest will be payable
in
United States gold coin without deduction for
any taxes,
present or future, levied by German Government
al authorities. It is also stated that:
American participation certificates in the aggrega
te principal amount of
$20,000,000 are to be issued by The Chase Nation
al Bank of the City of
New York, Trustee, against the deposit with
it of the above notes of Commerz-und Privat-Bank Aktiengesellschaft
The certificates are to be in
coupon form, in denominations of $1,000,
registerable as to principal only.
Payments received by the Trustee on accoun
t of principal and interets
are to be payable in New York at the principal
office of The Chase National
Bank of the City of New York. Also
collectible in London in pounds
sterling; in Amsterdam in guilders; in Zurich
in Swiss francs; in each case
at the buying rate for sight exchange on
New York on the date of presentation for collection.
Owen D. Young Sees New Polish Loan and
Program
of Stabilization of Benefit to United State
s.
That the new Polish loan offered on Oct. 18 is
in line with
Messrs. Sobernheim and Harter, Manag
policies of financial reconstruction of great impor
ing Directors of
tance to the bank,
supply the following information regar
America was the opinion expressed by Owen
ding the
D. Young, institution:
Chairman of the board of the General Electric Co.,
on Oct.17.
"My interest in this loan," said Mr. Young
Commerz-und Privet-Bank.
, "is entirely
The Bank was
from the angle of its contribution to the progre
in
under
ss of financial Disconto-Bank in foundedrg, later the name of *he Commerz-und
Hambu
and
also established headqua
stabilization in Europe and resulting
benefit at home." Berlin. In the Bank consolidated with one of German rters in
y's oldest
Mr. Young further said:
commercial banks, the Mitteldeutsche
Privat-Bank, organiz
ed in ,
The importance of having Europe on a
gold basis, and of the stabilization which owned a network of brandies and agencies throughout Central Gerof European currencies, is only beginni
ng to be generally recognized in the many. It was in connection with this merger that the name of the Bank
United States. We have a large exporta
ble surplus of agricultural products was changed to the Commerz-und Privat-Bank Aktiengesellschaft.
and a surplus not so large but of growin
The Bank enjoys a high standing internationall
g importance of manufactured artiy as well as in Germany
cles, for which we are seeking market
s abroad. The difficulty of establish- and conducts a general domestic and foreign banking business.
ing reliable and permanent market
The Bank maintains offices in over 200 cities
s for our goods in countries where curs);th numerous branch offices
rencies are inflated or widely fluctua
ting has been vitally demonstrated and has over 200,000 accounts. Its employees number more than 7,500.
to many sections of our people during
the past ten years. No matter how
Capitalization.
accurately economists may explain to
the ultimate consumer that he is
The par amount of the bank's authorized and
actually paying no more for a pound
outstanding capital is $14,of cotton or a pound of beef or a bushel 285,000, which
includes an increase of $4,285,000 in ; with
of wheat when he buys them through
reserves of
the medium of a highly inflated cur- $8,500,000.
making a total of capital and reserve
rency, human nature does not react
s of about $23,000,000.
favorably to such a situation. The The market
value of its share capital in accordance
important fact from the standpo
int of the American farmer or manufac- on the
with current quotations
Berlin Stock Exchange is more than
turer is that their products do not move
$25,000,000.
into foreign countries on a satisThese $20,000
factory basis, either as to price or as
to volume, where currencies are not of the Commer .000 Ten-Year 5)4% Gold Bonds are the direct obligation
stabilized.
z-und Privat-Bank and will comprise,
upon Issuance, its
only funded debt (except $303,090
In view of these considerations, the Polish
of revalorized mortgages.)
stabilization loan Is an important one, and it is a happy circumstance
Dividends and Earnings.
that Charles S. Dewey has resigned
as Assistant Secretary of the Treasury
Dividends have been paid for each year
to act as adviser to Poland, as a
since the organization of ths
director of the Bank of Poland, and as supervi
sor of the carrying out of the Bank, with the exception of the readjustment year
terms of the agreement.
, and for the last
three years have been-at the rate of 8%,8%
and 11%.
During the past few years we have seen several
Profits as reported by the Bank. after
examples of constructive
the deduction of interest and taxes,
assistance along these lines, in which Americ
a has been fortunate in play- for the years , and were $1.205.
525. $1.220,214, and $1,ing a part. Following the establishment
of the reparation plan in Ger- 916,592 respectively.
many, well-thought-out systems have been
These notes substantially replace funds,
put into effect in Belgium.
the interest charges on whicn
Austria and Hungary. In Hungary the
operation of the plan was under the have been accounted for in the foregoing figures
.
control of an American Commissioner-Gener
al, whose efforts proved of
great benefit. All three of these undertakings
Purpose of Issue.
were attended by far-reaching success, and in each case the interna
The proceeds of the notes will be used by the
tional loans which accompanied
Bank in its general banking
them have met with continuing favor in the
business, more particularly for the financing
markets of the world.
of exporting Industrial corAmerica, as a comparative newcomer in
porations.
the field of international finance,
may take a justifiable pride in the constru
ctive and public-spirited work
which has been done by such men as
H. Parker Gilbert in Germany, by John B.
Stetson American Minister to
Jeremiah Smith in Hungary and by Roland
Poland Says
W.Boyden, Thos. Nelson Perkins and Walter P. Cooke as members
Polish Loan is Natural Step in Econo
of the Reparations Commission.
mic DevelopThe program of stabilization adopted by
the Republic of Poland has had
ment of Poland.
the benefit of long and careful study.
In Professor Edwin A. Kemmerer of Princeton, with a commission
The following statement by John B.Stets
of experts, made an exhaustive study
on, Jr., American
of trade and financial conditions in Poland
and made recommendations Minister to Poland, issued on Oct. 14 to
many of which were adopted with benefic
the Polish press in
ial results. Poland has for some Warsaw was receiv
ed in this country by cablegram:
time been In a state of budgetary equilib
rium,and in view of this the present
In my opinion the negotiation of the loan
loan appears much in the light of new
concluded last evening between
capital made available to a going con- the Polish Govern
cern.
ment and the group of foreign banker
s among them the
Bankers Trust Co., Blair & Co., the Chase
Under the supervision of the Americ
Securities Corp. of New York,
an adviser, the loan would seem to and the Guaran
ty Trust Co., comes as a natural step
provide adequate funds for carryin
g out a sound and well co-ordinated development
he the economic
of Poland. This approachment between
financial policy. The plan provides that
Poland and American
the capital of the Bank of Poland financial market
s should open up a new range of econom
will be Increased, that the zloty will be
established on a gold basis, and that resultant
ic possibilities with
benefits to the commerce of both
currency will be issued only by the Bank of Poland
countries. The successful
on adequate gold re- termination of these negotia
tions affords another opportu
serves. This plan in conjunction with the
nity for appreciapresent balanced budgetary ng, the sound basis
upon which the economic future of
policy should give increased strength in the trade
Poland is founded.
activities of the nation,
both domestic and foreign.
This plan, carefully worked out as it has been, is part
Offering of 15,000 American Share
of a broad policy
of assistance to Europe which could not be accomplished
Certi
without American
Industrial Discount Co. of Amsterda ficates of
help, because of our predominant position as
a reservoir of gold and of
m Oversubcredit. We may take no little satisfaction in renderi
scribed.
ng this help. But beyond that, it must be evident to all who study the
matter that no people
F. J. Lisman & Co. and First Federal
benefit more from the success of these plans of
Foreign Investment
stabilization than do the
farmers, the manufacturers and the mercha
nts of our own country, and Trust have sold 15,000 American share certif
icates repreIndirectly our people as a whole.
senting 1,500,000
Offering of $20,000,000 Gold Notes of Commerzund
Privat-Bank of Germany.
An issue of $20,000,000 ten-year 5;(% gold notes
2
of the
Commerz-und Privat-Bank of Hamburg-Berlin,
was offered
on Oct. 20 by an American banking group headed by
the
Chase Securities Corporation, Blair & Co., Inc., and Halse
y,
Stuart & Co., Inc., and including Ladenburg, Thalmann
&
Co., the J. Henry Schroder Banking Corporation, the Shawmut Corporation of Boston, A. G. Becker & Co., the Marine
Trust Co. of Buffalo and the Anglo-London-Paris Co. of San
Francisco. A substantial portion of the issue was withdrawn for offering in Europe. The notes, represented by
American participation certificates to be issued by the
Chase National Bank of New York City, trustee, were offered at 94% and accrued interest, to yield 61 %. The notes
4
will be dated Nov. 1 and will mature Nov. 1 . They
guilders common stock of the
Industrial
Discount Co. (Industrieele Disconto
Amsterdam, Holland. The price per Maatschappi) of
certificate was $48.50 (carrying coupons American share
at one-half the full
rate for and at the full rate for the
nine following years).
The shares against which these certif
icates will be issued
are shares of the company's common
stock of 1,000 guilders
($402) par value each, in bearer form,
fully paid and nonassessable. Each of the American share
certificates represents 1-10th of one such share and
is exchangeable (10
certificates for one such share) at the
principal office of the
Central Union Trust Co., New York,
trustee, in accordance
with the terms of the indenture under
which the shares are
to be deposited. Such exchange may
be made at any
time before Aug. 1 on payment of
a fee of 200. pr
certificate and on and after Aug. 1
free of all fees.
The certificates will be in bearer form carryi
ng coupons for
the proportionate part of dividends for the
10 years, to
, inclusive, on the shares to be deposi
ted, said dividends
OCT. 22 .3
THE CHRONICLE
to be payable when, as and if declared by the company and
received by F. J. Lisman & Co., fiscal agents. The holders
of certificates will share ratably in any stock dividend or
rights declared on the shares to be deposited, in accordance
with the terms of the indenture above mentioned.
The Industrial Discount Co. of Amsterdam was incorporated in under and subject to the regulations
prescribed by the laws of the Kingdom of the Netherlands.
It is chartered and authorized to conduct a general banking
business in all its phases, financing imports, exports and
domestic trade and discounting commercial paper. Since
its inception, the company has enjoyed the active financial
support of several of the foremost banking institutions in
Holland, Germany, Switzerland and other countries. The
well known Amsterdam banking house of H. Oyens & Sons
has been connected with the company and represented on
its board since the beginning.
In accordance with the policy of extending its operations
into profitable fields in Europe outside Holland, the company
has organized subsidiaries in Germany and Denmark. These
subsidiaries, established in and , respectively, are
entirely owned and controlled by the Industrial Discount
Co., which operates them in accordance with its own conservative principles. The German company, the Industrielle Diskonto A. G., paid a dividend of 10% in
and , and has recently increased its capital to 2,000,000
reichsmarks. The Danish company, the Industrielt Diskonto Aktieselskab, which has not yet completed its first
financial year, is developing very successfully. The company is concluding arrangements for the establishment of
subsidiaries in England and France with offices in London
and Paris.
Further data in connection with this offering may befound
in our "Investment News Department" on page .
railways, port works, etc., are valued at $115,400,000 which is In excess
was
of the total debt. The wealth of Denmark at the beginning of
national debt.
estimated at $5,305.000,000 or about 17 times the present
showed a
For the fiscal year ended March 31 , ordinary revenues
using this surplus.
surplus of $1,864,000 over ordinary expenditures. After
the year. including amortization
net expenditures for capital account for
will amount
of debt,construction works and revenue producing investments,
-28 shows
to approximately $770,500. The preliminary 1?udget for
about $1.a surplus of ordinary revenues over ordinary expenditures of
281,000.
at Dar
All conversions of Danish kroner into dollars have been made
re-established
of exchange, 26.8 cents per krone. The gold standard was
on Jan. 1 .
It is expected that trust receipts of Guaranty Trust Co. of
New York, issued against the deposit of temporary notes of
this issue, will be ready for delivery on Nov. 1.
Allotments of London and Amsterdam Portions of
Brazilian Loan.
Allotments of 20% have been made on the portion of the
$85,000,000 Brazilian loan which Mendelssohn & Co. placed
in the Amsterdam market, according to cable advices received from the Dutch bankers. On the London Offering
of £8,750,000 sterling, N. M. Rothschild & Sons announced
on Oct. 17 that alIctments would be only 10%. Reference
to the offering was made in our issue of Oct. 15, page .
Funds Available for Payment of Nov. 15 Interest on City
of Sao Paulo Loan of and Redemption of Portion
of Bonds.
The New York office of the First National Corporation of
Boston announces the receipt of $225,000 from the 'Tr&#;asurer
of the City of Sao Paulo. These funds are to be applied t
the payment of interest due Nov. 15 and the balance to the
redemption at par value of bonds of the City of Sao Paulo
6%% external secured sinking f mid gold loan of . Bonds
to be redeemed will be drawn by I 'n or about Oct. /5.
Offering of $3,000,000 Gold Notes of Danish Export
Credit Committee.
The Guaranty Co. of New York, Dillon, Read & Co., and
the International Acceptance Bank, Inc., offered on Oct. 20
$3,000,000 Danish Export Credit Committee guaranteed
4;4% gold notes, unconditionally guaranteed as to principal
and interest by endorsement by the Kingdom of Denmark.
The notes are due in various amounts at six months' intervals from Nov. 1 to Nov. 1 and were offered at
prices ranging from 100.25 to 95.38, to yield 414 to 5.30%,
according to maturity. The notes will be dated Nov. 1 .
They will be in coupon form in $5,000 denomination. It is
announced that the total dollar amount authorized is limited to a total principal amount equivalent to 20,000,000
kroner at the rate or rates of exchange existing at the time
of issuance thereof (equivalent at par of exchange to
$5,360,000). To be issued from time to time in installments
of not less than $500,000, each installment maturing in from
one to not exceeding seven years. The amount outstanding
(including this issue) is $4,100,000. Principal and interest
(May 1 and Nov. 1) will be payable in New York at the
office of Guaranty Trust Co. of New York in gold coin of the
United States of America of or equal to the standard of
weight and fineness existing on Nov. 1 , without deduction for or on account of any taxes, assessments or duties of
any character, now or hereafter levied or imposed by the
Danish National Government or by or within any political
subdivision or taxing authority thereof or within the territories of the Kingdom of Denmark. M. N. Slebsager, Minister of Commerce, says:
National Bank of Commerce in New York Appointed Fiscal
Agent for Province of Tucuman Bonds.
The National Bank of Commerce in New York has been
appointed fiscal agent for $2,122,500 Province of Tucuman
7% external sinking fund gold bonds of .
Permanent Coupon Bonds of Republic of Panama
Issue Due Dec. 1 Now Available.
s Permanent coupon bonds of the Republic of Panama 30
external secured sinking fund gold bonds, due
year 6%%
Dec. 1 , are now ready for delivery at the National City
Bank of New York, in exchange for the outstanding temporary bonds.
$15,000,000 of Greek Loan Expected to Be Offered in
American Market.
Oct. 20 the New York "Evening Post"
From London
reported the following:
Probably $ of the $50,000,000 Greek reconstruction loan pending will be offered In the American market. Previously the Greek Government will seek to fund its war debt to America and will drop claims to the
balance of the amount which it has contended that the late President Wilson
group.
seemed to promise. Speyer & Co., with the support of a powerful
other
may Issue tl'e American part. J. P. Morgan & Co. and on or two
New York b 'uses are bidding.
Greek
Two or three American companies are competing for a $40.000.000
road constrv,..ion contract.
of the new loan for London.
Probably II ambros & Co. will take £7,000,000
It will be semred by surplus revenues under the control of the Internationla
Financial cemmission. Of the loan £3,000,000 will go to repaying State
outdebt to the National Bank. A like amount will go to repayment e
standing, udget arrears.
These notes are to be the direct obligation of the Danish Export Credit
Corunna (Spain) Plans Loan in UnitediStates.
Committee and each note is to be unconditionally guaranteed as to principal
Corunna (Spain) Associated Press advices Oct. 19 stated:
and interest by endorsement by the Kingdom of Denmark. The Mortgage
An American banking group's offer of a $5.000,000 loan for public imBank of the Kingdom of Denmark win control and supervise the issuance
provements has been accepted in principle, a statement of the municipality
ofthe notes.
the terms are fixed.
The Danish Expert Credit Committee was established by the Danish says. A definite contract will be signed as soon as
Government by Decree of the Minister of Commerce dated July 10, ,
to foster the export trade of Denmark. Pursuant to pargrapb 17 of the
of Inflation in ," by George Woodruff of
Finance Act passed by the Danish Parliament on March 31 . and "Story
National Bank of Republic, Chicago&#;Warning of
the Minister of Commerce of Aug. 26 and of Sept. 7 .
Decrees of
this Committee is authorized to grant credits to responsible Danish exDanger.
porters and to Issue interest bearing notes to bearer, payable in United
A warning to "hold your horses" is contained in an address
States gold dollars and carying the unconditional guaranty of the Danish
-Chairman
Government. The Danish Export Credit Committee has authorized the delivered on Oct. 18 by George Woodruff, Vice
Mortgage Bank of the Kingdom of Denmark to issue these notes on its
of the National Bank of the Republic of Chicago, in which
behalf, the proceeds to be used to extend credit to Danish exporters or to
he makes the statement that "in we are undoubtedly
reimburse the Committee for credits so extended.
Under this arrangement the advances thus made to Danish exporters in a period of great inflation, but people will not recognize
exported goods,
are to be liquidated by payments by the buyers of the
this fact now any more than they would a year or so before
which payments will be collected on behalf of the Danish Government
the panic of and the deflation of ." Mr.Woodruff's
by the Privatbanken in Copenhagen.
r &#;
under the title, "The Elephants Are
Dynmark.
The debt of Denmark on March 31 , amounted to $301.300.000 of
consisting of
which $140,430,000 was foreign indebtedness. State assets,
warning, presented
Coming&#;The Story of Inflation in ," was delivered
before the convention of the Associated Business Papers,
THE CHRONICLE
[VOL. 125.
at the Drake Hotel, Chicago. Mr. Woodruff, in his speech, that
time. Total new building increased, according
to figures compiled
well says that "our business men have been so busy watching by the National Bureau of Economic
Research, from $1,601,000,000 in
for inflation in commodity prices that they have failed to to 52.675,000,000 in , and the larger part of the increase represee it [the inflation] as it has made its appearance in a dif- sented the gain in industrial plants.
Unfortunately for the business men of .
we did not then enjoy the
ferent suit of clothes." Declaring that "the
good old advantages of an elastic currency system and any demand for an increased
inflationary background, is as always, strictly on the job," amount of currency led to the withdrawal of actual money from the reserves of the banks. In the fall of credit
Mr. Woodruff points to the huge increase in loans
had been
and as it was possible to go with the bank reserves available, expanded as far
and when these
investments between and "wholly represent
reserves were depleted to provide actual
money with which to move the
ed
by investment securities and real estate mortgages owned, crops the last straw was added to the camel's back and the bubble burst,
accompani
and by loans to customers, made for the purpose of carrying suspensioned by such demands for actual cash as to force the temporary
of specie payments.
stocks, bonds, and real estate obligations." In New York
The panic of was the culmination of an
inflated stock market and
an inflated plant situation, together with a wild
alone, he observes, "loans to Stock Exchange brokers have
scramble for actual cash.
increased from approximately $750,000,000 in
The Deflation of .
to
around $4,000,000,000 in the fall of ," and "loans on
The great deflation of is, of course,still fresh in
the minds of business
men of to-day, and it will be conceded that it and
real estate mortgage securities, reported by those banks
the panic at were
entirely different propositions. Of course, as
we should have expected,
alone that are members of the Federal Reserve System have unsound conditions had behind
them the old familiar background of plenti&#; increased from $460,000,000 in to $1,135,000,000
ful credit at low rates. Large gold imports, the
lowering of the legal rates
in
, and to around $3,000,000,000 in the early fall of ." of reserve required to be carried by the banks, and the new ability to create
reserves by rediscounting with
Mr. Woodruff likewise alludes to the soaring of stock prices expansion of credit, the loans the Federal Reserve banks, led to a huge
of all of the banks in the United States
and the increase in new buildings, and in stating that
having
0.000
"here and therisen from $15.323,00those in to $30.782.000,000 in ,
investments held by
banks having increased from
is inflation with a vengeance," says "the big
show will 000,000 in to $11,387.000,000 in . This enormous $5,539.amount of
doubtless go right on until the credit supply gives out
new credit was used to finance the many activities
or
incidental to the conduct
of the war, and finally made possible the wildest kind of
until European competition calls a halt and then losses
competition bemay tween business men for the accumulation of
all sorts of
be suffered because of slumps in stocks and bonds
and street's commodity price index having risen from 8.76inventories. Bradin to 20.71
mortgages and real estate that may equal the losses that in .
That the increased credit put out by the banks was
were suffered because of slumps in commodities in
." clusively to business men, may be further illustrated loaned almost exby a
We should not overlook the fact," he says, "that
should we reports of the national banks, which show that plain business perusal of the
paper in those
finally encounter European competition or other
conditions particular banks gained nearly four and a half billion dollars between
and , while such increase as took place in other loans and in investment
that would bring about an export of gold, the few
s
hundreds owned by the banks was confined almost entirely
to loans on Liberty bonds
of millions of credit might be called for that would
send the and Government securities bought outright.
banks to the Federal Reserve to rediscount, and an
While at&#;this particular time inflation took the form of a wild melee in
actual which every man
seemed
scarcity of credit might then be not far away,for
the danger commodities, there did notto wish to outdo his neighbor in accumulating
develop any outstandinginflation in stocks and
is not going to come from lack of available gold in the
Federal there could not be said to have been any unhealthy expansion in new conReserve, but from the fct that this gold can only be
struction, except in connection with industrial plants
that had been created
used
- for the purpose of turning out
munitions of war.
outside of the open market operations of the Federal
ReThe average price of fifty leading stocks reached a
high of 73.30 in the
serve Banks-through the rediscounting of notes by
the depression year of , 94.13 in the recovery year of and only 94.07
in . The total new building, as compiled by the
member banks." He further says:
National Bureau of
When the member banks turn to the Federal Reserve
for the purpose of
rediscounting notes, they will be surprised to learn how little
of their recent
increase in loans is really eligible for rediscount under
the law, and will
also be ariexed to know how non-liquid and unmarketab
le have become
a large part of the securities, other than Governmen
t obligations, that
they have purchased or loaned agiinst.
Mr. Woodruff observes that "politically we may hold
aloof, but financially we must be international in our viewpoints." "Would it not be safe," he says, "for us to induce
bank funds to flow to Europe by calling to the attention
of banks the dangerous nature of available loans on this side
of the water, rather than by a cheapening of credit here that
is supposed to prompt banks to find better rates abroad,
but that in large measure now turns banks toward even
slower loans in the quest for better rates at home
We
give the address in full herewith.
Economic Research, was 52,819,000,000 in ,
$2.880,000,000 in
and 54.120.000,000 in , the larger figures representing
needed construction delayed by the war.
It was quite apparent to many in that commodities had
gone far
too high, but just so long as credit is available inflationists
love to play
with fire, and the usual inflationary program was carried out,
for it WIAS
not until available credit was exhausted in that prosperity
collapsed.
The collapse of was a slump of inflated commodity prices,
and this
fact is so recent in men's minds that they forget that, while our
prosperity
booms have always ended with inflation, the elements
in the situation
that have become inflated have varied.
Inflation in .
In we are undoubtedly in a period of great inflation,
but people will
not recognize this fact now any more than they would a year
or so before
the panic of and the deflation of .. Our business men have
been
so busy watching for inflation in commodity prices that they
have failed
to see it as it has made its appearance in a different suit of clothes.
The good old inflationary background is, as always, strictly on the
job,
loans of all of the banks in the United States having risen
from $28,687.000,000 in to $36,040.000,000 in ; the investment securities
If the history of the past is any guide as to what
held
will happen in the
by these banks having increased from $11,379,000.000
future, we may be more than reasonably sure that
in to $15,inflation will be the 814,000,00
0 in ; and there having been an estimated further increase,
factor that will finally terminate our present prolonged
period of great based on incomplete reports,
of around 51,400,000,000 in loans and over
and widespread prosperity.
51.000,000,000 in investment securities, bteween June
It is true that for some time after our present prosperity
30 and June 30
got under way, .
it appeared that good times would continue only until competitio
n from
The gold supply has been the basis of our expanding
Europe developed to such a point as to force gradually increasing
credits, for the total
business stock of money gold in the United
States has increased approximat
depression upon us, and to bring about a radical readjustment of
ely
our continuing war time costs. While disturbing competition from Europe has 51.900.000.000 from the middle of to the middle of .
Unlike the situation just before the collapse of ,
not yet developed, it should not, however, be relegated too far into
there has been no
the rise in the index of commodity prices,
the Bradstreet index standing
background in any consideration of our business future, because, if
at
the
adverse results of inflation do not first overtake us, it may yet become a 12.66 early in and at 12.38 on June 30 . These figures prove
factor of great importance in the slowing down of our present unprecedented conclusively that there is no present inflation in inventories, and this fact
iS further borne out by the reports of the banks, which
business boom.
indicate that money
Many careful observers have pointed out that each of our periods of has not been loaned to business men for the accumulation of commodities,
great prosperity has wound up with inflation and a slump. But these same as was the case in . The plain business loans of all of the national
banks-the national banking system includes the
people usually hasten to say that our present business activity has
largest proportion of
not commercial banks-stood at
developed any inflation, and base their assertion upon the fact that
. in and at $7,197,000
com- on June 30 . Furthermore,
.000
the statements issued by
modity prices have not risen and inventories have not increased. They
the reporting
do not seem to realize that they may be thinking too much about the infla- member banks of the Federal Reserve System, would indicate that when
tion that culminated in . and may finally wake up to the old familiar the Comptroller of the Currency gives out the classified figures of the entire
national banking system for June 30 there will
fact that it is hard to recognize inflation until it is too late.
be no appreciable increase in business loans between June 30 and
June 30 .
As a matter of fact, the huge increase in loans and
The Panic of .
investments between
and is wholly represented by investment
securities and real
Let us consider some facts in connection with the panic of , the first estate mortgages owned,
and by loans to customers
made for the purpose
that the present generation of active business men went through. Surely of carrying stocks, bonds and
real estate obligations.
this was not a crash of inflated commodity prices, for Bradstreet's commodIn New York alone loans to Stock Exchange
brokers have increased
ity price index of 8.13 in had only increased to 8.96 in , despite from approximately $750,000,0
00 in to around $4,000.000
,000 in the
great activity of all those years. As a matter of fact, inflation had fall of . Loans on real estate
the
mortgage securities, reported by those
chiefly appeared in securities prices and industrial plant construction, and banks alone that are members of
the Federal Reserve System, have inhad been made possible by the easy credit conditions that followed a great creased from $460,000,000 in to
51.135,000,000 in and to around
increase in the production of gold. The loans reported by all of the banks $3.000.000.
000 in the early fall of .
in the United States rose from 55.657,000,000 in to $10,744,000,000
The average price of fifty leading stocks has
jumped from a low of 58.35
in , and the investment securities owned by these banks gained from in to a high of 180 so far in .
'Now building has increased, ac$2,398.000,000 in to 54,352,000,000 in .
cording to the figures compiled by the National
Bureau of Economic ReThis great increase in the credit that was extended to borrowers made it search, from 52.827,000,000 in to
$7,172,000,000 In , and current
possible for them to bid against each other for securities until they forced reports would indicate that the figures
for will be almost as high as
the average price of a selected list of the leading stocks of that day from a those for .
low of 62.98 in to a high of 114.16 in . Of course, it WBS quite
Here is inflation with a vengeance, and, notwithsta
nding temporary reapparent to many in that securities had gone too high, but so long as actionary spells, the big show will doubtless
go right on until the credit
credit was available inflation held the middle of the stage and warnings supply gives out or until European competition
calls a halt and then losses
Went unheeded.
may be suffered because of slumps in stocks and bonds and
mortgages and
Easy credit conditions also brought forth a great expansion in industrial real estate, that may equal the los.ses that were
suffered because of slumps
plants as the whole world was entering into intense industrial activity at in commodities in .
OCT. 22 .1
THE CHRONICLE
are better, with the exception
and will continue to be so" and that "crops
lifting of the
Florida as an Object Lesson.
Some of the other specifications caused puzzled
have in- of cotton."
cannot
railway net receipts "is
s. The statement that the decrease in
s men and economists who believe that we
eyebrow
To busines
rise, let us call attention to the not great" was contrasted with the latest monthly decrease of 11% from
Hatton and a reverse until commodity prices
nt that the railways "are doing
d there.
and of54% from , and the stateme
case of Florida and see what happene
brought refermade possible by the influx
amount of business as they did a year ago"
Here was a tremendous real estate inflation
increase about the same
loadings. That "exports are
the basis for a huge
to the 44% decrease in the freight car
of a golden stream from the North that became
ed comparison between
by all of the banks ence
as concern
ents owned
on the increase" was admitted, so far
in bank loans. The loans and the investm
,000,000 at the end of . September and the Summer months, although attention was called to the
in Florida rose from $141,000,000 In to
enjoyed all of the thrills of the fact that the September exports decreased $22,000.000 from . Some
Surely no one will deny that Florida
the business outlook as "better
that when the available
criticism was made that description of
greatest real estate inflation of recent times, and
for "binders" this mild
the uninformed to suppose
became so scarce that there were no more funds
it ever had been" might possibly induce
than
credit
g with it huge losses,
record of . But generally the
inflation wound up with the inevitable slump, carryin
that the country was surpassing the
business paralysis and stagdone his best to prevent undue diswidespread insolvency and a general state of
comment was that the President had
occurred.
expanding hardly a man
such reaction as is known to have
nation. And all the time that this bubble was
and couragement over
that any inflation existed,
rce" (we
could be found in Florida who would admit
According to the New York "Journal of Comme
that the United
ing to note
as for the commodity price index, it is interest
s under date of Oct. 18)
d that the cost of living index quote from its Washington advice
States Bureau of Labor Statistics reporte
President and made
to 81.7 at the end of .
in Jacksonville actually fell from 85.8 in
a summary of what was related to the
happen, in a less acute
ts following the
If this could happen in Florida, why can it not
known to the White House corresponden
manner, in America as a wholes
g is substantially as follows: for up to Oct. 8
Cabinet meetin
Problems of the Future.
be going on well,
The construction program seems to
it is hardly to be
one-fourth of 1% below what they
While we may experience reactions from time to time,
some little the amounts of contracts let were only
up for
but not
expected that the great inflation of will crumple
been a falling off in the net receipts
inflation in securities and were a year ago: There has
s. There has been
time to come, because running true to form the
business being done by the railroad
the supply of credit becomes scarce, In the volume of
has been apparent
real estate will doubtless go on until
traffic, a condition which
in the Federal Reserve some diminution in passenger
ed to the increasing number of autoand the huge amount of unused potential credit
to secure gold cer- over the past several years and attribut effect business generally and, it
together with the gold that has been warehoused
not
banks,
e for a considerable mobiles in use. This situation does
shortag
to the belief that it is indicative
tificates should insure us against a serious credit
was represented, the President is inclined
number of months at least.
c conditions.
should we finally en- of better economi
who
off, due to the fact that the people
Nevertheless we should not overlook the fact that
The movement of coal has fallen
would bring about
anticipation of a strike are now using
counter European competition or other conditions that
might be called last year laid in large supplies in
of credit
demand will
an export of gold, the few hundreds of millions
until these stocks are depleted the
Reserve to rediscount and an their accumulations and
for that would send the banks to the Federal
than normal.
then be not far away, for the danger is not be less heavy
actual scarcity of credit might
Crops as Good as Last Year.
the Federal Reserve, but from
going to come from lack of available geld in
of the open market operavery considerable degree in Illinois.
the fact that this gold can only be used&#;outside
coal strike has been settled to a
The
rediscounting of notes
h
portion of Ohio. There is still some
tions of the Federal Reserve banks&#;throug the
of Indiana and a considerable
most
no settlement has been effected, but
by the member banks.
in Pennsylvania and Ohio where
Reserve for the purpose area
production of coal in the non-union mines
When the member banks turn to the Federal
of their there is some
learn how little
are fully as good as last year. Due to
of rediscounting notes, they will be surprised to
Crops, with the exception of cotton,
unt under the law, and
crop has increased materially during
recent increase in loans Is really eligible for redisco
favorable weather conditions, the corn
it is
unmarketable have become
price is not as high as anticipated
will also be grieved to know how non-liquid and
the past few weeks, and while the
hog
ment obligations, that they
are very high, and the sheep and
a large part of the securities, other than Govern
larger than last year. Prices of cattle
of cotton,
and
condition. The price of wheat is fair,
purchased cr loaned against.
in good
have
banks, and huge gold industry is
The pressure will be directed against the member
a year ago.
Reserve will be of small better than
ed to him to-day it is said that Presireserves locked up in the vaults of the Federal
On the basis of information present
not
the fact that the crop of cotton is
not possess the eligible paper that can alone
avail if the meniber banks do
dent Collidge is led to believe that
He considers
may not affect the industry as a whole.
be exchanged for the gold.
ional in as large as last year
efforts to combat
be internat
lax in their
Politically we may hold aloof, but financially we must
that the cotton farmers were rather
own interests than apparently
to him that in the past two seasons
our viewpoints. Europe we must help, more for our
boll weevil, since it has been related
trial if our banks were to seek the
of that and possibly because the
for theirs, and might it not push off our day of
not severe, and because
not as active In their
ative centres Infestations were
year was low, the farmers were
the liquid loans they cannot find at home,in those more conserv
keen. price of cotton last
ravages of this pest of cotton.
the demands for actual liquid business loans are
In Europe where
control the
in the near
to flow to Europe campaign to
in the production of automobiles
And would it not be safer for us to induce bank funds
A very considerable increase
available loans
Coolidge was informed to some
by calling to the attention of banks the dangersous nature of
expected. It is supposed that Mr.
credit here that future is
ture of the new models he
on this side of the water, rather than by a cheapening of
plans of Henry Ford In the manufac
that in large extent of the
is supposed to prompt banks to find better rates abroad, but
proposes to market.
for better
measure now turns banks toward even slower loans in the quest
Unemployment Decreasing.
ment, but
rates at home?
people have been out of employ
A considerable number of
e business that the mildecreasing. Here
Perhaps the time is here when we can convinc
Department indicate the number is
plants
great re- reports to the Labor
of activities in the Ford
lennium has not arrived and that we will some day have another
on again it is possible that the resumption
re-employment of men who had been
verse. Should we not try to make this period of great inflation an excepti
inflation and sales agencies is leading to the
to the hitherto unbroken rule, and prove to business men that
about laid off.
really does exist, before the day arrives when they will first learn
ly increased over last year. This
Mail order house sales have material
buying power, in part,
it to their sorrow?
the President as an indication of larger
they're on is taken by
The elephants appear to be a long ways down the road, but
better conditions in the agriculof the people. lie is said to feel that with
greatly
the march. Hold your horses.
buying power of the farmers will be
tural sections over last year, the
out the country.
a situation good for all business through
Im- Increased,ons in the textile industries show some improvement. They have
President Coolidge Finds Business Conditions
Conditi
not been good for two or three years.
proving Based on Cabinet Reports.
at, but it is not yet back to
The steel industry is picking up somewh
is
The presentation by President Coolidge of an optimistic the maximum of production. The replenishment of railroad equipment
on reports from secre- anticipated, which will bring more business to the steel industry. There
view of business conditions, based
pace with some of last year.
Exports and imports are keeping
taries of Commerce, Agriculture, Labor and the Treasury has been some decrease in the dollar value of imports attributed to lower
was one of the developments of the week which had an effect prices for crude rubber.
year
Coolidge that while at this time last
It was re- resented to President
on stock exchange trading. The President's views were made
but twenty-seven such strikes,
fifty labor strikes there are now
known early in the day on Oct. 18, and it was noted in the there were to him a more contented condition on the part of industry.
had the effect of indicating
New York "Times" of Oct. 19 that it
Cut
converting an aimless, colorless stock market into a lively U. S. Chamber of Commerce Calls for $400,000,000
Taxes.
account added:
in Federal
and buoyant a fair. The
l
Brief dispatches giving the President's views were printed on the financia
demand by the ChamA statement amplifying the recent
news tickers soon after noon.
States for a $400,000,000
ve attacks by
Up to that time the market had been subjected to aggressi
ber of Commerce of the United
Many of the
on Oct. 11 brought
speculative interests bent upon continuing Monday's decline.
Federal tax reduction by Congress, which
is
heavily. Sentiment in the stock market comactive issues were moving
ge the opinion that such a figure
fron. President Coolid
munity was distinctly bearish.
n, President of the
The selling
te.
The response to the President's utterances was immedia
high, was made by Lewis E. Pierso
under way, too
Baden, Ind.,
pressure was lifted and a determined buying movement got
on Oct. 16, at the meeting, at West
body of stocks that continued without in- Chamber
causing a brisk rally in the main
directors of the Chamber.
of the National Councillors and
terruption until the close at 3 o'clock.
declared the inGeneral Meters moved up from a low of 134 to a high of . United
Mr. Pierson in his statement this week
67 to 724, Allied
States Steel from 142)4 to 145, Radio Corporation from
ation income tax in the face of
179 to 182, Collins crease cf 1% in the corpor
Chemical from to Brooklyn Edison from
surpluses as unjustified "under any
Aikman from 954 to . du Pont from to . Houston Oil mounting Governmental
tion for a
to 171, Philadelphia Co. from 107 to 118, United States Cast circumstances except war." The recommenda
from
Iron Pipe from i to 211. and Wabash from 694 to 72. Most of the ,000,000 cut in taxes through the repeal of Federal
gains were held until the close.
athe financial community estate and war excise taxes, and the reduction of the corpor
The President's statements had a tonic effect on
cf a
much of the pessimism that the recent reports ofreduced industrial tion tax from 133.% to 10% was contained in a report
dispelling
Wall Street brokerage houses made
and commercial activity had created.
made public Cctober 10.
by emphasizing in their afternoon special committee of the Chamber
the most of the President's remarks
of President Coolidge in the matter
in high places.
A reference to the views
circulars the confidence that exists
nt with the President's remarks
another item in this issue. At the West
In some quarters complete agreeme
engaged in industries will be found in
not evident, especially among industrial leaders
d out that the
was
s are considerably Baden meeting on Oct. 16 Mr. Pierson pointe
ed and in which earning
in which irregularity has develop
reached in a referendum among the
$400,000,000 figure was
below those of a year ago.
rce which
1,500 trade associations and Chambers of Comme
In its further comments the "Times" said:
The President on Business.
national organization and emphasized that the
comprise the
regarding the.condition of tre de met
were made with a full picture
Two of Mr. Coolidge's specifications
ous decision of individual groups
agreement in Wall Street&#;that "the country is really prosper
general
THE CHRONICLE
of Federal revenue and budget facts before them.
The
Associated Press advices Oct. 16 from West Baden
, from
which the foregoing is quoted, added:
At Washington last May the National Convent
ion of the Chamber called
attention to Federal surpluses and said their
size indicated excessive tax
collections. This conclusion was presented
by a committee which recommended reduction of the corporation levy from
13%% to 10%. Repeal of
excise taxes and discontinuance of the Federal
inheritance tax.
This pruning of Federal revenue, the chambe
r estimated, would reduce income during the first full year of its operati
on by about $400,000,000.
President Coolidge, according to Mr. Pierson'
s interpretation of his
Jemarks at the conference of newspaper represen
tatives last week, took the
view that $400.000,000 would be a dangero
usly large reduction and would
handicap the Government if a slowing down
of business should also deplete
anticipated Federal revenue.
"A reduction of the corporation income tax
will strengthen the country
against competition which is increasing from abroad,
and thereby permit the
continuance of employment and prosperity," Mr.
Pierson replied in this
connection.
Taking the view that there would doubtless be
little difficulty in harmonizing the President's views with those of busines
s men generally, he
pointed out: "No institution in the country has
been a more consistent or
more courageous advocate of President Coolidge
's stand for economy in
Government expenditures than the National Chambe
r. The effort of the
Chamber has always been toward economy through
efficiency in Government."
An account from Washington Oct. 9 of the recom
mendations of the Chamber's Committee is taken as
follows from
the New York "Times":
Until the Chamber of Commerce committ
ee made known its stand the
only prominent proponents of a cut of
$400,000,000 or more had been
found among certain Democratic leaders
, indluding Senator Harrison of
Mississippi, a member of the Finance Commit
tee, and Representative
Garner of Texas, ranking Democrat on
the Ways and Means Committee
and their suggestions had been rebuffe
d as impractical by Senator Smoot,
Chairman of the Finance Committee, Chairm
an Green of the Ways and
Means Committee and Treasury officials.
Even the Progressive Republican
leaders have been satisfied to accept the
Administration idea that tax reduction must not exceed $300,000.000.
[VOL. 125.
individual rates and the larger personal
exemptions in , the contrast
Will be still more marked.
Brake on Business Development.
"Quite apart from any discriminations against
corporations as compared
to taxes levied on other sources, there is a strong
argument for the reduction
of the corporation income taxes on the grounds
of business and industrial
development and the general welfare of the
country. The characteristic
American method of doing business is by
means of corporate organization.
In manufacturing of all kinds, finance,
transportation, communication, in
fact, in practically every kind of business
activity
which are doing not only the great bulk of business , it is the corporations
, but are also the pioneers
In developing new activities, increasing
efficiency and reducing costs to the
consumer. Any undue burdens placed on
the corporations, either by
taxation or otherwise, are obstructing the
development of one of the most
important instruments of economic progress which
have been developed.
"Probably no one thing does as much to simplify
the Federal tax situation
as a reduction in rates. Moderate rates which
reduce the hardship which
might otherwise ensue no longer make necessa
ry elaborate provisions for the
relief of a taxpayer who finds himself in
some unusual situation. Taxpayers and Government officials both approac
h the matter in a manner
most conducive to speedy agreement,
Simplification of the income tax is
generally regarded as one of the most
pressing of Federal tax reforms, and
there is no surer approach to the solution of this
difficult problem than by
the reduction of rates to a moderate level.
"While tax reductions are always accepta
ble to taxpayers, yet revenues
must be sufficient to support the Govern
ment on a reasonable basis.
During the fiscal year ended June 30
, the Federal Government not
only paid expenses, including the sinking fund
of over .000.000 for the
retirement of the national debt, but there
was a huge surplus of over
,000,000. Analysis of the pertinent facts indicate
s that the reduction
of the corporate income tax to 10%, with the
repeal of the Federal estate
tax and the abolition of the war excise
taxes on particular businesses
(already advocated by the chamber) could
all be accomplished without
Interfering with the normal fiscal operations
of the Government.
"Making allowance for the normal expansion
of business, reflected in
increased earnings, which in turn would yield addition
al taxes, the reduction
and eliminations advocated would, it Is estimat
ed, result in an annual
decrease of revenues ranging from $350,00
0,000 to $400,000,000, of which
about half might be applicable to the fiscal
year . In view bf these
data, there appears no doubt that the reducti
ons are well within practical
Past Underestimates Criticized.
The special committee of the Chamber
of Commerce in its report criticized the Treasury Department for underes
timating surpluses in years
gone by and strongly intimated that it believed
taxpayers had been denied
relief which should have been given and that
the business interests of the
country had been hampered.
The chiefrecommendations of the committee are
a reduction of the corporation income tax from 13% to 10% and repeal
of the Federal estate taxes
and the war excise, or nuisance, taxes. The
specific recommendations on
which the membership of the chamber will be
asked to vote, however, are
limited to the following:
1&#;That there be immediate reduction and repeals
in Federal taxes,
which, if made effective, are estimated to amount
to $400,000,000 in the
first full year after the changes are made.
2&#;That the rate of corporate income tax applica
ble to net income of
should not exceed 10%.
3&#;That Conr ress should provide full opportunity
for the joint Congressional Tax Committee to perfect proposals for
revision of Federal tax
laws and their administration.
Estimates and Surpluses.
"Official estimates made June 30 , placed
the present year surplus
at $. The official estimat
es, however, in the past have been
uniformly much less than the actual surplus
realized. Official estimates of
surpluses have been ultra-conservative. In
one
nearly four times the estimates, in other cases case the actual surplus was
double and in no instance
has the actual surplus been less than 50%
in excess of the estimates.
"None of the previous tax-reducing acts
was drastic enough to absorb
the unnecessary amount of money which the
Government was collecting.
Tax reduction now should proceed to a point
that will substantially absorb
any potential surplus.
"All surpluses that may occur should quite
properly be applied automatically to the reduction of debt, and moderat
e surpluses, which, due to
the difficulty of accurately estimating income
and expenditures, may be
expected, can thus be used to good purpose
. Surpluses, however, as large
as those realized in recent years necessarily mean
that more is being taken
from the taxpayer than is needed to meet the current
expenses of the Government and, while the peculiar uncertainties of the
recent past may be held to
have justified a wide margin of safety in estimat
es, no such justification
now exists.
Temptation to Extravagance.
"Any large unappropriated sums in the Treasur
y over and above the
amounts required to meet necessary expenditures
are a constant temptation for extravagant appropriations, while, on
the other hand, a very
potential restraining influence, either on the
Legislature or the Administration, Is the knowledge that there is no surpitui
and heavy expenditures
will mean either an increase in taxation or an
actual deficit to be covered by
the issuing of additional Government obligati
ons. A sound fiscal policy
demands that tax rates be so reduced that there
are no unnecessary amounts
collected by the Government, the taxpayers being
consistently allowed to
absorb potential surpluses.
"While the surpluses of the past have been,
according to law, applicable to the reduction of the national debt. good
not warrant surpluses designedly created for the budgetary practice does
purpose of reducing debt.
nor do fiscal conditions make it necessary.
The
retiring the funded obligations of the Govern present arrangement for
ment through the sinking
fund and other revenues specifically provided
for by statute is thoroughly
approved, and the tax reductions advocated in
this
construed as indicating that such statutory amount report are not to be
s
"In order to assure satisfactory tax reductions, should be reduced.
appropriations must be
kept within present limits and not allowed to
absorb potential surpluses.
As always happens when Government revenue
s are plentiful and surplus
es
constantly in sight, numerous schemes will
undoubtedly be advocated which
will require additional appropriations. For the
ordinary running expenses
of the Government there appears no reason
for any material increase
in
appropriations, and all other schemes which will
place a fiscal burden on the
Government or the taxpayers should be rigorously
examined and excluded
should their necessity or essential value not
be clearly apparent.
Text of the Report.
The report of the special committee follows:
"During the fiscal year ended June 30 ,
the corporation income tax
yielded revenue In excess of $1,300,000,000,
or 32% of the total taxes,
including customs, collected by the Nationa
l Govern
from the onerous burden thin: placed on corporations, ment. Quite apart
reliance to such a large
eitent on one source oe ,ncome is a doubtfu
l fiscal policy, since any vicissitudes, such as a businese depression, which would
materially affect this one
source of revenue might seriously embarrass the
financial operations of the
Government.
"In addition to the amounts collected from
corporations by the Federal Government, State and local jurisdictions
also are levying heavy
toll on corporations. Recent statistics regardi
ng the taxes paid by the
corporations to State and local governm
ents are not available, but in
these governments collected over $1,550,
000.000 from the corporations, making the total taxes,including Federal
levies,about $2,500,000,000.
In that year taxes paid by corporations were
equal approximately to
two-thirds of the amount paid out in cash dividen
ds. In addition to these
amounts the stockholders of corporations also paid
numerous other Federal
local and state taxes as individuals.
"A certain proportion of the taxes paid by the corpora
tions are shifted
to consumers, but the burden of taxation must be borne
in the first instance
by the corporations. The amount passed on to the
consumer tends to
Inflate prices and is directly reflected in the cost of living.
"Not only has there been general discrimination against
corporations
in that all other tax rates have been reduced or eliminated
since the war
period, but there is a particular discrimination against
corporations, as
compared with individuals and partnerships, even though
the latter may
be engaged in the same type of business and competing with
corporations.
"Corporation earnings paid out in dividends to stockho
lders are subject
to-day to double taxation. They are taxed in the hands
of the corporations
Congressional Tax /nyuiry.
at 13%% and taxed again in the hands of the stockho
lders according to
"The Joint Congressional Tax Committee is
their surtax liability.
required to make a report not later than December. , but the
"The existing taxes on corporations impose an undue and
terms of the statute deterunfair burden mining its tenure are somewhat
ambiguous. A considerable
on the small stockholder. At the present time it is estimat
ed that the the committee's reasons will be
majority of those paying individual income taxes pay at the
ready for the consideration number of
minimum normal at the approaching session and
of Congress
technical improvements
rate of 1% %, yet these numerous taxpayers are assessed
should be incorat the rate of porated into law at the earliest
practicable date.
133i% on all income received from corporations in the form
of dividends,
It is certain, however, that more time and
there thus being a differential of 12% in such instances.
research will be
before a solution of some of the more
"The discrimination against the small stockholder also can
complex problems can benecessary
be illustrated and the Joint Committee should be given
reached,
the time and facilities
in another manner. In . the latest year for which detailed
statistics bring its difficult work to a successful
needed to
are available, dividends received by individuals reporting incomes
conclusion. The committee,
of $10,000 fore, recommends that the tenure of the
thereJoint Congressional Tax
or less were, in round numbers, ,000.000, representing earning
Committee
s of be extended to such time as shall afford it
ample opportunity for thoroug
$846,000,000. on which $106,000,000 in corporation tax would be
h
paid. study of the Internal Revebue law and
its administration and to
The maximum tax which the individuals would have paid on these
report
same thereon to Congress."
dividends would not have exceeded $25,000,000. and, in fact,
due to
Members of the Chamber's Taxation
exemptions, the actual amount would have been considerably less.
Committee are James R. Mac
Coll, Chairman, of Pawtucket, R. I., Preside
nt of the Lorraine Manufac"In other words, more than 2,000,000 individuals of small or moderat
e turing Co.; Thomas S. Adams. Professor of
means, constituting a majority of those making Federal income returns
Political Economy at Yale;
in Arthur A. Ballantine of New York City, John
W. Blodgett, lumberman.
, through the medium of the corporation income tax paid more
than of Grand Rapids; Stuart W. Cramer of
Cramerton. N. 0., President
four times as much taxes on income received in the form
and
of corporation Treasurer of the Cramerton Mills; William
S. Elliott of Chicago, General
dividends than they would have paid had they paid only the
individual Counsel of the International Harvester Co.;
rates on these dividends. With the higher corporation
William F. Gepphart. Vice
rate, the lower President of the First National Bank of
St. Louis; Edward E. Gore,
ac-
OCT.22 .]
T1TE CHRONICLE
eountant. of Chicago; Robert P. Lamont of Chicago, President of America
Steel Foundries; Felix M. McWhirter of Indianapolis, President of the
Peoples State Bank; George 0. May, accountant. of New York City;
William S. Moorehead of Pittsburgh; Roy C. Osgood of Chicago, Vice
President of the First Trust and Savings Bank; H. H. Rice, Assistant to
the President of the General Motors Corporation: George Shriver, Senior
Vice President of the B. & O., and Carroll J. Waddell of Philadeffthis-
,000,000 Tax Cut Deemed Too Great by President
Coolidge&#;Treasury Estimates of Permissible Reduction Said to Be in Neighborhood of $250,000,000.
While President Coolidge was represented as indicating
on Oct. 11 that he considered as too high the $400,000,000
cut in Federal taxes called for by the special committee of the
United States Chamber of Commerce, he is not committed
to any stated amount of reduction, according to White
House representatives on Oct. 18. In its advices to the
effect that the President is not yet ready to set an estimate,
the Washington correspondent of the New York "Journal of
Commerce" on Oct. 18 said:
payers exert their influence to effect economies and pave the way for tax
reduction.
Better to Turn to Economy.
In addition to counseling business organizations that it was his belief
not be as large as prospoed by the Chamber of
that the reduction could
Commerce,President Coolidge advised them to put an end to such activities
and turn their attention to influencing members of Congress to restrict
expenditures.
Those who are urging a heavy reduction, the President feels, should
remember that tax reductions in the past have been made as the result
of economy. Most of the proposals to come before Congress which would
cost the Government considerable sums have a great deal of merit, he felt,
but those who foster them must consider the expenditures the Government
will be called upon to make in a constructive way. The proposals for permanent improvements, the President believes must be met, but all cannot be
approved in the next session and only the necessary things can be handled if
there is to be tax reduction.
While heretofore the Administration has suggested that a tax reduction of about $.900,000 might be made, the President to-day declined
to go on record in that connection.
Heavy Obligations.
ConThe present obligations of the Government, increased by recent
progresses, the President finds, do not fit in with a heavy tax reduction
pensions
additional
gram. One increase made by the late Congress for
amounts to $68,the President pointed out,
It developed that discussions with White House visitors had led to the and adjusted compensations,
meet the in000,000 a year. The Government so far has been able to
thought that he ithe President] favored a $300,000,000 tax cut.
because of careful economies.
The President did not,desire to give any such indication, since he is creased demands
The President noted that proposals for large expenditures were facing
awaiting the presentation by the Treasury of a statement of anticipated
Congress&#;for flood control, increase of the navy and developrevenues and by the Budget Bureau of a report of probable expenditures. the next
the army
ment of the five-year aviation program. The appropriation for
surplus can be made.
From these figures an estimate of available
larger, he said, because of expenditures that must be made for
New would beand other permanent improvements.
According to a Washington dispatch Oct. 18 to the
barracks
going
There is no certainty, the President holds, that the surplus is
York "Times" when the battle over tax reduction starts
he
Administration to be large this year. Sometimes it runs higher than is estimated,
in the next Congress, the more conservative
reduction
indicated, due to increase in revenues because of prosperity. The
supporters will try to limit the cuts to $250,000,000,instead of the national debt has also reduced the expenditures of the Government.
of the $400,000,000 advocated by some Democratic leaders Next year the interest charges, the President pointed out, will be $70.year.
less than
and the Chamber of Commerce of the United States or the 000,000review of last situation was interpreted as reflecting the view the
the
This
or $350,000,000 suggested by Senator Smoot, President would take in his message to Congress.
$300,000,000
Republican Chairman of the Senate Finance Committee.
The dispatch also stated in part: &#;
There was a report that the figure of $250,000,000 had been mentioned
at to-day's Cabinet meeting and that the President had been told by
Secretary Mellon that such a reduction could safely be made without
endangering the surplus. No direct confirmation of this, however, could
be obtained, the advisers of the President contending that a formal forecast would not be justified until final estimates col ering revenues and
expenditures had been completed.
Senator Smoot expressed the hope to-day that the new revenue law
would be adopted and effective by March 1. Under his plan, reductions
would apply to income of corporations and individuals earned in the calendar
Year and taxpayers would face reduced levies when making their first
quarterly payments on March 15 next.
A Compromise Expected.
General opinion here is that a compromise will be reached on about
$300,000,000. This it is expected, will be represented by a reduction of
lJ.% in the corporation income tax, which would, in theory at least,
reduce the yield by al:out $150,000,000; a readjustment downward of
some of the middle surtax brackets and the modification or repeal of the
automobile and nuisance taxes. There are indications that advocates
of the repeal of Federal estate taxes will again meet with disappointment.
That President Coolidge has not decided in favor of $300,000,000 reduction, as was recently credited to him, was made known at the White Howe
Friday. Ile does not, it was stated, know the amount because no estimate of the probable income and expenditures for the fiscal year ending
June 30, , has been furnished by the Treasury and Bureau of Budget.
,
Coolidge Awaiting Esliimit s.
When these estimates are made. the Administration expects to take a
decisive stand, it was declared. President Coolidge reiterated that taxes
could not safely be reduced by $400,000.000. as urged by the Chamber of
Commerce of the United States.
Treasury Department officials are td be counted in the chief group
fighting to keep the tax cuts down. They will have the backing of President Coolidge, who has implicit confidence in Secretaty Mellon and his
advisers.
No official figures have been given out by the Treasury, but the report
to-day was that Senator Smott's suggestion, made yesterday, that a reduction of from $330,000,000 to $350,000,000 probably could be made,
caused some critical comment. This is considered too high by the more
conservative,
The earlier attitude ofsome Treasury officials, however,that $200,000.000
is the limit of safety and that it might be wise to keep the figure down to
,000,000, has apparently been abandoned and new estimates raise
the maximum to which they are now prepared to agree to about $250,000.000.
This development has come with indications of a heavy surplus at the
close of the fiscal year , on June 30. It has been estimated that the
surplus probably would almost equal the record one of $635,000,000 for the
year , if the present tax rates are not changed.
In indicating that President Coolidge on Oct. 11 had
challenged the contentions of the U.S. Chamber of Commerce
that a $400,000,000 tax cut was possible, the "Times" reported him as holding that Fitch a reduction would result
in a budget deficit and that an appreciable reduction could
safely be made only by the practice of economy. The
dispatch to the "Times" Oct. 11 also had the following to
say in part:
Mr. Coolidge declined to indicate how great a reduction he thought
in:ght be made until he had received estimates from the Treasury and the
Budget Bureau. He noted that expenditures were mounting and would be
greater this year because of what he described as constructive programs
would not be
ahead. Ile felt also that there was a chance that the revenuei
so large this year, due to the fact that revenues last year were swelled by
in liquidating
unusually heavy payments of back taxes and by the railroads
debts to the Government.
He warned
The President, it was emphasized, Is for tax reduction.
this was not possible,
those urging a large reduction that in his opinion
that tax..autioned Congress to to wise in its expenditures and suggested
The fact that President Coolidge looked upon the reduction
of the National debt as of prior consideration as compared
with the matter of tax reduction was noted in our issue of
Oct. 18 (page ) in an account of his told with newspaper
correspondents on Oct. 4. In a special dispatch from Washington on Oct. 7 the New York "Herald-Tribune" stated:
believes, can go
Both tax reduction and debt retirement, the President
and he wants It conalong together. This has been the President's policy
by a careful
tinued. Moreover, he expects to accomplish both purposes
any new enterprises
scrutiny of all proposals to embark the government on
not necessary to constructible economy.
Legislative Program Proposed by United States Chamber of Commerce for Submission to Congress&#;
Downward Revision of Taxes and Flood Control
Among Demands.
The legislative program of American business to be laid
before the coming Congress was set forth in precise terms
on Oct. 17 by Lewis E. Pierson, President of the Chamber
of Commerce of the United States, at the opening general
meeting, at West Baden, Ind., of directors, national councillors and committeemen of the organization called to consider
its work for -28. Nearly every major problem with
which Congress will have to deal found a place in he list;
and additions were to be considered before the meeting
closed. At the same time Mr. Pierson declared that business was shouldering the responsibility of its public obligations by undertaking the task of self-regulation and selfgovernment. Among the specific demands to be filed in
the name of business when Congress convenes in December
are:
remaining
Downward revision of the corporacion income tax, repeal of
war excise taxes and the Federal estate tax.
as a national
Consideration of flood control on the 'awer Mississippi
legislation
problem for the Federal Government to take over;flood control
funds to be
to be free of entanglement with other projects, flood control
appropriated as needed over a period of yea's
the
Rejection of the proposal to involve the Government further in
a
ownership and operation of the merchant mariae by the adoption of
program of Government shipbuilding and encouragement of private shipping
by trade route contracts.
Scientific adjustment of postal rates and abandonment of the policy
of saddling upon commercial mail users the cost of free and less-than-cost
policy services.
Removal of legislative obstacles in the way of voluntary railroad
consolidation.
Reorganization of Federal executive departments and bureaus in the
interest of economy and efficiency.
Rejection of the proposal to create a Federal Department of Education.
Return of alien property sequestered during war subject to the settlement of war claims of American citizens.
Rejection of the proposal to set Up a Government .:nntrolled monopolistic
workmen's compensation fund.
permanent
Repeal of legislative restrictions which stand in the way of a
parcel post convention with Cuba.
Ratification of the Turkish treaty.
Legislation simplifying ocean bills of lading.
These are only some of the national legislative problems
to which President Pierson referred in his presentation.
The National Chamber, he said, has also equipped itself
to support the Federal Reserve System by a thorough study
THE CHRONICLE
[VOL. 125.
of the entire banking and currency system of the country.
He also touched upon immigration, power development, Gates W. McGarrah, of New York Federal Reserve
Bank, Returns from Europe.
commercial forestry, highway improvement, the distribution
It was announced yesterday (Oct. 21) that Gates
census as questions in which business has a direct interest.
W.
McGarrah, Chairman of the Board of the Federal Reserve
Referring to the agricultural problems, Mr. Pierson said:
Frankly recognizing agriculture sa intrinsically a part of the national Bank of New York,returned on
the Aquitania after attending
industrial fabric, the National Chamber would encourage wider and more
the meeting of the General Council ofIthe7Reichsbank.
;
effective aid to agriculture by business. This means teamwork between
the farmer and other business interests in their trade areas. The Chamber
approaches this project just as it has approached every other phase
of
the so-called national agricultural problem&#;locally and regionally. Through
Intimate study and contact, the Chamber has discovered what problems
are most acute in the various areas. And,in the light ofrecorded experience
in this field, advises to what degree these local and regional farm problems
may be solved by teamwork between the farmer and his natural associate,
the business-man. Thus the National Chamber is able to advise with
commercial organizations situated in agricultural areas, between farm and
business.
There was a time when commercial organizations made but spasmodic
efforts to strengthen their trade-area agriculture, but to-day the agricultural department, bureau or committee is an important cog in the great
majority of these bodies in rural or suburban sections.
More than 60% of the member commercial organizations reporting to the
National Chamber have set up special machinery of these types to cooperate on local and regional agricultural matters. Seventy-five per cent
of the organizations reporting have at some time carried on some type
of agricultural activity, although not all of them have set up any special
machinery for such work. The number of commercial organizations
having special committees, bureaus or departments is growing constantly.
Mr. Pierson also made plain the purpose of business, as
represented by the National Chamber to study State and
local Government budgets, with a view to developing information useful in efforts to curb extravagance. The
National Chamber will exert its influence to aid local chambers to bring about simplification of tax procedure and an
,orderly program of public expenditure on the part of State
Governments, the repeal of State laws levying special taxes
upon insurance policyholders as a means of raising general
revenue, and to obtain State laws for the certificatioo of
automobile titles and the gathering of vital statistics.
Finally as evidence that business has entered earnestly
upon the task of setting its own house in order President
Pierson pointed to the progress made in the setting up of
standards of trade practice and the elimination of wastes
in distribution due to unethical and uneconomic practices.
The tax reductions recommended by the Chamber are
referred to at length in another item in this issue.
Merchants Association Urges Repeal of Federal Estate
Tax and Reduction and Repeal of Other Taxes.
Repeal of the Federal Estate Tax and reduction or repeal
of other Federal taxes which especially affect business, is
requested by The Merchants'Association in a letter addressed
to the President, the Secretary of the Treasury,the Ways and
Means Committee of the House of Representatives, the Finance Committee of the Senate and the Joint Congressional
Tax Committee. This letter, which was proposed by The
Association's Committee on Taxation and Public Revenue,
of which George C. Pratt, general attorney of the Western
Electric Co., Inc., is Chairman, was approved by the Directors of the Association on Oct. 13 as follows:
The Merchants Association of New York, from its present information,
believes that the condition of the national treasury is such as to warrant a
further reduction of Federal taxation during the next session of the Congress.
The Association believes that the objectives of such a reduction should be:
1. A corporation income tat of not more than 10%
2. Lowering of the tax rates upon income within the brackets from $28,000
to $60,000.
3. Repeal of the Federal Estate Tax.
4. Repeal of the remaining War Excise Taxes.
The corporation income tax should be reduced not only to lessen the handicap which it places upon the successful corporation in competition with
other forms of business organization, but also because this tax has not been
reduced as rapidly as other taxes in recent years and is still so high as unduly
to burden industry.
In the latest revisions of the income tax law while the rates on incomes
in the higher brackets were very substantially reduced, and the exemptions
upon smaller incomes have been carried as far as is compatible with sound
economic principles and good public policy, the rates on incomes in the
brs cicets between $28,000 and $60.000 have been reduced but slightly.
Thn rates upon those intermediate sized incomes, should, therefore, be
bro light into line now.
The war created emergency need for revenue which has passed away
sufficiently to make desirable the repeal of the remaining Federal estate
tax and the relinquisment of that source of revenue to the states.
The occasion for war excise taxes has likewise passed away. This form
of taxation produces inequities, Imposes handicaps and causes public
irritation to a greater extent than almost any other and at the same time is
relatively neither a prolific nor economical source of revenue. The taxes
of this type left in force by the latest revision should now be repealed both
for the relief to be afforded and for the Simplification of the system to be
obtained.
The Association realizes, however, that upon the conclusion of studies
now being made of certain pressing Federal problems,such as the Mississippi
Valley flood control, concrete proposals may be entertained for expenditures
which would reduce the prospective treasury surplus so far as to make unwise
reductions to the extent suggested above. If that situation should arise.
the Association urges strongly that reduction in the corporation in come tax
should be given precedence over the other suggestions to the fullest extent
that the state of the treasury will warrant.
No Foreign Advisor for Reserve Board&#;Rumors Rising
from British Appointment of W. W. Stewart Denied&#;Might Influence Policies.
From its Washington bureau theT,"WalliStreet Journal"
on Oct. 17 reported the following:
Announcement of the appointment of W. W. Stewart,
Vice-President
of Case, Pomeroy & Co., New York, as economic advisor to the Bank
of
England, has given rise to persistent reports a British financier
was to be
selected to work with either the Federal Reserve Board in Washington
or
the New York Federal Reserve Board. It may be said authoritatively
that no such reciprocal arrangement is contemplated by the Federal
Reserve system.
Governor Roy A. Young, of the Federal Reserve Board, has stated
officially that he knew of no such arrangement so far as the Federal Reserve
Board is concerned. Governor Strong, of the Federal Reserve Bank of
New York, has given the Reserve Board to understand no such action is
contemplated by the New York bank.
Source of Rumor.
Nevertheless, reports of a reciprocal arrangement for financial advisors
in the London and New York banks have gained wide circulation. Mr.
Stewart, until about a year ago was director of research for the Federal
Reserve Board. His employment by the Bank of England as an economic
aid coupled with the well-known co-operation existing between the London
Bank and the Federal Reserve Bank of New York, apparently gave rise
to the belief there was more in the Stewart appointment than appeared on
the surface.
It is recognized that Mr. Stewart can be of great value in London as an
interrretor of conditions and trends in the money market of the United
States. But so far as the Federal Reserve Bank of New York is concerned
the belief here is that th4 officials of that institution are entirely capable
of correctly interpreting the situation in the British money market at any
time, so that the advice of any British expert imported for that purpose
would be unneecasary.
Might Influence Policies.
Aside from the practical features of the situation, it is safe to assume
that neither the Federal Reserve Board nor the New York Federal Reserve
Dank would care to import a British advisor. Mr. Stewart in London will
deal with facts, not policies, but it would be almost impossible were a British
financier to be associated with the Federal Reserve system, to prevent the
impression being gained that he would influence Federal Reserve policies.
It may easily be imagined what would take place in Congress should the
Federal Reserve system import a British advisor. With the Chicago
discount rate case already available as ammunition for the attacks on the
Federal Reserve system which feature every session of Congress, there
would be no limits to the height of oratory were it possible for Congressional
enemies of the Federal Reserve system to tweak the board's beard and twist
the lion's tail at the same time.
An item regarding the reported appointment of Mr.
Stewart as American adviser to the Bank"of England appeared in our issue of Oct. 8 page . Copyright advices
to the New York "Times" from London have since carried
the following information:
It is said that J. P. Morgan strongly recommended Mr. Stewart for the
post. His appointment is regarded here as a further step in co-operation
between the Bank of England and the Federal Reserve Bank. He will
rrobably work in conjunction with Sir Otto Niemeyer, former Controller
of Finance of the British Treasury, who was appointed to the Bank of
England a few months ago.
Reports fromlLondon Oct. 10 to the effect that Sir Basil
Blackett had been offered the appointment as English adviser to the Federal Reserve Bank of New York brought
denials here of that report.
Forthcoming Treasury Financing.
&#;
Indications of a forthcoming Treasury offering are furnished in a notice addressed Oct. 19 by the Federal Reserve
Bank of New York to the banking institutions in the district
with regard to the filing of subscriptions. The Washington
bureau of the "Wall Street Journal," commenting on the
proposed financing (we quote from that parer Oct. 18) said:
Treasury is preparing for
new financing Nov. 15. An offering of about
$500,000,000 is expected. Announcement of the November
financing
program probably will be made Nov. 7.
Financing by the Treasury in November is unusual
but is necessitated
by the maturity on call of the remaining outstanding bonds
of the Second
Liberty Loan, which were not exchanged for refunding
issues offered
in the past year. As a consequence of the November financing
it is virtually
assured that the usual Dec. 15 financing will be omitted
this year. '
Secretary Mellon has indicated that certificates of indebtedness
will
be issued as part of the November program. It is possible,
however.
there may be a combined offering of certificates and Treasury
notes.
The Treasury Is committed to an offering of certificates only
on Nov. 15.
Second Libertys Exchanged Slowly.
Amount of the November offering is complicated by
uncertainty as to
the probahie volume of Second Liberty bonds outstanding
March 15
, whet:.the Treasury will finance again. Successful refunding operations by the 'ireasury hat e brought down to $850.000.000 the total of
Second Llbertys c&#;utstanding at present. But widespread distribution
of this loan. reflected in slow exchanges for refunding issues, gives the
Treasury a d ficult rrublem in estimating the probable amount
of Second
Libertys wh,c h will be presented for redemption Nov. 15, the maturity date.
Treasury is in excellent position to clean up the Second Liberty Loan.
Althoug $335,000,000 of Treasury notes mature Dec. 15. the income tax
OCT. 22 .]
THE CHRONICLE
receipts due on that date will aggregate about $440,000,000. This will
take care of December maturities, and also leave a margin of revenues for
current expenses. Treasury has not as yet expended more than $20.000.000 of the $354,000,000 of the sinking fund available for the current
the
&#; fiscal year. If about .000,000 of the sinking fund is reserved for
retirement of Third Liberty Bonds later in the year, there will be some
$200,000,000 available out of this fund to retire maturing Second Liberty
bonds. Balance in the general fund of the Treasury at present is about
$470,000,000.
Possible $500,000.000 Issue.
November financing must provide for Second Liberty bond maturities
presented for redemption. about $150.000,000 of interest on the publlc
debt, and current expenses of the Government until March 15, when
there will be further financing. Assuming that about half of the outstanding Second Liberty bonds will be preseted on Nov. 15 it would seem
that the new financing would be around $500,000,000.
Although the November offering will be issued on an unusual date for
Government borrowing, the maturity of the new issues will coincide with
the quarterly income tax periods as is customary. This will make the
November issue carry a maturity date of one month longer than would
be required were the issue to be made in December as customary. Thus,
this
instead of six months or nine months certificates, they would, in
instance, have to be seven or ten months.
be of more
The November rate on the new Government securities will
than ordinary interest. Last previous offering of Treasury certificates
last
was at 3),&#;%. Treasury rate is never finally determined until the
as
minute before offering is announced, in order that it may be attuned
bearing an interest rate of 4% will be placed on the market
next week, says the New York "Times" of Oct. 19, which
went on to say:
This will be the first Land Bank financing effected since an issue of $100,issues
000.000 of 43(% bonds was offered last April. Most of the previous
,
carried an interest rate of 43i% or higher.
The new issue will amount to about $30,000,000 and will be publicly off-red by the syndicate that has handled previous Land bank issues, headed
by Alex. Brown & Sons of Baltimore and including Harris. Forbes & Co.,
Brown Brothers & Co., Lee, Higginson & Co., the National City Company
was
and the Guaranty Company. The $100,000,000 issue of last spring
was
largely a refunding transaction, as almost 393.000,000 of the proceeds
interest coupons. The
used to redeem outstanding bonds bearing 4M%
will
price of the new issue has not been announced, but it is understood it
be sold at a slight discount.
Smaller Dollar Bills Will Be Ready in Year.
The Washington correspondent of the New York "Journal
of Commerce" on Oct. 19 stated:
.
New smaller size dollar bills will be put into circulation by October,
having been seit was definitely learned at the Treasury to-day, the date
shortly
lected by Assistant Secretary Charles H. Dewey. who will resign
to become financial adviser and director of the Bank of Poland.
bills in
These new bills will constitute more than half of all the paper
circulation, there being about 445.000.000 dollar bills and only about 415.is of $10.000,000 of all other sizes, up to and including the largest, which
closely as possible to market conditions.
In view of existing conditions in the money market new Government 000 denomination.
low
Mr. Dewey predicted that the larger denominations in Federal paper
rate should indicate whether Treasury anticipates a continuance of
all at once. He explained that the situamoney levels or whether there is any evidence of a hardening observed money then will be changed in size
for the
tion in regard to the national bank notes is different, however, and
from Washington.
present will not be definitely determined.
The following is the notice issued by the Reserve Bank:
Banks to
FEDERAL RESERVE BANK.OF NEW YORK.
Secretary Mellon Authorizes Federal Reserve
1
44%
(Circular No. 815. Oct. 19 .1
Purchase from Holders Second Liberty Loan
of Filing
New Treasury Issue&#;Preliminary Notice of Offering and Methods
Bonds at 100 3-32 During Week Ended Oct. 22.
Subscriptions.
The following statement was issued on Oct. 14 by SecreTo all Memb.r Banks, State Banks, Trsut Companies and
Savings Banks in the Second Federal Reserve District,
tary of the Treasury Mellon:
the United
Second LibFrom advices received from the Treasury Department of
Secretary Mellon, in again calling attention to the fact that
institutions in this
and will
States, this bank is enabled to transmit to banking
erty Loan bonds have been called for redemption on Nov. 15
that for the convenience
district the following information:
cease to bear interest after that date, announced
to purchase, at the
1. That a Treasury offering may be expected shortly.
of holders he has authorized the Federal Reserve banks
2. That the subscription books may be closed by the Treasury without option of holders, Second Liberty Loan 41.4% bonds at 100 3-32 and acpurchases will be
advance notice, and therefore,
crued interest to date of such optional purchase. Such
3. That each subscribing bank upon receipt of information as to the made for account Of the sinking fund. This offer will remain open during
terms of the Treasury offering (either in the press, through the mails or by the week beginning Monday, Oct. 17, and ending Saturday. Oct. 22. and
telegram) should promptly file with the Federal Reserve Bank any sub- will terminate on the latter date without further notice. Second Liberty
scriptions for itself and Its customers. This is important, as no guarantee Loan 4% bonds are not included in this offer to purchase.
and
can be given as to the period the subscription books may remain open,
may
subscribing banks, even before receipt of official subscription blanks,
g
Reserve
Notice of Federal Reserve Bank of New York Regardin
file their subscriptions by telegram or by mail with the Federal
Second Liberty Loan
Bank. Any subscriptions so filed by telegram or mail in advance of receipt
Arrangements for Handling
by subscribing bank of subscription blanks furnished for the particular
Bonds for Redemption.
Issue should be confirmed immediately by mail, and on the blank provided.
when such blank shall have been received.
The following circular has been issued by the Federal Reboth
4. That if the terms of the offering when announced provide for
companies in
be tendered serve Bank of New York to banks and trust
cash subscriptions and subscriptions for which payment may
bank should prepare its subscriptions the New York Federal Reserve District:
in other securities, the subscribing
in such manner as to indicate the method by which it proposes to make
FEDERAL RESERVE BANK OF NEW YORK
payment and the respective par amounts of securities, if any,to be tendered
Fiscal Agent of the United States.
in payment.
'Circular No.813&#;October 15 .1
Classification of Subscriptions. !cc.
Bank Customers' Subscriptions.&#;With regard to issues, subscriptions to To all Banks, Trust Companies and Others Concerned in the
which the Treasury determines for the purpose of allotment shall be conSecond Federal Reserve District,
of the
sidered as on a cash basis irrespective of whether or not payment is to be
On Nov. 15 . as previously announced by the Secretary
of
made in cash or insecurities, the following classification will be required
redeemable and will cease
the number of sub- Treasury. all Second Liberty Loan bonds become
subscriptions made for account of customers, stating
once for
to bear interest. Such bonds therefore should be presented at
scriptions in each class.
payment on Nov. 15 .
for $1,000 or less for any one subscriber.
Class A&#;Subscriptions
Methods to Expedite Payments.
Class II&#;Subscriptions for over $1,000, but not exceeding $10,000.
Class C&#;Subscriptions for over $10,000, but not exceeding $50,000.
At the present time there are about ,000.000 of the bonds outstandbut not exceeding $100,000.
Class D&#;Subscriptions for over $50,000,
ing. A large proportion of this amount is held in the smaller denominaClass E&#;Subscriptions for over $100.000, but not exceeding $500,000. tions by thousands of owners. Due to this wide distribution, redemptions
Class F&#;Subscriptions for over $500,000. but not exceeding $1,000,000. will be facilitated if banking institutions will use separate "redemption
bonds. SupClass G&#;Subscriptions for over $1,000,000.
applications" when surrendering both coupon and registered
Where the maturing securities are not by the instructions accompanying plies of these forms are enclosed.
they shall be treated as cash and such
the offering given a preference
accompany Second
Coupon Bonds.&#;The light green application should should accompany
subscriptions to be paid for in securities should be included in the classiLiberty Loan 4% bonds and another such application coupon form, prefication.
Loan Converted 411% bonds, both in
Second Liberty
Bank Subscriptions.&#;A subscription for a bank's own account should not sented for tedemption.
that date,should
Coupons dated Nov. 15 , which become payable onholders in regular
be included in the above classification of subscriptions for account of
the
be detached and such coupons should be collected by
customers but should be clearly indicated as for the bank's own account course. All coupons bearing dates subsequent to Nov. 15 must be
on Nov. 15
and in addition to subscriptions for customers.
attached to any such bonds when presented for redemption for redemppresented
Subscriptions Not Classified.&#;Where under the terms of an offering or . If any such coupons are missing from bonds the full face amount of
offering, the Treasury agrees to allot tion, the bonds will neverhteless be redeemed, but payment to be made on
under instructions accompanying an
the
the any such missing coupons will be deducted from so deducted will be held in
new securities in full for any of its securities maturing on the date of
account of such redemption, and any amounts
new issue or on any later date, subscriptions to be paid for in such securities the Treasury Department to provide for the redemption of such missing
coupons as may subsequently be presented.
should not be classified.
SecRegistered Bonds.&#;The gray colored application should accompany both
4 Xs,
Application Forms to be Furnished.
ond is and another such application should accompany Secondbonds must
registered
are announced, notice thereof, together in registered form, presented Tor redemption. Such
repreWhen the terms of the offering
be assigned by the registered payees or assigns thereof, or by their
with subscription blanks, will be mailed promptly by this bank to banking sentatives, to "The Secretary of the Treasury for redemption," in accorInstitutions In this district. Should notice and subscription blanks for any dance with the general regulations of the Treasury Department governing
reason be delayed in reaching such institutions this bank will nevertheless such assignments.
will
The transfer books for registered bonds of the Second Liberty Loan
receive subscriptions either by letter or telegraph. It is suggested that not close prior to Nov. 15 . Final interest due on that date will not be
transmitted to this bank.
be covered by payments
subscriptions be promptly
paid by interest checks in regular course but will
s they should be con- to be made simultaneously with the payments on account of principal.
If it be found necessary to telegraph subscription
firmed immediately either by letter or on subscription blank, setting forth
Bond Shipments at Holder's Risk.
and method of payment, and clearly
the classifications indicated above
of the holder. Faso that duplicaThe bonds must be delivered at the expense and risk
stating that the confirmation is not an original subscription
may be arcilities for transportation of bonds by registered mall insured
be avoided.
tion may
the Federal
Very truly yours,
ranged between incorporated banks and trust companies and
or such arBENJ. STRONG, Governor.
Reserve Bank of New York and holders may take advantage
and trust
rangements, when possible, utilizing such incorporated banks
Issue of $30,000,000 Federal Land Bank Bonds to Be
Offered Next Week by Syndicate&#;To Bear 4%
Interest.
For the first time since the establishment of the Federal
Farm Loan System a new issue of Federal Land bank bonds
companies as their agents.
Further Information.
Liberty Loan
Full details with respect to the redemption of the Second
reprint of which
are contained in Treasury Department Circular No. 381, a
accompanied Circular No. 781 of this bank dated May 9 . Further
information, together with an additional supply of the redemption forms,
may be obtained upon application to this bank.
THE CHRONICLE
The co-operation of all holders of Second Liberty Loan
bonds is earnestly
requested in handling the redemptions and holders
are respectfully urged
to present their bonds now to insure prompt payment principal
of
and interest when due on Nov. 15 , particularly with respect
to registered bonds,
which must be forwarded to Washington for release
of registration before
payment can be made.
Very truly yours,
BENJ. STRONG, Governor.
Proposed Election of Directors of New York Federal
Reserve Bank.
Notice has been sent to member banks of the New York
Federal Reserve Bank of a proposed election to choose
successors to Delmer Runkle, class A director, and Samuel
W. Reyburn, class B director. The nominations must be
made before Nov. 10, according to the notice which we
give herewith:
FEDERAL RESERVE BANK OF NEW YORK.
[Circular No. 811. Oct. 8 .1
Election of Directors.
To the Member Banks in District No. 2:
An election will be held under the provisions of section 4 of the Federal
Reserve Act to choose successors to the following directors of this
bank
whose terms expire Dec. . Class A director, Delmer Runkle,
Pres.,
Peoples National Bank, Hoosick Falls. New York; and Class B director.
Samuel W. Reyburn, Pres., Associated Dry Goods Corp. and
Lord dc
Taylor, New York.
Both directors were elected by banks in group 3 and their
successors will
be chosen by this group. The banks in groups 1 and 2 do not
elect directors
this year.
Group 1 consists of banks having capital and surplus in excess
of
31,999,000.&#;
Group 2 consists of banks having capital and surplus not exceeding
$1,999,000 and not below $201,000.
Group 3 consists of banks having capital and surplus below
$201,000.
(Listed on page 2.)
Each bank in group 3 is permitted to nominate a candidate
for class A
director and a candidate for class B director. The nominatio
n must be
made by resolution of the board of directors and certified to
me on or before
Nov. 10 . A form for this purpose is enclosed. On
Nov. 12 , a
list of the candidates (indicating by whom nominated) and
a preferential
ballot will be mailed to each bank in the group mentioned.
The ballot
must be cast within 15 days after receipt. The polls open on
Nov. 15 and
close at 3 p. in. on Dec. 1 . At that time the ballot box
will be opened
in the board room of this bank, the votes counted, and results
of the
election announced. Any of the candidates is invited to be present
&#; or
represented on that occasion.
In order to be counted, the ballot must be executed by the officer authorized to cast the vote. On the following pages are given the names
of
officers heretofore designated for this purpose. Inasmuch as the authority
conferred on these officers continues until revoked, they need not
be
reappointed. Each bank that has not designated such an officer, or any
bank that desires to change its authorization, should do so by resolution
of
its board of directors and certify the appointment to me before the polls
close. A form for this purpose is furnished herewith.
While the banks in groups 1 and 2 will not vote in this election,
this
circular is sent to them without forms for their information.
Respectfully,
GATES W. AfcGARRAH, Chairman of the Board.
Colonel Luke Lea Elected Director of Federal Reserve
Bank of Atlanta.
Colonel Luke Lea, of Nashville, Tenn., newspaper publisner, was elected a Class B director of thel Federal Reserve
Bank of Atlanta in the special election by member banks in
Group III, according to an announcement by Oscar Newton,
Chairman of the Board. The Atlanta "Constitution," in
stating this, added:
Colonel Lee was elected to fill the unexpired term of the late Captain
W.H.Hartford,of Nashville, and will assume his position on the directorat
e
as soon as he qualifies by taking the oath of office, It was stated. The term
expires Dec. 31 .
Texas Bankers Seek Federal Reserve Amendment
Affecting Paper for Discount Secured by Shipping
Documents Covering Agricultural Products.
The following is fr3m the October number of the "Journal
of the American Banker. Association":
[VOL. 125.
Whereas, These limitations exclude
Federal Reserve banks certain types from the rediscount facility of the
sively handled by the member banks ofof commodity drafts that are extenthe Federal Reserve System in financing the marketing of important commodities;
Resolved. That the Congress of the United ie it therefore,
States be,
requested by Stockholders' Association ofthe Federal Reserve and is hereby.
representing the member banks of the Eleventh Federal Bank of Dallas,
Reserve District.
to amend Section 13 of the Federal Reserve Act
eligible for rediscount all demand and sight drafts so as to specifically make
secured by shipping documents covering domestic shipments of non-perish
staple agricultural products, or covering other able, readily marketable
marketable staple commodities; and also demand non-perishable, readily
and accompanied by shipping documents and and sight drafts secured
covering foreign shipments of such products or foreign bills of exchange
commodities and drawn on
the purchaser of such foreign bills of exchange.
New International Germanic Trust Co.Begins Busines
s.
The new International Germanic Trust Co., under
the
presidency of Julian M. Gerard, began business on Oct.
17
in the quarters provided for it on the ground floor of
the
Standard Oil Building, 26 Broadway. A statement issued
by Mr. Gerard called attention to the broad powers the
new
banking institution seeks to develop with respect to America
n
and German capital and its employment in mutually
beneficial pursuits of trade and finance between America and
Central Europe, and announced the completed directorate
and management. The institution starts with a paidin capital and surplus of $5,000,000, the recent offering
of the capital shares having resulted in applications exceeding
eight times the 30,000 shares offered. Besides Mr. Gerard
who recently resigned as Chairman of the Central Mercantile
Bank and Trust Co. to become President of International
Germanic Trust Co., the officers include: W. E. von Marx,
Vice-President and Trust Officer; William E. Dobbin,
Vice-President in charge Foreign Dept.; Ernest K. Satterlee,
Secretary and Treasurer; Theodore W. Knauth, Assistant
Secretary. Harold G. Aron is Chairman of the Executive
Committee. Mr. Gerard's statement said:
Practically since the war there has been increasing need for
an institution
of such size and with sufficiently broad powers to make an appeal
to Americans of German descent in the development of the capital
power of that
very strong group in replacing the financial institution
s which formerly
held such an important place in the American
financial world. Those
of us who have been instrumental in organizing and
establishing on a firm
basis the International Germanic Trust Company
have long recognized
the need for such an institution to supplement the credit
facilities that have
been made available since the war in the reconstruc
tion of business and
industry in Central Europe. The company is independe
nt of individual
or group control and will work in co-operation with, rather
than in competition with, existing institutions of a similar character.
Depositors will not
be restricted to German-Americans, nor will any of the services
of International Germanic Trust Company be so restricted; this cannot
be emphasized too strongly.
The composition of our Board of Directors Is such as to
appeal at once to
everyone fairly disposed toward a better working out
of the
business relationships of the United States and Germany. economic and
It wasstated thatan incomplete tabulation of deposits shows
that more than $4,500,000 were received on the trust company's first day of business. The International Germanic
Trust Co. reports that its shares are now held by over 1,000
stockholders as the result of the recent allotment of its capital
issue of 30,000 shares. This unusually wide distribution by
the new trust company is in accordance with the stated
desire to place the stock in the hands of those having a
permanent interest in the company.
The directors of the institution, in addition to Mr. Aron,
are C. E. Albright, Julian B. Beaty, James A. Beha, James
Bruce, Marcus Daly, Julian M.Gerard, Robert F. Herrick,
Jr., C. H. Huston, William 0. C. Kiene, David H.
Knott,
Theodore Lamprecht, W. E. von Marx, Jeremiah D.
Maguire, Herman A. Metz, Kenneth O'Brien, Rudolf
Pagensteelier, Franklin D. Roosevelt, Woolsey A. Shepard
, Max
W. Stoehr and William L. Wirbelauer.
Items regarding the new institution appeared in
these
columns July 16, p. 344; Aug. 20, p. ; Aug.
27, p,
and Oct. 1 page .
When Congress convenes, it is to be memorialized by the banks that are
stockholders of the Federal Reserve Bank of Dallas to amend the Federal
Reserve Act so that paper eligible for discount will include demand and sight
drafts secured by shipping documents covering domestic shipments of non- Annual Convention of American Bankers
Association.
perishable, readily marketable staple agricultural commodities. The memTwo special trains left the Grand Central and
ber banks in the Dallas district assert that.fallure to include this class of
Pennsylpaper was evidently an oversight on the part of the framers of the Act, and vania Railroad Stations on Oct. 20 with 500
bankers, cominasmuch as this bars certain types of commodity drafts that are extensively prising New York State's
delegation to the fifty-third annual
handled by member banks from being rediscounted, steps should be taken
convention of the American Bankers' Association
without further delay to remedy this situation.
which will
The decision to seek legislative relief was reached during the summer be held in Houston, Texas, next week, from
Oct. 24-27.
when the stockholders of the Dallas Federal Reserve Bank held a meeting The first stop-over will be at
St. Louis, where the delegates
in Dallas. The resolution asking Congress to pass the amendment extending the rediscount privileges of the Act to cover agricultural products in will attend a tea given by the Clearing House Association.
their manufactured state was sponsored by Nathan Adams. President of the A stop will also be made at Dallas. The program
arranged
American Exchange National Bank of Dallas and was unanimously adopted for the convention was given in
our issue of Oct. 8, page .
by the meeting, over which W. W.
Woodson,President of the First National
Bank of Waco, presided as Chairman.
ITEMS ABOUT BANKS, TRUST COMPAN
The Texas bankers are urging bankers all over the country to endorse the
IES, &c.
proposal and to ask their Senators and Congressmen to aid Id securing its
Announcement was made this week of the names
passage.
of the
buyers and sellers of the two New York Stock
The text of the resolution is as follows:
Exchange
Whereas, Under the provisions of Section 13 of the Federal Reserve Act memberships which were sold at the high record
.
prices of
as amended by an Act approved March 4 . and under the rulings issued
by the Federal Reserve Board pursuant thereto, demand and sight drafts .$270,000 and $265,000 and noted in this column last week.
secured by shipping documents covering agricultural products are eligible That of Arthur L. Miles sold the
seats at $270,000 to Colonel
for rediscount by Federal Reserve banks only when such shipping documents
cover the domestic shipment of agricultural products in their raw state; and J. P. Bemkard while that of Clemens Harris
was the one sold
Ii
OCT. 22 .]
THE CHRONICLE
which relate to more than a thousand years of
at $265,000 to Frederick C. Ford. Another transfer at money, all of
commercial ,life before the introduction of coinage. The
$270,000 was that of Albert Francke to Clarence K.Reynolds.
first coins were made about 700 B. C., from which time coinBritish Empire age has been continuous. Coin gems from the period of
At the Monthly Luncheon Meeting of the
Chamber of Commerce in the United States of America finest art in Greece and portrait coins of the Roman Caesars
held at the Lawyers' Club, 115 Broadway, this city on Oct. are shown in contrast with the "widow's mite," the shekel
18, Eric H. Louw, B. A., LL.B., Commissioner for the and other coins of Bible mention. The exhibition is as repUnion of South Africa in the United States and Canada, resentative of paper money as of coins. These specimens
addressed the members on "The Union of South Africa and range from the earliest authenticated note, likewise believed
to be the earliest known piece of printing, produced in
Some of Its Problems."
China in the thirteenth century, to the new design notes of
At the meeting of the board of trustees of the Equitable the United States, not yet released for general circulation.
Trust Co. of New York, held on Oct. 18, $2,000,000 was trans- The evolution of commercial exchange is bridged five thouferred from undivided profits to the company's surplus ac- sand years from the clay tablet of Babylon to the first transcount. This gives the Equitable Trust Co. a total capital Atlantic radioed check. A copy of the $25,000 check, constiand surplus of $50,000,000; capital is $30,000,000 and sur- tuting Colonel Lindbergh's prize for his famous flight from
plus $20,000,000; undivided profits are $4,430,000. At the New York to Paris, is shown. Historically interesting items
same meeting two trustees were elected to the board. Clark- on exhibition include "rag money" of the California volunson Cowl and John C. Martin. Mr. Martin is Vice-President teers; John Law's "Mississippi Bubble" money; doubloons
and General Manager of the Curtis-Martin Newspapers, Inc. and "pieces of eight" of pirate treasure lore; notes printed
This organization owns the Philadelphia "Public Ledger" by Ben Franklin and currencies of Colonial and Revolutionand the New York "Evening Post." Mr. Martin is also a ary days. Wooden, leather and even rubber money are
director of the Curtis Publishing Co., the Land Title & Trust among the curious types on display. Of particular local
Co..of Philadelphia and the Union National Bank of Phila- Interest are exhibits of wampum, common to Long Island;
delphia. Mr. Cowl is Chairman of the Board of James A. the beaver skin trading unit of New Amsterdam; hundreds
Hearn & Son, Inc., a predecessor company of which opened of private and State bank notes and individual's scrip of
an account with the Importers & Traders National Bank of New York.
New York in . The Importers & Traders Bank was
Morris White, President Morris White, Inc., the largest
merged with the Equitable Trust Co. on June 29 . The
manufacturers of leather goods and luggage in the world,
Hearn account is the oldest continuous account on the books
the United States
of the merged banks. Mr. Cowl is Treasurer and Director of has been elected a director of the Bank of
of New York.
the Central Mercantile Association. He is also a director
of the Washington Square Association and the Fifth AveThe directors and officers of the Liberty National Bank
nue Association. He is a trustee of the Seamen's Christian
in New York and the Liberty National Safe Deposit Co. inAssociation, the West Side Savings Bank and the Van Buren
vite inspection of their banking offices and vaults at 50
Estates.
Broadway, on Tuesday, Oct. 25.
At a meeting of the board of directors of the Bankers
Trust Co. of New York held Oct. 17, H. L. Simms, formerly
Auditor of the company, was appointed Comptroller and
W. F. Rutherford, Jr., was appointed Auditor.
&#;
On Oct. 6 the Comptroller of the Currency authorized the
Increase in the capital of the Bowery & East River National
Bank of this city and on that day the capital was changed
from $3,000,000 to $4,000,000, the surplus from $2,500,000 to
$4,000,000, and the undivided profits were hicreased to over
$3,000,000. Plans to increase the capital through the issuance of 10,000 additional shares of stock at $450 per share
were referred to in these columns Aug. 13, page 873.
At the meeting of the board of trustees of the Title Guarantee & Trust Co. of New York, held Oct. 18, Harry B. Lake
was elected a trustee of the company to fill a vacancy in
the class expiring . Mr. Lake is a member of the firm
of Ladenburg, Thalmann & Co.
The Chemical National Bank of this city on Oct. 17 opened
its Brooklyn branch office at Court and Joralemon streets.
Charles E. Meek, Assistant Vice-President, is in charge of the
new branch and is assisted by Albert Quackenbush, Assistant Cashier. An item regarding the plans to establish the
Brooklyn branch appeared in our issue of Sept. 10, page
.
James R. Trowbridge was on Oct. 17 elected President of
the Franklin Savings Bank at Eighth Avenue and 42d Street,
this city, to !succeed Ernest K. Satterlee, who recently resigned. Mr. Trowbridge, who graduated from Yale Ifn!versity in the class of , began his business career in the
o
,
commercial field. Later he spent several years in Mexu.
and Cuba, coming to New York in , where he was connected with the Astor Trust Co. and later with the Bankers
Trust Co. He became connected with the Franklin Savings
Bank in and has heretofore been Vice-Presideut and
Comptroller. The Franklin Savings Bank was establisned
In and has deposits of over $84,000,000, surplua and
profits of over $9,000,000 and over 94,000 depositors. The
Vice-Presidents of the bank are John I. Downey and Beenard Karsch, and the members of the board of trustees are
Bernard Karsch, Howard C. Smith, Charles A. Walker,
Stuart Duncan, John I. Downey, Simeon Ford, Wilson M.
Powell, Theodore Hetzler, Henry J. Cochran, James R.
Trowbridge, Michael Friedsam, Frederick A. Muschenheini,
John H. Low, Hiram E. Manville, Dunlevy Milbank and
Herbert P. Howell.
Application was filed on Monday (Oct. 17) in the State
House at Boston, Mass., for a charter for Lee, Higginson
Must Co., the preliminary certificate of public convenie,nce
and advantage having already been granted by the Board
of Bank Incorporation. Application will shortly be made
for the Board's final approval authorizing the company to
Morris White was elected a director of the Bank of the transact business. In connection with the application, Lee,
United States of this city on Oct. 15. Mr. White is Presi- Higginson & Co. issued the following statement:
The proposed Lee, Higginson Trust Co. is designed to afford to our clients
dent of the firm of Morris White, Inc., manufacturers of and to all others interested the advantages of the services of a corporation
in the care and management of property, the settlement of estates and the
leather goods.
Thirty thousand specimens of money, showing the various
media of exchange in all countries from prehistoric times to
the present, were placed on exhibition under the auspices of
the Chase National Bank at its Grand Central Branch in the
Graybar Building, Lexington Avenue, at 43d Street, on Oct.
18. It will continue until Oct. 28. The exhibit, covering
one of the most comprehensive collections of coins and paper
money ever assembled, is under the personal direction of its
owner, Farran Zorbe, of Tyrone, Pa., former President of
the American Numismatic Association and a member of the
United States Assay Commission. Beginning with evidences
of primitive barter, the exhibit includes implement shaped
money tokens, clay tablet due bills and metal lump and ring
administration of the various forms of trusts now commonly found to be convenient. The trust company will also act as agent and trustee for corporations, and will maintain a banking department for the convenience of its
customers.
An initial capital of $300,000 and a paid-in surplus of $200,000 have
been designated.
After obtaining the necessary authority from the Board of Bank Incor
poration, it is planned to establish offices at 50 Federal Street, Boston, in
the Lee, Higginson office building, and it is hoped that it will be possible
to open for business about Dec. 1.
To bring to the new canpany a variety of experience in estate and trust
procedure, as well as expert knowledge of securities, and to give the advantages of the widest possible knowledge of financial and industrial conditions,
there have been included in the list of directors, in addition to partners of
Lee, Higginson & Co., a group of men especially qualified to render such
service.
The officers of the new company are as follows: Chairman of the Board, George C. Lee; President, Charles E.
THE CHRONICLE
[VoL. 125.
Cotting; Secretary, David H. Howie; Treasurer, Arthur I. Estate Co. Ten years later (). with Mr. IVade and
Glidden. The directors are:
others, he organized the Mercantile Trust Co. and was
Charles Francis Adams,
George C. Lee.
elected Treasurer of the institution. Mr. Wilson continued
Frank G. Allen,
Arthur N. Maddison,
Frederick W.Allen,
Charles W. Nash,
as Treasurer until , when he was made Vice-President,
Charles E. Coating,
James Nowell,
the position he has now relinquished for the Presidency of
Francis C. Gray,
Edward H. Osgood,
N. Penrose Hallowell,
Thomas Nelson Perkins,
the institution. In addition to his duties at the trust comFrancis L. Higginson,
Charles H.Schweppe,
Louis E. Kirstein,
James J. Storrow Jr.,
pany, Mr. Wilson is Dean of the School of Commerce of
Ivar Kreuger,
L. Edmund Zacher.
St. Louis University and President of St. Vincent de Paul
The directors of the United States Trust Co. of Boston on Soc:ety, Cathedral Conference. He was President of the
Oct. 13 &Oared a stock dividend of 100% in pursuance of a St. Louis Clearing House Association in and and
vote by the stockholders of the company at a special meeting Chairman of the Committee of Management of the Clearing
held immediately preceding the meeting by the directors, House Association in and .
according to the Boston "Transcript" of Oct. 14. The diviNathan D. Prince, Presiden- t of the Hartford-Connecticut
dend will be payable on Nov. 1 to stockholders of record at
Trust Co., of Hartford, Conn., announces a number of
the close of business Oct. 24. The directors also voted to
close the transfer books from Oct. 25 to Nov. 1, both inclu- el.anges in the executive staff made at the last regular meetsive. As a result of the declaration of this dividend, the ing of the board of directors: John B. Byrne, for the last
United States Trust Co. will have a capital of $2,000,000 and five years Bank Commissioner for the State of Connecticut
surplus and undivided profits in excess of $2,200,000. In a and prior to that time having had some five or six years'
letter to the shareholders (as printed in the "Transcript") additional service in the State Bank Commissioner's office,
was elected a Vice-President, succeeding the late Henry H.
A. C. Ratehesky, President of the institution, said in part:
The directors are very much gratified that the prosperous condition of the Pease. Allen H. Newton, for the last 45 years connected
company warrants this stock dividend and take this occasion to review the with the bank and of late carrying the title of Treasurer,
dividend history of the company since its formation, which is interesting was advanced to the position of
Vice-President. Charles
and unique among the banks of New England. The United States Trust Co.
opened for business on March 4 , and the first dividend was paid on A. Hunter, for over 30 years identified with the bank and
Jan. 1 , at the rate of 5% a year. Dividends since that date have been carrying the title of Assistant Treasurer, was made a Viceas follows:
President. Harold M. Kenyon, for the last 24 years con, 5%; , 5%; , 5%; , 6%; , 6%; , 8%;
, 9%; , 10%; , 10%; , 10%; , 12%; , 12%; nected with the institution and carrying the title of Assist, 12%; , 14%; , 18%; , 20%; , 24%; , 25%; ant Treasurer, was advanced to Treasurer.
, 25% ; , 25%; , 25%; , (plus valuable rights) ;
/
2
%
, 12; , 15%; , 16%; , 16%; , 16%; , 20%;
, 20%; , 23%; , 25%; , 25% and 100% stock dividend.
In a cash dividend of 100% was paid, and the stock was increased
from $300,000 to $1,000,000, stockholders being given the right to subscribe for 2 1-3 new shares for each share then held, at a price of $100 per
share.
Prior to the increase of capital in , the stock was quoted at $725
bid, and after the dividend of 100% was paid and the new stock of 2 1-3
additional shares for each share held was issued at par, it sold at $250 a
share. The stock is now quoted $625 bid, which shows a large increase in
value, in addition to the very substantial dividends paid during the past ten
years.
The by-law which required that stock be offered to the directors before
sale could be made has been repealed, which provides an open and free
market for the stock. The action of the stockholders and directors to-day
oreates a capital structure as follows: Capital, $2,000,000; surplus and
undivided profits, over $2,200,000.
Your officers pledge their most earnest efforts for the future of the company as in the past. The attention of the stockholders is especially called
to our trust department, which is rapidly growing. Living trusts, executorships, guardianships and trusts under wills are being constantly added. We
take pride in the splendid results enjoyed by beneficiaries in our trust department where the same careful attention is given to the investment of
funds as with the investments of the ccnipany itself.
Certificates of stock representing the stock dividend will be mailed as
soon as possible after Nov. 1 .
Clarence G. Appleton, Pres- ident of the Guardian Trust
Co. of New Jersey, announces that stockholders of record
Oct. 20 , will receive warrants entitling them to subscribe for one share of Guardian Title & Mortgage Guaranty
Co. of New Jersey stock for each share of trust company
stock held at $30 per share. The Title & Mortgage Co. has
Just been organized with authorized capital of 100,000
shares. Of the total stock 50,000 shares have been reserved
for stockholders of the trust company. A portion of the
remainder of the stock will be allotted to depositors of the
trust company as of Oct. 31 , and a substantial block
will be retained by the trust company. All of the funds received in payment for the stock will go directly to the mortgage company, there being no underwriting profits of any
kind.
At a meetitig of the directors of the Sussex & Merchants
National Bank of Newton, N. J., held Oct. 14, Judge Henry
T. Kays was elected President to succeed the late Theodore
Simonson, who died on Oct. 5. William W. Roe was also
A charter was issued by the Comptroller of the Currency elected a Vice-President.
of the Western National Bank of Duluth, Minn., on Sept. 6
Archie A. McPherson, Vice-President and Cashier of the
and the Institution began business on Sept. 12. The WestBank of Detroit, Detroit, Mich., died at his home in that city
ern National Bank succeeds the Western State Bank and the
on Oct. 14 after an Illness of six weeks. The deceased
Home State Bank of Duluth, Minn. The new institution has
banker, who was 38 years of age, had lived in Detroit all
a capital of $100,000 and surplus of $100,000. The officers
his life. Following his graduation from the Detroit Cenare Alfred Hoel, President; D. C. Wakeman, Cashier, and tral
High School, Mr. McPherson began his career in the
C. A. Palmer, Assistant Cashier.
Old Detroit National Bank. Later he entered the
Dodge
Brothers automobile factory, where he rose to the position
George W. Wilson, one of the founders of the Mercantile of office manager,
a position he held for several years, beTrust Co. of St. Louis and a Vice-President of the institu- fore leaving
to become traveling auditor for the Acme White
tion for nearly twenty-five years, was unanimously elected Lead & Color Works.
In he joined the Bank of Detroit
President on Oct. 12 to fill the vacancy caused by the recent as an Assistant
Cashier and in was promoted to Cashdeath of Feutus J. Wade. In reporting the election of Mr. ier. He was given the
added title of Vice-President in ,
Wilson as President of the Mercantile Trust Co., holding both positions
until his death. Mr. McPherson was
the St. Louis "Globe-Democrat" of Oct. 13 said: widely known in
financial circles. He was a member of the
"It is noteworthy that in many ways the career board of governors of
the American Institute of Banking
of Mr. Wilson parallels that of his predecessor, Mr. during and was
active in the Bankers Club of Detroit.
Wade. Both started to work at an early age, Wilson at 12
and Wade at 10. Each held humble positions in department
stores in the initial stages of their careers and both attended night schools to improve themselves so they might
handle larger tasks. Both finally gravitated toward finance
and organized a trust company. Moreover, Wilson is now
occupying Wade's old home." Mr. Wilson, who was born in
New York, went to St. Louis at an early age. There he attended the public schools, supplementing his education by
going to night schools. His business career began with
Scruggs, Vandevoort & Barney. He started as a cash boy,
but eventually succeeded in working his way up to the Cashlership. In , however, he resigned from the firm and
engaged in mining operations in Mexico. In he returned to St. Louis as Secretary of the Anderson-Wade Real
The Union State Bank of Omaha, Neb., on Oct. 19 formally
opened its new bank and office building at
the northwest
corner of 19th and Farnam streets. The structure,
which is
lire-proof and burglar-proof, is built of granit and Bedford
ttone. The Interior Is of marble and tile, with window
frames and doors of steel. The bank occupies the greater
part of the first floor, the banking quarters being equipped
with the latest banking facilities. The institution, which
was established in , is capitalized at $200,000, with surplus and undivided profits of $70,000, and has deposits of
$2,500,000. Its officers are as follows: F. C. Horacek,
President; Jacob Horacek, Vice-President; Emil Kavalec,
Cashier, and E. J. Horacek and F. C. Horacek, Jr., Assistant Cashiers. The bank's affiliated institution, the Union
OCT.22 .]
THE CHRONICLE
Securities Co., is also located in the new building. The
officers of the company are F. C. Horacek, President; L. G.
Cross, Vice-President; Emil Kavalec, Treasurer, and E. J.
He meek, Secretary. '
According to figures published in response to the call of
the Comptroller of the Currency on Oct. 10, the Citizens
Banks of Los Angeles showed an increase of nearly $3,500,000 over June 30. These affiliated Los Angeles institutions
operate 28 banking offices in the Los Angeles metropolitan
area and have built up total resources of $117,000,000 during
the thirty-seven years of their existence with, it is stated,
but little assistance from consolidation. The Citizens National Bank was established in at Third and Spring
streets, afterwards removed to Third and Main and in
erected the building at Fifth and Spring streets since occupied by the bank. In extensive alterations gave the
bank the entire ground floor of the building and since then
most of the second floor has been occupied. The original
capital of $100,000 has been increased from time to time
until now the institution has capital, surplus and undivided
profits of more than $6,400,000; with the capital, surplus
and profits of the affiliated banks the Citizens now have
capital funds in excess of $11,000,000. The Citizens Trust
& Savings Bank, owned by the stockholders of the Citizens
National Bank and under the same management, was originally the Broadway Bank & Trust Co. This was purchased
by the Citizens National in , and has since made noteworthy growth, the total resources now exceeding $57,000,000. The Citizens National Co. forms the third member of
the Citizens banking group.
The San Francisco "Chronicle" of Oct. 8 stated that announcement was made the previous day by the United Bank
& Trust Co. of San Francisco that two more banks--the
First National Bank of Hollister, Ca:., and its affiliated institution, the Hollister Savings Bank---had ,been added to
the "growing family" of the Security Bank & Trust Co. of
Bakersfield, Cal. The Security Bank & Trust Co. Is a subsidiary of the United Bank & Trust Co. formed by the
French-American Corporation (the United bank's auxiliary
company, the stock of which, it is understood, is wholly
owned by the liar,k's stockholders). The two Hollister
banks, the paper mentioned stated, have combined capital,
surplus and undivided profits of $487,000. with total resources of $2,175,600. They servg San Benito County, a
rapidly.growing section just south of Santa Clara County.
With regard to the before-mentioned Security Bank &
Trust Co. of Bakersfield, the San Francisco "Chronicle" in
Its issue of Oct. 1 stated that articles of incorporation were
filed for the new organization at Sacramento on Sept. 30.
The articles included, it was said, incorporation of the Security Bank & Trust Co. and consolidation of the Security
State and Security Savings banks of San Jose. The authorized capital of the new institution, which it was said had
the approval of the State Banking Department, was given
as $5,000,000, of the par value of $100.a share, of which
$1,150,000 is issued. Headquarters will be in Bakersfield.
The paper mentioned furthermore went on to say in part:
It was made known last night (Sept. 30) that the new Security Bark
Trust Co. will take over for operation a large number of the institutions
lately acquired by the French American Corporation, although it was
understood late yesterday that not all of these institutions will be included,
the omissions not being specified.
The list which is susceptible of inclusion in Security includes: Cloverdale Commercial & Savings Bank, Citizens Savings Bank, Upland; Commercial National, Upland; First National, Suisun; Solano County Savings
Bank, Suisun; State Bank, Dunsmuir ; First National, Arcata; Bank of
Napa, Bank of Elk Greve, Citizens State Bank, San Luis Obispo; San Diego
State Bank; First Bank of Kern, in Bakersfield, in Bishop and Independence; Security Trust Co. banks in Bakersfield, Taft, Maricopa and Fellows;
Security State Bank and Security Savings Bank, San Jose; Market Streat
State Bank, San Diego.
Reference was made to the acquisition by the FrenchAmerican Corporation of the above-named banks and their
intended allocation into the (then) proposed Security Bank
& Trust Co., in our issue of Sept. 24, page .
Further acquisitions by the United Bank & Trust Co. were
reported in the San Francisco "Chronicle" of Oct. 11, which
stated that the Petaluma Savings Bank, with resources of
$3,500,000, and the Sonoma County National Bank of that
place, with resources of $2,500,000 (affiliated institutions)
had been purchased by the United Bank & Trust Co. through
the French-American Corporation, thereby adding $6,000,000 to the resources of the United Bank & Trust co. P.
Denman was President of the Petaluma Savings Bank, and
George P. McNeal.. headed the Sonoma County National
Bank, while A. P. Behrens was Cashier of both institutions.
The same paper went on to say that it was also reported in
financial circles on Oct. 10 that the Nevada County Bank
of Grass Valley had been purchased by the United Bank &
Trust Co., the report, emanating from Grass Valley, indicating that a price of $250 a share had been paid for control
of the institution. This bank, it was stated, which is one
of the largest banks in the mining region of California, is
headed by G. L. Jones (President) and L. V;Mitehell
(Cashier).
On Oct. 10 the Bank of Toronto, Toronto, Ont. (Canada),
opened a new branch office at the corner of Claremont and
Sherbrooke streets, that city. Complete equipment has been
installed to take care of all banking requirements. A spacious steel-lined safety deposit box department has been
provided, including large and small safe deposit boxes, suitable for the needs of the bank's clients, at moderate terms.
The Bank of Toronto was incorporated in and has capital and reserves aggregating $12,000,000.
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The stock market has had another bad week, and sharp
declines in prices have occurred all along the line, with few
exceptions to the rule. Steel stocks have been weak, motor
shares and railroad issues have frequently been under pressure and at times the market has been flooded with an avalanche of selling. During the two-hour session on Saturday
activity centered around the so-called specialties, and, while
the general list worked slowly upward, a number of issues
in this group displayed remarkable strength. For instance,
Midland Steel Products pref., which had advanced 8 points
on Friday, added 8 additional points to its gain; National
Distillers Products added 3 points ,to the 4 of the preceding
session, and Shattuck Co. gained 4 points. Substantial
gains were also recorded by General Asphalt, Canada Dry
Ginger Ale, Ward Baking "B," National Dairy Products and
Beechnut Packing. Collins & Aikman jumped forward 6
points to the highest price of the session. Railroad stocks
were fairly steady, Ches. & Ohio leading the forward movement, followed by Erie and New Haven, which scored substantial gains.
An avalanche of selling came into the market on Monday
and many speculative favorites among the standard investment shares, rails and specialties were forced down from 3 to
10 points. The downward movement was particularly
striking in shares like General Motors, Du Pont, United
States Cast Iron Pipe & Foundry and Case Threshing Machine Co. Railroad stocks also were weak, Ches. & Ohio
losing its early gain of 3 points and New York Central sustaining a loss of over 2 points. Del. & Hud. declined 3
points. Houston Oil gave way and ended the session with a
loss of 4 points, and Commercial Solvents "B" slipped back
about 6 points. A few industrial specialties were strong,
Collins & Aikman,Beechnut Packing and F. G.Shattuck Co.
reaching new highs for . Philadelphia Co. advanced
4 points and crossed 107.
There were some fairly wide price swings on Tuesday,
but changes, on the whole, were rather small. The most
striking movements were again in the specialties class, notably Radio Corporation, which'bounded upward 5 points to
the highest price since ; American Machine & Foundry,
which advanced from 136 to 142, and Du Pont, which sold
points up at its high for the day. Houston Oil was also
in strong demand and improved 33.L points. United States
Steel common slipped to in the opening hour, but again
4
moved upward and closed at 145 with a net gain of about 1
point. Motor stocks moved along in a similar fashion,
General Motors losing a point in the first hour and closing
with a net gain of nearly 2 points. Hudson was strong for a
time; and public utilities were also in strong demand at
improving prices, especially Brooklyn Union Gas, which ran
up about 5 points, and Montana Power, which crossed 109
at its high for the day. The market was somewhat confused
and uncertain on Wednesday, a wave of selling forcing many
prominent issues to new low levels for the year, while others
equally prominent covered an extremely wide range to higher
levels. United States Steel common slipped back to /,
s
the lowest price touched since Sept. 16, but rallied a point
in the closing hour. General Motors opened at 137 and
yielded to 132k, rallied 2 points and ended the day with a
net loss of 3 points. Radio Corporation continued in active
demand and fluctuated between 71 and 74, and Du Pont
fell 6 points and recovered 1%. Among the copper shares
THE CHRONICLE
Greene Cananea made a gain of 6 points to 793 . American
4
Linseed was also strong and broke into new high ground with
an advance of 2 points to 58. Among the railroad stocks
Wabash gained 2 points to 74. Missouri Pacific pref. advanced 4 points and reached the highest point in its history
above 112. Erie was in strong demand and closed with a
substantial gain.
Stocks again worked lower on Thursday, a combination of
liquidation and short selling unsettling the market and many
losses of from 1 to 6 points were recorded at the close. The
selling movement included practically all of the "speculative
favorites" as well as a large number of issues in the general
list. Motor shares slipped backward with little or no resistance. New York Central had a decline of over 2 points.
Wabash was fairly strong until the final hour when it yielded
about 2 points. Atchison and Union Pacific were offered
downward without meeting effective support. The widest
swings of prices occurred among the industrials, notably
Case Threshing Machine Co., which slipped back 83 points
and recovered 43.4; Commercial Solvents "B," which dipped
about 9 points and regained 3 1-3; United States Cast Iron
4
Pipe & Foundry, which receded 53 points and advanced 2;
Du Pont, which dropped back 454 and regained only %,and
Houston Oil, which declined 23 points and advanced about
%. Among the specialties Philadelphia Co. reached a new
high in all time at 128%, and International Silver moved
up about 7 points. United States Steel common sold up to
%
/.
, but slipped back 25 points and closed at
Independent steel stocks were notably weak, Crucible,
Republic and Bethlehem yielding from 1 to 2 points. Liquidation was again in evidence as the market opened on Friday. One of the outstanding weak issues was Houston Oil,
which slumped from ,4 to 151. Heavy offerings of General Motors carried that stock down to 127 with a net loss
of nearly 3 points, and United States Steel common receded
to 1F.9%. One of the prominent features of the day was the
renewed demand for oil stocks, Marland selling up to 35 at
its high for the day, and Phillips Petroleum moving upward
1% points. Prices improved somewhat around midsession,
but as the day advanced the market turned irregular and
much of the improvement was lost. In the general list about
fifteen stocks reached new tops, the list including Col. South.
2d pref., International Paper, National Lead pref. "A" and
Kansas City Southern pref. On the other hand, Continental
Motors, New York Air Brake, American Ice and several of
the sugar stocks sagged to new lows. The final tone was
weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGL
DAILY. WEEKLY AND YEARLY.
Stocks.
Number of
Shares.
Railroad,
&C..
Bonds.
State,
Municipal &
Foreign Bonds.
859.630
2.081,360
2,053,390
2,616,760
2,534,985
2,558,800
63,607,000
6,487,000
7,530,0e0
7,580,000
7,505,000
8.849,000
$2,147,000
3,394,000
3,712,000
2.844,500
3,012,000
2,380,000
,000
205,500
752,500
627,000
288,500
348,000
12.704.925
941.558.000
617.489.500
82.535.500
Week Ended Oct. 21.
Saturday
Monday .
Tuesday
Wednesday
Thursday
Friday
Total
Jan. 1 to Oct. 21.
Week Ended Oct. 21.
Sales at
New York Stock
Exchange.
.
.
-No,of shares_
Stocks
Bonds.
Government bonds_ _ _
State and foreign bonds
Railroad & misc. bonds
United
States
Bonds.
.
.
10,394,309
448,582,092
370,815.296
$2,535,500 &#; $3,950,400
17,489,500 15,646,000
41,558.000 29,311,000
$240,495,300
673,762.100
1,748,555.900
$212,377,750
527,217,950
1,598,178.200
12,704,925
$61,583.000 $48,907,400 $2,662,813,300 $2,337,773,900
Total bonds
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
Oct. .
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Badimore.
Shares. Bond Sale,. Shores. Bond Sate.. Shares. Bond Sale..
*12,219
*29,288
*25,607
27,994
*34,272
14,213
$17,006
67,700
35,800
26,000
14,600
15,000
143,593
$176,106
13,319
20.302
22,795
20,944
33,766
21,842
$20,000
27,900
39,300
48,800
31,300
30,000
132,968
$197,300
1,819 &#; $11,000
3,454
42,200
28,800
1,760
19,700
3,358
5,175
54,400
2,852
9,000
18.418
$165,100
18,195 ,600
$154.500
* In addition, sales of rights were: Saturday, 16; Monday. 15; Tuesday, 7; Thursday, 10.
a In addition, sales of rights were: Saturday, 1,034; Monday, 761; Tuesday, 882;
Wednesday, 818; Thursday, 1,612; Friday, 992.
v...., mootrraviapii
120.251
574.950
127.012
THE CURB MARKET.
the Curb Market turned lower this week in
Prices on
sympathy with the downward movement on the Stock
Exchange. Prices continued to decline until towards the
close when there was a better tone and some improvement
was noted. Oil shares were features and moved to higher
[VOL. 125.
levels. Chesebrough Mfg. advanced from to /i
4
and reacted finally to . Continental Oil sold up from
16% to 19 and at 18% finally. Penn Mex Fuel rose from
253. to 30. Prairie Oil & Gas improved from 463' to 48%
and blosed to-day at 473 . Solar Refining dropped from
4
182 to 175%. Vacuum Oil on heavy transactions advanced
93' Points to 136%, the close to-day being at /. Gulf
Oil Corporation moved up from 909/i to 923i and ends the
week at 92. Good recoveries from the earlier losses were
made by many industrials. Celanese Corp. corn. after a
drop from 101k to 86( recovered to 93 and closed to-day
at 92. Industrial Rayon sold up from 103' to 14 and finished to-day at 133. Bancitaly Corp. fell from to
112, advanced to ,the final figure to-day being 112%.
4
Celotex Co. corn. moved down from 713 to 62% and re4
covered to 67. Curtiss Aeroplane & Motor corn. improved
from 453 to 493. and ends the week at 483. Deere & Co.
was off some 21 points to 185 and finished to-day at 189.
Glen Alden Coal advanced from 177 to 183 and ends the
week at 180%. Johns-Manville corn. was off from
4
to . Midland Steel Products slumped from 75% to
4
67 and sold finally at 70.
A complete record of Curb Market transactions for the
week will be found on page .
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
BONDS (Par Value).
Week Ended Oct. 21
Ind&Misc
119,110
180,605
162,615
202,740
197,780
238,851
28,500
71,550
74,760
100,560
93,200
89,550
1,101,685
458,120
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Oil.
Mining.
Domestic.
Foreign Goat.
51,375,000
2,857,000
3,222,000
2,835,000
3,403,000
3,074,000
$157,000
214,000
387,000
332,000
330,000
328,000
298,360 $16,766,000
$1,748,000
31,220
56,020
54,220
46,000
72,300
38,600
COURSE OF;BANK CLEARINGS.
Bank clearings this week will show a satisfactory increase
compared with a year ago. Preliminary figures compiled
by us, based upon telegraphic advices from the chief cities
of the country, indicate that for the week ending to-day
(Saturday, Oct. 22), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 6.8% larger than for the corresponding week
last year. The total stands at $11,105,515,459 against
$10,398,055,829 for the same week in . At this centre
there is a gain for the five days of 14.8%. Our comparative
summary for the week is as follows:
.
.
Per
Cent.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
$5,238,000,000
590,347,138
503,000,000
497,000,000
137,559,978
133,800,000
201,767,000
166,782,000
157,951,114
161,546,374
123,938,049
94,261,109
77.033,229
$4,562,000,000
554,536,784
508,000,000
577,000,000
140,853,071
136,500.000
173,048,000
158,317,000
166,994,950
164.851,643
110,149,897
94,457,246
76,938,776
+14.8
+8.5
-1.0
-13.9
-2.3
-2.0
+16.6
+5.3
-5.4
-2.0
+12.5
-0.2
+ I:0
13 cities, 5 days
Other cities, 5 days
$8,082,985,991
1,171,610,225
$7,428,647,367
1,172,142,345
+8.9
-0.1
69,254.596,216
1,850,919,243
$8,595,789,712
1,802,286,117
+7.7
+2.7
111 sin ROA nna R90
-Lola
Clearings-Returns by Telegraph.
Week Ended October 22.
Total all cities, 5 days
All cities, 1 day
TntRI all eltlem for scrosar
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day.. Accordingly, in the above the last day
of the week has in all cases had to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous-the week ended Oct. 15. For
that week there is an increase of 4.2%, the aggregate
of clearings being $9,813,470,555 and the aggregate
$9,415,726,498. outside of New York City, however, there
is a decrease of 2.6%, the bank exchanges at this centre
having increased 10.2%. We group the cities now according
to the Federal Reserve districts in which they are located,
and from this it appears that in the New York Reserve
District (including this city) there is an improvement of
10.0% but the Boston Reserve District records a decrease
of 8.1% and the Philadelphia Reserve District of 4.6%.
The Cleveland Reserve District shows a, loss of 8.6%, the
Richmond Reserve District of 2.4% and the Atlanta Reserve District of 6.6%, the latter due mainly to the falling
OCT.22 .]
THE CHRONICLE
off at the Florida points, Miami suffering a decrease of
56.9% and Jacksonville of 41.9%. The Chicago Reserve
District registers a gain of 0.5%, the St. Louis Reserve
District of 4.7% and the Minneapolis Reserve District of
19.6%. The Kansas City Reserve District has a trifling
increase of namely 0.6% and likewise the San Francisco
Reserve District, 0.3% while the Dallas Reserve District
suffers a loss of 10.1%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Oct. 15 .
.
.
Inaor
Dec.
.
.
Federal Reserve Dists.
$
$
$
%
$
1st Boston _ _ _ _12 cities
494,674,802
538,331,889 -8.1
521,899,218
493,944,385
2nd New York.11 "
5,640,595,979 6,128,435,205 +10.0 5,135,282,179 4,611,328,785
3rd Philadelphial0 "
638,747,753
564,846,540 -4.6
582,125,946
523,473,711
4th Cleveland.,_18 "
397,337,882
434,800,761 -8.6
412,552,527
385,567,408
5th Richmond -16 "
194,263,256
199,014,469 -2.4
219,579,227
199,814,045
6th Atlanta_ _ -13 "
.
231,765,562
248,070,366 -6.6 312,559,756
234,453,526
Chicago_ _ _20 "
7th
955,488,100
950,472,709 +0.5 1,032.016,106
906,028,009
8th St. Louis_ _18 "
246,044,179
259,752,314 +4.7
269,133,930
248,965,321
9th Minneapolial7 "
176,972,315
148,025,234 +19.6
163,904,264
184,668,839
10th Kansas City12 "
277,563,166
275,901,295 +0.6
265,108,133 2,713,552,865
11th Dallas
15 "
88,310,736
98,252,909 -10.1
107,001,548
95,090,929
12th San Fran_ _17 "
571,706,817
569,822,637 +0.3
559,406,655
493,785,298
Total
129 cities 9,813,470,555 9,415,728,498 +4.2 9,601,569,529 8,646,476,120
Outside N. Y. City
4,301,992,519 4,414,559,437 -2.6 4,589,009,085 4,142,905,248
r.enatin
RI M.G.
IAD ann cqn
'an nan ex&#; -1-nce
,s1A et. vv&#;
AR,',an %no
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended October 15.
Clearings at
.
.
Inc. OF
Dec.
S
II
%
First Federal R
Dist rIct-BostonMaine-Bangor
914,784
831,855 +9.9
Portland
3,740,364
3,976,597 -5.9
-Boston
Mass.
437,000,000 477,000.000 -8.4
Fall River--2,019,091
2,060,959 -2.0
Ilolyoke
a
&#;
a
Lowell
1,191,491
1,273,098 -6.4
Lynn
a
&#;
a
New Bedford__
1,382,015
1,715,052 -19.4
Springfield_ _
.069
5,570,015 -1.5
Worcester
3,141,573
3,588,469 -12.5
Conn.
-Hartford
15,308,634
13,193,289 +16.0
New Haven_ _
7,902,619
7,078,891 +11.6
ii.3.
-Providence
15,811,400
21,273,700 -25.7
N.H.-Manches'
776,762
769,964 +0.9
Total(12 cities
.
8
737,065
3,203,793
462,000,000
2,279,156
a
1,127,658
a
1,931,577
6.426,515
3.849.527
15,637.711
7,860,023
15,816,900
1,029,293
.
$
813,864
3.017,683
443,000,000
1,995,957
a
1,319,110
a
1,727,839
5,430.354
3,689,000
11,703.003
6,930,261
13,625,400
691.914
494,674,802
538,331,889 -8.1 521,899,218 493,944,385
Second Fede al Reserve D Istrict-New York-N. Y.
-Albany _
5,284,926
6,834,919 -22.7
6,712,212
5,955,364
Binghamton_
.
1,175,700
1,293,300 -9.1
1,153,800
1,010,700
Buffalo
56,306,729
55,333,567 +1.8
54,222,507
44,952,069
Elmira
1.047,013
1,056,262 --0.9
994,078
941,013
Jamestown...
d1,395,430
1,174,283 +18.8
1,611,864
1,417,914
New York_ _ _ 5,511.478,036 5,001,167,061 +10.2 5,012,560,444 4,503,570,872
Rochester
14,450,282
13,447,153 +7.5
12,964,727
12.001.826
Syracuse
6.400.468
6,720,554 -4.8
6,635.710
4,758.532
Conn.-Stamfor
e4,113,078
3.947.483 +4.2
3,305,769
2,699,250
N. J.-Montclal
1,072,719
696,293 +54.1
701,326
492,681
Northern N. J
37,871,598
36,764,330 +3.0
34.419,742
33.528,564
Total(11 cities 5.640,595.979 5,128,435,205 +10.0 5,135,282,179 4,611,328,785
Third Feder& Reserve Dist :let-PhIlad elphla-Altoona_
Pa.
1,661,829
1,863,206 -10.8
1,761,919
Bethlehem_ _
4,178,585
5,216,203 -19.9
3.846.734
Chester
1,639,270
1,441,816 +13.7
1,735,060
Lancaster
2,642,890
2.223.696 +18.9
2,921,449
Philadelphia
505.000,000 532,000,000 -5.1 550.000,000
Reading
4,429,008
4.303.185 +2.9
4,281,061
Scranton
6,347,058
6,416,419 -1.1
15,956,526
Wilkes-Barre.,
d3,506,811
3,842,021 -8.7
3,650,339
York
2,447,900
1,856,232 +31.9
1.871,811
N. J.
-Trenton_
6.894,402
5,683,762 +21.3
6,101.047
aa
a
a
Total(10 cities
538,747.753
564,846,540
Fourth Fede al Reserve 100 IstrIct -- ele
Ohio-Akron
d6,423.000
6,193,000
Canton
4,843,713
4,386,591
Cincinnati _
74.288,397
76,603,070
Cleveland
127.035,294 139,797,767
Columbus
19,707,400
19,244,200
Dayton
a
a
Lima
a
a
Mansfield
d1,600,960
2,178,127
Springfield_
a
a
Toledo
a
a
Youngstown__
6,129,140
5,950,226
-Erie
Pa.
a
a
Pittsburgh _ _
157,309.986 180,447,780
-4.6
582,125,946
1.555.524
3,653,592
1,324,577
2,798.344
493,000,000
3,574,535
6.605.832
3,807,631
1,956,231
5,197,945
a
523,473,711
veland
+3.7
+10.4
-3.1
-9.1
+2.4
a
a
-26.5
a
a
+3.0
a
-12.8
6,644,000
4,726,685
75.258,954
134,844,031
17,364,600
a
&#;
1,852,380
a
a
5.998,738
a
165.863,139
7,632.000
5,688,368
69,742,528
119,267,927
15,810,700
&#;
&#;
1,953,818
a
a
5,344,082
a
160,127,985
-8.6
412,552,527
385,567.408
Fifth Federal Reserve Dist rict - Rich mond
W.Va.-11untT
1,429,046
1,474,871 -3.1
Va.-Norfolk.
d5,689,504
8,849,548 -35.7
Richmond
52,803,000
52,795,000 +0.1
.C.-Charlesto
d2,602,740
2,710,886 -4.0
Md.-Baltimore
103,886,215 104,658,586 -0.7
D.C.-Washing'
27,852.751
28,525,578 -2.4
1,699,742
10,410,274
62,020,000
2,934,522
116,152,235
26,362,524
1,762,832
7,718,883
63.124.000
3,385,000
100,602,115
23,221.215
-2.4
219,579,297
199,814,045
Sixth Federal Reserve Dist stet-Atlan taTenn.-ChatVga d10,938,129
10,654,507 +2.7
.3,650,000
Knoxville
3,705,685 -1.5
Nashville
28,223,809
24.560,621 +14.9
Ga.-Atlanta ___
65.016,896
65,199,203 -0.3
2,967,021
Augusta
2,787,575 +6.4
2,824,174
Macon
2,467,992 +14.4
Savannah
a
a
a
15,400,245
26,488,475 -41.9
3.245,000
Miami
7.528.846 -56.9
30,756,325
28,181,359 +0.1
1.964.543
Mobile
2,146,981 -8.5
Miss -Jackson..
2,475,000
2,587,278 -4.3
558,384
545,526 +2.4
Vicksburg
63,746,036
a.-NewOrleans
71,216,318 -10.5
8.579,546
3,493,413
24.160,200
96,643,315
2,862,875
2,330,876
&#;
36,636,915
27,635,478
27,925,237
2,230,846
1,780,000
525,532
77,755.523
7,889.437
3.359,490
23,906,806
70.002,023
2,756,689
1,823,996
n
17,193,173
4,883.585
28,778.798
1,974,861
1,598,000
582,167
69,714.501
312.559.756
234,453.526
Total(8 cities)
Total(Settles)-
Total(13 cities)
397,337.890
194,263,256
231.765.562
434,800,761
199,014,469
248.070,366
-6.6
Week Ended October 15.
Clearings at
.
.
Inc. or
Dec.
.
.
Seventh Feder al Reserve D istrict-C hi cagc&#;-Mich.
-Adrian _
343,723
301,401 +14.0
317,084
277,358
Ann Arbor
988,851
1,969.494 -49.8
1,679,105
992,655
Detroit
169,738,359 187.221,103 -9.3 192,284,451 154,779,293
Grand Rapids_
8.767.257
8.779.236 -0.1
9,857.158
7.653.809
Lansing
2,772,550
2,747,279 -0.1
2,773,972
2,619.076
Ind.
-Ft. Wayne
3,498,452
3,095,293 +13.0
3,170,296
2,564,789
Indianapolis_ _ _
24,307,151
23,886.000 +1.8
17,939,000
20.854.000
South Bend
3,231,100
2,737,466 +18.0
3,287,354
2,614.000
Terre Haute _ _ _
5,605.743
5,341,138 +5.0
5,199,542
5,668,255
Wis.-Nillwaukee
49,549,301
48,742,912 +1.7
46.068.680
41.960,522
Iowa-Ced. Raps
2,714,971
2,587,688 +1.9
2,708,640
2,701.934
Des Moines...
9,380,517
10,312,695 -9.0
10,965,388
11,548,890
Sioux City....
7,045,103
6.969,072 +1.1
7,071,314
7,131.272
Waterloo
1,174,722
1,814.001 -35.2
1,336,110
1,748,698
1,586,762
1,720,294 -7.8
1,818.224
1,535,990
Chicago
653,003,542 629,257,125 +3.8 713,006,649 627.578,833
Decatur
1.380.156
1.450.394 -4.8
1,391,880
1,424.533
Peoria
4,633,598
5,302,512 -12.6
5,080,593
4,989,897
Rockford
3.547,291 -2.1
3,473.871
3,190,457
2.600.233
Springfield....
2,292,371
2.690.315 -14.8
2.870,208
2.783,972
Total(20 cities) 955.488,100 &#; 950,472.709 +0.5 1,032,016.106
Eighth Federa I Reserve DIs trict-St. Lo -Ind.
-Evansville
5.472,053
6,085.784 -10.1
5,956,864
mn.._St. Louis.. 147.633,380 164,800,000 -10.4 168,500,000
38,148,977
Ky.-Loulsville
34,734,078 +9.8
34,541,094
Owensboro.
357,561
309,398 +15.6
348,404
-Memphis
Tenn.
34,313,503
32,762,810 +4.7
37.250.558
18,307.152
Ark.
-Little Rock
19,119,775 -4.2
20,485,881
346.327
Ill.-Jacksonville
411,957 -15.9
431,360
1,465,226
1,529,212 -4.2
Quincy
1,619,739
904,028.009
Total (8 cities)- 246,044,179 259,752.314
Ninth Federal Reserve Dist rict-Minne
d16,135,613
Minn.
10,320.561
-Duluth_
94,609,867
Minneapolis... 113,326.553
37,722,086
34.499.997
St. Paul
2,345.348
2,157,181
No. Dak.-Fargo
1,819,594
1,565,357
S.D.
-Aberdeen_
1,067,121
9 81,683
Mont -Billings.
4,556.000
3,890,588
Helena
5.480,787
158.700,000
35.376.123
399,855
30.608.400
17.060.199
401,330
1,478,627
+4.7
apolis
+56.4
+19.8
+9.3
+8.7
+16.2
+8.7
+17.1
269,133,900
248.965,321
12,597.366
106.081,465
36,126,211
1.941.476
1,767,713
1,173,805
4.216,228
20.293.849
121,597.696
34,462,985
2,183,466
1.754,548
815.516
3,560,779
Total(7 cities). 176,972.315 148,025.234 +19.6
Tenth Federal Reserve Dls trict Kens as City
Neb.-Fremont..
d353,193
369,318 -4.4
Hastings
584.474
604,926 -3.4
Lincoln
5,013,693
5,209,069 -3.7
Omaha
45:502,171
41,265,631 +10.3
Kan.
-Topeka.. d3,897,022
3,256,379 +19.7
d8.062,753
Wichita
8,080.683 -0.2
Mo.-Kan. City_ 144,463,449 154,523.272 -6.5
d6,505,954
St. Joseph_ _
6,863,402 -5.2
Okla.
a
a
a
-Muskogee
Oklahoma City
35,428,770
32,333,018 +9.6
a
a
Tulsa
a
1,274,138 +9.8
Colo.
1,399,277
-Col. Spgs.
24,896,993
20.831,388 +19.5
Denver
e1,455,417
1,200,071 +12.8
Pueblo
163,904,264
184.668,839
408,878
648,003
5,291.692
46.146.804
3,314,531
7,201.993
152.053,524
7,307.410
a
37.619,364
a
1,409,805
23,541,775
1.164.354
443,215
655.898
4,509.078
45.466,748
3,009.650
7,951,851
144,551,000
7,313,727
a
32,697,021
a
1,180.385
22.535,045
1,042,246
286,108,133
271.355,884
2,192,212
68.564.222
16,748,897
12,384,000
a
7,112,217
1,995,667
60,034,423
14.602,053
13.062,341
a
5,397,445
-10.1 107,001,548
Franci sco-2.4
46,029.126
13,430,000
-5.0
a
a
2.166,606
-5.9
-12.1
48.094.482
20,238,252
+0.6
a
a
a
a
-10.6
5,715.302
6,900.120
-3.4
-1.1 163,314.000
22,850.349
-17.2
+11.8
5,838.500
-24.4
9,738,642
-17.5
5.503,262
+10.0 198.746.000
-11.2
3,516.583
+14.7
1.955.389
-9.6
2.226,644
-3.0
3,143,400
42.751.883
12,483,000
a
2,051,979
46.351.370
17.220,122
a
a
5,629.267
6,707,304
141,121,000
17.857,458
5,626,845
8.360.490
4,549,690
173,900.000
3,288,223
1,150.888
1,980,479
2.755,300
Total(12 cities) 277,563,166 275,901,295 +0.6
-Da liasEleventh Fede ral Reserve District
Texas-Austin
2,131,471
2.220,079 -4.0
59,631,718
Dallas
56.429,321 +5.7
Fort Worth_ _ _ d13,002.800
15,098.796 -13.9
7,845,000
Galveston
17,940,000 -56.3
a
Houston
a
La.
5,699,747
6,E64,713 -13.2
-Shreveport.
88,310,736
Total(5 cities).
98,252,909
Twelfth Feder al Reserve D Istrict-San
Wash.-Seattle
47,188,512
48,348,775
Spokane
13,725,000
14,445,000
Tacoma
a
a
1.967,401
Yakima_
2,090.961
Ore -Portland..
41,151,629
46,838.128
Utah-S. L. City
20.481,758
20,361.650
Nev.-Reno
a
&#;
Arts -Phoenix..
&#;
a
Calif.
6,714,621
7,510,244
-Fresno...Long Beach...
6,679,166
6,917,709
Los Angeles.. 174.964,000 176.865,000
Oakland
18,460,687
22,289.508
6.562,637
Pasadena
5,867.544
Sacramento _
8,714,435
d6,572.550
5.485,252
San Diego_ _ _
6.649,217
San Francisco_ 212,280.000 192,952,000
3,151,732
San Jose
3,549.343
1,592,872
Santa Barbara_
1,389,258
2,097.000
Santa Monica.
2,320,535
c2,,000
Stockton
2,713.500
95,090,929
Total(17 cities) 571,706,817 569.822,807
Grand total (129
cities)
9 813.470.555 9,415,726,498
+4.2 9,601,569.529 8,646,476,120
Outside New York 4.301.992,519 4,414.559.437
-2.6 4.589.009.085 4.142.905.248
.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat_
Peterborough....
Sherbrooke
Kitchener
Windsor
.
Prince Albert_ __
Moncton
Kingston
Chatham
Sarnia
$
146.646,255
148,662.827
62.082,281
17,912.907
6,757,544
8,071,118
3,088.390
6,968,360
7,340,562
2,518,207
2,789,802
3,586.769
5.269,345
5,751.408
757,522
706,400
2,546.638
1,605,843
1,392,918
1,232,155
959,070
460,054
995,633
927,734
1,344,458
5,269,265
434,267
902,776
1,025.064
814,225
584,773
+0.3
559,406,655
Week Ended October 13.
i nc. Ur
Dec.
.
.
$
108,340,647
101,301,503
66,597.676
15.128.380
6,345,852
6,037.572
2,991,638
5,387,334
6.154,294
2,484,898
2,277,649
2,926,759
4,804.763
5,917,339
591,313
515,080
2.354.749
1,375,272
1.133.847
1,022,263
811,178
371.739
895,539
872,844
1,082,401
5,043,173
386,231
830,246
859,246
674,659
716.869
%
+35.4
+46.8
-6.8
+18.4
+6.4
+33.7
+3.2
+ 10.8
+19.3
+1.3
+22.5
+22.6
+9.7
-2.8
+28.1
+37.1
+8.2
+16.8
+22.9
+20.5
+18.7
+23.8
+11.2
+6.3
+24.2
+4.5
4-12.4
+8.7
+19.3
+20.7
-18.4
$
104,688,862
100,203.886
84.161,448
16,389,878
5,982,712
5,363.264
2,841.301
4,948,527
6.224.214
2,265,574
1,928,763
2,586,646
4,528,586
7,101,356
726,428
619,135
2.298.683
1,436,111
1,019.643
973,546
742,060
315.131
871.373
794.599
991,390
4,484,558
383,564
895.124
831,940
493,785,298
.
$
141,994,503
172,820,956
72,092.717
15,396,989
6,630,008
6.379.040
2,830,754
5,170,844
7,402,700
2,709.853
2,161,926
2.559,227
4,887,200
4,522.969
641.215
593,461
1,795,539
1.377,837
983,510
1,287,986
694,478
349,491
824.787
760,787
1,011.645
3,044,616
312,952
800,731
741.808
Total (31 cities) 448.402.570 256.232.951 +25.9 366,598,302 462.780.329
a No longer report clearings. b Do not respond to requests for figures. c Week
ended Oct. 12. d Week ended Oct. 13. e Week ended Oct. 14. &#;Estimated.
[VOL. 125.
THE CHRONICLE
SILVER.
Silver has been a quiet market during the week under review, and prices
between d. and d. Only a small amount has
have fluctuated
been taken by the Indian bazaars, and China has figured as buyer and
seller. America has offered supplies, but on the whole business has been
mainly confined to the carrying forward of =Wring contracts.
The following were the United Kingdom imports and exports registered
GOLD.
in the week ended the 28th ult.:
The Bank of England gold reserve against notes amounted to £148,879.Exports
Imports£69,642
115 on the 21st inst. as compared with £149.498,150 on the previous Mexico
£133,811 British India
37,348
55,000 Other countries
Wednesday. In the open market to-day about £420.000 bar gold was on Irish Free State
36,220
Continental, India and Egypt) Other countries
offer. Demand for the trade (home and
The Bank of England secured £259,000 as shown beabsorbed £161,000.
,990
£225,031
low. The following movements of gold to and from the Bank of England
No fresh Indian currency return has come to hand.
have been announced:
on the 1st inst. consisted of about 60.700.000
The stock in Shanghai
Sept. 22. Sept. 23. Sept. 24. Sept.26. Sept. 27. Sept. 28. ounces in sycee. 75,900,000 dollars, and 4,460 silver bars, as compared
£259.000
£500,000
Received
with about 60,400,000 ounces in sycee, 76,500,000 dollars and 5,720 silver
27,000
&#; 58,000 /27,000 £22,000 £22.000 £23,000
Withdrawn
bars on the 24th ult.
The receipt of E500,000 on the 22d inst. was in sovereigns "released from
Statistics for the month of September and for the week Sept. 29 to Oct. 5
bar gold
--was
set aside account South Africa," and that to-day-$259,000
Inclusive, are appended:
sovereigns withdrawn was destined for
Ear Gold,
from South Africa. The £126,000
-Bar Silver, Per Oz. Ste..Per Oz. Fine.
Cash.
2 Mos.
Spain. During the week under review /580,000 on balance has been
Month of September84s. d.
25lid.
d.
received by the Bank, reducing the net efflux this year to £1,413,000, and Highest price
d.
84s. d.
d.
Lowest price
since the restoration of an effective gold standard to E6,737,000, as set Average price
84s. 11.2d.
25.564d.
25.564d.
out in the daily bulletins at the Bank.
Week
848. d.
255/d.
following figures (in lacs of rupees) relate to India's foreign trade Sept. 29
d.
The
25 11-16d.
84s. lid.
25 11-16d.
Sept. 30
during the month of August last:
84s. lid.
d.
25 d.
Oct. 1
Oct. 3
d.
5.
Imports of merchandise on private account
25 .84
2.714 Oct. 4
84s. d.
25 112
160.
Exports including re-exports of merchandise on private account
25 11-160.
79 Oct. 5
84s. 11 d.
25kid.
d.
Net imports of gold
63 Average
84s. 11. d.
25.687d.
25.687d.
Net imports of silver
3
Net imports of currency notes
The silver quotations to-day for cash and two months' delivery are each
479
Total visible balance of trade (in favor of India)
160 Md. above those fixed a week ago.
Net balance against India on remittance of funds
The Southern Rhodesian gold output for August amounted to
-PER CABLE.
47,288 fine ounces, as compared with 49,116 fine ounces for July and
ENGLISH FINANCIAL MARKETS
49,735 fine ounces for August .
The daily closing quotations for securities, &c., at London,
The following were the United Kingdom imports and exports of gold
registered in the week ended the 21st inst.:
as reported by cable, have been as follows the past week:
Exports
Mon., 7'ues., Wed., Thurs., Fri.,
ImportsSat.,
London,
£55 285
Germany
£250,000
Oct. 15. Oct. 17. Oct. 18. Oct. 19. Oct. 20. Oct. 21.
Arabia
Week Ended Oct. ,200 Silver, per oz
96,763 Netherlands
British South Africa
25 13- 15- 13- 13-16
d
84.11
84.11
12,000 Gold, per fine ounce
1,600 Switzerland
Other countries
84.11% 84.113a 84. 84.11
21,200 Conaols, 234 per cents
Austria
553-1
553-1
20,550 British 5 per cents
Egypt
600,000 British 431 per cents
Argentina
973/
55.20
45,200 French Rentes tin Paris)..fr.
British India
85.05
55.30
55.25
55.60
6,840 FrenchWarLoan(InParia)_fr_
Other countries
75.80
75.80
76.10
75.75
78
on the same days has been:
The price of silver in New York
£780,275
/348.363
Silver In N. 1(.. per as. (eta.):
SILVER.
56
561.1
°reign
Sympathizing with better exchange quotations from China and assisted
by some Indian inquiry, prices strengthened until, on the 24th Inst.,
25 13-16d. was fixed for both deliveries. A reaction then set in which
carried quotations to d. The undertone is fairly good in the absence
of any marked pressure to sell from America or elsewhere.
The following were the United Kingdom imports and exports of silver
-CHANGES IN TOTALS OF, AND IN
BANK NOTES
registered in the week ended the 21st inst:
-We give below tables which
DEPOSITED BONDS, &c.
Exports
Imports£84,880 show all the monthly changes in national bank notes and in
£11,058 Germany
Denmark
63,874
United States of America.. 25,208 British India
therefor:
11,143 bonds and legal tenders on deposit
5,358 Other countries
Other countries
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. 28 :
&mu:m=14 ancinliscellautottsgyms
£42.221
£159,897
INDIAN CURRENCY RETURNS.
Sept. 7. Sept. 15. Sept. 22.
(In tars of rupees.)
Notes in circulation
Silver coin and bullion in India
3
3
3
Silver coin and bullion out of India
Gold coin and bullion in India
Gold coin and bullion out of India
Securities (Indian Government)
79
19
33
Securities (British Government)
No silver coinage was reported during the week ended the 22d inst.
The stock in Shanghai on the 24th inst., consisting of about 60,400,000
ounces in sycee, 76,500,000 dollars, and 5,720 silver bars, as compared
with about 59.900,000 ounces in sycee. 76.100,000 dollars, and about
4.060 silver bars on the 16th inst.
Bar Gold,
-Bar Silver, Per Oz. Std.Per Oz. Fine.
2 Mos.
Cash.
Quotations During Week84s. Mid.
25%cl.
ci.
Sept. 22
84s. .
232.534d.
Sept.
84s. Iltici.
-16d.
25l3
25 13-i6d.
Sept.24
84s. d.
-16d.
-16d.
Sept. 26
84s. 11d.
cl.
d.
Sept. 27
84s. 103/d,
25Md.
d.
Sept.28
848. 11.2d.
25.687d.
25.687d.
Average
The silver quotations to-day for cash and two months' delivery are each
34d. below those fixed a week ago.
We have alsa received this week the circular written under
date of Oct. 5 :
Amount Bonds
on Deposit to
Secure Cirrula
'Ion for National
Bank Notes.
National Bank Circulation.
Afloat on
Bonds.
Legal
Tenders.
Total.
$
S
$
$
703,279,612
862,742,593
40,537,019
Sept.30 _ _ _. 666,985.790
704,799,792
663.747.178
41.052,614
31 -___ 667,143,790
Aug.
704,518,037
661,550.768
42.967,269
July 31 -__ 567.156,290
704,146,267
661,288,545
42,857,722
June 30 ._ 666.991,130
705.933,937
663.158.720
42,777.217
May 31 - 667,095,680
701,313,237
662,238.833
39,074,404
AprI130 ____ 665,724,930
699.924,967
661.673.603
38.251.364
Mar..... 665,641.990
697.191,424
660.366.240
36,825,184
Feb. 28 -- 666,138,640
695.221,549
657.364.790
37,856,759
Jan. 31 ........ 664,503,940
697,767,929
661,046,465
36,721.464
Dec. 31 I926____ 666,211,440
662.764,613
700,692.587
37,927,974
Nov. 30 ____ 666,278.180
700.714.532
661.742.830
38,971,702
.... 665,492,880
Oct.
699,734,264
660,555,797
39,178,457
Sept.30 -- 665,830.440
659.760,467
699,529,244
39,768,777
Aug. 31 192&__ _ 665.889,
661.434.195
702,148,974
40,714,779
July 31 _.._ 665,941,890
660.986.560
702,689,244
685,616,390
41,682.684
Jane 30 ..
680,677.175
703,375,162
685.465.140
42,697,987
May 31 ....
661.664.478
42.519,201
704,183,679
April 30 .... 665.686.140
661.016.470
44.211.319
665.588,140
705,227,789
Mar. ...
561 244.347
706,303,719
45.059.372
Feb. 27 .... 665.235.640
661.298.333
45.050.979
706,349,312
.
Jan. 31 _ _ _ 655.363.590
658.352.223
46,194,204
704,556,427
Dec. 31 _ .... 686.273.130
662.622.888
710.750,444
48.127,556
Nov. 30 .... 660.087,630
662.538.483
51.264,261
713,802,744
Oct. 31 ._ 686.185,130
661 '450 320
665 542 630
43
rA 5 569
Sept 30
717.923,889
bank notes outstanding Oct. . secured by lawful
84.638,468 Federal Reserve
money. against $5,486,158 Oct. 1 .
The following shows the amount of each class of United
GOLD.
The Bank of England gold reserve against notes amounted to £149,494,... States bonds and certificates on deposit to secure Federal
630 on the 28th ult., as compared with £148,879,115 on the previous Reserve bank notes and national bank notes on Sept. 30.
Wednesday. In the open market only £22,000 gold was available this
week, and to satisfy the usual demands for India and the home and ContiU. S. Bonds Held Sept. 30 to Secure
nental trade, bar gold was withdrawn from the Bank of England yesterday.
On Deposit to On Deposit to
Bonds on Deports
The following movements of gold to and from the Bank of England
Secure Federal
Sept. 30 .
Total
Secure
have been announced:
Reserve Bank National Bank
Held.
Notes.
Oct. 5.
Oct. 4.
Oct. 3.
Notes.
Sept. 29. Sept. 30. Oct. 1.
£500,000 £250,000
Received
14,000
$
£5,000 112,000
£513,000
Withdrawn
592,679.950 592,679,950
2s, U. S. Consols of
48,582,520
The receipts yesterday and to-day were in soverigns "released from set 28, U. S. Panama of
48,582,520
25,723,320
25,723,320
aside account South Africa." Of the £527,000 sovereigns withdrawn, 28, U. S. Panama of
and £27,000 was destined
£500,000 was "set aside account South Africa,"
666,985,790 666,985,790
Total
under review £106,000 on balance has been
for Spain. During the week
received by the Bank, decreasing the net efflux this year to £1,307,000,
The following shows the amount of national bank notes
as set
and since the restoration of an effective gold standard to £6,631,000,
afloat and the amount of legal tender deposits Sept. 1
out in the daily bulletins at the Bank.
of gold and Oct. 1 , and their increase or decrease during the
The following were the United Kingdom imports and exports
month of Sep'eml e :
registered in the week ended the 28th ult.:
Nationat Bank Notes-Total Afloat
Exports
Imports,779,792
£51,755 Amount afloat Sept.
£30,765 Germany
British West Africa
1,520,180
16,670 Net decrease during September
429.771 France
Africa
British South
37,485
Switzerland
8,126
Other countries
$703,279,612
Amount of bank notes afloat Oct. 1
50,100
Austria
Legal Tender Notes
20,650
Egypt
541,052,614
33,699 Amount on deposit to redeem national bank notes Sept. 1
British India
515,595
9,412 Net amount of bank notes retired In September
Other countries
£468,662
£219,771
Amount on deposit to redeem national bank notes Oct. 1
$40,537,019
OCT. 22 .]
Breadstuffs figures brought from page .
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
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.
Flour.
Recefpts atChicago
MinneapolisDuluth
Milwaukee_
Toledo
Detroit
Indianapolis_
St. Louis_ _
Peoria
Kansas City _
Omaha
St. Joseph_
Wichita
Sioux City_
Wheal.
I
Corn.
I
Oats.
I Barley. I
Rye.
381e.195lbs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs.bush.. bush.56Ibs
282,000
791,000
533,000 1,276,000,
174,000
139,000
588,000
5,179,000
429,000
96,000,
158,000
4,000:
10,000 1,208,000 1,486,000
8,333.000
74,000
22,000
74,000,
1
391,000
197,000
12,000
336,000
36,000'
117,000
6,000
67,000
18,000
30,000
11,000
309,000
176,000
72,000
141.000
293.000
530,000
448,000
30,000
65.000
62,000
38,000
331,000
143,000
26,000
1,520,000
126,000
65,000
300.000
350,000
316.000
202,000
119,000
28,000
277,000
13.000
88,000
4,000
30,000
236,000
Total wk. '27
Same wk. '26
Same wk. '25
559,000 17,497,000
490,000 7,297,000
513,000 7,527,000
3,075,000
5,639.000
2,001.000
3,339.000 2,068,000 1,877,000
3.020,000 1,006.000
427,000
4,134,000 1,445,000
789.000
-Bonded grain not included above: Oats, Buffalo, 48,000 bushels; total
Note.
48,000 bushels, against 199,000 bushels in . Barley, Boston, 18.000 bushels;
Buffalo, 172,000: Buffalo afloat, 465,000: Duluth, 112,000; on Lakes, 66.000: total,
773,000 bushels, against 2,032.000 bushels in . Wheat, New York, 262,000
bushels; Philadelphia, 162,000;&#; Baltimore, 426,000: Buffalo. 3.386.000: Buffalo
afloat, 728,000: Duluth, 257,000; on Lakes, 805,000: total. 6,026,000 bushels,
against 7,288,000 bushels in .
Canadian
1,142,000
Montreal
Ft. William & Pt. Arthur_17,729,000
1,392,000
Other Canadian
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Oc t. 15, follow:
New York_ _ _
Portland, Me.
Philadelphia__
Baltimore....
Newport News
Norfolk
New Orleans&#;
Galveston_
Montreal ....-
Flour. I
Barrels.
260,000
34.000
70,000
85,000
6,000
63.000
80,000
Wheal.
I
Corn.
I
Oats.
I Barley. I
Rye.
Bushels. I Bushels. I Bushels. I Bushels.
Bushels.
1,652,000
27,000,
49,000
118, 368,000
2,
12,000
I
32, 119,000
184,000,
60,000
25,000,
125,000
12.000
8,000
35,000
37,000
56.000
224.000
172,000
6,736,000
Total wk. '27
647,000 9,151,000
Since Jan.1 27 17,239,,714,000
.
272,000
1,226,000
375,000
995.000
979,000
5,156,000
2,460,000 1,873,000
2,525,000 1,797,000
2.434,000 6,150,000
85,481,000 19,270,000 24,927.000
995,000
20,063,000
Summary
American
Canadian
2,593,000 4,475,000
2.460,000 1,873.000
Total Oct. 15 _ _ __106.544,000 19,270,000 25,922,000 5.053,000 6,348,000
Total Oct. 8 ._ 94,715,000 21,393.000 26,853,000 5,411,000 5,861,000
Total Oct. 16 ____103,287,000 16.908,000 52,878,000 14,513.000 11,377,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Oct. 14, and since July 1 and ,
are shown in the following:
Wheal.
.
TVeek I
Oct. 14.
Since
July 1.
Corn.
.
Since
July 1.
.
Week
Oct. 14.
I
Since
I
July 1. I
.
Since
July 1.
Bushels. Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
North Amer_ 12,216,,432,000 151,881,000
40,000 1,125,000
948,000
304.000 3.616.000 10.164,000
Black Sea__ _
140,000 6,091,000 6,342,000
Argentina_ _ _
647,000 22,917,000 9,195,000 5,108,000 118,448,000 62,020,000
Australia
440,000 17,840,000 6,936,000
7,552,000 3,200,000
India
0th. countr's
960,000 7,544,000 3,345,000
548,000 7,011.000
414.000
Total
14.567,,901,000 184,721,000 5.836,000 132,675,000 69.724,000
17,000
57,
6,000,
14,000
I
208.000 1,451,000 1,433,000
162,000
405,000 2.373,000 1,548,000
8.054.000 19,806,000 7,630,000 8.606.000
San Francisco Stock and Bond Exchange.
-Record of
transactions at San Francisco Stock and Bond Exchange
Oct, 15 to Oct. 21, both inclusive, compiled frorr official
sales lists:
Week ...)624,000 9,771,000
Since Jan.1'26 20,101,,762,000
120,000
306,000 1,044,000
547,000
5,686,000 39.310,000 26,009,000 28,204,000
&#;Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Oct. 15, are shown in the annexed
statement:
Stocks-
F nuug
JUMY
Last Week's Range for
of Prices.
Week.
Sale
Par. Price. Low. High. Shares.
American Trust Co
Anglo CalifTrust Co
Anglo & London P Nat Bk 217
Bancitaly Corporation__ 113
Bank of California, N A__ _ __ _ _
Exports fromWheat.
Corn.
Flour.
Oats.
Bank of Italy
Rye.
Barley.
Booth, F E, pref
Bushels. Bushels. 'Barrels. Bushels. Bushels. Bushels.
Calamba Sugar, corn
New York
149,821
1,149,279
18,035 100,583 249,964
Preferred
'
Boston
17.000
California Copper
3.00
Philadelphia
4,000
California Packing Corp...
Baltimore
71,000
5,000
142,000 California Petroleum, corn. 21'4
Norfolk
56,000
Caterpillar Tractor
17,000
47
Newport News
5,000
Central Nat Bank of OakI'd 400
New Orleans
144,000
44,000
36.000
13,000
43,000
Coast Co Gas & El, lot wet 98
Galveston
5,000
East Bay W ater "A" pref..
Montreal
93,000 132.000 1,366,000 2,072,00)
4,675,000
"B" preferred
Houston
10,000
Emporium Corp, The
304
Ewa Plantation Co
Total week ._ 6,095,279
44,000 324.821 163,035 1,526,583 2,463,964 Fageol Motors, pref
751
.
Same week . _ _ 6.456.220
81.000 313.110
26.000 603.514 246.000 Federal Brandeis
18
Fireman's Fund Insurance_
97
The destination of these exports for the week and since Foster,corn
& Kleiser,
14
Great Western Power, pref
July 1 is as below:
Hale Bros Stores
Hawaiian Com'l & Sugar_
Flour.
Wheal.
Corn.
Hawaiian Pineapple
Exports for TVeek
Home Fire & Marine Ins..
and Since
TVeek
Week
Since
Since
Week 1 Since
Honokaa Sugar
Oct. 15 July 1
July 1 to-.
Oct. 15
July 1
Oct. 15.
July 1
Honolulu Cons 011
.
.
.
.
.
.
Hunt Bros Pack "A" corn_
23
Illinois Pacific Glass "A"
Barrels. Barrels.
Bushels.
Bushels.
Bushels. Bushels.
Key System Transit. pref.
United Kingdom_ 107,276 1,052,052 2,128,494 27,933,560
Prior preferred
Continent
178,705 1,538,635 3,966,785 58,063,795
Langendorf Baking
So. & Cent. Amer_
5,000
121,555
103,000
34,000
144,000 LA Gas & Electric, pref_ _ _
West Indies
14,000
10,000
136,000
10,000
271,000 Magnavox Co
260.
Brit.No.Am .Cols.
Magnin (I), corn
Other countries... 19,840
161,807
229,003
Nor Am Investment, corn.
Preferred
95
Total
324,821 3,010,049 6,095,279 86.339,358
44,000
415,000 North American Oil
Total
313.110 3.576.208 6.456.220 99.744.619
81.000 1.507.610 Oahu Sugar
Pac Light Corp 6% pref.
The visible supply of grain, comprising the stocks in Pacific Lighting Corp corn_
Preferred
91
granary at principal points of accumulation at lake and Pacific 011
seaboard ports Saturday, Oct. 15, were as follows:
Pacific & coin
150
5% Preferred
116
GRAIN STOCKS.
Paraffine Cos. Inc, corn...
Trheat.
Corn.
Oats.
Rye.
Barley. Phillips Petroleum
corn _ _
40%
United Statesbush,
bush,
bush,
bush.
bush. Piggly Wiggly W
States"A"
_1,048,000
New York
32,000
401,000
108,000
232,000 Pig'n Whistle pref
Boston
1,000
2,000
8,000
2,000
18,000 Richfield 011
1 951
Philadelphia
1,146,000
64,000
108,000
11,000
2,000 S J Lt & Pow prior pref.__ _ _ ___ __
Baltimore
2,168,000
24.000
49,000
47,000
42,000
101
-B. 6% Preferred
'
873,000
266,000
New Orleans
64,000
2,000
2,000 Schlesinger, B F,"A"corn_
Galveston
993,000
67,000
85,000
Preferred
3,165,000
104,000
Fort Worth
319,000
10,000
44,000 Shell Union 011 common_ _
.
254
4.050,000 1,932,000 2,547,000
Buffalo
459,000
445,000 Sherman & Clay 7% pref
93
afloat
1.055.000
105,000 Southern Pacific
3,045,000 , 83,000
174,000
Toledo
2,000
6,000 Sperry Flour Co common__ 60
afloat
186,000
Preferred
984
205,000
65,000
Detroit
65,000
12,000
50,000 Spring Valley Water
6,187.000 8.837,000 5,187,000
Chicago
98,000
448,000 Standard Oil of Calif
543-4
524,000 2,099,000
Milwaukee
541,000
23,000
267,000 Sterling Oil & Development
18,644.000
1,118,000 1,271,000
Duluth
553,000 Texas Consolidated 011_ _ __
14,060,000 2,089,000 9,914,000
Minneapolis
130.000
744.000 Traung Label & Litho Co__ ..__ _
312,000
121,000
454,000
Sioux City
25,000 Union Oil Associates
444
2,550,000
806,000
219,000
St. Louis
10,000
90.000 Union Oil of California_ __ _
45
14,190,000 1,583,000
Kansas City
259.000
109,000
307,000 Union Sugar common
94
3,626,000
2,000
Wichita
8,000
Preferred
648,000
370,000
1.000
2,000
St. Joseph, Mo
U 8 Petroleum
3,000
81,000
743,000
Peoria
Walalus Agricult1 Co L d.
Indianapolis
1,347,000
469,000
454.000
5,000 Wells Fargo Bk & Union Tr
2,836,000 1,816,000
736,000
Omaha
53,000
156,000 West Amer Finance pref
1,802,000
131,000
246,000 ' West Coast Life Insurance_
On Lakes
800,000
46,000
603.000 Yellow & Checker Cab....
On Canal and River
Zellerbach Paper6% pref._
Total Oct. 15 ... _85,481,000 19,270,000 24.927,000 2.593,000 4,475,000
Total Oct. 8 -30,936,000 21,393,000 25.874,000 2.705,000 4.245,000
73,404,000 16,908,000 47,722,000 12,079,000 5,227.000
*No par value.
Total Oct. 16
516,000
270,000
331,000 1.795.000
148.000
395.000
Total Oct. 15 __ _ _20,063,000
Total Oct. 8 ..._13,779,000
Total Oct. 16 _ _29.883.000
Since Aug.
5,365.000 193,735,000 43.929.000 47.920,000 29,887,000 17,796,000
5.548.000 138,821,000 35.755,000 45,583..365,000 14,654,000
5.817,000 238,368,000 56,613.000 109,365,000 24.512.000 28,420.000
Receipts at- I
THE CHRONICLE
365 374
217
115
253% 253%
247
97
97
80
80
854 854
3.00 3.15
634
20
22
47
375 400
981 28
5
107 iory,
31
42
42
74 8
1 751 184
95
974
14
32
324
50
51
434 44
3.50 3.75
35
353,4
36
36
6
651
12
123,4
25e. 25c.
18
184
105 105
95
97
374
36
363,4
101%
715 730
91
91
125 125
150 155
115 116
714 75
424
244
24
16
16
204
101
21
914 92
244 254
93
93
124 124
593-4 60
99
53 . 554
3
3
46c .52c
20
20
424 454
94 94
25
25
1.30 1.55
46
47
315 320
6
64
375 375
73' 8
101
101
105
15
45
35,356
55
16.536
25
50
25
450
2,645
4,730
4,834
100
80
159
198
17
10
1,580
2.745
825
400
471
415
225
143
135
200
1,030
410
1,005
450
215
25
122
800
662
10
90
2,915
95
325
65
25
200
365
45
7,710
23
25
68
13:060
134
136
330
225
4,800
55
21
390
115
320
8.312
200
300
38
9,165
16,666
530
20
1,250
255
55
320
10
1,035
25
Range Since Jan. 1.
Loss.
Butt.
Feb
300
Jan 398
338
Jan 380
Mar
195
Jan 232
Feb
Aug June
245
May 270
Jan
Apr
171
May 687
97
Jan Aug
68
Apr 81
Sept
Sept
80
Apr 87
2.00 June
5.00 Jan
61
Apr 693-4 Jan
Oct 33
Jan
Feb 493-4 Oct
290
Feb 400
Oct
Sept
94
Jan 98
Aug
954 Oct 99
Al)!
.4 July 111
Mar
30
July 39
Sept 45
Jan
5
Jan
8
Oct
934 Feb 204 Aug
88
Mar 98
Oct
12
Apr 15
Oct
101
June Aull
30 June Jan
48
Apr 534 Sept
Oct 56
Sept
Oct
Mar 34
2.00 Mar
6.00 Slay
334 Apr 423,4 Fet
Oct 264 Jar
314 Apr Aug
54 July 314 Jar
10
Oct 65
Jas
Sept May
Jan Oct
20c. Aug 75c. Feb
Apr Jar
101
Mar 105
Oct
Sept
Jan 97
Feb
Apr 48
35
Jan 39 JUM
97
Feb July
Oct
311
Feb 730
Jan 91
Sep:
85
105
June 175
Jar
Oct
123
Mar 160
102
Mar 116
Jul)
July 139% Ma
364 Oct 593-4 Fel
Jan Oc
Jan Jut
Mar Jar
Jan Oe
97
Jan 103
Sep
20
Apr 234 Jun
89
May 94
AR
243-4 Oct Fel
904 Aug AP
Jan 125
Atli
44
Jan 65
Sep
924 Jan Sep
Jan Ma
Apr Jai
4
Ma;
3
Oct
40c May 950 Fel
May Fel
20
Apr Jai
Apr 563,4 Jai
Ja:
Oct 19
9
Oct 27
Ma
25
1. July
2
Ma
37
Jan 47
Oc
260
May 320
Oc
5
934 Ja
July
340
June 450
Ja
734 Oct951 Ja
Feb Sep
THE CHRONICLE
By R. L. Day & Co., Boston:
New York City Banks and Trust Companies.
Banks-N.Y. MS Act
America*
_ 358 368
Amer Union._ 225
Bowery EastR 610 625
:Storm Bore._ 580 610
Bronx Nat.__ 650 675
Bryant Park 220 250
Capitol Nat.
Bank & Tr_ 308 315
Cent Mere Bk
& Trust Co. 315 325
Central
190 198
Chase
557 563
Chath Then
Nat Bk &T 496 503
Chelsea Exch* 292 302
Chemical_ _ z965 975
Colonial._ _ 000
Commerce_ _ _ 612 517
Continental_&#; 325
Corn Exch.__ 594 599
Cosmoplan*. 415 440
Fifth Avenue_ 225
First
i550 WOO
Garfield_ _ _I 475 490
Globe Exch'.j 250 300
Grace
f 325
Hamilton_ _
223 iio
Hanover
Banks.
Harriman__ _
Manhattan*
Nlut
Nuti nal City
Nen Neth'ds*
Park
Penn Exch._ _
Port Morris_ _
Public
'
Seaboard _ _
Seventh
State*
Trade*
United
United States*
Yorktown* _
Brooklyn.
Coney Island*
Dewey&#;
First
Mechanics'*
Municipal*
Nassau
People's
Bid
810
570
775
693
490
596
175
400
645
745
255
607
250
370
550
210
425
300
400
337
420
410
750
*State banks.
New stock.
Ex-dividend.
s Ex-stock dividend
All prices dolla s per share y Ex-rights.
Ask I Trust Cos. Bid
Ask
New York.
830
,
578 Am Ex In Tr. 396 400
Bank of N Y
698
& Trust Co. 650 660
.Bankers Tru 870 880
603 Bronx Co 'tr.. '530
.
180 'Central Union
380 400
County
410 420
655 Empire
755 Equitable Tr_ 396 401
270 'Farm L & Tr_ 60 670
620 Fidelity Trust 387 374
505 526
Fulton
390 Guaranty Tr_ 553 558
556 Interstate_ .._ 273 280
230 1Lawyers Trust
iManufacturer LO 760
430 'Murray Hill_ 275 285
,Mutual(West
425 ' chester)
285
342 N Y Trust__ 645 isii
427 Terminal Tr_ 260 275
,
430 Times Square 13 6 193
Title Gu & Tr T51 783
U Mtg & Tr 570 585
United States.
,Westehest'rTr
r Brooklyn.
Brooklyn_ _ _
Kings Co__ _ _ itho
idwood _
290
New York City Realty and Surety Companies.
All prices dollars per share.
Bid
62
_ _
370
327
Alliance R'Ity
Amer Surety_
Bond & M G.
Lawyers Mtge
Lawyers Title
& Guarantee 300
Ask
60
310
380
332
Mtge Bond__
Nat Surety
N Y Title &
Mortgage__
US Casualty_
310
Bid
150
275
494
375
Ask
Bid
158 Realty .kssoc's
(13klyn)com 288
280
1st pref. _ _
92
500
20 pref___ 88
390 Westchester
Title & Tr_ 580
As;
295
95
91
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Manor*.
Jul.
Rate.
Bid.
Dec. ._
Mar, 15 _
Mar. 15. ._
41.2%
334%
3%
,
99.1n
n
Asked.
Maturity.
int.
Rate.
[VoL. 125.
Bid.
Asked
Sept. 15, -2 318% 99,1u
., Mar. 15 -32 33i%
at
u
100
Shares. Stocks.
$ per sh. Shares. Stocks.
$ per sh.
25 Nat. Shawmut Bank
2 units First Peoples Trust
330
25
100 First Nat. Bank
50 Mass. Util. Inv.Trust, common_
10 Old Colony Trust Co
5 U. B. Envelope Co., pref
380
117
3 Boston Insurance Co
50 Blackstone Canal Nat. Bank,
855
Providence, R. I., par $25
2 Interest Co-operative Petroleum
25 Arlington Mills
45g-46
Syndicate
$6 lot
20 Hamilton Mfg. Co
$7 lot 30 shares E. P. Tabor Mfg. Co.,
10 Lyman Mills
common, par $10
165
10 Lancaster Mills, common
1 interest Co-operative Petroleum $41
10 Ludlow Mfg. Associates
Syndicate
lot
I Troy Cotton & Woolen Mfg. Co.,
3 units Are-Bee Oil Syndicate
20 Sawtelle-Santa Monica 011 Co.,
110
Dar $500
10 U. S. Envelope Co., common_ _ _221g
par $10
31-70 Amer. Founders Trust, corn.,
37 E. P. Tabor Mfg. Co., common,
$1 per 1-70th
Oar $10
5 Internat. Secur. Trust, 6% pfd
100 E. P. Tabor Mfg. Co., Prof.,
87
5 Internat. Secur. Trust, corn
par $10
69
20 Post Office Square Co., pref.__ 2 units Are-Bee 011 Syndicate
$56
5 Rockwood & Co., pref
10 Sawtelle-Santa Monica Oil Co., lot
10 New England Power Assoc., pfd_ 98
par $10
5 Municipal Service Co., pref
1, units MacGregor Synd., No. 1 _ _ 91
25 Towle Mfg. Co
.8 I Gilbert Petroleum Interests
10 Business Building Trust, pref
60 6 Morse Twist Drill Co
66
4 Business Building Trust., corn. on 2 Merrimac Hat Corp.. common__ _185
as bonus
I pref. 25 New Eng. Power Asso., prof....
3 New England Power Co., pref..
25 Quincy Market Cold Storage &
& city.
Warehouse,common
29
4 Minnesota Pr.& Lt. Co.,7% pfd _106g 15 Milton Bradley Co., pref. 110 & div.
10 Hood Rubber Co., 734% Prof.,
110 Mass. UHL Inv. Trust, corn.,
par $10
ex-div.
