Day's Dealings in Bonds
The Market
Vigorous strength of United States
gotrsrnment and railway bonds stood
oat yesterday as the main feature? of
?i broad and rising market in Invest?
ment securities 01 practically all do
i-criptions. The upturn in the Liberty
Loan and Victovy note issues carried
all of the active descriptions in thi?>
group substantially ?hove the closing
levels of Wednesday. In the rail group
many new highr, were established.
The "Great Northern ?? went to 109,
Missouri Pacific general 4s ?c?vancvl
from 60 to G2M, N?uf York Central
cehenturo 6s from i>Sl\> to 89H, Frisco
adjustment 6s from 62*4 to i>S%,, Erie
general lion 4s from 44 to 46*4, Cana?
dian National Railways Grand Trunk
6s front i?9^ to 100, and Penn 7a from
!06ln to 107; with few exceptions th*
foreign issues were higher. The big
exception was found in the outstand?
ing French. Cities 6s, which broke
sharply. The City of Bordeaux, City
of Marseilles, fcod City ?;* Lyons 6s,
Which closed at i'l on Wednesday, de?
clined more than 4 points at the open?
ing. The downward movement in these
issues was due to the announcement
of tho offering of the remaining half
of this issue at a price of 86, to
yield 7.65 per cent. This naturally
had the effect of bringing tho market
level of the old issues down to tho
market level of the new offering.
Transactions
Sales. Tt-ld.
liberty SH?. ?947. $194,000 8.75
do 3d 4s. 1943. S,000 4,26
0 1st 44a, 1947. 504.000 4.52
do Ist-Cd 4%s, 1947.... 1.000
lio 2d 4 4?. 1942. l,53C.OOO 4.58
do 3d 4 Vs. 1938. 8.637,000 4.75
do 4th 44s. lagt .. . 1,834,006 4.64
Victory 4%s, 1883. l,870,000 4.7?
do 3%s, 1923. 219,000 S.S6
Quotation?
High. Low.
Last, Chco.
86.20 - .io
Uberty 34 a,
do 2d 4s. 95.30 95.23 9:..30 +.26
0 1*t-2d 4 4s. 96.00 96.00 96.00 ?.50
do 1st 44s_ 95.88 95.50 95.80 +.10
do 2d 44s... ?5.58 95.26 95.46 + .16
do 3d 4%s_ 96.96 90.60 96.86 4-.22
do 4th 4'is... 95.7* 95 50 95.7(1 +.18
??lctorv 4%s. 99.95 9!' 90 99.90 +.00
do 8??. 99.9C 99.90 99.96 -.04
Bid and Asked Quotations
Liberty bonds. Yesterday.
?'a?, 19S2-'47_ [email protected]
1st 4s. 1943-'47.. 95.60(^95.90
2d 4s, 1927-'47.. 95.30O95.S0
1st 4 4s, I??31-'47 96.7009 ?.94
S.I 4:ts, 1933-'38, 95.464f96.50
3d 4%s, 1938..., 96.86?96.88
4?h 4'i?. 1938... 95.72<$95 76
Vlo 4%*. 1922-'23 [email protected]
do 3%3, 1922-'33 9S.96if9S.98
Pre-war Issue?:
??? r-g, 1930.1*0% ?1014 liT'%?101%
is, coup. 19.10_100%'? 1 01 4 1 ?0 4 if 101 4
4a, ri"g. 1925.1044?104% 104% ?164%
4s, roup. 1925_104J_4 <frl04 4 1 04 % ?104 %
2?, Pan. c, 1936..1004? ? 100%? ?
? ' in, r. 1936.. 1004 0 ? 100 4? ?
Sa Pan, r. 1938. .100% #101
3s, Pan. reg. 7 6 4 ? ?
3s. Pan, coup.... 764? ?
Phil is, 1S-.4_ 77 ? ?
Phil 4s. 1936.... 77 ? ? 77 ? ?
Phil 4?, 1936_77 ? ? 77 ? ?
D of Col 3a. 1965 93 ? ? 93 O ?
Foreign Govt. and Municipal Bonda
(interest to be added.?
Bid
Argentina Intern 6s. 1345. 77
Belgian 6-yr 6s.'96
do T4s, 1945.104
do 88, 1345.105
Bergen Ss, 1945.104
Bern? 8s, 1345.107
Bordeaux 6s. 1934. 864
Brazil. 8?, 1941.102% 104
Canada 5s, 1926. 96 4 96 4
do 5 4s. 1929. 97
do 6s, 1931. 9 5
Chile Ss. 1941.101
do 8s, 1926. 994 100
Chines? Gvt. Hu Kug Ry 6s, '51 44 4 44"*
Christiania 8s, 1945.1064 107
Copenhagen 54s, 1944..... SO'i 90
Cuba Extern 5s, 1944. 824 844
do be, Ser A 1914. 77 ?
do 44s, 1949. 72 ?
Denmark 8s. 1945.10<4 109
do 8s, 1946.107 !-.
do 5s, B 1946.1074 - -
Prance 74s. 1941. 964 !"> %
-lo Js, 1946.101% lt>14
Italy &-yr 64s...!. 904 91
(Sales)
.xrffsntina G 6 - 834 Rep of Chii^
Wednesday.
[email protected]
95.8O?95.50
95 50 't? 95.KO
95.50 ?95.60
95.28? 95.30
96.60-,
95.52(c 96.58
99.90B99.92
93 90?99.93
00% < 101%
;s4? ?
76 4? ?
A?V-d.
i 78
96 U
1044
105'*
105
l'17 4
87
9 5 4
1945
1
1 _78
i i^ln'ss By 5s:
'951 I
? .... 454
12 - 45
i ity o? Barne!
Sa 1345
35 _107
CitJ of Ber-i
ir<m 8s 1945 j
. ..104%
i .... ; o 5
1" _104% I
f Bord
- i 1934
14 _ 87
9 _86%
3 .... 864
2 -87
7 .... 864
2 _87
1 -86 4
1 _ $7 4
1 .. .86%]
1 -8C%?