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
$ per sh.
27 Nashua Mfg. Co.. common__
5 Merrimack Mfg. Co., common_
10 Wm.Whitman Co.,Inc., pf_ 83g dr div.
476 Grant Yarn Co
50c.
150 Hamilton Mtg. Co
31c.
10 Ludlow Mfg. Association
2 Nashua&LowellRR.Corp _ 120g ex-WY.
5 Boston & Chelsea RR., par $50_ -
20 Worcester Consol. St. Ry., 1st
pref., par $80
4 Northern RR.of N.H
I
10C Standard Shoe Mach., com__1$11
100 Standard Shoe Mach., pref___J lot
50 Western Massachusetts Coo..
35 Boston Woven Hose & Rubber
Co., common
ex-dly.
5 Mass. Ltg. Cos.6% pref., undep_110K
18 Amer Glue CO.,0.i-112g ex-div.
15 Draper Corp
74 Si-75 Si
54-10 Graton & KnightC0.,pf.68-4-ioo 60
1 Craton & Knight Co., common__
8 Bay State Fishing Co., prior pref.,
Par $20
12 Bay State Fishing Co., common_ 57
Shares. Stocks.
$ per sh.
127 Fitchburg Gas & Elec. Lt. Co..
V. t. c., par $50
5 New England Power Assn., corn
18 Mass. Bonding & Ins. Co
515
13 Hood Rubber Co.,734% prior pf.
30 Farms Co. Inc., corn., class A
21
2 Boston Athenaeum, par $300.845-855
50 Boston Wharf Co
114
14 New Eng. Power Assn., pref.__
25 Flintkote Co., common
53
100 Brightwood Mfg. Co., pref._ _$11 lot
40 Graton & Knight Co., pref
68
5 Great Amer. Insurance Co
428
2 Greenfield Tap & Die Corp
25 Plymouth Cordage Co
99 ex-div.
20 Converse Rubber Shoe Co:, pref.
534
60 Laconia Car Co., 2d pref
134
25 Laconia Car Co., common
Per cent.
Bonds$5,000 Old Colony Invest. Trust,
92
434s. Feb.
$1,000 Chesapeake & Ohio Grain
Elev. Co., 1st 4s, Oct.
By Barnes & Lofland, Philadelphia:
National Banks.
-The following .information regarding
national banks is from the office of the Comptroller of the
Curreney, Treasury Department:
Shares. Stocks.
$ per sh.
Ground rent (Irredeemable), $20 a
year, payable on June 1 in each
and every year forever, secured
by brick dwellings, Nos. 134 and
136 Catharine St
$350 lot
285 William M. Lloyd Co., com__.32 lot
APPLICATION TO ORGANIZE RECEIVED.
Capital. 10 Franklin-Fourth St. Nat. Bank_615
Oct. 14
-Odessa National Bank, Odessa Tex
780
$25,000 10 Fidelity-Phila. Trust Co
10 Drovers & Merchants Nat. Bank
Correspondent, Marcus M.Bright, Box 187, Ft. Worth,
Texas,
10 Drovers & Merchants Nat.Bank 200i4
10 Wilmington Steamboat Co
75
APPLICATIONS TO ORGANIZE APPROVED.
6 Republic Trust Co., par 850
180
24 Overbrook Nat. Bank
175
Oct. 14
-The Springfield Gardens National Bank of New York.
10 PhIla.-Girard Nat. Bank
789
N. Y
$200.000 3 First Nat. Bank of Phlia
560
Correspondent, William B. Jones, Merrick Road and
10 Nat. Bank of Royersford, Pa_..210
Springfield Ave.,Springfield Gardens, New York,N.Y.
I Miners Nat. Bank of Pottsville,
Oct. 14
-The First National Bank of Jewett, Ohio
35,000
Pa.. par $50
197
Correspondent, Dr. A. C. Grove, Jewett, Ohio.
2 First Camden Nat. Bk.& Tr. C0_426
Oct. 14
-The West Branch National Bank of Jersey Shore, Pa
125,000 50 Bankers Trust Co., par $50
90
Correspondent, Clarence L. Peaslee, Williamsport, Pa.
10 Provident Trust Co
835
10 Provident Trust Co
835
APPLICATION TO CONVERT APPROVED.
9 Franklin Trust Co
550
Oct. 14
-The Mutual National Bank of the City of New York,
1 Real Estate Trust Co., unassented
preferred321
N.Y
$500.000
13 Mutual Trust Co., par 350
160
(Conversion of the Mutual Bank, New York, N. Y.
26 Finance Co. of Pa. 2d pref
501
7 Finance Co. of Pa., 2d pref
501
CHARTER ISSUED.
7 West End Trust Co
733
Oct. 111
--The Midway National Bank of St. Paul, Minn ,000 5 Tioga Trust Co., par $50
170
Conversion of the Snelling State Bank of St. Paul, Minn.
10 Chelten Trust Co
350
President, Herbert H. Bigelow; Cashier, Edward N.
10 Chelten Trust Co
340
Leaf.
25 Bk.of No. Amer.& Tr. Co
444
15 Industrial Trust, Title & Savings
BRANON AUTHORIZED UNDER THE ACT OF FEB. 25 .
Co., par $50
500
Oct. 10
-The Farmers National Bank & Trust Co.of Winston-Salem, N.C. 5 Lancaster Ave. Title at Tr. Co.,
Ng
Dar $50
Location of branch-Vicinity of the corner of Eighth and Trade
10 Central Tr.& Say. Co.. par $.50_240
streets, Winston-Salem, N. C.
15 Allegheny Title & Trust Co.,.. -10 Allegheny Title & Trust Co.,
Par 350
75
Auction Sales.
-Among other securities, the following, 97 Pa. Co.for Ins. on Lives, &c__..976
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
BondsPer cent.
$ Per sh.
200 Miami Income Properties, Inc.,
$5,000 Outline Sales Corp. 7% gold
pref.. par $50
notes, Oct. 1 , $100 each...510 lot
$2
100 Miami Income Properties, Inc., lot $15,000 Allied Packers, Inc., deb.
cora., no par
6s, July 1
45
100 Societe Parislenne d'Attrac$50,000 Hudson Valley Investing
Lions. 500 francs each
Corp.6% bond, due Jan. .
$6 lot
50 Federated Radio Corp., Inc.,
reg. $50.000, par
$60 lot
Del., temp. ctts., no par
$1 lot Somerset Apartment 1st 63is,
, Jan. & subsequent
5 Evernu Rubber Heel, pref
10 Evernu Rubber Heel, corn., no 518
coupons attached
25
par
J lot $1,500 Plaza Apt. (Houston, Tex.)
1st 7s, , Mar. & subse13 8-10 Wills Sainte Claire, Inc.,
quent coupons attached
33
1st pref
214
99 Southern Baking Co., pref
$1,000 Plaza Apt. (Houston, Tex.)
1st 75, . Jan. dr subse600 Southern Baking CO., pref..-
quent coupons attached
32
250 Southern Baking Co., corn., no
par
23
$300 Peach Tree Terrace Apt.
(Atlanta, Ga.) 1st , .
400 Southern Baking Co., pref._ 483/
Dec. ,St subsequent coupons
1,000 Hudson Valley Coke & Prodattached
25
$250 lot
ucts Corp., corn
$100 Hart Bldg (N Y City) ,
200 Acker, Merrell & Condit, pref_ 10
, Dec & subsequent
275 Peerless Shirt Co., Inc
81
coupons attached
$10,000 Prudential Ins. Co. of Am. $10
policy No. on life of lot $1,000 Venetian Way Apt (Miami,
Fla.) 1st . June
Maurice L.Turner
26
& subsequent coupons attached
I units No. 244 North Bay Shore
166 per unit $1,000 La Granada Miami Hotel
Drive
41
1st 138,
10 Geneva Cutlery Co.,Inc., N.Y.,
pref
$34 lot $1,000 La Flora Miami Hotel 1st 88,
30
100 Johnson Educator Biscuit Co.,
Ins.. Mass.. el. A, pref., temp.
cif., so par
lot
Shares. Stocks.
$ per sh.
5 Pitman (N. J.) Title & Tr. Co_ _ _276
10 Broadway Merchants Tr. Co
(Camden), par $25
390
1 Broadway Merchants Tr. Co
(Camden). par $25
387
60 Broadway Merchants Tr. Co.
(Camden), par 325
376
14 Broadway Merchants Tr. Co.
par $25
375
12 GlensIde (Pa.) Tr. Co.. Par $50.
& 3d Sts. Passenger Ry
159
50 Midro 011 Corp., v. t. c
......
$20 lot
5 American Academy of Music,
with tickets
20 Union Transfer Co., par $25....
66 Camden Fire Ins. Assn., par $5. 24
79 Phila. Bourse, pref., par $50....
4 Phila. Bourse, common, par $50_
32 Phila. Bourse, common, par $50-
2 Independence Indemnity Co...
.320
6 Independence Indemlnity Co...
.318
2 Independence Indemnity Co- 110
22 Independence Indemnity Co-309
1 Bailey, Banks & Biddle Co.. In..
preferred
101
50 Constitution Indemnity CO..
par $10
313i
25 Budd Wheel Corp., corn., 1,o par 20
20 Haverford Lund & Impt Co
Par $50
25 units Bankers Bond & Mtge(
30.
(new)
Membership In the R&#;.&#;.rar Green
Golf Club (Springfield, Pa.), dues
paid to Jan.
755
4 Germantown Trust Co
637
10 Guarantee Trust tr Safe Deposit _487
1 Corn Exchange Isl. -...nk
BondsPer cent.
85,000 Imayer Valley Trac. Co.
general 5s.
niot
$1,000 Omaha & Council Bluffs
Street Hy. 1st con. 55,
65
By A. J. Wright & Co., Buffalo:
Shares. Stacks.
$ per sh.
2 Buffalo Niagara & Eastern Power,
preferred, par 325
100 Big Ledge Copper Co., par $5_14 lot
500 Chaput Hughes, Par $1
12c.
3 Buffalo Property Owners, Inc_ lot
300 Garod Corp., no par
$100 lot
Shares. Stocks.
$ per sh.
10 Standard Pate Glass, prior pref35 lo;
500 Penn Seabm.rd Steel corp..
no par
$10 lo1
2 Buff. Niag.& East. Pow., no par- 41
500 Night Hawk, par $1
Sc.
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
Per
When
Cent. Payable,
Books Closed.
Days Inclusive.
Railroads (Steam).
Elmira & Williamsport, corn
$1.15 Nov. 1 Holders of rec. Oct. 20a
Internat. Rys. of Cent. Amer., pf.(qu.)
134 Nov. 15 Holders of rec. Oct. -1
Lake Superior dz Ishpeming (in stock). *e200
Ontario & Quebec. com
Dec. 1 *Holders of rec. Nov.
Debenture stock
*234 Dec. 1 *Holders of rec. Nov.
Public Utilities.
Associated Gas & Elec., $6 Pref. (quar.). 131.50 Dec. 1 Holders of rec. Oct. 31
$6.50 preferred (quar.)
131.625 Dec. 1 Holders of rec. Oct. 31
Amer.Superpower Corp., partic. p1.(qu.) $1.50 Nov. 15 Holders of rec. Oct. 31m
Cambridge Gas Light (quar.)
75e. Nov. 1 Holders of rec. Oct. 19a
75e. Nov. 15 Holders of rec. Oct. 316
Cedar Rapids Mfg.& Power (guar.)Connecticut Ry.& Ltg., corn. & pf.(qu.) *31.125 Nov. 15 *Nov. 1 to Nov. 15
Consolidated States Telep., class A (qu.) *500. Nov. 1 *Holder
iree. Oct. 20
OCT.22 .]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Consumers Power,6% pref. (quar.)---- 131 Jan. 3 Holders of rec. Dec.
15
6.6% preferred (guar.)
1.65 Jan. 3 Holders of rec. Dec. 15
Seven per cent preferred (quar.)
3 Holders of rec. Dec. 15
131 Jan
Six per cent preferred (monthly)
50c. Nov. 1 Holders of rec Oct. 15
Six per cent preferred (monthly)
50e. Dec. 1 Holders of rec. Nov. 15
Six per cent preferred (monthly)
50c. Jan. 3 Holders of rec. Dec. 15
6.6% preferred (monthly)
55c. Nov. 1 Holders of rec. Oct. 15
6.6% preferred (monthly)
55c. Dec. 1 Holders of roe. Nov. 15
6.6% preferred (monthly)
55c. Jan
3 Holders of rec. Dec. 15
Dallas Power & Light, pref.(guar.)
134 Nov. 1 Holders of rec. Oct. 21
Grand Rapids RR., 7% prof. (guar.).134 Nov. 1 Holders of rec. Oct. 20
Idaho Power Co., pref. (guar.)
151 Nov. 1 Holders of rec. Oct. 15
Illinois Northern Utilities, corn
2
Nov. 1 Holders of rec. Oct. 15a
Junior preferred (quar.)
$1.75 Nov. 1 Holders of rec. Oct. I5a
Indianapolis Pow.& Light, 1st pf.(MO *$1.75 Nov. 1 *Holders of rec.
Kentucky Utilities, junior pref.(quara-- *873$0 Nov. 19 *Holders of rec. Oct. 24
Nov. 1
Keystone of Phila., prof.(qu.) *al
Dec. 1 *Holders of rec.
Knoxville Power & Light, $7 pref. (qu.)_ $1.75 Nov. I Holders of rec. Nov. 18
Oct. 20
$6 preferred (guar.)
21.50 Nov. 1 Holders of rec. Oct. 20
Montreal Light, Heat & Pow.Co.
2
Nov. 15 Holders of rec. Oct. 31
Pacific Gas & Elec., prof.(qmar.) (qua - 'c Nov. 15 *Holders
Pacific Power & Light, preferred (quar.). 13( Nov. 1 Holders of rec. Oct. 31
of rec. Oct. 18
Penn-Ohio Edison Co., prior pref.(qua
134 Dec. 1 Holders of rec. Nov. 19
Penn-Ohio Power & Light, $6 Prof.
(qua $1.50 Feb. 1 Holders of rec. Jan. 20
Seven per cent preferred (quar.)
13( Feb. 1 Holders of rec. Jan. 20
6.6% preferred (monthly)
55e. Dee. I Holders of reC. Nov. 20
6.6% preferred (monthly)
55e. Jan. 1 Holders of rec. Dec. 20
ex% preferred (monthly)
The. Feb. 1 Holders of rec. Jan. 20
7.2% preferred (monthly)
60c. Dec. 1 Holders of rec. Nov. 20
7.2% preferred (monthly)
60e. Jan. 1 Holders of rec. Dec. 20
7.2% preferred (monthly)
60c. Feb. 1 Holders of rec. Jan. 20
Philadelphia Suburban Water, pref.(qua
134 Dec. 1 Holders of rec. Nov. 120
Portland Gas & Coke. Preferred (quar.)
- 13( Nov. 1 Holders of rec. Oct. 18
Rhode Island Pub. Sem., pref. (quar.)__ 50e.
Nov. 1 Oct. 16 to Oct. 18
Clam A (guar.)
$1
Nov. 1 Holders of rec. Oct. 150
Southern Cities Utilities, $6 pref.(qu.)
$1.50 Dec. 1 Holders of rec. Nov. 10
Seven per cent preferred
334 Nov. 10 Holders of rec. Oct. 21a
.Union Street Ry.(New Bedford)
(qua -- 1% Nov. 1 Holders of rec. Oct. 20
Banks.
Chemical National (bi-monthly)
Trust Companies.
Farmers Loan & Trust (guar.)
Kings County (Brooklyn) (quar.)
Fire Insurance.
General Reinsurance (quar.)
Westchester (quar.)
Extra
.4
.4
Nov. 1 *Holders of rec. Oct. 21
4
&#;15
Nov. 1 Holders of rec. Oct. 20
Nov. 1 *Holders of rec. Oct. 24
$1.25 Nov. 15 Holders of rec. Oct. 31a
50c. Nov. 1 Oct. 21 to Oct. 31
100. Nov. I Oct. 21 to Oct. 31
Miscellaneous
Allied International Investing Corp.Participatino preferred (No. I)
Nov. 1 *Holders of rec. Oct. 25
American Radiator, common (gust.)
$1.25 Dec. 31 Holders of rec. Dec. 150
Preferred (guar.)
131 Nov. 15 Holders of rec. Nov. la
American Stores(extra)
&#;50c. Dec. 1 *Holders
American-Sumatra Tobacco, pref. (qu.) *131 Dec. 1 *Holders of rec. Nov. 15
of rec. Nov. 15
Armstrong Cork, common (guar.)
134 Jan. 3 Dec. 16 to Jan. 3
Common (payable In common stock)-- 15
Jan. 16 Dec. 16 to Jan. 3
Preferred (guar.)
134 Jan. 3 Dec. 16 to Jan. 3
Artloom Corporation (quar.)
31 Jan. 1 Holders of rec. Dec. 190
Bachmann, Ernerich & Co., pref.
Oct. 3
(guar.) 2
Bastian-Blessing Co., common
*Holders of rec. Nov. 15
(guar.)-- *Mk. Dec.
Beneath (Isaac)&Sons,Inc.,tom.A
Oct. 3 Holders of rec. Oct. 20
(qua 75c.
Preferred (guar.)
50e.
Oct. 3 Holders of rec. Oct. 20
Big Lake Oil
*10
Oct. 2 *Holders of rec. Oct. 24
Bond & Mortgage Guarantee
Nov.&#;15 Holders of rec. Nov. 7
(quar.)- -- 4
Brockway Motor Truck (quar.)
500. Nov. 1 Oct. 22 to Oct. 31
Extra
25c. Nov. 1 Oct. 22 to Oct. 31
Brompton Pulp & Paper. pref.
Nov. 15 Holders of rec. Oct. 31a
(guar.).- 2
Brunswick-Balke-Collender, corn.
(qua - 75e. Nov. 15 Holders of rec. Nov. 5
Budd (Edward G.) Mfg.,
pref. (quar.)
&#;134 Nov. 1 *Holders of rec. Oct. 18
Burns Bros., common, class
A (quar.)-- .$2
Nov. 15 *Holders of rec. Nov. 1
Preferred (guar.)
'131 Jan. 3 *Holders of rec. Dec. 13
Butler Brothers (guar.)
500. Nov. 15 Holders of rec. Oct. 31
Canada Cement, Ltd., pref.
(guar.).-- I% Nov. 16 Holders of rec. Oct. 31
Canadian Bronze, Ltd., prof.
Nov.
Canadian Converters (guar.) (quara--- 134 Nov. 1 Holders of rec. Oct. 21
15 Holders of rec. Oct. 310
131
Canadian Fairbanks-Morse.
Nov. 15 Holders of rec. Oct. 31
Cartier. Inc.. Prof. (Oman) Pref. (extra) 53
1% Oct. 31 Holders of roe. Oct. 15
Caterpillar Tractor (guar.)
&#;30c. Nov.25 *Holders of rec. Nov. 15
Extra
&#;35c. Nov. 25 *Holders of rec. Nov. 15
&#; Centrifugal Pipe (Ouar.)
15e. Nov. 15 Holders of rec. Nov. 5
Charlton Mills (guar.)
Nov. 3 Holders of roe. Oct. 17
2
Cities Service, common (monthly)
&#;3$ Dec 1 *Holders of rec. Nov. 15
Common (payable in common
Dec.
*Holders
stock).
Preferred and preferred BB (monthly) trS4 Dec. 1 *Holders of rec. Nov. 15
&#;yi
1
of rec. Nov. 15
Preferred B (monthly)
*5c. Dec. 1 *Holders of rec. Nov. 15
ClInchfield Coal, preferred (guar.)
131 Nov. 1 Holders of rec. Oct. 25a
Conlon Corporation, Prof.
'134 Oct. 31 *Holders of roe. Oct. 20
(guar.)
Connecticut Cash Credit Corp.,corn.
(qua 150. Oct. 25 Holders of rec. Oct. 10
Preferred (gust.)
150. Oct. 25 Holders of rec. Oct. 10
Preferred (extra)
150. Oct. 25 Holders of rec. Oct. 10
Como!. Bond & Share Corp., pref.(Ou.).
Nov. 15
Consolidated Cigar Corp., pref. (guar.). 131 Dec. 1 Holders of rec. Oct. 15
Holders of rec. Nov. 150
134
Consolidated Laundries,common
(quar.) .11% Nov. 1 Holders of rec. Oct. 17
Crown Finance Corp.,tom.(in cam.
Nov. 15 Holders of rec. Oct. 15
Mk.)
Davis Mills(guar.)
&#;1
Dec. 24 *Holders of rec. Dec. 10
Dow Chemical, common
*$1.25 Nov. 15 *Holders of rec. Nov. 1
(guar.)
Preferred (guar.)
&#;141 Nov. 15 *Holders of rec.
Nov. 1
Eastern Dairies, Inc., common
50.3. Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 15
Eisenstadt Manufacturing, prof.(quar.)
134 Nov. 1 Holders of rec. Oct. 20
Finance Co.of Amer.(Balt.),com.
A Ma Oct. 15 Holders of rec. Oct. 5
Common B (guar.)
.Oct. 15 Holders of rec. Oct. 5
Seven per cent preferred (guar.)
c Oct. 15 Holders of rec. Oct. 5
Great Lakes Dredge & Dock (guar.)
2 &#; Nov. 15 Holders of rec. Nov. 7
Green Watch. preferred (guar.)
&#;1M Nov. 1 *Holders of rec. Oct. 20
Hamilton-Brown Shoe(monthly)
&#;25c Nov. 1 *Holders of rec. Oct. 22
Hatfield-Reliance Coal, common (guar.) &#;30c. Nov. 1
*Holders of rec. Oct. 20
Higbee Co.. let pref.(oust.)
134 Nov. 1 Oct. 22 to Nov. 1
Hollander (A.)& Son, Inc., corn.(qua
c Nov. 15 Holders of rec. Nov. 1
Imperial Royalties(monthly)
131 Oct. 30 Holders of rec. Oct. 25
Independent Packing, tom.(Oust.)
Nov.
Holders of rec. Oct. 20
Preferred (guar.)
13( Nov.
Holders of rec. Oct. 20
Industrial & Finance Corp.,6% pf.(qu.) 13$ Nov.
Holders of rec. Oct. 22a
Seven per cent preferred (guar.)
134 Nov.
Holders of rec. Oct. 22a
Seven per cent debenture stock (guar.) 154 Nov.
Holders of rec. Oct. 22a
International Harvester, pref. (guar.)._ &#;15( Dec.
*Holders of rec.
Joske Bros. Co. vot. tr. etf.(No. I)(qu.) &#;75c Nov.2 *Holders of rec. Nov. 5
Nov. 1
Kinney (G. R.) Co., Prof. (guar.)
*2
Dec.
*Holders of rec. Nov. 19
Kodel Radio, class A (guar.)
*25c. Nov.
*Holders of rec. Oct. 25
Preferred Mara
"350 Nov.
*Holders of rec. Oct. 21
Kruskal & Kruskal, Inc. (Qum.)
500. Nov. 15 Holders of rec. Oct. 3Ia
Laciede-Christy Clay Prod., corn.
50c Nov. 1 Holders of rec. Oct. 21
Larrowe Milling, corn. (quer.)
* Nov. 1 *Holders of rec. Oct. 24
Loew's Ohio Theatres, pref. (guar.)
Nov. 1 Holders of rec. Oct. 27a
2
Lord & Taylor, tom.(Christmas div.)._ 5
Dec. 10 Holders of rec. Nov. 17a
First preferred (guar.)
134 Dec. I Holders of rec. Nov. 170
Louisiana 011 Refining, pref. (guar.)_
&#;15$ Nov. 15 *Holders of rec. Nov. 1
Luther Manufacturing (guar.)
*2
Nov. 1 *Holders of rec
Mark (Louis) Shoes. Inc., pref. (guar.). 134 Nov. 1 Holders of rec. Oct. 14
Oct. 200
Massey-Harris Co., Ltd., pref. Mara__
154 Nov. 15 Holders of rec. Oct. 29
May Department Stores, cam.(quar.)_. *$1
Dee. 1 *Holders of
McCord Radiator & Mfg., class B (qu.) *50c. Nov. 1 *Holders of rec. Nov. 15
rec. Oct. 27
McIntyre Porcupine Mines. Ltd
25e Dec. 1 Holders of rec. Nov. 1
Melville Shoe, corn. (guar.)
. Nov. I Holders of rec. Oct. 240
Preferred (guar.)
Nov. 1 Holders of rec. Oct. 240
2
Merchants Manufacturing (guar.)
Nov. 3 Holders of rec. Oct. 22a
1
Merchants Refrigerating, pref. (qua!'.) _ _
13( Nov. 1 Holders of rec. Oct. 22
Mirror (The). prof. (guar.)
&#;1M Nov. 1 *Holders of rec. Oct. 25
I
Name of Company.
Per
When
Cent. Payable.
Books ('Weed
Days Inclusive.
Miscellaneous (Concluded).
Moloney Electric, pref. (guar.)
134 Nov. 1 Holders of rec. Oct. 13
Munsingwear, Inc. (guar.)
.1%c.
.
Holders of rec. Nov. 17
National Belles Hess, pref. (guar.)
Dee.
*Holders of rec. Nov. 21
National Carbon, pref.(guar.)
Nov. 1 Holders of rec. Oct. 20
2
National Lead, pref. A (guar.)
&#;134 Dec. 15 *Holders of rec. Dec. 2
National Recording Pump
*75e. Nov. 1 *Holders of rec. Oct. 21
National Refining, corn. (guar.)
134 Nov. 15 Holders of rec. Nov. 16
NewAmsterdamCasualtyCo.(Balt.)(qu.) c. Nov. 1 Holders of rec. Oct. 170
New Cornelia Copper Co. (guar.)
*50c. Nov. 21 *Holders of rec. Nov. 4
New Jersey Cash Credit Corp., com.(qu)
15e. Oct. 25 Holders of rec. Oct. 10
Preferred (guar.)
15e. Oct. 25 Holders of rec. Oct. 10
Preferred (extra)
15c. Oct. 25 Holders of rec. Oct. 10
New Jersey Zinc (guar.)
Nov. 10 Holders of rec. Oct. 20a
2
New Process Co.. pref. (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 26
North Central Texas 011 (guar.)
150. Dec. 1 Holders of rec. Nov. 10
Pacific Coast Co., 1st pref. ((mar.)
131 Nov. 1 Holders of rec. Oct. 240
Paramount Oshawa Theatres, pref.(qua
134 Nov. 15 Holders of rec. Oct. 31
Pathe Exchange, Inc., cl. A pref. (qua _ $1
Nov. 1 Holders of rec. Oct. 28
Peabody Coal. common (monthly)
'Sc. Nov. 1 *Holders of roe. Oct. 21
Preferred (monthly)
*59c
2 Nov. 1 *Holders of rec. Oct. 21
.
Penna. Cash Credit Corp., corn. (qu.).
c. Oct. 25 Holders of rec. Oct. 10
Preferred (guar.)
15c. Oct. 25 Holders of rec. Oct. 10
Preferred (guar.)
Sc. Oct. 25 Holders of rec. Oct. 10
Plymouth 011
,
Oct.. 31 *Holders of rec. Oct. 24
Nov 15
Procter & Gamble,corn.(guar.)
Nov.
$2
Holders of rec. Oct. 254
Pullman Company (guar.)
134 Nov. 15 Holders of rec. Oct. 31
Quincy Mkt.Cold Stor.& W'h'se,pr.
(qua
13( Nov. 1 Holders of rm. Oct. 20s
Republic Iron Sr Steel, corn. (guar.)....
$1
Doe. 1
Jan.2 Holders of rec. Nov. 15
Preferred (guar.)
*Holders of rec. Dec. 14
'134
Rolls-Royce of Amer., pref. (guar.)_ _ _ _ &#;134 Nov. 15 *Holders of rec. Oct. 31
St. Lawrence Flour Mills, pref. (guar.)_
134 Nov. 1 Holders of rec. Oct.
St. Louis Amusement, class A (guar.)__ 51. Oct. 17 Holders of rec. Oct. 20.
13
Scott Paper, pref. (guar.)
&#;134 Nov. 1 *Holders of rec. Oat. 22
Scotten-Dillon Co. (guar.)
300. Nov. 15 Nov. 9 to
Nov. 15
Extra
20e Nov. 15 Nov. 9 to
Seaerest Laundry, Inc., corn. (gust.)-.. 1x Nov. 1 Holders of rec. Nov. Li
25c.
Oct. 1
Preferred (guar.)
Nov. 1 Holders of rec. Oct. 1
Skelly Oil (guar.)
&#;500. Dec. 15 *Holders of rec. Nov.
Thatcher Manufacturing, pref.(gust.).. 90e. Nov. 15 Holders of rec. Nov.15
5.
Tobacco Products, class A (guar.)
134 Nov. 15 Holders of rec. Oct. 25
Troxel Mfg., corn. (guar.)
.1
51) Nov. 1 Holders of rec. Oct. 20
,.
Preferred (guar.)
Nov. 1 Holders of rm. Oct. 20
Truscon Steel, preferred (guar.)
*156 Dec. 15 *Holders of res. Dec.
Union 011 Associates (guar.)
&#; 0c Nov. 10 *Holders of rec. Oct. 15
2
55c.
Vanadium Corp. (guar.)
Nov. 15 Holders of roe. Nov. 1
Special
81
Dec. 15 Holders of rec. Dec. 1
Westland Oil Corp
Oct. 25 Holders of res. Oct. 17
$2
2
Westland 011 Corp
$
Dec. 23 Holders of rec. Dec. 13
Wright
-Hargreaves Mines
60c. Nov. 1 Holders of rm. Oct. 17.
50.
Waltke(Wm.)& Co., corn.(guar.)
Nov. 1 Holders of rec. Oct. 20
Preferred (quar.)
Nov. 1 Holders of rec. Oct. 20
Wayagamack Pulp & Paper (guar.)
75c. Dec. 1 Holders of rec. Nov.15
154
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
Per
When
Cone. Payable.
Boots Closed.
Days Dulastao.
Railroads (Steam).
Atchison Topeka & Santa Fe, corn.(qua
154 Dee. 1 Holders of tee. Oet. 28.
Common (extra)
750. Dec. 1 Holders of rec. Oct. 250
Baltimore & Ohio. rem.(guar.)
134 Dec. 1 Oct. 18 to Oct. 17
Preferred (guar.)
1
Dec. 1 Oct. 16 to Oct. 17
Chesapeake & Ohio, preferred
331 Jan 1'28 Holders of res. Dee.Cincinnati Sandusky & Cleve., pref.(qu.) 1% Nov. 1 Oct. 26 to Nov. 1
Cuba RR.. preferred
3
Feb1'28 Holders of tee. Jan. 166
Mahoning Coal RR ,corn.(guar.)
812.50 Nov. 1 Holders of res. Oct. 240
Missouri-Kansas
-Tema. pref. A (gust.)
131 Nov. 1 Holders of ree. Oct. 156
Nashua & Lowell
3
Nov. 1 Holder, of ree. Oct. 15s
New York Central RR.(guar.)
2
Nov. 1 Holder, of rec. Sept.30a
Norfolk & Western. adj. pref.(guar.)--- 1
Nov. 19 Holders of rec. Oct. 310
Northern Pacific Mara
1% Nov. 1 Holders of rec. Sept.30.
Pere Marquette. common (quar.)
1% Nov. 1 Holders of rec. Oct. 14.
y Common (in common stock)
See not e (y) below
/20
5% preferred (guar.)
13( Nov 1 Holders of rec. Oct. 14.
Pittsburgh & West Virginia (goar.)
13$ Oct. 3) Holders of rec. Oct. 15a
Reading Company, corn. (guar.)
$1
Nov. 10 Holders of tee. Oct. 136
St. Louis-San Fran. Ry., pref. (guar.).- 13$ Nov. 1 Holders of tee. Oct. 15.
noutbern Ry., common (gust.)
1% Nov. 1 Sept. 21 to Oct. 12
Wabash Ry.. pief. A (guar.)
154 Nov.25 Holders of res. Oct. 26.
Public Utilities.
American Commonwealths Pow.Corp.
First preferred series A (guar.)
75 Nov. 1
Second preferred series A (guar.)
.75 Nov. I
Amer. Dist. Teleg. of N.J. com.(qua -Oct. 29
Preferred (guar.)
.34 Oct. 15
American Gas & Elec.. pref.(guava_ _
134 Nov. 1
Amer. Light Sr Traction, corn. (guar.)-- 2
Nov. I
Preferred (guar.)
134 Nov. 1
Amer. Water Wks.& Elec., corn.(qua
200. Nov. 15
Associated Gas & Elec..class A (gust.).. 50c. Nov. 1
Bangor Hydro-Elec. Co.,corn.(gust.).. 116 Nov. 1
Brazilian Tr. Lt.& Pow., corn.(gust.).. 1,6 Dec. I
Broad River Power, pref. (guar.)
134 Nov. 1
Ilklyn.-Manhattan Transit
Preferred, series A (guar.)
$1.50 Jan16'28
Preferred, series A ((mar.)
$1.50 Am16'28
Cape Breton Electric Co., prod
3
Nov. 1
Central Power & Light. pref (guar.).
- 1% Nov.
Central & Southwest Utilities
Prior lien and preferred stocks (go.).. $1.75 Nov. 1
Chic. Rap.Tran.. pr. pf A (monthly)_._ 650. Nov.
Prior preferred A (monthly)
65e. Dee.
Prior preferred B (monthly)
600. Nov.
Prior preferred B (monthly)
600. Dec.
Cleve. Elec. Illum., pref.(guar.)
134 Dec.
Columbia Gas & El. Co.. corn.(gust.).. $1.25 Nov. 1
6% Preferred Oltutra
134 Nov. 1
Columbus Ry Pr.& Lt., pref.B (qua -- 134 Nov.
Commonwealth Edison Co.(guar.)
2
Nov.
Commonwealth Power Corp., corn.(Mi.) c. Nov.
Preferred (guar.)
134 Nov.
Community Power & Light,Ist pref.(qua
134 Nov.
8% preferred (guar.)
2
Dec.
Consolidated Gas(N. Y), pref.(guar.). 81.25 Nov.
Eastern States Power Corp.. prof. ((M.) 81.75 Nov.
Edison Elec. Ilium., Boston (goat.).... 3
Nov. 1
Edison Elec. Ill. Co. of Brockton (guar.)c. Nov. 1
Electric Bond & Share, pref. (guar.)114 Nov. 1
Electric Investor, Inc.. $7 pref. (guar.). $1.75 Nov. 1
16 preferred (guar.)
31.50 Nov. 1
Empire Gas & Fuel.7% pref.(m'thly)_ 58 1-3e Nov. 1
Eight per cent preferred (monthly)...66 2-3c Nov. 1
Fairmount Park Transportation
250. Nov. 15
Fall River Gas Works(guar.)
750. Nov. 1
Ft. Worth Power & Light. pref. (guar.). 154 Nov. I
General Gas & El. Corp.. corn. A (go.).. 837 Mc Jan. 1
Common clam B (No. 1)
581.50 Jan. 1
$8 preferred class A (guar.)
$2
Jan. 1
$7 preferred class A (guar.)
$1.75 Jan. 1
$7 preferred class B (guar.)
$1.75 Jan. 1
General Public Service $6 pref.(guar.)-- $1.50 Nov. 1
Convertible preferred (guar.)
81.75 Nov. 1
Havana Elec.& Utilities, 1st pref.(qua _ $1.50 Nov. 15
Preferred (guar.)
Nov. 15
Holders of res. Oet. 15
Holders of rec. Oct. 15
Holders of rec. Oct. 15..
Holders of rec. Sept. 15.
olden of rec. Oct. .0
Oct. 15 to Oct. 27
Oct. 15 to Oct. 27
Holders of rec. Nov. la
Holders of rec. Sept. 30
Holders of rec. Oct. 10
Holders of tee. Oct. 31
Holders of roe. Oct. 15
Holders of rec. Dec. 810
Holders of rec. A pr 1'284
Holders of rec. oct. 17a
Holder, of rec. Oct. 150
Holders of rec. Oct. 31
Holders of rec. Oct. 180
Holders of rec. Nov. 15a
Holdert of roe Oct. 180
Holders of rec. Nov. 16a
Holders of ree. Nov. 154
Holders of res. Oct. 20a
Holders of ree. Oct. 20a
Hodlers of rec. Oct. 150
Holders of rec. Oct. 160
Holders of rec. Oct. ha
Holders of rec. Oct. 11
Oct. 22 to Nov. 1
Nov. 22 to Dee. 1
Holders of rec. Sept.30s
Holders of rec. Oct. 150
Holders of rec. Oct. 15
Holders of ree. Oct. 14
Holders of roe. Oct. 14
Holders of reo. Oct. 13
Holders of rec. Oct. 13
Holders of rec. Oct. 15.
Holders of rec. Oct. 15.
Holders of rec. Oct. 31.
Holders of roe. Oct. 14.
Holders of rec. Oct. 15
Holders of too. Dee. 15.
Holders of rec. Dee. 12.
Holders of roe. Dee. 12.
Holders of rec. Dee. 125
Holders of rec. Dec. 12s
Holders of rec. Oat. 19
Holders of rec. Oct. 10
Holders of reo. Oct. 29
Holders of tee. Oct. 29
Name of Company.
[Vol,. 125.
THE CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Barnhart Bros. & Spindler
134 Nov. 1 Holders of rec. Oct. 250
First and second pref (quar.)
Ramsdell Corp.
Sept. 26a
A & B (pay. In class A stock). - e234 Nov. I Holders of rec. Oct. 130
Class
Bigelow-Hartford Carpet,corn & pf.(qu.) $1.50 Nov. 1 Holders of rec. Oct. 14a
25o, Nov. 1 Holders of coo.
Birtman Elec. Co., corn.(guar.)
250. Nov. 1 Holders of roe. Oct. 14a
Common (extra)
134 Nov. 1 Holders of rec. Oct. 14a
Preferred (quar.)
75c. Nov. 1 Oct. 22 to Nov. 1
815w-Knox Co., com. (quar.)
131 Nov. 1 Oct. 22 to Nov. 1
Preferred (guar.)
Nov. 15
c. Nov. 15 Nov. 11 to
Bloch Bros. tobacco. corn. (guar.)
Jan. 2
133 Dec. 31 Dec. 25 to
Preferred (guar.)
Bloomingdale Bros., Inc.
Nov. I *Holders of rec. Oct. 20a
Preferred (guar.)
Oct. 30 Holders of rec. Oct. 15a
$I
Bon Ami Co.. common A (quar.)
$1.25 Dec. 1 Holders of rec. Nov. 15a
Borden Co., COM.(War.)
Nov. 15 Holders of rec. Sept. 10
Hose& Rubb.,com.(ext.) $2
Boston Woven
rec. Nov. 30
British Colurnbla Fishing. corn. (quar.). $1.25 Doe. 10 Holders ofrec. Feb.28'28
$1.25 3-10-'28 Holders of
Common (guar.)
134 Dec. 10 Holders of rec. Nov. 30
Preferred (quar.)
134 3-10-'28 Holders of roe. Feb.28'28
Preferred (guar.)
134 Nov. 1 Holders of rec. Oct. 20a
Brown Shoe, pref. (guar.)
134 Nov. 1 Oct. 28 to Oct. 31
Bunts Bros.. pref. (quar.)
154 Nov, 1 Holders of rec. Oct. 140
Burns Bros.. prior pref.(quar.)
160
prof. (guar.)
-- 134 Nov. 1 Holders of rec. Oct. 30
Byers(A. M.) Co.,7%
Doe. 15 *Holders of rec. Nov.
*$1
California Packing (guar.)
to Jan. 4
134 Dec. 31 Dec. 21
Canfield Oil, corn.(guar.)
4
to Jan
134 Dec 31 Dec 21
&#;
Preferred (guar 1
134 Dec. 1 Holders of rec. Nov. 19
Century Ribbon Mills, prof.(guar.)_
Nov. 1 Holders of rec. Oct. 13a
Corp.(guar.)
Cerro de Pasco Copper
134 Oct. 25 Holders of rec. Oct. 15a
Chicago Pneumatic Tool ((Man)
33 1-3c Nov. 1 Holders of rec. Oct 21a
Chicago Yellow Cab (monthly)
33 1.3e Dec. I Holders of rec. Nov. 180
Monthly
Childs Company
Dec 30 Holders of rec. Nov 250
Common (payable In no par corn. stk.) fl
30e. Nov. 1 Holders of rec. Oct. 150
Chri3tie. Brown & Co., corn.(quar.)
154 Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
Jan 3'28 Holders of rec. Dec. 150
$2
Chrysler Corp.. pref. A. (quar.)
14 Nov. I Holders of rec. Oct. 15
hly)
atifti Service, common
f% Nov. 1 Holders of rec. Oct. 15
in common stock).
Common (payable
Holders of rec. Oct. 15
Preferred and preferred BB (monthly). 94 Nov. I Holders of rec. Oct. 15
Sc. Nov. I
Preferred B (monthly)
Nov. 1 Holders of rec. Oct. 15a
City Stores Co., class A (quar.)
c Feb. 1 Holders of rec. Jan. 15a
Class A (guar.)
Oct. 25 Holders of rec. Oct. 15
Cleveland-Cliffs Iron (guar.)
Holders of rec. Oct. 21a
Cluett, Peabody & Co., Inc., com.(qu.), $1.25 Nov. 1 Holders of rec. Oct. 18s
Nov. I
$1
Columbian Carbon (guar.)
750. Dec. 20 Holders of rec. Dee. 50
Consolidated Ice (Pittsburgh). pref
Oct. 25 Holders of roe. Oct. 15
2
Consolidated Royalty Oil (guar.)
5a
Consumers Co., prior pref. See note (5)
$1.25 Nov. 15 Holders of rec. Nov. 15a
Continental Can, Inc., corn.(quar.)_ _
Holders of rec. Oct.
Continental Motors Corp. com.(guar.). 20c. Oct. 31 Holders of rec. Oct. 3a
50o. Oct. 20
Corn Products Refg.. com.(guar.)
134 Dee, 21 Holders of rec. Dee. Ilia
Cosgrove-Meehan Coal. prof (guar.)._
/10 Nov. I Holders el rec. Oct. 20
Crane Company, corn. (in com. stock)
154
114 Oct. 31 Holders of rec. Oct. 20
Crucible Steel. com.(quar.)
Nov. 1 Holders fo roe. Oct.
3
Cudahy Packing,6% pref
33.4 Nov. 1 Holders of rec. Oct. 20
cent preferred
Seven per
Dec. lb Holders of rec. Dee. la
Si
Cone.. Press. class A (guar.)
250. Nov. 3 Holders of rec. Oct. 17
Davega. Inc. (guar.)
250. Nov. 3 Holders of rec. Oct. 17
Extra
Nov. 1 Holders of rec. Oct. 20
Dennison Mfg. Co., 1st pref. (guar.)._ $2
$1.75 Nov. 1 Holders of rec. Oct. 20
Second preferred (quar.)
Jon15'28 Holders of rec. Jan.1'20a
corn. (qua?.).
Dunhill International.
Apri515 Holders of rec. Apr.1'284
Common (guar.)
I.) de Nemours & Co.
DuPont (E.
14 Oct. 25 Holders of rec. Oct. los
Debenture stock (guar.)
400. Doe. 1 Holders of rec. Nov. lba
Eagle-Picher Lead, coin. (guar.)
134 &#; 3an Holders of rec. Dec 31
Preferred (quar.)
e. Jan 1'28 Holders of rec. 1)ec. 200
Early & Daniels. common (guar.)
250. Jan 128 Holders of rec. Doc. 200
Common (extra)
$1.75 Jan 1'214 Holders of rec. Dec. 200
Preferred iquar.;
Holders of rec. Sept 300
- $1.75 Nov.
Eastern Bankers Corp.. prof. (quar.)
Holders of rec. Doe. 81
$1.75 Feb.
Preferred (guar.)
Holders of roe. Oct. 150
500. Nov.
Eaton Axle & Spring, com.(guar.)
Holders of rec. Oct. 15a
624c Nov.
National Watch (quar.)
Elgin
75o. Oct. 3 Holders of rec. Oct. 200
Elyria Iron di Steel, com.(guar.)
134 Nov.
Holders of rec. Oct.d2ba
Esmond Mills, common (guar.)
134 Nov.
Holders of rec. Oct.d250
Preferred (guar.)
Holders of rec. Oct. 15
Nov.
$I
Eureka Pine Line (guar.)
Holders of rec. Oct. 20a
$1
Nov.
Vacuum Cleaner (gum.)
Eureka
. Oct. 3 Holders'of rec. Oct. 150
Exchange Buffet Corp.(guar.)
Holders of lee. Oct. 210
200. Nov.
Fair (The). common (monthly)
114 Nov.
Holders of rec. Oct. 210
Preferred (quar.)
750. Dec. 3 Holders of rec. Dec. 120
Fairbanks, Morse & Co., corn. (qua?.)
Holders of roe. Nov. I20
134 Doe.
Preferred (guar.)
Holders of rec. Oct. 20
233 Nov.
Fajardo Sugar (quar.)
Financial & Industrial Securities
Nov. I *Holders of rec. Oct. 31
u Common (payable In coin. stock)... &#;15
Nov I
Holders of rec. Nov. I
First Ft(lend Foreign Invest. Trust (qu.) $1.75 Nov.
134
Holders of rec. Oct. 15a
Miscellaneous.
Fisk Rubber Co.. 1st & cony. pf.(qu.)..
154 Nov. 1 Holders of rec. Oct. 15a
Holders of rec. Nov. 15a
M Doe.
Abraham & Straus. Inc.. pref.(guar.)
Second preferred (guar.)
30
$1.50 Nov. 1 Holders of rec. Oct. 110
Allied Chemical & Dye, corn.(guar.) .
Mach.. corn.(qu.). 30e. Jan 1'2 Doc. 21 to Dec. 30
133 Nov. 15 Holders of rec. Oct. 24a Foote Bros. Gear &
134 Jan 12 Dec. 21 to Doe.
Allis-Chalmers Mfg., common (quar.)
Preferred (qua?.)
Dec.31 *Udders of rec. Dec. lba
250. Jan 1.2 Holders of rec. Dec. lb
Manufacturers. com.(guar.) .51).;
Aluminum
Formica Insulation (guar.)
of rife Oct lba
100. Jan I '2 Holsters of rec. 1)eo. 15
Amalgamated Laundries. pref.(Willy ) Stii,c Nov. 1 Holders of rec Nov 150
Extra
581,e Dec. 1 11. Mere
Holders of rec. Nov. to
Preferred (monthly)
com.(guar.) -- 25e. Nov. 1
681,e Jon 225 Holderq a! rec. Dec 130 Foster & Kleiser Co.. pref. (qua?.)..... 154 Nov.
Oct. 21 to Oct. 31
Preferred (mon,hly)
Mfg.,
581,c Feb 11)i Hold. ot rec. Jan 15 '280 Franklin(H. H.) (Guar.)
Holders of roe. Oct. 150
Nov.
$1
Preferred (monthly)
Texas Co.
59')c Nrrl'28 Holdof rec Pet it, 284 From}ort
Holders of rec. Oct. lba
50o. Nov.
Preferred (monthly)
Extra
pr 1'28 Hold "free Mar 15'20a
581.e
1
Nov. I Holders of rec. Oct. Ala
Preferred (monthly)
IS 'vt.a General Cigar, Inc., common (guar.)--c Wy1'28 Horn cf rec. Apr
134 Dec. I Holders of rec. Nov. 230
Preferred (monthly)
Preferred (Guar.)
c Jun 1'2. of rec May 15 "Ji.a
25c. Nov. 21 Holders of rec. Nov. 10
Preferred (monthly)
Development(guar.)
50e. Oct. 31 Holders of rec. Oct. 15a General
Oct. 28 Holders of rec. Sept.230
31
Amerada Corporation (quar.)
Co. (quar.)
50o. Nov. 15 Holders of rec. Oct. 3Ia General Electric(guar.)
150. Oct. 28 Holders of rec. Sept.230
corn.(guar.)
American Can.
Special stock
Nov. I Holders of rec. Oct. 15
2
Holders of roe. Oct. Wa
1M Nov.
American Cigar, common (guar.)
General Metors Corp.,6% pref. (guar.)
Nov. 1
Nov. I Oct. 12 to
$I
Holden of rec. Oct. 10a
138 Nov.
American Coal (quar.)
Seven per cent 'referred stock (guar.)
194 Nov.
Holders of rec. Oct. 10a
prof.(gu.).- $1.50 Nov. 15 Holders of rec. Oct. 31
(guar.)_.
Amer. European Securities.
Six per cent debenture stock
Nov. 1 Holders of rec. Oct. 154
2
Holders of rec. Oct. 20
Nov.
American Glue. pref. (guar.)
General Tire dr Rubber. com.(guar.) - 50e. Oct. 3 Holders of rec. Oct. IS
20o. Nov. I Holders of rec. Oct. I4a
750.
Amer. Home Products Corp (monthly)
(quar.)
50o. Oct. 25 Holders of rec. Oct. 7a Gilchrist Company (guar.)
Holders of roe. Nov. la
Dec.
$I
American Ice. COM.(guar.)
133 Oct. 25 Holders of rec. Oct. 7a Gillette Safety Razor
Holders of rec. Nov. la
c Dec.
Preferred (guar.)
Extra
20a
Holders of rec. Nov. 1 a
50o. Doe.
& Foundry, corn.(guar) 50c. Nov. 1 Holders of rec. Oct. 20a
Amer. Machine
Special extra
134 Nov. 1 Holders of rec. Oct.
Holders of rec. Oct. 150
134 Nov.
Preferred (quarterly)
Gimbel Bros., prof. (guar.)
133 Dec 31 Holders of rec. Dec 16a
Holders of rec. Oct. 200
134 Nov.
American Mfg Co.. eon. (guar.)
Inc., pref. (guar.)
ItO Dee. 31 Holden. of rec Dec. isa Gobel (Adol,),
Holders of rec. Oct. 170
__
75o. Nov.
Preferred (guar
(No. 1) (quar.)
Holders of rec. Oct. 15a Gold Dust Corm Co.,corn.(monthly)._ 331-30 Nov.
134 Nov.
Holders of rec. Oct. 21a
American Sales Book, pref. (guar.)
(H. W.)
Holders ,,f rev. Oct. 11.r0 Gossard
Nov.
2
Holders of rec. Nov. 18a
331-30 Dec.
caul. (guar.)._
Americoo nlilpouildIng,
Common (monthly)
Holders of rec. Oct. 15
154 Nov.
33 1.-3c Jan. 2 Holders of rec. Dec. 2I0
Preferred (quar.(
Common (monthly)
Holders of rec. Oct. 14a
Nov.
2
154 Nov. I Holders of rec. Oct. 21a
Amer. Smelt. & Refg. com.(quar.)
Preferred (quar.)
Holders of rec. Nov. 4a
134 Doe.
134 Nov. I Holders of rec. Oct. 15a
Inc., pref.(qu.).
Preferred (guar.)
Holders of rec. Oct. 10a Gotham Silk Hosiery. Stores. pf. (qu.) 154 Nov. 1 Holders of rec. Oct. 160
American Thermos Bottle. corn.(guar.). 250. Nov.
(F.W.) 5-10-250.
Grand
Holders of rec. Oct. 10
c Nov.
Nov 20 Holders of roe Jan. zuu
6
pref tquar.i
Ci,
.
Preferred (guar.)
Holders of rec. Oct. 200 Guenther Publishing
134 Jan3'213 Holders of rec. Dec. 13a
American Vitrified Products. pre!. (qu.) 134 Nov. 2 Holders of rec. Oct. 15a Gulf States Steel, let pref. (guar.)
750. Nov.
250. Oct. 31 Holders of rec. Oct. 20
Copper Mining (guar.)
Printing Co.(quar.)
Anaconda
Holders of rec. Oct. 216 Hall(W. F.)
750. Nov.
Slit. Dec. I Holders vl tee. Nov.(1
elms A (guar.)._
Archer-Daniels-laildiand. crim. (quar.)
Holders of rec. Oct. 21a Hartman Corporation.CIL= A stock),
(1) 1)ec. I Holders of tee. NOV 171,
134 Nov.
Preferred (guar.)
Class B (payable In
Madera of rec. Nov. 18
134 Dec.
IM Nov. 30 Holders of roe. Nov. 15a
(qua?.)._
(guar.)
Marx. Inc.
Artloom Corp., pref.
Holders of rec. Oct. 8a Hatt. Schaffner &
Nov.
250. Nov. 5 Oct. 20 to Nov. 4
Associated Dry Goods, coin. (guar.)... _ 62c. Doe.
Hawaiian Commercial & Stig.(n.thly.)
Holders of rec. Nov. I2a
14
25e. Nov. 5 Oct. 26 to Nov. 4
First preferred (quar.)
Extra
Holders of rec. Nov. 12a
Dec. 4
134 Doe.
250. Dee. 5 Nov. 26 to
Second preferred (guar.)
Monthly
Holders of rec. Oct. 15a
250. Dec. 5 Nev. 26 to Dec. 4
131 Nov.
Atlantic Refining. oref. (quar.)
Extra Holders of rec. Oct. 20a
134 Nov.
*30e. Nov. 15 *Holders of rec. Nov. 10
SUM* (monthly)
Atlas Powder, preferred (guar.)
134 lan 128 Holders of rec. Dec. 200 Hawaii=
*20c. Nov. 15 *Holders of roe. Nov. 10
Extra
Babcock & Wilcox Co.(guar.)
pr 1'28 Hold rec Mar 20'2ma
134
*300. Dec. 15 *Holders of roe. Dec. 10
Monthly
Quarterly
Nov. 1 Holders of rec. Oct. 20.1
*200. Dec. 16 *Holders of reo. Dec. 10
250.
Extra
Balaban & Katz, corn. (monthly)
*25c. Nov. 24 *Holders of rec. Nov. 4
25c. Dec. 1 Holders of rec. Nov. 19a Hazeltine Corp.(guar.)
(monthly)
Common
13.4 Nov. 15 Nov. 6 to Nov. 15
250. Jan. 2 Holders of rec. Dec. 20a Hercules Powder, pref.(quar.)
Common (monthly)
134 Jan. 2 Holders of rec. Dec. 20a Hibbard, Spencer, Bartlett Co.(mthly ) 30e. Oct. 28 Holders of rec. Oct. 21
Preferred (quarterly)
30c. Nov. 25 Holders of roe. Oct. 18
IN low. I if"Mere ,it rec. Nov. 12n
& Co . ore!. (guar.)
Monthly
Bomberger
30c. Doe. 30 Holders of roe. Dec. 23
134 Oct. 31 Holders of rec. Oct. 15
Monthly
Bancroft (Joseph) & Sons Co.. pf.(qua Jart16'2)( Holders of roe. Dec. 31
$2
Bankers Capital Coro.. prof (guar.,
Public Utilities (Concluded).
134 Dec. 1 Holders of rec. Nov. 10a
Havana Elec. Ry., preferred (quar.)_ _
Holders of roe. Oct. 15a
Illinois Northern Utilities.6% pref.(qu.) 153 Nov. 1 Holders of roe. Oct. 20a
International Utilities Corp.. Pref.(qu) $1.75 Nov. 1
35c. Nov. 1 Oct. 21 to Oct. 31
Railways, com.(guar.)
Interstate
*154 Nov. 1 *Holders of rec. Oct. 15
Seven per cent preferred (quar.)
620. Nov. 1 Holders of roe. Oct. 15
Lawrence Gas & Electric (guar.)
75c. Nov. 1 Holders of roe. Oct. 17
com.(quar.)
Long Island Lighting,
62.340. Nov. 1 Holders of rec. Oct. 17
Lowell Electric' Light Co. (quar.)
Nov. 1 Holders of rec. Sep..300
Mails Electric Co.(qua?.)
133 Nov. 1 Holders of rec. Sept. 15
Massachusetts Gas Cos., corn. (quar.)-334 Nov. 21 Holders of rec. Oct. 31
Mexican Light & Power, pref
100. Nov. 21 Holders of rec. Oct. 31
ference
Second pr.
of rec. Oct. 15
Michigan Gas & Elec., prior lien (guar.)- *13( Nov. 1 *Holders of rec. Oct. 15
*136 Nov. 1 *Holders
Preferred (quar.)
$1.50 Nov. 15 Holders of rec. Oct. 31
Middle West Utilities. corn. (guar.)---of rec. Oct. 20.
Milwaukee Elec. Ry.& Light, prof.(qu.) 14 Oct. 31 Holders of rec. Oct. 20
Mohawk dr Hudson Power, pref. (quar.) 134 Nov. 1 Holders of roe. Sept. 300
Oct. 31 Holders
500.
Montreal Lt. Ilt & Power Cons.(qL)
134 Oct. 20 Holders of rec. Sept. 30
Mountain Strum Power. pref. (guar.).
Holders of rec. Oct. 20
National Elec. Pow. Co., com. A (quar.) 450. Nov. 1 Holders of rec. Sept. 30
134 Nov. 1
Nevada-Calif. Elec. pref. (guar.)
Nov. 150
Edison Co., pref.(guar.)-- $1.50 Dec. 1 Holders of rec. Oct. 15a
North Amer.
Holders of rec.
Northern N.Y. Utilities. pref. (qua?.).. 134 Nov. 1
Nov. 1 Holders of rec. Sept. 30
Northern States Power,com.cl. A (qtr.). 2
200. Nov. I Holders of rec. Sept. 30
Common class B (quar.)
134 Nov. 15 Holders of rec. Oct. 31a
Northwest Utilities. pref.(guar.)
Holders of roe. Nov. 15
133 Dec.
Co..6% pref.(quar.)
Ohlo Edison
Holders of rec. Nov. 15
134 Dec.
6.6% preferred (quar.)
Holders of rec. Nov. 15
154 Dec.
Seven per cent preferred (quar.)
Holders of rec. Oct. 15
50c. Nov.
Six per cent preferred (monthly)
Holders of rec. Nov. 15
500. Dee.
Six per cent preferred (monthly)
Holders of rec. Oct. 15
550. Nov.
6.6% Preferred (monthly)
Holders of rec. Nov. 15
55e. Dec.
6.6% preferred (monthly)
Nov. la
Pacific Ltg. Corp.,com.,pay.In com.stk. tf900 Nov. 15 tiolders of rec. Oct. 15
250. Nov. I Holders of rec.
Edison, corn.(oar.)
Penn-Ohio
1 Holders of rec. Oct. 15
(f) Nov.
Common (1-50th share corn. stock)_
Penn -Ohio Power & Light
$1.50 Nov. 1 Holders of roe. Oct. 20
S6 preferred (quar.)
134 Nov. 1 Holders of rec. Oct 20
Seven per cent preferred (guar.)
600. Nov. 1 Holders of rec. Oct. 20
7.2% preferred (monthly)
550. Nov. 1 Holders of rec. Oct. 20
6.6% preferred (monthly)
15
Penn-Ohio Securities Corp., corn.(quar.) 180. Nov. 2 Holders of rec. Oct. la
Oct. 31 Holders of rec. Oct.
Philadelphia Company, common (quar.) $I
is
Corn.(stk. div., 1-120th sh. corn. stk.) (f) Oct. 31 Holders of rec. Oct. la
$1.50 Nov. 1 Holders of rec. Oct.
Six per cent preferred
Holders of reo. Oct. 150
Oct. 31
Philadelphia Rapid Transit, corn.(guar) $I
$1.75 Nov.' 1 Holders of rec. Oct. la
&#;Preferred
Power & Light Securities Tr.(quar.)---- 50c. Nov. 1 Holders of rec. Oct. 17
Public Service Corp.of Nor. III.
Nov. 1 Holders of rec. Oct. 15a
$2
Common (no par) (guar.) &#;
2
Nov. 1 Holders of rec. Oct. 15a
Common ($100 par) (quar.)
133 Nov. 1 Holders of rec. Oct. 150
6% preferred (quar.)
134 Nov. 1 Holders of rec. Oct. I5a
7% preferred (quar.)
Sangamo Elec. Co.. com.(qu.)(No. I) *50c.
.1qm'
Preferred (quar.)(No. 1)
500. Nov. 1 Holders of roe. Oct. 170
Sierra Pacific Elec. Co., corn.(quar.)_
134 Nov. 1 Holders of rec. Oct. 170
Preferred (quar.)
Southern California Edison, corn.(guar.) d50c. Nov. 15 Holders of rec. Oct. 20a
1
Nov. 15 Holders of rec. Oct. 31
Southern Canada Power. corn. (quar.).
Oct.
Southern Colorado Power, com. A (qu.)_ 50c. Nov. 25 Holders of rec. Sept. 31
30s
c. Oct. 25 Holders of rec.
& Elec., corn. (guar.).
Standard Gas
134 Oct 25 Holders of rec. Sept. 30
7% prior preferred (attar.)
Oct. 15a
Standard Power & Light, pref. (guar.)._ $1.75 Nov. 1 Holders of rec. Oct. 25a
Tampa Electric Co.. common (quar.).. 50c. Nov. 15 Holders of roe.
15
Tennessee Elec. Power.6% let larel.(qu.) 134 Jan. 3 Holders of rec. Dec. 15
154 Jan. 3 Holders of rec. Dec.
7% first preferred (quar.)
1.80 Jan. 3 Holders of ree. Dec. 15
7.2% first preferred (guar.)
50c. Nov. 1 Holders of rec. Oct. 15
6% first preferred (monthly)
500. Dec. 1 Holders of rec. Nov. 15
6% first preferred (monthly)
50o. Jan. 3 Holders of rec. Dec. 15
6% first preferred (monthly)
600. Nov. 1 Holders of rec. Oct. 15
7.2% first preferred (monthly)
600. Dec. 1 Holders of rec. Nov. 15
7.2% first preferred (monthly)
600. Jan. 1 Holders of rec. Doe. 15
7.2% first preferred (monthly)
131 Nov. 1 Holders of rec. Oct. 19
Texas Power & Light, pref.(guar.)
United Light & Pow., com. A new tau.). 12c. Nov. I Holders of rec. Oct. 15
12c. Nov. I Holders of rec. Oct. 15
Common B new (guar.)
60o. Nov 1 Holders of rec. Oct. 15
Common A and B old (quar.)
300. Nov. 1 Holders of rec. Oct. 10a
Utility Shares Corp.. corn.(guar.)
300. Dec. 1 Holders of rec. Nov. 140
preferred (quar.)
Participating
West Penn Electric Co.,7% pt.(qu.).... 134 Nov. 15 Holders of roe. Oct. 20a
133 Nov. 15 Holders of rec. Oct. 20
8% preferred (quar.)
.
West Penn Power Co.. 7% pref. (guar.). 154 Nov. 1 Holder* of rec. Oct 5a
134 Nov. I Holders of rec. Oct. fra
Six per cent preterred (guar.)
c. Oct. 31 Oct. 15 to Oct. 24
Railways, pref. (guar.)
York
Banks.
Nov. 1 Holders of rec. Oct. 31a
5
Corn Exchange (quar.)
Trust Companies.
4
Sept. 30 Holders of rec. Sept.30a
Corporation (quar.)
OCT. 22 .)
Name of Company
THE CHRONICLE
Per
Cent
When
Payavle.
Books C.oaea
Days Inflame.
M scella neous (muttrued).
Hollinger Cons.l. Gold Mines
10c. Nov. 4 Holders of rec. Oct. 19
Holly Sugar Corp., pref. (guar.)
I)4 Nov. 1 Holders of rec. Oct. 15
Homestake Mining (monthly)
50c. Oct. 25 Holders of rec. Oct. 20a
Hood Rubber Co.,7% Pref.(guar.)
Holders of rec. Oct. 20
1% Nov.
*Holders of rec. Oct. 20
*$1.88 Nov.
7)4% preferred (guar.)
Hood Rubber Products. Pref. (quar.)_. 9)4 Dec.
*Holders of rec. Nov. 21
Horn & Hardart, corn.(quar.)
Holders of rec. Oct. 10.
37)4c Nov.
Common (extra)
Holders of rec. Oct. 10a
260 Nov.
Hupp Motor Car, com. (guar.)
Holders of rec. Oct. 15a
350 Nov.
Independent Oil & Gas Oiiiar.1
25e. Oct. 3 Holders of rec. Oct I to
Indian Motocycle, corn.(guar.)
Holders of rec. Oct.d20a
500. Nov.
Indiana Pipe Line (guar.)
Nov. 15 Holders of rec. Oct. 21
$1
Extra
Nov. 15 Holders of rec. Oct. 21
SI
International Cigar Mach. (quar.)
50c. Nov. 1 Holders of rec. Oct. 20a
International Nickel. pref.(guar.)
1)4 Nov. 1 Holders of rec. Oct. 13a
International Paper. corn. boar.)
60c Nov. 15 Holders of rec. Nov. to
International Shoe, pref. (monthly)
35 Nov. 1 Holders of rec. Oct. 15
no rersiato Iron dr steel. common Mom / 51
Jan Hoiden, of rec Jan w
Isle Royale Copper Co
Holders of rec. Sept. 300
50c. Oct. I
Jaeger Machine (guar.)
Holders of rec. Nov. 180
82)1c Dec.
Kaufman Stores(guar.)
Oct. 2 Holders of rec. Oct. 20
$2
Kaynee Co.. common (extra)
12%e Jan1'2 Holders of rec. Dec. 200
Common (extra)
e Aprl'2 Holders of rec. Mar. 200
Common (extra)
12)4c J'iy I&#;7 Holders of rec. June 21&#;0
Kayser (Julius) & Co.. com.(quar.)__ $1
Holders of rec. Oct. 170
Nov.
Kellogg Switchboard & Supply. com.() c Oct. 3 Holders of rec. Oct. 8
Preferred (guar.)
1% Oct. 3 Holders of rec. Oct. 8
Kelsey-Hayes Wheel. pref. (guar.)
Holders of rec. Oct. 210
1% Nov.
Keystone Watch Case Corp., pref. (qu.) 1)4 Nov.
Holders of rec. Oct. 20n
Kidder-Peabody Acceptance. pref. A_ _
Holders of rec. Oct. 14a
2)6 Nov.
Preferred B
Holders of rec. Oct. 14a
3
Nov.
Preferred C
Holders of rec. Oct. 140
2% Nov.
Kirby Lumber, common song
114 Dee I I Holders of rec Nov 211
Knox Hat, Inc., class A panic. stock_ _ _
Holders of rec. Oct. 20
51 Nov.
Kress (S. 11.) & Co.. corn. (guar.)
Holders of rec. Oct. Itla
25e. Nov.
Common (payable in special pref. stk.) m50c. Nov.
Holders of rec. Oct. i On
Landay Bros.. Inc., class A (guar.)
Holders of rec. Oct. 140
750. Nov.
Lanston Monotype Machine (guar.)
1% Nov.30 Holders of rec. Nov. I9a
LeMor Co., com.(guar.)
Holders of rec. Oct. 15
250. Nov.
Lion Oil Refining ((star.)
MM. Oct. 2 Holders of rec. Sept.300
Liquid Carbonic Co.. corn. (quar.)_.- 90c. Nov.
Holders of rec. Oct. 20a
Loew's Boston Theatres (guar.)
Holders of rec. Oct. 22a
15o. Nov.
Loose-Wiles Biscuit, com.(guar.)
Holders of rm. Oct. 100
40c. Nov.
Second preferred (quar)
Holders of rec. Oct.
14 Nov.
Lord & Taylor, 2d pref. (guar.)
Holders of rec. Oct. 170
2
Nov.
Macy (H. .) St Co.. com.(quar.)
$1.25 Nov. 1, Holders of rec. Oct 29s
Mathews Industries, class A (guar.)._
40c. Nov.
Holders of rec. Oct. 20a
McCall Corporation. com.(guar.)
50e. Nov.
Holders of rec. Oct. 20a
McCrory Stores, 7% pref.-See note 1
6% preferred (guar.)
Holden of rec. Oct. 20a
51.50 Nov.
McLellan Stores. cum A and 1-1
25e Jan2'2 Holders of rec. Dec. 20
&#;
Metropolitan Chain Stores
First and second preferred (guar.). _
1% Nov.
Holders of rec. Oct. 21
Miami Copper Co. (guar.)
e. Nov. 1
Holders of rec. Nov. 1a
Miller Rubber. corn. (guar.)
50e. Oct. 2 Holders of rec. Oct. &#; 50
Mohawk Mining (quar.)
Holders of rec. Oct. 31
$2 Dec.
Montgomery Ward & Co., corn. (qu.)_. .
1,51
Nov. 1 *Holders of rec. Nov. 4
Motor Products, common (guar.)
&#;50(3. Nov.
*Holders of rec. Oct. 20
Preferred (guar.)
*Holders of rec. Oct. 20
*51.25 Nov.
Muller Bakeries. class A (guar.)
c Nov.
Holders of rec. Oct. 150
Preferred (guar.)
Holders of rec. Oct. 15a
1)4 Nov.
Mullins Body, pref.(guar.)
2
Nov.
Holders of rec. Oct. 15a
Nash Motors (guar.)
$1
Nov.
Holders of rec. Oct. 200
Extra
50c. Nov.
Holders of rec. Oct. 200
National Biscuit, common (guar.)
Holders of rec. Dec. 31a
51.50 Jan. 1
Common (extra)
51
Nov. 1
Holders of rec. Oct. 290
Preferred (guar.)
I% Nov.3 Holders of rec. Nov. 17a
National Candy, common (guar.)
Oct. 19 to Oct. 25
43%c Nov.
First and second preferred (guar.)._ __
1% Nov.
Oct. 19 to Oct. 25
National Casket, common (guar.)
$1.50 Nov. I
Holders of rec. Nov. la
National Department Stores, 1st pf.(qu). 1% Nov.
Holders of rec. Oct. I50
2d preferred (guar.)
1% Dee.
Holders of rec. Nov.di5a
National Lead. pref. B (guar.)
1% Nov.
Holders of rec. Oct. 140
National Radiator, corn. (guar.)
*75c. Dec. 1 *Holders of rec. Dec. 1
Preferred (guar.)
*Holders of rec. Oct. 21
'1)4 Nov.
National Tea. preferred (guar.)
1% Nov.
Holders of rec. Oct. 15
National Tile. com. (guar.)
75c. Nov.
Holders of rec. Oct. 18a
New River Co., pref. (guar.)
Holders of rec. Oct. 15
$1.50 Nov.
New York Air Brake(guar.)
75c. Nov.
Holders of rec. Oct. 60
N. Y. Honduras Rosario Mining (guar.) 260. Oct. 2 Holders of rec. Oct. 18
Extra
25c. Oct. 2 Holders of rec. Oct. 18
N.Y. Merchandise Co., corn.(guar.).- - 50e. Nov.
Holders of rec. Oct. 20a
Preferred (guar.)
1% Nov.
Holders of rec. Oct. 20a
011 Well Supply, Prof. (guar.)
Holders of rec. Oct. 12
1)4 Nov.
Ontario Steel Products,corn.(quar.). 1% Nov. 1 Holders of rec. Oct. 31
Preferred (guar.)
1% Nov. 1
Holders of rec. Oct. 31
Oppenhelm Collins & Co.. Inc., corn.(qu) 51
Nov. 1 Holders of rec. Oct. 280
Orpheum Circuit, common (mon(hly).- - 62
-ac Nov.
Holders of rec. Oct. 20a
Elevator. pref.(guar.)
Otis
1% Jait Holders of rev Der 3la
Outlet Co., common (guar.)
$1.
Nov.
Holders of rec. Oct. 20a
First preferred (guar.)
I% Nov.
Holders of rec. Oct. 20a
Second preferred (guar.)
Holders of rec. Oct. 200
134 Nov.
Pacific Coast Biscuit. corn. (quar.)
&#;250. Nov.
*Holders of ree. Oct. 15
Preferred (guar.)
'87)4c Nov.
*Holders of rec. Oct. 15
Package Machinery, 1st pref. (guar.)
,
Holders of nit. Oct. 200
- 1% Not .
Packard Motor Car. monthly
20e. Oct. 3 Holders of rec. Oct. 15a
Monthly
200. Nov.3 Holders of rec. Nov. 15a
osrso.ouni Pani.Lasky Corp ,Prcf.(q11.) 2
Nov.
Holders of rec. Oct. 15a
Penmans. Ltd., corn. (guar.)
Nov. 1 Holders of rec. Nov. 5
$1
Preferred (guar.)
1% Nov.
Holders of rec. Oct. 21
Phillips-Jones Corp.. pref.(guar.)
1% Nov.
Holders of rec. Oct. 200
Pick (Albert), Barth & Co..part. Pf.(qu.) 43)1c Nov. 1
Holders of rec. Oct. 26
Pierce, Butler & Pierce
Seven per cent preferred (guar.)
1)4 Nov.
Holders of rec. Oct. 20
Eight per cent preferred (guar.)
2
Nov.
Holders of rec. Oct. 20
Postum Compati; (guar.)
$1.25 Nov.
Holders of rec. Oct. 2Ia
Prairie Pipe Line (guar.)
2)4 Oct. 3 Holders of rec. Sept. 30a
Pro-shy-lac-tie Brush Co. (extra)
&#;$1
Nov. 1 *Holders of roe. Nov. 1
Prudence Co., Inc., pref., series of _
3% Nov.
Holders of rec. Oct. 20
Pullman, Inc., common (No. 1)
$1
Nov. 1
Holders of rec. Oct.d24a
pyrene Mfg., common (guar.)
2
Nov.
Oct. 21 to Oct. 31
Q KS Music Co.. corn. (guar.)
Ise. Nov. 1
Holders of rec. Nov la
Common (guar.)
Ise. Dee. 1
Holders cf rec. Dec
ta
Quaker Oats, preferred (guar.)
1 yi Nov. 30 Holders of rec. Nov. la
Red Lion 011 (guar.)
&#;50c. Oct. 27 *Holders of rec. Sept, 30
Reed (C. A.) Co.. clam A stock (guar.)._ 500. Nov. I Holders of roe. Oct. 21
Rice-Stix 1)ry Goods. coin. (guar.)
37%0. Nov. I Holders of rec. Oct. 15
Richfield Oil, com. (guar.)
&#;260. Nov. 1 *Holders of rec. Oct. 5
Preferred (quar.)
'1)4 Nov. I *Holders of rec. Oct. 5
Russ Manufacturing (quar.)
11.6 Nov. 15 Holders of rec. Oct. 31
St. Joseph Lead (guar.)
50c. Dec. 20 Dec. 10 to Dec. 20
Extra
260. Dec. 20 Dec. 10 to
Dec. 20
Salt Creek Producers Assn.(qu.)
75e. Nov. 1 Holders of rec. Oct. 15a
Savage Arms. 2c1 pref. bluer.)
'1)4 Nov. 15 *Holders of rec. Nov. 1
SaVannall Sugar Refg., corn. (quar.)____
$1.50 Nov. 1 Holders of rec. Oct. 15
Preferred (guar.)
I% Nov. 1 Holders of rec. Oct. 15
"('nulls Small moss e&#; motion (guar ,
87 se Dec. 1 Holders of rec. Nov.150
sesiggs-VandevoorP-Barney Dry Goods
Common (guar.)
c. Nov. I Holders of rec. Oct. 21
Sears, Roebuck & Co.. corn.(guar.).
- 82%c Nov. I Holders of rec. Oct. I5a
Seeman Brothers, Inc.. corn.(guar.)._
50c. Nov. 1 Holders of rn C. Oct. 14
Refining, prof, (runt.)..
Shaffer Oil&
I% Oct. 25 Holders of rec S s t. 30
Silver(hew)& Bros., Inc., pref.(guar.) '1)4 Nov. 1 *Holders of rec. Oct. 20
Slinnions Company, pref. (guar.)
1% Nov. 1
Sinclair Control. Oil. pref. (guar.)
2
Nov. 15 Holders of rec. Nov. la
So. Porto Rico Sus., com.(ln com. stk.). 110
Nov. 15 Holders of rec. Nov. la
Standard Investing, $6 pref.(No. 1)
(qu.)&#;$1.50 Dec. 15 *Holders of rec. Nov. 15
Standard 011 (Ohio). Prof.(gnu.)
1% Dec. 1 Holders of rec. Oct. 28
Stanley Works. pref. (guar.)
434(c. Nov. 15 Oct. 30 to Nov. 14
Steel Co. of Canada. corn. & pref. (qu.). 1% Nov. 1 Holders of rec. Oct. 7
steriniv Products (guar.) .
51.25 Nov. 1 Holders of rec. Oct. 14a
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Stroock (S.) & Co.. Inc
75e. Dec. 22 Holders of rec. Dec. 10a
Stover Mfg. & Engine, pref.(guar.).141 Nov. 1 Holders of rec. Oct. 20a
Supertest Petroleum
.25e. Nov. 1 *Holders of rec. Oct. 15
Extra
*50e. Nov. 1 *Holders of rec. Oct. 15
Preferred A and 13
'3)4 Nov. 1 *Holders of rec. Oct. 15
Telautograph Corp.. coin.(guar.)
30e. Nov. 1 'Holders of rec. Oct. 156
Thompson (J. R.) Co.. com.(mthly.)
30e. Nov. 1 Holders of rec. Oct. 21a
30e. Dec. 1 Holders of rec. Nov. 230
Common (monthly)
Tide Water Oil. ,.ref. iquar.)
$1.25 Nov. 15 Holders of rec. Oct. 310
Tung Sol Lamp Wodut, coin. (guar.)._ _ &#;20c. Nov. 1 *Holders of rec. Oct. 20
&#;20c. Nov. 1 *Holders of rec. Oct. 20
Common (extra)
*45c. Nov. 1 *Holders of rec. Oct. 20
Class A (guar.)
*20c. Nov. 1 *Holders of rec. Oct. 20
Class A (extra)
50c. Nov. 10 Holders of rec. Oct. 154
Union 011 of California (guar.)
Onion Storage foliar.)
62 He Nov. 10 Holders of reit Nov la
United Cigar Stores. pref. (guar.)
1% Nov. 1 Holders of rec. Oct. 170
United Drug, corn. (guar.)
2)4 Dec. 1 Holders of rec. Nov. 150
87 sc Nov. I Holders of rec. Oct. 156
First preferred (quarterly)
Hutted Paper Board. pref. (guar.)
h Jan16'28 Holders of rec.Jan
1)4 Anr16'28 Holders of rec.Apr 228
Preferred (guar
Oct. 31 Holders of rec. Sept. 300
United Profit Sharing, preferred
5
United Shoe Machinery
Common (payable In corn. stock)_ _ r20 Nov. 30 Holders of reo. Sept.:20
United Verde Extension Mining (quar.). &#;75c. Nov.
*Holders of rec. Oct.
(1 8. Cast Iron Pipe & Fdy.. twin.(00.)
Holders of rec. Dec. la
2S Dec. 1
1 4 Dec. I
Preferred rimar I.
Holders of rec. Dec. la
.
U.S.& Foreign Sec.. let pref.(guar.)
$1.50 Nov. 1 Holders of rec. Oct. 11
Allotment certificates
$ 1.12)4 Nov.
Holders of rec. Oct. 11
U. S. Industrial Alcohol, corn. (guar.)._ $1.25 Nov. 1 Holders of rec. Oct. 150
U. S. Rubber, 1st pref. (guar.)
Nov. 1 Holders of rec. Oct. 200
2
Universal Leaf Tobacco, common
75e. Nov.
Holders of rec. Oct. ISO
Universal Pipe & Radiator. Pref.(quar.)141 Nov.
Holders of rec. Oct. 150
Vick Chemical (guar.)
Nov.
Holders of rec. Oct. 15a
SI
Victor Talking Mach., prior pref. (qu.). 1% Nov.
Holders of rec. Oct. 36
$1.50 Nov.
143 cony. preferred (guar.)
Holders of rec. Oct. 3a
(V.) Vivadou Co., pref. (guar.)
1% Nov.
Holders of rec. Oct. 140
Warner (Charles) Co.
First and second pref. (guar.)
144 Oct. 27 Holders of rec. Sept. 30
Washburn-Crosby Co., pref.(guar.)-1)4 Nov. 1 Holders of rec. Oct. 220
Weber & Hellbroner, Inc., pref. (quar.)- 1% Nov. 1 Holders of rec. Oct. 18a
Westinghouse Air Brake. no par stk.(gu.) 500. Oct 31 Holders of rec. Sept.30a
$50 par stock (guar.)
$2 Oct. 3I Holders of rec. Sept. 30
Westinghouse Elec. & Mfg. corn.(guar.) $I
Oct 3I Holders or rec Sept. 300
White Sewing Machine, reef. (guar.)
Nov. 1 Holders of rec. Oct. 19a
51
Willcox.(H. F.) Oil & Gas (guar()
50c. Nov. I0 Holders of rec. Oct. 15
Wire Wheel Corp., pref. (guar.)
$1.75 Jan 1'28 Holders of rec. Dec. 20
Wolverine Portland Cement (quar.).
15e. Nov. 15 Holders of rec. Nov. 50
Woolworth (F. W.) Co.(guar.)
$1.25 Dec. 1 Holders of rec. Nov. 10a
Wrigley (Vt'in.) Jr. & Co. luninthlY)---. . Nov. I Holders of rec. Oct.
Monthly
25c. Dec 1 Holden of rec Nov. 20a
- -&#; From unofficial sources. 1 The New York Stock Exchange has ruled that stock
mil nut be quoted ex-dividend on this date and not until further notice. I The
New York Curb Market Association, nue ruled that stock will not be quoted exdividend on this date and not until further oaten
a Transfer books not closed for this dividend. I Payable in preferred stock.
d Correction. e Payable in stock. f Payable in common stock. 5 Payable in
scrip. h On account of accumulated dividends.
I) Holders of Class A and Class B stock are given the privilege of subscribing to
the extent of the dividend to their respective stocks at $25 per share.
I McCrory Stores 7% preferred stock called in Feb. .
k Consumers Co. dividend of 151 7 payable Jan. I reported in preceding issues
an error. Next dividend on preferred 3)1% (semi-annual) payable Feb. 20 .
I Associated Gas & Electric pref. stock dividends payable either in cash or class A
stock at rate of 3 70-100 of a share of class A stock on 56 preferred and 4 01-100 of a
share of class A stock on 56.50 preferred.
m Payable in preferred stock.
t Hartman Corp. class B stock dive are one-fortieth share of class A stock.
u Increase It, capital at
authorised.
v Proposal for distribution of a 20% stock dividend by Pere Marquette RR. has
been denied by the Inter-State Commerce Commission.
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Oc- 15. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
adua/ figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated tn thousands of d011ars-that is, three ciphers (000I omitted.)
I
I
Neu
Capital
Week Ending
Oct. IS . Nat'l,
State,
(000 omitted.) Tr.Coa
lies,ro
Profits. Loans.
Discount. Cash
with
June 30 Incest
In I Leyal
Sept :.0 meats. Vault. Depos1
! tortes.
Sept 30, cee.
,
Members of Fe d. Res.l Average. Average Average
Bank of N Y & $
S
5
$ 1
$1
Trust Co_ - I 6,000 12,477
82,564
457 7,866
Bk of Manhat'o 12,500 18,598 188,019 3,980 19,590
Bank of America 8.500 5,347
92,325 1,163 11,629
National City.., 75.000 68,777 851,966 4,070 79,473
Chemical Nat'l. 5,000 18,745 143,294 1,540 16,669
'
NatlIk of Comm 25.000 43,624 392,129
479 42,452
Chat Ph N It & T 13,500 13,848 217,527 2,901 23,136
Hanover Nati_ 5,000 26,097, 144,570 1,804 17,308
Corn Exchange. 11,000 18,514 203,675 4,735 24,572
National Park.. 10.000 24,517 178,999
924 17,714
Bowery &
4,000 7,010
79,315 2,426 7,087
First National.. 10,000 80,758 318,422
545 28,854
Am Ex Irving Tr 32.000 30,281 432,923 3,801 51,820
ContInentel ilk
1,000 1,326
8,208
114 1,013
Chase National. 40,000 39,707 815.229 6,855 72,330
Fifth Avenue..
3,169
28,481
849 3,522
Garfield Nat'l.. 1,000 1,882
16,311
2,224
Seaboard Nat'l. 8,000 12,200 135.779
772 16,561
Bankers Trust_ 20,000 40.117 362,658
948 35,117
US Mtge & Tr. 3,000 5,268
60,563
842 7,283
Guaranty True 30.000 33,657 477,555 1,449 48,095
Fidelity Trust
4.000 3,389
4,000
49,574
5,442
New York Trust 10,000 23,085 179,297
680 18,742
Farn,es L & Tr 10,000 21,284 143,755
10,000
652 14,830
Enult &hie Trust 30,000 24.581
299,914 1,250 29,931
Net
Time Bast
Demand
Da- Mew
Deposits. posits. !altos.
Argo.
Average. AVera
$
$
$
57,71
8,17
142.472 31,509
87,237 4,34
*809,657 156,097
98
128,16
, 4,62
348
318,096 35,701_ _ _
157,202 43,63 6:145
131,187 2,87
172,999 30,638
134,776 6.888 4:6 1
5
49,457 22, 2,981
218,608 12.3
6.788
387,591 43,540
6.504
529
*558,919 46,709 2:460
25,227 1.358
15,62
128, 2.
47
298. 44.
62. 4,--- _
*428.57 65,
40,643 4,193(
134,065 33.
*108.729 19,656)
*329.087 28.895
1
Total or armeee.. 373..,701,052 44.188 603.060r4,443,081 855,,518
Totals. aaidai
edition Oct. 15 3.692,373 43,079 675,218Ic4,452,,818 23,822
c. ditIon Oct.,... a,684,856 42,784 583,579 c4,424,.701 23,730
Totals.
Totals. actual e&#; ndlttonjOct. 15.820,30 40,755 596,586 c4,625,807 45.,551
I
St -te Ranks Not Me cabers 'f Fed '1 Acs've 'Bank.
I
5,000 6,174 106,241 4,660 2,165
State Bank...
36,833 83.680
Crin,111H1 Bank
1,400 3,431
34.7.5 3,674 1.815
28,620 8.199
Total of averatie'.
8,
9,605
140,943
8,334
3,980
65,453 89,8.59' _
cr&#; nffitlon Oct. 15
Totals, aettnd cr nffition Oct. 8
Totals, actual al nr1I&#;Inn el..... I
142,370
14 1.261
8,3 6
7.800
4.278
4,476
Id, 122
/ ..&#;
A IA(
67.259 89.810
64.790 89.938
as 'ye on 00c
Totals. actual
__ _ _
-
New
capital. Profits
Week ending
Oct. 15 .
(000 omitted.)
Time Bank
Loans,
Net
Reserve
De- CircuDemand
with
Discount, Cash
Legal Deposits. posits. Raton.
in
at'l June 30 lnresttate, June 30 mend, Vault. Deposttortes.
r.Cos. June 30
etc.
Average. Average Average Average. Average Avge.
$
3
$
$
$
$
$
$
Trust Compsn lea Not Members of Fed'1Res've ank
41,836 2,354 -Title Guar & T 10,000 20,257 68,485 1.707 4,577
17,040 1,637
Lawyers Trust_ 3.000 3,551
852 1.715
22.762
-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks and
I trust companies combined with those for the State bank.; and
I trust companies in Greater New York City outside of the
Clearing House are as follows:
91,247
2,559
6.292
58,876
3,991
Totals, actual c nclitlon Oct. 15
Totals, actual c nditIon Oct 8
Totals. actual c ndition Oct. 1
90,590
91,332
90.443
2,416
2,599
2,527
6.404
6.287
6,167
58,251
59,152
57,460
3,977
4,011 ---4,440 --
Gr'd aggr., aspe 392...933,262 55,081 613,332 1[4,567,.442 3,516
prey week_ _ -83.305 +2,829-10,409 -86,052 +13,123 -13
Comparison WI
Gr'd aggr., act' cond'n Oct. 155,925.335 55,811 685,900 h,788 728.,622
Comparison wit h prev.week_ _ +8,846 +2,628 + +28.966 +7,955 -108
agar., art' cond n
aggr., ad' cond'n
aggr., ad' cond'n
Neu.. ea' ond'n
agar.. teal...A,
Oct. 85.916.489
Oct. 16,051.811
Sept.245,867,359
Sept.17 5,976,792
53.,342
51,166 606,894
51,,329
50,,120
4.548,,,730
,3,
4,748,,081. 551
4,,131 3,693
4,647,232 720,,583
172.... In x Con AOA
SO OR')RI') Q1.1
ARM] 5RQ/1KqAcO
-U. S. deposits deducted from net demand deposits in the general total
Note.
above were as follows: Average total Oct. 15. $111,717,000. Actual totals Oct. 15,
.714,000; Oct. 8, ,722,000; Oct. 1, $114,687,000; Sept. 24, $114,687,000;
Sept. 17. $114,687,000; Sept. 10, ,000. Bills payable, rediscounts, acceptances
and other liabilities, average for week Oct. 15, ,694,000; Oct. 8, $729,027,000:
Oat. 1. $684,405,000: Sept. 24, $673,797.000; Sept. 17, $660,872.000; Sept. 10,
$675,194,000. Actual totals Oct. 15, ,118,000; Oct. 8, $719,725,000; Oct. 1,
,975,000; Sept. 24, $691,116,000; Sept. 17, $633,732,000; Sept. 10, $738,252,000.
&#; Includes deposits in foreign branches not included in total footings as follows:
National City Bank. $242,403,000: Chase National Bank, $12,409,000; Bankers
Trust Co., 538,650,000; Guaranty Trust Co., $77,265,000; Farmers' Loan & Trust
Co.. $2,811,000; Equitable Trust Co., $103,188,000. Balances carried in banks in
foreign countries as reserve for such deposits were: National City Bank. $40,765,000,
Chase National Bank. $1,647,000; Bankers Trust Co., $941,000; Guaranty Trust
Co., 53,265.000; Farmers' Loan dc Trust Co., $2,811,000; Equitable Trust Co..
87.584.000.
C Deposits in foreign branches not included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE bANKS
AND TRUST COMPANIES.
Averages.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Members Federal
Reserve Bank.
State banks*
Trust somperges*
Total Oct. 1&
TotalOct.
Total Oct. 1
Total Sep...24
Total
Reserve.
b
Reserve
Required.
Surplus
Reserve.
$
$
$
603,060,000 603,060,000 597,268,290
3,980,000 12,314,000 11,781,540
6,292,000 8,851.000 8.831.400
$
5,791,710
532,460
19,600
10,893,000 613,332.000 624,225,000 617,881,230
10,858.000 623,741.000 634,599,,638,630
10.436,000 613.717.000 624.153,000 619.379,100
In CAI nnn All IA° nnn A01 COO nnn gig lute vgn
. .
.
. ,
6,343,770
5,960,370
4,773,900
$
8,334,000
2,559,000
q ROA o,n
&#;Not members of Federal Reserve Bank.
b This Is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank, includes also the amount of reserve required on net time deposits, which was as follows:
Oct. 16,819.667.760; Oct.8,819.270.170; Oct. 1,819.223.310; Sept. 24, 819,052,760;
Sept. 17. $19.282.750: Sept. 10, 319,248,420.
Actual Figures.
Cash
Reserve
Reserve
in
in Vault. Depositaries
Members Federal
Reserve Bank _
State banks.
Trust companies'__ _
Total Oct. t$____
Total Oct. 8
-Total Oct. I
Total Sept. 24,.. _
3
8,316,000
2.416,000
Total
Reserve.
Reserve
Required.
&#;Not members of Federal Reserve Bank.
a This is the reserve required on net demand deposits in the case of State banks
and trust companies, but in the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
Oct. 15, 319.644,540; Oct.8,310.401,030; Oct. 1, $19,362,150; Sept. 24, 519,022,730:
Sept. iT, 519.410.480; Sept. 10, 519,253,700.
State Banks and Trust Companies Not in Clearing
-The State Banktg_Department reports weekly
House.
figures showing theof State bank;and trust companies in New York City not in the Clearing House as follows:
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
(Figures Furnished by State Ranking Department
Differencesfrom
Previous Week.
Oct. 15
$1,382,700,900 Dec. 6,755,000
Leans and taieMmentil
5,179,300 Dec.
176,500
Gold
292,200
25,988,600 Inc.
Currency notes
with Federal Reserve Bank of New York 114,802,600 Inc. 6,145.300
Deposits
1,426,328,300 Inc. 16,165,800
Time deposits
Deposits, eliminating amounts due from reserve
other banks & trust comdepositaries de from
panies in N. Y. City, exchange & U. S. deposits_1,336,219,300 Inc. 18,641,000
188,140.300 Inc. 6,470,000
Reserve on deposits
Percentage al reserve, 21.4%.
RESERVE.
- -Trust Companies
-State Banks
$104,571.400 16.20%
341,399,100 17.90%
Cads in
31,170,300 04.83%
10,999,500 04.76%
Deventer:L.and trust cos
,741,700 21.03%
&#;Includes deposits with the Federal Reserve Bank of New York, which for the
SUS.banks anti Oran oompanles combined on Oct. 15 was $114,832,609.
Demand
Deposits.
Total Cash
in Vaults.
Reserve in
Depositaries.
$
7,252.983,200
7,197,444.000
7,267,488.800
7.305.578,900
7,152,547,900
7,106,073,800
7.110,323,700
7,181,738,200
7,177.325,100
7,115,836,600
7.069,889,900
7,107,725,500
7.179.503.300
7,276,682,800
7,290,010,700
7,304,600.300
7,406,023,400
7.315.962.900
Week EndedJune 18
June 25
July 2
July 9
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Aug. 27
Sept. 3
Sept. 10
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
$
6.084.075.000
5.978,960.700
6.082.939,600
6,087,209,400
5.930.407,000
5.921,931.500
5,921,572.000
5.950.261,700
5,931,055,300
5,879.977,900
5.845.207,700
5,901.639.100
5,916.180,700
5,990.245,100
5.885,011,200
5.897,049,400
5,971.040.300
5.903.629.300
$
82,303,900
80,355,400
80,744,400
86,222,100
82.588,100
79,187,600
80.246,400
80,359,900
80,989,500
79.489.400
78,875,900
78,364,200
82.029,500
83,361,800
,800
82,314,800
83,304,200
86.248.000
$
79(j,267,700
773,532,900
797,870.400
788,623.300
768,772,500
765,494,700
758,805,100
776,669,200
768,301,300
763,241,000
751,445,600
765,329,800
783,450,100
771,680,400
760.449,500
760.172,500
774,359,100
770.304.400
New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing
panies.
House by clearing non-member insitutions and which are not
included in the "Clearing House Returns" in the foregoing:
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, Mat is, three ciphers ) omitted.)
CLEARING
NON-MEMBERS Capital.
Week Ending
Oct. 15 .
Members of
Perri Res've Bank.
Grace Nat Bank_
State Bank
Not Member of the
Federal Reserve Bank
Bank of Wash His,
Trust Company
Not Member of the
Federal Reserve Bank
Mech Tr, Bayonne_
Loans.
DUcounts,
Net
Profits. Investmoils,
&c.
$
1.000
$
1,970
&#;
&#;
Rosen.
with
Cash
Net
Net
in
Time
Legal Demon
Vault. Deposi- Deposits. Deposita &#;
tortes.
Average. Average Average. Average.
5
$
$
$
8
14,717
91
1,134
T.720
4,187
&#;
&#;
&#;
*&#;
500
687
9,136
288
3,412
5,813
1,500
Gr'd aggr., OA. 1,
Comparison with prey. week
2,658
23,853
+736
379
-18
1.325 al1,132
-90 -202
10,000
+24
2.658
2,658
2,658
2,858
2.658
23,032
23,077
23,228
397
442
406
470
1,416 al1,334
1,406 11,232
1,374 11,306
1,396 12,010
9,976
9.934
Dr'd
ar'd
Cird
Gled
aggr., Oct. 8
aggr.. Sept. 24
mgr..Sept. 10
aggr., Sept. 3
1,500
1,500
1.500
1,500
191
as
&#;Bank of Washington Heights merged with Bank of Manhattan Co.
a United States deposits deducted. $153,000.
Bills payable, rediscounts. acceptances and other liabilities. $2,669,000. Excess
in reserve, $60,920 decrease..
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
Oct. 19
.
Surplus
Reserve.
675,218,000 675,218,000 598.440,680 76.777,320
487.380
4,278,000 12,594,000, 12,106.620
82.350
6,404.000 8,820, 8,737,650
$52,398,600 22.66%
Loans and
Investments.
BOSTON CLEARING HOUSE MEMBERS.
10,732,000 685,900,000 696,632,000 619,284,950 77,347,050
10,399,000 594,342.000 604.741,000 615,166,530 - 10,425,530
10,411.000 606,894,000 617,305,000 641.077,560 -23,772,660
10.033,000 629,329,000 639,362.000 614,294,550 25,067,450
Toteg.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
__--
Total of average, 13,000 23,908
Ord
Gr'd
Ord
Gr'd
Gr'd
[VOL. 125.
THE CHRONICLE
Changes from
Previous Week.
Oct. 12
.
Oct. 5
77,150,000
77,150,000 Unchanged
77.150,000
Capital
95.462,000
97,543,000 Inc. 2,081,000
95,482,000
Surplus and profits.. _
Loans, disets & invest. 1,123,133,000 Inc. 14,878,000 1,108,255,000 1;113,963.000
717.131,000 Inc. 29,965,000 887,166,000 717,235.000
Individual deposits165,033,000 Inc. 6,620,000 158,413,000 162,496,000
Due to banks
275,641,000 Dec. 998,000 276,639.000 276,955,000
Time deposits
33,964,000
32,674,000
28,102.000 Dec. 4,572,000
United States deposits
35,675.Lnc. 3,510,000
50,917,000
32.165,000
Exchanges for Crg H'se
91,364,000
96,232,000
Due from other banks._ 104,625.000 Inc. 13,261,000
83,830,000
85,602.000'Inc. 1,772.000
85,489,000
Reeve in legal depciales
461.000
9,161,000
9,622,000 Inc.
9,182,000
Cash in bank
2,000
785,000 Dec.
787.000
565,000
Res've excess in F.R.Bk
Philadelphia Banks.-Tho Philadelphia Clearing House
return for the week ending 0.t. 15, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
leg 11 depositaries" and "Cash in vaults."
Week hauled Oct. 15 .
Two Ciphers (00)
omitted.
Members of
Trust
F.R.System Companies
Total.
Oct. 8
.
Oct. 1
.
$53,300,0 $5,000,0 858,300.0 $58,300,0 $56,425,0
Capital
166,215,0 17.955,0 184,170.0 182,682,0 181,148,0
Surplus and profits
Loans, disc'ts & investm'ts .517,0 52,175,0 ,692,0 ,867,0 ,990,0
274,0 39,699,0 36,553,0 45.362,0
Exchanges for Clear.House 39,425,0
112,135,0
16,0 112,251,0 102,729,0 104.571,0
Due from banks
149.140,0
1,138,0 160,278,0 149,877,0 142,528,0
Bank del/mita
648,581,0 30,677,0 679,258,0 669.385,0 664,943,0
Individual deposits
174,143,0
2,596,0 176,739,0 176.623,0 161,563,0
Time deposits
971,884.0 34,411,0 ,275,0 995,885,0 969,034,0
Total deposits
3.576,0
Res've with legal deposit'y
3.576,0
4,420,0
4,276,0
73,067,0
Reserve with F. R.Bank_
73,067,0 71,879,0 69,701,0
11,425,0
1,335,0 12,760,0 12,313,0 11,477,0
Cash in vault
4,911,0 89,403,0 88.468,0 85,598,0
Total reserve & cash held_ _ 84,492,0
4.857.0 76,481,0 76,337,0 74,356 0
71.624,0
Reserve required
54,0 12,922,0 12,131,0
12,888,0
Excess res. de cash In vault_
1,242,0
Cash in vault not counted as reserve for Federal Reserve members.
a
OCT. 22 .]
THE CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct. 20 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 , being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 19 .
Oct. 19 . Oct. 12 . Oct. 5 . Sept. . Sept. . Sept. 14 . Sept. 7 . Aug. 31 . Oct. 20 .
RESOURCES.
2
S
$
2
$
$
$
$
$
Gold with Federal Reserve agents
1,632,507,000 1,604,948,000 1.561.864.000 1,630,529.000 1,657,755,000 1.665,739,000 1,579,526,000 1,640,260.000 1,409,541,000
Gold redemption fund with U. S. Treas.
40.528,000
47,954,000
48,010.000
45.695.000
55.159.000
53.022,000
51,568,000
36,670.000
43.238,000
Gold held exclusively agst. F. 15.. notes 1,673,035,000 1,652,902,000 1,607.559.000 1,678.539,000 1,712,914,000 1,718.761,000
1,622.764.000 1.676.930.000 1,461,109,000
Gold settlement fund with F.R.Board
637,092,000 661,099,000 704.384.000 639,749,000 614,774,000 596.363,000 694,143,000
745,617,000
Gold and gold certificates held by banks_ 665,378,000 657,497,000 653.841,000 670.565,000 666.508,000 668,548,000 672,786,000 631,491,000
689.502.000 619,140,000
Total gold reserves
2,975,505,000 2,971,498,,965,784,000 2,988,853,000 2,994,196,000 2,983,672,000 2,989,693.000 2.997,923,000 2,825,866.000
Reserves other than gold
136,475,000 132,396,000 136,774,000 137,352.000 139,436.000 140,369.000 135,549,000 147.813,000 128,928,000
--Total reserves
,980,000 3,103,894,000 3,102,558,000 3,126,205,000 3,133,632,000 3,124,041,000 3,125,242,000 3,145.736.000 2.954,794,000
Non-reserve cash
59,695,000
50,328,000
51,150,000
51,593,000 . 53,646.000
54,339,000
54,926,000
48,050,000
45,596,000
Bills discounted:
Secured by U. S. Govt. obligations... 224,821,000 192.753,000 242.557,000 228,011,000 216,936,000 202,847,000
241,953,000 217.817,000 290,035,000
Other bills discounted
192,776.000 237,496,000 219,928.000 202,301,000 197.629,000 172,487,000 207,531,000 182.707.000 296,587,000
Total bills discounted
417,597,000 430,249.000 462.485.000 430,312,000 414,565,000 375,334.000 449,484.000 400,524,000 586,622,000
Bills bought in open market
282,503,000 274,361,000 262,165,000 242,148,000 218,660,000 226,717.000 197,306,000 18.5,128,000 292,824,000
U. S. Government securities:
Bonds
255,075,000 258,780,000 255,972,000 253,515.000 253,741,000 280,188,000 237,700.000 212.077,000
53,287,000
Treasury notes
124.710,000 133,114,000 126,624.000 134,559.000 127,138,000 123.181,000 108.603.000
99,642,000 136,145,000
Certificates of indebtedness
120,608,000 118.235,000 122,277,000 106,278,000 102,664,000
96,207.000 153,166,000 161.095.000 117,532.000
Total U. S. Government securi1ies... 500,393,000 510,129,000 504,873,000 494,352,000
483,543.000 499,576.000 499,469,000 472,814.000 306,964,000
Other securities (see note)
620.000
820,000
820,000
820,000
820,000
320,000
2,500,000
320,000
320.000
Total bills and sorarKtes (see no(e)
1,201,113,000 1,215,559,000 1.230,343,000 1,167,632,000 1.117,588,000 1,101,947.000
1,146,579,000 1,058.786,000 1,188. ,
910 000
Gold held abroad
Due from foreign banks (see note)
563.000
563.000
563,000
1,049,000
823,000
12.262,000
12,267,000
650,000
12.248.000
Uncollected items..
851.251,000 775,265,000 724.370,000 653,183,000 720,040.000 848.897,000
689.215,000 603.366.000 507 680,
,
000
Bank premises
59.774,000
59,774,000
59.609,000
59,609,000
59.580.000
59,580.000
59,579,000
59,455,000
60,039,000
All other resources
12,695,000
13,522,000
13.640,000
13,208,000
14,052,000
19.691.000
13,561,000
19,612,000
17,747,000
Total resources
L1ABILI7'IBS.
F. It. notes in actual circulation
Deposits
Member banks
-reserve account
Government
Foreign banks (see sate)
Other deposits
Total deposits
Deferred availability liana
Capital paid in
Surplus
All other liabilities
5,297,071,000 5,218,905,000 5,182,233,000 5,072,479,000 5,099,361,000 5,220.757,000
5,097.990.000 4,945.388,000 5,480,560,000
1,716,785,000 1,733,829,000 1.717,049,000 1.705,765,000 1.700,522.000 1,707,584.000
1.720,715,000 1.676.440,000 1 724 833 000
. . ,
2,383,711,000 2,324,338,000 2.360.378.000 2,336,548,000 2,311,070,000 2,324,989,000
2,318,415.000 2,298,880,000 2,213,488,000
8,808,000
12,806,000
37,215,000
24,507,000
22,894.000
12,494,000
19,416,000
20,803,000
12,699,000
12,383,000
5,369,000
5,382,000
5,791,000
5,519,000
5,329.000
5.487.000
5.536.000
6 855 000
. .
24.196,000
62,454,000
23,352,000
22,922.000
23,217,000
24,674.000
23.054.000
24,168,000 17 797 000
, .
2,429,098,,404,967,000 2,426,327,000 2,389,768,000 2,362,700,000 2,367,486,000 2.367,759,000 2.341.283,000 2,257,556,000
775,545, 704,844,000 664,038.000 602,290.000 662.030,000 771,929.000 636,403,000 555,002,000 727,440,000
131,275,000 131,171,000 131.098,000 130,960,000 130.866.000 130,731.000 130,668.000 130.727,000 124,002,000
228,775.000 228,775.000 228,775,000 228,775.000 228.775,000 228,775.000 228,775,000 228,775.000 220,310,000
15,593,000
15,319,000
14,946,000
14,921,000
14,468,000
14.252.000
21,419,000
13,161,000
13.670,000
Total liabilities
5,297,071,000 5,218,905,000 5,182,233,000 5,072,479,000 5,099,361,000 5,220,757.000 5,097.990,000 4,945.388.000 5.080,560,000
Ratio of gold reserves to deposit and
F. R. note liabilities oombined
71.8%
71.8%
71.5%
73.0%
73.7%
73.2%
70.7%
73.1%
74.6%
Ratio of total reserves to deposit and
F. R.. note liabilities combined
75.1%
75.0%
74.9%
76.3%
77.1%
76.7%
74.1%
76.4%
78.3%
Contingent liability on bills purchased
for foreign correspondents
198,810,000 201,956,000 189.168.000 186,455,000 182.582.000 182.182.000 174.107,000 165,746,000
42,853,000
Distribtdion by Maturities$
S
3
$
$
S
S
$
5
1-15 days bills bought in open market.. 141.989,000 130,006,000 130.133,000
111,362.000
96,861.000 115,725.000 113.661,000 107.871,000
81,062,000
1-15 days bills discounted
344,124,000 361,063,000 389,833,000 354,775,000 339,870,000 290.860,000 361.766.000 307.428.000
447 760 000
1-15 days U. S. certif. of indebtedness_
, .
1,845.000
45,000
1.593,000
1.442,000
33,034,000
82,055.000
90,497.000
1-15 days municipal warrants
20,000
16-30 days bills bought in open market _
57,474,000
63.966,000
60,964,000
46,948,000
42.019,000
41,103,000
30,297.000
29,169,000
61.67 000
8,
16-30 days bills discounted
20,926,000
19,158,000
21,277,000
22.886,000
22.750,000
26.386.000
41,440,000
26,909.000
21,396.000
16-30 days U. S. certif. of indebtedness
4,429.000
5,000
16-30 days municipal warrants
20,000
20,000
20,000
31-60 days bills bought in open market _
56,081,000
51,264,000
53,775,000
60,278,000
55,912,000
46,047.000
77,042,000
33,759,000
27,835,000
31-60 days bills discounted
29,579,000
28,740,000
30,246,000
31,560,000
32.030,000
35,639,000
57,927,000
42,029,000
57.690.000
31-60 days U. S. certif. of indebtedness_
44,138,000
31-60 days municipal warrants
20.000
20.000
20.000
20.000
61-90 days bills bought in open market
21,263,000
. 29,520,000
14.190.000
17.739.000
21.025,000
21,235,000
17,029.000
62,677,000
17.486,000
61-90 days bills discounted
18,728,000
17,835,000
17.960,000
19,107,000
16,705.000
18.911,000
18,647,000
33.116,000
23.740,000
61-90 days U. S. certif, of indebtedness.
61-90 days municipal warrants
100,000
Over 90 days bills bought In open market
3,045,000
2,256,000
3,103.000
4.453.000
2,843,000
2,607.000
2,560,000
10,365,000
2.767,000
Over 90 days bills discounted
4,240,000
3,453,000
3,167,000
3,352.000
3,210,000
3,538.000
4,235,000
6.626,000
5,931.000
Over 90 days certif. of indebtedness.... 118,763,000 118,190,000
120.684.000 104,836,000 102.664,000
63,173,000
66,682.000
73,394,000
70.593.010
Over 90 days municipal warrants
F. It. notes received from Comptroller
F. R. notes bled by F. It. Agent
2,920,217,000 2,901,096,000 2,908.669,000 2,918,127,000 2,914,873.000 2.900.639,000 2,889,860.000 2.885,232,000 2.937,876,000
798,205,000 795,225,000 806.250,000 806.165.000 798.305.000 808,275,000 814,215.000 845.375.000 863,777.000
' Issued to Federal Reserve Banks.... 2,122,012,000 2,105,871,000
2,102,419,000 2,111.962,000 2,116,568,000 2,092,364.000 2,075,645,000 2,039.857.000 2,074,099,000
How Secured
By gold and gold certificates
406,691,000 406,332,000 406,631,000 411.830,000 410.831.000 420,276,000 421,876,000 421,875,000 306,428,000
Gold redemption fund
101,802,000 103,992,000
91,210,000
96,916.000 100,046.000 102.006.000
96,715,000
94,011.000
Gold fund-Federal Reserve Board___. 1,124,014,000 1.094,624,000 104.556,000
1,050.677,000 1,127.489.000 1,150,000.000 1,145,417.000 1,055,644.000 1,124.374.000 1,006,398,000
By eligible paper
669,786,000 674,592,000 705.356.000 634.517,000 595.740.000 567.211,000 616.489.000 553,416.000 837,644,000
Total
2,302,293,000 2,279,540,000 2.267.220.000 2,265,046,000 2,253.495.000 2.232.950.000
2.196.015.000 2.193.676.000 2,247,185,000
NOTE.-BegInnIng with the statement of Oct. 7 . two new
to foreign correspondents. In addition, the caption. "All other earn tems were added in order to show separately the amount of balances held abrgad and amounts due
ng assets," previously made up of Foreign Intermediate Credit Bank debentLres, was changed to
Other securities," and the caption. "Total earning assets" to "Total
bills and securities." The latter Item was adopted as a more accurate description of the total of
the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act, which, it was stated, are the only items Included
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 19 .
Two ciphers (00) omitted.
Federal Reserve Bank of
Total.
Boston, New York. Phila. Clereland. Richmond Atlanta. Chicago. St. Louis, Mint:ea:). ICan, City
Dallas. San Fran.
RESOURCES.
$
S
$
$
$
$
$
$
$
Gold with Federal Reserve Agentj 1,632,507,0 127,743,0 331,081,0
134,399,0 203,679,0 22,716,0 164,431,0 273,285,0 37,867,0 58,651,0 48,435,0 38.592,0 191.628,0
Gold red'n fund with 53.8. Tress
40,528,0 6,025,0
12,959,0 2,799,0 4,111,0 2,517,0
1,352,0 2,771,0
1,583,0
1,021,0 2,523,0 1,321.11
1,546,0
Gold held excl. aril. F.R. notes 1,673,035,0 133,768,0 344,040,0 137,198,0
Gold settlet fund with F.R.Board 637,092.0 44,312,0 277,172,0 32,940,0 207,790,0 25,233,0 165,783,0 276,056,0 39,450,0 59.672,0 50,958,0 39.913,0 193,174,0
41.219,0 17,029,0 8.466,0 110,359,0 14,559,0 11,887.0 18,546,0 14.837.0 45,766,0
Gold and gold certificates_
665,378,0 37,182.0 409,032,0 28,606.0 37,409,0 21,598,0 7.902,0 58,335,0 12,174,0 6,854,0 7,695,0 7.045,0 31,546,0
Total gold reserves
2,975,505,0 215,262,0 1.030,244,0 198,744,0 286,418,0 63,860,0 182,151,0 444,750.0 66,183,0
78,413.0 771,99.0 61,795,0 270,486,0
Reserves other than go116
136,475,0 14,504,0
24,786.0 8,440,0 11,610,0 4,643,0 11,925,0 20,921,0 12,885,0 4,171,0 5.202,0 8,193,0 9.195.0
Total reserves
3,111,980,0 229,766,0 1,055,030,0 207,184,0 298,028.0 68,503,0 194,076,0 465,671,0 79,068,0 82,584.0 82.401,0 69,988,0 279.681.0
Non-reserve cash
59,695,0 6,753,0
18,973,0 1.092,0 4.772,0 3,671,0 3,726,0 8,056,0 3,591,0 1,158,0 2,592.0 2,209.0 3,102,0
Bills discounted:
Sec. by U S. Govt. sations 224,821,0 14,378,0
.
54,953,0 24,537,0 24,898,0 12,224,0 5,096.0 37.768,0 17,782,0
208,0 11,727,0 5,660.0 15,590,0
Other bills discounted
192,776,0 13,263,0
41.920,0 14,026,0 18.408,0 21.151,0 20.033.0 13,361.0 10,478.0 1,799,0 9.980,0 2,096,0 26,261,0
Total bills discounted
417,597,0 27,641,0
96,873,0 38,563,0 43,306,0 33,375,0 25,129,0 51,129,0 28,260,0 2,007,0 21,707,0 7,756,0 41,851,0
Bills bought in open market
282,503,0 30,366,0 102,843,0 12,601,0 18,757,0 38,053,0 2,414,0 30,533,0 3,700,0 11,625,0 10,656,0 13,504,0 7,424,0
U. S. Government securities:
Bonds
255,075,0 12,511,0
43,400,0 14,361,0 33,389,0 6,196.0 6,328,0 44,098,0 18,442,0 11,838,0 20,053.0 18.188,0 26,271,0
Treasury notes
124,710,0 7,290,0
28,636,0 9,689,0 14,543,0 2,641.0 3,559,0 14,598,0 11,349,0 7.580,0 8,016,0 7,326,0 9,483,0
Certificates of indebtedness
120,608,0 7,791,0
29,990,0 14,122,0 9,271,0 3,618,0
3.483,0 15,887,0 7,109,0 4.812.0 7.763,0 6,713,0 10.049,0
Total U. S. Govt. weenies.... nrin One n 01 coon 'no non n os 110 n S7 ono n 10 A.S5 n 12 070 11 71 cal 11 "In nnn n 01 n OS n
90 000 n AZ 0/60-A
s
$
s
$
[Vor.. 125.
THE CHRONICLE
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
New York.
S
s
5
620,0
Other securities
Total bills and securities
Due front foreign banks
Uncollected items
Bank premises
All other resources
a
1,201,113,0 85,599,0
36,0
563,0
851,251,0 83,894,0
59,774,0 3,946,0
120,0
12,695,0
3
5
5
S
520,0
$
$
5
$
100,0
5,297,071,0 410,114,0
Total resources
LIABII.ITIES.
In actual circulation. 1,716,785,0 143,290.0
F. R. notes
Deposits:
Member bank-reserve ace't.. 2,383,711,0 156,885,0
166,0
8,808,0
Government
785,0
12,383,0
Foreign bank
513,0
24,196,0
deposits
Other
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
t
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. efts Dallas. San Fran.
Phila.
5
Total.
68,195,0 53,437,0 95,078,0
301,742,0 89,436,0 119,266,0 83,883,0 40,913,0 156,245,0 68,860,0 38,409,0
34,0
17,1
18,0
15.0
21,0
67.0
20.0
25,0
51,0
47,0
212,0
35,417,0 103.108.0 41,754,0 19,934,0 49,817,0 34,702,0 52,258,0
210,008,0 70,332,0 78,621,0 71,406.0
1,827,0 3,519,0
16,276,0 1,749,0 7,119,0 2,564,0 2,901,0 8,667,0 3,957,0 2,774,0 4,475,0
877,0
474,0
583,0
772,0 1,459,0
1,065,0
478,0 1,462,0
145,0 1,082,0
4,178,0
434,
1,606,419,0 369,985,0 508,939,0 230,530,0 278,515,0 742,879,0 198,023,0 146.333,0 208,081,0 162,704,0
2,429,098,0 158,349,0
775,545,0 80,917,0
131,275,0 9.428,0
228,775,0 17,606,0
524,0
15,593,0
171,109,0
363,236,0 131,143,0 210,379,0 70,800,0 160,551,0 239,276,0 51,225,0 62,467,0 64,308,0 49,001,0
66,822,0 360,274,0 84,092,0 53,620.0 84,126,0 63,673,0 180,497,0
936,769.0 137,702,0 186,687,0 72,555,0
1,086,0
982,0
620,0
916,0
416,0 1,337,0
967,0
96,0
422,0
367,0
1,433,0
733,0
366,0
387,0
314,0
450,0
429,0 1,444,0
544,0
4.817,0 1,005,0 1,109,0
45.0 4,368,0
237,0
164,0
303,0
1,127,0
143,0
145,0
988,0
245,0
15,918,0
958,937,0 139.319,0 189,206,0 73,340,0 68,361,0 363,261,0 86,182,0 55,096,0 85,297,0 65,066,0 186,684,0
50,360.0
179,158,0 64,460,0 70,036,0 66,918.0 34.064,0 88,371,0 44,057,0 17,218,0 44,442,0 35,544,0 9,321,0
39,813,0 13,243,0 13,938,0 6,253.0 5.140,0 17,308,0 5,323,0 3,011,0 4,220,0 4,277.0 16,121.0
31,881,0 9,939,0 7,527,0 9,029.0 8,215,0
61,614,0 21,267,0 23,746,0 12,198,0 9,632,0
954,0
601,0
785,0
767,0 2,782,0 1,297,0 1,014.0
553,0 1,634,0 1,021,0
3,661,0
198,023,0 146,333,0 208,081,0 162,704,0 434,549.0
5 297,071,0 410,114,0 1,606,419,0 369,985,0 508,939,0 230,530,0'278,515,0 742,879,0
Total liabilities
Memoranda.
78.2
61.4
55.1
70.2
57.5
77.3
84.8
47.5
74.6
76.6
79.8
76.2
75.1
Reserve ratio (per cent)
13,965,0
Contingent liability on bills pur19,152,0 21,147,0 10,374,0 8,179,0 27,530,0 8,578,0 5,985,0 7,381,0 6,982,0
54,575,0
chased for foreign corresponitTts 198,810,0 14,962.0
F. R. notes on hand (notes rec'd
from F. R Agent less notes in
4.816.0 8.393.0 7.696.0 50.883.0
400 227 n 28 740 0 1. .0 38.863.0 11.277.0 31.182.0 50.143.13 6.487.0
eirculotion)
AT CLOSE OF BUSINESS OCTOBER 19 .
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS
New York.
Boston.
Total.
Federal Reserve Agent at
$
S
Too ciphers (00) omitted.
F.R.notes ree'd from Comptroller 2.920,217,0 242,230,0
F.R.notes held by F. R. Agent.. 798,205,0 70,200,0
F. R. notes issued to F. It Bank. 2,122,012,0 172,030,0
Collateral held as security for
F. R. notes issued to F. R. Ilk.
Gold and gold certificates_ _ 406.691,0 35,300,0
101,802,0 13,443,0
Gold redemption fund
Gold fund-F. R. Board_ _ 1,124,014,0 79,000,0
669,786,0 58,007,0
Eligible paper
"Inn
.
Total collateral
Ann A loe n-nn
Dallas. San Fran.
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Tian. City
Phila.
s
5
S
$
s
s
s
5
$
s
s
87,817,0 110,551,0 69.304,0 280,492,0
778,207,0 205,399,0 278,272,0 110,171,0 242,683,0 438,319,0 76,772,0 20,534,0 37,850,0 12,607,0 58,500.0
148,900,0 19,060,0
283,080,0 39,400,0 29,030,0 28,094,0 50,950,0
67,283,0 72,701,0 56.697,0 221,992,0
495,127,0 165,999,0 249,242,0 82,077,0 191,733,0 289,419,0 57,712,0
17,313,0
8,100,0 12,267,0
40,000,0 20,444,0 18.117,0
215,150,0
1,285,0 3,767,0 1.384,0 3,575,0 3,779,0
20,931,0 11,522,0 13,679,0 2,272,0 .5,714.0
140,600,,000,0 26,000,0 45,000,0 44.860,0 17,500,0
95,000,0 122,877,0 150,000,0
21,244,0
178,347,0 46,999,0 60.320,0 69.050,0 27,421,0 81,505,0 31,843,0 13,511,0 32,25.5,0
enn Ano n lot nne ^Ann nnnn
mn Inn n
,
.
ne, Ann n nn mynn
.
ni nnn n tni orn
.
.
.
.
40,000,0
20.451,0
131,177,0
49,194,0
en eon .A nen n
Annan n
.
Weekly Return for the Member Banks of the Federal Reserve System.
resources
Following is]the weekly statement issued by the Federal Reserve Board, giving the principal items of the
behind
always
obtained.
and liabilities of the 6C0 member banks from which weekly returns areitems in the These figures aregiven in a week
the statement
statement were
those for the Reserve banks themselves. Definitions of the different
Board upon the figures
of the
of Dec. 12 , published in the "Chronicle" of Dec. 29 , page . The comment , Reserve
immediately following which
for the latest week appears in our department of "Current Events and Discussions," on page
we also give the figures of New York reporting member banks for a week later.
BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CI,OSE OF
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER
BUSINESS. OCTOBER 12 . (In thousands of dollars
Federal Reserve
Total.
District-
Boston. New York
Phila.
Dallas. San Fran.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City
s
s
s
Loans and investments-total
$
$
5
S
S
21,105,786 1,502,770 7,891,286 1,231,512 2,123,084
8
706,709
9
5
624,402 3,047,754
S
716,408
373.452
629,529
423,233 1,835,647
Loans and discounts-total
15,039,259 1.045,,666,440
811,361 1,416,516
536,452
504,628 2,254,461
515,076
254,362
415.106
328,199 1,291,108
3,923
123,074
288,109
2,649
82,061
243.489
5,170
330,492
055,446
125,896
Secured by U. S. Gov't oblige's
Secured by stocks and bonds. __ _ 6,072,353
All other loans and discounts.._. 8,841,010
44,764
6,561
385,446 2,580,863
653,543 3,040,813
8,327
409,188
393,846
17,711
602,265
796,540
4,698
158,842
372,912
19,983
5.351
113,489 994,943
385,788 1,239,535
4.401
207,573
303.102
2.358
84,117
167.887
6,066,527
457,220 2,224,846
420,151
706,568
170,257
119,774
793,293
201,332
119,090
214,423
95,034
544,539
U S. Government securffles. _ _. 2.609,019
Other bonds, stocks and securities 3,457,508
152,004 984.954
305,216 1,239,892
117,225
302.026
314,090
392,478
80.583
89,674
58,501
61.273
315,792
477.501
75.195
126,137
63,630
55,460
100.889
113,534
63,290
31,744
282,866
261,673
757.123
73,801
85,544
16,444
131,532
30,117
42.179
14,244
39,105
12,361
266,068
44,878
46,653
8.108
28,864
6,112
34,227
9,758
115,724
21,869
-total
Investments
Reserve balances with F. R. Bank_
:ash In vault
Net demand deposits
Time deposits
Jovernment deposits
1,704,678
268,215
103.867
17,946
53,792
12,577 &#;
13,409,572
6,374.855
337,232
940,742 5,790,150
479,472 1,518,973
31,669 130,491
783,799 1,042,573
273,685 917,439
24.083
33,879
395,299
241,835
11,268
343,427 1.875,754
240,216 1,126,046
33,283
17.242
415,440
237,988
7.989
240,983
125,872
1,420
492,025
157,954
4,183
296,296
109,937
11,513
793,084
945,438
30,212
1,282,300
3,443,807
73,258 161,150
155,389 1,229,943
57,961
179,732
105,068
261,052
61,201
126,871
103,433
136,585
235,179
530,490
57,167
142,997
73,171
108,921
122,129
213,662
68,776
124,793
163,807
233.372
Dice from banks
Due to banks
Elorrowings from F. R. Bank-total
286,452
20,966
88,684
16,244
43,538
15,664
9,539
18,337
9,955
4,150
6,346
1.934
52,095
Secured by U.S. Gov't obliga'ns_
All other
146.935
139,517
9,830
11,136
36,020
52,664
8,416
6,828
27,131
16,407
5.822
9,842
2.738
6,801
13.764
4,573
8,
1,885
4,150
1,310
5,216
1,625
309
28,239
23,856
660
&#; 36
86
48
71
67
'33
97
24
85
45
57
'Somber of rcnorting banks
31
Condition of the Federal Reserve Bank of New York.
Octol e.' 19,
of
The following shows the condition of the Federal Reserve Bank of New York at the close business
in comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold reden.p. fund with U. S. Treasury_
Gold held exclusively eget. F. R. notes_
Gold settlement fund with F. It. Board.
Gold and :old certificates held by bank_
Oct. 19 , Oct. 12 . Oct. 20 .
s
S
S
331,081,000 281,214,000 373,725,000
9,375,000
15,087,000
12,959,000
344,040.000
277,172,000
409,032,000
296,301.000
241,310,000
409,323.000
383,100,000
262,782.000
366,298,000
Total resources
1,030,244,000
24,780,000
940,934,000 1,012,180,000
24,988,000
24.237.000
1,055,030.000
Total reserves
18,973,000
Non-reserve cash
Bills discounted
54,953,000
Secured by U S. Govt. obligations...
41,920,000
Other bills discounted
971,171,000 1,037,168,000
17,161,000
15.872,000
Total gold reserves
Reserves other than gold
Total bills discounted
Bills bought In opeu market
I" S Government securities
Bonds
Treasury Dotes
Certificates of Indebtedness
. Total U S Government secialtles
c6.873.000
102,843,000
119,787,000
111,125,000
78,595,000
30,494,000
109,089,000
42,401,000
43,400,000
28.636,000
29,990,000
44,117,000
34,402.000
26,697.000
1,322,000
23,673,000
29,087,000
105,216,000
54.084,000
102,026,000
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
Uncollected Rents
Bank premises
All other resources
36,644.000
83.143,000
Oct. 19 . Oct. 12 . Oct. 20 .
s
3
5
212,000
210,008,000
16,276,000
4,178.000
212,000
186.343,000
16,276.000
4.429,000
653 00
195, 0
, 0
16,740,000
2,590,000
1,606,419,000 1,530,431,000 1,475,536,000
LloblifffesFedi Reserve notes In actual circulation_
I teposlis-Niernber bank. reserve acct._
Government
Foreign bank (See Note)
Other deposits.
363,236,000
936.769,000
1,433.000
4,817,009
15,918,000
365,052.000
879,142,000
15,847,000
8.131,000
Total deposits
Deferred availability Items
Capital paid In
Surplus
All other liabilities
958.937,000
179,158,01)0
39,813.000
61,614,000
3,,000
897,892,000
162,562,000
39,697,000
61,614,000
3,614,000
840,983,000
161,210,000
35,756,000
59,964,000
3,832,000
Total liabilities
Ratio of total reserves to deposit end
Res've note IlabIlltles combined .
Contingent liability tin bills purchased
for foreign correspoodence
1,:mcg
3 1
825,790:000
37 86 00 0
2 9 000
1:8;3:000
1,601,419,000 1.530,431.000 1.475,536,000
70.8%
76.9%
85.4%
54.575,000
57,721,000
11,228.000
301,742,000 336,128.000 205,574,000
and amounts due to
added In order to show separately the amount of balances held abroad
-Beginning with the statement of Oct. 7 , two new Items were previously made of Federal Intermediate Credit bank debentures. was changed to "Other
NOT E.
.1ng assets."
the total of the dieforeign correspondents. In addition, the caption "All other ear
securities." The latter term was adopted as a more acinirate description of
are the only Items'whaled therein.
securities." and the caption "Total earning assets" to "Total bills and
of Sections 13 and 14 of the Federal Reserve Act, %stitch, It WWI stated
&#; counts. acceptances and securities acquired under the provisions
Total bill. tind sectirld. (See Norei
OCT.22 .]
&#;
THE CHRONICLE
Rankers'
STOCKS.
Week Ended Oct. 21.
(''on eluded).
azeitt
Wall Street, Friday Night, ct. 21 .
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page .
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS.
Week Ended Oct. 21.
Sales
for
Week.
Range for Week.
Lowest.
Par. Shares $ per share.
Railroads
100 52
Buff & Susquehanna_100
Preferred v t c _ _100
30 52
Can Pac etfs let paid__ 1,800 184 ,
Caro Clinch &0stpd 100
30
Clev & Pitt8burgh____50
10
Cuba RR pref
100
20
Detroit & Mack prel_100
40 70
100
Duluth SS & A
100 3
100
Preferred
200 634
Great North pref ctfs 100 6,100 95
Havana El Ry pref-100
100 78
Hocking Valley
100
IllinoisCent leasedllne100
50
Iowa Central
100
.50 2
Morris & Essex
50
20 86H
Nash Ch & St L_ __ _100
Nat Rye Mex 2d pf _ _100 15,400 2
1st preferred
100 3,100 4
N Y & Harlem
50
30
N Y Central rights
2,800 534
N Y Lack & West_100
NYNH&H pref _ 3,500 10%
Nor Pacific etfs
100 5,800
Pacific Coast let pf _ _100
10. 54
Twin City Rap Tran_100
700
Vicks Shrev & P pref.100
Highest.
Range Since Jan. 1.
Lowest.
Highest.
$ per share. $ per share.$ per share.
Oct 21 .52
Oct 17 524
Oct
Oct )4
Oct 19
Oct 15
Oct 21 72
Oct 21 3
Oct 18 634
Oct 21
Oct 20 78
Oct 20 380
Oct 20
Oct 21 2
Oct 20
Oct 21 200
Oct 19 34
Oct 20 4
Oct 21 70
Oct 20 634
Oct 18
Oct
Oct 21 944
Oct 15 54
Oct 20 52
Oct 20 101
Oct 211 45
Oct 18 40
Oct 17 184
Oct 17
Oct 19 73
Oct 15
Oct 15 55
Oct 21 2%
Oct 18 4
Oct 15
Oct 20 76
Oct 17 200
Oct 20
Oct 21 1
Oct 20 80
Oct
Oct 21 1%
Oct 20 334
Oct 20!
Oct 154
Oct )/
Oct 17
Oct 17 1 84
Oct 15 45
Oct 20
Oct 15 98
Apr 60
Apr 58
Oct 196
Feb 104)4
Feb 82
Ap 85
Mar 72
Apr 534
Mar 7H
Mar 101
June 83)4
Jan 380
83%
Jan 614
Feb
July 10
Aug 34
Aug 554
Mar 185
Jun
7)4
Jan
Oct
July 95%
Apr 62
June 65)4
Sept
May
June
Oct
Oct
Oct
June
Oct
Jan
Feb
Sept
July
Oct
May
Feb
Oct
Oct
Oct
Sept
Apr
Oct
Oct
Oct
Aug
Feb
Feb
May
Indus. & Miscall.
300 21
Albany Pert Wr Paper.*
Apr 32
Oct 19 Oct 20 18
Sept
100
Oct 21 99
200 98
June Jan
Oct 15 96
, Preferred
so Oct 21 Oct 21 49 Mar 6.5 Aug
Alliance Realty
100
Am Chain pref
Oct 20 Oct 19 100)4 Aug 103
200 101
Sept
Am Chicle prior pref..*
320 04
Oct 17 Oct 21 90
Jan Oct
Am Enca-Istic Tiling_ _ _&#;
200 42
Oct 20 Oct 19 384 Aug 47% July
Am La France Fire Eng
7% preferred
100
100 85
Oct 18 85
Oct 18 June Jan
Am Piano
&#; 3,300 Oct 20 36
Oct 15 Oct June
Preferred
100
40 Oct 19 Oct 17 89
July Mar
Am Shipbuilding.... _100
230 103H Oct 21 108
Oct 18 80
Jan Oct
Amer Snuff pref
100
10 103
Oct 21 103
Oct 21 94% Jan Oct
AmiType Founders pf100
Oct 18 Oct 18 Feb 116
Sept
Am Writing Pap pf etfs_&#; 4,400 50
Oct 21 56
Oct 15 255-4 Apr 574 Aug
Autostrop Safety Itas A &#; 6,400 Oct 21 444 Oct 21 43% Oct &#; Oct
Bayuk Bros let pret_100
Jan 110
Aug
Oct Oct 15 101
Best & Co
&#; 2,800 52
Oct 21 Oct 15 Aug Sept
Beech Nut Pack prat 100
Mar
Oct Oct 19 Jan 119
Blumenthal & Co p1_100
170 84
Oct 21 Oct 19 44
Jan 93
Sept
Byers & Co prat
100
50 107
Oct 21 Oct 20 May Sept
Certo Corp
&#; 1,400 Oct 15 72
Oct 17 67
Oct 784 Aug
Chesapeake Corp
&#; 1,900 Oct 21 Oct 17 64X June Oct
Chicago Yellow Cab.... 1,570 444 Oct 21 47
Oct 19 38
July 47
Oct
City Stores cIss A
&#;
200 50
Oct 15 613.4 Oct 20 M
Oct
Class B
&#; 1,200 Oct 18 Oct 20 Apr 53
Aug
Collies & Alkman pf _100 1,300 104% oct 17 105;; Oct 17 102)4 Sept Oct
;
Conde Nast Publie'ns &#; 600 41
Oct 20 Oct 17 39
Aug June
Coun Ry & Lighting..&#;
10 77
Oct 15 77
Oct 15 70
Sept 77
Sept
Crown Wmtte let
&#; 100 92
Oct 20 92
Oct 20 87
July 93
Aug
Cushfnan's Sons pf 8% _&#;
10 115
Oct 15 115
Oct 15 103
Feb 120H Aug
Preferred 7%
100
10 112
Oct 19 112
Oct 19 107
Apr120
Sept
Deere & Co pref
100
130 118
Oct 15 119)4 Oct 21 Jan 120
Aug
Devoe & Ftayn 1st pf _100
220 111
Oct 15 112
Oct 17 101
Jan 113
Sept
Dunhill Internet
&#; 7,700 Oct 21 604 Oct 17 49
Aug Oct
Eastman Kodak pref.100
80 127
Oct 20 127
Oct Jan 127
Oct
Elk Horn Coal Corp- - -&#;
300 9
Oct 20 9
Oct 20 9
Jan May
Emporium Corp
&#; 300 30
Oct 19 31
Oct 19 30
July Mar
Steam Shovel ctfs_5 3,900 Oct 21 334 Oct 15 Sept Sept
Erie
Fairbanks Co prat _100
20 Oct 19 Oct 19 Oct 15
May
Fifth Ave Bus
&#;
50 124 Oct 15 Oct 15 12
Oct May
Franklin-Simon pref _100
Oct Oct 15 Jan 115
Aug
Gen Baking pref
&#;
Oct 20 140
Oct 18 Apr140
Oct
Gen Gas & Elec el B.. _ _&#;
100 Oct 20 41X Oct 20 Apr 46
Aug
Gen Ry Signal pref....*
Oct 19 113
Oct 19 Jan 116
Sept
Gillette Safety Razor_&#;18,800 97
Oct Oct 15 97
Oct Oct
Glidden Co prior pf_ _100
70 89
Oct 17 89
Oct 17 86
Aug 101
June
Gold & Stock Teleg_ _100
10 125
Oct 19 125
Oct 19 Jan 125
Oct
Gulf States Stl 1st pf _100
Oct 21 Oct 17 Jan Mar
Hackensack Wat prel_25
10 294 Oct 20 294 Oct 20 Mar 29% May
Heinle(0 W) pref _ _ _100
Oct
Oct )4 Jan 130
July
Indian Refining pritioo
300 99
Oct 18 101
Oct 19 99
Oct 112
Mar
lot Comb Eng pref_
&#; 2,
Oct 18 Oct 18 101
Oct Oct
Int Nickel pref
100
100 109
Oct 19 109
Oct 19 0
933-4 M June
Int Paper prof (6)_ _ _100
20 93
Oct 21 96
Oct 18 July Sept
Int Silver pref
100
10 128
Oct 17 128
Oct 17,109
Mar 128
Oct
Kress Co new
&#; 500 90
Oct 21 92
Oct'20 59
Jan Sept
Laclede Gas pref._ _100
10 103
Oct 15 103
Oct 15 95
Jan 130
May
Loose
-W Bloc let pf_100
10 121
Oct 20 121
Oct 20 118
Jan 122
Sept
McCrory Stores class A &#; 870 73
Oct 21 Oct 15 55
Mar 86
Sept
Preferred
100
Oct 19 110
Oct 17 97
Mar 113)4 Sept
Macy Co
&#; 1,300 13
Oct
Oct 20 124
Jan 218
Oct
Mad Sq Garden
&#; 6,500 24X Oct 21 stig Oct 15 2
034 Aug Oct
Mallinson & Co pret_100
460 75
Oct 19 79
Oct 15 664 July 89
July
Manatl Sugar
100
100 33
Oct 15 33
Oct 15 Oct 46
Feb
Preferred
1I I
400 54
Oct 21 55
Oct 18 54
Oct 77
Feb
Mandel Bros
*
300 Oct 17 43
Oct 17 42
Oc 49X Aug
Manhattan Shirt, pret100
Oct 18 121
Oct
Jan 121
Aug
Mathieson Alkali p1.100
Oct 20 113
Oct 20 103
Jan 115
Sept
Mullins Body pref.
..l00
60 104
Oct 19 104
Oct 19 80
Jan 107
Sept
Nat Lead pref B.....1
Oct Oct 21 June 112% Oct
1
Nat Supply pref
)4 Oct Oct Jan 120
May
30 Oct Oct 15,105
14 Y Steam let p1(7)..'
Jan.4 Oct
Preferred (6)
&#; 170 100
Oct 15 .4 Oct 18 934 Feb302% Oct
Niag Lockp &0Pr pf100
)4 Oct 19 114
Oct June: Apr
Northwestern -50
110 544 Oct 18 Oct 21 474 Jan' 56
Sept
Oil Well Supply Pref_l
130 Oct 21 106 &#; Oct )4 Mar 110
June
Outlet Co
* 5,200 73
Oct 17, 79
Oct 19 Jan! 79
Oct
1
Preferred
200 114
Oct Oct 19 107
hu Oct
_ _100
Owens Bottle pref.
30 117
Oct Oct 18 107
JanI118
Oct
Pacific & Tel_ __ _1
1,
Oct Oct 15 124
Ma.
Oct
&#; 3,450 5
Pathe Exchange
Oct 18 6
Oct 18 4
Sept 12
June
Penick & Ford pref.. _ 1
10 103
Oct 17 103
Oct 17 Apr 106
May
Peoples Gas of Chi, rte. 1.500 54 Oct 17( 534 Oct 18 5.14 Oct 6
Sept
50 640 444 Oct 15; 47
Phil Co 5% prof
Jan 47
Oct
Oct 21 40
8,100 14 Oct 18, 24 Oct 21
Philip Morris rights
1
1)4 Sept 34 Oct
Phillips Jones Corp pl....&#;
300 53
Oct 21; Oct 2,1 47
Jan June
Pillsbury Flour e_ _* 9,900 314 Oct 20 Oct 15&#; Oct Aug
Preferred
100
200 107
Oct 20 108
Oct
Aug 109
Oct
100
400 41
Pitts Term Coal
Oct 21(44
Oct 17! Apr 55
June
100
Preferred
30 Oct 17; Oct 17! 74
Apr 83
Mar
300 Oct 17; Oct 17! 65
Porto-Ric AmTob A100
Aug Jan
&#; 600 21
Class B
Oct 19 Oct 151 15
Aug Sept
100
500 160
Pullman Co old
Oct 20 169
Oct
July 95% May
Bakeries pref_100
Oct Oct 19, Jan Aug
Purity
% Oct 17 107
Reid Ice Cream pref _100
Oct 181 97 May 107
July
Sales
for
Week.
Range for Week.
Lowest.
;
Range Since Jan. 1.
Highest.
Lowest.
Highest.
Par. Shares $ per share. I$ per share. $ per share.; per share.
Indus. & Mksc.(Cone)
Reynolds Springs rights. 7,100
.44 Oct 15
Ifs Oct 20
.44
35 Oct
Reynolds Tobacco cl A 25
20 Oct 19 187)4 Oct 19 13.434 May 190
Sept
Flossie Insurance rts__ _ 22,900 Oct 20 13
Oct 17 754 Oct: 13
Oct
Sloss-Sheff St'l & Jr pf100
100 Oct Oct 21 Mar, Apr
Snider Packing pref__ _ _&#;
100 49
Oct 20 49
Oct 20 Sept; 524 July
Bros let pf _100
20 110
Oct 20 110
Spalding
Oct 20 03
Jan'llO
Mar
Stand Plate Glass p1_100
30 14
Oct 18 14
Oct 18 10
M
June
Sun 011 pref
100
500 00
Oct 20 Oct 15 99
Aug Oct
Thatcher Mfg
&#; 300 20
Oct 15 20
Oct 15 Aug Sept
Preferred
Oct 17 44
&#; 200 44
Oct 17 43
Aug Sept
UnderwoodTypewrpr100
10 23
Oct 18 123
Oct 18 120
Jan May
United Dyewood_ _ _ _100
20 634 Oct 15. 635 Oct 15 354 Jun 10
Feb
United Paperboard_ _100
Oct 19, Oct 19 M
200 21
234 Sept
U S Distributing pf _100
Oct 19 93Y Oct 19 81
700 93
May Sept
U S Leather
&#; 8,100 Oct 211 Oct 15 14
July 234 Oct
Class A
&#; 9,900 44)4 Oct 20 48% Oct 1.5 Jun Oct
Prior preferred...._100 1,000 Oct 8 103
Oct 17 89
July 103
Oct
U S Express
100
100 34 Oct 211 334 Oct 21 2,54 Feb 4
Sept
Vulcan Detinning_ _ _100
230 35
Oct 18 38
Oct 15 Jan( 80
Aug
Preferred
100
50 102
Oct 21 102
Oct 21 90
Jan.125
Aug
Class A
100
40 28
Oct 18 28
Oct 18 16
Jan' Aug
Warren Fdry & Pipe_ _ _&#; 1,700 18
Oct 20 Oct 17 18
Octl 27 June
Weber&Helibroner pf 100
Oct Oct 17 102
A 103H Sept
West Penn Pr 6% P1-100
Oct Oct 18 J 108H Sept
octl
Bank, Trust & Incur ance Co Stocks
Bank of Commerce
160 512
Oct 21,532
Bank of Manhattan_ _
Oct
Bank of N Y & Tr Co 100
Oct
Chase Nat Bank_ _ _100
Oct
Chatham Phenix N B 100
70,500
Oct 21 520
Corn Exchange Bk_100
80,593
Oct 17,600
Equitable Trust
100
80 396
Oct 21,406
National City Bank 100 1,
Oct
National Park Pank_100
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
17 512
17(575
15 650
17(560
15(500
18(593
15 595
Oc
Oct613
Octi
Oct615
Oet
Oce602
Oet142.5
Oct
Sep&#;M3
,0
Oct
Oct
Oct
Sept
Oct
Oct
Oct
Oct
Sept
*No par value.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. Oct. 15. Oct. 17.10ct. 18)0e1. 19)
First Liberty Loan
(High ,21 n 101"n s 101"(2
354% bonds of -47...i Low_ n1 101"st n
8
n
(First 434s)
(Close 101"n 101"n ss n 101"st n
Total salts in $1.000 UnitS_-I
16
15
3
2
11
Converted 4% bonds ofrh
a
Close
Total sales in 51.000 units_
_Converted 44% hondsrligh 103 :
0
f 1 32-47 (First 4 4s) Low. .1
Close n
Total sates in $1,000 units_ .
5
Second Converted 435 % High
bonds uf -47 (First Low_
-_-_
Second 434
,
Total sales in 51,000 units ...
_--_
Second Liberty Loan
{High
____
4% bonds of -42 ._
Low_
_-__
(Second 4s)------ Close
---Total sales In $1.000 units_.
__ __
Converted 44 W nondsiH igh n
of -42 (Second)
Low_ n
4.48)
Close ,
Total sales Sc, 31,000 units..
115
Third Liberty Loan(High
434 % bongs of _ Low. n
(Third 434s)
Close 100B%
Total sales fn $I,000 units_
124
Fourth liberty Lean
I High 103"ss
44% bonds et -38_ _il_ow. n
(Fourth 4)45
Mae 103"n
Total sales in $1,600 units.
129
Treasury
High 101"n
4 lift, -52
1 Low_ n
Close n
Total sales in 51.000 units_ _20
(High 113"st
4s, -
Low_ 113"n
Close 113"n
Total sates in $1.000 units...
3
____
(
High
____
33.4 g. -
lLow.
-__Close
Total sales in $1,000 units_ __
------?Ugh
3%8. -47
____
Low_
-___
Close
Toted sales In $1.000 antis_ &#;.
----
____
____
---,, n 103lits
41 1
-o 9
103&#;111 103on 103% 103%
,1
, 103"11 103"11
25
6
6
11
22
____
--- ____
____
----
____
n
,1
n
5
100"n
100"st
s,
25
103"n
103"n
103"st
85
101"n
n
n
17
113"n
n
2
108"ss
108"n
1
106
106
106
9
--_-
----
-- --
____
---n
991%
99
"&#;&#;
1
n
n
n
54
100"n
n
.3,
42
:
:
60
101"n
n
101"n
231
st
114',,
n
55
-__
____
----- _
s;
n
269
----
----
-100
---- 100
---- 1-00
------Iii',,
n
100%
20
100"n
100"st
33
103"ss
103"n
103"n
120
101"ss
n
101"as
260
n
n
n
102
&#;
n
n
10
106
106
105
1
n
100
;
-1
100% n
100'n
13
41
100"n n
n
100"ss
101
II
103":1
103"ss 103"si
/1
103"n
41
173
--------__
--------.11n
114*st 113
-- .
st
n
!
20
.31
-- -
.
1r
____ 108.
---- 108"31
___
!
;n
ss n
ss ts
I
I
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
17 fat 44s
n to 103"n
n to 118 4th 434B
6 2d "ft to 100
4 Treasury
69 3d 44
n to ,
106
*0 106',,
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange were 4.86 0
4. for checks and 4.87 5-. for cables. Commercial on
banks, sight, 4.86)4@4.; sixty days, 4.82%04.82%; ninety days,
4.81@4.8l3.4, and documents for payment, 4.82% 004.. Cotton for
payment, 4.86 1-16, and grain for payment, 4.86 1-16.
To-day's (Friday's) actual rates for Paris bankers' franca were 3.E4
3.92% for short. Amsterdam bankers' guilders were 40.. for
short.
Exchange at Paris on London, 124.09 francs; week's range. 124.09 francs
high and 124.07 franca low.
..
The range for foreign exchange for the week follows:
Sterling ActualChecks.
Cables.
High for the week
4.
4.
Low for the week
4.
4.86 29
-32
Paris Bankers' Francs
High for the week
3.
3.
Low for the week
3.92%
3.
Germany Bankers' Marks
High for the week
23.
23.91
Low for the week
23.86
23.
Amsterdam Bankers' Guilders
High for the week
40.22%
40.24
Low for the week
40.16
40.20
For New York City Banks and Trust Companies see
page .
For New York City Realty and Surety Companies see
page .
For United States Treasury Certificate of Indebtedness, &c., see page .
Z238
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING
SIX
PAGES
For sales during the week of stocks usually inactive, see preceding page
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Oct. 15.
Monday,
Oct. 17.
Tuesday,
Oct. 18.
Wednesday, Thursday,
Oct. 20.
Oct. 19.
$ per share $ per share $ per share 8 per share $ per share
Friday,
Oct. 21.
Sales
for
the
Week.
8 per share &#;Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
-share lots
On basis of 100
Lowest
Highest
$ per share
$ per share
Railroads.
Par
4
8
187 32,200 Atch Topeka & Santa Fe__100 Jan 6 200 Aug 25
8
8
191
8
100 993 Jan 5 July 26
900 Preferred
8
8
8
8
8
* 103
8
8
100 Apr 6 Aug 1
8
191
183 190
9,100 Atla ,tic Coast Line RR
194
4
193
100 Jan 4 125 Oct 4
116 45,400 Baltimore & Ohio
4
121
119 119
4
100 Jan 3 83 June 7
500 Preferred
8
80
795 795
8
80
80
8
793 793 * 797 * 80
4
4
50 44 Jan 6 May 27
4 7,400 Bangor & Aroostook
68
723
681* 67
70
70
67
100 Jan 10 122 June 22
170 Preferred
4
4
111
8
32,800 Bk1 n-Mash Trac v t c_No par 53 Aug 3 707 Jan 20
59
603
8 58
603
8 58
8
4
8 587 70
573
4 573 605
No par 82 July 9 88 Jan 4
300 Preferred v t c
*82
83
83
84
83
84
*82
84
*83
84
*83
85
814sept 6 Jan 7
2,000 Brunswick Term & Ry Sec..100
9
812 9
4
*812 94
812 83
9
*812 912
83
4 912
40 Buffalo Rochester & Pitt,.100 804 Jan 8 115 Mar 10
* 85
85
85
85
85
85
85
* 90
* 90
100 59 Jan 18 63 Oct 8
10 Canada Southern
*61
63
63
*61
63
63
*61
* 63
8
100 165 Jan 6 Oct 3
8 190 26,200 Canadian Pacific
8
8
8
8
191
298 300
800 Central RR of New Jersey.100 285 Jan 4 348 June I
300 305 *297 305
305 305 * 320
*305 320
100 Jan 25 Oct 3
4
25,900 Chesapeake & Ohio
4
206 208
213
8
74 72
8
712
712
712 718 5,100 Chicago & Alton
100
43 Jan 8 June 21
4
718
714
712 712
712 712
8July 2
100
712 Jan 5 185
123 *12
4
113 3,600 Preferred
4
4 12
4 123
123
*13
100 Jan 10 51 July 11
45
1,100 Chic & East Illinois RR
*44
44
8
100 43 Jan 6 847 Oct 10
5,800 Preferred
793 82
4
79
803
4 79
79
81
81
83
83
812 Jan 6 May 2
145 15
8
125 9,500 Chicago Great Western. .100
8
15
15
8June 2
100 Jan 7 447
8
315 33 4 315 22,200 Preferred
8
3
4 34
33 8 343
7
8Sept 15
9 Jan 4 193
17,100 Chicago Milw & St Paul...100
163
4 153 16
4
8 163
17
167 175
8
4
9 Jan 4 Sept 18
100
17
16
143 153
4
4 147 12,000 Certificates
8
16
17
8
4Sept 13
100 185 Jan 3 343
25,100 Preferred
8 304 283 29
8
303
303 31
4
8Sept 14
100 187 Jan 3 343
8
295 30
8
15,700 Preferred certificates
31
30
8
8
8
94
923 917 914 923
8
8
4 895 913 29,300 Chicago & North Western.100 783 Jan 27 Sept 14
100 Jan 3 150 Oct 6
100 Preferred
144 144
&#;144 148 *144 148 *144 148 148 *144 148
105 8 105 104 29,600 Chicago Rock 151 & Pacific_ Jan 4 .116 July 14
5
4
4
105
100 Jan 4 -June 2
4
500
4
4
108 108 * 109 * 108 * 109 * 109
8June 2
100 Jan 28
102
8 1,600 64 preferred
8
4
102 102 102 102
4Ju1y 21
100 84 Jan 3
600 Colorado & Southern
119 *118
120 122
*120 125 *121 125 *121 125
100 70 Jan 4 June 1
First preferred
*754 78
*754 78
* 78
*754 78
* 78
* 78
100 68 Jan 14 75 Oct 21
75
75
300 Second preferred
*73
76
73
73
76
*73
76
.73
76
*73
100 65 Aug 13 77 May 6
8 693
4 694 3,000 Cense! RR of Cuba pref
697
100 Jan 28 230 June 6
191
15,600 Delaware & Hudson
191
190 188 193
195 197
131 131
131
131
4
134
4,800 Delaware Lack & Western_ 50 Oct 19 173 Mar 23
131 132
133
4June 9
2,100 Deny & Rio Or West pref IGO Jan 5 673
55 55
55
55
54
55
54
&#;osili so
100 Jan 3 693
45ept 30
8 663 69
8
653 675
4
8
4 663 687
4
8 63
191,100 Erie
6o14 677 693
100 Jan 4 Aug 4
61
83
60
14,400 First preferred__,
627
8 61
62
100 49 Jan 4 Aug 4
4
583 583
4
1,500 Second preferred
4
4
4
603 *583 583 60
8Sept 7
8
98
973 983
997
8 98
99
8
4 12,800 Great Northern preferred_ A00 795 Jan 4
997 99
8
4Sept 20
18 July 11 283
8
245
8 23 8 245
5
8 235 244 35,100 Iron Ore Properties_ _No par
25
253
4 24
24
9,300 Gulf Mobile & Northern 100 Jan 8 July 21
664 64
653
8 63
64
67 67
100 105 Jan 14 Apr 27
109 109 *108 109
200 Preferred
108 108
108 110 *108 110 *108 110
100 Jan 3 May 10
* 55 8 54
3
543
8 53
543
4 533 544 533 537
8 5,100 Hudson & Manhattan
8
2
100 78 Jan 6 May 10
861 *85
100 Preferred
87
* 863 *
4
864 867 *85
8
88
*85
100 Jan 10 Oct 3
8
133 2.100 Illinois Central
8
* , 133 134
100 Jan 12 140 Oct 3
133 133
100 Preferred
*133 138 * 138 *132 136 *132 137 *132 137
*82
83
790 Railroad Sec Series A__ 74 Jan 4 83 Oct 20
82
82
82
83
83
82
82
.100 23 Apr 20 Oct 7
*403 *40
40
40
50 Int Rys of Cent America..
*__
4
51
*41
100 62 Apr 29 Oct 7
650 Preferred
*71
*
*725 - 8 * 70
74
*72
36
8,900 Interboro Rapid Tran v t c_100 Aug 31 Feb 26
4
36
363 36
36
36
100 Jan 4 July 18
62
645
8 64
61
11,500 Karsas City Southern
4
8 623 64
645
*64
8
100 647 Jan 7 727 Oct 21
8
300 Preferred
8
* 727
*72
73
*71
50 92 Oct 21 June 9
92 10,300 Lehigh Valley
102
101 103
8
103 103
4
100 Jan 14 Oct 4
5,100 Louisville & Nashville
151
8
8
148 152
152 152 152
152 152
50 Manhattan Elevated guar.100 Yu Aug 2 90 Feb 11
87
*83
87
87
*844 87
87
*83
* 87
83
83
8
100 44 June 14 547 Feb 28
3,100 Modified guaranty
* 48
48
474 474 *47
67
8June 23
412 Fen 2
Market Street Rallway____100
*414 6
*43
*434 6
4 6
543
4 6
*44 6
*4
6
109 18 Feb 10 June 22
23
*23
25
300 Preferred
25
234 23
25
*23
*23
25
*23
4
1)i) 415 Feb 7 593 Aug 5
8
1,200 Prior preferred
483 483
8
8 46
467
8 48
48
8
8 49
497 497
50
30
8
100 115 Mar 15 June 22
*12
121*
Second preferred
14
*12
14
*12
14
*11
14
*11
458 Feb 3
13 Jan 13
8
3
318
318 *3
3
1,700 Minneapolis dr St Louis_...100
3
318
3
3
3 18
318 34
45
445 463
8
1,800 Minn St Paul & S S Marie.100 27 Jan 6 474 Oct 14
44
s
46
4
*47
*453 47
100 50 Apr 28 76 Oct 14
74
74
74
74
74
600 Preferred
76
*74
76
*74
100 Mar 25 69 Oct 6
664 66
60 Leased lines
*67
66
*665 *68
8
*67
RE___No par 314 Jan 6 June 17
433 45
4
42
444 10,900 Mo-Kan-Texas
454 45
100 953 Jan 4 108 Sept 8
4
106 106
4
8
.1
4 2,100 Preferred
3
105 4 106
100 377 Jan 4 62 Apr 23
8
545 577
8
56
8 554 567 53,400 Missouri Pacific
8
554 567
8 55
4
563 57
100 Jan 4 Oct 19
110 68,700 Preferred
8
8
8
107 110 112
110
230 New Oil Texas & Mexico 100 121 Jan 8 ,June 3
144
144
143 143 * 143 * 143 * 143
100 Jan 27 Oct 4
108,800 New York Central
8
5
165 8 162 161
4
100 June 14 May 26
4,300 N Y Chic de St Louis Co
127 129
131
129 129 131
* 132
8June 15
100 102 Mar 8
1,900 Preferred
8
8
8
8
8
8
100 415 Jan 4 585 Feb 16
525 547
8
8 55 137,400 NY N H & Hartford
8
8 54
8 523 543
533 543
4
4Sept 16
100 234 Jan 15 413
414 39
407
8
8 384 384 403
8 374 397 35,900 N Y Ontario & Western
4
7 Aug 4 153 Jan 14
Railways pref cits_No par
*74 73
4 *712 758 *7
600 N Y
*712 9
75
8 814
8
8
10
100 Jan 14 June 10
700 Norfolk Southern
47
45
45
47
* 51
100 156 Jan 4 Oct 3
8 6,500 Norfolk & Western
186
4
190
100 83 June 23 90 July 25
Preferred
87
87
*85
87
*85
87
*85
87
*85
87
*85
*85
100 78 Jan 3 97 Sept 7
8
2 934 14,900 Northern Pacific
8
94 4 964 945 933 955
3
954 96
100 154 Feb 3 274 Feb 15
Pacific Coast
*17
20
*17
20
*17
20
21
*17
20
*18
21
*18
4
50 563 Jan 3 68 Oct 4
657
8 645 24,500 Pennsylvania
8
65
66
664 66
100 20 Jan 25 463 Jule 20
4
500 Peoria &Eastern
36
38
4
4
40
383 383 *36
*38
39
39
41
*39
100 Jan 6 May 28
5,900 Pere Marquette
4
130
130 130
4
130
4
130 130
4May 28
100 93 Jan 22 973
Prior preferred
963 963
8
* 97
97
*963 97
8
07
97
*96
4
*953 97
4
8Sept 8
100 893 Jan 4 965
8
8
8 947 * &#; 600 Preferred
*943 * * 947 947
4
100 Jan 18 174 May 24
2,200 Pittsburgh & West Va
148 148
148 148
*148 150
4June 9
50 94 Jan 4
4
8
4
4
8
113 112 29,400 Reading
50 Jan 13 Feb 16
900 First preferred
42
42
*
42
42
* 42
42
42
*42
4
50 433 Jan 12 50 Feb 16
* 45
200 Second preferred
* 45
447 *44
8
*44
45
45
100 43 Jan 7 69 May 27
61
200 Rutland RR pret
59
*59
59
*59
61
58
58
62
*58
60
*57
4
11,600 St Louis-San Francisco-A00 Jan 6 June 2
8
4
4
* 111 111
100 98 Jan 27 104 July 11
100 Preferred A
*98 100
99
*98 100
* 99
*99 101
* 101
7.100 St Louis Southwestern....100 61 Jan 6 93 June 17
813
8 774 80
79
80
79
817
8
80
100 764 Jan 8 904June 17
200 Preferred
86
*85
86
85
86
874 *85
4 *85
* 873
100 Mar 31 Feb 17
8
323
4 7,900 Seaboard Air Line
325 33
33
34
34
34
100 Apr 28 453
8Ju1y 25
38
38
*38
39
1.400 Preferred
39
*38
39
383 39
4
*383 40
4
100 Jan 28 Aug 1
8
4
8
122 121 121 41,600 Southern Pacific Co
100 119 Jan 28 137 Oct 4
8
8
4
4 133 11,900 Southern Railway
4
100 94 Mar 10 100 Aug 30
987 987
8
8 987 984 987 987
8
2
* 99
8 1,300 Preferred
99
*98
99
99
100 534 Jan 7 Sept 30
98
95
11,900 Texas A, Pacific
96
94
97
98
97
4
100 283 Aug 31 41 Feb -8
29
32
1,200 Third Avenue
32 , 32
*32
8
8
313 32 4 333 334
4
100 159lz Jan 27 Oct 4
8
187 20,100 Union Pacific
4
4
4
188 191
4
Mar JJJJ 1ay
jjjjaaaann 5 875 211.uu,u nnn.eeee 0
117 1
823
8 82
823
8 1,500 Preferred
82
8 82
8 824 823
823
*82
100 :
100
10
7 14
6.7 2
1
0
71
734 79,500 Wabash
703 74
4
72
70
70 4 72
3
8 3,800 Preferred A
8
95 8 957 957
7
96
* 96
96
*95
92
200 Preferred B
92
*90
90
*90
93
90
*88
92
*87
92
*88
593
4 50
573 74,400 Western Maryland
57
4
614 583 60
62
100 23 Jan 7 June 9
1,000 Second preferred
*57
59
59
60
*59
* 65
100 Apr 26 June 22
8 3,500 Western Pacific new
39
394 384 373
39
41
* 39
100 55 Apr 26 763 Feb 7
8
64
65
64's 2,000 Preferred new
8 64
654 657
Wheeling & Lake Erie Ry_.100 Jan 3 130 Feb 8
80
*71
80
*70
80
*70
80
*70
80
*70
80
*70
100 Jan 7 97 May 13
200 Preferred
81
81
*80
4
4
783 783 *783
4
80
80
81
*80
83
*80
Industrial & Miscellaneous.
23,200 Abitibi Power & Paper_No par 83 Jan 27
137
No par 624 Mar 26
4
11,700 Abraham & Straus
100 109 Aug 11
590 Preferred
112
100 124 Jan 5
400 Adams Express
157
84 Oct 21
100
812 3,500 Advance Rumely
100 25 Oct 20
2,200 Advance Rumely pref
25
234June 2
1
33
4 1,200 Ahumada Lead
400 Air Reduction, Inc____No p"r Jan 26
8 8.
712June 15
No par
74 6,000 Ajax Rubber, Inc
I June 18
11
Alaska Juneau Gold Min._ 10
4
90,900 Allied Chemical & Dye.No par 131 Jan 25
Corporation stock.
&#;Bid and askeil prices. s Ex-dividend. a Ex-rights. b Ex-dividend. 17a shares of Chesapeakb
132
133 135
4
102 100
8
*110
157 157 *
9
10
10
28
30
29
37
8
8
3 s 37
7
8
178
8
8
85, 83
112 *114
&#;13
8
. 157
152
4
130
4 99
8
*157
9
912
27
35
8
3s
7
177
84
8
*112
112
a
134
102
8
9
28
38
7
178
818
114
4
4
129
102 104
812 94
26
3
34 34
3
4
77
8 84
112
.114
4
4
812
25
33
4
73
4
*112
4
131
129
103
103
111
111
157
814
9
26 *____
33
4 *312
174
172
74
84
Ps *114
Oct 8
108 Oct 20
Feb 20
8July 8
Feb 9
41 Feb 9
618Sept 6
July 18
133 Mar 25
4
214 Feb 18
Sept 6
PER SHARE
Range for Previous
Year
Lowest
Highest
$ per share $ per share
122 Mar
Mar
Mar
Mar
Jan
33 Mar
977 Feb
8
Mar
78 Mar
812 Mar
Mar
58
Jan
Jan
240 Mar
112 Mar
414 Sept
618 May
30 Dec
Mar
73 Mar
4
Mar
814 Dec
734 Dee
144 Mar
14
Apr
Mar
Jan
Mar
96 Mar
834 Mar
52 Mar
62 Mar
59
Jan
683 Nov
4
Mar
172 Dee
102 Des
Jan
Sept
4
Aug
46 Feb
103 Dec
Dec
893 Dec
4
185 Nov
8
4
873 July
61 June
Dec
305 Jan
Sept
8
Feb
Feb
37 Feb
Feb
Sept
315 Sept
8
Jan
14
Jan
24 Aug
5
23 8 Aug
83 4 Sept
3
Apr
Dee
108 Dec
98 Nov
Oct
Oct
74
72 Sept
Dec
Sept
Jan
47 Jan
42 Ded
Dec
Dec
Dec
Feb
Sept
Sept
Dec
80 Dec
131 Sept
Sept
77 June
31 Feb
66 June
533 Dec
4
513 Sept
8
683 Sent
2
106 Dec
144 Sept
923 Apr
4
617 May
8
129 Mar
May
Mar
Mar
30 Mar
Mar
18 rift
Apr
95 Mar
Jan
673 Mar
4
Mar
Mar
714 Jan
24 Dec
62 Mar
Jan
344 Mar
605 Mar
8
Mar
118 Mar
84 Mar
384 Jan
418 July
10 Feb
Oct40 Feb
June 513 Feb
8
113 Oct Feb
4
118 Dec
378 Jan
257 Dec Feb
8
50 Dec 79 Feb
60
Oct 667 Feb
8
Oct Feb
82 Mar 963 Dec
2
27 Mar 45 Sept
Mar 95 Sept
120 Mar Jan
117 Mar Sept
130 Mar Sept
93 Mar 106 July
8
304 Mar 483 July
8
193 Mar 287 Feb
4
Feb
6
Jan
Apr Sept
Mar Oct
8
Nov Aug
653 Mar Aug
4
15 Oct48 Jan
Ma .
574 Oct
157 Oct Jan
8
67 Mar 122 Dee
79 Ma
96 July
703 Mar 917 July
4
8
85 Mar Dec
79 Mar Dec
Dec 42 Apr
40 Mar 453 Dec
4
42
ipr Aug
85 Mar Dec
Apr Dec
Mar 74 Feb
72 Mar July
274 Mar 51 Dec
Mar 483 Feb
8
Mar Dec
Mar Sept
8
Apr Aug
Mar Jan
Jan 43 Apr
Mar Oct
8
743 mm5mi aaaa
563 174 Jan 811: Aug
8
7 3 jrjjjaaaa
163 Mar
8
Dec
72 Dec
18 . Mar
37 Mar
Sept
394 Jan
863 SePI
4
Jar
32
Jan
703 May 98 Sept
4
43 May 72 Dec
Mar 112 Dec
Mar 136 Sept
8 Dec 22 Sept
287 Dec65 4 Sept
8
3
4
43 Nov918 Jac
May Dee
74 Oct16 Fet
7
7 Oct23 Da
2
106 Mar 148
Jai
New York Stock Record-Continued-Page 2
For sales during tile week of stocks usually inactive. see second page
preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 15.
Monday,
Oct. 17.
Tuesday,
Oct. 18.
Wednesday,1 Thursday, 1
Oct. 19. I Oct. 20.
Friday,
Oct. 21.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan.
On basis of 100-share lots
Z239
PER SHARE
Range for Prerious
Year
Lowest
Highest
Lowest
Highest
$ per share $ per share $ per share 5 Per share $ per share 1 $ per share Shares Indus.
& atiscel. (Con.) Par $ per share $ Per share $
* 123 * 123 * 123
8
per share $ per share
8
400 Allied Chemical & Dye pref _100 120 Mar 11 124 Aug 4
* 115
4
4
4
Mar
4
5,400 Allis-Chalmers Mfg
100 88 Jan 25 Sept 15 s Mar 945 Dec
s
8 Jan
Preferred
100 109 Feb 9 Apr 21 105 Apr Dec
* 133 *134 14
4
*13
14
13
13
4
123 13
1,500 Amalgamated Leather_No par
12 Sept 2 Feb 11
297 * 29
8
Oct. 21 Sept
29
291
303
8 6,100 Amerada Corp
No par 27% Apr 28 Feb 7
13
13
. 13
244 May 327 Aug
13
13
13
8
113 12
8
2,600 Amer Agricultural Chem__100
818 Apr 6 157
8Sept 7
* 46
45 8 44
9
3
Oct 347* Jan
44
3,100 Preferred
100 Apr 6 513 Jan 10
4
743
4 733
353 Oct Jan
77
4 73
811g 80
803 10,500 Amer Bank Note
8
10 41 Jan 6 Oct 19
*83
*63
Mar 46
*63
*63
644 63
Oct
63
*63
10 Preferred
50 Jan 4 65 Sept 14
173 18
4
55
17
Jan July
17
16
16
1,800 American Beet Sugar__No par
Oct 21 233 Mar 14
4
* 463
4 464 * 49
Sept 383 Feb
* 47
4
* 44
300 Preferred
100 Oct 20 Jan 3
*233 24
4
55 Nov 83 Feb
224 2 8 227
8 22
37
23 8 217 223
7
8
8 22
9,100 Amer Bosch Magneto_ _No par
13 Jan 20 263 Oct 4
&#; 8 41
4
413
16 May 343 Jan
41
8
404 40
41
5,500 Am Brake Shoe & F newNo par May 2 46 July 25
*122 123 123 *122 123 *120 *119 122 *119 .122
8
4
100 Preferred
100 Feb 7 128 Mar 12 110 4 Wei 128 4 Feb
"914 10
- 184 912
818 912
183
4 97
8
9
914
9
9
5,900 Amer Brown Boyer' El _No par
514 Aug 26 Jan 5
46
46
Mar 50 Aug
43
46
46
50
50
50
* 48
*46
48
310 Preferred
100 40 Aug 19 98 Feb 1
67
Mar Jan
655
8 037
8 613 262,700 American Can
4
25 435* Afar 31 673 Oct 4
* 134 *133 134 * 134
8
8
Mar Aug
4
134 134
134 136
134 134
300 Preferred
100 126 Jan 14 Sept 21 121
*101 101
g
8
Jan Dec
997 100
98
993
4 98
98
98
5,100 American Car & Fdy___No par 95 July 13 May 27
Mar Jan
8
*125 125 125 &#; * 126 126
4
126 126
400 Preferred
100 Oct 6 I343
4
4June 8 Oct Dec
70
704 71
723
s 69
713
4 70
70
703
4 71
8,400 American Chicle
No par 36 Jan 26 723 Oct 17
133
8
8
31
Oct 51
Jan
143
8 133 14
4
133 133
8
4 1,600 Amer Druggists Syndicate_ 10
93 Apr 20 June 9
41 Jan
8
168 168
164 167 165
103 Aug
8
4
160 4,900 American Express
100 127 Jan 17 Oct 6 Mar 140
274 274 277
8 26
Jan
27
26
15,800 Amer & For'n Power No par
187 Feb 17 30 ..Sept 28
8
25
8
Nov 423* Jan
4
4
4
4
2,500 Preferred
No par Feb 15 108 Sept 12
12
12
117, 1 112 1 13 *
79
Oct 98 Feb
4
117 *113 12
8
4
1,100 American Hide & Leather_ 100
73 Apr 26 127 Oct 6
8
61
61
*593 *593 *593 593 597
7 May
4
s
Feb
4
4
4
597
900 Preferred
100 48 Mar 1 667 July 20
573 587
4
8 56
May Feb
583
s 554 563
8 553 56
9,800 Amer Home Products__No par 30% Jan 3 59 Oct 14
277 28
8
27
235g Oct 307 Dec
27
8,500 American Ice New
No par 253 Oct 21 32 Aug 22
4
*
90
92
* *90
*90
91
*90
91
90
91
100 Preferred
100 84 Jan 7 May 7 - -1- Oct 164 ilit
513 52
14
52
81 2
52
51
52
te
51
50
51
50
4,200 Amer Internat Corp_ _ _No par 37 Mar 23 Sept 14
*714 73
7
313 July 463 Feb
8
4
714
74 714
4
7
7
7
7
7
7
2,800 American La France FE.... 10
4 June 4 10 Jan 3
97 Dec 157 Jan
544 55 4 56
3
533 553
4
8 547 575
8
583* 82.000 American Linseed
100 Apr 5 Oct 19
84
83
Oct Jan
84
*82
84
83
7
833 84
4
3,900 Preferred
100 Mar 19 843 Oct
106 * 105
8
673 Oct 87
4
Jan
104
5,500 American Locomotive_No par Oct 21 116 May 15
* 124 &#;124 125 &#;124 125 *124 104
18
Mar Jan
8
125
124
600 Preferred
100 Feb 23 127 July 23 116 Aug Dec
143 142
8
136 142
140 142 138
147
6,200 Amer Machine & FdyNo par Jan 3 Oct 13
4
*185 195
Oct Aug
185 190
185 185 *185 190 185
180
190 Preferred
100 Jan 6 196 Oct 14 114 July 125 Dec
* * 42
* 42
* 42
400 Amer Metal Co Ltd__ _No par 38 July 12 464 Aug 3
&#; 110 111
Dec 573* Feb
111 111
111 111
110 110
560 Preferred
100 108 Jan 6 May 17
713 72
8
685 693
8
4 693
4 687
8 677 22,000 Am Power & Light __ _ _No par 54 Jan 27 733* Oct 10 Apr 120 Feb
8
135 136
503 May Sept
4
136
134
133
8,000 American Radiator
25 Jan 21 Sept 16 May Aug
8
s
95
95
&#;95
96
*95
98
*95
97
*95
98
95
98
200 Amer Railway Express.. _ _ _100 Apr
105 June 24
463 463
Mar 90 Dec
8
8 444 463
4 447 46
8
433 44
8
44
43% 461
2,700 American Republics_ __No par Jan
647
4July 7
58
397 Nov 74
8
573
Jan
4 56
58
57
56
57% 57
58
16,600 American Safty Razor.. _ 100 42 July 23 Mar 28
397 401,, 393 40
42 Apr 70% Aug
4
4
403
4 39% 39
397
5,300 Am Seating v t c
No par 39 Oct 21 51 July 20
33
338 3 8
s 312
3
33
8 38
-- -3
338 33
8
34 34
,
2.700 Amer Ship & Comm_ No par
,
34 3
,
,
31i Oct 20
53 Doc 117 Mar
63 Jan 7
4
167 168
8
163 51,000 Amer Smelling & Refining.