"? _ 86 4'
C '--- of Chris 1
S- 1945 ? 5
2 _106% 23
. . .105% pi
n r Copen- 4;i
nagen 5 4s ! 2
? o 14 50
..89% 3
1 -89
10 - 884 10
3 _ 89
'French Rep 8s
74i 134E
8s 1926
74-3 1941
.101%,
.101%
.101% i
.1014
.1014
.101%
.1014
.1014
.ioi%?
. 101 ??- :
.I'M %
.101 41
.101%;
,101 %
ioi%|
1014!
2 .
1941
1
96%
96 41
96--,
9 6 '
96%
964
1 _ 89%
5 - 89%
4 -89%
1 .... 89%
4 -90
City of Lyons
i" 1934
?5 -87
a .... 86%
2 - 87
2 -86%
7 _ 87
3 - 86%
1 _86%
3 - 86%
38 _ 87
1 .... 88%
" . ... SK7??
6s ir;4
?.us
1
- 86%
- 87 4
- 86%
- 87
.... 8*%
- 87
- 80%
-87
.... 86 %
.... 88%
- 88%
- 87
.... 86%
- 864
' of Rio de
m-iro s f
1946
.... tin-.;
.100%
& 0 i,?
96-4
98%
?6%
9*
96 4
96%
9841
? S S 14j
.100
. 99%
.100
. 93 4
.101%
.101
.101 1 i
.101 '..';
.101 i
.101 A,
..101 1
.101%
.101 4
.101%
.1004
.101
. .1004
.101
.1004
ss _101
6 ....100 4
1 ....101
7 -100 4
6 ....l>il
1 . . . .1004
1 ... .101
Rep of Cuba 1
5a 1904
1 .... 82U :
5 _ Si
la .
3 .
1316
10 .
IS . .
54 4
Rep of ?rug I
S? 1945
9 _1024
1 -102%
2 -IO24 I
1 -102 4 I
9043t of Queens- ?
96%! land s f 7s
' 1941
96 6
96 4
96%
96 4
964
06
1 s6f..
96%
95 4
96%
98%
9." \
96 fi
96 4
QOV of Switz?
erland s f Sk
1940
8 _112
-1114
.112
.111%
.113
.113%
I
Jap 1st ser
443 1923
7
35
16
10
im}
30
86%
87
86%
864
87'
87%
87 4
86 4
86 4
3 -1054
1 _10-, 1 i
8 -105 %
9 ....105 4
8 .... 3 0?
20 .... 105%
1 -105%
:; ... .106%
5 _105%
1 .... 105%
1 _1054
,S of Sao Paulo
s??n 1936
2 -101%
:; ....1014
5 ....101%
U K of Ut R
A 1 &%? 1922
99%
. . I00 1.J
. .100%
..1004
. .1004
. .101
..1004
..10014
...100%
,. .10!
...1014
... ! 0 I
.. .1004
.. 101
...101 1/,
...101%
...11] .
...101 't
...101
...101%
of Tokio
Sa 19.-, 2
* .... 6?^
J ???? 63%
City of Zurich
** 1945
59 ....107 8
1 -...107% 1
1 ,??..1074 2
Punish C ]f 41 tt
City
Ht lg loan 4k
1931
:; .... 70%
?I - 7014
5 .... 70%
K of Belgium
Cs 1325
1 _ 9*
a ? 96%
Ss 1945
1 _104%
104r'
10
1
13
10
42
1
K f
1
4
? ?oid. tm aer
A J94?
* ....106%
1 --..106 4
**r B 1940
1 -107
1 ... .107%
Dom Can 5%s
JWes 19Jg
J - 97%
-101%
. ..104%
. . .105
. ..104%
...104%
_105
. . -1051-;
r%* 1945
-104%
-104
-104%
...104%
_1044
?1044
.104
*? 1326
5 ...
87%
97 4
97%
97 4
96 *;
K of Italy
6 4? *?r A
1925
11
10
12 '.
1929
1 .
1" .
9 9 A
g r 1 .
96%
96 '??_.
9lT%
&C4
96%
96%
96%
96 >
96 '-,
964
96%
36 4
94 4
1)5
94%
95
95 4
93
95 4
95
94 4
2 .... 94 4
8 _ 95
G - 95 4
6 .... 95 i
7 _ 96%
25 _ 88%
2 .... 954
U S of Brazil
?.?> i y 41
1 .... 103 4
K of Denmark
8s 191-5
6 -108%
21 _IO84
1 -108%
K Of Nor\va.y
8s 1940
1 -108 4
1 ....108%
6 -108 ?4
3 -tos%
, 2 -10!)
?5%|K of Sweden
6s 1929
1331
19 ;
Dominican It
?? 1858
" ???? I?%
96%
E - U5%; 10
13 _ ?6 % I 1
4 .... 96''" ' 1
6 .... 06 %, 10
18 .... 97 IV S of *L;x 6s
1 - S7 4 1945
3 - S7 I ? _ 64'
... 103 %
. . .103%
. . .103%
_103 4
. . . 103%
-1 0;1 4
. . . 103%
... 103%
,...103%
-K134
. . .103^
.... 10,; u
...103%
,...103
.. . . 103?
...!'?: %
-103%
_103 4
. ...103%
_103%
-1034
. . ..104
. . . 103%
.00.10:14
-103 %
_?03%
_103 4
.103%
M%
4s 1961
7 _
S?%
I<arte ! 9 _40
le ? 60V4JN t i-tty i\ia
Railway, Oilier Corporations
I960
1 .... 95%
4n 1969
1 ...,89V
All? *. Sns<l
S%a 19 it
19:9
Ar CU
? )94l
....lOf
K : Cm N(
[Del & U rfg
Bng| 10 .... R7U
40'
1 _ 50%
eut ,'?o. gtt',
4 s IS(9
2 S .... SO-V
6 .. ,
X . .
?a . .
ovt 6i
Am Sn
6a l !> ?
80
10
Am
.lt>0S
.100 14
,100%
. ! 06% i - . ... 82%
. 100% ? t'en n n &.