8
8
8
100 132% Jan 25 Sept 15 109% Apr 152 Aug
&#;129 130
129 129% * 130 *129 129
4
800 Preferred
100 Mar 1
e1't 30 Mar Dec
*133 136 *133 136 *133 135
8
135 135
&#; 135
200 American Snuff
100 Jan 17 145 Sept 7 Oct165 Feb
493
4
4 491s 497
8 49
473 481
8
8,100 Amer Steel Foundries__No pa
Apr 29 Aug 24
&#; 114 * 114 * 114 * 114 * 49
40 May 47 Aug
114 * 114
Preferred
100 July
115 Jan 13 110'4Sept 115 Feb
85
89
SO
823
8 78% 82
79% 811 46,500 Amer Sugar Refining
100 78 Oct 20 %1 ay 26
* 112 108 78
Apr Nov
108 108 108
3,200 Preferred
100 Mar 3 May 26 100 June Nov
8
677
8 66
673
4 657
65
8 63
641
623 63
8
12,100 Am Sum Tob v t c
No pa
Jan 3 Oct 13
32
32
Aug 44 Dec
.31
33
32
32
*31
*31
32
31
31
300 Amer Telegraph & Cable....100 26 Apr 1 363 Aug 24
183
4
181
July 411 Feb
8
172 38,900 Amer Telep & Teleg
8
4
10 Jan 3 Oct 11 June 141 Dec
149
150 153 21,400 American Tobacco corn
s
4
____ 51 120 Jan 7 Oct 21 Mar Sept
151
150h 150 158 165
4
37,800 Common Class B
5 Jan 5 165 Oct 21 Mar 124 Sept
&#;115 *115 116 116
116 116
1,000 Preferred
10 Jan 4 118 Sept 9 Jan 113 May
137
4
136 135 &#;133 *130 135 *130 133
4
4
4
900 American Type Founders,. _10 125 Jan 7 146 Feb 18 114
63 8 641
7
Jan 135 Feb
62
59
59% 613
4 603 623 34,900 Am Wtr Wks & Elc newNo pa
4
8
46 Aug 8 Sept 28
_
1st preferred (7%)
10 Mar I 61 Sept 23 Mar - -Jan
22
22
22
- 4
213
4 217s 21h 4,300,American Woolen
10
June 7 33s Jan 5
55
55
19 June 427 Jan
54
*53
8
1, Preferred
10
46%June 1 Jan 7
66 Apr Dec
21
223
8 21
22
10,800 Am Writing Paper ctfs_No par
7
97 May 26 Oct 19
8
*6
618
618 618 .6
7
*6
7
618 67
8 *61,
400 Amer Zinc, Lead & Smelt
25
36
5 4Sept 6 Feb 17 -- 13
36
37
-- -8 Feb
40
393
4 2.800 Preferred
47
25 35 Oct 14 Feb
473
20 May 54 Dec
8 47
47
46
463
8 46% 13,000 Anaconda Copper Alining_ _50 June 27 49,8Sept 18
*49
50
493 493
4
21
Mar 517 Aug
8 464 48
4 493
x 2,700 Archer, Dan'Is. Micll'cl_No par 38 Mar 1
.111
____ *111
Oct 14
____ 111 *111
347 June 443 Jan
*111
4
30 Preferred
*84
100 106 Jan
85
111 Oct 18 100 Mar 108
843 843 *84
4
4
Oct
844 *84
- *83 84
200 Armour
_ _100
Sept
912 9,
95
(1 97
8
94 9 8
7
938 934 914 912 94 834 4,300 Armour & Co (Del) pref..A.. _25 83 4Nlay 20 Feb 16 May 977 Jan
2
914
of Illinois Class
81
6
6
157 Jan 7
8
May Feb
53* 57
53
s
8 53
8
5% 5%
53
8 55
8
538 5% 3,200 Clas. B
25
643 647
518May
918 Jan 6
4
8 64
534 May 17
64
Jan
62
&#;
62
63
1,000 Pi elerred
100
36
35
* 35
80 Apr 93 Feb
35
33
34
33
2,800 Arnold Constable Corp_No par 60 Apr 13 Jan 27
21 Apr
* 26
* 26
18 Apr Jan
* 253 * 253
4
4 * 253
4
200 Art Metal Construction_. 10 22 Jan 11 32 Aug 26
*46
463 *46
4
463
8 46
June 24
Jan Oct
46
45
44
44
500 Artloom Corp
No par 433
4July 1
4
&#;114 *114 *114 &#;114 *114 *114
543 Jan 5
4
464 Sept Jan
4
4
Preferred
100 May 3 114 Sept 8 108 Mar 113 Dec
49
473 463 483
4
4
8 483
4 463 48
463 471 12,200 Assoc Dry Goods
8
4
No par Feb
*109 110
110 &#;109 110
52 Sept 20
Mar 547 Jan
109 *108
400 lst preferred
100 Mar
*108 110
*109 110 *108 109 *108 109 *108 109
Sept 23
96 Mar Jan
109
200 2d preferred
100 105 Mar 23 Sept 22 102 May 110 Dec
*35
*35
40,8 *35
4
41
*35
35
35
*35
200 Associated 011
404
25 35 Oct 20 Feb 19
337 337
8
8 3 4 35% 33% 33% 34
443 Jan 60 Mar
4
53
34
2,400 All 0 & W IS S Line__No par 30% Mar 25 42 Jan
333 333 * 35
8
8
5
* 35
29
Oct 683 Jan
34
* 34
8
* 34
300 Preferred
100 293 Mar 25 June 7
4
116 116
114
Oct Jan
113 115
115% 114 11,600 Atlantic Refining
100 107 Jan 28 Aug 5
&#; . * * * *
97 Mar May
Preferred
100 Feb
*62
63 8 *62
3
119 Aug 20 Oct 120 June
*
63% *62
8 .62
633 *62
8
63h
Atlas Powder
No pa
56'z Mar 1
70 June 9
54 Mar 64 Nov
104 104
104 104
*104 *102 103 *
1,010 Preferred
100 98 Jan 6 107 July 2
"74 8,2 *75
8 8
94 Jan
,2 *75
8 812 *Ps 812 *7% 812 4.7s, 81
Dec
Atlas Tack
&#;61, 6
No pa
714June 25 Apr 7
512 512 *512 6
Oct Jan
8
*512 6
*512 612 *512 61
100 Austin. Nichols&Co vtcNo pa
"30
4% Mar 22 Jan 3
35
*30
715 Oct 28
35
*30
35
Jan
31
31
* 31
* 30
100 Preferred
100 July 26 61 Jan 5
249 248 248
54 Nov 93 Jan
4
4
&#;120 123 *121 *121 *121 121 248 10,600 Baldwin Locomotive Wks_100 Jan 18
4Sept 6
927 Mar Dec
8
4
121
300 Preferred
&#;109 110
100 116 Jan 14 12.t 10 .5_
109 109
10 27, y7 1.
y
109 109 *109 110 &#;109 110
0
Nov
110 110
400 Bamberger (L) & Co pref....100 Mar 30
*51
4
53
*51
53
.44
53
* *45
491
100 Barnett Leather
213
No par 40 Jan 6 594 Feb 9
8 213
8 213
8 9.000 Barnsdall Corp class
A
*21 22 * * 22 * 22 * 22
25 203 Oct 6 Feb 26
4
33 3
May - 1- -Jan
100 Class B
89
25 Oct 7 Feb 28
88
85
83
Oct Jan
86
85 86
4,600 Bayuk Cigars, Inc
*14
15 4 * 143
No par Jan 25 973 Aug 17
,
4 14
39 Mar 553 Nov
14
14
14
*
14
1.500 Beacon 011
65
677
No par
14 Oct 14
June 7
8 63
683
8 653
4 21,000 Beech Nut Packing
22
20 Apr 29 Oct 17
223
8 22
217 223
- -7g Feb
8
71
22h 3,500 Belding Ilem'way
4 22
553 56
Co__No par
4
543 55
8
JolY 7 Jan 7
533 55
26 Dec 393 Jan
4
54
4
52
49,900 Bethlehem Steel Corp
100 432 Jan 27 Sep1 8
4
4
4
4
May 51 18 Sept
4
4
4
4 4,100 Preferred (7%)
393 397* 393 * 39
100
8
4
99 June Dec
8
39% 2,500 Bloomingdale Bros.__ ..No par Jan 3 Oct 17
&#;111 * 112 * *110
34 June 15 Aug 17
28 June 42 Dec
4
20 Preferred
667
100 Jan 20 Apr 18 June 110 Dec
8 63 4 64
3
64
633 3,400 Bon Aml. class A
4
*47
8 54 *43
No par Jan 5 Oct 8
4 5
47
8 5
*43
Dec Dec
4 5
*43
4
4 514
514 *43
300 Booth Fisheries
*39
41
No pgr
8 40
*387
412Sept 2
&#;387 401 *387 401 &#;384 *
8
83 Apr 14
8
418 Mar
s
934 Jan
1st preferred
100 36 Sept 20 May 27
23
23
23
*23
231 *23
231 *23
343 Oct Jan
4
25
*23
25
500 Botany Cons Mills class A....50, 18 May
8 22
22
14 223
223
s 217
4 Sept 6
8 20
20 May Jan
20
18,600 Briggs Manufacturing_No
part Sept 27 363 Feb 23
8
24
Oct Jan
180 181
179 182
180 181
180
178
4 7,700 Brooklyn Edison, Inc
100 Feb 11 Aug 16 133 Mar 163 Sept
4
133 127 132
8
128 132
128 131
s
128 131
14,400 Bklyn Union Gas
No par 895 Apr 4 Aug 10
8 453 463
46 s 467
3
8
4
8 46
46
* 2,700
68 Mar 98 Dec
No par Feb 1 467 Oct
8
327
8 327 333
8 33 8 3,800 Brown Shoe Inc
4 333
June 485 Jan
3
8
13runsw-Balke-Collan'r_No par 257 July 11 387 Jan 17
102
4
101 101
4
8
10
8
Mar 393 Sept
102 s 101 102
1,900 Burns Bros new clAcomNo par June
21
21
21
21
17 Jan 20 121 Mar 144 July
193 21
4
17
19
4
17% 177
4
8 183 10,100 New class B corn_ .....No par
Mar 18 343 Jan 27
*94
*94
*94
941
941 * 965 &#;943 963
4
Nov 44 Feb
5
4
100 Preferred
4
* 131 129 130
100
4
4
97 Mar June
129 129
129
8 2,300 Burroughs Add Mach ..No par 90 June 20 100 Jan 3
683
8 66*3 643 67
68
66
Apr 124 Dec
8
65
65 2 19,800 Bush Terminal new.... ..No par DO Mar 2 Oct 11
,
__
293 Jan 12 685 Oct 17
4
107 107
5
lOO7s 107 107
107 107
4
163 Mar July
4
107 107
110 Debenture
100 Jan 5
118 118 * 118
4Sept 29
117 117
86
Apr 93 Aug
*117
80 Bush Term Bldgs. pref
100 Feb 14 120 Aug 8
4
418 *4
44 41s
41
Jan 104 Nov
4
4
*4
414
45* *4
1,200 Butte Copper dr Zinc
5
33 Mar 19
4
518May 2
473 50
4
473 481
4
4 Dec
49
614 Feb
49
49 2 8,700 Butterick Co
,
*812 83
44 Oct 13 613 Feb 15
4
4
812 812
173 Mar 71 Sept
812 87
812 87
8 *812 87
8 *812 84
700 Butte & Superior Mining
10
7 4 Apr 4 113 Jan 7
3
4
* 75
7 18 Slay
721
727 73
Jan
8
70
70
* 72
2,500 By-Products Coke
No par 66 Jan 29 June 2
53 June 90 Sept
80
794 823
83
4 19,700 Byers & Co (A M)
No par 42 Jan 3 94 June 2
28 Mar 447 Nov
643 651
65
8
65
643
4 64
64 12 633 64
8
4,500 California Packing _ _ No par Apr 1
70 Jan 5
Oct Feb
8 201
203
203 22
4
10,900 California Petroleum
25 20 Oct 11
327s Jan 18
Oct Feb
8
112
lh
13
8
112 &#;138
138
13
3 &#;13
138
138
500 Callahan Zinc-Lead
13
8
133
10
114Sept 26
25 Jan 17
8
86is 864 843 87
112 Mar
4
85
25 Jan
,
88
86
88
84
87% 13,200 Calumet Arizona Mining
10 June 27 893 Oct 6
4
Mar 735 Aug
8 162
4
&#; 163
8
163
4 167
4
16%
1,700 Calumet & Reda.
25 July
133 Mar Aug
3
497 51
517 534 523 497* 527
8
501,, 37,700 Canada Dry Ginger Ale.No par 36 Jan 7 171* Sept 17
5 Aug 10
Oct 49 Sept
268
264 264 265
267 259 265
11,300 Case Thresh Machine
100 132 Jan 27 Oct 7
Jan 176 Aug
&#;Bid and asked prices; no sales on this day. 2 Ex-dividend. a Ex-rights, b'Ex-dividend and ex-rights.
New York Stock Record&#;Continued&#;Page 3
Inactive, see third page preceding
For sales during the week of stocks usually
.
PER SHARE
PER SHARE
.
Range for Previous
STOCKS
Sales
Range Since Jan. 1
HIGH AND LOW SALE PRICES&#;PER SHARE, NOT PER CENT.
'
Year
-share lots
NEW YORK STOCK
for
On basis of 100
EXCHANGE
the
Friday,
Wednesday,' Thursday,
Highest
LOICea
Highest
Monday, 1 Tuesday,
Lowest
Saturday.
Week.
Oct. 20. I Oct. 21.
Oct. 19.
Oct. 18.
Oct. 17.
Oct. 15.
S per share
& Miscel. (Con.) Par $ per share S per share $ per share Aug
per share Shares Indus.
96 Jan
21
S Per share 5 per share I $ per share $ per share $ per share1 S
200 Case Thresh Mach prof__.100 111 Feb 28 May 28
118 118 * 122
Oct MIS
Apr
* 122 * 120
* 122
5.300 Central Alloy Steel____No par 24 Apr 1 33
26
7 Nov Jan
3
4
26 4 26
4
1
/
8 Jan 3 223 Oct 6
100
Leather
100 Central
834 Nov
4
1
/ * *22
22
7 Dec
* 24
* 24
24
*23
714 Jan 3 May 26
100
Certificates
4
Apr 683 Jan
100 54 Jan 14 94 Oct 4
Preferred
50 Nov Dec
4July 18
4.150 ___ _ *90 ____ *90 __ *90 .-__ *90 ____ *90 ____
_ 100 54 Jan 3 783
Preferred certificates_ &#;
8
Oct 327 Jar
4
Jan 26 183 Aug 30
500 Century Ribbon Mills_ _No par
14
14
Jan
*
14
14
Dec 90
*12
* I42 12
100 70 Jan 24 84 Aug 2
30 Preferred
4
1
/ * *
84
.76
Jan Aug
*76
27 68 Sept 17
&#;80
81
81
1
/
624 14, Cerro de Paso Copper_No par 58 June 25 55 4May 11
Jan
4
1
/ 61
60
624 63
May
63
3
64
64
64
8,400 Certain-Teed Products_No par 42 Jan
4 51
4
1
/ 513
50
8 52
517
88ept 8 100 May Nov
1
/
534 514 53
53
100 106 Feb 1
----100 1st preferred
4
1
/
8 Nov 26 Feb
4
* _ _ * _ __ * ____ *
*
5 Aug 16 14 Mar 22
300 ChandierCievelandMotNo par
6
8 *512
7
5 s 57
6
4
*512 203 Dec Feb
6
6
512 512
No par 13 June 27 May 6
-6
*5
1,800 Preferred
19
19
8 19
1
/
4
1
/ 194 197
4
1
/ 19
Apr Dec
4
1
/ 19
* 18
Jan 3 Mar 2
300 Chicago Pneumatic Tool-100
8
May 663 Jan
1
/
127 127 * 130 * * 613 13,400 Childs Co
8
* 130
No par 485 Mar 31 65% Aug 25
8
8
61
81
30 Mar 363 Jan
4
1
/ 63
63
25 June 27 Mar 21
8.500 Chile Copper
1
/
26 Nov
5
16 Ma
34 8 344 344 344 ----Chino Copper
7 24 Apr 11
8 35
3
5 Jan
353* 35
---------------------3
4
1
/
29 Oct83 4 Jan
8
.
, Christie-Brown tern ctfsNo par 347 Jan 5 73 Oct 21
8
Mar 547 Jam
614 iiis i 68is 73 150,100 Chrysler Corp
8Sept 6
8 4
ii53 - 12 64 No par Jan 28 623
4
1
/
5
4
1
/ 54 8 53
54
4
1
/ 584 544 54
55
Jar
93 Mar 108
3
No par Apr II * Aug 28
400 Preferred
4 *112 113 *112 113 *112 113
60 Dec Jac
4
Co_No par 51 June 17 Oct 19
1
/
764 r 22,700 Cluett Peabody &
1
/
4
1
/ 744 76
4
1
/ 77
4
1
/ 74
100 Jan 6 124, Oct 19 Jan 116 Sept
74
1.60 Preferred
* 125 * 125
4
1
/ Dec
124 124 * 125
* 124
No par c Apr 27 Apr 22 128 Mar 174
8
121 12,700 Coca Cola Co
124
8
124
125
Aug 26 101 Oct 19
125
4
1
/
4
/
941 97 121,300 Collins & Altman new.No par 86 Jan 4 963* July 12
99
3
Mar 19 3 Oct
101
4 96
973
100
92
4
1
/ 82,500 Colorado Fuel & Iron
784 77% 80
Jan Del
4
1
/ Oct 21
3
3
3
1
/
82 8 84 4 794 79
22,600 Columbian Carbon v t cNo par 664 Jan 11 92
4
/
1
/
874 891 88
8
4
4
1
/
4
1
/ 863 88
85 Nov 91 Del
3
May 27
4
1
/ 85 s 88
85
4
1
/
85
Gas & Elec new.No par 82 Feb
3
4 883 14,500 Colum
3
987 Nov Nov
3 891 893
4
1
/ 907
4 89
903
90
100 Jan 24 108 Oct 10
8 1.600 Preferred new
1
/
107
___ ,.-&#;
4 Oct 7
4
/
4
108
20,600 Commonwealth Power_No par May 25 783 Feb 21
8 69
4
1
/ 711t 695
I612
-- - Nov -Jan
3
4
1
/ 723* 68
89
72
14 June 29 203
_No par
1.200 Commercial Credit__
4
1
/ 18
*17
18
18
4
1
/ 18
&#;17
Nov Jan
* 18
214
4 18
4
173 173
25 17 June 10 SeDt 26
20 Preferred
221 1 *22
4
223 *22
20 Nov 273 Jar
4
221 1 *22
4
223 *22
8-fune 15 Sept 20
*22
25 187
170 Preferred B
4
1
/ *
*22
Dec Feb
8 22
1
8
*225 23 4 225
460 1st preferred (6 H%)&#;100 69 July 8 86 Sept 23
Jac
*821 1 83
82
82
82
1
/
544 Dec 72
82
83
84
568 Mar 14
*83
400 Comm Invest Trust-No par May 4 Jan 27
46 18
Jac
1
/
8
484 463 464 46
97 June 104
* 49
3
*463 49
&#; 50
100 Sept 20
80 7% preferred
97
97
97
97
98
*97
89 May 100 Jan
97
Mar 14
97
97
974 97
*97
100 July 5 95
100 Preferred MD
8
3
4
1
/ *883 897
1
/
*884 89
88
897* 88
*88
Oct 20 203 Sept 16
3 88
897 *
88
*
Solvents__ No par 161
22,900 Commercial
4
12-13 May - bent
4
4
/
3Sept, 6
161 170
180
181
par Jan 26 263
1
/
4
1
/ 224 60,000 Congoleum-Nairn Inc_No par 47 Mar 11 ept 1
22
4
/
3 211 24
May 57 Del
8 217
3
4 217 223
223
No
9,000 Congre.ss Clgar
68
67
3 67
3
3 Dec &#; 1 Mai
8
5 Jan 5
8 677
4 687
673
66
14 Feb 1
par
No
i2
*1 1
Conley Tin Foil stpd
12
*14
12
*14
1
*14
1
12
*14
v14
4
1
/
45 Apr Del
3
3
No par 75 4 Oct 20 86 4July 7
4
753 6,900,Consolidated Cigar
4
4 753 78
4
1
/ 1
4 783
91 Mar 107 J11 3
783
4
79
1
/
79
100 964 Aug 11 Aug 23
Preferred
101 * 102
102 102
103 103 *102 103
&#;102 103
64 Jai
4
/
11 Aug
4
1
/
2 Feb 4
27
3Ju1y
5
200 Consolidated DistrIb'ersNo par
5*
52
4
3
4
1
/
115 Aull
8
*3
kt
tso
87 Mar
4
3
8
*3
4
1
/
"Is
4
3
94 Mar 9 121,2Sept 17
8
*3
4
/
54,500 Consolidated Gas(NY)No par
_2- 116
116
No par 93 Mar 18 Sept 19
7,600 Preferred
3
4 9l)
3
4
414
- ilni
4
1
/ 993 99 4 993
4
14
3
1 May
5
18
4
1
/ 99 3 99 4 993 99
71sJune
3
99 4 99
318 Mar 14
4
312 33 16.300 Consolidated Textile_ No par
4
1
/ 4
3
7
4 18
4
44
4
Oct 93 3 Aug
44 414
3
414 414
Continental Baking ell-ANo par Apr 30 747 Jan 6
52
17,800
52
53
5
7 8 Oct Sepl
3
55 4 54
54
55
4 May 19 Jan 5
No par
514
512 15.000 Class 13
512 552
512 5.52
4
512 53
,534 6
8
552 57
87 Oct Aug
100 72 Apr 1 Jan 13
3
4 93 4 4,200 Preferred
933
*93
3
94 4 93
70 Mar Jar
93
93
4
Continental Can, Inc_No par 583 Apr 9 July 26
17.800
4
1
/ 77
75
77
76
4 Jan
4
1
/ 77
4
3
4
1
/ 76 4 77
74
25 135 Jan 27 Oct 4 122 Mar Dec
4 3,600 Continental Insurance
204
204 205
8
205 207
205 206
4
1
/
9 May 137
207 209
Jan 6
208 209
4
1
/
9 Oct 21
11,100 Continental Mctors_ __No par
4
1
/ 10
9
3
9 4 975
4
/
7
9
7
9
Mar 511 Dec
4
1
/ 10
9
10
10
10
3
3 25,100 Corn Products 1tefining25 467 Jan 12 May 14
581 57
584 57
58
57
4
573 58
100 128 Jan II Or 4 Jan I Dec
300 Preferred
4
8
4 * 1:153
1
/
Mar 62 Dec
*134 *134 105 109
No par 56 Jan 3 Oct 18
19,200 Coty. lime
104
4
64 Apr 823 Dec
4
1
/ 105 109
8
103 104 107
of America....100 77 Jan 4 Mar 4
10.500 Crucible Steel
3
4 80 8 82
96 Mar 104 Dec
84 843
84
100 103 Jan 18 115 Sept 14
88
200 Preferred
113 113
*113 114
Oct June
Aug 19 Jan 8
&#;113 *113 *113 114
No par
6,200 Cuba Co
211
22
85* May Jam
4
4
103 Jan 5
3 213 22
223
8
47 Oct 21
22
No par
9,300 Cuba Cane Sugar
4
1
/ 51
4
512 578
8
7
58 6
6
1
/
354 June 503 Dec
6
4
1
/
6
14
6
3
100 297 Oct 17 50 Jan 4
4
1
/ 612
6
17,200 Preferred
4
1
/ 31
3
3
3
Aug 303 Jar
4
303 314 297 30 3 29
3
4
1
/ 297 32
32
erican Sugar... 10 Oct 2I Jan 3
4,000 Cuban-Am
201, 21
21
211s 21
211 217
4
21
973 Jan 105 NOV
Jan 31 107 Ault 11
211s
100 102
21
Preferred
*100 103
4
1
/
15 Sept June
7
Oct 10 18 Jan 21
*98 8 104 *100 103 *100 103 *100 103 *100 103
131
Cuban Dom'canSugnewNo par
v13
*13
.13
Nov 55 Dec
4
1
/ *13
13
3
*13
&#;I3
50 Aar 8 58 4Sept 26
Cudahy Packing new
8
514 531
4
/
Mar 108 Dec
4
1
/
4
1
/ 53
'l 521 148 * 9.300 Cushman's Sons
No par 103 Apr 4 152 Oct 17
52
2,700
4
4
1
/
8
147 148 152 *139 148 148 *
Jan
32 Nov 51
No par 30 Apr 28 Oct 11
2,800 Cuyarnel Fruit
52
51
3
513 52
4
/
4
511 52
Oct 463 Feb
52
* 54
11,500 Davison Chemical v t c_No par Apr 28 Sept 24 Mar Dec
8
3
8 353 353 36
377
3
371s 36
Jan 21 160 4Sept 10
4
3
100
375 383
2,800 Detroit Edison
155 155
31
Oct Feb
8 Feb 2
4
155
155 155
155 155
200 Devoe & Raynolds ANo par Aug 13 425
* 37
37
37
37
37
38
4
373 537
*37
38
100 115 Feb 28 ep1 20
*37
790 Diamond Match
Jan
139 138 139
21
Jan 5 - 14 May 1
/
140 140
8
153 103.900 Dodge Bros Class A ___ _No par 131 1 Oct 19 85 Feb 14
1
/
144 14
4
/
4May 90 July
1
/
79
4
1
/ 141 15
14
No par Oct 19
8 GI 110,600 Preferred certif
s 615
,
7
30 113
8 Oct 20 Mat
604 62 8 605 817
4Sept 27
7 June
65
No par
4
/
8 104 111 18,300 Dome Mines, Ltd
103
4
93 10
19 Mar 46 Nov
4
1
/ 10
9
4
1
/
912 9
No par 46 Jan 3 80 July 5
4
1
/ 10
9
_ Douglas Pectin
4
/
4June 1 Mar Aug
300 Duquesne Light 1st pref___100 I Mar 2
4 _ _
._ *
4
*
8
8
&#; _ _
No par Jan 28 Sept 20 Mar Dec
0.800 Eastman Kodak Co
. 163
4
23 Oct Feb
4June 20
166 166
167 167
s
Spring__ _No par 227 Oct 18 293
19.500 Eaton Axle &
24
23
4
1
/ 25
23
25
24
25 343,8 Oct 4 Nov Dec
Jan
25
par
320 33.700 E 1 du Pont de Nem new_No 100 Feb 5 116 Oct 20 Apr Dec
8
1
/
4
1
/ 332
/
330 337
338 339
1.300 6% non-vot deb
* 113
3
10 4 Oct Feb
4
25 sept 22 Feb 15
115 116 116
3.900 Elsenlohr & Bros
13
*12
* 13
13
3 13
Mar 82 Feb
133
3 13
8
127 127
No par Jan 13 100 Sept 8
4,200 Electric Autoltte
4
/
8
4
4 Mar 16 Dec
1
/
944 923 917 911 56,400 Electric Boat
Mar 2 Aug 15
96
94
No par
8
135
15
Oct Feb
15
15
16
, Jan 27 Oct 1
No pa
Electric Pow,Ar IA
1
/
Mar 115 Feb
284 274 264 39,800
30
4 284 27
3
4 281
273* 273
400 Allot ctfs lot' fil'ef 40% pd.- Jan 28 119 Sept 12
1
/ 119 *
4
/
Mar Sept
* 120 * * 119 * I057
No par 96 Jan 14 Sept
.
8 1,400 Preferred
1
/
3
4
1
/
105 106
3
106 106
8
333 Dec June
918 Oct 4 373 Jan 3
106 106
3
&#; 106
072 toil 37,300 F.lefria Ithfrigeration_No par
7
9 2 10
3
103
10
4
/
71 18 Mar 94 s Aug
4
1
/ 11
10
8
107 114
7.700 Elea Storage Battery_No par May 3 791 Jan 6
70
704 69
70
71
814 Dec
70
814 Dec
3 Oct 8 13 Apr 14
1
/
704 704 70
4
/
8
705 711
2.100 Emerson-Brant Class A.No par
4
4
4
4
5
*3 3 4
5
38 4
4
1
/
4
1
/ 3
3
3
4
1
/ 34
3
4
1
/
Mar 72 Fe%
4
1
/
Corp__ 50 64 Jan 28 80 Sept 8
25
4
/
4 721 3,800 Endicott-Johnson
72
'3 7
4
Jan 120 Sept
4
1 41
/ 7 / 72
72
8
74
100 Jan 5 125 Sept 15 114
74 &#; 74
74
74
400 Preferred
124 124
1
/
194 Oct July
4
4
No par 213 Jan 11 395: Oct 8
* *124
4
1
/
*124 124
10,100 Engineers Public Serv_
4
1
/ 37
4
1
/ 37
4
1
/ 36
37
924 Nov Aug
3
3 37
No par 93 4 Jan 8 Sept 20
3
38 4 377
700 Preferred
3
377 38
1 107 g
8
Oct Nov
107 107
4Sein 26
1
/
4
5 243 Jan 3 34
108
8 8,700 Erie Steam Shovel
4
/
8 311 327
4
/
Oct 102 Nov
4
/
311 327
4
1
/
100 Jan 6 July 22 100
8
323 32
300 Preferred
*
38ept,'20 June 3
3
997 June July
* * 110 &#;I08
600 Equitable Office Illdg_ No par 84
4
1
/
4
1
/ * 85
4
1
/ 85
43 May 683* Dec
3
4
1
/ 85 3 85
3
85 8 85
&#;80
Clean_No par 50 Aug 12 77 Aug 6
3
85
&#;80
14 4,400 Eureka Vacuum
70
4
/
2&#; 711 70
3
17 Apt
1
/
144 July
4May 21
73
3
Jan 25 193
723 73
3
727 73
73
100 Exchange Buffet Corp_No par
73
3
3
&#;187 193 *
19
37 Dec 593 Feb
4
4
1
/
8
7
No par 32 Sept 27 May 11
8
&#;187 98 3 *187 19
400 Fairbanks Morse
&#; 37
38
354 *35
36
100 Feb 7 112 Mar 2 Nov 115 Feb
*
4
1
/ 38
*35
Preferred
_-_*._ _ 109 *. __ 109
28 Feb 24 Jan Junt
4
&#;105 115 *105 115 *.___ 109 &#;___. 109
27.500 F Playent-Lasky_No par 92 July
4
/
4
3
4
1
/
1
/
107 108 109
100 July 28 Jan 12 115 Mar Dec
4
1
/
3
108 109 3 107 110
200 Preferred (8%)
4
4
* 122
3
4
/
28 Mar 471 Dec
4
/
15 371 Jan 17 47 May 3
*102 122 *120 122 *120 122 *119 4 122
4
383 3.400 Federal Light & Tme
4
1
/ 40
40
40
86 June 94 Dec
4
1
/ 40
39
No par 911: Feb 23 100 Aug 25
0
4
1
/ 4
1:10 Preferred
40
4
1
/ *98
41 May 111% Jan
Smeit'g_100 60 Feb 9 187 June 16
98
*98
400 Federal Mining &
126 126 *122 131
Jan
61 Mar 105
100 Jan 28 97 Mar 12
130 131 *127 140 &#;I27 140 *127 135
800 Preferred
95
95
*94
94
94
95
1
/
*94
23 Oct 344 Aug
Aug 8 Jan 10
96
par
94
*
1
/
944 96
1.700 Federal Motor Truck_ No
19(4 19, &#;19
4
3
19 3 193
20 20
Feb 3 193 Jan 6 180 Apr ,Jan
&#;20
Ins of N Y. 25
21
*20
156 9,300 Fldel Phan Fire 1st pref
1
/
157
155 158
96 May 107 Feb
100 Jan 13 103 Mar 4
153 157
3
182
200 First Nat'l Plc.
* 101 * 101
3
May 11 30 Feb 7
28 Nov 493 Feb
NO par
&#;100 &#;100 &#;100 264 264 4.800 First Nat'l Stores
1
/
3
3
May Jan
No par IA Oct 13 20 Apr 20
26
273* 26
28
48,300 Fisk Rubber
Mx 17
2
153
1
/
764 Apr Mal
2
3
preferred stamped-100 81 Jan 5 100 Sept 19
151a 15 4 153 157e
100 1st
931
* *914 *91
93
93
* 93
*92
94 June 107 Mat
100 July 5 102 Sept 9
100 1st preferred cony
*97 100
*97 100
98
98
99
*97
324 Mar Fen
99
97
0
&#;97 100
45.300 Fleischman Co new ____No par Feb 1 Aug 20
63
4
4
4
8
14 613 613
Dec Jan
No par 46 Sept 22 885 Apr 1
8
7
62 8 634 617 634 62
1,800 Foundation Co
49
Jan
Mar 85
49
No par 50 June 28 Jan 6
49
49
49
49
18.900 Fox Film Class A
4
683 69
4
1
/
4
1
/ 69
1
/
69
Jan 38 Dec
69
No par 344 Jan 4 944 Oct 13
4
1
/ 70
69
70
115,900 Freeport Texas Co
4
855
8 88
4
1
/ 903
8 87
4
1
/
25 Nov 42 Feb
No par Jan 3 59 Aug 5
4 897
911
Snubber A
4
/
911 93
3 15.800 Gabriel
4
1
/
3
9 Jan
612 Jan 27 124July 20
384 36 3 374 381s 40 4 5,500 Gardner Motor
4
1
/
5 Nov
No par
3 364 36
94
363
8
3
83
*8
8
3
8
812
3Sept 7
39 Mar 55 8 Jan
8
No par 48 Jan 3 623
4
1
/
84 8
814 812
1
/
e 584 13.000 Gen Amer Tank car
4
4
1
/ 575 593
June 109 Dee
3
100 106 3 Mar I Slept 28
3 57
583
4
1
/
58
57
200 Preferred_
3
56 8 57
&#;110 112
14
50 Mar 044 Aug
100 65 Aug 27 96 Mar 2
*110 112 *110 112
*110 112
81% 108.100 General Asphtt
1
/
Mar 140, Aug
4
1
/ 794 833* 120
100 Aug 27 g Mar 2
3
14 84 3 814 83
2.200 Preferred
80
120
123 . 123
46 Mar Feb
par &#; 52 Jan 26 July 15
123 127
8
13,800 General Cigar. Inc new.No
124 125
4
1
/ 69
69
4
100 116 Jan 5 136 Sept 22 109 Jan 118 Dec
68
3 68
Preferred (7)
67% 687
4
* 673
583 Oct 19
1
/
120 130 &#;120 130 *120 130
51 Mar 56% Aug
120 130
120 130
500 Gen Outdoor Adv A_No par 544 Apr 11
*120 130
1
/
&#;584 59
4
1
/
1
/
Mar 39 Dec
4
1
/ &#;584 59
par 37 Jan 18 Oct 5
4
3 583 58
584 553
3
58 4 58
10.000 Trust certificates&#;No par 81 Jan 27
.58
53
,3
53 4 53
8Sept 7
79 June Aug
53
4
General Electric New _ _No
544 523 54
4
1
/
4
1
/
4
1
/ 52
53
125 127 236,000
4
113 Dec
4
/
Jan
130
4
/
111 Jan 5
11
11 June 21
133
_10
130 132N
7
135 8 131 135
5,300 General Electric special _ _ _ par 34 Apr 1 471 Feb 2
1
Jr.!
4
/
34 Mar 59
2 1P4 114
113
:4
600 General Gas & Elec A _ _No
113
373
96 May 100 Dec
4
*373 39
pf A (7) No par 100 Jan 3 Oct 7
39
4
*373
38
38
Gen Om& Elea
39
*38
Apr 113 Sept
0 .110
No par Mar 22 120 June 1
100 Preferred A (8)
110 110 110 .11
*110 111
1
/
924 Apr 96 Jan
120 120 . 120 * 120
No par 96 Jan 13 105 June 22
120
Preferred B (7)
* 120
_ _ ._ *104
_.
Corp new_25 Aug 19 141 Oct 4
105 * *104
4
/
&#;I03 105
127 General Motors
4
1
/
4
1
122 13.4
133
1 13
100 Mar 9 Oct 4 13 Jan . / 8
3.400 7% preferred
1
/
135 194I. 137
.
4
12.11,
...... ..&#;
ion% In stock.
Ex-d1v1dend. a Ex rights c Es-dividend
no sales on this day r
&#;Bid and asked pdces:
New York Stock Record -Continued-Page 4
For sales during the week of stocks usually Inactive. see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 15.
Wednesday, Thursday, ,
Monday, , Tuesday,
Oct. 18. 1 Oct. 19.
Oct. 20. 1
Oct. 17.
Friday,
Oct. 21.
I Sales
for
I the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. I
On beets of 100 share Iota
Lowest
Highest
. PER SHARE
Range for Previous
Year
Lowest
Highest
Industrial & Misc. Par $ per share $ per share 5 per share $ ner share
$ per share $ per share 5 per share $ per share 5 per share $ per share Shares
984 Apr 105 June
*
&#;
*
*108
Gen Motors Cf yp 6%deb pf100 104 Mar 7 10 12'U:1d 21
&#;
__ &#;
7
Mar 93 4 Aug
122 131
37,100 Gen Ry Signal new. _ _.No par Jan 14 Sept 6
- 4
139 14
-014 135 132 128 133
Jan
36 May 49
4
653
8 633 5,200 General Refractories_ _No par, 38 Jan 14 75 June I
688s 66
411 Nov 787 Jan
,
No par' ar 24 5' Sept 17
8
455 75,400 Gimbel Bros
8
503
48
42
4 46
61
ipo 994 Mar 18 108 2July 14 100 Now II I% Jan
,
*99 105
100 Preferred
* 104
104 104 *102 106 *102 106 *101 105
Na par
May 21 22 Mar 10
153 June 25 4 Jan
8
8
3 15
1
3
153 145 5,300 Glidden Co
8
153 153
3
2 15 4 157
153 15
2
41 12 Mar 56% Feb
4
8
657
65% 623 643 35,500 Gold Dust Corp v t c__.No par' 42 Mar 9 69% Oct 10
68 1 647
i 75
Nov 70 4 Feb
4
3
80
75
38,600 Goodrich Co (B F).__No par, 423 Jan 3 85is Sept :23
817
807
8 78
Jan 3 10 1 Sept 6
Dec 100 Feb
.100, 95
509 Preferred
105 *105 107
105 105 1 105 105 *105 106 *105 108
8
8
613
4; 594 614' 60
567 591 4 583 31,500 Goodyear T & Rub.....No par' 483 Aug 31. 6%%Sept f6
8
613 60
2
968
8 954 95
&#; 1,805 lo pr..f.... ....... No pod Oct 21 Oct 5
96
95 1 95
33l Mar 111 Nov
1
;
8
4
77
2,900 Gotham Silk Hoslery_No par 573 Jan 12 Sept 2
797 79
79
753 76
797
471/ July 687 Nov
8
New
No par. 58 Jan 12 82 Se
79
79
1,700
80 80 1 80 80
_
_100: 104 Jan 26 122 Sept29
200 Preferred New
*115 119 1'115 119 *115 *115 115 115 *115
10 May 25
8
Oct 2Ii Jan
412
200 Gould Coupler A
*414 5
*414 6 ,
414 414 *33
4 414 *4
No par' 44 Oct 19
*414 5
161g Max 387 Dee
2
344' 34
34
34
5,900 Granby Cons M Sta.& Pr_ 100' 31 18 Jan 27 45 May 26
34
34
52Sept 1
393
2 38
37.300 Great Western SugarnewNo par, Oct 21 44
41 i 40
4
121 122
121 121
590 Preferred
100 Feb 26 123 Sept 7 108'! Mar July
121 14 122 * 122 * 122
93 Apr 34% Dee
4
Oct 1
2 73
72 ' 717
793
4 193.000 Greene Cananea Copper. 100 Jan 27
107 Feb
2
5% Jan
114May 31.
7 Oct 18
7
712 *712 8
712
732 *712 8
2,300 Guantanamo Sugar_ __ _No par
712 712
8
8 1
513 Oct 93% Jan
2
.
403 41
41
1,900 Gulf States Steel
100 40 Oct II 64 Feb 28
41% 411g 41
4
41
42
45 June 604 Dec
*61
62
280 Hanna lot pref class A_ _ _ _100 56 Jan 31 67 .Jan 19
61 1 61
62
62 62
*61
62
61
Oct 281/ Nov
26
24
*23
24
100 Hartman Corp class A.No par Oct 14 Mar 29
*23
* 23 4 * * 234
3
24% Dec 30 Sept
8
214 3,100 Class B.
22
No par 20 Aug 12 293 Apr 18
214 22 1 21
22
*21
22
Jan
Dec 46
Feb 15 Mar 31
Hayes Wheel
No par
614 Mar 88 Dec
300 Heltne (0 W)
25 Jan 14 125 Oct 5
120
s
&#; 122 ,*115 122 * 122 *115 122 *115 120
8July 6
174 May Aug
417
No par 22 Jan 31
700 Hoe (10 & Co
333
8 334 *33
33
33 1 *33
33
4 7,400 Hollander & Son (A). _.No par June 3 Oct 13
373
397
8 394 373
39
4 38
38
Jan 63 OcI
612 Oct 15
100 Honfestake Mining
100 60 Jan 25
____ *66
75 '66_ _
____ *66
_ _._ *67
*66
48% Jan
40 Ma
- -3
66 1 65
66
64'2 64 8 4,10C Househ Prod Ine tern citNopar Jan 3 65 Oct :4
Jan
504 Mar 71
lsm pa
f ,
18 Jan II 175 Oct 10
4
166 171
172
4
164 151 213,800 Houston 011 of Tex tem etsllill tr3j
42
t 20
II
27
Jan 45 Sept
383
4 3,800 Howe Sound
2 383
4 38
383
4 38
387 387
4
40% Oct Jan
4
1 70
73 I 70
663 713
4 657 683
713 732
4
4
8
2 703 285,000!Hudson Motor Car....No par Jan 24 oil/ Aug 2
17 Ma
2-3 Jan
s
18
18
16
18
173
4 19,800'H upp Motor Car Corp_ ...10 16 Oct 20 23% Jan 10
Jan
19% Ma
34
8
175
sMaY -0 32% Feb 1
20% '201s 203
4 203 24,500 Independent Oil& Glui_No par
Dec Feb
13 Mar 30 3 %Sept 30
No par
30 1 30
29 4 293 2,500 Indian M: torycle
3
4
4
*30
30
13 Feb
10
712May 12 121gSept 8
7% Oc
83 21.900 Indian Refining
4
8
8 11' 8
8 14
8% 87
814 88
814 87
8
12 Sept 8
10
710 01(.20
,
712 Oct Feb
2 10. Certificates_
8
81
8
8
8
81
8
8
738 8 1
Ma 104
Jan
.No par Oct 21 Apr 2
400 Ingersoll Rand new...
88
88
88
88
*90
92 1 *90
92 1 89 89
May 43% Dec
51 1 5,000 Inland Steel.
4
No par 41 Feb 15 554.,inly 25
503 52
51
513
4 51
51 12 52
51
51
4
117 117
200 Preferred
100 III Jan 3 118 Oct 17 Ma 115 Feb
11R 118 *117
_ _ &#;117 118 *116 118
*117 119
2 44 Ma
285 Nov
8
19,900 Inspiration Cons Copper
20 .1mie 27 Jan 12
4
* 17% 17% 173 18
213 Feb
4
12 De
13$4 Mar 12
'
.12
300 I n ter(5fnt'l Rubber_ ___No parl I 138J une 21
*12
*12
12
&#;12
12
12
918 De
Jan
91
*914 10
No par
64 Apr 23 Aug 23
10
91
600 Internet Agricul
10
91
91
91
91 ' .91
*91
Jan
8
100 33 Mar 20 May 26
95
563 De
*45
47
300 Prior preferred
* 47 I 46
46 I * 47
* 47
90
567 Dee
2
Ma
92
90
913 11,300 lot BusIne,s NlarhInes_No par Jen 13 94 Sept 2
8
91
92
44% Or
8May 31
71% Jan
4 55
55'2 563
4 5,500 Internati mal Cement._No par Jeri 211 653
557
Jan
Preferred
100 100
100
100 WO 03t 21 112 . &#; I 23 Oc 106
4
*110 112 ,&#;110 112 *109 110 *109 110 *109 110
Mar Jan
,
4
4
3
4- 3 467
58
4 47.000 Inter (7 mlf Eng Corp No par Jan 28 64 Mar I
44 I 463 48 I 453 47 ' 45 4 467
213 209 217
4
204 18,400 Internati.mal harvester
4
8
135% Jan 18 237 Sept 15 Mar Dee
223 223% 215 222
Jan 129 Dee
4
400
Preferred
100 Jan 12
4
* * +
4
4
4
4
8Sep1 29 118
47
47
412 Aug 8
83
420lay 27
6 Sept 12% Feb
*412 5 1 5 1
412 412 *412 5
330 Int Mercantile Marine____100
412 412
8
Ill() 35 1 Oct 21
aIaty 31, 27 Mar 463 Feb
364 373
4, 373
4 36% 373* 353 363
4
4 36
354 6,800 Preferred
Mar 66% Feb
89 I . 87
855 875
8
30,400 International Match pref 35 62 Mar 2 01 1 1 Oct 10
32% Mar Jan
75,700 Intern:AH.11a Nickel (T),e) 25 Jan 3 75 May 31.
673 683
4
4 668 68 1 683
06
4 06
Apr 63% Aug
4
64
653
63
4
673 109,900 International Paper...No par aMay 18 673 Oct 21
4
623 65
89 May 100 Dec
102% , 102 4 102% 16,500 Preferred (7%)
2
,
1. ei t 2
4 . 17
0:
4
4
135 May 175 Jan
nK) °
0 Je n 3 10
a
222 230 1 220 *222 221 *211 1,300 Interned mal Shoe ____No par 16°13 j fi 21
4
&#;185 188 &#;184 185
1.1ver
100 Mar 21 Oct 20
184 188
189 192 *186 191
3,700 International 5
Jan
8Sept 14 ill idai 133
149 145 150 1 144 33,803 Internet I elm)& Teleg_ _ _ _100 Jan 25 155,
4
8
Jan
July 29
31 1 .31
*30
*30
500 Intertype Corp
Na par
Jan 31 June 18
32 1 31
30
31
30
30
61
61 1 61
61
59
59 .59
61 I 59
60
58
58
900 Island Creek Coal....1 er 1 I 67 Sept 6
Jan "fie;
25
3,900 Jewel Tea. Inc
73
73 I 71
8
71
713
41 71
71
No par Jan 3 Oct 14
733* 707 72
72
&#;113 &#;I13 115 *113 115 *113 115 0' 115 1'113 115
1 Preferred
190 111 12July 25 Mar 15! Jan Nov
Jan 120 Aug
121
121
121 121 1 121 121 1
90 Jones & I.augh Steel pref.. _100 117 Feb 21 123 Oct II 114
9 Dee
Feb
105 Jan 3: ./uue 27
29
293
8 28
283
4' 264 273
s
263
4 5.600!Jones Bros Tea. Inc_ _ ...No par
12 Nov 66 Feb
5
164 15
125
8July 61
9,500 Jordan Motor Car
No par
15 4 15
3
16
15 4 15
3
16
300 Kan City P&L 1st pf ANo pa 112 Feb 101 116 Oct II Mar 115 NOV
*115 115 115 *115 / 115 115 *115
334 May Dec
88ept 17
58
49 Apr 291 627
7,000 Kayser (J) Co v IC..
.No pa
61
563 58
4
58
59 I 59
4 26 4 26 4 277
3
29,600 Kelly-Springfleld Tire
9
Oct Feb
912 Jan 27, 3,14SePt '21
25
3
283
8 277
273* 273
27
28
Oct 74:4 Feb
1, 8% preferred
100 35 Feb 21 102 Sept 2
923 924 93
4
9
*86
87
038 91 I 89
6% preferred
100 44 Jan 191 9 4Sept 26
*85
89
*85
88
&#;85
88
*83
*84
86
45 Dec Feb
*80
*20 4 21
3
21
19
*21
19 Oct 19 27 July II
.N' pa
21
21
2,600 Kelsey Hayes Wheel..
7
3
733 73
4 721 41.Kennecott Copper.... No pa
60 Feb 9 774 Sept 14
743 754 73 4 75
4
73 4 723
3
Mar ..64i4 Nov
14June 30
1, Keystone Tire & Rubb_No pa
1 Mar 11
24 Jan
53
8
la
SI
3
2
3
2
3
8
"2
,
*3
8
4
3
61
14
15 May
Kinney Co
26
*24
26
&#;25
*25
27
*25
28
No pa
26 1 26
26
39 No
Jan
&#;24
19 4June 28 45 Jan 5
3
703 80 80
4
&#;79
80
80
80
200 Preferred
100 56 June 29 Apr 8
80
80
80
813
85 Sell
Jan
514 52
494 503* 493
8
4.900 Kraft Cheese
25 49 June 16 627 Feb 26
4 50
50
50
miss Dec 68 Noll
713
8
4 70'-, 67 4 71'2 683
4 654 gal 41,900 Kresge (68) Co new
10 457 Jan 28 Sept 8
42 4 M
3
82 Jan
,
8
715 72
70 Preferred
100 Feb 9 1L5 July 16 Nov 114 4 Feb
3
231
*12
143 .13
13
10 June 28 Feb 8
100 Kresge Dept Stores_ __No pa
13
2
*13
14
M
Jan
143 &#;13
&#;13
545
51
*45
51
*45
51
*45
51
Preferred
100 46 June 28 80 Jas 4
Mar 934 Feb
&#;45
4
Laclede Gas L (St 1.ouls)....I00 Jan 27 June 2 146 Mar 196 Dee
212 225 *210 225 .205 225 .205 220 &#;205 220 *205 220
0
32 4 32
3
8 315 331
Jan 13 34 4 '-'1 22
9.900 Lago 011 & Transport_No pa
May June
3
323
33
61,600 Lambert Co
No pa
85% 847
83
394 Ma
66 Jan 28 85% Oct 16
72 Nov
84
127 127
4 12% 127
123 12
4
3,900 Lee Rubber & Tire...
7 Jan 4 15 Sept 23
614 Dec 14
.No pa
12%
4
Jan
30:4 Mar 41% Jan
325 Apr 27 Sept 9
8
4.100 Lehn & Fink
37 I 37
363 362 Ws 3
No pa
367 37'4 3
4
g
638 374 37
61
* 22
4,700 Life Savers
221g 21
21
21
174 M
No pa
25 Dee
20'4 Sept16 247 Feb 17
217 217
*
724 Mar 103 Dec
600 Liggett & Myers Tobacco.
3
.25 * Feb 10 125 Sept,30
123 *122 123 123 1 120% 120 4
122
71 Mar 72% Deo
4
8,600 Series B
2 . Feb 10 128 Oct 4
123 133 1 122
4
3
4
1 Preferred
&#;133 135 134 * 134 * 134 * &#;
100 Jan 27 Oct 14 119 4 Jan May
61
Mar 69% Jan
61
593
4 58
57 Oct 20 763 Apr 26
8
2,900 Lima Log Wks
61 1 57
No pa
* 62
8,900 Liquid Carbonic certlfs_No pa
8
434 Oct 687 Nov
523
4 512 51
4.53
45eot 19 Feb 14
62
4
5 22 51
3
53
344 Mar 43% Dee
4 567 58
487 Jan 4 637 Mar 17
8
42.700 1.44ew's Incorporated_ No pa
2 58
4 583
4
60
58
59 4 593
3
6
Oct 114 Feb
538 5 2
3
5 Oct 17
5
5 12
512 514
No pa
514 514
514
54
,
54 5 4 4,800 Loft Incorporated
,
738 Jan 20
31
31
Dec 504 Feb
4
314
800 Long Bell Lumber A__ No pa
304 30% .303 31
Oct 6 43 Mar 7
1 487
4
248
49
453 491
4
14.300 Loose-Wiles Biscuit new___... zJuly 1
497 51
47
Sept 6
2i 475 497
_
2d preferred
100 157 Mar II 171 May 7 iini. Mar ii&" "6;3;
367- - 36Is -( 1 orIllard
8
27% Oct 424 Feb
4July 28
2
'Ws 367 36 -
May 2 473
2
200; Preferred
* '112 '112 *112
100 107 June 27 Jan 13 Apr 130 Aug
6,500 Loulalana 011 temp ctts_No par
11
8
12 Mar 197 June
Sept 3 12 Aug 16
10%
*90
903 .90
4
* 903
8 90
90
90
110 Preferred
*90
93 Dec 98 Dec
190 90 Apr 6 97 Feb 5
8 263
4 263 263
4 263 263 * 1,600 Louisville 0 & El A._.No par 23 8 Jan 3 28 May 10
4
4
4
22 4 Mar Feb
3
5
267
22
217 22
22
*213 22
4
1,300 Ludlum Steel
* 23
22% Oct Feb
No par Oct 20 334 Mar 18
&#;118 120
115 116
114 114 .115 120
115 115
114 114
500 Mackay Companleti
Oe 138 Feb
100 105 June 27 134 Aug 24 122
* 71
71
693
200 Preferred
s * 71 1 . 70
68 Mar Feb
100 67 Aug2 74 Aug 18
103
101 103
80,000 Mack Trucks. Inc
108
4
895 Nov 159 Jan
8
4May 23
No par Jan 24
112 112 * 112 &#; 112 * 112 * 112
200 1st preferred
112 112
100 109 Jan 25 IJuly It Nov 113 June
200' 2d preferred
106 106 * 108 * 108 * 107 *106
4
Oct Sept
100 102 Jan 18 sJune 9 102
441g 467
44
2 457
4 433 29,400 Magma Copper
8 453
4
45% 46
8
No par Feb 9 4 1 Oct 7
34 Apr 447 Feb
4
17
17
104 163 163
2
2 153 16
4
153
125 Nov Jan
Apr 7 183
4 3,800 MallInson (11 R) & Co_No par
2
4Sept 8
46
477
8 6,200 Manh Elec Supply____No par 45% Oct 19 132 Aug 5
48
44
Oct 87% July
&#;483 60
4
31
* 31
31
31
31
1,800 Manhattan Shirt
4 31
313
Oct 327 Jan
3
25 Jun 18 34 8July 21
:
331
&#;463 484 60
4
*59
60
60
80 Manila Electric Corp_.No par 40 Jan 22 60 Oct 19
*59
60
Mar 45% Sept
*463 5
8 01
4 13 4 &#;13 2 *13
133
133 133 *13
4
,
14
1.000 Marac lb. 011 Expl....No par
4
12 Oct 4 22% Jan 18
133 138
3
Oct 20 Feb
33% 33
8 33
8
345
333* 325 35
32,400 Marland 011
Na par 31 June 27 Jan 17
Mar 633* June
34
45
431
43
45
Oct 33 Mar
No par 27 Jan 10 5:614 July16
433
4 2,600,Marlin-Rockwell
45
* 181 &#; 173 * 18
* 19
&#;1yt2 18
* 19
IMartIn-Parry Corp.__ _No par
17 May 23 June
4
165
8June 29 243 Fel)24
8 5.500'Muthleson Alkali WorksNo par 82 Jan 6 July 20
112
4
4
4
4
May Jan
118 113 116
873
8 84% 873
85
84
88
87
85
4June 28 88 Oct 15
23,900 May Dept Stores new
Dec 70 Dec
25 663
87
323 33
8
321
321g 323* 7,200 Maytag Co
19 Mar Sept
8
No par 233 Jan 15 344 Aug 10
323
81
81
Jail
80
1,200 McCrory Stores Class BNo par Mar 4 91 Sept 7
80
72 Mar 121
*81
.0 843 * 843
28% * 283
283 1,400 McIntyre Porcupine Minea..5 Mar 14 283 Oct 6
8
Oct 30 Feb
4
28% 283
4
25
247 25
*247 25
8
25
600 Metro-Goldwyn Pictures pf _27 24% Jan 3 Feb 21
247 * 25
4
Jan Nov
24% 25
&#;
412 4%
418
41
6 Feb
133 July
4
3 Aug 23
412 438 2,300,hlexlcan Seaboard 00 _ .No par
413 418
4
43
4
914 Fell 16
412 41
15
II
Mar
Feb 28
15
15
.1tine 21
2,900 Mlionl Copper
5
15
15
15
* 15
15
175* Oct
15
15
July 37
Jan
26
8
253 261
4
273 12,300 MIrl-ContInent Petro_.No par Oct 10 393 Jan 21
8
261
100 Mld-Cont Petrol pref
90 Mar Dec
100 97 Apr 28 105 Feb 3
104 104 *103 105 *100 104
&#;100 105 &#;100 105 &#;100 105
3 e 23
3
3 Nov
4
212 Jan
15 Jan 3
8
2
2
10
2
214 *2
21
2
2
4,200 MIddle States Oil Corp
&#;2
214
218 21
Oct
23 June 23
4
Dee
14 Jan 25
134
178
10
134
(7ertllieates
13
4
13
4
13
4
13
4
13
4
13
13
4
13
1s4'
' 1
1%
1/
177% Oct 15 ' Mar
170 174
14,600, M Idland Steel Prod pref_ _ _1(10 106 Apr 1
170 176
171
171 170 169 175
30 May 443 Feb
4
4
4
No par 233 Aug 26 363 Ape 12
253
4 25
8
25
26
26
25
255 2,800 Miller Rubber Ws
26
69% Mar Nov
100 81 12 Jan 28 Oct 18
4
4
g 105 109: 106 105 104 21,300 Montana Power
108 106
58 May 82
8
Jan
60.800 Monte Ward dt Co Ill corn_ _10 603 Feb 8 Sept 30
80
817
4 793 801
4
775* 80
82
Ex-dividend and ex-rights.
&#;Bid and raked prices: no sales on this day_ x Ex-dlyldend.
New York Stock Record-Continued-Page 5
For sales during the week of stocks usually Inactive, see fifth page preceding.
PER SHARE
Salts
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
STOCKS
Range Since Jan.
NEW YORK STOCK
for
On basis of 100-share lots
the
Saturday,
EXCHANGE
Friday,
Monday,Tuesday. Wednesday, Thursday,
Week.
Oct. 15.
Lowest
Oct. 19. 1 Oct. 20.
Oct. 17. I Oct. 18.
Oct. 21.
Highest
$ per share $ per share $ per share $ per share
$ Per share $ per share Shares Indus. & MIscel. (Con.) Par $ Per Share $ Per share
;
*64 671,
6 June 23 124 Jan 5
63
4 634
No par
614 614
618 64 2.100 Moon Motors
613 64
6
6 14
8Sept 30
18
4 14 2,100 Mother Lode Coalition_No par
17
, 17
13
2
438 Jan 3
2 I
IN
14
14 17
13
4 18
4
612Sept Is 16% Mar 18
100 Motion Picture
No par
*7
8
8 1
*7
'
714 714 *712 8
'Ds 8
8
*7
'23
214 213 10.800 Motor Meter A
4
No par i014 Oct 17 Apr 18
.261 26
26
No par Jan 3 Mar 29
254 2,200 Motor Wheel
.605 55 621
8
No par 10 Jan 5 Sept 20
62
613
3 25,600 Mulline Body Corp
447 454 4.900 Munsingwear Inc
. . 49
No par May 17 Aug 18
45
47
47
461: 48
' 19 I 19
. 184 19
No par Oct 11 43 Feb 23
184 177 7,600 Murray Body new
874 864. . 86
854 .874 86,600 Nash Motors Co
No par Apr 25 93 -.Sept 2.1
54
*54 5
500 National Acme stamped _-10
5 Feb 15
53
64May 18
54 54
514 514
514 .5
54 514 *5
38
1,400 Nat Bellas Hess
39
No par 31 &#; Sept 22 444 April
38 . 38
384 3 ,
38
9 8' 38
* 38 I 38
: : * 934 93
93
500
100 Sept 16 97 Apr 19
Preferred
93 I. 90
90 *90
*90
146
z 143 145
7,800 National 131scult
25 Jan27 Sept 21
*139 140 *139 *129 *139 &#;139 140
200
100 130 Jan 10 .141 Aug 25
Preferred
_ 453 45 4., 454 . 45 45
4
7,600 Nat Cash Register A w1No par 394 Jan 3 483
444 45
3
8'Sept 19
' 631a . 604 62
No par May 3 687 Aug 4
60 3 20,100 Nat Dairy Prod
7
8
*' 24 I, *' 234 . .234 23
. ' 800 Nat Department Storm No par June 27 27% Mar I
,1 23
23
, 92. . * -93_ 914. * * * 911s
let preferred
100 July 26 Jan 10
;5.11, .40
53
50 523
3
4 481s 507 108,800 Nat Distill Prod etfs__No par 17 Feb 8 60. Oct 14
3,200 Preferred temp ette__No par 43 Mar 22 693
. .61
62
60
460. - 62
*56
4Jo e 8
*241
27 &#; 27 &#;;2L 25 *25
* 1,200 Nat Enarn & Stamping._100 Apr 29 353
25
8June 6
*90
NO
91
Preferred
91 .5
.90
91
01
* *90
100 Apr 29 917 idly 5
*90 . 91
8
'123.
.119 119 . 117 I 118
4
2,900 National Lead
116
4
100 895 May 31
116
4May 16
600 Preferred A
* 13.712 * * 138
s
100 June 2 138 Oct 21
; 24 4 3 7
3
&#; 6 &#; . 7 24
4
26,200 National Pr & Lt etfs_No par June 23 263
..23.8
56! 234 24
24
4Sept 27
874 57 3 , '874 " 873
81 87
7
3.300 National Supply
874 86
50 76 May11 Feb 18
874 86
.
6
2
3,540 National Surety
281
273 z 273 277
100 a2IS July 21 281 Oct 18
'163 165
.162 162 165
1.200 National Tea Co
163 165 &#;162 164
No par 108 Apr 18 July 21
t 164 164 163 16
8
June 29 Sept 15
8
8
157 163 19,800 Nevada Consul Copper _No par
404 41 '' 40
40
No par 394 Oct 21 50 June 9
&#; 40 4 . 1
3 4
4 3,200 N Y Air Brake
41
394 393
...... N Y Canners
No par 131s Apr 21 214 Jan 3
Preferred
No par 43 Mar 30 72 Jan 13
607
8 . . 5.8
8Sept 12
100 34 Jan 14 647
69
59 59
*58
61
574 573
3 2,100 New York Dock
.*84
89
*83 86
100 Preferred
*83 86
86 86
*86
100 724 Feb 9 90 Sept 12
89
*86
88
* 294 .* 294 1,400 Niagara Falls Power pf new_25 273 Jan 31 293
8May 2
4
&#; 624 824 60 61
10 45 3 Jan 14 Oct 4
584 61
57
3
58 2 91,200 North American Co
,
, 53 53
53 53
53
*531. 54
50 50 Jan 10 55 Aug 9
534 533
4 1,100 Preferred
*104 *104
400 No Amer Edlion pref .No par 964 Jan 6 105 Oct 4
,03
24 3
400 Norwalk Tire & Rubber_ _ _ _ 10
*23
4 3 &#; *23
LA Feb 10
4 3
17sJune 16
*23
4 3
234 23
4
24 23
4
*10
11
11
*10
11
100 Nunnally Co (The) - _No par
*10
10
11
10 *10
11
9 8 Aug 15 13 Jan 19
5
333
'
533
*33 33 2 .33
33 33
,
1.100 011 Well Supply
33
33
33
25 Jan 28 .1d 30
. 13 3 14
3
124 21,300 Omnibus Corp
No par 11 Mar 25 June 11
.* 76
74
*74
75
74 74
73 73
721 734 2,700 Oppenhelm Collins & CoNo par 584 Feb 8 77',Sept 13
:
' 25 ; 25
254 253 *25
3
I Sept 2 35 Apr 7
2,800 Orpheum Circuit. Inc
*25
.08 103 *98 103 I *98 103
103
103 103
100 Preferred
*98 103
100 103 Oct 20 in° 2
148 148
147 149 142 142
8
4,500 Otis Elevator
143
140
50 Feb 2 15.534 Oct 3
* * 120 * 120 &#; 120 &#; 120
4
20, Preferred
100 108 Feb 16 Aug 2
' 8 8 87
7
8
88 88
7
7
812 812
812 812
812 84
812
812 2,200 Otis Steel
No par
714 Feb 10 121:June 6
* 73 *702 72
71
70
70
600 Prior pref
70 *70
72
70
100 Feb 8 793
3June 9
. 791a 793 81
8
824 14,800 Owens Bottle
80
25 Jan 18 Mar 14
427 43 , 424 411: 42
0
42
6.800 Pacific Gas - Eleo new
413 42
4
42
25 31 Feb 18 453
8Sept 24
118 Pa &#;118 114 *1ls 114
118
118
1 May 25
115 118
No par
178 Jan 7
114 5,200 Pacific 011
14
* 487
10 Apr 28 Oct 6
2 4 8 46
47% 119,200 Packard Motor Car
87
104 101 107
:
3 101 107
:
8 103 101z 2,900,Paige Det Motor Car_ _No par
8
773 Mar 22 I412May 4
48 8 48
47
7
47
47
.
484 8,100 Pan-Amer Petr & Trans_ _ _50 Aug 29 65 3 Jan 19
7
49
38' 47 4 481: 47 8 48 4 47
1
5
28,700 Class B
50 45% Aug 29 Jan 20
,
&#; 19 1 174 174 * 173
3 4.800 Pan-Am West Petrol B_No par Oct 8 Jan 24
4 174 183
914 10 &#; 94 91
8 5,300 Panhandle Prod & ref_No par
912 10
*912 10
: 94 9 8
8 Apr 29 184 Jan 17
10
3
107
7
200 Preferred
100 54 Sept 8 813 Jan 17
70 *60
*60 67 *80
70
60 604 *58
70
4
3
. 424 42 8 423 44
4
43
40 4 43 35,900 Park & Tilford tern etfs_No pa/ 20 Jan 27 Oct 10
3
I
6 Jan 3
8 Mar 4
*7 . 714 *7
74 *7
714
71a 7 3 2,100 Park Utah C M
714 714
1
714 714
21
22 I 20
207
3 274 267 264 27 26.600 Pathe Exchange A new.No par 20 Sept 22 .1une 17
8
20
20
20
20
*194 20
20
1,300 Patlno Mines & Einem_ _ _ _20 Aug 1 Feb 2
20
20
8 217 223
8
8 22
214 5,800 Peerless Motor Car
ao 20 Apr 29 32 Jan 8
3
&#; 223 22 4 , 224 . 223
4
. 19N ,. 194 20
3May 9
194 194 2,100 Penick & Ford
No par ,0C 29 277
May 27
.*14 &#; 15 I. *14 . . 14
50 Jan 1
14 * &#;124 13
200 Penn Coal & Coke
* 141
' 25
25
,- &#; 25
251
6,700 Penn-Dixie Cement_ _No par Aug 23 Jan 13
241 2,5'. 25
4
25
100 May 14
Preferred
981
100 91 Sept
981: *95
*95
*95
-,*95 984 ..*95 ,&#;.. *95
14June 2
Penn-Seaboard Sal vte No par
l's Feb 14
: Oct I
154 156 ' 154
11i3 .
- 2;566 People's 0 L & C (Chle)__100 128 Jan I
4
2
156 .154 j56
.103 104 . 107 118 114 126 126 120 : 13,400 Philadelphia Co (Pitteh).- _50 854 Jan 18 Oct 20
:1&#;513 : . 52 4 , 5.23 523 *524 52
50 50 Jan 6 6
4.
52
52
1,700 6% preferred
&#;
52
8
8
,
4
346'
22,900 Phila & Read C & I_ No par ltine 30 Mar 4
8 39
394 397
5
401 407
:
3 397 41 . 39 8 40
8
*394 41
200 Certificates of int.__ _No par June 30 47. Mar. 4
.*3.44 41
384
"40 &#;42 &#; *
2,500 Phillip Morris & Co. Ltd_ _ _10 18 Sept 2, 414 Jan 10
20
20
.&#;11? &#; 21 , 10 - .20 20
8
4
19 4 20
,
No Par Oct 8 604 Feb;15
383 394 394 39
4
3
.&#; WS, 39 8 ...KAI &#; 09
42 100,700 Phillips Petroleum
8
*41 .44 &#; 424 ,43 *414 414 41,
5 SePt 26 527 Aug 2
&#;41
44 . 600 Phoenix Hosiery
2 41
40 Preferred
100 103 Jan 5 * July 9
104 104 104 .103 103 104 &#;103 104 '
104
7,500 Pierre-Arrow Mot Car_No par
, 938 &#; 912
94 Oct 17 Mar 8
91a 913 . 913 912
93/ 94
8
3
911 97
9 8 914
6,400 Preferred
100 Oct 19 Jan 3
.
t*391z 40 .384 &#; 40 ,.:383 39
4
373 384 *384 397
4
1 18June 22
200 Pierre 011 Corporation
25
Ia Mar 25
12
. *13
.?1a
5
8
14
12
13
13
*12
*16 .21 _4
500 Preferred
100 Mar 24 24 June 21
20
* 19
16
'16
20 !*16
212 Mar 22
5!2June 20
, 3 8 ,&#;&#;,3
34 312 6.000 Pierce Petrorm tern ctfallo par
3
314 33
31$ :33jc
33
34
3 3 31$
1
.83 63
100 Mar 22 741:June 7
61
63
61
59
63
60
603
4 7,900 Pittsburgh Coal of Pa
100 Mar 10 98 Sept 13
8 1,000 preferred
,* .94
92
* 94 ,..921.2 924 *90 94
923
92
92
100 Pittsburgh Steel pref
100 April 101 Jan 18
97 :97
* . ,* *97
971: .97
*97
4
8
No par 92'4 Mar 161 126 Sept 16
82,200 Poatum Co. Inc
8
: 3/75 .137% . 116
100 381: Feb 51 78 Aug 26
3,800 Pressed Steel Car new
: 70
3
*70 4 -, .691
4 6 4 .72
73
100 761: Feb 5 Ma,v 12
Preferred
89
864 *86
7
87
877
8
88 ;884 &#; 88 88 ;87 877
8,800 Producers & Refiners Corp 50 Jan 5 337sMay 16
26
257 27 3
254 264 26
3
,
t -28
28 4 274 &#; 264 27
8
340 Preferred
50 Jan 6. '50 Feb 9
414
414 42
*42I.441 ,&#; ., :*42. .44
8Sept 7
, 427 433 &#; 42 8,; .:423 411: 18,500 PubServeorp of NJ newNo par 32 Jan 6, 467
8
8
8
7
,
400 6% preferred
100 Feb 19' Oct II
8
8
t , : . pica 102 &#; 102
100 7% preferred
100 Jan 5 : Oct 10
* *
.
100 125 Jan 10 133 Oct 17
300 8% preferred
*132
,&#;132
133 .1,32 :133 :Pi3.2 133
4
4May 20
1,400 Pub Serv Elee & Gas pfd 100 102 Jan 4
* 109
1' 108 .108 . &#; 108 108
4
31,200 Pullman Company new No par 733 Aug 17 Sept 30
3 79
79 ' .. 781: 784 793
797 80
8
50 297 Oct 21 Jan 3
294 8,000 Punta Alegre Sugar
323
4 314 32
38
33 - 324 327
* 32
-*33 .34
25 25 Oct 15 331:Mar 4
251s 254 25
257 27,Pure 011 (The)
s
, 25
, 25 254 25
8% preferred
100 Jun II 114 May 25
'113___ *
* - - * -___ 114 114 * - - - 4
25 423 Mar 31 Oct 13
5,500 Purity Bakeries class A
3
5 607s 60 613 *59
&#; 583 60 . 60 &#; 60 8 - 4
Jan 3 Oct 3
913 4, Class B
4
94
4 93 944 94
. 947
3 944 943
&#; *93
No
74
734 684 734 353,400 Radio Corp of Amer_ _ No par Apr 13 74 Oct 19
71
'1 693 &#; :67
8
&#; 67
50 49 May 3 547
2 544 543
543
8Sept 3
4.
54 . .544 &#; , *533 54
54
54
4 1,300 Preferred
No par 40 Jan 5 46 Apr 25
Rand Mines, Ltd
*424 45
8
8
45 *423 45 *423 4.5 *423 45
8
'43
, 45 .1
8
...... Ray Consolidated Copper_ _10 July 1 Sept 26
&#;
2,50 Real Silk Hosiery
10 Sept 22 49 Apr 20
23 2
23 - --1- 23
- 24
280 Preferred
100 80 June I 99 Mar 2
* 84
..,. *85. 88's. * 86
21,700 Reid Ice Cream
No par Jan 24 Oct 18
67
: 66
671
.67
69
4 67
074 683
7 68
014 64 *64 7
404 ? . asps , 7
. *613 ?
200 Rels(Robt)& Co
N w
3
5 6 July 33 .9 Jan 10
'O'i 63
Oct 18 JUne 9
No
4 28
253 273
274 107,400> Remington-Rand
8
4 251: 263
, 28
100 91 Oct 21 : Apr 25
91
1, First preferred
:
911 92
:
3
3
93 4 92 4 921 93
. 94
100 94 Oct 20 110 Apr 25
300. Second preferred
*90
97
94
96
96
96
96
100 *___ 99 3
130 RemIetn Type 7% 1st pf_ 100 100 Oct 15 : Feb 10
115 115 *100 :
100 100 *100 115 115 *100 115
100 105 Oct 13 126 Apr 25
! 8% 2d preferred
*100 110 *100 110 *100 115 *100 105 *100 105 *100 105
94 Apr 30 Jan 10
'Replogle Steel
m
No par
_
Jan 4 757 Mar I l
8
62l 61 61 nis 57 571z 4,200 Republic Iron & Steel
;$ 64 - 61
.
100 964 Jan 3 106 May 25
2, Preferred
102 102
:
* * * 103
4
4 Feb 21 10I4July II
1
8
63
4 734 7,600 Reynolds Spring
7
612 7
612 6 4
3
,
64 6 8
63
4 ON
Nll 2
; Feb 24 151 Sept 16
147 13,100 Reynolds(RJ) Tob Class opa
4
&#; 148 148 147 148
25 74 Jan 13 Oct 17
4
8
461 140 12.700 Russia Insurance Co
1.500 Royal Dutch Co(N Y shares). July 27 541 Feb 9
:
48
*453 464 *454 454 46
4
461: 464 46
10 36 May 23 434 Mar 4
1,900'St Joseph Lead
374 371: *371: 38
ratio n.1
No par 523 Jan 3 July 20
4
7,600 Safety Cable
8
67
863 68
69
68
4 68
4
695
8 673 693
&#; 69
Oct 21 721: Mar 5
451$ 444 1,300 Savage Arms Corn°
451 46 *44
46
464 * 46
1 June 30
334 Jan 10
1
1
1
14
1
*1
1
1
14
114 *I
*1
.No par 55 Aug 1
68 Aug 29
3 3,600 Shubert Theatre Corp.
601: 613
4 613
4
62 4 618 621$ 62 831
1
57 Sept 8
52
504 11,300 Schulte Retail Stores...No par 47 Jan I
4
8 511 521: 51
521s 527
517
s
100 Jan 2' 123 Aug 5
Preferred
* 120 * 120 * 120 * 120 *: 120 * 120
No par
8 4SePt
3
13% Jan 3
9 4 94 1.000 Seaugrave Corp
,
914 912
*9
914
914 94
914 914
93
3
794 Oct 4
*
724 715 80.500 Seam Roebuck &Co new Nopar Si Jan 1
76aa 744 73/2
No pa
563a Jan 17 : Oct 17
4 914 93 51,000 Shatuck (F G)
943
90
98
s 95
91
997
8
474 Feb 10
100 Shell Transport & Tratiltig.L2 413 Oct I
*411: 43
42 . * 43 54j83 43
42
* 44
94, n,,
Volv 7
24% 2". 1 nino CII&#;ail r rd.... 09
1
243 25
25
254 25
25
25
25
d. s at moss. a ea-dividend one share of Standard OU Of California new.
- &#;Bid and asked paces; no sales on this day.
Distributed one-half share common stook and one-half share preferred B Ck&#;
PER SHARE
Range for Previous
Year
Lowest
Highest
per share $ Ye share
,
634 Nov 374 Feb
4 Nov
712 Feb
Dec 23':June
3
May 533 Feb
Nov Feb
8 Nov Feb
Apr 383 July
4
52
5
Mar
Nov
707 Dee
*
Jan
74 Jan 102 Dec
126 Jan Apr
Oct 54 Jan
--24 Oct Jan
Oct 97 Jan
May 34 Jan
Aug 734 Jan
July Jan
76 July Jan
138 Apr 181 Dee
_
Mar Jar
Jan 88 Dec
208 Mar 237 Dec
: Nov 238 Jan
June Nov
At
Sept
Nov 843 Jan
4
Dec 85 Apr
32 Oct 454 Feb
69 May 77 Dec
Mar 29, Dec
2
42 Mar 67 Jan
49 Jan Aug
914 Mar 97 Dec
44 Oct Jan
Dec Jan
30 July Oct.
12 Oct 224 Feb
47 Jan 63% Sept
271: Mar Nov
Jan 105 Apr
101
106 May 136 Dec
Jan : Aug
4
8 Oct 141: Jar
63 Nov 74 Sept
4
Mar 903 Dec
at May
Mar
9 Nov
584 Mar
564 Mar
30 Oct
412 Jan
51
Jan
184 Oct
513 Sept
83's Feb
July
Jan
Jan
78% Jan
46 Jan
32 June
994 June
Jan
81: Feb
233* Nov
Ira Jan
7 Aug
38 Dec
99 Nov
53 Oot
117 Jan
594 Mar
45 Oct
Apr
June
16 Apr
40 Mar
31 Mar
94 Mar
19 May
761a Apr
12 Oct
Nov
24 Aug
39 June
70 June
94 Mar
751: Mar
341s May
771: Dec
11 Mar
303 May
4
Oct
961: Apr
Jan
115 Mar
97 'Jan
13 Nov31
24 Dec
19 Oct
41 Dec
Nov
24 Jan
131 Dec
91 Dec
July
,Feb
464 Jan
41 Dec
57% DeO
Nov
103 Oct
Jae
Aug
14 Jan
Jan
7 Jan
Jan
85 Jan
Dec
Feb
44 Nov
95 4 Jan
8
Oct
Oct
Nov
101
Oct
110 Nov
Nov
Sept
33 Apr
Dec
Oct 31 Jan
106 Apr June
47 Oct 494 Nov
/
1
Nov 44 Dec
32 Mar Nov
Mar 537 Dee
3
Apr 41S4 Oct
Mar 164 Nov
4
371x Nov Oct
934 Dee 100 Nov
3 / Dee 50 Jan
94
74 July Feb
ini" Apr 118 Oct
105 Apr
8 Oct
44 May
Mar
414 Oct
90 Mar
76'n Dee
Oct
May
Mar
Nov
24 Dec
52 Mar
Mar
Jan
Mar
444 Mar
47 Mar
July
24 Mar
Au;
Jet!
Jan,
99 Sept
Jan
Nov
100 Jan
Jan
Feb
Nov
Feb
101: Jan
July
: Jan
120 Sept
145 May
4
583 Sept
4
694 Jan
48% Jan
31 Nov
New York Stock Record-Continued-Page 6
For sites during the week of stocks usually inactive, see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Oct. 15.
Monday,
Oct. 17.
Tuesday,
Oct. 18.
Wednesday, Thursday.
Oct. 20.
Oct. 19.
Friday.
Oct. 21.
Saks
for
the
Reek.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1
On basis of 100
-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year
Lowest
Highest
$ per share I per share $ per share 5 per share
per share Shares Indus. & Mace!. (Con.) Par $ per share $ ner share $ per *hare $ per share
177 17 I 17
s
173
:
10 July 16 Feb 16
163 171 11,000 Simms Petroleum
4
17
8 17
154 Aug 28% Ian
53 3 ' 52 8 55 8 533
5
:
31,100 Simmons Co
5
3
No par Jan 6 Sept 9
28
/ Oct Jan
1
4
4 521 53
' ____ * ____ &#;
100 Jan 4 July 15 Nov July
150 Preferred
154 15
.
3
15 8
16
7
2
34,600 Sinclair Cons 011 Corp_No par Oct 18 223 Jan 20
165 Oct 247 Feb
4
4
100
994. *99 100 100
Preferred
100 97 Jan 6 Jan 31
90 Mar 991 June
:
25 4 26 . 25 4 25% 26
3
1
3
257 265
263
8 25% 26
25 June 27 Feb21
8 5.900 Skelly 011 Co
26% Mar 37% June
12E 121 *117 125 "119 125
119 119
400 Sloss-Sheffield Steel & Iron 100 113 June 29 . Apr 6 103 Apr Aug
14
14 1 14
8
14
No par 115
8June 22 July 21
137 3,100 Snider Packing
_ 387 393
4 38$4 408 38% 397
8 384 19,100 So Porto Rico Bug new _No par 33% Aug 12 42hMay 18
&#;123 "123 123 123
126 126
4
100 Mar 4 Aug 5 iic;" Oct 121 Dec
140 Preferred
40
397
11 397 398 38
12,600 Southern Calif Edison
/ 39
1
4
8
8
25 315 Jan 3 41 Sept 26
30 Dec 33 July
17
18
17
3
184, 17
17
173 173 '17
4
700 Southern Dairies Cl A_No par 15 May 20 45 Jan 1.3
4
41
Oct July
'7' * 712
7
7 1
63
64 7
6
4 7
/ 6% 4, Class B
1
4
No par
Oct 35% Mat
,
6 4 Oct 19 20 Jan 7
3
*mg 133
.13% 14
4
* 144 &#;13
/ 133 134
1
4
200 Spear & Co
4May 13 15 July 29
10 Dec Feb
83
No par
'81
82
5
82
813 '81
4
"81
60' Preferred
100 73 Feb 24 82 -Oct 18
72 Apr 821 Jan
:
241g 244 244 &#; 243 24% 24% 2,300 Spicer Mfg Co
8
Jan 27 287
No pa
8May 25
18 4 Apr 31% Feb
3
1.10
*100 111 "110 111 ., '
100' Preferred
100 104 Feb 21 Sept 13 )01
Jan Dee
&#; 61
62
24.200 Standard Gas & El Co_No Pa
4June 16
54 Jan 25 663
51 Mar 69 Feb
65 65
64
/ 64 4 '64% 654 65 64
1
4
3
/ 1, Preferred
1
4
53% Mar 57 3 Feb
50 Jan 3 6.114 Oct 14
5
90
2,400 Standard Milling
89
100 Jan 4 953 Aug301 Oct 921: Feb
4
4
98
988 . 98
/ 983 983
1
4
967 97
4
490, Preferred
8
4 983
10
84 Jan 5 Sept13; 80 Mar 90 Feb
53' 53
53
533 .551 27,500 Standard 011 of Cal newNopar Apr 28 603 Jan19, 52% May 63 Sept
4
534 .541
4
54
38 8 39
5
384 393 32,100 Standard 011 of New Jersey_25 Apr 29 41% Feb 5' 37.18 Dec 463 Jan
/
1
39% 387
4
30 4 301
3
. 301
30% 19,000 Standard 011 of New York _25 293
4June 2
34% JanI8' 314 Dec 334 Dec
2 8 239
5
2I3 3
"213 3
'212 3
31g Nov 10 2 Feb
600 Stand Plate Glass Co No par
2 Mar 29
4 8June 91
3
239 21
7
132
2
132's 130 130
/ 8,500 Sterling Products
1
4
/
1
4
134 OctiO
No par Jan
75 Mar Nov
,
. 701
701
68% 701
17,300;Stewart
-Warn Sp Corp_No par kfar 1
744*Oct 3
/
1
61 Nov 92 8 Jan
7
'35
36
k 2,400'Strombent Carburetor_No par June
36
. 361
343 357
377
4
60 Sept 9
47% Dec 774 Jan
. 55
3
7
53
525 533 64,100 Studeb'rCorp(The) newNo par 49 June 23 SeptI2
47 May 62 Sept
121 121 '121 &#;121
__
121 121
170' Preferred
100 118 Feb 1
123 &#;4e,122 : Feb 122*:June
33
35
34 3
3
4
3
518 6,900 Submarine Boat
339 4
3 5 33
5
212 Feb 2
No par
4
14 July
818May12
3 4 Feb
5
31% " 313 " 313 . 318* 31
3,500 Sun 011
No par 30 Mar 21 347 Jan17
30% Mar 41h Jan
8
35
38 38
5
5
35
313 3
5
3
3
3 8 3 4 7,100&#;Superior Oil
5
5
353
No par
312 Oct 1
612 Feb18
1 July
514 Dec
"20
, 21
'20
21
20
20
21
* 22 '19
700 Superior Steel
100 Jan 2
28 May18
Apr 347 Sept
8
"11
12
105 5,10 4 12
8
113 113
3
900 Sweets Co of America
4
4
7 Apr 27 135 Feb 3
8
50
8 8 Apr 175 Sept
5
8
&#;212 4
"24 4
"212 4
"213 4
&#;21
: 4
'Symington temp ctfs__No par
218Set t 1
8 Jan14
Jan
4 Nov
"64 7
6
/ 63
1
4
4
6
612 61
6
800. Class A temp ctfs__ _No par
*6
612
6 Oct 21
13% Jan14
10 8 Oct 207 Feb
5
8
14h 145 145
8
8 145
8 &#; 143
4 2,100 Telautograph Corp _ __ _No par
Mar
154 Aug 4
11
Apr 14% Jan
7
85
4 8
84 84
5
812 8% 4,000 Tenn Copp dr C
5
85 8
5
818June 10 Jan13
No par
85
5s
105 Dec 16 Feb
8
s 93
4
493 495 50
4
8
49 4 503
22,700 Texas Corporation
3
8 493 51
25 45 Apr 19 58 Jani7
4
Nov 574 Dec
74
,
4 73 4 743
,
2 717 741
727
8 707 '2i4,400 Texas Gulf Sulphur new No par 49 Jan 3 813
8Sept20
39
Oct 52 8 Nov
5
13 8 13l
7
5,900 Texas Pacific Coal & Oil__ _10 12 Apr 29 187
12
2June 8
Oct Jan &#;
3
74,800 Texas Pac Lana Trust new_ _1 Jan 25 40 Jure 7
245 25 4 254 22% 24
3
333
33
* 334 334 33
2,800 The Fair
No par 244 Jan II 36 Aug 5 i({8 Dec 34 Jan
559
/ 598 59
1
4
60
58
:
59
60
571 '571 59
1,100 Thompson (.1 R) Co
:
25 47 Jan 28 61 Oct 3
May Sept
5
15% 15
153 167 17,200 Tidewater Assoc 011___No pa
4
155 155
8
8
4
15 8 Oct 13 June 9
3
_
85 ' 85
85
85
85
85
1,400 Preterred
86
100 85 Oct 5 903
4June 1
- - -23
213 213 '21
4
23 " 221 *213 22
* 23 "21
:
100 Tide Water Oil
4
100 19 July 25 29 8 Jan 13
,
27 Nov Jan
*88
87
2,500 Preferred
100 July 20 901,Sept12
Nov 103 Jan
4
119
119
115 111 117
35,100 Timken Roller Bearing_No pa
78 Jan 3 Aug 3
44% Mar 85 4 Nov
3
95*4 951
7 93% 94% 21,600 Tobacco Products Corp_ _100 9.18 Oct 4 110% Jan 5
94
/ 95
1
4
93
4
954 Anr 116 8 Sept
5
*111 111 111
112 112
113
112 .3,400 Class A
100 108 Apr 16 118 July 13 103 Mar Sept
3
71$ 7 8
7% 814
5
739 8
7
8
71
: 74
712 74 120,800 Transc't'l Oil ternctfnewNo pa
3
3% Apr 30
4June 18
93
3 Mar
512 July
221
22% 214 22
/
1
211 22
/
4
22
22
2,600 Transue & Williams SO No pa
10 May 4 213 Oct 7
4
15 Aug 27
Jar
623
62
63 4 64% 647
3
8 61% 63
67% 146,100 Underwood Typewriter.
..25 45 Jan 29 673 Oct 21
434 Nov 63 4 Jan
4
3
49
49
48 49
474 47
453 3,000 Union Bag & Paper Corp_ _100 Jan 25 June 1
4
35 May Jan
8
130 134
129 132
128 51,300 Union Carbide & Carb_No par 99% Jan 28 144% Aug 5
:
3
Mar 100 4 Dec
43% '43
43
43
43
43 8 43% 453 20,000 Union Oil Califontia
7
25 June 27 Jan 6
4
Jan 58% Sept
&#;I09 Ill *109 111 *109 Ill
109 109
109
600 Union Tank Car new _ _ _ _100 94 J-tn 3 July 18
93 Dec Dee
35 35
15
34 8 348
5
34
&#;10 33 8 Oct 20 38',July26
333 33
8
4
335 34
5
/ 8,000 United Cigar Stores new....
1
4
* 108 * 107 * 107 i 106 106%
4
600 Preferred
4
100 104 July 29 109 June 24
190 188 190
185 187
184
11,400 United Drug
100 159 Jan 25 191% Oct 14 134 Mar 174 Dec
804 80 ,803 &#;60
/
1
4
62 , *59 4 607
594 597 *5£5 60
3
300 . 1st Preferred
4
8
3
Mar 59 BLIP
50 Jan 6 60 4 Oct 17
141 142
139 141
139 139 1 139
137
3,800 United Fruit
No par Jan 26 150 Sept 12
Apr 126 Nov
98
&#;W. 100
98 4 19
5
*99
99 4 100 100
5
4
925 993 100 100
4
260 Universal Pictures 110 Pfd-100 98 Jan 14 , Apr 24
99 Mar 88 Deg
'3
&#;
28
&#; ,281
, : 27
27
25
247 18,200 Universal Pipe & Rad_ _No par 24sSept 22 374 Mar 20
4
13 Mar 34 2 too
52
,
4
88 .91
91
'88
91
2 "80
90 "86
90
500 Preferred
10
813 Jan 27 96 May 7
4
82 Mar 901: Des
209% 211
205 310
211
208
201 206
201 11,900 US Cast Iron Pipe & Fdy_100 Aug 30 246 May 20 150 May Aug
.113 115' 114 114 5
' 115 &#;114 115 *113 115 .113 115
100 Preferred
100 112 Mar 14 118 . July 1 Mar 118 Dee
4 17 ,171
17
/ 173
1
4
/
1
4
174 174 178 . 17
17
3,800 U S Distrib Corp new_ No pa
May 5 July 7
48
497
2 48-
4 48
48
47
47% 474 5,300 US Hoff Mach Corp vtcNo pa
/
1
44 Oct 13 63 8May 19 .45% Jan 593* Feb
3
4 72
'735 ' 731g 732
7
7 73
72
73
72
723
4 8,200 U S Industrial Alcohol
100 69 Mar 30 89'. Feb 28 *, Mar Dee
+1'163 119* "
4
118 " 118
4
118 * 118
116 116 .
200 Preferred
100 Apr 4 119 4u29
004 'Apr 114% Nov
615 ; 613s 618
82
607 61
4
4,400 US Realty & Impt new.No Pa
54 Apr 6 .,&#;Aug 2%
Mar &#; 717 Jan
8
81
515 151% . 51% 534 ' 90,700 United States Rubber
8
100 June 16 671 4_44 28 . 5 / May 884 Jan
4
01
4
100, 10
012 101 'io9t2 12,100 lot Preferred
8
100 85 4June 16 111% Apr 8 ,,Mar 109 Jar
3
4
385 39
3,8 13 4 378 38
83
384 38
38
38
2,200 US Smelting, Ref & Min_ _50 333 Jan 13 '44* Aug 11
8
30 , Oct 49% Jan
&#; ,
60
* 50
494 494 *494 491
49
700 Preferred
50 45 8 Jan 18 Oct 5
5
42 Oct 50 Jan
United States Stsul Corp_ _100 Seot 22 176 May 31 117 Abr Dee
4
, 147s ii5j2 ii1 ii 141" 11A 139l 555 700 New w 1
.
11 18, Jan 28 :
2Sept 16 113% Dec 117 Dec
1 8 137
5
137 137 2,600 Preferred
100 129 Jan 28 Oct 19 : Mar 130% Dec
4
*91 .93
93
*91
091
93
*91
93 &#;91
91
93
100 U S Tobacco
No par 67 Jan 4 &#; 93 Oft 4
Jan 67 Deo
*127 128 &#;127 128 '127 128 '127 128 '127' 128 '127 128
Preferred
100 123 Jan 14 Atig 11 '112 Mar 123 Dec
3
*120 145 "120 145 &#;120 145 &#;120 145 ' 145 '120 145
Utah Copper
10 111 Feb 11 130 'Sept l3
93 Apr 116 Nov
114 314 &#;301'
/ 31
4
30, 30
s
30
7,200 Utilities Pow & Lt A__No pir 27 Jan 8 34 May 19
27 3 Dec 37 Feb
5
53 4 53i -543
3
2 53
53 527
8 53% 18,200 Vanadium Corp
No par 37 Jan 20 563 Aug 17 '29 Mar 43 Aug
4
5'712 , 567 " 56
58'
8
2,500 Vick Chemical
No par 48 Jan 3 63 8June 6
5
434 July 52 Aug
/ '36
1
4
353 35
3
639 364 37
/
1
/ 367 373
1
4
363 36,700 Victor Talk Machine. No par 32 July 13 41 Apr 12
:
4
- ..."&#;&#;&#;
'
88 '88's 89
8 89
888 887
88%
1.100 67 preferred
No par 87 - Oct 14 964 Apr 13
&#;97
44.&#;
&#;0 % 97
6
973
962 97
97
97
96%
1,100 7% prior preferred
100 Oct 7 Apr 13
12
&#;12 '12's 12
12
114 115 115
8
1, 114 113
8 1,600 Virg-Caro Chem
No par
:May 23 Sept 13
71
40
&#;39 .40.
39
9 Ort
Feb
39
384 378 37% 371
: 2,200 6% preferred
100 Apr 4 447 Sept 13
8
31
/ Oct 69
1
4
. 87 - 586 * *86
Jan
873
86
86
844 85
" 86
300 7% Preferred
100 73 June 8 90 Sept -7
.41
83 Oct Jan
45
*43
40
40
393 40 .40
45
40
40
700 Virginia Iron Coal & Coke_100 39% Ott 19 51, Jan 4
233 23% 215 22
8
40 May Nov
4
16,100 Vivau.iou(V)No par Oct 18 ,une 20
. 102
97
26 Mar Dec
97
97
99
*97 100
*97
98
100 100
600 Preferred
100 97 Oct 17 June 20
20% 21
94
/ Jan 'Dee
1
4
21
205 21
8
197 201
8
. 20
20
8,500 Waldorf System
No par
2i
195 197 &#; 20
19 Oct 3 25 .Feb 7
Jan 23 Dec
17
4
195 195
,
8 1,000 Walwcrth Co ctfs
411
No par
115 &#;110 115 *110 115
July 20 Apr 1
June 234 Jan
115 115
115 115 * 115
43,930 Ward Baking Class A No par Apr 13 Oct 3
2
30
/ 313, 29
1
4
4
99 June 195 Jan
307
30
284 29,800 Class B
No par
95
June 14 335 Feb 18 * Oct 85% Feb
.94
95
8
95
95
95
95
95
*94
95
*944 95
600 Preferred (100)
163 26% 245 25
8
4
Oct Jan
26
247 247 ;54 6,300 Warner Bros Pictures No par 84 Apr 9 971* Sept12
8
8
A_ _ _ _10 20 July 5 454 Jan 6
. 14 . 25
4 5
12 June Sept
245 * *24h
8
200 Warner Quinlan
25
No par 24 June 6 May 26
l' 43 123 122 122
4
4
124 127 134
135
10,000 Warren Bros
*79
No par 65 Jan14 135 Oct.21
71
*70
*69
43 4 Apr 89 Dec
7
70 "67
69
"69
70
*69
10
Weber & Heflin, new c_No par 69 Oct 3 Aug 9
162 160 160
160
159 159 159
2,900 Western Union Telegraph.100 Jan 8
46
.483
46
8 45 &#; 444 43
413 43
27,500 Wstnghse Air Brake New/Vox/2' Oct 19 June 8 Mar i577 Sept
114 84
511
82
:Sept 15
8
814 801g 81h 815 44,300 Westinghouse Elec &
8
31 13 13
klfg_ _50 675 Jan 4 89hSePt 7
&#; 13
8
* 13
65 May
* *
Feb
Weston Elec Instrum't_No par
* 14 31
* 31
11 Sept 21 Feb 15
* 31
13% May 191: July
31
* 31
*304 31
Class A
No par 30 July 14 343 Apr 20
* 101
4
% 107 8 108 108
7
274 Jan Oct
8
105 105
4
90 West Penn Elec cl A vtf No Par 97% Jan 4 111
Aug 22
Jan Oct
/
4
111 112 s110
Preferred
115 118
100
'115'* 116
112
115 115
_ May : Dec
+115 115 116
280,West Penn Power pref._.100 111 Jan 15 118 Sept 13
22% 22% 22
224 * 22
951: Mar 115 Sept
&#;2I8 22
22
22
22
22
1,100,White Eagle Oil &Refg_No par 22 Apr 25 May 27
8 387
'3/A387
11 38
Feb 15 108
Apr 29 4 Feb
3
364
White Motor
50 36 July 12 583 Feb 28
3a34 39% 39 39 39 364 38% 11,200 White Rock
4
25% Apr 90 Feb
387
8
3,900
Min Sp ctf_No par 26 Jan 26 41 :Sept 21
4,7
474 44
47
Oct 38% Feb
45% 434 453
434 45
/
1
12,800,White Sewing Machine_No par Mar 24 334
57
57
'
55'7
57
M
57
&#; 56
555
400 White Sewing Mach pt.No par 46 Feb 18
2
13
59 Jan 17
*38
461 Oct - 1- Oat
:
(14 4
35
h
*5
8
42
12
3
8
3
3
14
g39 3,200,Wickwire Spencer at...No par
%
14 Oct 20
4 147
143
1 12 Feb 14
53 Dec
352 Jan
14
14% 13% 14
44.300 Willy--Overland (The)__ __ _ _5 131: Oct 10 24%
*93
93
93
&#;93
18 May 34 Jan
Mar 3
94
93
93
924
500 Preferred
100 87 June 11 96 Aug 22
*113 12
4
113 Ill, ' 113
881 Oct 99 Feb
4
:
4 113
8 111 111
/
4
1,100 Wilson & Co Inc. new_No par 10 May 5 175 Feb 21
23
8
225
22
12 24
Dec
6 May
8 22% 22% 224 225
8 224 221
2,800 Class A
No par
May 5 327 Feb 23
/ 72
1
4
3
70
14 May 30% Dec
70
*70
70
70
691
1,100
100 58 Apr 7 84 4 Feb 23
$ 185
3
42 May 813 Dec
186
182 183% 58,600 Preferred
,
8
Woolworth (F W) Co
25 Jan 11 192 Sept 7 Dec 128 Dec
4
"30
31
31
31
29
29
29
28
29
261
26
3,300 Worthington P & M
100 Jan 27 46 JUDO 7
*45
'45
19 Nov 44% Jan
53
53
*45
53
*45
513 "45
4
50 .45
50
200 Preferred A
100 46 Jan 22 June 9
40
44 Nov 80 Feb
41
&#;40
40 '37
40 '37
39
40
*37
100 Preferred B
100 40 Feb 2 June 7
374 Nov 65 Feb
57
57% 55
57
563
4 54
52 574 54% 55% 543 553 11.200 Wright Aeronautical.. No par
8
Apr 5 60%Sept 30
Mar 31)4 July
64% 64
3
658* 84
64
63
63 4 r63
5
63
4,400 Wrigley(Wm Jr)
62
62
No par 507 Jan 4 65 8 Oct 17
8
5
5,
80
47
82
82
Apr 59 4 Feb
'80
3
80
80
80
80
80
80
400 Yale & Towne
80
80
25 Jan 8 841 Aug 24
:
601 Mar Aug
:
32% 327
8 32
3
2% 32h 32
76,300 Yellow Truck & Coach Cl B.10 25 Jan14 40 Aug 10
20 May Sept
*89
99 088
90
90
90
90
90
*88
90
90
*88
400 Preferred
100 Aug 23 995
8July 20
gg
86
/ 84
1
4
/ 85
1
4
Apr Sept
85
84
/ 843
1
4
4 844 4.100 Youngstown Sheet & T _No par 814June 29 Mar 24
69 May Aug
&#;Bid and asked prices; no sales on this day. D Ex-dividend and ex-rights, a ex-rights. z Ex-dividend.
Per share
*163 17
4
154 15 9
5
* 100
25 4 26
3
'121 126
'14
4
393
.127, 132 ,
39.12 39%
184
.714 712
14
14
82
*81
.110
623 825
2
4
65%
7
'884
89
TO% 305
4
!ph 3
132 134
3
71
36
.35
563
4
121 121
34 3 4
3
3
* 31%
358 35
8
22
'20
12
4
42% 4
,
&#;63
4 7
84 8
3
%
49% 50
* 14
&#;
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
In.. I I IOW the &change method of quoting oonds rods changed and prices are now "and taterest"-ercept for inco.ne and defaulted bonds
*11,.
*to
Range
Price
Week's
.*: a
BONDS
Range
Week's
Price
BONDS
1"g
Since
Range or
Friday.
N. Y. STOCK EXCHANGE FE
Since
Range or
Friday.
N. Y. STOCK EXCHANGE .N7...
Jan. I.
Last Sale.
.14. Oct. 21.
Week Ended Oct. 21.
Jan. I.
Last Sale.
,ci.; Oct. 21.
Week Ended Oct. 21.
,
Nigh
Bid
Ask Low
Malt No. Low
High
Nigh Vo, Low
Ask Low
Bid
U. S. Government.
3
99 100 4.
4 17
Haiti (Republic) 8 f 65._... _ A 0 Sale
First Liberty Loan8 103 106
21n lleidelberg (Germany) ext 7 J 1 Sale 105
34% of -
J D Sale /nn 38 /n101
8
975
:,s
8 18
Ifungarlan Munk. Loan 7, J J Sale
___ '27
1 D 101
Cony 4% of -47
94 99
964 60
External s f is ...Sept 1 J .1 95 Sale
J D Sale n 6;
Cony 4 % of -47
of 7 4. F A Sale
102 2 128 105
,
Flungary (Kingd of)
.1 I) 102 42 __- /44S0'27
,
2d cony 4'4% of -47
92; 994
871
Italy (Kingdom of) ext'l 713.. .1 D Sale 98
Second Liberty Loan
4
4 47
953
92; 967
Italian Cred(Onsortium 78 A M 8 95 Sale
2
Sale
MN 100
43 of -
)
78
M 5 Sale 94
97
91
Ext1 see set 13
95
,
M N Sale 100 42 269 100 101/44
Cony 4(% of -
117
90% 101
96
Italian Public Utility ext 78. J J 96 Sale
Third Liberty Loan
J 91; Bale 917
42
/8
92
924
M S 100,244 Sale ) 326 ,191/344 Japanese Govt C loan 45_4_ J A
4(4 % of
Sale
F
98; 102
2
30
101, 275
-year s 1 6 a
Fourth Liberty Loan
98
,
06 2 31
,
Oriental Development 68_ 111 8 Sale
60, 43
A 0 Sale
44% of -
14 102;
8
F
,
- A 0 ,i Sale 113A 31 187 w Leipzig (Germany) 8 f 7s_ _ J A Sale
Treasury 45a
0 98 Sale 98
97
3
98 4 18
16 106/ Lower Austria (Prey) 7 .4._
-.3 D /42 Sale
Treasury 44
3
4
99; 30
934
-year 65_ M N 99 4 Sale
,
281 103/n106 44 1.yons (City of) I5
- M 43 Sale 106
Treasury 344
101
3
99 4 34
,
498 100/n.44 Marseilles(City of) 15yr 6s_ . NI N 99; Sale 99 2
- J D 101
'17,44sury 3 4s
_
35; Sale
8 20
41
353
30
Mexican Irrigat Aastng 4"s
State and City Securities.
_-45(1 J --- 36
4
323 50
Oct'27
8
, Mexico(U 5) extl 58 of L
8
4
N Y City- 4 s4 33 corp etock_ Al S Oct'27
-- -- Sale
31% 50
42
Assenting 55 of
8
Corporate stock__ PA S Sept.27
42
35 Sept'27
31
Assenting 58 large
102;
Mar'27
8
445 Corporate stock_.A 0 105 102;
Sale 24
8
343
42
Assenting 45 of
102; 1
8
Corporate stock___ - A 0 June'27
1 J 244 27; Jan'27
8
8
273 273
Assenting 48 of
_ _ J D ____ June'27
4%. Corporate stock_
76
---- 25% Sale 25
21
Assenting 48 of large
10 106;
4
4
8
44a Corporate stook...1uly J .1 ..._.
4
,
20
4 59
243
Assentlng 44 of entail--------233 Sale 23;
106;
_ _ Sept'27
448 Corporate stoek____ .1 D
461s
15
Trees 6s of'13 assent (large)'33 1 J 37 Sale 37
106; 109
443.93 Corporate etock____ Al S 109
5
481g
Small
99
4
M N 101 Oct'27
4% Corporate stock
8
4
341
94
89
4
99 Milan (t Ity, Italy) ext'l 6(0'52 &#; 0 923 Sale 913
M N ____ Oct'27
stock
4% Corporate
102; 11
9!); 1(14
101)2 Montevideo (City of) 75_ .1 D 102
8
987
M N ____ Aug'27
4% Corporate stock
4
4
4
8 t 108;
4
4
983 983 Netherlands 64 (.17 ,1 prices) __ M 13 Sale
M N --------98 4 July'27
46 registered
8 74 104;
A 0 Sale 103
-year external 65
30
8
105;
M N ____ Sept'27
434% Corporate stock
4
9,
5 4 77
4
4
New So Wales (State) ext 55 F A 943 Sale
M N ____ 108 July'27
434% Corporate stock
4
95
95
85
94
AM A 0 943 Sale 94%
External s f 55
8
897 93
st __May MN 92; ____ 93 Sept'27,
34% Corporate
F A 103 29 104
-year extl 64
Norway 20
89; 92
34% Corporate st_ _Nov 131 N 924 -_ 914 Sept'27
F A Sale
61 104
-year external 68
20
8
New York State Canal 44_ .._ _._ __ _4 ____ 102; Mar'27
104
A 0 104
48 100
-year external 65
30
Highway improv't 4,44_ _ M S --------June'27
1 D 101 Sale 00; 66
4
981 102%
-years 1 5 .14
40
Foreign Gov't & Munithuds
103
20
8
991
92; Oslo (City) 30-year a 1 65- IY1 N 103 Sale
)
96 4 62
('ol 78 A.. J J Sale
AntIonula (Dept)
45
3
F A 190 Sale 99% 100
97
Sinking fund 5 13
8
70
923
96
.3 J Sale
External 817s ser 13
10 100
'enema (Rep) extl _ .1 D 104 03; 104
45
961
96
.3 J 95 Sale 95
External s 175 series C
4
102
J D Sale .01
15
4
93; 512
Exit sec 8 f 6 13
,
95 2 17
A 0 94; Sale 945
8
Ext.f 79 tr rcts tat ser._.
4
95
29
'ernamblico (State of) extl 78'47 al 5 943 Sale
97; 100
4
69
Argentine Govt Pub W s 64_ A 0 Sale 983
31 102 10)18
108
'ern (Repot) extl 84(of'241_ A 0 108 Sale .08
Argentine Nation (Govt of)1 10 12
108
A 0 107/8 , 08
Eat) 8s (see of
4
134
973 IMP
8
' Sink fund 680! June _ 1 D 987 Sale
35
194(1 M N 104 133 Sale . 105
8
993 ton%
Extl sink Id 743
4
973 11)1
991 54
Esti of (Set _._ A 0 Sale 99
92
103
Eat) a (sec 7 1;(of . M S Sale
97; 101
94
M S Sale 100
Sink fund 314 series A
84
100
85
Wand (Rep of) gold 68. _ _ _194)1 A 0 838 Sale
971 100
99; 88
8
External 65 series it. _Dec J D 993 Sale 994
101 , 390
195(1 1 J 99 Sale 99
99i
Exti sink Id g Its
53
4
973
Esti s f 68 of May ... M N 994 Sale 994
105
16 106
who Alegre (City o., ...... J D 104 18 : 45
993
99
99)4 278
External 4 1 6s (State 1(y). M 5 99 Sale 99
'
15
.
Id 7 13.... 1 J 10) Sale 01
Eat) guar sink
98 100
8
129
Esti 6s Sanitary Woe 4 _ . F A Sale 987
26 III 11(1
1
(licenstand 'State) earl 5 f 7s . 0 Sale 15; 116
98 100
21
Esti 64 pub wks(May '27) M N 99 Sale
7 104 1(18
F A Sale 106
2.5-year external 69.
923
21
89
91
_ M S 91
Argentine Treasury 55
06
8
11
8
to Grande do Sul exti 4 f }34.; 3 0 106
981,
4
129
g_-July 15 J J 973 S I., 974
Australia 30-yr 5a
105'
22
:10 de Janeiro 25-yr a f 884._. 3 0 105 Sale 05
981
4
973 158
S 97% Sale
External 534 of _ Sept
105
40 106
A 0 Sale .15
25-yr extl 85
106
100 101 14
106
1 11 Sale
8
911
921 331
A 0 921 1 Sah
114
some (CIty) extl 6 '4
97 IOW
72
98
Bavaria (Free State) 6 44_ _ _ F A 97 Sale 97
16 106
106
143
1 4 'otterriam ((1(y) ext._ . al N 104's 05
1I1
4
8
Belgium 25-yr ext a 1 744 g_ 1 1) Sale . 91 108 'an Paulo(city)a 1 Rs.. Mar 31 N 114
4
78
F A 110 Sale 110
(48
20
-years
107
26 11/7
: 4an Paulo (State) eath s f 833. 1 .1 106 Sal, 06
963
4
101
105
4
M 5 1(133 Sale
-year external 6(45
25
24 1(i44 1(18
. 107
. 1 J 106
External see s 1 85
92; 100
4
4
993 227
4
J J 983 Sale 983
External s f fis
15
4
)01
4
98
External s(75 Water L'n. .1 5 Sal(
4
200
4
-year 4 1 78&#; _ J 1) Sale
30
External
953
25
8
965
-lanta Fe(Prey, Arg Rep)78. NI 5 95; Sale '15
8
201
Sale
M N 105
StabIllzatIon loan 74
141
8 103
8
(France) ext174'42 .1 J Sal( .127
4 11.1 , ;eine. Dept of
51 N 114 114
Bergen (Norway) 4 f Ss
49
4
101
4erb8, Croats & Slovenes 84. 51 N 100 Sale &#;()
3
102
fund 68... A 0 101
981. 47
-year sinking
15
3
91 14 99 4
51 N 974 Sale
4
150
96; 3olasons ((its' of) extl 65
99;
A 0 988 Sale
,
Berlin (Germany) 6. .4
16 105
105
J 0 Sal(
:
4
19 10 .1 Sweden 20-year 65
Bogota (Ity) ext'l a 1 85_ A 0 105 Sale 105
51 N Sal( . 105'
51
8
External loan 545
20 102
Bolivia (Republic of) 84- M N Sale
113
34-
13%
98
Swiss Confed'n 20-Yr a f 85.' J J Sall
92
79
.3 J 95 Sale 95
Esti see 75 tern
21 106
03; 104
8
93; switzeriand Govt ext 5 144_ A 0 103; 104
4
091 110
15-yr 63. MN Sale
Bordeaux (City of)
79%
78
19
75
107
66 104 !'okyo City 53; loan of - 51 $ 77 Sale 77
Brazil(U 801)external 88_ 194I J D Sale
89
260
904
1 0 Sale
86
Esti 81 53.45 guar
321
96
89
93
External a f 6 4 of - A 0 92; Sale
981,
18
29
g
9r's 987
Prondhjem (City) 1st . M N 98 Salt
4
89
J D 963 Sale
75(Central Railway)
973
28
99
)74
94
.1 D Salt
(Prey) 78.
4
74a (coffee tiecur) E(fla0_ A 0 Sale 15 Upper Austria
8%
Uruguay (Republic) extl 89_ 17 A 109 Sal, .18% 18 10
,
of) ext.! 73_ M S 102% Sale 024 103 2 145 102 105
Bremen (State
953
97
4
961 103
(4 N 96 Bali
Externals(Os
92
87
884 141)
8
8
Budapest((1(y) extl at 86_ _ J D 871 Sale 877
971s
119
Yokohama (City) extl 623_ .1 D 944 Salt 944
4 26
4
Buenos Aires (City) esti .3 1 Sale
Railroad
95 .
62
4
.1 D 953 Sale
Buenos Alr(s (Prey) tut! 75_
July'27
102%
Ala Gt Sou 1st cons A ba. _ _194:. J D - _
40
961
96
M N Sale 9,513
E'xti 4 1 7s of
101
.014 July'2
3
Ala Mid 1st guar gold 53-192/ 51 N 100 1 --.
89
4 49
913
Bulgaria (Kingdom) s f 73.. I .1 Sale
S
t; A 0 .._.
Oct'27
87%
4
983 Alb & Snag 1st guar 3&#;63
55
98
4
;&#;oddas Dept of(Co) inbia) J .1 973 Sale
891,
&Vs 891S
2
A 0 90 _ _ .
s
28 Alleg & West 1st g go 43.-199/
..;44nada (Dominion of) 53- A 0 102 Bale
.
1
974
96
1
/64
194&#;. 141 8
8
8
192 F A 102 Sale
8 102% 64 Alleg Val gen guar g 4s
1O.'yma1'
84
14
84
85
July 1.1 J 84
M N 106
29 104 Ann Arbor 1st g 48
4
5.
4
973 128
-Gen if 43. A 0 97; Sal(
8
Atch Top & S Fe
F A Sale lOOis
82
4'4&#;
4
96
A 0 -------158 Sept'27
92
Registered
108
5
4
.2 J
4
:larisbild ((MY) a 4 88
11;
931
7
99
Adtustment gold 43_ _July Nov Sail
96
99
20
>Wee Val (Dept) Colons 7%8'46 A 0 Sale
94
Oa
871s 94
Sail
11
July 611 N
Stamped
Sent AgrIc Rank (Germany)
891g
111 N
....
85
(912 Sept'27
Registered
4
9.54 953
4 40
953
196 I .1 95
1st ea farm loan w 1
92
85
11/4 Oct'27
/ D _.
Cony gold 44 of
8 70 110
:le (Republic) esti 3 f 86.. F A 109 Sale 109
4
93
113
4
873
4 10
195t 1 D 913
Cony 44 of
102Ig 36
19 &#; M N 101 Bale 101
-year external a f 7s
20
91
86
Sept'
Cony g 44 Issue of _ .. 1 D 87
9 110
-year external a 1 88_ _ M N Sale
26
..
19%
99,
93%
East Okla Div Ist g 43__ .192/ M S 99% nib
89
917 186
A 0 Sale
External sinking fund81
88%
Sept'
Mtn Dly 1st 43. _ _ / J 92
Rocky
8
89
933
92
123
F A Sale
Externals f Os
2
927
8
127
3
-Con Short L 1st 44_. .1 1 92; --.
93
Trans
96
49
'Alb) Mtge Ilk 64.June 30 1 D Sale 95
97%
3
Cal-Ariz 1st & ref 4 k4s A....M 13 100 8 -__. JO; Oct'27
96
984
64
98
81 of . _June 30 J D Sale
2
8
54... J D ____ 107;June'27
All Knoxv & Nor lot g
24
4
41
3
neee(Huktiang Ry) U._ . 1 D 253 25 4
98 100
.
8
994 AU & Chart A I. 1st A _ J J _ _ _ Aug'27
8 10
3hrlatlanla (Oslo) 30-yr 4 f M S _ _ _
lot 30
-year be series B.., J J Sale 10 106
96
98
61
4
;ologne(City) GermanY6 M S 973 Sale
90
89
Atlantic City 1st cons 48_4. J J 89 ____ 90 Aug'27
423
93
;olombla (Republic) 64_ 1 J Sale
3
93 4
984 23
101 12 Atl Coast Line let eons 45July '52 M El 98 ---- 974
-year et 544_ J 1 Sale 41
:openhagen 25
4 27
.3 D 101; ___ 101;
4(4s
96
General unified
8
963 140
.3 D 96 Sale
External 5s
Sale 93
59
I. & N toll gold 48._ _Oct NI N
97
96 12 28
7ordoba (City) esti at 74.- F A Sale 96
s
19
781
J J 82 Sale 82
Atl & Day 1st g 48
99
;ordoba (Prey) Argentines .3 J 99 Sale 99
70
,
./ J 73
73 4
8
2d 45
125
;osta Rica (Repub) WI 78 M N 96 Sale 96
87
10
-
e 87
A 0
Atl & 'lad lot g guar 45
2 100 104
(4 S Sale
7tabs 54 of
4
4
87-10.1 g
_ 102
Austin & N W let go g 533_ J 1 104 Sept'27
Oct'27
8
External 54 of set A. F A ____ 101
4
97
54
4
1
937 973 13alt&Ohlo Ist g 4s____July A 0 964 Sale 962
95
2
External loan 4(4a set C F A 95 Sale 95
92
4
_
943 Sept'27
July 194/3 Q J
Registered
1 J 101; Sale 101; 101; 43 101 18 104;
Sinking fund 548
144
M S 100 Sale
97 100;
-year cony 410
20
96
4
4 43
943
3
-Col) Ts '46.3 D 937 Sale 933
:Undiriamarea (Dept
.
M S .._ ._ _ _ Apr'27
98%
Registered
37 105 110
of) 84.. A 0 109 Sale 1( 109
lsechoslovakia(Rep
8
Refund & gen 54 series A__ J D 104; Sale
59 109
)
Sinking fund 88 ser It.....J952 A 0 108 4 Sale
A 0 Sale
34 110
e
1st g 54
97
3
4
External s f 748 series A.. A 0 Sale 105 4
8 88 g
.3 J Sale
4
10
-year 68
8
5 112
112
F A Sale
>enlist) Cons MunIcip 88 A..
J D Sale 112
8
57 112l
Ref & gen 633 series C
4
10 11)914
F A Sale
Series Rafts
8
8
924 961
4 19
P I. E & W Va Sys ref 48_ M N Sale 963
963
8
105
105
4
.3 J Sale I
Niamark 20
-Year 63
.3 J ___
8
8
3
Southw Div 1st 58
101
4 11
993
)orninican Rep Cust Ad '42 M 13 100 99;
82
Tol & Chi Div 1st ref 48 A. J .1 Sale
98 101
2 21
4
99,
4
A 0 983 983
see of
let
M 8 Sale
96 100% 105t8
Ref & gen 58 series D
22
)resden (('Ity) external 73 M N Sale 17 Bangor & Aroostook lot 55_ J J
98
___ Oct'27 .
hitch East Indies en!63- J J Sale 105
J 1 87
43
84
Con ref 418
874
40 (
M S 105 Sale 105
-year 65 external
40
613
64
8
4 Battle Crk & Stu lot go 35_ J D 65; __ _ _ 68 July'27
Sale
PA S
-year external 548
30
Ws
95
1st go g 48- J 1 ___- Ang'27 .
8
9 Beech Creek
4 13/33
4
4
195:i M N
-year external 545
30
J J 93 _...... Mar'27 .
9:312
Registered
5
.3 J ___ Aug'27 .
3 Salvador (Repub) 84_ .1 J 108 Sale
99
2d guar g 58
93
984
16
'Inland (Republic) extl 6s_ _ N1 S
81
Beech Crk Ext let g ._ _ A 0 ---. Aug'27 .
102
,
100
100 2 53
93
. 93
J D 93
External eink fund 78_ M 8 100 Sale
93%
91
1
9:5; Mg Sandy lot 4s
58
M S 99 Sale
Externals f 6",s
12
8
85
78
3
& NY Air Line 1st 45. _ F A ii 843
Host
96
99
98;
.11 J 97 _._ 97
lnnish Hun Loan 6 A.... A 0 99
4
8
952 miens 3, W lot gii gold 45
97
1
953 97
984 14
Sale
External 6 433 series 13.. _ _ . A 0
104
15 101
247 Buffalo R & P gen gold 58 M S ___ 104
8 Sale 110;
94%
M N 98 Sale
tench Repub 25-yr eel 84. M S Sale
54
Como! 445
4
391. 105
Li
97i
M N ____ ____
95
3
20
Registered
-year external loan _ J
99 1(
408
4
8
A 0 --__ 021'27
101 102%
External 74 of ._.... J D 106 Sale
litiri C It & Nor lot 54
4
554
107
8
---
1(15
lerman Republic ext'l 7s. A 0 Sale
Canada Sou cons gu A 5s... A 0
4 43
101,
Sale
977
99
95
8
981
2
Verman Cent AgrIc Bank 74 M $
4
953 Canadian Na( 4 .74.Sept 15 NI S 98 495
327
4
4
Farm loan s 1 6s_July 15 J J 953 Sale 95
100; 14
5-year gold 4 44..Feb 15 F A 100;
24 104
2
"1)12) 102
114
raz (Municipality) -4._ ... M N
Canadian Nona deb 8 I 75. _ J D Sale 114;
117 106
J 1 120 4
16 I 173a
it Brit & Irel (UK of) 548. F A 11)6 Sale 17
25
-years deb 6(4s
118
F A Sale
8
993 100 100
100,4
3
10-year eonv 5 44
10-yr gold 444s.. _Feb 15 F A
8 25 III:15a 107
8
11.11. 00
tester Prague((ity)7 44_ _ M N Sale
0..
611
-.
&#;
New York Bond Record-Continued-Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
t?
a:
Price
Fridag.
Oct. 21.
Week's
Range or
Last Sale.
(&#;
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
Price
Friday,
Oa. 21.
ll'eek's
Range or
Lifer Sale,
Range
Since
Jan, 1,
High
Ask Low
Bid
NW No. Low
High
High .Va Low
Ask Low
Bid
: 100%
_ _ Apr'27
831s Cleve & Mahon Val g 5s____ J .1
4 75
873
&#;Canadian Sac Ry 4% deb stock. J J 87% Sale 874
4- 3
& Mar 1st gu g 4 Hs__ M N 99 4 99 Sept'27
4
953 991. rI1
53
:
MS 991 Sale 98%
Col tr 4 Hs
98% Aug'26
)3
1 9 2
981 cleve & P gen gu ser B.1 4 0
:
MS 97
97 Sept'27 -Carb & Shaw let gold 4s
100 101
101 Mar'27
Series A
15
J 87
874 87
Game Cent 1st Oats IC 48
89
MN
%
90
Berke C 334s
102 104
Oct'27
104
Caro Clinch & 0 ist 30-yr ba JD 14
89
___ May'27
F A 881
Series D 3 Hs
107% 109
JO 108% Bale
con g es Berke A_
let A,
8
4
108 104
Cleve Sher Line 1st gu _ A 0 104 86
10
_4_
P
11
4 1g
Jo 921s 93 1?IS Au8
Cart & Ad 1st gu g 48
6 108 110%
A 0 Bale
Cleve Union Term
89
83
D 89 Bale
Cent Branch U P 1st g 45
: 25 105%
:
:
A 0 Bale
let a f 5s ser B
107
Oct'27 3
Central of Ga 1st g 5a_Nov FA 105 4
Oct'27
138% 93
___ 93
J 13 92
8
8 102 Coal River Ry 1st fru 4s
8
MN Bale
Consol gold 68
99% 29
99%
98
4
3
100 4 10:1: oiorado & South 1st g 45_ F A 993 Bale 99%
FA -- Sept'27
Registered
993
4
5
96% 99 8
101%
Refunding & exten 4 34s.. M N Bale 99%
7
-year secured 6s...June JD Sale
10
1
8
917 96%
3
4
96 4
A 0 963 97
('ol & H V Ist ext g 48
5 107
:
Ref & gen Sts series 13___ AO 106% 107
94
F A 91% ____ 94 Sept'27 -Col & Toilet ext 45
0 Sale
7 102 105
Ref & gen be series C
8
881 88%
Conn & Passum Riv 1st 45_ A 0 883. _ _ 947 Sept'27 -88% 92
4
Cbatt Div pur money g M- ii) 911: 933 92 Oct'27 -964 94 Bept'26 --- F A J 104 ---- Oct'27 -- consol Ry deb 4s
Mac & Nor Div 1st g 5s
10 " WI;
78
3
78 8 78
.1 .1 77
103 104
Non-cony 43
Oct'27
104
J J 102
Mid Ga & Atl dly be
Oct'27 -1
69% 774
77
102
Non-cony deb 4s____J&J ) J 80
J
_ Oct'27
Mobile Division 58
77
74
Oct'27
77
88
1
Non.conv deb 48_ _ _ _A&O A 0 80
88
86
87% 88
Cent New Eng 1st au 4s_ __ _ J
:
773. Oct'27 - .1 .1 761 80
debenture 4s
99
4
993
Non-cony
Aug'27 -Central Ohio reorg 4 Hs _ _ MS __
98
97
97% 44
13 Bale 97
101% Cuba Nor Ry 151 5)49
7
Central RR of Ga coil g 5,3 MN Bale
25
98
98
4
-year 58 11
Cuba RR 1st 50
2 112 119
2 3 973 Bale 109%
119
1 ---- 119
Central of NJ gen gold 5s_.-
3 107
II 109% 109
.1
1st ref ser A
15 112%
117
(4 J 120
Registered
3
J D 99 Oct'27 -
1st lien & ref fis ser B
FA 94% Sale 93%
51
Cent Pac let ref gu g 4,3
1
981s 99 4
Oct'27 ---4
90% Day & Mich 1st cons 4 388... J J 993
FA
_ 92% May'27
Registered
97
33
4
973 99
15_year 5 n
De1&Hucls:.let & ref 4s M N 95% Bale
_ 99 Sept'27 _
Mtge guar gold 4 Hs_ _Aug JO 99
153
141 Sept'27
A 0
3
89 8
30-year cony be
4
AO 91% - -
94
Through St L 1st gu 43_
MN 105 1OS'2 31 103 106
FA 104% Sale 104% 35 104
Guaranteed g 513
I .
2
D 108
119
-year secured 78
10
3a
119% Aug'27
_
Charleston & Bevil% 1st 75_ _ J J
984
Apr'27 - - 96
F A
17 101% D RR & Mtge 1st gu 413 g
Sale
Chee &(Min fund & impt 56_ J2
89% 94
36
93
J J 925 Bale 924
/
Den & R G ist eons g 4 3
- 103% 108
Oct'27
MN 107 ____ 107
1st consol gold Is
94
97
3
95 4 19
95 4
3
,
J .1 96
102% 105
Como! gold 4 ,, 8
MN 105 105 May'27 Regletered
14
) 13 85 100
97%
Improvement gold be
4 21
M
102 Sale 101%
General gold 4 Ha
153
9
8 '.
94% 9,12 Den & R G West gen be_Aug MN 85 Bale 845
M
Oct'27
94%
Registered
as
33 Sept'27 -48
101% Des NI & Ft D I st gu 48..... J .11 26
8
s
FA 100% Sale 100%
__-year cony 4 Hs
20
U
26
loot 17
15
8 1 20% oc .21
100 64:1;8 1 104 oc t.27
IS 101
Temporary Ws of deposit__
98 Sept'27
Craig Valley let bs
80%
li
89% 92
Det & Mac. let lien g 4a_ :1-4
913
Pone Creek Branch lat 48_ J J - -- 90 June'27
90
70
62
Oct'27 -_ 7
70
Gold 48
2 88% 91
91
91
R & A Div let cone 4s__ J J 91
97% 101
M 1
3
85 4 88
Detroit River Tunnel 4 393_ 2 4
Oct'27
.1 .1 89 88
2d consol gold 4s
8
1
3
103 4 104 2
997 100% Dul Missabe & Nor gen 5,3_ 1 J 103% ___ July'27
2
Feb'27
13
Warm Springs V I st g be_ _ PA
2
___
95 Dul & Iron Range Ist 5e.....A 0 104
5
100 44
2
Chomp Corp cony bs May 15 MN 991 Sale 99
88
1
71 -731 Dul Sou Shore & Atl g .51_ _ _ J J 871: Bale 87%
:
6
73
:
2
Chlo & Alton RR ref g 3s_ ,A 0 717 731 73
94
71
72% East Ry Minn Nor Div lat 4a.'413 A 0 93% ____ July'27 -- _ _
9
71%
__
Ctf dep stpd Oct int
Oct'27 --
.1 ___ 101
. East T va & Ga Div g be
23
Railway first lien 3 Vis _ _ A .3 Sale
106 104
Oct'27
M N 108
67
cons 1st gold 58
60
63 205
-- 613 63 617
4
'23 & sub coup'
Ctte dep Jan
- 102 104 4
1
:
86% 91
Elgin Joliet & East 1st g ba_ _ MN g : Oct'27
17
.Chic Burl & Q-111 Div 3Hs_ .1 .1 Sale 90%
_
1 1u
:
A 0 107
87% El Paso & El W ist be
1.1 J
Aug'27 Registered
7
107% 13 106 107 8
8
8
943 99
Erie (at consol gold 78 ext_ M S Bale 107
16
J 98 Kale
99
.1
Illinois Division 42
t.24
m,, ooss17 65
931 99
1 -I 881s Sale ss
:
1st cons g 45 prior
56
99
M 8 99 Hale 97%
General 46
79
97% 102
Registered
224
8 102
4
k A Sale
4 its ser Ii
1st & ref
824
474
7 .1
19 96 J
let consol gen lien g U....1 99.1 j 82'4 Sale 81%
10 105% 108
108
F A 106 -__ 108
4
08
1st & ref be series A
79
72
Registered
. J
Regis
1
_ Oct'27 -- 106 106%
Chicago & East III let 68_ A0
103
78
78
2u
80% &#;,4
Penn coil trust gold 4a_ _ ._ F A 101l 102¼
N Sale:
172
C & E Ill Ry (new co) con 56_
26
88
-year cony 45 miles A 195:3 A 0 88 Bale
50
2 105 10 ay
MN 109 8
3
Chic & Erie 1st gold be
1
37 4
79
87%
A 0 87% Sale 871:
747
8
Series B
4
733 236
73
Chicago Great West 1st 45_ MS 734
135
135 Sept'27
A 0
113% 118
Gen cony 45 series 13
'Chic Ind & Louis/I-Ref 65_ J
:
---- 118 Sept'27 971 Sale 96%
914
-7;81
Ref & knot be
_ 104 Sept'27
Refunding gold ba
J
5
M -1
91
Erie& Jersey ist s f es_ _1 55 J N . 114 8 12
.1 91%
May'27
Refunding 48 Series C____
4
8
Genesee River ist a f be J J
13
MN 104
General ba A
____ 104
904
8
917 90% Sept'27
.1 J 91
8
May J J
1 Erie & Pitts gu ift 3Hs B
1
General 65 It
89
89
92% 96
Series('3 He
1
4
Chic Ind & Sou 50-year 4s_ _ ii 95 16
1
95 4
8
1 17
99
1 2 P4j 10 4 Sale 4 A 11 .% 111
8
985 110p, Est RR exti a f 7,1
8
4
5 N1
4
Chic LB & East 1st 4 Hs_ _19)19- JD 100 Sept'27
2
997
:
8
553 Fla Cent & Penn 1st ext g bs- .1 .1 100_ July'27
59
C M & PuLet Bd 1st gu 45_ _
65 Bale 65
5
4
/
8
.1 .1 . 163
3
55 4
1',,w+ 4 sr, Id 5.
3_
225
67
U 8 Tr certifs of deposit......
65 Sale 85
23
99
99
85
90
Florida East Coast let _ J 0 99% ____ 98%
90
ChM & St P gen g 4s Ser A_e JJ 89 4 Sale 89 4
3
3
9 4
4
943 2.53
Bale
1st & ref be series A
July'27 14
Q J
Registered
65
50
514 lb
_ M 8
79
Fonda Johns & Gloy ,,.. 91 P1 Sa.e
General gold 3Ha ser 13....e J J 79 Bale 79
79 - -2
97
94
97
97
-_
2
947 Fort St U D Co Ist g 4 393___ .1 J 961
3
'Gen 4 Ha series C__ _May .1
3
99% Sale 987
8
108
Sept'27
95
Ft W & Den C 1st c 5 Ha___ .1 0 108 8- 4
7
5 Oct'.7
ResOstered _
9
3
99 4
4
57
Ft Worth & Rio Or let g 4a .1 J 993
Oen & ref (ger A 4 He_ _Jan AO 68
68 14
68
3
5
567 .0
2 Frem El.& Mo Val 1st 6e___ A 0 109
Guar Tr cantle of deposiy. _
186
:
881 Sale
9
5
68
G H & B A M & P 1st 5
3- M N 101 101%
,
Fan ref cony eer B 5. Jan FA 65
661± 25
68
/00%
4
100%_ Sept'27
3
55 4 602
2d extens 58 gear
Guar Tr certifs of deposit _
237
65 Sale 65
7
:
3
93 A .1
36 : Gale Hone & Bend 1st 58_ _ _ J 0 991 004 100
1st ser Os
3.1 Bale 103% 104
8
5
00% 00
,
± 10 98 100
._ 100
6 , Ca & Ala Ry let cons Ss Oct
59
67
Debenture 4 He
JD Sale
5
98% 100 2
69 (la Caro & Nor 1st gu g be_ _ J J
58
167
Ban ers Tr certifs of depoet
67
4
653 Bale
Oct'27
79
5/P1 68% Georgia Midiandlet 3 48...046 J , 79
194 1 A (9
1stri g4,3
Oct'27
Debenture 43
J-15 65
2
97%
56% 6b12 Or 11 & I ext
&#; ---
249
67
US Mtge & Tr (Ifs of dep..
Sale 65
11 116
--j Oct'27 -- 68 Grand Trunv of Can deb 75. A 0 115 Sale 116
-year debenture 4s
25
j
23 109
2
109
109 Sale
681 1
15
-year a f Os
97
66
Farm L & Tr etre of dep.....
97
12
97
163 7 M S
i&#; 84% Sale 844 6 Grays Point Term let 55.- .1 D 97 Sept'27 11 113
Sale
ChIc & N'west gen g _ M
115
Sale 113
:
741 80
Great Nor gen 75 series A_ J .1
Rtstisto./xi
4
Q F 783 83 80 July'27 - _
- 114
Oct'27
1 .1
:
901 96%
Registered
17
General 48
M N Sale 96
4 22
97 101%
92
1st & ref 4 Ha aeries A__ __ 1 .1 Sale 101
_
:
____ 931 Sept'27
Q
Registered
8
4 108
3
1 J 112 Sale Ill%
904
Genenvi 5 18s series')
19
.
97
Stud 48 non-p Fed in tax '87 MN 96
,114
3 10
) J :-558: 108
General Se series C
1 105 IOU
Fed Inc ten. MN 109 -- -- 109
109
Gen stpd
94% 100
55
Sale 99%
b 115
General 4 He series D._ .1 J
115
:
Gen be stpd Fed Inc tax... M N 115
83% 86
Feb 857 88 85% Aug'27
8
Green Bay & West deb etre A
3
Sinking fund fis
- AO 102% ____ 105 4 Oct'27 -.- 105
30
21
Oct'27
25
101
F&#;
Debentures 4&#;tfs fl
AO
4
Registered
- May'27
:
931
93
93 Aug'27
10 Greenbrier Ry let VI 4s____ M N
Sinking fund 68
8
- A 0 100%
4
Oct'27 -- 105 108 2
8
110)18 11/214 Gulf Mob & Nor let _ A 0
&#;
A 0 -_-- Aug'27
:
Registered
-
4
5 102 2
A 0 102% Bale 102%
1st M be serteri C
3
102 4 15 Inn% 102%
Sinking fund deb 5e
M N Bale
2 107 108
4
Gulf & 8 I 1st ref & ter g fe_ J .1
_ 101 102
Registered
____ 101 Sept'27
8
973 108
3
2
3 - ;
105% Hoc Ing Val let cone g . -I .1 105 4
,
2
1) 105% 105% 105%
8
-year secured 7a g
10
'
4
953 Mar'27 -3 111 12 :
Registered
-year secured 6 He g__ M S 112%
15
- 100
8
21 112% H istisaI . fly edr g 5 !
& T f itIInt uar 88 111
lat ref g be
May J D 111 Sale
m 3
N ilia nil 897 Oct'27 -- 103%
8
Sept'27
102/8
97%
4
4 44
'JO Sale 102
1st & ref
May
4
3
1 90 1 j
Waeo & N W div 1st 6a.. _M N - - : Aug'27
87% 92,4
8 39
915
Ohio RI & P Ratlaay gen 48_'.1 91% Bale 91
101%
21
Houston Belt & Term 1st 55. 1 101 101
- 18
1
'.1
Registered
:
924 Houston E & W Tex 1st g 58_ M N 100_ 101 June'27 --
144
Refunding gold 4s
AG 95 Sale 95
iiii Sept'27 --
92% 93%
AG
93% July'27
1st guar 5.4 red
Registered
:
98
176
Bale
51
4
943 aa
193 7 F A
Hud & Manhat re series A _1 9 : IN N
8
957 896
Secured 438s sertee A
MS 95% Salo 95
1
97 4
June'27
_
91
F A
Registered
Cb St L & NO Mom Div 48. JO 89% --- 91 Aug'27 -
84
93 291
102%
Adjustment Income fe Feb A 0 93 Bale 92%
:
Oct'27
AO 102
Ch St L& P 1st cone g 58
94
___ 97% Oct'27 -b 104
Illinois / 'entre! 1st gold 45_ .1 .1 951
,
Chic St P M & 0 cons 61/..&#; .1 I)
8
925 Apr'27
.1 J 97
Reillatered
94
Cons Os reduced to _ ii) 961 ____ May'27
87
4
s
.1 J 885 Oct'27
let gold 3 Hs
Bale
Debenture fe
89%
99% 101
8
5
101
Extended let gold 3 Hs___ A 0 887 ---- 88% Apr'27
Stamped
s Sale 100%
73
75% June'27
93% 101
M S 73.8
1st gold 35 sterling
& Bo East 1st 541_ Jo Bale 100% 50
Chic 1' II
1
931
931g
4
873 9r.38
31
96
Collateral trust gold 45_ A 0
Dec 1 M
96 Sale 95
Inc fru 58
88
101 14
A 0
88 July'27
_
10
Registered
Chic Un Sta'n let gu 4 He A J J Sale s
13
977
97%
NI N 84%1st refunding 45
J
____ Oct'27 -- 103%
lit be series 11
38%
85
88i
9
3
7 % 105%
88%
88 4
Purchased lines
Jo 104% 105
8
Guaranteed e be
88
16
92
911
3
M j
J N 91% Bale 91%
3
C
Collateral trust gold 4s
J J 118 4 16 118 4
4
1st 630 series
HA
June'27 - - 864
M N
Registered
Chle & West Ind gang 6s_ _ p tJ M ____ 105 Sept'27 -- Ills
2
109
86% 9 3
- 11 2 109 Sept'27
Refunding re
5
consol 53
58
-year 4s
3, Sale
7
113's
9M N
199
-year secured g_ _ JJ Sale
15
4 lOSs 47 ±
11)62 M S 104% Sale
let ref ser A
4
96%
1 F A Bale s 82
40
-year 43,s
5
Choc 04a & Gulf cons 58_ MN ____ 104 June'27 -- 104-25
921: 902
_
94% Sept'27
97%
4
-I D 943
Cairo IIridge gold 4Asug
Sept'27 '.1
Cin H & 11 2d gold 4 vis
76%
gg
_
Aug'27
_
1
Litchfield Div 1st gold 313. .1 .1 791
977
8
C I Bf 1. & t.' 1st g 441._ _Aug Q F 977 Bale 977
82%
24
Loulay Div & Term g J J 843 85 84 Sept'27 _ _
964
Aug 193/1 Q E ____ June'27 -Registered
78%
76
3
78 4 Oct'27
3
78 4 80
Sept'27 Omaha Div let gold 35_ F A
M N 93% 98
Cin Leb & Nor gi, 4s g
784
Oct'27
1
St Louis I/Iv & Term g 36.195i J .1 ---- 80
100
8
J J 100 100
Cln B & Ci cons g 5s
98
1
4
1
/
87
_ 87
J -I
991:
Gold
8
& Slab 1st gu 65.'.1 ____ July'27 ---Clearfield
89
98
142
Springfield Div 1st g J 3
85% 884 84 Sept'27
& St I. gen 45_ JD 96 4 Bale 96
3
Cleve( In
90l
9:
0.12
Western Lines 1st g 0_ F A 92% ____ Sept'27
May'27
Registered
2
983 III certral & Chic St I. & N 0
_
Oct'27
.1 100 100%100
-year del) 438a
20
4 23 108
4
4
( D
Joint let ref 58 series A
Sept'27 -.- 107% 113
11)93 JD 1 118
Geileral 5.3 Series 13
187
D 997g Sale 100
ist & ref 43.0 eer C
42 In ,&#;&#;&#;
8 103
Inuit 65 series A___ J J Sale
Ref At
2
109% Sept'27
-
105
.1 13
./ 13 108
Gold be
'3 Sale
4
5
4
13e series C
____ Mar'27
2
32 (054,
Registered
4 105
8
1 .1 Sale
5s series D
85 $b
___ 85 Sept'27
D
93% 91
Gold
Oct'27
96
J 96
Cairo Div let gold 4s
931s 93 1
1
95 Sept'27
91
86
Ind Bloom & West lot ext 4e A 0 83Oct'27 -901: 90
CIUWA NI Div 1st g 45_ .1 .1 90
2
931 961s
Oct'27
3 .1
91
87
Ind III & Iowa 1st g 411
0,1'27 -4
St L Div let coil tr g g 48 MN 903 95
84
4
873 Oct'27
5
.1 .1 877
90
& Louisville let gu 45
Ind
M N
Registered
s
8
917 974 Ind Union Ry gen 58 ser A J .1 -- 103 Sept'27
4
Spr & t UI Dly lot a 4s... M S 96 i 963 Oct'27 -101% 102 4
7
102 Sept'27
.1 102%
974
91
Gen & red Ss series B
:
,
1"",.1 J ___ 961 Apr'27 -w w Vei 1 1y isle
7 106 2 100%
1
A _ 1 .1 107 Sale 107
Int & Grt Nor let 6a ser
4
°CC'A I gen "nu* re--- 1 f Aug'27
aos sec 4 Jniv ion A prl 075a Bale 97
97% 123
98
14
/,,&#;/ owe.
..-&#;
P,
vr rue
33 0 In
ciee
Lhbg PM. .Dias May, r Due ljek
,-.
6;
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
New York Bond Record-Continued--Page 3
74s3
e
bit
Price
Friday,
Oct. 21.
Week's
Range or
Last Sale.
1.
sis
05
;3
Range
Since
Jan.!.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
Price
Friday,
Oct. 21,
Week's
Range or
Last Sale.
Rang*
Bftwe
Jan. 1.
Bid
Ask Low
High No. Low
High
Bid
Ask Low
High No tow
Int Gt Nor (ccncl) Adj 63 nod _ Aprl
Mob
-- 88ts
881 N Y Cent RR cony deb 65._ M N Bale
1
,
8
lat 5e series 13
9 109%
3, l018 102
103
s 25
Cense!45 series A
F A Sale 95
bit Rya Cent Amer let 5s.__ MN 82 Sale
38 90
951s
38
75
824
Ref & impt 448 series A. A 0 Sale 1e314
let coil It 6% notes
11 977 103
8
/
1
4
MN 947 95
8
914 955
8
8
4
947
947
8
Ref &!met 53 series C
A 0 Sale
8
4 127 109%
181 Hen dr ref 6(48
8
F A 918 Sale 91
917
8 98
90
925
8
Registered
A 0 ____ _ ___
Iowa Central 1st gold Se
JD 423 42
Oct'27 ---41
NY Cent & Hud Rh' NI 349'97 J J 857 Sale Jan'27 69
8
86
874
Certificates of deposit......
42
Sept'27 ---65
40
Registered
J J .._ __ 84% Oct'27
78% 844
Refunding gold 48
MS 17
16
26
17
144
Debenture gold 43
IN N Sale 98
24 98 4
James Frank & Clear 181 43. 3D 94% 95 Sept'27 ---3
913 96
4
Registered
M N 954 _ _ _ 96 Feb'27
8 .
Ha A & G R 1st gu g Se
96
96
J, 103
_ 103 May'27 _
103 103
30
-year debenture 48
1)142.3 J 974
Sept127
Kan & M 1st gu g 4s
98%
AO 884 ---_ Oct'27
855
8
Lake Shore coil gold 345_ F A Sale
H C Ft 13 & M cons g 65
834 17 794 85
MN Sale
4
20 102
Registered
F A 805
8
82 Sept'27
H C Ft S & M fly ref g 4a AO 953 Sale 95
782 82
4
3
8
92
8
Mich Cent eoll gold 354s F A 84
4 79 4
3
HC&MR&B let go 5s. _ _ AO 101
101
18
994
Registered
F A
July'27
Kansas City Sou 1st gold 38_ AO 763
78%
734 NY Chic & St L let g 4s- _ A 0 9
24
77
4
96
541 9 12
5
7
963
4
4
9 943 96%
Ref & impt,58
Apr J
Sale 102
19
994 102
Registered
A 0
Sept'27
94
951s
Kansas City Term 1st 414..... J J 927 Sale
93
55
8
88
93
25
-year debenture 4e
M N 98% 994 Oct'27
964 994
Kentucky Central gold 48.... J
923 Sept'27
4
91
2d 65 series A B C
M N 103
8 103
15 I 103%
Kentucky & lad Term _
J ----
2
854 945
8
Refunding 53.4s series A.. A 0 107 Sale
4 40
Stamped
ii 90% __-_ 91
91
Refunding 5 He series B- J J 10 34 Sale 10 4
4 105
7
63
107
Plain
J J
Sept'27
885 12 NY Connect 1st gu 431s A- F A Sale 72
96
1
16 94%
Lake Erle& West let g 6s_ J J 103
103
__ 103
6 101 103
1st gear 5. series B__
ua
F A
Oct'27
3
103% 105
2d gold 58
J J 104 103 Sept'27 ---- 101
N Y & Erie 1st ext gold 45- M N
912 Oct'27
4
Lake Sly & Mich g 3H5-- JD Sale
80%
8
70
3d ext gold 4 43
M S 99 4
3
July'27
_
684 98
Registered
J D
Sept'27
80
4th ext gold 5s
0 __
A
4
4
3 983 101%
8
Debenture gold 48
M S 997 Sale 100
35
984 100
8th ext gold 45
.1 13 99% ____ 99 Nov'26
25
-year gold 4s
MN
994 Sale
994 48
100
NY & Greenw L gu g 5s
MN
100 Sept'27
994 100%
MN -- 994 Oct'27 --Registered
N Y & Harlem gold 331e- M N ___ ---- 84% June'27
834 ___.
813 85%
4
Lab Val Harbor Term 58...- FA Sept'27 ----
Registered
4
M N
Mar'27
821e
Leb Val NY 1st go g 4 148.. J J ___
3
2
N Y Lack & W let & ref 54; __ M N
80 July'26
Lehigh Val (Pa) cone g 44_ MN
92 Sale
92
2
92
First & ref 4 34s
M N 107 June'27
102 fais
MN
Registered
89 May'27
NY LE&W 1st 78 ext
84
M S ---_ 106 Feb'27
106 106
General cons
MN Sale
4 86
97 102
NY & Jersey 1st 53
F A Sale
8
3 10
/
2
Registered
MN
97 June'27 ---97
97
N V& Long Branch gang 45 51 S
90 Dec'26
Lehigh Val gee he serles. MN not2
2 N Y& NE Bost Term 43_ A 0
91
Apr-27 ____ "iii" 01
Leh V Term Ry 1st gag 540_ AO ---- Oct'27
10
M S 843
612 N Y N H & II n-c deb 4s
4
7S1 Sept'27
8
86
74
AO
Registered
Mar'27
Non-cony debenture 3(48. M S 750 ____ 833 Sept'27
4
72% 76
Leh & N V 1st guar gold 43__
S 91%
__
11
90
Non-cony debenture . A 0 763
__ _ 76
76:
16 76%
Lax & East 1st 50-yr 5s gu._ A() 115
3
6 109 4
Non-cony debenture 42-195:J J 85 84% Oct'27
1 5
44
84%
76
Little Miami gets 4s Ser A- 53 N 914 913 Sept'27 ---4
913
Non-cony debenture49- M N 8 34 Sale 84
76
5
4
.85
92 &#; 76% 85)
Long Dock(i g 65
.
AC
_ 109 Aug'27
4
Cony debenture
77
67 683 77.
s
Long laid 1st con gold 55July
___ Oct'27
Cony debenture 68
.3 J 113 Bale 114
111
1st cense] gold 43.-July
Sept'27
98
'Registered
.3.3 ____ ... __ Oct'27
8
103 111
General gold 45
.1 1
94
945
3 12
Collateral trust 6a
A 0 104% Bale
3 105
28 102%
Gold 4s
1
954
Sept'27
934 964
AO &#;____
Registered
Oct'27
United god 45
914 90 4 Oct'27 3
Debenture 48
M N 79 Sale
79
12 79
Debenture gold Ss
i 1
Sept'27 -___
89 10 112
99 91
Harlem R & Pt Ches 1st 45 M N 91
_ 91
91
9 91
20
-year p m deb 5a
m' 99 4 ___
3
10
997
NY & Northern 1st g 58-. A 0 99% 99% Aug'27
99% 100
Guar refunding gold 45._ ,I949 M
913 Sale
4
93
35
883 93
4
NYO&W ref 1st g 412.Jitne M
81 18 Sale
813
4 64 764 81%
Nor Sh B tat con gu 54:Oct'32 11
100 8 ___ 10 100 101
5
3
General 48
.3 D 79 4 Sale
79
32 73
80
Lou & Jeff Bdge(*(3 gu g 45.. M &#;
92 Sale 92
92
2
89 3 NY Providence & Boston 4s A 0
5
905 Sept'27
8
90% 90%
Louisville & Nashville 58_ M
107 __ 107 Sept'27 --- 107
N VA Putnam tst eon gu 4s A 0 - Oct'27
89%
Unified gold 4s
J
98 Sale
28
95 4 N
3
Susq & West 1st ref 544- J J 91 Sale 903
4
76 $712 94
Registered
965 May'27
8
12
95
2d gold
F A 744 80
June'27
Collateral trust gold 5s. M
___ Oct'278
- 101
General gold Ss
F A
751 763 77
3
4
4
31 71 13 80,
10
-year secured 75
M
Sale 104
4
105
13 108
Terminal Ist gold 53
MN 101 101 June'27 _ _ 984 80'
101
lst refund 531s series A_ A
109 Sale
4 110
14 105 110
Y W'ches & 1st ser I 445'46 J .1 89% Sale 88
158 784 89%
let & ref Ss series 13
Al Sale 107
11 Nord ltyext'ls f He
4
A 0 99% Sale 9 3
3
9 4 10
014 75
let & ref aeries C
A
1 Norfolk South 1st & ref A 55_ F A 964 Sale 942
105 105
8
99
4
03
N 0& M 1st gold 68
J - 103
4
Oct'27 ---- 103 Norfolk & South 1st gold 58. MN Oct'27 40 9 4
---- 101%
2d gold 6s
j . Aug'27
4
Norfolk & West gen gold 65_ M N
4
Oct'27 -- 106%
Paducah & Mem Div 44_ F
95 4 ____ 05 4 Oct'27 --__
3
3
9 12
Improvement & ext 65_ F A 108 4
- 3
4
4
110
St Louis 131v 2d gold 38_ M
__-_ Oct'27
685
69
New Rtver 1st gold 65
A 0 106 106
Oct'27
106 107
Mob & Montg 1,11 g 4 30_ NI 1.
__ 101%
3 101
, N & W Ry 1st cense 4a.-- A 0 Sale 97
973
4 18 974
South Ry joint Mona,45. J
- 7 914
92 8
5
Registered
A 0
_ 94% Aug'27
927 95
2
At) Knoxv & Cin Div 413.. M
97
12
Dly'l 1st ilen & gen g 48..3 J
4 93
LOt65V( In & Lax Div g '31 M I. 100 Sept'27 ---99 10
14 012
113-yr cony 68
53 S
- Sept'27
158 187
Coal RR let 5s
Mahon
J J Oct'27
Focal] C & C joint 431
.3 D 95
95 Oct'27
92% 96
Manila RR (South Lines)441. MI' 743
4
764 11
69
North Cent gen & ref 58 A- M S ___ Sept'27
105% 107
Ist 4s
80 Sale 80
80
1
84
Gen & ref 4 Hs series A- M S
09 June'27
97
Manitoba SW Coloniza'n bs .1
101
101
3 100 101
North Ohlo let guar g 5e.__ A 0 _
4
Man 013&NW 1st
.1 8 Sept'27 --87
88
North Pacific prior lien 44_ - Q J 961 Sale
8
97
124 91 14 97
Mich Cent Det & flay City 5a '31 S M July'27 --
Registered
4
Q .1 944 964 95%
95% 10 95%
Mich Air Line 4s
95 4 96
3
953 Sept'27
4
97
Gen'l lien gold 35. _ __Jan Q F Sale 704
703
4 66 79 4
3
let gold 3(4s
M
89 4
3
893 Sept'27
Registered
85 4 90
Jan Q F 68
3
69 69
69
%
5 631 69
20
-year debenture 4s
A 't
99 4 Sale 99 4
3
3
99 4
3
6
100
Ref & impt series A.
. J 102 * Oct'27
96
Mid of N J 1st ext be
AU Sept'27
95
.1 .1
Registered
9
8 May'27
98 98
Milw L S & West Imp g 5a_1(129 FA 101 Sale 100l 101
5 101%
Ref & inipt 68 series IL.. J_
J Sale 115% 73 111
Mli & Nor 1st ext 4 Hs() .1 1) 99 Dee'26 -Registered
J J Ill's --- Oct'27
Cons ext 434',()
.31)
974
1
- /4 9
Ref & impt bs series C.
..3 J 109 Sale 109
14 109,
Mil Spar & N W is) gu 4s
PA
5
Oct'27
_
96
4
Ref & impt be series D___ J J Sale 107% 23
924 9
9
6
Milw & State L 1st gu . .1
87 - - 834 Dec'25
91
Nor Pac Term Co 1st g 68_ J .1 109 4
2
109 4 July'27
3
Minn & St Louis 1st cons 55_ M
50 Sept'27
-Ln" 67
Nor Ry of Calif guar g 5&. A 0 --- Oct'27
4
4
103 106 4
Temp etre of deposit
8
NI P. Oct'27
55
North Wisconsin let 65
J Sept'27
1st & refending gold 4s... M
187 19
8
20
17
23
15
854 Oct'27
Oft & I. Cham 1st gu 4s 5.- J
81% 88
Ref & ext 50-yr 5.9 ser A._ 4,1
123 14
4
13
Oct'27
__
124 Ohio Connecting Ry 1st 4s__ 81 S 92% _ 95% Mar'27
M St P & S S M con g 45 Int gu'38 J J Bale
945
8
21
91
Ohio River RR 1st g ba
.3 13
June'27
102
Registered
86 Sept'27
86
86
General gold 53
A 0 10'2
Aug'27
103
lat eons 53
ii 98 Sale 08
Oct'27 - 96
99 4 Oregon RR & Nay con g 48- J D 94
2
95 0(4'27
95
let cons Ss gu sato Int__ J J Bale 98
14
9. Ore Short Line 1st cone g 55_ J J 110
12
_ Oct'27
10
-year coil trust 6Hs____ MS 102 Sale 102
5g
30
Guar cone 5e
.3 J Sale 109% 21 106 4 109
4
8
110
1st & ref 6s series A
.3.3 102 43
Guar refunding 45
J
Sale 9
9%
99% 63 100
25
-year
MS Sale 943
4
96
96
75
Oregon-Wash let & ref 43- J J Sale 91%
38 861 92
8
let Chicago Term s f 48_ NI N ___ Oct'27 -973 Pacific Coast Co 1st g 5a_ - J D 884 89 881/
4
89
13 88
93
Mlasissippl Central 1st 5*
.1 .1 975 Sale
5
971 Pac RR of Mo 1st ext g 44.- F A 95 Sale 95
95
4 934 95
Mo Kan & Tex 1st gold 45_ J0 913 Sale
8
160
20 extended gold 53
J .1
Oct'27
102 102%
Mo-K-T RR pr liens.ser A_ J J Sale
4
45 101 Paducah & Ills 1st of 441 J J s
3
98 100%
40
-year 4s series B
J J 905 Sale
854 Paris-Lyons-Med RR 6s____ F A 96 fide 100 4 Oct'27
19
06
194 874 97
10
-year 68 series C
103 Sale 103
s 13 104
Sinking fund external 76.- M S Sale 102
8 67 964
Cum adjust 55 ser A Jan_ AO Sale 102
96 Paris-Orleans RR sf75.. -. M S 101 103 101
.
12 102%
Mo Pee 1st & ref Se ser A_ _ FA Sale 153
4
Paullsta fly let & ref s f 75 M 5 102 103
4
General 48
MS 783 Sale
79
289
4
794 Pennsylvania RR cons g 45__ M N 98% _
98
Oct'27
98 4
Ist&refssserF
MS 101 Sale
1
101
Consol gold 4s
M N 97% Sale
977
8 11 99'
95
Mo Pee 3d 7e ext at 4% July MN
Oct'27 -_
92% 95
95
43'terl stud dollar_May M N 973
4
983
4
5 941 9s
Mob & flir prior lien g 5....
5
4
99
973 June'27
Consolidated 431s
F A Sale
4
4
0
1st m gold 43
JJ 91_
23
924
General 4 tie series A._ - i D 104 Sale
Small
87
861/ 87
857 Oct'27 8
82
85%
General Ss series 13
J D 112 Bale Ill% 112
31
Mobile & Ohio new gold 6a- Jo 997
4
100
00
1 100 102
-year secured 7s
10
A 0 Sale 106%
General gold 48
50 107 2
5
MS 95 k Sept'27
954
-year secured
15
F A 112% Sale
3 113
Montgomery Div let g 55_ FA
50
8
2
Registered
F A
Aug'27
St Louis Division ba
4
Jo 99 4 993
3
4
99 4
5
2
40
-year secured gold 58.- M
104% Salo
4 105% 76 102 106
Ref & Inlet 431s
MS Sale 95
9s18 Pa Co gu coil tr A reg. NI
95
977 375
,
89 Mar'27
Mob & Mar let gu gold 444._ NI 5
89
89
97 Sept'27
Guar 3(48 roll trust ser 11. F A 88 _
Oct'27
Moot C 1st gu 64
86 &#;
8
Oct'27 ____
Guar trust ctfe C_ - J D Sale
874
Registered
1 85
J J
Mar'27
111 12 III%
Guar trust ells D..
D 87%
_ 87
Oct'27
lid guar gold 55
844 87
J
4
ioi 10i614 Oct'27 -- 103% Guar I5-25-year gold 43.-- J 0 99 1(114 Oct'27
A
Morris & Essex let gu 345_D 841 Sale 841
99 2
3
8
20
3
85
804 85
Guar 43 series F
M N 92
92 Sept'27
Nanny Chatt & St L 1st 513 AO Bale 10 I's Ohio& Det Ist & ref A'77 A 0
88
92
firile
4
N Fla & S 1st gu g 58
FA 104 Sale 104
104
5
1 104
Paoria & Eastern let cons 43_ A 0 903 Bale 09% 100 4 80 053 100%
4
900
18 854
Nat Ry of Me: pr lien 4(48. J J
30 Sept'24
April Apr. 48
Income 45
48 00.'27
414 63
Assent cash war ret No 4 on
4
12 Sale
12
9 "jai 16" Peoria & Pekln Un 1st . F A Sale 107
:
6
4
-year a f 4e
Guar 70
;1
Aug'25
Pere Marquette 1st ser A 55_ J .1 105 1(143
4 107
8 107
8
Assent cash war ret No 5 on
14
19 4 Oct'27
"Fr 26
3
1st 45 series 11
J .1 91 13 Sale 91%
913
4 10 89
Nat RR Mex pr 1 Oct J
July'25
_
_
_ Balt & Wash 1st g 48_ M N 974 99
99 Sept'27
95 s 99
3
Assent cash war ret No 4 on
Sale 19
37
17
General 55 series 13
264
F A 113 *
4
8
112 2
lit consol 4s
AO
28 Apr'26
_ Philippine Ry 1st 30-yr sf48 .3 J 42 Bale 42 Sept'27
43
3 44
7
Assent cash war ret No 4 on
9
10 8 Sale
3
9
164 Plne Creek registered 1st 6E1. .1 D 5---
3
8
4 June'27
106 4
3
Naugatuck RR let g
MN
87% 87% PCC&StLgu A
July'27
A 0 102 102
102
99% 102 4
3
New England cons be
June'27
3
Series B guar
101,,
A 0 102 102
4
8 11 102 5
3
Cense! guar 48
.3.3
Aug'27
894
Series C 4(48 guar
M
102 101 July'27
4
4
NJ Jun RR guar 1st 48...J986 FA
_ Sept'27 -854 854
Series D 45 guar
M
_
98 Sept'27
98
96
NO& N K let rel & Imp4 436'52'.3 ow
: 2 99' Series E 334s guar gold_ _ _ F A 95% __ Sept'27
98
New Orleans Term 181 4a... J J Sale 91
917
Series F 45 guar gold
3
8
91%
.3
Apr'27
100%
NO Texas & Niex n-c Inc 56_ AO .... Oct'27 -- 100
Series G 43 Biter
M
973 Sept'27
4
073
4
lat 5s series 13
AO 70 100 101 11
Series H con guar 48
F A 95%
975 Aug'2
8
97%
1st Ss series C
VA 105
Series I cons guar
4 11 103 105
F A
99%
1st 5 He series A
AO Sale
Series J congener 4(45.
4
29 106%
... M N
4
Sept'27
100
N& C Bdge gen guar _ J J
4
983
General M 5s series A.....J D 112 Bale
Sept'27
97
4 112
NY SAM B let con g 53:_ AO ,103
lien mtge guar 53 serleer13:19"h3 A 0 Sale 111% 11
10 &#; 100%
'
ice',
...
&#;,
&#;
New York Bond Record-Continued-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended Oct. 21.
a.
Price
Friday,
Oct. 21.
Week's
Range or
Last Sale.
ru,
2
High No.
Ask Low
Bid
P1tta & L Erie 2d g 58_ &#;Jan A 0 997
--_ July'27
Pitta McK & Y let gu 6a__.3
106 May'27
82d guar 613
4
.1 J 107 Nov'26
Pitts Sh & L E ist g fa
_ _ Sept'27
A 0 102%
let consol gold 59
Apr'27
J J
Pitts Va & Char let 45
Oct'27
MN 95% ____ 95
Pitts Y & Aah Ist cons 5a_ MN _
100 July'27
1st gen 4s series A
D
_ _ 94 Mar'27
5
lst gen &series B
F A
,
Oct'27
Providence Occur deb 4s_ _ _ _ M N
78
Providence Term let 48
July'27
M S 86
4
Reading Co Jersey Cen coil 48.'51 A 0 -- 4 96
9
4
Oct'37
Registered
A 0
5
Gen & ref 4 He series A_ _ J J Sale
102
a
Rich & Meek 1st g 4s
5
823 Sept'27
MN 82
Richm Term Ry let gu 58. _ J J 102 ____ 103
Oct'27
3
Rio Grande June let gu 58...1
Sale
RloGmnde Sou let gold 4a_ _ J J
3
3
512 7 4 7 4 Aug'27
Rio Grande West let gold 415_ J .1 94 Sale 937
26
5
19
let con & coil trust 4s A A 0 874 Sale 867
89
R I Ark & Louis ist 43.4s._ _ M
974 Sale 973
s
973
4 21
1
Rut
-Canada 1st gu g 48
.1 .1 84% 844
9%
5
Rutland let con g 434s
3
4
J J 954 Sale 943
St Jos & Grand Isl 1st g___ .1 J 881*..... 88%
89
2
St Lawr & Adir 16t g 58__
Sept 27 .1
2d gold 13a
A 0 106'z-- _- Aug'27
St L & Cairo guar g 4s
2
984
J J 98
St L Ir Mt& S gen con g 58_ A 0 101%
24
Stamped guar 5s
Sept'26
8
A 0
Unified & ref gold 4s
993
4 35
.1 J Sale 991:
Registered
4
- I J 953 Aug'27 -Riv & G Div 18t g 4a
38
96
193 MN 96 Sale 954
St L M Bridge Ter gu g 58_ _ A 0 101 Sept'27
8
St L& San Fran (reorg co) 4s J J 901 Sale 89
:
904 2
33
Registered
87 May'27
J
Prior lien series 13 fa
s
.1 iai 104 94
Prior lien series C 611
8 19
.1 J 101%
Prior lien 54s series D__
4 171
2 103 Sale
Cum adjust ser A (38. _July A 0 Sale *
158
Income series A 13e...July Oct
99
179
99 Sale
St Louis & San Fr Ry gen 63_193) J J *
e
105%
1
4
General gold 58
Sept'27
4
.1 .1
St L Peor & N W let gu 58 .1 J
107
2
s
8
975 Aug'27
St Louis Sou let gu g 4a. _ M S 98
St L SW let g 4$ bond ette. M N 901* Bale 908s
901* 15
83 4 Oct'27
3
2d g 4s inc bond cUs_Nov .1 J
d7
20
Consol gold 48
D 97 Sale 97
let terminal dr unifying 58_ 1 .1 Sale 100
74
et Paul & K CBI)L 1st 430_ F A Sale 97
St Paul & Duluth 1st 55
F A 101% 101% July'27
lit C gold 48
D 944 Oct'27
St Paul E Gr Trunk 4 Hs
.. J J 98 Jan'27
St Paul Minn 2: Man con 48_ .1 J Sale 975*
98
9
lat corutol g 88
Sept'27
J
Registered
106% Sept'27
s
J
'
6a reduced to gold 4)4s.__J J
5
Registered
July'27
J J
Mont ext let geld 4e
4
.3 D 974 971*
97%
Registered
Jan'27
J 13
Pacific ext guar 4s (sterling)'40
934 Oct'27
J 94
St Paul Un Dep 1st & ref 58_
2 108 Oct 27
4 64
SA&ArPaeslstgug48l943j J 923, Sale 92
928
Santa Fe Pres & Phen M.- M S -_ 102 July 27
Say Fla & West let g 68-. A 0 ---- 108 4 Sept 27
4
3
1st gold 58
104 May 27
A 0
Scioto V & N
( Oct 27
let gug 42_ M N
Seaboard Air Line g 4a
1
831* 844
A 0 Goid 48 stamped
A 0 Sale 89%
22
Adjustment 58
Oct F A 844 841:
88
Refunding 48
Sale 721*
734 141,
18t & eons 6a serial A
Sale
98
154
AU & Birm 30-yr lat g 411_ M 8 Sale
93% 22
Seaboard All Fla 1st gu 64) A. F A 953 Sale
4
5.,
Series l)
Sale
18
F
Seaboard & Roan 513 end_ _ _ J A * _ Oct 27
4
J
So Car & Ga 1st ext Hs_ _ _ M N
8
101%
& N Ala cone gu g 5e
_ 104 Sept 27
FA
Gen cons guar 50-yr 5e- -. AO 104%-112 114 Sept 27
So Pac coil 4e(Cent Pac coll) /'49 ID 931* Sale
933
4 30
Registered
89 Aug 27
90
88
20
997
-year cony 48
61
8
June M
997 Sale 991*
let 491e (Oregon Linea) A. M S Sale
68
20
-year cony 58
102
4
D * 102
20
-year gold 55
9
102
M N
San Fran 'fermi let 4a... A 0 94 gale
94
59
Registered
91 July'27
A 0 874
So Pac of Cal let con gu g 55 MN
Oct'27
So Pac ('Oast 1st gu g 4
98
Oct'27
8..J
o Pac RR let ref 48
)S
Sale 97
98
53
Reentered
95% Oct'27
J J
Southern Ry let cons g 58_ J J 111 Sale
111
23
106 Aug'27
J 106
Devel & gen 45 series A....
91
336
914 Sale 904
Develop A gen Oa
Hogg A 0 118 a Sale 118
118 s 40
7
7
Devel & gen 634s
121
A 0 126 Sale 125
126
Mem Div let g 58
8
.1 J 109 Sale 109
St Louis Div lat g 48
92
92
.3 J
East Tenn reorg lien g 5s_ _ M S
Nov'26
Mob & Ohio coil tr 441
Oct 27
M S 954 _
Spokane Internal 1st g 5s_ _ 1
6
87
86
Sunbury & Lewiston 1st 4s- 1 i 93
/
1
4
July'27
i
Superior Short Line let 68... 61
gin: Aug'27
13 300
%
Term Assn of St L 1st g 4 Hs_
10" 13
A 0
let cons gold 551
105 Sept'27
F A
Gen refund 8 f g 48
2
92
J J 104%Texarkana & Ft S lit 5)4s A F A Sale 106
, 16
Tex & N 0con gold fa
1 . 997 ___ 99% Aug'27 _
1
Texas & Pac let gold 58
4
.3 I) 110 Sale 110
2d Inc Ea
(Mar'28 op on)Dec Mar 110 100 Aug'21
Gen & ref Se series 11
2
A 0 Sale 116
8
La Div II L 1st g 58
25
J * 101
4 101
Tex Pac-34) Pac Ter 5)0_ M S *
106% Sept'27
Tol & Ohio Cent let gu 56_ .1 J
Oct'27
8
Western Div 1st g 5a
June'27
A 0
General gold 58
101
1 D ,- - Oct'27
Toledo Peoria & West let 44_ J 1 15
19
15 May'27
Tol St L & W 50-yr g 48...._ logo A 0
3
92%
Tol W V & 0gu 4)43 A
J J 991*
99 Aug'27
let guar 494e series B____ J J 994 _
Aug'27
let guar Ale merles C
M S 93% - . 951* Nov'27
944
Tor Ilam & Buff let g 4,e__ J D 93% 93%
20
Ulster & Del let cone g 51L.. J D 655 681*
3
8
68
let refundlng g 48
A 0 37
Oct'27
40
38
Union Pacific let RR & Id gt 4$'47J .1 98 Sale 97%
984 69
Registered
J J
941* Sept'27
hot lien & ref 4e
June M S -68i2
96
97
81
Gold 494s
J 99% Sale
993 137
4
1st lien & ref Si-----June M S 112% 112%
1
10-year secured as
.3 J Sale 101% 23
U2' J RR & Can gen 48. _ M 8
97 Aug'27
Utah & Nor 1st ext 48
.1 972*
Sept'27
Vandalla cons g 45 series A... F A
Sept'27
Vera Cruz & P let gu 4%8_
July coupon on
1 J
24 Apr'26
1°31
Assenting 1st &#;Uis
2
Sale 304
Virginia Mid 58 series F_ M 13
5
---- Sept'27
General Sa
M N *
Sept'27
8
Va & Southw'n let gu 68_ J J 102 -_ Aug'27
let eons 31-1-vonr 35
19hfi A 0 983 -095- -083 .-12
4
I Due May. &#; Due Juno, B Due Aug.
L122;
,
Range
Since
Jan. I.
BONDS,
N. Y,STOCK EXCHANGE,
Week Ended Oct. 21.
Price
Friday.
Oct. 21.
Week's
Range or
Last Sale.
Bid
Ask Low
Low
High
HIPS No.
134
99 Virginian Ry 1st Ens series A_ M N 109 Sale
8
109
104% Sale 104% 104% 10
105% 106
Wabash lot gold 5s
mi A Sale 103% 103%
F s
3
4
3d gold 5s
9 5
Ref s f 594± series A__-1 97 M N Sale
4 15
F A Sale 102
IC012
60
Ref & gen ta series B
Feb'25
Debenture 13 fa registered. J 1 _ _
95
96
883 Aug'27
4
J J
let lien 50-yr g term 4s
100 100
103 Sept'27
Oct & Chi ext let g 5s_ .__ J .1
92 4 94
3
93 'Oct'27
104%
Des Moines Div let g 48_ _ J J
864 Oct'27
A 0
70
78
Om Div 1st g 3Ha
92%
10
19 8 Q M 92% _
941 M S
Tol & Chic Div g 4s
83 Sept'27
92 100
Warren let ref gu g 3Hs
F A
966 Wash Cent let gold 48
991 13 885* June'27
2
1
F A 864 Sale
98 Wash Term lot gu
94
92 July'27
-year guar 48
82 8
3
F A 93
1st 40
Oct'27
W Min WAN W ist gu 58_ F A 993
103
5
4 - - - 100
A 0 Sale 86
864 -ZOO
100 West Maryland 1st g 4a
let le ref 53-48 series A_ __ - .1 J Sale so
4
7 4 73
5
1
10'2
West NY & Pa lets Is
1 2 101% ---- 102
15
8.
_ 91% Oct'27
Gen gold 4s
84
A 0 913
39
94% 98
Western Pac let ger A 58_ M S 100 Sale 100
5
_ Aug'27
M S
853
4
Ist gold 68 series B
917
5 19
911 West Shore 1st 4s guar
/
4
J 1 914 Bale
2
89%
8
Registered
863 89,
4
J J 893 Sale 894
100 Wheeling & Lake Erie
Wheeling Div 1st gold 55. J J Sept'27
Ext'n & inlet gold 58
F A ---- : Aug'27
984
2
94 , 94
Refunding 494e series A- IQ S 94
99 101%
Refunding 55series B
4
M S s *' Oct'27
-973s Wig
RR let cense'45
55
M S 904 Sale
.3 D 77 Sale 77
- '77
984 Wilk & East 1st gu g 58
106 104 Aug'27
4
Will & S F let gold 58
.3
93
/ 96
1
4
5
921
: 6
100 Winston-Salem S In let 48_ J .1 Sale
Wis Cent 50-yr ist gen 4a_ _ J .1 85
86
851s
'86
17
,
87 87
Sup & Dui dB & term 1st 49'36 M N Sale 92
'3..&#; 9ct'27
9
99 4 Wor & Con East 1st 4 Hs_ _ .1
3
&#;
INDUSTRIALS
8
s 102:
04
3
94 Sale
Adams Express coil tr g 48. M
Sale ' 10
99 102
Ajax Rubber 1st 15-yr a f 88_ J
47 Sept'27
4
6
92
8
5
99% Alaska Gold M deb 6s A__ 182 M
4
6
4% Sept'27
Cony deb 88 series 13
M
95 Sale 942's
: Alpine-Montan Steel let 76_ M
8
95' 63
' '61
104 Bale 104
Am Agric Chem let ref s f 7 Hs'41 F
874 90
96% 984 Amer Beet Sug cony deb 68_ F
894
904
4
104 Sale LA
&#; 25
864 90% American Chain deb s f 6e A
81
84
Am Cot 011 debenture 55_ M
100
12
995* 100
13
106
106 Sale 106
941s Am Dock & Impt gu fis
J
105 Oct'27 --io
95 Am Mach & Fdy if (is
/
1
A
965, Am Republic Corp deb 68_ A
100 Sale 100
100
102
5
Am Sm & R let 30-yr faser A '47 A
96
Sale 102
91
1st M 6s series B
4
Sale 18
A
Amer Sugar Ref 15-yr 6s
58
98 98
s Sale 104%
J
Am Telep & Teleg coil tr 48. J J OA Sale 100
203
108%
Convertible 4s
7
- . 99
M 8
14
20
-year cony 43-48
8
M S 102 , 102
100%
30
-year coil tr 58
D 105 Sale , 128
994 914
, 164
1 J Sale
35-yr if deb 58
7
95
,
30
-year if 594s
M N Sale s 108 8 77
29
4
951 Am Type Found deb 6s
:
A 0 107
27
91
934 Am Wat Wks & El col tr 58. A 0 Sale g
34
105
s Sale
10
Deb g 68 ser A
33
924 92
883 92 4 Am Writ Pap let g 6a
8
3
JJ 92
947 M N
102 Anaconda Cop MM 1st 613_ F A Sale 193
8
F A Sale 174
15
-year cony deb 7s
,
78
i
104
Andes Cop MM cony deb 78..3 J Sale 108
7
91
95
Anglo-Chilean 78 without war_'45 MN 934 Sale 92
933 157
4
13
811 Antilla(Comp Azue)73-4s.. J 974 Sale 973*
/
4
801z 877 Ark & Mem Bridge & Ter 62_ M 8 * 103
Oct'27 - Armour & Co let real est 434s'392 D 91 Sale 897
129
91
893* Armour & Co of Del 5He.&#; J 2 897 Sale
904 103
64
5
943 993, Associated gold notes M S 103 * 102%
4
95
Atlanta Gas L let 58
_
103% Sept'27
.3 D 103
94
983 Atlantic Frult 7s Ws dcp
154 June'27 -.- J D
94
971
_
18
Stamped Ws of deposit
Jan'27
J D
Atl Gulf & W I SS L col tr 58_ J 2 68 gale 68
100 100
100% , Atlantic Refg deb 5.
19
.3 J Sale 102
105
Baldw Loco Works let 58__ _ M N ____ 10
1
1 014 Baragua (Comp Az) _ - J .3 107 Sale 107
3
107 4
Bartundall Corp 138 with warr.. J D Sale
94
52
86
89
Deb 68(without warrant)_ J D 90 Sale 90
90% 19
984 100
8
Belding-Ilemingway 13s
.3 J 98 Sale 98
984 26
4
Bell Telep of Pa Is aeries B... J J Sale 106
32
8
100 103
let & ref 58 series C
8 42
A 0 Sale
5
41
Berlin City Elec Co 694s
J D Sale
97
901s Berlin Mee El & Ilndg 690. A 0 Sale
104
87
93
Beth Steel 1st dr ref Is guar A '42 M N 102 Sale 102
28
:
30-yr p m & Imp s f 5s_
107
4
1 J Sale 100%
37
gsle 98
Cons 30
-year 68 series A. F A 104 Sale 104
132
98
Cons 30
*83
5
-year 5 Ha ser B __ _ F A Sale
96% Bing dr Bind deb 694s
M S Bale 933,
25
:
111% Booth Fisheries deb 81 651_ A 0 __ Feb'27
Botany Cons Mills 634s.._ A 0 81 Sale 80.
811: 25
* 108
86
91
5
Bewman-Bilt Hotels 73
M S 103 Sale 103
7
8
2
* 118 5 Brier Hill Steel 1st 59-4e... A 0 104% 105 * 104 4
127 5 B'way & 7th Av let c g 58_ J D
7
pn 33
711$ 70
5
I Ctfa of dep stmpd Dee '26 lea ---Sept'27
4
11
895 92 4 Brooklyn City RR 1st fa__ _ J J
89's
a
91
.
90 s
3
92
Bklyn Edition Inc gen 58 A_ _ J I . Sale ' 105 4 38
3
-a- lif5;
General 6a series B
.3 .1 Bale 103% 10
84
Bklyn-Man 11 T see 6e
965* 444
Sale
Bklyn Qu Colt Sub con ed 58'68j N 821 66 8
: 5
M j
564
/
1
1
I let 5s stamped
73% Aug'27 -.92
J 1 68
98 I Brooklyn R Tr 1st cony g 48. J .1
/
1
4
102% 105 I 3-yr 7% secured notes__ J 1
Nug 6
A ov:326
Bklyn Un El 1st g 4-58
911z
1
- 914
F A -i19- 14
I Stamped guar 4-58
8
91% 18
F A 91%
101% Bklyn Un Gas let cons g 5a M N Oct'27
105 4 I let lien & ref 6s series A_ _ M N ill's____ 116
3
116
4
100 100 I Cony deb 534.
.3 J 218 Sale 216
s 125
102 8 I Buff & Snap Iron it ta
7
D 927
1
___ 927
99 101 I Bush Terminal lst 4e
/ 94
1
4
Sept'27
A 0 92 s *1 Consol fa
J J 99-3, Sale 99%
994
7
100 Bush Term Bldge 5e Cu tax-ex '60 A 0 Sale 102%
19
102 I By-Prod Coke 1st 5)45 A_. MN 102
1
4
Cal0& E Corp unit & ref 58_ MN 103
1
____ 103
103
15
15 lCalPetroleumconvdebsf F A Sale 95
42
89% 93 I Cony deb a f 694e
M N Sale 994 100
94
99
99 jCamagueySug 1st a f g 78
A 0 101 Sale 100
101
7
Canada 3 S L 1st 68
jD Sale
A O
:
4 11
94
95 8 Cent Dist let 30-yr 5s__.
7
* Sale 104%
9
6
90
Cent Foundry lots f 63_ May F A Sale 974
2
561 71 I Cent Leather let lien s 1 613_ J J
:
44
083
4
38
42 iCentraiSteeiletgsf8s
94 _
M N
7
121
119
: 21
947 99 4 CeePedes Sugar Co 1st s f 7)48'39 M S
s
3
937 963 I Chic City & Conn Rye 58Jan A 0
4
73
9
913, 97 I Ch 0 L & Coke let gu g 55._ J J
103
63
103
63
3
0
2
100 I Chicago Rya 1st 58
83
53
F A 824 Sale 82%
113 tChileCopperCodebss
s
95
118
2 95 Sale
* Mein Gas & Elec let & ref 55'58 A 0
_ 102
8
97 I 6)4aser B due
23
Jan 1 A 0 * 105
97
2 s 29
983, Cities Serv Pow & L a f 68___ M N Sale l047
924 971s I Clearfield Bit Coal 1st 4s...... J .1
- _ 854 July'27
Colo F& I Co gen s f 5s_ _ _ _ F A ioi; foi78
10
.
Col Indus 1st & coil 5s gu_ _ _ F A ov 981s 99
99
2
:
"ii; Ws; Columbus Gas let gold 5s_ _ _ J .1 974 98 974 98 15
I Commercial Cable 1st g 48_ Q 1 Sale
4
8
8
Oommerclal Credit s f 6s... M N 981: Sale '
98% 16
J I Sale '
4
Col tr e f 59-4% notes
5
941
4
9
-Tab-Rea at 68..-J J
8-
- 94% -99-105 a
5
9
Rowe
Sines
Jars. 1.
High
Low
s 109
103 105
100% 103%
e 107
991s 102%
-gE1.
2
103 105
884 93
/
1
4
83% 87
90
80
83 4
1
874 884
85
87
14
874 .
100
76% 87
99 s
1
102 4
1
88
911
2
911
4
88
00
101
904 '95
:
4
90
/
1
4
72
/ 80%
1
4
104 104%
885
s
80
88 s 024
7
89
92
/
1
4
89
934
105 s 109 2
7
7
3
Ps
b1
/
4
". 97 1
1
971g 104%
894 98
101 104%
95 300
106%
:
99 100
/
1
4
103
107%
104 105%
98's 100
934
ggis 102
102
101 106
102% 107
gg
100 4
3
83
94
103% MS
109 2
6
7
108 5
864
931s 100
103
88
93
.
1
87
1s 95 4
1
100 4 10 2
3
41
$
15ss 154
18
18
767
g
67
HA% 102,14
106
961: 106 5
3
89
944
94
99
102% 106
8
108
961 98
:
94
97%
100 102%
983 101%
5
101% 105
%
97 102
/
1
4
14
92
8
80
92
103
106
12
70
/ 79%
1
4
72% 76
90% 95
102 4
5
2
66
66
73% SO
91 1g90
102% 107
113% 116
156 230
94
92
907 924
5
4
g 103%
911 96%
:
95
96 101
99 100 4
3
98
99
101 104%
118% 126
984 103%
53
72
102 103
74%
92 2 08
3
/
1
4
/
1
4
101 102
105
s
/
1
4
1s
85
96 102
931 93%
:
96%
77
82
93
99 4
8
904 95
12
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
New York Bond Record-Continued-Page 5
t3
Conn Ry & L 1st & ref g 43-48 J J
Stamped guar 4 Hs
J J
Consolidated Cigar s f
_ A 0
Consolidated Hydro-Elec Works
of Upper Wuertemberg 75. 1 J
Cons Coal of Md 1st & ref 5a. J D
Consol Gas(N Y)deb 5Hs_. F A
Coot Pap & Bag Mills6 Hs_ _ F A
Consumers Gas of Chic gu 58 J D
Consumers Power 151 55.
M N
Container Corp 185 (is
J D
Copenhagen Telep ext fie.. _ A 0
Corn Prod Refg 1st 25-yr sf58'34 M N
Crown Cork & Seal 1st s f 66. F A
Crown-Willamette Pap tis_ . J
Cuba Cane Sugar cony 75_ _ J J
Cony deben stamped 9%. J J
Cuban Am Sugar 1st roll 88_ M 8
Cuban Dom Bug 1st 7 Hs_ _ M N
Cumb T & T 1st & gen 58_ J
Cuyamel Fruit 1st f 63 A _ __ A 0
Davison Chemical deb 630-19 -1
31
Den Gas & E 1st& ref s f g 56'51 MN
MN
Stamped as to Pa tax
Dery Corp(D G) 1st s f 7s... M S
Detroit Edison 1st coll tr 58. J J
1st & ref 5e series A_July M S
A 0
Gen & ref 5s seriee A
1st & ref fls series B_ _July M
Gen & ref baser B
D
Del United 1st cona g 4 H8--
Dodge Bros deb 6a
M N
Dold (Jacob) Pack 1st 68_ M N
Dominion Iron & Steel 54- M S
Certificates of deposit
Donner Steel 1st ref 7s
J J
Duke-Price Pow 1st 6a sew A '66 M N
East Cuba Bug 15-yr f g M S
Ed El 111Bkn 1st eon g 4s_ _ J J
Ed Elec III 1st cons g 5e.... _ J J
Elec Pow Corp(Germany) M
Elk Horn Coal 1st & ref 834s J D
Deb 7% notes (with warets'31 J D
Equip Gas Light 1st con 58.. M S
Federal Light & Tr 152 5a..&#; M
15t Ilen f 58 stamped__.,M S
1st lien &stamped
M El
30
-year deb 8s ser B
Federated Metals sf7s
J D
Flat deb 78 (with warr)
2 J
Without stock purch warrants.
Fisk Rubber 1st a f 8s
M S
Ft Smith Lt & Tr let g 5e
M 8
Frameric Ind & Deb 20-yr 734s 42 J J
Francisco Sugar 151 f 750. M N
Fr inch Nat Mall SS Linea 78 J D
Oas&ElofBerg('oconsgssl94gJ D
Gen Asphalt cony 68
A 0
Gen Electric deb g 3 He
F A
Gen Elec (Germany)7a Jan 15'45 J J
8f deb 6 Ha with warr. _ _ J D
Without warets attach'd '40 J D
Gen Mot Accept deb 8s
F A
F A
Genl Petrol 1st f 56
Gen Refr 1st f g (Se ser A _ _ F A
Good 11ope Steel & I sec 7s... A 0
Goodrich (13 F) Co 1st 51.0. J
GOodyear Tire & Rub 1st 88. MN
10
-years f deb g 8s_May F A
Ist M coil tr 5s
M N
Gotham Silk Hosiery deb 613. J D
_ F A
Gould C'oupler let s f
Granby Cons MS & P con 68 4'28 M N
PA 1 1
5
Stamped
Gt Corsi El Power(Japan)7s. F A
1st & gen a 6 Hs
J J
Great Falls Power 1st a I 0_ M N
Gulf Stater, Steel deb 534s- .1 13
Hackensack Water 1st 0_ J
Hartford St By 1st Is------ ) M S
Havana Else consol g 58..... F A
Deb 530 aeries of
M S
Hershey('hoe 1st & e J J
Hoe(R)& Co let 6 Hs ser 4. A 0
Holland-Amer Line 63(flat). M N
Hudson Coal 1st s f 5s ser A. J 13
Hudson Co Gas 1st g 5e. _ _ M N
Humble Oil & Refining _ J J
Deb gold 56
0
Illinois Bell sl'elephone 5s
.1 I)
Illinois Steel deb 4 54s
A 0
Raeder Steel Corp s f 7s
A 0
Indiana Limestone 1st a 68_ M N
Ind Nat Gas& 011 5s
Indiana Steel ist 5s
M N
Ingersoll-Rand 1st Is Dec 31 J J
MN
Inland Steel deb 530
Inspiratton Con Copper 6)46. M
.
Ititerboro Metrop coil .,
Interboro Rap 'Fran 1st 513 J J
1.1 J
Stamped
IA 0
10
-year 68
10
-year cony 7% notes. M S
lot Agric Corp 181 20-yr 56- M N
Stamped extended to l942.._N
Inter Ofercan Marine s I 68_ A 0
J J
International Paper 56
M
Ref s f 83 ser A
A 0
Cony deb Os
Stamped
lot Telep & Teleg deb g 4 345 J J
Jurgens Works 6.9(flat price)
. J J
Kansas city Pow & Lt 5s._. M S
J
Ist gold 4 He series B
Kansas Gas & Electric 68... M S
Kayser (Julius) & Co 1st 51 78'42 F A
M
Cony deb 634s
Keith (ii F) Corp 1st Gs._M S
Kelly-Spring( Tire 8% notes. M N
Keyston Telep Co 1st 58_ _ J J
Kings County El & P g 5s. _ A 0
A 0
Purchase money 68
Kings County Kiev 1st g 48.. F A
F A
Stamped guar 4s
Kings County Lighting 58. _ _ J J
J
First & ref 6.14s
Kinney (GR)& Co 734% notes'36 J D
Kresge Found'n coil tr 6s... J D
Lackawanna Steel ist 5is A _ M S
Lac Gas L of St L ref&ext 58_ A 0
Coll dt ref series C... F A
Lehigh C & Nav f 4 Hs A__ J J
Lehigh Valley Coal 1st g 58.. J
1st 40-yr gu 1st red to 4% _ J
F A
1st& ref sf 5s
F A
1st& refs f 54
F A
Ist & ref fis
F A
Ist & ref 5s
F A
1st& ref s f fis
Price
Friday,
Oct. 21.
Week's
Range or
Last Sale.
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Oct. 21.
Price
Fridnn,
Oct. 21,
Week's
Ranee or
Last Sate,
No Low
High
Rid
Ask LOW
Rid
Ask Low
Illoh
1
961/ 98. Lex Ave & F F ist gu g 53._ MS
37 May'27
---- Oct'27
4
Liggett & Myers Tobacco 71. AO
Sale 123
99
Oct'27
943 91
AO
983 102 &#;
8
Sale
4
8 90
Registered
Sept'27
FA Sale
58
8
PA
Sale 984
974 101
Registered
Feb'27
12
86
76
Liquid Carbonic Corp 13s.._. FA i( 8 4 Sale
-7
)
83 83
83 12 21
8
8
Sale
4 58 Loew's Inc deb 68 with warr_ AO Bale
8
14
75
855
8
83
Without stock pur warrants_
Sale
80 Sale 80
4
AO 117
7 , Lorillard (P) Co 78
4
4
8
102
4
4
PA Sale
5s
1C412
4
4
4 13 102
99
FA
7
99
98 Bale 98
98 14
97
Registered
_
Apr'27
Ii 98 Sale 98
Sale 102
31
Deb 514s
985
8
1 101 18 . Louisville Gas & Elec(Ky) 58.'52 SIN Sale 103
103
103
8
102
4
4 19
933 1 Louisville Ry 1st cons 58_ _ 25 96
4
28
995 Lower Austrian Hydro Elm Fow8
102 Sale 102
FA 883 Sale
93 4 59
3
91-2 993
4
913 Sale
4
ling(6Hs
4
90
957 Sale 953
4
95% 102
McCrory Stores Corp deb '41 JD 100 Sale
96% 99
4
1 Manatl Sugar let a f 7 Hs_ _ _ AO
4
Sale
4
4
4
A0 Sale 71
101 Sale 11
102
Mantua Ry(N Y)cons g 46.
72
8
4
8
8
2
SD 62% 73 82 8 Sept'27
2d 4s
6
99
2
98 4
3
S ---- 984 98
93 4 '912 Manila Elec Ry & Lt s f 5.s. _
3
98
Sale
8
8 17
90 Mfrs Tr Co ctfe of partic in
Sale s 19
8
A I Namm & Son 1st 65 SD 105 105
98
105
5
Sale
101 12 Market St Ry 78 ser A April Q
100 4 Sale 100
3
8
101
5
57 Sale
57
Metr Ed 1st & ref g 6s ser 11_ FA 109 4 Sale 109 4
81
3
3
Sale
1st & ref 58 series C. _ _ 52 102 Sale
8 101 &#; 103%
8
Sale Oct'a7
4
103% Metropolitan Power 1st 65 A SD ----
1
8
4 102% Metr West Side El(Chic) 45_ FA 79
8
84
79 Oct'27
D 102 102
108 Bale 108
Nliag Mill Mach 7s with war.
* 21 109
SD 93 Sale 93
Oct'27
with.ott warrants
101%
954 95 4 Oct'27
3
Mid-1 ont Petrol 1st ...194') MS 105
92 &#; 97
4
4 105
Sale
86
Midvale Steel &0cony s f 58 M
100 Sale 995
96
8
824 81
81
5
81
895 Mllw El Ry & Lt ref & ext 410'31 53 Sale 99
3
99 8
5
72 Sale 72
24
JO Sale 103
72
76
48
General & ref 55
Sale 71
12
SD Bale ,
72
75
1st & ref 513 B
96 Sale
14
97
98
Montana Power let 5s A __, Sale
95
8 104
Sale
4
8 54 Montecatini Min dr Agile
Sale
4
4 105
56 IC8
Deb is with warrants...._ Si Bale 100
8
4
101
98 Sale 98
94% 98
94
93
98
19
Without warrants
93
111 Sale 111
111
2 III
8
Montreal Tram 1st & ref 58_ _ JS 997 100
8
994 120
98 974
95
Gen & ref a f 58 series A._ AO 967 _
8
973
4 24
967 Oct'27
8
983 983 Oct'27
4
4
98 Morris & Co lat s f 4 Ha..... J J 87 Sale
87
RAN Mortgage-Bond(0 45 ser 2_ AO 83
97
94
94
3
83
94
4
Sale
4
52
8 993 10.25-year Is series 3
4
983
4
98 4
3
____ 964
24
Murray Body 1st 6 4s
Jo Sale 944
95
96
Sale 985
8
39
95
Mutual Fuel Gas 1st gu g 58_ MN 1C2
/ Oct'27
Sale
4
4
4
1 102 Mut Un gtd 5. et 4% MN ---- 103 June'27
.
100 Sale 100
3
97 Namm (A I) & Son-See Mfrs Tr
97 Sale
41
887 Nassau Elec guar gold 4s.... 55 Sale 52 8
s
7
64
Sale
8
8 72
National Acme 1st s f - Jo 103 Sale 103
94
944 94
945
8 10
99
Nat Dairy Prod 6% notes... MN Bale
8
Sale
4 28 115 120
Nat Enara & Stampg tat 55
D 102 1C4 102 June'27
87
87
15
Nat Starch 20-year deb Is.. J J ____ June'27
86
104&#;2 Sale 30
105 4 National Tube 1st s f 5s..... MN Sale 104 4 105
3
8
3
Sale 21 106 1)0
Newark Consol Gas cons 58. 3D
_ Sept'27
101 Sale 36
943 New England & 58 A J D
4
8
Sept'27
8
8
Ist g 4)44s/ries B
MN Bale 100
Sale 106
31 108 New On Pub Serv let tis A... AO 98 Bale 98
984
94
937 Oct'27
8
_
91
First & ref 56 series B...&#;
D 977 Bale 975
8
8
98
l Sale 11 193 N Y Air Brake 1st cony 68.. MN 101
149 118 115
117
22 113 N Y Dock 50-year 1st g 48.. FA 878 Sale 873
4
4
87
84
Sale IC012 14
, NY Edison lat.& ref 6 Hs A . A0 117 Sale 117
10.
193% Sale
4 182
AO 105 Sale 1(
53
First lien & ref 58 II
Sale
7 102
15 Y Gas El Lt & pow g 5,4__ J
1
109 109
105 4 105 4
3
3
6 101 12 10
4
Purchase money gold 4s__ FA 954 96
964
6
102 102
16
NYLE&WC&RR548._ MN 105 Sept'27
8
8
Sale 108
38 1(18
8
NY LEA W Dock& Imp& 103 106 102 Sept'27
119 8 120 119 8
,
,
8
7 NY&QEIL&PIstg 58_ FA 100 8 101
8
3
e
Aug'27
1)197 111 14 N Y Rys 151 R E & ref 48 ., Si
8
Dec'26
Sale 954
91% 971,
July'27
Certificates of deposit
95 4
3
Sale
4
4 27
30-year ad.' ln 58......iaii
4
34 212 Oct'27
97% 10 3
---69 4 70 69 4
3
3
70
4
87
69
Certlkiites of deposit
6
512 Mar'27
Oct'27
4
102
N Y Rys Corp Inc 65...Jan ";i7; Sale
173
4
Oct'27
J 764 Sale
10.02 102
Prior lien Os series A ___
Sale
. N Y & Richm Gas 1st
MN Sale 106
8
94
38
4
Sale
94
947 N Y State Rys 1st eons 445 SI N 544
.
84t2
60
91
____ Sept'27
4
4
1st cons 6 Hs'cries It .... 3)1 N 70
70
70
96 Sale 95
96
16
96
94
NY Steam 1st 25-yr 6s ser A MN
8
8
8
89
895 883 Sept'27
8
4
8
N Y Telep 1st & gen a f 4 )4s M N Sale 100
14 101
95
95 May'27
8
30-year deben s f
__Feb FA Sale
8
8
AO 109 Sale s
97
985 Oct'27
8
20-year refunding gold (Is
85 Sale 85
Jo 100.4 101 101
16
155
903, N Y Trap Rock 151 65
103 Sale
4
8 89 Niagara Falls Power 1st 58 .1
4
-_--
4
Sale 99
100
25
98
Ref & gm n Os
Jan AO Bale
105 4
3
Sale 104
15
91 1/ 104
Ntag Lock & 0 pr 1st 5s A A 0 Sale 103
983 Nor Amer ('em deb 64.8 A. _ at 5 Sal, 83
4
Sale 97
97
99
.
4
Oct'27
102 No Am Edison deb 58 aer A. MS Sale
8
Sale
Nor Ohio Trar & Light Os.. _ MS 101 Sale 101
4 29 103
102
97 Noel,States Pow 25-yr 5s A. AO 102 Sale 102
99 8 Bale 995
5
8 100
200
8
4
let & ref 5-yr Os series 11. AO 107
105 Sale 105
34
.1 100 Sale
963 North WT lat rd g 4 Hsgtd _
4
99 4 100
3
99 4 13
3
100
4
100 Sale 100
24 100
7
98 1(10
Ohlo Public Serv1ce 7 Hs 4_ A 0 116 Bale 116
116
A Sale
F
Sale
98
1st & ref 78 series B
1
105 Sale
4 105
_. J .1 Sale
29 Oh o River Edison 1st
F A
..___ May'27
8
Old lien Coa&#; 1st 65
23 92
8
924
925
8
25 101 18 Ontario Power N F 1st 5s. _ F A 103 Sale g
103
s
Sale 100
8
Ontario Transmission 5s._ ._I945 M N 103 Sale 103
8 71
103
20
11
Apr'25
_ . M 8 94
Otis Steel let 3)1 (laser A _ _
94
954
793 310
4
795 Sale 79
8
8
Pacific Gas & El gen & ref 0. J J Sale 102
103
754 793 Par Pow & Lt 1st & ref 20-yr 58'30 F A 101 101
4
Sale 79
726
825 Pacifle & 1st 5a
.
J 104
81 Sale 81
821s 223
77
8
4
4
M N Sale
Sale 977
8
111
963 99.,
8
Ref mtge 58 series A
8 105
815 Pan-Amer P CiT cony s f 6s M N Sale
8
Sale 86
3
8
4
13 A 106
83
73
let ilen cony 10-yr 71
69
10
8
Pan-Ain Pet 'co(of Cal)cony 68'411 J D 93 Sale 923
Sale 47
95,, 105
(
4
93
Sale 170
97 Paramount-liway 1st 544s_ _ 5 J Sale 101
4
97% 105
Sale
4
4 74
Park-Let St leasehold ..
Sale
4
Pathe Etch deb 7s with war. M N 0
8
6 8ale 95
2 13a
4 510
l
82
8
9
7
3
98% 108
Sale
4 275
Pat & Passaic G &
cons 58. M
104
Aug'27
Penn-Dixie Cement Os A.... M 8
964 Sale
436
92
101 12 111 14 Peop Gas AC 1st cons g 68_ A () .83 198: 19 :
104 Sale
8 104
4
14 2 . 4 14
9_
21
14 4
82
NI S 104
Sale 105
30 103
Refunding gold 58
8
M S Apr'27
4
100 4 Sale
3
1
Registered
4
106
4
Sale 16
Philadelphia ('o colt tr Os A _ F A Sale 104
4
4
Aug'27
15-year cony deb .--- M
Sale 103
4
Sale 274
95 105
19)17 MN 983 Sale
PhIla Elac Co I st 4 kis
4
4
93
84
95% 100
Sale 100
27
Phlia & Reading C & 1 ref 56. J J 100 4 Sale 100% 101
3
Sale 108
S 943 Sale
99 , P.ierce-Arrow Mot Car deb 8s.'43
4 16
3
97% Pierce Oil deb s f &#;Dec 15 J D 105 102
__ 974
97%
93
1
Oct'27
g ____ Sept'27
.
Pillsbury 151 Mills 20-yr Os. _ A 0 105 Sale
4 105
12.02 Pleasant Val Coal Islesf 53. J J - - 100 Sept'27
____ Sept'27
Porah con Collieries ist f 58.'57 J J 924 934 93 Oct'27
85 Oct'27
81 14 86
82
86
Port Arthur Can & 13k 68 A. F A Sale
4
4
81
813 Sale 813
4
4
813
4
4
F A 105
1st M Os series B
Sale
2 101 12 ,
118 4 ---
5
Portland Elec Pow 1st 0 B. M N 102 103 103
4'
4 10 1 119
IC312
977 Portland Gen Flee 1st
3
105
111:3,53 5 102 Oct'27
105
1
M N 975 Sale 975
104
33 102 Portland By 1st & ref 58
8
8
974
103
Portland By L & P 1st ref 56. F A 964 Sale 964
4 Sale
8 48
985
8
r A
g 102 102
Oct'27
Registered
Oct'27
1
1 3
27
1st lien & ref 11s series B_ ... M N ± -_-_-_-_
Salo 105
30 106
Oct'27
18t & refund 710 series A. M N
Sale
101 102
Porto Rican Am Tob cony 8s J J
____ Oct'27
100
97
Pressed Steel Car cony a 53.. J J gide- 96
Aug'27
953
4
101 104
Prod & Ref s f Ks (with war). S D
Oct'27
101
- 101
113 __-_ 11
71
101
9 , Without warrants aettahed. . J D 111---- 111 27
101 101
Oct'27
:7
2
Pub Hen Corp of N J see 68_ F A 107 Bale 107
,
4 101
10
101
2
s
.
gee g 530
[ 1 Sale 104
99 101,
4
Sept'27
4
4 no &#;&#;&#;&#;
101 . Inn%
Range
Since
Jan. 1.
No. Low
High
37
37
11 120 :
117%
27
52 112
142 101
67
96
6 115 120
44
963 973
4
4
84
97
99
25
991
4
1
94
99
25
70
5
27
_
6
874
97
4
4
4
2
73
:
7
68
3
93 4 99
2
59
10
7
16
964 101
105% 109 4
3
100 103
76
80
99 105
937
3
100 11
3
98% 100%
:
98
: :
7
4
14
91
18
29
3C
29
87
4
2
_
9
3
2
18
987 102
8
92
955 100
2
95 2 100 4
3
3
83
4
83 83
96 4 KO:
3
94
103
103
4
20
7
65
621:
49
:
983
8
100
101% 104
3
99 4
103%
102%
103
955 101
2
933
2
935 984
2
4
845
8
115 117
102%
106
96%
102% 102%
102
100%
3
7
155
22
84
7
2
18
35
10
40
16
21
24
7
1
2
82
38
34
8
53
26
205
106
21
7
2
13
5
9
5
4
3
41
34
12
21
77
7
140
40
16
62
_
25
2
6
_
64
20
58
21
98
11
15
1
2
1
9
3
2
62
70
30
65
63
212 3
513 512
16
30 8
7
75 2
102
4
53 2
3
82
s
98%
8
110
s
:
8
4
8
106
104
8
9,511 102
100 102%
107
98 101
114 116%
4
2
90
101
4
103
993
4
993
4
101 14
:
102
91
98
8
85
4
99
100
974 101
113% 115
104
8
.99%
8
8
985 98%
102%
99 100
91%
103%
3
MO 103%
99%
3
94% 98%
8
2
913 985
96%
:
100
08%
110
110
103 4 108
1
:
OCT.22 .]
THE CHRONICLE
New York B r d Record-Concluded-Page 6
Quotations of Sundry Securities
AU bond prices are "and nterest" except where marked "f".
BONDS
. XCHANCIE
N. Y. SIX..
Week Ended Oct. 21.
t
Price
Friday.
Week's
Range or
Last Sale.
112
Range
Since
Jan. 1.
Standard 011 Stocks Par
Bid Ask
Fubilc Utilities
Bid ask
Anglo-Amer Oilvot stock_gi * 19
American Gas & Electzhc. *109 4
3
.t
Cl &#;18 8
Non-voting stock
3
6% preferred
&#; &#;
4
115
Deb
Rid
Ask Low
High No. ,
.oir
MAN 107
High Atia nth. Refining
Pub Serv Elm& Gas 1st 6% A 0 Sale
Preferred
100 Amer Light & Tme corn 101) 170 178
8
4
lst&ref55s.. A 0 Sale
Borne Scrymeer CO
58
&#;
25
Preferred
100 112 115
104
let & ref 58.
Buckeye Pipe Line Co
.905 .1 D Sale 105
50 . 56
8
Amer Pow & Light pref. UK) 106
8
105
Punta Alegre Sugar deb 78... .1 J 11)64 Sale 107
2t 106 Chesebrough Mfg Cons 25
Deb
MISS
4
Remington Arms es
Continenuil Oil v t c
M N
10 * 18.1 Amer Public. UV!corp.__ 100 54
1.
97 Sale 97
58
95
98
Repub 1 & S 10-30-yr be s t_ A 0 '102
Cumberland Pipe Llne__100 93
9-&#;
7% prior preferred____100 93 95
108
t
Ref & gen 5 he series A- -- 195 J J .
Eureka Pipe Line Co____100 59
60
4
Partie preferred
3
90
100 87
983 103
8
Reinelbe Union 7s with war. J J Sale Ill
.,l00
7
74 Associated
4
5tis'46A&O
4
: 2: In
4 Galena Signal 011 corn.
Without elk purch warts. J J 100 100 .01
Preferred old
100 46
48
Aesociated Gas & Elec cons., .20
,
21
3
Rhine-Main-Danube is A._ M S 103 .023
new
Preferred
35
100 31
Original preferred
.51
8 103
53 .
101 12
ethine-Westphall., Elec Pow 73'50 Ii N 102 :
Humble(MI& Ftefining___25 .614
, $6 preferred
. 51 101 14 105
93 95
Direct mtge es
M N 944 Sale
4 .98 100
100
preferred
951 111
Illinois Pipe Line
:
Rime Steel 1st s f 76
F A 964
Imperial 011
&#; .584 69
58
101 104
97
933 98
$7 preferred
4
Robbins & Myers 1st f 7e_ _ J I) 45 Sale 45
Indiana Pipe Line Co_ ___50 .73
74
.
Blackstone Val G&E com_ 5f) 128 131
45
65
45
Rochester Gas & El 754ser 13_ Si S
314 Com'w*Ith Pr ('orp pref. 100 102
4 1: 110 8
5
8 International Petroleum., .31
Gen mtge series C. M S 1 038 107
Elee Bond & Share pref. 100 1u812
063 Oct'27
8
105 National Transit Co._12:50 &#;17
Roth & Pitts C & I p ni 53_ M N
Sept'2;
90
Elee Bond & Share Secur &#; * 75
New 5 ork l'rareat Co___ IGO 36
-Brown Iron gen&ref 7s'42 M N
Rogers
100 Lehigh Power Securities_ _ _ &#; .19.8
39 Sept'27
244 494 Northern Pipe Line Co.
Stamped.
MN
Ohio Oil
25 *58., 59. Mississippi Riv Pow pref.100 104
- 42 Sept'27
4
24
50
St Jos By Lt & Pr let 58.... MN 973 Sale 97$8
2 * 294
8
3
953 974 Penn Mex Fuel Co
8
8
4
First mtge 58 _ _J&J
St Joseph Stk Yds let 4 tis_ J J 973
4
25 .474 48
NI&N 98 .
974 973
974 Oct'27
4 Prairie 011 & Gas
Deb 5s
St L Rock Mt & P 58 tamed 155 J J Sale
100 176 179
80
754 814 Prairie Pipe Line
National Pow & Light pref. &#; 110
St Paul City Cable cons 53.. J J ____ Sept'27
Solar Reflulug
100 175 .80
4
963
North States Pow corn,100 128
San Antonio Pub Sen. let 6s J Sale 1: 10 02 Southern Pipe Line Co_ ..61I * 22
100 108 110
Preferred
Saxon Pub Wks(Germany) 78'45 F A Sale . 7. lel 104
south Pent.011
25 *363 37
4
24
Nor Texas Elec Co corn,100
Gen ref guar 6 tis
MN 973 Sale 963
72
4
4
67
977 104
964 Southwest Pa Pipe LInes.100 70
8
8
Preferred
100
Schulco Co guar 6 tie
J J Sale .03
4
. Standard 011 (California)- &#; .543 55 Ohio Pub Serr. 7% prof 100 109 110
Guar e f 6 tis series B
A 0 Sale .
8
I;
28
98 Standard 011 (Indiana)....25 .713
Pacific Gas & El
*26
Sharon Steel Hoop 1st 88 eer A '41 M 8 . 1 r Standard 011 (Kimme)_ 25 .153 714 Power Securitieslet pre/ _25 .10 12
4 16
corn
Shell Union Oil s f deb 5.... _ _ M N 983 Sale 983
4
984 27!
8
51
; *49
Standard (el (Kentucky) 25 120
Second preferred
Siemens & Haleke s f 7s
Standard 011(Neb)
J J 102 . 68 105
43
25 .
,
44
Coll trust BR _ _ _J&D .
96
Deb s f 6tis
195 MS 104 Sale .04
Standard 011 of New Jer__25 *39
39-8
4 101 105
104
Incomes June ...F&A .
93 95
f 614e allot etre 53% pd M S 102 Sale .02
Standard 011of New York 25 . 308 Puget Sound Pow & Lt__ 100 36
8
41) 106
37
104
Sierra & San Fran l'ower 55. F A 101 ..
25 *75
91.
95 10 &#; 3
100 89
6% preferred
4 Standard (I11 (Ohio)
Silesla Eiec Carpet 6 tis.&#; F A 95
981 4
Preferred
101) 118 119
2;
7% preferred
100 110
Silesian-Am Nap (.01 tr 7e. __194 I F A 99 Sale 99
22
25 .20
993
l'512 Swan di Finch
8 St
1st & ref 5 tis _ .J&D 102 103
Simms Petrol 6% notes. _ _ M N Sale 100
Union Tank Car Co
100 109 South Cal Edison 8% 0_25 .
43
74
105
40
Sinclair Cons 011 15
-year 76. Si S 99 Sale 99
Vacuum (411
25 *133 Stand & E 7% pr pf..100 112
997 151
8
let In col tr fie C with war.
_ J D 993 Oct'27
Washington 011
10
4
Tenn Elec Power 1st pref 7% 107
9
let lien col 68 eer D
S 983 Sale 9
8
984 238
Toledo Edison 7% pref. _100 t
84
181 lien 644s series B
193. J D 94 Sale 94
Other 011 Stocks
9t
924 11.2
Western Pow Corp pref 100 100
Sinclair Crude Oil 3-yr fle A F A Sale
61
994 Atlantic Lobos Oil
&#; *1
114 Chic it Stk Ld Bk Bonds
Sinclair Pipe Line s f 55
A 0 Sale
Preferred
50
101
312 414 tie Nov 1 opt ._
953
.,
Skelly Oil deb
M S 943 Sale 944
4
3
.
937 95 4 Gulf 011
25 .
8
98
3
92 58 Nov 1 opt ._
Smith (A 0) Corp let _ MN Sale
Mountain Producers
1 103
be May 1 195! opt ..
10 *24
98
South Porto Rico Sugar 78.. J D 10 8 1.0
National Fuel Gas
9/
8
107 110
8
97
.2.54 26.8 43 Nov 1 opt _
4.3
South Bell & 1st e J J Sale
612 41.48 Nov I opt _
Salt Creek C'onsol 011___10 .6
8
2 11)212 105
97
Southern Colo Power es A.. J J Sale 21 105
Salt Creek Producers,.,.10 .29
445 May 1 opt _
98
Erwest Bell let & ref 5e.... F A Sale 11
98
Nov I opt _
be
Spring Val Water 1st g bs.... Si N
Railroad Equipments
984
8
98
-- Sept'27
Nov 1 opt _
Standard Milling let bs
NI N 100 Oct'27
Minute. Coast Line tie
4
5.00 4.90 414s Oct 1 opt ._
1(13
98
let A ref 514s
S
Equipment6 tie
4,55 4.40 Pac Coast of Portiand.Ore
Stand Oil of N J deb 5s Dee l549 F A Sale
8
5.00 4.90
8
4 9:
4 Baltimore & Ohio 6s
bs opt .. _M&N
Stand 011 of N
dell 4 tis__ . J D Sale 96
Equipment 4 tie & be. _ 4.50 4.42
19(,
94
be opt _ _ _M&N
Stevens Hotel let es ser A _ J J 101 11.,012 101
Buff Ruch & Pitts etiulp 65. 4.70 4.5.)
5
99 102
Sugar Stocks
Sugar Estates ((Iriente) 78_1)142 M S 101 Sale 400
Canadian Pacific 4 tis & 6e
pit
4.50 4,4., Caracas Sugar
3'
1E
101
50 *1
Superior 011 let s 75)
F A 102 103 102
Central RR of N J fis
5.00 4.85 (
Oct'27
103
'cut Aguirre Sugar eons_ .2)) * 117
Syracuse Lighting 1st g fie_ J D Sale
Cheaupeake &
5.00 4.90 Fajardo Shear
1 11,
Ile
4 613
100 .x158 161
' Tenn Coal Iron & Itli gen 58- J
Equipment
4.65 4.55 Federal Sugar Ref com 100 35
40
:
103
Tenn Copp & Chem deb 6.§ A (1 100
Eoulpnient 58
4..51 4.40
993
8
993
14
4
Preferred
100 55 65
Tennessee Elee Pow let 68_ J I) Sale
8
) 4.90 Godehaux Sugars, Inc
21 Chleago Burl & Oulney 68
3 ,
107
St
8
Third Ave let ref 48
J J Sale
Chleago & North West Se_ 5.00 4.90
11.
24
70
71
63
Preferred
100 20
Ad)lac 68 tax-ex N Y Jan A 0 60 Sale 60
Equipment6 tis
4.62 4.55 Holly Sugar Cori/com iew .
42
29t.
66
&#; 40
Third Ave Ity 1st g 56
J J 101
Chic It I a. Pee 4 tie & 53
3
4.65 4.45
as
97 100
Preferred
85
Talio Elee Pow ist 78
S 984 Sale
EquIpnient Its
5.05 4.95 National Sugar Refining _1(10 *124 126
22
3
948 00 4
6% gold notes_ ...July 15 J J 977 98
°tonal° & Southern 65._.. 5.1)1 5 00 New Niquem Sugar
8
169
973
4
60
967 991
4
.
100 50
Tokyo Elm Light 6% notes 11)28 F A Sale 994
Delaware & Hudson 68
5 Oa 4.9.5 Savannah Sugar corn
971
.
994 54
&#; 127 130
Toledo Edison 1st 7e
M
108 4 Sale
3
4), iii918 Erle 434,,& 58
4 109
4
4.81 4.50
Preferred
100 112 117
Toledo Tr LAP 514% notes 19:10 J J Sale
Equlonient Rs
2
983
4
5.05 4.95 Sugar Estates Oriente pf.
55
_100 50
Trenton 0 di El let g 5s
M 8 105 .031 Sept'27
8
5.00 4.9,) Vertientes S5igar pf __ _100 85
10:14 Great Northern 621
75
Trumbull Steel let a f 65____ NI N Sale 96
Equipment .55
4.5 4 42
96
53
Tobacco Stocks
Twenty-third St By ref 5s
J J 5
5&#;1
4.5 4.4, American ( igar coin_...I00 117 120
Hocking Valley 58
5 4 Oct'27
43
014 6
4
Tyrol Hydro-Elee Pow 7 tie N 100 Sale .00
Equipment(Is
5.111. 4.90
12
Preferred
100 102
Uegawa El Pow
Si S 994 Sale
Illinois Central 440&
994 12
103
4..0 4. 0 British-Amer Tobac ord_ .Cl *25 11;Underged of London 4 54e _ J J Sale
,
Equipment es
3
5.00 4.90
96
26
Bearer
fI .25
Income 65
Equipment 78 &
7
Sale
1.13 Imperial 'Fob of Cl B & Irel'd .
4.5
26
24
Union Elee 1.t & Pr(Me)68 19: 5 Sale 8 103
Kana w ha & M lehigan es_ _
4.95 Intl tear Machinery new 100 *81
83
Ref& ext be
M N Sale .
Kansas City Southern 61.48.
8
3 101 14 103
4.76 Johnson Tin Foil & Met.100 65
8
75
Un E L&P (111) ist g blesser A&#;541.2
lOse
Louisville & Nashville
1 1(15
4
4.86 alacAndrews & Forbes_1(10 42
4
43
Union Elev Ry ((hic) Se.,, A 0 874 Sale
Equipment 114.48
8
4.5. 4.4.5
81
874
Preferred
100 102 106
Union Oil let liens 168
.1 .1 102 1.17 Oct'27
Miehigan Central 5s&
3
4
_ 1(12
4.6, 4.55 Mengel Co
100 47
30-yr Os series A.- May F A
MinnStP&SEINI 41.18&5e 4.71, 4.50 Universal Leaf'rob cora_ &#; .51
2 107 109
3
8
6
514
1st lien 8 f 5e serhs t e eb A 0 984 984
Equipment 0 tie & 7e.
2
98s
5.0t) 4.75
96
997
8
Preferred
iao 112 115
United Drug 20-yr fle Oct IS A 0 Sale 107
Missouri Peeler 65 & e
10/.2 21
5.11, 4.8d Young (J S) Co
100 90 100
United Rye St L ist g 4s-___ J J 813
Mobile & Ohio 5.1
4
6
817
8
4.65 4.50
76
Preferred
100 98 105
United SS o 15-yr 65
(
M N Sale
16
95
90
974 New York Central 4 514e & 58 4.40 4.35: Rubb Saks(CR e'd v.otarn)
Un Steel Works orp 6 tie A J D Sale
(
98 .1 89
3
Equipment as
964 106
4.95) 4.751 Fails Rubber coin
&#; *VI 6
Without stock pur warrants... J D
97
Equipment 75
76
4.55 445&#;
19
Preferred
25
Series C with warrants
J 1.1 Bale
4
98
4.45' 4.30 Firestone Tire & Rub eom 10 *151 155
8 Norfolk & Western 4 tie__ _
Without stock nor warm_ 2 D ____ 97
Northern Pacific 7e
1
97
97 101
4.70 4.60
6% preferred
100 107
United Steel Wks of liurbach
Pacific Fruit Express 78.
4.60 4.50
7% preferred
100 107
Esch-Dudelange I 7.4.___.A 0 98 101 102
21 100 Pennsylvania RR eq 58
175
5.00 4.50 General Tire & Rub coin_ _25
US Rubber let & ref tie eer A J 937 Sale
295
8
88
967
8 Muth & Lake Erie 634e.... 4.60 4.5e
Preferred
100
Registered
2 J
Sept'27
934 943
4.40 4.30 Goody'r R& Rot ran pf.100
8 Reading co 4 14s & 53
10-7r 7ti% secured notes. A , tiZe-
8 48 103 St Louie & San Francleco Is. 4.6.. 4.50 India Tire & Rubber new._ t *17 18
4
US Steel Corp it'oupon Apr MN 109 Sale
116 Seaboard Air Line & 115 5.0. 4.90 Mason Tire di Rubber com.t &#;150e
at 110-60-yr 5sIregist. _Apr MN
Sept'27
105 4 11)83
3
12
4.40 4.30
4 Southern Pacific Co 4
Preferred
100 10
Universal Pipe & Bad deb es J D 883 Sale 883
4
4
3
Equipment 7e
4.55 4.45 Miller Rubber preferred 100 992 99 4
874
1
s
Utah Lt & Trac 181 111 ref 58_ A 0 Sale 97
974 67
934 973
4 Southern Ry 4 1.4a & be
22
4.60 4.45 Mohawk Rubber
100
Wan Power & Lt 1st 68 ._ . F A Sale 100
974
Equipment68
4
42
65
5.05 4.95
Preferred
100
Utica Elec LA P 1st s f g 66. J J 103
____ 104 Aug'27
11)3 104
Toledo & Ohio Central (Is
5.05 4.90 SelberlIng Tire & Rubber_ &#; * 35
Utlea Gas & Eke. ref & ext 5e J
Union Pacific 75
7 106
4.55 4 45
Preferred
100 101
Vertientee Sugar let ref 751_ J
100 Sale 100
983 14
4
27
Water Bonds.
Victor Fuel lets II,.
J
Aug'27
55
63
Short Term Securities
56,4 6s
4
Arkan Wat 1st 554'56 A A&O 973
Vairon ('oat & Coke 1st g 58.. Si S 92 Sale 92
4
92
92
953
4 Anaconda 'op Min 6V29.1&J 102'8 Birm WW I et 5 tisA'54.A&O 104 105
(
4
Va By Pow 151 & ref 5s... J J Sale
984 Chic 11 I & Par 58 I929.J&J im3
9
.
4
1st NI 5s 88.r II. J&0
4
Waiworth del, 11 yis (with war)'35 A 0 Sale 94
5% notes
89
9
M&S 10
City W(Cha tt)5 tis'54AJ& D
012 lot
let sink fund es acres A... A 0 Bale
91 12 97
44% u0t4R4 _ _J&D 100
953
8 51
let NI Is
J&D 971
Warner Sugar Befit. lel 78_ J D 106 Sale 106
6
914 Iii712 Federal sug Ref es '33 M&N 89
90 City of New(
'astie Water
Warner Stager I'orp 7s... J J Sale 884
89
Sloes-She(' S & I 65'29.F&A
7
8
98
524 Dee 2 .... J&11 1 96
Wash Water Power s f 58 _ J
.___
4
1
8
Clinton WW 1st
FAA
Westehe8 Ltg g 55 «tined gtd J 13 ___ 11
8
Indus. & Miscall
8
Conew'th Wait let 5 tisA'47
West KY Coal let 7s
M N Sale 104
American Hardware
5 12 Ie.
,
76 Counellev W 5e0et2'39A& 01 95
25 .74
West Penn Power xer A Es._ M iS 103
_ .__ 103
3 liabeock & WIleox
100 115 118 Etat 1. a. Int Wat 55'42 JAI./ 96 V64
Si
be scrim Fe
104
Oct'27
1 111a.(E W)Co
17
*16
1*1 NI 6a
J& ,I 102 103
A 0 106 4 __- 106
let 'writs r
106
Preferred
Oct'27
50 .58
65 Huntington 1st 68 '54 aces 103
11)5&#;1 2 D
let see 5e serial()
104
Borden Company com___50 .130 133
104
27
4
964 971
West Va C &( let es
2J 61 Sale
811
Celluloid company new 100 90
613
4 67
100 MIA States WW 68'36 N1&N 101
_is _
Western Electrie deb 68.. _ A 0 103 104
Preferred ...w
8
84
29
8
100 91
92 Monm Con W '56AM/1) 94
Western Union (.011 tr cur 68. 2J
( ompany pref _100 118 122
8
2
Nionm Val WI 654e'50 J&J
Si N 100 100
Fund & real est g 4
95 Hercules Powder
Oct'27
100 189 195
Munele WW 58 0.12'39 A01 95
-year 61&#;
, A Sale
1
16
Preferred .ew
8
8
6
8
100 121
99
St Joseph Water 5s 194IA&O 98
26
J D Sale 104
-year gold 50
40 Intermit silver 7% pref 100 125
8
Shenango valWat 58'56A.4.0
Welehouse Eh M 20-yr g 68 M
Sale
90 So Pitts Wat 1st As J&J
4 81 101 Lehigh Valley Coal Sales.50 85
Weetphalla Un El Pow 6)4s J
Sale
42
94
100 115 120
Phelps 14olge Corp
FAA 983
let M Se
4
Wheeling Steel(Tire 1st 5 tis J J 101 Sale 101
963 Royal linking Pow corn 100 235 245 Ter H W W (Is '49 AJ&D Iowa
4
83
WhiteXagle 011 & Ref deb '37
P eferred
100 107
F&0 97
let NI 5s ser B.
punch warrants__
With stock
96
96
25
96
Singer alanufacturing___100 405 410
Wichita Wat let es'49 _M&EI 102
White Sew Mach 68(with war)'36 2 J 136 142 139
Singer Mfg Ltd
£1 *5
140
514
1st NI ser B__F&A 964
97 4 148
8
6
Without warrants
103 Sale
30
99 4
3
&#;
Wickwire Spin st'l let 7e.. J J 25 Sale 25
27
6 25 53
Wickwire Sp RVI Co 75 Jan M N
Sale
52
22
20
33
Willys-Overiand 8 16 tis___ at
Sale
4
103
4
4
26 10-78
Wilson & Co let 25-yr f 641_A 0 102 Sale 102
98
973
4
8
&#;Per share. t No par value. D Basle a Purchaser also pays worded dividend.
A.0 108 Bale 106
Winchester Arme 7%a
10
stork. I Flat price. k Last sale. 14 Nominal. s 13x-dividend. r Et-tight.r
Younen Sheet AT 20-yr 61. J Sale 105
79 105 4 SNOW
3
_ C Comedian quotation. t Sale price.
._IM
oa. 21.
1
BOSTON STOCK EXCHANGE-Stock Record se.V.P.11...
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Monday,
Oct. 15. I Oct. 17.
Tuesday,
Oct. 18.
Wednesday, Thursday,
Oct. 19.
Oct. 20.
Sates
for
the
Week.
Friday.
Oct. 21.
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Share,
Railroads.
Par.
*184 185 I 185 185
* 185
183 185
170 Boston & Albany
100
185 185
* 88
82
83
599 Boston Elevated
100
82 4 823
3
83
4 83
&#;
40 Preferred
&#; __ * 101 *
100
* 115 1 113 113
1st preferred
iiL" iff100
115 115
105 105
104 104
103 104
581 24 preferred
100
103 10.313
56
591
1,ton & Maine
100
58
68
58
58
58
58
58
58
59
36' Preferred
100
66
66
&#;-_
&#;-_
Series A 1st pret
100,
&#;-_
*-__
86
*120 125 .120 125 *120 125 +120 125 *120 125
Series 13 1st pret
100,
*110 116 +110 116 *110 116 *110 116 *110 116
Series C 18t pret
&#;150
Series D 1st pret
100i
+150
&#;150
*150*150
*112 113 I 112 112 * I 111 112 ffi
68 Prior preferred
I
-* 208 ' 206 206 I 204 206 +204 210
204 204
62 Boston & Providence
100
&#;____ 40 &#;_ ___ 40
20 East Mass Street Ry Co_100
39
39 &#;___ 40 *____ 40
180 1st preferred
100
*278
'
78 +x75
70
Preferred B
100
76
76 *
76
390 Adjustment
100
56
56
* 56
55 4 55 4 56
3
3
56
145 Maine Central
100
67
&#;64
65
64
64
64
64
64
64
*64
4
100
53 8 53% 543 -553 - 478 2,423 NY N H & Hartford
7
53 4 52
3
4
103 103 *103 105 .103 105 +103 105 +103 105
6 Northern New Hampshire_100
117 Norwich & Worcester pref_100
.140
&#;141
123!01d Colony
100
112 1g14 112 *11' 112
5
14
2
5
135 135 &#;135
50
66% 66
663
8 66% 663
8 64% 604 641 - ; 4,367:Pennsylvania RR
665
0
8 661s *118
____ *119 ____ *119
'Vermont & Massachusetts..100
&#;I18
&#;
Miscellaneous.
750 Amer Pneumatic Service
4
334 334
4
4
*3 4 4
3
3s 37
Preferred
50
22
22
*22
23
22
22
22 8 22
5
22 4 23
3
178% 176 175 176% 3,662 Amer & Teleg_ _100
182% 183
3,998 Amoskeag Mfg
No par
843 843
90
4
4 85
85 4 88
3
103 Preferred
No par
* --
1,121 Assoc Gas & Elec class A____
43
43% 43
423 42% 43
4
Atlas Plywood tr ctfs
---Atlas Tack Corp
No par
---Beacon 011 Co corn tr ctfs____
Tit;
I.512
635 Blgelow-Hartt Carpet _ No par
92
91
91
91
92
91
91
Coldak Corp., class A T C.._
1
'.10 .50 *.10 .50 &#;.10 .'.10 .
*.10 .50
150 Dominion Stores, Ltd ..No par
*
97
93 93
*93
921
*11
10
850 East Boston Land
2
2
2
2
2
2
2
*112 2
2
2
*35, 4
*35, 4
5
Eastern Manufacturing
*3% 4
*35
8 4
*3 8 4
5
*358 4
1,350 Eastern SS Lines, Inc
81
81
83
83
83
82
83
* 84
33 2
,
130 Preferred
* 45
No Par
45
45
44% 447
44 4 * 45
3
100
65 1st preferred
*99 100
*99 100
997 997 +99 100
99
99 12
12
140 Economy Grocery Stores
* 14
* *111 14
* 13
13
4
100
589 Edison Electric Illum
258 259
257 258
257 257
256% 252 254
&#;33
35
333 . * 34
8
70 Federal Water Serv corn
34
---155 Galveston-Houston Elec.. _100
____
.34
* *33
34
34
33
.34
225 General Pub Serv Corp corn_
* 17% * 167
17
17
* 17
410 Germ Cred Ss Inv 1st pref
*221
21
21
21 If
*221
*2'21
.221
90,GlIchrlst Co
* 35 353
No par
s: 35 35 * 35
2,Gilette Safety Razor_ _No par
103
101 103
41 995 100
8
350 Greenfield Tap & Die
8
25
7
8
8
8 *_..8 Is_ __
12
20'Hathaway Baking Corn
.12
121 *12
123 *12- 123 *12
4
4!
123 *12
4
125
4 12
575 Hood Rubber
par
39
_.
39
40
2 ,,4 _ 39
395, 391 .3_9_1_ !
Kidder,Peab Accep A prof.
N
&#;
-- - * -- - - *
&#; -115 Libby,
10
10
Ss Libby __.._10
10 16*984 10
10
10
1
' 11
10
115 Loewe Theatres
25
*714 8
*714 73
4
714 714 .714 8
73
4 73
4
114 117
114 114)7 1,133 Massachusetts Gas Cos ....100
116 117
290 Preferred
100
81
81
81
81
81
81
81
113 114
114 114
155 Mergenthaler Linotype_No par
* 114
596 National Leather
10
312 312
312 4
313 35,
312 312 *312 37
287
8 28
28
989 Nelson (Herman) Corp
5
* 29
28 4 283
3
4 28
New Eng 011 Ref Co tr Ws.
1.
.05 .24 &#;.05 .24 *.05 .24 *.05 .24 *.05 .24
&#;
Preferred tr
10'6
312
312 &#;---312 *- - - 312
312
__
; 98 96 98 98 98 *98 ___ *98
35 New England Pub Serv $7 pref
* .
80 Prior preferred
.25 &#;____
.25
New Eng South Mills....No par
.414 -_ __ 413 412 412! *414 _ _ _ _ *414
20 Preferred
100
140
139 140
138 ' 138 138
621 New Eng Telep & Teleg
100
*94__.._ *94
__ _ _ *94
*94
No Amer Util ist pt full paid..
45 45 *244
*44
50 +x44 - - - - '244
50
20
1st pre( 50% paid
50
40
39
41
41
40
1,330 Pacific Mills
-55-
*21
30
*21
30 I *21
25 1 *21
*21
25
Plant(Thus(7), 1st pret..... 100
25
*15
15
15% *15
188 Reece Button Hole
10
*118
118
118 *138
138 *118
138 *118
13
8
13,
50 Reece Folding Machine___ _10
127 128 *127 ...... *127
*127
_ 127 127
95 Swed-Amer Inv part pref 100
128 128
124 124 - 124
125
- 3
513 Swift & Co
123
100
* 84 1 83
84
84
84
597 Torrington Co
83
85
25
*61z 7
63
4 63
4
613 612
612 612
5% 613
5
5% 1,855 Tower Manufacturing
*17
&#;17
17
17
17
17
265 Traveller Shoe Co T C
17
17
101 10 8 &#;10
5
*10
*10
370 Union Twist Drill
-io" 16'5
675, 69
68
69
685 69
8
2 69
1,584 United Shoe Mach Corp__ _25
69
*29% 305, 30
30.
30
195' Preferred
303, 303 303
, , 30
25
*
90
90
8
90
90
430 U S & Foreign Sec Ist pref I pd
89 4 90
4
89 4 894 *893 91
3
90'2
1st pref 75% paid
4
2 2 5% 5%
-;412 -lily -.
- -- 2 -;. 13 - -e1- - 512 - 5t Venezuela Holding Corp
21
2,410 WaldortSys,Inc,new sh No par
20
20
3
207 20 4 203
4 21
"56
60
*56
Walth Watch Cl B corn _No par
*56
60
*58
60
*56
60
60
.
.r77
80 *117
80
20 Preferred trust ctfs
78
78 *277
*77
100
103 103
103 103
50 Prior preferred
ff. 3 2
104 104
*103 104
100
- .11
124!Walworth Company
* *19 4 * *
3
127 134
50
133 13E- 4,323,Warren Bros
_--- - - 14
*2 12 14 14 .48; 12 111
14
8
4
2
8
5
... 1 432 23_! 124 129
1
1
11
1
101 1st prererred
50
48
48
48 +47
50
+52 -- *52 ------------15. 2d preferred
*53 -_
53
14
--------50 Will & Baumer iC g le com_
m in nad
u
14
&#;I614 ---1 ---- &#;
'
---&#;
___
.25 &#;_ _ _ _
.25
&#;.65 .80 &#;.65 .80
4 6
54 5 4
3
3
*53
8
+ 59
577 577
165, 167
15 8
3
Its 1 if4
..35 .50
+.50
1
*14
&#;.30 .31
60
61
12
12
15
5
&#;.93
1
&#;.61 .75
&#;.70 .90
&#;.15 .30
+.65 .75
47%
47
* 23
'.05 .15
___
*16
* 64
sz63
8 812
1
1
1
*.50
*
*17% 173
4
251: 20
&#;1
15,
'.30 .40
&#;.20 .30
43
4 434
.93 .93
*al
1%
11.05 .20
151
114
*.35
&#;.50
15
.32
60 8
3
12
*113
.90
.25
.65 .65
*.65 .80
3
5% 5 4 *512 5
3
*58
59
58
164 165, 163
15 4, 15
3
11*
114
.50 +.35
1 I &#;.50
15
*
.32 &#;.32
61 1 59
'
12
*
24 *112
.90 &#;.90
0.61
.61 .61 .
.80 .80 &#;.70
11.20 .40 &#;.20
.60 .65 '.65
21
23
21
.05
.06 .06
_ *16
*16
591 *259
:
65, 6'
612
.98
.96
1
*.50
*.o0
1
121... *17
*
17%
161
:
24 4 25
3
11;
*1
.
1
.25 .22 . .30
.20 .20 *.20
4%
5
5
.90 .95 &#;.85
al
114 114 &#;
_-__
&#;
.25
..65 .80 .
1.65 .80
4
53
4 53
5,
2 512
57
58
*57
58
4
16% 165, 163
14
145
112
114
114
.25 '
1.35 .50
.75 &#;
.50 .75
15 *14)3
15
.50 '
1.32 .50
597
8 59a
*
121
214 *113 214
118
.90 .90
1.60 .75
.60 .61 '
.75
1.70 .90 '
1.70 .00
.90 .
.35 *.20 .40 *.20 .25
.55 .65
.50 .50
.65
45
45 46
46
46
23
23
.._ __ ____
.15
16
16
*16_
59
64 *259 'if
59
7%
714
712 7%
7
.75 .75
.80 .85
.90
1
1
+.50
.50
1 '
11
12
11
*11
18
17
17
17
17
17
25
25
25
26
114
1.75
114 .
1% *.75
..30 .40
.25 .25 4
.35
1.20 .30
.30 *.20 .30 '
4
8 *412 43
455 45
5
.92 .92
.98 .98
.95
114
114 *al
114 *al
rg 1
.15
155, 15
113 O11 4
13
8 &#;114
.25
.50
.30 .30
4
.65 *.50 .65 .'50
*
.50
.50 &#;40 .50
59
5)2 8)
*, *
* *
214 *1li 214 &#;112
114 '
1.90
118 '.90
.75
.90
.35
.80
23
.05
'.61
+.70
&#;.20
.65
45%
22%
&#;I6
a *259
612
612
.90
1
&#;.50
1
*17
18
17
4
143
3
25 4
112 &#;.75
.40
.35
.30 *.20
*4%
5
.95
1
114 *al
15
Vo
&#;Bld and asked plots; no sales on day. a Assessment plod.
!Adventure Consolldated__25
10 Arcadian Consolidated
25
615 Arizona Commercial
5
810 Bingham Mlnes
10
1,915:Calumet & Hecia
25
1Carson Hill Gold
1
1,003'Copper Range Co
26
440 East Butte Copper MinIng_10
20 Franklin
25
;Hancock Consolidated
25
50 Hardy Coal Co
I
250 Helvetia
25
2,204 Island Creek Coal
1
35 Preferred
1
255 Isle Royale Copper
25
200 Keweenaw Copper
25
20 Lake Copper Co
25
1,200 La Salle Copper
25
5
100 Mason Valley Mine
Mass Consolidated
25
25
682 Mayflower-Old Colony
998 Mohawk
25
1,065 New Cornelia Copper
5
1,000 New Dominion Copper
100
25 New River Company
100
250 Preferred
5
881 NIpissing Mines
10
1,970 North Butte Mining
031 way Mining
25
25
30 Old Dominion Co
395 Pd Cr'k Pocahontas Co No par
25
725 Quincy
25
680 St Mary's Mineral Land
Seneca Mining
10
140 Shannon
50 Superior & Boston Copper 10
5
245 Utah-Apex Mining
1
r
2,025 U ict N lletal & Tunnel
7 v tat ta
25
k...x-ettoolc Wvuleatl.
PER SHARE
Range Since Jan. I
On basis of 100-share lots
Highest
PER SHARE
Range for Previous
Year
Lowest
Highest
171 .1an 7
81 May 10
Apr 27
109 Mar 30
101 Jan 20
51 18 Mar 7
56 Jan 22
Jan 15
125 Jan 8
97 Sept 17
154 Aug 24
May 6
196 Jan 18
25 Feb 4
64 Feb 8
60 Mar 14
42 Apr I
Jan 13
41 18 Jan 6
Jan 13
127 Jan 4
122 Jan 4
63 July 1
107 Jan 6
188 May 27 159 Jan Deo
94 Jan 15
77 May July
June 9
89 Feb 103 Dec
119 Sept 20 Dec 122
Jan
110 Sept 8
Jan
Jan 112
70 July 6
35 Mar July
July 13
32 Apr Dee
87 June I
59 Apr 86 Dee
139 May 3
84 Apr 130 Dee
116 May 26
74 Apr 110 Sept
165 Apr 21 105
Jan 165 Dec
113 May 21
94 Apr Dee
210 Sept I Mar Dee
Sept 16
Jan
28
Oct 61
81 Oct 7
Jan
Apr 71
78 Oct 7
Jan
56 May 69
Sept 17
40
Apr Jan
74 Mar 29
49 Sept 60 Feb
583 Feb 16
4
8
317 Mar 483 July
103 Sept 7
81. Apr Dec
Oct 19 120 Apr 132 Dee
Oct 4 111
Jan 125 Sept
Oct 4
1;1- ; 107 Dee
116 Jan 31
a
214 Jan 3
Jan 12
Jan 3
48 Jan 17
73% Jan 10
363 Jan 25
4
Jure 9
713 Oct 4
Aug 25
77 Feb 17
.15Sept 15
67 Jan 26
114June 27
312 Jan 11
45 Jan 4
35 Feb 15
873 Feb 17
4
10 June 1
217 Feb 18
27 Apr 26
Apr 20
113 Jan 11
4
19 Feb 2
June 28
Mar 22
7 Oct 15
12 Jan 17
8Ju1y 6
325
94 Apr 26
7 Aug 25
6 Jan 3
84 Mar 25
70 Jan 3
108 Feb 18
1ar 24
.
Feb 14
.15 Sept 9
313 Jan 11
91 Jan 18
Jan 26
.20 June 29
53
4July 30
Sept 14
Oct 11
92 Sept 8
91 Scot 9
43% Oct 19
59 Feb 10
12 Apr 7
Jan. 3
93 4 Aug 2o
3
5 Jan 3
98 Oct 5
3 4 Feb 3
3
73 Mar 17
4
Oct 10
455sJuly 29
100 Oct 10
15 Sept 13
267 May 23
34 Oct 20
Oct 1
Oct 8
22 Sept 22
38 Mar 15
Oct I
Mar 2
13 Mar 14
47 Jan 3
95%July 12
Sept 8
10 Jan 18
122 Sept 17
81 1)Oct 20
116 Oct 4
43 Jan 20
8
Apr 16
.25 May 7
5 Mar 30
July 2
104 July 23
314 Feb 23
87 Feb 28
140 Aug 10
95 Feb 29
50 Oct 1
44 Sept
Jan 3
Feb 10
15, Jan 11
128 Oct 11
Sept 26
85 Sept 26
9 8 Jan 31
5
Mar 22
Jan 24
72 Sept 15
30% Oct 18
92 Oct 5
86 Sept 8
11 Apr 30
Feb 23
60 Sept 14
80 Sept Ili
118 May 20
243 Apr 1
4
Oct 21
50 Feb 16
54 Oct 1
Mar 15
2 Apr 1
: Jan 4
90 Jan 5
40 Jan 6
Mar 28
15 June 22
zSept 15
1 Mar 4
Jan 5
115 Jan 3
66 Jan 3
4 Mar 3
16 Aug 9
912Sept 2
50 Jan 3
28 Jan 3
83 May 3
74 Apr 30
412July 5
19 Oct I
Jan 21
61 Jan 3
June 14
Aug 11
Jan 13
44 Jan 5
45 Jan 17
14 Jan 12
.05 Jan 14
.20 July 18
5 July 11
30 Jan 3
June 27
.10 Jan 7
11%May 20
118 Oct 14
.05 Feb 1
.15 Apr 8
14 Apr 26
.32 Oct 17
47 Feb 26
Se1,t 23
9 July 13
1 July 21
.80 Jan 7
.50 Mar 2/3
.70 Oct I
.05 Sept 29
.25 May 3
345
8June 22
June 24
.05 May 26
16 Oct 21
68 Apr 14
5 Aug 16
.50 'June 28
.40 Oct 6
10 4June 29
3
11 Jan 4
July 13
June 28
1 July 2
.15 May 9
.15 Mar 23
4%July 14
.85 June 30
.50 July 11
riew stock. z ka-allV.1.
.20 Feb 10
.89 Jan 15
Jan 6
Si Sept 28
Oct 4
.60 Apr 29
18 scut 16
23 Jan 4
4
.80 Mar 17
1 July 1
Sept 9
.85 Jan 6
67 Sept 6
107 Apr 13
15 Sept 16
27 Feb 4
118 Mar 18
.90 Apr 22
2 Jan 4
.85 Jan 3
112 Jan II
Oct 14
24 Jan 20
.06 Feb 1
197
8May 12
75 Feb 8
Feb 2
35, Jan 5
114 Jan 26
15 Apr 1
Aug 19
19% Apr 22
27 Oct 5
312 Jan 14
.40 Jan 12
.50 Sept 6
77 Feb 24
2 Feb 2
2 Aug 24
'
5 Jan
2 Nov
18 Dec June
June Feb
4
Jan
July 71
Nov 78 Feb
Apr
814 Oct
14% May
74 Nov
633
4
Jan
Jan
Jan
Jan
57 May 71 D
312 Jan
112 Deo
75 Oct
312 Mar
44 Nov Jan
34 Nov 45 Jan
Oct Jan
14 Nov 26 Feb
Jan 250 Feb
-- -14 June 27 "Zroi
Jan
11 Dec 17
8
Apr 402 Jan
Mar Feb
10 May 14 Sept
-45 4 Dec
. . Apr
612 Aug
6 July
80 Apr
65
Jan
June
2 A
Jan
.20
Ja
3 July
_
-95 Sop.50 Dec
2 Dee
Apr
89 Feb
Dec
July
40 Mar
15 Feb
118 Dec
98 May
Apr
Ill
54 Mar
883 Feb
g
96 July
103 Dee
4
Jan
Nov
Feb
t110 May
413 Jan
July
.95 Apr
Jan
_101 - 111,- t
P
.8 Feb
28 Jan
Feb
96 Feb
27 Feb
55 Jan
Jan
Aug
2 Nov
110 Aug
Dec
72 Sept
Fit
7 Jan "fit; - )
47 Mar Aug
28 Jan 30 June
82 Nov 135 Feb
60 May 90 AIR
1
17
Jan -22 4
29
Jan 41
Nov 61
101 Sept 112
123 May 23
44 Mar 69
Apr 46
39
42
Apr 47
Aug
Oct
Dec
Dec
Dec
Jan
Deo
Dec
Feb
Jan
.05 Ma .40 July
135 AUg
.25 Mar
4
914 May
123 Jan
29 June 55 4 Jail
3
18% Aug
June
Jan
.10 Dec 50
Jan
13 May 20
214 Oct4 Feb
114 Jan
.85 Nov
114 July
.27 Dec
14 Mar Jan
.75 Oct2 Jan
_
Jan 106 July
ol
- 2 June14 Aug
27 Sept
8
.50
Jar
OctI% July
.60
.80 June
2% Mar
15 Jan
4
23 Sept
.15 Dec .75 July
.40 Dec113 Jan
Oct
30 Mar 46
May 24 Aug
.05
Jan .20 June
18 DeC 25 Feb
45 July 72 Feb
Dec
5 July
37 Sent
2 Apr
.50
Jan .50 Nov
13 Dec 20 July
Mar 15 Jan
May 25 July
25 Dec38% Feb
3
23 Dec9 8 Jan
4
.15 Dec80 Jan
1
.20 Nov14 Mar
45, Oct11, Feb
3
t
.25 Deo 2' Mar
40 Ma
.75 Feb
and rigoui.
OCT.22 .1
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record.&#;Transactions in bonds at Boston
Stock Exchange, OA. 15 to Oct 21, both inclusive:
rrtaay
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High, Week.
Bonds&#;
Barstow(WS)&Co 68 w 1'42
Bankitaly Mtg Co
w I
Boaton Con Gas 55_ __
Commerz und Private
Bank 530 w i
Dixie Gas Co 0%8.-
East Mass Street RR&#;
434s series A
73
58 series B
80
138 series D
German Cable 75_ _ _ _
Hood Rubber 7s
K C M & B 48
Miss River Power 55_ _
New Eng & 58_
PC Pocah Co 78 deb_ '
Prov ar Wore 48
Sayre & Fisher 68____
Swift & Co 58
So West Gas Co .
Western & 58._
$1,000
100 100
75
79
81
95
106 106
102 102
93
93
119
95
95
96
96
Range Since Jan. 1.
Low.
Oct
High.
Oct
5,000 100
Oct 100
Oct
3.000 Oct Oct
10,000
3.000
30.000
42,500
20,250
10,000
1,000
500
4,000
4,000
12,000
2,000
10,000
6,000
2,000
7,000
Oct
Sept 100
&#;&#;&#;
Aug 75
69
Jan 81
82
Feb 95
105
Mar 106
101
Apr 104
91
Mar
Apr
Jan
100 June 120
Oct
95 June 96
May
96
Aug 97
100 May
Oct
Sept
Oct
Oct
Oct
Oct
Jan
May
Sept
Sept
Aug
Oct
Feb
Apr
Aug
June
Philadelphia Stock Exchange.&#;Record of transactions
at Philadelphia Stock Exchange, Oct. 15 to Oct. 21, both
inclusive, compiled from official sales lists:
Bonds&#;
Amer Gas & Elm 5s._ _
98
Consol Trac NJ 1st 58
Elec & Peoples tr etre 4s'45 58
Keystone Telep let 58. 98
Lake Sup Ins 58 unst_
734 754
Lehigh Val Coal 1st 5s
101% 101%
Phila Co cons & coil tr stud
sink fund & red 58..
Pails Eleo (Pa) 1st lien &
refunding 5/3
105%
107%
Id lien & ref 5%8..
1st lien & ref 5%s...
1st Ilea & ref. 6s
_
Phila Elec Pow Co '72
.4
Phila Sub-Cos Gas
98%
United Rys&EI (lialt)4a'49
Phila Else let 5 series
a UV.
IdIAT
nos,
nos,
no.,
Feb
Jan
Jan
Feb
May
Jan
Jan
103
103
105
103
63
Jan
Jan
Feb
May
June
Jan
July
Jan
t
not,
es..
r..4).).)-Wr.)..-= 4A4==c4PR=R oW..00goo...'a4o=',
...v-ooaC"oo
cWon2m
t.21.4
1
4a.
95
62
54
93
5
99
IPMtivvvt."Eagg4ZEgggRRVE2a.22Eq'K2gSggE241.441:Sga
38
40W>Rogg 4 cl.E.E
)P.17g=00 v E 0'044'4'
0
High.
,
11
May
Feb
May
Jan
Mar
Apr
Jan
Jan
May
Mar
Jan
May
Apr
Jan
Oct
Jan
June
Jan
May
Mar
Mar
Aug
Jan
Aug
Jan
Jan
Jan
Sept
Feb
Jan
Jan
Apr
June
Mar
Sept
Aug
Jan
Oct
Feb
Oct
Aug
Sept
Jan
Feb
July
Jan
Aug
Jun
Jan
.
.
...... .
.
.
.
W
.
.
soto^w.mo.psvo-oaXnomomtato.. .WOO&OWNC04.00r
cpg.....w
0 0.000°0
A
,
wWww,.WwWW
WW^WCWWWWWW ,
WAs1,
..WWWW^WW0WOOW
WwWW0 W
200,
....MOW.
,
,
XX =
X4 XXXXX X
X
XXXXX X X XXX
X XXX= X X
X
XX X
50
Low.
10
48
43
26
51
34
208
134
23
53
59%
90
9
63
52
50
63
33
58
1
1
313
34
40
D
O
W.
.0 .00
...0 to..wo....
28
ISS88.Mint:888=0t8g848=18V88gV8r.1
==tg&t:
254
66o6
62
68
63
47
47
56
563
1
,
70
64
230
55
73
2% 234
28
56
57
78
80
65
66%
92
115 120
45
45
53
52
93
93
55
20
20%
85
65
50
11
11
102 102
58
1
134
15.4 2
38
30
88%
97
97
ii
%
42
WO&W
Iff&
15
68
63
115
Range Since Jan. I.
gAgngl
Almar Stores
&#;
Alliance Insurance
10
American Stores
&#;
Bell Co of Pa prof _100
Cambria Iron
50
Catawlasa RR 1st pref._50
Consol Traction of N J.100
East Shore0& E 8% pf_25
Electric Storage Batt'y.100
Fire Association
10
Giant Portl Cement pi_.50
Horn & Hardt(Phlia) come
Horn & liard't(N Y)eem &#;
Insurance Co of N A....10
Keystone Tele Prat
50
Lake Superior Corp.
...100
Lehigh Coal & Nay
50
Lehigh Pow Sea Corp cons'
Lit Brothers
10
Mark (Louis) Shoes Inc..'
MinehlII & Schuyl Hay_ _50
Penn Cent L & P cum pf _ &#;
Pennsylvania RR
so
Pennsylvania Salt Mfg..50
Philadelphia Co(Pitts)&#;50
5% Preferred
so
6% preferred
so
Phila Dairy Prod pref
Phila Electric of Pa
25
Phila Klee Pow rects
25
Phila Insulated Wire
&#;
Phila Rapid Transit_ .50
7% preferred
50
Philadelphia Traction _ _ _50
Phila & Western Ry .... _ _50
Preferred
50
Reading Co 1st pref
50
Shreve El Dorado Pipe L 25
Scott Paper Co pref _ _ _ _100
Stanley Co of America...*
TonoBelmont Hovel. .1
Tonopah Mining
1
Union Traction
50
United Gas Impt
50
Victor Talking Mach com.&#;
&#;
6% cumul pref
7% eumul
Warwick Iron & Steel .10
pref*
West Jersey & Bea Sh RR50
.W
&#;
D 00^00W00.. W
Stocks&#;
Friday
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Price. Low. High. Shares.
t
&#;No par value.
Cleveland Stock Exchange.&#;Record of transactions at
Cleveland Stock Exchange Oct. 15 to Oct. 21, both indative, compiled from official sales lists:
Stocks&#;
Friday
Sales
Last Week's Range for
Sale
of Prizes.
Week.
Par. Price. Low. High. Shares.
Amer Multigraph
.100
Am Ship Building pref.
Amer Vitrified Prod corn
&#; 16
Allen Industries corn
Preferred
Bessemer Limest&Cem cm'
Buckeye Incubator corn_ &#; 48%
f.
Bulkley Building pre_ ion
&#;
Byers Machine "A"
Central Alloy Steel pref 100
City Ice & Fuel corn
Cleveland-Cliffs Iron Co &#; 101
Cleve Elect Ilium com.100
Preferred
100 111
Cleveland Railway corn 100 105%
Calve Securities P L pf _10
&#;
Cleveland Stone coin
100
Cleveland Trust
28% 28%
110 110
20
20
16%
34
48
49
70% 70%
39% 40
109 109
32% 32%
96 101
331 331
111
105 105%
134 1%
64
88
350 352
Friday
Sales
bast Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Pas Price. Low. High, Shares.
Range Since Jan. 1.
Low.
2,590 19% Apr
10 102% Jan
1 00 20 Oct
1,000 19
Aug
672 323( Sept
70 31% Aug
940 43
Jan
Mar
12 88
Apr
205 35
17 Feb
1,135 23% Jan
850 74
Feb
5 297
May
45 108
Feb
586 96% Jan
40
1% Sept
30 47 May
11 300 June
High.
28% Oct
110 Sept
Jan
16% Oct
34
Oct
Oct
Apr
53
77 June
42 Sept
109% June
34
Aug
115
July
331
Oct
( Sept
105% Oct
I% Mar
67 June
Oct
355
Cleve Un Stockyds com100
Cleve Worsted Mills cm 100
Dow Chemical corn
&#;
Preferred
100
Elm Contr & Mfg com_ &#;
Faultless Rubber cora
&#;
Fed Knitting Mills cora_ _&#;
Firestone T & R com _ _10
5% Preferred
100
7% Preferred
100
Foote-Burt pref
100
General Tire & Rub com _25
Glidden corn
&#;
Prior preferred
100
Goodyear T & Rub pref 100
Grasseill Chemical com _100
Preferred
100
Great Lakes Tow com _ _100
Greif Bros Cooperage cm.*
Guardian Trust
100
Hanna M A. 1st pref _ _ 100
Harris-Seybold-Potter em &#;
India Tire & Rubber com.&#;
Industrial Ryon "A"....__&#;
Interlake Steamship corn.*
Jaeger Machine corn
*
Jordan Motor pref
100
Kaynee coca
&#;
Kelley Is L & T cam_ _100
Miller Rubber pref____100
National Acme corn
10
National Refining com...25
National Tile corn
*
Nineteen Hundred Washer
Common
&#;
Ohio Confection A
&#;
Ohio Bell Tale pref._ _100
Ohio Brass "B"
&#;
Preferred
100
Ohio Seamless Tube corn...
Packard Elec
&#;
Paragon Refining com__25
Preferred
100
Richman Bros corn
&#;
River Raisin Paper cora. &#;
Rubber Service Lab__ .
_11
SelberlIng Rubber com- &#;
Preferred
loci
Sherwin-Williams corn_ _25
Preferred
100
Smallwood Stone corn.._ _*
Sparlu3-Withington corn..'
Stand Textile Prod cora 100
A Preferred
100
B Preferred
100
Steel & Tubes Inc
25
Telling-Belle Vernon corn.'
Thompson Products corn.*
Trumbull-Cliffs Fur Pf.100
Trumbull Steel com
&#;
Preferred
100
Union Metal Manfg coin.*
Union Mortgage com__100
1st Preferred
100
2nd Preferred
100
Union Trust
100
Wbie Motor Secur pref 100
Youngstown Sh & Tu
Bonds&#;
Clev&Sand'ky Brwg
Firestone of Calif 55
Stark Electric Ry 58_
&#;No Dar value.
101
106
31
89
132
106%
405
119
30
50
183
99%
110 110
25
213
101 101
106 108
40
41
31
155 158
107
107
90
90
170 170
15% 15%
87
89
132 133
107
390 410
29
28
17
18
118 120
50
50
32
183 185
534 534
35
35
38
50
299
15
25
30
90
380
39
134
109
93
12
50
22
40
53
149
50
797
75
70
45
372
1,750
110
510
65
315
16
832
215
15
825
Range Since Jan. 1.
Low.
106
21
70
100
28
117
99
35
145
34
100
127
280
56
28
17
434
45
23
98
434
33
May
Mar
Mar
Feb
Oct
Mar
Sept
Jan
Jan
Feb
Jan
June
Sept
Jan
Feb
Aug
Apr
Jan
Sept
Jan
May
Aug
Oct
Jan
Feb
Feb
Aug
Jan
Feb
July
Mar
July
June
High.
110
38
101
45
32
165
95
180
100
122
134
109
95
410
13%
133
63
33
185
106
634
38
Oct
Sept
Oct
Mar
June
June
Oct
Sept
Oct
Oct
Oct
Sept
Mar
June
Sept
May
Sept
Apr
Oct
Oct
Jan
Feb
Jan
Oct
Oct
May
July
Aug
Oct
Feb
May
Jan
Aug
160 25
Apr 29
30 Sept 28
60 June 114
1,984 78
Jan
75 Mar 107
13 25 June
245 35
Aug
6
584
Apr
934
25 60
May 90
528 Mar 290
50
834
634 Apr
86 June 423.4
624 21
Jan 38%
Jan
59 96
112 44
Feb
633 104
Sept
Apr
10 - 30
595 July 22
Peb
25
7
103 25
Feb74
85 12 May
160 Apr 55
1,060 36
Mar 47
247 July
Jan 103
50 98
1,540
934 Jan 14
100 Feb 90
Apr 47
45 40
7 25 Sept
Oct 35
15 57
5 45 Sept 82
25 218
Jan 290
9 May 107
185 July 111
Oct
Sept
Mar
Oct
June
Oct
Oct
July
Oct
Sept
July
July
Sept
Sept
Sept
Oct
June
Oct
Oct
Oct
Oct
Feb
Sept
Sept
Oct
Aug
May
Sept
Mar
Jan
Mar
Aug
Apr
May
.
106
413.4
834
278
35
28
65
107
28
27
111 111
873.4
106 107
35%
9
834
90
90
285
8
8
41
41
35
102
60
61
33
33
21
22
68
73
44
25
103 103
11
11
78
76
45
46
26
20
62
65
55
55
280 280
104 104
107
95
51.000
96
1,000
Mar Oct
99
Oct Sept
96
Oct Oct
Cincinnati Stock Exchange.&#;Record of transactions
at Cincinnati Stock Exchange Oct. 15 to Oct. 21, 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 com_25
Amer Products pref
&#;
Amer Rolling Mill corn._25
Preferred
100
Amer Thermos Bottle"A"*
Preferred
50
Buckeye Incubator
&#;
Byers corn
&#;
Cent Ware & Refrig "A"20
Central Trust
100
Champ Coated Pap pref100
Champ Fibre pref
100
Churngold Corporation_ _&#;
Cin Car Co
50
CNO&TP
100
Chi Gas& Elea
100
C N & C Lt & Trac corn 100
Preferred
100
Cin Street Ry
50
On & Sub
50
City Ice & Fuel &#;
Coca Cola "A"
&#;
Col Ry pr 1st pref
100
Cooper Corp (new)
....100
Preferred
100
Douglas (John) pref _ _ _100
Dow Drug new cond._ _100
Eagle-Picher Lead corn._20
Fifth-Third-Union Tr_ _100
Formica Insulation
&#;
French Bros.
-Bauer pref100
Gibson Art corn
&#;
Globe Wernicke prat _ _ _100
Goodyear Tire pr pf 7%100
Gruen Watch com
&#;
Preferred
100
Hatheld-Reliance corn_ &#;
Hobart Mfg
&#;
Johnston Paint pref_..._100
40
Kahn participating
Kodel Radio"A"
Preferred
20
Kroger corn
10
Lunkenheimer
&#;
100
Nash(A)
Mead Pulp spec pref &#;100
Meade oom
&#;
Nat Pump
&#;
100
Ohio Bell pref
paragon Refining corn__ _25
100
Preferred
Procter & Gamble com__20
100
8% Preferred
Pure % pref
100
100
8% Preferred
ninhorriannonrn
100
105
105
24
24
67
67
113 113
143.4
44
40
40
1
1
1
260
260 265
112 112
108 108
445 445
100
97
45%
116
315.4
32
30% 32
70
70
70
99 100
.4
41
24
24
90
90
99
119 119
54
54
54
15
15
38
101
42
42
66
104
104 104
61
62
Ill
834
834 834
88
88
88
211 219
217
Ism
'
112 112
lell IRO
1,505
80
1,301
135
70
219
559
50
100
112
5
3
113
1,293
7
497
50
5
612
24
150
105
123
300
15
13
252
2,561
8
105
8
25
130
1
10
22
20
333
40
13
6
2
2,897
45
54
10
352
651
135
578
5
608
4
293
2
10
Range Since Jan. 1.
Low,
High.
July
21% Jan
44
Jan
May
7
Jan
34 May
44
Jan
July
1
Oct
Jan
255
Jan
110
103
Jan
Jan
Feb
Aug
215
Jan
9t
Mar
Mar
70
Jan
Jan
225.4 Jan
27% Apr
Jan
98
63
Jan
Oct
Oct
Sept
25
Sept
Jan
109
Jan
90 May
July
Jan
85
119
Oct
Feb
Jan
Jan
July
Feb
39
Jan
934 Jan
Jan
118 June
Ap
Jan
100
Jan
61
Sept
Sept
39
June
6
A'
65
Jan
177
Feb
163
Jan
99
Jan
III
May
14n
108
July
Aug
72
July
114 June
Oct
44
Oct
53
Apr
Sept
234 Feb
265
Oct
115
Oct
Oct
Mel
45
Apr
450 Sept
Sept
99
Mar
78 May
Sept
Oct
July
34.14 June
Oct
73
Mal
103 May
Pet
109
42
Oct
31
May
335
&pi
July
95 June
44
Fet
Sepl
122
Berg
Jar
Aim
116
Sepl
July
38
May
45
Mal
Oct
75
Sept
Oct
Api
30
125
Mal
124
API
Ocl
02
Sem
114
May
934 July
88
July
204
May
184
May
101 SUM
Ma
Ian
Rani
Sales
Fridas
bast Week's Range for
Sale
of Prices
tV,ek.
Stocks (Concluded) Par Prize. Low. High. Shares.
Rapid Mee
&#; 264
Sycamore-Hammond _100
Second National
100 221
&#;
S Can cow
U S Playing Card
10
U S Print & Litho eom_100
Preferred
100
U Shoe com
&#;
Preferred
100
Vulcan Last corn
100
&#; 24
Western Paper "A"
Whitaker Paper corn
&#;
Preferred
100
Wurlitzer 7% pref
100
25)4 27
100 100
221 221
43
43
112
68
68
97
97
7)i 734
55
55
404
40
24
24
584 58%
101
116 116
Range Since Jan 1.
Low.
25
9 100
2 218
225 38
124 85
10
1 87)4
127
5
5 35
302 31
50 22
60 51
13
5 115
1,320
High.
Oct
Sept 27
Oct Sept
Oct
Jan 221
July
Apr 46
Aug
Jan 115
June 101
9
Jan
Jan
Aug 41
Jan 29
Jan 65
Aug 101
Sept 118
June
Aug
Mar
Sept
Apr
Mar
Sept
July
102% 102% $2,000 Oct 102%
Bonds
Chamber Commerce
Oct
&#;No par value.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange Oft. 15 to Oct. 21, both
inclusive, compiled from officinl sales lists:
Stocks-
For,. 125.
THE CHRONICLE
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Bank
First National Bank.. _100
Nat Bank of Comm'ce_100 157
Street Railway
St Louis Public Service...*
Miscellaneous
Amer Credit indemnity.25
Aloe comm n
20
100
Preferred
Boyd-Wels I Slue
&#;
Brown Shoo, common._100
Burkart co imon
*
Prelertneo
&#;
Coral Cola Bat See
SI
E L Bruce common
&#;
Preferred
100
Ely & Walker DO com..25
let preferred
100
Fred Medart Mfg pref.100
Fulton iron Works pref 100
Hamilton-Brown Shoe_ _25
Hussman Re& common &#;
Huttig S & D pref
100
Hydraulic Pr Brick, pf _100
ladependent Packing.cam*
International Shoe,()ann..*
100
Preferred
&#;
Johnsen Shoe
Laclede Gas Light, pref 100
&#;
Mo-Ills Stores, corn
100
Preferred
Mo Portland Cement-25
Moloney Electric pret A00
100
Nat Candy. corn
&#;
Pedigo-Weber Shoe
Polar Wave I & F Co_ _ _&#;
Rice-50x Dry Gds. Corn. _&#;
100
2d preferred
Scruggs-V-B DO.com_25
&#;
Scullin Steel, pref
&#;
Sheffield Steel. corn
*
Skouras Bros. "A"
Southern Acid & Sul, corn &#;
Southwest Bell , 0_100
Slit, Baer & Fuller
&#;
Wagner Electric, com _ _ &#;
Preferred
100
Waltke,cam
*
100
Wabash , pref
100
Union Biscuit
300
154
29
303
157
Range Since Jan. I.
Low.
36 251
132 150
178
High.
Jan 303
July 163
184 Ma
Oct
Jan
Oct
Stocks (Concluded)
Sales
Fritters
Last Week's Range for
of Prices.
Sate
Wek.
Par Price. Low. High. Shares
Merchants Nat Bank...10 314 32
Monon W Penn P 5 p1. _25 25% 25%.
15
15
10
Morris Plan Bank
98
96
Mt V-Wondb Mills pref 100
230 230
National Union Bk Md__ _ _
69
New Amsterd'm Cas Co_10 --68 - 68
24 2%
24
Rights w
634 654
654
Old Town Nat Bank..._ _10
Penne Water & Power...* 684 684 684
Silica Gel Corp con) v t _ _&#; 18% 18% 20
75
75
Std Gas En pf with warr100
39
Un Porto Rican Sug coin.*
393-4
301 302
50 301
mot In Trust Co
16
United Rys dr Electric_ _ _50 10
350 365
U S Fidelity & Guar.__ _50 350
17
17
_50
Wash Balt.& Annap pf.
47
47
West WI Dairy Inc corn_ &#;
80
79
Preferred
52
52
Prior Preferred
Bonds
Baltimore City 4s._...
4s SL
45 D L
49 W L
43 An Imp
49.
343
Black dr Decker 6 14s...
Cent Ry ()et & imp 59.
Cons didated Gas 55_ A93)
General 43.45
Cc:09Di 0. E 1, & P
lat ref 63 ser A
Elkh
C oal Corp 654s'31
Md E en Ry_lst 5s_ _ _
let & ref 64s ser A.
North Balt Trae 5s___
United Ry & E 1st 45_ 72
52
Income 45
Funding 55
let fis
Wash Bait & Ann 59..
West Md Dairy 63.
Wil & Weldon ten 59_ _
101
101
101
101
101
101
100
103%
100
.4
101
101
101
101
101
101
100
103%
100
984
29.4 994
99)4
73%
72
52%
52
80
81
974
874
105 105
Range Since Jan. 1.
Lose.
High.
Mar
Mar 264
July 15
Jan 96
June 230
Jan 76
34
Oct
Sept
June
Jan 204
Oct 90
May 51
Feb 310
Oct 24
Feb 366
Sept 24%
Oct
July 86
Feb
Aug
Aug
Oct
Oct
Oct
Sept
Oct
Jan
Oct
Sept
Mar
Sept
Sept
June
Sept
Feb
June
Apr
June
101
101%
101
101
100
115
100
Oct
Sept
Sept
May
May
Oct
Oct
Oct
Oct
Oct
Oct
1.000 Aug 107%
2.000 98
Jan
1.00.0 97 . Feb 994
4,000 91
Jan 102
1,000 Jan
74,000 Jan 794
25,000 51
Jan 60
19,400 75% -Jan 84
5.000 97)4 Oct
22,000 65 June
1,000 100% Jan 105
1.000 100% Jan 104
May
June
Aug
May
Oct
May
Apr
May
June
May
Oct
Apr
978
66
20
103 78 54
10 207
482
5,
254
510
64
13 474
225 15
16 75
330 384
5 240
1,335 16
485 205
&#; 30 17
5 47
126 76
4 50
1,200
200
700
1,500
2,000
1,700
3,000
1,000
1,000
1,000
101
99
99
98%
99
101
99
100
102
Oct
June
June
Jan
Fe,
Oct
Sept
May
Oct
Mar
Jan
Oct
May
July
Feb
Oct
Sept
214
SePt
24
Oct
Jan I
344
*No par value.
Jan
Apr
324
-Record of transactions at
Chicago Stock Exchange.
May
Sept Chicwo Stock Exchange 01. . 15 to Oct. 21, both inclusive,
Aug compiled from official sales lists:
Mar
Sales
Friday
Jan
Last Week's Range for
Range Since Jan. 1.
Feb
Sale
of Prices.
Week.
Sept
Par. Price. Low. High. Shares.
Low.
High.
Feb
StocksOct
1,650 18
19
19
Aug Adams Royalty Co corn..' 10
Aug Feb
5
470
74 834
Aug All America Radio el A..5
Apr 10% Mar
8
99% 100
Apr 100 Sept
May Am Fur Mart Bldg pt. _100 100
60 93
101
268 Mar 28
NH 28
Sent Amer Multigraph corn_ &#;
Oct
Jan 104
348 04
May
Oct American Pub Perv pref 100
90 Oct
Jan
99
Apr Am Pub Utli Co par pfd 100
427 73
July 96 June
12 92
044 034
Mar
Pri viten
100
100
280 Jan Oct
104 109
June American Sthipbuilding.100 104
24 Apr
534 Oct
July Amer .tates Soma Corp A*
554 54 8,550
54
Apr
3
534 Oct
5
6% 2.548
514
&#;
Apr
Class B
1
Jan
14 July
54 6,850
Se t
4
4
Warrants_
238 Au
"97% Feb
Oct Armour & Co(Dell pref 100
.
101
1,560 59)4 Air &#; Jan
Feb Armour & Co pref
100 62
16
Jan
934 014 1,050
Mar
834 May
94
Common el A v t C. _25
425 32
Sept Feb
Oct Associated Investment Co&#; 334
30
14,100 Jar Sept
Jan A nburn Auto Co com _ _25 105 113
60 Au' 63
Jan
Sept Ba/aban dz Katz v t c... _25
July
June Bastian-Blessing Co(coml* 944 24
1,800 23 June 26
200 354 May 46 June
38
39
Jan Beaver Board ply t 0_100 38
28%
Mar Bendix Corp el A
Sept
473.4 5,795 Jar 56
10 49
65
664 1.850 53
Ja" 73 Sept
June nor^ k Beck corn
10 65
87
2
1% 134 4,30%
Oct
134 Oct
Mar
Rights
20
21
445 Aug Jan
Oct Brach Ss Sons(E J) com__*
15
15
Aug Jan
175 14
June Bunte Bros elm
10 15
Ja.
29 234 3.510 17
Oct
Butler Brothers
MiningCent D Pa Corp "A" pf &#; 234 234 1,610 234 0 I 27 14 May
65
70
Jan Cel deg Co. corn
Oct June
1,410 65
&#; 65
114 114
250 114 Oct 17
Oonsol Lead & Zinc A..*
50 Oct 92 June
100 844 85
Preferred
253 Jar 954 Jan
Street Railway Bonds
Central Ill Pub 0
erv pref.*
93
145 Jar 95
Aug
E St Louis & Sub Co
$14.000 Jan Oct Central Ind Power pref.100 93
92
Sept
Apr 88
Aug
82 854 Ja&#; 94
Certifs of deposit _ .100 92
Sa L & Sub Ry gen M 59'23
1.000 81
Sept Central Pub Sery (Del)...*
4
90 151 July 18 May
Feb 88
Gen M 5s, et( of dep
864 1.000 80
69
July Central'SW Mil com___.&#; 674 67
1,415 56g Jan 69
Oct
67,000 75% Mar 84
United Railways. 49_ 83
823.4 83
1,010 Jan 99
&#; 99
Oct
48. ett of den
5,000 Mar 834 Sept
Preferred
82
102
145 Jan 104 34 July
Prior lien preferred. &#;
134 1%
54 Jan
200
23.4 Jan
Miscellaneous Rands
Chic City & Con Ry pt sh*
July
14
725
Jan 104
314 Jan June
&#;
Partleipalon pref
3,000 103
Houston 011 645
Apr Chicago Elec Mfg "A"....&#;
20
20
40 20
Alp
, 26
13.600 98)4 Sept 101
Mar
Scullin Steel 6s
31
535 30
Jan Aug
Chic Fuse Mfg Co corn...*
29
145 27
Sept Jan
Chic N SI & MIIW com__1N
&#;No par value.
131 June May
Prior lien pref
100 994 99
66
330 63
July 72
Feb
100
Preferred
-Record of transactions at Chic Rys part offs ser 2_100
Baltimore Stock Exchange.
22
234 234
54 Feb
6 June
1,500 33
July 363.( Sept
&#;
Baltimore Stock Exchange OA. 15 to Oct. 21, both in- Club Aluminum Uten Co. 164 171
3,955 138
Commonw&#;slth Edison_100 169
Jan 171
Oct
clusive, compiled from official sales lists:
, 734
734 734 1,650 9% Apr 8)4 Aug
Consumers Co emu
84
83
104 Feb 84% Oct
100
Preferred
bates
Fri.sag
10
10
100 10
Range Since Jan. 1.
Sept 134 Jan
Continental Motors corn.*
Last Week's Range for
580 Oct 53 Sept
25 464 464 51
Crane Co corn
Week.
Sale
of Prices.
118 119
100 119
60 117
Low.
Fe/ 121
Preferred
High.
May
Par. Price. Low. High. Shares.
Stocks 54
120 May 64
Cuneo Press A pre_ _ _50 54
May
314
475 25
Oct De^ker (Alf)& Cohn, Inc.. 31
Mar 32
Sept
&#; 45
4,915 314 Jan 49
Arundel Corp
119 119
28 106
100 119
Jan 119
170 88
Oct 93 Sept Deere & Co pref
Aug
90
88
Baltimore Briek, pref..100
33
34
34
861 20
Sept Eddy Paper Corn(The) ...*
Oct
Apr 34
11 July 153
153 153
Ball Commercial Bk....100
1,715 11
Oct El H ouseh old Util Corp_10 124 124 13
Jan 15% May
85 Fe) 169
50 168
Baltimore Trust Co
51
52
250 51
Oct Elyria Ir & //teel corn r. _25
9 June 13
Oct 55
13
115
Aug
100
13
Baltimore Tube
370 Mar Sept
Apr Empire0& F Co 7% pf 100 99% r914 994
Feb 42
41
41
25 28
Bene3ch (I) & Sons com_.&#; 41
100 107% 108
1,320 Mar 111% Sept
129 204 May May
27
27 34
8% ime'erred
25 27
Preferred
Feb Evans & Co, Inc. el A...5 41% 41
Sept
1,020 3/14 Jan 46
Jan 37
25 26
10
Central Fire Ins
5 41
42
1,875 244 Jan 48
Sept
Sept
Class B
33 170
Jan 215
230 205
50
Century Trust
&#; 33
33
Sept Fair On(The)corn
Jan 118
1,030 Mar Aug
30 115
Chas& Po of Balt pf 100
110 110
100
10 105
Jan Sept
Fe! July
Preferred
35 49
53
Citizens National Bank.10
Feb Fitz Simons & Connell. _
433 144 June 29
17% 18
&#; 18
Comrr ercial Credit
33
33
July
50 263.4 Apr 34
Dk & Dredge Co com..20
18 June Sept
25
Preferred
1,270 12
Oct
Jan 16
21 June Sept Foote Bros(0 & M1 Co...5 16
25 23
23
- Preferred B
3
3
3
100
Oct General Box Corp corn...'
6
Jan
2,041 51
Jan 71
3
Oct
71
Consol Gas, EL & Pow_ _&#; 694 684
36
30
100 36
Jan
50 30
Oct 50
Preferred
83 127 June Aug
8% Preferred ser A_ _100 127%
3
3
10
Aug Gill Mfg Co
54 Feb
350
5 Mar 117
234 July
7% preferred ser B..100
41
42
Jan
950 May 56
&#;
16 May 114% Aug Gcmsard Co (H W) corn..'
113
100
634% Pref ser C
180 189
1,255 140
Oct
Mar 200
59 294 July 364 June Great Lakes D & 1)....100 180
31
Consolidation Coal_ _ _ _ 100 31
Oct
4,554 Sept 45
Apr 90 May Greif Bros Coop'ge A corn * 44% 45
100 84
90
90
100
Preferred
130 131
120 110
Mar Hart. Schaffner & Marx 100
Sept
Jan 133
July 51
15 50
51
51
50
Crook (J W), pref
Mar 33 May Hibbard,Spencer, Bart720 21
214 224
&#;
Eastern Rolling Mill
60
63
100 59
25
Jan
Sept
Aug 70
lett dc Co corn
Sept 75
10 75
75
75
Farmers dr Merch Bank_40
25 40% 41
312 39
Sept July
Sept Illinois Brick Co
530 Jan 278
249 252
co
Fidelity & Depot/It
28
29
380 Aug Oct
Sept Inland Wire & Cable Co_10
914 Jan 12
720
Finance Co of Amer A_ _ _&#; II%
100 100
Oct
Feb 100
25 95
90 164 June isg Jan Indianapolis P & L 1st lot-&#;
Finance Service corn A..10
Jan June Kellogg Switchblei corn...10 134 1,510 Sept Mar
50 88
95
95
Houston 011 peel vi e-100
Aug
98
52 94% Jan 100
Jan Ky Hydro-Elec pref._ _100
44
July
85 25
27
27
Mfrs Finance corny t_.26
July
51
132 504 Apr 52
51
Sept Sept Kentucky Utiljr cum pf100
258 18
22
22
25
let preferred
Feb
200 41
50
52
Feb 63
Jan Kraft Cheese Co com_ _ _25 50
50 164 Apr 22
204
25
2d preferred
Jan
9
668
354
354 4
,
3% Oct
Apr Feb Laclalle Exten Unit com _10
38 17
18
19
25
Trust preferred
10
103-4 2,905
Sept Libby McNeill de Libby..10 10
83.4 June 114 Aug
Jan 171
1,983 98
150 160
Maryland Casualty 0o...25 .4
Jan
Apr 40
155 37
......... c. &#;&#;&#;1.........&#;&#;&#;.... &#; CALL LAU C7
RI 37I. Arm 48
-Aug McCord Radiator Mfg A.* 38 54
3,5
61
61
35
35
40
40
46
21
22
23
24
21
97
97
324 33
102 102
59
314
314
964
21
21
214
34
34
101 101
154 16
110 110
404
40
100
95
35
32
32
22
101 101
16
16
33
27%
39
434
118
28%
87
87
79
794
106 106
2
5
5
25
210
115
132
85
10
240
220
5
10
45
192
10
115
30
100
613
60
10
3
350
5
197
40
70
55
80
484
85
250
40
1,950
100
20
97
105
200
40
290
40
15
50
32
37
314
15
23
34
97
304
111
99
45
314
964
69
20
158
108
26
96
13
106
98%
84
35
20%
194
99
16
32
36
114%
26
68
103
May
Feb
Mar
May
Mar
Aug
Oct
Apr
Aug
Oct
July
Feb
Jan
June
Oct
Sept
Oct
May
May
Feb
Feb
June
Jan
Aug
Aug
Sept
Oct
Feb
Sept
Aug
June
July
Oct
Oct
Feb
Aug
July
Mar
Aug
Jan
Feb
Jan
May
Jan
62
37
104
42
464
25
26
36
394
116
60
40
36
82
25
111
36
140
110
54
34
244
101
39
48
47
119
31%
39%
90
106
105
OCT. 22 .]
&#;
THE CHRONICLE
Friday
Sales
Last iveek's Rang, for
of Prices.
Week.
Sale
Stocks (Concluded) Par Price. bow. High Shares.
4
McQuay-Norris Mfg
Marvel Carburetor(1nd) 10
Eder & Mfrs Fee part pf_25
Middle West Utilities_ __ _*
Preferred
100
91%
8% preferred
Prior lien preferred. A00 (
70
Midland Steel Prod coin_
Midland Util6% pr lien100 944
7% prior lien
100
Preferred 6% A
100
Miss Val Util pr I pref....* 96
Morgan Lithograph c m_&#; 64
Mosser Leather Corp corn &#; 21
Nat Elec Pow "A" part_ _* 27
100
7% preferred
National Leather com_ .10
National Radiator
Preferred
964
,
National Standard corn, 5
North American Car cum.*
Nor West Util pr I pfd_100
7% preferred
100 993(
-Novadel Process Co corn._ ......
&#;
*
Preferred
Omn1Lus v t c
Orpheum Circuit corn_ _1
Penn Gas & Elec "A" corn*
Pick, Barth & Co part Pr.*
Pines WIntermont A cum.* 53
Pub Serv of Nor III corn...*
Pub Sew (,f N 111, com_100 153%
. 6% preferred
100
7% preferred
100
Q
-R-S Music Co corn._&#; 40
'Quaker Oats Co Corn
&#;
Preferred
100 111
.Reo Motor Car Co
10 26
Ryan Car Co(The)com.25
Sangamo Electric Co....* 31%
Preferred
100
Sears. Roebuck, corn....* 72
So Cities CHI class A corn.&#; 32%
So Colo Pr Elec A com_ _25 26
So W G& El Co 7% pf.100 98%
prof ._.&#;
Southwest P &
25
Steel & Totes, Inc
Stewart
-Warner Speedom *
9%
StudeLaker Mall Ord corn 5
100 122
Swift di Co
15 25
Swift International
Thompson (J 11.) cm. .25 56%
Union Carbide & Carbon...*
United Biscuit class A.,.,5 55
United L& P.cl A pref._ *
&#; 544
Class B preferred
Common class A new. &#; 144
U S Gypsum
20
Preferred
100 122
Univ Theatres Cone cl A.5
Wahl Co common
Ward(Montgorcery)&Co 10 78
Class A
117
Warner Gear cony pf A..25 28%
Waukesha Motor Co com.&#;
Williams Mat coin. &#;
8
Wolff Mfg Corp corn__ *
Voting trust certificates *
Wolverine Port! Cement,10
634
Wrigley (Wm Jr) Co com &#; 62%
Yates Machine part pref..)
'Yellow Cab Co Inc (Chic)&#; 44
204
204
112
91
123%
67
944
94
105
91
f6
96
64
21
22
28%
27
993.4
334 334
36% 384
96% 98
314 33
105
100
934 93(
254 25%
14
25
25
204
53
153
15%
.4
40
240 240
111
9
10
32
72
26
26
98% 100
90
88
52
52
714
9% 934
122 124%
26
131
131
53
55
95
54
54%
99
122 122
3
3%
774
117 118
29
52
8
8
134 2
14 14
61,4 64
654
15
15%
454
Bonds
Bryn Mawr Beach 1st 13s ...... 100 100
ctdcago City Ry 58 _
85
85
Chic City & Con Rya 55'27
63% 64
20
4,710
199
3,325
1,406
725
474
3,800
122
95
49
30
5,700
56
2,705
73
1,361
1.450
175
1,450
1,105
339
440
400
100
785
500
62
45
220
681
341
10
70
410
42
80
22,405
85
225
115
19,900
50
100
18
17
50
14,92
36
1,31
10.495
350
100
3.810
143
125
645
3,875
100
350
745
20.650
245
3,275
110
215
150
180
100
4,861
655
7,390
Range Since Jan I.
High.
Low.
May
16
41
May
17 June
Apr
108
Jan
Oct
91
Jan
Apr
38
924 May
97% Jan
Oct
91
96
Sep
Jan
58
11
Jan
22
Sep
Jan
2% Apr
36% Oct
Oct
Jan
Jan
Sept
Ma
8 Jun
July
Mar
25
Oct
19
Jan
194 Jan
40
May
Jan
132
Jan
Jun
Apr
32% Jan
175 Jun
19%
9
29
52
254
25
87
52
534
40
99
87
50
123(
904
115
234
83,4
67
7
1%
13,4
5
51
Mar
Oct
July
July
Jan
Jan
Sept
Jan
Sept
Oct
Ma
June
May
Mar
Apr
Jan
Jan
Jan
Jan
Mar
Aug
Ma
Sep
Jan
May
Ma
Oct
Mar
July
Aug
Oct
Feb
Jan
Sept
Aug
21
514
31
94%
75%
96
Jan
Sept
Jan
Mar
Sept
Sept
Oct
Oct
Feet
Sept
May
Oct
684 Mar
244 Sept
28% Oct
Oct
4% Jan
Sept
98
Sept
384 July
34
Aug
105
Oct
100
Feb
93( Sept
Feb
17 June
Apr
33
Feb
21
28 June
Oct
Oct
154
Oct
Oct
Oct
43
Aug
250
Sept
113
May
26% Oct
15
May
343( Sept
Aug
79
Oct
33 June
Ma
28
100
Sept
PO
Sept
52
Oct
Oct
July.
130
Sept
Oct
Oct
Sept
Oct
974 June
57
Sept
17
June
Sept
123
July
4
Jan
173( June
854 Oct
118
Oct
30
Oct
55
Sept
16% Feb
Jan
7
634 Fe)
74 July
Oct
27% May
454 Oct
Oct
Oct 130
85.000 100
Jan 8Q34 June
2.000 75
8,000 Jan 73% June
Bonds (Cencludod)-
Friday
Last Week's Range So es
,
sato
ofPrices.
for
Price. how. high. Week.
Chicago Railways 5s..
1st M ctf of dep 53..
58 series A
44
58 series B
Purchase money 58_
Commonw Edison 58.
18t M 58 series A.:_ 105
let M 55 series B_ ...
Fed TRH(Md) 1st 534s
Great Lakes Util Corp
1st
Hong G G Co e f g 6 Ms
Jewelers Building (Chicl
1st 6i
Metr W Side El 1st 48_ 79
Extension gold 4s___
Nat'l Radiator 6%s_ _ _
Peon G L & C ref g 65_
65E So Water 634s__
Sbu Uni)ei lce lst 6s g A'47
St Louis G & C tat 65_
Swift & Co tat s f g 5s..
United Pub Util 1st 6s A '47
Urited P U 2-yr 554s_ _
CUM,aryl il 0 .5..r 0.,,,.A.'90.
Range Since Jan. 1.
how.
High.,
83
83
5,000 Jan 863,4
82% 11,000 Jan
64
64
5.000 58 June 71
44
25,000 35
Jan 514
5.000 29
Jan
10
1.000 July 107
634
12,000 Mar 105
105
1,000 Mar
94% 4,000 Oct 94%
5,000
16,000
107
Mat
Juts+
May
June
June
Oct
Oct
Oct
Oct
Sept Julie
98
Jan May
2.000 100
100 100
80
2,000 79
79
77
4,000 75
3,000 100
.4 103% 18.000
2,000 100
100 100
2,000
734
974 2,000 0
.4 5,000
993.4 9.000
8,000
98
inn
inn
a not Inn
Sept
Oct
Jan
Aug
Apr
Aug
July
Sept
Jan
June
July
lot.
100 .
80 &#;
100
98
102%
101
100
Sept
Apr
Oct
Oct
Oct
Aug
May
Sept
Sept
May
May
Jule
* No par value. z Formerly Elyria Iron & Steel Co.
Fittsburgh Stock Exchange. Rroord of transactions
at Pittsburgh Stock Exchmge, Oct. 15 to Oct. 21, both
ine'ubive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week,
Sale
of Prices.
Par. Price. Low. High. Shares.
10
20
20
Amer )itrified Prod.com 50 20
260
20
25
Am V.Ind GI Mach,com 100 21
50
100
62% 62%
Preferred
70
100% 101
Amer AN led Glass Co p
7,650
834 9
9
Arkansas Nat Gas. com.10
12
193 193
Bank of Pittsburgh(NA) 50
130
25 z 95 z
E law-Knox Co
150
12
12
10 12
Cal nests Metals Co
125
Conley Tank Car, pref _100
5
5
100
.50
Consolidated Ice, corn.
38
204 20
Preferred
50
104 114
860
Dixie Gas & Sell, corn_ _&#; 114
50
Duquesne Light 7% pf.100 116%
5
308 312
1.1r4t National Bank.._100
20
170 172
Herb- alker Ref, corn 100 172
&#;
350
10
Houston Gulf Gas
Lone Star Gas
25 49% 52% 13,643
35
194 193(
May Drug Stores Corp
*
801
64 7%
Nat Fireproofing corn _ _109
19% 1,258
Preferred
100 20
540
223
'
Okla Nat Gas etre of dep__ ...... 22
470
736 734
Penn Federal common_ &#;
400
33( 33.4
Pitts F'
5
34
130
210 215
Pitts late Glass corn. IGO 2 0
225
50
50
-orp_ _&#; 50
100
28.4 284
Pitts St! Fdy Corp corn_ _&#;
150
6
64
Salt Creek Consol Oil. 10
100% 2,218
Stand San Mfg com_ _25 101
60
33
334
Union Steel Casting corn &#;
1,430
United States Glass Co_ _25 15 t
, 114
285
Dit'house Ali* Brake new 424 454
lin&#;row oe&#;-I ,
270
10
le&#;&#;
10%
&#;
Range Since Jan. 1.
Low.
High.
20
Jan
Sept 27
20
Oct 52
Jan
Oct 80 - Jan
Jan
Oct 109
634 Apr
9% July
175
Jan 200
Feb
70 June 964 Oct
11
Sept Sept
Mar 105
Jan
103
24 Jan
54 June
14
Jan Oct
74 Aug
Oct
115
Mar 117
Sept
290
Ju ne 312
Se
131
Mar 172
Oct
6
Feb 124 Apr
374 Jan 52% Oct
July 214 Aug
9
Feb
6 June
19% Oct 304 Mar
204 Jan 23% May
8
Sept
5 June
334 Feb
July
3
Jan
200
Oct 270
36 June 56% Sept
Apr
27
Mar 31
Feb
8
6
May
Oct
June 106
Apr
32% Jan 40
11
Sept Jan
Oct Sept
8
Aug 10% June
No par value.
-For this week's
San Francisco Stock Exchange.
record of transactions on the San Francisco Exchange, see
page .
New York Curb Market-Weekly and Yearly Record
In CHF folowirg extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week begoindr; on Saturday last (Oct. 15) and ending the present Friday (Oct. 21). It is compiled entirely from the daily
reporte of he Ccrb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred du ing the week covered:
I ,tsay
,
Sates
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares,
Week Ended Oct.. 21.
Stocks-
Indus. & Miscellaneous.
Aero Supply Mfg class A.*
Class B
*
50
Ala o .1 t S il ord
Preferred
50
AIles & Fisher common_ &#;
Allied Pack, prior pref_100
Alpha Port] Cement cora.&#;
Aluminum Co corn
&#;
1. eierred
100
100
A erica') Arch Co
,
Amer Bakeries class A. &#;
7% preferred
100
Am Brown Boveri El Corp
&#;
&#; Founders shares
Founders s tires v t C...&#;
Amer Chain Co common.S
Amer Cyanamid corn 13.20
Preferred
100
&#;
Amer Dept Sties Corp..
American Hawaiian 68. 10
.100
Amer Site Co corn
Amer Rayon Product...&#;
Alter Rolling Mill corn..25
Preferred
100
Am Solvents & Chem v to &#;
Cony partle preferred_.&#;
America')Thread uref.....5
&#;
Amoskeag Company
Anglo-Chile Nitrate Corp &#;
*
Arundel Corp
&#;
Atlantic Fruit & sugar...
&#;
Atlas Plywood
Auburn Automobile com 25
New when Issued
Baneltnly Corporation...25
&#;
Bastian-Blessing Cu
Beaver Board COB Prcf-100
Bendlx Corp class A con) 10
Beneath (1)& Sons 1st pf 25
Bigelbw-Hartf Carpet com&#;
Bliss(E NV)& Co cum.......&#;
10
Ellyn Shoes Inc com
50
Borden Ci.common_
&#; Not City rcts for new stk
tsb...sssort Machine corn.
.
ac
&#;
II
,4
24
634
34
34
104
614
102
11
156
154
8
91
934
21
35,4
750
104
334
12
158
64
34
97
101
634
102
Range Since Jan. 1.
Low.
8
100
33:1
600
900 123
120
300 22
2
200
100 34
400
1.000
1.400 59
1,200
200
High.
Feb
Apr
Slay
Feu
July
Mar
Oa
May
Mar
Sept
Sept
Sept
Aug
5
400
6
73.4
5
A,&#;1;
1,
634 834
100 404 July
Apr
500 26
260 84 June
90
92
Sect
12
2.300 12
o
Jan
1,600
14
July
175 79
89
88
334 Mar
2.700
5,500 Eel,
65
10 June
Oct
7.700
6
7
10
May
1.400 11
20
33e Oct
1,200
3
114 3%
June
100 67
85%
Ein,
14
1,300
23
Jan
1,000 6_0 Sept
710 79c
Sept
300 50
50% 51
,)au
69
115 115
July
400 100
104
112 .54,700 Jan
400 Oct
23%
Jan
100 38
38
33
200 40
Jan
Oct
50 27
27
27
Mar
50 76
90
90
600 157
k Oct
1.600
3%
354
34 Jam
139
2
2
2.901 101
400 102
2
200
Stocks (Continued)
c'i tam,
Sales
Last Week's Range for
of Prices.
Week.
Sale
Par Price Low. High Shares.
&#;
Brill Corp class A
Oct
&#;
(lass 13
(lotBrill. Mfg Coln
&#;
1 o
Sept
&#;
t lass A
.4 kedt Brit-Amer Tob ord bear_11
liet
Ordinary rezistered. __LI
13
Jan
Brockway. Motor irk come
424 Jan
Bucyrus Co corn
25
105h Sept
Ct.",'.ion certlfs of deli
Oat
Preferred
100
Apr
Bucyrus- Erie Cowl
po
beol Case Plow Wks cl l) v to.&#;
102
Oct Caterpillar Tractor
&#;
Celanese Corp of Am com_&#;
21
Jan
First preferred
21
sso Celluloid Co (new)
Sept
Cmmo
on
374 Jun
First preferred
95
Sept Celotex Co c
mon
&#;
14% nest
7% prererred
Rs
200S l'ileie
Central Aguirre Sugar...50
bent Centrifugal Pipe Corp...&#;
Jew C M & St P (new Cu)
Jule
New common ml
OctNew preferred ml
10
Oct Chicago Nipple Mfg cl A 50
Sept
Class B
50
3 'IS Mat Childs Co pref
' 100
Sept
May
Cities Service. common_20
Preferred new
Oct
100
I% Jan
Preferred it
10
55
May
Bankers shares
Sept city Ice & Fuel (Cleve). &#;
s Oct club Aluminum Utensil_ &#;
127
Aum
Cohn-Ball-Marx Co
&#;
244 Oct Colombian Bylidicate.....
June Dairy Products...&#;
&#;
5
454 Aug Corasol Laundries
28 June Copeland Products lne Aug
.
Owe A with warrants_ &#;
244 Apr Cow Meehan Coal com_ &#;
41% Apr court.' Ids Ltd
il
JailOct
Apr 14..4 Oct
Oct
534 Mar
37
17
11%
25
36
33
743,4
743,4
109
254
26
64
634
47
92
147
754
75
109
754
47
,4
97
119
85
122
719,4
86
116
134
100
67
233,4
4
134
llete
434
154
33
Low.
High.
300 33 June 473( Jan
300 Apr Feb
734 Feo
16% Sent
300
Jan
330 20
Sept
July
330 23 34 Feb 26
26
July
100 234 Fe
80.
Mar
36
Sept 45
51) Julie 76
501
Oct
Sept 7 7% Oct
200 67
Mar June
4.10(1 Aug
264 Oct
3% Felt
13
mar
1.20
l"eb Oct
May ik04 Oct
15,900 44
4, 131
May 173
Sept
-Sept Oct
2.200 60
700 112% Sept Oct
Jan
1,200 Oct 85
225 85
Noe
Oct 91
Oct
330 Jan 120
800 May
18/4 Jam
234 244 2.600 20
10.30
40
4
54
90
4
14
134
1%
60
40 117
Mar 264 June
Mar Oct
Apt
Oct 49
Oct July
Apr Jul,
36.10
4.100
94
854
70
254
101
20i
364
1.700
200
3.20
2
434 14.700
164 2.10
404
744
184
lit
I%
154
Mar 583(
95
July
84
May
July 29ii
Jan 34
Sept
Mar 28)4
Apr
314
Jan
44
Oct
Feb
Oct
Oct
Feb
Aug
Sept
Sepl
Jas
Oct
Arg
94 3.900
5
30
400
304
52
100
66
3.600
16.400
113
40
6
5
52
30
19
OIl 22
Oct13
Jan
Oct 68
Jan 69
Jan
An 113
Maj
Fet
Oci
Sell
Awl
Oci
flee
504
84
254
353,4
254
Jule
334
6
5
52
...........................
624
thine. Press, coin
ioU
Curtiss Aeropi & M corn. &#; 43
100
111%
Preferred
9
5
39%
18
11%
25
254
Range Since Jan. 1.
P'rirles
Saks
Last Week's Range for
Sale
of Pekes.
Week.
Stocks (grratinued) Par Price. Low. High Shares.
THE CHRONICLE
Range Sines Jan. I.
Low.
High.
Friday
ga'a&#;
Last IVeek's Rang. on,
of P&#;tees.
west
Stocks (Continued) Par Prior. Low. Mg' «ore)
[VOL. 125.
Range Sine. Jan. 1.
Low.
High.
Curtis Publishing corn---&#; 198
198 193
25 170 June 221
Sept Pennsylvania Salt Mfg--50
594 92
22' 74
Feb 9
0
Oot
$7 preferred
&#;
116 116%
Jan Peoples Drug Stores
200 113
June 118
&#; 33
34
404
1,/0
0 28% Apr 44)4 Sept
&#; 51
Dams Inc
51
53
1,200 444 July 58 Si Aug Ph104) Morr Cons Inc corn*
11%
20,
Aug Jan
Davenport Hosiery
&#;
20
20
100 20
July Apr
Claw A
25
104 164
200 154 Aug 22
Jan
.100 189
Deere & Co common...
185 208
1,775 70
Jan 206
Oct Pick (Albert) Barth & CO
&#;
De Forest Radio v t
May 10% Jan
3
34 2,700
3
Common tot tr
.1
13
4 Oct June
3.900 124
Voting trust etfoldep
234
2
3
600
2
Oct
104 Jan
Pref class A (panic pref)' 21
7,30n
1 34 Oct 28% June
Dinkier Hotels class a_
Finely Wiggly Corp corn _.* 27
28
7.960 264 Oct 29% Oct
With purchase warranta.
100
20
20
Oct 24 June Pinely Wiggly Western
20
Dixon (Jus) Crucilie Co 100 161
30 151
161 162
Mar Feb
&#;
States Co class A
244 25
SOO Sept 2.534 Sept
&#;
Doehler Die Casting
200 Aug 224 Mar Pitts & E RR com____50 180
18%
171
1/0
2.409 161
June 181% Feb
Dominion St. rent I.td.__.&#; 924 92% 93
400 88
Jan 99
Oct Pittsb Plate Glass
100
210 215
Oct 269
3
10 198
Jan
Duhllier Condenser Corp.'
331 4
5% Mar Pratt & Lambert
1.200
231 Aug
&#;
577
%
1.500 48
Mar 58% Sept
&#;
Durant Motors Inc
934
94 6.100
54 Jan
104 Mar Procter & Gamble com_20
219
250 178
Feb 222
Oct
Durham Dupl Razor pr pt
Pyrene Manufacturing_ _10
500
S5( 954
Jan
841 Oct
thlthclBcomstkpurwar&#; 49
494 2.000 47
Sept 50
Sept Q-R-S Music Co
&#; 40
40
40
475 36
Oct Aug
Duz Co class A
100
&#;
854
854 854
94 Jan Realty Associates corn...' 287
554 May
2..7 299
160 235
Jan 320
Sept
Class A vot tr etfs_ --- &#;
4 June 11
7
8
Jan Rentington Anne COM_
300
741
&#;
Mar
400
7
17
Apr
25
Eagle Lock Co
50 75
75
Oct 110
77
Feb Reo Motor Car
10 264 26.4 63.601
194 Mar 26% Oct
&#;
Eastern Rolling MIll
600 Mar 31
20%
June Republic Motor Truck
*
354
334
3.4
May
400
2
54 Jan
corn_ _5
Eastern SS LInes
81
Fel
81
10 48
Oct Richman Bros Co
85
&#;
275 281
Apr Oct
40 153
EitIngon-SchIld Cc COED- &#; 344
300 334 /an 35
May Richmond Radiator corn.&#;
1.900 20
May 35% Aug
25
Elgin Nat Watch
70
20 69% Oct 70
Ort
7% convertible Pref. - &#;
41
41
300 374 May 45 June
.
5
Estey-W elte Corp class A &#;
434 5
2 00(
24 Oct
10;1 Apr Rolls Royce of Amer pf 100
70
70
Oct 79% Apr
100 73
234 3
Fageol Motor. Co com 10
244
1,900
114 Ma)
414 Jan Royal Bak Powd com__100
231 252
71 161
Feb 339
Sept
100 158
Fajardo Sugar
158 162%
240 Ma. 167 4 Se,
Preferred
100
100 refl 34 Mar Aug
107.4
31
Fan Farmer Candy Shops. 31
31
200 25
Mai
34
Sent Royal Typewriter corn_ &#;
70
70
25 46
Sept
July 80
Fashion Park Inc cow. &#;
40
40
Oct 43
100 40
Sept RuLerold Co
100
74
745e
200 68
Sept 77% Oct
Fedders Mfg Inc class A. &#;
29%
29
June 32% Aug Safety Car Heat & Ltg.I00
700 27
130 137
100 124
July 140
Mar
Federated Me 5th tr etf &#;
134 134
500
9 JUDI
174 Aug Safeway Stores corn
&#; 294
241 304
1 00 232
Fel, 304
Aug
Firestone Tire & R.com .1(1
153 153
25 115
Fe
Sept St Regis Paper Co
&#; 44% 51'167
1 600 37
Apr 543.4 July
100
7% preferred
100 99
Jar 107
Oct Sanitary Grocery Co corn
'
230
22.5 231,
1.140 210
July 244
Aug
Ford Motor C11 of Can.100 544
541 569
220 339
Am 572
Oct Schulte Real Estate Co_ &#;
144
200 Oct 184 Mar
Forhan Co clam. A
&#; 224 224 2.200
Jar
Sept Bresnan Bros corn
&#; 30
24
313;
F00 2.554 May
30
Oct
Foundation Co
SelberlIng Rubber Co corn &#; 31%
38
Apr 89 Sept
4.500 23
Foreign shares class A.'
19
1.900
8
Sep
, 20% Mar selfridce Prov Stores LtdF02 Theatres el A corn '
164 19%
1.500 12% Jun.
Apr
44 59
400
434 All,
8% June
Franklin (11 H) Mfg corn &#;
19% 19%
200 12
Oct Serve1 Corp (Del) coca A.
Al'
20
19c
15c 6/c !) 1'e
Oct Feb
Freed Eisemann Radio. _&#;
231
24 3
700
7% Jan
234 Jun.
.s Co com_ _25 60
_
60
60
100 44
Feb Aug
&#; 174
Freshman (Chas) Co
19%
1.600
&#;
934 Ma) 231.4 Jan Shredded Wheat Co
67
67
F11
100 53
Sept
71
&#; 45
Fulton Sylphon Co
45
475
4
2.100 394 Jar
Aug Silica Gel Corp corn v to.' 19
205.
3.100 13(4 Mar
21% Sept
Garnewell Co com
&#;
544
Jul
200 53
4 Jan ,verflaaae1Bros Inc corn &#; 42
593
4I
42
44
Ape 524 Sept
500 28
&#;
Garod Corporation
1
14 2.200 400 Man
Jan Singer Manufacturing 100
394
140 360 June 438
412
Sept
General Baking class A._&#; 11.800 An' Sept Split Viscose Ltd ..200 lire
Clam Fr
.......
&#;
7
7
741 18.700
43 Ma,
4
74 Oct
Dep recta Chase Nat Bk.
11
Jan
11
5
114 Oct
100
General Fireproofing corn &#;
Jan
400 51
92 1 Oct South Groc Stores el A &#;
294
50 29% Aug 354 Feb
General Ire Cream Corp &#; 54% 54
55
2.900 404 Fen
57
Aug Span Itiv Pulp & P corn 100 129
Oct
875 122
122 129
Oct 129
Gen1 Laundr) Mach corn.'
21
1.800 20 Juno
24% Sept
Preferred
131
Or. .38
Oct
131 134
11r, 134
Gen) Necessities Corp. _10
134
400
154
114
134 OM
6.4 Jan Sparks Withington Co...'
Oct
15
21
Aug 22
22
1.
Gen'l Silk Corp common_ &#;
54 514
100
514 Oct
10% Jan Stand Comm)Tot) corn..&#; 28
Sept
26
32
3.204) Jan 37
CO Spring & Bumper coca.
614 7
300
64 Oct
Apr Stand Mot Construct._100
13
1
114 May
1
1
200 75c July
0
Gleasonite Prod coin....I0
934 10
600
Mai
8
Oct
15
Standard Publish'e Cl A 25
31
4 Apr
4% 5
63.1 Oct
200
&#; i 177 1 3
Glen Alden Coal
,
3 600 159% Al" Aug Stand Sanitary Mfg corn.25
100 101
650 80 June .07
Oct
Gobel (Adol Inc Corn _ &#; 64
64
2.400 254 Jai
Ale. Stand Textile pref B _100 38
70
34
50 15
33
Jan 38
Oct
Seal Electrical Co.... 224 21% 23
Gold
7.000 Jul) 23
Oct Stern Bros class A
&#;
150 42
50
50
Fe
May
&#;
Gorham Mfg common_
43
43
100 37 June 48
Sept Stinnes(Hugo)Corp
&#; 12
124
2.500 104 Sept
133-4 Sept
Grand(F&W)5-10-25c St &#; 96
06
119%
600 60
Fe,
99% Oct Stromb Carlson Mfg_ &#;
35
35
Oct 42
300 35
Jan
100
7% preferred
133 133
125 110
AP 133
,
Aug Stutz Motor
&#; 174 20
May
8,700
Oct
Grant(WT) Coo(!)el corn &#; 121
121 127
2,000 Jum 129
Oct Superheater Company. &#;
Car.1/0 10
0
166
Au
, Mar
Great A & P Tea Ist pf 100
118 118%
Feb Aug Swedish Match class B_1
50 116
97
97
100 97
Oct 97
Oct
Great Lakes Transit Corp.
28
28
100 24
May
28
Oct Swift & Co
1E6. .. 120
iio
200 Ma) 131
Sept
.10
Hall (W F) Printing
294 31% 2.200 Ann
314 Oct swift International
-15 26
6.500
184 Ma, Oct
Happiness Candy St el A &#;
534
534 6
4'11 May
6.400
7
Jan Tietz(Leonhard) corn____
37
373(
37
200 :17
Oct Oct
&#;
Hazeltine Corp
13% 14
4% May
500
144 Sept
Tlinken-Detrit Axle_ ..10 124
124
1,400 Mar
14
May
Hellman (Richard) Inc-100
Preferred
103 103
10 86
May Oct
Partic pref with warr &#; 49
49
504
1,700 28% Jan Sept Tobacco Prod Exp Corp &#;
3%
314
311
700
3
Mar
434 Aug
Hercules Powder pref__100
118 120
50 114
Mar 120
June Torringt m Company...25
85
85
20 67
July 85
Oct
Hoyden Chen leal old... &#;
1%
1%
14
500
14 0
24 May
-Lux Day Pict Screen
Trans
*
734
Common new
751 74
300
741 Oct
10
Aug
&#;
C A corn
331
334 413 3 000
314 July
8% Jan
Holland Furnace
&#; 35
35
354
1.000 Aug
374 Sept
'
Trim. Products Corp corn
303
( 5 10(1 284 Oct Sept
Huyiera of Delaware Inc
' .
1,600 144 Aug
184 Sept Trumbull Steel corn...AS 11
11
11
3 30')
9% Jan
14% Aug
Imp Tobae of G B& I..L1
244
200 24 June 30
Jan
10
Truscon Steel corn
30
304
300 24
Jain
30% Oct
IfirlustrIal Rayon ChM A.
&#;
104 14
32.900
44 Jan
14
Oct Trihlze Artificial Silk el B.&#; 293 310
1 400 145
Jan. 1'
0
Oct
Insur CO of North Amer.10 73
77
1,000 51
Fe)
/834 Oil
Tunst.Sol Lamp Wks corn.. 104
104 114
1 000
May
13
81.4 Fel
&#;
Int Cigar Machinery
84
88
Apr 90
600 46
Sept
&#; 21% 224:
(lass A.
1 SOO
174 Jan 244 Jun*
Internat Projector Corp &#;
10% 104
100
8
Aug
Jan
United Biscuit class A....&#; 55
534 55
Mar 56
90'
38
Oct
Johns
-Mast Corp cum_ &#; 54.500 Jan 12)94 Oet
&#; 10.4
Clam B
934 10%
2.20'
7
Jan
Feb
13
100
Preferred
120 120
120 Jan 120 4 Oct United Elec Coal Cos v t c&#;
30
400 23
Apr 33)4 May
Joske Broa Co com v t c. &#; 42
41% 424 3.200 41
Aug 42% Aug
United Eng( & Fdy new w I.
50
50
300 49% Au, 57
Oct
Kawneor Co
29% 29%
100 281.4 Aug Oct United Porto Ric Sug corn &#;
40
39
30) 39
Oct
Ozt 40
Heiner-Williams StamOr.&#;
164
100 Oct Apr United Profit Sharing corn.
104
10
60')
Apr
944 Ater
Kernsley,hIllibourn&Cowl&#; 12
12
12% 5,000
12
Sept
131.4 Sept
.26 68
63
United Shoe Mach con.
63
400 51
Sept
Jan 72
Kinnear Stores Co Corn &#;
314 31%
200 274 Aug 38
Aug
U S I. Battery corn new..' 654 3 300 32
J1/11P 64% Sept
Kruskal & kruskal. Inc..' 21%
800 18
June Jul) (1 S Freight Co
&#;
115 115
201) Mar Sept
Lackawanna Secur. new..' 594 594 604 2,200 514 Oet
74
Aug
When Issued
554 54
2 101 Rent 5,54 Sept
Land Co ..1 Florida
&#;
22% 22%
Julie 36
Jar. 1.1 S Gypsum COT
200 IS
20
9'34 101%
1 01
0 00
Jul) Sept
Landers, Frary & CI new 25
80% 80%
100 Oct 92
Feb
UM) I.eaf Tobacco corn..&#; 54
,
55
2.700 34% Jam. 55
Oct
Lehigh Val Coal etfs new
38% 334 394 6,100 37% July 46
Jan
Van Camp Packing pref.50
144
14
20)
514 Apr
184 Oct
Lehigh Val Coal Sales 50
90
914
350 894 Mar 100
Mar
waitt & Bond In" class A
23(4 24
1.200 23
Oct 264 July
Leonard Fitzpatrick &
&#;
CIA's B stock
164
1, 01 154 June Sept
,
!Moeller Stores rout
&#;
43
43
400 33
Aug 48
Aug
Warner Brothers Pictures &#;
18
1.400
July 334 Jan
Libby Deere( sheet 01ass25 120 123
500 116
Apr Jan
%Vets.in Ii nowarren ICo W1&#; 21
21
22% 2.70) 21
Oet 25% Sept
Lit Brothers Corp
10
26
1.400 Aug 28
Oct
01I&S D corn v t C a 64
64
67
2.401 .4 Apr 77
Sept
MarAtairewa& Forbescom&#; 43
424 43
1,800 39
July 44
Sept
&#;
Preferred
101
301 95
May 102% Sept
Preferred
10 102
103%
J.111 June Western Aut)
Supply pref. 28
26
24
1.600 214 Apr 46
Aug
Marmon Motor Car corn.' 42
43%
700 3-34 Oct May
West Itairy Prod claw A_ .&#; 524 52
350 47
Fen. 53
Aug
100 29
Massey-Harris Ltd corn..'
Mar 40
Sept
Clam 13 v t e..
244 1,700 15
Fei. 25
Oct
Mavis Corporation
4,700
&#; 234 28
19
Sept June
White Rock Min Elms corn'
39
39
100 27
Feb 40
Aug
'
Mavis Bottum( Co of Am
11% 13
10.500
851 July
15
Aug
Yellow Tall of New York.'
18
2,000 10
May 344 Jan
May Drug Stores Ccrp.. &#;
19
1.100
18 se,a
Auu
May Hosier Milts 114 pref.. 494 494
600 Sept 50
Sept
Rights-McCall Corporation
1.400 48
&#; 56
Julie 60
Mat Locw's Inc
13
50 124 Oct 18
Mar
100
McCord Rad & Mfg v t c &#;
1 654 kin) 21
19% 19%
Jan
,
S Freight,
1%
134
14
1.201 90e
Oct
24 Oct
Mead Johnson & Co corn.'
57
1.300 Jar, Aug
White Sewing Mach deb rte 15
15
15%
1,000
4
May 20
Aug
&#;
Melville Shoe Co cow
113 115
150 59
Feb Sept
70 108
Pref without warrts 100
109
Sept i 10
Public Utilities
Rein,
25 30
79
Warrants
79
Jan 80
Sept
Amer (41.9 & Ell3C COM--..&#; 110
110 114
9.600 664 Jan Sept
100 49
Mengel Company
48
July
494
950 27
ort
Preferred
103 101
1.500 Feb Jon*
Men931,1 Iron
14 14
2.300 550 June
236 Sept
Amer Lt & Tr com new 100 176
175 1,
04
775 16 34 Aug 1F6
Sept
Metrup,n1 Chain Stores ' 53
53
54%
1.800 30
Fe,
. July
100
Preferrel
112 112
50 112
Oct 126
Aor
'
124
Met 5&50e Stores A corn
10
500
5
Sept Amer Pow & light pref.
July
24
190 974 Jan
&#;
Oct
Class B common
6
714 2.200
131 Jan
15
03.4
Sept Amer Pu, Util prior pf _100
03
93
85
May 96
Aug
10(1
Preferred
55% 58%
100 30
Fel. 614 Aim
' 33
Amer Superpower Corp A
38
40
2 300 271( Jan Sept
Mo land Steel Prod
67
&#; 70
4,300 394 Apr Oct
&#; 33% 344 3. 00
(lase, 11 common
284 Jan 43
Sept
Midvale Co
35
33
800 Jan
41
Ann
First preferred
99
50:1 Jan 100
Aug
Murphy (G C) Co corn_ &#;
63%
June 73, Sept
65
4
200 37
Participating pref. .25
2)34
100 Jan 29% June
.
National Casket $7 p ef &#;
103 101
10 108
Oct Aug
Ass..e Gas & Elee clams A,' 434 434 8,00) 35
Jan Oct
Nat Dairy Prod pref A 100
105 105
40 102
Sept 105
Oct Bell of Pa 64% pf_100
115 115
10 112% Jan : Sept
214
Nat F.snd Products Cl B_.&#;
2
2% 2,500
2
July
9
Apr Blackstone V G & E corn 50
110 *08
Fenn May
10
3% 44 1.500
National Leather
334
214 Apr
Jan Brooklyn(Sty RR.
11
4
451
34 434 5.201
614 Jan
334 Aire
NatIonalllisflacareorn.....$ 37
36% 34
2.400 304 Sept
BIM Mae & East Pr cum.
31%
600 2.551 Mar 40
Sept
1,600 Sept
&#; 96% 96%
7% preferred
25
Preferred
26
26
10) 254 Jan 26% Sent
124 124
25 124
Nat Sugar Refining__..100
Oct 4 May Cent & SW CBI rom _100
935
8e8epptt
68
63
100 57,
4 Jan Oct
125 June 104
102
4
National Tea preferred_100
May Cen traIretates Eiec corn. &#; 29
7% p Si
29
30
900 174 Ale 303.4 Oct
350 Feb
62
634
Neisner Bros. Inc. corn. &#;
71
Sept
.60
994
60 024 Jan Oct
600 Sept 244 Feb Cities Senn Pr & 1.1 tfi Pf.
23% 24
16
Neptune Meter class A..' 24
&#;
90.4 90%
301) 00
Aug July
10
2,500
104
94 Apr
June Columbus Elea dr.Pow corn* 684
New Mex & Ariz Lund. I
201 Fen 80
May
40
41
400 194 Jan 414 Apr ,. 'with Edlanli Co .100
New Orl Great Nor RR 100
105 172
390 139
Jae 172
Oct
200 29
31
July June Com&#;wealth Power Corp
New Process Co common_&#;
Is &#; 18
509 18
Aug 20
Aug
it'll 2.100 Jan % Oct
N Y Auction corn class A &#;
Preferred
244
500 21
Oct 304 Apr Con CIV1E I.& P Balt corn
il
Nichols & Sheinul Co __&#;
704 4,0-1,
Jan
Oct
71
200
16% 17
July Mar Consol Traction of N J.100
Nilea-ktern-Pond Co cum.'.
57
57
101
564 Oct 57
Oct
200 29
Jan 334 Ozt Elec Bond & share pre( Bal 109
North surer Car co.nmon &#;
1.80, Mar Oct
93
200 76
Jan
Ohlo Brass class B
Elec Bond A Share Secur_&#; 744 744 77
&#; 974 88
13 10,
Slur 804 Sept
1.400
04 May 941 Sept Eler Invest with-nut ware.' 31% 42
11%
&#; 12
Pacific Steel 13 oler
13 4
133)1) Fen. Sept
Oct Elee
98
100 80
Lt 2,1 pref A..&#; 101
'
Page Hershey Tai,es corn
53
Sept 88
52' 894 Mar 103
Sept
Sept
500 159
Palmolive Peet Co coin...'
Option warrants
924 95
Apr 112
114
2.001
11
6% Jan
Oct
903 Mar 3
Parke Davis & Cu
&#;
7
7
834 Oil Eleztric Ry Securities._ &#;
201
6
F,.,
8
Apr
Jail Empire Gas & F 8% pf I(X) 103
45
Fender (David) Groc el A.*
45
July 48
200 41
107% 3.250 May I 1 1 si Pest
&#; 23.
Class B
7% prefe&#;red
26
Apr Feb
&#;
28
800 10
100 994 994
- 400 lune ion g Ante
02
200 09
Penney (3 C) Criel A 01
20
,100 102
June ISO 4 .1 ore Empire P w(
yr))
en-, sr k&#;
1
30
June
.
OCT. 22 .]
THE CHRONICLE
Friday
Lan
Public Utilities
Sale
Pen Price
Federal Water Fiery el A &#;
Florida Pow & Lt S7 pref.&#;
General Pub Serv Cl m___&#;
Seven per cent pref
&#;
Oa Pow (new corn) 58 pi...
Internet Utilities class A.5
Class B
&#;
Participating preferred.&#;
Kansas City PS corn v t c&#;
Lehigh Power Seeuritles. &#;
Long Island Ltg 7% pf..100
Marconi Wire T of at _1
Marconi Wire!T of Lond Li
Mass Gas Cos eom _ .100
_
Middle West Utilities corn &#;
Prior lien stock
100
$o preferred
7% preferred
100
Mohawk & Bud Pow corn &#;
Warrants
Mohawk Valley (M . &#;
Monon W Pa P57% pi_25
Municipal Service
&#;
Nat F.lec Power clans A .*
Nat Power A Light pref. &#;
Nat Pub Serv cont class A &#;
Common class IS
Warrants
New-Calif El Corp corn.100
New Engl Pow Assn cony.*
Six per cent Prof
100
NY Teiep 611% pref_100
North Amer 1.t & Pow coin
North Amer 11th Sec cum.&#;
First preferred
&#;
Northeast Power corn....&#;
Northern Ohlo Power Co.&#;
Nor States P Corp cum _100
Preferred
Ohio Bell Telep. 763. pf 100
Pacific Ga.s A El 1st pf.25
Penn Old. Edison corn...&#;
7% pri ,r preferred. 100
$6 preferred
&#;
Penn Ohio Secur Corp_&#;
Penn G & E cl A part stk.&#;
Penn Power & Light prof.&#;
Penne Water & Power...
Plilla Elec Co common_ .25
Portland Elcc Power. _ 100
Power Corp of Can corn_ *
Power Securities com&#; &#;
Preferred
&#;
Puget Sound P&L corn.100
Six per cent pref...100
Seven per cent pref _100
.
Rhode Isicnd Pub Serv pf*
Rochester G & El pf D_100
Shawinigan Wat de Pow_ &#;
Sierra Pile El ('o con.. 100
Sou Calif Edison prof A.25
Preferred 13
25
Sou Cities Utilities pref 100
Sou Cob Power cl A_ _25
Sou Gas & Power cl A....
&#;
Southeast Pow A It corn _&#;
Common voting tr ctf &#;
$7 preferred
&#;
participating pref._ &#;
Warrants to our corn stk&#;
Soul liw B.11 151 ref....00
Southwes P&L 7% pf_100
Springfield tons I,t new .25
Stand Gas& El 7% pf_ _100
Staodard Pow & Lt corn 25
Preferred
&#;
Tampa Electric Co
&#;
Union Nat Groot Canada
United Gas Impt
50
United it & Pow corn A..
Common class B
&#;
Preferred class A
&#;
Un Rye., lo. 4..alt corn 25
Utilities Pow & I.t elass13.&#;
Utility Share Ci rp Curn_..&#;
Option warrants
344
994
94
194
151
711
484
34
103%
90
674
364
103
294
204
37%
35
834
72
03
25
144
154
23
12%
3
Sales
Weet's Range for
ofPrices.
Week.
Low, High Shores
334 35
106
113
984
951
6
95
954
111%
Pit 151
651 74
115
112 114
123
91
92
29% 304
7
7
50
254 254
12 -
23
214
34
215
35
31
73
73
97
97
114 115
874 874
74
8
91
19% 214
164 174
128
105
113
3
711
:
884 90
134
204 20%
674 70%
54
55
324
30
654
12
474 49
364
89
107 109
30%
254 30
294
25%
80
80
254
204
315
4
354
107%
834
11
110
72
72
110%
244 25
100 101
03
63
25
25
111
144 15%
194
944
16
214 23%
12%
3
311
Range Since Jan. 1.
Low.
7,800 304 Aug
60 Aug
3.300 lig Jan
50 Feb
Mar
1.200 94
Apr
9,900 24
Jan
52,800
3
Apr
75 89
200 184 Oct
Jan
15,200 15
80 Jan
7.300 .9c Jan
1,000
351 Jar
100 103
Aug
Fel.
600 100
150 108
Feb
0
300 91
356 Jan
1,200 20% Jan
6
10C
Aug
Fe.
700 37
Feb
50 24
811 May
300
4,600 Eel
Jan
200 101
18% Jan
5,700
Jan
500 14
14 Mar
1.100
Feb
300 25
10 Feb
Feu
20 88
275 z,1 Apr
25 874 Oct
54 July
200
July
225 84
Apr
21.100
94 Jan
8.100
3,600 Jan
300 Jar
40 104
June
400 244 Feb
Feb
800 27
150 974 Jan
3 -0 Jail
300
84 Feb
Jan
300 19
Jan
150 106
Mar
1.000 4)
300 464 Mar
API'
20
20
200 424 July
June
6
300
200 40
Sept
Apr
1,300 28
70 Jan
90 Jai
304 Oct
20
10 103 June
100 Oct
1,500 Aug
Mar
10
900 254 Oct
50 70
Aug
100 254 Aug
900 15
Aug
11.700 294 Ma
3,000 28
Jan
700 Jai
300 670. Jan
3,900
814 Jan
50 Jan
320 104
Jan
100 65
July
25 104
Jan
900 22
Jan
200 Feu
100 45
Jan
200 25
Sept
5 300 89
Feb
63.700 Mar
300 14
Jan
300 85
Jan
20
Oct
19,200 Jan
50
951 Fel
3,90
1% Apr
High.
35
Oct
106
Oct
18
Oct
Oct
9 ,55 Oct
Oct
954 Oct
96
Sept
22
Sept
'22
Oct
113
Sept
1% Oct
74 Oct 1
120
Oct 1
May
Oct
June
Sent
324 Aug
Oct
7
53% Aug
26 June
134 Aug
284 Oct
Oct
110
244 Sept
21% Oct
351 Oct
Oct
94
Aug
974 Sept
115% Mar
Oct
Ort
Oct
Oct
18 4 Oct
Oct
133
Oct
May
114
Aug
Sept
May
90% Sept
15
Sept
23
Aug
June
110
454 Oct
58% Sept
324 Oct
Oct
Sept
Oct
4,
354 Oct
July
89
June
111
Oct
May'
Oct
1(1, Oct
Oct
Sept
26
tar
92 '
27% Mar
22% Apr
Oct
374 Oct
110
Aug
834 Aug
114 Oct
June
Oct
May
79
Oct
Oct
25
Apr
102
Sept
284 Scut
119
Sept
:154 Oct
19% Sept
May
231 Apr
23% Oct
14 1 Oct
455 Oct
Former Standard Oil
Subsidiaries.
Anglo-Amer 011(vct 5h)...11
Non-v ting shares. .41
Buckeye Pipe Line
50
Chesebrough SI fg Cons 25
Continental Oil v t c_._ 101
Eureka Pipe Line
100
,
Galena- kind 011 com_100
Humble Oil& Refining..25
Illinois Pipe 1.111e
100
Imperial oil (Canada)...*
Registered
Indiana Pipe Line
50
National Transit_ _12 50
New York Transit
100
Ohio 011
25
Penn-Mex Fuel 011
25
Prairie 011A Gas
25
Prairie Pine line
Inn
Solar Refining
100
Southern Pipe Line
BO
011
Booth Penn
25
Standard Oil (Indiana)..25
Standard 011 Ihmisate ..25
Standazd 011 (hentucky125
Standard 011 (Nob)
25
Standard 011(01 new eon,25
Swan A Pinch Oil Corp..25
Preferred
25
Vacuum ()II
25
184
56
554
184
163-4
59
711
60
164
604 534
z73
z73
16
174
59
58
30
25%
464
36
154
43
76
75
21
127
600
200
550
3 300
39,500
150
100
13,500
650
5,900
200
'450
4,300
150
2 300
3.400
11.600
1,850
90
600
1.100
19,100
500
500
600
1,00(1
150
50
30,500
173-4
174
45
764
164
47
731
54
374
414
61
134
344
62
12
132
132
16
42
73
15
18
954
95c 89.400
311
,
1,100
200
251
84
700
14
200
2,400
15c
2 000
4,000
48,500
700
100
5
200
5
100
711
100
211 7.400
40c
1 000
924 2.100
1.100
14 1.400
7,200
32
5.50
3
1
64
75c
14c
14 4
4
934
63c
4
5
74
1
4 'c
g4
80e
56
If)
715
624
166
61
go%
754
184
35
30
484
180
132
224
364
16
434
21
184
July
July
Jai
59
Jan 11:355
Oct
Jan 61
134
Aug
Mar
Jan 166
2-n 634
June 62
Jail 79
Jan
184
Jan 37
Apr
Apr 31
Apr
Jai DOI
Jan 190
Feb 274
Apr 414
May 754
Mar
June
June
Apr b715
Jan
21
Aug 214
Jan
Jan
Jul.
June
Oct
Jan
Oct
Feb
Sent
Oct
Sept
Oct
Sept
OA
Feb
Eel.
June
Jan
Juix
Aug
Feb
Jan
Sept
Jai.
Sem
Feb
Oct
May
Oct
Other Oil Stocks.
Amer Contr Oil Fields....5
Amer Siaracalou C.
&#;
Argo 011 Corporation_ _ .10
Arkansas Natural-Gas..19
Atlantic Lobos 011 corn_ _.&#;
British -Allied.an Olt
&#;
Cardinal Petroleum
10
Carib Syndicate new corn._
Creole syndicate
&#;
Crown Cent Petrol Corp *
Darby Petroleum
&#;
Voting tr (Ifs
Derby Oil & Ref pref. &#;
oil cortionitliin. .1
Gilliland Oil coin v t c__ &#;
Gull ,m of Penna..25
.&#;
Houston Gulf Gas
Intercontinental Petroleum
International Petr.lciim. &#;
&#;
89c
311
19
2
92
911
31%
85c
34
2
814
1
32
15c
10
70c
4
5
74
14
40c
911
154
,
Aug
21,6 Jan
June
714 Jan
Aug
24 Oct
Apr
954 July
May
14 Sept
Jai
seta
Sept40c June
May 26
July
Julie
Jai,
Oct3
Jan
Oct12
Mar
Oct Mar
Oct164 Apr
Sel't
34 Jan
Oct2
Mar
lIar Jar,
July
124 Apr
June
2
Mar
Julie Feb
Friday
Saks
Last Week's Range for
Other 011 Stocks
Sale
ofPrices.
Week.
(Concluded)
Par Price. Low. High. Shares.
Kirby Petroleum
&#;
Leonard 011 Developm1.26
Lion Oil& Refining
&#;
Lone Star Gas Corp.
...26
Magdalena Syndicate_ ._1
Margay 011
Mexico Ohio 011
&#;
Mexico 011 Corp
10
Mountain de Gulf 011
1
Mountain ProducersCorp10
Nat Fuel Gas new
&#;
New Bradford Oil
5
New York 011
25
North Cent Tex 011
Pandem Oil Corporatir n_&#;
Pantepec OH of Venezuela&#;
Red Bank Oil
25
Reiter Foster Oil Corp.....&#;
Richfield 011 nref
25
Royal Canadian Oil Synd.&#;
Ryan Consol Petroleum_*
Salt Creek Consol Oil. _
Salt Creek Producers.
..10
Savoy 011 Corp
5
Tid-Ogage 011 non-vot stk&#;
Voting stock
&#;
Transcont'l % pref.100
Venezuela Petn,leum.....5
V 0C Holding Co corn.
Wilcox (H El 011 & Gas..&#;
Woodley Petroleum Corp.&#;
_11)
715
52
851
17c
26
451
11
215
6
150
511
6
29
2
18%
214
4%
5
134
754
20%
491(
96c
494
8
17c
1
234
254
415
11
10
215
84
16
55.1
10o
54
6
2
184
204
78
455
16
214
6
134 3.500
1.300
73-4
204
200
6,500
53
14 1.000
2,000
500
815
35c 11,000
300
1
4,400
3.300
45( 1,400
100
11
700
3,200
3
500
855
200
164
9,900
7
100
5,000
120
600
6
100
6
1,600
29 11
100
2
5,500
214 3.700
100
78
1,800
5
300
17
400
214
400
5
Range Since Jan. 1.
Low.
14 Oct
634 May
Oct
37
Jan
90c
Oct
12
Mar
Pi Aug
Apr
1
July
Apr
23 June
451 Oct
94 Mar
9% Sept
151 Sept
7
Sept
144 Sept
34 Sept
Oct
Sc Sept
451 May
6
May
Apr
2
Oct
Apr
15
Apr
17
Jan
44 June
164 May
204 Apr
5
Oct
High.
24 Jan
Feb
Feb
53
Oct
254 Jan
52 Sept
124 Jan
38c
Jan
114 Jan
264 Jan
Sept
551 Apr
134 June
Feb
951 Apr
Mar
Jan
Jan
Apr
35c
Feb
Jan
7
Jan
8
32
Feb
7
Feb
234 Mar
Feb
July
88
74 Jan
17% June
Jan
Jan
8
Mining Stocks,
Amer Com'l Min & Mill_ _ _
Se
30
3e
,
American Exploration...1
151 2
Arizona Globe Ccpper....1
40
4c
Bunker & Sullivan.,10
133 136
CiAisol Copper Mines .. 1
3%
34
3
Cons MM &Smelt of Can 25
260 260
Cortez Silver Mines Co...!
20c 230
Cresson rims.'(1 M & 14.1
1%
151 l',
Divide Extension
1
4c
4c
Dolores Esperans Corp_.2
48e
43c
Engineer Old Mines Ltd.5
251
24 211
Eureka Croesus
1
3c
4c
Falen Lead mines
1
270 27c
First Thought G. Id
2o
2c
Golden Centre M Ines._ ._
24
14 24
Golden State Mining.,,be 110
9c
120
Hawthorne Mines Inc....
2c
3c
lie,-la Mining
25e 16
16
164
Kerr Lake
590
55c 60c
Mason Valley Mines
5
730 80c
Mining Corp of Canada_ _5
351 4
,
New Cornelia Copper.. .5 234
New Jersey Zinc
100
185 138
Newman alining Corp.10 101
Nipladng Mines
5
64 751
711
&#; 25% 254 27
Noranda Mines, Ltd
North 4,tatte.
10 80c
80c
1
Ohio Copper
1 990
930
13-4
Plymouth Lead Mines...!
Sc
Sc
Por land Gold Mining
1
23c
23c
Premier Gold Mining. _.1
211
255
Red Warrior Mining
17e 20c
San Toy Mining
1
6c
6c
Shattuck Deno Mining.....&#;
614
64 64
silver King Coalition M__5
9
9
9
Spearhead Gold Mining._1
2c
2c
Standard Silver-Lead. __I
10c
10c
Teck-Hughes
1
114
Tonopah Belmont Deve1.1
151
14
TOTH] ugh Extension
21c
21c 21c
Tonopah Mining
111
151
United Eastern Mining_ .1
450 450
United Verde Extension 60c 264 274
Unity Gold Mines
1
9So
40c 980
Utah Apex
5
44
451
451
Utah Metal dr Tunnel_ _1
Mc 900
Wender' Copper Mining_
151
134
Wright Hargreaves Mines&#;
84 84
10.000
3c
6.400 30c
6 000
3c
1.500
25,700
254
10 260
6.00
7c
14
700
1.000
3c
35c
1.00
2.000
151
18.00
3
0
1.000 27c
lc
1.000
34.600 59c
2c
24 000
lc
40.000
1,500
2.900 55c
1.500 650
3.100
34
2,100
50 178
15.400
9 900
511
2 500
80c
16.700 40c
Sc
1 000
23c
151
4.600
6 000 Plc
4c
251
2 700
754
le
2 000
1 000 10c
3 200
554
FOO
1
1 000 21c
151
600
330
4 000
9 300 20c
414
300
300 85c
11,400 75'
600
54
Sept Mar
June
214 Sept
M
90
Aug
Fe 156
Sept
July
311 Oct
Oct 260
Oct
Jan 30c Feb
May
251 Aug
June
70
Jan
Mar 70c May
July
551 Jan
July
70 Feb
Oct780 Jan
Aug
4c
Jan
Aug
315 Oct
May
19c Sept
June
1 lc
Jan
sent
Fe) (8
Ort 950 Feb
July
24 Jan
Jan
4
Oct
June 24
Jan
June Mar
4
Jai. Sept
Aug
104 Feb
Jan
284 Oct
June
34 Jan
Mar
151 July
15c
Aug
Feb
Oct 53c
Feb
Jan
2 1s Aug
,
Aug 39c
Feb
Apr
Sc
Oct
Aug
651 Oct
June
9
Oct
June
40
Jan
July 27c Feb ,
Jan
ea
Sept211is Jan
Oct 55c July
Aug
351 Jan
June 53c
Jan
Jan 31
Oct
June 950
Oct
Julie
751 Feb
July
24 Feb
'no)
311 Jan
June
84 Oct
Bonds
A blunts Dairies 65____
Adriatic Electric
_
A labarra Pr lot & ref Ss '56
75.Allied Pack 1st 151 colltr88'39
Debenture 68
Allis(*halm Mfg
_
Aluminum Co f 68..5s '52
deb
Amer Cyanamid 5s__
Amer (3 & El fig
American Power A Light
65. without ware...
Amer Radiator deb 451s'47
Amer It&#;,11 6s..._
Amer Seating fig
American Thread 68..
Anaconda(Mt) Slin 65.
A iwaltublan El Pr 58_
Arkansas Pr * 1.1 5s.
Atisoc'd Sir,, Hardw 645'33
Atlantic Frui t 8s
itatavian Petr dci, 411s '42
Bates Valve Bag 6. .
with at.
purch ware...
Iteile1)11 Oil Os. with warr'36
Beaverbuard Cc 8s. _ .
Bell of Canada 55.
ist St 55 ger IS June I '57
BerlinCityE164%notes'28
64% n.tes
Boston Consol Gas 55.
Boston & Maine RR
5s
Brunner Tur & Eq 715s '55
Certificates of deposit.
Buff Gen Lim gen 55_ _
iturmeigter & Wain Co of
Copenlituren I5-yr 63 10
canadlan Nat Rya 76_
30-year 454'i
.
Car Una-Georgia Serv Co
1st M 6s with warr_ _
l'r A Lt Is NM
Chic Milw A St P (new co:
-year 5s w 1
50
Con" adl w I
chic UV tka errs den -
Cincinnati St Ry _
Clrlea Service Eit
6s
Cities Service Gas
CI re Elle
5s "A"__
Cie) Term Bldg
,
_
0.U G &
de55_'62
fls.b
Columbus Ry P & 1.4
Commander Larabee 65.41
Cornmonw Edison
; 100
94
13 000 92
&#;
10 984
47
47
30 000
49
49
20 00
43
994 100
97 000
101 Vi 119 00
0 99
95
95 126 090 94%
(1
Sept
June
Mar
May
Mar
July
June
Oct
Jan
964
76
66
10)
107%
Sept
May
Aug
Jan
Jan
Oct
Oct
Oct
Oct
316 000
974 32.000
105
105 105
12 OM
))
1 00(1
22 009
13)000
973-4 954 )
90
)
90
7 000
447,000
Mar
June
Jan
Aug
June
Jai
Fe
Mit.
May
Sept
May
107%
974
105
101
9.i51
20(4
Oct
Oct
Aug
July
Jan
Sept
Oct
Oct
Jan
June
Jan
Sept
97
July
954 Star
101 &#; Feb
June
June
984 June
June
i Jan
Aug
Oct
36
37
Oct
Mar
101
103g
104
983-4
Sept
Jan
July
Oct
Oct
Sept
Mar
Oct
Oct
Oct
lieb
Sept
Oct
984
934
100
102%
100
101
98
974
37
37
374
104%
96
983*
&#;
11 000
41 000
19 009
103
))
103
100
2.001
99
4 500)1
29 000
13 00(
101
934 581 00
900')
33
)
31
7,045
100
94%
103
101
95
93%
90
92
953.4 96 18.000 94
Jan Apr
)1 III
Fen 113
May
268,00
Sept 984 Oct
99
94
103
6 000 964 Sept 99
242.001 100
Jan 103
94 91
61 624
82
22 001
74
994 16 00(
90% 65 000 88
40 003
934 93% 172 000 93
105%
1 000 .(4
934 9 51 98% 2 000 98
9 51 323.000 98
94% 91
112 000
96 ) 90
93%
3.00
614
82
June
Mar
May
Sept
June
Jan
Sept
May
Aug
July
Aug
May
Apr
111%
10.)34
100
944
98
95%
Oct
June
Oct
Oct
Slay
Oct
Feb
Feb
June'
Sept:
Jan
May
Sept
Jan:
Oct,
_ _
Bonds (Conlinucd)-Cons GEL&P Bell
es ,eries A
544s series F
Consol Publishers648
Consol Textile 8s
1
Conk Gas& "A"'64
Conti See Corpse A,
With warrants
Cosa-Meehan Coal s'54
Cuba Co 6% notes...
Cuban 7)45
Cudahy Pack deb 540
5.9
Detroit City Gas 58 B.
68. series A
Detroit lot BdRe 61
0.
25
-years f deb 7s. _.
Deutsche Bank 6s ...
Dixie Gulf Gas 640-
With warrants
East Ter Off Bldg
Eitingon-Schild Cs _
Else Refrigeration 68_
Empire Oil & Refg 540'42
Fairh'ks. Morse & Co 5s'42
Federal Sugar 69
Firestone T & R Cal 55
First Bohemian Glass Who
151 70 with stk pur war'57
Fisk Rubber 5 W,
Florida Power dr Lt 59.
Gair (Robt) Co 5)4s. _
Galena-Signal 011 78...
Gatineau Power 55....
New
65
Gen Amer Invest 53..
Gen'l Ice Cream 648_
Gen laundry Marti
General Petroleum 66.
General Vending Corp 138
with warrants
(la & Fla 68 series A. _
Georgia P..wer ref 58..
Goodyear T & R 5s....
Goodyear T&R Cal '31
Grand Trunk Ry 645
Gull (311 of Pa 5s
Sinking fund deb 58.
Gulf States litil 58. ._
Hamburg Elea Co 78..
Hanover Credit Ina 68
Hood Rubber 78
Oet 15
5)48
Indep Oil& Gas deb 68
Indlan'p's P & I. 5s ser A'57
lot Pow Seism 75 ser E
Internal Securities 58.
Interstate Nat Gas 69_
30 itho t warrants
Interstate Power 5s_._
.
Debenture 61
Invest t_u of Amer 58 A w I_
Investors Equity Co
with warrants
Barren Hydr-E1 7s....
Jeddo-Highland Coal (is '41
Ran Gas & El deb 6s. _
Kemsley. kinlbourn & Co
Ltd of deb (is Sept 1
Hooper,. & C deu 58.
35
Laclede Gas Light
Lehigh pow secur 6s .
Leonard Tletz Inc 7 40 '46
With stk purch warrants
Without stk purwarrants
Libby. McN & Libby 78:11
1st M 55 __Oct 1
Lombard Eiec Co 75. _
Lone Star Gas Corp 5s '42
Long Island 11 68......'45
Manitoba Power
Mansfield Min&Sm(Germ)
78 with &#;warrant......
Mass Gas Cos 53 -
0.
Merhilonale Elec Co (Italyr
30 year sf78 ser A.
Midwest Gas 75......
Milwaukee G I. 440_ .
Montana Power deb 58 62
Montgomery Ward 59.
Montreal L H & P 5a A '51
Morris & Co 7%s..
Narragansett Cu col 58
Nat Dist Prod 640._ _
Nat Pow & 1.1 65 A _ .
Nut Putt Sets, 640...
Nat Radiator den 640
Nevada Cons 51 .....
,
New Ens G & El Assn 54'47
N VP&L Corp 1st 440'67
Niagara Falls Pr lls_ .
Nichols dr Shepard Co 118'37
with stock purch warr ts
North Ind Pub spry 5s
Nor states Power 640
6)4% gold notes...
Ohio Power as ser B...
440 series D
74 series A
Ohio River Edison 58_195,
Oklahoma Nat (las 68.11)41
Oswego River Pow 68
Par Gas et El 151
Park & Tilford 6s
Penn-Ohio Edison 68..
30 thout warrants
Penn Pr & 1.1 58 B._
First dr ref 58 D...
Phila Else Pow 540..
Phila Rap Transit 68..
Phillips Petroleum 530 '39
Pirelli Co (Italy) 78 _
Pitts Screw & Ittlt 548 47
rotomae FAlson 5s.._
Power Corp of N '15%s'47
Pure 01) 01 6 he
-year (5(4% notes'37
10
Owensboro G & El
Reliable Stores 65_ ._ .
Rem Arms 514% notes
Rem Rand Inc 5(48
with warrants .
Richfield 011 of Cal 68.
St Louis coke & Gas
Banda Falls Co 58
(
Schulte it E Co 68 -------- 5
(18 without corn stock
Serve, Corp 68
Shawinigan W & P 4 A8 67
Shawsheen MIlls 76. _
Shubert Theatre 68....
[Vol,. 125.
THE CHRONICLE
Last Week's Range &#; Sales
Sale
of Prices.
for
Price. Low. High. Week.
107%
108%
98%
97%
104%
Range Since Jan. I.
Low.
High.
Jan Mg
3.000 107
Mar 107%
107% 17,000 100
2.00(1 117% Fe 101
97% 13 000 Jan 99
June
1,000 102
Sept
Jan
Apr
May
July
July
June
Jan
July
July
Sept
101
913
114
98
101%
102%
105
100
Jan
July
May
May
Sept
May
Sept
June
Aug
Jan
sent
Oct
Mar
Aug
Sept
Sept
99;4
96%
97%
111
97%
101%
100
99
100%
97
97%
112
97%
100%
102%
107
99%
53 000
14 000
4.000
10 000
32 000
37 000
57 000
9 000
122 000
100 000
3(
97
96%
97
99%
106%
100%
100
99
101
97%
63
624
92%
96
954
89
96% 96
99%
101
97%
93
90
96%
24 000
1 000
13 000
172 000
319 001)
3'000
37 000
70 000
99%
99
92
83
96%
92
93% 934
1
95% 95% 95%
97% 97
92
93
98
97% 98%
99
97%
102
102
132
132 131%
135
100
100 100
100% 100%
13 000
56 000
140 000
11 000
49 000
47 000
102 000
56 000
102 000
2 000
10 000
4.000
91
96%
92%
95
90
94%
100
113
100
*
Oct
June
June
June
jail
Jan
Sept
Jan
Fell
Jan
Sept
June
Mar
Oct
Sept
Se
Feb
Or)
Oct
May
114
Sept
147
Oct
100(4 Oct
101% May
93% 11
7 000
95
994 703 000
" 57 000
IS 000
110 &#; Ill 000
30 000
100% )
13 000
101% 21 000
17 003
98
2 002
9' 1 000
85 000
82 000
13 001)
954 9.000
20
120
19 000
1
71.000
99% 01 000
333 00e
93
95%
95
99
94%
100
98
101
9.334
96)4
924
95
94%
97
Oct
Sept
June
Mar
Jan
kitty
June
June
June
June
Aug
Apr
May
Oct
June
July
Aug
Oct
Aug
July
July
Oct
98%
98
98%
101
110
100%
100%
102
98%
104
96
97
954
134
97%
112
100%
102
107
101%
100
99%
98%
95
95
98
97%
100% 100%
100
102%
9 g
£
98
94
102%
95
934
99% 994
96
95
119% 119%
96
944
98
97%
Sept
Sept 100
Jan 101% Apr
Apr
July 98
July 97 4 Jan
Sept 061.4 May
June , Mar
Aug
Aug 94
Sept
Sept 97
99s
96 36
974
93
98%
Oct
Jan
Oct
Aug
0,1
Oe
Apr
Jun
Oct
Aug
Oct
Feb
May
May
Oct
Atm
Aug
Feb
May
May
0.