,100% I Btikg Co of
.100% gh 5* 1 ;?5r
. . 101 % I !> .... SS Tt>
, .101% C R r of n j
.101%
loss
86
86 1
19S7
. 10?v..
101 %
m .< ?: a
m 4h 193?
1 .... 7:!*?
rfg r>s 1986
9 .... 49
im 6s 1978
6 - 78'vi
Detroit Ed 1st
A rfit is ser
M IP4Q
? ....100%
2 ....100
?g 6s 194 0
11.1
1
19
. 1 is %
19?6
. 107%
. 1 08%
,109
.10SS
. 108%
.109
.109%
.10:1
.108%
7 _108
2 .... 108 %
CVt 4s 1936
1
10
21
Diamond Ai s
f deb ?('(.?
;'?*! 1936
1 , 3 -107
-'vl Distillers 9 C
,. ! 6s 1927
r*\ 3 ? 64
Du Pont do N
7',a 1931
88%
8?%
SS*..
col
1
4
5
19
1946
. 92
. 92*4
. oa%
. 92%
. 921
4%s 1933
17 _ 96
6 .... 9;.
COl 4s 1929
6 - 87%
1 .... 85%
s .... s 7
S _ 88
10 - 87%
Am AV P s f
7s 1939
1 .... S3 \
< . . . . S?%
a .... *6%
rfg 6s 19 29
2 -89 s?
90
1 .
?r?n 1 '*)3 199C
.14 _ 83%
CVt 4%8 1930|16;
1 .... 83%r0;
SI
84%
84%
.104
1 -108%
2 -104%
2 _104
11 _104%
fi -104%
9 -104%
4 _104 M)
Duquesne I<
Oh 1949
1 - 99%
2 - 99*t
!>!>%
100
r
1!
8.'?
84 %
S S %
84%
84?i
Chic & Ait
8%8 1960
10 .... 39
a _ 40
10 - 89%
rfg 3s 1949
S4'
1 .... 84 v; i 1 - 61%
6 .... 84 '... C 3 & Q gen
Ann Arbor 4s i 4s 1958
199
1 -67%
Armour Co
JL--s 1939
a ? 86%
1 _86%
s _ S6%
A T & S F
gen 4s 1995
I _ 86%
1 - S5%
2 .... S5%
18 .... 86%
S0 ? ? ? - S.6
adj 4s 1998
1 -76 %
stamped
:o _ 77
ovt 4s 1966
30 _ 78
1 ....77%
Kast Okla
div 4s 192S
1 .... 92
Cal A Arlz
rfg 4%b1962
?- .... 86%
At! C I. uni
4%s 1964
5 .... 84%
7?-. 1930
1 ....105%
1st con 4s
10
85
86%
84%
4 _ 84
2 .... 86
Chic ? E 111
4s ctfs Of
depos 196 6
1" _ 31%
a .... 33%
8 .... 33 %
C Gt West
4s 1969
9 _ 62
1 .... Il 2 '-?
1 _ 02
a .... ?2%
.". .... 0 2 %
8 - 62%
16 _ 6 2 %
Ch Ind & 1.
t>? 1947
2 ... .103
C M & St P
?? t "s ser B
014
87 y
Erle pri lien
4s 1996
8 -69
G - 69%
17 - 69
gnl lien 4s
1996
41 _ 44
5 _ 44.%
10 _44%,
03 _45
46%
46
46%
1 . ... 46 %
6 .... 48%
CV 4s ser A
1953
28 ....38%
1 _ 38%
cv 4s ser B
1953
10
37%
2 - 37 ti
5 - 87.8
Fislc Rubber
8s 1941
2 .... 997?
1 _100
4 - 99%
23 ....100
r. ...,100%
10 .... 100
4 ... . J00%
1 F&f.. 9-m
Ft W .fc D C
6 s 1921
46 _101
Gen Elec deb
6s 1940
1 _101'?,
4 ... .104%
..104
Z .... B 1 Ml | 1 . . . . 1 u 1 V*
2 .... 07% deb 6s 1962
10 _ 67% 1 - 97
gen 4%s 10S9 5 .... 91%
4 .... 83% Ooody?sr T ?
2 .... 83%| K s f 8s 1931
cvt 4%8 193:
Bait ?- Ohio
6s 1929
rfqr 6s
109
109:
.109*4
.109%
.199'.,
.109 V?
... 109 %
Gr Trunk By
an s f 7s
? .... 85M
3s 1960
1 _?3
r. !.'
Kan City Tor
4? I960
6 - 78%
Kelly-Sprlnir
flcld Tire
gold 8a 193)
1 ....103
6 _102-A
1 _102 ?
King* Co M 1
* B p m Sa '
1997
6 -104%
IjHi-U Steel 6s
1960
13 .... 81 %
,.67 ,
. 69%
. . 69
cvt deb 3'as
1960
1 .... 3 s
1 .... 38%
N y Ry? rfi
?t? 1942
6n ser <
1 _
82%'
8 2
82 U
8 2
say
82%
s ;: %
19 2,S
ndj
don.
?tr;
N \" Teleph 6al
19 41 w I
' .... ?1
3 .... Sl%
6e 1938
1 .... 97%
a .... 97u
iHlk? SU 4s
13 28
'.'? D \
100
?<l.l 6a 196 6
10 - V n 44
6 - 71%
lo .... 7114
26 - 7J
10 .... 71%
16
.100
. 99% I 1?
.100 R
. 99% 1?
? 99% ,10
71%
7 '?' ! 1
T'2%
T2%
91%
01%
of /'i
1910
2 _108
10 -109
s f 6s 193?
5 .... 99%
3 _ 99 %
1 .... 9 9 %
7 _ 78
7 .... 79
6 .... 78
dfcb 4s 1934
2 _ 63
3 _ 63%
1 - 63%
S - 63%
4 s c M & r
Sd 1949
1.66%
4 _ 66
1 - 66%
3 _ S?