Oct
June 102
Sept
July 104%
Jan 102
May
Sept
Oct
Oct
119% 122
994 99
94%
100% 101
103% 102%
27 000 Aug 132
135 00(1 95% Aug 9V4
July
16 000 100
128.000 954 Jan 103%
OA
oct
Jan
Oct
120
102%
97%
94%
105
Mar 133%
13 000 108
)0 99% Apr
4 000 102% July
24 97 4 Sept 97 %
59 000 June 964
July
132 000 95
11 000 102% Jan 105%
Jan
44 000 98
May
se,
Mar
Sept
Oct
Oct
Oct
Oct
102
97%
94%
99%
100 100% 14 000 100
n3 ' 93
1 1 000
33 000 101
103 101
2,000
101% 102
120%
102%
97%
954
9
935
105
100% 101
105
4 000 100
Oct 112% Apr
Oct
61,000 103% Feb 105
25 000 91
16 000 95%
26 000 93%
F3 000 1)6%
4
37 000 97 1
11 000
8 000 95
54 004)
13 000 98
44 MO 1)83.4
40 000
42 000 100
13 000 92
97 000 984
26 000 96
1,000
June
Mar
Mar
July
Mar
Jan
May
July
May
Feb
June
Aug
June
Oct
Oct
Apr
994
101
10,
100%
102(4
993i
107
May
Jan
Oat
Oct
Oct
Oct
Mar
Aug
Oct
Oct
Sept
Oct
Jan
Sept
Oct
Jan
104% 101%
124% 122
103% 103
102
102%
95.
107
(05% 104
97
100
105% 131 000 98
48.00)) 110
127
80(40
12 000 974
79 000
107
1 000 105
100% 7 000 97
107 99
100% 29 000 99
) 96%
1
00
1.000
Fel
June
Apt
Mar
Fe,,
Fel,
Jun
Jan
Jan
Jan
Oct
Mar
99%
103%
101%
107
97%
100
Apr
Sept
Oct
Mar
Oct
Oct
Aug
Oct
Oct
July
Oct
Oct
100% 100
105
1.
94
95
99%
100
100
98% 98%
103% 103
102%
98% 984
96
95
101
102%
105
95
100)4
100%
99%
994
103%
99%
98%
96
42 000
)
11.000
18 000
365 000
62 000
12.000
62 001)
11,000
15 000
158.000
5 000
1 000
71,000
99
994
99%
94
95%
100
95
974
102%
97%
100
95
Jan
Jan
Jan
Feb
Jan
Oct
July
June
Mar
July
May
Aug
May
Oct
June
101%
102%
106
WO4
101
993-4
100%
104
100
103
984
97%
Sept
Oct
Sc. t
Aug
Oct
July
Apr
Aug
Oct
July
June
Oct
Aug
Oct
Apr
95%
964
99
95%
224
95%
101
96% 964
98
97
964
89%
24
96
101%
351.000
9 000
19.000
5 000
32 000
35 000
25.000
83.000
3 000
42.000
95%
96)4
97%
923.4
85
18
96
101
98
100
101%
102%
100
98
9)331
96
97
94%
99% 100
99
99
994
101
99
99
100%
105
102% 102%
100
94%
98
99%
96
106%
Oct May
Apr Mar
Oct 97% Sent
Aug
Jan 101
Aug
Mar 98
Mar 914 Sept
May
Sept 74
Oct Oct
Mar 101 44 Oct
June 964 Oct
Bonds (ConcVded)Silica Gel Corp 64% notes
With warrants
S1sss-0heff S & I s f 63_
Snider Pack 6% notes.
Solvay-Amer in,est 5s
Southeast PA I, 68.__
without warrants
Sou Calif &son 5s....
Refundirg nitee 59.
Southern Dairies (3s.._I930
Southern Gas Co 6(48.
S'west Gas & El 58 A.
southwest PA L (18 ..
Staley (A El Mfg 65. _
Stand Invest 5s with war'37
Stand 011 of N Y 6(48.
Stinnes (Hugo) Corp 7%
notes Oct 1 '36 with warm
7;Oct 1 without war
78 with warrants...
7s without warrants
Stutz Motor ...I937
Sun Maid Raisin 640_
Sun OH
Swift & Co 58 Oct IS
Texas Power dr Light 55'56
New
Trans-Cont Oil 75. _ _ _
Trans
-Lux Daylight Pic Ser
Co with wars...
Troy laundry Rs
Tyrol Hydro- Elec 70..
Ulen & (10 6(45
United El Sem,(Ones) 78'56
Without warrants
United Indus(340._ .
United Light & Rys138 A'52
Debesture gold 5)45 .59
United Oil Prod 8s...
Un Rya if Havana 7 40.'36
United Steel Wks640
With warrants
U S Rubber 64% note) 28
9
Seriol 64% notes...192
Seri it 644% notes..
Serial 63% notes..
Serial 640 notes. _
7,
Serial 614% notes_.
Serial 64% notes. _
Serial 6 34% notes...
Serial 61 % notes_ _
4
Serial 63.4% notes_ .
Serial 641% notes..
Serial
0 notes_ _193o
2
Serial 614% notes.
US Smelt & Ref 540.
Utilities Pow & I. 540.'47
-Va
& Pow 59 _105.5
Warner Bros Piet 6(4s
Warner Quinlan Co 65
Webster Mills 640.._
western Power 5 358..
Westvaco Chlorine '37
Wisconsin Cent Ry 58.
Friday
Last Weet's Range Safes
of Prices.
Sate
for
Price. Low. High. Week.
Range Since Jan. 1.
Law.
High.
100% 2.000 Oct 100% Oct
102% 20 000 Jan 103
June
June
107% 103
74.000 99
June 112
99
98% 99
47 000 96 June 99% Jan
101%
99%
101%
97
99%
101%
199 000
61 000
122 000
13 000
4 000
10 000
12 000
2 000
16 000
42 000
974
100(4
96 4
101%
90
100
104
Jan
Jan
Sept
Sept
Jan
May
Jan
Sent
Mar
Sept
101% Oct
102
Oct
102
Oct
100
June
Sept
102
Jan
Oct
094 Oct
111
Sept
105% Feb
91
94
92
97
97%
985-4
94
97
101
993
,
1
994
111
81 000
13 000
31 000
15 000
3 000
75 000
12 000
64 000
40 000
25 000
73 000
98
91
98
91
RR
94
99
954
984
July
Oct
July
Oct
Jan
Slay
May
.lan
June
Oct
Jan
10'2
102
103
99
101
100%
c
119
Sept
Oct
Oct
Oct
Oct
Sept
Sept
Sept
Oct
Oct
Aug
9
335
94
100
9-231
99)4
704
111% III
9
914
95
100%
933
4
G"'4
71
1 000 984 June
4 000 ( 0 t
63 000 92
July 98
18 000 Jan 101
69 000 93
Jan 103%
13 000 89
June
14.001) 93% June 99
31 000 99
SO, t 103
2 000 103% Oct 103%
4 000 Jan
2 000 Mar 112
Aug
July
Apr
May
Apr
Oct
Jan
Apr
Oct
Mar
Jan
101
101
98%
109%
96%
101
903.1
100%
101% 104%
981i
99
99
100%
984
110
95
101
101
101
101
101
101
101
100% 101
101
101
101
101
Int
101
100%
.4 101
t00% 101
101
100%
100% 101
103% 103%
94 1'
90
92
97
97
99% 100
101
98
219 000 896% Oct 99
July
6 000 993.4 June 102
Feb
13 000 June 102
Feb
17 000 July 103
Jan
7 000 97% June 103
Feb
13 000 974 June 11)3)4 Apr
7 000 974 June Apr
5 000 June Apr
26 000 97'4 June 103 g May
7 000 974 June May
24 000 June 103
Feb
29 000 97
June 103
Jan
6 000 97
June 104
Star
13 000 97% June 104 54 Mar
5 000 Jan 104
Apr
4
291 000 July Aug
2 000 08-4 Sect (Set
20 000 803 July 111% Feb
4
3 001 Aug 100% July
22 000 Apr 99
Oct
161 000 96 14 June 100
Oct
19 000 Mar 102% July
8,000 96 June 99
Jan
Foreign Government
and Municipalities
&grim! Mtge Bk Rep of Col
20-year sink fund 7s
20
-year 7s_ __Jan 15
20-year 68._ .Aug 1
Baden (Germany) 78_ .
Bank of Prussia Landowners Assn 6% notes..
Brazil (U 9) Oct 15 '57
Brisbane (City) 58- -
Buenos Aires(Prov)740 '47
7s
7s
Cent Bk of German State &
Prov Bks 1st 68ser A
Danish Cons Muni,548'55
Danzig P & Waterway Bd
External s f Ggs _
Denmark (King'm)540'55
6s
German Cons Mimic 78 '47
Hamburg (State) Ger 68'46
Hungarian Land Mtge Inst
730 series A
Indus Mtge Bank of FinI'd
1st tntge cull s f 75..
Medellin (Colombia) 7s '51
8s
Mendoza (Prow) Argentina
740
Montevideo (City) 6s_
Mtge Bk of Bogota 78_
Mtge Bank of Chile 68.
Mtge 13k of Jugoslavia 78,57
Neth'ds(KIng'm)6s 11
Nuremt erg (City)68..19.52
Peru (Republic of) 78_
Poland ((tepub) 7s..
Prussia(Free State)640'51
EMI 68 (of '27)Oct 15 '52
Rio Grande do Sul (State)
Brazil est 78(of )'66
Esti 817s (of .
Russian Govt 648_ _
certificates....
5%a
540 certificates... _
Santa Fe (City) Argentine
Republic WI 78... _
Saxon State Mtge Inv 78'45
Serbs Croats & Slovenes
)
Gang ext sec'laser 11 '62
Switzerland Govt 5%9.
98%
92
99%
92
99%
96
92%
100
100
94%
99
97
96%
92%
313 000
99
90
76 000
921-4 2 000
10 000
96%
923(
04%
100%
99%
97%
95
100
100 100
101
100% 101
100% 102
99% 100
95' 95%
95
903.4 100
953(
924
98
Mar 99%
Apr
Oct 924
June
Oct
Oct
Oct
Jan
53 000
97 000
2 Ono
59 ono
33 000
63 000
94%
92%
03
954
94%
June 99% Mar
Oct
Oct 93
June 96% Mar
Jan 100% Aug
Jan Oct
Sept
Feb 99
59 000
28 000
1)4% Aug Aug
Jan 100% Oct
49 000 00
Aug 90% Sept
57 Ono Jan Aug
Apr
Mar 102
35 000 100
Jan
100 000 June 102
Oct 99% Apr
87.000 95
8,000
97
June 101
Mar
Jan
3 000 Jan 102
Feb
July 96
934 31 000 91
93% 93
103% 6,000 June June
93
92
93
933
1
92%
92
96%
883.4
107 107
94
91
97% .973' 944
92
98%
96%
39 000 95 June 994
35 000 914 July
24 000 914 Sept
July 904
If) 94
201 000 82 June
5 000 Sept 109
77 000
Oct94
e
FO 000 95% May 102
35 000 92
Oct
119 000 96 June
12,000 94
Oct
973' 89 000
96% 31 000
18
87 000
19 125 000
18
27,000
29 000
18
96%
16%
16%
16%
16%
,
1.534
164
154
93%
934 .94% 12 000
99% 100% 28 000
97% 5.000
96
00
12
12
July
Aug
June
July
July
June
07%
Jan
Feb
Aug
Feb
Apr
Jan
Oct
Sept
Oct
Feb
Oct
Jan
June
Sept
Sept
Sept
Sept
91% June 95% May.
Apr 102)4 Feb
Sept
June 101
88
89% 427 000 86
101% 101% 102
27 000 101
June Apr
July Sept
&#; No par value. k Correction. I Listed on the Stock Exchange this week, where
additional transactions will be round. to Sold under the rule. &#; n Sold for cash.
r Amer. Cigar corn. Is ex&#;33 1-3% stock My.; sold at 14.834 on Jan. 3 with
stock dividends 011. a ()taloa sale. I Ex ruins and bonus. u Cumberland Pipe
Line ex special div. of 33% and regular dlv. of 2%. w When issued. z Ex dly.
y Ex rights. z Ex-stock div. p $5.000 Midwest Gas 78 sold at 101 on Sept. 7
cunder the rule." a Sales of National Power & Light pref. were made on Sept. 30
at "under the rule."
Sale of American Power & Light pref. on Oct. 14 at "under the rule."
c Sale of Texas Power & Light 55. . on Oct. 14 at "under the rule."
d Piggly Western elks. A sold on Oct. 17 at "under the rule."
e Nuremberg 66 sold Oct. 17, $1.000 at 96 for cash.
UHL Pow.& L.540, ,sold Oct. 21 $38,000 at "under the rule,"
butestuxent mut
Xrøa
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the second
week of October. The table covers 8 roads and shows
2.88% decrease over the same week last year:
Second Week of October.
.
Buffalo Rochester & Pittsburgh__ __
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile & Ohio
St Louis Southwestern
Southern Sty System
Texas & Pacific
Total (8 roads)
Net decrease (2.88%1
.
$360,108
4,648,000
' 35,500
332,756
389,159
543,300
3,987,416
807,040
Increase.
$384,530
4,644,000
42,500
353,181
394,50C
623,346
4,160,906
830,937
Decrease.
$24,422
$4,000
7,000
20,425
5,341
80,046
173,490
23,897
$11,103.279 $11,433,900
$4,000
$334,621
Crin A21
In the table which follows we also complete our summary
of the earnings for the first week of October:
First Week of October.
.
.
Increase.
Previously reported (9 roads)
$16,003,525 $16,654,600
Duluth South Shore & Atlantic._ _ _
88,226
107,071
Georgia & Florida
34,300
42,600
Mineral Range
3,924
3,910
Nevada-California-Oregon
11,832
9,223
Total (13 roads)
Net. decrease (4.01 7.1
,
Decrease.
$651,075
18,845
8,300
$14
2,609
$16,141,807 $16,817,404
$2,623
$678,220
67A Acii
In the following table we show the weekly earn'ngs for
a number of weeks past:
Current
Year.
Week.
1st
2d
3d
4th
let
2d
3d
4th
1st
2d
3d
4th
let
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
1st
2d
3d
4th
let
2,1
Previous
Year.
$
14,995,998
15,453,141
15.190.382
22,052,923
15,204,434
14,742,573
14,590,611
19,895,469
15,252,550
14.872.278
14,552,518
20.444,541
14.674.637
14.637,922
14.923.185
20,190,921
14,345.693
14.389,046
14.414,724
13.239.045
14,138,182
14.932,688
15.091,947
22.276.734
15,183,418
15,306.827
15,644.304
22,053.886
16,141,807
week Mar.(13 roads)
week Mar.(13 roads)
week Mar.(13 roads)
week Mar.(13 roads)
week April (13 roads)
week April (13 roads)
week April (13 roads)
week April (13 roads)
week May (13 roads)
week May (13 roads)
week May (13 roads)
week May (13 roads)
week June (13 roads)
week June (13 roads)
week June (12 roads)
week June (13 roads)
week July (13 roads)
week July (13 roads)
week July (12 roads)
week July (12 roads)
week Aug. (13 roads)
week Aug. (13 roads)
week Aug. (13 roads)
week Aug. (13 roads)
week Sept.(13 roads)
week Sept.(13 roads)
week Sept.(13 roads)
week Sept.(13 roads)
week Oct. (13 roads)
nr.mr (let f A pn9f191
11 192 970
Increase or
Decrease.
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the class A roads in the country, with a total
mileage each month as stated in the footnote to the table.
Net Earnings.
Month
.
.
Increase or
Decrease.
.
.
Increase or
Decrease
$
Sept.. 588.945,933 564.756.924 +24, 191,933.148 176,936,230 +14,996,918
Oct.. 604.052.017 586,008.436 +18,043,581 193,990.813 180.629.394 +13,361,419
559,935,895 531.199,465 +28.736,430 158,197.446 148.132,228 +10.065,218
Nov._
Dec.- 525.411.572 522.467.600 +2.943.972 119,237,349 134.504,698 -15.267,349
.
.
.
.
Jan __ 485.961.345 479,841,904 +6.119,441 99.428,246 102,281,496 -2,853,250
467,808.478 459.084.911 +8,723,567 107.148.249 99.399.962 +7.748,287
Feb
Mar__ 529.899.898 529.467.282
+432.616 135.691.649 134.064.291
+627,358
April. 497.212.491 498.677.065 -1,464.574 113,643.766 114.417.892
-774.126
May _ 517,543.015 516.454,998 +1,088,017 126.757,878 127.821,385 -1.063.507
June. 516,023.039 539,797,813 -23,774,774 127.749.692 148,646.848 -20.897.156
July__ 5(18,413.874 558.710.035 -48.297,061 125,438.334 160,874.882 -35.436.548
Aug.. 558.406,662 579,093.397 -22,686,735 164,013,942 179.711.414-15.697,472
-Percentage of increase or decrease in net for above months has been
Note.
-Sept., 8.48% Inc.; Oct.. 7.35% Inc.; Nov., 6.79% Inc.; Dec., 11.36% Inc.
-Jan., 2.79% dec.; Feb., 7.80% Inc.; March, 1.21% Inc.; April, 0.67% dec.;
May, 0.83% dec.: June. 14.07% dec.; July, 22.03% dec.: Aug.. 8.73% dec.
In Sept. the length of road covered was 236,779 miles in , against 235,977
miles in ; in Oct.. 236,654 miles. against 236,898 miles; In Nov.. 237,335 miles.
against 236.369 miles; In Dec.. 236,982 miles. against 237,373 miles. In
Jan., 237,846 miles, against 236.805 miles in ; in Feb.. 237,970 miles, against
236.870 miles In : in March, 237,704 miles, against 236,948 miles in :
in April, 238.183 miles, against 237,187 miles in ; in May. 238,025 miles,
against 237,275 miles in ; In June, 238.425 miles. against 237.243 miles in
: in July, 238.316 miles, against 237,711 miles in : in Aug., 238,672 miles.
against 237,824 miles in .
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
reported this week:
railroads
-Grossfrom Railway
- -Net from Railway- -Net after Tare.
.
.
.
.
.
.
Central Vermont
808,266
September _
781,679
From Jan 1_ 6,836,905 6,739,145
Chesapeake & Ohio&#;
August _ _ _ _12,332,826 11,874,371
From Jan 1_90,699,704 86,265,468
Fonda, Johnst & Gloversv90,375
92,466
September _
869,977
907,933
From Jan 1_
City Southern
Kansas
September _ 1,994,890 1,916,800
From Jan 1_16,605.608 16.555,794
New Orleans Ot Nor
321,612
274,125
September _
From Jan 1_ 2,472.933 2.362,647
Cent Amer
Internal Rys of
487,785
452,200
September _
From Jan 1_ 5,320,294 5,337,611
237,890
1,324,857
200,077
1,084,182
218,334
1.149,816
181,046
912,210
4.655,986 4,191,360 3,853,123 3,430,449
29,605,919 26,126,132 23,794,101 21,236,863
31.965
274,395
31.680
311,363
662,321
754,915
5,603,858 5,691,724
107,304
754,191
80,247
737,612
94,225
136,785
1,981,044 2.160,191
24.125
203,835
23,840
240,803
626,390
537,809
4,470,283 4,568.854
86,182
601,618
64,181
L67,779
-Grossfrom Railway- -Net from Railway- -Net after Tares
.
.
.
.
.
.
$
$
$
$
$
$
Minn St P Ss SS Marie System
51,862.100 5E182,036
September _ 5,683.506 4,696,807
65,499,035 54,683,555
From Jan E35.293,611 34,809,429
Minn St P & SS Marie Co
51,495,878 .173
September _ 3,766.585 2,965,566
53,815,847 83,172,504
From Jan 1_20,275,503 19,730,552
Wisconsin Central
,222 ,863
September _ 1,916,921 1,731,241
61,683.188 11,511,051
From Jan E 15,018,108 15.078,877
&#;Corrected. b After rents.
Balance.
Net Income. Fired Char.
$
590.444
Minn St P & S S Marie System
Sept '27 1.862,100
1.271,656
607.947
574,089
Sept '26 1,182.036
5,359.071
139,964
From Jan 1 '27 5,499,035
8.257,863 -576.308
From Jan 1 '26 4,683.555
400,878
1,095,033
Minn St P Sr S S Marie Co
Sept '27 1,495,878
388,822
555.351
944,173
Sept '26
231.178
3,584.669
From Jan 1 '27 3,815,847
3.585.700 -413,196
From Jan 1 '26 3,172.504
189,599
178,622
Wisconsin Central
366,222
Sept '27
219.135
18,728
237,863
Sept '26
--91.21$
1,774,403
From Jan 1 '27 1,683,188
1,674.162 --163,111
From Jan 1 '26 1,511,051
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings- -Net Earnings
Current
Pre-iotts
Current
Pre'tour
Year.
Year.
Year.
Year.
$
$
$
$
National Pow & Light Co_c_Sept 3,113,999
2.789,859 *1,217,211 *1,122,081
12 months ended Sept 30_ _ _ _ 36,254,255 32.699,152 *14,327,551 *12,907,595
* After taxes. c Earnings of subsidiary companies only.
%
$
$
14,308,298
+687,700 4.81
14.781,223
+671,918 4.55
14,973,426
+216,956 1.45
22,226,451
-173,528 0.78
15,166.695
+37,739 1.00
14,402,687
+339,886 2.42
14,241,283
+349.327 2.44
18,769,562 +1,125.906 600
14.306.734
+945,816 6.61
15,103,054
-230,776 1.53
15.179,524
-627.007 4.14
21,344.342
-899,801 4.22
15,168,759
-494,123 3.25
15.244.341
-606,420 4.00
15,384,889
-461,704 3.00
20,377,221
-186.300 0.92
15,229,606
-883.913 5.81
14,585,974
-196.928 1.35
14.660,546
-245,822 1.67
15,025.966 -1,786,921 11.89
15,019,916
-881.733 5.86
15,366,857
-434,169 2.82
-455,558 3.00
15,557.505
21,502,193
+774,541 3.57
15.164,097
+19.322 0.13
-201.265 1.21
15.508,092
16.950.922 -1.308.817 7.71
23.859.874 -1,805.988 7.57
16,817,404
-673,59 4.01
11 &IQ onn
- 925
Gross Earnings.
ntUjcnce.
Gross
Earnings.
Brooklyn-Manhattan
Sept '27
Transit
'26
3 mos ended Sept 30'27
'26
Brooklyn City RR
Sept '27
'26
3 mos ended Sept 30'27
'26
Central Illinois Light
Sept '27
Co
'26
12 mos ended Sept 30'27
'26
Columbus Electric &
Aug '27
Power Co (,1( Subs)
'26
12 mos ended Aug 31 '27
'26
Community Pr de Lt Co Sept '27
'26
12 mos ended Sept 30'27
'26
Consumers Power Co Sept '27
'26
12 mos ended Sept 30'27
'26
Detroit Edison Co
Sept '27
'26
9 mos ended Sept 30'27
'26
Eastern Massachusetts Sept '27
Street Railway
'26
9 mos ended Sept 30'27
'26
Hudson & Manhattan Sept '27
'26
9 mos ended Sept 30'27
'26
Illinois Power Co
Sept '27
'26
12 mos ended Sept 30'27
'26
Interboro Rap Transit Sept '27
'26
3 mos ended Sept 30'27
'26
Kansas City Power
Sept '27
& Light Co
'26
12 mos ended Sept 30'27
'26
Market Street Sty Co
Sept '27
12 mos ended Sept 30'27
New York Railways
Sept '27
'26
9 mos ended Sept 30'27
'26
Northern Ohio Power
Sept '27
& Light Co
'26
9 moa ended Sept 30'27
'26
Ohio Edison Co
Sept '27
'26
12 mos ended Sept 30'27
'26
Phila.& Western Sty Co Sept '27
'26
South Calif Edison Co Sept '27
'26
9 mos ended Sept 30'27
'26
Southern Indiana Gas Sept '27
& Electric Co
'26
12 mos endedSept 30'27
'26
Tennessee El. Pr Co
Sept '27
'26
12 mos ended Sept 30'27
'26
Net after
Tares.
Fired
Charges.
Balance,
Surplus.
494,678
3,877,889 *1.159.766
685.087
3.671,448 *1,138,208
652.224
485.985
11.691,318 *3.256,162
1.985.554
1,270.608
11.673,905 *3.684.971
1,732,554
1,952,416
107,773
*955,407
151,936
44,063
101,763
:946.335
46,594
148,357
*2;277,011
360.341
225,873
134.468
*2,818,785
141,026
268,009
409,035
335,413
125,272
326.573
123,266
4,359,009
447,909
1,296,493
1,774.852
4.112,438
1,635.483
467,549
1,167,934
133,532
362,430
*210,510
76,979
78,373
297,907
&#;156.198
77.826
1.388,669
4,077,633 *2.291,507
902,838
794,069
634.644
3,435,746 &#;1.428.713
405,142
171,511
391.159
170,522
1,108,559
564,400
1,672,959
4.222.224
564,400
929.074
4,011,118
1,493,474
1,033,741
2,205,293
949,976
2,023,654
2,537,164 10.171,410
26,149,681 12,708,575
8.599.483
2.642.224
23,330,227 11,241.687
e442,889
887,229
3.589,586 *1,130,118
,531
620,576
*972.107
3,465,779
32.730.895 *10,540.999 e3.745.188 8.786.812
6,870.292
30,545,213 *9,937,032 63,066.739
27.730
174,99)
147.260
733,937
20,824
185,992
734,178
206,818
574,108
1.964.055
7,060,558
2.538,183
2,051,634
550,892
2,602,526
7,107,837
492,142
335.792
156,350
1,013,267
335.861.
989,380
488,499
152,638
1,510,744
9,324,446
3.023.244
4,533.988
9,071.250
4.553,620
1.431,841
3,121,779
185,472
39.07S
185,790
47.895
2.621,764
798.921
389,913
407,008
2,586,172
387,087
427,490
814,577
5,279,547
1,831,170
1,152,243
.349
4,811,437
1,678,386
1,142,170
,443
15,159,584
4,655,411
3,457,055 51,198,356
13,345,856
3,176.321
3,428,845 -,524
1,013,115
474,562
361,916
112,646
840.794
430.754
329,334
101,420
11,994,281
5,999,618
1,297.398
4,702.220
10,709,581
5,628,032
1,244,053
4,383,979
810,642
70,622
54.974
*125,596
9,842,536 *1.729,522
871,587
857,935
34,584
594,862
*115,057
'
80,473
51,730
602.295
*132,397
80.667
5,188,056
*856.498
754,040
97.456
302.933
5.413,879
*962,480
659,547
143,465
163,931
307,396
1,012,771
101,360
1,001,809
241,434
140,075
2,732,911
1,264.232
1,468,679
9,277,473
914,485
2,161,434
1,246,949
8,889,136
148,761
73.106
139.068
58.437
820,875
70,587
758,288
1,905,576
660,878
1,766,672
743,403
82,526
130,221
k14,359
71,339
15,863
75,275
k15,951
18,307
134.258
2,856,852
1.830.580
463,110
1,367,470
2.488,942
1,669,443
589,498
1,179,947
22,791,005 15,630,371
4,478,313 11.152.058
20.266.131 13,501,226
4,366,888
9,134,338
98.971
236,926
226,034
90,689
3,022.069
1.276.048
357,481
918.567
2.836.716
399,910
776,219
1.176.130
1,037,026
422,097
992.435
447.533
3.479,011
12,406,318
5.734,793 32,255,782
3,229,221
11,920,259
5,461.855 n2.232,434
&#;Includes other income. b After rentals. e Includes amortization of debt discount expenses. J Before taxes. k Includes taxes. p Includes dividends on preferred stock of Nashville Sty. & Lt. Co. not owned by Tennessee Else. Power Co.
FINANCIAL REPORTS
Financial Reports.: An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the last Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Sept. 24. The next will appear in that of Oct. 29.
&#;
THE CHRONICLE
Indian Motocycle Company.
&#; (Annual Report-Year Ended Aug. .)
President Claude Douthit,Springfield, Mass., Oct 6, wrote
in substance:
Sales.
-The decrease in total sales for the year just ended is due primarily
to preferential tariffs in the British Dominion which favor the English
manufacturer, and also to increased tariffs in some other countries. It is
hoped that this will be offset, in the future, by added effort principally
through direct representation in foreign countries, a policy which has already been put into effect.
Inventories.
-The item of $1,177,693 represents materials, raw, finished
and in process, in the factory and finished product in warehouses. The
items making up the inventory are priced at cost or market, whichever
Is lower, and further proper but material deductions have been made in
the case of partial and total obsolescence. The increase over that of the
previous year is due primarily to the acquisition of the Ace motorcycle
which was purchased from the Michigan Motors Co., Jan. last. It is the
confident expectation of the management to reduce this inventory through
increased efficiency in material control but without hampering production.
Investments.
-During the year just ended company's investments in the
stock of the Wire Wheel Corp. of America, which stock was held both by
the Indian Motocycle Co. and the Indian Acceptance Co., has been exchanged in accordance with the reorganization of the Wire Wheel Co.,
and the combined holdings of these two companies are now 945 shares of
prefened stock, 945 shares of class A stock, and 2,278 shares of common
stock. The present market value of this stock is far in excess of its value
as carried on our books.
-Present plans provide for not only a continued inGeneral Remarks.
tensive effort to efficienctly increase motorcycle and kindred product sales
but also for sales in other lines. The Indian Shock Absorber was placed
on the market Sept. 15, and it is hoped that it will add materially to the
volume of our sales and profit of our operations.
INCOME ACCOUNT FOR YEARS ENDED AUGUST 31.
.
.
.
.
Sales less returns& allow. $3,689,061 44,037,441 $4,286,866 $3,757.880
Cost, expenses, &c
3,249.686
3,662,146 3,910,728 3,476.945
Operating profit
Maint. E. Springf. prop_
Depreciation
$439.374
168.052
$375,295
6,232
157,069
$376,138
10,297
163,928
$280,935
14,044
178,880
Net ineome for year__
Previous surplus
Change of cap. stk.from
par to non-par. & red.
of good-will
$271,323
1,170,308
$211,994
1,190,696
$201,913
1,086.793
$88,012
1,073.929
200,000
[VOL. 125.
an increase of 2,521 for the same period. Reports also showed 12,789 surplus stock cars, a decrease of 1,237 cars below the number reported on
Sept. 30. while surplus refrigerator cars totaled 3,707, a decrease of 1,226
for the same period.
Matters Covered in "Chronicle" Oct. 15.-(a) Gross and net earnings of
United States railroads for the month of August, p. . (b) Revenue
freight car loadings large, but below last year, p. .
Canadian Northern Ry.--Debenture Stockholders May
Accept Offer.
The Montreal "Gazette" Oct. 18 had the following:
It was announced at the headquarters of the Canadian National Ry.
Oct. 18 that Nov. 15 has been named for the meeting of stockholders of
the Canadian Borthern By. 5% income debentures, at which it is expected
that the offer of the railway management to redeem the stock will be
accepted.
This meeting will be held in London, and proxies have been mailed
the holders of the stock. With the proxies was an outline of the plan
of arrangement that has been suggested and a recommendation to the
stockholders by the Dominion Securities Corp., Ltd., and Wood, Gundy
& Co., Ltd., in favor of acceptance. "Having retard to all the circumstances," saud the recommendation of the Canadian financial houses.
"and to the fact that the proposed payment will be two years earlier than
the date of maturity, we have no hestiation in recommending that stockholders accept the scheme and support the resolutions to be submitted
at the meeting. The offer is also recommended by Sir Robert KindersleY.
of Lazard Brothers & Co., Ltd., and E. R. Peacock of Baring Brothers &
Co., Ltd., of London.
The committee in London representing the stockholders, and composed
of Sir Gilbert Garnsey (of Price, Waterhouse & Co.), Sir Walter John
Napier, Sir John Keane, and Sir George Peters, with Alfred Barnard
as Secretary, has already accepted the plan of settlement, as well as the
trustees for the stockholders in Great Britain, the British Empire Trust
Co.. Ltd.
The amount of these debentures outstanding is approximately $25.000,000 and no interest has been paid upon them since , during which
time they have been the subject of continuous controversy, which has
been considered detrimental to Canadian credit among British investors.
The debentures become payable, at par, in May , but under the plan
suggested, they are to be retired in May at 94. When the arrangement arrived at between the stockholders' committee and the management of the railway has been ratified by the holders of the securities, the
plan will await the endorsation of the Dominion Parliament. The terms
of settlement have, however, the approval of the Canadian Government,
who have notified the trustees to that effect.
-V. 125, p. .
Chicago Milwaukee & St. Paul Ry.-Bondholders Ask
Review.
--
Edwin C. Jameson and other members of the bondholders' defense committee
Total surplus
$1.441,631 $1,402,690 $1,288,706 $1,361,941 Court in the reorganization of the road, Oct. 19, asked the U. S. Supreme
to review the reorganization plan approved by the lower Federal
Adjust, of depr.for prior
courts.
years
y49.096
Representing about $18,000,000 of the bonds ofthe railroad,the committee
London branch ad.1Cr.1,948
protested against the failure of the lower courts to place any limitation of
Res. for Fed. inc. tax__ _
15,000
to deposit
London branch loss
59,942 time on the reorganization managers In terminating the option to the dierefunding bonds and take new bonds, leaving that matter open
Red. to market val. of
creation of the Federal District Court.
Wire Wheel stock_
26,942
They asserted that the reorganization plan failed to recognize their rights
Prov.for adj.inv.& prop.
at East Springifled_
125,000 in relation to stockholders, and objected to the use of $5,000,000 of the
earnings of the property in meeting certain expenditures.
London sale of mach: at
Former Senator Irvine Lenroot, of Wisconsin, is now counsel for the
41,485
East Springfield
Jameson group. Former Governor Nathan L. Miller was the counsel for
Loss on sale cap. stk.
the committee at the outset, and later he was succeeded by Col. Anderson.
27,870
Wire Wheel Corp_
63,264 -V. 125, p. , .
52,500
54,512
56,525
Preferred dividends(7%)
150,000
150,000
Erie RR.
-Files Protest on Tentative Valuation.
Common div.($1.50)
-S. C. Commission a protest against the
The company has filed with the I.
$1,176,982 $1,170,308 $1,190,696 $1,086,793 latter's tentative valuation of its properties in which it objects to the
Surplus, Sept. 1
Earns. per sh. on 100,000
finding of a valuation "for rate-making purposes.
$0.24
$1.57
$1.45
$2.03
shs. of no par com.stk.
The company states that "if it is the.Commission's intention to set up
x Includes London branch net income of $1,673. y To agree with basis values for purposes other than for rate-making, such valuations should be
established by the U. S. Treasury Department for Federal income tax made and served concurrently with the tentative valuation for rate-making
Depreciation charged for the year ended Aug. 31 Is in purposes," and that "the serving of a tentative valuation for but one of
purposes.
accordance therewith.
a tentative valuation for but one of several purposes is an erroneous conception of the intent of the Valuaction Act."
COMPARATIVE BALANCE SHEET AUGUST 31.
The company does not state a figure representing its total claim, but as
.
.
.
.
Assetsagainst the figure of $274.817,794 for cost of reproduction new of the
Land & buildings_ a$542,181 $557,099 Preferred stock_ _ _ $750,000 $750,000 property owned or used, exclusive of land, in the Commission's tentative
764,289 Cora. stock & surp.x5,176,982 5,170,308 report, the company sets up a claim for $295,572,875, an increase of
Mach'y & equip__ *,919
64,669 $20,755,081.
48,701
2,500,000 2,500,000 Res've for conting_
Goodwill, &c
6,617
11,825
290,307
324,933 Acceptances pay'le
Investments
"The Valuation Act," it says, "requires the Commission to ascertain and
158,044 report the value of all property owned or used by company. Notwith563,597 Accounts payable_ 187,315
y489,916
Cash
21,191
6,093 Customers' depos.
Notes rec. (trade)
standing this requirement, the tentative valuation omits certain property
5,501 which the Commission assumed or concluded should
and advances_ _
Notes & accts. rec.
included in a
24,125 valuation for rate-making purposes only. It is of not be
33,185
Wages payable_ _ _
(Indian Accept.
vital importance to
15,000
141,706 &#; 120,000 Res. for Fed. taxes
Co.)
protestant and a requirement of said Act, that each of the valuations for
27,871 each of the purposes suggested by the Commission or required by the Act
28,794
333,871 Accrued taxes_ _
Ace-Is rec. (trade) z394,870
75,877 as purposes for which 'value' may or shall be found, shall definitely set
73,247
3,199 Liab.for corn. stk_
Due from branches
1,177,693 1,034.052
Inventories
forth, separately, all of the items or factors included therein, that it shall
73,247
75,877 ,
Com,stk. acquired
include all of the property of protestant, and that all of the said several
valuations be published simultaneously, in order that there may be no
$6,325,029 $6,283,011 misunderstanding by protestant, or the courts, or the public." ("United
$8,325,029 $6,283,011
Total
Total
a After depreciation of $229,777 on land and buildings and $894,633 States Daily."). See also V. 125, p. , ,
on machinery and equipment. x Common stock represented by 100,000
-Bonds Called.
Est RR. Co. of France.
shares of no par value. y Including $50,441 cash in bank subject to trustee
There have been called for redemption on Nov. 1 next $121,000 7%
writ. z After deducting $78,191 reserve for doubtful accounts.
gold bonds, due
Note.
-On Aug. 31 there were unmatured foreign drafts, undei external sinking fundoffice of Dillon,Nov. 1 at par and int. Payment
Read & Co., fiscal agent, Nassau &
will be made at the
discount, aggregating $296,867.-V. 125, p. .
-V. 122, P. .
cct to trsuteewrit. z After deducting $78,191 reserve for doubtful account Cedar Sts., N.Y. City.
there were unmatured foreign drafts,
-On Aug. 31
Note.
Great Northern Ry.-To Build Extension Into Montana.
under discount, aggregating $296,867.-V. 125, p. .
President Ritlph Budd has announced thatin all probability the$2,000,000
proposed extension in Montana will be constructed next summer. "Subject to the approval of the Montana RR. Commission and the I.
-S. C.
Commission and with the co-operation of the communities along the line.
GENERAL INVESTMENT NEWS
I believe that construction of the new line from Saco or Beaverton to
Turner, Mont., will be authorized and the construction completed in time
to move the crop," Mr. Budd said. "The co-operation required of the
&#; STEAM RAILROADS.
communities along the proposed line will consist of making it possible for
-Present the Great Northern Rh. to acquire the nexcessary right of way without
Baltimore & Ohio RR. Shopmen Demand 25% Wage Increase.
12 miles
wage is 76c. per hour. Increase would make it 933%c. per hour. "Journal cost except for the first in such aand that active assistance be given our
colonization department
manner that prices of the land will not
of Commerce," Oct. 15.
di
'
'
ehe p iopos or pneh active. ng
Engineers on Canadian Pacific, Canadian National and Other Canadian beTxorbrtanted liro.lbieor
to tentative plans, will run northwest from
are given 5% wage increase, retro-7.000
Roads Receive Wage Increase.
the main line at Saco or Beaverton to a point about 30 miles north of the
active to July 1. -Wall Street Journal," Oct. 15, p. 6.
Repair.of Locomotivm-A new low record in the number of locomotives mainline. It will then run directly west paralleling the main lino to Turner,
-V. 125, P. ..
of this a total distance of about 80 miles.
in need of repair was established on Oct. 1 this year by the railroads
country, the Car Service Division of the American Railway Association
Huntingdon & Broad Top Mountain RR. & Coal
of locomotives in need of repair on that
announced. The total number
day, according to reports filed by the carriers, was 8,345, or 13.6%, of the Co.
-Notes.number on line. This was a decrease of 157 locomotives under the best
C Commission on Oct. 6 authorized the company.to issue
previous record established on Sept. 1 this year, at which time there were $49.535 of promissory notes in lieu of a like amount of promissory notes
8,502, or 13.9%. The number of locomotives in need of repair on Oct. 1 heretofore issued without authorization in connection with the procurement
compared with the number of such locomotives on of equipment.
was a decrease of 618
-V. 124. p. .
Sept. IS, at which time there were 8,963, or 14.7%. Locomotives in need
Lake Superior & Ishpeming RR.
of classified repairs on Oct. 1 amounted to 4,484, or 7.3%, a decrease of
-Stock Dividend
in need of running
265 compared with Sept. 15, while 3,861, or 6.3%, were
The company has been authorized by the I.-S. C. Commission to issue
repairs, which was a decrease of 353 compared with the number of need $2;856,000 capital stock, to be distributed to its stockholders as a 200%
of such repairs on Sept. 15.
stock dividend. Commissioner Eastman dissented.
Class 1 railroads on Oct. 1 had 5,720 serviceable locomotives in storage
The text of the report says in part:
The applicant's stockholders have
compared with 6,031 on Sept. 15.
capital stock
on Oct. 1 totaled from 15,000 shares to 43,000 sharesauthorized an increase of the directors
-Freight cars in need of repair
Repair of Freight Cars.
(par $100 a share) and
137,571, or 6% of the number on line, according to reports filed by the have declared a dividend of 2 shares of common stock Tor each share of the
the American Railway Association. stock outstanding, to be distributed to holders of record as of June 15 ,
carriers with the Car Service Division of
This was a decrease of 4,340 cars under the number reported on Sept. 15, subject to the approval of necessary public authorities.
The applicant is primarily an ore-carrying road, operating approximately
at which time there were 141,911, or 6.2%. It also was a decrease of 11,507
cars compared with the same date last year. Freight cars in need of heavy 161 miles of railroad on the Lake Superior shore of Michigan. It is concompared
repair on Oct. 1 totaled 100,559. or 4.4%, a decrease of 2,111 37,01.2, or trolled, through ownership of 75.2% of its capital stock, by the ClevelandCliffs Iron Co., from whose mines is obtained the greater portion of the
with Sept. 15, while freight cars in need of light repair totaled
transported.
-V. 124, 13. .
1.6%, a decrease of 2,229 compared with Sept. 15.
freight tonnage
-Class 1 railroads on Oct. 8 had 142 678 surplus Service
Surplus Cars.
Car
Missouri Pacific RR.
-Plans Payment of Accumulated
cars in good repair and immediately available for service, theThis was an
Division of the American Railway Association announced.
there were Dividends on Preferred Stock.
increase of 7,619 cars compared with Sept. 30, at which time increase of
confirming reports of the appointment of a special Committee to
In
135.059 cars. Surplus coal cars on Oct. 8 totaled 42,264, an
the accumulation of $47.50 per share ta diviweek, while surplus box cars totaled 76.647, prepare plans for satisfying
7.459 within approximately a
&#;
OCT. .]
THE CHRONICLE
dends on the preferred stock William H. Williams, Chairman of the board, actual valuation of the railroads involved in order to determine whether
issued the following statement: "The executive committee has authorized the order of the Commission amounts to confiscation. Counsel charged
the appointment of a special committee to consider in all its aspects the that the recapture order is invalid inasmuch as the Commission has based
matter of the accumulated dividends on the preferred stock and to report its valuation on the "original cost" or "prudent investment" theory and
to the board of directors its recommendations as to the best method of contended that present day construction costs should be considered for
dealing with the situation. Personnel of the Committee will be announced recapture valuation. Several recent decidons of the U. S. Supreme Court
were mentioned to show that the value of a railroad or public utility property
next week."
-V. 125, p. .
must be based upon a consideration of present day costs. Evidence was
valuation
to show that Federal
-J. P. Morgan & also introducedState railroad and publiccourts have upset the which the
Morris & Essex RR.
-Bonds Offered.
utility commission; in
Co. are offering at 85 and int., to yield 4.15%, $9,871,000 decisions of 15
present construction costs had been ignored.
Counsel for the Commission contended that the valuation of the O'Fallon
1st ref. gold mtge. 3y% bonds. Dated Dec. 1 ; due
of the relevant facts and
an
had taken into
Dec. 1 . Unconditionally guaranteed by endorsement, adoption of theaccount all investment" theory since was not actuallyhad
some attention
"prudent
both as to principal and interest, by the Delaware Lacka- been paid to present construction costs. They also advanced the theory
that "value" as used in the decisions of the Supreme Court does not mean
wanna & Western RR.
economic value, but "what is fair." The Court then should find whether
Legal investment. in the opinion of counsel,for savings banks in New York, the valuation amounted t3 confiscation, it was urged, by examining the
Massachusetts, Connecticut and New Jersey. as well as for life insurance ability of the railroad industry to attract capital and its prosperity. The
companies in the State of New York. Int. payable J. & J. in N. Y. City. condition of the railroad stock market was cited as proof of the profitablePrincipal and interest payable without deduction for taxes. Denom. ness of the business. It was also argued by the Commission that a railroad
31,000, registerable as to principal and (by the surrender of all coupons) Is a mere instrument of Government and as such its property is not entitled
registerable as to both principal and interest.
to the constitutional protection which safe guards private property generally.
Issuance.
--Subject to authorization by the I.
-S. C. Commission.
The "obvious intention" of Con cress, as expressed in Section 15a of the
Data from Letter of J. M. Davis, President of Del. Lack. & West. RR. Transportation Act, to subject to recapture only those earnings which
constituted another issue set up
--Proceeds of the sale of these bonds, which have previously should arise under the terms of the Act, a return of 5 4% upon the value
Purpose.
,
by the railroads. Rates sufficient to pay
been held in the treasury of the Delaware Lackawanna & Western RR., of the property in the respective regions have not actually been established
will be used to reimburse the latter company's treasury for expenditures for
They used the facts concerning
additions and betterments to the Lackawanna system heretofore made and by the Commission, counsel declared. district, in which the O'Fallon is
the present level of rates in the Eastern
to defray the cost of similar improvements in the future.
Bonds -These $9.871.000 bonds are issued under the 1st ref. mtge. dated located, as a basis for an attack upon the recapture of the earnings of the
should not
contending
, with the Farmers' Loan & Trust Co., N.Y.Trusteeand upon O'Fallon, roads of an that earnings have earned be recaptured excepting
Dec. 1
entire group
the average return contheir sale the entire 335.000.000 of bonds authorized to be issued under the when the
-V. 125, p. .
mortgage will be outstanding in the hands of the public. The mortgage is a templated by Section 15A.
RR., comprisdirect first lien on the entire property of the Morris St Essex
Seaboard Air Line Ry.-Guaranty
ing chiefly the main line of the Lackawanna system from Hoboken, N. J.,
The L-S. C. Commission on Oct. 6 authorized the company
to Phillipsburg, N..1., the Boonton Branch extending from a point on the obligation and liability, as guarantor, in respect of $925,000 of to assume
Baltimore
main line near Hoboken through Paterson to Dover. N. J., and the lands, Steam Packet Co. 5% gold notes.
-V..125, p. .
yards and buildings at Secaucus, Jersey City and Hoboken, N. J., which
system on New York
constitute the tidewater terminals of the Lackawanna
Southern Pacific Co.
-Abandonment of Line.
Harbor. The mortgage covers 125 miles of railroad lines. There are 24
The L-S. C. Commission on Oct.
a certificate
niles of single track, 101 miles of double track, 35 miles of third track and Central Pacific Ry. and the Southern8 issuedCo., lessee, toauthorizing the
Pacific
abandon about
21 miles of fourth track.
Lease.
--The property of the Morris & Essex RR. is leased to the Dela- 20M miles of railroad in Sisldyou County, Calif.
ware Lackawanna St Western RR. for the term of the continuance of the
Valuation Hearings.
former company's charter, and any renewals thereof. Under the terms
The protest of the company to the L-S. C. Commission's tentative
of the lease and of a later agreement, the Delaware Lackawanna & Western valuation of $107,434.000 on its owned properties and of $477.439,910 on its
assumes all the bonds and other debt of the Morris & Essex and also agrees used properties as of June 30 , was heard before the Commission on
to pay dividends at the rate of 7%% per annum on the latter company's Oct. 15. Protracted hearings were predicted because of large amount
capital stock, which is outstanding in the amount of $15,000,000.--V. 123, Involved in the valuation of this carrier.
-V. 125, p. , .
D. .
-Valuation Hearing.
New York Central RR.
The I.
-S. C. Commission announces that oral arguments on the tentative
valuation of the New York entral and its subsidiary lines would be held
Nov.30,at Washington,D.C. (See V. 125,P.512,).-V. 125,p. .
-Pays Govt.Debt.
New York New Haven & Hartford RR.
The Department of the Treasury announced Oct. 20 that the company
had paid off the following indebtedness to the Government.$43,000.000 note
dated Nov. 1 , due Oct. , paid on Oct. 5: $2,000,000 treasury
note dated Feb. 1 , due Feb. 1 , paid Oct. 13; $1,500;000 note
dated March , due Feb. 1 , paid Oct. 13; and $850,000 paid on
account on note of 35,000,000 dated Oct. 15 , due Oct. 15 . payments made on Oct. 13 and 17. This is a total of 347,350,000.-V&#; 125.13.
, .
Union Pacific RR.
-Vice-Chairman of Finance Committee.
F. W. Charske has been appointed Vice-Chairman of the finance committees of thismompanv and of the Los Angeles & Salt Lake RR., Oregon
Short Line Eli.. and tho Oregon-Washington RR. & Navigation Co. He
has also been elected a director of the Los Angeles & Salt Lake RR. to
succeed the late J. Ross Clarke.
-V. 125, p. .
Western Pacific RR.
-Bonds Offered.
-Clark, Dodge &
Co. and Mahon & Co. are offering a new issue of $2,678,500
1st mtge. 5% gold bonds, series A, due March 1 , at
100 and interest.
The bonds are secured by first mortgage, at the rate of less than $32,000
per mile on the entire railroad of the company, extending from Salt Lake
City, Utah to San Francisco, Calif. and branches, aggregating 1.043 miles.
Old Colony RR.
-Stock Authorized.
The mortgage also covers valuable terminal properties, located in San
The stockholders on Oct. 13 authorized the issuance of 9,274 additional Francisco and Oakland. together with certain of the company's rolling stock
shares of stock. If the issue is approved by the Massachusetts Department and equipment.
Available net income in the year was equivalent to 2.2 times interest
of Public Utilities, it will be sold at public auction and the money used to
reimburse the New York New Haven St Hartford RR. for the cost of charges and for the three years ended with averaged better than twice
additions and betterments to the Old Colony's property. See also V. 125. such charges. Gross revenues have shown a Consistent increase in every
year since .
p. .
Application will be made to list these bonds on the New York Steck
Paris
-Lyons
-Mediterranean RR.
-Earnings:
Exchange where the balance of the issue is already listed.
-V. 125. P&#; ,
.
[In French francs
-Last three figures omitted.]
Calendar Years,
.
.
.
.
Total revenues
3,689,985 2,803,914 2,396,544 1.955,969 1,806,047
PUBLIC UTILITIES.
Exp. of maintenance_ -2,652,532 2,220.829 1,915.748 1,672,551 1,598,605
a Charges
637,632 525.197 473.433 416.229 403.347
Western Union Telegraph Co. Provides $1,500,000 for Wage Increases to
in main, sub. cosLoss
2,157
3,801
4.439 15,000 Employees Beginning Jan. 1 .-New York ''Times," Oct. 19.p.17.
2,206
1,786
Dividends paid
28,000
28,000
28,000
28,000
28,000
bPremiurns for system
Adirondack Electric Power Corp.
-Merger.
22,997
16,065
28.602
and personal
43,857
32,971
See New York Power & Light Corp. below.
-V. 125. p. .
Balance
def51.397def187.609def244.411
sr326,176 def5.290
Adirondack Power & Light Corp.
-Merger.
a Charges (interest, amortization and minor costs) of working capital
See New York Power & Light Corp. below.
-V.125, p. .
and loans less annuities from the Government and various reimbursements
Alabama Power Co.
-Acquisitions.
-V. 120, p. .
of charges. b Contributions,'bonuses, &c.
President Thomas W. Martin announces the consolidation of the Gulf
Pennsylvania Company.
-Tenders.
--Electric Co.and the Houston Power Co. with the Alabama Power Co. The
The Girard Trust Co., trustee, will until Oct. 29 receive bids for the two companies serve a large territory in southern Alabama, including
sale to It of 40
-year guaranteed gold trust certificates. series E, to an Mobile.
-V. 125, p. , 645.
amount sufficient to exhaust $100,000, at prices not exceeding par and
American Commonwealths Power Corp.
-Div. No. 2.
interest.
-V. 124. p. .
The directors have declared a regular quarterly dividend of $1.75 per
Pennsylvania RR.
- share on the 1st pref., series A, stock, payable Nov. 1 to holders of record
-Number of Stockholders Increase.
The number of stockholders increased 374 during September, bringing Oct. 15. An initial quarterly dividend of like amount was paid on Aug. 1
the total on Oct. 1 to 141,938, against 141,564 on Sept. 1 and 140,153 on last.
There will also be paid a regular quarterly dividend of $1.75 per share
Oct. . Since Jan. 1 the list shows an increase of 736. Average
holdings on Oct. 1 were 70.35 shares, against 70.54 on Sept. 1 and 71.24 Nov. I to 2d pref., series A,stockholders of record Oct. 15.-V. 125, p.512.
on Oct. . Foreign holdings on Oct. 1 last totaled 3.69%, an increase
-To Extend
American & Foreign Power Co., Inc.
of 0.03% over a year ago.
-V. 125, p. .
St. Louis & O'Fallon RR.
-Court Refuses Review of
Valuation.
-The St. Louis & O'Fallon and the Manufacturers Ry. were denied the right of a complete court review
of the Federal valuation of their properties, through the
introduction of new testimony, in a decision reached on
Oct. 6 by the.Federal Court at Kansas City, Mo., in a
hearing on the test valuation case of these railroads against
the I.-S. C. Commission. The application for a permanent
injunction to restrain the Commission from enforcing its
order of March 31 directing the payment to the Government
of excess earnings under the recapture clause of the Transportation Act of was taken under advisement by the
Court after hearing the arguments of both sides on Oct. 5,
6 and 7. It is expected that the Court's decision will be
rendered before Dec. 10, the effective date to which attorneys
for the Commission indicated that the recapture order would
be extended.
Activities in Brazil, Columbia, France and Japan.
---The
stockholders, at the annual meeting on Oct. 18 voted to
extend the company's activities to Brazil, Columbia, France,
Japan and other foreign countries and to acquire the securities of the South American Power Co., a corporation recently organized in Florida. See details in V. 125, p.,
.
American Natural Gas Corp.
-Bonds Offered.
-G. L.
Ohrstrom & Co., Inc., are offering $10,000,000 6
sinking
fund gold debentures, series due Oct. 1 (with stock
purchase privilege), at 991 and int., to yield over 6.55%.
A
Dated
Oct. 1 : due Oct. 1 . Principal and int. (A. & 0.)
payable in N. Y. City, Denom. 31.000 and $500 c*. Red., all or part.
on any int. date upon 60 days' notice, at 105 and int. to and incl. Oct. 1
: thereafter at par and int. Int. payable without deduction for any
Federal income tax not in excess of 2% which the corporation or trustee
may be required or permitted to pay at the source. Corporation agrees
to reimburse resident holders of these debentures, upon proper appllcation,
for personal property and securities taxes of any State of the United States
or of the District of Columbia, for not to exceed )i of 1% of the prinThe right of intervention in the case was denied by the Court to the cipal amount and Massachusetts income tax not to exceed 6% of the interest
National Association of Railway Commissioners, the National Conference thereon, all as further provided in the indenture. Central Union Trust
on Valuation of Railroads, the Illinois Commerce Commission and the city Co. of New York. trustee.
Stock Purchase Pririlege.-The holder of each $1,000 debenture will be
of Chicago. The three judges sitting in this Court at the time of the
hearing were Kimbrough Stone and Aries S. Van Valkenburgh of the entitled, subject to the redemption of the debenture, to purchase 10 shares
United States Circuit Court of Appeals, and Charles B. Faris of the Federal of common stock of the corporation at the following prices: To and
Incl. Feb. 1 . $20 per share: thereafter to and incl. Feb. 1 , $25 per
District Court of St. Louis, Mo.
The case for the carriers was argued by Frederick II. Wood, of New share; thereafter to and incl. Feb. 1 , $35 per share, and thereafter
York; Daniel N. Kirby, counsel for the O'Fallon,' Leslie Craven, counsel to and Incl. Feb. 1 . $50 per share.
for the Presidents Conference Committee on Federal Valuation of Rail- Data from Letter of Robert C. Sharp, President of the Corporation.
Company.
-Formerly the Natural Gas Service Corp. Name changed
roads, and Robert H. Kelley. For the United States the case was presented
by Blackburn Esterline, Assistant to the Solicitor-General at Washington, to present title Oct. 18 . Corporation and its subsidiaries, including
while the Commission was represented by Walker L. Fisher, employed as thaw under contract of purchase, will constitute one of the largest natural
gas systems in the United States and will serve a population of approxispecial counsel, 0. E. Sweet and Roland J. Lehman.
A favorable decision on the carriers' request to introduce new testimony mately 600,000 in some 50 communities. The population of the counties
would have compelled the Court to undertake a complete review of the In which the pipe lines are located is over 1,400.000.
THE CHRONICLE
In Oklahoma the cities of Tulsa, Sapulpa and Okmulgee, among others,
are served at retail, and Oklahoma City, Muskogee, Shawnee, Norman,
Guthrie, and many other communities at wholesale. A number of large
Industrial consumers, such as power plants, cotton gins, and oil refineries,
are also supplied. Among the companies served are Oklahoma Power Co.,
the Texas Corp., Oklahoma Gas & Electric Co Mid-Continent Petroleum
Corp. and the Producers & Refiners Corp. The Oklahoma properties
have been built up over the past 20 years.
The Kansas properties serve a number of important industrial plants,
including large cement plants, oil refineries, brick plants, and smelters.
Among the companies served are the Edgar Zinc Co., a subsidiary of the
United States 'Steel Corp. .the Peerless Oil St Retailing Co. the As.. Grove
,
Lime & Portland Cment Co., and the Iola plant of the ehigh Portland
Cement Co. These plants normally operate 24 hours daily, resulting in
a constant and stable gas demand. The Kansas properties will also serve
gas at wholesale to the cities of Iola and Chanute, and at retail to the
City of Erie.
San Angelo, Tex., a city of approximately 23,000 population, and
several nearby towns will be served at retail. Gas will also be served for
Industrial purposes, the most important market of this character being
a subsidiary of West Texas Utilities Co. which under a contract now in
force is expected to takes minimum of 27:000.000 cu. ft. per month.
The gas sales of the subsidiaries of American Natural Gas Corp., including those under contract of purchase, amounted in to over 34,
000,000,000 cu. ft.
Properties.
-The properties include gas leaseholds on more than 215,000
acres and gas purchase contracts covering more than 125,000 acres of
additional reserves and procure their gas from more than 950 producing
gas wells There are over 2,275 miles of trasnmission and ditribution
lines and 15 modern compressor stations. The Oklahoma properties
have been reported upon by Ford, Bacon & Davis, Inc.; the Kansas properties b z Pwrd,
Jails, Inc.. and Brokaw, Dixon, Gamer & Mckee,
and tho T3(1.3 pro-rirty by tops Engineoring & Supply Co. The aggrecato
appraised value of the physical properties and gas reserves is substantially
In excess of the total funded indebtedness of the corporation and its subsidiaries.
Gas Reserves.
-It is estimated that the natural gas reserves available
from the Oklahoma properties and from the development of potential
resources in other territories naturally tributary to the existing pipe lines.
will meet the Oklahoma territory requirements for at least 20 years.
The gas reserves of the Kansas and Texas properties have been investigated by Brokaw, Dixon, Garner & McKee, geologists and petroleum
engineers, and in their opinion are more than adequate to supply the
requirements of these properties during the term of these debentures.
It is estimated that the open flow capacity of the wells, from which the
properties derive their gas, is in excess of 2,500.000,000 cu. ft. per day.
This enormous gas supply has enabled the Oklahoma property to draw
upon onlya fraction (currently less than 3%)of theonvrapcw
ellsonnedttel
Inac&Mol theprogertielaveaa
on gas reserves, comprising approximately 100,000 acres, owned by the
Phillips Petroleum Co., in the Amarillo field in Texas, considered one
of the largest gas fields in the world.
Capitxti s ttionAuthorized. Outstanding.
6% sinking fund gold debentures, series
due Oct. 1 (this issue)
a
$10,000,000
Cum. pref. stock (no par value)
250,000 shs.
y50,000 shs.
Common stock (no par value) deposited
in voting trust expiring , 525,000
shares; non-deposited stock, 126,200
shares
z2,000,000 shs.
651,200 shs,
x Limited by the provisions of the indenture. y $7 series, convertible
into common stock. z 598,800 shares are reserved ufor delivery upon
the exercise of the stock purchase privilege and stock purchase options,
and for conversion of preferred stock.
Earnings.--Con3olinated earnings of the corporation's subsidairies,
including those under contract of purchase, are reported as follows:
12 Months EndedDec.31 '26. safer. 31 '27. Aug. 31 '27.
Gross revenues
$8.771.346 $9,675,457 $11,090,572
Oper. exp., maint. and taxes, other
than Federal tax
4.962,529
5.333.019
6,534.181
Balance
$3.808,817 $4,342,438 $4,556.391
Annual int., sinking fund and pref. stock div. requirements on
sub. co.'s securities and earns. applic. to minority Interests-- 1,680.793
Balance avail, for int., sinking fund and div. requirements on
securities of American Natural Gas Corp., amortization of
debt discount and Federal tax
$2,875,597
Maximum annual int. requirements on corporation's entire
funded indebtedness (this issue)
650,000
x Note.
-Including earnings of the natural gas properties in Kansas for
twelve months ended Dec. 31 .
Note.
-The above earnings are based upon an ownership by American
Natural Gas Corp. of 255,717 shares out of a total of 260.000 shares of
outstanding common stock of Oklahoma A atural Gas Corp. In addition,
there are outstanding in the hands of the public debentures of Oklahoma
N aural Gas Corp. whieh are convertible into 190,000 shares of its common
stock. These debentures have been called for redemption. (See Okla.
Natural Gas Corp. below.'
The above statements do not reflect any earnings from the Texas property, whose pipe line Is now being completed, nor any increase in earnings
due to consolidation and improvements of the Kansas properties now being
effected. Hope Engineering & Supply Co. has estimated the net operating
revenues of the property and Ford, Bacon & Davis, Inc., of the Kansas
properties. Rased upon the average growth of the Oklahoma properties
for the past two years and the en zineer's estimates as above of the Texas
and Kansas properties, the total net earnings for the second year of operation of the combined properties should he over $3.70 per share of common
stock, based on the common stock to be presently outstanding and continuation of present minority interests.
Sinking Funa.-Indenture will provide for fixed minimum payments to
the sinking fund, payable in quarterly installments, beginning Jan. .
in cash, or in debentures at par, and continuing until the maturity of this
issue. These fixed minimum payments to the sinking fund alone should
retire 75% of the debentures of this series by maturity. Indenture will
further provide for additional payments to the sinking fund, payable in
cash or debentures at par, at semi-annual intervals beginning March 1 ,
equal to a certain specified percentage of the consolidated net earnings of
the corporation, as defined in the indenture, for the periods specified therein.
The operation of the sinking fund is calculated to retire all debentures of
this series on or before maturity.
Listing.
-Corporation has agreed to make application to list these debentures on the New York Stock Exchange.
[VOL. 125.
Barstow & Co.,Inc.(of New York), incorp. in , and its subsidiary, the
W. S. Barstow Management Association, Inc. This acquisition and
unification of operations places the business or a more permanent basis,
simplifies organization and administration, permits the economical expansion of the business and involves, in addition, a method of perpetuating the
control of the present interests. Thus, the affairs of the company will
continue under the management of those persons who, over a period of
more than 20 years. have been largely responsible for the creation of an
organization which has achieved an important position in the successful
financing, construction and operation of public utilities.
W. S. Barstow & Co. (of Dol.) will continue the business previously
conducted by the two former companies, including supervision of operation
and management, and construction, designing and engineering services.
Under this supervision the business now conducted by General Gas &
Elecoic Corp. was organized in with physical properties of $7.000,000.
Since then the physical properties have increased to $136,000,000 while
the present annual consolidated gross earnings of over $26.000,000 are more
than 40 times such earnings in . A skilled and expert staff has been
created over a period of years to handle all the phases of the company's
services which are rendered under contract on a reasonable basis. During
the past 4 years construction costing more than $50,000.000 has been
supervised including the designing and construction of a steam generating
station for Metropolitan Edistm Co. at Middletown. Pa.. one of the most
efficient in the country, and other electric generating stations, totaling
over 190,000 kw. A contract has been made covering the construction of
a hydro-electric development of 130,000 kw. with provision for additional
units of 65.000 kw., neces.sitating the creation of an artificial lake over 30
miles in length with a surface area nearly twice that of Lake George.
Company has recently adopted a broader policy which makes its services
available not only to public utilities but also to any companies in other
industries.
CapitalizationAuthorized. Outstanding.
6% sinking fund gold dribs. (this issue)---------$4,000,000 $4.000.000
$7 cumulative pref. stock (no par)
50,000 shs. 4. shs.
Common stock (no par)
250,000 shs. 105,765 shs.
Purpose.
-Proceeds have been used in connection with the acquisition
of the assets of W. S. Bartow & Co.(of New York) and the W. S. Barstow
Management Association, Inc.
-Earnings of the predecessor companies of W. S. Barstow &
Earnings.
Co. (of Del.) were received from public utility operating companies in
payment for supervision of operation and management and for-engineering
and other services. For the 12 months periods ended Doc. , Dec. 31
, and Aug. 31 , consolidated net earnings of the predecessor
companies, including other income and before Federal income taxes,
adjusted to give effect to reorganization and present financing, were as
follows:
Net Earnings Avaitgble for Interest and Federal Income Taxes.
12 Months Ended
Dec.
$682.419
Dec. 31
1,091,579
Aug. 31
939,580
Annual interest requirements on these debentures amount to $240,000.
The above income does not include any dividends on the common stock
class II of General Gas & Electric Corp. on which an annual dividend policy
of $1.50 per share has recently been inauguarated. On the basis of stock
of that corporation now owned and the continuation of such policy the
dividends will amount to over $150,000 per annum.
Sinking Fund.
-Minimum semi-annual cash payments to a sinking fund
of $70.000 each will provide for the retirement of approximately 50% of
the entire issue of debentures by maturity. Indenture will further provide
for additional annual sinking fund payments equal to the amount by which
one-third of the net earnings available for dividends on the common stock
for each calendar year period, beginning , shall exceed the sum of
$140.000. Such additional sinking fund payments may include common
stock, class B of General Gas & Electric Corp. received in lieu of cash
dividends on such stock, a majority of the outstanding shares of which are
pledged under a deposit agreement containing provisions designed to protect
the debenture holders. Any stock so pledged may be released from said
agreement as therein provided, and any cash received in the sinking fund
In addition to the minimum cash sinking fund payments may be annlied
to purposes provided in the indenture including the retirement of debentures,
Bell Co. of Canada.
-Expansion.
-
President C. F. Sise says: "The extraordinarily rapid increase in the
number of telephones in service is best illustrated by the record of development during the past 5 years in the 7 largest cities served by the company.
The per cent increase in the past 5 years follows: Montreal, 75.227:
0
Quebec, 54.20%; Ottawa, 30.93%; Toronto, 55.69%; Hamilton, 53.11%;
London,53.61%; Windsor. 146.50%. The total number of Bell telephones
in service in the above 7 cities as of Sept. 1 was 271,293; as of Sept. 1
, 439,907, an increase of 62%. Development during the above 5
-year
period in the less populous areas served by the company was almost as
rapid. Outside the 7 larger centres named, there were in service, as of
Sept. 1 , 149,725 telephones. Five years later this number had
increased to 208,565
-gain of 40%." V. 125, P. .
-
Berlin Elec. Elevated & Underground Ry.-Bds. Paid.
Speyer & Co. as fiscal agents, have purchased for cancellation through
the sinking fund, $99,000 bonds of the above company's 30
-year 1st mtge.
634% loan. This represents the second sinking fund installment.
-V. 125.
p. 383.
Boston & Worcester Street Ry.-To Reorganize.
-
Henry B. Rising, whose purchase of all the property, including locations
and franchises, of the company has been confirmed by the court, has
petitioned the Mass. Department of Public Utilities for approval of a name
for a new company he has organized to operate the road. The name is the
Boston Worcester dr New York Street Railway Co.
Approval also of the sum of $2.152,000 as the total amount of the capital
stock of the- new company is asked. The company purposes to issue
mortgage bonds of the total face value of $1,003,000.
The Boston & Worcester Street Ry. was sold pursuant to a decree of foreclosure Sept. 2. Rising, in his petition, says:
"Your petitioner on his own behalf and on behalf of his associates prays
that this department may approve $2,152,000 as the total amount of the
capital stock of the new company and that said amount be determined by
this department as not exceeding the fair cost, as determined by this department, of replacing the railway and property so acquired, less the amount of
any outstanding mortgages to which said railway and property may be subject in the hands of the new company.
"Your petitioner is advised that it is not clear whether a street railway
company upon organization under Chapter 161, Section 136, may provide
in the agreement of association for preferred stock, and your petitioner.
therefore proposes to issue all of said
American & Teleg. Co.
-No. of Stockholders. after its issue, and in accordance with stock as common stock and shortly
the provisions of'Section 33 and all
The company mailed 421,982 stockholders dividend ciiecks
on Oct. 15. other
This is the largest number to whom the corporation has ever paid a dividend such pertinent provisions of said Chapter 161, to issue in lieu of $10.000 of
outstanding common stock, $10,000 par value 7% prior Preference
and exceeds by 1,691 the number for the preceding quarter.
The average number of shares held per shareholder is 28. More than stock and to issue in lieu of $756,000 of said outstanding common stock
-V. 125, p. , .
one-half the stockholders own 10 shares or less and more than three-quarters $756,000 par value 6% preferred stock."
own 25 shares or less. No stockholder owns as much as 1% of the outBrooklyn-Manhattan Transit Corp.(& Affil. Cos.).
standing stock, It is stated.
-V. 125, p. .
Period End. Sept. 30
-Monfh-.
-3 Mos.-.
$3,877.889 $3,671,448 $11,691,318 $11,673.905
(W. S.) Barstow & Co. (Del.).
-Bonds Offered.
-Halsey, Operating revenues
Operating expenses
2,589,220
2,408,822
7,442,816
7,914,745
Stuart & Co., Inc. are offering at 97M and int., to yield Taxes on oper. prop_ .._ _
278,526
275,598
833.071
816,890
about 6X%,$4,000,000 6% sinking fund gold debentures.
Operating Income_.._ $1,010,143
$987,027 $2.9 9,684 $3.398,019
Description of Issue.
-Dated Oct. 1 ; due Oct. 1 . Denom. Non oper. income
149.622
151,182
286,952
296,478
$1,000 and $500 O. Red. all or part at any time and from time to time
on not less than 45 days' notice, at following prices and Int.: to and incl.
GIoss income
$1,159,766 $1,138.209 $3,256,162 $3,684,971
Oct. 1 at 104; thereafter to and incl. Oct. . at . and there- Deductions
665,087
652,224
1,952,416
1,985,554
after decreasing h of 1% for each expired year or part thereof. Interest
payable A. & 0. In New York and Chicago without deduction for normal
Net income
$494,678
$485,985 $1,270,608 $1.732,554
Federal income taxes now or hereafter deductible at the source, not in -V. 125, p. .
excess of 2%. Company agrees to reimburse the holders of these debentures
resident in any State or Commonwealth of the United States or in the
Brooklyn Union Gas Co.
-Merger Application.
District of Columbia wherein such taxes are now in effect (upon application
The company has applied to the New York P.
within 60 days' after payment thereof by such holdsrs) for any personal to merge the Newtown Gas Co., the Jamaica S. Commission for authority
Gas Light Co.,
Woodproperty taxes or securities taxes, not to exceed 5k-mills per dollar per haven Gas Light Co., the Flatbush Gas Co. and the Equity theCo., all
Gas
annum and any income taxes on interest, not to exceed 6% per annum in subsidiaries. Ste V. 125, p. .
respect to such interest.
-These debentures have been listed on the Boston Stock
Listing.
Buffalo General Electric Co.
-New Unit.
Exchange.
A single-cylinder steam turbine of unprecedented capacity is being
manufactured for installation in the company's Charles R. Huntley station.
Data from Letter of W.S. Barstow, Pres., dated, Oct. 11.
-A Delaware corporation. Has acquired all of the assets, The new unit will be rated at 75.000 k.w., and will increase by nearly 50%
Company.
contracts, business, organization and management personnel of W. S. the present station capacity of 155,000 k.w.
&#;
OCT. 22 .]
THE CHRONICLE
We believe that city ownership of the Chicago surface lines can be
accomplished immediately without the city's expending one dollar or
obligating itself for any future payment and also without injustice to any
private investor. The city's constitutional borrowing power, intact and
undiminished, would remain available for other public purposes. And,
when in a very few years the elevated railroads franchise shall expire, the
Butler (Pa.) Water Co.&#;Bonds Offered.&#;W. C. Lang- city can likewise acquire ownership of the elevated railroads, without
expense to the city and without injustice to any private investor.
ley & Co. and Halsey, Stuart & Co., Inc., are offering at
With a view to bringing about this result, which we regard as a conyour
95 and int., to yield over 5.30%, $1,000,000 1st mtge. 5% summation devoutly to be wished for the city, we beg to submit for Ordiconsideration an additional feature to be added to the Lisman Plan
gold bonds, series A.
nance, which, as doubtless you are aware, has already undergone detailed
Dated Oct. 1 ; due Oct. 1 . Int. payable A. & 0. at of(icc or criticism and changes by the city's law department and traction engineer
agency of the company in New York. Red. all or part on at least 4 weeks' and has been thus perfected and completed.
notice at 105 up to and incl. Oct. 1 ; and at 100 thereafter; plus int. in
The addition of suitable sections covering the feature would require
each case. Denorn. $1,000 and $500 c*. Prin. and int. are payable with- no change in the essential structure, but only slight changes in the language,
out deduction for that portion of any normal Federal income tax not ex- of the Lisman Plan Ordinance. as it now stands.
ceeding 2% per annum. Int. payable without deduction for the Penn. 4
Under the Lisman Plan Ordinance the grantee company would receive,
mills tax. Company agrees to refund to holders of the bonds, upon proper as compensation. 2( mills per revenue passenger. There would be no
application within 60 days after payment, the Conn, personal property tax net profits for the grantee company or for anyone else, service at cost
not exceeding 4 trills per annum, the Maryland security tax not exceeding being the basis of the Lisman Plan.
4,4 mills per annum,and the Mass. income tax not exceeding 6%, per annum
No "Na Profits."&#;That which would be "net profits," under a private
on income derived from the bonds. Farmers' Loan & Trust Co., New York, ownership plan, would go, under the Lisman plan, toward retirement of
trustee.
private capital, as part of the progressive purchase price paid in acquiring
In event that any municipal corporation or other governmental subdivi- the properties for the city. In reality, therefore, if we disregard technicalision within the territorial Ii its of which the co -.pony shall then be oper- ties, the surface lines would, under the Lisman Plan Ordinance, lastantly
ating shall acquire all or any part of the water works properties of the com- become a truly public property in all but name, and as such ought not to
pany. then bonds in principal amount not exceeding the price paid for the be subjec to taxatien.
property so acquired may, at the option of the company, he declared due
Taxes, which amounted last year to over $3,600.000. would be just
and payable at 100 and int.
so much additional burden placed by the general public on the car-riding
public.
Data from Letter of D. M. Watt, President of the Company.
The City of Chicago sells water to its citizens on the basis of cost, but
Company. &#;Incorp. in Pennsylvania Nov. 2 . Supplies water for
On principle, we
domestic, municipal and commercial purposes in Butler, Pa., and its en- no tax is levied on the privilege of buying the water.privilege of buying
can see no more propriety in imposing a tax upon the
virons.
Purpose. &#;Proceeds will be used to provide for the retirement of certain transportation than upon the privilege of buying water.
If the city will grant the Lisman Plan Ordinance to a company organized
indebtedne,ss of the company. including ah bonds now outstanding, and
by my clients, then that company, after it acquires the tangible street
for ether corporate purposes.
property now owned railroad properties of the surface lines, executes its mortgages. issues its
Security. &#;Secured by a first mortgage on all the fixed
them for those of the existing companies.
by the company and will be secured by a direct mortgage on such property securities and exchanges some ofOrdinance, would, when requested by the
as provided in the Lisman Plan
hereafter
city, give and transfer to the city all those tangible street railroad proper19e7.
.
a Mon
Earnings thsended Aug.31&#;
.
rights established under
$183,976 ties (subject, of course, to all liens, obligations and simultaneously from -the
$
Gross earnings
the company receiving and taking
79.285 such ordinance),lease of those tangible street raliroad properties. This
79,440
Operating expenses, maintenance and taxes
-year
city a 20
----- lease would require and authorize the company, as lessee, to do everything
$104 692
$100.920
Net earns. (avail, for int., Fed. taxes, &c.)
$51.099 required and authorized by the ordinance to be done by the company.
Annual jot. on entire funded debt &#;ti is issue)
grantee.
Net earnings as shown above,for the 12 months ended Aug. . were asIn this way, the technical legal status would be made to conform with
equal to over twice the annual interest charge on this Issue.
the real relationship between the city and the company. The city would
CapitaliTollon Outstanding upon Completion of Present Financing.
be the owner of the properties; the company, the city's lessee.
$1.090.009
Sore $3,600,000 Taxes.&#;Taxes would not have to be paid on the cityFirst mortgage 5% gold bonds, series A (this issue)
250.019 owned tangible street railroad properties, and the upwards of $3,600,000
Preferred stock 7% mg euiative (par $100)
421.500 saved annually could be used:
&#;
Common stock, par $50
Management.&#; Company is controlled through stock ownership by Amer)
(a For improvements and extensions of transportation facilities which
would not be canitalized;
ican Water 'Worlzs & Electric Co.. Inc.&#;V. 124. p. 371.
(b) For accelerating complete amortization of private capital;
Central Counties Gas Co.&#;Merger.&#;
(c) For additional payments into the City Traction Fund and for subway
and new elevated construction;
See Southern California Gas Co. below.&#;V. 125, p. 245.
(d) For pensions and sick and death benefits for employees.
Central Illinois Light Co.&#;Earnings.Thus, in a relatively short time, the whole private investment in the
12 Mos. End. Sept. 30&#; .
properties mould be amortized, the fares could be substantially reduced
14.
19'
.
.
Gross earnings
$1,568 809 and the city would have a magnificent street railroad system, which would
$4.359.009 $4,112,438 $3,832,426
Oper. exp. Incl. taxes &
then be unencumbered and would have an earning power sufficient to
2,018,391 keep the system always in prime condition and to provide, without bor2.222.175
2,476,956
maintenance
2,614.157
Fixed charges
506,443 rowing, all the money that could wisely be expended for further extensions.
515.487
467,549
447.999
from time to time.
Also, the suggested lease could cover an independent rapid transit comNet Inc. avail,for dies.
& retirement reserve_ $1,296,943 $1,167.934 $1,094,763 $1,023,975 bined subway and elevated system to be built and owned by the city.
281.521 thus securing at once, before such combined subway and elevated system
319,316
Preferred dividends
38,5,017
411.985
Prov. for retire. reserve_
245,100 is built, a responsible tenant upon terms acceptable and fair to the city.
256.800
256.800
256,800
&#;
under the Lisman Plan Ordinance, half the public cost of the so-called
Balance
$494,354 central subways could be provided by the lessee by way of advance rental
$518,647
$526,117
$628,158
&#;V. 125, p. .
for the combined subway and elevated system. This would make it
possible, with the co-operation already promised by owners of property
Central Power & Light Co.&#;Earnings&#;Listing.&#;
specially benefited, to begin immediately construction of the central
Period Ended Sept. '30 &#;
12 Mos.
3 Mos.
subways and to finish them promptly, without the delay of a test suit
Gross operating revenue
$2,251,707 $7.829.624 being carried through the gamut of the courts.
Leads to Unification.&#;Our thought is that in building such an indeNet income after taxes, int. & retirement provision
702.566
2.19:3,051
The Boston Stock Exchange has authorizel the listing of $1.054,500 pendent rapid transit combined subway and elevated system the city
additional 1st mtge. 5% gold bonds. series, dated Aug. 1 . and would aim (a) to relieve traffic congestion as much as possible; (b) to
furnish rapid transportation facilities to districts like the southwest and
due Aug. . See also V. 125, p. .
northwest sections of the city, which are presently most in need of such
Central Public Service Corp., Chicago.&#;Registrar.&#;
facilities: (c) to so locate the lines of such new combined subway and
The Chase National Bank has been appointed registrar for 300,000 shares elevated system that such system either can be operated independently
and gradually expanded as an independent system or can be co-ordinated
class A stock, and 100.000 shares preferred stock.&#;V. 125, p. . 911.
with the existing rapid transit elevated lines or the surface lines or both;
Chicago Surface Lines.&#;New Lisman Plan Offered (d) to put the city in a favorable position in future negotiation for the
avoid
but at the same
Chicago.&#;A new Lisman plan to solve Chicago's traction acquisition of the present elevated lines elevated lines so time (e) to would
that there
unnecessary duplication of the existing
problems, which promises the city home rule of its transporta- be no waste of investment when the present elevated lines are ultimately
a
tion facilities and a substantial reduction in fares within acquired by the city and madeforpart of the city-owned system. could, if
dealing with the surface lines
The plan above suggested
sight without additional expenditure, is offered in a letter adopted, become the pattern for dealing with the ele,ated lines when their
three years.
from John Maynard Harlan, counsel for the proponents of franchises begin to expire in aboutacquire the legal title to all the local
In short order, Chicago would
the plan, to the Mayor of Chicago and Joseph B. McDonough railroad lines within its limits, whether on, under or above the surface
Chairman of the Committee on Local Transportation of the of its streets. The ownership of such title by the city would no more
imply a necessity for municipally operating the local railroad lines in the
City Council.
city's streets than does the city's ownership of the title to the streets
This plan would make the city the immediate owner of its themselves imply a necessity for municipally operating cabs or buses.
the city would operate the local railroad
street railroad system without the need of raising funds. atThe original lessee of capital such lessee and its predecessors had lines
furleast until the money
The lines would be at once transferred to the municipality, nished had been amortized and paid back from the receipts of the lines.
control than
more
subject to a bonded debt to be redeemed within 20 years Such lessee would be farowning amenable to effective city"net profits."
and operating the lines for
companies
by a cumulative sinking fund out of money actually in purely privateAbsolute.&#;By pursuing the course here suggested, the city
Home Rule
would automatically recover complete home rule of its transportation
sight, in consideration of a lease to operate them. The system, for
Illinois Commerce Commission exthe law
operating company would be a lessee of the city subject to pressly excludes from establishing the municipally-owned public utilities.
its jurisdiction
By acting favorably upon the proposal of Lisman and associates, and
definite control. &#;
pursuing firmly the course above
Building of the long-contemplated Chicago subways would thereafter the following among other results: suggested, the city will make
certain of
begin immediately under the terms of the plan and progress
(I) Pull and complete justice to the holders of existing securities up
toward unification of all Chicago transit lines be set in motion. to the full amount of the aggregate of the city purchase prices of the surface lines.
Mr. Harlan's letter, dated Chicago, Oct. 1, follows:
Note&#;When all the bonds of the existing companies became due Feb. 1
My clients&#;proponents of the Lisman plan for solving Chicago's trans- , not a dollar was available toward paying them. In contrast with
portation problem. immediatrly and permanently, without new State their defaulted first mortgage bonds, that were sold to the public as being
legislation&#;feel that, on principle, the city, as owner of the streets of "quasi-municipal obligations." the bonds that, under the Lisman Plan
Chicago. should own the fixed lines of public travel formin&#;: part of the Ordinance, the city would require to be given in exchange to security
street surface or permanently erected in and above the streets. The same holders of the existing companies, would be assured of payment at maturity.
considerations of sound public pr liev which make all agree that subways by means of abundantly adequate sinking funds. Thus the city would be
should be built and owned by the city, apply with equal force to surface dealing not only justly. but generously, with the present holders of the
and elevated railroad structures in the public streets and make it advisable defaulted bonds of the existing companies.
(2) Attainment of the main objective in city transportation, that is,
that they be acquired and owned by the city at the earliest possible moment.
City ownership of the surface and elevated lines and their equinment continuity of good service. This includes not only proper maintenance and
would no more require that the city itself operate them than will city adequate renewals, from current revenues but also extension of lines and
ownership of the subways require that the city itself operate them. The additions to equipment, from new capital, to keep pace with the growing
whole city-owned transportation system&#;surface lines, elevated lines transportation needs of an ever-increasing population.
(3) Immediate recovery by the city of home rule of its local transportaand subways&#;could be operated by a private company, as lessee. Such
lessee would be promptly responsive to city regulation and control, for, tion utilities, and that, too, without the aid of any new legislation at
under a properly drawn lease, such lessee, if found incompetent or un- Springfield.
Freedom from Exploitation.&#;(4) Freedom for all time from the danger
faithful, could be readily supplanted and replaced with a new lessee.
Never again would the city be in the position that now obstructs and of exploitation of the city and its people for selfish and unrighteous personal
cripples it. The physical plant and equipment of the surface lines, which gain and benefit.
(5) No increase of fares would be necessary in carrying out the program
public convenience and necessity require shall be operated uninterruptedly,
are owned by private companies which, human in their personal, quite indicated. On the contrary, the fares could and undoubtedly would be
naturally and selfishly trade upon the fact of their occupancy of the streets, substantially decreased within a reasonable time.lines,
elevated lines and
(6) Unification, step by step, of the surfae
when negotiating with the city for a new franchise.
What "Interests" Seek.&#;City ownership of the surface lines, elevated subways and their operation by a single lessee as one system, with buses
and subways would prevent their ever becoming an integral Part of as feeders wherever found desirable and essential to the rendering of complete
lines
an inter-State line like the Chicago North Shore & Milwaukee RR. and transportation service.&#;V. 125, p. 384.
-S. C. Commission. That
thereby coming under the jurisdiction of the I.
Cities Service Co.&#;Dividends&#;Earnings.&#;
is what, evidently is being planned by powerful interests desiring to
Regular dividends of 3§ of 1% in cash on the preferred and pleference
place their properties forever beyond city control. That is what they
stocks, 3i of 1% in cash on the common stock and 3i of I% in stock on the
Chicago transportation out of polities.
call taking
The new unit, like its 5 predecessors in this station, will be of General
Electric manufacture. It will be rated at 83,333 k.v.a., 90% power
factor, 1,500 r.p.m.,25 cycles. The ttu bine will be operated under standard
station steam conditions of 250 pounds pressure. 250 degrees superheat,
and I in. absolute back pressure.&#;V. 124, p. .
THE CHRONICLE
common stock have been declared, all payable Dec. 1 to holders of record
Nov. 15. Similar amounts are payable on Nov. 1 next.
12 Mos.End.Sept..
.
.
.
Gross earnings
131.637,049 123,029,845 118,845,283 $17,176,054
Net earnings
30,588,203 22,127,307 18.077,902 16,561,259
Net to stock and reserves 28,036,250 19.501,781 15,941.406 14,456,050
Net to corn. stk. Sz res_ _x21.287,798 13.595,608 10,772.096 9,380,140
x Available or common dividends and reserves.
-V. 125, p. .
Cities Service Power & Light Co.
-Bonds Called.
-
The Boston Stock Exchange is ads
-lied that the outstanding 6% sinking
fund gold bonds, series A, have been called for redemption on Nov. 20
.-V. 125, P. .
Cohoes Power & Light Corp.
-Merger.
-
See New York Power & Light Corp. below.
-V. 125, p. .
Commonwealth Edison Co., Chicago.
-Earnings.
Period End. Sept. 30- -3 Mos.-. -12 Mos.-.
Gross revenue
$16.314,517 $15.131,075 170.439,616 $63,786.6`9
xNet income
2.257.512
2,143,543 13,405,382 11,799,011
Shs. capital stock outstanding (par $100)... 1,106.000
977,431
917,431
1,106,000
Earnings per share
$2.19
$12.12
$12.07
$2.04
x After charges for taxes, interest and providing for retirements.
The directors have voted to apply to the Illinois Commerce Commission
for authority to issue additional capital stock, to the extent of 121(% of
the present outstanding stock. If the issue is authorized the stock will be
offered at par to stockholders for subscription early next year.
-V. 125, p.
513.
Grass earnings
Oper. exps., incl. maint. & taxes (not incl. Fed. tax)
ax
[VOL. 125.
.002
166,148
Balance
Annual interest requirements on $1.000,000 let mtge. coil5% $117.854
15
gold bonds
55,000
Net earnings, for the year ended July 31 , were over 2 times the
maximum annual interest charges.
Purpose.
-Proceeds will be used to reimburse the company for
tures in the acquisition of new properties and improvements; to expendprovide
funds for further extensions and additions to existing properties, and for
other corporate purposes.
-V. 125. p. 912.
Eastern New York Utilities Corp.
-Electric and Gas
Properties Transferred to New York Power & Light Corp.
-See
latter company below. See also V. 125, p. .
East St. Louis & Suburban Ry.-New President.
W. H. Sawyer has resigned as President of this company tobecome
President of Stevens & Wood, Inc. F. W. Doolittle, Vice-President of the
North American Co. will succeed Mr. Sawyer.
-V. 97, p. 237.
Edison Electric Illuminating Co. of Boston.'
-Notes
Sold.
-Lee, Higginson & Co.; Old Colony Corporation;
F. S. Moseley & Co.; Kidder, Peabody & Co.; Parkinson &
Burr; Harris, Forbes & Co.; The First National Corp. of
Boston; Blake Brothers & Co.; Bankers Trust co.,New York,
and the National City Co., have sold $40,000,000 coupon
Commonwealth Power Corp. (& Subs.).
-Earnings.
- gold notes as follows:
12 Months Ended Sept. 30-
.
.
.
(a) $30,000,000 3
-year 411% notes, dated Nov. 1 , due Nov. 1
Gross earnings
$52,408,357 $48,164,951 $42,267,753
Expenses, taxes and maintenance_ __ .. 28,035,106 26.049,941 23,996,471 (interest payable M. & N.) at 100 and interest.
(6).$10.000.000 1-year 4% notes,
, due Nov. 2
Fixed charges mote)
12,386.797 11,981,044 10,769,494 (Interest payable M. & N.1, at 993 dated Nov. 2 to yield
and interest,
about 4%
Preferred dividends
2,279,851
2,191,495
2,189,682
Principal and interest payable at Old Colony Trust Co., Boston. %&#;
CouRetirement reserve
3,421,175
3,047,631 pon notes of $1,000 each.
3,319,039
Capitalization (alter Completion of the Present Financing).
Balance
16,285,427 $4,623,431 $2,264,474
-year 43 % notes. due Nov. 1 (now offered)
-Includes interest, amortization of debt discount and expense, and 3
Note.
$30.000,000
earnings accruing on stock of subsidiary companies not owned by Common- 1-year 4% notes, due Nov. 2 (now offered)
10,000,000
Capital stock (par $100)
wealth Power Corporation.
53.387.500
Premium paid in on capital Stock
After provision for retirement reserve earnings were equivalent to $17.13
36.605,434
No mortgage will be put upon the company's existing property unless
per share on the outstanding 500.000 shares of preferred and $4.62 per share
on the ,573 shares of common as compared with $13.63 and $3.40. these notes are equally secured or retirement thereof is provided for in such
respectively, for the same period last year, based on the same number of mortgage.
Proceeds will pay off all existing coupon notes and other floating indebtedshares now outstanding.
-V. 125. p. .
ness and leave about $1,500,000 for future extensions of the property.
Property investments amount to
Connecticut Light & Power Co.
-To Increase Stock.
- times amount of the above debt. over $130,000,000, or more than 31(
The company, it is reported, seeks to finance a merger of the Bristol &
The business continues to show steady growth.
Plainville Electric Co. and the Middletown Gas Light Co.. both affiliated
companies, and to meet the costs of contemplated projects. The notice
Earnings Years Ended December 31.
.
also contemplates an increase in common stock from $21,000,000 to $40,000,.
000, and an increase in preferred stock from $15,000,00 to $30,000,000.- Gross earns.$ 5,81 $17.9 7,962
,
2
$19,9 4,78 121,315,241 $23,204.901
149 4
2
1 873
2
V. 125, p. .
Net income 5,552,413
6,520,908
7,736,143 8,303,870
9,638,738
Op.Int. chg 1,507,156
1,305.224
1,173.288
1,599,434
1,866,486
Consolidated States Co.
-Initial Div.
Net income In fiscal year ended Dec.31
The directors have declared an initial quarterly dividend of 50 cents per annual interest requirement on the above was 59( times the $1,750.000
debt.
share on the $2 non-cumul. class A stock (no par value), payable Nov. 1 to
Company's $53,387,500 stock has been issued for $89,992,934 cash, or
holders of record Oct. 20. See V. 125. p. 513.
$168.57 per share. Present market value, $257 per share (ex-dividend), or
$137.205,000. Dividends of $12 per share per annum have been paid On
Consumers Power Co.
-Earnings Statement.
the capital stock during last 16 years.
12 Mos. End.Sept.30- .
Company serves directly a population of over 1,250.000 in Boston and 37
.
.
.
Gross earnings
$26,149,681 $23,330,227 $19,609,525 $18,307,276 surrounding cities and tonne, and sells energy in bulk to ten other comOper. expenses, includ.
panies and municipalities.
-V. 125, p. .
taxes & maintenance. 13,441,106 12,088,540 10,605,212 9,723,493
Fort Wayne & Decatur Traction Co.
Fixed charges
2.537,164
2,642,224
-Road Abandoned.
2,491,762
2,493,302
Div. on pref. stock
3,268,549
This line wee abandoned on Aug.9 .-V. 108, p.480.
2,801.437
2.183,893
1.431,897
Prey. for retire. reserve. 1,541,000
1,506,000 1,338,328
1,269,000
Fulton County Gas & Electric Co.
-Merger.
Balance
15,361,862 $4,292,026 $2,990,330 $3,389,585
See New York Power & Light Corp. bolow.-V. 125. p. .
-V. 125, p. .
Detroit Edison Co.
-Earnings.
-
Gates Power Co.
-Bonds Offered.
-James H. Causey &
Co.and United States National Co., Denver, Colo., are offer(Including All Constituent Companies.)
9 Mos. End. Sept. 30ing at prices to yield from 5% to 6%,according to maturity,
.
.
.
.
Gross revenue
$34,511,719 $32,452,986 $27,476,961 $24,821,981 $300,000 1st (closed) mtge.6% serial gold
bonds. Payment
Expenses
23,970,720 22.515.954 18,976,433 17,739,329
Interest, &c., deductions 3,754,188
3.066,739
3.201,966
3,069,387 of principal and interest provided for through lease to the
Gates Rubber Co.
Net income
$6.786.811 $6,870.292 $5,298,562 (4,013,265
Dated Sept. : due serially, Jan. 1 -. Red. all or part on
Net income for the 9 months ended Sept. 30 Is equivalent to $7.80 any int. date upon 60 days' notice at 102% and int.
up to and incl. Jan. 1
a share on 870,659 shares (par $100) capital stock outstanding, against , the premium reducing % of 1% each year
thereafter. Bonds of long$8.70 a share on 789.987 shares outstanding in the corresponding period est maturity outstanding shall first be subject to call
in inverse numerical
of .-V. 125, p. .
order. Denom. $1,000. $500 and $100. Prin. and int. payable at U. S.
National Bank, Denver, Colo. trustee. Interest payable J. & J. without
Dixie Gulf Gas Co.
deduction for normal Federal income tax up to 2%. Exempt from Colo-Listing.
There have been placed on the Boston Stock Exchange list preferred stock rado personal property tax.
allotment certificates for 37,500 shares, each allotment certificate repre- Data from Letter of Charles C. Gates, President
of the Company
senting one share of preferred stock, $7 dividend series, of no par value,
Company.
-Has been organized to acquire from the Gatos Rubber Co'
and one share of common stock of no par value.
title in fee to certain land adjoining the plant of that company and to conThe Boston Stock Exchange Is advised that temporary let mtge.
sinking fund gold bonds, series A, due Sept. 1 are the delivery6%% struct thereon an electric power generating plant of 2,500 kilowatts inas of stalled capacity. This installation will be sufficient to
supply all the present
Oct. 13 .-V. 125. p. .
requirements of Gates Rubber Co. for electric power and steam, with estimated additional reserve capacity to accommodate a 50% Increase in
its
East Coast Utilities Co.
-Bonds Offered.
-P. W. Chap- requirements. Gates Power Co. has executed an irrevocable lease of this
man & C3. Inc. are offering at 97 and int. to yield aver plant to Gates Rubber Co.
Lease.
-Property Is leased to Gates Rubber Co. for a period of 10 years,
5.90%, $1,000,000 1st mtge. collateral,
gald bonds, which period extends beyond the final maturity date of these bonds. Under
the terms of this lease Gates Rubber Co. will pay to Gates Power Co. an
(series A).
Dated Aug. 1 : due Aug. 1 . Denom. $1,000 and $500 c*. annual rental of , which is more than sufficient to meet interest and
serial maturity requirements on these bonds, and will assume all charges in
Int. payable F.& A. at Central Trust Co. of Illinois, Chicago. trustee, or at connection
with operating the plant, including local taxes and insurance.
principal office of Guaranty Trust Co., New York. Red, as a whole on Gates
30 days' notice to and incl. Aug. 1 , at 102% and int.; thereafter and class Rubber Co. furthermore agrees to maintain this property in first
condition. The rental under this lease constitutes a direct operating
prior to maturity at 101 and int. Red. in part on any int. date to and charge of
the Gates Rubber Co.
Owl. Aug. . at 105 and int.; thereafter to and incl..Aug. , at 103
security.-Secured by a closed first mortgage on the land, buildings and,
and int.; and thereafter and prior to maturity at 101 and int. Interest
payable without deduction for any Federal income tax not in excess of 2%&#; equipment, now under construction. Mortgage provides that the Proceeds
Refund of property taxes not in excess of 5 mills per dollar levied under any of this issue of bonds is to be used solely to defray the cost of erecting and
jurisdiction under the sovereignty of the United Statos of America and the equipping the plant. The total cost of the properties covered and to be
Mich. exemption tax and the Mass, income tax, upon timely and proper covered by the mortgage will exceed the face amount of the bonds. Furthermore. the lease to the Gates Rubber Co. is pledged
application.
additional security under this mortgage. See also Gates to the trustee as
Rubber Co. under
Data from Letter of W. F. Stevens, President of the Corporation. "Industrials" below.
Company.-Incorp. in Delaware. Owns. controls and operates, without
General Public Service Corp.-Bal. Sheet Sept. 30 .
competition, through its subsidiaries, electric light and power properties
AssetsIn various communities located in Virginia. Maryland and North Carolina.
Liabilities
It also owns and operates ice plants. distributing at wholesale only. In the Investments in stocks__ 19,403,693 Accounts payable
$3,597
cities of Richmond, Colonial Beach. Chincoteague and Irvington. Virginia, Inv, in bonds and notes
298,440 Dividends declared
91,549
and Pocomoke City and Deals Island, Md. In addition, the company owns U.S. Treasury notes_
1,462,000 Tax liability
122,298
Cash
Ch (incl. call monell__
721,983 Reserve for unacquIred
the water system in Urbanna. Va., the property operated in
connection with its electric light properties in what is known as the Glou- Int. & acc'ts receivable__
14.660
P. S. Inv. Co. stock
cester Peninsula of Virginia, and also owns and operates a cold storage Redem. fund for P. S.
Miscellaneous
Inv. Co. stock
warehouse located in the City of Richmond. Company owns 100% of the
7,657 Book value of aSSOtS.- - x11.882:62
71. 514
31
9
entire authorized and outstanding common stock of each of its present Miscellaneous
3
subsidiaries. The total population served, exclusive of the City of RichTotal
$11,908,437
Total
mond, is conservatively estimated at in excess of 70,000.
$
Note.
-After allowance of $100 per share for each class
Security.
--In addition to being a direct and primary obligation of the
,43e
company the bonds will be secured by the deposit of first mortgages on the book value per share of common stock is $15.27. Based of prof. stock, th
on market values
of Sept. 30 and the same provisions for
fixed properties of the subsidiaries on the basis of 125% of subsidiary first
preferred stocks, the value per
mortgages for each $1.000 first mortgage collateral bonds issued. The share of common stock is $19.53.
x Book value of assets for 24,574 shares preferred,
properties mortgaged have been appraised by Hagenah & Ericsson.
31,250 shares convertiengineers, as of Sept. 15 , as having a depreciated sound value in ble preferred and 399.574 shares common stock (all without par value),
including earned surplus of 11,492,054.-V. 125,
excess of 12.350,000.
p. .
CapitalizaticmAuthorized. Outstanding.
Georgia Power Co.
-Bonds Sold.
1st mtge. coll. 5%% gold bonds, series"A"____$1.003,000
-Drexel & Co.,
1-year 5% notes
$1,000.000
450.000 Bonbright & Co., Inc. and Harris, Forbes & Co. have sold
7% cumulative preferred stock
2.000.000
200.000 at 98 and interest,'
to yield about 5.12%, $18,000,000
Common stock (no par value)
12,600 shs. 12,500 she:
.
additional first and ref. mtge. gold bonds 5% series, due
a Additional bonds may be issued as provided in indenture.
Earnings.-Consolidated earnings of the properties for the 12 months . Dated March 1 ; due March 1 .
ended July 31 , were as follows:
Issuance.
-Subject to authorization by the Georgia Public Service Comm.
OCT. 22 .]
THE CHRONICLE
-Definitive Debentures Ready.Jacksonville Gas Co.
Data from Letter of P. S. Arkwright, President of the Company.
-Supplies electric light and power, directly or indirectly, in . The Guaranty Trust Co. of New York is now prepared to deliver deft Company.
including over 145 munici- tive 0% gold debentures, series A. dated May 1 , due May 1 , in
substantially all of northern and central Georgia,
palities in this territory. Among the cities directly served are Atlanta, exchange for the outstanding temporary debentures of that issue. For
Rome and Athens. In addition, the company furnishes transportation offering see V. 124, p. . .
service in Atlanta and vicinity and in Rome and Athens, and gas service in
-May Redeem Bonds.
Laurentian Power Co., Ltd.
Athens. It also controls the companies which own the gas properties in
The holders of6% 1st & ref. mtge. gold bonds will vote N ov.3 on sanctionAtlanta, the electric. stieet railway and gas properties in Macon and adjoinBrunswick. ing a modification and change in the trust deed proposed by the company
ing communities, and the electric, gas and water properties in
The market for the system's services throughout the region is large and di- giving the latter the right to redeem all or any of the bonds at the time
versified and the territory is developing rapidly along industrial and agri- being outstanding at 110 and int.-V. 122. p. 480.
cultural lines. The population of the territory served is estimated to be
-Merger.
Midway Gas Co.
approximately 1,860,000.
See Southern California Gas Co. below -V. 125, p. .
The properties of the company include 17 hydro-electric generating plants
with an installed capacity of over 330,000 h.p.,5 steam generating plants of
--Earnings.
Minnesota Power & Light Co.
over 30,000 h.p. capacity, over 2,070 circuit miles of high tension transmis.
.
12 Months Ended Aug. 31sion and primary distribution Ines, and street railway properties which
$4,148,505 $3,816,546
carried approximately 100.500,000 passengers for the twelve months ended Gross earnings from operation
1.822,422
1,816.879
Aug. 31 . The owned and leased gas plants have a daily capacity of Operating expenses and taxes
8,900.000 Cu. ft. Company's water storage reservoirs have an aggregate
$2.331,626 $1,994.124
Net earnings from operation
capacity of 7,500,000,000 cu.ft. and much of the water thus made available
1,036,321
1,067,326
may be used by several power plants successively. The electric system of Other income
the company forms an important link in the interconnected power systems
$3,398,952 $3,030,445
serving the southeastern section of the United States.
Totalincome
1.013,833
1,167,330
Security.
-Secured by a first mortgage on certain electric light and power Interest on bonds
282,153
150,806
properties, which properties, in the opinion of engineers, have an estimated Other interest and deductions
543.883
properties of the Dividends on preferred stock
599,607
value of more than one-half of the value of the entire fixed
company, and are further secured by a direct mortgage on the remaining
$1,481.209 $1.190.576
fixed property of the company (cement certain undeveloped land as stated in
Balance
the mortgage), subject to closed divisional underlying mortgages securing -V. 125, p. 518.
$18,433,000 of bonds. The total value of the company's fixed properties
-Merger of Subsidiaries
Mohawk Hudson Power Corp.
as they existed on Oct. . as estimated by independent engineers, not
including any additions made since that date and exclusive of the company's Into New York Power & Light Corp.
-See latter company
interest in the properties of Atlanta Gas Light Co.,is largely in excess of the
-V. 125, p. .
total funded debt of $81,433,000 to be outstanding on completion of this below.
financing.
Purpose.
-Proceeds will reimburse the company for expenditures for addiMontana-Dakota Power Co., Minneapolis, Minn.
tions and improvements to its proeprty already made, and will provide
-Minnesota Loan & Trust Co., Minneapolis
funds for further additions and improvements and for other corporate pur- Bonds Offered.
poses.
and Second Ward Securities Co., Milwaukee are offering
Earnings Twelve Months Ended Aug.31.
gold bonds (series
at 100 and int. $1,800,000 1st mtge.5
.
.
$16,311,579 $17,901,655 of ).
Gross revenues (including other income)
8.787.087
8,817,556
Oper. exp., maint. & taxes (except Fed'i taxes)_
Dated April ; due April 1 . Int. payable A. & 0. at Minnesota Loan & Trust Co., Minneapolis, trustee. Denom. $1,000 and $500 c*.
$7,494,023 $9,114,568 Callable all or part on any int, date upon 30 days' notice at par and a
Net earnings
of 1% for each 6 months of unexpired maturity. Company
premium of
Annual int. on funded debt (to be outstanding upon completion
of this financing, including interest on outstanding bonds of
covenants to pay int. without deduction for Federal income tax not in
4,191,780 excess of 2%.
Atlanta Gas Light Co.)
-Approved by the Board of Railroad Commissioners of North
Issuance.
$4,922.788 Dakota.
Balance
Net earnings over 2.1 times the above interest charges. Of the net
Data from Letter of C. C. Yawkey, Pres. of the Company.
earnings, approximately 80% was derived from the electric and gas business.
-Directly or through its leased subsidiary, the Eastern MonCompany.
Capitalization Outstanding (upon Completion of This Financing).
tana Light & Power Co. supplies without competition electric light and
2,000,000 shs. power to 72 communities in Eastern Montana and Western North Dakota,
Common stock (no pat value
285,445 sits.
Preferred stock (no pat) $6 cumulative
Power is generated at 5 modern steam plants which upon completion of
450.000 shs. addition will have an aggregate installed capacity of 16,000 h.p. and is
Second preferred stock (no par), $6 cumulatie
%433,006 carried to all parts of the company's territory over an interconnected
n18
Underlying (closed) divisional bonds
First and ref. mtge. bonds,5% series due (incl. this issue) $63,000,000 system of more than 600 miles of high tension transmission lines.
*Not including $2,075.000 bonds of Atlanta Gas Light Co. outstanding
The rapidly increasing demand for dependable electric light and power
In the hands of the public.
service throughout the territory together with the recent acquisition of the
Management -Company is controlled through stock ownership by South- power plant and distributing system in Miles City, Mont.; has necessitated
-V. 124. p. . .
eastern Power & Light Co.
expansion and improvement of the company's facilities, which has been
largely completed within the past year. The territory now embraced by the
Gulf Electric Co.
-Consolidation.
company's properties has a population of appro:dmately 51,000 and inSee Alabama Power Co. above.
-V. 120, p. .
cludes the towns of Miles City, Glendive, Wolf Point and &obey, in Mont.
and Williston, Crosby, Stanley and Kenmare, in N. Dak.
Hanford Gas & Power Co.
-Merger.
Upon completion of extensive addition and improvements now under
See Southern California Gas Co. below.
way the company will be supplied with natural gas from producing wells
of an associated company. This will be transmitted to Miles City, Glendive
Illinois Power Co.
-Earnings.
and Terry, Mont., over the company's own pipe lines and will be dis.
.
12 Mos. End. Sept. 30- .
.
tributed at retail in these towns in additions to being utilized as fuel to
Gross earnings
$2.621,764 $2,586,172 $2,420,400 $2.320,266 replace coal in two of the company's steam generating plants.
Oper. exp., incl. taxes &
-Secured (together with $1,500,000 series of " bonds now
Security.
1.631.491 outstanding), by a direct first mortgage, on the entire property owned
maintenance
1.680.170
1,771,505
1,824.843
376.375 by the company subject to a $45,018 incumbrance on a small portion of the
Nixed charges
395.113
387,087
389,913
property. As additional security all of the common stock and 84% of the
&#;
Net Inc. avail,for diva
preferred stock of the Eastern Montana Light & Power Co., together
$312,400 with a lease of its properties to this company, will be pledged with the
$345,117
& retire. reserve
$427.490
$407.008
182.260 trustee.
214,265
Preferred dividends _
220,893
231,950
133.650
153.550
Prov. for retire. reserve_
148,700
150,000
-Consolidated earnings of the company and its leased subEarnings.
----- --sidiary, including those of properties recently acquired for the 12 months
Balance
$51.897 def.$22.698 def.$3.510 ended Aug. 31 were as follows:
$25,058
$869.258
-V. 125, p. .
Gorss earnings
497,837
Oper. expenses, maint., taxes (incl. rental leased property)_ _ _ _
-New Control.
Inland Power & Light Corp.
$371,420
Salo of the corporation for $30,000,000, including funded debt, to Samuel
Net earnings
181,500
Insult & Son, Inc.. and his own retirement from the public utility field was Annual interest req. total funded debt
announced Oct. 17 by A. E. Fitkin.
are the equivalent of over 2 times the maximum annual
Such
"I am leaving the public utility operating field for good," said Mr. Interest net earnings all bonds outstanding including this issue and do not
charges on
Pitkin in announcing the sale of Inland Power. "It is with some relief
to be derived from the sale of gas for commercial and
that I cease the travels and other duties necessitated by managing properties reflect any revenues Miles City and Terry. It is also expected that subin
In different parts of the country. The properties formerly controlled by the Industrial purposes
effected through recent.completion of
will
arc in responsible handS and I am free to devote all stantial operating economies linesbe the installation of larger generating
ritkin organizatien
and
-V. 125. p. Interconnecting transmission
my timo to the investment business." (New York "Times").
units together with the completion of pipe lines permiting the use of natural
.
gas as fuel in the company's two largest steam generating plants.
Procistons.-Company covenants to pay to the trustee annually a cash
-Earnings.
Interborough Rapid Transit Co.
sum equal to 2% of tho greatest amount of bonds outstanding. Such
Net earnings of the Interborough System under the "Plan."
moneys will be usifd either for retirement of bonds or for permanent additions
Period End. Sept. 30-
-3 Mos.-.
-Month-.
made the basis for the issuance of addiGross revenue, all sources $5,279,547 $4,811,436 $15,159,584 $13,345,856 and betterments which cannot bemay be Issued up to 80% of the cost of
tional bonds. Additional bonds
Expenses for operating &
provided net earnings are the equivalent of at
maintaining property_ 3,148,931
9,290.696 additions and improvements charges on the bonds outstanding and those
9,611.021
2,855,570
least two times annual interest
Taxes payable to city,
878.839 to be issued.
893,153
State & United States
277,481
290,447
Authorized. Outstanding.
CapitalizationAvailable for charges_ $1,831,170 $1,678.385 $4,655,411 $3,176,321 let mtge. 5Sis (series of and )$3,300.000
b730.100
$1,000,000
Rentals payable city for
Preferred stock (par $100)
35.000 she. c24,996 sits.
664,718 Common stock (no par value)
original subways
665.400
221,718
221,800
a Limited by restrictions of the mortgage. b $172,900 additional subRentals pay. as int. on
452,060 scribed but not issued. c 1.659 additional shares subscribed but not issued.
Manhattan Ity. bonds
452,060
150.687
150,687
Miscellaneous rentals_ _
73,589
-Entire proceeds will be used to partly reimburse the company
69,217
Purpose.
23,368
23.091
for permanent additions and improvements to the electric property heretoInt. payable for use of
borrowed money and
fore made or under construction; for the acquisition of operating electric
sk. fd. requirements:
properties; for construction of gas pipe lines and distribution systems to be
presently completed and for other corporate purposes.
Int. on I. rt. T. 1st M.
-C. C. Yawkey (Pres.), Ben Alexander, A. P. Woodson,
Directors.
2,022,616
5s
2,072,973
674.205
690.991
Wausau, Wis.; R. M. Ifeskett, Minneapolis, Minn.; H. L. Geisse, Brown
Int. on I. R. T. 7%
592,323 Katzenbach, Wausau, Wis.-V. 124, p. .
secured notes
586,504
195,484
197,441
Int. on I. R. T. 6%
--Acquisitions.
Mountain States . & . Co.
136.338
-yea. notes
139,624
10
45,446
46.541
-S. C. Commission on Oct. 1 approved the acquisition by the eomThe I.
lot. on equip. tr. ctfs_
64,538
44,475
21,512
14,825
of the Springfield-Lamar Co. and the
yany of the properties
Sink, fund on I. R. T.
583.563 Oolly-Stonington Co.
594.628
let M. bonds
194.521
198,209
By a contract made July 14 , the Bell company agrees to purchase
27,468
6.192
18,851
Other items
9.044
the properties of the Springfield company, free of encumbrances, for
Dividend rentals:
$19.120, payable in cash.
Manhattan By.
7% on
On July 13 the Bell company contracted to purchase the properties
stk. not as.senting to
76.184 of the Holly company, free of encumbrances, for $6,656, payable in cash.
"plan of readjust."_
76.143
25,394
25.381
V. 124. p. . .
5% on assenting Man695,582
hattan By. stock_ _ _
695,613
231.871
231,860
-Merger.
Municipal Gas Co. (Albany).
-V. 125, p. .
See New York Power & Light Corp. below.
$26,097 def$116,813 def$760,076df$2,212.658
Bal, avail, for ot h. purp _
-V. 120, p. .
-Bon-Bonds Offered.
New York Power & Light Corp.
- bright & Co., Inc., Harris, Forbes & Co.,Bankers Trust Co.,
Interstate Public Service Co.
-Earnings-Refunding.
12 Mos.
Ended Sept. 30 Mos.
Period
$2,466.154 $10.027.655 Guaranty Co. of New York, Coffin & Burr, Inc., The Union
Gross operating revenue
1,715,240 Trust Co. of Pittsburgh, F. L. Carlisle & Co., Inc., National
383,161
(Income after taxes, interest & retire. prov_ _ -The company has applied to the Indiana P. S. Commission for authority Commercial Bank & Trust Co., New York State National
Issue 3.333 shares of no par value common stock to raise approximately
to
$250,000 for refunding purposes. The securities issue Is sought in connec- Bank and E. H. Rollins & Sons are offering at 96 and int., to
tion with the purchase of the New Albany Street Ry.. Oct. 30 . and will yield about 4.72%, an issue of $66,000,000 1st mtge. gold
be used in reimbursing the Interstate's treasury for money spent refunding bonds,4
series due .
-V. 125, p. 914.
bonds that fell due Aug. . (Indianapolis "News.")
THE CHRONICLE
[VOL. 125.
Dated Oct. ; due Oct. . Int. payable A. & 0. at the office been so arranged that
the important distribution centers are served by
or agency of the corporation in N. Y. City. Red. all or part at any time two or more circuits
so that tho continuity of service is assured.
upon 30 days' notice at par and in, to date of redemption, together with a
Corporation is in
premium of 5% of the principal amount thereof If red, on or before Oct. 1 large undeveloped a peculiarly favorable position to take advantage of the
hydro-electric resources in this territory. These include
. and thereafter together with a premium of5% of the principal amount large storage
developments on the Hudson River which when completed
thereof less 1-5 of 1% for each full year elapsed since Oct. 2 up to and will greatly increase
the output of the corporation's largest plants. Work
incl. Oct. 1 , and with no premium if red. after Oct. 1 and before has been started
by the Board of the Hudson River Regulating
maturity. Denom. c* $1,000 and $500 and r5 $1,000 and $5,000.
on the construction of a dam on the Sacandaga River for purposesDistrict,
of flood
payable without deduction for the Federal income tax up to but notInterest control.
exceedThis
ing 2% per annum. Penn. 4 mills tax and Mass, income tax not in excess , should greatly dam will form a lake larger in area than Lake George and
increase the water available during the dry season for the
of 6% per annum refundable upon due application as provided in the tax plants of
this system.
refund agreement. Central Union Trust Co., New York. trustee.
In addition, gas
Issuance.
-Subject to further approval by the New York P. S. Com- nectady. Saratoga systems are owned and operated in Albany, Troy, ScheSprings, Oneida, Glens Falls and 23 other communities
mission.
with a total of over 666 miles of mains.
Data from Letter of Pres. Chas. S. Ruffner, Albany, N. Y., Oct. 17. with the Hudson Valley Coke & ProductsThere is in addition a contract
Corp. for the purchase of gas
Company.-Incorp. in New York, Oct. 13 . Has been organized which latter is supplied in Albany, Cohoes. Troy, Schenectady and vicinity.
as a consolidation of: Adirondack Power & Light Corp., Troy Gas Co..
Operating Statistics of Properties Now Owned.
Cohoes Power & Light Corp., Municipal Gas Co. of the City of Albany,&#;
Sales
Fulton County Gas & Electric Co., and Adirondack Electric Power Corp.
It also owns the electric and gas properties formerly owned by Eastern Yr. End. Gross Pow.Plant Electricity
Gas
-Meters in ServiceDec.31 Earnings. Cap. Kw.
Kwh.
New York Utilities Corp. [The terms of exchange of stock of the merged
M.Cu.Ft, Electric
Gas.
- _$12.124.483 141.760 356,327,800 2,402,400 107,030 101.636
companies for the new corporation were outlined In V. 125, p. .]
- -_ 13,851,265 158,760 430.665.300 2,839,100 121,647 103,544
The territory served is in the intensely industralized region of the Mohawk
and upper Hudson River Valleys. Electric and gas service are supplied in - -_ 14,759,393 230,950 467,307,500 2,891,300 139,208 106,572
Albany. Troy, Schenectady, Watervliet, Oneida, Cohoes, Saratoga Springs. ___ 16,395,964 230.840 574.564.200 3,076,100 150,485 106,627
Glens Falls, Gloversville and Hudson. In addition, electric service is _ _ _ 18,025,569 230.840 659,583,400 3.439,400 165,549 110,277
supplied in 158 other cities and towns and gas service in 19 cities and towns. Aug 31
_ 18,633.322 230.840 683,230,100 3,467,900 168,611 111.649
Power is also sold under long term contracts to distributing companies
Management.
-All of the common stock of the
and to electric railways in the vicinity.
Mohawk Hudson Power Corp.. which also controlscorporation is owned by
through stock
Capitalization Upon Completion of Present Financing.
the Utica Gas & Electric Co. and Syracuse Lighting Co., Inc. ownership
Officers.
-Charles S. Ruffner. Pres.; Otto Snyder, Exec, V.
Authorized. Outstanding.
-P.: II. C.
1st m g bonds, 43i% series,due (this issue)
3(6,009,000 Shields, C. A. Davis, L. C. Smith and John L. Haley, V.
-Ps.; J. M. Secy.
Cohoes Pow. & Lt. Corp. 1st mtge. 6s, _ _ _Closed
-P. & Comp.; M. C. Skinner, V.
x
4,000,000 V.
-P. & Comm. Mgr.; L. A. Jones, V.
-P.
Troy Gas Co. bonds, due
Closed
y810,500 & Purch. Agt.; James McKinney, Sec.; H. I. Olwine, A. N. Woodhead,
Adir. Pow.& Lt. Corp. 5s.
Closed
394,100 R. E. Herrick, Asst, Secs.; Paul D. Weathers, Treas.; J. M. Brucker.
8% cumulative pref. stock ($100 par)
30,000 shs. 25,547 shs. Thomas H. Powers, W. C. Coleman, W. N. Bissell and James McGuire,
7% cumulative pref. stock ($100 par)
150,000 shs. 144,639 shs. And. Treas.
$6 cumulative pref. stock (no par)
Directors.
320,000 shs. z20.554 shs.
-Charles S. Brewer, Charles S. Ruffner, Robert Olcott, Nelle
Common stock (no par)
1,250,000shs. 1,000,000shs. F. Towner, Oswald L. Johnston, Parry C. Shields. Jesse R. Lovejoy,
z Limited by the restrictions of the Indenture. y There are in addition Darius E. Peck, Abram V. Morris, Maurice Hoopes, Thaddeus R. Beal.
$89,500 held in the treasury of the corporation. z Not including 50,000 V. 125, p. . .
shares for which the corporation Is making application to the Public Service
Commission of the State of New York for permission to issue and sell.
New England Telep. & Teleg. Co.
-Earnings.
Purpose of Issue.
-The proceeds of this issue of bonds will be used, in
Period End, Sept. 30- -3 Mos.-.
-9 Mos.-.
accordance with the order of the Public Service Commission, (1) to the Operating revenue
316,468,265 $15,725.035 $48,483,981 346.537.214
extent of 335,316,190 for the retirement of bonds of the consolidating Operating expenses
11,659,253 11,309,776 33,494,576 32,799,506
companies,(2) to the extent of $22.171,540 for payment of debt incurred by Taxes
1,269,053
1.158.467
3,541,611
3,945,612
the consolidating companies for proper capital purposes, and (3) the balance Uncollectiblea
119,324
131,594
402,482
370,731
for the partial reimbursement of over $10,000,000 of capital expenditures
made by the consolidating companies and heretofore unfunded. [For
Total operating
_
further details see V. 125, p. .1 Upon completion of this financing, the Net non-operatinginc__ _ $3.420,635 $3,125,198 $10,673,063 39.793,615
rev_
91,707
203,257
318,723
526,105
corporation will have cash on hand in excess of $4,900,000, not including the
proceeds from the contemplated sale of 50.000 shares of $6 cumulative
Total gross income__ _ $3,512,342 $3,328,455 $10,991,786 $10,319,720
preferred stock.
Int. on funded debt.._ 1,033,263
1,033,262
2,374.786
3,099,789
Security.
-These bonds will be secured by a first mortgage
Other interest
12.639
5.755
40,849
641,395
fixed properties of the corporation now owned, subject ason the entire Rent, &c
to portions
131.375
176,743
417,288
484,281
thereof to the lien of $4.900.000 divisional bonds, of which $4,000,000 Debt disc't & expense_ _
41,577
124,728
mature on Jan. 1 , for the payment of which $4.000,000 additional
bonds are reserved under this mortgage. In the opinion of independent
Net Income_ _ _...... $2.293,488 $2,112,694 $7.309,133 36,819,255
engineers the depreciated reproduction value of the present property
Dividend appropriation_ 2.212.934
2.212,926
6,638,800 6,625,977
excess of $100,000,000, not including any allowance for going value.is in
Certain Mortgage Provisions.
Balance, surplus__
-Mortgage will provide for the issuance of
$80,554 def$100,232
,333
,278
bonds thereunder in series bearing the same or different rates of interest. Earns, per sh. on 1,106.dates, maturities, redemption provisions and such other distinguishing
463 shs. of (par $100)
features and provisions as may be determined by the board of directors
capital stock outst'd'g
$2.07
$1.91
$6.61
$6.16
subject, however, to the restrictive provisions of the mortgage.
- 125, p. .
V.
Mortgage will also provide that additional bonds of the 4 Yi% series due
. or other series. may be issued thereunder (a) for refunding an equal
New York State Railways.
-Earnings.
principal amount of bonds of any series, or underlying or prior lien bonds,
Period End. Sept. 30
-
-3 Mos.-,
-9 Mos.-.
both as defined in the mortgage:(b) for cash; (c) to not
Gross earnings
32,331,158 $2,396.376 37.535,009 $7,749,415
the cost or fair value to the corporation, whichever is exceeding 75% of Oper. exp. & taxes
less, of property
1.793,027
1,862,667
5,761,281
5,969,705
additions. as defined in the mortgage, to the properties of the corporation Bond interest
322,406
323,127
968,211
969,907
made or acquired after Dec. .
Other int. & deduct
58.278
62.279
164.491
179,058
Additional bonds may not be issued, except for refunding purposes, unless Sinking fund
7.468
7,951
23,001
23,711
net earnings, as defined in the mortgage, for 12 consecutive months within
the 15 calendar months immediately preceding the month in which the
Bal. for diva. deprec.
application for issue is made shall have been at least equal to twice the
and surplus
&#;
$149,981
$140,352
$618,026
$607.034
annual interest requirements on (or 12% of the principal amount of) all - 125. p. 518.
V.
bonds issued and outstanding under the mortgage, including
to be issued, and on all underlying and prior lien bonds, asthose proposed
Niagara Falls Power Co. (& Subs.).
defined in the
-Earnings.
mortgage. Not more than 15% of such net earnings shall consist in the
Period End. Sept. 30- -3 Mos.-.
-9 Mos.-.
aggregate of (a) net non-operating income; and (b) net income directly Operating revenue
33.349.911 $3,635,191 $9,331,598 38.101.369
derived from the operation of properties not subject to the lien of the Oper. exp., retire.& tax_ 1,713.833
1,438,727
4,954,114
3,711,798
mortgage.
The bonds of the 4%% series, due will contain a clause permitting
Not operating revenue $1,636.079 $1,596,465 $4,377,486 $4,389,571
changes in the mortgage and any indenture supplemental thereto on the Non-operating revenue_
23,130
30,463
73,195
81,679
vote of 85% of the bondholders in the manner therein defined. No change
whatever will be permitted which will modify the terms of payment of the
Net income
31.659.208 31,626,928 34,450.679 $4,471,250
principal or Interest of any bond of the 4Si% series, due without the Interest, &c
536,466
653.848
1,616,877
1,972,969
owner s consent.
Not more than 15% of the bonds issued under this mortgage may be
Surplus, income
$1,122,742
$973,080 $2,833,802 32.498,281
Issued against property additions subject to prier liens. No property -V. 125. p. 519.
additirns subject to prior liens may be made the basis for the issue of bonds
under this mortmcce if the amount of such pricir liens exceeds 50% of the
North American Utility Securities Corp.-Earninns.cost or fair value to the corporation, whichever is less, of such property
Years Ended June 30
.
.
additions. Not more than 20% of the bonds issued under this mortgage Gross earnings
$1,132,097 $1,512,824
shall be issued against"specially classified properties." "Specially classified Expenses, interest and taxes
185,677
420,130
properties" include, among other things, property used in the business of
supplying steam or hot water heat, water, or in the business or
Net income
$946,420 31,092,694
In the street railway business, and all properties on which the franchises do Dividends paid on first preferred stock
292,176
219,634
not comply with certain conservative restrictions.
Dividends paid on second preferred stock
420,000
420,000
The mortgage will contain a clause subjecting fixed property acauired
Balance carried to surplus
after the date of the mortgage to the lien thereof subject to liens existing
$453,060
$234.244
on said property at the time of acquisition and subject to the provision Shares of common stock outstanding (no par)_ _
469,610
500,000
that when property is acquired by the corporation subject to a lien prior Earnings per share on common stock
$0.49
$0.91
to the lien of this mortgage and because of the restrictions of this mortgage
Comparative Balance Sheet
said property cannot be used as a basis for the issue of bonds thereunder.
June 30/7 Dee.31 '26
then and in that case the corporation shall have the right to place a mortJune 30'27 Dee. 31 '26
Assets
Liabilitiesgage or mortgages on said property and additions thereto which shall have
$
8
Invest. & security
Capital stock_. _ if
Priority to the lien of this mortgage.
_
holdings
10,951,949 0,939,834 Accounts payable.11,459,150 11,393,250
Earnings Derived from Properties now Owned by New York Power & Light Due from attn. co_ 368,778 1,580,331
1,183
69
Accrued taxes_ _ ...
43,788
33,648
Corporation.
Accts. receivable
187,875
301,708 Surplus
761,437
673,879
12 Months Ended
Dec. 31'25. Dec.31 '20. Aug. 31 '27. Notes receivable._ 754,875
Gross earnings
2,081
316,395.964 $18.025.569 $18,633,322 Cash
278,973
Tot.(each side).12,265,558 12,100,846
Oper, expenses, incl. maint., taxes &
x Classfled as follows: (a) 1st pref. $6 cum,
retirement reserves
9,805,754 10.969.376 11.387,666 allotted. 69,i shares without pa value: (b) div. per share, issued or
share, issued. 60,000 shares without par value; 2d pref. $7 cum. div. Per
(c)
Net earnings
$6.590,210 $7,056,193 $7,245.656 or allotted, 469, shares without par value; common stock issued
total, $12,385.950: less
Annual int. requirements on $66,000,000 1st mtge. gold bonds
uncalled installments of allotment price of 1st
(this issue)
2,970,000 $926,800; balance, 311,459.150.-V. 125, p. 246.pref, and common stock,
Divisional bonds held by the public
285.030
North Boston Lighting
Properties.
-Recapitalization.
Balance available for other charges, dividends. &c
$3,990,626
The stockholders on Oct. 19 voted to
Net earnings, RS above, for the 12 months ended Aug. 31 , after standing, both preferrei and co eenon, double the number of shares outretirement reserve and Federal taxes, were over 2.2 times the annual interest sharesfrom $100 to 350 each. The rzrult and to reduce the par of the pref.
will
requirements on the divisional bonds held by the public and these first holder two $50 shares for every $100 share be to give each preferred sharemortgage gold bonds. Of the gross earnings, more than 75% was derived shareholder two no par shares in place of now owned and each common
each no par share now held.
from the electric power and light business, and about 25% from toe sale (See V. 125.p. .
of gas.
The dividend rate on the preferred stock will remain
unchanged by the
Franchises -In the opinion of counsel of the total number of electric reduction of the annual rate from the present $6
basis to a $3 basis. See
and gas franchises over 85% are unlimited as to duration; in the 13 largest also V. 125, p. , .
cities, which Include nearly 70% of the population served, all of the electric
Northern Indiana Public Service Co.
franchises and all but tnree of the gas franchises are without limit as to
-Extends System.
duration: of the remaining franchises in the system the great majority run
A letter accompanying the r:oguiar quarterly dividends on
for long periods of time.
stock says: "Tho company is again extending its gas pipe the 7% pref.
line system in
Plants & Properties.
-The total installed generating capacity of the somewhat the same manner that it has developed
properties owned is 230,840 k.w., of which 92,000 k.w, is steam capacity systems. A gas pipe line is being laid from Fortits electric transmission
Wayne to Huntington,
and 138,840 k.w, hydro-electric capacity. In order to meet the steadily a distance of approximately 25 miles. When this line is completed,
about
growing demand for additional power, long-term contracts have been made the first of the year. gas manufactured in the company's large,
for the purchase of power from nearby hydro-electric generating stations at Fort Wayne will be transported through this pipe line tomodern plant
Huntington,
with a total capacity of 45,200 k.w.
where it will be distributed by the Indiana Power Co. to its
customers in
Electricity Is transmitted over a comprehensive interconnected system that
Another pipe line connection is being laid in northern Indiana,
of high-tension lines aggregating more than 800 miles. Distribution is connecting
city.
city of Hobart, southeast of Gary, with the pipe line of the
through 12.700 miles to 168 communities. The transmission lines have Public Service Pipe Line Co. Some time in December the
company will
THE CHRONICLE
OCT. 22 .]
begin furnishing residents of Hobart with gas service which they have not
previously enjoyed.
"Operating revenue for the 12 months period ended June 30 was $11.444.789. This compares with operating revenue of $10,986,678 for the 12
months of ."-V. 125. p. .
-Earnings.
Northern Ohio Power & Light Co.
.
.
.
12 Mos. End. Sept. 30- .
Gross earnings
$12.429,178 $11,913,350 $11,201,245 $9,817,295
Oper. exp., incl. taxes &
7,744,903
8,402,409
8.848,494
8,800,193
maintenance
1,384,771
1,532,961
1.644,579
Fixed charges
1,677,582
Net inc. avail,for divs.
& retire. reserve_ _ _ $1.951,402 $1,420,277 $1,365,875
435,854
461,531
502,835
Preferred dividends_ _
$687,620
429,314
burgh District" in the production of iron and steel. The cities and towns in
the greater part of this territory form practically one continuous community. This concentration of population, coupled with the intense industrial
activity, forms a market which holds unusual possibilities for further expansion in the demand for electric power. While this is a noted steel district, it nevertheless has a great diversity of other large and prosperons
enterprises.
Earnings for 12 Months Ended Aug. 31.
(Pennsylvania-Ohio Power & Light Co. and Subs.]
.
.
$6,727,766 $7,511,134
Gross income
4,096.080
3.796.691
maint., rentals and taxes
Oper. exps.,
$2,931,075 $3,415,054
Net income
1,484,906
Interest charges and other deductions
$1.930,148
Balance available for diva., retirement reserves & surplus
734.660
Annual preferred dividend requirements
Earnings, as shown above, for the 12 months ended Aug. 31 . were
requirement on the total amount of
the annual dividend
-Earnings. over 2t times to be outstanding, including this issue.
Northern Ohio Power Co.
(& Subsidiaries).
preferred stock
.
.
.
12 Months Ended Sept. 30Purpose. Proceeds will reimburse the company for expenditures for addi$12,429,178 $11,913,350 $11,201,245 tions and improvements to its properties, and provkle funds for other add Gross earnings
8,797,047
8.378,085 tions and improvements already contracted for.
()per. exp., incl. taxes& maintenance_ 8,786,036
2,175,224
2,298,048
2.374,639
Fixed charges (see note)
Capitalization Issued and Outstanding (Including This Issue).
4,840 shs.
$647,935 Cumulative preferred stock: 7.2% (par $100)
$818,254
Net avail,for retir't res. &corp. pur $1,268,502
24,473 shs.
do
7% (par $100)
debt discount and expense, and
-Includes interest, amortization of
Note.
11.894 shs.
6.6% (par $100)
do
-V. 125,
dividend on outstanding preferred stocks of subsidiary companies.
75,000 shs.
$6 (no par) (including this issue)
do
p. .
*240,400 shs.
Common stock(no par)
$1,322,000
0
Underlying divisional 507 bonds
-Notes Authorized.
Ohio Bell Co.
19,000,000
The company has been authorized by the Ohio P. U. Commission to issue First & refunding mtge. 5%% gold bonds,
2.700.000
-year 6% gold debentures,
$13,000,000 of demand notes to reimburse the treasury for new construction 15
-V. 125, p. .
* All owned by Penn-Ohio Edison Co.
In .-V. 125. p. 96.
Balance
-V. 125, p. .
$1,448,567
$958.746
Ohio Edison Co.
-Earnings.
$830,021
$258,306
-Earnings.
Philadelphia Co.
.
.
12 Months Ended Aug. .
.
.
12 Mos. End. Seat. 30- .
$61,636,351 $61,242.992
___
_ $1,901,576 $1,766,672 $1,503,059 $1,532,988 Gross earnings
Gross earnings
26,282,849 25.895.743
Net earns. before prov. for retirements
-()per. exp., incl. taxes 6z
1,215.766
1.135,719
926.176 Other indome
'919,221
1,023,269
maintenance
1,076,701
139,874
111,997
82,526
70,587
Fixed charges
$27,418,568 527,111.509
Gross income
-V.125, p. , .
Net inc. avail,for divs.
$466,937
$471,841
,878
& retire. reserve_
$758,288
-Earnings.
Philadelphia Rapid Transit Co.
71,325
76,869
116,590
144,626
Preferred dividends_ _
119,250
-9 Mos.-.
123,000
123,000
123,000
Prov. for retire. reserve_
Period End. Sept. 30- -3 Mos.-.
$13,017,283 $12,893,670 $42,125,372 $39,569,605
Operating revenue
$276;362 Operation and taxes_
9,731,154 31,902,221 29.316.713
$271,973
9.597.819
$421.287
$490.662
Balance
-V. 125, p. .
$3,419,463 $3,162,516 510.223,151 510,252,892
Operating income__
-Liquidation.
579,824
711,454
Oklahoma Natural Gas Co.
304,718
259,565
Non-operating income__
This company, it is stated, will announce plans for the distribution of
Corp. to its stock$3.679,028 $3,467.234 $10,934,605 $10,832.716
Gross income
$12.500,000 6% bonds of the Oklahoma Natural Gas
3,244,232 10.181,134 10,191.744
3,435,502
holders within a short time. The Oklahoma Natural Gas Co. is in liquida- Fixed charges & divs_
tion after having sold its physical properties to the newly formed Oklahoma Pay, to city sink. fund
603,120
720,150
201,040
240.050
/Natural Gas Corp. The bonds were turned over to the old company as
& Frankfort'elevated_
part payment. The old company has certificates of deposit for 572,000
$37.863
$33,322
$21,962
shares of stock outstanding so that about $21.85 par value of bonds will
$3,476
Netincome
-V. 125, p. .
be distributed for each share of stock.
Passenger Statistics.
-9 Months Ended Sept. 30 - -9 Months Ended Sept. 30
-Control Passes from
Oklahoma Natural Gas Corp.
Passenger Passengers Aver.Rate Passenger Passengers Aver.Rate
Phillips Petroleum Co. to Group Affiliated with G. L. Ohrstrom
Carried. per Pass.
Carried. per Pass. Revenue.
Revenue.
Surf.,Sub.evEl.535,128,282 670,097,095 5.24c $36,696,805 691,862,468 5.30c
& Co.
-To Retire Debentures.
2,267,495 24,241,554 9.350
23,922,042 9.18c
See Phillips Petroleum Co. below and American Natural Gas Corp. Motor Bus_ __ 2.197,176
above.
637,325,458 694,019,137 5.38c $38,964,300 716,104,022 5.44e
Total
s. f. gold debentures.
All of the outstanding $6,000,000 6j4% cony.
4,156,574
dated Sept. 1 , have been called for payment Nov. 18 next at 105 Taxi
and int. at the Bankers Trust Co., trustee, 16 Wall St., N.Y. City. These
$41,482,032
Total
debentures are convertible on ot before Nov. 14 into common stock on the -V. 125, p. .
basis of 40 shares of stock for each $1,000 of debentures.
-Initial Dividend.Power Corp. of Canada Ltd.
To Increase Common Stock.
% (75c. per share) was paid Oct. 15
An initial quarterly dividend of
The stockholders will vote shortly on increasing the authorized common
of record Sept. 30.-V. 125. P.
stock from 500,000 shares to 1,000,000 shares, no par value, and on approv- on the 6% non-cum. pref. stock to holders
- , .
per share.
ing the sale of 300,000 shares of the additional stock at $25
V. 125, p. 519.
-Earnings.
Public Service Co. of Northern Illinois.
Period End. Sept. 30- -3 Mos.-. -12 Mos.-.
-Rights.
Pacific Lighting Corporation.
$22,621,505
$6,070,934 $5,242,138 $25,396,971
The common stockholders of record Nov. 1 will be given the right to sub- Gross revenue
scribe on or before Dec. 15 for 102,500 additional shares of common stock Net income after taxes, .939,928
4,695,412
4.879.021
662,695
int. and depreciation_
(no par value) at $50 per share, on the basis of one new share for each 10
shares held (incl. the 9 shares for 1 common stock dividend declared on -V. 125. p. .
that
Aug. 10 to holders of record Nov. 1, but not to be delivered until after
Public Service Co. of Oklahoma.-Acyuires Plants.
date). This is subject to the approval of the California Commissioner of
-V. 125.
See Dierks Lumber & Coal Co. under "Industrials" below.
Corporations. Subscriptions will be payable at the American Trust Co.,
p. . 247.
San Francisco. Calif.
President C. 0. G. Miller, says the corporation has adopted a policy
Public Utilities Consolidated Corp. (Ariz.).-Pref.
of meeting capital needs by further offers of rights to purchase stock at
-W.B. Foshay & Co. are offering the stock of
$50 a share, which may be expected yearly. He also states that the board Stock Offered.
decided to place the new common stock on a $3 annual dividend basis the company as follows: The pref. stock at $100 and div.
has
beginning Feb. 15, next. This will be equivalent to $30 per share on the
-V. per share or in units of 1 share of pref. and 2 shares of class
present $100 par common stock, which is now paying $16 per share.
125, p. .
A common at $150 per unit.
The 7% cum. pref. shares are free from present normal Federal income
-Debentures Ready.
Pecos Valley Power & Light Co.
Pref. shares have a preference over all
per- tax. Dividends paid monthly. earnings. In the event of any voluntary
The Guaranty Trust Co. of New York Is now prepared to deliver
other shares both as to assets and
-year 7% geld debentures, dated July 1 . against the sur- liquidation, dissolution or winding up of this corporation's affairs, the pref.
manent 15
render to it of temporary debentures of this issue now outstanding. (For
stock shall be entitled to $105 per share, and in the case of involuntary
offering, see V. 124, p. .)-V. 125, p. .
liquidation to a preference of $100 per share. In case of liquidation,
whether voluntary or involuntary, all cumulative diva, are preferred, and
Peoples Gas & Fuel Co., Inc.
-Trustee.any distribution shall be made to the
The Chatham Phen ix National Bank & Trust Co. has been appointed all these preferences accrue before of stock. If at any time any portion of
shares
trustee of an issue of $500,000 5
-year gen. mtge. 7% sinking fund gold holders ofon the of any other class in arrears for a period of 12 months,
pref. stock shall be
the diva,
notes, series A, due Oct. 1 . See also V. 125. P. .
pref. stockholders shall then be entitled to vote share and share alike with
stock, and in the case
- the holders of the commonpref, stockholders, eitherof election of directors
Peoples Gas Light & Coke Co.(& Subs.).
-Earnings.
alone or together with
under such conditions, the
Period End. Sept. 30- -3 Mos.-. -12 Mos.-.
shall at that time be entitled
-- $9,308,202 $9,170,872 $39,665,378 $38,260,361 the class A common stockholders, in case they
Gross oper.
B
to vote, shall collectively and independent from the vote of the class of
revenue_Net inc. after chargesfor
common stock be entitled to elect a majority of the board of directors
taxes, int. & prov. for
the corporation. These voting rights of the pref. stockholders shall cease
retirement
5,322,656
1,156,745
5,235,125
1,237,265
when all arrears in divs, on all of the pref. shares shall have been paid.
Shares of capital stock
div. date upon 30 days' notice
outstanding (par $100)
423 500 This stock is callable, all or part, upon any Peoples Trust & Savings Bank,
465.850
465,850
423,500
at $105 per share and dive. Transfer agent,
$2.73
$2.65
$12.56
$11.23
Earns, per sh. on cap.stk.
Registrar, Minneapolis Trust Co.,Minneapolis,Minn.
Minneapolis, Minn.
-V. 125. P. .
-Recently organized, is acquiring public utility properties
Corporation.
it in the States
Pennsylvania-Ohio Power & Light Co.-Pref. Stock to be owned and operated byequity holdingsof Arizona,Idaho and Montana,
in the Public Utilities Consoliand is acquiring the entire
Offered.-Bonbright & Co., Inc., Eastman, Dillon & Co., dated Corp. (Del.). which owns or will acquire operating subsidiaries in
Kansas, Arizona, California and Idaho and serving
W. C. Langley & Co. and Harper & Turner are offering at the States of Vermont,
retail in Mexico and wholesale in Canada. These combined owned and
$99 per share and div. 35,000 shares $6 cumulative preferred subsidiaries' constituent properties serve electricity, gas, water and ice to
a population of approximately 78,800. Customers served are over 14,000
stock (no par value).
in number, of which over 8,900 are electric.
-F. Preferred as to dividends and assets over the
Dividends payable Q.
Purpose.
-Entire proceeds from the sale of the shares of pref. stock will
common stock. Red. all or part on any div. date upon 30 days' notice at be used in the acquisition of the properties now being acquired and In the
$110 a share and diva. Transfer agents, Bankers Trust Co., New York, acquisition of 200,000 shares of class B, 4,500 shares of class A and 3,250
and Mahoning National Bank, Youngstown, Ohio. Registrars, New York shares of 7% pref. stock of the Public Utilities Consolidated Corp. of Del.
Trust Co., New York, and Mahoning Savings & Trust Co., Youngstown.
-The consolidated net earnings on the basis of present operaEarnings.
Ohio. Under present Federal income tax law (Revenue Act of ). tions will provide $120,613 available for pref. stock diva, before retirement
dive. on this stock when held by an individual are exempt from the normal reserves and Federal taxes. This is equal to 3.13 times dIv. requirements
tax and are entirely exempt from all Federal Income taxes when the net of 538,500.
income, after all deductions, is $10,000 or less. Dividends received by
-The control and management of the corporation is diManagement.
corporations are entirely exempt from all Federal income taxes. Exempt rected by the W. B. Foshay Co. (see also V. 125. P. )&#;
from present Ohio taxes other than inheritance taxes.
-Merger.
River Bend Gas & Water Co.
--Authorized by the Ohio P. U. Commission.
Issuance.
See Southern California Gas Co. below.
Data from Letter of H. A. Clarke, Vice President of the Company.
-Merger.
San Angelo (Tex.) Water, Light & Power Co.
Business.-Owns or leases properties supplying electricity for power and
-V. 123. p. 326.
See West Texas Utilities Co. below.
light to the district in and about Youngstown. Ohio. and to the Penn-Ohio
Edison Co.'s system in Pennsylvania and Ohio. Company also controls
-Bonds Called.
Sodus Gas & Electric Light Co.
certain transportation properties.
All of the outstanding 6% 1st mtge. gold bonds dated in have been
The territory directly served by this company covers an area of about
Nov. 1 at 105 and int. (not 110 and int. As previously
760 square miles in Ohio, midway between Pittsburgh and Cleveland, in- called for payment
-V. 125, p..
the Gaylord State Bank, Sodus, N. Y.
cluding the "Youngstown District," which now ranks next to the "Pitts- reported), at
THE CHRONICLE
Southern California Edison Co.-Pref. Stock Offered.'. H. Rollins & Sons, Lee, Higginson & Co., and Parkinson
F Burr are offering at $24 flat, to yield 5.73%, $2,000,000
:14% 011Ill. pref. stock, series C.
Preferred
[VOL. 125.
Upon completion of present financing, the annual
company will be $1,274,540. This balance availablebond interest of the
two calendar years was more than 3.7 times such bond in each of tne past
interest, and in the
12 months ended June 30 was 4.6 times such
interest.
Capitalization Outstanding upon Completion of Present Financing.
as to assets and dividends over the
First mortgage & refunding
$8,646,000
rayable Q.
-J. Entitled to $25 per share and divs. common stock. Divs. First mortgage 6s (hie trs, due (this issue)
4,354,000
t on. Red., all or part, at $28.75 per share plusin the event of liquida- First and refunding series B 5s.due
any diva. Has equal
6,200,000
voting powers, share for share, with all other stocks
First and refunding series C 6s, due
4.000.000
f hares are transferable at the office of the company, of the company. Preferred stock 6% cumulative
Los Angeles, or at
(par $25)
a4.556,850
Pankers Trust Co., New York. U. S. Mtge. & Trust Co.,
New York Common stock, 320,000 shares at $25 par value
8,000,000
and Los Angeles
-First National Trust & Savings Bank, Los Angeles, Paid in premium on common stock
8,000.000
r -gistrars.
a Includes (as of Oct. 1 ) ,525 subscribed
by customers and
Company.
-incorporated in California. Owns and operates one of the employees on partial payment plan.
-V. 125, p. , .
most comprehensive systems in the world for the generation, transmission,
and distribution of electricity for power and light purposes.
Southern Cities Utilities Co.
-Guaranty.
and its predecessor companies have served the electric needs Company,
See Southern Cities Utilities Corp. below.
of
-V. 125, p. .
and southern California for 30 years. The territory served, which central
includes
Los Angeles and 360 cities and towns in ten large counties of
Southern Cities Utilities Corp.
central and
-Notes Offered.southern California, has an area of about 55,000 square miles. The
Hambleton & Co. and Ames, Emerich & Co., Inc., are
population is increasing steadily and at a rapid rate and is now
at over 2,750,000. In this field over 370,000 consumers areestimated offering $2,000,000 1st lien coll. trust 1-year
supplied
5% gold notes
directly and 300,000 indirectly with electric light and power service.
at 993 , to yield over U4%. Guaranteed unconditionally
4
The properties of the company include 24 generating stations
present installed capacity of 816,100 h.p., of which 465.700 h.p. is with a as to principal and interest by endorsement
hydroby Southern
electric and 350.400 h.p. Is steam. It is one of the greatest generating
companies in the world. Company controls large additional undeveloped C;ties Utilities Co.
Dated Nov. 1 ; due Nov. . Int. payable M. & N. Denom.
water powers which, with the necessary steam plant reserves, will produce
$1,000 and 810.000. non-registerable. Red. as a whole on or
a total estimated at 2,250.000 h.p. From these plants power is sent
after May 1
over
1.900 miles of high-tension transmission lines to the distributing system on 30 days notice at 100% and int. Principal and int. payable at
which carries the current directly to the consumer through 250 sub-stations ptincipal office of Baltimore Trust Co., trustee, or at Central Union
Trust Co. New York, without deduction for normal Federal
and 9.500 miles of dislributing lines.
income tax
not in excess of 2%.
The present connected load is 1.581.751 h.p.,
Data from Letter of President Walter Whetstone, Oct.
is for lighting purposes, 391.876 h.p. for industrial of which, 383,195 ItP&#;
purposes, 123,247 h.p.
18.
for agricultural purposes, 321,273 h.p. for municipal power
Corporation.
-Incorporated in Maryland,
for resale
purposes, 134.886 h.p for transportation purposes and 119,274 h.p. for to the issue of these notes or simultaneously and has acquired or prior
with such issue will acquire.
cooking and heating purposes. The connected load increased
184,113 through stock ownership, control of the following operating susbidiaries
h.p. In the last 12 months, or over 13%. The output
for the 12 months (except that the interest of the corporation in Public Light & l'ower Co.
nded Aug. 31 was over 2,379,000,000 k.w.h.
and Tennessee Water Co. will be represented by ownership of bonds
pledged under the indenture:
Capitalization as of Aug. .
Totalfunded debt
(a) Manila Gas Co.,
a$135,059,700 debt and over 99)4% of incorporated in Maryland, owns the entire funded
Original preferred stock (paying 8%,closed issue)
the entire capital stock of Manila Gas Corp., which
4,000,000 furnishes artificial
Cumulative preferred stock series A,7%
25,551,300 Philippine Islands gas without competition in the City of Manila In the
5,551,300
do
and to Pasay, its adjacent suburb. Properties of
Series B,
47,175.350 Manila Gas Corp. Include: A modern
do
coal gas and water gas plant with a
SerIesC.5%
b1,175,400 capacity
Common stock (paving 8%)
48,551.047 of mainsof about 1,750,000 cu. ft. per day; an extensive distribution system
There is in addition ,600 series A pref.; $2,799.475
and services,
:
series B;$345,425 coating and wrapping; well installed and protected against corrosion by
series C, and $2,786.675 common stock sold on partial payments.
approximately 187 acres of land well located on
waterways and numerous buildings and structures of concrete construction.
a After giving effect to the recent issuance of $30.000.000
mtge. 5% bonds and the redemption of $26.500,000 refunding refunding
(b) Salem Gas Light Co., incorporated in New Jersey, furnishes artifice'
mtge. 6% gas to Salem, N. J. Population
bonds. b This outstanding series C stock is part of
estimated 8.000. Company manufactures
$10,000,000 whose coal gas in
Issuance and sale were recently authorized by the California
a plant
capacity was recently increased to 180.000 Cu. ft.
Railroad a day. There are whose gas
Commission and which is now being sold to the public.
three
holders with a capacity of 96,000 cu. ft. and
service is furnished through about 14 miles of mains. Coke and tar are
Earnings
-12 Months Ended Aug. 31.
sold as by-products of the plant.
(c) Public Light & Power Co., which is to be controlled by Southern
.
.
Gross earnings
$26,654.530 $30,041,320 Cities Utilties Corp., furnishes electric light and power in South Central
Operating expenses, maintenance and taxes
9.195,691 10,011,501 Tennessee. Electric properties include Shelbyville. Mullin Mills and
Loop hydro-electric station; site of Estill Springs
Net earnings avail. for int., deprec., divs., &c_
transmission lines; distribution systems in 24 townsstation; 223 miles of
in southeastern TenAnnual interest charge on ,059,700 bonds _$17,458,839 $20,029,819 nessee and northern
6.855.770
Alabama. Water distribution system at Winchester.
Tenn., is also Public Light & Power property.
Balance
(d) Tennessee Water Co., which is to be controlled by Southern Cities
$13,174,049
Ann. div. requirements on prof. stock (including this offering) 5,113,759 Utilities Corp., serves
without competition a population in excess of
11,000, In the towns of Shelbyville and Cowan in Tennessee and South
Balance for depreciation and common stock dividends
$8,060,290 Pittsburgh, Ala., through
The balance available for pref. dividends is over 2.57 times the require- plants are up-to-date, and a system of more than 20 miles of main. The
have a combined capacity of more than 800,000
ments on all pref. stock now outstanding.
-V. 125, p. .
gallons of filtered water per day.
(e) Carolina Coach Co., incorporated in North Carolina, furnishes
Southern California Gas Co.
-Bonds Sold.
-Chase interurban transportation in the east central section of North Carolina,
Securities Corp., Stone & Webster and Blodget, Inc., the territory served having a population estimated at 200,000. Company
was formed by consolidating a number of individual bus lines into a single,
Pynchon & Co., Hunter, Dulin & Co., Peirce, Fair & Co. well-organized system.
Southern Cities Utilities Co..
and Blyth, Witter & Co. h,ve
Ir , at 99 and int., $S; Is incorporated in Delaware,and the corporation guaranteeing these notes.
through its operating subsidiaries
646,000 1st mtge. & ref. gold bonds 5% series, due .
electric light and power, water, ice and transportation servicefurnishes
to
Dated Sept. ; due Sept. 1 . Principal and interest (M. &
communities in West Virginia, Tennessee, Alabama and Maryland. over
payable at Chase National Bank of New York; interest also payable S.) 50About 800 of the net earnings of
the two companies is derived from
at
Union Bank & Trust Co., Los Angeles. Denom. c* $1.000 and
electric light and power and gas.
r* $1,000, $5,000, $10,000 and 825,000 or a multiple of $25,000. MOO. and
Security.
-Secured by a first lien on the collateral pledged. This colRedeemable prior to maturity as a whole at any time, or in part on any
lateral will consist of more than 82% of
interest
on 30 days' notice at par and interest plus a pgemium commencing date Public Light & Power Co., and more than all the outstanding bonds of the
with
99°z, of all the outstanding bonds
5% and decreasing 1% of princiral amount on Sept. 1 and
each sixth of the Tennessee Water Co. and its subsidiaries, which bonds constitute
anniversary thereof, except that during last year premium shall
funded
Interest payable without deduction for normal Federal income tax be ;1%. all of the on theirdebt of said two companies and are secured by first
mortgages
res-ective physical
up
Exempt from personal property taxes in Calif. Penn. and Conn. to 2% include all of the outstanding capital properties. The collateral will also
stock of the Salem Gas Light Co.
4 mills
and Maryland 4% mills taxes, and Mass. 6% income tax on
and of the Carolina Coach Co. These companies have no funded debt.
fundable. Chase National Bank of the City of New York interest, re- There will also be pledged all of the
and Union
capital stock of the Manila Gas Co.
Bank & Trust Co. of Los Angeles, trustees.
which owns more than 993-4% of the capital stock and all of the 1st mtge.
Issuance.
-Approved by California Railroad Commission.
bonds of the Manila Gas Corp., subject only to the issue of 1st lien coll.
Legal Investment.
-All the bonds of company thus far issued have been trust 10
-year
% gold bonds, of which $2,250,000 are to be presently
certified as legal investments for California savings banks, and application outstanding.
has been made to have these bonds so certified.
Earnings.
-Consolidated earnings for the year ended April 30
Data from Letter of A. B. Macbeth,Executive Vice-President.
from the properties, the securities of which will be pledged as above as
security for these notes, as certified to by independent auditors, wore
Company.
-Organized in 1e10 in California. Will acquire in
with the present financing the properties of Midway Gas Co. connection (after conversion into U. S. currency on the basis of 2 pesos for 1 U. S.
(including
Valley Natural Gas Co.), Central Counties Gas Co., River Bend Gas & gold dollar in the case of earnings of the Manila Gas Corp. and after giving
Water Co. and Hanford Gas & Power Co. The combining companies sup- effect to proportionate earnings from Public Light & Power Co. and Tenply manufactured and natural gas direct to domestic consumers, industrial nessee Water Co.) as follows:
organizations and public utility companies, and serve directly more than Total gross earnings--- - - - -------$1,616,016
90 cities, towns and communities, including the cities of Los Angeles (in Expenses (including maintenance and localCaxesS
1.067,285
part). Burbank, Beverly Hills, Compton, San Bernardino, Redlands,
Net income before depreciation and Federal income taxes_
Riverside and Glendale. The combining companies serve all of their terriInterest on total funded debt outstanding in hands of public_ _ $548,731
tory without competition, except a portion of the city of Los Angeles. The
_
123,750
estimated total population of all the cities, towns and communities in
which the combining companies operate is about 2,250,000. There are
$424,981
Annual interest charges (this issue)
more than 199,000 consumer meters installed.
Net income, as shown above, was over 2.46 times total interest 100.000
Properties.
-The system consists of five oil gas manufacturing plants
charges
having a combined capacity of 34,360,000 cu. ft. daily. It has 11 gas on all funded debt outstanding in the hands of the public including the
interest charges on these notes.
holder stations with a combined storage capacity of 27,930,000 cu. ft., and
3,333 miles of transmission and distribution mains.
To Retire Notes.
Natural gas distributed by the combining companies is obtained from
All of the
months
independent producers operating in 14 fields in three widely separated 15 . willoutstanding 6on Nov.secured promissory gold notes, due Dec.
be
1, next at par, less Interest at the rate of
sections in southern California, for which purpose the combining companies 5% per annum redeemed 1 to Dec.
from Nov.
15. Payment will be made at the
own and operate an additional 453 miles of transmission mains 95 miles Baltimore Trust Co.. Baltimore,
Md.-V. 125, p. 248.
of field collecting lines, 12 compressor stalims and other properties.
Securitg.-These bonds will be secured (upon completion of this financing)
Southern Indiana Gas & Electric Co.
-Earnings.
by a direct first mortgage lien on the properties being acquired from Midway
12 Mos. End.
.
Gas Co., Central Countis Gas Co., River Bend Gas & Water Co.,and Han- Gross earnings Sept. 30-- .
.
.
ford Gas & Power Co., and by a direct mortgage on the remainder of the Oper. exp., incl. taxes & 83,022,069 $2,836.706 82,636,433 82,
fixed properties of Southern California Gas Co. subject only to the liens
maintenance
1,746,022
1,660,576
1.656.311
1.600,985
of the mortgage indentures securing the underlying bonds above men- Fixed charges
357,481
399,910
413,142
438.910
tioned. An additional $6,747,000 principal amount of underlying bonds
are being issued and will be pledged as further security under the mortgage
Net Inc. avail, for diva.
Indenture securing the present issue. Refunding of underlying bonds is
& retire. reserve_ -- .567
,219
$622,307
$541,191
provided for by the mortgage indenture securing the present issue. The Preferred dividends_ _
338.080
296,923
251,292
209,971
mortgage indenture will permit the issuance of additional bonds in series Prov. for retire' reserve_
221,682
212,083
207,000
205,250
on the basis of 7.5% of the net amount of additional property and for refunding purposes.
Balance
,805
,213
$164,015
.970
In a report made by Stone & Webster. Inc., it is estimated that the cost -V. 125. p. .
to reproduce the combined properties new less depreciation, which method
Southwestern Gas & Electric Co:-Accuires Plants.
of determining value follows recent decisions of the Supreme Court of the
see Dierks Lumber & Coal Co. under "Industrials"
United States, is approximately 860,000,000, of which about $16,000,000
below.
-V.
represents the properties being acquired and subjected to the direct first p. 916, 248.
mortgage lien securing the bonds now offered.
Standard Gas & Electric Co.
-Acquires Wisconsin Valley
Income of the Combining Companies.
-See that company below.
12 Mos.End -Calendar Years
- Electric Co.
-V. 125, p. .
June 30 '27.
.
.
Tracy (Calif.) Gas Co.
Operating revenues
-Bonds Offered.
$15.636.061 814.597,650 $15,117,531
--Bradford, KimOper. exp.& all taxes (excl. Fed. tax.) 9.809,674
9,928.958 10.361,490 ball & Co., San Francisco, are offering
at 99 and interest
Net from operations
$5,82
6,387 $4,668,692 $4,756.041 $100,000 first mortgage 6% sinking fund
gold bonds.
Other income
63.172
98,273
77.753
Dated July ; due July . Callable, all or part, on any
Balance available for bond interest.
date upon 30 days' notice at 105 and interest. Denom.$1,000 and interest
deprec'n. Federal taxes, &c
$5,889,559 84,746,445 $4,854,314 Company agrees to pay interest without deduction for any normal$500 O.
Federal
OCT. 22 .]
THE CHRONICLE
be Issued
such property hereafter acquired against which any bonds may
income tax up to 2%. Principal and interest (J. & J.), payable at American under the mortgage. The value of the fixed property of the company upon
Trust Co., San Francisco, Calif., trustee. Exempt from personal property completion of present financing, as recently determined by independent
tax in California.
engineers, is largely in excess of the first mortgage bonds to be
Company.-11as been incorporated for the purpose of constructing and examining
gas presently outstanding.
operating a plant and pipe lines for the manufacture and distribution of has ' Maintenance and Renewalrunr-Company covenants that so long as any
calento consumers in the city of Tracy, Calif., and its environs. This town
bonds are outstanding under the mortgage it will expend during each
an estimated population at the present time in excess of 5.000. and per- dar year, unless credited with excess expenditures during previous years, an
-Secured by a first mortgage deed of trust on all real
Security.'
shall be not less than 10 per annum of the gross
plus value amount which for 5 years
of the physical propsonal property now or hereafter owned. The value of the systemoffering.
earnings derived during such year from the operation of extensions and the
ofland will amount to approxi.nately 150% of the amount of this
which this mortgage is a lien for the making
-The authorized balance, viz., $203.000, may erty upon of additional property, the making of repairs, rene;vals and reSubsequently Issued Bonds.
purclaase
be issued from time to time, provided net earnings for the preceding 12 placements, or for the redemption or purchase and cancellation of bonds
months are equal to twice the bond interest charges maturing within 12 secured by the mortgage. In order that the above percentage may be reaand further provided that the par value of bonds hareaft,r sonaoly sufficient, the mortgage provides for its redetermination at 5-year
months thereafter
Issued shall not exceed 60% of the amount horeafter expended by the com- intervals. No additional let mtge. gold bonds may be issued on account of
pany for additions and betterments to its plant and distributing system.
made in compliance with this provision of the mortgage.
--A careful survey made in connection with the records of the any expenditures earnings and expenses of the company, as it will be conEarnings.
-The
Earnings.
Railroad Commission of comparable cities in the San Joaquin Valley and stituted upon completion of the present financing, were certified by indebased on 1,000 gas connections, shows a net revenue sufficient to pay inter- pendent auditors to be as follows:
.
.
est charges on this issue in excess of three times.
12 Months Ended Aug. 31Authorized. Issued.
$3,704.249 $4.970,194
CapitalizationGross earnings, including other income
2,945,012
2.348,036
$303.030 $100,000 Operating expenses, maintenance and taxes
First mortgage bonds (this issue)
75,000
100,000
Capital stock-common
$1.356,213 $2,025,182
--Indenture provides that annual sinldng fund payments
binking Fund.
Net earnings before depreciation
amounting to 3 4 ck tile par value of all outstanding bonds, and in no event Annual int. on the 1st mtge.gold bonds to be outstanding re mires ,000
will be made by the company to the trustee commencing
less than $3,000
In the 12 months ennea Aug.31 ieXi $1,101,165 of the above net earnings
May 15 , anu continuing on .vlay 15 of each year thereafter to and was derived from the sale of electric lignt and power.
is one
incluning ivlay 15 , said sinking fund to be used by the trustee in the
Property and Territory Serred.-The territory served by the company not
Electric light is furnished
purchase or redemption of the bonus of this issue prior to their maturity.
of varied natural resources and industries. illumination in the communities
purposDS but also for street
only for domestic
-Earnings.
Tennessee Electric Power Co.
d in the oil fieldsfor drilling, pumping and reserved, while power is sun
company's
12 Months Ended Sept. 30fining. uther industries which deoend wholly or in part on the
811,929,259 $10,959,238 electric output to furnisn the motive power for their operations are: Gravel.
812,406,318
Gross earnings
6,458,695 6,985,748 sand and crushed rock mines, brLic and tii3 kilns, gypsum plaster products
Oper. exp., incl. taxes & maintenance 6,671.525
2,186,271 flints. newspapers and cotton gins, oil mills and co npresses. As a large
2,232,434
2,255.782
Fixed charges (see note)
880,239 part of the district is given over to a iriculture and stock ra'si nr. many
1,043,072
.54
Dividends on 1st preferred stock__ _
889.542 farms and ranches have installed ele'Inc ligats and are supplanting with
915,245
943,269
Provision for retirement reserve
in
electric driven machinery the less ifficleat apparatus previously used
$917,439 conducting the world's oldest industry. The handli is and milling of grain
$1,344,21.8 $1,270,903
Balance
Note.
-Includes dividends on Nashville By. & Light Co. pref. stock Is expedited also by the use of electric light and power.
-V.125, p. .
ot owned by Tennessee Electric Power Co.
'rue physical property of the ompany includes electric generating stations
24
having a ...a.,a,aty of over 20,003 k.w.. 1.538 miles of transmi.sian Imes, 37
with
tons, 2
-Merger.
Troy Gas Co.
Ice plants with a total daily capacity of 726 Most of eater plants
the company's prop-V.125, p. .
See New York Power & Light Corp. above.
miles oi mains, and 97 miles of gas mains.
have been maintained in exceperties are of
- tionally goodmodern construction and all
condition. lh and approximately 800 miles of
Underground Electric Ry. Co. of London, Ltd.
San Angelo
transmission lines and the generating station and ice plant atbut recently
Readjustment Plan Approved.
were placed in operation, while the Santa Anna ice plant has
Speyer & Co. are advised that the readjustment plan, whereby holders been completed.
of 6% income bonds of the above company are to be given the option to
-Company is controlled through Central & Southwest
Management.
convert their bonds into fully paid £1 sterling ordinary shares of the com- Utilities Co. by the Middle West Utilities Co.
-V. 125, p. .
held
pany, was ratified at a meeting of the shareholders of the company time
be converted at any
recently. The plan provides that the bonds may
-Earnings.
West Virginia Water Service Co.
prior to July 1 at the rate of one fully paid £1 ordinary share for every
The company, a subsidiary of Federal Water Service Corp., reports a
£1 is. of bonds. Income bonds may be deposited in New York either at net income of $320,779 after expenses and charges but before Federal taxes.
of the
the office of Speyer & Co. or the New York Trust Co. for the exercise
for the 12 months ended on Aug. 31 . against $298,110 for the calendar
conversion privilege. See V. 125, p. 387, .-V. 125, p. .
year .-V. 125. p. .
-Output Increases.
Union d'Electricite, Paris.
During the second quarter of electricity generated in the plants of
this company amounted to 179,308,000 k.w.h. This Is an increase of
7,229,000 k.w.h. over the corresponding quarter for .-V. 125,P. .
-Reorganization.
United Railways of St. Louis.
The holders of subscription receipts for common stock of St. Louis Public
to
-Wage Increase.
Western Union Telegraph Co.
A contract was signed on Oct.18 providing for increases in wages totaling
beginning
$1,500,000 to be distributed among about 15,000 employees
Jan. .-V. 125. p. .
-Earnings.
Wisconsin Public Service Corp.
.
.
12 Mmths Ended July 31Service Co. are notified by the reorganization committee that pursuant
$4,597.777 14.280.042
2.520.534
the terms of subscriptions to the new common stock, a final installment of Gross earnings maint.& taxes, before deprec
2.686.483
$4 per share for each share of new common stock heretofore subscribed for Operating exp.,
Is due and payable in St. Louis or New York funds on or before Nov..
$1,911,294 $1,759,508
Net earnings
Holders of subscription receipts issued by First National Bank in St.
Louis or Mercantile Trust Co., St. Louis, Mo., should make payment of -V. 124. p. .
on or
-John
said final installment at the office of the respective trust companies
-New Control.
Wisconsin Valley Electric Co.
before Nov. 8 , and all remittances should be accomplished by subscription receipts so that the proper notation of payment can be made J. O'Brien, President of H. M. Byllesby & Co., announces
thereon.
acquirement for the Standard Gas & Electric Co. system
Failure to make payment of the final installment on or before Nov. 8 the
Co. and
, will forfeit all rights in respect ofthe prior installments heretofore paid. of the properties of the Wisconsin Valley Electric
Transfer books for subscription receipts will be closed from Nov. 4 to subsidiaries, with headquarters at Wausau, Wis.
River
Nov. 14 .-V. 125, P. .
The territory served comprises the entire valley of the Wisconsin
distance of
from Stevens Point on the south to Rhinelander on the north, ato 50 miles
-Organized.
Utilities Capital Co., Inc.
territory from 30
of financing, about 120 miles, and includes most of the
States
The above company has been formed for the purpose
east of the river. It lies between the territories served by Northern
operating and managing public utility properties, handling consolidations Power Co. on the west and Wisconsin Public Service Corp. on the east.
and reorganizations, making surveys, investigations, examinations, valua- both of which companies are part of the Standard Gas & Electric Co.
tions, improving operating ratios and for advising on interconnections, rate
and its properties are strategically located for inter-connection
situations, budgeting methods, new business opportunities and various system,
with properties of the two other companies.
other problems encountered in public utility operations.
A total of 25 cities and towns, with combined population of 90,000, are
J. J. Cagnoy has been appointed President, with offices at 80 Wall St., variously supplied with electric, gas and street railway services, the prinNew York, N. Y.
cipil communities being Wausau,Stevens Point, Antigo, Morrill and Rhinewere 81.
lander. Gross earnings for the 12 months ended May 31 . $761,283.
-Merger.
Valley Natural Gas Co.
573,253. and net earnings, before provision for retirements, were combined
-V. 125. P. 248.
See Southern Cilifornia Gas Co. above.
The company operates hydro-electric and steam stations with -change
and inter
Inter-connect
-Holders of 1st Mtge. 5% venerating capacities of 23,946 h.p. companies alsoion in effect. The
Warren Light & Power Co.
are
power contracts with non-affiliated
Given Exchange Offer.
owns important undeveloped hydro-electric sites. There are
Bonds
company
507 miles of distributing lines, and a
The holders of 1st mtgo. 5% bonds, due Jan . 15 who were recently 268 macs of transmission lines and
served. Gas is manufactured and
offered the privilege of exchanging their bonds for $6.50 dividend series total of 22,501 electric customers are
Stevens Point, and the company operates a
preferred stock of Associated Gas & Electric Co., on the basis of 10 shares dis ributPd in the City of
with suburban extensions thrrnigh Schofield and
of pref. stock for each $1,000 bond, and who still desire to take advanta e stre^t railway in Wausau in the town of Morrill.
-V.123. p. 326.
of this offer, should forward their bonds by registered mall to the Associated Rothshild, and a bus line
company, Room ,61 Broadway, N. Y. City, prior to Nov. 14 , as
-Proposed Sale.
Water & Power Co., Calif.
.
Yolo
-V. 122, p.
the offer will be withdrawn on hat date.
Commission has authorized the Clear Lake Water Co.
-Halsey, toThe California RR. stock and $350.000 bonds, the proceeds to be used
-Bonds Offered.
West Texas Utilities Co.
capital
issue $750.000
-V. 121. p. .
Leach & Co., Inc., and Howe, to acquire the properties of the Yolo company.
Stuart & Co., Inc., A. B.
Snow & Co., Inc. are offering at 972 and int., yielding
over 5.15%, $12,560,000 1st mtge. 5% gold bonds, series A.
Dated Oct. 1 : due Oct. 1 . Red. WI or part upon 30 days'
notice at following prices and in;to Oct. 1 at 105; on and from Oct. 1
to Oct. 1 at 103; on and from Oct. 1 to Oct. 1 at ;
on and from Oct. 1 to Oct. 1 at 102; on and from Oct. to
Oct. 1 at 101;on and from Oct. 1 to Oct. 1 at MOM;on Oct. 1
and thereafter to maturity at 100. Int. will be payable A. & O. in
Chicago and New York without deduction for the normal Federal income
tax now or hereafter deductible at the source not in excess of 2%. Company will agree to reimburse the holders of Series A bonds,if requested within 60 days after payment,for the Penn. and Conn. 4 mills taxes and for the
Mass. income tax on the interest of the bonds not exceeding 6% of such
interest per annum. Donom. $1,000. $500 and $100 cc.
Data from Letter of Pres. G. W.Fry, Abilene, Texas, Oct. 18.
-Upon completion of present financing, will supply with one
Company.
Texas,
or more essential public services 97 communities in central westVernon,
Including the progressive cities and towns of Abilene, San Angelo,
Cisco and Childress. Electricity will be supplied in 96 cities and towns,
company's revenue
ice in 33 and water and gas in 2, the major source of the The combined popbeing derived from the sale of electric power and light.
ulation of the communities to be served is approximately 192,000, while
the entire territory has a population of about 500,000.