C & ?wn gen
4a stamped
1987
1 .... 80% j x ...
ext 4s 1926 10
2 .... S3 jC?t. Nor 7s ser
A 1936
.10 0 '
. 99%
? 99%
.100
. 99%
.100
. 99%
gold
Mil Sparta
& N 4s 1947
1 _ 80%
C%s 1930
3 _108
Chic Rwy 5s
1927
5 ..... 68
15 . .*. . 66%
30 .... 70
C R I & P
gen 4s 19SS
2 . . 79
rfg 4s '1934
1 .... 78%
80%
78%
78%
78 4
78^;
78%
7ft
12
.108%
? 108%
.108
. 1 os %
.108%
. 1 OS %
? .K'SU
.103
.108%
.103 %
. .10?%
. .108%
. .10?%
. .108%
. .108%
. . 108%
..ios a
. . 108 %
..108 't
. .1HS
. .109
..108'
. .108!
10
4? 1931
4 .... 9 0 %
7 - 90 '
I.iggott &. M
7a 1944
1 -113
Gs 1961
3 - 92%
I.ehlgh Val
6s 1928
5 -101
1 -101%
8 ....100%
I>h A" of Pa
4s 2003
2 -75
Long I 6s
1937
16 .i^, 7414
I ?i
40
10 0
. 99%
.100
? 99%
.100
? 99%
.100 "
? 99%
.100
. 99%
.100
? 99%
.100
. 99%
. 99%
St Xi <fc S F
i Ino 6s I960
3 .... 58%
53%
62%
63%
6 '.: V
.100
99%
. JO0
. 99"
1C.fl
14
86
62'
63%
63
53%
61!'?
68%
63
53%
6 3 Vj
63
68%
63%
1
! 14
SI
6':%
i. :'. '...
1st
... .100
rfg 4s 1949 6 .... 09m
8 _ 7 6 5 -100
t-orillard Co 11 - 1-9%
7s 1914 ? _100
2 ....111% 10 _ 99%
3 _111% 6 ...100
1. i .Jeff B S - 99%
4s 194& 26 -100
3 - 76 7 _ ?9'd
Lou & Nash 7 ... .100
7s 1930 9 _ 99%
?1 -108% 6 _ 99%
unified 4s 4 .... 997*
1940 22 -100
13 - 87 1949
80 R5- joint 3 _101
4s 1952 2 ... .101 %
16 .... 74% S _101%
S & S Ala 1 .. . .101%
6a 1963 8 _101%
20 - 90 1 _101 %
Manhnt Ry 2 ....101%
4s 1990 6 _101%
10 .... 60 1 ... .101 "j
tax exempt 4%s 1939
6 .... 60 | 14 . ... 87%
Market St ' 1 . . . . ss
Rwy ist con N T Can con
6s 1924 4h ?OOR
? ???? 92% 1 .... 79 ! 2 " " 75%
? . . . . SS ! N V W & Bin a . 76%
Me.r ret of D, 4%* 1916 St P M & M
?o?aovt ?s I ? .... 32% I Cs Mont Cen
1-,Jfl | 1 _ 32%: div 1937
-'0 - 99%?Xorf jio ?sserl 5 _103
2 - 99% i a 1961 San A fi-. A V
4 - 99% t <i ., .. 53% 4a 1943
1 . ...100 Norf & W cv 1 _ 69
Mien ?en | 6s 1929 So V & N E
3%a 1862^ \ ?? _104%: 4s 19S3
con 4s 1996 I 2 .... S3
1 - 72%
i ::::?!%*
COL 4s 193 2
6 _ 71%
5 .... 7 2 %
SI T-, Swn Ter
6s 1952
1 _75
11 _ 74%
4 .... 73%
St P A-. Kan
C Short ?,
4%8 1941
74%
1
7.'.%
76%
Mldvnle Steel
6a 1936
10 .... S2%
4 .... 82
6 - 82%
Minn & St ].
4s 1949
4 _ 3 5
2 - 36%
M S V & B S
M O'-is 1931
1 ... .103
24 -103%
1 _IO314
4 .... 103 %
10 -103%
' 1 -103%
6s 1938
14
Nor Pac
2047
20 . . . .
4s 1397
It _
3s 2047'
Se ab A ?j con
0s 1915
5 .... 42%
17 _ 48
fi .... 43%
83%! rfg 4s 1950
84 8 - 34%
2 .... 34%
87
96
I M K & East
5s 1942
45 _ 72
M K &- Okla
6s 1942
1 _ 76
M K & T 5s
notes 1936
10 .... 65
? f 4%s 1936
11? - 48%
c-lfs of depo.s
19 - 47
48%
48
4o%
-<S
1
10
30
2S
1st 4s 1990
20 .... 71 s<
5 .... 72
5 - 71%
60 | 10 .... 3I
60% adj 5s 1949
61 I 10 - 17%
61 I I - 16%
61 % ! 4s stamped
61 ?-. 1150
60% ' - "'t
61% 10 ? ? ? ? 53
60% Sharon St II
Gt Nor Joint 1st 8s ser A
6%s 1936 i 1&?1
100 _107% ' - * ''-'
3? ....10S ?' ???? !;";
1 _107% 2 -1?ft
1 ....107% - .-..99
4 xOS Sinclair Con
:- -107% Oil
.108 I
19
Nor E?ates Pri ]
5a ser A 1941 ? >
1 .... 88% 1?
a .... s? t, 1
Nwn Bell Tel , i
7s 1311 1'
8 .... I OS ; ' "
CVt 1 '?s
. . . 93%
... 9 9 ?,
. . . 99%
00 - 72%
10 -72%
16 - 73
20 .... 73%
2d 4 s .193 0
5 _ 17
1 - 46%
rfg 4s 2004
10 - 69%
100 .... 09%
20 _ 70
5 .... 69%
cxt. 6s 19-12
G _32
Mo Pac Es
1926
1 _ 94
5 _ 93
Cs 1923
5 .... 9?
2 -9S%
5s 1965
4 .... 85%
2 _ 86
10 .... 86 %
I ?en 4 s 1<i7,-,
.107%:
.10? ?