[Properties being consolidated with West Texas Utilities Co. are West
Texas Ice Co., Abilene Ice Co., Cisco Ice Co., San Angelo Water, Light &
Power Co.. Quahnah Light & Ice Co., and a number of electric and ice
properties heretofore operated by the Central Power & Light Co.1
Authorized. Outstanding.
Capitalization125,000 shs. y101,360 shs.
Preferred stock
175,000 shs. 162,175 shs.
Common stock
$12,500,000
x
First mtge. 5% gold bonds, series A
of additional bonds limited by the restrictions of the mortx Issuance
gage. y$6 cumulative.
-Proceeds will be applied toward the acquisition of additional
Purpose.
properties, completion of extensions and improvements and other corporate
purposes.
Securily.-Bonds will be secured by a first mortgage on all of the fixed
properties, rights and franchises of the company now owned, and on all
INDUSTRIAL AND MISCELLANEOUS.
per lb. and
Refined Sugar Prices.---On Oct. 14 National quoted 5.80c.
Federal 5.80&#;16c. per lb.
under orders from
--About 4,000 walk out
Colorado Coal finers Strike.
"Times,"
I.W.W., demanding Jacksonville wage scale. New York
Oct. 19, p. 4.
-300 employees of A. C.LawLeather Workers in Peabody, Mass., Strike.
rence & Co. strike for restoration of wage scale and recognition of union.
New York "Times." Oct. 21, p. 38.
--Two unions, the Window Glass Cutters
Window Glass Workers Return.
Glass Cutters
Flatteners Association of America, Inc., and the Window One plant, the
League of America, have signed 1-year wage agreements.
Clarksburg, W. Va., remains shut down. "Wall
Roll and Glass Co. of
Street News," Oct. 20 (slips).
-Hour
1,000 Employees of 34 Macaroni Factories in New York Strike for 48
"Times,"
Week and Recognition of Recently Formed Union. New York
Oct. 20. p. 50.
e at
Aluminum Co. of America Reduces Prices 1 Cent per Lb.-Effectiv
"Wall
once on all standard grades of ingot and alloys except No. 112 alloy.
News," Oct. 21 (slips).
Street
Reduce Prices.
Pittsburgh Plate Glass and Standard Plate Glass Companiesgreatest amount
cut the
Affects all grades anu sizes. Large sizes were Oct. 21
(slims)&#;
the least. "Wall Street News,"
and small sizes
lotations
Matters Covered in "Chronicle" Oct. 15.-(a) New capital p. .
with September,
during September and for the 9 mos. ending Exchange in annual report
of New York Rubber
(b) President Henderson
were traded
announces that contracts valued at more than $150 000
Alexander Smith & Sons
in during the year, p. . (c) Bug auction of American Woolen Co.
April, p. . (d)
yield below record figures of
(e) Reports of proceedings
opens spring line of women's wear. p. . convention, p. to
at Investment Bankers' Association of America
-Acquisition.
Reduction Co., Inc.
Air
Gas Co.
The company has acquired the New England Compressed company,
At a special meeting of the stockholders of the New England
to liquidate the company and the officers and directors were
it was voted
authorized to take necessary steps to distribute the proceeds of the liquida-
THE CHRONICLE
don. The preferred stock will be paid
with the quarterly dividend due Nov. off at once, in cash at par together
1. Distrib
holders of the New England company will be made utions to common shareas liquidation progresses.
-V. 125, p. .
Allied International Investing Corp.
-Initial Dividend.
The directors have declared an initial
dividend of 13 per share on the
participating preference stock, payable
Nov. 1 to holders of record Oct. 25.
-V. 124, p. , .
Allison Drug Stores Corp.
[VOL. 125.
Anglo
-Chilean Consolidated Nitrate Corp.-Bal. Sheet.
foe . Dec.31'26.
J'ne 30'27. Dec.31'28.
Assets$
$
Liabilllies$
Fixed assets
$
x35,654,033 31,857,260 Common stock_ _ _y1,756,
750 1,756,750
Liz. under GuggenAccounts payable.. 725,366
544,732
Nit. Proc. Pats. 550,000
550,000 L'ns & accept. pay 8,675,000 3,750,000
Cash
843,875
466,455 Unpaid sight &
Nitrate & iodine on
letter of cr. drafts 1,212,941 1,158,621
hand & In transit 1,819,893
826,061 Accrued interest- 192,500
192,500
Nitrate in process_ 159,717
183,303
Matis & supplies. 1,903,030 3,116,521 Res.for empl. liab.,
renew.& launch's 56,209
15,538
Accts. receivable 701,790
297,544 1st mtge. 7% deb.
1st mtge. deb. stk.
stock
17,518,500 17,518,500
In treasury
143,220
143,220 20-yr. 7%s.f. deb.
Investment in sub.
bonds
16,500,000 16,500,000
& allied cos._ _ _
52,481
34,411
Deferred charges._ 1,364,330 1,708,181
Organ. & invest'n
expense
134,284
Deficit
3,445,098 2,119,401 Total (each side)_ _46,637,
266 41,436,640
Note.
-The corporation is liable for the return of
U. S. Liberty bonds and
miscellaneous securities borrowed and
deposited as collateral for loans
amounting to 14,625,000.
x After deducting $1,250,847 reserve
for depreciation. y Represented
by 1,756.750 shares of no par value.
-V. 125. p. .
-Listing.
The Detroit Stock Exchan
class A convertible stock (no ge has approved the listing of 70,000 shares
par value).
Corporation owns 100%
the stock of Allison Drug Stores, Inc., which
has contracted to purchaseof group
a
of 16 retail drug stores in N. Y. City.
Three of these stores are located
in the Grand Central Times Square zone
and others on corners of
drug chain in New York Broadway and upper Sixth Ave. Only one other
will have a larger number of stores than will be
controlled by Allison Drug Stores Corp.
The stores in this system will be
operated as high grade prescription
ing to the better class of trade. A and merchandising drug stores, caterconservative policy of expansion will
be followed. The opportu
judged from the fact thatnity for growth in New York City alone may be
there are now
the Greater City, of which only about 2%about 4,600 retail drug stores in
are in chain systems. Company
will own leaseholds on real estate in
the Grand
Broadway. The leases have an average duratio Central zone and upper
n of 8 years.
Comparative Earnings Statement.
Per Sh. Per Sh.
YearArcher-Daniels-Midland Co.(& Subs.).
No.Stores. Sales.
Net Profit.
Cl. A.
Cl. B.
-Earnings.11
11,096,618
,414
$1.48
10.06
-Years Ended Aug.31- 11 Mo.End. Year
11
1,249,597
End.
Period122.450
1.75
.26
.
.
15
Aug. 31 '25. Sept: 30'24.
1.950.474
Net profit
233.891
3.34
1.43
(7 mos.)
$2,250,090 12,223,738 $2,513,517 11,091,
16
1,149.159
Provision for deprec'n
288
141,879
2.03
.89
393,846
379.372
Directors.
-George Stadtlander, Pres.,
340,715
355,044
251,660
-P.: W. K. Prov. for Federal tax...._
258,887
Petigrew, Sec.; A. W. Rutter, Treas., New H. S. Kinsley, V.
272.575
92,031
York.
-V.125, p. .
Net Income
American Chicle Co.
Preferred dividends_ _ _ _ $1,604.583 $1,585,480 $1,900,227
$644,214
-Earnings.
301,000
315,000
Period End. Sept. 30- -3
339,500
350,000
Common dividends_ _(12.25)450,000
Mos.-.
-9 Mos.-.
Net profit after interest,
deprec. & inc. taxes._
Balance, sin plus
$344,349 $1,208,365
$853,583 $1,270,480 $1,560,727
Earns. per share on 186.- $455,898
$965,075 Profit & loss surplus
,214
_
3,160,847
595 shares of no par
1.890,367
329,640
Earns. per sh.on 200,000 5,563,374
com. stk. outstanding
shs.no par com.outst'g
12.09
$1.49
$6.52
$5.43
-V. 125, P. .
$4.12 -v. 124.
$6.35
$7.80
$1.47
P. .
American Cyanamid Co.
-Bond
The Boston Stock Exchange is advised s Ready.
15
-year sinking fund 5% gold debentures, that temporary debentures for
are ready for delivery.
-V. 125
p. .
American Encaustic Tiling
Co.
-Redeems Pref. Stock.
The company has redeeme
leaving still outstanding 8,798d 8,796 shares of 7% cumul. pref. stock,
shares of the original issue of 17,594
par .-V. 125. p. 388.
shares,
Armstrong Cork Co., Pittsburgh
.
-5% Stock Div.
The directors have declared a 5% dividend
Jan. 15 . to holders of record Dec. 15, on the common stock, payable
and
dividends of $1.50 per share on the common the regular quarterly cash
stock, payable Jan. 3 , to holders of record and 14% on the preferred
Dec. 15. On Jan. 15
and a stock dividend of the same amount
was paid on the common
shares.
-V. 123, p. .
Arnold Brothers Ltd.-Defers Prefer
red Dividend.The directors have decided to
of 1q % usually paid this month defer payment of the quarterly dividend
President L. H. Seagrave states that
on the 7% cumul. 1st pref. stock. (For
the rights to purchase shares of offering, see V. 121, p. .)
class B common stock of the Interna
This rate had been paid regularly to July 7
will be issued to holders of all classes tional Securities Corp. of America last.
The company was
Trust of record Oct. 25. Holders of of stock of the American Founders
each share of American Founders formerly owned by A.formed in April last to absorb the chain of stores
Trust may purchase 1-10 of a share
Martin, Ltd.. the latter stores having been confine
d
Securities Corp. at $16 a share. of class B common stock of International almost entirely to the meat business. The meat selling
stores were converted to include a full line of groceries
The American Founders Trust owns the
and owing to a number of expenses
600,000 class 11 common shares Involved in converting such stores,
of International. for which it is fiscal agent.
operating expenses were high during
The rights will cover the the summer months and for this reason,
purchase of approximately 85,000 shares.
it
-V. 125, P. .
the preferred dividend in order to maintai was thought advisable to defer
n a
"ft is understood that few, it any, preferre strong position.
American Hide & Leather Co.
-Par Changed-Earns. Ltd., are in the hands of American investor d shares of Arnold Brothers.
Secretary A Stanley Downing, Oct. 19, says:
s.''
-V. 125, p. .
"At their special meeting held on Sept. 14 last,
Arrow Electric Co., Hartford, Conn.
the stockholders voted to
change the common stock of $100 par value
-Holding Co.
into common stock without Formed.
par value, without, however, in any manner
diminishing the earned surplus
of the company, and that one share of
See Hart & Hegeman Mfg. Co. below.
sucn stock without par value be
issued in place of each outstanding share of
-V. 125, 1). .
"It is expected that new permanent common stoec of $100 par value.
engraved certificates representing
Arrow-Hart & Hegeman, Inc. (Conn.).
the new common stock without par
-Stock Offered.
value will be ready for delivery in -Tho
exchange for the present outstanding common
mson,Fenn & Co., Putnam & Co., Chas.
stock certificates on or about
W.Scranton
Dec. 15 ".
& Co., Buell, Campbell & Co., Adams,
W. C. Jackson, a director, is quoted in
Merrill
substance as follows: "Earnings Roy T. H.
of the company for the third quarter should
Barnes & Co., The R. F. Griggs Co. and& Co.,
Fuller,
second quarter. [In the second quarter show an improvement over the
after all charges and taxes, while in the net profit amounted to $13,325 Richter, Aldrich & Co., Hartford, are offering at $30 per
third quarter of the company share 31,740
showed a deficit of 192,775.1 The company
shares (par $10) capital stock.
and also has been favored by a better has been reducing its inventories
Capital Stock.
-Authorized and outstanding, 200,000
price
improved although no sharp gain in earning situation. The outlook is each).
shares (par $10
The company reports for the 9 months s is looked for immediately."
Transfer Agent -Phoenix State Bank &
ended Sept. 30 earnings
Trust
of ,455.-V. 125, p. .
Company.
-Organized in Connecticut on Oct. Co., Hartford.
6 . Has acquired
the entire common stock of The Arrow
Electric Co. and of
American-La France Fire Engine Co.
Hegeman
&
Inc.-Acquis.- under one Manufacturing Co. The association of these twoThe Hartes,
The directors of the FoamIte-,hilds
compani
general management will, It Is believed,
Corp.,
Forbes Co.,are understood to own a majorit of which the MacAndrews & manufacturing economi
result In substantial
es.
y stock interest, have authorized
the sale of the assets (less liabiliti
The assets of
La France Fire Engine Co., Inc. es) of Foamite-Childs to the American- stock of Arrow the company consist of 30,000 shares (par $25) common
Compare V. 125, p. .
Electric Co., and 20.000
Hart & Hegeman Manufacturing Co. shares (par $25) common stock of
American Stores Co., Phila.-Extra Divide
Arrow
nd of50 Cents. successfulElectric Co.-This company with its predecessor has been in
-The directors have declared an extra divide
operati
Company is
nd of 50 cents turers of electricalon since . in the United one of the largest manufacwiring devices
per share, payable Dec. 1 to holders of
record Nov. 15. sockets, switches, plugs, receptacles, cut-outs States, its products including
and other wiring supplies.
The regular quarterly dividend of 50 cents
Capitalization-Authorized. Outstanding.
paid Oct. 1 to holders of record Sept. 15. per share was 6 % cumulative preferred stock (par $100)
82,000,000 $2,000.000
year the company made an extra distribution On Dec. 1 last Common stock (par $25)
1.000,000
&#;All owned by Arrow-Hart & Hegeman, Inc.
*750,000
while on Dec. 1 , an extra payment of 40of like amount,
Consolidated net earnings of the company and its
cents per share period ended Dec. 31 , after
subsidiary for the 5
-year
was made.
depreciation and Federal and
-V. 125, p. .
State taxes,
averaged ,712 per annum. On the
this amount would have been subject basis of the present capitalization,
American Sumatra Tobacco Corp.
to a deduction of $130,00
-New Directors
0 (the
- maximum dividend on the preferred stock now outstanding), and a further
Proposes to Dissolve Voting Trust.
deduction of an amount equal to 20%
S. C. Dobbs and John W. Pulleyn have been elected
dividends, to apply to a sinking fund for of net earnings after preferred
the retirement of the preferre
directors.
At a meeting of the trustees of the voting trust agreeme
stock. After these deductions the amount availabl
d
nt, which expires
e for
July 31 , no announcement as to whether the
voting trust agreement common stock would have averaged $453,369. Earnings dividends on the
will be dissolved was forthcoming. The holders
for the year
were
of voting trust certificates left ,270. which, after the deductions above described, would
for common stock had been asked to approve
,216. available for
have
Oct. 20 the proposed dissolution of the trust. or disapprove on or before 8 months of earning dividends on the common stock. For the first
s (Partly estimated) have been .59
The voting trustees are: Stephen C. Millett,
8, or, after
deductions. $185,544. The consolidated balance
sheet of The Arrow
Porter, Richard L. Morris and F. M. Arguli Robert L. Clarkson, Seton Electric Co. and its subsidiary as
nbau.-V. 125. p. .
May 31
of 12,316.088 and current liabilities of $215,35 showed current assets
of
American Window Glass Co.
of $2,100,736. As of Aug. . estimates 2. leaving net working capital
-Earnings.
were: Current assets, $2,381,
Years Ending276: current liabilities. $232,713; net working
Aug.26'27. Aug.27'26. Aug.28'25. Aug.31
capital, $2.148,563.
'24.
xIs et profits
Hart & Newnan Manufacturing Co.-Was
$432,128 $1,344,822 $1,368,173 11,951,
291 engaged primarily In the manufac
Other Income
organae
335,574
751,955
ture of electric switches, d in . Is
419,302
544,589 recognized as a pioneer and
and is generally
leader in that line.
Total income
Capitalization-$767,703 12.096.777 11,787,475 $2.495,880
Federal and State taxes_
Authorized. Outstanding.
63.5% cumul. pref.
$67,531
$38,014
,336 Common stock (parstock (par $100)
Royalties
51.333.300 11.333,300
973,605
$25)
1,463,470
1,630,765
1,419,898
Other deductions
750,000
* All owned by Arrow-Hart & Hegeman,
*500,000
175,448
145,066
32,771
42.523
Pref. dividend (7%)_ _ _ _
Further data regarding Hart & Hegema Inc.
279.650
279,650
279.650
n Manufacturing Co. are given
279,650 In V. 125, p. .
a Adjustments
29.375
68,845
Autostrop Safety Razaor Co., Inc.
Balance, surplus
def$661,000
$141,060 def$223,100
$543,628
-Earnings.
P. & L. surplus
Period Ended Sept. 30 $10,845,438 110,704,378 110,927,478
3 Mos.
Earns, per sh. on 40,000
Net Income after charges and Federal taxes
9 Mos.
shs. (par $100) pref.
Earn, per sh. on 87.500 she. (no par cl. A
.385
$501,778
stock)._
The earnings include the results of the
stock outstanding_ __
$2.57
Nil
110.53
$2.15
first eight months only for the
$22.30 British subsidiary
a Charges applicable to prior years operations. x After deducti
and only seven months' operati
ng depre- company.
ons for the Brazilian
ciation of plants and propel.ty and administration and selling
-V. 125, p. .
expenses.
V. 124, p. .
American Founders Trust.
-Rights.
-
Anglo American Corp. of So. Africa, Ltd.
-Operations.
The following are the results of operations for the
Tons. Total Yield.
Crushed. (Ozs. Fine).
Brakpan Mines. Ltd_ _ _ _
76,200
30,786
Spring Mines, Ltd
66,500
30,157
West Springs,Ltd_ _ _ _
49,200
17,720
-V. 125, p. , .
month of Sept. :
Estimated
Estimated
Value.
Profit.
E130.512
£51,352
E128,040
£59,004
£75,042
£26,878
Artloom Corporation.
-Earnings.
Period End. Sept. 30- -3 Mos.-1 26.
-9 Mos.-.
Gross profit
$284,103
,801
$802.171 51,305,822
Depreciation
23,600
39.182
70,932
Prem. on pref. stock......
117,547
Federal taxes
23,647
33,000
76,521
94,500
151,402
Net profit
,503
8.512,100
,739 11,013,226
Earns. per sh. on 200,000
shs.no par com.stk.out.
$0.96
$2.33
$2.65
$4.37
OCT.22 .]
THE CHRONICLE
Comparative Balance Sheet.
Sept. . Dec. .
Sept. 30'27. Dec. 31'26. LiabilitiesAssetsPreferred stock__ _$2,000,000 $2,000,000
xLand, bldgs. and
$3,517,402 $3,568,378 yCommon stock__ 3,000,000 3,000,000
machinery
171,384
94,230
1 Accounts payable_
1
Patents, &c
87,709
56,570
605,520 Accr. wages, &c__
505,888
Cash
217,591
1,105,548 1,136,065 Fed. tax reserve__ 161,964
Accla receivable
150,000
730,391 Accr. div. payable 150,000
1,141,079
Securities
2,626,432 2,544,692
1,732.612 2,041,164 Surplus
Inventories
89.857
86,666
Deferred charges
-Bonds Sold.
Bullock's, Inc. (Del.), Los Angeles.
Citizens National Co., California Securities Co.,Los Angeles
and American National Co., San Francisco, have sold $4,000,000 secured sinking fund 6% gold bonds at 98 and int.,
to yield about 6.17%.
-To Split Up Shares.
Baltimore American Insurance Co.
-The same bankers have sold at 100
Preferred Stock Sold.
and divs. $4,500,000 7% cum. 1st pref. (a. & d.) stock. the
dividends at
Dated Oct. 1 : due Oct. 1 . Int. payable A. & 0. without
deduction for present normal Federal income tax not exceeding 2% per
annum. Principal payable at Citizens Trust & Savings Bank. Los Angeles,
trustee: interest payable in Los Angeles, San Francisco, and New York.
date upon 30 days'
$8,089,196 58,171,376 Denom. $1,000 and $500 c*. Red. on any int, tax in California. notice
Total
$8,089,196 ,376
Total
at 103 and int. Exempt from personal property
x After deducting depreciation. y Represented by 200,000 shares of no-The indenture will provide for an annual sinking fund
Sinking Fund.
-V. 125, p. 522.
par value.
beginning Sept. 15 , sufficient to retire enthe issue by maturity.
The stockholders will vote Oct. 24 on changing the capital stock from
10.000 shares, par $100, into 100.000 shares, par $10, 10 new shares to be
Issued in exchange for each share now held. The company is reported to
have a surplus of $2.240,000.
The Financial & Industrial Securities Corp. holds a substantial interest
in the above company.
Preferred over the common stock as to cumulative
at
rate of 7% per annum and as to assets in the event of liquidation 1 $110
-F. (first div. payable Feb. )&#;
per share and divs. Divs. payable Q.
Divs. cumulative from Oct. 1 . Red. all or part by lot on any div.
create
date on 60 days' notice at $110 per share and diva. Company willOct. 1
net profits
-Dillon, Read out of surplus or sufficient toan annual sinking fund, beginning sinng
-Bonds Offered.
. Bankitaly Mortgage Co.
retire entire issue by . Such
, in amounts
$110 per share and
& Co., Blyth, Witter & Co., Continental & Commercial Co., fund must be used to call by lot stock of this issue attax. Divs, exempt
property
Exempt from California
Marshall Field, Glore, Ward & Co., Bank of Italy National diva. present laws from normalpersonal income tax. Transfer agents,
Federal
under
Co.,
Trust & Savings Association, Bancitaly Corp. and the First Citizens Trust & Savings Bank, Los Angeles, and American TrustWell
Registrars, California Trust Co..
National Corp. (of Boston) are offering at 100 and int. San Francisco.Union Trust Co., San Francisco. Los Angeles. and
Fargo Bank $5,000,000 real estate mtge. collateral 5 % bonds.
from Letter of Pres. John G. Bullock, Los Angeles, Oct. 3.
Dated July : due July 1 . Int. payable J. & J. without deduc- Data
Outstanding.
Authorized.
Capitalizationtion for Federal income tax not exceeding( 2% per annum. Prin. and int.
$4,000,000
$4.000,000
payable in U. S. gold coin at principal office of the trustee in San Francisco, Secured 6% sinking fund gold bonds
4,500,000
4,500,000
Calif., or, at the option of the holders of the bonds and coupons, at the prin- 7% cum. 1st pref. stock (par $100)
250,000 shs.
250,000 shs.
par)
cipal office of Bowery & East River National Bank, New York. Denom. Common stock (nobeen organized in Delaware, to acquire all of the assets,
-Has
Company.
$1,000 and $500 c*. Red. all or part by lot on any int. date on 30 days'
which has
and incl. July ,at 103 and int.; thereafter to and incl. July 1 liabilities and business of Bullock's, a California corporation, 20 years.
notice to
Los Angeles for the past
goods
at 101 and int., and thereafter at 101)and int. Bank of Italy National conducted a retail dry in the business in location in Los Angeles. It has a
best retail
The store is located
Trust & Savings Association trustee.
on 7th St., and 148.90
Guaranty.
-National Bankitaly Co. is to guarantee, by endorsement on frontage of 209.51 feet on Broadway, 203.32 feet
controls tluough a lease extending
each bond, payment of principal and interest at maturity of the bonds and feet on Hill St. In addition the company
northeast corner of 7th
the life of the bonds an amount in from April 1 to April 1 the adjoiningnext year with a 10
Is to agree to pay to the trustee during
-story.
April 1
will
cash equal to the unpaid principal amount and accrued interest of any and Hill Sts., whichclassbe improved aftercost, including fixtures, approxiA constructin to
modern addition of
pledged mortgages in default, as defined in the indenture.
original
of counsel, the direct mately $800,000. Upon completion of this building. Bullock's 821,200
Security -These bonds are to be, in the opinion
grown to approximately
will
obligation of Bankitaly Mortgage Co. and specifically secured by a first floor space of 164,061 sq. ft. lease have held on the property adjoining
is also
19 acres. A
lien upon collateral consisting of first mortgages authorized for investment sq. ft., or about north on Hill St. This property with a street frontage
California and con- the store to the
by savings banks and trust companies under the laws of
until such time as growth
by
stituting direct first liens on improved income-producing fee real estate, of 84.44 feet will be sub-leasedfloorBullock'sCompany's service building,
space.
10,000,
including homes, in cities in California having populations of over any in- necessitates further additions to
reinforced concrete structure a block long, extending from 10th
which is a
the unpaid principal amounts of such mortgages not to exceed in
by the delivery service, warestance 60% of the appraised value of the mortgaged property. In lieu of to 11 th Sts. on Stanford Ave., is occupied
such mortgages, the company may pledge cash or obligations of the U. S. rooms and manufacturing departments. of the service building, which is
All these properties with the exception
Government or of the State of California or of any county, municipality
leases expiring on
or school district therein, which are authorized for investment by savings owned in fee, are held under satisfactory long-term
various dates from to .
banks and trust companies under the laws of California.
-Measured by the volume of business done, the growth of
Growth.
The company is to covenant that the aggregate value of the pledged
With one
collateral shall at all times be maintained at not less than the principal Bullock's is shown in the following tabulation of annual sales.
amount of bonds from time to time outstanding and that the funded debt of exception an increase is shown in each year since organization.
Net
Cal
Net
capital, surplus and undivided
Cal
Net
Cal.
Cal.
Net
the company shall not exceed 15 times its
Sales.
Years
Sales.
Years
Sales.
Years
profits, all as to be defined in the indenture.
Sales.
Years
-The balance sheet of National Bankitaly Co., the _41,309,141 __$3,746,024 _46,423,347 b$15.413,582
Guarantor Company.
guarantor company, as of Sept. 19 , shows net tangible assets in excess __ 1,509,833 __ 4,307.765 _- 7,015,571 b 19.562.757
of $40,000,000. Such balance sheet includes receivables and cash together __ 2,029,035 __ 4,658,524 a_10,847,094 b 19,582,318
carried at $7,986,317; stocks and bonds at $16,197,071: and real estate at __ 2,607,921 __ 4.954,823 b_13,606,172 b 20,861.892
$22,547,259, of which $15,055,684 represents premises used by branches -_ 3,303,564 -- 5,657,466 bA3,305,697 b 22.058,460
and offices of Bank of Italy National Trust & Savings Association.
-month period from Jan. 1 to Jan. 31 . b Fiscal
a Covers 13
Organization.-Bankitaly Mortgage Co., the entire copital stock of which years ended Jan. 31.
-Net earnings for the 5 years and 7 months ended Aug. 31
Earnings.
(except directors' qualifying shares) is owned by National Bankitaly Co..
Is closely affiliated with Bank of Italy National Trust & Savings Associa- after depreciation have been as follows:
After Int. on
tion through deposit of the entire capital stock of National Bankitaly Co.
6% Bonds and
Net Before
under a trust agreement pursuant to which the beneficial interest in such
Fed. Taxes
Int.
Bond
stock is inseparable from the stock of the bank and the board of directors
9
$9 8 06
at Preien t
and Federal
of National Bankitaly Co. consists solely of members of the executive comRates.
Taxes.
or specially designated representatives of such bank.
mittee
Year Ended Jan, 31Bank of Italy National Trust & Savings Association, which is to be trustee
20 2
76 015
1: 60: 39
9
4 3
2
3 37 4
1.687 6 3
$2, 53.'561
under the indenture, is the largest bank on the Pacific Coast and ranks fifth 19 4
2
2
93
in total resources among the publicly-owned banks of the United States.
1.473.253
1,922,154
As of June 27 the bank reported total resources of $675.716,343.
1,627,824
2,115.042
- Feb. 1 to Aug. 31
Beech-Nut Packing Co.
-To Increase Common Stock.
1,036,682
The stockholders will vote shortly on increasing the authorized common
89.4
Net earnings shown above average $1,855,303 per annum, or over 7.73
425,000 shares.
stock (par $20) from 375,000 shares (all outstanding) to
times maximum annual interest requirements, and over five times maximum
It is understood that the Union and United Credit Co. in which the Schulte annual interest and sinking fund requirements.
and United Cigar groups are interested, will acquire the additional 50,000
-Direct obligation of company, and in addition will be
-V. 125. P. 785.
shares.
Security.
specifically secured by a first lien on all land, building, and Battu es owned
by the company in fee and on the leasehold interest of the company in all
-New President.
Berkshire Cotton Mfg. Co.
land held by the company under lease and in all buildings now or hereafter
Charles II. Sheriff of New York, Vice-President of the company, has erected thereon excepting only the north and south bridges extending over
-V. 121, p. .
been elected President, succeeding C. T. Plunkett.
St. Vincent's Court and the Mackey and Gennett properties on Hill St.
now held by the company under sub-lease.
--Earnings.
Bing & Bing, Inc. (and Subsidiaries).
The lien will also constitute a first lien on the Mackey and Gannett
-9 Mos.-.
Period End. Sept. 30- -3 Mos.-.
properties subject, however, to a mortgage of $111,000 against the leaseEarns, from managem't,
hold interest of these properties which was outstanding at the time Bullock's
$289,922 $1,151,359 41,333,366 acquired the sub-lease and which Bullock's is privileged under the terms
construction, &c
$276,644
275,309 of its lease to pay in case of necessity and deduct from rentals due the
Net profit on sales
,299
179.698
271,850
j
Other income
50.658
sub-lessor.
78,356
Company owns, and will pledge with the trustee, U. S. Government
Gross income
$520.278 $1.897,658 $1,608,675 and California municipal bonds having a market value at the present
$626,850
275,504 time of approximately $713.673, the proceeds of which will be used toward
298,307
Salaries & office expenses
91.881
106,589
324,469 the construction of a 10
599.583
110,323
Res.for deprec.& arnort.
-story building on the northeast corner of 7th
199,861
and Hill Sts. Company may substitute cash in lieu of these bonds. Upon
yNet income
$999,768 $1,008,702 completion of this building, the secured sinking fund gold bonds will
$318,074
$320,400
x Includes profit from sale of real estate. y Before interest and Federal constitute a first lien on the leasehold interest of the corporation therein.
Purpose.
-These bonds and preferred stock are being issued to enable
-V. 125, p. 522.
taxes.
John G. Bullock and other members of the organization who have been
responsible for the success of the company to acquire that portion of the
Brockway Motor Truck Corp.
-Shipments:
formerly owned by
Shipments of trucks from the corporation's plant at Corland, N. Y. in common stock in Bullock'sfinancing over 97% ofthe late Arthur Letts.
the common stock will
Upon consummation of this
September were over 300 units, according to President George A. Brock- be
held by active members of the organization.
way. Unfilled ()Weis on Oct. 15 totalled app oximately 300 trucks.
Pro Forma Balance Sheet Aug. 31 .
that the number
Everything seems to indicate, President Brockway stated,
Liabilities
of units produced in will show a substantial increase over . Both
Assetsexport and domestic business is said to be at a higher rate. See also Cash
805
$44::000
$587,626 7% pref. stock
V. 125, P. .
Customers' accounts_ __ 1,788,668 Com.stock (no par value)
Merchandise inventory _ _ 3,878,584 Sinking fund 6% gold
4,000.000
-Listing.
Land and Leaseholds_ _ _ 2,351,864
bonds
(John W.) Brown Manufacturing Co.
1.466,034
The Detroit Stock Exchange on Oct. 4 approved for listing 75.000 Buildings & equipment__ 3,921,000 Accounts payable
Marketable securities_
713,673 Accr. salaries, local and
shares common stock (par $10).
435,601
Federal taxes, exp., &c
Amount due from U. S.
Income Statement for Six Months Ended June 30 .
Government
337,040 Res. fat' Fed, taxes of
$1,244,270 Cash
Net sales
prior years and for
value
68,664
115,956 Delivery of life ins_ Profit before interest and other charges
75,000
contingencies
84,963
86.928 Sundry equipment
Net profit after taxes, bond interest, &c
other assets
299,075
Earnings per share on 75,000 shares (par $10) outstanding
$1.16 Good-will
1
Balance Sheet June 30 .
$14.780,440
Total (each side)
Deferred charges
749,281
Assets-Liabilities
Capital stock
$750,000
Land. bld gs., mach'y,&c.,
Burns Bros. (Coal).
-Omits Dividend on Class "B"
435,000
less depreciation
$802,682 1st mtge. 7s
-The
Inventories
268.634 Accounts payable
107,995 Common Stock-Rate on Class "A" Shares Decreased.
Accounts receivable
279.821 Payrolls & uncialm. wages
22.993 directors on Oct. 18 declared a dividend of $2 per share on
21,864 Reserve
33,231 the class"A"common stock and decided to omit the quarterly
Cash on hand & in banks..
26,234
Deferred charges
2,450 Surplus
dividend of 50 cents per share usually due at this time on the
1
Pats.,tr.-mks.& good-will
Total (each side)
-V. 119, p. .
$1,375,452 class "B" common stock. The class 'A" dividend is payable
-Time for Deposit of Stock Extended.
Bucyrus Co.
Nov. 15 to holders of record Nov. 1. From Feb. 15 to
The time for deposit of stock of this company under the merger plan Aug. 15 , incl., quarterly distributions of $2.50 per
of Bucyrus with the Erie Steam Shovel Co. which expired Oct. 15, has been share and 50 cents per share, respectively, were made on the
extended until next meeting of Bucyrus Co. directors, which will probably
be held in about two weeks. Sufficient deposits of Bucyrus and Erie class "A" and "R" common stock.
The class "A" conunon stock is entitled to cumulative dividends at the
Steam Shovel stock have been received to make the consolidation plan
effective, it was announced, (See Erie Steam Shovel Co. in V. 125, rate of $8 per share per annum and thereafter shares ratably with the
class "B" common stock in any further distribution.
125. p. .
p. 921.)-V.
THE CHRONICLE
The directors also voted torcallifor redemption
outstanding prior preference stock at 120 and divs.the entire
on
. A record of stockholders for the payment of Feb. 1
redemption price will be taken on Jan. after which
transfer, books will be permanently closed. Paymen time
t will
be made at the Chase National Bank,'N.VY.
City.
Net income after all charges, including
depletion and depreciation, but
before Federal taxes, for the quarter ended Sept.
30 amounted to
,810.
-V. 125, p. .
By-Products Coke Corp.
-Earnings.
Period End.
[VOL. 125.
greater quantity and at reduced costs, but
also improved. Our organization is better the quality of our products has
throughout all branches of the
company than it has ever been. These are the
reasons for our better showing. These improvements and the diversity
en our position with the trade and keep us of our lines continue to strengthin line to meet any competition
that may arise.
"When the market price on our stock is
write us asking for an explanation. They low stockholders occasionally
that the stock market price is determined apparently overlook the fact
by the value they place upon their stock. by the stockholders themselves
We
stockholders that our company has had a goodare glad to advise our new
beginning as a 820,000 corporation in . record of growth from its
successful. Our common stock now has a book It has been continuously
value of over $60 per share
in tangible assets. It also has a very large
value in its trade marks and
good-will, which stand at only $1 on the
books.
during and has shown increased earnings It earned $6.02 per share
over like period of last year. Both have been per share to date this year
The dividend of $4 per share is a large return years of extreme competition.
on its market value as measured by the New York Stock Exchange
average. We are sure that our
showing is quite favorable when compared
with that of others.
"We have several prospects for substantially
improving and strengthening
our business. They offer promise of
additional net profits and within a
reasonable time we look forward to better
results due to some of these
opportunities."
-V. 125, P. 907.
Sept. 30- -3 Mos.- -9 Mos.-19
26
Operating profit
$614,842
$791,561 81,589.530 82.313.626
Other income
69.549
46,770
192,869
211.523
Total income
$684.391
,331 81.782.399 82,525,149
Depreciation
169,938
201.266
452,532
558.128
Interest
82,694
88,313
249,933
293,930
Net profit before Fed.
taxes
$431.759
,752 $1,079,934 $1,673.091
Preferred dividends_ __
34,250
34.250
102.750
102,748
Common dividends
94.968
94,965
284.902
284.874
Certo Corp.
-Earnings.
Period End. Sept. 80- -3 Mos.-.
Surp. before Fed.taxes $302,541
$419,537
-9 Mos.-.
$692.282 $1.285,469 Net profits
The profit and loss surplus Sept. 30 amounted
$536,593
,539 51,470,452 81,200,861
to $2,892,500. -V. 125, p. .
-V. 125, p. .
Canada Cement Co., Ltd.
-Offer Made by Wood, Gundy
& Co., Ltd., Approved.
-The stockholders on Oct. 14 voted
to accept tie offer made by Wood, Gundy & Co., Ltd.,
to
purchase all the outstanding shares of the Canada
Co., Ltd., at $125 per share for the preferred and Cement
$250 per
&#; share for the common stock. Stockholders desiring
themselves of this offer should deposit their shares to avail
with the
Montreal Trust Co. prior to Nov. 21.
Champion Coated Paper Co.
-
The stockholders have authorized an
stock, par $100, callable at 105. Theyissue of 40,000 shares of 7% pref.
also authorized the sale of 10,000
of,,these shares to common stockholders at par, on
the basis of 10 shares of
new preferred for each 68 she!es of common
stock held as of Oct. 14. The
proceeds will be used in purchase of stock of
the Champion Fibre Co.
-V.
122, p. .
Chevrolet Motor Co.
-To Build New
Plant.
It is announced that construction
sembly plant in Atlanta. Ga. The will begin immediately on a new ascompleted project will represent an
investment of more than $2,250,00
The company has outstanding 135,000 shares
of common stock and will have a capacity of350 cars a 0 when ready for occupancy. The plant
105,000shares of preferred stock, both par $100.
day and will provide work for 1,200 people.
See also V.125,p. .
The daily pay-roll will exceed 88,000. This will
be the eighth Chevrolet
assembly
Canadian Fairbanks-Morse Co., Ltd.
-3% Pref. Div.
- Alabama unit in the country and will serve Georgia, Florida and parts of
The directors have declared a dividend of 3%
and South Carolina.
on the preferred stock on
The Chevrolet assembly plant proper will be a one-story
account of accumulated unpaid dividends. payable
building of face
Nov. 15 to holders of brick construction, 800 by 320 feet,
record Oct. 31.-V. 124. p. .
with a monitor
be a Fisher body unit of similar construction 160 steel roof. There will
by 680 feet. and a parts
Carrier Engineering Corp.
building 120 by 204 feet. Plans alsd call for a two-story
-Stock Offered.
office building
Noyes & Co., Oct. 14 offered 50,000 shares-Hemphill, 40 by 204 feet. The plant will be ready for occupancy April 1 .-V.
convertible 125,P. .
preference stock (without par value) at $27 per
share.
&#;
Chicago Pneumatic Tool Co.(& Subs.).
Preferred over all other classes of stock as to
-Earnings.
dividends, cumulative from Nov. 1 . at the assets and as to quarterly
Period End. Sept. 30- -3 Mos.-.
-9 Mos.-.
annual
Red. all or part at any time or from time to time, rate of 82 a share. Profit after depreciation
on at least 40 days'
and Federal taxes_ _ _ _
notice. at 830 a share plus diva. Entitled in any
$250,017
$282,618
liquidation to $30 a share Other income
$699,671
$754,412
plus diva before any distribution to any
20,132
11,379
45,415
39.537
agent, Guaranty Trust Co., New York. other class of stock. Transfer
Registrar. Chemical National
Total income
Bank of New York.
$270,149
,997
$745,086
$793.949
Interest
Data from Letter of E. T. Murphy, Vice-Presiden
31,250
22,880
75,635
75,544
t of the
Company.
-Is the pioneer and leader in the field of scientific Company.
Net profit
air condition,899
$271,117
ing. Its systems are successfully used in theatres, office
$669,451
$718.405
Shares of capital stock
buildings, hotels.
department stores and other public buildings and in
outstanding (par )
many industrial plants.
95,119
105,412
The services rendered by the organization in connection with
95.119
105,412
Earns. per sh. on cap.stk.
air
82.51
82.57
$7.03
ing include research and engineering studies and the adaptatio condition- -V. 125, p. .
$6.82
n of equipment to the structure to be conditioned. The equipment
supplied by the
company includes a wide variety of plants for automatic
City Ice 8c Fuel Co.
temperature.and
-Expands.
humidity regulation.
The company plans to construct a new $2,000,000 refrigerati
Company has installed, or is installing,its systems in 67
ng warehouse
theatres including and ice manufacturing plant to serve the Northern
the Roxy, the Paramount, the Rialto and the Ziegfeld. all in
Ohio Food Terminal,
N.
-V. 125, p. .
and others located in various cities throughout the United States. Y. City, it is announced.
Corporation has applied air conditioning to over 100 industries and
in
Cleveland Discount Building Co.
of these it has been the pioneer. A few of its industrial clients at least 90%
-Bonds Called.
are:
Certain of the ref. 1st mtge. 6% serial
Can Co.. Ford Motor Co., General Electric Co., E. I. DuPont American
de Nemours aggregating 845.500. have been called gold bonds, dated Nov. 1 ,
& Co.. and the Viscose Co.
for payment Nov. 1 next at 101
and int, at the Harriman National Bank, trustee, 5th
Earnings.
-The combined gross business, and net profits
Ave. & 44th St..
after all charges New York City.
and Federal incomp taxes, of Carrier Engineering
-V. 116, p. .
struction Co.,Inc.,as applied to the preference and Corp. and Carrier Concommon stocks presently
be outstanding, have been as follows:
to
Commercial Solvents Corp.
-Earnings.
Period End. Sept. 30- -3 Mo5.-.
Gross
Per Share
-9 Mos.-.
June 30 YearsBusiness. Net Profits. Pref. Per Share Oper. profit after deprec. $580,482
.997 82,183,780 $1,768,242
Corn.
Other income
42.353,871
20,121
$112,690 $2.25
25.918
Nil
54,783
85.309
3,460.686
265.239 5.30
$1.45
Total income
4.537,548
,603
406,668 8.13
$720,915 $2,238,563 31,
2.85
853 551
.
Interest,discount,&c.. _ _
The foregoing figures do not reflect the savings
57.407
163,756
of interest and other
181,594
439.227
charges which are expected to result from
106,715
80,828
the proposed recapitalization Federal taxes
405,466
249.681
and new financing.
Assets.
-The accompanying consolidated balance
Net profit
,481
,331 $1,651,503 $1,164,643
sheet as of June 30 rrEarns. per sh.
, adjusted to give effect to the
on 217.financing, shows net current assets ofproposed recapitalization and new
722 shs. of no par cap.
81.824,23 and
stock outstanding__
assets to current liabilities of over 3.40 to 1, with4cash a ratio of current
alone
$7.59
x Earnings per share are baser the present
in excess of all current liabilities. The same balance sheet substantially
3
2 on
basis
assets (exclusive of deferred charges, patent rights, &c., shows total net The 108,861 shares of old class B stock was exchanged in of capitalization.
and after deduct- new no par common stock on the basis
Sept. for
ing all liabilities and reserves) of $2,474,370, equivalent
of 2 shares of now common stock the
to approxima
for
$50 per share of convertible preference stock presently to bo outstandintely each share of the old class B stock.
-V. 125, p. .
g.
Purpose.
-Stock is being sold to provide funds for the
existing mortgage outstanding in the principal amount of retirement of an
Continental Securities Corp.
-Permanent Debentures.
enlargement of plant facilities, for additional working$100.000. for the
Lee, Higginson & Co. announce that permanent 15
capital for the
-year
company's rapidly expanding business and for other corporate
series A, are ready in exchange for temporary certificate 5% debentures,
purposes.
s at their offices
Conrersion.-The convertible preference stock, will be convertibl
in New York, Boston and Chicago. (For offering,
e into ).-V
see V. 124, p. ,
non-voting A common stock at any time on or before Jan. 1
. 125, p. .
following rates: for first 25.000 shares of preference stock, on. at the
share basis: for the next 15,000 shares of preference stock, 1 a share for
Corn Products Refining Co.
-To Build Add'n to Plant.shares of
stock for 1 share A common stock; and for the next 15,000 shares of preferThe company plans to build an addition to its plant
at Kansas City
ence stock, 134 shares of such stock for 1 share of A common stock.
Kansas, which, it is (animated, will cost approxima
tely $1,000,000.-V.
however, any preference stock shall have been called for redemption on If, 125, p.
.
before Jan. 1 , the conversion privilege with respect to the shares or
so
called will expire on the day next preceding the date set for the redemptio
Cresson Consol. Gold Mining & Milling Co.
n
-Earns.
thereof.
Quarter EndedSept. 30'27. June 30'27. Sept.
Capitalization30'26.
Authorized. Outstanding. Net earnings after all expenses. treatConvertible preference stock (this issue)
a55,000 shs. 50,000 shs.
ment & transportation charges_ _ _ _
829,462
8% cum. cony. 2nd pref. stock (par )_- -$76,136
def$9,132
2,413 shs.
2.413 shs. r Cash on hand Sept. 30 . was .172 as compared
A common stock (no par value)
with ,356
58,000 shs.
on June 30 and $1,004,122 on Sept. 30 .-V.
bNone
common stock (no par value)
B
125, p. 524.
100.500 shs. 100,500 slas.
a 5,000 shares reserved for sale after one year to officers and
Cunard Steam Ship Co., Ltd.
of the corporation. b All reserved for conversion of preference employees
-Capital
stock and
The stockholders on Oct. 17 voted approval or the Increased.
2d pref. eteck. The A common stock and the B common stock will be
recommendation of
alike in all respects except that the A common stock will have no voting the directors that the ordinary stock be increased from 4,500,000 shares
to 5,600,000 shares, par £1 each, as outlined in V.
power.
125. p. .
Certain-teed Products Corp.
-Earnings.
--
Period End. Sept. 30- -3 Mos.-.
Oper. profit after repairs,
maint. and d'eprec____ $1.721,214 $1,668,961
Other income
18.695
4,451
-9 Mos.-.
$4,814,102 $4,738,638
40,485
16,787
Cushman's Sons, Inc.
-Earnings.
Period End. Sept. 30- -3 Mos.-l926.
-9 Mos.-.
Gross profit
,745
,228 81,409,472 $1,117,959
Depreciation
100.210
104,886
296,137
303,929
Federal income tax
28,133
10.199
147,738
110,558
Net profit
$181,402
864,143
$965,597
,472
preferred dividends..
7%
47,092
48,055
141,277
133,494
88 cum. pref. dividends_
55,868
52.914
164,118
158,726
Balance, surplus
578,441 def$36,826
,201
$411.252
Earns. per sh. on 100.240
shs. (no par) com.stk_
$0.78
Nil
86.59
$4.11
-V.125, p. .
Gross income
$1,739,933 81,673,412 84,854.587 $4.755,426
Less-Selling, admin.,
gen.exp.and bank int.
906.288
896,714
2,711,013
2,682,582
Federal taxes
112,500
104,600
289.200
277,600
Sundry adjustm'ts, debit
7,656
2,725
Balance, surplus
$721,145
$672,098 31,846.717 31.792,518
Earns. per sh.on 307.000
shares of no par common stock outstandg_
Cuyamel Fruit Co.(& Subs.).
81.81
$1.96
84.85
$4.05
-Earnings.
Pres. Geo. M.Brown says: "The very satisfactory showing for the year
Period End. Sept. 30- -3
-9 Mos.-.
to date has been made in the face of lower selling prices and is, therefore, Earnings after expenses_ 81,081,62 Mos.-.
0
,900 82,489.917 $2,069,976
largely the result of forethought by the organization during the past two
tation
i
230,848
246,993
years, when many improvprnents were made in plants and in methods of
726,544
742,681
80,245
97,424
manufacture, resulting in large economies and greater production than had Interest
295,931
298,115
been thought possible in our earlier history. Our chemists have also
Net inc. bef.Fed. taxes $770,527
815,483 81,467,442 81,029,180
brought about substantial economies, so that we are not only making a -V. 125, p. 654.
OCT.22 .]
UTE CHRONICLE
-New Financing.
Cuneo Printing Industries, Inc.
4%
int., to yield 54 $7,500,000 15-year 5M% convertib
The company has sold an issue of ,000 10-year 1st mtge. sinking fund ' gold debenture bonds.
534% gold bonds to the Continental & Commercial Co., which is offering
Oct. 1 . Denom. $1,000 and $500 c
Dated Oct. 1
them publicly at 100 and int. The bonds are secured by a closed 1st Principal and int.; due payable at American Trust Co., San Francisc.
,
(A.& 0.)
mtge. on land valued at $1,585,000.
trustee, or. Pacific Coast Trust Co., "ew York, without deduction to
normal Federal income tax, not exceeding 2%. Red. as a whole only o
Debentures.
Davison Chemical Co.
-To Retire
days'
,on 60 days' notice at 110 and int.
All of the outstanding 63-4%* gold debentures, dated Dec. . have any int. date up to and incl. Oct. 1or part on 60
notice at 10o and int
on any int. date all
been called for redemption Ja I. 1 at and int., at the Century red, thereafterpersonal property tax in California.
Exempt from
Trust Co. of Baltimore (Md.) or at the holder's option at the Bankers
Convertible.
-Debentures will be convertible, at the holder's option, tat-'
Trust Co., 14 Wall St., N. Y. City. See also V. 125, p. .
common stock of the Emporium Capwell Corp. at any time during thei
days prior to the date
- life, or if called for redemption, up to 10 interest and dividends,of such
-To Retire 1st Pref. Stock.
Devoe & Raynolds Co., Inc:
on the
adjustment for accrued
company announces it will receive tenders for the redemption of its redemption, withthe debentures and the following prices for the stock
The
basis of par for
outstanding 1st pref. stock to the amount of $31,868, which amount is
on or before Oct. 1
held for the purchase of such stock under the provisions of the sinking fund. $40 per share, if converted and on or before Oct. . $45 per share, if
,
1 . $50 per share,if
The stock will be redeemed at 115 and diva. All tenders must be delivered converted after Oct. 1 . to maturity.
Oct. 1
to the trust department, Chase National Bank of the City of New York, converted after
Listing.-Corporation has agreed to make application to list these debenon or before Nov. 21. The right is reserved to reject any or all tenders.
tures on the San Francisco Stock & Bond Exchange.
V. 125, p. 525.
Company.
-The new name of the Emporium Corp. Will own all the
the entire capital
Dierks Lumber & Coal Co., Kansas City. Mo.- common stock of the Emporium. San Francisco;are old establishedstock of
departthe H.C. Capwell Co., Oakland, both of which
Sale of Plants.
ment stores; and the entire capital stock of two real estate companies to be
The Southwestern Gas & Electric Co.has purchased the electric prop- formed to own the land and buildings essential to its merchandising operaerties heretofore owned by the Dierks Lumber & Coal Co. at Dierks. tions in San Francisco and Oakland. In addition the corporation will own
Foreman, De Queen, Horatio, Nashville, Mineral Springs, Murfreesboro, the entire capital stock of the 8th Street Store in San Francisco and TeleHatfield, Center Point,G illiham. Winthrop and Lockesburg, all in Arkansas. graph Avenue Realty Co. in Oakland.
The original Emporium was opened In May , and was the first
It was also announced that the Public Service Co. of Oklahoma, an associated company with the Southwestern Gas & Electric Co., has purchased complete department store in San Francisco. The present Emporium was
the electric properties of the Dierks Lumber Co. at the following organized in July . The business has grown in volume and profits and
points in Oklahoma: Idabel, Broken Bow, Valliant. Pine Valley, Talihina, is to-day the outstanding and largest department store in San Francisco.
Its volume of business is and for many years has been, approximately twice
Alvion and Wright City.-V. 123, p. .
that of its next largest competitor. There are approximately 100,000
Dodge Bros. Inc.-Rumor of Passing of Pref. Div. Denied. customers' accounts on its books.
To provide for future growth and anticipating the development of San
'
President E. G. Wilmer denied the rumor that the preferred dividend
was in danger. He said interest and preferred dividends for the full year Francsico, the Emporium in purchased a large piece of property frontwere earned by a wide margin in the first 9 months and added that "there ing on Market. Eighth and Mission Sts., with a connecting parcel running
is no foundation for the current rumors of the passing of the preferred divi- through to Seventh St. of which one parcel of about 8% of the total area is
dend. Dodge Bros. securities are selling far below their value, which has held under contract of purchase. It is expected that the new building
been materially increased in the past two years. The company has an proposed to be erected on this site will have a larger ground floor area than
any existing department store in this country and will be completed and
earned surplus of about 529,000.000 and a strong asset position.
ready for occupancy by the time the lease on the present building expires
Graham Bros. Truck Orders.
in . The present value of this real estate is believed to be considerably
The Graham Bros. truck division reports orders for 1.435 vehicles re- in excess of the amount at which it is carried on the company's books.
ceived during the first week of October, an increase of 927 over the same
The H. C. Capwoll Co. was originally established in Oakland in as
week of . Unfilled orders on hand totaled 2,500 units. September Capwell & Pickett, and was incorp. in as H. C. Capwell Co. The
shipments were 5,107 units, an increase of 14.7% over August, while ex- present company was incorporated in . Since its inception this business
ports shipments of 1,115 trucks exceeded August figures by 16.3%. All has grown until to-day it is the outstanding department store in the East
plants are said to be operating at capacity on a single shift basis. Compare Bay section. It has approximately 35,000 customers' accounts on its
books.
V. 125. n. 21e3
As a site for a new building and to allow for future expansion the corporaLimited.-Earnings.Dome
tion in purchased a large piece of property comprising the entire block
-9 Mos.-.
Mines,
Period end. Sept. 30- -3 Mos.-.
bounded by 19th and 20th Sts., Broadway & Telegraph Ave., with the
406,700
141.900
140,000
413.500 exception of about 15% of the total area which is held under 99 year leases.
No. of tons milled
,565
.245 52,930,251 52,961,718 This property is in the heart of the new retail district of Oakland and is
Average recovery
565,175
535.698
1,650,236
1,728.459 the last integrated block of real estate available in this district. It is
Operating,general costs..
23,677
27,999
76,789
68,280 expected that the new building proposed to be erected on this site will be
Dominion inc. tax, est
completed by the time the lease on the present building expires in .
$422,868
$382.393 51,203,226 $1,164,978
Net income
In addition the corporation purchased the entire capital stock of the
53,243
59,954
Miscellaneous earnings_
163.996
149,446 Telegraph Avenue Realty Co. which owns the land and buildings fronting
on Telegraph Avenue between 19th and Williams Sts. and extending back
$476,111
$442,347 $1.367,222 $1,314,424 509 ft. from Telegraph Ave. on both 19th and William Sts. It is intended
x Total income
-V. 125, p. .
x Before depreciation and depletion.
that this property will be used for a food market and to provide parking
space for customers' automobiles.
-Par Value Changed.
Dominion Bridge Co., Ltd.
Earnings.
-Combined netsales and net earnings ofthe Emporium Capwell
The stockholders on Oct. 19 formally ratified the proposal to change Corp. and subsidiaries for the 2 years ended Jan. 31 , and the year
the authorized capital stock from 100,000 shares of $100 par value to ended July .including department store operations of H.C. Capwell
500,000 shares of no par value,5 shares of new stock to be issued in exchange Co. for the period prior to acquisition. June 1 , after depreciation and
for each share of old capital stock of which there is outstanding 65,000 available for interest charges and income taxes, as certified, have been as
shales, par $100. See V. 125, p. .
follows:
Net Sales
Net Sales
Dominion Building (Albert Bay Co., Ltd.), Toronto.
Including
Excluding
Net Earns.
Year EndedTertants'Depts. Tenants'Depts. As Above,
-Bonds.-The offerinz(f $400,000 6Y2% 1st mtge. sinking
Jan. :31
$23,411,770 $20,903,560 $1,737,367
fund gold bonds, noted in our issue of Oct. 8 was originated Jan.31
24,949.471
22,197,050
1.579,025
by Otis & Co. Matthews & Co., Ltd., Toronto, were July 31
25,250,984 22.514.142
1,485,385
participants in the offering. See V. 125, P. .
Donner Steel Co., Inc.
-Earnings.
-Period End. Sept. 30- -3 Mos.-.
-9 Mos.-.
$544,279 51.241,700 51,678.674
xNet from operations.... $370.019
133.481
337.984
Int. on bonds
412,393
106.741
Provision for deproc
205,458
616,120
615.764
205.405
$205,339
$287,596
$650.517
Net income
$57,873
x After deducting repairs and maintenance, administrative and selling
expenses, taxes, &c.-V. 125, p. .
Eastern Steel Products, Ltd., Montreal.-Pref. Stock
-Bankers Bond Co., Ltd., C. H. Burgess & Co.,
Offered.
Ltd., and Drennan & Co., Ltd., are offering at 100 and div.
$550,000 sinking fund cumulative prior pref. (a. & d.) shares
(par $100).
Dividends payable Q. at par at any-branch of the Bank of Nova Scotia
-J.
in Canada, and to bona fide holders resident in the United States at par in
American funds, except when American funds are at a premium in excess of
5%, when such excess will be borne by recipient of dividend. A sinking
fund of 10% of the net profits, after providing for prior preferred dividends
each year to be used in purchasing shares in the open market for cancellation at a price not to exceed $110 pet share.
Authorized.
CapitalizationIssued.
$750,000
Prior pi eference stock (par $100)
$550,000
Second preference stock (par $100)
$300,000
$300,000
Common stock (no par value)
100,000 shs. 35,500 shs.
Transfer agents, National Trust Co., Ltd., Toronto. Registrar, Toronto
General Trusts Corp. Ltd., Toronto.
Company.-Incorp. June for the purpose of taking over and carry
'
Mg on the business of Metal Shingle & Siding Co., Ltd., with factories at
Preston and Montreal, and the A. B. Ormsby Co., Ltd., with a factory at
Toronto.
Earnings.
-Average earnings for the 4 years ending Nov.30 equaled
$97,942, or approximately $17.80 per share. The earnings for the fiscal
year ending Nov. 30 were $155,560, equal to approximately $28.28
per share, as against $7 required. Earnings for the current fiscal year
ending Nov. 30 next should exceed those of last year. Sales this year
have exceeded last year's to the extent of approximately 20%.
Purpose.
-Proceeds will be used to assist in acquiring the business of
Metal Shingle & Siding Co., Ltd.. and the A. B. Ormsby Co., Ltd.
Economy Grocery Stores Corp.
-Sales.
Period Ended Sept.30Sales
-Ar. 125, p. ;.
-2 Mos.-.
-Month-.
$652,666
$540,874 $1,348,054 $1,159,017
Electric Autc-Lite Co.(& Subs.).-Earnings.PeriodNet after deprec. & oper. exp
Admin. expenses and adjustments_
Interest
Quer. End. -9 Mos. End. Sept..
.
Sept. 30'27.
$977,777 $3,294,430 $2,614.534
690,201
747.829
232,898
24,192
48,078
8,633
Profit before Federal taxes
,246 52,556.151 51.842,513
Pres. C. 0. Miniger says: "While volume of business for last quarter of
the year will be greatly reduced, it is expected that it will be approximately
twice that of last quarter in ."-V. 125, p. 656.
Electric Boat Co.-Truste eof Notes.
-
The Central Union Trust Co. of New York has been appointed trustee
for $500,000 6 months' gold notes, due April 13 .-V. 124, p. .
-Bonds
Emporium Capwell Corp., San Francisco.
-American National Co., Peirce, Fair & Co., and
Offered.
Blyth, Witter & Co., San Francisco, are offering at 97 and
Average for above Periods
Annual prior interest charges
$1,600,5e0
164,4n
Balance available for these debenture bonds
averagetts11,6,5.
$1,436,151
6
,43 .151
43 1 1
Net earnings after prior interest charges, as above,
which is equal to approximately 3.4 times the interest charges on this
issue of bonds. Such net earnings in each of the above years were equal
to more than 3 times the interest charges on this issue of bonds. Net
earnings of the Emporium Capwell Corp. and subsidiaries, for the same
period. but without the addition of the earnings from II. C. Capwell Co.
and after prior interest charges as above, averaged in excess of 3 times
such interest requirements. The Emporium and the H. C. Capwell Co.
have both shown a profit in each of the last 20 years.
It is expected that the combined busInes.ses will show not only substantial
increases in volume but that the many operating economies to result from
unified control and management will materiallyl hreaseapet etsiandis g.
lnc s e
osarning n
.
CapitalizationAuthorized.
15-year 534% cony,gold doben. bonds(this issue) $10,000.000 $7,500,000
Common stock (no par value)
650,000 360.000 she.
Dividend Itate.-The present annual dividend rate on the common stock
of Emporium Capwell Corp. is $2. This stock has sold between 30 and 41
since it was first offered to the public.
Combined net earnings of the Emporium Capwell Corp. and its subsidiaries including those from department store operations of H. C. Capwell
Co.for the 2 years ended Jan. . available for dividends on this stock
averaged $3.83 per share, per annum for the 360,000 shares now outstanding.
Purpose.
-Proceeds of this financing will be applied towards paying
existing indebtedness including liens upon the property of the corporation
and its subsidiaries and for other corporate purposes.
Directors will include: A. B. C. Dohrmann, (Pres.), H. C. CapwellMilton H. Esberg, William Fries, Mark L. Gerstle, Joel W. Kaufmann:
M.C. Sloss, C. W.Stelae's, John S. Drum and Harry H.Fair.
Pro Forma Consolidated Balance Sheet July 31 .
[After giving effect to the following transactions to be consummated.
(a) change in corporate name; (b) increase of 290.000 shares In authorized
no par value common stock; (c) the issue of $7.500.000 534% convertible
gold debenture bonds;(d) application of proceeds therefrom to,(1) refunding of $5,386.373 in current bank loans: (2) reduction of $987,460 in mortgages on Oakland property; (3) acqu sition of fee in leased Oakland property for 558.580; (4) other corporate purposes.]
tsene t
LiabilUiesper atsr assets
8E1,029,677 Accounts payable
$1,333,625
Real estate
69,239,987 Accrued accounts
140,897
Leaseholds, purchased going
Federal tax
109,741
value, &c
1,102,843 54% convertible debentures 7,500.000
Stock of Emporium Corp.
Tele. Ave. Corp. 75
480,000
purch. for employees
250,848 Oakland prop, deeds of trust_ 1,155,170
Sundry securities
74,401 Marian Realty Co.634s
771,500
Empl. unpaid subscr. to stock
23,255 Purchase contract payable175.000
Deposits, advances, claims,
Stock pureh. for employees__
227,816
99,591 Reserves for contingencies__
notes,&c
562,687
Merchandise
5.222,349
do for future deprec _ _ _
187,723
do for empl. benefits.
Cost. accounts receivable_. 2,562.723
Creditors debit balances
27,973
Federal taxes, &c139,049
1,106,359 Unear. Int. on spl. terms sales
Cash
11,422
Unamor. organ., sze., exp.__
695,165 Emporium 7% pref. stock_ __. :0 1
61:0 7
3
183,561 Common stock
Special alter. & improv
121,657 Paid-in surplus
Prep. taxes, Maur.& lot
74,839 Profit and loss surplus
Inventory of supplies
891,817
Total (each side)
$21,815,230
a Furniture,fixtures, &c.,$1,360,770;leasehold Improvements. $408.544
less, allowances for depreciation and amortization, $739.637. b San Francisco property, 34.728.658; Oakland property, $4,388,268; country club for
employees. .076; less, allowance for depreciation. $249,076. c Reprosenteekby 260,000 shares (no par value).
THE CHRONICLE
[VOL. 125.
Emporium Corp.(Del.):
-To Increase Stk & Change Name
as to allow all stockholders to share in the success of
company. All
stockholders will have voting power. The pref. stock tothepresently issued
be
will carry warrants affording an opportunity to purchase
all class A stock will be convertible into common stock. class A stock and
It is expected that any public offering of the securities will be
Dillon, Read & Co. and lassos!. Kinnicutt & Co. of New York. made by
Federal Bake Shops, Inc.
-Transfer Agent-Registrar.- Statement of Combined Net Income for Periods
Stated of Properties and ComThe Chase National Bank has been appointed transfer agent for an
panies to be Presently owned.
authorized issue of 11,000 shares of ptefeired stock ($100 par); 66.000
[Including earnings of the sheet mill of Baltimore
shares of common stock purchases warrants; 282,000 shares of common
Copper Smelting
stock (no par), (68,000 shares of which are issuable upon exercise of war- Rolling Co. for the entire period and of its rod and wire mills for the &
6
months ended June 30 only, and as to the Canadian subsidiary of
rants).
Standard Underground Cable Co.&#;only the proportion of earnings applicable
The Interstate Trust Co. has been appointed registrar of the preferred
to holdings of parent company.]
and common stock. See V. 125, p. .
12 Mos Ended
Years Ended Dec. 31
Fidelity Union Title & Mortgage Guaranty Co.,
June 30 '27. .
.
.
.
Newark, N. J.
-Rights.
aCombined net income.5,340,048 5,681,470 6,415,014 7,872,964 7,493.200
The stockholders of record Oct. 25 will be given the privilege to subscribe Int. on ser. A bonds__ 880,000 880,000
880,000
on or before Nov. 15 for 10,000 additional shares of capital stock (par $50) Fed. tax at 13)4 %____ 602,106 648.198 880,000 880,000 892,782
747,227 944,050
at $100 per share in the ratio of one new share for each 5 shares held. Subscriptions are payable at the company's office, 755 Broad St., Newark,
bNet income
3,857,941 4,153,272
N. J.
Div. on 7% pref. stk_ _1,050,000 1,050,000 4,787.787 6,048,913 5,720,418
-V. 124, p. .
1,050,000 1,050,000 1,050,000
Finance Co. of America, Baltimore.
Avail,for class A stk.2,807,941 3,103.272 3,737,787 4,998,913
-Larger Dividend.
4,670,418
The directors have declared a quarterly dividend of 15 cents per share on Per sh. on 400,000 shs.
class A stock
both the class A and B common stock, no par value, payable Jan. 15 to
7.02
7.76
9.34
12.50
11.68
holders of record Jan. 5. Previously the company paid quarterly dividends Div. on 400,000 shs.
class A stk ($4)
of 123's cents per share on these issues.-V. 122, P. .
1,600,000 1,600,000 1,600,006 1,600,000 1,600,000
Gates Rubber Co.
-Guaranty, &c.
Bal,avail,for com.stk.1,207.941 1,503,272 2,137,787 3,398,913
3,070,418
Established in , the business of Gates Rubber Co. has grown to be Per sh. on 440,000 shs.
one of Colorado's leading industrial enterprises. Products of the company
common stock
2.75
3.42
4.86
6.98
7.72
a After deducting depreciation and after eliminating non-recurring interest
include five essential automobile accessories; cord tires, fabric tires, tubes,
fan belts and radiator hose. A considerable volume of business is done in and other charges (Including bonuses) and credits. but before deducting
steam hose for railroad use. Recently the company has added to its line Federal income tax. b After deducting depreciation, Federal income tax
of products garden hose and rubber automobile tire chains. The prospects and interest on funded debt to be presently outstanding, and after eliminatare that the rubber garden hose business will grow to be one of the important ing non-recurring interest and other charges (including bonuses),and credits.
departments of the company's business.
Pro Forma Balance Sheet
For the five years ended Oct. 31 average net sales of Gates Rubber [After giving effect as at that date toas at June 30 .
terms of agreements dated as of
Co. were $4,154,793, and net earnings for the same period, after all charges,
Sept. 26 .1
including depreciation and Federal taxes, averaged $207,077, or more than
Asset
Liabilities
11.5 times maximum interest requirements on these bonds, and more than Cash & mark.
securities- $3,604,572 Notes payable
$17,953
four times the maximum combined annual interest and maturity require Notes &
accts. rec., less
Accts. payable & accrued
ments. For the year ended Oct. 31 net sales were 35.536,007, and net
reserves
8,121.116
expenses
3,596,176
earnings, as calculated above, were $260,225. Current year's bus mess Inventories
(at market)
,a16,480,879 Dividends payable
533,770
is showing a satisfactory increase, in sales and earnings, over the business Prepaid
expenses
455,792 Res. for Federal taxes__ _
671,552
of last year.
Reserve for reels
288,230
As of Oct. , net worth of Gates Rubber Co. amounted to $2,544,- Investment In & advances
to sub. company
1,253.621 Other reserves
317,442
556, of which amount $1,353,511 consisted of net quick assets.
Sundry investments_ _ _ _
123,594 1st Mtge. 5s
16,000,000
Balance Sheet Oct. .
Other assets
284,025 7% cumul. pref. stock__ _ 15,000,000
Fixed assets
Assets-Liabilities625,677,387 Class A Ss common stock_ c19,575,868
Cash*251,% preferred stock
5
$441,600 Good-will
Customers' acc'ts & acce-pCommon stock
x2,102,957
tances-less allowance__
Total
466,146 Notes payable,incl. accep. 201,369
$56,000,991
Total
$56,000,991
Inventories
1,211,392 Accounts payable
269.073
a Less reserve of $530,000 to reduce copper and lead in inventories to
Land
104.139 Accrued payroll, Federal
conservative values below market. b Land. $2.604,020; buildings, machinBuildings., mach.& equip. 1,031,326 taxes, &c
105,387 ery and equipment. *23.073,367 (appraised sound values adjusted to date
Sundry acc'ts,invest'ts, &c
29,996 Reserve for pref. divs_ _ _ _
5,152 331.784,234. c Represented by 400,000 shares class A stock (no par) and
Prepaid int., ins. & supp__
30,734
400,000 common stock (no par).
Patents and trade marks_ _
1
The stockholders will vote Oct. 25 on increasing the authorized capital
stock (no par value) from 360,000 shares to 650 shares, and on changing
the name of the corporation to The Emporium Capwell Corp. (see that
company above).
-V. 125, p. .
Total
$3,125,538 Total
$3,125,538
x Represented by 72,224 shares of no par value.
See also Gates Power Co.under "Public Utilities" above.-V.116, p..
-Earnings.
General Electric Co.
Period Ended Sept. 30--3 Mos.-.
-9 Mos.-.
Net sales billed
$76,164,584 $82,187,349 $225,959.611 $,216
Cost of sales billed, d.
oper.,
mai
prrec
charges, res. & eP ov..
for all taxes
67,866.660 72.499,449 198,796,918 203,690,909
Net inc. from sales.. _ $8,297,924 $9,687,900 $27,162,693 $25,947,307
Sundry inc. less hit.
2.006,848
paid & sundry chgs
3.064,968
8.030,362 5.818.365
Profit avail, for divs.$11,362.892 $11.694,748 $335,193,055 $31,765,672
643,624
Divs. on special stk_ _
643,521
1.930,814
1,714,052
Profit avail, for diva.
7.211urp-$10,719,268 $11,051,227 $33,262,241 $30,051,620
on com. stk & s
Earns, per sh. on
,481 shs. of no par com.
stock outstanding_ _$1.49
$1.53
$4.61
$4.17
-V. 125, p. .
General Cable Corporation.
-New Consolidation Proposed-Five Companies to Go into Merger.
-The organization
of a large electrical wire and cable company under the above
name, was forecasted Oct. 19 by the mailing of notices
calling meetings of stockholders to approve action taken by
the boards of directors of certain of the companies whose
assets will be owned by General Cable Corporation.
See also Safety Cable Co. below.
(B. F.) Goodrich Co.
-Forms New Subsidiary.
The company
has formed a new subsidiary known as the Pacific Goodrich
Co.,which will construct a plant in Los Angeles,Calif., to cost approximately
$7,000,000, it is reported.
S. B. Robertson. director of engineering at the Akron (Ohio) plant
of the Goodrich company since , has been elected Vice-Pzesident and
General Manager of the subsidiary. J. W.Jordan,former General Auditor,
has been appointed a Vice-President and General Manager of the Canadian
Goodrich C.D.. Ltd..succeeding T. B. Tomicinson, who was made comptroller
of the B. F. Goodrich Co.
-V. 125, P&#; .
Great Lakes Terminal Warehouse Co. of Toledo.
Bonds Offered.
-A. C. Allyn & Co. Inc. and Redmond &
Co. are offering at 100 and. int. $2,20,00d 1st (closed) mtge.
6M% sinking fund gold bonds.
Dated Sept. : due Sept. . Int. payable M. & S. Denom.
$1.000. $500 and $100 c*. Red., all or part, on any int.date on 60 days'
notice at 105 and Int. Principal and int. payable in Chicago, New York
and Detroit. Fidelity Trust Co., Detroit, trustee. Int. payable without
deduction for normal Federal income tax not to exceed 2%. Upon application as provided in the mortgage the company will refund any taxes
assessed and paid upon the income derived from or on the ownership of
these bonds under the laws of any State or possession of the United States
not in excess of 5 mills per annum on each dollar in principal amount to
holders resident in such State or possession. Legal for savings bans in
State of Michigan upon completion of the building.
Data from Letter of John T. Spencer, Vice&#;Pree. and Gen. Mgr.
Company -Will erect a modern 17-story and basement reinforced concrete dry and cold storage warehouse at Morris and William Streets, Toledo,
Ohio. This site is exceedingly desirable, being ample in size (approximately
86,500 sq. ft.) and located in the heart of the transportation and wholesale
district. It is in close proximity to the freight houses of the most important
railroads entering Toledo and has available direct railroad connections,
with private sidings, from the New York Central Lines and from the Baltimore & Ohio RR.
Security.
-Bonds will be a direct obligation of the company and will be
specifically secured by a direct closed 1st mtge. on the land (above)and
on the plant to be erected thereon. Based on estimates made by Day &
Zimmermann, Inc., engineers, the building and equipment, exclusive
land, will upon completion have a value of $4,277.000. The Fidelity of the
Trust
Co., Detroit, has appraised the land and equipped building at $4,500,000.
Earnings.
-Based upon the full utilization of the facilities to be
under practical operating conditions and prevailing rates, Day &provided,
Zimmermann,Inc.. engineers, estimate that the annual earnings should be as follows
Gross revenue_______ _ _________ ____________________ .000
Operating expenses and taxes other than income taxes
283,890
Net earnings __ _ __ - __ - __ - ______ - _ - __ - ____ _ _
_ __ _ _
Maximum annual lint. charges on 1st mtge. 63&#;6 7; __ _ _ _ bonds$441,110
gold
(thisIssue)_
__ - ____ - ______ - - _____ ________ - $146.250
The estimated netearnings, as shown above, are more than three times
such maximum annual interest requirements.
-Company will covenant to pay to the trustee on Sept. 1
Sinking Fund.
and on each interest date thereafter the sum of $112,500 to be used
for the payment of interest on these bonds and for their purchase or redemption by lot at or below 105 and int. All bonds so
celled. The sinking fund should retire approximately retired will be can65% of the entire
amount of this issue at or prior to maturity.
Capitalization to Be Outstanding (Upon Completion of This Financing).
1st mtge. 63&#;6 % sinking fund gold bonds (this issue)
$2,250,000
General mortgage 7% convertible gold debentures
850,000
Class A stock (no par value)
06,375 sits.
stock (no par value)
Class B
80,000 shs.
a In addition, the company has reserved a sufficient number of shares
of this stock to provide for the exercise of certain conversion privileges
under the mortgage securing the general mortgaan 7% cony, gold debens.
Management--Company will be affiliated with the Great Lakes Terminal
Warehouse Co.(Detroit)and will be under thesame general management.
When the organization of General Cable Corp. is completed, it will own
the a-ksets and businesses now operated by Dudlo Manufacturing Corp.,
Rome Wire Co., Safety Cable Co. and Standard Underground Cable Co.,
and the sheet and rod and wire mills of Baltimore Copper Smelting & Rolling
Co. These companies are among the most prosperous and strongest manufacturers of their several lines of product in the United States and have been
favorably known for the high quality of their product and the effieiency of
their management.
General Cable Corp. will have plants at the following strategic points in
the United States and Canada; Bayonne, Perth Amboy, Newark and
.
Harrison N. J.: Rome and Buffalo, N. Y_.&#; Pawtucket, It. I.; Baltimore,
Md.: Chicago, Ill.; Pittsburgh, Pa.; St. Louis, Mo.; Fort Wayne, Ind.;
Oakland, Calif.. and Hamilton. Ont.
Taking these plants at 80% of their appraised sound values adjusted to
June 30 . and after deducting all current liabilities and reserves, the
net assets of General Cable Corp. as on that date amount to over $50,000,000, of which amount over $22,000.000 consist of net quick assets such as
cash, accounts receivable, inventory, &c.
Company will be in a position to furnish all kinds of copper wires and
cables, from the finest of enamel ware for delicate electrical instruments to
the largest cable for aerial and underground service. Brass and bronze
wires, tubing. copper rods and sheets will also be included in its manufacture. The company will thus have the recognized benefits of dealing in a
long line of diversified products, and this will make possible a better balanced
operation of its plants, with extensive saving in costs of manufacture, distribution and overhead, and considerable economy in management,research,
manufacture and distribution.
It is expected by interchange between plants of methods and facilities of
production, that a higher efficiency of manufacture and production will be
obtained at each of the plants and that losses and delays resulting from
emergencies existing at any one plant will be minimized. Moreover, all
the special processes and methods developed in the research laboratories in
the past as well as in the future will be available to all of the plants. Particular emphasis will be laid upon research and development work through
concentration and expansion, with the aim to improve the art of wire and
cable structure to keep pace with the continual demands on the industry
for new forms of construction.
The company will also have a number of well located warehouses and
Gulf States Steel Corp.
these, together with its several rolling, wire, drawing and insulating plants
-Earnings.
Period end. Sept. 30- -3 Mos.-.
located at various points, will make it possible not only to render prompt
-9 Mos.-.
earnings
but also to reduce transportation expenses.
service,
$342,229
$249,702 $1,005,873
$911,946
'n, &c
General Cable Corp. expects to retain the executives and staff now man- TNaextesea,
192.047
101,414
484,465
347,006
aging the various plants and in this way will have the benefit and advantage
of the present managements. Trade
Net income
$150,182
of the long and successful experience
$148,288
$521,408
$564,940
Earns. per sh. on 125,000
names and good-will will also be perpetuated.
shs. of(par $100)com.
The capitalization to be presently outstanding will consist of $16,000.000
dproximately 400,000
stock outstanding_ _
$0.92
1st mtge.5% bonds,$15,000.% pref. stock and a
$0.90
$3.33
$3.67
as been arranged so -V. 125, p. .
shares of class A stock and 440.000 common stock, an
OCT. 22 .]
-Permanent Bonds Ready.
(W. F.) Hall Printing Co.
Lee, Higginson & Co., announce that permanent 1st mtge. trust gold
bonds are ready in exchange for temporary certificates at their offices in
New York, Boston and Chicago. (See offering in V. 124, p. .)V. 125. p.254.
-Earnings.
(M. A.) Hanna Co.
Period End. Sept. 30Net oper. income
Interest
Deprec. & depletionFederal taxes
-9 Mos.-.
-3 Mos.-.
$927,495 $2,028,068 $1.800,547
$914.227
309.736
293,500
99,750
95,500
842.903
887,800
329,472
346,053
113,269
70,099
75.269
54,880
Net income__
291.844
Earns. per sh. on- _-she,of no par corn.stk.
outstanding
-V. 125, P. .
$417.794
$423,004
$0.54
$0.55
$776,669
$534,639
Nil
Nil
--Earnings.
Harbison-Walker Refractories Co.
Period End. Sept. 30Net prof.(est.) aft. depr..
deplet.,Fed. taxes. &c.
Earns. per sh. on 360,000
shs. of (par $100) cal).
stock outstanding.. _
-V. 125, p. .
THE CHRONICLE
-3 Mos.-.
$893,000
$2.35
-9 Mos.-.
$979,000 $2,884,000 $2,880,000
$2.59
$7.62
$7.62
to build up the assets. Publicity concerning the financial condition of
the trust and the operations of its management is issued quarterly. (Boston
hews Bureau.) See also V. 125,p. .
-Earnings.
Independent Oil & Gas Co.
-9 Mos.-.
Period end. Sept. 30- -3 Mos.-.
81,760,862 $1,369,137 $4,242.252 $3,249,197
Net earnings
1,504,311
2,398,314
526,655
876,061
Depl., depr. & Fed.taxes
$884,801
Net income
Shares of stock outstand500.000
ing (no par)
_
.stk$1.77
Earns.per sh.on cap
-V. 125. P. .
$842,482 $1,843,938 81.744.886
493,800
$1.71
500.000
$3.69
493.800
$3.53
Industrial Discount Co. (Industrieele Disconto
-Stock Sold.
Maatschappij) of Amsterdam, Holland.
F. J. Lisman & Co. and First Federal Foreign Investment
Trust have so'd 15,000 American share certificates representing 1,500,000 guilders common stock Price $48.50 per
American share certificate (carrying coupons at one-half the
full rate for and at the full rate for the nine following
years). Income yield on basis of previous dividends 8.29%
straight.
The shares against which these certificates will be issued are shares of
the company's common stock of 1,000 guilders ($402) par value each, in
bearer-form, fully paid and non-assessable, and carrying dividend warrants
See Arrow-Hart llegeman, Inc., above.-V. 125, p. .
at one-half of the full rate for and at the full rate thereafter, and are
to be deposited with the Central Union Trust Co. of New York, trustee.
-Rights.Hawaiian Pineapple Co. Ltd.
Each of the American share certificates represents 1-10th ofone such share
The stockholders on Sept. 30 increased the capital stock from $10,000.000 and is exchangeable (10 certificates for one such share) at the principal
by the issue ce of 125,000 shares, par $20. T ese new office of the trustee, in accordance with the terms of the indenture under
to $12,500,000
shares were offered, at par, to stockholders of record Sept. 30 . 1 new which the shares are to be deposited. Such exchange may be made at
share for each 4 shares the I held, the 495 shares of new stock corresponding any time before Aug. 1 on payment of a fee of 20c. per certificate and
in proportion to the 1.980 shares heretofor authorized but yet unissued, on and after Aug. 1 free of all fees.
to be.Wued later in the discretion of t e directors. Fractional shares. if
The certificates will be in bearer form carryingcouponsfor the proportionany are due under t e new issue, will be a Id by the Treasurer of the cor- ate part of dividends for the 10 years, to ,inclusive, on the shares
poration and the net roceeds, less the proportior ate par value of the rights to be deposited, said dividends to be payable when, as and if declared by
fraction, promptly remitted. The new stock will be issued as of Dec. 1 the company and received by F. J. Lisman & Co., Fiscal Agents. The
and will be entitled to its first dividend on Dec. 31 . It is the holders of Certificates will share ratably in any stock dividend or rights
intention of the directors to continue the present rate of cash dividend, declared on the shares to be deposited, in accordance with the terms of the
namely, 15c. rer share per month on the new capitalization. Rights to Indenture above mentioned. Denom. 1 and 10 American share certificates.'
subscribe to the new stock expire Nov. 30. The stock sold ex-rights on
-The shares, against which these certificates will be issued, are
Listed.
the San Francisco Stock & Bond Exchange on Oct. 5 instead of Sept. 30. listed on the Amsterdam Stock Exchange.
-V. 125, p. .
Data from Letter to F.J.Lisman & Co., Dated Amsterdam, Aug.4
-The company was incorp. in under and
Scope and Operations.
-Earnings.
Houston Oil Co. of Texas.
subject to the regulations prescribed by the laws of the Kingdom of the
(Including Ilouston Pipe Line Co.1
Netherlands. It is chartered and authorized to conduct a general banking
Quar. End. Quar. End. Quar. End.9 Mos. End. business in all its phases, financing imports, exports and domestic trade
Sept. 30.
Mar. 31.
June 30.
Sept. 30.
and discounting commercial paper.
$2,698,806 $2,452,546 $2,484,711 $7,636,063
Gross earnings
Since its inception, the company has enjoyed the active financial support
1,034,062 3,431,334 ofseveral ofthe foremost banking institutionsin Holland. Germany,Switzer1.101,703
1,295,569
Exp. & ord. taxes
land and other countries. The well known Amsterdam banking house
Operating income_ _ _ _ $1,403,237 $1,350,843 $1,450,649 $4,204,729 of H. Oyens & Sons has been connected with the company and represented
194,523 on its board since the beginning.
70,340
61,543
62,639
Other income
In accordance with the policy of extending its operations into profitable
Total income
$1,464,780 $1,413,482 $1,520,989 $4,399,252 fields in Europe outside }Tolland, the company has organized subsidiaries
282,909 In Germany and Denmark. These subsidiaries, established in and
Abend. leases, &c
126,409
125,893
30,607
832,565 respectively, are entirely owned and controlled by the Industrial
Int., amort. & Fed. tax_
293,128
271,225
268,213
Deprec. & depletion_ _ _
420.557 1,337,990 Discount Co.. which operates them in accordance with its own conservative
462,906
454,527
principles. The German company, the Industrielle Diskonto A. G., paid
Net income
$680,895 $1,945,788 a dividend of 10% in and . and has recently increased its capital
$657,123
$607,768
In the previous year company reported for the Sept. quarter profits of to 2.000,000 Reichmarks. The Danish company, the Industrielt Diskonto
$749,364 before depreciation, depletion and amortization and for the nine Aktieseiskab. which has not yet completed its first financial year Is developmonths ended Sept. 30 , profits of $2,210,154 before depreciation, ing very successfully. Company is concluding arrangements for the estabdepletion and amortization.
-V. 125, p. 528.
lishment of subsidiaries in England and France with offices in London and
Paris.
Hudson Motor Car Co.
-Earnings.-Company's business has been increasing rapidly, its growth
Growth.
-QuarterEnded--9Months Ended- being indicated by the following statistics:
PeriodSept. 30 '27. Aug. 31 '26. Sept. 30'27. Aug. 31 '26.
Capitalization
C 19
31ap
Netincome after deprec.,
2
E
1
i2ta:00
Dec. 31
Fed.taxes & oth.chgs_ $4,224,972 $1,926,645 $14.042,536 $7,983,982 Dec. 31
Earns.per sh.on 1,596.660
2,211.000
y
July
shs. of no par cap.
88.79
$1.21
$2.65
stk.$5.00 On completion of this financing
2.814,000
-V. 125. P. .
-Turnover (including fully owned subsidiaries)
(2) Business.
Annual
Monthly
Hutchison-Moore Lumber Co. Foulke, Miss. and
Total.
Average.
.000
$41,000
Allison, Ala.
Co.,
-Bonds Offered.
Fentress
-Baker,
1,851.000
154,250
Chicago, are offering at prices to yield from 5Y to 6%,
t%
282,500 3.390.000
according to maturity, $460,000 1st mtge. serial 6% sink- 1 27 (7 months)
430,728 3,013,000
(3) Earningsin fund gold bonds.
Net. after
sated Sept. 15 ,due serially from Sept. 15 (M.& S.) to Mar. 15
Gross. Exp.16Taxes
. Prin. and int. (M. & S.) payable at Continental & Commercial
$15,329
$32,430
Trust & Savings Bank,Chicago. Denom.$1,000,$500 and $100 c*. Call69.989
106.848
able all or part on 30 days' notice on any int. date at 100 and int, plus a
232,796
160.542
premium of ;4 of 1% for each year or fraction thereof intervening between net earnings equalled % on the company's average capitaliFor
date of redemption and maturity of bonds redeemed. If requested within zation; for the first 7 months of net earnings were in excess of such
60 days after payment and within 9 months after it shall become due, com- rate.
pany agrees to reimburse resident holders for Penn. 4-mill tax. Continental
The company's foundation and organization expenses and equipment
& Commercial Trust & Savings Bank, Chicago, Ill., and Calvin Fentress, have been completely written off, the latter now being carried on the books
Chicago, Ill., trustees. Interest payable without deduction for normal at one guilder.
Federal Income tax up to 2%.
-Company each year since its inception has paid dividends
Dividends.
Data from Letter of S. K. Ingham, President of the Company.
at the rate of 10% on its common stock. The expansion of the company's
-Is engaged in the manufacture and sale of Southern yellow business, both in Holland and through its fully owned subsidiaries abroad,
Company.
pine. The business was incorp. in , at which time it acquired its and the resulting marked increase of its turnover,justify the confidence
Mississippi timber and mill properties: its Alabama properties were recently that the company will declare its usual dividend of 10% for the current year.
acquired through purchase of the entire capital stock of Ingham-Burnett &#; Dividends declared are payable annually and the shares now purchased
Lumber Co., which latter concern has been merged with the Hutchison- are entitled to half the dividend for the year .
Company has agreed to pay all present and future Dutch taxes on diviMoore Lumber Co.
Operations and Earnings.
-Combined income for the periods ending Aug. dends on the shares which have been purchased by the bankers.
-The purpose of this issue is to provide additional workPurpose of Issue.
31 of the Hutchison-Moore Lumber Co. for 5 years and 8 months and
the Ingham-ilu.nett Lumber Co. for 5 years, after Federal taxes but before ing capital to meet the requirements of the company's rapidly increasing
depletion and depreciation, available for payment of interest and debt business.
Capitalization (after Giving Effect to this Financing).
principal, have averaged annually
$252,116
Issued.
Authorized.
The maximum annual int. charge on this issue of bonds is
$27,600
Security.
$402,000
$402,000
-These bonds are the direct obligation of company and are 6% 25
-year debentures
specifically secured by direct first mortgage on timber and mill properties 7% cum. partic. pref. stock (1,000 guilders par
value per share)
804,000
conservatively valued at $1,200,000, or over 2.6 times this issue of bonds.
201.000
Financial Condition.
-The balance sheet as of Sept. 1 , after giving Common stock (fully paid and non-assessable)
(1,000 guilders par value per share)
3,216,000 2,211,000
effect to the merger with the Ingham-Burnett Lumber Co. and application
-Par of exchange: $402 per 1,000 guilders.
Note.
of the proceeds of this issue, indicates a net worth of the company of over
In addition there are 14 founders' shares of no par value outstanding. In
$1,500,000, after deducting all liabilities except these bonds.
-A sinking fund at the rate of $5.60 per 1.000 ft. case of liquidation, out of any available balance of the liquidation account,
Retirement of Bonds.
as compared with a loan rate of $4 for each 1,000 ft. of timber mortgaged) after the possible payment of all accumulated dividends on the preferred
must be paid the corporate trustee for the retirement of the principal of stock,if possible, is paid off at 100% of its par value; thereafter the common
these bonds for all timber as cut and released from the lien of the mortgage. stock, if possible, is paid off at 100% of its par value: and of any balance
This sinking fund should operate to increase steadily the already wide mar- remaining. 39% thereof is distributed to founders' shares, directors and
management, and 61% thereof is distributed to preferred and common
gin of security.
%
Purpose.-Proceeds will be used to reimburse the treasury in part for stockholders as follows: for each 1% paid on the common stock.
improvements, to fund short-term indebtedness and for added work- shall be paid on each share of preferred stock, all in accordance with the
plant
company's charter.
ing capital.
-Outof profits available in any year for dividends.
Distribution of Profits.
Incorporated Investors.
-Pays Interim Div. of 50 Cents. Is possible, a 7% cumulative dividend on the preferred stock is first paid
An interim dividend of 50c. per share was paid on Oct. 15 on all shares and then. if possible, all accumulated dividends on the preferred stock are
outstanding on Sept, 30. The next dividend date was advanced to Jan. 15 paid. The balance is distributable, in the discretion of the board, as
the payment. if possible, of a 7% dividend on the common
In conformity with the change making the fiscal year correspond with follows: (a) toof any
balance remaining, 39% thereof to founders' shares,
stock and (b)
the calendar year.
last 12 months shareholders ieceived $4.50 in cash dividends, directors and management, and 61% thereof as additional dividends on the
During the
the common stock shall
a 5% stock dividends (wo.th $5.50 if sold when issued), and the value of preferred and common stock as follows: 1% paid on the commonreceive
stock.
the shares increased from $109 to $128.50-a gain of $19.50 per share. 3%, and thereafter, for each additionalpreferred stock, all in accordance
These realized and unrealized gains total $29.50 per share, or 27% on the 3 % shall be paid on each share of the
with the company's charter.
price a Year ago.
Condensed Balance Sheet Dec. .
A comparison of the last balance sheet with that of Sept. 30 gives
Liabilities
Assets
evidence of substantial growth during the last year. The assets (at cost)
$201,000
grown from $629,220 to $3,117.357. Income for nine months has Cash and deposits in banks $108,586 7% preferred stock
have
1,391,379 Common stock
804,000
increased from 816.430 to $84,985, and the number of shares outstanding Accounts receivable
289,729 Long term deposits
143,793
Investments
from 6,557 to 29.393.
2,131 Accounts payable
560,877
This investment trust has placed its invested funds in stocks of 28 of Merchandise
56.280 Surplus and reserves
138,435
the leading American businesses in major lines of industry. It adheres Office building
to the policy of paying dividends solely out of cash income received. Profits
Total
$1.
Total
$1,848,105
from the sale of securities, stock dividends, rights, &c., are reinvested
-Control.
Hart & Hegeman Mfg. Co.
82
THE CHRONICLE
[VoL. 125.
Since the beginning of this year the company's capitalization has more
than doubled and amounts at present to $2.814.000 (after giving effect to
this financing). Recent issues of 1,000,000 guilders of the company's6%
25
-year debentures and of 1,000,000 of the company's common stock,
offered in the Amsterdam market, have been greatly oversubscribed.
[Conversion of Dutch to U.S. currency has been made at par of exchange,
one Dutch guilder equal to 40.2 U. S. cents.]
Keech & Co., members of the New York Stock Exchange, New York;
Allyn S. Goulden, partner of A. S. Goulden & Co. of Washington and
Baltimore; Ralph D. Quinter, Referee in bankruptcy, Washington, D. C.;
and Rowland C. Ringgold of Baltimore.
Dated Sept. : due Sept. 1 . Prin. and int.(M.& S.) payable
at Bank of /vova Scotia, Toronto, Montreal and Winnipeg. Denom.
Z1.000 and $500 c*. Callable all or part on any int. date on 30 days' notice
at 102 and int. Trustee, Royal Trust Co., Montreal and Toronto.
Authorized. Outstanding.
Capitalization6% first mortgage bonds (this issue)
$200.000
$200,000
Common shares(no par value;sold for $5 per sh.)_ -60,000 shs. 40,000 shs.
Security.
-Secured by a first mortgage on the steamer "Sand Merchant,"
constructed by the Collingwood Shipyards, Ltd. The boat was launched
Aug. 17 and has been valued at $420,000.
Sinking Fund.
-Trust deed provides that the company shall pay annually
to the trustee $15,200 and,:11 addition,an amount equivalent to the interest
on all redeemed bonds, for the purpose of retiring outstanding bonds. It is
estimated that this amount will retire the whole issue In ten years, or at
maturity.
Contract.
-Company has entered into a 5
-year contract which calls for
delivery at Toledo, Sandusky, Huron, Lorain and Cleveland of sufficient
quantities of sand and gravel to keep the S. S. "Sand Merchant" operating
to capacity during the entire navigating season. This contract gives to
the company the privilege of exercising valuable options looking to increased
business and the extension of the contract.
Earnings.
-The "Sand Merchant" commenced commercial operations
early in Sept. and the President of the company estimates that it will, during the balance of the navigation season, make profits of $25,730, or
over 4 times the bond interest for the first 6 months. In the year and
subsequent years for the full navigation season the profits from this contract
are estimated at $105,650, or nearly 9 times the annual interest require-.
ments.
of $14,007 for each mortgage, representing but 51.92% of estimated worth of property.
The Jersey Mortgage & Title Guaranty Co. has capital, surplus and
undivided profits of over $1,000,000 and by the terms of the collateral trust
agreement under which these bonds are secured, the aggregats amount of
bonds outstanding and other indebtedness of the company shall not exceed
15 times its fully paid capital stock and surplus.
-V.124, P. .
Jersey Mortgage & Title Guaranty Co.
-Bonds Offered.
-A new offering Jf $1,000,000 53% bonds will be made
- shortly by Stone & Webster and Blodget,Inc.
Interlake Transportation Co., Ltd.
-Bonds Offered.
Company does a mortgage and title guaranty
Dickson, Jolliffe & Co., Toronto, are offering at 99 and int., nicipalities of New Jersey under the supervision business in various muof the State Department
to yield about 6.15%, $200,000 6% 10
-year 1st mtge. sink- of Banking and Insurance.
As of Sept. 30 the company had made total mortgage loans in the
ing fund gold bonds.
amount of $3.011,650 with an average principal
Joske Bros. Co.
-Initial Dividend of 75 Cents.
-
An initial dividend of 75 cents per s -are has been declared on the voting
trust certificates for capital stock, payable Nov. 21 to certificate holders
of record Nov. 1. See also V. 125. p. 398. 658.
Koppers Co., Pittsburgh.
-Forms New Subsidiary.
-
The Hartford Coke Co., a subsidiary has been organized in Connecticut.
The capital of 1,000 shares (par $100) will be Increased later but the amount
has not been decided upon. The name of this company was then changed
to the Connecticut Coke Co. The new company will operate the plant
which the Koppers Co. is erecting in New Haven to supply gas to Connecticut cities, the cost of which has not been finally determined.
-V.
123, P. .
(S. S.) Kresge Co.
-Earnings.
Period end. Sept. 30- -3 Mos.-.
-9 Mos.-.
Sales
830,725,850 $27.137,949 $86,626,837 $76,975,274
Earnings
3,860,906 3,767,241 10,515,283 9,620.970
Federal taxes
521,222
508,578
1,298,831
1,419,560
Preferred dividends_ _ _
35,000
35,000
105,000
105,000
Balance for common__ $3,304,684 $3,223,663 $8,990,723 88,217,139
International Cement Corp.
-Quarterly Earnings.
Earns.per sh.on 3,677,636
Period end. Sept. 30- -3 Mos.-.
-9 Mos.-.
shs.(par $10)com.stk.
Gross sales
$8,291,490 $8,023,344 $22,133,617 $19,728,513
o.
outstanding.
v
$0.90
$2.23
ng
.
$0.88
$2.44
Less pkg. dis. 8c allow'ce 1,600,111
1,497,756 4,244,795
3,621,583 - e
Mfg. costs, excl. deprec- 3,549.168 3,259,247
9,459.824
8,020,544
Depreciation
521,481
472,481
1,315,885
1,190,182
Lackawanna Securities Co.
-Sale of Assets Approved.
The stockholders on Oct. 14 approved the request of the directors for
Manufacturing profit_ $2,620,730 $2,793,860 $7,113,114 $6,896,203
authority to sell the capital assets, or any part thereof, from time to time
Ship.,sell.& adm.exp__ 1,118,113
1,090,352 3,063,136
2,912,243 and to hold,reinvest or distribute the proceeds to stockholders as liquidating
Net profit
$1,502,617 $1,703,508 $4,049,979 $3,983,960 dividends. See V. 125, p. .
Fed. taxes, contingency
Lambert Co. (Del.).
-Earnings.
reserve, &c
267,644
323,926
766,460
799,420
See Lambert Pharmacal Co. below.
-V. 125, p. 398.
Net to surplus
$1,234,973 $1,379,582 $3,283,519 $3,184.540
Lambert Pharmacal Co.
-Earnings.
Earn, per sh. on 562,500
Period End. Sept. -9 Mos.-.
shs. no par com. outst.
$1.89
$2.14
$4.94
$4.75 Net profit after all chgs. -3 Mos.-.
-V. 125. p. 397.
and Federal taxes..__ $1,140,228
$785,556 $3,344,748 $2,394,519
The Lambert Co. now holds
of the stock
International Germanic Trust Co.
-Opensfor Business. Co. and 100% of the stock of 64.583%subsidiary. of Lambert Pharmacal
another
Based upon these perThe company, in an advertisement, says:
This company opened for business Oct. 17 with a fully paid in capital centages, the Lambert Co. showed net profits of $854,315 for the 3 months
and surplus of $5,000,000. It will conduct a general banking and trust ended Sept. 30 , which would compare with net profits of $604.823
company business,receiving deposits and operating in all fiduciary capacities based on the same percentage of ownership for the Corresponding period
besides arranging credits in co-operation with Central European financial In . For the first 9 months of net profits computed on this basis
totalled $2,474,430 as against $1,795,201 for the corresponding period of
Institutions.
Directors are: Harold G. Mon (Chairman of the Executive Committee), .-V. 125. D. 529.
C. E. Albright, Julian B. Beaty, James A. Beha, James Bruce, Marcus
Lehigh Portland Cement Co.
-To Create an Issue of
Daly, Julian M. Gerard (President), Robert F. Herrick Jr. C. H. Huston,
William 0. C. Kiene, David H. Knott, Theodore Lampre:cht, W. E. von $30,000,000 7% Preferred Stock.
-Pr
Marx (V. es. in Charge of Foreign Dept.),Jeremiah D. Maguire, Herman
The stockholders will vote Dec. 16 on increasing the authorized capital
A. Metz, Kenneth O'Brien, Rudolf Pagenstecher, Franklin D. Roosevelt, stock by an issue of $30,000,000 7% cumul. pref. stock, par $100. The
Woolsey A. Shepard, Max W.Stoehr, and William L. Wirbelauer.
present authorized 830,000,000 of common stock. par $50, will remain
Ernest K. Satterlee is Vice-President and Trust Officer and William E. unchanged.
-V. 121, p. .
Dobbin, Secreta y and Treasurer.
-V.125, p. .
Corp.-Earnings.---
Island Creek Coal Co.
-Earnings.
-
Period End. Sept. 30- -3 Mos.-.
-9 Mos.-.
Tons coal mined
2,206,712
1,766,758
5,959,318 4,747,452
Net income x
$1,109,072
$623,534 $2,825,743 $2,011,037
Shares of common stock
outstanding (par $1)_ _
594,005
118,801
594,005
118,801
Earns. per sh. on com.stk
$1.76
$4.62
$4.41
$15.30
x After Federal taxes, depreciati n and depletion.
-V. 125, p. .
International Shoe Co., St. Louis.
-To Split Up Shares.
-The stockholders will vote Oct. 26 on increasing the
authorized common stock (no par value) from 1,400,000
shares to 4,000,000 shares. It is proposed to issue 3,760,000
of the new shares in exchange for the present outstanding
940,000 shares of common stock. The company also has
outstanding $10,000,000 of an authorized issue of $25,000,000
6% pref. stock.
-V. 125, p. .
Investment Corp. of North America.
-Organized.
The organization of a new investment trust, known as the Investment
Corp. of North America, sponsored by a group of well-known business men
of Waskiagton and New York, has been announced.
The corporation is organized under the laws of Delaware, and will sell
participating shares in stock units composed of one share of the common
according to Mr. Bolling, "have
stock of 98 different corporations,
which,
been so selected as to form a virtual cross--section of American industry."
The list of stock to be included in stock units was not made public but
is said to consist of the common stock of:
11 public utility corporations
3 leather and shoes
3 electrical equipment
13 railroads
4 and telegraph
3 mining and smelting
4 automobiles and trucks
3 tobacco products
5 railroad equipment
2 traction
6 food products
2 sugar industry
2 paper products
6 oil and refining
4 steel and iron
2 implements
4 retail trade
2 office equipment
3 chemical
11 miscellaneous common stock
3 copper and brass
The corporation will operate as a thirty-year trust with a provision for the
liquidation of the common stocks which are in the hands of the trustees
on Dec. . although, the holders of 1,000 investment shares will have
the right to take up a complete stock unit, at any time prior to the termination of the trust. Stock dividends received by the trustee as well as profits
gained from stock substitution will not be paid out In the form of dividends, according to Mr. Bolling, but will be held to be reinvested for the
benefit of the shareholder. First dividend and other income will be paid
to the shareholder by check semi-annually.
Only stocks which are listed on the New York Stock Exchange are
eligible for inclusion in these stocks of the new investment trust organization. The trust agreement under which the corporation will operate allows
for changes and substitutions in the stock units from time to time, Mr.
Bolling said, "whenever such changes and substitution may be for the
benefit of the investors of the shares, but in no case can anyone except the
shareholders profit from any change or substitution."
The corporation expects to make its first public offering of investment
trust shares on or about Nov. 1 .
Rolfe E. Bolling, 1st V.-Pres. of the Merchants Bank & Trust Co. of
Washington and formerly Vice-President of the Chatham Phoenix National
Bank & Trust Co. of New York City, has been chosen president of the new
1 illiam W. Bride,
,
organization. Other members of the directorate are: &#;
Corporation Counsel, District of Columbia; Philip De Ronde, director of
the Empire Trust Co., New York City and director of the U. S. Fidelity
& Guaranty Co., Baltimore, Md.: George A. Garrett, partner, F. B..
Liquid Carbonic
Pres. W.K. McIntosh states that the annual audit and report of the company will not be ready until about the middle of November, but that the
management estimates that surplus earnings applicable to dividends, before deduction of profit-sharing bonus to officers and department heads,
should be better than $6 a share on the 125.000 shares of outstanding stock.
This capitalization includes the 25,000 shares of additional stock sold by
the company on July 1 , the proceeds of which were available for only
three months of the fiscal year. Net working capital of the company should
be approximately $6,000,000 and the current ratio about 7 to 1.
The gross earnings of the company for the year ended Sept. 30
were adversely affected by an abnormally cold summer, and during part
of the year by conditions in the Mississippi Valley and other parts of the
South. Notwithstanding this, however, the company's sales for the year
were slightly in excess of $10,000,000, being a decrease from last year of
only about 6%.-V. 124. p. .
-Declares Christmas Dividend
Lord & Taylor, New York.
-The directors on Oct. 18 declared
of 5% on Common Stock.
an extra (Christmas) dividend of 5% on the common stook,
payable Dec. 10 to holders of record Nov. 17. An extra
Christmas dividend of like amount was paid on Dee. 10 last
year. Regular quarterly dividends are being paid on this
issue at the rate of 10% per annum.
The directors also declared the usual quarterly dividend
of 1
on the first pref. stock, payable Dec. 1 to holders
of record Nov. 17.-V. 124, p. 801; V. 123, p. , .
London Guarantee & Accident Bldg., Chicago.8.
Bonds Called.-alAedz
s
mtge.
C. gold bonds, dated May . aggregating
Certain
$11,600, have been called for payment Nov. 1 at and int. at the
Union Trust Co., Cleveland, 0.-V. 114, p. .
Magor Car Corp.
-Balance Sheet.June 30'27. Dec.31 '26. Liabilities- June 30'27. Dec. 31 '26.
AssetsLand, bldg,., plant
Pref. 7% cum.stk. ,000 ,000
and equIpment.$1,185,113 $1,196,334 Coin. stk. & surp_a1,172,054 1,255.633
101,341
Cash
69,913Equip.tr. gold bds. 639,000
830.000
Notes & accts. rec. :352,911
543,091
ad yancbanki y365,000
pav. es .
(
.
Adv. to officers de
flank
1,699 Accounts payable_ 278,000
employees
258,7 9
280 561
0
o r o veers
.
Cash sufr frial. l_n
Accrued pay-roll__
11,002
477;020
10 079
sur
418;388 Adm. paym'ts rec
7
11"178.:985°
Inventories
410 Prov. for Federal
20,429
Investments
960
961
prior year,
Notes & accts. rec.
De
tfuerresed6
within
)
inot arue
ye d
notes recely___ _
0,661
78,822
221,488
247,604 Bad debts
81,000
75,000
Definstal.notes rec. 841,883 1,033,582 Exper. & dev. res.
27,900
Deferred charges-40,805
50,986 Res. for deprec_ - 505,396
485,151
1
Pat's & good-will.
Total (each side).83,231,601 $3,570,029
z Subject to reserve. y Notes payable secured, $25,000: unsecured,
$340,000; total, $365,000. z Secured by customers' notes receivable deposited as collateral. a Represented by 32,530 shares of no par value.
-V. 122. p. .
Marshall Mortgage Corp., Brooklyn, N. Y.
-Earns.,&c.
The corporation reports net earnings for dividends. after taxes, for Sept.
, of $27,949 on a capitalization of 10,000shares of no par value common
stock. This is at an annual rate of $33.54 per share. On Oct. 10, the
corporation increased its capital and exchanged one share of the old outstanding stock for three shares of new. See also V. 125.p. .
THE CHRONICLE
OCT. 22 .]
--Earnings.
McIntyre-Porcupine Mines, Ltd.
Mos. End.Sept.30-
-QuarterEnded--8
.
.
Sept. 30 '27. June 30'27.
Period$894,167 $1,875,418 $1,900.556
$981,251
Gross recovery
1,059.326
1,055,527
522,642
532,885
Costs, incl. development
Operating earnings_ _ _
Non-oper. revenue
$448,366
27,497
$371,526
20,969
$819,892
48,466
$841,229
51.239
Prov.for taxes for period
$475.863
22,027
$392,495
16,352
$868,358
38,379
453,838
$376,143
$829,979
$0.47
$1.04
$1.07
-Rights.
New Amsterdam Casualty Co.
The stockholders of reco:d Oct. 17 (not Oct. 15 as previously reported)
will be given the right to subscribe on or before Nov. 1 for 45,000 additional
shares of capital stock (par $10) at $56 per share in the ratio of one new
share for each 5 shares held. See also V. 125, P. .
$851,472
$0.57
cates are ready for delivery. Permanent certificates for the new stock
will probably be ready by Nov. 20. See also V. 125, p. .
$892,468
40.996
Net earns. before deur.
Earns. per sh.on 798.000
shs. of(par $5)cap,stock
outstanding
-V. 125, p. 530.
-Earnings.
Mathieson Alkali Works (Inc.).
-9 Mos.-.
Period End. Sept. 30- -3 Mos.-.
$706.304 $2,236,300 $1,989.345
Total earns,from oper__ $778.812
570,417
626.533
195,224
213,838
Prey. for depr. & depl__
$511,080 $1,609.767 $1,418,929
$564,974
earnings
Net
37,657
36,003
15,890
12,805
Income charges (net)
175.352
195,402
65,426
72,505
Prov.for Fed. inc. taxes
-Preferred Dividend No. 2.
New Process Co.
The directors have declared the regular quarterly dividend of 1 3 % on
the preferred stock, payable Nov. 1 to holders of record Oct. 26. An
Initial quarterly dividend of like amount was paid on this issue on Aug. 1
-V. 125, p. 399.
last.
-Earnings.
North American Cement Corp.
Month.
8 Mos.
Period Ended Aug. Net earns, after deprec. & deplet., but before
$521,000
$167,490
Interest and Federal taxes
-V. 125, p. 531.
---Earnings.
North American Investment Corp.
.
.
9 Months Ended Sept. 30$73,217
$142.688
Gross earnings
6,220
13.074
Expenses
3,551
8.694
Taxes
11.880
Fixed charges
$63,445
$109,041
$429,784 $1,378,363 $1,205.920
Net inc. tmnsf. to sur. $479,684
Net income
a
24.342
59,489
E. M. Allen, President, says: "The third quarter showed no signs of
Preferred dividends
curtailment in demands for the company's products: the total tonnage
y'ear. Results
$59,551
$39,103
shipped being virtually the same as for the third quarter lastdividends there
Surplus
48,522
show that after deductions for Federal taxes and pref. stockmonths of . Surplus Dec.31
was earned $8.48 per share of common stock in the first 9
$108,074
This is at the rate of $11.31 per year as compared with $10.22 per share
Total surplus
5,922
7,183
Shares of com. stock outstanding (par $100)
for ."-V. 125. P. 530.
$6.60
$8.29
Earnings per share on common stock
-Sales Increase-Expansion.
Mavis Bottling Co.
Balance Sheet Sept. 30 .
Total.
May.
June.
July.
Aug.
Sept.
Month ofLiabilities
AssetsNo, of cases sold--416,'713x414,551 356, 217,633 118.473 1.523.560 Investment (at cost)
$1,621,000
$2.541,423 Preferred stock
figures.
x Revised
718,300
77,300 Common stock
corn, cap. stock
Subscr. to
500.000
Five new units are under construction, the first of which will commence Cash and secured loans_- 150,756 Coll. tr. 5% gold bonds
portion of the capital required for
production within two weeks. A latge
78,100
171,400 Subsc. to com.cap. stockDiscount on capital stock_
construction and equipment of practically all the new units will be provided Disct. & expense on bonds
24,315
42.229 Pref. dim. pay. Oct.20'27
2,083
by local bottling interes.s. The Mavis Bottling Co. of America will take Miscellaneous assets
78.974 Accrued bond interest_ _
the companies and will, in
1,516
$50,000 in 7% cumul. pref. stock in each of
Misc,e11. currentliabilities_
8,694
addition, participate in the profits of the units.
Prov.for Fed.inc. tax
way for franchises covering 15 additional district
Negotiations are under
108,074
Total (each side)
$3,062,082 Surplus and reserve
plants to be erected during the winter, ready for spring production. a
hot -V. 125, P. .
Arrangements are now being completed to distribute Mavis as
seasonal
-Certifidrink during the winter months to offset the usual soft drinkdecline in
Northwestern Building, Portland, Oregon.
industry
distribution which is normally encountered in the
leveland, are offering land
-Union Trust
cates Offered.
during the cold weather.-V. 125, p. .
-Larger Dividend.
Mohawk Mining Co.
A dividend of$2 per share has been declared on the capital stock, payable
Dec. 1 to holders of record Oct. 31. From Match to Sept.
Inc.I., qua.* terly dividends of $1 per share were paid. This makes a total
for of $5 per share, the same amount as was paid in .-V. 125,
P. .
-Sells 30,000 Shares of
National American Co., Inc.
State Title dc Mortgage Co. Stock.
The compan &#; on Oct. 17 announced the sale of the entire 30.000 shares
of the State Title & Mortgage Co. stock offered to the stockholders of the
National Americ in Co., Inc., at $200 per share under stock purchase warrants which expired on Oct. 15.-V. 125, p. .
-Earnings.
National Baking Co.
The company reports net profits after depreciation and taxes of $295,463
for the 12 months ended June 30 . This compares with $229,204 for
the year ended June 30 , an increase of 29%. After preferred dividends
the above profits equal $1.18 per share on the common stock, compared
with 80 cents a share for the preceding year. Gross business for the year
was $6,221,831, against $5,816,314 the previous year.
The balance sheet of June 30 disclosed current assets of $993,000
and current liabilities of $181,000, a ratio of over 5 to 1.-V. 123, p. .
-Definitive Bonds.
National Bearing Metals Corp.
The Chase National Bank is prepared to deliver definitive 1st mtge.
-year 6% sinking fund gold bonds due May 1 , in exchange for and
20
upon surrender of the outstanding temporary bonds. (For offering see
V. 124, p. .)-V. 125. P. 256.
National Birmingham Garages, Inc., Birmingham,
-Caldwell & Co. Nashville, Tenn., are
-Bonds Offered.
Ala.
offering at 100 and int. $380,000 1st' mtge. (closed) 63/3%
eerial coupon gold bonds.
Dated Sept. 1 ; due serially Sept. 1 -. Prin. and int.
(vf. & 8.) payable at American Traders' National Bank of Birmingham,
Ma., trustee, or at Guaranty Trust Co. of New York, without deduction
for normal Federal income tax not exceeding 2% per annum. Company
will agree to refund the usual Kentucky and District of Columbia 5 mills
tax; the Maryland 4% mills tax; the Conn. and Penn. 4 mills tax, and the
Mass. income tax not in excess of 6% per annum. Denom. $1,000, $500
mt. date upon 30 days' notice at 102% and int.,
and $100. Red. on any i
In the inverse of their numerical order.
Data from Letter of Ed. S. Moore, President of the Corporation.
Company.-Incorp. in Alabama for the purpose of erecting and operating
an automobile storage garage in the City of Birmingham. The imilding
-story structure with inclines from floor to floor on easy
will be a modern 6
grades and separate routes for incoming and outgoing traffic. It will contain a total of 1,316,000 Cu. ft. and a parking area of 82,000 sq. ft., providing capacity for 546 cars.
Security -These bonds are secured by a direct closed first mortgage on
(1) the land, owned in fee. acquired at a cost of $350,000: (2) the modern
il-story garage building being erected tnereon at a cost of $250.000: and (3)
equipment to be installed at a cost of $14,500: making the total value of the
securitY $614,500, equivalent to more than $1,600 for each $1,000 bond of
this issue.
-Annual net earnings are estimated at $64,094, or over 2%
Earnings.
times the greatest annual bond interest requirements. This estimate is
based on 20% less business than the garage is capable of handling.
Management -Company has entered into a contract, including a partial
stock ownership, with National Garages, Inc., of Detroit, Mich., whereby
the latter corporation will have entire management of the garage for a period
of 15 years, beginning with the completion of the building. National Garages, Inc., is associated in the ownership and management of garages in
Detroit, Chicago, Pittsburgh, Syracuse. Memphis and Portland (Ore.),
and is extending its operations into the Southern cities.
Included on the board of directors of National Garages. Inc., are Frank
P. Book, President of Book-Cadillac Hotel; Roy D. Chapin, Chairman,
Hudson Motor Car Co.; Alvin Macauley, President Packard Motor Car
co.'A. H. Buhl,President of Buhl Land Co.; Howard E. Coffin, Vice-Pres.
Hudson Motor Car Co., all of Detroit.
Officers of National Birmingham Garages, Inc., are Ed. S. Moore, Pros.;
Sidney J. Bowie, V.-Pres.; William Engel, Sec., and David S. Meyer,
Treasurer.
-New Dividend Policy-Exchange of
National Candy Co.
-President V. L. Price, Oct. 12, says in substance:
Shares.
Co.,1,350 equal undivided shares
trust certificates representing
of equitable ownership in the fee simple to the property known
as Northwestern Building Site, Portland, Ore. Price,$1,025
for each 1- interest, plus accrued rental, to yield about
5.37%.
Security Savings & Trust Co., Portland, Ore., trustee, holds title to the
property, subject to 99-year lease. The Union Trust Co. Cleveland,
'
Ohio, co-trustee. Certificates are issued by the Union Trust Co. Cleve'
land, 0.; are dated Aug. 15 , and rental as received will be payable
to registered holders of certificates on the 15th days of Feb. and Aug. in
the annual amount of $55 for each snare.
of
Description.-The property to which the trustee takes title, consists
-story office building in the most valuable business
land improved with a 15
and retail section of Portland. Ore. The property has a frontage of 200 feet
on Morrison St.. 75 ft. on 6th St., and 75 ft. on Broadway. all of which
city.
streets are among the most important business thoroughfares in thelease,
-year
A small portion of the land (5 feet x 70 feet), is held under 35 rear of the
with rentals prepaid for the entire term. This portion is in the
property, has no street frontage, and the improvement thereon is of slight
value.
Tne building, which was completed in , is a strictly modern office
building of steel and terra cotta brick construction, containing a rentable
area in excess of 100,000 square feet above the ground floor. The office
portion of the building is over 97% rented to uniformly high class tenants.
-year lease
Approximately one-half of the ground floor is occupied under 20
by the American Exchange Bank and the Lumbermens Trust Co., affiliated
Institutions. The balance of the ground floor contains exceedingly valuable
retail space which is considered to be easily rentable on favorable terms.
Practically the entire ground floor was until recently occupied by the
Northwestern National Bank, which has been liquidated, and its former
quarters hence made available for other purposes.
Earnings.-For the year ended Dec. 31 , net earnings of the building,
as audited by Price, Waterhuse & Co., after all operating charges and
available for ground rent, depreciation and Federal taxes, amounted to
$155,355, which is in excess of twice the rental requirements of the lease.
It Is estimated that upon rental of the unoccupied portion of the ground
floor, such net earnings will be over $190,000 Per annilin&#; See also V.
125, p. .
-Report.Ogilvie Flour Mills Co. Ltd.
-24.
-25.
-26.
Years Ended Aug. 31- -2/.
Trading profits,incl. inv.
$758.145 51,152.217
& dep. $1.755.332 $1,000,873
inc. aft. bd.Int.
250.000
300,000
Special depreciation_ __ _
.217
$758,145
$1,455,332 $1,000,873
Net profit,.
140,000
140,000
140,000
140,000
Preferred dividend (7%)
a356,250 (12)300,000
(55)375,000 (5)375,000
Common dividends
bonus
(510)750,000 (55)375.000 (53)225,000 (13)325.000
do
$137,217
$36,895
$110,873
$190,332
Balance, surplus
Shs, of corn. stk. outb25,000
75,000
75,000
75,000
standing (no par)_--630.49
$8.24
$11.48
$17.54
Earns.per sh.on com.stk.
a Being 3% on the $2,500,000 stock (par $100) and three quarterly
par value. b Par $100.
dividends of $1.25 each on the 75,000 shares of no
Comparative Balance Sheet Aug. 31.
.
.
.
.
Liabilities
Assets$
$
Preferred stock_ __ 2,000,000 2,000,000
Water powers, mill
4,227,819 4,872,635 Common stock__ _x2,500,000 2,500,000
plants. arc
First mtge. bonds. 2,350.000 2,350,000
Good-will, tradeAccounts payable_ y1,833,268 1,869,743
marks, patent
1 Provision for inter1
rights, dm
539.000
est and dividends 914,000
287.098 1,913,197
Cash
5,000,000 5,000.000
Accounts receivie. 1,940,284 1,422,780 Rest account
969,006 Profit and loss.
1,140,663
Stocks on hand
2,476,422 2,286.090
9,477,826 7,367,213 surplus
Investments
17.073,690 16,544,833
Total
Total
17,073,690 16,544,832
x Represented by 75.000 no par value shares. y Includes provision for
Dominion Government taxes to date -V. 125. p. .
-New Directors.
Osborn Mills, Fall River.
Despite the objection raised by President James E. Osborn at a special
meeting of the stockholders on Oct. 13, a new board of directors was elected,
consisting of Clarcrxe E. Cockroft, Elmer B. Estes, William Lambert.
Roland F. Tillson and Ernest W. Watters. Mr. Cockroftwas also elected
Treasurer. See V. 125, P. &#;
Dividends will be payable hereafter quarterly on Jan. 1. April 1, July 1
and Oct. 1 for the quarter ending the last day of the month preceding the
-Earnings.
Overman Cushion Tire Co., Inc.
dates named excepting the dividend for the quarter ending Sept. 30
The company reports for the 9 months ended Sept. 30 , earnings of
will be paid on Nov. 1 (as stated in last week's "Chronicle," Page ).
on Oct. 7 old $176,113 after dept eciation, charges and taxes, equal to nearly 7 times the
St,
ckholders
As provided in the resolution passed by the
certificates of common stock are to be exchanged for new certificates of dividend requirements on the preferred stock for the period. There is no
-V. 125, p. .
common stock on the fillowln basis: For each share ow issued and out- funded debt.
standing of $100 par value common stock, four shares of common stock
-Stock Increase, &c.
Paige-Detroit Motor Car Co.
without par value. Interim certificates are now beln r prepared, and the
meeting held on Oct. 18 increased the
The stockholders
directors have fixed Oct. 28 as the date for the exchange of stock and in- authorired common at an adjourned
stock from 1,500,000 shares to 2,000,000. It is proterim or temporary certificates for the new stock will be issued on and after
the new stock to holders of common and
that date in exchange for the old certificatts until the permanent certifi- posed to issue 300,000 shares of
2d pref. stock of record Oct. 21 at $10 per share.
See V. 125, p. .
THE CHRONICLE
Rights expire Nov. 11.
[VOL. 125.
Reading Iron Co.
-Sells Abandoned Mill.
-
The old Spruce Street sheet mill property of the company
once used in making charcoal iron boiler plate skein, has at Reading, Pa..
been sold to the
The directors have declared the regular quarterly dividend of $1 per Eastern Real Estate Co., Philadelphia, Pa. The mills, most of them
share on the class A preferred stock, no par value, payable Nov. 1 to holders obsolete in equipment, were abandoned some time ago. The Eastern comof record Oct. 28. An in:tial distribution of like amount was made on Aug. pany is said to be an auxiliary of the Reading Co. (Philadelphia News
Bureau) -V. 121, p. .
,
last. See V. 125. p. 108, 257.
-Class A Pref. Div. No. 2.
Pathe Exchange, Inc.
-
(J. C.) Penney Co., Inc.
-Acquires Golden Rule Stores.
-
Remington Arms Co., Inc.
-New President.
-
Saunders Norvell has been elected President, succeeding J. D. Smalley.
The corporation has announced the acquisition of the 20 stoles operated
by the Golden Rule Mercantile Co. The deal involving the consolidation -V. 125. p. .
of the Golden Rule Mercantile Co. with the J.C. Penney Co.is the largest
Republic Iron & Steel Co.
-Earnings.
of its kind ever consummated in the Western section of the country and
Period End. Sept. 30- -3 Mos.-.
Involves a consideration of more than $2,000.000, according to a statement
-9 Mos.-.
Net earnings
*$1.202,199 $2.127,822 $4,841.124 l6.232,567
made by E. M. Tower, Vice-President of the Golden Rule Mercantile 4 o.
The stores acquired will start operation under the .J. C. Penney name on Deprec. & renewals_ _ _ _1 452,494
[466, 1.555,389
1,368,466
1 88,032j
Jan. 1 , following the annual inventory of both companies. The Exhaustion of minerals_ f
259.284
247.713
furniture, fixtures, leases and stock of the Golden Rule chain will be taken Bond and note interest_
260.549
751.207
849,269
-V. 125. p. .
over at that time.
Net income
$501,992 $1.312,266 $2,534.528 $3,755,548
Pref. dividends
-Tenders.
(IN %) .500(.500(5)j)(53)
-437
Penn Mary Coal Co.
300,000
300,000
The Bank of America. 44 Wall St., New York City, will until Nov. 2 Common dividends
900,000
300,000
-year sinking fund gold
receive bids for the sale to it of first mortgage 5% 20
Balance, surplus
def$235.507
bonds, due Oct. 1 , to an amount sufficient to absorb $200,912 at prices
$574,766
$322,028 $2,143,048
Earns. per sh. on 300.000
-V. 119, p. .
not exceeding 102% and interest.
shares (par $100) of
com, stock outstand'g
Peoples National Fire Insurance Co.
$0.21
-To Split Up Shs.
$2.91
$4.07
$8.14
*These are the net earnings from operations after charges for repair and
The stockholders will vote Oct. 24 on changing the capital stock from
40,000 shares, par $25, to 100,000 shares, par $10. It is planned to issue maint. of plants, amounting to $886.962, and provision for Federal taxes.
Unfilled orders on hand Sept. 30 of finished and semi-finished prodshares in exchange for each share now outstanding. This company
2% new
ucts totaled 88,383 tons, against 113.926 tons June 30 .-V.
is reported to have a surplus in excess of $1,000,000.
125,p.532.
The Financial & Industrial Securities Corp. holds a substantial interest in
Rome Wire Co.
-Merger.
the above company.
See General Cable Corp. above.
-V. 122, p. 103.
Pepeekeo Sugar Co.
-Extra Dividends.
-
An extra dividend of3% (or 60 cents a share) was paid Oct. 15 in addition
to the regular monthly dividend of 1%. This makes 13% for the first ten
months of .-V. 105, p. .
Philadelphia & Reading Coal & Iron Corp.
---Director.
Ross Stores, Inc.
-Sales.
Sales for Month and Eight Months Ended Sept. 30.
-Sept.-.
Decrease.' -8 Mos.-.
Decrease.
$368,700
$388,582
$19,E3,591,581
83.711,971
.390
--V. 125, p. . 927.
Saenger Theatres, Inc., New Orleans, La.
-Bonds
-Hibernia Securities Co., Inc., New Orleans and
Offered.
New Yo k are offering at 100 and int. $300,000 1st mtge.
coll,
,
-Sale of Control of Oklahoma &Dated trust gold bonds, series B,sinking fund 63i%.
Phillips Petroleum Co.
Aug. ' due Oct. . Denom. $1,000 and $500 c*. Int.
-The company has sold all its holdings of payable F. & A. without deduction for normal Federal income tax not in
Natural Gas Corp.
Oklahoma Natural Gas Corp. common stock to a group of excess of 2%. Red. at any time or from time to time, all or part, upon at
notice at 105 and int. Company
refund the
New York bankers headed by G. L. Ohrstrom & Co. Con- least 60 days'Calif. and Conn. taxes not in excess has agreed toannum, the
usual Penna..
of 4 mills per
trol of these properties was purchased by the Phillips Petro- Maryland securities tax not in excess of 4% mills per annum, and the Mass.
Income tax on the int. not in excess of 6% per annum. Hibernia Bank &
leum Co. last May (see V. 124, p. ). President Frank Trust Co., New Orleans, Trustee.
Phillips said the sale was made for cash at a fair profit to the Data from Letter of President J. H. Saenger, Dated October
7.
company. He added:
Company.
-Organized in Louisiana Aug. 14 under title Saenger
Andrew J. Maloney has been elected a director to fill the unexpired term
of W. J. Richards, resigned.
The date of the annual stockholders' meeting has been changed from the
third Monday of October to the second Monday of May.
--V.125,p..
Amusement Co., Inc., and acquired the business which had been
conducted
as a partnership since . Since then the business has been constantly
expanded, and the company either directly or through subsidiaries
now
operates, controls or has substantial interest in over 200 theatres
in the
States of Louisiana. Texas, Mississippi, Florida, Arkansas
Alabama, North
Carolina, New Mexico and in Cuba, Panama and Jamaica
distributed in
83 cities, including New Orleans, Shreveport and Baton Rouge, La.,
Jackson, Miss., Greensboro, N. C.. Dallas, Houston and
Texarkana,
Pensacola, Fla.. and Mobile, Ala. Twenty-one of the theatres now Tex.
ated are owned either directly or through subsidiary companies. oper:
Company is one of the 26 original franchise holders of the First National
Pictures, Inc., which now is one of the most important film
producing companies in the United States. Company owns % of the common
stock of
the Publix-Saenger Theatres, Inc. which leases and operates
theatres in
North Carolina, Florida and Arkansas. The remaining 50% of
the
is owned by Paramount
-Famous-Lasky Corp. through a subsidiary stock
Profit before deprec.
Security.
-Secured by a direct 1st mtge. upon all the real estate, co.
build$4.014,286 $10,626,580 815.643.159 $24,827,596 ings, furnishings and equipment of the company owned at
.4 depletion
-V. 125. p. 794.
execution of the mortgage dated Oct. 1 . The value ofthe time of the
such property,
as appraised by the American Appraisal Co. on Aug. 1
Photomaton, Inc.
-Trustee and Transfer Agent.
ciation and plus additions and permanent improvements, less deprefrom that date.
The Central Union Trust Co. of New York has been appointed trustee for has been fixed at $3,168.078. In addition, the bonds are
secured by the
fund debentures, due Sept. 1 pledge to the trustee of stocks of subsidiary and other
$960.000 of 7% cumul. income sinking
companies owned by
and transfer agent for 20.000 shares of class A common voting trust stock. the company and having a book value of approximately
$2,580,000.
-V. 125, fr&#;
Assets.
-The balance sheet as of July 2 , after giving effect
.
'
financing, shows net assets of $5,843,647, equivalent to $2,665 per to this
$1,000
-Earnings.
Pierce Petroleum Corp.
bond to be presently outstanding. The many favorable leasehold interests
.
8 Months Ended Aug. 31are carried on the company's balance sheet at $1.
.
Net income after depreciation and other charges_- ,482 def$65.209
Sinking Fund.
-A minimum sinking fund has been provided for the
Earns. per sh. on 2.500.000 shs. of no par stk. out.. _
$0.05
benefit of series B bonds of $38,400 per annum payable in monthly
Nil
install125, p. 661.
ments, commencing Jan. 1 . In the event that
pany exceed specified amounts this sinking fund willearnings of the combe increased.
-Proceeds will be used to reimburse the company in
Purpose.
Piggly Wiggly Western States Co.
-Sales.
part for
The company reports September sales amounting to 81.088,703, an in- expenditures made in the construction of new theatres and for other corporate purposes. Company's extensive building program has now
crease of more than 57% over September sales.
been
Sales for the quarterly period ending Sept. 30 were $3,286,378, an completed, as no building contracts are in effect or pending. It is not expected that any further new construction will be necessary in the
Increase of $1.348,604 over the corresponding period last year.
immediate
Sales for the nine months period ended Sept. 30 totaled $9,789,076 future.
Capitalization(not $12,336.925). as currently reported last week). This is at the annual
Authorized. Outstand'g.
1st mtge. & coll, trust gold bonds
rate of over $13,000.000.
$ ,500,000 x$2.192,000
2
The company is now operating 173 stores in Los Angeles, Orange. San 7% cum. pref. stock (par $100)
3,000.000
1,800,000
counties, Calif., and Salt Lake City and Ogden, Common stock, class A (no par value, with full
Bernardino and Riverside
voting power)
Utah -V. 125, p. .
100,000 she.
Common stock, class B (no par, non-voting)- -- 50.000 shs. 100,000 shs.
None
-Total Oil Deliveries (in Barrels).
warrants, 30,000 shares.
Pipe Line Statistics.
- Reserved forand
B.
x Series A
C. H.Pforzheimer & Co., New York,specialists in Standard Oil securities,
Note.
-Class A and class B common stocks are identical in
statistics taken from the Oil City "Derrick":
give the following
all respects
except as to voting privileges.
-Month-.
-9 Mos.-.
Period Ended Sept. 30-
2,174,007 23,939,951 21,689,142 Consolidated Net Earnings (Co. & Subs.) After Depreciation Available for
Buckeye Pipe Line Co_ _ 2,575.674
Bond interest and Federal Taxes.
222,809
352.052
Cumberland Pipe L.Co2.385,976
2.535.386
969,721
861.036
7,841,611
Net Earns. DepreciaEureka Pipe Line Co6,884,459
Net
Times Int.
888,522
1,047,581
Calendar YearsBefore Depr.
Illinois Pipe Line Co_ _ _ _
8,840,814
9,217,182
lion.
After Depr. Earned.
2.056,683 20.423,130 18.800.445
Indiana Pipe Line Co__ _ 2.202.291
,946
,250
$434,696
3.05
925,820
925.132 7,415,577
National Transit Co_ _ _ _
648,482
6,699.620
161.977
486,505
3.41
362,112
316.050
2.180.845
New York Transit Co
663,870
5.230,834
171,292
492,578
3.45
487.426
683.638 4.252,415 &#; 7,256,982
Northern Pipe Line Co_
69,895
205.444
493,451
3.46
3,906,978 48,564,734 38,084,235 (6 mos. ended July 2) 555,843
xPrairie Pipe Line Co_.__ 5.321,179
157,114
398,729
5.59
206,977
398,065
Southern Pipe Line Co_ _
2.753,800
1,471,664
Balance Sheet July 2 .
P.L.Co
904,312 10,045,324
966,684
South West Penn
7.565.226
[Giving effect to sale of ,000 series B bonds and
$225,003 7% pref.
x Does not include deliveries of its subsidiary, Pure Oil Pipe Line Co. of stock at par.]
-V. 125, p. 661.
Texas.
Assets.
Total current assets
$588,260 Total current liabilities
-Earnings.
Pond Creek Pocahontas Co.
$253,399
Total investments
3 Mos.
Period Ended Sept. 30 Mos. Due from subsidiary co.'s_ _ _ _ 2,282.844 Notes payable
21,000
220,041 let mtge. & coll, trust
240,236
Coal produced (tons)
660.702 Due by employee on house sale
bonds_..
Due to subsidiary companies 2,192,000
$98,9.55
Net profit after int., taxes, deprec. deplet
$146,201
283.726
contract
3,090 Res, for insurance,
Earns, per share on 125,000 shares of no par corn.
36,151
6.879 7% preferred stock losses, &a_
$1.17 Cash with trustee
stock outstanding
$079
1,800,000
3,188,078 Common shares
Property
-v. 125, p. .
1,425 071
Deferred debit items
132.779 Surplus
390.425
-Dividend Rate Increased.
Procter & Gamble Co.
Total
$6,401,771
Total
The directors have declared a quarterly dividend of $2 per share on the
$8.401.771
to holders of record Oct. 25. -V.121, p. ; V. 123. p. .
common stock (par $20), payable Nov. 15
On Aug. 15 last a quarterly dividend of $1.75 per share and an extra of $1
Safety Cable Co.
-Consolidation of CableCompanies-To
per share were paid on this issue. (For record of dividends paid from
to Aug. 15 , incl., see V. 125, p. 532.-V. 125. p. .
Change Name, &c.
-The stockholders
The principal object of the company in purchasing the Oklahoma Natural
Gas Corp. some months ago was to secure additional markets for the company's large production of natural gas, principally in the Panhandle district
of Texas.
This is being accomplished under this sale through an arrangement with
the new owners of Oklahoma Natural Gas Corp. to carry out the Phillips
program for construction of a pipe line at the proper time to the Panhandle
district, and also to give Phillips Petroleum Co. the preferential right to
supply the gas for their system as it may be expanded.
[See also American Natural Gas Corp. above.]
Earnings for Period Ended Sept. 30 (Incl. Subs. Cos.)
-3 Mos.-.
-9 Mos.-.
$8,947,338 $17.304,992 $31,693,138 $39,955,952
Gross earnings
6,678,412 16,049,979 15,128,356
4,933.052
Expense, tax & int
-To Offer Additional Stock.
Quincy Mining Co.
will vote Nov. 10 on
changing the name of the company to General Cable Corp.
The company has been authorized by the Michigan Securities Commission and consolidating its properties with other cable
companies
to sell 40,000 shares of stock at $25 a share to stockholders and to charge (mentioned below).
the purchasers only $12.50 a share, the remaining $12.50 to be paid by the
The stockholders will also vote on approving among other things (a)
company. Warrants will be issued by the company which will stand as
an
a payment for one-half of the par value of the shares. The Michigan State authorized issue of 300.000 shares (par each) 7% cumulative [preferred
law prohibits the sale of mining stock at less than par, and the plan will stock; (b) 750.000 shares of class A stock (no par); and (c) 3,000.000 shares
common stock (no par): (d) the creation of first mortgage
permit the company to raise $500.000.
bonds,
There is now 82.750.000 stock outstanding out of an authorized issue of unlimited in principal amount, of which it is proposed to presently to be
816,000,000 series A, bearing interest at rate of 5%% per annum. Issue
$3,750.000. par 325.-V. 124, p. .
OCT. 22 .]
THE CHRONICLE
A letter to the stockholders of Safety Cable Co., dated
Oct. 19, says in substance:
The purpose of the meeting Is to present to the stockholders for their
approval a plan for the consolidation of the properties of Rome Wire Co.
(with plants at Rome and Buffalo, N. Y.), Standard Underground Cable
Co. (with plants at Pittsburgh. Pa., Perth Amboy, N. J. St. Louis, Mo.,
Dudlo ManuOakland, Calif., and through a subsidiary at Hamilton,
facturing Corp. (with plants at Fort Wayne, Ind., and Newark, N. J.),
and the sheet mill and rod and wire mill properties of Baltimore Copper
Smelting & Rolling Co.(with a plant at Baltimore. Md.), with the properties of this company which are located at Bayonne and Harrison, N. J.,
Pawtucket, R. I., and Chicago, Ill., and to adopt appropriate resolutions
for the carrying out and effecutation of the plan.
The officers and directors of your company have for the past year devoted
much time and effort to the development and formulation of the plan and
they are unanimously of the opinion that the plan wnen carried out will be
of substantial benefit to the stockholders of the company.
For some time the economic advantage of bringing together in one company a number of existing properties manufacturing wire products of somewhat different character, has been apparent. Such a company would have
the recognized benefits of dealing in a long line of products, and would make
possible a better balanced operation of the plants, together with extensive
savings in costs of manufacture,distribution and overhead, and your officers
and directors are satisfied the contemplated consolidation will effectively
result in such economies in management, research, manufacture and distribution.
The plan contemplates the taking over of the various properties by the
General Cable Corp.(a New Jersey corporation), or by one of the corporations joining in the plan (hereinafter called the new company),in exchange
for cash and securities of the new company.
When the plan is consummated, the new company will have outstanding
$16,000,000 first mortgage 5%% sinking fund gold bonds,series A.$15,000.% cumulative preferred stock (150.000 shares, each share to be accompanied by a warrant), 400,000 shares of no par value class A stock, and
440,000 shares of no par value common stock. All shares of stock are to
have equal voting rights.
The bonds are to be secured by a first mortgage upon a considerable part
of the fixed assets of the new company.
The new company will be authorized to issue $30.000,000 of 7% cumulative preferred stock, which will be entitled to cumulative preferential dividends at the rate of 7% per annum and to preferential payment of $110
per share and accrued dividends upon distribution of assets. Each of the
150.000 shares of 7% cumulative pref. stock to be presently issued pursuant
to the plan, is to be accompanied by a detachable class A stock subscription
warrant, entitling the bearer to subscribe on or before July 1 for one
share of class A stock at $75 per share.
The new company will be authorized to issue 750,000 shares of class A
stock, which will be entitled to dividends preferentially over the common
stock for all past and current quarters in any calendar year at the rate of
$4 per share per annum (non-cumulative) and, to preferential payment over
the common stock on any distribution of amens to the extent of $50 per
share, plus an amount equal to accumulated dividends, if any. Each share
of class A stock is convertible at any time into two shares of common stock,
with certain protection against dilution.
The new company will be authorized to issue 3,000,000 sharesmf common
stock.
The plan contemplates that each company shall receive for Its properties
an award in securities of the new company and (or) cash which (after
utilization of part thereof to satisfy funded indebtedness and other claims
and charges exclusive of current liabilities assumed by the new company)
will be distributable to the stockholders of such company. The stockholders of Safety Cable Co. will receive the benefit of its award through the
change of the outstanding capital stock into an equal number of shares of
class A stock and in addition they will receive a cash dividend of approximately $9.25 per share.
MI of the constituent companies have also entered into the so-called bankers' agreement providing, among other things, for the sale of securities in
order to provide cash to carry out the plan.
The plan provides that one of the companies may take the place of
General Cable Corp. thereunder and the agreements made pursuant thereto,
such company to agree to assume the obligations of General Cable Corp.,
readjust its corporate structure, securities and capitalization and change
its name to General Cable Corp. It is deemed in the interest of the situation that Safety Cable Co. be the company utilized for such purpose, and
as this will not in any wise alter the character or amount of the securities.
or the amount of cash that the stockholders of Safety Cable Co. are to
receive upon the consummation of tne plan, your board of directors, subject
to your approval, has consented that Safety Cable Co. may act as the new
company.
The officers and board of directors unanimously urge the adoption of the
plan and the authorization of the action necessary to carry it out.
(Signed Walter F. Field, Pres.; Wm. C. Hall, Sec.)
-Earnings.
Stanley Co. of America.
Net income of the company, after deductions for interest and taxes.
totaled approximately $3,700,000 for the first nine months of ,according
to a statement presented to the executive committee.
The earnings were considerably in excess of dividend requirements
for the full year, which,at the rate of$4 a share,will approximate $3,176,000.
The report showed that the company had no bank indebtedness and
that at no time in its history had it been in better financial condition.
Quick assets as of Oct. 1 were $7,367,000. as compared with current
liabilities of$748,000.
Only a small portion of the capital supplied by the stockholders earlier
in the year and other invested funds, it was explained, have become productive, and those only recently. Earnings of theatres which were in
existence on Jan. 1 show an increase for this year over the cot -espending period of . During this period, however, the money invested in land, buildings, fixtures and cash on hand, earmarked for construction, averaged approximately $10,000,000, virtually none of which
-V. 125, p. .
has so far earned any money.
-Small Dividend.
Stevens Mfg. Co., Fall River,Mass.
The directors have declared a quarterly dividend of 1%. payable on demand to holders of record Oct. 17. Three months ago a dividend of 134%
was declared.
-V. 121. p. .
--Sales.
Sweets Co. of America.
Increase.
.
.
5 Months Ended Sept. 30$57,863
$611,333
$669,196
Sales
Current assets as of Aug. 31 totaled V86,542, against current liabilities of $45.497, a ratio of more than 8 to 1.-V. 125, P- 402.
Swift& Co.
-Supreme Court Sets Date for Presenting Meat
Packers Case.
The U. S. Supreme Court on Oct. 17 announced Jan. 3 as the date
upon which the Court will hear arguments in the case of Swift& Co., Armour
& Co., et al. vs. The United States, involving the validity of a consent
'
decree taken in the Supreme Court of the District of Columbia in .
enjoining certain practices of the packing interests alleged to be in violation
of the Sherman and Clayton Anti-Trust Acts.
The Court ordered the submission of a complete record of the case for its
consideration.
After an investigation made by the Federal Trade Commission in which
it found that the packers were threatening to extend their control to the
groceries business of this country, the Department of Justice, in .
brought suit in the Supreme Court of the District of Columbia against the
packers to enjoin violations of the Sherman Anti-trust Act and the Clayton
Act. At the same time the packers and the Government agreed upon a
decree, commonly known as the "Packers' Consent Decree which was
entered by the Court.
The decree perpetually enjoined the packers from: (1) directly or indirectly entering into contracts, combinations or conspiracies to monopolize
any part of commerce; (2) from directly or WW1ectly owning any capital
stock or other interest in any public stock yard, market company, or any
stock yard terminal railroad, or any stock yard newspaper or journal, or
any public cold storage warehouses except as provided in the decree; (3)
from directly or indirectly using their distributive system and facilities for
manufacturing selling, or otherwise dealing in fish, groceries, feeds, grain.
cigars, furniture, hardware, &c.; (4) from directly or indirectly owning or
voting 50% or more of stock in any corporation dealing in the above
products; (5) from directly or indirectly owning or conducting any retail
meat market, except at their own plants for the accommodation of their
own employees; (6) from directly or indirectly dealing In dairy products.
except in the manufacture of condensed, evaporated or powdered milk; and
(7) from engaging in any Illegal trade practices.
The decree also directed the packers to submit for the Court's approval
a plan or plans for divesting themselves of all their ownership or interest
in public market companies, stock yard terminal railroads, market newspapers, public cold storage warehouses and retail meat markets; and to
dispose of all commodities owned by them which under the decree they were
prohibited from manufacturing. selling or otherwise dealing in.
In the packers sought to vacate the injunction on the ground that
the Supreme Court of the District of Columbia had no power to enter such
a decree. The Supreme Court of the District ruled against the packers and
they appealed to the Court of Appeals of the District of Columbia. There
the Government moved to dismiss the appeal claiming that the court had
no jurisdiction. These jurisdictional questions were certified by the Court
of Appeals to the Supreme Court of the United States.
The Federal anti-Trust Acts forbid contracts and combinations in
restraint of trade or commerce among the States and within the District of
-Trust Act was originColumbia. Jurisdiction to enforce the Sherman Anti
ally given to the Circuit Courts, and by a later Act all the powers of the
Circuit Courts were transferred to the District Courts. Jurisdiction to
enforce the Clayton Act was conferred on the District Courts, Both Acts
failed to specify "and the Supreme Court of the District of Columbia."
-V. 124, p.
See also under General Cable Corp. above.
The question therefore arose whether the Supreme Court of the District
of Columbia is a District Court of the United States within the meaning
, .
of the Anti
-Trust Acts, Charles E. Hughes, representing the packers
argued that if that Court had jurisdiction, it was only when holding a
-Earnings.
Scott Paper Co., Chester, Pa.
special term as a District Court of the United States, which was the fact
.
.
Period Jan. 3 to Aug. 28 (8 Months)-V. 124, p. 229, 247.
$3.794,876 $3,272,436 in the instant case.
Net sales to customers
2.281.,984,746
Cost of goods sold
-Earnings.
Telautograph Corporation.
147.069
Depreciation
105,762
-9 Mos.-.
Period End. Sept. 30- -3 Mos.-,
922,707
Expenses
843.413
$512,908
$584.779
66,413
$200,808
Estimated income tax
47,539 Gross income
$177.914
250,308
258,518
93,470
Preferred dividend requirements
82,383
97,342 Expenses
84,080
77.408
87,093
Depreciation
26.558
29,743
4.848
5.958
Balance
1,824
$303.687
$193 832 Miscellaneous expenses_
1,809
Interest and taxes, other
Earnings per share on common stock$20.24
6,982
$1.90Aset
and Liabilities-6,475
Aug. 28 '27. Aug. 28'26.
than Federal_ _ _
2,173
2,142
23,404
30.609
8,772
$250,593
$38,522 Fed'I taxes (estimated).
11,209
Cash
Current assets
1,485,805
1,292,094
$149,958
$196,125
Current liabilities
Net profit
572,300
$56,203
489,304
$71,823
See also V. 125, P. .
Earns. per sh. on 192,000
$0.58
$0.82
$0.20
shs. corn. stk.(no par)
$0.31
Scotten, Dillon Co.
-Extra Dividend.
-V. 125, p. .
The directors have declared an extra dividend of 2% and the regular
quarterly dividend of 3%, both payable Nov. 15 to holden; of record Nov.
Texas Corporation.
-New Vice-President.
EL On Aug. 15 last the company paid an extra dividend of like amount.
T. Bieber has been elected Vice-President in charge of exPort
-V. 125. p. 401.
V. 124. P. .
Serve! Corp.
-Registrar.
The Chase National Bank has been appointed registrar of certificates of
-year 6% convertible notes, and for subscription receipts
deposit for the 5
issued by the Central Union Trust Co. of New York in the reorganization.
-v. 125. p. .
Sinclair Consolidated Oil Corp.
-Definitive Bonds.
-year first
The Chase National Bank is prepared to deliver definitive 3
onds, series Di due Sept. 1 , in exchange for and
goptbn
,
lien coll. 6%e
outstanding nter&#; 1rceipts T
surrender
l) Nr
.
im 5 p 2 oresenting these bonds.
r
geet.V. 125, p
i(AT
Texon Oil & Land Co.
-To Receive Dividend.
The Big Lake Oil Co. has declared a dividend of 10%, payable Oct. 29
to holders of record Oct. 24. A dividend of the same amount was paid on
Aug. 3 last. Of the dividend just declared the Plymouth Oil Co. will
receive $300,000 and the Texon company $100,000. (See also V. 124, p.
).-V. 124. p. .
(J. R.) Thompson Co.
-Earnings.
Period End. Sept. 30-- -3 Mos.-.
-9 Mos.-.
Net income after deprec.
and Federal taxes___
$323,162 $1,106,078 $1,096,114
$337.054
Splitdorf Bethlehem Electrical Co.
-Debentures Offered. Earns, per sh.on 240,000
shs. (par $25) of cap.
-year 7% cony, debentures has been approved
7,;
e
c
An issue of $1.250,000 of 5
stock
$4.57
$1.34
$4.60
$1.40
stockhddiedrsdoerprmingigircecoUla0tOih$05r0a0teanoti -V. outstanding_ _ _ _
125. p. .
_Vd
o
h tge
stvilict .P.,:ed. e e
.
of debentures for each 12 shares of stock held. The subscription privi100
-To Pay Stock
Truscon Steel Co., Youngstown, Ohio.
lege will expire on Nov. 15.
The debentures are convertible into no par stock at $20 a share and they Dividend.
option to purchase such shares on or before Sept. 1 , on the
carry an
President Julius
a stock dividend payable Jan. 15
announces
basis of 20 shares of stock for each $1,000 of debentures at $15 per share. next is assured, butKahnIt has not asthat been officially declared. In Januyet
that
The debentures are redeemable, all or part, on 60 days' notice at 105 and
ary a 6% stock dividend was paid on the common stock (see V. 123, 13&#;
Interest.
the stock
-V.125. p.. ). He also stated that the company is considering listing operating on
This offering has been underwritten by Watson & White.
at
the New York Stock Exchange. The company is at present
7.
85, to 90% of capacity.
-Registrar.
Standard Commercial Tobacco Co., Inc.
4
The directors have declared the regular quarterly dividend of 1 3 % on
The Central Union Trust Co. of New York has been appointed registrar the preferred stock, payable Dec. 15 to holders of record Dec. 5.-V. 125,
-V. 125, p. .
of 700,000 shares of class B common stock.
P. 259.
i
-New Director.
Standard Oil Co.(New Jersey).
F. 11. Bedford Jr. has been elected a director, thus increasing the direc-V. 125, p. .
torate to 17 members.
-Merger.
Standard Underground Cable Co.
-V. 124, p. 122.
See General Cable Corp. above.
-Bonds Called.
Trumbull Cliffs Furnace Co.
There have been called for redemption as of Nov. 15 next $49,300 of
first mtge.6% sinking fund gold bonds, series A,at 105 and interest. Payment will be made at the Union Trust Co., trustee, Cleveland, Ohio.
V. 120, p. .
THE CHRONICLE
Trumbull Steel Co.
-Earnings.
-
Period end.Sept.30Operating profit
Other income
Total
Depreciation
Int.,exp.,incl. amort.of
of bond discount
-3 Mos.-.
-9 Mos.-.
$263,690 $1,066,508 $1,552,056 $3,030,426
85,904
59,586
203,385
225,124
$349,594 $1,126,094 $1.755,441 $3,255.550
210,000
223,900
659,917
643,900
301,737
316,666
920.139
950,000
Net profits
def$162,143
$585,528
$175.385 $1,661,650
The preferred dividends in arrears now amount to $1,713,710. The book
value of common stock per share Sept. 30 (without deduction for pref.
divs, in arrears) is $34.95.-V. 125, p. 533
[VOL. 125.
(Wm.) Wrigley Jr. Co.
-To Reincorporate-Earnings.
--
The stockholders will vote Oct. 28 on approving tne transfer of substantially all of the properties of the present West Virginia company to a
new company chartered in Delaware, which will issue one share of stock
for each share of stock in the present company. There will be no additional
stock issued. There are '.800.000 shares of no par value stock authorized
and outstanding.
[See also Wrigley Corporation above.]
Period End. Sept. 30- -3 Mos.-.
-9 Mos.-.
Earnings
$5,347.150 $5,213,820 $14,701,056 $14,331,595
Expenses
1,895.013
1,906,008 5,364.642 5,195,274
Depreciation
131,305
140,070
420.700
398,714
Federal taxes
433,598
1,106,599
1,171,474
357.635
Net profit
$2,887,235 $2,810,107 $7,766,226 $7,609,022
Underwood Typewriter Co.
-Elliott Fisher Merger.
Earns. per sh. on 1,800,Charles Strauss, counsel for the company, states Albert H. Wiggin,
000 shares of no par .1_
Chairman of the Chase National Bank, Charles Hayden, of Hayden Stone
cap, stock
g[$1.56
$4.23
$4.31
dr Co., Wertheim & Co., and their associates have acquired a substantial -V. 125, p.outstand'g_ gir j$1.60
.
interest in the common stock of the company.
There have been discussions with interests in control of the Elliott Fisher
Co. with a view amalgamating these two companies. It is expected that
CURRENT NOTICES.
these negotiations will have progressed sufficiently that a definite statement
-Clinton Collver of Walter-J. Fahy & Co. was re-elected President of
can be made in the near future.
-V.125, p. 928.
the American Association of
United States & Foreign Securities Corp.
-Final Pay- held at the Advertising Club. Security Analysts at the annual meeting
G. Lester Horn
& Co.
ment on First Preferred Stock Allotment Certificates-New was elected Vice-President, Alexander G. Sclater of C. Lester Horn & Co.,
of Reynolds, Fish
Director.
Treasurer, and Owen Ely of Dominick & Dominick, permanent Secretary.
The call for payment on Nov. 1 of the final 25% installment on the first M. D. Safanie, formerly connected with the United States Treasury in
preferred stock has been issued. The stock was originally sold in the form
of allotment certificates three years ago. In advance of the final call, more charge of the tax investigation of the United States Steel Corp.. and now
than half of the allotments now coming due have been paid in full and trading chief analyst of Shearson, Hamill & Co., was elected to membership.
in the certificates has ceased.
-Miss Florence Wagner, Libtarian of the "Wall Street Journal" and
Grayson M.
-P. Murphy, of G. M.
-P. Murphy & Co.. has been elected a Chairman of the Membership Committee
of the Financial Group of the
director.
-V. 125, p. .
Special Libraries Association, has announced as follows the members of
United States Stores Corp.
-Gross Sales.
her committee: Josephine Curry, Redmond & Co., New York City
Week
Gross
Stores in
Week
Gross
Stores in Marion G. Eaton, Federal Reserve Bank of Boston; Laura Jane Gage.:
Ending.
Sales.
Operation.
Ending.
Sales.
Operation. Central Trust Co., Chicago; Margaret Reynolds. First Wisconsin Na
Sept. 3
$645,724
1,185 Aug. 6
$631.701
1,184 tional Bank, Milwaukee. &#;
Sept. 10
625.028
1,184 Aug. 13
638.057
1,185
Sept. 17
653,119
1,184 Aug. 20
-Announcement is made of the opening of the investment firm of
625,871
1,186
Sept. 24
661,264
1,182 Aug. 27
639,445
1,185 Frothingham, Kelly Co., for the purpose of conducting a general invest-V. 125, P. . 402.
ment business with offices at 111 Broadway, New York. The general
Universal Pipe & Radiator Co.
partners, II. A. Frothingham and Daniel S. Kelly, were formerly asso-Transfer Agent.
The Seaboard National Bank of the City of New York has been appointed ciated
with Eastman, Dillon & Co. and Shields & Co., Inc., respectively.
transfer agent of the preferred and common stock.
-V. 125, p. 403.
Mackay & Co., 14 Wall St.,!New York, have issued a circular giving
Vanadium Corp. of America.
-Extra Dividend of $1.
- the trend of railroad bond prices from to , which shows that
The directors on Oct. 19 declared the regular quarterly divi- the average yield of 4.92% now obtained on second-grade railroad bonds
dend of 75 cents per share, payable Nov. 15 to holders of is the same basis on which bonds of the highest quality sold less than
record Nov. 1, and an extra dividend of $1 per share for the four years ago.
year , payable on Dec. 15 to holders of record Dec. 1. -The Chatham Phenix National Bank & Trust Co. has been appointed
An extra distribution of like amount was made on Dec. 15 depositary under agreement of the Guaranteed Mortgage Co. of New York
securing an issue of $100,000 guaranteed first mortgage certificates secured
for that year.
-V. 125, p. 929.
by bonds and mortgages covering premises 242 West 27th St., New York
Virginia Iron, Coal & Coke Co.
City.
-Earnings.
Period End. Sept.30- -3 Mos.-.
-9 Mos.-.
-Edward W. G. Borer, formerly of Borer & Ullrich, announces the
Gross
$611,491
$944,962 $2,018,576 $2,587,207
Expenses
598,928
862,053
2,044,121
2,430,220 formation of Borer & Co., with offices at 421 Chestnut St., Philadelphia,
to do a general investment business. Announcement was also made that
Operating profit
$82,909 def$25,546
$156,987 Henry Borer had been admitted to partnership in their firm.
$12,563
Other income
22,028
21,538
69,231
70,762
-Henry A. Wall and Edward E. Syren, both formerly of Wall, Syron &
Total income
$104,937
$43,685
$34,101
$227.749 Co., and Jacob Bressler, formerly of Borer & Ullrich, have formed the firm
Int., depr. & taxes
68,555
223,611
76,691
241,000 of Wall, Syren & Bressler. Public Ledger Building, Philadelphia, to deal in
Net profit
$36,382 def$179,927
def$42,590
$13,251 general investment securities.
-V. 125, p. 534.
-De Saint Phalle & Co., members of the New York Stock Exchange.
announce that Alexandre de Saint Phalle and J. Austin McAlleenan Jr.,
Waldorf System, Inc.
-Earnings.
have been admitted to general partnership In their firm effective Oct. 15.
Period End. Sept.30- -3 Mos.-.
-9 Mos.-.
Sales
-Brandenburg & Co.. 111 Broadway, New York, announce that
$3,617,713 $3,321,558 $10,830,380 $9,974.620
*Net profit
239.967
209,865
705,355
784,530 Thatcher C. Jones, Professor of Finance at New York University, has
Preferred dividends_ _ _ _
20,860
15,485
48,283
66,798 become associated with them as head of their statistical and investment
Conunon dividends
165,604
138,003
496,812
414,009 service department.
-Adams & Peck, 20 Exchange Place, New York, have issued a circular
Surplus
$28,776
$81,104
$160.260 $ 303.723 on Curtiss Aeroplane & Motor Co. 7% preferred stock. The circular deals
Earns. per sh. on 441,610
with the company and with its position in the aeronautical industry.
sits. of no par coin. out
$0.44
$0.49
$1.48
$1.62
&#;After depreciation, Federal taxes and reserves.
-Guaranty Trust Co. of New York has been appointed transfer agent
-V. 125, p. 534.
for the 7% and 8% preferred stock and the $6 preferred stock of the New
Waukesha Motor Co.
-Earnings.
York Power & Light Corp., Schenectady, N. Y.
Results for the Year Ended July 31 .
-S. Weinberg & Co.,2 Rector St., New York,specialists in bank stocks,
Net profit from operation
$972,023 announce that M.J. Kapper, formerly connected with the United National
Interest paid
340 Bank, has become connected with them.
Federal and State income tax
191,153
-W.E. von Marx. Vice-President in charge of the Foreign Department
Net profit
$780,530 of International Germanic Trust Co., New York, has established his office
Dividends paid
at No. 3A Unter den Linden, Berlin.
x207.500
-Brown Sz Moore, 25 Pine St., New York,
Balance. surplus
$573.030 formerly with Jerome B. Sullivan & Co.. is announce that Ernest Cole,
now associated with them
Surplus July 31 , after deducting stock div. of $1,000,000
in the trading department.
paid Sept. 23
161.479
-Richard W.Jones, of McBee. Jones & Co., and Paul F. Fitzpatrick, of
Surplus July 31
$734.509 Credit Alliance Corporation, have been elected directors of First Federal
Earns, per share on 100,000 shares of no-par capital stork outst4
$7.80 Foreign Investment Trust.
z Cash dividend of 2% (based on old stock) for the 3 months ended Sept.
-Lewis IT. Pomper, formerly with Gilbert Eliott &
30 , $20,000; quarterly dividends on new stock at the rate of $2.50 a
has become
associated with the trading department of Charles L. Vance & Co., Inc..
share per annum, $187,500; total, $207,500.
Co.,
50 Broad St., New York.
Balance Sheet July 31 .
-Guardian Securities Co. of Newark. N. J.. have issued their monthly
AssetsMatrtlitiesbulletin on railroad, public utility, industrial and foreign bonds. yield
Prop., plant & equipment-- x$955.032 Capital stock
z$2.000,000 range nom 4.65
to .6%
Cash in bank and on hand....
75,425 Accounts payable
122,488
Cust. acc'ts & notes reedy_ _y1,007,38I Accr'd expenses, &c
108,545
_Whitehouse & Co., members New York Stock Exchange, 111 Broadway;
Other accounts receivable____
5,858 Provision for Local, State and
York, have prepared for distribution a "Comparative Analysis of
New
Inventories
1,139,649
Federal taxes
259,492 Dividend Rails."
Prepaid ins. & 0th. prepd. exp.
15,434 Surplus
734.509
Arthur D. Mendes and Victor 0. Bell of A.D. Mendes & CO., 43 ExInv. In other cos. (at cost)-. 26.254
Patents and patterns
1
Total (each side)
$3,225,035 change Place, New York, have been elected to the board of directors of the
-Company.
x After deducting $621,507 reserve for depreciation. y After deducting Safe-T
$30,000 reserve for bad debts. z Represented by 100,000 shares of no par
Lage & Co., members of the New York Stock Exchange,
value.
-V. 124, p. .
that M. F. Fordham has become associated with them in the announce
bond department.
White Eagle Oil & Refining Co.
-Earnings.
-Grayson M.
-P. Murphy of G. M.
-P. Murphy & Co. has been added
Period End. Sept. 30-- -3 Mos.-.
has
-9 Mos.-.
Sales
$5,178,179 $6,324,751 $12,911,446 $14,832.992 to the board of directors of the United States & Foreign.Securities Corp.
Costs and expenses
4,548,298
-Munds & Winslow announce that R. Allyn Lewis
5,148,275 11,112,568 12.269,364
has been appointed
manager of their branch office at 18 East 53d St., New York.
Operating profit
$629,881 $1,176.476 $1,798,878 $2,563,628
Charles 0. Hedland, formerly with
Miscall,charges (net)
26,430
8,080
104,732
50.540 nected with the retail sales department Hornblower & Weeks is now conof Lehman Brothers.
x Net Income
$603,451 $1,168,396 $1,694.146 $2,513,088
-Benjamin D.Mosser of Clark, Dodge & Co., has
x Before deprec., depletion and Federal taxes.
-V. 125, p. .
of the board of directors of the General Reinsurancebeen elected a member
Corp.
_The New York Trust Co. has been appointed
White Rock Mineral Springs Co.
-Earnings.
-Grocery Stores. Inc.. Preferred and common stock. co-registrar of Bird
Period End:Sept.30- -3 Mos.-.
Mos.-.
-9
_The Equitable Trust Co. of New York has
Net income after taxes
been appointed New York
and charges
$234.053
$224,885
$777,753
$693,360 registrar for the common stock of Whitenights, Inc.
Earns, per share on 200,-The Bank of America has been appointed transfer agent for
000 shs. com.(no par)
$0.79
$0.76
$2.69
$2.35 shares common capital stock of
72,000
Whitenights, Inc.
,
-V. 125. p. 403.
-Edward B. Smith & Co. have removed their Albany
office to the
Wrigley Corporation (Del.).
-Incorporated.
De Witt Clinton Hotel Bldg., 142 State St.
This company was incorporated in Delaware on Oct. 18 with an authorized
-W.T.
& Co., dealers in general market securities,
capitalization consisting of 2,000,000 shares of no par value. It is under- their officesBrown Broad St.,
have moved
to 60
New York.
stood that this corporation is being formed in furtherance of the recently
announced plans for recapitalizing the William Wrigley Jr. Co., a West
-Prince & Whitely, 25 Broad:St., New York,are distributing an
analysis
Virginia corporation. (See below.)
of Kennecott Copper Corp.
OCT.22 .]
THE CHRONICLE
The Commercial Markets and the Crops
-GRAIN-PROVISIONS
COTTON-SUGAR-COFFEE
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
COMMERCIAL EPITOME
[The introductory remarks formerly appearing here will now be
found in an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY.'J
vanced. The shorts have but involuntary assistance to the
Defense Committee. Of course, big loans have helped.
Futures on the 17th inst. advanced on European buying
and trade covering supposed to be due to the strength in
Brazil, but reacted during the afternoon. A much higher
closing at Santos and Rio did not prevent realizing sales,
but shorts covered.
Futures on the 19th inst. closed 28 to 35 points higher
with Santos, Hamburg and Havre firmer and shorts covering
and some new buying. There was some European demand.
The Santos terme market ended 500 to 600 reis higher and
Rio ended 75 to 125 reis up. Sales here were estimated at
62,000 bags including some 8,000 bags in exchange of December and September at 30, 28 and 38 points; December and
March at 10 points;December and Mayat 17 points;May and
July at 3 and 2 points and July and September at 10 points
difference. Futures advanced on the 20th inst. 23 to 25
points with sales of 74,250 bags. The speculation was
waking up. Rio advanced 275 to 450 reis. Santos was unchanged to 300 reis. higher with exchange steady at Rio and
1-64d. higher at Santos. London, 6d.; dollars 8.$220; Rio
exchange 6d.on London; dollars also 220. To-day futures
advanced 4 to 10 points but lost some of the rise later.
In Brazil trade was reported active with the basis on both
Santos and Rio higher. Trade interests were buying here
quite freely. Final prices show a rise for the week of 61 to
71 points.
Friday Night, Oct. .
COFFEE on the spot was firm early in the week with a fair
tc.; Santos 4s; 203.c. to 20%c.;
demand. Rio 7s were 14W
Victoria 7-8s 13%c. Cost on freights on the 15th inst. were
firm. Santos Bourbon 3-4s were at 20.60c.; 4s at 19.45c.;
5-6s at 18.65c.; 6s at 18.10c.; 2-3s genuine Bourbon strictly
soft at 21.55c.; 3-4s genuine Bourbon strictly soft at 20c.; 4s
soft medium color at 19.40c.; 5-6s medium bean strictly soft
at 18.30c.; 3-4s peaberry at 20.25c.; 4-5s genuine Bourbon at
18.900.; Fair to good Cucuta 21 to 22c.; Bucaramanga
%
washed 264 to 263 c.; Honda, Tolima and Giradot 274 to
%
280.; Medellin 28 to 28%c.; Manizales 273 to 283(c.;
Mexican, washed 26% to 28c.; Surinam 25 to 26%c.
Cost and freight offers on the 17th inst. from Brazil were
irregular, being higher in some cases. Those for prompt
shipment were of Santos Bourbon 2-3s at 20.40c. to 21%c.;
3-4s at 20.05 to 20.85c.; 3-5s at 193jto 19.80c.;4-5s at 19.15c.
to 19%c.; 5s at 18.80c. to 19%c.; 5-6s at 18.55c. to 18.80c.;
6s at 18.10c. to 18%c. Bourbon separations 6s at 17c.;
%
6-7s at 16.40 to 173c.; part Bourbon or flat bean 3s at 22c.;
3-4s at 20%c.;Santos peaberry 2-3s at 20.40c.; 3-4s at 20%c.;
Rio 4s colory at 15.200.; 7s at 13.500. to 13.800.; 7-88 at
13.39a -July
13.59a _
13.55c. For future shipment Santos November-December Spot unofficial_ --15.00 I March
13.45a13.49 September_ _13.31a
May
,
Bourbon 3-6s were here at 19c.; December-June 4s at 193 c.; December_ _13.75a
-Cuban raws were sparingly offered at 2c. c. & f.
%
SUGAR.
January-June 4s at 18.550. to 183c.; April-June 4s at 18.100.
Cost and freight offers on the 19th inst. were irregular, Cables reported torrential rains all over Cuba. London
some unchanged and others higher. All good grades ap- reported sales of 1,800 tons, including Perus, afloat to the
peared to be very firtn. For prompt shipment Bourbon United Kingdom, at us. 10%d.,and Brazil for October ship2-3s were here at 21.45 to 21.65c.;3s at 22.40c.;3-4s at 20.35c. ment at 12s. On the 18th inst. Col. Jose Tarafa, President
to 20.60c.&#; 3 at 19N to 20.05c.&#; 4-5s at 19.30 to 19.55c.; of the National Commission for the Defense of Sugar, issued
-5s
'
'
5s at 19.35c.; 5-6s at 18.90 to 19.05c.; 6s at 18.10e.; 6-7s the following statement: "The policy of the National Comat 18 to 18.45c.; Rio 7s at 13.70c.; 7-8s for prompt shipment mission for the Defense of sugar and that of the President of
at 13.55c., and for immediate shipment at 13.100.; Rio 8s the Republic of Cuba is and will be to endeavor to stabilize
for prompt at 12.600.; Victoria 7-8s for immediate at 13c. industry, obtaining a price for sugar that will cover the cost
-Nov. Victoria 7-8s were of production, plus a small profit. Under no circumstances
and for prompt at 12.85c.; for Oct.
offered at 12.70; Bourbon 4s for December at 19.40c.; for will it recommend measures that could bring about too high
-March at 193c., and for April-June at 18.65c. De- prices." Private cables from Havana stated that important
Jan.
sirable selections here are said to be scarce and very firm. officials in Cuba say the conFensus is the crop should start
Jan. 15 , and it is expected this date will be decreed next
Milds at the higher prices demanded were quiet.
As some recall, the Defense Committee report the interior week. If Cuban grinding of the next crop is delayed till
stocks of Sao Paulo and Minas on Oct. 1 as 9,569,889 bags, Jan. 15, it will be, it is contended, particularly bullish on old
an increase during September of 1,819,889 bags. These fig- crop positions. This is reflected in the recent net advance
ures show an "into sight" amount of coffee of 14,191,613 of 6 points in December and January, in contrast with a
bags, enough to supply the world's consumption for at least small decline in distant months.
Receipts at Cuban ports for the week were reported as
seven months without taking into consideration the rest of
this season's production, known to be large. They there- 19,680 tons against 40,267 in the previous week, 55,466 last
fore consider the rumors rather unimportant that from year and 34,041 two years ago; exports 58,680 tons against
2,000,000 to 4,000,000 bags of the present Santos crop have 102,503 in previous week, 113,924 last year and 60,042 two
been lost owing to rains, and that the condition of the trees years ago; stock, 570,716 tons against 609,716 in previous
is deplorable due to the enormous yield of the -28 crop. week, 477,273 last year and 536,507 two years ago. Of the
The rains that damaged the present crop, it is argued, should exports, 32,232 tons went to U. S. Atlantic ports, 1,527 to
have helped the trees to produce a normal -29 crop. Savannah, 5,777 to Galveston, 18,848 to New Orleans and
Many think the future of the market depends upon the 196 to Canada. Refined was quiet at 5.80 to 6c. Havana
ability of the Defense Committee to enforce its policy. The cabled in one case that for the week ending Oct. 15 arrivals
total visible supply for the United States is only slowly in- were 35,025 tons, exports 58,827, stocks 558,271. The excreasing. It was 1,146,299 bags against 1,100,387 bags the ports included 13,658 for New York, 18,908 for Philadelphia, 4,788 for Boston, 6,125 for Baltimore and 9,152 for
same time last year and 963,626 bags in .
There was a good supply of cost and freights offers from New Orleans, 9,358 for Galveston, 537 interior of United
Brazil on the 19th inst. at irregular prices. Santos 4s afloat States and 296 Canada.
On the 17th inst. the London terminal market opened firm
were reported sold at 20%e. ex-ship and Rio 7-8s at 13.100.
c.& f.while a block of Santos 4s on the spot brought 21c. at 13. to 23jd. advance. British refined, however, was
The prompt shipment offers from Santos were of Bourbon reduced 6d. to 29s. Private cables from London said the
2-3s at 21%c.; to 21.65e.; 3s at 204c. to 21%c.; 3-4s at market was quiet but steady, with some refiners possibly
20%c. to 20.60e.; 3-58 at 193.e. to 200.; 4-5s at 19.15 to interested. Perna sold at us. 10%d. British refined de19.60c.; 5s at 19.35c.; 5.6s at 183 to 19c.&#; 6s at 18.10c.; clined 6d. Demand poor. Liverpool cabled that us. 9d.
%
'
6-7s. at 18%c.; Bourbon separation 6-7s at 17% to 173c.; was bid for 96 test and refused. Terms steady. The whole
7-8s at 15 to 17.35c.; part Bourbon or flat bean 3s at 20.850.; sugar situation seemed to be involved in numerous cross cur3-4s at 20.350.; 3.5s at 200. Spot prices were firm on the rents, none of which, some asserted, inspired confidence in
%
20th inst. Santos 48 21 to 213/20.; Rio 7s 143 c. The better an immediate advance. In many quarters it was declared
grades deliverable from store were scarce. Buyers have that the market had been suffering from overproduction,and
to look to stocks afloat. Santos 4s in that position sold while it was admitted that a restricted crop in Cuba might
at 20% to 21c. Milds were very firm and in steady de- help the situation, at least temporarily, there was nothing
mand. Fair to good Cucuta 21% to 223/2c.
to indicate that beet raising countries would fail to take
Some took the ground that the sharp advance at Santos advantage of such a situation to further increase their output.
late in the week may indicate that Europe is again in the This is the stumbling block. While the Colonos may not
market there at better prices than America is disposed to be so unanimous, but mill owners, it is said, as a rule favor
pay. The trade largely continue to talk bullishly and con- Jan. 15 as the date to start grinding, as the cane will then
tend that roasters will be at the mercy of Brazil, so far as be in better shape.
Futures advanced on the 15th inst. 1 to 2 points with sales
the immediate future is concerned. There is practically no
bearish action on the Exchange. Futures advanced 5 to of 9,400 tons. There has thus far been no sequel to Cuba's
10 points on the 15th inst., with Rio 250 to 425 reis higher sale of 150,000 tons to the United Kingdom at a price cheaper
and Santos and European markets firm and cost and freight than Cuba charges to this country. Cuban restriction, it is
offers also firm. Despite the deep-seated scepticism as to assumed, will stimulate beet root production. Beet root
the possibility of sustaining prices in the face of menacing prices at one time last week were cut to a degree that excited
supplies, they have been not merely maintained but ad- apprehension and refiners on the Pacific Coast were also
THE CHRONICLE
lowering quotations in the race for trade. But they had,
after all, only a passing influence and that not at all pronounced. Havana cabled the "Wall Street Journal" that
the Sugar Commission has issued an order for all sugar mills
to report immediately the amount of sugar they have on
hand in national territory, whether sold or unsold. Its
purpose is to set aside 17% of the total to be placed at the
disposition of the Sugar Export Corporation to cover the
sale of 150,000 tons to England recently made. President
Machado has signed the decree placing new tariff schedules
into effect. After publication in official gazette, they will
be put in force in about five days. The new schedule has
been studied for more than a year, Congress having passed
a law giving the President power to decree a new schedule
as soon as the Tariff Commission had agreed upon rates.
It is understood the schedule includes increased rates on
various articles imported from the United States.
Receipts at United States Atlantic ports for the week were
77,742 tons against 56,080 last week, 70,996 last year and
26,650 two years ago; meltings, 56,000 tons against 51,000
last week, 72,000 last year and 55,000 two years ago; importers' stocks, 133,309 tons against 133,843 last week, 158,273
last year and 35,282 two years ago; refiners' stocks, 76,977,
against 54,701 last week, 56,703 last year and 60,769 two
years ago; total stocks, 210,286 tons, against 188,544 last
week, 214,976 last year and 96,051 two years ago. Later
Cuba was available at 2 15-16e. c. & f. Refiners did not bid
over 2Mc. The partial recovery in the futures market and
reports that President Machado will probably decree the
starting of the new crop on Jan. 15, in the very near future,
possibly the beginning of next week, kept selling in check.
On the 19th inst. a few cargoes of Cubes and a small lot
of Philippines afloat were offered at 2 15-16c. or 4.71e.
delivered. Everybody seems to be awaiting definite official
advices from Cuba. It is generally expected that President
Machado will fix the permitted production at 4,000,000 tons.
One refiner late in the day is said to have bid 23/80. but
could not find a seller. Futures on the 19th inst. were quiet.
Prices ended unchanged to 1 point net higher on sale of
15,800 tons. On the 20th inst. a cargo of 55,000 bags ef
Cuban raw sold at 23'c.c.& f. French sugar manufacturers,
it is said, intend to export 200,000 tons to be sold at a loss of
20 francs a sack in order to create an art:ficial shortage in
France on which to make a profit of 40 francs a sack, on
the remaining 600,000 tons of the French beet supply. It
is said that the sugar will be loaded on English markets.
Futures closed unchanged to 3 points lower on that day with
sales of 32,250 tons. Refined was quoted at 5.80 to 6c. Today prices closed 1 lower to 1 point higher with sales of
26,400 tons. Refiners were bidding 23/sc. for prompt without business. Many are inclined to hold aloof until the
Cuba program becomes more clearly defined. Final prices
show a rise for the week of 1 to 2 points. Spot raws at
2 29-32c. as the street is inclined to quote them were 1-32c.
lower than a week ago. Prices dosed as folloNN s:
Spot unofficial-2 29-32 I March
December- 2.91a May
January..
2.93a -_-_ July
2.80a
2.87a
2.95a
- ISeptember
3.03a
LARD on the spot was firmer. Prime Western, 13.45 to
13.55c. in tierces c.a.f. New York; refined Continent, 143c.;
delivered New York, South America, 15c.; Brazil, 16c.
To-day spot lard was dull and weak. Prime Western,
13.20c.; refined Continent, 14.25c.; South America, 15c.
Futures on the 15th inst. were 2 to 7 points higher on near
months, though January was 13 points lower at one time
that day under a pressure of liquidation. But before the
close much of the loss had been regained. Liverpool was
unchanged to 6d. lower. October deliveries in Chicago
were 50,000 pounds. Stocks of lard on Oct. 15 at Chicago
were reported to have decreased 15,023,735 pounds, compared with the total on Sept. 30. Futures on the 20th inst.
declined 5 to 10 cents in a dull market. Hogs were rather
irregular. Receipts were somewhat larger than expected.
Deliveries on contract were 950,000 pounds of lard. This
caused some selling. Shipments out of Chicago, however,
were rather large. It looks as though there will be quite a
decrease in the stock of lard for the month of October.
To-day prices were 5 to 17 points, net, lower. Liquidation
was general. Hogs were irregular. The decline in grain
was a factor. Shorts were the largest buyers. There is
only a moderate cash demand. Hogs were higher for
butchers but other grades unchanged to 25c. lower. 'Western
receipts 64,000, against 68,000 last year. Final prices of
lard show a decline for the week of 20 to 38 points.
VAILY CLOSING PRICES
Sat.
October delivery__ _cts_12.57
December delivery--12.72
12.90
January delivery
OF LARD FUTURES
Mon. Tues.
Wed.
12.47
12.55
12.50
12.60
12.62
12.70
12.82
12.82
12.92
IN CHICAGO
Thurs.
Fri.
12.40 12.30
12.50 12.32
12.75 12.62
PORK firm; Mess $34.50; family, $40 to $43; fat back
pork, $32 to $35. Ribs, Chicago firmer; Cash, 12.37c.,
basis of 50 to 60 pounds average. Beef was rather scarce
and noticeably firm; mess, $19 to $20; packet, $20 to $21;
family,$25 to $27;extra India mess,$36; No. 1 canned corned
beef, $3; No. 2, $5.25; 6 pounds. South America, $18.50;
pickled tongues, $55 to $60. Cut meats steady; New York
quotations were: pickled hams, 10 to 20 pounds, 183 to
19Mc.; pickled bellies, 6 to 12 pounds, 21%e.; bellies, clear,
/
dry salted, boxed, 18 to 20 pounds, .; 14 to 16 pounds,
173/2c. Butter, lower to high, scoring 39 to 50e. Cheese,
flats, 273/i to 29Mc. Eggs, medium to extra, 27 to 560.
[Vol,. 125.
OILS.
-Linseed declined owing to a lower flaxseed market and keen competition among crushers. Demand is only
fair at best. Raw oil in carlots, cooperage basis, is said to
have sold at as low as 9.8e., but leading crushers were quoting 10c. In tanks, 9.2c. was quoted; for 5 bbls. or more,
10.6c., and for less than 5 bbls., 11c. Cocoanut, Manila,
coast, tanks, 83.c.; spot tanks, 87sc. Corn, crude, tanks,
/
plant, low acid, 93/2c. Chinawood, N. Y., drums, spot,
150.; Pacific Coast tanks, spot, 13c. Olive, Den., $1.75.
Soya bean, coast tanks, 93 c. Lard, prime, nominal; extra
4
strained winter, N. Y., 133 c. Cod, Newfoundland, 63 to
4
65c. Turpentine, 53 to 58e. Rosin,
.90 to $12.50.
Cottonseed oil sales to-day including switches, 32,600 bbls.
Crude S. E., 93'c. bid. Prices closed as follows:
Spot
10.40a10.451December_ -_.._'March
October- --10.35a10.45 January_ _ --10.72a10.741April
November__ 10.35a10.45 February___10.78a10.86 May
10.89a10.93
10..00
11.07a11.05
PETROLEUM.
-Gasoline was quiet. United States
motor at New York harbor refineries was 8c. and in tank
ears delivered to the trade 9e. While consumption is heavy
for this time of the year, there is very little buying for future
delivery. The Gulf market was also quiet with United
States motor at 73.c. and 64-66 gravity 375 e.p. at 84c.
It was intimated, however, that some concessions might
have been made on a firm bid. Gas oil was in better demand and firmer. Some good-sized Continental inquiries
were in the market for November-December shipment. For
36-40 at local refineries 5Mc. was asked and for 28 plus
534c. In the Gulf market very little change took place.
Yet there was a little better foreign inquiry. Bunker oil
steady at $1.55 New York harbor refineries and $1.61
f.a.s. New York harbor refinery. Kerosene demand continues to improve. Prime white 41-43 gravity 6%c. New
York harbor refineries and 7%C. in tank cars delivered to
the trade. The Gulf market was quiet.
New York export prices: Gasoline cases, cargo lots, U. S.
Motor specifications deodorized, 24.400.; bulk, refinery, 8c.;
kerosene, cargo lots, super white, cases, 17.15c.; bulk 41-43,
630.; water white, 150 degrees, cases, 18.15c.; bulk 43-45,
/
7c. Bunker oil, f.o.b. dock, $1.55; Diesel oil, Bayonne,
$2.10; Gas oil, Bayonne, tank cars, 24-34 degrees, 5c.; 36-40
degrees, 53.c.; New Orleans U. S. Motor bulk, 73jc.; 64-66
gravity 375 e. P., 8WO.; Kerosene, prime white, 6Mc.; water
white, 7Mc. Service station owners and jobbers' guide:
Gasoline, U. S. Motor, bulk, refineries, 8 to 8Mc.; tank cars,
delivered to nearby trade 9 to 9Mc.; California U. S. Motor
at terminals, 8c.; U. S. Motor delivered to New York City
garages in steel barrels, 17c.; up-State and New England, 17c.
Naphtha, V.M.P. deodorized, steel barrels, 18c.; kerosene,
water white, 43-45 gravity, bulk, refinery, 7c.&#; delivered to
41-43 gravity,
nearby trade in tank cars, Sc.; prime white, '
bulk, refinery, 64c.; delivered to nearby trade in tank cars,
Mc.; tank wagon to store, 15c.; furnace oil, bulk refinery,
38-42 gravity, 60.; tank wagon, 10e.
Buckeye
$2.25 Eureka
Bradford
2.65 Illinois
3
1:68:
13
Wyoming
1.71 Plymouth, 37 deg..$200
Lima
Indiana
1.48
1.67
Princeton
1.60 Wooster
2.11 Gulf Coastal "A"- 1.20
Canadian
Corsicana heavy-31.00 Panhandle,44 deg. 1.12
Elk Basin
Oklahoma, Kansas and Texas$1;23
13
5
$1.36 Big Muddy
1.33
1.20 Lance Creek
32-32-9
1.33
1.60 Grass Creek
52 and above
1.25
Bellevue
Louisiana and Arkansas32-32.90.60
1.20 West Texas all deg
2.35
1.26 Somerset light
35-35.9
1.37
SpindletoP, 35 deg and
$2.85
Pennsylvania
Corning
1.45
Cabell
1.40
Wortham. 40 deg.. 1.36
1.25
Rock Creek
Smackover 24 deg- 1.15
RUBBER on the 17th inst. advanced 20 to 40 points
with London Md. higher on some deliveries. The trading
here amounted to 986 tons. There was an increase in the
London stock of 749 tons but the firmness of London and
Singapore offset this in the New York market. October
here on the Singapore was up M to Md. October here ended
at the Exchange on the 17th inst. at 34.40c., November at
34.20c., December at 34.50c., and January at 34.60 to 34.70c.
%
London on the 17th spot and October, 163' to 165 d.;
4
December, 16% to 163 d. The stock there was 70,916
week, 66,664 a month
tons, against 70,167 in the previous
ago, 63,496 three months ago and 39,650 a year ago. Singapore, October, l65.d.; January-March, 17 Md. London
cabled Oct. 17: "Shade higher for the week. Increased
London stock and poor American consumption for September
countered by support from New York for spot and near
shipment, also January and March. Outsiders are not
operating awaiting news as to restriction."
On the 19th int. trading fell off and prices declined both
here and in London. Early in the day prices declined 40 to
50 points here but rallied later and closed at 34e. for October
and November, and 34.30c. for December. London on the
4
19th closed unchanged to Md. off; spot 16%d. to 163 d.;
/
8
October 163d. to 165sd.; December 163 d. to 163/d.;
4
/
/
January-March 173d. to d. and April-June d.
4
to 173 d. Singapore on that day was unchanged to Md.
lower; October 16Md.; January-March 173 d.; April-June
4
4
173 d. On the 20th inst. New York opened steady but
later declined 21 to 30 points; sales 1,170 long tons. London
opened steady but became weaker later. On that day
November closed here at 34o.&#; December at 34.20e.; January
at 34.40c.; March at 34.70c.; May at 35o. and July at 35.40o.
&#;tside p.ices,fib',ed smoked shee,s scot and Oct.343/eto
8
4
4
35Mc,November 343 to 35c.;Firstlatex crepe 34M to 343 0.;
clean thin brown crepe 30% to 31c.; spooky brown crepe 28
4
to 28%c.; No. 2 amber 313 to 32c.; Paras, up-river fine
&#;
OCT. 22 .1
THE CHRONICLE
spot 273.i to 27%c.; coarse 21 to 21%c.; Acre fine 27% to spot and 900 futures. Spot electrolytic up 5s. to £62 10s.;
.; Caucho Ball, Upper 21% to 22c.; Island fine 264c. futures unchanged at £62 15s. Later trade was quiet at
London cabled Oct.20: "No change will be made on Nov.1 c. with perhaps 13.20c. accepted now and then; export,
in the regulations which at present govern the export of rub- 13.60c. London on the 20th inst. dropped Is. 3d. on spot
ber from Malaya and Ceylon, according to a confirmed state- standard to £55 10s., with futures £55 us. 3d.;sales, 200 tons
ment from the Colonial Office. Under the Stevenson re- spot and 500 futures.
striction plan the standard production which may be exported
TIN was stronger early in the week. The firmness was
from Malaya and Ceylon will remain at 60% for the quarter, attributed to lack of selling pressure rather than to anything
month. The Colonial else. While the London market declined 12s. 6d. to 17s. 6d.
which begins with the first of next
Office reserves the right to make any change on Feb. 1 , on the regular Exchange, prices on the Curb there recovered
the first day of the succeeding quarter, if it is considered that 30s. A prominent London concern estimated that Straits
a change is necessary. Notice as far ahead as is practicable shipments for this month will be only 5,000 tons, or 1,000
will be given, the statement continues." A decline was tons lower than generally expected. October and November
attributed by some to reports of an abnormally high figure Straits sold at 583'2c.; December at 584c.; January at
on invoiced shipments for the past week. Reports estimated 57%c., and February at 57%c. The general feeling is that
approximately 8,000 tons, or more than 1,000 tons more than all bearish factors have been discounted in the declines of
in the previous week.
the past several weeks. In London on the 18th inst. spot
To-day prices at one time were 20 to 50 points lower, owing standard fell 12s. 6d. to £261 15s.; futures off 17s. 6d. to
a rally £258 12s. 6d.; sales 50 tons spot and 600 futures; spot Straits
to the British restriction news, but later on there was
which left prices 10 to 30 points higher net. It is pointed out declined 12s. 6d. to £268 5s.; Eastern c.i.f. London dropped
that the outlook as to what will really be done is uncertain. £3 to £262 5s. on sales of 175 tons; on the 19th inst. spot
The British Colonial Office in London, it is true, said there standard advanced £3 5s. to £265 5s.; futures gained £3 58.
would be no change in the British restriction rule affecting to £261 17s. 6d.; sales 50 tons spot and 700 futures; spot
rubber production under British direction. The opinion here Straits advanced £3 10s. to £71 15s.; Eastern c.i.f. London
seems to be that this does not preclude some change later on up £3 to £265 5s. on sales of 100 tons. Here on the 19th
in the direction of greater efficiency in the restriction plan. inst. a rise in prices checked buying. Later there was some
Early in the day 1,022 tons were sold,. but later on trading speculative demand, but that was all. London on the 20th
died down. Prices show a decline for the week of 20 to 60 inst. dropped £1. The decline in the stock market had some
points. London closed to-day Yid. net lower, showing a effect. New York fell 1. on the 20th inst.; December
3
3
raily of that much from the earlier quotations. Spot and 57% to 57.80e.; February 57% .; November 58%c.; October
/
October, d.; December, 163,cl.
nominally 584c. In London standard spot £264 5s.;futures
-There was less trading in River Plate hides last £260 17s. 6d.; spot Straits £270 15s.
HIDES.
week. Europe was the chief buyer. The total sales of
LEAD was firmer. Statistics were favorable. Lead stocks
Argentine steers were 23,000 at 22% to 23%e.c. & f. Amer- fell off 5,968 tons during September to 37,221 tons. They
ican buyers held off owing to the recent advance. City are now the smallest since the first of the year, and show a,
packer last sold at 233' for native steers, 22c. for butts and decrease of 16,100 tons since June 1st. The American Co.
21% for Colorado, and were reported firm at these quota- quoted 6.25c. but in the outstide market 6.35c. was asked.
were quiet. Common dry were slow In East St. Louis 6.07%c. was quoted. Lead ore in the tritions. Country
of sale but said to be very steady in price. Orinocos, 25 Ye.; State district was unchanged at $80. In London however
Savanilla also 253.c.; Antioquias, 29%e. New York City spot fell 6s. 3d. on the 18th inst. to £20 15s.; futures off 78.
calfskins 5-7s, $1.95 to $2; 7-9s, $2.40; 9-12s, $3.50. Later 6d. to £21; sales 100 tons spot and 900 futures; on the 19th
sales were reported of 4,000 Sansinena La Negra steers; inst. prices were up is. 3d. to £20 16s. 3d. for spot and £21
5,000 La Blanca steers and 4,000 Wilson steers at $50.
is. 3d. for futures; sales 650 tons spot and 400 futures. LatOCEAN FREIGHTS.
-Sugar and grain tonnage was in terly prices have weakened with those in London. Eftst
better demand at one time.
St. Louis generally quoted at 6.05c. American Co. still
CHARTERS included grain. 26,000 quarters, 10%. from Montreal to 6.25c. London on the 20th inst. fell 3s. 9d. on the spot to
West Coast United Kingdom, first half November in London at 3s. 3d.:
6d. to £20 18s. 9d.; sales
Montreal to Antwerp or Rotterdam. 13c., Hamburg or Bremen 14c.. spot: £20 12s. 6d.; futures dropped 2s.
same, first half November. to Antwerp or Rotterdam. 14c. Tankers. 150 spot and 550 futures. Later the demand was only
crude, Gulf to north of Hatteras. October, 19c.; clean, California to United moderate. East St. Louis was more readily obtainable at
Kingdom-Continent, one port 26s., two ports 27s., November-December.
North Pacific grain: Vancouver, B. C., to United Kingdom-Continent, 6c. but buyers held back. On the 20th inst. London deJanuary, 33g., option Portland or Puget Sound 34s. 3d.; Vancouver, B. C.. clined 3s.9d. to £27 Is. 3d. spot and £26 16s.3d.for futures,
to Antwerp or Rotterdam, December, 32s. 6d., option Portland or Puget
Sound 33s. 9d.; Vancouver, B. C., to Antwerp, prompt. 30s. 6d.: option with sales of 200 tons spot and 725 futures.
Southampton: Portland to United Kingdom or Continent. 34s. 6d.: VanZINC was lower. Generally the price was 6.05c. Eat,
couver to United Kingdom or Continent. 33s.. option Portland or Puget
Sound loading. 34s. 3d.: grain, 26.000 quarters, Montreal to Antwerp or St. Louis. Some mention was made of 6.023/2c. and in
Rotterdam, 14c., Hamburg or Bremen 15c., Oct. 25
-Nov. 5; 35.000 quarmight have been
ters. Montreal to Meditteranean, 18c., c. and 19c.. Nov. 15-28; some cases it was thought that business
32.000 quarters, Montreal to Antwerp or Rotterdam 14c., Hamburg 15c., done at 6c. East St. Louis. There was a good demand at
Nov. 5-20. Time charters: Trip to West Indies. 81.30, prompt; round. the decline. Zinc, ore operators, it is said, are gradually
West Indies, 80c.; lumber, Gulf to Plate, NovembDer-ecember, 160c.
Tankers: Fuel oil, Gulf to Hamburg, 16s. 6d; clean, Gulf to French At- closing down mills because they are unable to make a profit
lantic, 178. 104d., November; crude. Gulf to Boston, 21c.. November.
at $38. It is such a bargain at that price that buyers, it is
TOBACCO has been called steady with supplies here said said, have taken as much ore in two weeks qs they had
to be not at all burdensome and the demand fair. There is previously taken in three. In London on the 18th inst.
a steady call for Java and Sumatra, though there is no real prices were unchanged at £27 5s. for spot and £26 17s. 6d.
activity. The talk as usual is that business is going to be for futures; sales, 400 tons futures; on the 19th inst. spot was
better "later." The trouble seems to be that in the tobacco unchanged; futures up 2s. 6d. to £27; sales, 75 tons spot and
trade, as in so many others, the buying is only in small lots 1,100 futures. Here on the 19th inst. the price went to 6c.
from time to time. There appears to be no stocking up East St. Louis or close to the low of the year. Demand
&#; for any length of time ahead. Pennsylvania broadleaf fell off.
filler be.; binder 15 to 20c.; Porto Rico 75c. to $1.10;
STEEL has declined at Pittsburgh. Sheets are off $2.
Connecticut No. 1 sec. crop 65c.; seed fillers 20c.; Hot and cold rolled strip steel has also been weak; 6 to 10
medium wrappers 65c.; dark wrappers crop 40c.
inch is quoted 2.10c.; less than 6 inch 2.30 c. Steel plates
COAL,
-Prices have shown a weaker tendency. Coke has are slow of sale. Texas is said to have bought recently for
sympathized, and Connellsville ovens have been quoted at pipe line work, and six 80,000-ton tanks. Plates are quoted
.
$3.75 to 8- .50. The cost of coking coal has been reduced. at Pittsburgh at 1.75 to 1.85c. with some buyers holding off
1
West Virginia smokeless is quoted in the West at $4, but for 1.70c. Concrete bars according to some Pittsburgh
there is a big competing supply of Kentucky and Illinois, to wires are selling rather better in small lots at 1.75 to 1.85c.
which the Western people are habituated, and it is quoted Light rails meet with a small demand on the basis of $36.
at around $3.. At New York soft coal has weakened. Navy Tie plates are 2.25c. and spikes 2.80c. Other track accesstandard nominally, $2.25 to $2.75 at mines, and $5.35 to sories are not easy to sell. There is a moderate increase in
$5.85 at piers; supplementary, $2.10 to $2.25 mines, and the sales of bars reported at $34. Billets and slabs $33.
$5.10 to $5.25 piers. At Hampton Roads trade has im- Operations of the leading steel mills fell off during the week
proved somewhat. In two days the steamer loadings were 3% and the industry as a whole 2%. The U. S. corporation
150,353 tops. Navy standard is quoted at a range of 50 is working at 653/2% and the entire industry at 64. This is
cents,as will be seep. There is a soft coal strike in Germany. 21% under the rate of a year ago. Structural steel sells the
European production is high. Anthracite company grate, best. September sales were only 2% under those of August.
.50 to 88.75; egg,$8.75 to $8.85; stove,$9.25 to $9.35; with Galvanized sheets 3.750. Pittsburgh. Furniture sheets
independent, $9 to $9.35.
4.15c.
COPPER was quiet early in the week. The buying late
PIG IRON has been quiet with prices the lowest since .
last week seems to have been only a flurry. The price was The composite price is stated at $17.84, a decline in a week
advanced, but many believe that it was not justified. They of 750. Buffalo iron is selling aggressively in the Eastern
state that the September statistics, though favorable, did Pennsylvania district. Eastern prices have weakened. A
not warrant a higher export price. The domestic price was sale was reported of 2,000 tons at $1.50 under the reported
steady at 134c. .Reports from Michigan state that the Buffalo price of $17 at furnace. Last week the New York
smaller mines find it difficult to operate at the present selling sales were 6,000 tons. This week they have been smaller.
price, which is lc. under a year ago. In London on the 18th The nominal Eastern Pennsylvania quotations are $19 to
inst. spot standard fell Is. 3d. to £55 for spot and £55 Is. 3d. $19.50; Buffalo, $16 to $16.50; Chicago, $18.50 to $19; Valfor futures; sales, 50 tons spot and 450 futures. Electrolytic ley, $17.5 to $18. As the case stands, business is so slow
was unchanged at £62 5s. for spot and £62 15s. for futures. that there is sharp competition for what little trade there is.
On the 19th inst. spot standard advanced us. 3d. to £55 naturally prices feel the pressure. It is said that eastern
us. 3d.; futures advanced 10s. to £55 us. 3d.; sales, 100 tons Pennsylvania recently sold at $18.74. Ferro alloys have
to
THE CHRONICLE
recently declined. British ferro manganese sold down $2
a ton recently, it is said, to $88. Spiegeleisen is off $2, making it $30. Silvery iron has dropped $1.50 to $2. At
Youngstown iron is admittedly weak. Furnace coke is
$2.75.
WOOL was in moderate demand and steady. Buyers balk
at present prices. Boston quotes Ohio and Pennsylvania
fine delaine and the various bloods, 46 to 47e. Territory
fine staple, $1.12 to $1.15; Texas fine, 12 months, $1.07
to $1.12; Australian, 64-70s, combing clean basis in bond,
$1.05 to $1.10. Boston wired that fine territory wools are
very firm at the higher ranges of prices recently established
but the volume of trading is a little more moderate than a
few weeks ago on account of the caution mill buyers are
exercising in their operations on the market. Dealers are
anticipating a good demand for fine wools to be used in
light weight goods, and accordingly they are holding their
offerings for more money, in spite of the resistance the mills
are offering io rising prices.
London cabled that the Geelong sales this week showed firm
prices and a good demand. Russian and Japanese buyers
were especially prominent. Greasy merinos reached the top
price of 30d. and greasy comebacks 273/2d. On Oct. 19 the
Sydney wool sales series closed with a good selection mostly
merinos. Demand sharp, mostly from Germany and Japan.
Prices compared with the opening of the sale showed best
merinos unchanged, inferior sorts irregular and other merinos
and crossbreds 5% higher in value. The next Sydney series,
which opens on Oct.31 and closes on Nov. 13,will befeatured
by offerings of 219,400 bales.
COTTON
Friday Night, Oct. .
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
389,720 bales, against 391,639 bales last week and 421,802
bales the previous week, making the total receipts since the
1st of August , 3,151,497 bales, against 4,039,015 bales
for the same period of , showing a decrease since Aug. 1
of 887,518 bales.
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
Total.
Galveston
13.705 16.036 30,830 19,682 10,647 7,721 98.621
Texas City
7.342 7,342
Houston
14,685 29,154 34,841 15.249 17,571 21.435 132,935
Corpus Christi
____
____
____ 3.260
--------3,260
New Orleans_ _ _ _ 11.430 8.954 11.271 13.647 6,184 12,201 63,687
Mobile
2.353 6,247 2,161 2.751 1,085
265 14,862
Pensacola
163
163
Savannah
4,864 6.709 6,111 2,683 3,193 3,341 26,901
Charleston
4,637 1,578 6,484 1,142 3,535 2,490 19,866
Wilmington
1.342
598 1,227 1.446
816
986 6.415
Norfolk
1,575 2,063 2,558 2,857 2,056 3,045 14,154
New York
48
Baltimore
1.366
Philadelphia_ _
____
---------------100
- 100
h
Totals this week_ 54- 71.457 OR 4S 119 717 d5 nsr7 an o55 940 700
[VOL. 125.
to other destinations. In the corresponding week last year
total exports were 358,689 bales. For the season to date
aggregate exports have been 1,772,383 bales, against 2,082,018 bales in the same period of the previous season.
Below are the exports for the week:
Exported to
-
Week Ended
Great
Oct. 21 .
GerExports from
- Britain. France. many.
Japan&
Italy. Russia. China. Other.
Total.
11.037 27,613 29,637
Galveston
10,504 8,572 18.632
Houston
Texas City
1,092
Corpus Christi_ _ 3,260
New Orleans_ ___
2,615 7,979
Mobile
27
10,029
--. 65
Pensacola
163
Savannah
16,985
18,299
Charleston
10,513
Norfolk
5,907
300
New York
370 2,984
San Pedro
100
2,550
6,615
46,144 39,170 106,530
9,201
57,592 33,339 291,976
112,084 38,175 99,835 20,339
88,353 17,662 91,542 9,717
56,177 32,079 358,689
62,812 21,855 291,941
Seattle
Total
Total
Total
From
Aug.1 to
Oct. 21 . Great
Gee
Exportsfrom Britain. France. many.
41,917
52,199
1,092
22,263
30,442
9,817
724
39,106
12,622
Galveston_ -Houston_ _
Texas City-Corp. Christi
New Orleans.
Mobile
Pensacola...
Savannah___
Charleston- Wilmington
Norfolk_ _ _
New York__
Boston
Baltimore_ _
Philadelphia
Los Angeles_
San Francisco
Seattle
Total
7,328
3,387
291
250i
1,995
341
250
9,585 20,174 104,661
23,499 7,047 68,254
1,092
3,260
11,708 1.440 25,737
18,557
6.825
163
6,500 2,118 43,902
1,960 12,473
6,207
600 4,295
2,900
475
475
Exported to
Japan&
Italy. Russia. China. Other.
Total.
82,929 105,454 24,740 11,400 60,772 71,813
96,583 141,700 29.457 50,175 99,204 45,096
30,533 45,505 4,059 3.100 20.921 14,543
17,252 52,721 20,421 36,626 51.664 18,043
624 29,587
500
550
10,300
5.626
1,100
2.090 192,815 2,051
22,775 10,763
340 69,005
200
500 9,552
8,500 6,167
100 17,299
&#; 598
8,692
2,099 6,003 1,290
15
185
231
317
120
45
59
7
3,500
391
100
24
1,006
475
221,538 233,4
399,025
514,414
1,092
140,924
227,169
51,378
7,450
269.600
92,219
14,667
25,325
21,471
722
437
145
4,846
1.024
475
677,945 89,396 101,301 267.711 181.012 1.772.383
Total _ _ 501,661 231,276 654,901 155,000 117.873 233.685 187,622 2,082,018
Total _ _ 529.490 194.730 633,838 132,725 96,323 184.624 195.053 1,966.783
NOTE.
-Exports to Canada.
-It has never been our practice to include In the
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is Impossible to get
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border ate always bery slow in coming to hand. In view,
however, of the numerous inquiries we are receiving regarding the matter, we will say
that for the month of September the exports to the Dominion the present season have
been 10,897 bales. In the corresponding month of the preceding season the exports
were 12.288 bales. For the two months ended Sept. 30 there were 19,115
bales exported, as against 19,393 bales for the corresponding two months of .
In addition to above exports, our telegrams to-nigh also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard, Not Cleared for
GerOther CoastGreat
- Britain. France. many. Foreign wise.
Oct. 21 at
Leaving
Stock.
Total.
The following table shows the week's total receipts, the
total since Aug. 1 and stocks to-night, compared with Galveston ____ 3,500 3,900 6,700 20,000 5,000 39,100 419,184
13,232 3.718 14.766 27,705 4,074 63,495 301,391
New Orleans
last year:
.
Receipts to
Oct. 21.
This Since Aug This Since Aug
Week. 1 . Week. 1 .
Galveston
Texas City
Houston
Corpus Christi_
New Orleans
Gulfport
Mobile
Pensacola
Jacksonville
Savannah
Brunswick
Charleston
Georgetown
98,621 723,210 155,084 1,031,116
7,342
27,415 6,670
23,527
132,935 1,151,833 167.575 1,454,77
3,260 141,486
63,687 400,996 123.957 583,027
14,862
163
Savannah
Charleston_ _ _ _
Mobile
Norfolk
Other ports*
Stock.
.
.
458,284
23,478
689,607
537.886
18.365
611,934
364,886
408,583
39,395
585
89,115
473
173,95/
19.866
137.466 26,863
212,676
62,787
104,205
6,415
14.154
Norfolk
N'port News, Stc_
New York
Boston
Baltimore
Philadelphia
117,337 29,358 119,603
7.450 1,900
7,991
35
134
330,807 49,380 448,286
52,705
26,901
Wilmington
Mett.colo
.
36,275 5,002
53,918 18.317
37,580
100,371
23.902
49.689
19,083
77.501
2.055
3.494
14,100
279
215.725
5,027
972
7,465
90.926
1.391
1,728
6,943
48
1.366
100
3,520
1,529
18,100
155
703
298
876
279
141 AON A ONO MK 0 AAA 90.7 9
nog owl
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
.
.
.
.
.
.
Galveston_ __ _
Houston &#;____
New OrleansMobile
Savannah _ _ _ Brunswick __
Charleston_ - _
Wilmington....
Norfolk
N'port N.,etc.
All others
98,621
132,935
63.687
14.862
26,901
155,084
167.575
123,957
29,358
49,380
132,746
59,300
91,791
10.276
35,738
163,523
24.093
74,853
3,610
23,732
134,820
21,404
42,613
1,920
21,237
19,866
6.415
14,154
26,863
5,002
18,317
14,125
5,492
30,789
12,215
5.104
22,034
16,515
9.112
26,918
116,996
41,624
80,039
4 .614
19,183
1,100
4,762
6,154
12,992
12,279
11,761
2,769
10,123
2,638
10,075
Total this wk_
389,720
587,297
333,026
339,292
277,177
297,539
315L497 4.039.015 3.143.793 2.637.203 2.318.866 2.070.922
&#; Beginning with the season of . Houston figures nclude movement of
Cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
ninon Aug 1
The exports for the week ending this evening reach a total
of 291,976 bales, of which 221,538 were to Great Britain,
233,480 to France, 677,945 to Germany, 89,396 to Italy,
101,301 to Russia, 267,711 to Japan and China, and 181,012
1.000
3,i6f)
3,000
400
7:§6-3
1
2,000
4,000
6.500
500
173
462
119R
500o
16,000
87.215
62,614
40.543
49.289
950,761
Total _ _ 22.932 10,168 26.466 62,555 11,109 133,230 1,910,997
Total ... 27,427 21,687 27,638 63,881 13,012 15.3.645 1,938,725
38,676 26,651 37,348 54.762 10.,782 1,020,537
Total
*Estimated.
Speculation in cotton for future delivery has been active
in the shape of liquidation at rapidly declining prices. In
four days the decline was 135 to 140 points. For the market contained a great many "stale" long accounts, and as
the weather has recently improved, opinion has gained
ground in some quarters that the next Government report
would put the crop at something higher than the last estimate of 12,678,000 bales. Some have been talking of 13,000,000 bales and above. The ginning up to Oct. 18 has been
estimated at 8,006,000 to 8,125,000 bales, with a suggestion
64% of the crop. Of course, this is
that this might mean.
pure conjecture. The crop outlook in western Texas of late
has been reported better. Much stress has been laid on this
fact. Light frosts have occurred here and there in the belt
but not a few reports take the ground that they were beneficial rather than otherwise. In some parts temperatures
have been officially announced of 29 to 32 degrees. That,
of course, means killing frost. But so much of the crop has
been picked and the weather over the belt as a whole has
been so favorable that these temperatures were ignored.
The prime factors was the heavy liquidation by disheartened bulls hedge selling and aggressive professional selling.
The market had not acted satisfactorily for weeks, despite
the low crop estimates. Spinners had not been buying, as
a rule, very heavily of the actual cotton at the South. They
had been hoping for lower prices. They had objected to the
very high basis quoted throughout the belt. In some cases
it is said to be the highest ever known, even on middling
A
and below, 7 to 1 inch. In New York the mills would buy
only on a scale down. Finally some of the longs grew restive. They began to sell. Others joined in the selling movement. The momentum became irresistible. The declining
stock market had some sentimental effect. Perhaps it was
more than sentimental. Certainly Wall Street sold, and
OCT.22 .]
sold freely. The West, mostly, it was understood, Chicago,
sold coincidently with some decline in wheat. New Orleans sold heavily on the 20th inst. Its premium over New
York, which had been 23 points, dropped to about 9 points.
There were rumors circulated from New Orleans that the
basis was lower in Texas and elsewhere in the South. Exports are well behind those of last year. Liverpool of late
has been weak and on the 20th inst. its spot sales dropped
to 7,000 bales. The Continent and Bombay have been selling there; also local interests, as well as hedgers. Manchester has been dull both for yarns and cloths. Worth Street
has been quiet, especially so far as print cloths and sheetings were concerned. Naturally, the swift decline in raw
cotton hurt business in that quarter. On the floor of the
Exchange about the only buyers were the mills and the
shorts. The trade buying on the 19th inst. was said to have
been very heavy. Some estimates were as high as 75,000 to
100,000 bales. In any case it was very large. On the 20th
Inst. it was not so large. And the resumption of long selling,
hedge selling and professional pressure uncovered stop
orders, as was the case on the 19th inst., and prices dropped
some 46 to 54 points net. Japanese interests sold some 20,000 bales of December and January on the 20th. The general feeling is that the decline has not culminated; that
more liquidation remains to be done.
On the other hand, the technical position is better than it
was a week ago. That is a fact past dispute. Enormous
liquidation of the week makes that clear. The short interest has increased. And the mills are disposed to buy on
reactions. The spot demand is good at the lower prices.
The basis, despite some rumors to the contrary, is almost
uniformly reported strong or tending upward. In some
cases it is said to be the highest ever known. Even on
short cotton it is believed to be still strong. On some of the
higher grades the basis is said to have weakened somewhat.
But for the generality of cotton that was not the case;
quite the contrary. Recently the sales were below those of
the corresponding day last year. Latterly they have run
ahead of last year; sometimes well ahead. Liverpool on
some days sold 10,000 to 12,000 bales of spot cotton. While
some of the estimates of the crop are 13,000,000 bales and
above, others are still 12,500,000 to 12,750,000 bales. Some
are even lower. A certain element among the growers at the
South are said to be holding back cotton. They sold a year
ago at prices which they bitterly regretted having accepted.
The Southern banks are ready to lend them money; cotton
is their main outlet. There is an idea that the crop movement is nearing its peak, if it has not passed it. It is also
suggested that the ginning report on the 25th inst. will show
the largest period total of the season. Thereafter it is expected to decrease sharply. Of course, this is purely conjectural. But some of the bulls are pinning their faith on
the idea that the crop movement has reached its top and the
ginning will take a downward course from now onward.
Many reports from the South insist that the recent turn in
the weather has not been productive of any general increase
in the yield, though some admit that western Texas is gaining. Much depends on the weather. An early killing frost
would naturally make a noteworthy difference in the size
of the yield. The recent more favorable weather has naturally hastened picking and ginning, but some insist, as already intimated, that it has not added materially to the yield.
To-day prices were very irregular, rallying at one time
40 to 45 points, after an early decline, only to lose most of
this improvement, ending at a net drop for the day of some
6 to 8 points. The weather was favorab,le, the cables nothing stimulating, a crop estimate appeared of 13,760,000 bales,
the into-sight weekly total was larger than expected, the
ginning total was said to have been estimated at 8,450,000
bales up to Oct. 18, hedge selling continued, and there was
more or less long liquidation. Some who bought early sold
out later, discouraged by the inability of the market to hold
rallies. A good many believe that the crop is 13,000,000
bales and larger. They look for an increase in the Government estimate on Nov. 8. A sharp drop in the stock market
proved depressing. Final prices show a decline for the week
of 95 to 117 points. Spot cotton closed at 20c. for middling,
a decline for the week of 55 points.
The following averages of the differences between grades,
as figured from the Oct. 20 quotations of the ten markets
designated by the Secretary of Agriculture, are the differ.
ences from middling established for deliveries in the New
York market on Oct. 27:
1.24 on
. Middling fair
Strict good middling
1.01 on
Good middling
.71 on
Strict middling
.48 on
Middling
Basis
79 off
Strict low middling
Low middling
1.79 off
2 94 off
*Strict good ordinary
4 01 off
*Good ordinary
.28 on
Good middling spotted
.01 off
Strict middling spotted
Middling spotted
86 off
1.84 off
*Strict low middling spotted
3 09 off
*Low middling spotted
Strict good middling yellow tinged .12 off
Good middling yellow tinged__ .59 off
Strict middling yellow tinged.... .95 off
THE CHRONICLE
2.00 off
*Middling yellow tinged
*Strict low middling yellow tinged3.24 off
*Low middling yellow tinged
4.46 off
Good mid,light yellow stained...1.18 off
*Strict mid,light yellow stained_1.70 off
*Middling light yellow stained...2.68 off
1.93 off
Good middling yellow stained_
*Strict middling yellow stained_2.45 off
*Middling yellow stained
3.28 off
Good middling gray
.65 off
1.02 off
Strict middling gray
*Middling gray
1.55 off
2.00 off
*Good middling blue stalned
*Strict middling blue stained__ _2.68 off
*Middling blue stained
3.51 off
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday.
Oct. 15.
Monday,
Oct. 17.
Tuesday, Wednesday, Thursday.
00. 20.
Oct. 19.
Oct. 18.
Friday.
Oct. 21.
October
Range__ 20.30-20.77 20.40-20.85 20.53-20.69 20.21-20.43 19.56-20.06 19.56-19.70
19.59-19.60 19.45 20.52-20.53 20.48 -20.09Closing 20.70Noy.
Range_ _
19.62 -19...57 -20.52Closing 20.80Dec.
Range __ 20.45-20.99 20.57-20.96 20.55-20.80 20.15-20.55 19.65-20.10 19.46-19.90
Closing 20.91-20.95 20.61-20.63 20.55-20.57 20.17-20.19 19.65-19.67 19.57-19.60
Jan.
Range.. 20.46-21.03 20.58-20.91 20.58-20.82 20.18-20.58 19.65-20.10 19.48 19.91
20.59-20.62 20.19-20.23 19.65-19.68 19.60-19.62
Closing 20.93-20.96 29.64Feb.
._,..
Range..
19..77Closing 21.06 -20.72 -20.67 -20.28March
20.38-20.76 19.89-20.30 19.71-20.15
Range._ 20.71-21..76-21.12 20.75-21.02
Closing 21.18-21.20 20.81-20.83 20.75-20.78 20.38-20.40 19.89-19..51 April
Range._
19...90 -20.82 -20.47Closing 21.26May
Range.. 20.90-21.44 20.90-21.30 20.90-21.17 20.55-20..08-20.80 19.90-20.40
Closing 2L34-21.35 21.00-21.01 20.90-20..55-20.60 20.09-20.11 19.98-19.99
June
Range__
19.93Closing 21.30 -20.93 -20.82 -20.48 -20.02July
Range __ 20.85-21.26 20.80-21.10 20.75-2L04 20.41-20.79 19.95-20.32 19.82-20.16
19.88-19.96
Closing 21.25-21.26 20.87-20.90 20.75-20.81 20.41-20.43 19.95August
Range.19.65 Closing.
September19.50-19.66
19.40Closing-
Range of future prices at New York for week ending
Oct. 21 and since trading began on each option:
Option for
Range for Week.
Oct. ._ 19.56 Oct.
Nov. _
Dec. _ 19.46 Oct.
Jan. ._ 19.48 Oct.
Feb. _
Mar. .. 19.71 Oct.
Apr. _
May _ 19.90 Oct.
June
July .. 19.82 Oct.
Range Since Beginning.of Olstign.
21 20.85 Oct. 17 13.46
12.75
21 20.99 Oct. 15 13.38
21 21.03 Oct. 15 14.11
18.19
21 21.25 Oct. 15 14.75
18.3.5
21 21.44 Oct. 15 17.35
21.40
21 21.26 Oct. 15 17.94
Dec. 4 23.75
Dec. 6 23.77
Jan. 3 24.72
Mar. 15 24.77
July 12 23.73
Apr. 4 24.99
July 12 22.67
Aug. 3 25.07
Oct. 14 21.77
Aug. 5 24.70
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Aug. 3
Sept.
Sept.1
Sept.
Sept. ._ 19.50 Oct. 21 19.50 Oct. 21 19.50 Oct. 21 19.50 Oct. 21
THE VISIBLE SUPPLY OF COTTON to-night, as made'
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the expqrts of Friday only.
Oct. 21-
Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
tock at Hamburg
tock at Bremen
tock at Havre
tock at Rotterdam
tock at Barcelona
tock at Genoa
tock at Ghent
tock at Antwerp
bales
.
935,000
.
768,000
.
467,000
81.000
56,000
33,000
1,016,000
824,000
500,000
429,000
175,000
6,000
86,000
16,000
160,000
72,000
6,000
16,000
18,000
182.000
106.000
3,000
29,000
5,000
5,000
1,000
.
368,000
2,000
30,000
400,000
1,000
60.000
82.000
5.000
34,008
13,000
3,000
1,000
712,000 272.000 331,000 199,000
Total Continental stocks
1 728,000 1,096.000 831.000 599.000
Total European markets
22,000
54,000
37.000
India cotton afloat for Europe-- 60,000
American cotton afloat for Europe 663,000 833.000 737.000 511.000
96,000 119,000 109.000
Egypt,Brazil,&c.,afloatforEurope 108,000
363.000 228.000 197,000 163,00
Stock In Alexandria, Egypt
263,000 283,000 319,000 327,000
Stock in Bombay. India
a2.044.227a2,092,370 1.188.319 1.057,081
Stock In U. S. ports
Stock in U. S. interior towns_ _-- a974,900a1,076.125 1,385.045 1,057,209
600
U. S. exports to-day
6.204.127 5.741.495 4.830.364 3.845,890
Total visible supply
Of the above, totals of American and other descriptions are as follows
American
bales- 610.000 380,000 173.000 185.000
Liverpool stock
15,000
20.000
40,000
65,000
Manchester stock
Continental stock
661.000 219,000 292.000 164,000
American afloat for Europe
663.000 833,000 737,000 511,000
U. S. port stocks
a2,044.227a2,092,370 1.188.319 1,057.081
U. S. interior stocks
a974.900a1,076.125 1.385.045 1,057,209
600
U. S. exports to-day
Total American
East Indian, Brazil, &c..
Liverpool.stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
5.018,127 4,640,495 3.795,364 2,989,890
325,000
388,000
294,000
183,000
2,000
16.000
51.000
60,000
108.000
363,000
263.000
16.000
53,000
37.000
96.000
228,000
283,000
13,000
39,000
54.000
119,000
197.000
319,000
35.000
22,000
109.000
163.000
327.000
15.000
1,186,000 1.101.000 1,035.000 856,000
5.018.127 4,640.495 3,795.364 2.989.890
Total visible supply
6,204.127 5,741.495 4,830.364 3,845.890
6.708. 11.27d. 13.450.
Middling uplands. I iverpool_ _ 11.008.
23.35c.
12.55c. 21.80c.
Middling uplands, New York____ 20.00c.
15.950. 24.408. 26.450.
Egypt, good Sakel, Liverpool____20.05d.
Peruvian, rough good. Liverpool_ 12.75d. 13.508. 24.008. 21.00d.
6.15d. 10.50d. 12.908.
Broach, fine, Liverpool
9.908.
6.70d. 10.908. 13.30d.
Tinnevelly. good, Liverpool
10.408.
a Houston stocks are now included in the port stocks; in previous years
they formed part of the interior stocks.
Continental imports for,past week have been 221,000 bales.
The above figures for show an increase over last
The official quotation for middling upland cotton in the
week of 256,072 bales, a gain of 462,632 over , an
New York market each day for the past week has been:
of 1,373,763 bales over , and an increase of
Fri. increase.
Sat. Mon. Tues. Wed.Thurs.
Oct. 15 to Oct. .50 21.25 21.25 20.85 20.05 20.00 2,358,237 bales over .
Middling upland
&#;Not deliverable on future contracts.
THE CHRONICLE
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in detail
below:
Movement to Oct. 21 .
Towns.
Receipts.
Week. Season.
Ship- Stocks
meats. Oct.
Week. 21.
Ala.,Birming'm
Eufaula
Montgomery.
Selma
Ark..Blythevill
Forest City__
Helena
Hope
Jonesboro_ __
Little Rock__
Newport_ _ __
Pine Bluff__
Walnut Ridge
Ga., Albany__ _
Athens
Atlanta
Augusta
Columbus......
Macon
Rome
La., Shreveport
6,025 38,478 4,497 15,953
709
14,361
497 10,758
2,655 56,240 3,404 40,582
2,816 46,489 2,918 33,530
5,577
16,371 2.577 14,574
3,448
12,682 1.221 10,592
3,943
16,769 1,475 15.686
4,484 25.411 3,118 8,071
5,387
974 3,467
2,158
8,765 43,147 3,812 26.547
5.082
17,511 3,616 6,672
34,943 5,205 24,854
7,791
864
3,109
588 1.873
148
4,638
158 2,420
5,000 28,509, 1,000 21,283
6,011
37,236 11,634 16,809
13,413 153,311 6..799
16,170 2,000 7.792
4.784
2,036 39,034 1,661 9,956
2,630
16,497 1,1C0 10,080
4,309 54,270 2,334 37,775
M.
&#;Clarksda1e 11,569
84,195 4,195 71,391
Columbus_
2,286 20.971 2,966 9,453
11,994
Greenwood
78,789 5,168 65,736
1,700 29,293 3,726 13,749
Merid an _
2,115 23,799 1,408 18,858
Natchez
Vicksburg_
1,338
9,162
484 6,365
2,303
Yazoo City
11,417
331 10,068
Mo., St. Louis_ 8,576 45,840 8,277
434
970
N.C.,Greensb'ro
7,633 1,C65 20,772
Raleigh
725
2,114
256 2.001
Okla., Altus x_
Chickasha a_
Okla. City x..
---15 towns._ 53,527 165,976 36,156 57,165
8.C.,Greenville 11,790 63.690 8,040 31,138
Greenwood z_
Tenn.,Memphls 71.396 316,915 39..347
Nashville x
Texas, Abilene- 3 251
,
20,362 3:0%18 1,262
Austin
1.866
15.720 1,691 3,488
Brenham_
648
15,209
571 10,585
Dallas
3,791
29.154 2.669 11,145
Ft. Worth x..
_.
Paris
5,054 35.874 3,799 6,764
Robstown
100 29,600 1,200 2,515
San Antonio.. 1,077 26,356 1,228 3,588
Texarkana __ 3,545
24,140 1,983 10,694
Waco
6,506
52,813 4,661 12,331
qi...4.1
.
Movement to Oct. 22 .
Receipts.
Week. Season.
4,000
1,500
7,713
4,746
I Ship- Stocks
' meats. Oct.
Week. 22.
22,705
11,693
66,901
45,935
2.000 13,535
1,000 6,103
6,590 21,096
2,317 31,285
34,367
12,964
4,513 38.012
61,781
15,856
9,678 53,116
707
8,400
680 3,560
3,140 13,242
862 8,549
24,765 71,186 5,723 56,914
14,149 156,053 6,,891
2,653
17,378 1.646 5,843
6,447 48,182 5,545 13,819
2,771
11,368 1,,081
11,586 65,606 7,872 32,941
9,308 74.020 8.582 89,806
4,438 17,640 3,482 8,937
9,393 66,248 6,594 80,233
2,507 28,828 2,235 14,161
2,189 18,842 1,300 11,214
2,889 17,107 1,770 18,277
2.801
18,594 1,299 21.152
21,047 94,477 21,527 9,057
2,145
9.319 1,304 11,921
1.207
3.675
752 4,391
4,235 10,790 2,774 5,754
4,602 20,599 3,332 6,982
5,282
19,988 3,634 13,719
8,902 54,417 4,305 28.317
318
1,549
132 2,076
88,689 425,839 63..790
31
584
2,121
326
5,702 24,760 6,148 2,073
2,599 19,447 2,400 3,757
560 14,683
221 5.897
9.628 36.977 6,774 14,713
5,091
23,486 4,834 6,034
4,722 20,234 4,680 2,747
4,000
3,000
47,078
6,378
The above total shows that the interior stocks have
during the week 105,603 bales and are to-night
101,225 bales less than at the same time last year. The
receipts at all towns have been 22,884 bales less than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
Oct. 21 for each of the past 32 years have been as follows:
35.70C.
32.50.
28.65c.
18.50c.
12.40c.
14.10c.
10.90c.
9.75c.
14.450.
14.05c.
9.30c.
11.60c.
11.00c.
10.40c.
10.05c.
10.00c.
8.70c.
8.38c.
9.75c.
7.38c.
5.50c.
6.19c.
7.94c.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot MarLet
Closed.
Saturday__ _
Monday __ _
Tuesday _ _ _
Wednesday
Thursday _ _
Friday
Futures
Market
Closed.
SALES.
Spot.
Quiet, 55 pts. adv._ iteady
Quiet, 25 pts. dec.. _ Barely steady_ _
Quiet, unchanged_ _ Steady
Quiet, 40 pts. dec.. Steady
Quiet, 80 pts. dec. _ Harely steady_ _
Quiet, 5 pts. dec. Easy
Total week_
Since Aug. 1
Contr'ct Total.
100
1.304
5,900
816
2,900
1,400
6,000
800
2,900
2.704
1.404 11,000 12,404
89 678 199.100 288.778
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows:
Oc . 21ShippedVia St. Louis
Via Mounds, dm
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, Stc
1,927
Since
Week. Aug. 1.
47,143
8,277
7,750
34,604
181
6,732
681
5,881
61.257
63,015
7.209
------Since
Week. Aug. 1.
21,527
97,598
14,950
55,525
1.923
305
1.815
8,732
62.168
5,230
24.013 100.424
212,932
67,840
326,370
23,304
4,667
141,017
2,156
675
10,494
19.931
4,838
159,064
20,485
168,988
13,325
Leaving total net overland*._ _ 9.313
43.944
29,798
Total gross overland
Deduct Shipments
Overland to N. Y.. Boston, &c.._ - 1.514
476
Between interior towns
18,495
Inland, &c.,from South
Total to be deducted
*Including movement by rail to Canada.
Total marketed
519,033 4,466,441
Interior stocks in excess
105,603
601,948
Excess of Southern mill takings
over consumption to Oct. 1_ - -----*175,924
Came into sight during week_ _624,636
Total in sight Oct. 21
*79,328
4,892,465
259,781
751,812 5,339,552
508,202
100,723
852.535
5,768,426
76,570
477,100
&#;Decrease.
increased
In Sight and Spinners'
Since
Since
Week.
Takings.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Oct. 21
389.720 3.151.497 587.297 4,039,015
Net overland to Oct. 21
9,313
43,
54.515
142.537
Southern consumption to Oct. 21_120.000 1,271,000 110,000 1,158,000
87,969 10,881 62,383
CT fnew., MI TOO mamlno llon,A nnnqn. AC,11 .mil A0A0n9 A01 IIWAIOR
&#;
&#;
,
&#;
&#;
&#;
&#;
&#;
20.00c.
12.55c.
22.00c.
24.00c.
30.30c.
23.95c.
18.90c.
20.50c.
The foregoing shows the week's net overland movement
this year has been 9,313 bales, against 54,515 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 98,593 bales.
North. spinn's's takings to Oct. 21 34,388
6,377
Discontinual * ncludes the combined totals of 15 towns In Oklahoma.
[VOL. 125.
54,515 &#;
Movement into sight in previous years:
Week
-Oct. 24
-Oct. 25
-Oct. 26
Bales.
Since Aug. ,146
607,166
474.357
Bales.
5,844,868
4.402,444
4,097.501
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Week Ended
01. 21.
Galveston
New Orleans_ _ _
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock_ _ _
nallas
Fort Worth
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
21.15
21.09
20.65
20.91
21.38
20.75
20.94
20.20
21.05
20.40
20.40
20.85
20.85
20.35
20.61
21.13
20.75
20.63
19.90
20.75
20.15
20.10
20.10
20.80
20.80
20.25
20.56
21.06
21.00
20.56
19.80
20.70
20.05
20.05
20.05
20.45
20.40
19.90
20.19
20.69
20.90
20.19
19.45
20.35
19.75
19.65
19.65
19.90
19.75
19.40
19.66
20.19
20.30
19.69
19.15
19.85
'
19.25
,
19.15
19 85
19 83
19.40
19.58
20.13
19 80 &#;
19.56
19.10
19.80
19.25
19.05
19.05
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
Oct. 15.
Monday,
Oct. 17.
Tuesday, Wednesday, Thursday,
Oct. 18.
Oct. 19.
Oct. 20.
Friday,
Oct. 21.
:1.14-21.1f :0.84-20.87 20.71 bid 20.38 bld 19.74-19.76 19.73 19.75
October
November
December 11.14-21.17 0.88-20.90 20.78-20.80 20.40-20.41 19.76-19.79 19.83-19.85
January __ 21.16-21.2e 10.90-20.92 20.81-20.83 20.42-20.45 19.81-19.83 19.86-19.89
February
March __ 21.26-21.38 21.00-21.02 20.95 ----20.57-20..03-20.05 20.05-20.07
April__ -.
21.40-21.41 21.01-21.02 20.97-21..68May
20.10-20.12 20.05-20.10
June
21.28 bid 20.85-20.90 20.88 bid 20.58 bid 20.00July
19.90-19.95
Tone
Steady
Steady
Steady
Spot
Steady
Steady
Steady
(lotion.
Steady
Steady
Steady
Steady Daralv lit&#;V EitAltilV
GEORGIA COTTON REPORT.
-The State Department of Agriculture at Atlanta, Ga., issued on Oct. 8 its
report for the State of Georgia as of Oct. 1. The report is
as follows:
A cotton crop of 1.085.000 bales(500 pounds gross weight) was indicated
by condition on Oct. 1, as reported to the Georgia Co-operative Crop
Reporting Service. The condition figure of 54% of normal, as compared
with 55% on Sept. 1 and 59% one year ago, points to a yield of about 149
pounds lint cotton per acre. In , 180 pounds per acre were harvested
and the yield in was 155 pounds. Production in was 1.496,000
standard bales and 1.164,000 for the year before.
During the past ten years the average decline in reported condition from
Sept. 1 to Oct. 1 has been nearly 6 points. Thisis due to additional hazards,
such as weather and insect damage, affecting the average crop with the
advancement of the season. Factors more favorable than were expected
based on past experience, and influencing the crop during the past month
are responsible for the decline being less than the 10
-year average, and the
indicated crop is 50.000 bales more than that shown in the report of a
month EDW. Dry weather has enabled picking to be carried on full time
and many weevil-damaged bolls were saved that would have been lost
throuch rotting had moisture been plentiful. Over most of the State no
rain of any consequence has fallen since cotton first belan to open, resulting
in minimum field losses both as to quantity and grade.
The crop is considerably earlier than last year and practically all open
over the southern three-fourths of the State. Picking is nearly completed
over this territory. While very low compared with last year. south Georgia
Production generally is slierhtly above expectations earlier in the season, as a
fair bottom crop and part of the middle crop was sufficiently advanced to
escape material injury from the weevil at the time of Infestation. In the
middle section of the State-the eastern part °sof:daily-weevil damage
has been heavy. Over a portion of the area only the bottom crop was
saved and even it did not entirely escape the ravages of the insect.
In north Georgia weevil damage has been negligible and the crop is comparatively good. Final outturn will more than equal that of last year.
This is esnecially true of the north central and northeastern areas, where
dry weather has lowered production for several years. White fields are
numerous and what green bolls remain are opening rapidly.
Ginnings for Georgia Drior to Oct. 1. as reported by the Bureau of Census,
were 743,000 runnina bales, as compared with 602,988 bales to that date
last year and 869.997 bales to Oct. 1 in .
NEW RULES BY NEW YORK COTTON EXCHANGE
FOR INSPECTION OF COTTON.
-Beginning Monday,
Oct. 10, all cotton offered for inspection under the regulations of the New York Cotton Exchange must be stored at
Bayway Terminal, unless such cotton is at present in storage
in other licensed warehouses in the Port of New York.
only other exception to
this rule is that in the event cotton is offered
The
to Bayway Terminal for storage and they are unable to store and handle
it for any reason, such cotton may. at the discretion of the Warehouse and
Delivery Committee of the exchange, be inspected and stored at other
licensed warehouses in the Port of Now York.
CENSUS REPORT ON COTTONSEED OIL PRODUCTION DURING SEPTEMBER.
-Persons interested in this
142.537 report will find it in our department
headed "Indications of
' Business Activity" on earlier pages.
183,833
OCT.22 .]
THE CHRONICLE
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND IN SEPTEMBER,&c.
Oct. 14 by the Census Bureau, will be found in full in an
earlier part of our paper under the heading "Indications of
Business Activity.'
ACTIVITY IN THE COTTON SPINNING INDUSTRY
-Persons interested in this report will
FOR SEPTEMBER.
find it in our Department headed "Indications of Business
Activity" on earlier pages.
WEATHER REPORTS BY TELEGRAPH.
-Reports ta
us by telegraph this evening indicate that there has been
practically no rain during the week in any section of the
cotton belt. Picking and ginning continue to make good
progress in all portions of the belt, with the exception of
those parts where wet sail the early part of the week interfered with picking.
Texas.
-Conditions have not changed much during the
week in this State, and little or no top crop is expacted.
Picking and ginning have made rapid pragress. The gathering of the crop is largely completed except in the northwest.
Mobile, Ala.
-The weather has been clear with small
pickings and light ginnings.
Rain. Rainfall.
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
dry
1 day 0.09 in.
1 day 0.08 in.
dry
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley. Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston, S. C
Greenwood
Columbia
Conway
Charlotte, N. C
Newbern
Weldon
Memphis, Tenn
Thermometer
high 85 low 61 mean 73
high 88 low 44 mean 66
high 92 low 48 mean 70
high 84 low 56 mean 70
high 84 low 60 mean 72
high 88 low 52 mean 70
high 86 low 46 mean 66
high 88 low 38 mean 63
high 88 low 40 mean 64
high 88 low 44 mean 66
high 88 low 40 mean 64
high 92 low 48 mean 70
high 90 low 52 mean 71
high 88 low 52 mean 76
high _
low 48 mean _
high 88 low 46 mean 67
high 89 low 44 mean 67
high 91 low 41 mean 66
high 89 low 44 mean 67
high 90 low 49 mean 70
high 81 low 31 mean 56
high 85 low 40 mean 63
high 81 low 44 mean 63
high 91 low 39 mean 65
high 86 low 42 mean 64
high 84 low 37 mean 61
high
low _ mean 66
high 84 low 50 mean 67
high 85 low 35 mean 60
high 84 low 32 mean 58
high 79 low 45 mean 62
high 77 low 44 mean 62
high 74 low 29 mean 52
high 78 low 41 mean 60
high 84 low 40 mean 62
high 80 low 36 mean 58
high 79 low 41 mean 60
high 76 low 42 mean 59
high 74 low 34 mean 54
high 76 low 42 mean 59
high 79 low 44 mean 67
high 74 low 45 mean 60
high 75 low 38 mean 57
high __ low 42 mean _ _
high 75 low 36 mean 56
high 74 low 40 mean 53
high 75 low 44 mean 60
high 73 low 39 mean 36
high 76 low 41 mean 59
WORLD SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two seasons, from all sources from
which statistics are obtainable, also the takings or amounts
gone out of sight for the like period.
Cotton Takings.
Week and Season.
.
Week.
.
Season.
Week.
Season.
Visivle supply Oct. 14
5,948,055
5.350.719
Visible supply Aug.1
4,961,754
3,646,413
American in sight to Oct. 21_ _ _ _ 624,636 4.892,465 852,535 5,768,426
Bombay receipts to Oct.20
6,000
159.000
7.000
156.000
Other India ship'ts to Oct. 20_ -8.000
136.500
1.000
96,000
Alexandria rece:pts to Oct. 19_ _
60,000
355.860
60,000
238.400
Other supply to Oct. 19 8 b
18,000
194,000
20.000
230,000
Total supply
Deduct
Visible supply Oct. 21
6,664,691 10,699,579 6,291.254 10,135.239
6,204,127 6,204,127 5.741.495 5.741.495
Total takings to Oct. 21 a
460,564 4.495,452 549,759 4,393,744
Of which American
340,564 3,264,092 410,759 3,372,344
Of which other
120.000 1,231,360 139.000 1.021.400
&#; Embraces receipts in Europe from Brazil, Smyrna, West Indies. &c.
a This total embraces since Aug. 1 the total estimated consumption by
fibuthern mills, 1.271.000 bales in and 1.158.000 bales in -takings not being aavilable-and the aggregate amounts taken by Northern
and foreign spinners. 3,224.452 bales in and 3,235,744 bales in ,
of which 1.993,092 bales and 2,214,344 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Aug. 1, as cabled, for three years, have been as follows:
..
Oct. 20.
Receipts at
Week.
Bombay
.
6.000
159,000
.
Since
Week. Aug. 1.
Sines
Aug. 1.
Since
Week. Aug. 1.
7, 156,000 11. 151.000
For the Week.
Since August 1.
Exports.
Great Conti- 1.1apan&
Great
Britain. nent. China. Total. Britain.
Bombay
Other indl
I
Continest.
9.000,
1,000
___
1,000i 3,000
9,000
1,000
5,000
11,000
1,000
9,000
7.000
1,000
6.000
8,000
1.000
7,000
18,500 118.000
7,000 89,000
25,000 89.000
.
I
1,000 16,000
2,000
2:666 7.000
____ 17,000
2,000
_
1:000
1,000
19
1:009
Tota27
l91 a
Japan et
China.
1
Total.
73,
135,000 219,000
64,000 134,000 199,000
85,000 92,000 186,000
136.500
96.000
114,000
29,500 191.000 135,000 355,500
8.000 153,000 134,000 295,000
3;666 12.000 34,000 174.000 92,000 300,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
1,000 bales. Exports from all India ports record an increase
of 15,000 bales during the week, and since Aug. 1 show an
increase of 60,500 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
The following statement we have also received by tele- of the previous two years.
graph, showing the height of rivers at the points named at
Alexandria, Egypt,
.
.
8 a. m. of the dates given:
.
01. 19.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
kbove zero of gauge.
Above zero of gaugeAbove zero of gaugeAbove zero of gauge_
Above zero of gauge_
Oct. .
Feet.
6.4
18.5
6.8
10.3
29.2
Oct. .
Feet.
11.2
30.0
7.8
21.9
39.2
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
plantations. The figures do not include overland rethe
ceipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
Receipts at Ports.
Week
Kaden . . .
July
22-. 30,270 37.161 21,742
29- 35.602 85.222 45.020
Autl&#;
6.- 45.278 53.306 41,207
12.- 84,022 73.869 43,254
19.. 108.930 87.880 93,836
26.. 143.950 113.195 148,566
Sept.
2.- 248.049 187,,017
9-- 261.473 208,.619
16-- 319,.427 358,650
23..334,..890
30-- 406.030 567,.293
Oct.
7- 421,,656 367,670
14__ 391, ,.813
2L.389.,297 383.026
Stocks at Interior Towns.
.
.
300,000
1.680 997
300,000
1.186.570
This Since
This Since
Week. Aug. 1. Week. Aug. 1.
Exports (bales)-
To Liverpool
20.787 7,250 37.350
To Manchester, &c
24.896
____ 27,242
To Continent and India_ 6,000 73,293 10.250 54,759
To America
7,000 24,013
700 12.127
340,000
1.797.505
This Since
Week. Aug. 1.
9,000
____
8,250
1.250
30,417
20,309
52,065
10,390
Total exuorts
19 nln 142.589 18 20(1 131 478 18 Ann Ira
Note.
-A canter is 99 lbs Egyptian ba es weight about 750 lbs.
This statement shows that the receipts for the week ending Oct. 19 were
300.000 cantars and the foreign shipments 13,000 bales.
Receiptsfrom Plantations
. .
.
.
392.271 884,912 170,236 10,043 4.081 8.454
374.492 819.353 180,605 12,823 19,863 35.888
376,345
369.809
349.011
336.511
542,251
522.013
511.748
496,117
150,547 47,129
164,545 67.486
191,601 98.132
270.980 131,450
336,614
371,441
421,618
524,594
647.605
488.127
490,340
533.485
631,415
744,323
357,,152 179,901 336.359
525,.,.797
643.994 370,122 373,,097
872.105 .37,,.001
957,,,,130
22,217 31.149
53,631 57.262
77.615 120.892
97,.659
742,848 869,793 1,137.618 517,,126 547.516
869.297 975,,267,,..560
974,900 1,076,,385,,,020 500,706
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 are 3,744,323 bales:
in were 4,3 8,068 bales, and in were 4,362,118
bales. (2) That although the receipts at the outports the
past week were 389,720 bales, the actual movement from
plantations was 495,323 bales, stocks at interior towns
having increased 105,603 bales during the week. Last year
receipts from the plantations for the week were 388,020
bales and for they were 500,706 bales.
Receipts (cantata)-'.
Tillsweek
Since Aug. 1
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
both cloths and yarns is quiet. Demand for both India
and China is poor. We give prices to-day below and leave
those for previous weeks of this and last year for comparison.
.
32s Cop
Twist.
(1.
.
83.4 Lbs. Shirt- Cotton
ing*. Common Midas
to Finest.
UPPds
s. d.
s. d
d.
July @17 134 @136
15)1( 13 4 618 6
d. s. d.
s. d
9.91 @16 36 13 0 613 2
15 616% 13 0 613 2
9.93
10.02
(a 13 4
613 7
613 7
614 2
9.47
10.40
10.60
11.15
15 @
1 55(616%
15
165%
130
13 0
130
13 2
@132
0,13 2
@134
(813 4
9.74
9.35
9 5.r.
10.17
614 0
614 0
613 5
((
12.34
12.67
11.83
11.20
11.57
15%617
(017
15h(9 17
15 @
%
13 4
13 4
13 4
13 3
12 6
(013 6
(013 6
(013 6
8 13 5
,
(013 2
10.07
10.16
9.52
8.43
7.79
@136
613 6
613 6
11.72 133.% 12 0 (012 4
11.54 134 8./ 14% 12 2 (012 6
11.01) 13 .4 12 0 (a 12 3
7.09
7.35
6.70
t
-
@,17% 13 2
12...... 17 619 13
i9..... 135
16% @ 18 14 0
Sept.
18 619 13 6
18 619 13 6
173 4. 19 13 6
4
17%@ 19 13 3
17) 13 4
Oct.
17 @l9 13 2
14._ 16%(918% 13 2
21___- 13 2
82a Cop
Twist.
83.4 Lb.. Shirt- Corson
ing., Common Middre
to Finest
Upr4.
[VOL. 125.
THE CHRONICLE
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 291,976 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Spot.
Saturday.
Market, { A fair
business
12:15
P. M.
doing.
Monday.
Tuesday. Wednesday. Thursday.
Good
inquiry,
Good
demand,
Good
demand,
Moderate
demand.
Friday.
Good
demand.
Bales.
Mid.Upl'ds
11.49d.
11.41d
11.438.
11.52d.
11.29,1. 11.09d.
-Republic, 1.987; Bremen,
NEW YORK-To Bremen-Oct. 14
2,984 Sales ____
-President Roosevelt. 208
789- __Oct. 18
10,000
8,000
12,000
10,000
10,000
7.000
-Conti Bianca-Laguna, 41_ _ -Oct. 14
To Genoa-Oct. 13
341
mano, 300
Futures. Barely st'y
Quiet
Quiet
Q't but sty
Easy
Quiet,
500 Market I 14 to 'Opts. 1 to 6 pta. I to 3 P18.4 to 8 pta. 18pts. lOto 12pts.
&#;
-Manuel Calvo, 500
To Barcelona-Oct. 14
-McKeesTo Havre-Oct. 15-Rochambeau, 260___Oct. 18
advance,
decline,
opened 1 decline,
decline,
decline.
decline.
370
port, 110
100 Market, 1 Steady
-Oct.19-Saucon, 100
To Piraeus
Easy
Steady un- Barely sty
Easy
Quiet but
10 to lints. 3 to 5 pta. changed to 7 to 18 pta, 29 to 35pts. steady, 4 to
4
-Oct. 13-Abercos, 648__-Oct. 14
GALVESTON-To Liverpool
1.. M.
decline.
decline. 13 pta. adv. decline.
decline. 10 pta. dec.
8,236
Minnie de Larrinaga, 3,932_ _Oct. 15-Nitonlan,.3 656-Minnie de
To Manchester-Oct. 13-Abercos, 90___Oct. 14
Prices of futures at Liverpool for each day are given below:
2,801
__Oct. 15-Nitonlan. 575
Larrinaga, 2.136-Jeff Davis,
To Havre-Oct. 13-Sahale, 4,213__ -Oct. 14
27,513
6,979; Wulsty Castle, 4,147- _Oct. 15-Arundale, 12.174Mon. I Tues.
Sat.
Wed.
Thurs. I
Fri.
-Oct. 13-Sahale, 639___Oct. 14-Wulsty Castle,
To Ghent
Oct. 15
4.624
3,685; Jeff Davis, 300
12% 12% 450 4
to
, 4:00 12* 4:00 450
850
Copenhagen-Oct. 11-Gorm,850
To
Oct. 21.
P. m&#; m&#; m&#;D. m 1.&#; m.p. m.$1. m.P. m.P. m&#;D. m.
To Bremen-Oct. 14-Harpagus,941; Errington Castle, 9.565; 29,637
Jacob Christensen, 10,691,&#; °airman. 8,440
d.
d.
d.
d.
100 October _ __ _ d. 11.00 11.04I10..98I d. d. d. d. I d. I d. d.
-Jeff Davis. 100
To Dunkirk-Oct. 14
11.10 11.07J11.02 10.84 10.73 10.84 10.87
500 November_ _ _
To Rotterdam-Oct. 14-0akman. 500
10.96 10..07 1.
10.99
l0...59 10.61
-Mar Adriatic°, 6,932. _Oct. 17Barcelona-Oct. 14
To
December _ __
11.02 11.06 10.98 10.98,11.08 11..01 10.82 10..6 10.61
11.600 January_____ _
Sapinero,4,668
11.04 11,08 11.01 11.01'11.10 11.07 11.02 10.83 10.71,10..63
6,615 February
-West Modus, 1.850; Terni, 4,765
To Genoa-Oct. 14
1.03 11.07 11.00 10.99 11.08 11.05 10.99 10.80 10.67 10.57 10.59
2,100 Mareh
To Oporto-Oct. 15-0gontz, 2,100
_ _ 1.06 11..02 11.01 11.09 11.05 10.9 10..66 10.57 10.59
500 A pril _
To Passages-Oct. 15-0gontz, 500
_ _ _ 1.03 11.07 10..99 11.06 11.01 10.95 10.76 10.61,10.53 10.55
-Victorious, 7,960___Oct. 17-811jestad,
To Japan-Oct. 15
May
1.05 11.09 11.02 11.01,11.08 11.02 0.98 10.77 10.81'10..56
9,060 June
1.100
11.01 11.04 10.96 10.95 11.02 10.96 0.89 10.71 10.55 10.48 10.50
525 July
-Victorious,450_ _ _Oct. 17-Siljestad,75
To China-Oct. 15
10.98 11.01 10..92 10.98 10.92 10,85 10.87 10.51,10.44 10.47
10.87 .
.
0.,65 10.39 10.32 10.34
.
.
-Anatolia,5.917---Oct.17
.
-To Bremen-Oct.12
NEW ORLEANS
_ _ 10.73 10.76 10.88 10.67 10.69 10.62 0..38 10.23 10..13
7,868 September_
-George Pierce, 1,951
111 October
-Anatolia. 111
- 10..63 10..54 10.55 10.48 0.39 10.24 10.08 10.01 10.02
To Hamburg-Oct.12
390
To Oporto-Oct. 13-0gontz, 390
100
-Oct. 13-0gontz, 100
To Passages
1.523
-Ontario, 1,523
To Havre-Oct. 15
1,092
-Ontario, 1.092
BREADSTUFFS
To Dunkirk-Oct. 15
350
-Ontario, 350
To Antwerp--Oct. 15
50
-Topeka, 50
14
Friday Night, Oct. 21 .
To Oslo-Oct.
300
-Topeka, 300
-Oct. 14
To Gothenburg
250
Flour early in the week showed no change in the listless
-George Pierce, 250
To Rotterdam-Oct. 17
1,995
-West Caddoa, 1,995
To Genoa-Oct. 15
11,708 character of the trading and the movements of prices were
-Cape York. 11,708
To Japan-Oct. 19
-Coldwater, 3,661---Oct.
-Oct. 14
as sluggish as the actual trade. Later in the week, however,
SAVANNAH-To Liverpool
13,247
15-Okelsund. 2.138; Nibian, 7.448
the trade was treated to a surprise. The sales for export of
-Coldwater, 100.. Oct. 15-OkelTo Manchester-Oct. 14
3,738 American
sun& 1,050; Niblan, 2.588
flour were reported as 200,000 to 300,000 barrels
14-Coldwater,90
90
To Hamburg-Oct.
To Bremen-Oct. 15-Bundance, 5,154___Oct. 19-W ladento the United Kingdom and the Continent. It was added
18,209
!els, 13.055
that considerable business was still pending. Both in the
To Rotterdam-Oct. 15-Sundance, 500_--Oct. 19-Wieden1.918
fail, 1,418
200 Northwest and the Southwest the mills have had, it is said,
-Gloria Siemer, 200
-Oct.19
Ghent
To
6,500 a much better business of late. The clearances
To Japan-Oct. 19-Silverdash. 6,500
have been
-Oct. 13-Nitonlan, 6,467- __Oct. 15HOUSTON-To Liverpool
9,704 mostly to Germany. To-day further export business was
Abercos. 3,237
800
To Manchester-Oct. 13-Nitonlan, 800
1,100 said to have been done. Toledo, Ohio, wired: "The A. & P.
-Florida. 1,100
To Copenhagen-Oct.13
14-Errington Court, 7,658; Oakman,
h-lb. loaf bread to Sc. In Toledo terrireduced the price on 11
To Bremen-Oct.
-Schleswig
1,150_ _ -Oct. 15-Conness Peak,2.342_ _ _Oct. 18
18,434 tory. The former price was 9c."
-Rio Panuco, 3,761
Holstein. 3,523---Oct. 20
Wheat declined under the continued liquidation on the
To Rotterdam-Oct. 14-0akman, 450---Oct. 15-Conness
518
Peak. 68
15th inst. October in Winnipeg, it is true, was In demand
-Jersey City,
-Victorious,3,850_ -Oct.18
To Japan-Oct.14
22,369 and firm, with some demand for export, and the weather in
Oct. 20-Tobsei Maru.9,225
9,294
1,130
-Victorious, 1.130
To China-Oct. 14
8,572 northwestern Canada bad. But in the United States export
15-Sahale, 8,572
To Havre-Oct.
100 demand was light, Liverpool was slightly lower, and offerTo Antwerp-Oct. 15-Sahale, 100
1,461
To Ghent-Oct. 15- a a e. 1.461
ings of American and Canadian were larger. Australian
-Mar Adriatic°, 1.868; SaPricero.
To Barcelona-Oct. 15
3,868 crop news was more cheerful. Rrom the Argentine it was
2,000
198 favorable, with a good store of subsoil
-Rio Panuco, 198
20
To Hamburg-Oct.
moisture. The De-Gloria Siemer, 1.960
1.960 partment of Agriculture stated, moreover, that the total
CHARLESTON-To Antwerp-Oct. 15
To Bremen-Oct. 15-Wlldwood, 4,600___Oct. 18--Pavana,
8,522 of the crops in 33 countries was 3,029,820,000 bushels,
3.922
-Oct. 15-Wildwood, 308__-Oct. 18-Pavana,
To Hamburg
last year, an increase of 7.1%, exclu1.991 against 2,830,229,000
1.683
sive of Russia and China. Yet the net decline on the 15th
.1,753
-Oct. 14-City of Fairbury,1,753
-To Liverpool
MOBILE
950 was only % to %c., Winnipeg winding up %c. lower to %c.
To Manchester-Oct. 11-City of Fairbury. 950
10,029 higher. Winnipeg helped noticeably to sustain American
-West Kyska, 10.029
To Bremen-Oct. 14
5,825
-Steel Trader, 5,825
18
To Japan-Oct.
markets.
-Loraine, 4,807__ -Oct. 17
NORFOLK-To Bremen-Oct. 15
On the 17th inst. prices declined 1 to 1%c., though Win5.907
Kiel. 1.100
300 nipeg ended % to / lower for the later months. The fact
2
1c.
-Clairton, 300
-Oct. 17
To Manchester
that corn was higher tended to restrict the decline in wheat.
SAN PEDRO-To Bremen-Oct. 14-Grootendijk, 900--Oct. 19
2,550
-Witram. 1.100; Odenwald. 550
100 But the Northwest was selling wheat. The visible supply in
To Liverpool-Oct. 19-Drechtdijk, 100
150 the United States increased last week 4,545,000 bushels,
To Genoa-Oct. 19-Feltre. 150
100
To Venice-Oct. 19-Feltre, 100
against a decrease in the same week last year of 1,429,000
-Oct. 18-Abercos. 2.997---- 2,997 bushels. The total is 84,481,000, against 73,404,000 a year
-To Liverpool
CORPUS CHRISTI
263
263
-Oct. 18-Abercos,
To Manchester
was for fair weather In the United States
475 ago. The forecast
-Tye Maru,475
PORT TOWNSEND-To Japan-Oct. 7
Canada. It was feared that fair weather would mean
475 and
-Minnie de Larrinaga,475
-Oct.12
-To Liverpool
TEXAS CITY
617 heavier selling in Canada. The Canadian visible supply,
-Minnie de Larrinaga, 617
ToManchester-Oct. 12
163 Including the quantity in bond, increased last week 7,627,000
-Oct.20-Afonndria, 163
PENSACOLA-To Liverpool
bushels. The marketings in the United States and Canada
291,976
the
COTTON FREIGHT. Current rates for cotton from
are
New York, as furnished by Lambert & Burrows, Inc.,
-as follows, quotations being in cents per pound:
High BandHigh Stand
/8 StandDensity. ord.
Density ctrd
Density. ard.
.500. .600. Shanghai .724e. .e.
.40o. .56e. Oslo
Liverpool
.80e
.650.
Manchester .400. .55e. Stockholm .60e. .750. Bombay
.65o
.50e.
.65c. Bremen
.50c
Antwerp .400. .55e. Trieste
.55e.
.50c. .650. Hamburg .40c.
Flume
.. .c
Ghent
$1.00
.85c.
.50c. .65c. Piraeus
.50c. .65e. Lisbon
Havre
$1 00
.85e.
Mc. .80c. Salonica
Rotterdam .400. .550. Oporto
Mo.
.500.
Venice
.500. .65o. Barcelona .300. .450
Genoa
.. ..
Japan
LIVERPOOL. By cable from Liverpool we have the folstocks, &o., at that port:
'
lowing statement of the week s sales,
Sept. 30.
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amountafloat
Of which American
39,000
24.000
2,000
52,000
1.006,000
676,000
44.000
30,000
147,000
54.000
Oct. 7. Oct. 14.
45,000
51,000
24,000
32.000
4,000
3,000
63,000
58.000
970,000 965,000
642.000 629,000
49,009
25,000
27,000
7.000
168.000 169,000
78,000
80.000
Ca. 21.
56,000
36.000
3,000
57,000
935.000
610,000
32.000
22,000
201.000
102.000
for spots and futures
The tone of the Liverpool market
closing prices of
day of the past week and the daily
each
cotton have been as follows:
spot
United States fell off as comand inter!or receipts in
pared with the previous week, but the receipts at primary
points continued large enough to excite comment. Earlier
In the day there was a slight advance on the 17th, but it
gave way under liquidation later on. Liverpool closed unchanged to %d. h.gher on that day.'Buenos Aires advanced
4d. The fears of increasing supplies in this country and
Y
across the border was the dominating factor. Export sales
on the 17th inst. were estimated at 250,000 to 500,000 bushels. The weather In the Southwest was clear and moderately warm. That would facilitate winter wheat seeding.
Australian and Argentine crop news was in the main favorable. Some Australian estimates have recently increased,
although they are smaller than the crop of last year. Cash
markets, on the other hand, were firm. In fact, in some
cases premiums advanced. The Chicago stock is 6,187,000
bushels, a decrease last week of 172,000.
On the 19th Inst. prices declined early to new lows for
the year. There was a slight recovery later on, but prices
wound up for the day % to %c. off. Sentiment was bearish.
There was quite a little liquidation. The weather in Canada was good. Country deliveries in Canada on Tuesday
were 4,293,000 bushels, an increase of 200,000 over those of
last year. On the 19th inst. they were over 4,000,000 bushels. Arrivals at Winnipeg were large. According to the
OCT. 22 .]
THE CHRONICLE
"Price Current and Grain Reporter," interior receipts since
July 1 to Oct. 15 totaled 257,429,000 bushels, the second
largest movement in the history of the country. This was
exceeded only once, in , when the total was 265,887,000
bushels for the same period. On the other hand, there was
some advance on short covering, and a better export demand.
Sales for export were estimated at 800,000 to 1,000,000 bushels, including some spring wheat and Manitoba. Liverpool
was lower. The Argentine and Australia sent favorable
crop reports. On the 20th inst. prices fell 11 2 to 13c. on
/
heavy Northwest selling. There were reports of a good exbusiness in flour, that is 200,000 to 300.000 bbls. sold to
port
the United Kingdom and the Continent, with further good
business pending. This is American flour. But the country
deliveries of wheat in Canada were the largest of the season,
namely 5,377,000 bushels. Much of the Alberta wheat grades
'
tough, owing to recent rains. Hedging sales had an effect;
also, fine weather in the Canadian Northwest. The forecast
was for showers in Alberta, but generally faith weather in
Manitoba and Saskatchewan. Export sales were 600,000 to
800,000 bushels.
To-day prices closed 2 to 2 c. lower under continued
/
1
4
liquidation. The big drop in stocks was an adverse influence. New lows for the season were reached. Closing
prices were near the lowest. The Liverpool cables were
% to Ific. lower. Australia had further good rains. Canadian marketings were heavy. The export sales were limited to 500,000 to 600,000 bushels of Manitoba and domestic
spring. October in Winnipeg showed a certain weakness.
Stop orders were caught on the way down. Further business in flour, it was intimated, was under way for export.
It had no effect. Canadian marketings yesterday were
0,091,000, as against 3,600,000 on the same day last year.
The export business is small for this time of the year.
Bradstreet's North American exports this week were 12,440,000 bushels, against 9,305,000 last year. Argentina shipped
1,502,000 and Australia 490,000. It looks like a total of
15,400,000 for the world. Toledo reports that chain stores
have reduced the 1%-pound loaf of bread from 9c. to 8c.
Final prices were down for the week 8 to 8 c.
/
1
2
prices, it is figured, are 96 and 92c., cif. United Kingdom,
respectively. The weather at the West was generally favorable. It is warm for the season.
To-day prices closed % to lc. lower, partly in sympathy
with a drop in wheat. At one time prices were about 1c.
lower. There were reports of further export sales. They
had a steadying effect. Some bought corn against sales of
wheat. Country pressure increased. About 125,000 bushels were bought to go to Chicago. Cash demand was fair.
Liverpool and the Continent took a little corn. The cables
seem to encourage the idea that a fair export business may
yet be done in American corn at around present prices. Frost
was predicted for to-night in Indiana and Illinois. Final
prices show a decline for the week of 3 to 4c.
/
1
4
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
ets- /1 102% 102% 100
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December delivery in e1evator_cts_ 851 81 83
March delivery in elevator
89
87% 88
90
87
86%
May delivery In elevator
91
90% 90
39
No. 2 yellow
Oats declined on the 15th inst. some % to %c. with corn
noticeably lower and nothing in the trading to offset its
influence. The decline in corn caused not a little liquidation. Oats declined early on the 17th inst. with corn, but
rallied later with that grain and ended 14 to 1%c. higher
for the day. The trading was on only a moderate scale,
however. No striking incidents developed. The United
States visible supply decreased last week 947,000 bushels,
against a decrease in the same week last year of 206,000.
The total is now 24,927,000 bushels, against 47,722,000 a
year ago. The stock in Chicago decreased for the week 307,000 bushels and is now 5,187,000 bushels. On the 19th inst.
prices ended 14 to / higher. The strength of corn helped
1c.
4
oats. On the 20th inst. prices fell % to %c. on moderate
selling.
To-day prices ended / lower with heavy liquidation.
1c.
4
The decline in other grain played a chief part in the day's
fluctuations, which, after all, however, were on a moderate
scale. Cash oats were not particularly depressed and some
business was done for export. It is said to have been of fair
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
volume, but no quantities were mentioned. A good
Sat. Mon. Tues. Wed. Thurs. Fri.
many
December delivery
cts_132% 125
sold December and bought May at about 3c. difference.
May delivery
---That was an outstanding feature. Final prices show a
CLOSING PRICES AT NEW YORK FOR WHEAT IN BOND.
decline for the week of 11 to 1%c.
/
4
Sat. Mon. Tues. Wed. Thurs. Fri.
October delivery
cts-134% 139
---- 139
---137% 137% ---- 134% -.-DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
cts-147
146% 145%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed.
December delivery in elevator_cts-130% Thurs. Fri.
March delivery in elevator
May delivery in elevator
132
DAILY CLOSING PRICES OF WHEAT FUTURE.. IN WINNIPEG.
Sat. Mon. Tues. Wed.
October delivery In elevator___cte- 134H 134 Thurs. Fri.
December delivery in elevator
131% 128
127 126% 125H
May delivery in elevator
135 132
131
129H
December delivery
Indian corn declined, owing to further "long" selling and
new lows were reached on all months. The ending on the
15th inst. was % to lc. lower. Everybody was as bearish as
ever. Stop orders were caught. Cash markets were off.
The country offerings were larger. About the only buying
was to cover shorts. Theoretically the technical position
Improved. It was not mere theory, however. The liquidation has been very persistent and very heavy. Everybody
is running one way. That in the end may prove to be a
bullish factor. On the 17th inst. prices declined early, but
rallied later, after having reached a new low on all deliveries. Country offerings to arrive were larger. Some 250,000 bushels sold to go to Chicago. The weather forecast
was fair and warmer. On the other hand, the vis'ble supply
decreased last week in this country 2,123,000 bushels, against
a decrease in the same week last year of only 168,000 bushels. The total is now 19,270,000 bushels, against
16,908,000
a year ago. Liquidation was less persistent. The technical
position was better after the recent drastic liquidation.
Some complaints about the corn crop came from Illinois
and Iowa. The early frost is said to have done damage in
Illinois. Good progress, however, was reported in Missouri,
with indications of better yield per acre. The Chicago stock
is 8,837,000 bushels, a decrease last week of 558,000. Chicago bookings of old and new corn to arrive made on the
17th inst. included the basis for new of 7c. under December,
for November and December shipment.
On the 19th inst. prices, after declining early, rallied and
ended / to %c. higher for the day. Shorts covered. The
1
4
country was offering less freely. Good weather and a favorable Government weekly report caused the early decline.
On the 20th inst. prices advanced slightly and then fell 2c.
with wheat, ending at a net decline of 1 to 13c. There were
rumors of export business, but nothing definite was reported. It was said that beyond a little business at New
Orleans with Cuba there had been no foreign trade. American prices are said to be 5c. over Argentine laid down at
European ports. But Liverpool reports offerings of American corn in Liverpool for December shipment at 34s. per
quarter c.i.f. and added that Americans were offering resale lots of Argentine corn at 32s. 6d. per quarter. These
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts- 59
59
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed.
December delivery In elevator_cts_ 46% 46% 46% Thurs. Fri.
45g
March delivery in elevator
48
47% 47%
May delivery in elevator
49.34 49
48%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues.
October delivery in elevator--cts- 64 547 631 61% Wed. Thurs. Fri.
December delivery in elevator
53
52%
May delivery in elevator
56% 56
55
54% 54
No. 2 white
E5`
24 2V$
Rye on the 15th inst. ended unchanged to 1 2c. lower,
/
under the influence of declines in other grain. Also, there
was no export business. But the closing on that day was
steadier under the influence of steady Northwestern markets. On the 17th inst. prices declined slightly and then
rallied with other grain, ignoring a decline in wheat. The
seaboard reported sales for export of 100,000 bushels. The
appearance of export buying accounted for the individual
strength of corn, although the fluctuations were not marked.
The visible supply in this country decreased last week 112,000 bushels, against an increase in the same week last year
of 351,000 bushels. The total is now only 2,593,000 bushels,
against 12,079,000 a year ago. On the 19th inst. prices ended
% to 1%c. lower, in sympathy with a decline in wheat.
Some export sales were made. On the 20th inst. prices
showed little change. Duluth reported export sales of about
200,000 bushels.
To-day prices closed / lower to %c. higher, with sales
1c.
4
of 100,000 bushels for export. The small stock of rye in
Chicago rather bothers shorts and hedgers. It may develop
into an interesting situation,far more interesting than agreeable. But towards the close rye reacted, owing to the weakness in other grain. Final prices show a decline for the
week of % to 2 c.
/
1
2
DAILY CLOSING PRICES OF RYE FUTURES
Sat.
December delivery in elevator-cts- Mon. Tues.
963,4
March delivery in elevator
May delivery in elevator
100
IN CHICAGO.
Wed. Thurs. Fri.
98
98
98
Closing quotations were as follows:
GRAIN.
Wheat. New York
Oats, New York
No. 2 red. f.o.b
No. 2 white
58%
No. 2 hard winter. f.o.b.-
No.3 white
@56
Corn, New York
Rye, New York
No.2 yellow
100
No. 2 f.o.13
No.3 yellow
Barley. New York
Malting as to quality
FLOUR.
Spring Patents
86.90(87.25 Rye flour, patents
Clears,first spring
6.75® 7.00 Seminole No. 2. pound-$5.75 ®36.10
4
Soft winter straights_
6.00® 6.40 Oats
3.001® 3.05
Hard winter straights__ 6.75® 7.15 Corn goods
flour
2.45(8 2.50
hard winter patents_ _- 7.15 ,,. 7.65 Barley goods_
Hard winter clears
600(8 6.50
Coarse
2.60
Fancy Mbm. patents__ 825(8 9.10
Fancy pearl Nos. 1,2,
City mills
8.40® 9.10
3 and 4
7.00
For other tables usually given here, see page .
THE CHRONICLE
[VOL. 125.
WEATHER BULLETIN FOR THE WEEK ENDED velopment to change buyers' attitude, and they have conOCT. 18.&#;The general summary of the weather bulletin tinued to follow their recent tactics of only ordering goods
issued by the Department of Agriculture, indicating the in- as needed, and reluctant to anticipate future requirements.
fluence of the weather for the week ended Oct. 18, follows:
This is particularly true in regard to burlaps, most cottons,
Chart I shows that the temperature for the week averaged below normal
over the eastern half of the country, except in the extreme Northeast and some woolens and the general run of linens. On the other
Southeast. where somewhat more than normal warmth prevailed. Between
the Appalachian Mountains and eastern Great Plains and also in tne hand, reports from the rayon industry, for instance, conmiddle and south Atlantic sections the minus departures of te nperature
ranged generally from 3 deg. to as much as 8 deg., but over most of the tinue highly favorable. Mills are sold up solidly and -conwestern half the weeg was 3 deg. to as much as 11 deg. warmer than normal. ditions within the industry are encouraging. Floor coverExcept locally, freezing was again confined to the more northern sections and the western mountain districts. General freezes so far have ings also continue quite active, following the recent auction
not overspread as much of the interior agricultural sections of the country
as is usual to this date. The dotted line on Chart I, based on first-order held by one of the largest manufacturers. The response to
stations only, shows the southern Ii nit of freezing weather so far t'ds the new spring lines was
unexpectedly large, and producers
fall, while the average southern limit of killing frost or freezing to this
date. based also on first-order stations. is shown by the dash line.
are booking a steady volume of business. As to silks, depart of the week had widespread rains from the Mississippi
The first
Valley eastward, but thereafter generally fair Weather prevailed. The spite the fact that prices for the raw material have declined
lest few days were remarkable for the wide extent of fair weather. Chart
to lower levels and are now back to a par with the midII shows the geograpnic distribution of rainfall for the week as a whole.
The weather on the whole during the week Just closed was favorable to August depression, buying activities for the finished fabric
interests. Generous rains in much of the heretofore droughty
agricultural
Southeast were very helpful in conditioning the soil and for those crops are said to be quite satisfactory. A continued easing of raw
which have not matured, while the general dryness thereafter permitted silk prices has prompted speculation locally, as to what has
good progress in outside work. The cool, dry, sunshiny weather in the
interior valleys favored the seeding of small grains and this work made happened to the proposed syndicate to stabilize raw prices
good advance, while the generally favorable condition of tne soil promoted in Japan. Some believe that the scheme will be put in
rapid growth of the newly-seeded fall crops.
Boil conditions over the principal agricultural sections of the countr operation shortly, but at a lower level than was first incontinue, on the whole, unusually good for the season, witn only very tended. In the meantime, interest in the new finished silks
United areas needing moisture. While the weather was cool over the
eastern half of the country, with frosts reported from many sections, dam- for the spring season is broadening, and most merchants are
age was mostly small. The first general killing frost of the season to date confident that their distribution will be quite large, with
extended somewhat farther south than during recent we3ks, but is still
later than usual in some sections. In Iowa the first general freeze occurred the margin of profit better. Even now, novelty prints are
on the 14th-17th, about 10 days later than normal.
selling widely for early spring shipment. Silk and rayon
SMALL GRAINS.&#;General rains in the eastern wheat belt early in the mixtures are also attracting much attention.
&#; week caused some further interruption to late seeding, but thereafter dry,
sunshiny conditions prevailed in all sections of the belt and this work
DOMESTIC COTTON GOODS.&#;Little change is noted
made good advance. West of the Mississippi River seeding has oeen
mostly accomplished, and the early-seeded grain is making good progress in markets for domestic cotton goods. Raw cotton prices
Atlantic and east Gulf States were
in all sections. Rains in the South
have continued to fluctuate disturbingly, which has preespecially helpful in conditioning the soil and for early-seeded crops.
West of the Rocky Mountains conditions continued favorable for winter vented unison between buyers and sellers. As a result, conand
grains in the North, but rain is needed in parts of the Plateau area
ditions are quite irregular. Prices are only holding about
in California. Rice threshing made good advance, under favorable conditions, and also that of late small grains in the Northwest. Grain sor- steady, and in certain instances accumulated stocks have
ghums have mostly matured in the Great Plains, but some frost damage resulted in offers of concessions, Buying interest is also
was reported to these crops in New Mexico.
CO RN.&#;The southern limit of the first general willing frost of the sea- uneven. The heavier fabrics are more or less neglected,
son advanced into the corn belt during the week as far as northwestern and while a steady business is passing in the finer grades. The
west central Illinois, and generally over Iowa about 10 clays later than latter is particularly true of wash fabrics where the woven
normal. The damage was not great, however, as more than 80.7.&#; of the
crop in Iowa was safe before the frost came. although there was considerable and printed styles are being sought quite regularly, but
barn locally to unmatured fields. There was also some scattered frost even sales of these do not equal totals recently established.
reported from other sections of the belt, but it was mostly light and very
little damage resulted. The dry, sunshiny weather that prevailed in the However, indications are that consumer interest in these
principal corn States during much of the week was very favorable in drying goods is maintaining steady proportions, owing to their
out the crop. A continuation of these conditions is needed.
COTTON.&#;Over the eastern half of the cotton belt the generally fair and attractive stylings. New spring gingham lines for were
sunny weather, following the rains early in the week, permitted good opened by the Amoskeag Co. As to the prices, buyers were
progress in picking and ginning and this work is well along, with only pleasantly surprised, for the advances were less
than exscattered fields remaining unpicked in Georgia. There were some local
reports of damage by rain to open cotton in North Carolina, however, pected. Some of the prices were unchanged, while others
while in Tennessee the bulk of the crop is late and top bolls are opening were only advanced from 14c. to lc. a yard. Undoubtedly,
slowly.
West of the Mississippi River the dry weather made generally excellent the most important development of the week was the first
conditions for harvest. In Arkansas, late bolls are developing well and annual meeting of the Cotton Textile Institute, which
was
the crop is opening rapidly, except in the east, where it is very late. In
Oklahoma, picking and ginning advanced well with favorable weather held Wednesday, when plans were discussed for increasing
In Texas. conditions are practically unchanged, with little the demand and uses for cotton textiles. The
prevailing.
attendance
or no top crop; wet soil interfered with picking the first part of the weeg,
but rapid progress was made thereafter and harvest has been largely com- was unexpectedly large, and all were surprised at the comnorthwest.
pleted. except in the
prehensive work which was shown to have gone on among
The Weather Bureau also furnishes the following resume the various groups of manufacturers during the year. It is
quite evident that the Institute has made great strides the
of the conditions in the different States:
North Carolina.&#;Raleigh: Heavy frost in west on 14-15th, but little past year, as is evidenced by the fact that its membership
damage as principal crops matured. Good progress latter half in seeding now includes 447 mills, having more than 21,589,000 spinwheat and other small grains. Progress of cotton fair: condition varies
dles. Walker D. Hines, President of the Institute, encourfrom poor to good; some beaten out by rain: about half picked.
.
South Carolina.&#;Columbia: Recent rains improved soil. Bulk of cotton aged members to make use of plans suggested by the Instiopen and picking confined mostly to gleaning, except in higher Piedmont, tute for the coming year. He also urged them to consider
*here practically one-quarter to be picked, with ginning keeping fair pace.
Georgia. &#;Atlanta: Rain first of week beneficial. Most of week cool the relation of demand to current output with a view of
and favorable for harvesting; muca ground prepared and oats and rye sown. avoiding over-production. Print cloths, 28-inch, 64 x 64's
Only scattered fields of cotton to be picked, mostly in northern division.
are quoted at 6%c., and 27-inch, 64 x 60's, at
Sugar cane, sweet potatoes and pecans only crops remaining to be gathered. construction,
-inch, 68 x 72's construction, are
Alabama.&#;Montgomery: Quite general rains first two days favorable 6%c. Gray goods in the 39
crops and plowing; much fall planting accomplis led. Corn quoted at 9%c., and 39-inch, 80x 80's, at 11%c.
for growing
harvesting practically finished in south: fairly good progress in north
Sowing oats beginning. Condition of pastures and truck mostly poor,
WOOLEN GOODS.&#;Sentiment is much better in the
but I nproving. Picking and ginning cotton continued in more northern
woolen and worsted markets. One of the strongest statiscounties, but elsewhere season practically over.
Mississippi.&#;Vicksburg: Cotton picking and ginning made very good tical position in years, owing to the limited stocks on hand,
southern
progress generally with picking largely completed on uplands of on
18th; and a most enthusiastic reception to the new spring lines of
two-thirds. Light frost in many north and central localities
damage probably slight. Housing early corn continued; about completed women's coatings opened by the American Woolen Co. are the
in south.
principal stimulating factors. Buyers appear convinced
Louisiana.&#;New Orleans: Good progress in cotton picking and ginning
the variety of styles and materials of the new offerings
under highly favorable conditions; not much of crop remaining in fields. that
Cool are unusually wide and that the values are
Rice threshing rushed. Gathering corn and digging sweet potatoes.
exceptionally
favorable for ripening sugar cane.
weather
good. The big factor also had another showing this week.
Texas.&#;Houston: Mostly dry with excessive sunshine. Weather favorable for plowing and seeding and for harvesting row crops. Condition In order to meet the early needs of buyers in the northern
and progress of cotton unchanged and little or no top crop; wet soil de- sections of the country, the company inaugurated an openrapid progress latter
layed picking forepart of week, but this work made pests less active.
ing of special lines of mackinaws, flannels, lumberjack fabpart and about completed, except in north and west;
Oklahoma. &#;Oklahoma City: Light frost in north and west; no damage. rics, extra heavy coatings and staple coarse heavy woolens.
and harvesting crops. Progress This showing was in keeping with the
Clear, dry weather favorable for maturing
company's new policy
of cotton generally good: picking and ginning progressed satisfactorily;
condition very poor to fair in south-central and east, but very good to ex- to keep pace with the changing needs of its consumers.
cellent in north-central and west. Harvesting corn progressed favorably:
FOREIGN DRY GOODS.&#;Linen markets are irregular,
crop good to excellent. Still sowing wheat; early-planted good stand and
progress.
as some fabrics are in good demand, while others continue
Rock: Progress of cotton very good, due to light or
Arkansas.&#;Little
and abundant sunshine; dull. The best business is noted as developing in the suiting
no rain, moderate temperatures, low humiditylate; late
developing
very
crop opening rapidly, except in east where Progress of latebolls very good. linen section, where manufacturers are beginning to concorn
well.
fast; picking and ginning proceeding
sider their spring and summer needs. Dress linens are also
maturing rapidly.
Tennessee.&#;Nashville: Rains first of week not sufficient to put soil in showing some improvement, especially in the southern disdamage to corn from tricts of the country. Samples of the newer printed lines
best condition for seeding wheat and oats. Slight
of cotton crop about three weeks
frost; condition fair to excellent. Bulk ginning advancing satisfactorily.
are being displayed more freely, and additional ones are
in opening: top crop opening slowly;
late
under preparation both abroad and at home. Fancy lines
for the holiday trade are being bought regularly in more or
less moderate volume. As to the household division, deTHE DRY GOODS TRADE
mand is indifferent, despite the fact that these goods are
Friday Night, Oct. 21 .
available at from 30 to 40% under replacement costs. About
Irregularity continues to characterize conditions through- the only business passing consists of small lots for some
out the textile markets. The cooler weather, which would special type or style. Burlaps are less active, as a result of
movements in primary quotations. Light weights
ordinarily stimulate retail distribution, has been partially Irregular
de- are quoted at 7.70c. to 7.80c., and heavies at 10.40c.
offset by heavy rains. There has been no outstanding
OCT.22 .]
THE CHRONICLE
.tate and Titg prpartuxent
NEWS ITEMS
Now Totals $524,922,331
&#;Cannot Go Higher.&#;The budget of the City of New
York now totals $524,922,331. Having now been fixed at
that figure, the new budget cannot exceed that amount,
and only deductions can be made from now until Oct. 31,
when final adoption will be made.
When the "budget as proposed" came up for adoption on
Oct. 20 it totalled $517,922,331. Comptroller Berry made
the objection that an appropriation of $20,200,000for subway
construction was improper, and that the budget was not
"honest," there being necessary expenses, including $4,000,000 for snow removal, 00,000 for the Transit Commission payroll and$2,200,000 to meet anticipated judgments
against the city, which had not been incorporated in the
budget. The Mayor had the $7,000,000 added, and then
moved for adoption of the budget. Comptroller Berry still
objected to the $20,200,000 transit item. The budget was
finally adopted, the Comptroller casting the only opposing
vote. The New York "Herald-Tribune" of Oct. 21 gave
the following account:
New York City, N. Y.&#;Budget
When the budget for came up for adoption by the Board of Estimate
last night, a spirited controversy betwen Mayor Walker and Comptroller
Charles W. Berry as to whether it was an "honest" budget resulted in
boosting the grand total another $7,000,000.
The budget as finally adopted by the Board, with the Comptroller voting
In the negative, reached the sum of $,524,922.331&#;not only the largest by
many millions in the history of the city but one which is more than $50.000.000 above this year's total. This, however, is not the final document,
which must be passed by midnight Oct. 31. The Board has the power to
reduce but not increase items until that time, and there were indications
last night that there would be some substantial pruning done.
Tax Rise Threatened.
According to Comptroller Berry, the present basic tax rate of $2.66 will
produce only $,000 on a sound estimate of realty valuations. Every
adance of approximately $1,600,000 above that figure would increase the
tax rate one point. This would mean that a $524,922,331 budget for next
year would raise the tax rate 8.7 points.
Aldermanic President Joseph V. McKee voted for the proposed budget
with the reservation that it be sliced down to the point where it will not
interfere with the basic tax rate of $2.66. How this can be done
remains to be seen. The vote of the Aldermanic President was not actually
needed yesterday to pass the proposed budget, as only a majority of the
sixteen votes in the Board was all that was required. The Aldermanic
President and the Comptroller each have three votes.
Board Raises Total.
Following along closed session of the Board,the members again assembled
in open meeting, bringing back a proposed budget of $517,922,331. The
Mayor moved its adoption. When the Comptroller's name was called he
voted in the negative. The Mayor asked him for a bill of particulars.
Comptroller Berry said he opposed the inclusion of the $20,200,000 for
subway construction under the Delaney pay-as-you-go policy of financing.
The Comptroller has consistently objected to this method of financing,
declaring it unsound. He said he was opposed on the ground that there is
already $40,000,000 in the budget to meet subway construction bonds,
$13,000,000 of this for bonds on the old subways and the balance for new
construction. He declared it bad policy to provide amortization funds
before the bonds were issued.
Budget "Dishonest."
During the discussion the Comptroller told the Mayor that the budget
as it stood was not an "honest" one, as it did not contain all the items of
expense that must be met in .
"What items have you reference to?" asked the Mayor.
"I refer to $4.000,000 for snow removal, $800.000 for the Transit Commission pay-roll and $2,200,000 to meet anticipated judgments against the
city in ," replied the Comptroller. "Aside from this, I am of the opinion that the budget is too high in its present form and more or less an imposition on the taxpayers."
"Well,let's tell the whole story," said the Mayor. "Have you any more
items that you would like to add ?" he asked the Comptroller.
Mr. Berry could think of none.
Mayor Boosts It Again.
"Well," continued the Mayor, "the Chair has no objection to spending
taxpayers' money so long as he receives a hundred cents return on every
the
dollar expended. I think that is the bid point, rather than the amount.
The Chair moves to amend his original motion and move for adoption of a
proposed budget of $524.922,331.'
The increase represented the items suggested by the Comptroller. The
Mayor's move, however, seemed to take him by surprise. He again
objected.
"I certainly will not vote for a budget of that magnitude," said the
Comptroller, "unless I know it will be materially reduced and how the
Board proposes to reduce it."
"Well," said the Mayor,"what is the objection now? The Comptroller
says these items should be in an honest budget. Everything seems to be
In there except the money for an airport. The question is, is there to be
or not to be a city government "
"The only way to have that government is to have a budget. Here is
the budget. It is for the Board to decide whether it will exclude Items
demanded by the taxpayers and maintain the present basic tax rate, or put
them in. Continue the roll call."
The Mayor inquired from the Secretary of the Board how many votes
were needed for the adoption of the proposed budget and was told that
approval required nine of the sixteen votes.
"I'll vote my three votes for this budget, if they are the only votes cast,"
said Mayor Walker.
"I'll vote with you," said Mr. McKee. "I don't think one member of
the Board should adopt a 'holier than thou' attitude and say 'not for me.'
That. I think, is wrong. I will vote with you with the reservation that
certain items be taken out of the budget so that the final budget will not
interfere with the presnt basic tax rate."
Walker Agrees.
The Mayor subscribed to Mr. McKee's sentiments and the vote was
taken, with Mr. Berry casting the only negative ballot. The Borough
Presidents of Manhattan. Bronx and Queens were absent and represented
by their Commissioners of Public Works. Mayor Walker announced that
the public hearings on the proposed budget would be held by the Board
2:30 p. m.
of Estimate on Oct. 28 at 11 a. m. and Oct. 27 atappeared to
plead for a
Henry H. Curran, counsel for the City Club,
substantial appropriation in the budget for new school playgrounds.
The Mayor pointed out that one of the last items added to the proposed
budget was upomo for mew playgrounds.
On the other hand, it is regarded as being by many millions nearer "an
honest budget" than any which the city has framed before, containing,
as It does, about $30,000,000 to provide for prospective expenditures which
hitherto have been met during the year by issuing either long-term municipal bonds or interest
-bearing tax notes, with their mounting burden of
cumulative interest charges.
It was generally conceded in the City Hall last night that the budget,
before being presented for final adoption, would have to be very materially
slashed unless the Walker administration is prepared to face a storm of
Protest at the hands of the taxpayers. If the final budget, without diminution, should be permitted to stand at the figures voted last night into the
Proposed budget. it would mean an inevitable rise of more than 8 points in
the present basic rax rate of $2.66 upon every $100 of taxable assessed valuation. That would mean a basic tax rate for all boroughs of the city of$2.74,
to which would have to be added the slightly variable added tax imposed
for the various boroughs.
Comptroller Berry, the city's chief financial officer, backed by Duncan
MacInnes, the figure expert of the Finance Department, is the undisputed
authority for that prediction. Mr. Berry has declared that the maximum
revenues which the city can count upon for the coming year for budget
making purposes, without increasing the basic tax rate, is $511.000,000.
Every $1.600,000 added to the budget in excess of that SUM, he adds, will
involve a one-point increase in the basic tax rate for .
The budget as adopted Thursday is almost $48,000,000
larger than last week's total of $477,233,530. Two large
items in it are $20,200,000 for rapid transit and $14,000,000
for increases in teachers' salaries. But all through the week
additions were made through salary increases and in other
ways. There was a $610,000 appropriation for salary increases in Hunter College, Brooklyn University and the
College of the City of New York, $500,000 for additional
playground facilities, $227,000 for increase in the size of
labor gangs in the Public Works Departments of Queens
Borough, salary increases to police sergeants and deputy
fire chiefs who had not been provided for in the general
increase granted recently, a salary increase for city magistrates, a plan for reorganization of the nursing service, and
medical and technical staffs of city hospitals, and a fund of
$100.000 for the initial cost of the operating force of the
new Bronx Hospital, to open on Jan. 1.
The New York "Times" of Oct. 19, before the transit
appropriation had been jumped from $15,000,000 to $20,200,000 and when the budget total was $511,000,000, had
the following to say:
At the close of an all-day executive session of the Board of Estimate the
city budget stood last night at $511,000,000. That figure includes
the much discussed $14,000,000 provided under the Dick-Rice Act for the
advancement of school teachers' salaries. It was formally inserted in the
budget after a long discussion between members of tne Board of Estimate
and George J. Ryan, President of the Board of Education.
The aggregate figure of $511,000,000 also Includes $15,000,000 for the
Board of Transportation for the advancement of subway construction in
accordance with the desires of John H. Delaney, Chairman of that board.
The $15,000,000 is not yet a final budget figure. Contingent upon some
other factors, the allotment to the subway work may reach $20.210,000.
Conservative estimates of the city's prospective revenues, after all revisions
of assessed valuations, now place the sum at about $511,000,000.
If. on a final revision of the budget "as proposed for adoption," it be
found that to give Mr. Delaney the whole $20,210,000 for which he asked
would entail an advance in the present basic tax rate of 2.68, then Mr.
Delaney probably will have to content himself with $15.000,000 in the
budget am the coming year. It is privately conceded that he could get
along with that amount without serious embarrassment. The basic tax
rate Is not to be increased.
.000 to hunter College.
Other allotments which were inserted in the budget in yesterday's executive session were:
To Hunter College, $330,000, to make the salaries of teachers in that
institution commensurate with those to be paid to teochers in the public
school system under the schedules of proposed advances submitted yesterday by the Board of Education.
To the Board of Higher Education, $280,000. for a like purpose in revising salaries of teachers in institutions under its jurisdiction, Including the
College of the City of New York and Brooklyn University.
To the Public Works Department of Queens Borough. $227.000, to be
used for increasing the service of the sewers, streets and road gangs, whose
numbers, Borough President Connolly declares, are now inadequate to
cope with after-storm conditions in his growing borough.
President Ryan of the Board of Education was closeted behind closed
doors with the Board of Estimate for nearly two hours after he had submitted the proposed schedules for the apportionment of the 314,000,000.
It was learned that there was not complete unanimity among the members of the Board of Estimate on the proposal to endorse unmodified the
schedules as prepared by the Board of Education.
Mayor Walker, after the meeting, admitted that some of his Board associates had argued that the intent of the Dick-Rice bill was that the
$14,000,000 should be allotted exclusively among the personnel of the
Pedagogical staffs of the school system, whereas the Board of Education
had apportioned it along the line from Superintendents and Building
Inspectors down to janitors.
Call the Proposal Unfair.
Some members of the Board of Estimate pointed out that it would be
manifestly unfair, for instance, for a building inspector in the employ of
the Board of Education to have his salary raised to $3,000, while building
inspectors in some other city departments received no more than $2,800.
Some of them also registered their objection to higher officials of the Board
Of Education getting what they regarded as "the lion's share" of the app ortionment, while teachers in the elementary grades would win only a meagre
pittance in advance of their present pay.
One prominent member of the Board of Estimate, who casts three votes,
went so far as to say that the proposed distribution of the 514.000,000 fund
provided by the State under the terms of the Dick-Rice Act would assure "a
Roman holiday for the executive and administrative farces and for the high
,
school heads of the school system,' while the elementary teachers were
sadly neglected.
Mayor Walker, however, defended the schedules as presented by the
Board of Education. He said they followed 98% of the recommendations
made by the Mayor's special committee that had investigated the teachers'
salary situation. With the corroboration of Charles L. Kohler, Director of
the Budget, the Mayor also declared that of the entire sum of $14,000.000
inserted for salary increases in the school system. $13,240.000 had been
allotted under the schedules strictly for increases of pay to members of the
Pedagogical groups, while only the remaining ,000 was proposed to be
apportioned among the personnel of the executive and administrative staffs
and other attaches.
Board of Education's Power.
&#; Under a strict interpretation of the law,the Board of Education has power
to make this allotment as it pleases. The courts have held repeatedly that.
as the Board is a separate State entity, the sole function of
We also quote from the New York "Times" of Oct. 21 Estimate is to provide funds, while the Board of Education canthe Board of
expend them
Notwithstanding that situation, Mr.
which gives some interesting comparisons to show the enor- as it sees fit. yesterday that the salary schedule, as Ryan said after the
Board meeting
published yesterday
mous cost of running the city government:
and as submitted to the Mayor, was 'merely tentative." The Board of
The Board of Estimate, after several acrimonious exchanges between Education, he said, had until next Jan. 1 to adopt a permanent schedule of
Mayor Walker, Comptroller Berry and Aldermanic President McKee, ap; salaries. As a matter of courtesy, however, he added, the revised schedule
would be presented to the Board of Estimate for inspection before its
proved yesterday afternoon a city budget "as proposed for adoption,
adoption.
which reached the unprecedented sum of $524,922.331.49.
Certain members of the Board of Estimate intimated that this profered
That is by many millions the largest budget ever adopted, even tentatively, by this or any other American city. It is $50,029,031.49 in excess concession on the part of the Board of Education was rather more than "a
the budget as finally adopted for the current year, ,the total of which matter of courtesy." They hinted that until such a concession was agreed
of
was the entire yearly budget for meet- to, the Board of Estimate had threatened to hold out of the
was $474,893,300. It is larger than Government for any one twelvemonth longer the $14,000,000 which had not been actually included in budget still
of the Federal
that instruing the expendituresyears ago.
ment until yesterday.
twenty
until about
THE CHRONICLE
Whatever revision of the schedules may be made between now and
Jan. 1, there is good authority for declaring that none of them will result in any reduction of the amounts of increase now allotted tentatively
to members of the pedagogical staffs. If changes be made, it is far more
likely they will be at the expense of the administrative and executive
staffs rather than at the expense of the teachers. Criticism in the Board
of Estimate yesterday centred largely upon such proposed advances as
those for Superintendents from $20,000 to $25,000, Associate Superintendents from $8,250 to $12,500, members of the Board of Examiners
from $7,700 to $11,000 and Director of Attendance from $8,250 to $12,500.
Criticism from Parents.
&#;
.The Board of Education was taken to task in resolutions passed recently and made public yesterday by the delegates of the United Parents'
Associations of Greater New York Schools, Inc., for not having included
in its budget provision for supervisory assistants in the Department of Home Making to direct school lunches.
"We, the organized parenthood of the City of New York," the resolutions says, "feel that the greatest care is necessary in the dietary supervision of school lunches and that trained dietitians should be appointed
.
to supervise the funds providedby the City of New York for the establishment of school lunches.'
Only one more day remains in which the Board of Estimate may increase the amount of the budget. To-morrow the "budget as proposed for adoption" must be ready for formal presentation to the Board
of Estimate. After that date. Oct. 20. any item in the budget or the
grand total thereof may be decreased, but may not be increased prior to
final action upon it, first by the Board of Estimate and then by the Board
of Aldermen:
If the $21,210.000 asked for by Chairman Delaney for subway work
remains in the budget in full, then the budget will be in excess of
$516,000,000. If. as is thought to be more probable, that sum, in the
course of the pruning process, is trimmed down to $15,000,000, then the
final budget will stand at about $511.000.000.
. Increases granted on Monday were treated as follows in
the "Times" of Oct. 18:
In a late executive session of the Board of Estimate yesterday afternoon
provision was made in the city budget for increased salaries for fortynine city magiqtrates, 1.025 police sergeants and thirty-one deputy chiefs
of the Fire De-artment.
Salary increases incorporated in the budget earlier had provided for all
the hi.ther officers of the Police Department down to, but not including, the
sergeants. A strong fight for them was made in the executive session and,
after considerable Imminent, it was aereed to grant to them an increase of
$100 each, which will bring their salaries up to $3,000 a year and will add
$102.500 to the budget.
The deputy chiefs of the Fire Department were omitted in Increases
approved last week when all officers of that department, from lieutenants
to battalion chiefs inclusive, got increases. They are now in the budget
for increases of $300 a year each.
Provisions have been made in the budget to increase the salaries of the
forty-eight ma istrates from $10,000 to $12,000. and Chief Magistrate
William McAdoo receives an increase of $3,000 bringing his salary up to
815,000.
Hospitals to Benefit.
. At the same meeting $315,190 was placed in the budget for the reorganization of the entire nursing service, specialized medical and technical staffs
of city hospitals under the jurisdiction of the Department of Public Welfare.
This includes increased personnel of those workers and additions of the social
service staff. The hospitals to benefit are Kings County Hospital, City
Hospital, Metropolitan Cancer Institute, Neurological Hospital, Lincoln.
Randall's Island, Cumberland Street, Greenpoint, Coney Island, Sea
View and the Farm Colony.
The board also provided a fund of $100,000 for the initial cost of the
operating force of the new Bronx Hospital, which will open on Jan. 1
Provision of $15,000 was made in the budget to establish fifteen additional
.
ungraded classes in the school system.
It was said last night that the proposed budget has now reached a total
of approximately $495,000,000, which included the $14,000,000 temporarily
withheld from the Board of Education pending the submission of the new
salary schedules for teachers, which was made public last night.
George J. Ryan, President of the Board of Education, presented the new
salary schedule to the Board of Estimate in its executive session last night.
It will be acted upon this morning by the Board of Estimate, and the $14,000.000 which had been withheld is expected to be released.
New York State.&#;Governor Reviews Work of Four Years.&#;
Governor Smith on Oct. 16 issued a special report in which
he reviewed his accomplishments during the last four years.
In the report he answered the criticism by his political
opponents that he was increasing the State debt without
accomplishing any work for the good of the State. He
argues that current expenses should be ELME out of current
revenues and that improvements of a permanent character
should be met out of bond issue funds, and this, he states,
is the policy he is carrying out. To refute the story that the
debt is to high, he points out that the per capita
State
debt of the State is $21.80. which compares with a per capita
debt of $165.92 for the Federal Government. The "Herald
Tribune" of Oct. 17 carried the following:
Governor Alfred E. Smith, in a special report made public yesterday,
surveys public improvements accomplished by the State in the last four
years, condemns "disgraceful" conditions in the State's overcrowded
hospitals and prisons, urges the elimination of more railroad grade crossings,
the widening of State highways, and lashes his political opponents for disseminating reports that the State is "head over heels in debt."
In defending his contention that bond issues are the proper method of
providing for permanent improvements the Governor says that the present
per capita debt of the State is only $21.80, as compared to the Federal
Government's per capita debt of $165.92.
The report is entitled "Progress of Public Improvements" and is issued,
according to the Governor, 'so that the people may know what they are
getting for their money."
In a preface over his own signature the Governor discusses problems which
are outlined in detail In the report by various State departments. His
comments are chiefly concerning finances. He asserts that for political
purposes the State's indebtedness has been exaggerated, saying, "Recent
statements put out for political purposes aim to lead the people into the
belief that the State is head over heels in debt. Such, of course, is not
the fact. The net debt of the State is $243,353,389.26. The per capita
debt of the State of New York is $21.80, while the per capita debt of the
Federal Government Is $165.92. This will show how absurd are the
stories which have been circulated about our financial position and security."
Defending his argument that the current expenses of the State should be
paid eut of current revenues and that permanent improvements should be
paid for by the issuance of bonds so that the future may share in the responsibility, the Governor says: "It is occasionally urged, and eau Ily
for political reasons, that bond issues are not proper methods of financing.
The fact of the matter is that the State has paid for practically all of its
large projects from receipts from the sale of bonds. If it was good policy
to build a road from the sale of bonds, why is it not a good policy to build a
hospital, a building, a prison or a bridge, or to purchase land from the same
sale of bonds when we take into consideration that modern buildings and
bridges have probably several times the life of a road and that the land is
an absolutely permanent possession.
"When the State was constructing buildings and financing really permabuilding
nent or proven long term betterments from current revenues, it was wisely
the State
roads, the life of which is uncertain, from bonds. When It was necessary
built roads from current revenues,
changed its policy and
to find the money for all other forms of permanent improvements and land
acquisition. What the people really did was to put borrowed money into
more permanent structures and cash into roads.
"The wisdom of this course must be apparent because no one would ever
suggest that all of the pressing demands for permanent improvements,
many of them neglected for many years, of a great growing community
large
like New York with relatively small per capita expenditures and withentire
demands for operating expenses, can possibly be met by putting the
burden by taxation on the present taxpayers of the State. No one suggested
[vol.. 125.
that the soldiers' bonus be paid out of the current revenues of the State.
The State is simply following an established and accepted °astern in
issuing bonds.
"It is to be regretted that the facts have been distorted, half truths told
and an entirely erroneous and improper picture of the State's fiscal system
has been drawn. I have insisted upon,and have so far been successful in
securing, the adoption of a policy that puts the proceeds of the sale of the
State's bonds only into lasting improvements. By that I mean to say
that virtually all overhead expenditures connected with the work of construction are to-day paid from current revenues.
As showing that the State's indebtedness is well under its assets, the
Governor calls attention to the land owned by the State.
"The almost 2,000,000 so es of State-owned land constituting the forest
preserve in the Adirondack and Catskill regions has so grown in value in a
quarter of a century that I do not think I am far away from the truth
when I make the statement that to-day it represents a value greater than
the total State debt. Other park lands have increased enormously in velem
and it is nothing extraordinary to read that recent acquisitions in the
metropolitan areas have doubled and trebled in value in a few years."
Need for more hospitals, prison space, parks,grade crossing elimination,
wider roads, bridges and quarters for the National Guard are discussed
by the Governor.
"I regard the hospital situation in the State as most acute," he says.
"Psychiatrists and professional men in a pos Hon to know state that the
population of a State hospital should not exceed in patients 4.000 persons,
and give as their reason that intelligent central supervision and care of a
population in excess of that numbg r is not possible. There are on Ward's
Island in one institution alone to-day 6,600 patients, and we find that at
the end of four years increases have been so gro t in population in the
hospitals that we have not even remedied all of the overcrowding to which
the attention of the people was called in , to say nothing about new
comminuents since then. If every new bed euthoriged under bond issue
was now available for occupancy, overcroweing would still exist to the
extent of 1,669 people."
Referring to the $15,000,000 park bond issue of . the Governor says:
"It needs little study for our citizens to see the wisdom of this move. Land
in the State is constantly increasing in value. The almost universal use
of the automobile has opened up the country sections of the nate to the
city dwellers. I always regarded the park bond issue as building wisely
for the future. When the City of New York purchased Central Perk there
was bitter criticism because it was thought that the area selected was too
large and that the city would never grow up to it. When Bronx Park was
acquired it was a wilderness. To-day it is faced on all corners by elevator
apartment Houses. Had the City of New York waited until to-day to
purchase Bronx Park, consider for a moment the cost." The Governor
then rev13ws with approval the various park projects now under way.
The tsge raor urges more extensive quarters for the National Cuerd ,
asserting that prior to the State made provision for 10.000 soldiers,
whereas now its allotment under the regulations of the 11 ar 1 emartment is
23.000. "We are attempting to train 23,000 men in quarters orivinally
designed for 10.000." says the Governor. "If the National Guard is to
for n the nation's as well as the State's first line of defense. we must maintain
it at the highest possible degree of eft iciency. This cannot be done without
the expenditure of money to provide suitable quarters, and past experience
shows that we shall never make progress in supplj Mg this need without
the use of bond money."
"Disgraceful" overcrowding in hospitals and prisons with insuricient
cells are discussed in a special report on "The State and Its Building Program." The State has 61 separate institutions, coo prising more than
.
buildings, ranging from prison cell blocks to housing for medical
staffs, and the replacement value is fixed by the Governor at $400,000.000.
"So ne of the buildings are more than 100 years old." says the Governor,
and their upkeep because of their age is disproportionate to the sore ice
they perforin.
"The disgraceful overcrowding in the State hospitals, the failure of the
State to pro-side sufficient accommodations in its schools for the mentally
de'icient, the dilapidated and unsanitary condition of the institutional
buildings everywhere and the very grave menace of fire to the life and safety
of those for whose care and treatment the State is responsible." are all
details which have previously been put before the public, says the Governor.
"These conditions have been growing steadily worse for 25 years. but nothing
much was done to relieve them until the disastrous fire at Vi ard's Island in
February . in which 25 patients in the Manhattan State Hospital
lost their lives.
"This tragedy served to dramatize the crying need for drastic Measures."
Concerning conditions in prisons the -Governor says: "The condition
in the State prisons is beco ilng more serious every day. Due to the
enforcement of the so-called Baumes laws there has been a rapid increase
of the number of prisoners to be cared for, which increase is certain to
continue for the next three years at least. There aro now in the four State
prisons more than 1.000 prisoners for whom there are no cells. At Sing
Sing there are under construction two new cell blocts, which will provide
for 1.350 additional cells. But even with this increase in cell capacity
there is little promise of abandoning the old cell block, which was condemned
in ."
The Governor says It is certain that the State will be confronted with the
necessity of building a fifth prison.
"The State has under way at the present time," says the report. "a
building construction program which is without precedent in this State or
any other State and is equaled only by the Federal Governn.ent a program
authorized in the last Congress in the amount of $. At the
present time the State has under construction 89 separate building projects
under 180separate contracts. The total contract value of building construction now under way s $34.702,681. and before the first of December
additional contracts will be awarded to the amount to $9,350 000." The
funds for financing this program are to be derived from bond issues already
authorized and by appropriations year by year from current revenues.
The Governor Mites occasion to support his argument that the State ought
to own the buildings it uses for office purposes.
-day the State is paying a total annual rent bill in the city of Albany
"To
for offices occupied by its administrative agencies of $358 977, and in
New York City the State's annual rent bill is $467.859.12. In each of
these cities, if the rent paid each year were applied to interest and amortiza-year period
tion of investment in State °Bice buildings at the end of a 25
the buildings would be woolly paid for."
Satisfactory progress is being made by the Port Authority in the preliminary work for toe construction of four Inter-State bridges, which will be
included in the "comprehensive plan" for toe handling of freight in the
port district, the Governor reports. The Outerbridge Bridge, from Perth
Amboy,S. J.. to Totten .11 e. El I., will hoof a cantilever typo, with a total
length of 10,140 feet; the Eliabeth-llowland Hook Bridge. from. Elizabeth.
N.J.. to Howland Hook, S. I., will have a total myth of 1.152 feet. Only
in the case of the two remaining bridges does the Governor a report suggest
when the work vrl 1 be completed. The Hill van Kull Bride° which will
connect Port Richmond,S I., with Bayonne, N. J., is to be opened in .
In tee same year, the Governor says, the Hudson River Bridge, spanning
the river irom Washington Heights to Fort Lee, ii. J., probaply will be
open for traffic. Toe central span of 3,500 feet will be twice as long as
any suspension span now in existence. The report say s contracts for the
foundation of the New Jersey tower already have been let and contracts
for the steel work will be awarded this month. The bridge, the Governor
estimates. will cost between $10,000.000 and $75,000.000.
The New York and New Jersey vehicular tunnel, with Its Manhattan
entrance at Broome Street, between Hudson and Varick streets and its
New Jersey entrance at Twelfth and Provost streets. in Jersey City, the
Governor reports, will be opened Nov. 12 at a cost of $48.400.000. The
tunnel is 9,25e feet long. New York State already has paid its half share
of the cost out of current revenues. The report predicts teat the opening
of the tunnel will result in a lessening of the traelc congestion.
Under the constitutional amendment of , mating $300,000,000
available for the ell !nation of grade crossings, the Department of Public
Works has received instructions to elle Mate 92 crossings. Twenty-two
of these crossings have been eliminated, while tips work on 70 others is in
various states of preparation.
"This work has not progressed as fast as I would like to see it," says the
Governor. "The small municipalities seem to be unable to meet Be ir
,
'
share of the cost. We are therefore sub hang to the people tots fall a
new constitutional amendment under which the country cr (icy or both are
substituted for the villages and towns under which the State is permitted
to bear a rester share of the cost than at present.
"Another difficulty has been the lack of clear-cut administrative responsibility for the State program of elimination. Under a statute enacted at
the last session of the Legislature, a definite plan and budget for each year's
construction work will be prepared and ready for hearings this month. The
greatest remaining problem in co-operation by toe railroads. Therefore I
OCT.22 .]
THE CHRONICLE
called a conference of railroad officials, the Public Service and Transit
Commissions, the Department cf Public Works and other State authorities.
.
and a long eep was taken toward agreement.'
Concerning progress in the conservation of State parks and parkways,
the Governor's report said: "The State Council of Parks was created to
co-ordinate the various scattered State park agencies as an essential of the
unified State park program instituted in to take care of the really
comprehensive park system which would take into consideration the
anticipated growth of the State and especially of the larger cities, the rapid
disappearance of shore front areas from public use and tne great ultimate
cost of further delays in securing such areas, the increased interest in parks,
outdoor life and camping, the inadequacy of city parks and the need of
great park areas serving the metropolitan districts, the enormous increase
in motor cars and the further conservation needs of the State. . . . The
extension and improvements of State parks to create this unified system
has been financed to date in part through the proceeds of the $15.000.000
park bond issue of and in part through appropriations from the public
Improvement bonds, current revenues and through the sale of unappropriated lands."
Widening of roads and construction of bridges to take care not only of the
2,000,000 automobiles licensed in the State but also of the visiting autoists
who flock here from adjoining States is urged by the Governor, who reports
that in the last year 176 contracts for the construction of 570 miles of additional roadway and for the erection of 257 bridges have been let and much
of the work done.
The Department of Public Works plans to begin the construction of the
west shore road bets een New York and Albany during , its completion
to be assured not later than . The Governor estimates that the cost
of highway improvement during the last year was 538,500,000, as compared
to $24,749.000 in .
The vehicular bridge across the Hudson River from Poughkeepsie to the
west shore in Ulster County probably will be completed in . says the
report. It was authorized by the Lecislature in , to cost approximately
56.000.000, of which $5,250,000 was appropriated from the public improvements bond issue,the remainder to be appropriated from current expenses.
Comptroller Reports $112,980,081 Bonds in State's Funds.
Comptroller Tremaine has, according to the New York
"Times" of Oct. 18, prepared a list of bonds held by him
Dec. 31 for the various State funds of which he is
eustodian. The bonds held by him aggregate $112,980,081,
of which about $95,000,000 were held for sinking funds'
and the remainder were contractors' bonds and deposits for
indeterminate tax balances. The list, as given by the
"Times," follows:
CityAlbany
Amsterdam
Auburn
Beacon
Brooklyn
Buffalo
Cohots
Cortland
Dunkirk
Elmira
Elm
Fulton
Geneva
Gloversville
Hornell
Ithaca
Jamestown
Lackawanna
Little Falls
Lockport
Long Beach
Mechanicville
Mount Vernon
Newburgh
New Rochelle
Niagara Palls
1
Amount.
I CityAmount.
75.940.00
$541,250.00 North Tonawanda__
121,000.00
150.000.00 Ogdensburg
128,000.00
31,500.00 Olean
305.665.72
38.000.00 Oneida
122,000.60
100,000.00 Oswego
313,200.00
725,4:S.20 Poughkeepsie
300,'0
31,500.00 Rochester
58,540.44
22,000.00 Salamanca
5.000.60
156.000.00 Saratoga
135,000.03
Schenectady
91,000.00 Schendy
15.091.02
110,000.00 Sherrill
10,000.00
82,000.00 Syracuse
185,000.00
27,000.00 Tonawanda
0
109.950. 0
30,000.00 Troy
5,000.00
Utica
142,'0
118.500.00 Watertown
78.550.00
121,438.62 Watervliet
35,000.60
25,000.00 White Plains
274.800.00
143.696.16 Yonkers
35,000.00
$5.835.060.16
Total
15,000.00
61.245,050.00
112,000.00 New York City
45.899,971.03
2,000.00 Other bonds
24.500.00
Total
$112,980,081.19
627.000.00
Poland (Republic of).
-$47,000,000 7% Gold Bonds Sold.
-A syndicate composed of the Bankers Trust Co., Blair &
Co., Inc., Chase Securities Corp., Guaranty Co. of New
York, W.A. Harriman & Co., Marshall Field, Glore, Ward
& Co., E. H. Rollins & Sons, Tucker, Anthony & Co., and
Paine, Webber & Co., offered and quickly sold on Tues( ay,
Oct. 18, $47,000,000 7% external sinking fund gold bonds of
the Republic of Poland at 92 and accrued interest, to yield
over 7.86%. To be dated Oct. 15 . Coupon bonds,
registerable as to principal only, in $1,000, $500 and $100
denominations, interchangeable except into $100 denominations. To mature Oct. 15 . Interest payable Oct. 15
and April 15. Principal nd interest payable at the principal
office of Bankers TetiSt CI. or The Uhase National Bank of
the City of New 1 ork, fiscal agents for the loan, in United
States gold coin of tue present standard of weight and fineness, without deduction for any taxes or imposts now or
hereafter levied by or within the Republic of Poland; a S3
payable at the option of the bolder in London in pounds
sterling at the rate of $4. per pound sterling; in Zurich
or Basle, in Swiss francs at the rate of 5.183 Swiss francs per
dollar; or in Amsterdam, in Dutch florins, at the rate of
2.488 florins per dollar; or in Stockholm, in Swedish kroner
at the rate of 3.731 kroner per dollar. Redeemable in whole
or in part, at the option of the Republic only (except for
sinking fund) on Oct. 15 ,or any interest date thereafter,
on thirty days' published notice at 103. In connection with
the provisions for the retirement of this loan the official
offering circular says:
industrial, or commercial corporation. Whenever a franchise tax shall be
imposed upon a corporation doing business in this State, or whenever an
the capital, however invested, of a corporation chartered under the laws of
the State, shall be taxed, the shares of stock issued by any such corporation
shall not be further taxed. No city or town or county harin,, the right under
this section to impose taxes or assesstnents for local improrements upon abuning
property awners shall impose any tax or assessment upon abutting landowners for street or other public improvements, except for making and improving the walkways upon then existing streets, and improving and paving then
existing alleys. and for either the construction, or for the use of sewers;
and the same when imposed shall not be in excess of the particular benefits
resulting therefrom to such abutting landowners. Except- in cities and
towns and counties having a population greater than fire hundred inhabitants
per square mile, as shown by United States census, no taxes or assessments
or local public improvements shall be imposed on abutting landowners.
Another amendment, affecting Section 186, provides that
the Legislature may make no appropriation which is payable
more than two years and six months after the end of the session, instead of two years as provided at present.
The third amendment would grant poll tax exemption to
wives and widows of Civil War veterans, as well as to veterans.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
-At a recent
-BONDS VOTED.
AITKIN, Aitkin County, Minn.
election the voters authorized the issuance of $90,000 in bonds for the
purpose of building an addition to the local high school by a vote of 807
to 31.
-BOND OFFERING.
ALBERT LEA, Freeborn County, Minn.
Sealed bids will be received until Nov.2 by Clean F. Holway.Clerk of the
Board of County Commissioners,for a $20.000 issue of not exceeding 43i%
refunding drainage bonds. Denom. $1,000. Dated Dec. 1 and due
on Dec. 1 . Int. payable semi-annually. A $1,000 certified check
is required.
ALBION SCHOOL DISTRICT NO. 99 (P. 0. Colfax), Wash.
-Sealed bids will he received until 10 a. m. on Nov. 5
BOND OFFERING.
by Mabel (Ireer, County Treasurer, for an issue of 314.500 not exceeding
6% school bonds. Denoms. of bonds not yet fixed. Bonds dated as and
when issued. Due from to . Prin. and semi-ann. int, payable
at State or County Treasurer's offices. A certified check for 5% of the
bid is required.
ALBUQUERQUE, Bernalillo County, N. Mex.-BOND OFFERING.
-The six issues of 5% coupon bonds, aggregating $590,000 voted on Oct.
4-17. 125, P.
-are being offered for sale at 2 p. m. on Nov. 30 by
Ida V. Malone. City Clerk, who requests sealed bids for the issues,described
as f-11-ws:
$235,000 water improvement & extension bonds. Duo 314.000. to
: $15.000 from to , incl.
195,000 sewerage improvement bonds. Due 512,000from to and
313.000 from to , incl.
20.000 fire protection bonds. Due $1,000 from to . Incl. and
32.000. to . incl.
30,000 improved streets and alleys. Due $2.000 from to .incL
80.000 park bonds. Due $5,000 from to . incl.
30.000 storm sewer bonds. Due $2.000 teem to . incl.
Denoms. $1.000 and $500 for fire protection bonds. Prin. and int.
(J.& 1).1) Payable at the City Treasurers office or at the office of Harris.
Forbes & Co. in New York in gold. Legal opinion of Thomsen. Wood &
Hoffman of New York, will be furnished. Bids will be accepted for a
lower bit. rate with the usual reservations. A certified check for 2% of the
bid, payable to the city, must accompany bid.
Financial Statement, July 1 .
$3,220,844.78
Total bonds outstanding (water, misc. & spec. assess.)
100.000,000..000.000.00
Total assessed value
Total actual value
Present (est.) population, 25.000.
-S. B.
-BOND OFFERING.
ALLEN COUNTY (P. 0. Lima), Ohio.
Acbrate, Clerk Board of County Commissioners, will receive sealed bids until
12 m. Nov. 18 for the purchase of an issue of $18,000 5% Improvement
bonds. Dated July 1 . Denorn. 31.000. Due Sept. 1 as follows:
$2.000. to incl.. and $3,000. and . Prin. and tnt.
(M.& S.) payable at the office of the County Treasurer. A certified check
payable to the order of the County Treasurer, for $500. is required. Legality approved by Squire, Sanders & Dempsey of Cleveland.
-BOND SALE.
-The .%
ALLIANCE, Stark County, Ohio.
coupon sewage disposal plant bonds offered on Oct. 20-V. 125. P.
were awarded to the Herrick Co. of Cleveland at a premium of $43,101.
equal to 106.05. a basis of about 4.32%. Dated April 1 . Due
328.000 April 1 to , inclusive.
AMHERST COMMON SCHOOL DISTRICT NO. 18 (P. 0. Snyder)
-The District Clerk, will sell at
-BOND OFFERING.
Erie County, N. Y.
Public auction on Oct. 25 at 8 p. m. an issue of 3;20,000 4.4% school
bonds. Dated Nov. . Denom. $1,000. Due $20,000 Nov. 1 to
. incl. Principal and interest(M.& N.) payable at the Manufacturers
& Traders Peoples Trust Co. of Buffalo. A ce, tilled check for 10% of the
bonds offered is required. Legality approved by Thomson, Wood &
Hoffman of New York City.
-BOND DESCRIPTION.
ANACORTES, Skagit County, Wash.
The $50.000 issue of water works bonds sold recently (V. 125, p. )
%
to John E. Price & Co. of Seattle is more fully described as follows:
coupon bonds. Dated May 1 and due from May 1 to .
Purchase price was 97.85. Basis about 5.95%.
-BOND
APTOS SCHOOL DISTRICT (P. 0. Santa Cruz), Calif.
-The $23.000 twee of 5% school bonds offered for sale on Oct. 7SALE.
V. 125, p.
-was awarded to the Alvin H. Frank Co. of Los Angeles
for a premium of $1.091. equal to 104.74. a basis of bout 4.48%. Denom.
$1.000. Date Sept. 20 192'7. Due $1.000 from to . Incl. Prin.
and int. payable at the office of the County Treasurer. The following is
a complete list of the other bids:
$ 2 0
of AV & Co.-Par, accrued Interest to date of delivery, and a premium
6
;
Peirce, Fair & Co.
-Par, accrued interest to date of delivery and
premium of $621:
-Par, accrued interest and a premium of
The Elmer J. Kennedy Co.
$621 and for such bonds bearing interest at 4)(%,par,acerued interest and
a premium of $212;
8.chwabacher & Co.-Par. accrued interest and a premium of $701:
William R. Stoats Co.-Par, accrued interest and a premium of :
The republic agrees to retire the entire loan in semi-annual Installments
Neale, Kelty & Supple, Inc.-Par,.accrued interest and a premium of
commencing at the annual rate of 4% for each of the first four years, and
increasing such annual rate ti of 1% for each succeeding four-year period $793.50:
Central National Bank-Par, accrued interest and a premium of $801:
to a maximum rate of 6% per annum. Such retirement is to be effected by
Bank of Italy (San Francisco)-Par, accrued interest and a premium of
the tender of bonds or by cash sinking fund payments applicable to the purchase of bonds at or below the redemption price and accrued Interest or, if $1,036.45.
not so obtainable, to the redemption on April 15 and semi-annually
-BOND OFFERING.
ARKANSAS, State of (P. 0. Little
thereaftei upon thirty days' published notice of bonds called by lot at 103%. Sealed bids will be received until 10 a. m.Rock). 10 by Ralph Koonce,
on Nov.
Further information regarding this loan may be found in State Treasurer, for a $3.000,000 issue of 4. 45( and 4ti% coupon or
re istered State pension bonds. Denom. 21,000. Dated Dec. 1 .
our "Department of Current Events and Discussions" on a rue on Oct. 1 as follows: $130.000, to ; .000, 19.°8 and :
.000, : .000. and ; ,000. and : $180,preceding page.
000, : .000, and ; .000. and $210.000 from
all incl. Thin, and int. payable in New York City at the
Constitutional Amend- to . Bank, Thomson, Wood and Hoffman, New York attorneys,
Virginia (State of).
-To Vote on
National Park
-Three proposals to amend the State Constitution and Rose, Hemingway, Cantrell & Loughborough, Little Rock attorneys,
ments.
will furnish approving opinions. Legality, preparation and
will be submitted to a vote at the coming November election. expenses to be defrayed by purchaser; total expense to be in theprinting
Rum of
One amendment affects the taxation powers of munici- 38.500. Bids must include this item.
follows, the parts in
palities. The text of the amendment
ATASCOSA COUNTY ROAD DISTRICT NO.4(P.O. Jourdanton),
-An issue of $36,000 Road Dist. No. 4 bonds was
Tex -BOND SALE.
italics being the new matter proposed:
ecently awarded to H. D. Crosby & Co. of San Antonio. Dated July 15
a tax on incomes in excess of
Section 170. The General Assembly may levy
$600 per annum; may levy a license tax upon any business which cannot be
-The fol-BIDS.
.
S
AHTABULA COUNTY (P. 0. Jefferson), Ohio.
reached by the ad valorem system: and may impose State franchise taxes,
and in imposing a franchise tax may, in its discretion, make the same in lowing is a tabulation of the bidders and bids submitted for the $.340
lieu of taxes upon other property, in whole or in part, of a transportation, road improvement bonds awarded to the Illinois Merchants Trust Co. of
THE CHRONICLE
[VOL. 126.
Chicago as 4,1is at a premium of $319, equal to 100.14, a basis of about
BLAIR, Washington County, Neb.-BOND SALE.
-The Omaha
Trust Co. of Omaha recently purchased an issue of $11,000 5% ice plant
4.23% (V. 125, p. ):
Premium. bonds at a premium of $147.50. which is equal to 101.34.
For 34% Bonds
$158.00
Wm. R. Compton Co., Chicago
BLOOMFIELD TOWNSHIP SIXTH FRACTIONAL SCHOOL DIS67.00 TRICT (P.
The Herrick Co., Cleveland
0. Pontiac), Oakland County, Mich.
-MATURITY.
-The
Continental & Commercial Co., Chicago
23.00
$75,000 school bonds awarded to the Security Trust Co. of Detroit as 434s.
For 4;5% Bonds
at 100.87 (V. 125, p. ) mature $5,000 on Jan. 2 in each of the years
W. K. Terry & Co., Toledo
$2,374.25 from
-a basis of about 4.37%&#;
to , inclusive
Stranahan, Harris & Oatis, Toledo
2,374.00
Guardian Trust Co., Cleveland
2,374.00
BLOOMFIELD, TROY, ROYAL OAK AND SOUTHFIELD TOWNDetroit Trust Co.. Detroit
2,362.00 SHIPS, FRACTIONAL SCHOOL DISTRICT NO. 1 (P. 0. BirmingHayden, Miller & Co., Cleveland
2,353.00 ham), Oakland County, Mich.
-BOND OFFERING.
-Leigh Lynda,
First National Co. of Detroit
1,857.50 Secretary Board of Education,will receive sealed bids until Oct. 31 for the
First Citizens' Corp., Columbus
*1,643.44 purchase of an issue of .000 434% school bonds. Date June 15 .
W. L. Slayton & Co., Toledo
1,248.50 Denom. $1.000. Due June 15 as follows: $20,000, to , inclusive;
Well. Roth & Irving Co., Cincinnati
979.00 $22,000, ; 540,000, and ,&#; $20,000, ; $15,000, and
3,138.00 ; 310.000, ; $8.000. : and $10,000, to , inclusive.
Halsey. Stuart & Co., Chicago
Prudden & Co., Toledo
2,629.89 Prinpal and interest (J. & D.) payable in Birmingham. A certified check
d
2,526.00 for $1,000 is required. Successful bidder to print the bonds and pay for
Stevenson, Perry, Stacy & Co
Otis & Co., Cleveland
2,468.00 the legal opinion.
* Also offered $7,304.16 premium for 5% bonds.
&#;
BLOOMINGTON, Monroe County, Ind.
-BOND SALE.
-The
-BOND OFFERING.
- 000 41.4.% coupon fund bonds offered on Oct. 14-V. 125, p. $115,ATLANTIC CITY, Atlantic County, N. J.
-were
J. A. Paxson, Director of Revenue and }Inane°, will receive sealed bids awarded to the Fletcher American Co. of Indianapolis, at a premium of
until 11 a. m. Nov. 3, for the eourchase of $2,000.000 4;4% coupon or 55.663, equal to 104.92. a basis of about 3.884%, Date Aug. 1 . Due
registered temporary convention hall bonds. Dated Nov. 1 . Denom. Aug. 1 . Other bids were as follows:
$1.000. Due $1,000.000 Nov. 1 and . Principal and interest
BidderPremium.
payable at the Hanover National Bank, New York City. A certified check Union Trust Co., Indianapolis
$5,015
payable to the order if the City for 2% of the bonds offered is required. City Securities Corp
4,668
Dillon & Vandevrater of New York City.
Legality approved by Clay,
BLYTHEVILLE SCHOOL DISTRICT, Mississippi County, Ark.
-CERTIFICATE SALE.
-The Aus- BOND SALE.
AUSTIN, Mower County, Minn.
-An issue of $106,500 5;4% school bonds has recently been
tin National Bank of Austin purchased on Oct. 7 an issue of $13,923.78 sold to M.W.Elkins & Co.of Little Rock for a price of par.
certificates of indebtedness, paying a premium of $25, equal
4,1.1% paving
BOONVILLE, Oneida County, N. Y.
-BOND SALE.
-The $50,000
to 100.17. a basis of about 4.20%. Dated Nov. 15 and due on Nov. 15
coupon or registered water-works bonds offered on Oct. 17 (V. 125, p. )
from to Inclusive.
were awarded to Clark Williams & Co. of New York City,
-BONDS DEFEATED.
- premium of $190, equal to 100.38-a basis of about 4.20%. as 434s, at a
AUSTIN COUNTY (P. 0. Bellville), Tex.
Date Nov. 1
The voters defeated the proposed issuance of $470,000 in bonds on Oct. 15 . Due $2,500 Nov. 1 to , inclusive.
by a vote of 293 for as compared with 272 against; the two-thirds needed
Other bidders were:
majority was lacking. The issue was for the purpose of concreting highway
BidderInt. Rate. Rate Bid.
No. 36.
Pulleyn & Co
4.30
100.02
4.35
100.05
AUSTIN INDEPENDENT SCHOOL DISTRICT, Travis County, 1st Trust & Deposit Co
4.40
100.62
-The State Board of Education has recently pur- Manufacterers & Traders Peoples Trust Co
Tex.
-BOND SALE.
George B. Gibbons & Co
4.40
100.47
chased an issue of $130,900 school bonds at par.
Farson, Son & Co
4.60
100.29
-BOND OFFERING.
BALDWYN, Lee County, Miss.
-Sealed bids National Exchange Bank
4.50
100.10
will be received until 10 a. m. on Nov. 1 by Forest Prather, Town Clerk,
BRADLEY BEACH,Monmouth County, N. J.
-BOND OFFERING.
for a $40,000 issue of not exceeding 5%% coupon school bonds.
Frederic P. Reichey, Borough Clerk, will receive sealed bids until 8 p. m.
BARNESVILLE,Belmont County, Ohio.
-BOND OFFERING.
-J.H. Nov. 1 for the purchase of an issue of 5% coupon or registered Ocean Park
Price, Village Clerk, will receive sealed bids until 12 m. erovember 12 for Ave. improvement bonds not to exceed $94,000, no more bonds to be
the purchase of an issue of $7.785 6% special assessment, Central Main St. awarded than will produce a premium of 31,000 over $94,000. Dated
coupon bonds. Date March 1 . Denom. $875. Due $875, Sept. 1 Nov. 1 . Denom. $1.000. Due Nov. 1 as follows: $4,000, to
to , incl. A certified check, payable to the order of the Village . incl., and $6,000, to , incl.
Principal ad int.(M. & N.)
Treasurer. for 5% of the bonds offered, is required.
payable in gold at the office of the Borough Collector. A certified check,
BASTROP COUNTY (P. 0. Bastrop), Tex.
-BONDS VOTED.
-At a payable to the order of the Borough,for 2% of the bonds bid for is required.
recent election the voters authorized the issuance of $60,000 Road that.
BRADY, McCulloch County, Tex.
-BOND DESCRIPTION.
-The
No. 8 bonds.
three issues of bonds aggregating $180,000 which were sold recently
--are further described as follows: Purchased prior to
BAY COUNTY (P. 0. Panama City), Fla.-BONDS OFFERED FOR V. 125, p.
INVESTMENT.
-A $735.000 issue of 6% road and bridge bonds is being an election to be held on Oct. 22 by the J. E. Jarratt Co. of San Antonio
at par. Dividend as follows: $75,000 554% paving warrant refunding
offered to the public by Stranahan, Harris & Oatis, Redmond & Co. and
4% on all ma- bonds: $75,000 5t4% street !mot. bonds, and $30,000 534% fire station
B. J. Van Ingen & Co., all of New York, priced to yield 5,
turities. Dated Aug. 1 and Jan. 1 . Deno-n. $1.000. Due on and city hall bonds. Due serially in from 1 to 40 years.
Aug. 1 as follows: $21,000. to : 916,000, : $8.000. to
BRA7ORIA COUNTY ROAD DISTRICT NO. 26 (P. 0. Angleton),
; $42,000. to :812.000, and : $49,000. to ; Tex.
-BOND SALE.
-The $150.000 issue of 534% road bonds offered for
$24,000 in and $200.000 in . Prin. and int. (F. & A. 1 and sale on Sept. 12-V. 125, p.
-was awarded to H. D. Crosby & Co. of
J. & J. 1) payable at the Chase National Bank, N. Y. City. Exempt fro-n San Antonio. Dated Sept. 1 . Due $8,000 from to , incl.,
all Federal income taxes. Payable from unlimited property taxes. These and $7,000 from to , incl. Denom. $1,000. Prin, and int.
bonds are under Florida law validated by Bay County Circuit Court decree payable at the Hanover National Bank in New York City.
and are therefore incontestable.
BFtAZORIA COUNTY ROAD DISTRICT NO. 25 (P. 0. Angleton)
BEECH CREEK TOWNSHIP, Greene County, Ind.
-BOND OFFER- Tex.-BOND SALE.-The $150,000 issue of 534% road district No. .
ING.-Jamee W.Fuller, Trustee, will receive sealed bids until 2 p. m. Nov. bonds offered for sale on Sept. 12(V. 125. p. ) was awarded to the IL 25
F.
15 for the purchase of an issue of810.500 5% hieh school construction bonds. Pittmar Co and the IT. D. Crosby Co., both of San Antonio. and M. W.
Denom.$500. Due as follows: $500, July . and . Jan. and July 1 Elldns & Co. of Little Rock,jointly. Denom.$1,000. Dated Oct. .
to incl. Int. payable Jan. and July 1.
Due 85.000 from to incl. Prin. and int. payable at Hanover
-At National Bank in New York.
BEAVER CITY, Furnas County, Neb.-BONDS DEFEATED.
-the voters defeated the
an election held on Oct. 11-V. 125, p.
BRENTWOOD-DEER VALLEY SCHOOL DISTRICT, Contra Costa
proposition of issuing 965.000 434% refunding school bonds by a large County, Calif.
-BOND SALE.
-Dean Witter & Co. of San Francisco
majority.
purchase a $10,000 issue of 5% coupon school alteration bonds on Oct. 3,
,
BEAVERDAM WATER AND SEWER DISTRICT, Buncombe paying for them a Premium of $13£,equal to101.39, a basis of about 4.72%.
-BOND SALE.-The .000 issue of not to exceed Demom p1.000. Date Oct. . Due 31,000 Oct. 1 to .ind,
County, N. C.
514% coupon water and sewer bonds offered on Oct. 14-V. 125, p.
- Not optional before final maturity. Int, payable on A.& 0.
was awarded to Eldredge & Co. of New York as 5% bonds for a premium
BRIGHTON TOWNSHIP FRACTIONAL SCHOOL DISTRICT
of $2,300. equal to 100.46. a basis of about 4.96%. Denom.$. Date NO.5(P.O. Brighton), Livingston County, Mich.-BOND OFFERING.
Sept. 1 . Due on Sept. 1 as follows: 810,000. to ; 915.000. -Andrew R. Sada. Secretary Board of Education, will receive sealed olds
to : $20,000, to : 830.000. to , and $50 000 until 2 p. m.(Eastern standard time) Oct. 26 for toe purchase of an issue of
in , all inclusive. Prin. and int. roayable at the Hanover National Bank ,000 school bonds not to exceed 434%. Dated Nov. 1 . Duo
New York City. There were 24 bidders for the issue, the second highest Mar 1 as follows: 53.000. to incl.; 95,000. 19: to .948 incl.&#;,
19
bid submitted was by Braun,Bosworth & Co.of Toledo,offering a premium $6,000. to incl.; $7,006, and . and 88.000. and
of82,290, equal to 100.44.
. A certified check payable to the order of the District Treasurer for
-On Nov. $2,000 is required.
BEE COUNTY (P. 0. Beeville), Tex.
-BOND ELECTION.
19 there will be a special election to decide "pro" or "con" on the question
BRISTOL, Sullivan County, Tenn.
-BOND SALE.
---The 26,009
of a $550.00 bond Issue for the purpose of completing the good road system Issue of 5% coupon bridge bonds offereu for sale on Oct. 18-V. 125, P.
In the county.
-was awarded to the Bank of Bristol for a premium of $151, equal to
Denom, $500. Dated Nov. 1 .
102.516, a basis
BENNINGTON SCHOOL DISTRICT NO.17(P.O. Attica) Wyoming Due $500 from of about 4.54%. Prin. and
to incl.
in (M. & N.) payable at
-BOND SALE.
-The Manufacturers & Traders Peoples
County, N. Y.
of Bristol or at
awarded on Oct. 7. for the purchase of an iSFIlle the First National Bank a complete list the National City Bank in N. Y.
Trust Co. of Buffalo, were
The following is
of the other bidders: The First
of $5,000 5% school lannds, at 101.19, a basis of about 4.915%. Dated City.
National Bank, Bristol, Tenn.; Provident Savings Bank & Trust Co.,
Oct. . Denom.$250. Due $250 Oct. 1 to .incl.
Cincinnati; Caldwell & Co., Nashville, Tenn., and Little, Wooten & Co.,
-The Jackson, Tenn.
-BOND SALE.
BENTON COUNTY (P. 0. Fowler), Ind.
Fletcher Savings & Trust Co. of Indianapolis was awarded on Sept. 22
BROWNSTOWN SCHOOL DISTRICT(P.O.Johnstown), Cambria
two issues of 434 w coupon road construction bonds, aggregating $19,400: County, Pa.
o
-William Schiffhauer, Treasurer Board
at a premium of $344.70. equal to 101.79, a basis of about 4.20%. Dated of Directors,-BOND OFFERING. until 7 p. m.
will receive sealed bids
Sept. 7 . Denom. $1.320 and $624. Due serially from May 15 of an issue of 36,% school bonds. Date Nov. Oct. 24, for the purchase
. Denom $1,000.
Nov. 15 . Interest Payable M. & N. 15.
to
Due $1,000, Nov. 1 to , incl. A certified check payable to the
-BOND order of the School District for $200 is required.
BENTON SCHOOL DISTRICT, Columbia County, Pa.
SALE.
-The $27.000 43.4% coupon school bonds offered on Oes. 17BURLINGTON COUNTY (P.O. Mount Holly), N. J.
-were awarded to M. M. Freeman & Co. of Philadelphia,
-BOND SALE.
V. 125, p.
-The following issues of 5% coupon or registered bonds offered on Oct. 14
at a premium of $1.058.24, equal to 103.91, a basis of about 4.15%. Dated -V. 125, p.
-were awarded to Dewey, Bacon & Co. of New York
Oct. 1 . Due Oct. 1 as follows: $5,000 in each of the years. , City as below:
. and , and $7,000, .
$266,000 general building improvement bonds ($276,000 bonds offered)
BENTON TOWNSHIP SCHOOL DISTRICT (P. 0. Stillwater
paying .452, ecival to 103.92, a basis of about 4.17%. Due
-BOND SALE.
-The $23,000
.No. 1), Columbia County, Pa.
Oct. 1 as follows: 32S,000, to . incl., and 314.000, .
R. F. D.
-were
130.000 road and bridge bonds ,000 offered) paying $125.068, equal
4;4% coupon school bonds offerd on Oct. 17-V. 125. p.
awarded to M. M. Freeman & Co. of Philadelphia at 104.26, a basis of
to 103.89, a basis of about 4.19%. Due Oct. I, as follows:
$14,000, to , incl., and 34,000, .
about 4.13%. Dated Oct. . Due Oct. 1 as follows: $4,000 in each
Date Oct. .
of the years . , . , and $7,000, .
-BONDS NOT SOLD.
-The
BETHEL, Clermont County, Ohio.
BURNHAM, Mifflin County, Pa.
-BOND OFFERING.-'John L. Pan$336,000 5% municipal electric light, heat and power system mortgage bonds del, BoroughSecretary, will receive sealed bids until 7:30 p. m. Nov. 7.
offered on Oct. 14-V. 125. p. -were not sold owing to a technicality. for the purchase of an issue of $10.000 434% street improvement bonds.
Dated Oct. . Due Oct. 1 : optional Oct. 1 .
The bonds will be reoffered on Nov. 4.
-W.J. Swope, Village Clerk, will receive Sealed bids
BOND OFFERING.
BUTLER COUNTY (P.O. Allison), Iowa.
-BOND SALE.
-The $35,
until 12 m.(Eastern standard time) Nov. 4 for the purchase of an issue of 000 issue of road bonds offered for sale on Oct.
$336.000 5% municipal electric light.heat and power system mortgage bonds. awarded to Geo. M. Bechtel & Co. of Davenport19 (V. 125. P. ) was
Date Sept. . Denom. $250. Due $2.250 March and Sept. 1 to mium of $125,()mud to 100.357. a bails of about as 434% bonds for a pre, inclusive. Principal and interest (M. & 8.) Payable at the First May 1 to incl. The second highest 4.20%. Duo $5,000 from
bid was submitted by the
National Bank, Bethel. A certified check, payable to the order of the Vil- White-Phillips Co. of Davenport.
lage Treasurer, for 5% of the bonds offered is required.
CALIFORNIA, State of (P. 0. Sacramento).
-The two issues
-BOND SALE.
BLOOMFIELD, Essex County, N. J.
-BOND OFFERING.
bids will be received until 2 p. m. on
of 414% coupon or registered bonds offered on Oct. 17 (V. 125, p. ) Sealed G. Johnson for an issue of $2,500,000 Nov. 3 by State Treasurer
Chas,
4% veterans' welfare bonds.
were awarded as follows:
be resorted
$323.000 temporary improvement bonds ($325,000 offered) to the Bloom- Public auction may were voted to for this sale. This is a part of the
in November . Dennm. $1,000.
Trust Co., Paying ,907. equal to 100.90-a basis of 320,000.000 which
Dated Nov. 1 . Due on Feb. 1 as follows: , , $116,000
4.16%. Due Nov. .
Seasongood & in . .000 in ..000 in , ,000 in . .000 in
193.000 Passaic Valley sewer bonds ($195,000 offered) to
Mayer of Cincinnati, paying $195,162.50, equal to 101.12-a basis , $121,000 in , $132,000 in , $133,000 in $134,000 in
'
of about 4.05%. Due Nov. 1 as follows: $5,000, to , , $160,000 in and , ,000 in , $180,000 in ,
inclusive; 36.000, to , inclusive; $7,000, to , $190,000 in . $210,000 in and $215,000 in . Prin. and int.
(F. & A.) payable at the State Treasurer's office or at the California Meal,
inclusive, and $5,000, .
agency in New York in gold coin.
Dated Nov. / .
OCT. .]
THE CHRONICLE
The above bonds are registerable as to principal and interest Jointly and
are not exchangeable for coupon bonds. California fiscal agency is Bowery
& East River National Bank in New York. No legal opinion will be
furnished. The following is a statement of the bonded debt and finances
of the State:
Total authorized
$140,105.000
Total sold
113.208.000
Total unsold
26.897.01
0
Total redeemed
10.194.500
Total outstanding
101,
Assessed valuation.
7.647,025,607
Estimated population, 5,112.000.
CALIFORNIA, State of (P. 0. Sacramento).
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on Dec. 8 by State Treasurer
Charles G. Johnson for an issue of $1,000,000 4% State buildings and
State University buildings.
CARTERET, Middlesex County, N. J.-BOND SALR.-The issue of
0
.44% coupon or re,istered public improvement bonds offered on Oct. 17
(V. 125. p. ) were awarded to Graham. Parsens & Co. and Dewey,
Bacon & Co. both of New York city, jointly, taking $285,000 bonds
138 ,01Neeozilly i errig
off a
7
7
b
.
i
'
en4 4
4 41:
6
19,000. to incl.. and 57.000. .
CEDAR CITY,Iron County, Utah.
-BONDS VOTED.
-At the election
held on Oct. 8, the voters authorized the issuance of $75,000 44% water
system bonds.
CELINA, Collin County, Tex.
-WARRANT SALE.
-The $10,000
issue of 6% coupon water works improvement warrants offered for sale on
Oct. 11-V. 125 p.
-was awarded to the Buchanan Investment &
Loan Co. of Dodos at a price of 96.50, a basis of about 7.30%. Purchaser
to pay all incidental expenses of sale. Due 82,000 from to Incl.
The following gives the names of the two other bidders for the issue:
Roger H. Evans Co *many. Dallas, Texas.
M. H. Thomas Trust Co., Dallas, Texas.
CENTER HILL, Sumter County, Fla.
-BOND DESCRIPTION.
The $120,000 issue of miscellaneous purpose ..Ionds sold recently (V. 125,
p. ) to the J. B. McCrary Co. of Atlanta,is further described as follows:
69' coupon, paving, city hall, park and water works extension bonds
Price paid was 95. Date Oct. 1 . Dudseriolly from to .
Interest payable on April and Oct. 1. Bonds are non-optional.
CENTER TOWNSHIP, Greene County, Ind..-I30Nf) OFFERING.
Harry C. Martindale, Trustee, will receive sealed bids until 2 p. so. Nov. 15
for the purchase of an issue of $8,500 5% hiolt school construction bonds.
Denom.$425. Due as follows: $425. July 1 , and $425. Jan. and July 1
to incl.
CHAUTAUQUA UNION FREE SCHOOL DISTRICT NO. 3, Chats..
tauqua County, N. Y.
-BOND SALE.
-The $11,000 5% school bonds
offered on Oct. 17-V. 125, p.
-wore awarded to Toy. Gilson & Taylor
of Jamestown at 106.37, a basis of about 4.55%. Dated Nov. 1 .
Due 81,000 Nov. 1 to . incl. The following is a list of other
bids submitted:
BidderRate Bid./ BidderRate Bid.
Pulleyn & Co., New York_ _ _106.33 Parson Son & Co., New York 105.25
Geo. B.Gibbons & Co., N. Y_106.. F. De Voe & Co
103.59
CHEROKEE COUNTY (P. 0. Canton), Ga.-BOND OFFERING.
Sealed proposals will oe received until 1 p. m. on Nov. 1 by E. A. McCanless, Chair "an of tne Board of Commissioners.for an issue of$150.%
court house bonds. Denom. $1,000. Dated Oct. 1 and due $5,000
from Oct. 1 to incl. Prin. and int. (A. & 0.) payable in N. Y.
City at the National Park Bank. Printed bonds to be furnished by purchaser. Storey, Thorndike, Palmer & Dodge of Boston
legal approval. A $3,000 certified check must accompany will furnish the
bid.
CHICAGO, Cook County, III.
-BOND SALE..-Tralsey, Stuart & Co.
and the National City Co.. both of N. Y. City, jointly, were awarded the
$3.960.000 4% bonds at 100.08. a basis of about 3.985%. Dated July 1
. Due $220.000 Jan. 1 to Ind. Interest payable J. & J.
CHINO VALLEY IRRIGATION DISTRICT (P. 0. Chino Valley),
Ariz.
-BOND SALE CORRECTION.
-The report of the sale of
6% irrigation bonds to the Frank C. Evans Co. of Denver (V. 125, $85.000
P. )
was erroneous, no purchase being made of these bonds by said company.
CLAY COUNTY (P. 0. Brazil), Ind.
-BOND OFFERING.
-Cullen C.
Cochran, County Treasurer, will receive sealed bids until 11 a. m.
Nov. 1
for the purchase of the following issues of 44% road bonds, aggregating
to7-43aslig
83.0.:
113 800 Sugar Twp. bonds. Denom. $115. Due May and Nov.
:
15.
to . incl.
4.800 Lewis Township bonds. Denom. $120. Due $120 May and
Nov. 15, to , incl.
Dated Oct. 4 .
CLEVES NORTH BEND SCHOOL DISTRICT, Hamilton County,
-BOND ELECTION -At the general election to be held on rov.8.
Ohio.
the electors will be requested to vote on tne proposition of issuing .000
school building bonds. The bonds, it is stated, will be dated Sept. 1 .927
and mature $5,0J Sept. 1 in each of the years from to inc..
CLIFTON, Bosque County, Tex.
-BONDS VOTED.
-At the election
held on Oct. 11 the voters authorized the issuance of $59,000 sewer bonds
by a count of 199 "for" to 64 "against."
COLUMBIA, Richland County, S. Caro.
-MATURITY.
-The
.000 issue of44% coupon paying bonds sold on Oct.4(V. 125. p.)
to Braun. Bosworth & Co. of Toledo and the Detroit Trust Co. of Detroit,
jointly, for a price of 101.437, matures as follows: $3,000 Oct. 1 to
. $5,000 to and $7,000 to , all incl. Basis about
4.34%. Date Oct. . Denom. $1,000. Interest payable A.& 0.
COLUMBIA, Boone County, Mo.-BOND ELECTION POSTPONED.
-The proposed election to be held on Oct. 18 in order to vote on an
of $375,000 city hall bonds was "called off" by the Council, as itissue
was
apparent that the proposal would not carry. It will
submitted for a vote at a later date under a different plan.p.obably be reCOLUMBUS CITY SCHOOL DISTRICT Franklin County, Ohio.
-NOTE OFFERING.
-Sealed bids will be received by W. V. Drake, ClerkTreasurer Board of Education, until 12 m. October 31. for the purchase of
$400.000 promissory notes. dated Nov. 1 in $5,010 denomination
and maturing Dec. 15 . Principal and interest payable at the office
of the above-mentioned official. Bids to state rate of interest
A
certified check payable to the order of the above-mentioned desired. for
1% of the notes bid for is required. The opinion of Sonire, official &
Sanders
Dempsey of Cleveland, as to the legality of the issue will be furnished the
successful bidder.
Financial Statistics of the City School District, Columbus Ohio Oct. 10 .
.
Bonds Outstanding
Serial bonds
$3,361.000.00
Term bonds
7,018 500.00 510,379,500.00
Par value Board of Education sinking fund investments__ 3,10
9.000.00
Cash balance
472,766.00
Total sinking fund assets
$3,581,766.00
Notes outstanding. .000 (issued under Section -1)
to be redeemed from proceeds of bond issue to be dated
. authorized Feb. 7
Doc.