? 107%
108
99%
-, :? %
99 Vi
99 %
99%
99%
99%
99%
'So I'
Of0f9hortL"44o?BellT&?
3 ... 90 C* 1!M1 (ir..
Or-W R R &
N 4s 1961
n .... 79
6 .... R0
'?> . . 7 9 ' -i
Or Ry & Na'v
4s 1946
3 - 88%
Pao ? & E 5a
1942
rf
2 .... 90
20 s6f.. S9'1i;
Packard M C
8s tem 1931 j
4 .... 39%:
Pan-Am Pel i
& T 7s 1930
;: .... 94%
5 .... 95
1 - 95%
1 .... 95%
6 .... 96 ti
... 87 %
... S7%
. . . 87%
is 1865
1 _ 84%
??' _ 85
4 0 _ s, 4 ?;
5 .... v
6 _ 86%
1 ....84%
eol ta 194:i
Fon n
20 _ 78'
S P Ter 4t
I960
1 .... S1 %
Southern Ry
DS 1994
.1
I 21
gold 6% a
1030
. 1 06 K,
106% ; 2 _ 90
107 ! 4.1 1937
90 V.
0 0 ''-,
40 .... 914
1 ri .... 91 %
4 0 .... 91 %
r. ? 9i%
2 .... 91%
42 .... 91^%
P B K ? "VV
Va 4s 1941
3 0 _75%
5 .... 75%
4 .... 7 3
V J A- M
dlv 3%s 1925
2 .... KO
88%
?s
87%
Sun
S _ 83
4 . ... 87%
T A C 4a
62 4
?2*.i
8
K
73%
1 .... 63 )
1 .... 6 4
Bell T of Pa
7s 1943
0 _1 o? 4
1 . . . .1081-?,
Beth SI ! p m
;... v.';;6
l ....<: 5
2." .... ?6
1? .... 8 3 %
Braden Cop
6? 1931
7 _ 94
13 w y & 7th
Av 5a 1913
1 _49
Bklyn )?:,] gei
7? ?er C K.cu
2 _105
i.105
fren 7s ser 1)
1940
?? _107%
Bklyn R T
7-: 192.1
5 _ 60%
cl fs of depos
'2 _ 60
Cs 19-15
5 _ 35
Bklyn U El
?s 1950
1 _ 74
Bklvn U Gas
bs 1943
2 _88%
B C R & N
Cs 1934
1 _91%
1 .... 91%
Bush Ter Bg
5.? 1960
6 _ S4
Canada Sou
5s 1962
2 .... 9?"'4
3 .... 9?
Can Nor By
? f gold lb
7s 1940
6 _110
:: _110%
64s 1946
10 _108%
:? _108%
2 ....1074
a _108%
14 _108%
11 .. ..103
?J _109 4
6 -108%
Carolina C-mi
4s 195S
2 .... 624
C?r Clin & O
Es 1938
2 _82%
C'en of O? Ry
C at I* M & O
5.? 1930
2 . . . SS
Chic l.'n Stn
6!.?s ser C
1903
1 _110%
5 _111
;.ill
4 Vil ser A
1963
? ... 87
chic A-, w ind
7 4s 1935
1 ....1014
1 . . . . 101 4
4 _102 4
4.-1 1952
14 _ 68
1 _ 69
4 .... 7 0
4 _ 69
Chile Copper
7s 1923
5 .... 9874
6 .... ?JS%
1 - 98%
6 - 98 4
6s 1532
11 . . . . S4
12 _ 83%
J - 84%
3 _ 84
12 .... 84 Vi
6 .... 108 %
4 4s 1961
3 - 85%
G Bay & W
d"b B
2 _ 8
Hud & M r?e?
os 1967
24 :::: 744
14 - 74%
4 .... 71 ?A
6 .... 7 4 %
1 .... 74%
4 _ 7 '. 4
?no 5s 1957
4 - 4 4 Vi
12 .... 44%
9 .... 44%
24 .... 44 5j
5 - 414
25 .... 45
10 - 454
10 .... 44 '.
73 .... 45%
3 .... 45%
111 Cent 6%s
temp 1 93? '
1 -107
G 4a 1934
?l .... 98
4a 1955
6 - 82 4
rts 4s 1958
4 0 .... 8 2 ','.
1 91 :
s ;
84%
S3
79?
79
11 .
! C C * St L HI Steel 443
rfg 6s 1929 i 1910
1 - 97 4 i .1 - 88%
3 _ 97 ! 2 - 89
5 .... 97'-; Und Steel ;,??
2 -67% 1952 '
2 - 97 4 1 - 95 4
lo .... 97 Interbo-Met
44s 1931 ! 443 ctfa of
? 1
87
6 .... 87%
3 _ 8 8
Col F & I
gen 5s 1943
1 _ 82
Col Indust
fs 1934
1 _ 714
Col * So 1st
4? 1929
2 .... 90%
0 .... 92
Col 11 & ES 5?
slumped
1937
10 _ 60
10 _ 90
Consol Gas
7h 1925
4 _3 04%
8 _105
3 _104%
1 ... .105
3 _104%
5 _IOI4
6 _104%
1 _105
Cuba Cane S
cvt deb 7s
1930
20 _ 62%
11 _ 63
cita o? depos
10 _ 61
6 _ 60%
12 _ 60 4
Cuba R R Gs
1952
g _ 71%
5 .... 71%
Cuban-A Sil?
col 8s 1331
depoeit 1950
lfi _ 9
Intbo R T rff
1966
31
100
55'i
55%
58
55%
G 5
65%
15 %
55%
50
5 6 4
56
66 4
66 '?
50 4
66 4
66%
1 .... 564*
4 - 56 %
25 _ 58%
122 - 66 4
registered
3 . ... 554
Int Cement S:s
temp notes
1945
6 _102%
lut Mer .Mal?
os 1941
2 - 90%
3 - 90%
14 .... 91
1 - 91%
8 .... 91%
3 -92
Iowa Cent 53
1938
1 -74
4* 1951
...102 4? 2 _ 3 5 Vi
1 C.. .1034 K C Ft S & M
1 -10241 4? 1936
3 ....103 r, .... 75 4
;umbrlrt Tel 1 _ 76%
5s 1937 Kan City So
1 _ 88% 1 S? 1950
1 .... ^8 ' 1 .....M%
40
lo
f.1%
61
61 %
??1%
61%
61%
61%
61%
61 4
61%
G1 4
61 %
614
01%
C1 4
fit*
''?1%
61 %
6?
6S%
11 .... 62%
3 .... 63%
Mont Power
Gs 1943
1.91
1 - 91 %
l .... 904
1936
1 ....105%
4 ? ... 1054
G ....106
5 -105%
10 -106
5s 1968
10 . .
40 . .
gnl 4-'
11
33
94?.
94%
87
87*
88
63%
63%
68%
6 3%
63%
63 4
64
C3 4
63%
68%
631
63
Stand Milling
6 s 1930
91
Nat Rys M
4 4s 1957
1 .... 22%
Nat Tube ?s
1959
3 _ 93
New Or Ter
4s 1953
1 _ 7 0 4
20 _ 69%
N O T & M
6s 3 925
1 '. ,...98
9S :
?? 1933
8 _ 67
N Y Cent col
7s 1030
1 -106%
5 .... 3 06 4
deb 63 1935
1
30 -
11 ....
15 _
10 _
15 _
2 _
2 _
7 _
4s 1934
US
98%
98%
08%
9?%
98%
6 81*
98%
98%
98 4
98%
99
99%
99%
99 4
99%
99 4
99 4
rfg
12
L S
3 998
1 .
M C
1908
1
f 6 4
... 864
%8lJ38
... 73
... 73%
8%a
... 68%
... 69
... 70
?VfJB
... 68
N V C ft St L
1st 4? 1937
2 _ 86
deb 4a 1931
3 .... 82%
10 .... 82
5 _ 82%
N Y Gas K I,
H * Pow p
m 4b 19.4 9
3 - 7 4%
6a 1948
9 .... 90%
N Y N It A H
6s 1948
3 _ 58
6 _ 67
11 _ 68%
1 _57
4 ,.,. 68
con 4 4a i9eo
1 - 94 4
real est 4s
192:1
1 .... 98
Peor &? E ?ne
4s 3 990 l 1 _ 77
3 .... 20 I 4 .... 77 4
P?re Marq 5s Tes <>'- Pue
1966 I 1st 5a 2 0 0 0
1 .... 90 ! 5 - 884
4s 1956 ?Third Av if g
St'tnd OU Cul
7m 1931
?I _100%
7 ....106%
8teel & Tubo
7s 1951
2 .... 96
Term R R
AsHll of St. L
4m 3 953
. 74
Philip Ry .la
1937
2 .... 42
Porto Rican
Ara Tobacco
8s 1941
1 ... .102!:
1 -3 02 4
4a I960
I
ad.i
14
11
1st
13
. 60
. 59 4
1900
. 4C
. 46 4
? 46%
1937
S8
.m -(Tidewater OU
Portland II Ll 6^H interim
*P 7%S I945I v'r''S ??>?'}n-.,i
1 _100%! ir' -l0,1V?.
2 101 v ! ^ .... i <n
Pu"b Ser of n|t st '' * w
.1 5a 1959 Pr lon 31'-'s
1 - 75 j 19*5
Reading gnl _6 Ll'Vr ? ?
g g
4b 1.9
1 _83
1 -82 4
3 .... S 2
2 - 82%
2 - 82 4
6 .... 82U
Repub I & S
Dh 1940
2 - 90%
Rio G W col
4s 1949
8 .... 62%
4 - h5
R I Ark A L
4 4s 1934
1 .... 78%
8 .... 79
St L Ir Mt &
5 4a 1929
K .... 83
fl! .... 82
5 - 82%
3 _ 82
4? Rlv & Gif
dlv 1932
1 -82 4
St B & S P 4s
cer A 1950
10 .... 694
69 4
6 9 14
68 %
68
68%
68%
69
08
fi ;t ',
?9 4
694
69 4
691?
69 #
70
69%
l
12
6s aer B 398O
? .... 814
? _ 82
10
Toronto II & R
4s 194 6
Tr-Cy Ry &
5s 1923
Pn Paciil
192S
a ....102}
1 _102 V
7 _102
1 _102 V
1st 43 1947
7 _87 V.
6s
S7*i
S24. I
cvt 4s 192
7 - 914
rfg 4a 2008
10 .... 834
10 _ 82%
1 0 .... 83%
Pn Tank Car
7s 1930
1.102%
4 _103 4
1 _103
Untd Drug Ss
temp 1941
5 ....10H
r. ... .103
2 -105 4
3 _10?';.
1 _1054
Untd Ry inv
6s Pitts Is?
sue 1326
10 _78
2 .... 77%
8 .... 7S
6 - 77%
U S Rubber
7 4s 3 930
1 _105
7s 1922
7 _101%
2 -101%
5m 1947
12 _86
10 - 65%
31 .... 86
tl s Realty &.
1921
October R. R. Gross Less
Net Shows Large Cains
Managers Regaining Control of
Operating Expenses, New
Earnings Show
The Southern Pacific, the Illinois
tendal, Dcluware, Imckawnnna &
Western, und tho New York, Ontario &
Western, all reporting their October
earnings yesterday, revealed decrease,!
In proa?:, but net operating revenues
were uniformly higher, The Southern
Pacific figures were tho only ouch
Riven in detail showing maintenance
charges separately from transportation
expenses. These Indicated that rail?
road managers have for the first time
since their properties were returned to
them pretty generally regained control
of operating expenses.
Operating revenues of trie Southern
Pacific, in October were $2(1,532.000, or
$3,08?,000 less than in October, 1920,
and nearly half of this loss was in
passenger business. Tho company's
transportation expenses were $3,051,
000 lower in October, 1921, than in the
corresponding month of 1920. Net
operating income was $7,442,000, or
only slightly less than in the excep?
tionally good year 1917, when operating
income amounted to $7,521,000. In
1920 it was $5,8-12,000 and in 1919
$6,230,000.