$720.000.00
Tax valuation Columbus School District,
594,288.500.00
Tax valuation Columbus District, , estimated
609.000 000.00
Tax Levies.
.
Operating purposes
6 8Th Mills 7.19 Mills
Bond. Interest and sinking fund purposes
1 905 Mills 1.17 Mills
Total tax levies
8 74 Mills 8.36 Mills
Estimated population, , 322.000.
COOK COUNTY (P. 0. Chicago), 111.
-BOND OFFERING.
-Sealed
bids will be received by the Clerk Board of County Commissioners until
Oct. 27 for the purchase of $2,700.000 4% highway'bonds. These are the
bonds originally scheduled to have been sold on Oct. 18 (V. 125. P. )
the sale of which was postponed and the amount subsequently reduced.
COVINGTON, Kenton County, Ky.-BOND SALE.
-A $372.000
Issue of water works refunding bonds was awarded ton Oc. 13 to the W IT,
Silverman Co. and the Davies-Bertram Co., both of Cincinnati. jointly, as
4% bonds for a premium of 83,150, equal to 100.84, a basis of about
4.45%. Due on Jan. 1 as follows: $5,000. to : 33.000. to
:811,000. to : $13,000, to , all incl.. and $15,000 in
.
CRAWFORD, Dawes County, Neb.-BOND SALE.-A_.ssue
of 5% refunding bonds has recently been purchased by the United States
Trust Co. of Omaha.
CROSBY INDEPENDENT SCHOOL DISTRICT, Harris County,
-BOND SALE.
Tex.
-A $15,000 issue of 5% school bonds has recently
been purchased by the State Board of Education at par. (This corrects
report of sale given in V. 125. p. .)
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND SALE.
The two issues of special assessment bonds. aggregating 51.652,000, offered
on Oct. 11 (V. 125, p. ) were awarded to a syndicate composed of the
Herrick Co. of Cleveland, Eldridge & Co.of New York City,and Stranahan,
Harris & Oatis, Inc.. of Toledo, at a premium of $4,403. equal to 100.26a basis of about 4.02%, as follows:
$895,000 county sewer district water supply improvement bonds as 44s.
Due Oct. 1 as follows: $89,000 in each of the years , .
, and . and 590,000 in each of the years , .
. and .
757,000 county sewer district sewerage improvement bonds as 4s. Due
Oct. 1 as follows: $50,000 in each of the years . , ,
, . . and . and $51,000 in each of the years
. , , , , and .
Dated Oct. 1 .
CUYAHOGA FALLS, Summit County, Ohio.
-BOND SALE.
-The
issue of $84,638.76 59' improvement bonds offered on Oct. 18-V. 125,
-were awarded to W. L. Slayton & Co. of Toledo, at a premium
p.
of $1,903, equal to 102.26, a basis of about 4.56%. The issue is dated
Oct. 1 and consists of eight Issues of various denominations and
maturing April and Oct. 1 to . incl. The following is a list of
other bidders:
BidderPremium.
Stranahan. Harris & Oath.. Inc
$1,532.70
Seasongood & Mayer
1.840.00
State Teachers Retirement System
1.900.00
Otis & Co
1.812.00
Herrick & Co
1.806.00
A. E. Aub & Co
1,828.24
DADE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 3 (P. 0.
Miami), Fla.
-BOND SALE.
-An issue of ,000 6% school bonds has
recently been purchased by Spitzer, Rorick & Co.,of Toledo, thus disposing
of the entire authorized block of $1,337.000, the other $500.000 issue having
been sold to Braun, Bosworth & Co. of Toledo, and Otis & Co.of Cleveland,
jointly, on Jan. 11 (V. 124, p. 402) at a price of 102.38.
DALHART INDEPENDENT SCHOOL DISTRICT (P. 0. Dalhart),
-BOND SALE.
Tex.
-An iss of ,500 5% school bonds has recently
been purchased by the United States Bond Co. of Denver. Bonds are due
serially from to , incl.
DALLAS, Dallas County, Tex.
-LIST OF BIDDERS.
-The following
is a detailed statement of the bidders and the bids submitted for the $350,000
issue of 4'4% coupon school improvement bonds which was sold on Oct. 5
V. 125. P. and ) to Stifel, Nicolaus & Co., of St. Louis, and the
Dallas Trust & Savings Bank of Dallas:
NameAmount Bid. Price.
Has ris Trust & Sayings Bank, Illinois Merchants
Trust Co., Chicago; Garrett & Co., Dallas
n351.963.75 100.
Wm. R. Compton o., St. Louts
*.50 100.
.
Kaufman, Smith & Co., St. Louis: Detroit Trust
Co., Detroit
*352.511.00 100.
C. Edgar Honnold, Oklahoma City
*350,987.09 100.
A. M. Lamport & Co., New York: J. G. M
& Co., Dallas
*.00 100.
.
Otis & Co., Cleveland; B. F. Dittmar & Co.,
San Antonio
*353,185.00 100.
John B.Oldham, Dallas
*350.984.55 100.
Taylor, Ewart & Co., Chicago
*352,410.00 100.
Thomas Investment Co., Dallas
*.00 100.
xStifel, Nicolaus & Co., Inc., St. Louis; Dallas
Trust & Savings Bank, Dallas
*353,713.00 101.
Lehman Bros., New York: Mercantile Trust &
Savings Bank, Dallas
*351.086.00 100.
Eldredge & Co., New York: George L. Simpson
& Co., Dallas
100.
Dallas National Bank, Dallas
*350,100.00
* 100.
Roger H. Evans Co., Dallas
351,001.00 100.
J. E. Jarratt & Co., Dallas
*350,626.50 100.
R. M. Grant & Co., Chicago
*350.987.00 100.
Seasongood & Mayer, Cincinnati; Stephens & Co..
D. aliss ace
*351,543.00 100.
Plus
ued interest. x Successful bidder.
DANVILLE, Pittsylvarda County, Va.-BOND OFFERING.-Sealed
bids will be received until 2.30 p. m. Oct. 31 by Charlton B. Strange, City
Clerk and Auditor, for two issues of 44% bonds aggregating $150,000.
as follows:
$100.000 school bonds. Due 54.000 from to , incl.
50,000 gas works improvement bonds. Due 52.000 nom July 1 to
, incl.
Denom. $1.000. Date July I . Principal and interest (J. & J.)
payable at the office of the City Treasurer. Reed, Dougherty .Hoyt &
Washburn of New York City will furnish legal approval. A certified check
for 2% par of bonds must accompany bid.
DAYTONA BEACH, Volusia County, Fla.
-BOND OFFERING.
Walter A. Richards. City Manager, will receive sealed bids until 2 p. m.on
Nov. 3 for an issue of $163.000 6% improvement bonds. Denom. $1.000.
Dated Nov. . Due as follows: 816,000, to ' 517.000.
to . all inclusive. Principal and semi-annual interest payable at the
National Bank of Commerce in New York City or at the Merchants Bank &
Trust Co. of Daytona Beach. Caldwell le Raymond, of New York City.
will furnish legal approval. A certified check for 2% of par of the bid, is
required.
DEPEW, Erie County, N. Y.
-BOND SALE.
-The $10.000 coupon or
registered sidewalk bonds offered on Oct. 17(V. 125, p. ) were awarded
to the Manufacturers & Traders Peoples Trust Co. of Buffalo, as 4 4s, at
100.21-a basis of about 4.44%. Date Sept. 1 . Due 81.000 Sept. 1
to , inclusive.
Other bids were as follows:
Bidder
Rate
Parson, Son & Co
100.22
4.70%
R. F. DO Von & CO
:00 18
I Bd
In4L.57:54
George B. Gibbous & Co
100.04
4.708
DESCHUTES COUNTY UNION HIGH SCHOOL DISTRICT NO.
(P. 0. Bend), Ore.
-NOTE SALE.
-A $45.000 issue of school notes was
awarded to the Central Oregon Bank of Bend for a premium of $191.80,
equal to 100.42.
DEWEY COUNTY (P. 0. Timber Lake), S. Dak.-BOND SALE.
A $220,000 issue of 5% county bonds has recently been sold to the S. H.
Collins Co. Bonds mature from to , incl.
DOLORES COUNTY (P. 0. Castle Rock), Colo.
-BOND SALE.
An $85,000 issue of 44% court house refunding bonds has recently been
sold to the United States Bond Co. of Denver. Bonds are due serially
from to , incl.
DOVER, Kent County, Del.
-BOND SALE.
-The Delaware Trust Co.
of Wilmington was awarded on July I an issue of .000 4% coupon
street and sewer bonds equal to 102.008-a basis of about 3.865%. Date
July 1 . Denom. $1,000. Due In . Interest payable January
and July 1. The above supersedes the report given in V. 15. p. .
DUNSMUIR JOINT UN'ON HIGH SCHOOL DISTRICT,SIsklyou
County, Calif.
-BOND SALE.
-Dean Witter & Co. of San Francisco
were awarded on Oct. 6 a $35.000 issue of 6% school bonds for a premium
of $4,730, equal to 113.51, a basis of about 4.86%. Due serially $1.000
from to , inclusive. Other bidders were:
Wells Fargo Bank & Union Trust Co
$4,453
United States National Bank, Los Angeles
William R. Stoats Co
3,535
Peirce, Fair & Co
2.550
Neale, Kelly & Supple, Inc. (for 4'4s)
711
These bonds will be offered shortly on a 4.50% basis.
THE CHRONICLE
EAST BAY MUNICIPAL UTILITY DISTRICT (P. 0. Oakland),
-BOND SALE.
Calif.
-The $3,000,000 issue of 5% water bonds offered for
sale on Oct. 14 (V. 125. p. ) was awarded to the syndicate headed by
the Bank of Italy of San Francisco for a premium of $274,573.82, equal to
109.152, a basis of about 4.42%. Dated Jan. 1 . Due $75,000 from
to incl. The other bidders were very close for such a large issue.
Bond & Goodwin & Tucker, Inc., came second at 109.: the National
City Co. third at 109.023, and R. II. Moulton & Co. fourth at 108.737.
-Ernest
FALL RIVER, Bristol County, Mass.
-BOND OFFERING.
K. Hargraves, City Treasurer, will receive sealed bids until 10:30 a. m.
Oct. 26 for the purchase of $250,000 4% coupon school bonds. Dated
Oct. 1 . Denom. 91,000. Due Oct. 1 as follows: $15,000, to
incl., and $10,000. to incl. Prin. and int.(A.& O.) payable
at the First National Bank, Boston. Legality to be approved by Ropes,
Gray, Boyden & Perkins of Boston.
Financial Statement Oct. 1 .
$213,158,400.00
Net valuation for year
4,924,167.50
Debt limit 23% average valuation three preceding years
12,071,300.00
Total gross debt, including this issue
$1,246,000.00
Exempted debt: Water bonds
5,773,300.00
Other bonds
596,040.75
Sinking funds debt inside limit
7,615.340.75
[vol.. 125.
Nov.2 for the purchase of an issue of *19, Si g coupon road and bridge.
o
bands. Dated Oct. 15 . Denom. $980. Due $980 M. & N. 15.
to incl.
GILBERT HIGH SCHOOL DISTRICT (P. 0. Phoenix), Maricopa
County, Ariz.
--BOND OFFERING.
--Sealed bids will be received by
John B. White, Clerk of the Board of Supervisors, until 2 p. m. on Nov. 14
for a $45.000 issue of school bonds. Interest rate not to exceed 6%&#;
Deno-n.$1,000. Dated Nov. 1 and due on Nov. . Blank bonds
and legal expenses to be furnished by purchaser. Principal and interest
(M. & N.) payable at office of County Treasurer or in New York at the
Bankers Trust Co. A certified check for 5% of the bid is required.
GILES COUNTY (P. 0. Pulaski), Tenn.
-BOND OFFERING.
A $300,000 issue of 5% road bonds will be sold at public auction at 1 IL Tn.
on Nov. 17 by County Judge Campbe:1 Hannah to highest bid, including'
furni hing of legal opinion, bonds and attached coupons. Dated Dec. 1
and due on Dec. 1 .
GLEN SCHOOL DISTRICT (P. 0. Durham), N. C.
-BOND OFFERING.-Sealed bids will be received until 2:30 p. m. on Nov. 8 by M.
Markham, Register of Deeds,for a 820.000 issue of school bonds. Denom.
S1.000. Dated Nov. 1 and due $1 000 from Nov. 1 to ,
inclusive. Bidders to name the rate of interest. Principal and interest
(M.& N.) payable in New York in gold. J. L. Morehead, of Durham,and'
Caldwell & Raymond. of New York, will furnish legal approval. Special
forms to be used for bids. A certified check for 2% is required.
-BOND OFFERING.
-Sealed'
GOLDSBORO, Wayne County, N. C.
bids will be received until Nov. 7 by City Clerk J. G. Spence for a $75,000
;sue of not exceeding6% coupon or registered public imist. bonds. Denom.
$1,000. Dated Oct. 1 and due on Oct. 1 as follows: $2,000, '
to incl., and 83,000, to incl. Int. rate to be stated in
of 107. and rate to be same for all bonds. Prin. and int.
multiples of
(A. & 0.) payable in gold in New York. Reed, Dougherty. Hoyt &
Washburn of N. Y. City will furnish legal approval. A certified check,
payable to the city, for 2% of the bid,is required.
Financial Statement.
Gross bonded debt,including presentissue
$1,745,50
above. $364.520; sinking funds for
0"
Water bonds, included
bonds other than water, $167,344.30; special assessments
640,490.81
uncollected, $108,626.51.-
$4,455,959.25
Net debt
$468,208.25
Borrowing capacity. Oct. 1
563,100.73
Sinking funds debt outside llmit
FOOTHILL IRRIGATION DISTRICT(P.O. Orange Cove), Calif.
BOND OFFERING.- Sealed bids will be received until 10 a. m. on Nov. 1
by L. J. Williams, Secretary of the Board of Directors, for an issue of
,
91.589,000 6 7' irrigation bonds. Dated Sept. 1 . Due on July 1 as
follows: 945.400 in and . $68.100 and : $90.800. to
; ,500. to , and $16.200, to . Principal and
Interest (J. & J.) payable at office of County Treasurer or at bank designated by district. O'Melveny, Milliken & Tuller, of Los Angeles, will
furnish legal approval. A certified check for 2% of the bid is a requirement.
-BOND DE
FORDEON (P. 0. Detroit), Wayne County, Mich.
SCRIPTION.-The different issues of 43CI % bonds, aggregating $1,205,000,
awarded to a syndicate beaded by the Detroit Trust Co. of Detroit at
100.03 (V. 125, p. ). a basis of about 4.246%. are described as follows:
$1.105.009.19
Net debt
Date Oct. 1 . Coupon bendy; registerabie as to principal in $1,000
Assessed valuation for real and personal property for . $17.560.703:
denomination. Due Oct. I . Interest payable April and Oct. 1.
bonds for the purchase of an addition to the municipal site for , approximate, 818.000.000. Trust value of real and personal pronerY
.000
(estimated, $30,000,000 to $35,000,000. Present city tax rate $1.25 on
the erection of city buildings.
each one hundred dollars assessed valuation of property. Population,
215,000 bonds for police and fire signal systems.
, 11,296; , 14,222; , 15,000.
separation.
245.000 bonds for the censtructirn of grade
250.000 bonds for the erection of police and justice court building.
--BOND ELECTION.GOLIAD COUNTY (P. 0. Goliad), Tex.
fon Nov. 19 there will be an election for the electors to decide upon the
-The two issuance of $400,000 in road bonds.
-BOND SALE.
FORT PIERCE, St. Lucie County, Fla.
issues of 8% couren bonds aggregating $494.600. unsuccessfully offered for
-BOND OFFERING.
GOUVERNEUR, St. Lawrence County, N. Y.
sale on Oct. 3-V. 125. p. -have been sold to Wright, Warlow & Co.
of Orlando and Stranahan, Harris & Oatis of Toledo, jointly, at a price -Albert M. Jepson. Village Clerk, will receive sealed bids until 7:30 p.
of 95. a basis of about 6.60%. The issues are described as follows:
Oct. 25. for the purchase of an issue of $32.000 "tunicipal power bonds, not
$294,600 local improvement bonds. Denotes. $1.000, one ro- $500 and one to exceed 5%. Date Oct. 1 . Denorn. $1,000. Due $2.000 Oct. 1
37.
for $100. Date Oct. 15 and due from Oct. 15 to 10
to . incl. Legality approved by Clay, Dillon & Vandewater of
200.090 revolving fund bonds. Date Sept. 1 and due on Sept. 1 New York City.
. Denom. $1.000.
GRAND RAPIDS, Kent County, Mich.-BOND OFFERING.
Prin. Pad Int. payable at the U. S. Mortgage & Trust Co. In N. Y. City.
J. C. Shinkman, City Clerk, will receive sealed bids until 3 p. m. (central
-BONDS VOTED.
-At a recent, standard time) Oct. 31. for the purchase of the following Issues of 4%
FORT WORTH,Tarrant County,Tex.
election the voters authorized the issuance of $6,500,000 flood control and bonds. aggregating 81,951,000:
water supply bonds.
$676,000 sewage disposal plant bonds. Date April 1 . Due 826.000'
Aug. 1 to . incl.
-BOND SALE.
-The State
FRANKFORT. Benzie County, Mich.
520,000 Plaits A sewer construction bonds. Date Nov. 1 . Due
Savings Bank of Frankfett was recently awarded an issue of $7,200 5%
$104.000 Nov. 1 to , incl.
street imorovement bonds at par. The bonds mature serially from
350.000 Class B. street M.pt. bonds. Date Nov. 1 . Due $35,000
to , inclusive.
Nov. 1 to .
- 180,000 Class A street 1 pt. bonds. Date Nov. 1 . Due $36,000'
FRANKLIN COUNTY (P. 0. Frankfort), Ky.-BOND OFFERING.
Nov. 1 to .
Sealed bids will be received until 10 a. m. on Nov. 17 by James H. Pals,
grove, County Judge, for a $200.000 issue of not exceeding 5% road bonds,
125.000 water extension bonds. Date Nov. . Due Nov. 1 .
100.000 Fulton street bridge bonds. Date Jan. 1 . Due $20.000
-BOND OFFER!NG.FREEHOLD, Mc nmouth County, N. J.
Jan. 1 to . Incl. Denom.$1.000. Prin. and int. payable
Adrien E. Moreau; Chairman of Finance Committee, will receive sealed
at the office of the City Treasurer. A certified check payable to the order
bids until 3 p. m. Nov. 7 for the purchase of the following issues of 416%
coupon or registered bonds not to exceed $180.000, no more bonds to be of the City Treasurer, for 3% of the bonds offered is required.
Financial Statement.
awarded than will produce a premium of $1,000 over each of the issues
S263,425.606.00
Assessed valuation of city
riven below:
$33,000 water extension bonds. Due Dec. 1 as follows: $3,000, to Total value ofsinkine funds, water works,general,cemetery
3,578.737.80
, inclusive, and $2,000. .
trust fends and special assessements
1.012,796.24
56.000 street improvement bonds. Due $4,000 Dec. 1 to . Cash on hand exclusive of sinking fund
city22,178,784.08
Inclusive.
Cash value of assets of
Population, census of , 137,41; present estimated population.
23,000 storm drain bonds. Due $1.000 Dec. 1 to , inclusive.
18,000 storm extension bonds. Due $1,000 Dec. to . inclusit e. 165,000.
Recapitualtion of Bonded Debt, Sept. 30 .
Dated Dec. I . Denom. $1,000. Principal and interest ('. & D.)
$2.652.000.00
payable at the National Freehold Banking Co., Freehold. The United Sewage disposal general taxation
150.000.00
States Mortgage & Trust Co., New York, will supervise the preraration of Cemetery, paid by general taxation
335.000.00'
the bonds and will certify as to the genuineness of the id:matures of the T. B. hospital, paid by general taxation
560.000.00
officials and the seal impressed thereon. A certified check, payanie to the Bridge bonds, paid by general taxation
borough,for 2 of the bonds bid for, Is required. Legality to be approved Park bonds, paid by eeneral taxation
100,000.00
957,000.00
by Caldwell'az Baymond. of New York City.
Flood protection, paid by general taxation
3,798.000.00
FULLERTC N, Orange County, Calif.
-BOND OFFERING.
-Sealed Water works paid by water revenue
5,387,000.00
olds will be received up !n 7;30 p. m. on Nov. 1 by City Clerk F. C. liez- School bands, paid be general taxation
4,672,200.00
malhalch, for two $12,000 issues of not to exceed 5% bridge bonds. The Street improvement bonds, paid by special assessment
897,300.00
Sewer construction bonds, paid by special assessment
Issues are described as follows:
175,000.00
bands*
$12,000 Brea Boulevard Bridge bonds. Due $1,000 from Dec. 1 to West Side Library
, inclusive.
$19,683,500.00
12,000 Richmond Avenue Bridge bonds. Due $1, from Dec. 1 If28
Less general sinking fund cash and securities, $761.983.02;
to . inclosh-c.
water works bends, $3,798,000; street and sewer bonds,
Denom. $1,000. Date Dec. . Principal and semi-annual interest
10,129,483.02'
S5,569.500
payable at the office of the City Treasurer. No bid for less than par
ed. A certified check for 5% of par of the bonds is required; s lid
er
$9,554,016.98
Net bonded debt payable by general taxation
check to be payable to the City Treasurer.
a
*Serial bonds all held in sinking fund.
-BOND SALE.
GALVESTON COUNTY (P. 0. Galvaston), Tex.
-The price
-PRICE PAID.
GRANT COUNTY (P. 0. Marion), Ind.
The $150.000 issue of 5% road and bridge bonds offrred for sale on Oct. 17 Paid for the $9,748 6%, drainage bonds awarded to the Inland Investment
(V. 125, p. ) was awarded to the Mercantile Trust & Savings Bank of Co. of Indlanapolls-V. 125. P.
-was a premium of . equal to
Dallas; for a pre-ium of 93.780. equal to 102.52. Denom. $1,000.
101.30. a basis of about 5.70%. Dated Nov. 10 . Due $974.80
GARFIFLD HEIGHTS VILLAGE SCHOOL DISTRICT, Mahoning Nov. 16 to inclusive.
County Ohio.
-BOND OFFERING -Henri L. ?sock, Clerk Board of
GRANT COUNTY (P. 0. Elbow Lake), Minn.-CORRECTIONEducation. will receive sealed bids until 12 m. Nov. 8 for the purchase DESCRIPTION.--The $7,000 Issue of 5% coupon refunding ditch bonds
of an issue of $550,000 43% hisii school building bonds. Dated Oct. 1 sold on Oct. 4-V. 125, 13. -to the Bank of Elbow Lake for a prem. of
. Denom. $1,000. Due as follows: $11,000, Oct. 1 and $150. equal to 102.142. is described as follows: Date Jan, 1 and due on
$12,000. Oct. 1 to Incl., and 811.000. April 1 and $12,00 Oct. 1 Jan. . Not optional before maturity. Basis about 4.74%. Denom.
to Incl. Prin. and int. (A. & 0.) payable in gold at the office $1,000. Int. payable Jan. & July 1.
of the Clerk-Treasurer of the Board of Education, or at the legal depositary
GRAYSON COUNTY(P.O.Sherman),Tex.
of said Board In the City of Cleveland. Bids bearing a different rate of
-BOND DESCRIPTION.
be considered provided that where a frac- -The $346.000 isstto of county-wide road bonds which was voted on July la
Interest than stated above
of 1% or multiples (V&#; 125. p.681)sold recently-(V. 125. p. ). and refistered on Sent. 23
tional interest rate is bid, arch faction shall be
thereof. A certified check for 2% of the bonds offered Is required. Squire, (V. 125, p. ), Is further described as follows:
% coupon bonds.
Sanders & Dempsey of Cleveland have approved the and their opinion Purchaser was the Mercantile Trust & Savings Bank of Dallas. Denom.
*1 .000. Date Sept. 1 and due on Sept. 1 as fllowa: $12 000 in ,
will be furnished the successful bidder gratis.
/1. $16.000 in . $17,000
.000 in . $14 000 in , $15 000 in 19
- $13
-BOND OFFERING.
GATES MILLS, Cuyahoga County, Ohio.
In . $18 000 in . $19.000 in . *20.001)in 19/6. 921.000 in ,
Homer L. Hunscher, Village Clerk, will receive sealed bids until 12 m. $22.000 in . $23,000 in , 824.000 in , 825.000 in . $26,009
for the purchase of an issue of $12,500 5% bonds for the purpose In . $30,000 in , and $31,000 in . Principal and interest
Nov. 7
of acquiring real estate and erecting public halls and public offices.- Dated (M&#; & S.) payable In New York City at the Seaboard National Bank.
Oct. 1 . Denom. $500. Due $500 Oct. 1 to Incl. A
GREENBURGH GREENVILLE WATER DISTRICT (P. 0. Tarrycertified check, payable to the order of the Village Treasurer, for 10%
town) Westchester County, N. Y.-BOND S4I,P...-The $10 000 coupon
of the bonds offered Is required.
-Of the or registered water extension bonds offered on Oct. 13-V. 125. p.
GIBSON COUNTY (P. 0. Princeton), Ind.-BOND SALE.
two 19ffUes of 4 % coupon bonds, aggregating $24.700 offered on Oct. 15 were awarded to Sherwood & Merrifield, Inc.. of New York City, as 4&#;108.
-V. 125. p. -the Issue of $17,200 John A. Kirk et al highway improve- at 100.23, a basis of about 4.07%. Date Oct. 1 . Due $1.000 Oct. 1
ment bonds was awarded to the Peoples American National Bank of to . incl.
Princeton, at a premium of $336. equal to 101.95. a basis of about 4 10% &#;
GREENVILLE COUNTY (P. 0. Greenville), S. C.
-BOND SALE.
Date Oct. 15 . Due $830 May anti Nov. 15 to , incl. Other The $1,530.000 issue of not exceeding 5% coupon highway bonds offered
bidders were:
-was awarded to a syndicate composed of
on Oct. 17-V. 125. p.
Prem.
Bidder.Forbes
the National City Co., both of New York City,
$3(.7.70 Harris, M. Law& Co. andSpartanburg as
Fletcher Savings Az Trust Co., Indianapolis
&
415% bonds. for a bid of 100.89,
320.00 and A. .41%. Co. of $1,000. Dated
Thomas D. sneorin & Co. Indianapolis
Denom.
a basis of
Aug. 1 . Dee on Feb. 1
314.00
City Securities Corp., Indianapolis
335.0C as follows: .000. and : $70,000. to ; $80,000,
Union Trust Co.. Indianapolis.
and : $90,000. : .000,
333.00 and $170.000. . Prin. and Int. to : $175.000, and ,
Fletcher American Co., Indianapolis
(F. & A.) payable in New York in gold.
- Second highest bid was made by the syndicate headed by the Guaranty
-BOND OFFERING.
GURSIIN COUNTY (P. 0. Princeton), Ind.
Woods,()minty Treasurer, will receive sealed bids until 10 a, in. Co. Of New York,' offering 100.64; third high was made by the Wm. R.
010
22
O. .]
THE CHRONICLE
approval. Bids to be on special county forms. A certified check for 2%
par of the bonds, payable to the County Treasurer, is required.
HENDRICKS COUNTY (P. 0. Danville), Ind.
-BOND SALE.
-The
% coupon L. J. Rushton et al. Liberty Twp. highway Improve421,009
ment bonds offered on Oct. 20-V. 125, p.
-were awarded to the
Fletcher .Savings & Trust Co. of Indianapolis at a premium of $456.70,
equal to 102.17, a basis of about 4.06%. Dated Sept. 1 . Due
$1.050 may 15 and Nov. 15 to incl. The following is a list
of other bidders:
BidderPremium.
Fletcher American Co
$423.00
First National Bank, Danville
413.00
Thomas D. Sheerin Co
413.00
City Securities Corp
404.00
The Meyer-Kiser Bank
379 0
35
0
Inland Investment Co
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 22 (P. 0.
-BONDS VOTED.
-A .000
Floral Park), Nassau County, N. Y.
bond issue for the construction of a new grade school building has been
approved by the voters. The bonds will mature 6-30 years serially. The
vote was 319 in favor. 74 aoainst.
Total gross debt including bonds now offered
$13,705,000.00
.
HEMPSTEAD UNION FR:E SCHOOL DISTRICT NO. 9 (P. 0
Deductions
-The $275,000 coupon
-BOND SALE.
Freeport), Nassau County,.4. Y.
Water bonds, included in above gross debt__ $2,591,905.72
or reeistered school bonds offered on Oct. 17-V. 125. p. 187-were awarded
Due from railway company for underpassimto Phelps, Fenn & Co. of New York City, as 4.20s, at 100.63. a basis of
provement
550.000.00
about 4.12%. Dated Oct. 1 . Due April 1 as follows: $9,000.
Sinking fund (except for water debt)
814,708.01
to , incl., and 414.000. .
Uncollected special assessments applicable to
The following is a list of other bidders. The bid of Pulleyn & Co.
street bonds:
and E. H. Rollins It Sons was for 431% bonds; the other bids for 4.20%
Actually levied
2,434,884.81
bonds:
To be levied
1,568.920.00
Rate Bid.
BidderRate Bid.
Bidder7.960.418.54
H. L. Allen & Co
100.72 First National Bank & Trust
Co., Freeport
100.64
100.55
Net indebtedness
45.744.581.46 Dewey, Bacon & Co
100.60 Pullevn & Co. and E. H.
Official U. S. census. , 43,525; present population, estimated over Harris. Forbes & Co
George B. Gibbons & Co
Rollins & Sons
100.30
100.21
50,000.
HERKIMER, Herkimer County, N. Y. BOND SALE.
-The ManuGULFPORT, Pinellas County, Fla.
-The$145.000
-BOND SALE.
Issue of 6% street improvement bonds unsuccessfully offered for sale on facturers & Traders Peoples Trust Co. of Buffalo were awarded on Oct. 13
Aug. 16 (V. 125, p. ) has since been sold to Kendrick & Boyer of an issue of 422,000 431% refunding additional water supply bonds at 100.70.
Tampa at a price of 95. Due from to , inclusive.
-The two issues
HICKORY, Catawba County. N. C.
-BOND SALE.
-were awarded to the
HAMBDEN TOWNSHIP (P. 0. Chardon), Geauga County, Ohio. of bonds offered for sale on Oct. 19-V. 125, n.
-BOND SALE.
-The Chaviin Falls Bank of Chagrin Falls was awarded Detroit Trust Co. and Braun, Bosworth & Co. of Toledo as 4st% bonds
on Oct. 8 an issue of $12.054 531% special assessment road !rapt. bonds for a price of 100.34, a basis of about 4.73%. The issues are described
as follows:
at a premium of .50. equal to 102.09.
$100,000 series A paving' bonds. Due $5,000, to : $6,000 In .
-The 475,000
HAMILTON, Butler County Ohio.-BOND SALE.
and $7,000 in to .
awarded
-were
&#; % gas impt. bonds offered on act. 17-V. 125. P.
100,000 water bonds. Due $4,000 from to incl.
to the Detroit Trust 0o. of Detroit at a premium of $1,741, equal to 102.32,
Denom. 41.000. Dated Nov. 1 . Prin. and semi-ann. int. payable
a bogie of about 4.19%. Dated Oct. 1 . Due $5,000 Oct. 1 In N. Y. City.
to inclusive.
HIDALGO COUNTY INDEPENDENT ROAD DISTRICT NO. 1
HAMILTON TOWNSHIP SCHOOL DISTRICT (P. 0. Mays Land- (P. 0. Mission), Tex.
-BOND ELECTION-On Nov. 10 the voters will
-BOND SALE.
-The issue of 4',31 % coupon pass on the proposition of issuing $4,000,000 in bonds for the purpose of
ing), A la,.tie County., N. J.
or re.'oered school bonds offered on Oct. 18(V. 125, P. ) was awarded building good roads throughout the district.
to 0. W. Whit's & Co., and Batchelder. Wack & Co., both of New York
HIDALOGO COUNTY ROAD DISTIU- NO. 12 (P. 0. Edioborg.)
T
City, jointly, tektite $205,000 bonds ($210.000 offered). paying 102.75-BOND ELECTION.
-On Nov. 10 there will be a special election for
a basis of about 4.52%. Dated Sent. 1 . Due Sept. 1 as f-llows: Tex.
$5.000, to , inclusive; $7,000. to , inclusive, and $2,000. the voters to decide on the proposition of issuing $4,000,000 in Road Dist.
No. 12 bonds.
.
HIGHLAND PARK INDEPENDENT SCHOOL DISTRICT T. 0.
HAMTRAMCK, Wayne County, Mich.
-INTEREST RATE
-MATURITY.
-BOND SALE,
-The $200.000 issue of 4% school
-The $789.000 grade separatiion bonds awarded to a syndicate Dallas), Texas.
composed of Braun, Bosworth & Co., Ti. E. MacCrone & Co., Lewis & Co. building and equipment bonds offered for sale on Oct. 17-V. 125. p.
and Joel, Stockard & Co., all of Detroit, at 104.92, a basis of about 4.22",
- was awarded to the San Jacinto Trust Co. of Houston. for a premium of
V. 125, p. -bear interest at the rate of 43 % and mature Oct. 1 . 49.290.40, equal to 104.645, a basis of about 4.18%. Denom $1,000.
The bonds are dated Oct. 1 .
Datei Oct. 10 . Due $5,000 from April 10 to . incl. Prin.
and int. (A. & 0. 10) payable at the State Treasury in Austin or at the
HARNEY COUNTY (P. 0. Burns), Ore.
-BOND SALE.
-The $100,000 issue of 411% Permanent road bonds offered for sale on Oct. 10(V. 125, Chase National Bank in New York City.
HOLLAND, Ottawa County, Mich-BOND OFFERING.-Scriled bids
IL ) has boon awarded to Geo. H. Burr, Conrad & Broom of Portland,
at a price of 102.07. a basis of about 4.56%. Denom. 41.000. Dated will be received by Oscar Peterson. City Clerk, until 7.30 p. m. (Central
Sept. 15 and due $10,000 on Sept. 15 from to , inclusive. standard time) Nov. 2, for the purchase of an issue of ;49.500 special
The second highest bid was an offer of par, made by Blyth, Witter & Co. of assessment improvement bonds not to exceed 534 %. Dated Aug. 1 .
Portland.
Denom. $1,000 and $500. Due $5,500, Feb. 1 to , incl. A
HARRIS COUNTY NAVIGATION DISTRICT (P. 0. Houston), certified check for 2% of the bonds offered is required.
Tex.
-BOND DESCRIPTION.
-BOND DFSCRIPTioN".-The
HOLYOKE, Hampden County, Mass.
-The issue of 41,250.% coupon district
bonds which Is being offered for sale on Oct. 27-V. 125, n.
-is further 429.% playground bonds awarded to the Atlantic-Merrill Oldham Co.
doscribed as follows: Denom. $1,000. Date Feb. 1 and due on Feb. of Boston. at 101.53 (V.125.11.). a basis of atroit 3.71°4,, are described
1 as follows: $50,000 in . , , , , . . , as f-llows: Dated Oct. 1 . Coupon bonds in 41.090 &mom. Due
, , , , , and in :435.000 in . , . serially on Oct. 1 from to , inclusive. Interest payable April and
. . , , , and in . 430.000 in . , Oct. 1.
, and . Loral approval will be furnished by Texas attorney
-BOND
HOMER SCHOOL DISTRICT, Champaign County, Ill.
general and Thomson, Wood & Hoffman of New York. bit. payable
-The H. 0. Speer & Sons Co. of Chicago were awarded on July 1
P. & A. A $12,500 certified check, payable to R. S. Sterling, District SALE.
an issue of 450,000 4'4% coupon school bonding bonds at par. The bonds
Chairman, is required.
are in denom. of 41.000 and mature serially.
Financial Statement.
Cash and
Matur- Outstanding
HOUSTON, Harris County, Tex.
-BOND OFFERING.-Scraled bids
DateIssue.
Bonds.
Securities.
Rate. ties.
June 1 -...._$1,250,000.00 4,31 Serial
$769,500.00 $156,228.73 will he received until 10.. m. on Dec. 14 by W. A. Moore, City Secretary,
Mar. 1 -250,000.00 5
250.000.00
9 .772.63 for the following twelve issues of coupon bonds aggregating $2,625,000 and
40
Aug. 1 19i9__ 1,500,000.00 5
1,100,000.00
Serial
16,900.17 divided as follows:
Apr. 15 --__ 4,000,000.00 5
3,480,000.00
Serial
132,470.26 $750.000 drairrwe and sewerage bonds. Due $25,000 on Jan. 1 from
to , incl.
Sept. 15 _ _ _ _
500,000.00 434 Serial
449,000.00
6,590.50
400,000 farm market bonds. Due on Jan. 1 as follows: $14,000. to
Fob, 1 __
250,000.00 5
Serial
250,000.00
; $10,000. to .
250.000 bayou improvement bonds. Due on Jan. 1 as follows: $8,000.
Total
46.298,500.00 .932.29
to : $10,000. to .
Assessed valuation (), .997,005; true valuation (estimated),
250,000 civic center bonds. Due on Jan. 1 as follows: $8,000. to
,000,000: legal debt limit, 10% real property valuation.
; $10.000. to .
HARTFORD, Hartford County, Conn.
SALE.
-BOND
-The $1,200,000 street improvement bonds. Due on Jan. 1 as follows: $6,000.
600,000 4 ep coupon or recietered permanent improvement binds offered
(
to ; $10.000, to .
on Oct. 20-V. 125. P. -were awarded to a syndicate composed
100,000 sanitary sewer bonds. Due on Jan. 1 as follows: $3,000, to
of White, Weld & Co. of N. Y. City, and Eddy Bros & Co. and Shaw & Co.,
: 45,000, to .
both of Itartford, at 109 86, a basis of about 3.86%. Dated Nov. .
100,000 gravel bonds. Due on Jan. 1 as follows: $3,000, to :
Dun $100,000 Nov. 1 to inclusive.
45,000. to .
The bonds, it is stated are legal investments for Savings banks and trust
100.000 fire and police station bonds. Due on Jan. 1 as follows: 43.000.
funds in Now York, Massachusetts and Connecticut, and are being offered
to . and $5,000 from to . Incl.
to the nubile at prices to ylold from 3.50 to 3.80%, according to maturities.
100.000 incinerator bonds. Due on Jan. 1 as follows: $3.000, to
The following is a list of other bidders for the bonds: $5,000, to .
BidderRate Bid.
75.000 alarm sorstem bonds. Due on Jan. 1 as follows: $2,000, .to
Rldredge & Co.. Boston
100.81
: $5,000, to .
G. L. Austin & CO., Hartford; Gibson, Leefe & Co., Inc., New York;
50,000 hospital bonds. Due on Jan. 1 as follows: $1,000. to
H. L. Allen & Co., New York
100.79
and $5,000 from to .
R. L. Day & Co.. Boston; Edward M. Bradley & Co., New Haven:
On all the above issues, which are all dated Jan. 1 the interest rate
R. F. Griggs & On., Waterbury; Conning & Co., Hartford
100.62 is to be stated in multiples of 31 of 1% and must be the same fox all of the
Roosevelt it Son,New York; Geri. B.Gibbons& Co.,Inc., Now York;
bonds. The last issue is:
Dewey,Bacon & Co.. New York; E. M.Schmidt& Co., New York _100.54 .000
% refunding bonds. Dated Oct. 1 . Due $17,000 from
Eetabrook & Co., Hartford; Putnam & Co., Hartford
1C0.47
to . incl., and $16,000 from to , incl.
Old Colony Corporation, Boston
100.42
Denom. $1,000, All or none bids are required. Principal and Interest
Bankers Trust Co., Hartford (on $25.000)
100.00 payable in New York City at the Chase National Bank. Reed. Dougherty,
National City Co., New York; Harris, Forbes & Co., New York;
Hoyt & Washburn of New York City will furnish the legal approval. A
Stone & Webster & Blodeett, Inc., Boston; Chas. W. Scranton
certified check for 2% par of the bonds must accompany bid.
& Co., New Haven: ROY T. II. Barnes & Co.. Hartford
99.57
HOWELL, Livingston County, Mich.
-BOND OFFERINO.--George
HAZLETON SCHOOL DISTRICT, Luzerne County, Pa.
-BOND E. Daily, City Clerk, will receive sealed bids until 7.30 p. in. Oct. 27 for
OFFERING.
-D. T. Evans, Secretary Board of Directors, will receive the purchase of an issue of 450,000 43% hpital bonds. Dated Dee. 1
hospital
..1
sealed bids until 7.30 P.m" Nov. 8, for the purchase of an issue of $275.000 . Due Dec. 1 as follows: $3,000, 1 929 to , incl., and $4.000.
431% coupon or registered school bonds. Date Oct. 1 . Denom. to , incl. Principal and interest (J. & D.) payable at the City Treasel 000, Due Oct. 1, as follows: 420,000, to , incl., and $25,000, urer's office: or at a Detroit depositary designated by the successful bidder.
11)(1 to , incl. A certified check, payable to the order of the District A certified cheek for $500 is required.
Treasurer for 2% of the bonds offered, is requierd. Issued subject to the
approving opinion of Townsend, Elliott & Munson of Philadelphia.
HUNT COUNTY (P. 0. Greenville), Tex.
-BONDS VOTED.
-At the
HEARNE, Robertson County, Tex.
-BOND MATURITY -The election held on Oct. 8 the question of floating a $400,000 bond Nemo for a
new
$80,000 issue of 5% improvement bonds sold recently (V. 125. p. ) to largecounty court house and jail building was passed by the voters with a
majority.
Oaldwell & Co. of Nashville for a premium, equal to 100.41. is due and
payable, $2,000 from to , inclusive. and $4,000 in . The
INDIANAPOLIS, Ind.
-BONDS NOT SOLD.
-The Union Trust Co.
basis is about 4.98%.
of Indianapolis has withdrawn its successful bid for $25.000 431% park
HENDERSON COUNTY (P. 0. Hendersonville), N. C
-V. 125, p. . The trust company's action followed
-BOND district bonds
OFFER/NO.-Sealed bids will be received until noon of Nov. 2 by W. T. rendering of an oninion by attorneys that the bonds would be invalid beDrake, Registrar of Deeds, for an issue of $281,000 funding bonds. Int. cause of Mayor Duvall's signature, made after his conviction on a charge
rate not to atcond 5(%, Donom. $1,000. Dated Nov. 1 and due of corruption.
The sale of $23,000 431% sanitary district bonds scheduled to take place
to : $25.000. to . and
on Nov. 1 as follows:
-was also a failure. The Fletcher American Co.
426.000 in . Int. rate to be stated In multiples of X of 1%&#; Prin&#; Oct. 13-V. 125, p.
and int. payable in New York city at the National Bank of Commerce. of Indiananolis had submitted the successful bid for the bonds, but when
Reed, Dougherty, Hoyt & Washburn of New York City will furnish legal the attorneys rendered their opinion withdrew the offer.
Compton Co. syndicate, offering 100.61; fourth by the First National Co.
of Detroit with 100.59, and fifth by Bankers Trust Co. at 100.55.
,
The above b nds are now being offered f o&#; investment by Barris. Forbes
& Co. and the National City Co., both of New York, priced to yield about
4.25% on all maturities. The bonds are tax-free in South Carolina.
The assessed valuation for taxation is 430.919,095, while the estimated
real value of taxable property is $300,000,000. The total bonded debt,
Including this issue, is $3,091,500.
GREENSBORO, Guilford County, N. C.
-FINANCIAL STATE-In connection with the offering of five issues of 431% coupon
MENT.
-the following
bonds, aggregating $1,905,000, on Oct. 25-V. 125, P.
financial statement is given:
490,208,750.00
Assessed valuation of property in
Assessed valuation of property in will be approximately 100.000.000.00
Estimated actual value
140,000.000.00
$11,800,000.00
Bonds outstanding
Bonds now offered
1,905.000.00
No floating debt (except tax anticipation
paper and except bond anticipation notes
to be paid from proceeds of bonds now
offered)
i15.000.
THE CHRONICLE
ISRAEL TOWNSHIP SCHOOL DISTRICT,Preble County, Ohio.
BOND ELECTION.
-An election will be held on Nov. 8 for the purpose
of voting on the question of issuing $80,000 school bonds. The bonds will
run for a period of 25 years.
JACKSON COUNTY (P. 0. Kadoka), S. Dak.-BOND OFFERING.
-Sealed bids will be received until 2 p.m. on Oct. 29 by the Clerk of the
Board of County CommiAoners, for a .000 issue of county funding
bonds. The necessary bonds, resolutions and legal opinion are to be
furnished by the bidder.
JACKSON COUNTY (P. 0. Maquoketa), Iowa.
-BOND ELECTION.
-On Nov. 1 there will be a special election to pass on the proposition of
issuing $1.000.000 in bonds to hard surface the primary roads in the county,
according to the Board of County Supervisors.
JACKSON COUNTY SUPERVISORS DISTRICT NO. 4 (P. 0.
Pascagoula), Miss.
-The $50,000 issue of 6% school
-BOND SALE.
bonds offered for sale on Oct. 3-V. 125, P. -was awarded to Caldwell & Co.of Nashville, for a premium of 899.44, equal to a price of 100.19,
a basis of about 5.98%. Denom.81,000. Dated Oct. 1 and due 82,000
from Oct. 1 to , incl. Int. payable on April & Oct. 1.
-At an
-BONDS VOTED.
JACKSONVILLE, Cherokee County, Tex.
election held on Oct. 13 the voters approved the proposition of issuing
$400,000 in bonds to hard surface three State and Federal highways by
the overwhelming majority of 1.045 to 265.
JACKSONVILLE ROAD DISTRICT, Cherokee County, Tex.
BONDS VOTED.
-At a special election held on Oct. 10 the voters authorized the issuance of $400,000 in bonds for road purposes. The actual
vote was 1.045 for to 255 against.
-BOND OFFERING.
JAMESTOWN, Chautauqua County, N. Y.
0.S. Doolittle, City Treasurer, will receive sealed bids until 2 p. m. Oct. 24
for the purchase of an issue of $35,000 registered sewer bonds not to exceed
&#;5%, Dated Dec. 1 . Denoms. $1,000 and . Due $3,500 Dec. 1
to incl. Principal and in (J. & D.) payable at the office of the
City Treasurer. A certified chck, payable to the order of the City Treasurer for $1,500. Is required.
JASPER, Jasper County, Tex.
-BONDS VOTED.
-At the special
election held on Oct. 11 the voters authorized the Issuance of 3 issues of
bonds, aggregating ,000, as follows:
,000 water, by a count of 233 for to 82 against.
65,000 sewer, by a count of 225 for to 93 against.
75,000 street, by a count of 190 for to 126 against.
JEFFERSON SCHOOL AND CIVIL TOWNSHIP, DuBois County
Ind.
-BOND SALE.
-The $7.% school building and remodeling bonds
offered on Oct. 1-V. 125, p. -wea e awarded to the Birdseye National
Bank of Birdseye at a premium of $230.65. equal to 103.26, a basis of about
4.26%. Due , Feb. and Aug. 15 to incl.
JEFFERSON TOWNSHIP SCHOOL DISTRICT,Ashtabula County,
Ohio.
-BOND SALE.
-The State Teachers Retirement System was awarded on Oct. 1 an issue of .000 5% coupon school building bonds at a
premium of $3.950. equal to 103.95-a basis of about 4.555%. Dated
May . Denom.$2,000 and $2,500. Due $2,500 April 1 and $2,000
Oct. 1 to , inclusive. Interest payable A. & 0.
JERSEY CITY,Hudson County, N.J.-$2,287,000 BONDS OFFERED
FOR PUBLIC SUBSCRIPTION.
-A.B. Leach & Co. and Charles C. Hood
& Co. are offering $2,287.000 43 % bonds maturing serially from June 1
to , inci, at prices to yield 3.95%. They are part of the three
issues of 447. bonds awarded on June 15-V. 124, p.
-to the Trust
Co. of New Jersey as follows: $926.000 water bonds at 101.67 a 4.09%
bads;$931.000, improvement bonds at 100.32, a 4.22% basis, and $697,000
school bends at 101.07, a 4.11% basis. This is the first public offering of
the bonds since the award was made.
JERUSALEM TOWNSHIP RURAL SCHOOL DISTRICT, Lucas
-Elmer Hartenfeld, Clerk Board of
County, Ohio.
-BOND ELECTION.
Education, informs us that at the general election to be held on Nov. 8,
the electors will be asked to approve or reject the resolution providing for
the issuance of $175.000 bonds for the purpose of purchasing the necessary
land and erecting a new fireproof school building. The bonds will run for
a period of twenty-two years.
JOHNSON COUNTY (P. 0. Buffalo), Wyo.-BOND SALE.
-The
Issue of 834.% &#; efunding bonds offered on Oct. 4-V. 125. p.
was awarded to Geo. W. Vallery & Co. of Denver. Dated Oct. 15 .
Denom. $1,000. Due $4,000 from Jan. 1 to , incl., and $2,000
on Jan. 1 .
K/NDERHOOK UNION FREE SCHOOL DISTRICT NO, 2 P. 0,
Valatie) Columbia County, N. Y.
-BOND OFFERING.-Sealea bids
will be received by the District Clerk, until 8 p. m. Nov. 1 for the purchase
of the following issues of 4H 0 bonds, aggregating $140.000:
7,,
$135.000 school house bonds Due Jan. 1 as follows: $1.000. to .
incl., $3,000, to , inel., $4,000. , to , incl.,
UAL to ,incl., $6,000. to ,incl., and 58.000,
to . Incl.
5,000 school house site bonds. Due 81.000 Jan. 1 to , incl.
Dated Jan. . Denom. $1,000. Prin. and int. (J. & J.) payable
at the National Union Bank Kinderhook. A certified check for 5% of the
bonds offered is required.
KLAMATH COUNTY(P.0.Klamath Falls), Ore.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. on Nov. 2 by County Clerk
0. R. Do Lap for a $253.000 issue of permanent road bonds. Int. rate
not to exceed
%. Denom. $1,000. Dated Nov. 1 and due on
Nov. 1 as follows: 510,000. to 19P6: 515.000, to ; $20.000,
to ;$25,000, and . and 828.000 in . Teal, Winfree,
McCulloch & Shuler of Portland will furnish legal opinion. A $12,650
certified check must accompany bid.
-BOND SALE NOT CONKNOX COUNTY (P. 0. Vincennes), Ind.
-house bonds
SUMMATED.
-The sale of the 868,000 4 7, ten-year court
offered on Sept. 13 to the Fletcher American Co. of Indianapolis, report of
which appeared in V. 125, p. , was not consummated as their attorneys
refused to approve the issue.
-BOND SALE.
KNOX COUNTY (P. 0. Mount Vernon), Ohio.
The $54.325 5% road improvement bonds offered on Oct. 17-V. 125. p.
-were awarded to Braun, Bosworth & Co. of Toledo, at a premium of
81,688, equal to 100.31, a basis of about 4.92%. Dated Sept. 15 .
Due Sept. 15 as follows: $8,325, : $6,000. . and 85.000, to
,Incl.
-Sealed
KNOXVILLE, Knox County, Tenn.
-BOND OFFERING.
bids will be received by L.0. W.Bonham, Director of Finance, until 10 a.m.
on Oct. 25 for an issue of $169.000 434% coupon or registered improvement
bonds. Denom. 81,000. Dated Oct. 1 . Due on Oct. 1 as follows:
516.000, and . to , in. Prin. and int. (A. & 0.)
payable in New York City in gold. Chester B. Masslich of N6W York
City will furnish legal approval. Required bids will be furnished by the
above attorney or the Director of Finance. A $3,500 certified check,
payable to the City Treasurer, is required.
Financial Statement.
$164,698,996.25
Assessed valuation for taxation,
225,000,00 .00
Estimated true value
Total bonded and other debts. Including special assessment
18,935,740.00
debt and including bonds now offered
$4,395,960.00
Water debt
747,201.34
Sinking funds except for water debt
Uncellected special assessments applicable to
1,573,377.57
a portion of above debt
Special assessments to be levied and made
131,636.37
applicable to improvement bonds
Total deduction
&#;
6,848,175.28
$12,087.564.72
Net debt, including this issue
Population, Federal Census, , 36,346; Federal Census, , 77,818;
estimated. . 125.000.
-BOND OFFERING.
KOSCIUSKO COUNTY (P. 0. Warsaw) Ind.
-Sealed bids will be received by Leonard 11. Huffer. County Treasurer,
bonds,
p. m. Oct. 28 for the purchase of an issue of $2,660 6% ditch incl.
until 2
Date Aug. 7 . Denom. $256. Due $256 Dec. 1 to
SALE.
-BOND
KOSCIUSKO COUNTY (P. 0. Warsaw), Ind.
The $13,200
% coupon improvement bonds offered on Oct. 18-V. 125.
[VOL. 125.
p.
-were awarded to the City Securities Corp. of Indianapolis, at a
premium of $304. equal to 102.30, a basis of about 4.03%. Dated Oct. 15
. Due May and Nov. 15 to .incl. Other bids were as follows:
Premium.
Bidder$276.00
T. D. Sheerim & Co
268.00
Union Trust Co
292.00
Inland Investment Co
273.00
Fletcher Savings & Trust Co
273.00
Fletcher American Co
187.44
Indiana Loan & Trust Co
298.28
Lake City Bank
LaGRANDE, Union County, Ore.
-BOND OFFEEINO.-Sealed bid
will be received until 7:30 p. m. on Oct. 26 by City Recorder J. E. Stearns
for an issue of $86,567.10
% improvement bonds. Dated Oct. 1
and due on Oct. 1 , optional after . Prin. and int. payable at
office of City Treasurer. Teal, Winfree, McCulloch & Shuler of Portland
will furnish legal approval. A $2,500 certified check must accompany bid.
LAKE COUNTY (P. 0. Painesville), Ohio.-BOND OFFERING.
L. J. Spaulding, Clerk Board of County Commissioners, will receive sealed
bids until 11 a. m.(Eastern standard time) Oct. 31 for the purchase of an
issue of $6.647 6% coupon special assessment road inapt. bonds. Date
Oct. 1 . Denom. 31.000. and one for $647. Due Oct. 1 as
follows: 81,647. ; 51.000. ; $1.500, ; 81.000, . and
81.500, . Prin. and hat. (A. & 0.) payable at the County Treasurer's
office. A certified check, payable to the order of the State Treasurer,
for is required.
LAKE COUNTY (P. 0. Painesville), Ohlo.-BOND SALE.-Stranahan, Harris & Oatis, Inc., of Toledo was awarded on Oct. 17 five Issues of
road improvement bonds, aggregating $40,813.32, as 4Xs, at a premium
of , equal to 100.62.
LAKEVIEW, Lake County, Ore.
-BOND OFFERING.
-Sealed bids
will be received until 7:30 p. m. on Nov. 14 by Harry J. Angstead, Town
Recorder, for a $5,000 issue of 6% improvement bonds. Denom. $500.
Dated June 1 . A certified check for 5% par of bonds must accompany the bid.
LANCASTER SCHOOL DISTRICT, Lancaster County, Pa.
-BOND
SALE.
-The $1,250,000 4% coupon or registered school bonds offered on
Oct. 17(V. 125.0. ) were awarded to a syndicate composed of Graham,
Parsons & Co., Biddle & Henry and E. H. Rollins & Sons, all of Philadelphia, at a premium of $22,956.25, equal to 101.83, a basis of about 3.857p.
Dated Oct. 1 . Due Oct. 1 as follows: $25,000, to Mel.;
$30,000, to incl.; 535.000, to incl.; $45,000. to
incl.; 855,000, to incl., and $60,000, to incl.
Other bids were as follows:
Premium.
BidderM. M. Freeman & Co
$13,885.75
Farmers' Trust Co., Lancaster
9,101.00
Guaranty Company of New York
6,998.75
2,873.75
National City Company
12,137.50
R. M. Snyder & Co
LANE COUNTY SCHOOL DISTRICT NO.4 (P. 0, Eugene), Ore.
-0. H. Jones, District Clerk, will receive sealed bids
BOND OFFERING.
up to the hour of 7:30 p. m. on Oct. 25,for an $87,000 issue of 4 Si% refunding bonds. Denom. $1,000. Dated Nov. 1 and duo on Nov. 1 as
follows: $17,000, to , incl., and $19,000 in . Leal, Winfree.
McCulloch & Shuler of Portland will furnish the legal approving opinion.
A $2,000 certified check is required.
LARAMIE COUNTY SCHOOL DISTRICT NO. 5 (P. 0. Cheyenne),
Wyo.-BOND OFFERINU.-Sealed bids will be received until 2 p. m. on
Nov.5 by A. P. Mortensen, District Clerk, for a 810,000 issue of5% school
bonds. A certified check for 5% must accompany the bid.
LAUDERDALE COUNTY (P. 0. Meridian), Miss.
-BOND OFFERING.
-A ,000 issue of series A road improvement bonds o Ill be sold to
the highest and best bidder at public auction at 10 a. m.on Oct. 26 by J. B.
Holland, Clerk of the Chancery Court. Denom. $1,000. Interest rate to
be bid upon. Dated Jan. . Dae 84,000 from to ; $8,000,
to : 810,000. to , all inclusive.
LAURINBURG, Scotland County, N. C.
-BOND OFFERING.
Sealed bids will be received until noon of Oct. 27 by Town Clerk, C. M.
Fetter, for a $65,000 issue of 5)4% street improvement bonds. Denom.
$1,000. Dated June 1 and due on June 1 as follows: 83.000. to
; 35,000, to and $6,000, and . Prin. and Mt.
(J. & D.) payable in New York City at the National Bank or Commerce.
Storey. Thorndike, Palmer & Dodge of Boston, will furnish legal approval.
Special bid forms furnished by Town Clerk or the IT. S. Dickson Co. of
Gastonia. A $1,300 certified check is required.
-The $28,000
LIBERTY,Gage County, Neb.-BOND DESCRIPTION.
school bonds awarded to the Peters Trust Co. of Omaha at 101.88-V.
125. p.
-bearinterest at the rate of 4)4% and are described as follows:
Dated Oct. . Coupon bonds in $500 denom. Due serially, Oct. 1
to incl. Int. payable annually on June 1.
-BOND
LINCOLN PARK (P. 0. Detroit), Wayne County, Mich.
SALE.
-The $3,000 special assessment district No. 139 sewer bonds offered on Oct.4(V. 125, p. ) were awarded to the Sinidng Fund at par.
-BOND SALE.
-The issue of coupon
LINDEN, Union County, N. J.
or registered school bonds offered on Oct. 17 (V. 125. p. ) was awarded
to the Linden National Bank & Trust Co., taking the .000 bonds
offered as 4)4s at a premium of $176.87, equal to 100.02, a basis of about
4.235%. Dated Oct. 1 . Due Oct. 1 as follows: $15,000, to
incl., and 816.600, to incl.
-CORRECTION.
-LOGAN COUNTY (P. 0. Bellefontaine), Ohio.
We are now informed by the Peoples Commercial Bank of Bellefontaine,
that they were not the purchasers of the 81,% ditch bonds offered on
Oct. 5, as reported in V. 125, p. .
-Sealed
LONG BEACH, Laporte County, Ind.
-BOND OFFERING.
bids will be received by the Board of School Trustees until 12 m. Oct. 31
for the purchase of an issue of $20,000 5% school house bonds. Dated
Oct. . Denom. . Due $1,000 Oct. 1 to , incl. Principal and int. (A. & 0.) payable at the Michigan City Trust & Savings
Bank, Michigan City. Ind. A certified check for $250 is required.
LOS ANGELES COUNTY ACQUISITION AND IMPROVEMENT
DISTRICT NO. SS (P. 0. Los Angeles), Calif.-BOND SALE -Dean
Witter & Co. of San Francisco and the Anglo London Paris Co. purchased
on Oct. 10 issue of 81.014.% district bonds, paying for there a premium
of $32,581, equal to 103.21. The bonds mature serially from to .
The second hignest bid was submitted by the Fidelity National Trust &
Savings Bank of Kansas City, offering a premium of 56.125.
LOS ANGELES (City and County of), Calif.
-LIST OF BIDDERS.
The seven issues of 4,4)4amd 414% bonds which were sold on Oct. 11V. 125, p. -to a group composed of R. H. Moulton & Co. the Harris
Trust & Savings Bank, the Security Co. of Loa Angeles, and the American
National Co. of San Francisco for a premium of 57,684, equal to 100.109.
a basis of about 4.194%. also brought out t e following bids:
Premium of 52.195 for 52,986,000 434s and 84.000,000 of 4s offered by
Anglo London Paris Co., Dean Witter & Co.. Bank of Italy, First National
Bank of New York, Eldredge & Co., Redmond & Co., Stevenson, Perry
& Stacey. Phelps. Fenn & Co., Blair & Co., Halsey, Stuart & CO., Hunter,
Dulin & Co.. Schwabacher & Co.. E. R. Gundelfinger. Inc. and the
Detroit Co.; premium of $10.199 for $2,500.000 of 4s, 82,500.060 of 4)4s.
and 51.986, of 434s offered by National City Co., Am/Jo-California
Trust Co., William R. Stoats Co. and others; premium of for S3,500,000 of 4s and $3,486,000 of 43es by Guaranty Co., Blyth, Witter &
Co. and Peirce, Fair & Co.
The following bonds are now being offered by the syndicate at prices
to yield from 3.75 to 4.125%. according to Wiles and maturities:
33,412.000 4% bonds maturing serially. to incl.&#; 51.500,000
45.1% bonds maturing serially. to incl., and $1,944,000 434%
'
bonds maturing serially, to Incl. Acceptable as security for
public moneys and pastel savings deposits. Legal investment for savings
banks in New fork. Massachusetts. Connecticut and other States.
LOS ANGELES COUNTY SANITATION DISTRICT NO. 5 (P. 0.
-BOND SALE.
-The $320.000 issue of coupon imLos Angeles), Calif.
provement bonds offered for sale on Oct. 13 (V. 125, p. ) was awarded
as 5% bonds to the Anglo-London-Paris Co. of San Francisco for a premium
of $5,777, equal to 101.805. Due from May Co .
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND ELECTION.
-At
the general election to be held on Nov.8, the voters will be asked to approve
OcT. 22 .]
THE CHRONICLE
-CERTIFICATE OFFERING.
MONROE, Orange County, N. Y.
or reject the proposition of issuing $950.000 bonds for the purpose of
erecting and equipping a fireproof county building as an addition to Prod L. Jacquemein, Village Clerk, will receive sealed bids until 8 IL In.
the County Infirmary. The maximum length of time for which said (Eastern standard time) Nov. 4, for the purchase of an Issue of $5,725.75
436% certificates of indebtedness. Dated Nov. 15 . Denom.
bonds are to be run is 25 years.
$1,145.15. Due $1,145.15. to . incl. A certified check payable
-The to the order of the Village Treasurer, for 10% of the certificatesoffered,is
McINTOSH COUNTY (P. 0. Darien), Ga.-BOND SALE.
Darien Bank has recently purchased a $30,000 issue of 6% school bonds required.
at a price of 101, equalling a basis of about 5.90%. Dated Oct. 1
MONTGOMERY COUNTY (P. 0. Conroe), Tex.
-BOND BALL
and due $1,000 yearly from Oct. 1 to .
The $130,000 issue of b36% special road bonds offered for sale on Oct. 11-A $9,000 V. 125, p. -was awarded to the Hanchett Bond Co. of Mimeo and
-BOND SALE.
McMINNVILLE, Yamhill County, Ore.
issue of 5% street improvement bonds was recently purchased by the the Thomas Investment Co. of Dallas for a premium of 59.062. equal $O,
Security Savings & Trust Co. of Portland, at a bid of 105.71.
106.97.
MADEIRA, Hamilton County, Ohio.
-BOND SALE.
-The $3,-BOND OFFERING.MORGAN COUNTY(P.O. Martinsville), Ind.
845.84 6% special assessment improvement bonds offered on Oct. 17- M. W. Tackitt, County Treasurer, will receive sealed bids until 10 a. m.
V. 125, p. -were awarded to the Provident Savings Bank & Trust Co., Oct. 31 for the purchase of the following issues of 436% coupon road bonds.
at a premium of $205.71. equal to 105.34. Dated Oct. 6 . Due aggregating $19,060:
serially in 1 to 8 years.
$10,380 Monroe Township bonds. Denom. $519. Due $519 May and
-The Nov. to , incl.
MADISON COUNTY (P. 0. Anderson), Ind.
-BOND SALE.
8.680 Brown Township bonds. Denom.$434. Due $434 May and Nev.
$3,000 436% coupon Edward M. Williams et al. Jackson TWO, highway
15 to , incl.
impt. bonds offered on Oct. 6-V. 125, p. -were av aried to the
Date Oct. 31 .
Fletcher Savings & Trust Co. of Indianapolis at a premium of $54.60.
equal to 101.82, a basis of about 4.21%. Date Oct. 6 . Due $300
-The $127,884.13
-BOND SALE.
LORAIN, Lorain County, Ohio.
M.& N. 15 to incl. There were no other bidders.
special assessment paving bonds offered on Oct. 12-V. 125. p.
MADISON TOWNSHIP,Lake County, Ohio.
- were awarded to the William R. Compton Co. of Chicago. as 430, at
-BOND OFFERING.
Sealed bids will be received at the office of the Board of Township Trustees. a premium of $161, equal to'100.12, a basis of about 4.22%. Detect Oct.
until 7 p. m. (eastern standard time) Nov. 1, for the purchase of an issue 15 . Due Sent. 15 as follows: $15,884.13, , and 516,000. to.
of $15,000 536% coupon town hall improvement bonds. Dated Oct. 1 . Incl. The following is a complete list of other bidders:
Premium. Int. Rate.
Bidder
. Due $3,000 Oct. 1 to , incl. Principal and int. (A. & 0.)
$3,456.00
Payable at the Exchange Bank of Madison. A certified check payable to Weil, Roth & Irving Co., Cincinnati
5
1,240.38
Title Guarantee & Trust Co., Cincinnati
the order of the Clerk Board of Township Trustees, for $250 is required.
4}1
1,051.00
Seasongood & Mayer. Cincinnati
MADISON TOWNSHIP (P. 0. Mansfield) Richland County, Ohio. U. L. S. Hill & Co., Cincinnati
819.50
4
BOND SALE.
-The $15,400 5% coupon road bonds offered on Oct. 18- Stranahan. Harris & Oatis, Toledo
116.00
4
-was awarded to the Mansfield Savings & Trust Co. First Citizens Corp., Columbus
V. 125, p.
2,941.33
Dated Oct. . Due Oct. 1 as follows: $3,400, and $3,000, Stevenson, Perry, Stacy & Co., Chicago
4
1,062.00
to , incl. Price paid not stated.
4
Halsey, Stuart & Co., Chicago
1(1:
.11.
:4
Herrick Co., Cleveland
MALINTA, Henry County, Ohio.
-0. M.
-BOND OFFERING.
08
Reimund, Village Clerk, will receive sealed bids until 12 m. Oct. 29 for Otis & Co., Cleveland
97
4
614.
the 'purchase of an Issue of $2.000 5'% fire apparatus bonds. Dated Oct. 1 A. E. Aub & Co.,Cincinnati
4
385.00
. Denom. $250. Due $250 Oct. 1 to . incl. A certified First National of Detroit. Detroit
1,21:7:00
85 50
2
44
check, payable to the order of the Village Clerk, for 5% of the bonds W. L. Slayton & Co., Toledo
Guardian Trust Co., Cleveland
required.
offered is
851.87
436
Braun Bosworth & CO., Toledo
MAPLE HEIGHTS (P. 0. Bedford R. F. D.) Cuyahoga County, W. K. Terry & Co., Toledo
2,122.87
5
Ohio.
-BOND OFFERING.
-F. .7. Vasek, Village Clerk, will receive Detroit Trust CO., Detroit
436
1,056.00
sealed bids at the office of Locher, Green and Woods, Cleveland, until 12 m. Halsey, Stuart & Co., Chicago
5
3.643.00
Nov. 16, for the purchase of the following 5% coupon bonds, aggregating Herrick Co., Cleveland
4.006.00
5
$19,261:
8
First National of Detroit, Detroit
3,353.00
$17,561 series 13. street improvement bonds. Denom. $1,000, one for W. L. Slayton & Co., Toledo
5
4,248.50
$561. Due Oct. 1 as follows: $561, ; $2,000. to , Detroit Trust Co., Detroit
5
3,756.00
$1,000. ; $2,000, to , incl., $1,000, . and
Incl.,
$3,000. .
MOUNT KISCO, Westchester County, N. Y.
-BOND SALE.
-The1,700 series 8 general sewer bonds. Denom. $170. Due $170 Oct. 1 two issues of4 Li 01, registered bonds aggregating ,000 offered on October
to , incl.
17-V. 125, P. -were awarded to Lehman Bros. of New York City, at
Dated Nov. . Principal and int. M.& N.) payable at the Central a Premium of $4,336 50, equal to 102.13. a basis of about 4.11%:
National Bank. Cleveland. Separate bids must be made for each issue. $187,000 water bonds. DUO Oct. 1 as follows: $5,000, to Ina:
A certified check payable to the order of the Village Treasurer, for 5% of
and $6,000. to inclusive.
the bonds offered is required.
16.000 water bonds. Due $1,000, Oct. 1 to inclusive.
Dated Oct. 1 .
MAPLE HEIGHTS VILLAGE SCHOOL DISTRICT, Cuyahoga
County, Ohio.
-BOND SALE.
-The $21,0(30 536% school bonds offered
-Sealed
MYRTLE POINT, Coos County. Ore.-ROND OFFERING.
on Oct. 1 (V. 125. P. ) were awarded to Blanchett, Bowman & Wood bids will be received until 8 p. m.on Nov.7 by E.A.Dodge,City Recorder.
of Toledo, at a Premium of $105, equal to 100.50, a basis of about 5.37%. for three issues of bends aggregating $55.055.34, and divided as follows:
Date Sent, 1 . Due Oct. 1 as follows: $2,000 to , incl., $29,000.00 5% series B water bonds. Dated July 1 and due on JillT1
in
and $3.000 .
as follows: $1,000, . and $2.000, to incl.
and int. payable at the Oregon fiscal agency In New York.
MAYWOOD SCHOOL DISTRICT, Bergen County, N. J.
-BOND
$1,000 certified check is required.
SALE.
-The $123,000 436% coupon or registered school bonds offered on
16,055.34 6% improvement bonds. Dated June 1 . Due serially,
Oct. 17-V. 125. P. -were awarded to R. M.Grant & Co.of New York
Prin. and int, payable at the office of City Treasurer. A
City, at a premium of $220.17. equal to 100.17, a basis of about 4.48%.
certified check required.
Dated Oct. 1 . Due Oct. 1 as follows: $4,000. to . incl.;
10,000.005% fundin" No. 2 bends. Dated July 1 and due $1,000.
$5.000. to .incl.;$5,500, and . and $6,000, to ,
on July 1 from to incl. Prin. and int. payable at
incl. Other bidders were:
Oregon fiscal agency in New York. A $1,000 certified check
BidderBonds Bid For.
Price Rid. Int.Rale.
Is required.
0. W. Width & Co
,
.000.00
$123,178.00
4i%
Teal, Winfree, McCulloch & Shuler, Portland attorneys, will furnish
en
o
123,000.00
123,098.40
M. M. Freeman & Co
121,500.00
123,044.44
41 % egal approval.
4
B. J. Van Ingen & Co
NEW BLOOMFIELD, Perry County, Pa.
-The First
123,129.00
436%
123,000.00
-BOND SALE.
National Bank of Bloomfield, was awarded on Sept. 30, an issue of $24,000
MELVINDALE (P. 0. Dearborn), Wayne County, Mich.
-BIDS 4 cc... coupon hi th school building
bonds. Dated Oct. 1 . Denom.
REJECTED.
-All bids submitted for the $18,000 special assessment bonds
offered on Oct. 12 (V. 125, P. ) were rejected. The bonds were subse- $1,000. Due as follows: 5.5.000 in each of the years, , . and
quently snld to the Villa te Sinking Fund at par. The bonds mature $1,500 , and $4.000. . Optional on or after Oct. 1 . at Par.
Oct. 1 to , incl.
NEW BOSTON, Scioto County. Ohio.
-BOND ELECTION-At the
MIAMISBURG, Montgomery County, Ohio.
-BOND SALE -The general election to be held on Nov. 8. the qualified electors will be asked
$5,000 6% special assessment coupon Tenth Street paving bonds offei ed on to approve or reject to the res-lution passed by the Village Council dtring
September, to issue $230,000 bond,' for the Purpose of widening, extending
Oct. 15(V. 125, v. were awarded to A.E. Aub & Co.of Cincinnati at a and
premium of $295. equal to 105.90, a basis of about 5.72%. Dated Aug. 1 timeimproving a certain avenue in the Village. The maximum period of
for which said bonds will run is twenty-five years.
. Due $500 Sept. 1 to incl. Other bidders were:
BidderPremium.
NEW MEXICO (P. 0. Santa Fe), State of.-ROND OFFERING.
Provident Trust & Savings Bank (for $3,700 bonds)
$182.78 Sealed bids will be received until 10 a. m. Nov. 22 by M. A. Otero, Jr.,
First National Bank
50.00 Secretary of the Board of Finance. for a .000 issue of not exceeding 6
Durfee, Niles & Co
227.80 highway bonds. Dated July 1 and due S250.000 from July 1 19
Well, Roth & Irving Co
to incl. Prin. and int. payable In New York City at the Seaboard
First Citizens' Corp
255.00 National Bank. A cectified check for 2% of the bid is required.
.
MINERVA, Stark County, Ohlo.-BOND OFFERING.
-J. O. Ruff,
NEWTON COUNTY (P. 0. Knetland), Ind.
-BOND OFFERING.
Village Clerk, will receive sealed bids until 12 m. Nov. 10 for $2,300 6% John J. Sell, County Treasurer, will receive sealed bids until 2 p. m. Nov. I
water works bonds. Dated Nov. 1 . Denom. $500, one for $800. for the purchase of an issue of $5.920 4)6% Jackson Township comonn road
Due Nov. 1 as follows: $500, to incl., and $800, . A bonds. Dated Nov. 1 . Denom. $296. Due as follows: $296 Nov.
certified check, payable to the order of the Village Treasurer, for 10% ,$296 May and Nov. 15 to incl.. and $296 May 15 .
of the bonds offered is required.
-BOND OFFERING.
NEWTON COUNTY (P. 0. K n I And', Ind.
MISSION INDEPENDENT SCHOOL DISTRICT (P. 0. Mission), Sealed bids will be received by Charles H. Adamson, County Auditor, until
-BOND ELECTION.
Tex.
-On Oct. 27 a special election will be held to 10 a. m. Nov. 9 for the purchase of the following issues of 6% bonds,
vote upon the proposition of issuing an additional $30,000 in bonds to aggregating $12,330:
complete the new school building. The $85,000 school bond issue recently $4.780 ditch bonds. Denom. S478. Due ¶178 Dec. 16 to , incl.
voted and sold was found inadequate for the work.
4,050 d'tch bonds. Denom.$405. Due Nov. 1 to . incl.
MISSISSIPPI (P. 0. Jackson), State of.
3.500 ditch bonds. Denom.$350. Due $350 Nov. 1 to . Incl.
-BOND SALE.
-The
$500.000 issue of 4H% State bonds offered for sale on Oct. 15 (V. 125,
NEWTON COUNTY ROAD DISTRICTS (P. 0. Newton), Tex.
p. was awarded to the Detroit Trust Co. of Detroit for a premium BOND SALR.-The five issues of 54% road districts bonds, wrerecating
of $7.656, equal to 101.531, a basis of about 4.35%. Denom. $1.000. $250.000. offered for sale on Oct. 11-V. 125. p.
-were awarded to
Date Oct. 1 , due on Oct. 1 and optional after Oct. 1 .
H. C. Burt & Co. of Houston
(
Each issue is fir S5 1,000.
Price
Principal and interest(A.& 0.) payable in New York at the bank designated Denom. $1,000. Dated Mar.at a. of 92.payable semi-annually.
Int.
15
by the State Bond Commission or at the office of the Treasurer of State.
NIAGARA FALLS, Niagara County, N. Y.
-BOND SALE.
-The
The second highest bid was submitted by the Interstate Trust & Banking
two issues of bonds, aggregating $620.000 offered on Oct. 17-V. 12.5, D.
Co.of New Orleans,offering a premium of$6,510,equal to 101.302.
-were awarded to Remick, Hodges & Co.. and Phelps, Fenn & 0o.,
The following is a complete list of the bids and bidders:
both of New York
NamePremium. $457,000 series el City. Jointly, as 3.95s, at 100.10, a basis of about 3.92%:
school bonds. Due Nov. 1 as follows: $57,000, , and
Northern Trust Co., Chicago, III.; Wm. R. Compton Co., St.
300.000. to . Incl.
Louis, Mo.; Union & Planters Bank & Trust Co.. Memphis,
163,000 series 0 sewer bonds. Due Nov. 1 as follows:120.000, to
Tenn
$3.359.00
, incl.. and $23,000, .
Jackson State National Bank, Jackson, Miss.; Caldwell & Co..
Date Nov. 1 .
Nashville. Tenn
5.200.00
The following bids for 4% bonds were also submitted:
Interstate Trust & Banking Co., New Orleans, La
6,510.00
BiddersHibernia Securities Co., New Orleans, La.; Harris, Forbes & Co.,
Price Bid.
New York. N. Y
5,750.00 Niagara Falls Trust Co
Manufacturers & Traders Peoples Trust Co.,by Marine'Pr. Co_62 .914..00
Merchants Bank & Trust Co., Jackson, Miss.&#;, Lehman Bros.,
5 22
6 0.806 1°
623,441.00
E. H. Rollins & Co., National Park Bank, New York
4.012.50 Niagara County Savings Bank
624.401.38
*Detroit Trust Co.. Detroit, Mich
7.656.00 National Bankof Niagara & Trust Co
Sherwood & Merrifield. Inc
:
National City Co.. New York City; Capital National Bank, Jackson, Wis.; Mississippi Bond & Securities Co., Jackson, Miss
5,950.50 Butler & Co.. Stephens & Co.and H.L. Allen & Co.,joint bid
Pulleyn & Co. and Stone & Webster & Blodget, Inc., by PulFirst National Co., Detroit, Mich.; Edward Lowber Stokes & Co.,
leyn & Co
626,262.00
Philadelphia, Pa
4,150.00
Mississippi Valley Trust Co., Bt. Louis; Stifel, Nicolaus & Co.,
NICHOLAS COUNTY (P. 0. Carlisle), Ky.-BOND SALE.
-A
St. Louis
6,651.00 $75,000 issue of road bonds has recently been purchased by Caldwell & Co.
Stranahan, Barris & Oat's, Toledo. Ohio
5.170.00 of Nashville for a premium of 54,140, equal to a price of 105.52.
Bankers Trust Co., New York;First National Bank,Jacicson,Miss. 4,995.00
NOGALES, Santa Cruz County, Ariz.
-BOND ELECTION.
-There
* Successful bid.
will boa special election on Nov.8 for the derision upon the following three
The above bonds are now on the market for public investment, priced to issues of bonds, aggregating $220.000 as follows:
$150.000 street improvement bonds.
yield about 4% to optional date and 436% thereafter.
50,000 water improvement bonds.
MISSISSIPPI LEVEE DISTRICT (P. 0. Jackson), Miss.
-CERTIFI20.000 sower bonds.
-The $400,000 issue of certificates of indebtedness
CATE DESCRIPTION.
NORFOLK, Madison County, Neb.-BOND SALE.
-A 169,000 ISM*
offered and sold on Oct. 3 (V. 125, p. ) bears 53. % interest. The
Issue WOO sold at par to the Bank of Commerce & Trust Co. of Memphis. of 04% refunding bonds has been recently purchased by the Peters Trust
Co. of Omaha.
Dated Oct. 1 and due on Oct. 1 .
000
1
THE CHRONICLE
[VoL. 125.
NORTH SALEM, SOMERS, SOUTHEAST, AND CARMEL CENPATEROS, Okanogan County, Wash.
-BOND OFFERING.
-Sealed
TRAL RURAL SCHOOL DISTRICT NO. 1 (P. O. Purdy Stati&#;-n), bids will be received until 7 p. m. on Nov. 5 by Town Clerk Bernard M.
Westchester County, N. Y.
-BOND SALE.
-The $20,000 coupon or Wills for a 35.000 issue of water bonds. Int. rate not to exceed 6%.
registered school bonds offered on Oct. 20-V. 125, p.
-were awarded Prin. and semi-ann. int. payable at Town Treasurer's office. A certified
to the Manufacturers & Tiaders Peoples Trust Co. of Buffalo as 4.405, check for 5% of the bid is required.
at 100.78, a basis of about 4.31%. Dated Nov. 1 . Due $1,000
PENNSAUKEN TOWNSHIP(P.O. Delair), Camden County, N. J.
Nov. 1 to incl. The following bids were also submited for
NOTE SALE.-}Tarris, Forbes & Co. of New York City were recently
4.40% basis:
BidderRate Bid. awarded the following notes. aggregating $165.000:
Rate Bid.I Bidder
Geo. B. Gibbons & Co
100.41 Farson. Son & Co
100.09 .% street notes. Dated May 1 . Denom, $1.000. Due
Nov. .
100.03
PulleYn & Co
100.16 R.F. De Voe &Co
65.% incinerator notes. Dated Sept. 1 . Denom. $1,000.
NORTH TONAWANDA, Niagara County, N. Y.
-BOND SALE.
Due Sept. 1 .
The $359,000 4M % sewer bonds offered on Oct. 17-V. 125. p.
-were
Principal and interest payable at the Pennsauken Township National
awarded to the State Trust Co. of North Tonawanda. at 101.34, a basis of Bank, North Merchantville.
about 4.18%. Dated July 1 . Due July 1, as follows: $9,000,
PHILLIPSBURG, Warren County, N. J.-110ND OFFERING.and 110.000. to inclusive.
John H. Houser. Director of Revenue and Finance, will receive sealed bids
NORTH VERSAILLES, Allegheny County, Pa.
-BOND ELEC- until 2 p. m. Nov. 9, for the purchase of an issue of coupon or registered
TION.
-At the general election to be held on Nov. 8. the electors will be school bonds, not to exceed 454%, no more bonds to be awarded than will
asked to approve or reject the proposition of issuing $180,000 bonds for produce a premium of $1.000 over $600.000. Date Dec. 1 . Denom.
the purpose of purchasing the necessary land and erecting a new school $1,000. Due Dec. 1 as follows: $12,000, to , incl.: 315.000.
building.
to , incl., and $18,000. to . incl. Rate of interest to be stated
in a multiple of M or 1-10th of 1%. Prin.
NYSSA, Malheur County, Ore.
-BOND SALE.
-A 14.000 issue of6% gold at the Phillipsburg National Bank & and int. (J. & D.) Maple in
Trust Co. A certified check
improvement bonds was recently purchased by the Malheur County Bank. payable
to the order of the Town.for 2% of the bonds bid for is required.
Dated Oct. 1 and due on Oct. . Optional after five years.
PHOENIX, Maricopa County, Ariz.-BOND SALE.
-A $33,500 Issue
OAKLAND COUNTY (P. 0. Pontiac), Mich.
-BOND SALE.
-Watling, Lerchen & Hayes, of Detroit. were awarded on Oct. 18 the following of 6% coupon village bonds has recently been purchased by the Hanchett
issues of bonds aggregating $425,650 as 4Us, at 100.11-a basis of about Bond Co. of Chicago. Denowt. $500. Dated ALIT 11 : Due on
Jan. 1 as follows: $3.000. and : 83.500. to . Ind., and
4.72%:
$3.000 in . Prin, and int. (J. & J.) payable at the office of the City
$321.750 Road District No. 98 bonds.
Treasurer.
103.900 Road District No. 125 bonds.
PINE BLUFF, Jefferson County, Ark.
'
.-Due in equal annual installments in two to ten years.Successful bidder
-PONDS DEFF,ATED.-By a
four to one majority the voters defeated a $75,000 bond issue which was .
agreed to furnish blank bonds and pay for legal opinion. designed to purchase a municipal airport. Of the total of 1,897 votes cast.
OCEAN BEACH, Suffolk County, N. Y.
-BOND SALE.
-The $8,000
coupon or registered street improvement bonds, offered on Oct. 17 (V. 125. only 375 were for the issue.
PLANT CITY SPECIAL ROAD AND BRIDGE DISTRICT (P. 0.
p. ) were awarded to R. F. DoVoe & Co. of New York City as 5"s.
at 100.52, a basis of about 5.36%. Dated Oct. 1 . Due $1,000 Tampa), Fla.
-BOND OFFERING.
-Sealed bids will be received until
Oct. 1 to , incl. Other bids were as follows:
11 a, m. on Nov. 4 by W. A. Dickenson, Clerk of the Circuit Court, for an
BidderInt. Rate. Rate Bid. Issue of $120,000 6% coupon road and bridce bonds. Denom. $1,000.
Sherwood & Merrifield, Inc
100.08 Dated Sept. 1 and due on Sept. 1 as follows: 52.000. to :
54%
Farson. Son & Co
100.27 $5.000, to . and $7,000. to . all Inclusive. Principal of
6%
Fairservis & Co
100.17 bonds may be registered. Any bid for less than 95 will be rejected. Princi534%
pal and interest (M. & S.) payable In gold at the National City Bank in
OHIO COUNTY (P. O. Hartford), Ky.-MATURITY.-The .000 New
Clay.
issue of 5M% indebtedness bonds which was recently purchased-V. 125. legal York City. Bids to Dillon & Vandewa ter, of New York, will furnish
approval.
be on special forms
from Clerk. A
p.
-at par by J. C. Mayer & Co. of Cincinnati are due $10,000 from $2,400 certified check, payable to the Clerk of obtainable of County Comthe Board
to incl.
missioners, is required.
OLMSTED FALLS,Cuyahoga County, Ohio.
-POND OFFERING.POCATELLO INDEPENDENT SCHOOL DISTRICT NO. 1 (P. 0.
A. F. Schuttenberg, Village Clerk, will receive sealed bids until 12 m. Oct.
-BOND SALE.
-A $15,000 issue of 4.60% school bonds
31, for the purchase of an issue of $2,600 6% special asses.sreent Division Pocatello), Ida.
Street bonds. Denom. $500, one for $100. Due Oct. 1 as glows: $500. has recently been purchased by the State of Idaho for a price of par. Due
[
in and optional after .
to , incl. and $600, . A certified check payable to the
order of the Village.
POMEROY Meigs County, Ohlo.-BOND SALE.
Treasurer, for 10% of the bonds offered is required.
-The 531.000
coupon refunding bonds offered on Oct. 17-V. 125. p.
-were awarded
OMEGA SCHOOL DISTRICT, Tift County, Ga.-BOND SALE.
- to the
A $5.000 issue of school bonds has recently been purchased by an unknown equal Daviess-Bertram Co. of Cincinnati, as 454s at a premium of $146,
to 100.47, a basis of about 4.42%. Dated Oct. 1 . Due
investor.
Sept. 1 as follows: $2,000, to incl., and 31.000, .
The following is a list of other bidders:
OREGON, State of (P. O. Salem).
-BOND OFFERING.-Sa-ded bids
Bidderwill be received until 11 a. m.on Nov. 10 by Frank M.Moore, Secretary of
Prem.
Int. Rats.
the World War Veterans' State Aid Commission, for a $2,000,000 issue of The Guardian Trust Co
$41.00
4
not to exceed 6% coupon, series No. 8, Oregon Veterans' State Aid gold Detroit Trust Co
66.00
4
bonds. Denom. $1,000. Date Dec. 1 . Due $1,000,000 on April 1 Breed, Elliott & Harrison
9.30
434V
and $1.000,000 on Oct. . No bids for less than par. Prin. and W. K. Terry Co
865.80
43i
439.00
semi-ann. int. (A. & 0. 1) payable at the office of the State Treasurer in A. E. Aub & Co
73.00
Salem or at the Oregon fiscal agency in New York City. Storey. TherndIt e, First National Co., Detroit
441.00
4
Palmer & Dodge of Boston, will furnish the successful bidder with loom' W. L. Slayton Co
428.00
aprreval. A certified check for 254% par value of the bonds must ac- Seasongood & Mayer
454%
Detroit Trust Co
1.106.00
5%
company bid.
Total taxable value of all property in State equalized among the several
PORT CLINTON, Ottawa County, Ohio.
-BOND OFFERING.
counties according to their respective ratios. is $1,110.677.348.85.
William H. Williamsen, Village Clerk, will receive sealed bids until 12 m.
Total bonded indebtedness $64,847.660 does not include this issue.
Nov. 8, for the purchase of the following two issues of 534% special assess1 he bonds may be resistered both as to principal and interest.
ment Improvement bonds, aggregating $19,000:
Bonds will be delivered In Portland. Oregon on or about Dec. .
$11,000 Jefferson Street bonds. Due Sept. 1 as follows: $1,000. and
Present estimated population of the State of Oregon is 950.000.
: $2,000, : $1,000. and : 52.000. : 51.000.
and 32,000. .
ORLEANS PARISH SCHOOL DISTRICT (P. 0. New Orleans), La.
8,000 Adams Street bonds. Due $1.000 Sept. 1 to . Incl.
-LOND OFF ERI 0.-Lealed bids will be received until 8 p. m.on Nov.8
Date Sept. 1 . Denom. $1.000. A certified check payable to the
by A. J. Tete, Secretary of the School Board, for a $2,000,000 issue of not
exceeding 5% coupon school bonds. Denom. $1,000. Dated Dec. 1 order of the Village Treasurer for 5% of the bonds offered Is required.
and due on Dec. 1 as follows: $29.000 in . $30.000 in , $32,000 in Legality apptoved by Squi-e, Sanders & Dempsey of Cleveland.
, $33,000 In , $34,000 In , $36,000 in , 138,000 in ,
PORT OF ANACORTES (P. 0. Anacqrtes), Wash.
-BOND SALE.
$40,000 in .142,000 in .344,000 in ,$46,000 in . $48,000 The $93,000 issue of not exceeding 7% coupon 'mot. bonds offered for sale
in .$50,000 in . $52,000 in .$54,000 in .$56,000 in , on Oct. 11-V. 125. p.
-was awarded to the State of Washington
358,000in .$61.000 in . $64.000 in . $67.000 In .170,000
for a price of par. Dated Jan, . Denom. $1,000.
In . 373,000 In . $76,000 in , $80,000 in . $84.000 in , as 4.20% bondsto hid.
388.000 in .$91,000 in .195,000 in ,.000 in ,.000 Due from
The following is a complete list of the other bidders,rates bid and prices:
In . $110,000 In , and $114,000 In . Principal of bonds may
Rate.
BiddersPrice Bid.
be registered. Interest rate to be stated in multiples of M
Principal
5%
Par & prem. $50
and semi-annual interest payable in gold in /sew York of 1%.Chicago or Ferris & Hardgrove
City,
New Orleans. Thomson, Wood & Hoffman of New York City will furnish Marine National Co. and Geo. H. Burr,f4 % 100.31
15%
and Conrad & Brown. Inc
101.10
the legal approving opinion. A certified check for 2% of par of the bid,
Old Nat. Bank & Union Trust Co.. Spokane_ _4 % Par & prem.$716.10
payable to the School Board, is required.
-BOND OFFERING.
PORTO RICO (Government of).
-Sealed bids
OXFORD, Chenango County, Md.-BOND OFFERING.
-Henry
Wilcox. President Beard of Commissoiners, will receive sealed bids until will be received until 2 p. m.on Oct. 28 by Frank McIntyre, Major-General
Insular Affairs, at Room in the
7:30 p. m. Nov. 16 for the purchase of an issue of 140,000 554% coupon U. S. Army and Chief of Bureau of D. C., for
ninon,
$2,000,000 454% goldloan
water bonds. Date Jan. 1 . Denom. $501). Due as follows: $500. Munit I ons Bulldog at Wash
of . sores "A- to "D." coupon public improvement bonds. Denom.
to incl., and $1,000, to incl.
$1.000. Doted Jan. 1 . Due on July 1.aa follows: $500,000 series A
OYSTER BAY UNION FREE SCHOOL DISTRICT NO. 9 (P. 0. bonds in : $500 series B bonds in : $500,000 series C bonds in ,
Oyster Bay), Nassau County, N. Y.
-BOND OFFERING.
-George D. and $500,000 series D bonds in . The coupon due on July 1 will
Clarke, District Clerk, will receive sealed bids until 8 p. m. Oct. 31. for be detached prior to delivery. Prin. and Int. (J. & J. 1) payable In gold
the purchase of an Issue of .000 454% coupon or registered school coin at the U. S. Treasury in 'Washington. D.0. A bank draft o cc tified
bonds. Dated Oct. 1 . Denom. $1,000. Due $25.000 Oct. 1 check for 2% par of the bid, payable to the Chief, Bureau of Insular Af to incl. Prin. and int. (A. & O.) payable at the Oyster Bay fairs, must accompany the bid.
Porto Rican Statistics.
Bank, Oyster Bay. The U. S. Mtge. & Trust Co. of N. Y. City will
supervise the preparation of the bonds and will certify as to the genuineness Receipts for the year ending June 30
$14,009,138.98
of the signatures of the officials and the seal Impressed thereon. A certIned F,xpenditut es for year ending June 30
14.297.433.19
check, rayable to the order of the Board of Education. for 2% of the Cash on hand June 30
128,257.38
bonds bid for is required. Legality to be approved by Hawkins, Delafield Due from municipolities and school boards on short time
loans June 30
& Longfellow of N. Y. City.
10,500.00
Assessed valuation of property June 30
338,089.889.00
PALMER, Hampden County, Mass.
-TEMPORARY LOAN.
-The Imports for year ending June 30
98.810.750.00
Bank of Commerce & Trust Co. of Boston was awarded on Oct 19 a $25,000 Fxports for year ending June 30
1C8.067.434.00
temporary loan on a 3.40% discount basis. The loan matures on Dec. 22 Total bonded indebtedness on Oct. 1
23.082.000.00
.
Balances In sinking funds June 30
1,479,918.46
PALO ALTO, Santa Clara County, Calif.
POSEY COUNTY (P. 0. Mount Vernon), Ind.-BOND OFFERING.
-BOND OFFERING.
Sealed bids will be received until Oct. 24 by the City Clerk for the purchase -Albert Murphy, County Treasurer, will receive sealed bids until 2
D&#; m&#;
of a $.50,000 issue of 5% water bonds.
Oct. 31 for the purchase of an issue of 515.% Fred W. Davis et al.
Robb Township highway construction bonds. Dated Nov. 10 .
PANHANDLE INDEPENDENT SCHOOL DISTRICT (P. 0. Pan
Deno. $770. Due $770 May and Nov. 15 to . Incl.
handle), Tex.
-BOND SALE.
-An issue of .000 4% school bonds
PRESTON WHITNEY IRRIGATION DISTRICT (P. 0. Logan),
has recently been purchased by H. C. Burt & Co. of Houston at a price Cache County, Utah.-BOND SALA
Issue of $175,000 irrigation
of ,101,11.
bonds was recently awarded to the Utah Mortgage St Loan Co. of Logan.
PUEBLO WATER DISTRICT (P.O. Pueblo), Colo.
PARIS, Lamar County, Tex.
-BONDS OFFERED BY BROKERS,
-BOND SALE.
The .000 issue of 454% coupon refunding bonds offered and sold on The International Trust Co. of Denver, N. S. Walpole, and the First
Aug. 10-V. 125, p.
-is now being offered for investment by Stifel, National Bank, both of Pueblo, jointly, purchased on Oct. 12 two issues
Nicolaus & Co. of St. Louis, priced to yield 4.50%. Due serially from of 4% coupon bonds at a price of 99.63, a basis of about 0.00%. Legal
Feb. 10 to incl. Not optional before maturity. Dated Aug. 10 and printing expenses to be borne by purchaser. The two LIMA are as
. Denom. $1,000. Prin, and int. (F. & A. 10) payable at the Chase follows.
National Bank in N. Y. City. Federal income tax exempt. Direct city $145,000 refunding water bonds.
180.000 water extension bonds.
obligations, payable from property taxes. Chapman & Cutler of Chicago
Dated Jan. 2 . Due on Jan. 2 and optional after Jan. Z .
furnish legal approval.
These bonds are known as the North Side Water Works bonds. Other
Financial Statement.
Estimated value of taxable property
$25,000.000 bidders for the issue were:
Assessed valuation of taxable property,
14.019,615
Total bonded debt, including this Issue
2.073.000 Sidles Simmons. Day & Co.: Boettcher & Co., and
U. S. National Co., all of Denver
Less water works bonds included above,$1,120.000; lees sinking
98.11 100.43
---fund, $135,500. net bonded debt
817.500 Benwell & Co. and Geo. W. Vallery & Co., both of
Denver
97.77 100.13 102.11
._Population, census. 15,040; present estimated population, 18,000.
Bosworth, Chanute, Loughridge & Co., Denver_ _ - 96.33
99.79 102.28
PASCAGOULA, Jackson County, Ml,-BOND'
SALE.--A 317.000 Gray, Emory. Vasconcells & Co. and Donald F.
Issue of 554% school bonds has recently been purchased by the Meridian
Brown & Co., both of Denver. and Joseph 11,
Finances Corp. of Meridian.
Grigsby & Co.. Pueblo
118.11 100.81
OCT.22 .]
THE CHRONICLE
SALAMANCA, Cattaraugus County, N. Y.
-BOND SALR.-The
$8.361.70 coupon or registered sewer bonds offered on Oct. 17-V. 125,
-were awarded to Farson, Son & Co. of N. Y. City as 434s at
p.
100.14, a basis of about 4.70%. Dated Oct. 1 . Due Oct. 1 as
follows: 31,361.70, ; and $1,000. to incl.
SAN FRANCISCO (City and County), Calif.-BOND SALE.
-The
3
700.000 issue of 434% coupon or registered Bernal Cut bonds offered on
Oct.,17-V. 125, p. -was awarded to the Bankers Trust Co. of New
York and Peirce, Fair & Co. of San Francisco, jointly, for a premium of
$26,039.30. equal to 103.. a basis of about 4.15%. Dated July 1 .
Due 335.000 yearly from to . Incl. Prin. and Int. (J. & J.)
payable In gold coin at the office of the Treasurer of the city and county
or at the fiscal agency of the city In New York. Dean, Witter & Co. and
their group was second high with a bid of 103.61.
-BOND OFFERING.
RED RIVER PARISH (P. 0. Coushatta), La.
-BOND ELEC.
SAN FRANCISCO, San Francisco County, Calif.
J. W. Woodward. President of the Police Jury, will receive sealed bids TION.-The voters on Nov. 8 will pass upon the proposition of whether
until 2 p. m. on Nov. 23 for an issue of $150,000 public impt. bonds. Int. or not the Bay Bridge shall be controlled and operated entirely by the
rate not to exceed 6%. Denom. $1,000. Dated Dec. 1 . Due municipality or financed and constructed by private capital, later to be
serially from to incl. B. A. Campbell of New Orleans and taken over by the municipality. The estimated cost of the bridge is placed
another reputable bond attorney will furnish the legal approval. A at .000.000 and the proposal to float a bond Issue to cover the expendi$4,000 certified check, payable to above President. must accompany bid.
ture has been bitterly attacked from many angles.
RENSSELAER, Rensselaer County, N. Y.
-BOND OFFERING.
SAN PATRICIO COUNTY ROAD DISTRICT NO. (P. 0. Sinton),
Katherine B. Sanderson, City Treasurer, will receive sealed bids unitl 12 m. Tex.
-BONDS VOTED.
-On Oct. 15 the voters authorized the issuance of
Oct. 31 for the purchase of an Issue of $148,060 431% coupon or registered .000 in bonds to hard-surface the new State highway across the county.
improvement bonds. Dated July 1 . Denom. $1.000. Due Jan. 1 The total vote on the issue was 611 for to 80 against.
as follows: 38.000, to incl.. and $4,000, . Prin. and int.
County, Calif.
(J&#; & J.) Payable in gold at the Chase National Bank. N. Y. City. A certi- ' SANTA BARBARA, Santa Barbara -The $450,000 -BOULEVARD
issue of Cabrillo
fied check payable to the order of the City Treasurer, for 2°7 of the bonds BONDS OFFERED FOR .INVESTMENT.
offered, Is required. Legality approved by Clay, Dillon & Vandewater Boulevard and Booth Point Road 43.1% bonds which was sold on Sept. 29-to Wm. R. Staats & Co. and E. H. Rollins & Sons of San
V. 125. p.
of N. Y. City.
Francisco is now being offered at prices to yield from 4.00 to 4.15%. acRICHLAND, Lexington and Saluda Counties (P. 0. Columbia), cording to maturities. Dated July 1 and due $15,000 from to
-PORTION OF LARGE ISSUE OFFERED.
S. C.
-A block of $838.000 of , Incl. Personal property and Federal income tax exempt in Calithe $2.000.000 issue of 43 % coupon joint county obligation highway bonds fornia. Legal investment for California savings banks.
Financial Statement (as Officially Reported).
which was sold on May 31-V. 124. p.
-to a syndicate composed of
542.000,000
the Weil. Roth & Irving Co. of Cincinnati, the Columbia National Bank Assessed valuation
$2,464,175
of Columbia, the Robinson-Humphrey Co. of Atlanta. Prudden & Co. of Total debt (including this issue)
900.500
Toledo, the Provident Savings Bank & Trust Co., Seasonscood & Mayer Revenue producing debt
1.563.675
of Cincinnati, Geo. H. Burr & Co. of Chicago, M. F. Schlater & Co. of Net debt
Population. . (officially estimated), 37,000.
N.Y.and W. L.Playton & Co. of Toledo is now being offered by a group
composed of the Bankers Trust Co.. Harris, Forbes & Co. and Hannahs,
-BOND
SARATOGA COUNTY (P. 0. Saratoga Springs), N. Y.
Bailin & Lee, all of New York, priced to yield 4.25%. These bonds are SALE.
-The ,000 highway bonds offered on Oct. 12-V. 125. p.
tax exempt and are direct county obligations.
were awarded to H. L. Allen & Co. of New York City as 48 at 100.77, a
Financial Statement.
basis of about 3.96%. Dated Sept. 1 . Due March 1 as follows:
.525.646 334.000, ; 315.000, to . incl.; 345,000. and , and
Estimated value of taxable property
38.928.847 32.000. .
Assessed valuation.
5,048.000
Total bonded debt (including this issue)
Other bids were as follows:
Sinking funds
154.399
BidderAmt. Bid.
BidderAnd. Bid.
4,893.601 Stone & Webster and
Net bonded debt
Manufacturers & Traders135.886
Population Census
Peoples Trust Co
Blodget, Inc
.617.56
$213.269.88
Phelps, Fenn & Co
213.526.19
212.167.48 Bankers Trust Co
-BOND SALE.
-A $15.000 Dewey, Bacon & Co__ _ _ 213,115.12 E. H. Rollins & Sons...... 212.848.00
RIO HONDO, Cameron County, Tex.
Issue of 5 si% water-works bonds was recently purchased by the County Geo.
Gibbons & Co_ _ 213.399.20 Sherwodd & Merrifield.
Sinking Fund.
213,127.84Inc
213.399.20
Total Assessed Valuations of Saratoga Cotttstg.
-BOND OFFERING.
RIVER ROUGE, Wayne County, Mich.
$71.468,278.82
R. J. Peters, City Clerk, will receive sealed bids until 8 p. m. Oct. 25 for Real estate
119.945.00
the purchase of an issue of $75,000 43. % pavement bonds. Dated Nov. 1 Personal
. Denom. $1,000. Due Nov. 1 as follows: $5.000, .&#; $6,000,
371.588.223.82
Total
. and $8,000, to incl. A certified check, payable to the
.000.00
Total bonded debt
order of the City Treasurer, for 1% of the bonds offered is required.
Population of Saratoga County, 65.606.
ROCK HILL SCHOOL DISTRICT (P. 0. Rock Hill), S. C.
-BOND
SHAKER HEIGHTS(P.0. Cleveland) Cuyahoga County,Ohio.SALE.
-The $25,000 Issue of 5% coupon school bonds offered for sale on
-The $103.500 coupon special assessment street improveOct. 20(V. 125, p. ) was awarded to Taylor, Wilson & Co.of Cincinnati BOND SALE.
for a premium of $907.50. eoual to 103.63-a basis of about 4.65%. Due ment bonds offered on Oct. 11-V. 125, P. -were awarded to the
on Jan. 1 as follows: $1,000 from to ; $2,000 In . and $5.000 Guardian Trust Co. of Cleveland as 430 at a premium of $976. equal to
100.94. a basis of about 4.33%. Dated Oct. . Due Oct. 1 as folin and .
$11,000, ; $12,000, : 311.000, :352.000.
RYE AND HARRISON UNION FREE SCHOOL DISTRICT NO. 6 lows: $11,500. : $12,000, ; 311,000, , and $12,000. .
; $11.000, ;
P. 0. Harrison), Westchester County, N. Y.
-BOND OFFERING.
SHARPSVILLE, Mercer County, Paw-BOND SALE.-The 335.000
Lee B. Diehl, District Clerk, will receive sealed bids until 10:30 a. m.
(Eastern standard time) Oct. 29, for the purchase of an issue of $40,000 coupon borough bonds offered on Oct. 19--V. 125. p. -were awarded
coupon school bonds not to exceed 57.. Dated Nov. 1 . Denom. to the Mellon National Bank as 4 kis at a pre-lum of $653. equal to 101.86.
$1.000. Due $4.000 Nov. 1 to .
. incl. Rate of interest to be a basis of about 4.105%. Dated Oct. 1 . Due Oct. 1 as follows:
stated In a multiple of si of 1%. A certified check, payable to the order of $5,000, . and $10,000 In each of the years . and .
Emmett S. Crowe, Treasurer, for $500 is required. Legality approved
-WARRANT DIISCRIP
SHELBY COUNTY(P.O. Columbiana), Ala.
by Clay, Dillon & Vandewater of New York City.
TION.-The $140,000 issue of 6% school warrants reported sold to CaldST. JOSEPH Buchanan County Mo.-BOND OFFERING.
-Sealed well & Co. of Nashville (V. 125. p. 201D is more accurately described as
bids will be received until 5 p. m. on Nov. 1 by J. S. Burns, City Comp- follows: .000 issue of 6% coupon school warrants. Dated June 1
troller, for two issues of 04% coupon bonds aggregating $150,000 and and due on June 1 . Not retirable before final maturity. Purchased
at par. Interest payable June and Dec. 1.
divided as follows:
$82,000 lighting parkway and boulevard bonds. Due on Nov. 1 as follows:
-BOND
SHELBYVILLE SCHOOL DISTRICT, Shelby County,1(0.
$5,000 from to incl., and $6,000 from to incl. OFFERING.
--Sealed bids will be received until Oct. 25 by B. M. OadwellNo option.
Secretary of the Board of Directors, for a $39.000 issue of school bonds.
68,000 lighting streets and avenues bonds. Due on Nov. 1 as follows:
$4,000 from to incl., and $5,000 from to incl.
-BOND DESCRIPTION-The
SIDNEY, Delaware County, N. Y.
No option.
326.000 5% coupon or registered bonds awarded to George B. Gibbons &
Denom. $1,000. Dated Nov. . Prin. and int.(M&#; & N. 1) MY- Co. of New York City at 103.76 (V. 125, p. ), a basis of about 4.55%,
able at the National Bank of Commerce in h. Y. City. Bonds cannot be are described as follows: Dated Aug. 1 . Denom. $650. Due
sold below par. city will print the bonds. A certified check for 2% must serially from Aug. 1 to , incl. Interest payable F. & A.
accompany bid.
--BOND OFFERING.
SILER CITY, Chatham County, N. C.
-BOND OFFERING.
ST. MARTINVILLE, St. Martin Parish, La.
- Sealed bids will be received until 11 a. m. on Oct. 24 by B. P. Reltzel,
Sealed bids will be received by Edmund M. Fourmet, City Secretary- Town clerk, for two issues of 534% bonds, aggregating 340.000 as follows:
Treasurer, until 10 a. m. Nov. 7 for a $10.000 issue of6% coupon filtration $20.000 water and sewer system bonds. Due $1,000 from Oct. 1 to
improvement bonds. Denom. $100. Dated Oct. 1 and due on
, incl.
Oct. 1 from to incl. Int. payable April 1 and Oct. 1. These are
20,000 street Improvement bonds. Due $2,000 from Oct. 1 to .
the bonds unsuccessfully offered on Oct. 10-V. 125. 1: .
inch's! la.
1&#;
Denont. $1,000. Dated Oct. 1 . Prin. and int. payable in New York
SAINT CLOUD, Osceola County, Fla.
-BOND OFFERING.
-Sealed
legal approving opinion of Storey,
of the Manhattan
bids will be received until 11 a. m. on Oct. 28 by George M. Mitchell, at the Bank Pal-ner It Dodge Co. The will be furnished. A certified
of Boston,
Thorndike,
City Manager, for a $77,000 issue of 6% street Improvement bonds. check for
2% par of the bid, payable to the Town Treasurer is a requirement.
Denom. $1,000. Dated Oct. 1 and due on Oct. 1 as follows: $8,000,
to , Incl., and $5,000 In . A certified check for 5% must
SIMPSON TOWNSHIP ROAD DISTRICT NO. 8 (P. 0. Simpson),
-The White-Phillips Co. a
accompany the bid.
-BOND SALE.
Johnson County, 111.
(These are the bonds previously offered on Oct. 14-V. 125. p. .)
Davenport were recently awarded an issue of 37.500 5% road bonds
maturing Aug. 1 as follows: $1,000, to incl.. and 31.500.
SAN BERNARDINO COUNTY HIGH SCHOOL DISTRICT (P. 0.
San Bernardino), Calif.
-BOND SALE.
-A $25.000 issue of 5% coupon to incl.
school bonds was awarded to Heller, Bruce & Co. of San Francisco on
SOUTH ESSEX SEWERAGE DISTRICT (P. 0. South Essex),
Oct. 3 for a premium of $2,069, equal to 108.275, a basis of about 4.31%. Essex County, Mass.
-F. S. Moseley & Co. of Boston
-NOTE SALE.
Denom. $1,000. Dated Jan. 1 and due on Jan. 1 . Not op- were awarded an Issue of $650,000 sewerage notes on a 3.56% discount
Hotta' before . Int. payable on Jan. 1 and July 1. The following is a basis Plus a Premium of $15. Due Feb. 1 .
complete list of the other bidders:
NOTE SALE.
-The Merchants National Bank of Salem was recently
Freeman, Smith & Camp Co
$1,567.75 awarded an issue of $250,000 sewerage notes on a 3.38% discount basis
1.756.25 Plus a premium of $1.60. Due May .
Dean Witter & Co
Alvin H. Frank Co
1.777.50
SOUTH FORK, Cambria County, Pa.
-BOND OFFERINO.-Sealed
1.820.00
United States National Bank of Los Angeles
R. E. Campbell & Co
1.851.00 bids will be received by the Borousth Secretary until 5 p. m. Oct. 29 for
the purchase of an issue of $25.000 44% impt.
Date Aug. 1
R. Stoats Co
William
1.875.00
bonds'
1.877.00 . Denom. $1.000. Due $5,000 Sept. 1 in each of the years .
E. H. Rollins & Sons
1,918.00 . , and . A certified check for $500 is required.
Bank of Italy
1.020.00
R. ii. Moulton & Co
SPARTANBURG COUNTY (P. 0. Spartanburg), S. C.
-BOND
1.922.00 OFFERING..
Anglo London Parts Co
-Sealed bids will be received until 11 a. m. on Nov. 4 by
1.95.50 J L. M. Williams, Clerk of the County Board, for $454,000 43.1% coupon
Bond & Goodwin &Tucker, Inc
'
Wooden & Clo '
1.966.13 highway bonds. Denom. $1,006. Dated Oct. 15 . Due on Jan. 15
SANDUSKY COUNTY (P. 0. Fremont), Ohio.
-BOND SALE.
- as follows: $21.600. to : $18 000. . and 346.000. to
following issues of bonds, aggregating $121.700. offered on Oct. 15 . Prin. and int. J. & J.) payable in fold in New York. Reed,
The
(V. 125. P&#; ) were awarded to Stranshan, Harris & Oath:, Inc., of Toledo Dou-herty, Hoyt & Washburn of New York City will furnisn legal approval.
The payment og the above bonds is doubly guaranteed. A certified check
as 434s at their total premium bid of $657.18. equal to 100.53:
$41,000 Rising Sun-Tinney road improvement bonds. Due November 15 for 2% of the bid Is a requirement.
-LOAN OFFERTNG.STAMFORD, Fairfield County, Conn.
as follows: 38.000. : $8.500, ; $8,000. ; $9.500. ;
Harold S. Nichols, Town Treasurer, will receive sealed bids until 12 in.
and $8.000. .
37,000 Lindsey-Rocky Ridge road improvement bonds. Due Nov. 15. Oct. 25 for the purchase on a discount basis of a .000 temporary loan
In denominations of 350.000. 325.000. 310.000. and $5.000. The loan
as follows. $7,400, to inclusive.
16,000 Arthur Duffett Road improvement bonds. Due November 15, matures on June 15 and will be certified as to genuineness by the
Old Colony Trust Co., Boston. Legality to be approved by Ropes.
as follows: 32,000, : $1,500. : $2,090, : $1,500,
Gray,_Boyden & Perkins of Boston.
32,000. : 31.500. : 32.000, : $1,500, ; and 32.030
-Sealed bids will be received by Leroy I. Holly
BOND OFFERING.
.
the
15,700 Aloys C. Clabelroad improvement bonds. Due Nov. 15, as follows: City Treasurer, until 12 m. Oct. 24 for Pate purchase of an Issue of
Sept. 1 . Denom,
: 32.000, : 31.500. : 32,000, ; $1,500, $25.000 4 V,% coupon public impt. bonds.
$1,700,
31.000. Due Sept. 1 as follows: $3,000. to incl.. and $2.000.
19:12: $2,000. : $1.500. : $2.000, : and $1,500. .
William E. Pearson road improvement bonds. Due Nov. 15, to Incl. Prin. and int. (M. & S.) payable In gold at the First
12,000
as follows: 31.300, and : $1,400, : $1,300. ; National Bank,Stamford. A certified check for $100 is required. Legality
and : 31.400, ; 31.300, and ; and $1,400. . to be approved by Ropes, Gray. Boyden & Perkins of Boston.
-E. H. Rollins &
-BOND SALE.
QUINCY. Norfolk County, Mass.
Sons of Boston were awarded on Oct. 21 the following issues of 34&#;%
coupon or registered bonds aggregating $143,000, at 104.35-a basis of
about 3.68%:
$113.000 Southern Artery bonds. Due Nov. 1 as follows: $12,000, to
. inclusive, and $11.000, to , inclusive.
30,000 school bonds. Due $3.000 Nov. 1 to , inclusive.
Dated Nov. . Denom.$1,000. Principal and interest(M.& N.)
payable at the Old Colony Trust Co. Boston. Legality to be approved by
Storey, Thorndike, Palmer & Dodge of Boston.
-A $65,000
QUITMAN COUNTY (P. 0. Marks), Miss.-BOND SALE.
Issue of 534% road bonds has been purchased by A. K. Tigrett & Co. of
Memphis for a $2,000 premium, equal to a price of 103.08.
THE CHRONICLE
STANHOPE, Sussex County, N. J.-BOND SALE.
-The $19,000
43% water bonds offered on Oct. 17-V. 125, p. -were awarded to
the Citizens National Bank of Netcong, at a premium of $100, equal to
100.53, a basis of about 4.427. Dated Oct. 15 . Due Oct. 15 as
0
follows: $1,000, to , incl., and $500, and .
SUMMIT COUNTY (P. 0. Akron), Ohio.
-The
-BOND SALE.
Herrick Co. of Cleveland were awarded on Sept. 30 the following issue of
bonds as 4 kis, at a premium of $326. equal to 100.06:
$136,600 construction bonds. Due Oct. 1 as follows: $14,000, to
, incl.; $13,000. : $14,000, : $13,000. : $14,000.
; $13,000. : $14.000, , and $13,600, .
68.660 special assessment road bonds. Dated Aug. 1 . Due
Oct. 1 as follows: $7,000, to , incl.: $6,000, ;
$7,000. . and $6,500, .
145,000 road bonds. Due Oct. 1 as follows: $15,000, :$14,000, :
$15,000, : $14,000, : $15.000. ; $14.000, ; $15,000, ; $14,000, : $15,000. . and $14,000, .
119.000 bridge bonds. Due $1,000 Oct* 1 to 19,7 inclusive.
78,500 road bonds. Due Oct. 1 as follows: $13.000, to . incl.,
and $13,500, .
16,000 road bonds. Due Oct. 1 as follows: $3,000, to , incl.:
$2,000, : $3,000. , and $2,000, .
-BOND
SUNNYSIDE SCHOOL DISTRICT, Cochise County, Ariz.
SALE.
-An issue of $27,500 5 % school bonds was awarded to the Valley
Bank of Phoenix at a premium of $107.27, which is equal to 100.38.
-The price paid
SUPERIOR, Nuckolls County, Neb.-PRICE PAID.
for the $25,000 4,4% refunding bonds awarded to the Peters Trust Co.
of Omaha, in V. 125, p. , was a premium of $50, equal to 100.20, a
basis of about 4.725%. Dated Oct. 1 . Due Oct. 1 as follows:
$1,000, to , incl., and $2,000, to , incl.
[VoL. 125.
WARRE 4 TOWNSHIP SCHOOL DISTRICT NO. 2(P. 0. Warren)
Macomb County, Mich.
-BOND OFFERING.
-Anthony G. Weigand,
Secretary School Board, will receive sealed bids until 7 pl. 111. Oct. 26, at
the Center Line State Savings Bank, Center Line, for the purchase of an
i,sue of $20,000 school bonds, not to exceed 5%. Dated Oct. . Due
Oct. 1 as follows: $500. to , incl., $1.000, 19
14 to . incl.
and $1,500, to , incl. A certi ied check payable to the orderof
the District Treasurer, for $1.000 is required.
WASHABAUGH COUNTY SCHOOL DISTRICT, S. Dak.-BOND
SALE.-Benwell & Co. of Denver have recently purchased a $10,000 issue
,
of 5%% school building bonds. Denom. $500. Dated Aug. 1 .
Due on Aug. 1 as follows: $500. to , and $1,000. from to.
. Prin. and int. (P. & A.) payable at Kountze Bros. in N. Y. City.
WASHINGTON COUNTY (P.O. Washington),Iowa.
-BOND SALE.
-The $100,000 issue of coupon primary road bonds offered for sale on Oct.
18 (V. 125. p. ) was awarded to Geo. M. Bechtel & Co. of Davenport
as Oafs for a premium of $651, equal to 100.651, a basis of about 0.00%.
Denom. $1,000. Dated Oct. 1 . Due $10,000 on May 1 from *
to incl. The following is a complete list of other bidders:
White-Phillips Co., Davenport; Washington Loan & Trust Co., Washington; C. M. Keck-Commercial Savings Bank, Washington; Mississippi
Valley Trust Co., St. Louis.
WASHINGTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Toledo), Wayne County, Ohio.
-BOND OFFERING.
-Sealed bids will
be received by the Clerk, Board of Education, until 7:30 p. m. (Eastern
standard time) Oct. 31 for the purchase of an issue of $376,266 4ki% coupon
school bonds. Dated Nov. 1 . Denom. $1,000, one for $266. Due
as follows: $9,266 April 1 and $9,000 Oct. ; $9,000 Apr. and Oct. 1
to id., and $9,000 Apr. and $10,000 Oct. 1 to incl.
Bids will be considered for bonds bearing a different rate of interest than
stated above, such rate of interest to be stated in a multiple of
of
- Prin. and int.(M.& N.) payable at the Security Savings Bank & Trust1%.
SWEETFLOWER SCHOOL DISTRICT (P. 0. Madera), Calif.
Co.
BOND OFFERING.
-Sealed bids will be received until 10 a. m. on Nov. of Toledo. A certified check payable to the order of the Clerk, Board of
8 by County Clerk L. W. Cooper, for a $1,500 issue of 6% school bonds. Education, for $10,000 is required. The approving opinion of Squire,
Denom. $500. Due $500 from to , incl. Int. payable semi- Sanders & Dempsey of Cleveland will be furnished the successful bidder at
annually. A certified check for 10% of the bid is required.
his expense.
SWAMPSCOTT, Essex County, Mass.
-NOTE OFFERING.-James
WAYNESBORO SCHOOL DISTRICT, Franklin County, Pa.W. Libby, Town Treasurer, will receive sealed bids until 8 p. m. Oct. 28
-MATURITY.
INTEREST RATE
-The $80.000 school bonds awarded to
for the purchase of the following issues of 4% notes, aggregating $8,500:
$4,500 sidewalk notes. Denoms. $1,000, one for $500. Due Nov. 1 as the First National Bank & Trust Co. of Waynesboro, at 102.14 (V. 135
p. ). a basis of about 3.98%. bear interest at the rate of 43j%&#; The
follows: $1,000, to incl., and $500, .
bonds mature Oct. . optional Oct. .
4,000 water notes. Denoms.$500. Due $500 Nov. 1 to incl.
Dated Nov. 1 . Prin. and int.(M.& N.) payable at the First NaWEST CHICAGO PARK DISTRICT (P.O. Chicago), Cook County,
tional Yank of Boston.
-Sealed bids will be received by James J. McIll.-BOND OFFERING.
Comb, Secretary Board of Park Conurissioners, until 10 a. m. Oct. 27 for
Financial Statement Dec. 31 .
Valuation for year , less abatements
$21,245,612 the purchase of an issue of $4.000,000 4% and 4Si% second issue boulevard
Debt limit
D
591,224 and park bonds. Dated Nov. 1 . Denom. $1,000. Oral bids will
Total bonded debt
784,500 also be considered. Prin. and int. payable in gold. A certried check,
Less
-Water debt, $252,500: sewer debt, $194,000
446.500 payable to the order of the Park Commissioners, for 2% of the bonds offered, is required. Legality approved by Chapman, Cutler & Parker of
Net debt
$338,000 Chicago.
Borrowing capacity
253,224
-The
-BOND SALE.
WESTERLY, Washington County, R. I.
TAMPA, Hillsborough County, Fla.
-NOTE SALE.
-Two issues of $150,000 4% coupon bonds offered on Oct. 14 (V. 125, p. ) were
notes aggregating $906,000 were purchased by the Bankers Trust Co. of awarded to Harris, Forbes & Co. of Boston at 99.10-a 'basis of about
New York on Oct. 13 as 434% notes, paying for them a premium of $90, 4.04%. Date Oct. 1 . Due Oct. 1
The following is a list
equal to 100., a basis of about 4.24%. The issues are as follows: of other bidders:
Rate Bid.
Bidder$606,000 street paving notes and $300,000 water extension notes. Dated
Rate Bid.
Bidder97.92
Oct. 28, and due on April 18 .
Estabrook & Co
98.30 National City Co
Atlantic-Merrill Oldham
TARRANT COUNTY WATER IMPROVEMENT DISTRICT NO. 1 Stone & Webster & Blodgett___98.16 Brown Lisle & Marshall Corp_97.42
It. L. Day & Co
98.15
95.60
-On Oct. 8 the taxpayers
(P. 0. Fort Worth), Tex.
-BONDS VOTED.
98.051
voted favorably on the proposition of issuing a $6,500.000 bond issue Old Colony Corporation
for the construction of two huge dams to increase the water resources of
WESTWEGO, Jefferson County, La.
-BOND OFFERING -Sealed
Fort Worth. The proposition was passed by a 2 to 1 majority. (For bids will be received until Nov. 4 by Mayor V. A. Pitre for a .000 issue
notice of election refer to V. 125, p. .)
of not exceeding 6% coupon improvement bonds. Int. payable semi-an-BOND ELECTION.
-There will be an nually. Due snrially.
TEMPLE, Bell County, Tex.
election held on Nov. 26,for the purpose of voting for or against the followWEYMOUTH, Norfolk County, Mass.
-BOND SALE-Wise, Hobbs
ing five issues of bonds aggregating $295.000:
& Arnold of Boston were awarded on Oct. 19 an I sue of $260,000 3,4%
$15,000 park bonds.
$115,000 school bonds.
coupon hi.:11 school addition bonds at 100.99, a basis of about 3.36%.
25,000 paving funding bonds.
100,000 junior college bonds.
Dated Nov. 1 . Denom. $1,000. Due $13,000 Nov. 1 to
40,000 street bonds.
incl. Prin. and int. (M. & N.) payable at the First National Bank of
F. R.Stroop: Mayor.
Boston. Legality to be approved by Ropes, Gray, Boyden & Perkins
- of Boston.
TIFTON SCHOOL DISTRICT (P. 0. Tifton), Ga.-BOND SALE.
Financial Statement Oct. .
A $50.000 issue of high school building bonds was recently purchased by Net valuation for year
$32,906,549.00
an unknown firm for a premium of $2,600, eaual to a price of 105.20.
846,140.04
Debt limit
896,700.00
TONAWANDA UNION FREE SCHOOL DISTRICT NO. 1 (P 0. Total cross debt, including this issue
Tonawanda), Erie County, N.Y.
-BOND SALE.
-A syndicate composed Exempted debt-Water bonds, $119,000; other bonds,
157,000.00'
$38,000
of Batchelder, Wack & Co. of New York City, Redmond & Co. and R. F.
De Voe & Co. purchased on .Oct. 13 an issue of $350,000 4.40% school
$739,000.00
Net debt
bonds at 100.12-a basis of about 4.37%. Dated October 1 .
106,440.04
Denom. $1.000. Due Oct. 1 as follows: $20,000, to , inclusive, Borrowing capacity
and $15.000, to , inclusive. Principal and interest (A. & 0.)
-The
WHITE PLAINS, Westchester County, N. Y.-BOND SALE.
payable in gold at the National City Bank, New York City. Legality following issues of registered bonds aggregating $743.000 offered on Oct. 14
approved by Clay, Dillon & Vandewater of New York City.
-V. 125, p. -were awarded to Barr Bros. & Co. and Dewey, Bacon
-BOND SALE.
-The $252,000 & Co., both of New York City jointly, as 4s, at 100.33, a basis of about
TOPEKA, Shawnee County, Kan.
4:
Issue of 4 % registered paving bonds offered for sale on Oct. 18 (V. 125. 3.960
p. ) was awarded to the Harris Trust & Savings Bank of Chicago for a $235,000 school site bonds. Due Oct. 1 as follows: mow to .
premium of $1.638, equal to 100.65, a basis of about 4.15%. Denoin.
Incl.. and $5,000. .
$1.000. Dated Sept. 1 and due on Sept. 1 as follows: $28,000. 19'0.
160,000 incinerator bonds. Due $10.000. Oct. 1 to , Incl.
and $32,000. from to incl. Prin. and in (M. & S. 1) payable
86.000 series A highway bonds. Due Oct. 1 as follows: $12,000,
at the State Treasurer's office in Topeka Other bidders were as follows:
to . Incl.. and 52.000. .
Central Trust Co., Topeka: Prescott, Wright. Snider Co., an60.000 storm water drainage bonds. Due Oct. 1 as follows: $8,000.
to , incl., and $4,000. .
sas City, and Branch-Middlekauff Investment Co., of Wichita,
39.000 school bonds. Due Oct. 1 as follows: 82.000. to , incl..
who bid jointly, par, accrued interest and a total premium of.. _ _$1,337.12
and $1.000, .
Taylor-Ewart Co. of Chicago, par, accrued interest and a total
1,533.42
28.000 series B highway bonds. Due $4,000, Oct. 1 to . Incl.
premium of
25.000 series B street Impt. bonds. Due Oct. 1 as follows: $3,000,
Columbian Title & Trust Co. of Topeka. and the Fidelity Nato . Incl.. and 54,000, .
tional Bank of Kansas City, who bid jointly at par, accrued
632.52
110,000 series A street improvement bonds. Due Oct. 1 as follows:.
interest and a total premium of
$14.000. to , incl., and $12.000, .
Detroit Trust Co., par, accrued interest and a total premium of.. _ _ 1,216.00
Date Oct. . Other bids were as follows:
TOPPENISH SCHOOL DISTRICT (P. 0. Yakima), Wash.
Rate
Price
-The $9,700 issue of 5% school bonds sold recently-V. 125.
MATURITY.
BidderBid.
Bid.
par is due on Oct. 15 and Rutter & Co., Stephen & Co., H. L. Allen & Co
P. -to the State of Washington, at
4%
100.09
optional after Oct. 15 .
Harris, Forbes & Co., Bankers Trust Co., National City
-The
Co
4.05% 100
TRUMBULL COUNTY (P. 0. Warren), Ohlo.-BOND SALE.
.167
$123,000 444% coupon road bonds offered on Oct. 7(V. 125, p. ) were Geo. B. Gibbons & Co., Roosevelt & Son,Remick,Hodges
& Co
4.05% 100.
awarded to Stranahan, Farris & Oaths, Inc., of Toledo, at a premium of
4 lo% 100 319
, equal to 100.30-a basis of about 4.70%. Date Oct. . Due Pulleyn & Co., E. H. Rollins & Sons
.
Oct. 1 as fellows: $7.000 April and Oct. ;$7.000 April 1 and $6,000 Kean. Taylor & Co., Redmond & Co., Stone & Webster,
and Blodget, Inc
4.10% 100.289
Oct. 1 ; and $6,000 April and Oct. 1 to , inclusive.
Sherwood & Merrifield
4.10% 100.05
VALLEY COUNTY SCHOOL DISTRICT NO. 9 (P. 0. Opheim),
WHITMAN COUNTY SCHOOL DISTRICT NO. 9 (P. 0. Colfax),
Mont.
-BOND OFFERING.-Sealed bids will be received until 1 p. m. Wash.
-The
Issue of coupon
-BOND SALE.
on Nov. 12 by District Clerk H. 0. Dohlen for a $16,000 issue of not ex- for sale on Oct. 8-V. 125.$20,000 -was awatded school bonds offered
p.
ceeding 6% school bonds. Dated Jan. 1 . Int. payable Jan. & July 1. Trust Co. of Spokane as 43.6% bonds for a premium to the Washington
of $58.90, equal to
Private sale of these bonds may be resorted to. A $500 certified check, 100.294, a basis of about 4.47%. Denom. in
amounts desired. Dated
payable to the District Clerk, is required.
when issued. Due from to incl. The following is a complete
-BOND SALE.
-The list of the other bids and bidders:
VERMILION COUNTY (P. 0. Newport), Ind.
Par
45(
$3,000 4 % Prior Peel et al Felt Township road improvement bonds State of Washington
Par
434 p
i
$57.00 prem.
offered on Oct. 15 (V. 125. p. ) were awarded to the Fletcher Savings Old National Bank, Spokane
Par
a_
4y,
205.00 prem.
& Trust Co. of Indianapolis, at a premium of $58. equal to 101.93-a basis Cant.11, Richds & Blum, Spokane
Par
5%
25.00 prem.
of about 4.15%. Date Oct. 15 . Due $150 May and Nov. 15 Farmer's National Bank, Colfax
to , inclusive. There were no other bidders.
COUNTY (P. 0. Franklin) Tenn.-BOND OFFERWILLIAMSON
-Sealed bids will be received by County Judge Joe F. Mays, untll
- ING.
-BOND ELECTION.
VICTORIA COUNTY (P. 0. Victoria), Tex.
a $50,000 issue of 0
,
4% highway bonds. Denom.
noon of
A special election will be held on Nov. 19 for the purpose of passing upon 21,000. Nov. 12 for ,due on Nov. ,and optional after Nov. 1
Dated Nov.
question of issuing $1,092,000 in bonds to improve and hard surface
the
. Principal and semi-annual interest payable in New York at the
the county roads.
Chemical National Bank. A $300 certified check is required.
-The propoWAKEFIELD,Dixon County, Neb.-BOND ELECTION.
WILLSBORO UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
sition of issuing $70,000 in bonds to erect a new school building will be Willsboro), Essex County, N. Y.
-BOND ,SALE.-The $150.000 4,3(%
passed upon by the voters at an election to be held on Nov. 1.
coupon or registered school bonds offered on Oct. 14-V. 125, p. OFFERING. were awarded to the Essex County National Bank of Willsboro, and the
-BOND
WARREN COUNTY (P. 0. Glens Falls), N. Y.
-Beecher W. Sprague. County Treasurer, will sell at public auction at National Park Bank of New York City, jointly, at par. Date June 1 .
% highway bonds. Dated Due June 1 as follows: $4,000. to ,incl.;$5,000. to ,incl.:
11:30 a. in. Nov. 25 an issue of $199.000
Aug. . Denont $1,000. Dun Feb. 1 as follows: $9.000. , and 36.000. to , incl., and 27,000. and . There were no
incl. Prin. and int. (F. & A.) payable at the First other bidders.
$10,000. to
National Bank. Glens Falls. A certified check payable to the order of the
WINCHESTER VILLAGE SCHOOL DISTRICT, Adams County,
County Treasurer, for $4,000, is required. Legality approved by Clay, Ohio.
-The electors on Nov. 8 will vote on the ques-BOND ELECTION.
Dillon & Vandewater of N. Y. City.
OCT. 22 .1
THE CHRONICLE
tion of issuing $50.000 bonds for the purpose of building an addition to the
present school building. The bonds will run for a period of 25 years.
WOODBRIDGE TOWNSHIP (P. 0. Woodbridge), Middlesex
-BOND SALE.
County, N. L.
-The issue of 43i% coupon or registered
general i nprovement bonds offered on Oct. 17(V. 125. p.) was awarded
to the Woodbridge National Bank. taidng ,000 bonds (.500 offered). paving $248,319. equal to 100.93. a basis of about 4.42%. Dated
Oct. . Due Jan. 1 as follows: $8.000. to incl., and 87,000
In .
WOODCLIFF LAKE, Bergen County, N. J.
-BOND OFFERING.
Nicholas B. Ackerman, Borough Clerk, will receive sealed bids until 8 Pm.
Nov. 2,for the purchase of an issue of5% coupon or rwristered street paving
bonds nottoexceed $21,000 no more bonds to be awarded than will produce
a premium of 81.000 over 821.000. Dated Nov. . Denom. $1,000.
Due $3,000, Nov. 1 to . incl. Principal and interest (M. & N.)
payable in gold at the First National Bank, Westwood. A certified check
payable to the order of the Borough,for 2% of the amount of bonds bid for,
is required. Legality approved by Hawkins, ,Delafield & Longfellow of
New 'York City.
WOODBINE SCHOOL DISTRICT (P. 0. Williamsburg), Ky.BOND SALE.
-A 810.000 issue of 6% school bonds was recently purchased
at par by Walter, Woody & Heimerdinger of Cincinnati. Dated June 1
and due on June 1 .
WYANDOT COUNTY(P.O. Upper Sandusky),°Mo.-BOND SALE.
The 521.903.90 5% road improvement bonds offered on Oct. 11-V. 125,
p. -were awarded to the Herrick Co. of Cleveland, at a premium
of $738. equal to 103.36, a basis of about 4.40%. Date Oct. 1 . Due
Oct. 1 as follows: 82.103.90, , and $2,200. to , incl.
WYANDOTTE, Wayne County, Mich.-BOND SALE.-The .000
city's portion grade crossing bonds offered on Oct. 11 (V. 125, p. )
were awarded to the Fidelity Trust Co. of Detroit at a prerylum of $105,
equal to 100.08. a basis of about 4.19%, taking $100,000 bonds maturing
$4,000 from to incl. as 43(s. and $25,000 maturing $5,000
to incl. as 48.
WYANDOTTE COUNTY (P.O. Kansas City), Kan.
-BOND OFFER-Sealed bids will be reel ed until 2 p. m.on Oct. 31 by County Clerk
ING.
William Bexas for $18.600 4 % coupon special improvement bonds.
Denom. 51.000 and one for $600. Dated July 1 and due on July 1
as follows: $600. : $1.000. to MS:82,000 from to , all
.inclusive. Prin. and Int. (J. & J.) payable at State Treasurer's office in
Topeka. County will print bonds and transcript of proceedings. A certified check for 2% of the bid. payable to the Chairman of the Board of County
Commissioners, is a requirement.
CANADA, its Provinces and Municipalities.
BURNABY DISTRICT, Que.-BOND ELECTION.
-An election will
be held on Oct. 22, for the purpose of voting on the questian of issuing
$385.000 water works debentures.
-The school
CAP DE LA MADELEINE, Que.-BOND OFFERING.
commissioners will receive sealed bids up to 7 p. m. Oct. 31,for the purchase
-year serial debentures dated Nov. 1 , payable
of $120,000, 5%, 25
NEW LOANS
at Cap de la Medeleine, Montreal and Quebec, and in denominations of
and multiples thereof. J. 0. Loranger, secretary-treasurer.
GREENFIELD PARK, Que.-BOND OFFERING.
-Sealed bids will
be received by E. J. Allwright, Secretary-Treasurer, until 5 P. in. Oct. 24.
for the purchase of an issue of $95,000 5 % 15-year serial bonds. The
bonds are dated May 1 and as in denominations of $500 and $100.
JONQUIERE, Que.-BOND OFFERING.-i. M. La Croix. Clerlr.vrill
receive sealed bids until 2 p. m. Oct. 25, for the purchase of an issue of
-year serial bonds dated June 1 . payable atJonquiere,
$29.000 5 % 30
Montreal and Quebec.
NEWFOUNDLAND (Government of).
-BOND SALE.
-The $5.000,000 Issue of5% Newfoundland Government bonds offered for sale on Oct.20
-was awarded to a banking group consisting of Kountze
-V. 125. p.
Bros., Lehman Bros., E. H. Rollins & Sons, all of New York. and McLeod,
Young & Weir of Toronto, paying 98.513 for the issue, a basis of about
5.09%. Due on Dec. 31 . Principal and interest (J. & J.) payable
at the office of the Minister of Finance and Customs, St.John's, Newfoundland, or at the Bank of Montreal, St. John's. The second highest bid was
submitted by a group headed by Dillon, Read & Co. of New York who
offered a price of 98.410.
NEW WESTMINSTER, B. C.
-BOND SALE.
-The Bank of Montreal
was recently awarded an issue of $90,000 5% 20
-year street and fire hall
debentures at 99.68, a basis of about 5.03%.
ONTARIO (Province of), P.0. Toronto.
-BOND OFFERING.
-J.D,
Montieth,Provincial Treasurer, will receive sealed bids until 12 in. Oct. 26'
or the purchase of an issue of $24,000,000 4 % refunding bonds. Dated
Nov. 1 . Due $800,000. Nov. 1 to , incl. Principal and
interest payable in Canada, New York and London.
POINTE CLAIRE, Que.-BOND OFFERING.
-J. E. Daoust, Sec.Treas., will receive sealed bids until 6 p. m. Oct. 24, for the purchase of
an issue of 350.000 5% 30
-year serial bonds, dated Oct. , in denoms.
of $500 and $100, payable at Pointe Claire and Montreal.
POINT GREY, British Columbia, Canada.
-BOND SALE.
-Wood.
Gundy & Co., and Pemberton & Son, Jointly, purchased ,000 5%.
-year bonds on a bid of 99.60.
10, 15, 20 and 30
RIVIERE DU LOUP, Que.-BOND OFFERING.
-Sealed bids will be
received by J. Lebel, Sec.-Tress, until 5 p. m. Oct. 25. for the purchase of
an issue of % 40-year serial bonds, dated Nov. 1 . The bonds
it is stated are guaranteed by the Province of Quebec.
SCARBOROUGH TOWNSHIP (P. 0. Birch Cliff), Ont.-PRICE
-The price paid for the several issues of 57 debentures aggregating
P4TD.
.812.53 awarded on Oct. 12-V. 125. p. -to AcLeod, Young,
Weir & Co. of Toronto, was 99.77 (not 99.65) as previously reported.
Si.LABERRY DE VALLEYFIELD, Que.-BOND OFFERING.
Sealed bids will be received by L. J. Boyer, Clerk, until 7 pl. in. Oct. 26,
for the purchase of an issue of 850.% 32
-year serial bonds. The bonds
are dated Nov. 1 , and are payable at Valleyfield and Montreal.
-PROPOSED BOND ISSUES.
VANCOUVER, B. C.
-An Issue of
-year and $635,000 4 % 40
$600,000 4 % 15
-year bonds will shortly be
p'aced on the market. A further Issue of $500,000 of local improvement
debentures may also be sold at the same time.
FINANCIAL
FINANCIAL
FOR SALE
We Specialize in
By Private Treaty
City of Philadelphia
$250.000
State of Delaware
Highway Bonds
SEALED PROPOSALS for the purchase of all
or any part of $250,000 four per cent, coupon
bonds of the State of Delaware to be issued under
the provisions of Chap. 63, Vol. 29, Del. Laws.
known as "The State Highway Act." will be received by the Governor, Secretary of State and
State Treasurer of the State of Delaware, until
one o'clock P. M., on November 2, .
k or circular further describing bonds to be
Issued, write to
HOWARD M. WARD,
State Treasurer, Dover, Delaware.
BONDS
MUNICIPAL
and
CORPORATION
THE DETROIT COMPANY
Incorporated
NEW YORK
CHICAGO
BOSTON SAN FRANCISCO
Correspondent of
DETROIT TRUST COMPANY
DETROlf
3s
31/
28
48
/
41 48
4 s
/
1
4
5s
54
/
1
s
51 211
/
A large Paper and Board Mills
near Dublin, Ireland. Up-todate machinery. Output 220
tons per week. Mills cover 3
acres. In addition the Estate
comprises 126 acres (68 freehold), 40 Dwelling Houses, Railway and Canal sidings. Electrically lit throughout. Property
has been valued by Experts at
£110,000. Earning capacity not
less than £15,000 per annum.
The Mill Buildings and Plant are
in excellent condition and as they
stand form one of the most up-todate concerns in the British Isles.
Further particulars can be had
from
Biddle & Henry
"PAPER," care S. O'BROLN,
83 Upper Leeson Street,
Dublin, Ireland.
WHITTLESEY.
McLEAN &CO.'
Locust Street
Philadelphia
Private Wire to New York
call Canal
MUNICIPAL BONDS
E. R. DIGGs & Co.
PENOBSCOT BLDG., DETROIT
(Inwrpows.a)
Investment Securities
Specializing in Public Utilities
46 Cedar Street
New York
AUGUSTA
JOHN W. DICKEY
Augusta, Ga.
Southern Securities
'&#;taholitiherl t880
Jerome B. Sullivan
FOREIGN
2,
11 4,,t1s
IOVERNMENT&#; C
o
IN DETROIT
2 BROADWAY - NEW YORK
APPRAISALS
REPORTS
Confidential Investigation&#;
Our Paid Appraisals on Detroit Business Properties &receded $18.000.000.
WM. E. BUSH & Co.
Augusta, Ga.
BASSETT & SMITH, INC.
SOUTHERN SECURITIES
COTTON MILL STOCKS
Established
Guaranty Trust Bldg.
DETROIT
UNICIPAL &
R. R BOND.,
Members New York Curb Market
Direct Private Wire to
s. Buffalo, Chicago. Cleveland, Defrost
Llontrezi. Rochester gurarus&#; and Toronla
Orders ezectited in all markets
No margin accounts sereorod
THE CHRONICLE
ffinancial
[VOL. 125.
SInantial
ifinancial
&#;&#;&#;&#;&#;&#;&#;&#;&#;&#;&#;&#;&#;&#;&#;***,.....
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CHICAGO
CHICAGO
LEIGHT & COMPANY
igni..skost_rhissi
BANKERS
Leight, Holzer & Co.
Oreenebaum Sons
Investment colony
821 Chestnut St., Philadelphia
First Mortgage Bonds
Safe investments Since
S. E. Cor. LaSalle and Madison Sts.
111 West Washington Street
Safe First Mortgage
Real Estate Serial Bonds
E.W.ClarkfiCo.
Formerly
Established
Members New York and Philadelphia
Suitable investments for Banks, Insus&#;
enc. Companies, Estate&#; and individuals
Approved and Recommended by the
iLDEST BANKING HOUSE IN CHICAGO
Chicago
Stock Exchanges
Paul C. Dodge & Co., Inc.
JOHN R.WESTWOOD &CO.
INVESTMENT
ra
SECURITIES
10 SOUTH LA SALLE STREET
CHICAGO
TRUST COMPANY BLDG., MILWAUKEE
INVESTMENT
SECU.RITIES
MICHIGAN
Packard Bldg,Philadelphia
:RITTENHOUSE
HARRIS,SMALL
& Co
150 CONORIESS
Offering Sate Securities of Electric Light
andPower,Gas,andTransportationCom&#;
panics operating in 20 states.
Write for list.
UTILITY
SECURITIES
COMPANY
1
230 So.La Salle St., CHICAGO 4
Milwaukee St. Louis tauiskiiie IndLAumolls
DETROIT
PAUL & CO.
117-212 PENNSYL VANIA BLDG.
PHILADELPHIA
Member Philadelphia Stock Exchange
PENNA. TAX FREE BONDS
10A0LANILIJ T
4
9 C.
Joel Stockard & Co., Inc.
Established &#;Incorporated
INVESTMENT BANKERS
Investment Securities
Municipal, Government &
Corporation Bonds
CHICAGO
NEW YORK
Members Detroit Stock Exchange
WARREN A. TYSON & CO.
Penobscot Bldg.
&#;
DETROIT
&#;
Cherrp
A. 0. Slaughter & Co.
Members of Detroit Stock Exchange
Walnut Strew
PHILADELPHIA
Members
New York Stock Exchange
Chicago Stock Exchange
Chicago Board of Trade
Charles A. Parcells & Co.
Investment Bonds
110 WEST MONROE STREET
CHICAGO, ILL.
INVESTMENT SECURITIES
Frederick Peirce
& Co.
BONDS
FOR
PENOBSCOT BUILDING, DETROIT, MICH
INVEST
MENT
Gfl Wall Street, New York
207 So. Fifteenth Street. Philadelphia
LIVINGSTONE & CO.
GARARD TRUST
COMPANY
INVESTMENT SECURITIES
TRUSTS &#; ESTATES
39 SO.LA SALLE sr. CnicAGo
Members Detroit Stock Exchange
CINCINNATI
Specialists
in Cincinnati
Dime Saving&#; Bank Bldg.
DETROIT
Securitir
Inquiries solicited on Chicago
Real Estate Bonds
W. E. HUTTON & CO.
CINCINNATI, OHIO
MEMBERS OF
OFFICES
Stock Exchange
New York
CIncinxiati Stock Exchauige
New York CIL
Detroit Stock Exchange
Detroit, Mick
Chicago Board of Trade
Lexington. Ky
New York Cloteon Exchange
Dayton, Ohio
New York Curb Market
ST. LOUIS
Ill West W&#;&#;hington Stre&#;t
CHICAGO
Herndon Smith
William H. Burg
Charles W. mo&#;r&#;
W.0. Morehead
SMITH, MOORE & CO.
ROBERTS & HALL
CINCINNATI SECURITIES
407 Dixie Terminal Bldg.
INVESTMENT SECURITIES
ST. LOUIS, MISSOURI
NASHVILLE. TENN.
Cincinnati
DEALER IN
Cincinnati Securities
CINNATI
0 H 1 I.
Founded
A. J. WRIGHT & CO.
Western New York and Canadian
Local Stocks and Bonds
Bought and Sold on a Brok
Basle Only.
BUFFALO. NEW YORK
ALABAMA
J. C. Bradford & Company
EDGAR FRIEDLANDER &CO
BUFFALO
Members New York Stock Exchange
509 OLIVE ST.,
Members
New York Stock Exchange
alactnniut Stock Exchange
Chicago Board of Trade
LACKNER, BUTZ & COMPANY
Participating Distributors
and
Underwriters of Southern
Municipal and Corporation Bonds
815 Union Street
N ASHVILLE, TENN,
MARX & COMPANY
BANKERS
BIRMINGHAM, ALABAMA
SOUTHERN MUNICIPAL AND
CORPORATION BONDS
Reading Evening Post from Reading, Berkshire, England • 28
A EVENING POST 137 CYCLES 140 GARDENING for TILENURST BUILDING AND ROOFING CONTRACTORS Estons.ons, all typos of roof and bnckwork Floacf.ng EXTENSIONS ETC Prompt ser. Imo Burghhold mon ADVERTISERS to advertise in Dial a Service Louisa on Reading ALTERATIONS All budding repairs Reading SURVEYING AND ESTIMATNO Serv.ce Read.ng . irrulay, September 10, 140 GARDENING osousa PLANS Extensions etc Drawings prepared Reading Anytime. PLANS DRAWN Fast complete ssrvwe. T.I Reading anytime .
303 HOOFING VOICES Complies rooting sou vices. Over 30 years stable experience. Reading . 311 PLUMING PLUNNING 111 HEATING Prompt and professional service. Free estimates .
. HAM Plumbing, heating and roofing. Reading , PLUMING AND HEATING vices. No job too small. Reading PLUNGING HEATING Free estimates .
Reeding . LADYS MAYFAIR cycle. 3 I I speed. super tyres. good OUALCAST ELECTRIC cylinder Wean condition, 25 Read motor mower, with box, mg (folder) excellent condition, 1 yr old .
ono Nursery swung 140 GARDENING with wooden baby seat. CS ono Reading ACE CONCRETE products for all your paving requirements LAWN TURF ggp per sq yard Most competitive prices Also lawns laud Free esti around Free delivery Reading Wokinghem 7E I 3p: , 300 BUILDINGS 301 BUILDING RANI yard Ott, I 309 TANIAACIIIO I Tarmac, shingle, patios, rotoyating, turfing. All work guaranteed. Free estimates. Read .
ing or . TARMAC, CONCRETE Tar spraying, gravel chipping', paths, drives etc. Professional Reading . 329 GLAZING BROKEN WINDOWS Quick repairs. Glazing service .
Glass cut to size while you wait Laminated safety glass. Roof windows, mirrors, drilling. Lead lights. Sealed units. Glass and Glaze .
48 Prince Of Wales Avenue, Reading . 301 GAMBINO wu 31S a DECONA7II.O II DECORATOR Requires work. Internal and external. Please Kldmore End ARTEXINO New ceilings for old. Rdg anytime S.J DAWES PAINTING DECORATI ESTABLISHED 10 YEARS and Cowng and speoahat pant work .
General repass Free Any area covered Proopt and prolossanal senres READING . I maw. I lERVICES 1 PATIOS Rotoviting and tree lopping. Routing . TIOWIELL Upholsterer .
38 years exper.on mg W. co Read- 318 PAINTING DECORATING i i l4O GARDENING NEEDS NEW HOME Greenhouse 4 ft 6 ft. allu minium frame with glass. pitched roof. eliding door and opening window .
65 ono Reading 1 140 GARDENING 1 READING TURF Company Good qualay weed treated lawn turf. Readmg large or small quanbbes Compeubve rates. Wokingham LAWN TURF weed treated and for the better quality lawn Wokingham LAWN TURF 90p sq yd Lawn laid from (1.80 sq yd Wok SERVICE 310 REMOVALS TERRY a MSS do you want to moye7 Competotove rates. Long Reacting evenings. LARGE OR SMALL DISTANCE Not object too small .
Reading days evenings. REMOVALS large or smell also single aierns. Rdg . 315 ELECTRICAL newts EXTRA POINTS ETC No job too small. All work guaranteed. Competitive prices and free estimates Reading .
ALL DOMESTIC appliances repairs and DAN spares. Free estimates Rdg ALL DOMESTIC appliances repairs and I spares. Free estimates. Rdg PITREPRENIEIAIS with limited to no capital there ki an each Ing alternative. Call now ELECTRICIAN I No job too small Call Miki on WOKINGHAM 317 PLASTEMNG ALL TYPES of plesterung undirtoken Reeding 330 PERSONAL RNANCE DofrT OE REFUSED A LOAN srrears .
J.s. repoiseisions our speciality Also excellent terms for credit worthy customers. Mortgages and re.mortgages up to Tidy Loans , sorry no tenants. A PERSONAL LOAN from 050 to . No security .
Swindon Finance Co, 147 Friar St. Reading . Written details on request. Open all day, plus Sat until 12.00 noon. 714 TV SERVICES VIDEO TV MOSLEMS Fast guaranteed repairs .
No call out charge. specialists Most makes undertaken. Reading anytime. FAIR PRIM TV. Video .
Audio repairs. All Work guaranteed. No call out Charge. Rsading . TV, VIDEO AUDIO REPAIIRI No call out charge .
Reading Anytime TV, VIDEO REPAIRS No call out charge. Paul (Formerly of Missiles). Reading 1 330 PERSONAL I £30,000 endowment mortgages over 25 years at 9.875%. Monthly mortgage repayments £180.22 plus endowment. Also pensions, life insurance, and Financial Services .
Private interviews arranged at your home if required. For futher details Open 7 days a week from 9am-6pm Private matter after 6.00 pm () Licensed atodi braiots TWO PROFIESINONAL Gents, age 30, requore furnished accommodation. House, Hat. or shared in Reading for long term. Refs evadable 3 bedroom house to let .
Fully furnished. Well deco rated. Double glazing Close to shops main bus routes. Quiet location. 00pcm .
Relerencea required. Reeding I 359 BEDSITTERS I HOUSE SHARE Luxury accommodation evadable for immediate occupation. Pncas from f3O CsOpisr per person Tele. now. Reading and make your dreams FAST FINANC Fo ou! NOTHING TO REPAY FOR 3 MONTHS CREDITCLEAR CARDS HP LOANS A REDUCE TOUR OUTGOINGS dr era 3 raS Pr 1 READING or FREEFONE3O34 C2OOO 17.03 11.91 9.49 £3OOO 25.55 17.87 14.23 1 7 ectooo 34.30 23.82 18.97 10.78 £6 OOO 42.58 29.77 23.71 20.94 18.82 £6OO 51.10 35.73 28.45 25.13 22.34 I MAITIAND FINANCE LTD IMO OUSINIESO To OUSINESS SMALL BUSINESS GOT A COMPUTER (OR THINKING ABOUT ONE) UNSURE HOW TO GET STARTED (OR MAKE THE MOST OF IT) 337 AUCTIONS catering equipment at Kempton Parkk, London SW on 17 Soot For detwlsand catologue rong ACCOUNTANCY ACCOUNTS for self Amployed .
companies. Book-keeping. VAT, etc. 4 . Rdg E8 .
CHARTERED ACCOUNTANTS anytime Reeding 341 354 HOUSES TO LET UNLIMITED ACCOMMODATION AVAILABLE! FlAts. bedsits, houses for pro- tessional persons. houses for familtes ABSOLUTE.LY NO FEES. : The irapeety Deakin on Reeding 357 FLATS RAT IN CALCOT 1 bedroom Ist floor maisonette. Furnished Own garage and garden Avail able 9th October .
C3oopcm References and deposit required : Reading est 25 weekdays end evWweMends LARGE SELF CONTAINED 3 BED FLAT In West 14adolTgfl2) shared of necessary 62e7 advance. Reedong 2 BEDROOMED SELF CONTAINED furnished flat in good area of Crowthorne. Geroge. No childern, no pets. C3oopcm .
References and deposit requved. Professional people only 2 ROOMS TO SHARE In smart new house Winnerah. One evadable now, one September 25th (180 or Cl4opcm Incluswe Rang Readmit eves or est oflice to shore house West Reedsng 35 per week Teiephorw Reeding DOUBLE ROOM and Wuxi, house Weal for couple f24opcm in dud. Ind bolls Single room, pcm including Bracknell TWO ROOMS TO LET in shared house in Thesis Filmy access to Reading tl2O and Cl4opcm inclusive al bills except . All amenities provided .
Tele Sob on Pleading Idays) SPACIOUS VERSATILE ACCOMMODATION available in sought alter residential square in central Reading. Would suit young professional couple. For further details please R4echng 9am to 6pm Second person required rectrpred to shore 3 bed house. Fitted double bedroom local Ornenmes. Bus and tram ser 1 Cl4opcm plus bolls 1 Reading 360 SHARING I 360 SHARING FURNISHED ROOMS EXCELLENT to it Close to Town Centre ACCOMMODATION West Reading .
Share ell foci Share house, own room laws pcm plus 'bills with all amenities for non Professional and post grads smoking female Cl3opcm preferred. Reschng plus share of bons Tele office hours or Reading 6pm person 'squared to share mired 4 bed los an Woodier" All amenataes plus cleaner Cl3spcm plus sham balls Reedang daytune and evenings ROOMS £25 TO £35 Near Caversham Town Con to 10 mom walk to railway station Pro tessionals requorod Central heatong Well decorated hones. Baca perking Rawl mg dayhme or requwed to share house on Tolehurst Large comfort able room, all moo cons Convenlent posmon E3spw onclusove Read ng OW 6pm CENTRAL READING Two double rooms able 011 modernosed town house 5 mons Town Centre Available 15th and 30th September from 55 per week inclusive. Reading Non-smoker to modern house Woodley. Cl4opcm Reeding DOUBLE ROOM In centrally heated house .
Welting dements to Town Contrib. Sher mg modern locllltles Suit profesmonal person Heeding . to let on snared El3opcm onclustorso of bolls. . Reading eves or DELUXE EXECUTIVE FLAT close Town tonne .
6 to 12 months let. £4OO per month High Wycombe . BEAUTIFU LEDROOMON self contamed flat in the Caversham area. Vacant from 19th September E27opcm plus Reading . FULLY FURNISHED fists Single and double rooms to IN Rang Reeding MW ACCOMMODATION WANTED RAT REQUIRED for company manager trans .
fared to Slough area. £40.50 pw. Maferencea available Slough Mr LARGE ROOM TO LET In shared house. Hanworth couple per west plus share of Martin 840 or Bracknell SINGLE ROOM TO LET an centrally heated house near Town Centre. Use of all facolataes (125pcm clu sore .
Rang Reading PROFESSIONAL ON Non.smolter. Own room in nice house in University area. fl2spcm inc. all bills Reading ROrn. SINGLE MALE wants room in shared house, C.P.VJEmmer Green .
office hours or ask for Steve Simpson. corm true, DOUBLE BEDSITTING ROOM TO LET In newly turrushed accommodetlon in excellent hon Ideal for young couple. (60 per week. Du ta required Reed.ng 1 DOUBLE AND 1 SINGLE ROOM to let, West Readmti Clean, luny turmshed mod anon. Any status wel come Call at 46 Audley Street .
TO LET IN WOOOLEY Lovely lorge bodsitting room en suite. Snare amen, ties. pcm inclusive. Will suit professional ferrate. Reading LARGE BEDSIT evadable for professional person, own N.C.and cook mg fecildoes Close sity and 1.14 Deposit required .
Reading . SELF CONTAINED bedsitter near Town Centre. Cl7spcm. between 10am and 4pm. DOUBLE BEDSITTER All amen, ties, Grovelands Road .
With competitive price and timely delivery, Powsea sincerely hope to be your supplier and partner.
C4O per week anclusive Reading BEDSITS NOW AVAILABLE 45 single. 55 double Reading . DOUBLE AND single bedsits to let nr Caversham Reading BEDSITS 35 to 45 eet treek Inclusive. 53 Pell Reading or MIMEO. ROOM AVAILABLE for pro fissional female 140pw inc .
Reading . SINGLE BEDSIT Suit gentle man Cl2opcm. Rdg LARGE DOUBLE BEDSIT Reading . I WO smarm I requored to shire house .0 Caversham Park Vo flo7pcm plus bolls. Reading .
LARGE DOUBLE ROOM, Shared kitchen, bathroom, for Lady tenant (Mow Inc. Reading Noma IMAM 15 mans station. pcm ow. Refundable deposit. Reading .
DOUBLE ROOM to let for professional per son in newish house dose to all amenities Full central heating. Wishing machine etc f3sww inclu ins Read mg even ings weekends TWO PROFESSIONAL FEMALES REWIRED preferably non-smokers. to share house. Calcot area plus share balls Confect Peter Nash on Read mp wanted to than house in Lower Earley. Large comfy room .
EllOpw Inclusive all bull except . Reeding SUM after Illpm 327 WASTI DISPOSAL i WINNOWS sours FON ism 7 or 8 yards 35 only. Any type of rubbish collected 7 days week. Wokinitham MOEN VALUE Mini skips 2 3 Yards. El 5 same day dishy .
ery. Wokinghern loading service available. MIN SOUP 13.50 ONLY. Prompt delivery and MIRKbon. Wokingham MINI MOPS building skips 7 day service Clembins on Reading .
READING UIP HMI 7 day se, vice Ring Reeding Anytime 331 SPECIALIST SERVICES 1 0 OVER 3.25 YEARS FOR ANY PURPOSE 16.31 11.40 9.40 6.02 7.13 6.81 32.62 22.81 18.80 16.04 14.26 13.62 48.93 34.21 26.20 24.06 21.39 20.43 65.24 45.62 37.61 32.09 26.52 27.24 47.00 40.11 34.06 I 01 70.51 60.16 53.48 51.09 Mg RIMY LONG at. cost le ORO (Na me .9 "wage" earrnft rts 6.ll.ante 0.0.00,.11.0&#;20 MORTGAGES REMORTGAGES ANYPROPERTY, PERSON, PLACE, PURPOSE, AMOUNT -UNSECURED LOANS £5OO TO £ FOR OWNERS OR TENANTS 2-5 YEARS ANY PURPOSE M. FORCES SELF EMPLOYED ALL WELCOME 10 PLANS FAST FRIENDLY SERVICE DISTANCE NO OBJECT PREMIER FINANCIAL 7 DAY SERVICE BAGSHOT SAT PM SUNDAY GUILDFORD ROAD. LIGHTWATER GUIS 10 AM 6PM 351 COMICIAL INDIAMIAL PROPIRTY 37S SMALL GENERAL INDUSTRIAL UNIT. Self con .
tamed on the ground floor sotuated on West Reading. All main SOIVIOIIIIII including three phase electricrty. Excellent natural light. Pedestrlon access. Male female toilets, Small yard .
Low rates. To be let at 12.000 per annum or alternatively for sale with vacant possession at 117.500. Apply Denman and Baker. 4 London Street, Reading. , YOKIP4I3IIAbi PAE7IIIO CENTRE .
superb new development of new business units. 'gore foot free holds for sale 01 636 356 HOUSES TO LET 4 BEDROOMED detached house. Fully fur coshed, double glared. Garage and parlung space. arden .
Very good area of Tilehurst. Min. 1 yr tenancy Ilefs raptured. Sharers viral come. 136 pm .
equlya lent of monthly payments Readmg . Cpp SOUTH ROG lbed ui house. C47srxer CALCOT 3 bed house, f4o3pan LOWER EARLEY 3 bed house £4oopan WEST ROG 3 bed house. E4O 11LEHURST 4 bed unfurniihed. C4oopern TOWN CENTR b.d tastotul terrace .
E3sopan LOWER EARLEY 2 bed RDG TOWN CENTRE 2 bed Istraosd. C3ooCcfil PFS loot CEITII, 1 hi liat qll TVIFOIIII, lid dettell PROPERTY FINANCIAL SERVICES MICHAEL VARLEY GORING 4 bid cottage. Es4sgcro EARLEY 4b4d lox PROPERTY LET 357 FLATS wanted to share friendly house in Woodley. Avail able from late September. Rent, plus share of bills .
Reading PERSON TO SNARE HOUSE Central hostong end well meentelned. flOOpem plus bills. Reedong YOUNG PROFESSIONAL parson, to share house in Reedng. mod ci.v* inc. Janine 01 .
est (days) or Rdg evenings SECOND PROFESSIONAL P. son to share flat, with one other. pcm plus electric bill Reading after ePro WANTED PROFESSIONAL FEMALE to shers house. (40pw inclusive. Reading or and ask for Shehey MALE REOUIRED TO SHARE FLAT Sh.nit;lcrßold.Et4opcm plus bdls Contact Ressitng spm MOLL ROOM In shored house .
West Reacng. Pro fess.onal person only. Deposit and reference. Reeding THE 341 to shore able horns with swim mAnp pool. All mod cons £55 per week plus thud shone of bills .
Nifsioncss required Reeding BERKSH ENTERPRISE AGENCY in conjunction with URBED and the MSC have arranged a programme for who recognise the need and value of TRAINING IN MANAGEMENT TECHNIQUES The course will run through autumn and winter and it starts on SEPTEMBER 17, with the first module out of 8 entitled YOUNG PROFESSIONAL FEMALE vented to shone lingo, well oqu.ppod modern house now Roadmg Own Arlw.th spon r. nclo oorn swo. Henley FOR HOME soma now to Ist Whltldy MIF Wood. Prolessoonal person only. Read ng even olds .
ONLY 1 4 171 000 1 Ur Or voucher mil EVII SIN to ooTtiot loolimoostes memo op to a venue 01E00 cm your WWI on an. fare Sty none mortgage endowment Icol.cv. a maned veer' ar I actideabie adarcalte nee Ster men 300 tomproo l9ll 7 rk ttr I I POW sea b. moths Ihrou. Ibtootiol IL MID MD I Our tow cost endowment potoes are an ideal way to repay your mortgage because they offer .
Lower monthly cost Ihit-in We cover is A substoolli tax free cash somas ourront bonus Mos an maintained. Dee Star's contracts otter all OM features 016 the security you would expect from one of VW UM leading insurance compames If you are arranging a mortgage ask your lender or financial adviser for an Eagle Star mortgage endowment Quotation Make sure the voucher is attached to your Eagle Star application to take advantage of this offer ACT NOW! Eire Star reserves the rent to close Min oe Nome 71(114 Eagle' Star" SPert mom ilvstemn AMSI PROBLEMS? 46" TIRE SELLING WORKSHOP Please Reading for details I LPRIVATE ENTERPRISE PROGRAMME i Estate Agents Open Surveyors unell Bprn Valuers and all day Sat Sun I CPI 4 £12.550 SEMICIETACNED BUNGALOW Modern semi detached bungalow on the borders less than 100 yards levet trom shops and busses Nell lounge doling room. gas cient'ai heating kitchen 2 double bedrooms 'usury bathroom warden and garden SANSOME AND GEORGE. Reading 420b00 until 7pm weekdays and all day Sat and Sun NO DEPOSIT JUST 74 PER WEEK os all costs to become the proud owner of Ms well math tamed Wompey home 'quilted on the TdehursVPurfeV borders Hall, bedittrung room, kotchen, and wc. cif parkong Reading 11 NI ..4 .
I 1 El VIEWS ACROSS THE KENNET VALLEY LARGE CORNER PLOT A superb 4 badroomed detached bungalow soureeri on. A magnificent 3 bodruorned end town house situated on the of eelkshosts most popular PentOitfing born ever popular Fords i arm 1 state thimble accommodation large racepfion rooms. an left oat 0.., Silk hen 4 large Dual aspecl loungordiner, well lintel kitchen. 3 becltooms modern bathroom with separate IN superb generous bedrooms. modern bathroom garage all benefit rear garden gimp .
doubts glazed Please Heading ling from gas central heating Please ring 4 11'. ...7 7 9.3 444IOOITIAL WON ql2pceerl 363 RESIDENTIAL 111 Nome 3 BEDROOM TOWNHOUSE sought attar IMAMOA HI rural surrourehngs compneong of 3 bedrooms, bathroom. lounge. lochionichner, gee central hop mg. garage Clues to all 4 3 mien Nam line PeOchngton 5 walk 166.950 esnobourne lama tr .
large end terrace on Caversnam 3 separate bedrooms, upstaus bathroom, lounge. dmmg room k4d oven. 4 nob Gas Enclosed garden Carpets and curtains oncluded Vacant postillion 57,7 7 1 freehold Readmg SNARING I 360 swum I PROFESSIONAL PERSON WORKING FEMALE requaed to snare flat Non. to share home will female Central wolh iar n9 9. smoker Readrag after 6 30pm automatic PROFESSIONAL PERSON machone Own room Ouiet recunred to share house In won .
Tolehurst voltage. Close Woolley EXICIpcm plus snare to all amenities. C4Opw, bale Rdg spare bolls 2 weeks In PROFESSIONAL GENTLEMAN advance Read to thane house 35 pw plug ong or bolls Reading after 9pm SPACIOUS AND CLEAN Room Watauga 15mms Town Centre Professlonal non. Accommodation avallablis smaller 35pw IM on the Un.versay area One house for profesuonal per- son to share. each own LARGE DOUBLE bedroom Naar room, from 135 145 ow, TC and all smen.bes taww parson .
plus bills. One Rat Rdg after 6 30pm 'tut profess.onal COS or 9 30pm pw plus bolls Reed. in, WORKING PERSON for newly decorated and tut coshed doubts room 96 I Reading Readmg PERSONS RECIUMED WORKING WOMAN Own room To share house watt owner terraced house 1 West Read.n9 (Profs plus bills Reeding only) 1 maleffemale auntie ROOM IN smog au se ri room, £4O ow Double room sue park El2opcm Romad.l for 2 females to share, coq 27.50 is All bills included ekcept 9 or ask for 363 RESIDENTIAL BM BUILDERS Convwskins of WI types undertaken Roofing Extension work arondw al el building Kilotons bathrooms speciality For from millmatios RING SLOUGH NILS EARNS Maintenance servicing, renewals replacements. 35 years experience. All work guaranteed Satisfaction secured .
Competitive rates and free estimates. READING . BDM BUILDERS Painting and albdecorating Electrical Artex and cooing And all maintenance -work Estimates free READING TADLET BUILDING AND CIVIL ENGINEERING CONTRACTORS Roads. sewers, site excavation, site clearance. factories, warehouses .
service stations. car parks. etc. Reading (days) () (eves) ALLEN BRICKWORK Cluelified bricldayer Re-pointing Garden walls Arches Bulls eyes Patios Barbecues Akerations Garages No job too small. Free estimates Tadley FENCING SPECIALISTS All types of fencing supplied and effected at competitive prices .
FREE ESTIMATES WOloaLtel ..111 ler PAVING SUPPLIES Matthewsgreen Farm, Matthewsgreen Road, Wokingham, Berks 24 24 Smooth, natural £1.79, coloured £1.99 18 18 Smooth, natural £1.20 coloured £1.29. 24 24 York Riven £2.22 18 18 York Riven £1.35. 600 600 Buff Riven £1.98. 450 450 Buff Riven £1.35. many other sizes and types in stock .
Sand Ballast £lB. Cement fencing 9ft walling 27p etc, etc. Locally Free delivery over £4O. Delivery charge £2 VAT FREE WEEKEND BREAK WITH EVERY £2OO SPENT AIM FENCING Specialists in all types of Fencing and Landscape Gardening. No lob too small .
For a prompt and efficient service. CALL READING ANYTIME HOUSEHOLD RUENSII REMOVED For you OLD i id i a one Mot Failures Tot II Fr ofiarge ALL For a prompt and professional service Rinimus MICHAEL PEARCEY The Soft Furnishing Specialist CURTAINS made to requtrements hand ur maltine Alus prime beck oven Aportan blinds es Pole, tracks and miler dal, supplied and lined TAILORED LOOSE COVERS tspertly tattoreu to in am of shape with the adsanialle 01 remthible ux easy leanint A raw sabm sor hadinp Sandenons Ibffh PereLe" el broulde hr rout home des or evening It INsiatx eno ustomers own Matend made up Out (molded work ononualls recommend Fa Pewit kW wet ON, hail in Fans business 'MN SOUTHERN REMOVALS Household and office removal specialist. Regular service to Ireland. Free Estimates Fully insured Reading or Newbury REMOVALS LARGE OR SMALL ALSO SINGLE ITEMS LONG DISTANCE AND LOCAL. READING .
ELECTRICAL INSTALLATION Rewires, domestic and office maintenance and extra points. etc Reading E3E f3IVIAF 11 WHEN YOU NEED FINANCE FOR A LOAN. MORTGAGE RE-MORTGAGE OR FOR ANY OTHER PURPOSE DO YOURSELF A FAVOUR CONTACT OUR LOCAL AGENT . READING () any time YOU COULD SAVE YOURSELF CEE's S. SERVICES MORTGAGES AND RE-MORTGAGES UP TO AVAILABLE Subject to status Business and Commercial loans available Reading or .
RB COMPUTERISED MORTGAGE SHOP plus on council house mortgages re-moven modps asoltqad welcom ga ftweligages with county court judgements Minim VP E' la IMI El KABEL HALSEY MOST MORTGAGES RUN FOR 2S YEARS HOW WOULD YOU FEEL If YOURS RAN FOR ONLY IS BUT No EXTRA COST I(iy Ala number now BASINGSTOKE (90) SU if you qualify for our minus and cukfor Taut HAIRDRESSER 28 well qualified seeks partnership in suitable salon. Capital avail- able . () . LUXURIOUS NEO.GEORGIAN STYLE HOUSE TO RENT is Cartenham. The fully furnished accom modation comprises 4 bed rooms (master with en suite) .
family bathroom, lounge, separate dining room, kitchen, cloakroom. double garage, gas central heating. 3.Boopcm (negotiable) Available for I year or more , ffi ce hours: READING . Letting and Management TENANTS A wide selection of 1,2,3,4 bed houses and flats available to let in Reading and surrounding areas. LANDLORDS We always require residential properties to rent for our professional and company applicants Please READING BOOK-KEEPING SERVICES 'tat, payroll, management accounts, etc .
On-site service Competitive rates Reading FLAT TO LET GROUND FLOOR NORTHCOURT AVENUE READING Large lounge with doors to garden. modern fitted kitchen with washing 'machine and fridge. bath room. loge bedroom Fully furnished with high quelity furniture Centre' heating. intercom And perking .
Suit professional person or company let lookmit for a luxury flat with all Amenities refurbished to vet high standards months Ago Price. tat int luding rates For further information : Henley daytime or Wargrove after 6pm. 335 TO' .
Are you interested in learning more about Powsea Company? Contact us today to secure an expert consultation!
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