Illinois Central, with gross less by
over $600,000, showed A gain in oper?
ating income of $."184,000; LacTtawannn,
with n decrease of $1,250,000 in gross,
showed ail increase of nearly half a
million in net, and New York, Ontark
& Western was alone in showing t
decrease in both net nnd gross. Fig?
ures show increase or decrease, a:
rnmnssreil ivifh looo.
Southern Pacific
?Decrease.
October gross rev.... $26,532,000 $3,086,000
Maintenance of way. 3,720,000 308,000
do of equipment.. 3,K94,(V)0 1,404.00o
Trans, expense? .... 8,458,000 3,051,000
Total oper. exi>. 17,139,000 4,967,000
Net oper. rev-. 9,393,000 ?1.881.000
Ten nitha. gross rov.227,333,000 2.276,000
Maintenance, of way. 35.041,000 4,876,000
do of equipment... 40.oso,ooo 10,236,000
Trans, expenses . 86,661,000 9,050.00;!
Total op.-r. exp.175,599.000 24,217,ooo
Net oper. rev. 61,734,000 ?20,941,000
Illinois Central
Tncreai ?.
October gross .$16,096,961 ?$616,077
Bal. aftfr tax. 2,248,307 384,556
Net oper. Income_ 2.303,952 249,843
Ten mills, gross.125,926,IS? ?6,616,073
Bal. after tax. 16,028,480 18,148,888
Net oper. Income.... 16,124,616 12,732,821
?1 ?ecrease.
Now York, Ontario ?rid Western
J Mercase.
Ootober gross ...... $1,112.052 ?$33,309
Bal. ?fier ta>;. 88,452 10,941
Net. oper. income.... 69,192 ?2S.S92
Ten mtha. gross. 12,065,643 1,234,996
T-lai. after tax. 1.4>i7,:t7l 1,601,058
Net oper, income.... 1,221,060 1,474,206
?Decrease,
Delaware, TJaokawaruui ? Western
increase.
October gross. $7,642,102 ?$1,287,770
Bal. after tax. 1,508,388 373.3", I
Net oper. income. .. . 1.511.040 448,81'
Ten inths. frro.sa. 72,430.085 6,957,587
Bal. after tax. 10,882,325 7,988.478
Net oper. Income_ 11,839,145 10.200,394
?Decrease.
Pennsylvania
Decrease,
Ootober oper. rev_$44.220.069 $16,883,362
Transportation exp. . 10,818,870 10,772,814
Maintenance chgs ... 17.678,167 5,962,814
Total oper exp. 36,718.166 17,327,872
Net oper. income ... 7,601.903 ?344,610
Ten -nos. op. rev_418.048,375 37,507.499
Transportation exp .179,668,493 69,459,760
Maintenance, chgs ...159,342,932 6.'..579.2.22
Total op. exp .361,886,036 126,977,214
Net oper. income ... 66,762,333 ?89,469,715
?Increase.
West Jersey & Seashore
Decrease.
October oper. rev... ?971.731 $374.6ri7
Transportation exp.. 519.790 139,472
Maintenance chgs ... 417.212 "7?.''";7
Toi al oper. exp. 987,591 317,450
Nat oper. deficit... 12,580 ?57,247
Ten mon. op,>r. rev., 11,403,309 582.316
Transportation exp .. 5,633,031 52S 057
Maintenance chgs .. 3,791,762 I i-;
Total oper. exp. 9,920,915 1,963,96^
Net opar. income... 1,482,394 ?1,381 ?52
? Increase,
Cleveland, Cincinnati, Chicago A St, ?xmi?
1921. 1930.
Oct. opr. revenues.$7,332,000 $9.152,00C
Transp. expenses. 2.843,000 8,669,00C
Mainte, charges. 2.224,ooo 2,972,001
Total opr. exponse.?.. fi.376.000 6,794,001
Day's New Issues
Dillon, Read & Co., managing the
syndicate which offered the now issue
of French Citie3 6 per cent bond;-, yes?
terday, announced two hours after the
books had been opened that the entire
issue had been sold.
Freeman & Co. announced yesterday
their purchase from the United States
Railroad Administration of $1,994,700
Chicago <fc Northwestern Railway
equipment trust 6 per cent certificates
maturing from 1922 to 192-i; also
$1,129,800 Pittsburgh, McKeesport &
Yougiogheny Railroad equipment 6s
due 1922 to 1927. Public offering will
be mac!'.' shortly.
The New York Stock Exchango firm
of L. F. Rothschild &. Co. has pur?
chased front the United States Ra'l
road Administration $154,000 Alabama
Great Southern Railroad li per cent
equipment trusts.
Watkins & Co. announced they had
sold the entire issue of $1,100,000'State
of Wyoming 5 per cent highway bonds.
L. F. Rothschild & Co. have pur?
chased from the United States Rail?
road Administration $154,000 Alabama,]
Great Southern Railroad (i per cent
equipment trust certificates, maturing
serially $11,000 each year, 1922 to 1935
inclusive, and are offering them at a
price to yield 5.80 per cent.
U. S. Seils Equipments
Trust Certificates 4>f Three
Roads Are Markeled
WASHINGTON, Nov. 25.?The sale
of $3,278,500 of railroad equipment
trust certificates held by the govern?
ment was announced to-day by Director
General of Railroads Davis, making a
total of $117,529,200 of these securi?
ties sold by the government to date.
To-day's sales consisted of securities
of the Alabama Great Northern, Pitts?
burgh McKeesport & Youghioghenny,
and the Chicago Northwestern railroad.
1 .... 92 "? IVIrglnian Ry
' S Steel s f 5a :n?2
5a 1063 I .... 89%
7 . . . . PS % ! 2 .... 30
:! ... ft s Vi i W u bash 1st
1 _ 98 i 5fl 1939
1 _ ?Rit ? 2 _ 94 7?
1 - ?f H West Md 4a
3 _ 98%
Utah Pwr &
I. ta 1924
1 _ 87?I?
1.S7%
2 .... S9H
l"tah & Nor
?h 1926
5 . .95%
2 _ 96
Va-Car Chem
<le'? 7'iB 1941
16
96
1 .... 96V4
?a 1921
?t .... P*
2 .... :?'?>>>
5a 1923
... r,m
... G\\
West Pac ?fc
1946
6 - 84%
4 .... 85
West t'n 6Vjs
1936
2 ... .106
fi _1 06 %
8 -106
4Vts 1950
1 - 8*
"West Shore 4s
2361
I _ 79
1 - 79 \i
registered
IOS !??
! 1. U
3a IVin div
19-in
\u.-k Sp n 8U
1st 7? 1935
5 .... 97 >;
Wilson Co 1?'.
6a 1S41
CV G.s 1928
1 - SS
Wa c-s & r>
To Pparo tlv< precise yield on a bond It
is necessary to uso yield tabler, but the
approximate yield can roughly be figured
out by th* following formula: Divide the
cioslng quotation on a bond Into the rat?
of tho annual return. If tho bond Is selling
below par you vnuet allow also for the
appreciation o? the. principal. To do this
subtract tho market quotation from par.
or 100, and divide the remainder by the
number of years the bond has to run be
for maturity. For example, If a 6 p.T
Cent bond la selling at 90 and has ten
year? to run, the annual return will be
of interest it paya, and th? result win be
6.68 per cent. The difference between par
?mi the market price will be 10 point.-*
subtracting- 90 from 100. Iilviriing; ten
point? by ten years, tru* quotient will be i
This Usure Is to be addad to 6.ti6, which
Is tho annual return, and the result, 7.66
per cent, will grlve you the approximate
yield.
Federal Reserve
System Shows New'
Advance in Week
Gold Holdings Expand as
Result of Imports; Re?
discounts of Commercial
Bills Drop; N.Y.Ratio Ott'
The reserve position of tho F?deral
Reserve system underwent further
improvement last week, tlm statement
issued yesterday as o?' tho close of
business on Wednesday revealing a
ratio of total reserves to deposit and
Federal Reserve noto liabilities com?
bined of 72!..'I ner cert, against 71.8
per cent, a week ago. The one-day de?
lay in the publication of the statement
was due. to the Thanksgiving holiday.
The reserve, percentage this week
?fniifi? nt. t?in Viif-'Viest levnl in morr>
than three years.
Gold reserves of the system expand?
ed agaiti as the result of fresh im?
porta of metal, this item climbing to
$2,835,229,000 ,a new high record, com
oared with $2,823,901,000 a week ago.
Member bank borrowings against gov?
ernment paper roue from $431,891,000
to ??4?7,163,000. On the other hand,
rediscounts of commercial bills by
member banks dropped from $700,128,
000 to $7.18,007,000. Actual Federal Re?
serve note circulation of the system
showed a small contraction at $2,389,
910,0(10.
While tho system as a whole was
improving its position, the Federal Re?
serve Bank of New York underwent a
slight setback, its ratio of total re?
serves to deposit and Federal Reserve
note liabilities combined dropping: from
83.0 per cent to 82.8 per cent during
the week. The local bank Lost some
gold through the Washington settle?
ment fund on inter-bank operations.
Its total gold reserves, however, in?
creased from $1,043,608,000 to $1,045,
695,895, fresh gold imports moro than
offsetting the, loss on operations with
other districts. Member bank borrow?
ings against government paper rose
from 586,091,000 to $110,786,802; those
against other paper from $92,393,000
to $95,001,925.
Receivers Are Named
For Habirshaw Cable Co.
-?
i Equity Suit Shows Eiriu Has j
?)el'il8 of $5,000,000 and
Asset? of $7,000,000
?The Habirshaw Electric ('able Com?
pany? n new York State corporation,!
through its counsel yesterday brought
iii tlte Federal District Court, as a]
creditor and stockholder, an equity re?
ceivership suit against the Habirshaw j
Electric Cable Company. Inc., the Elec- ?
trie Cable Company and the Bare Wire
Company, inc. The d?fendant com?
panies, according l<> the complaint, are
under joint management, and nave ;
debts aggregating about $6,000,000.
Their assets are estimated ;it about \
$7 000,000. i
Those companies, despite their aft-'
sets, Bre said to be financially enibar
rassed at the present time and unable
t'i pay pending and maturing claims, I
The claims of the ITabirshaw Electric
Cable Company amount to $430,000 for :
money loaned.
The Habirshaw Electric Cable Com?
pany, Inc., has a capital stock of $025,- ?
00(1. and its plant is located in Yonkers. j
The Electric Cable Company has a
capital stock of $3,500,000, and its >
niant is located at Bridgeport, Conn,
The Bare Wire Company, Inc., has a
capital stock of $500,000.*
According to the paper;? filed with
Judge .John C. Ktiox the Habirshaw
Electric Cable Company, Inc., owes !
about $1,$'25,000 to "banks and trust j
comfpanies, $1,000.000 to merchandise1
creditors and $680,000 to the United'
States government, the balance of a
note for SI.247.000 accented bv the
.Secretary of War in 101 h.
With the filing <>F the papers in the
receivership suit the law firm of Arm?
strong, Keith & Kearn, counsel for
the defendant corporations, put in
answers for the latter, admitting the
allegations of the plaintiff.
Judge Knox appointed John B. John?
ston and John E. Worley receivers to
take over and administer the affairs
of l he company, with a joint bond of
$26,000.
It, was said that under a trust agree?
ment tho defendant company issued
through the Guaranty Trust Company,
as trustee, debenture bonds to the
amount of $1,997,000, In connection
with that transaction the plaintiff, the
ITabivshaw Electric Cable Company, is
understood to be liable to some extent.
Federal Reserve Banks
WASHINGTON, Nov. 17. The condition of the twelve Federal Reserve
banks at the close of business November 16 was as follows:
RESOURCES
Nov. 2.: Nov. 16 Nov. 28, 1920
Clold and scold certifient??. $485,108,000 $17.1.760.000 $182,647.000
Oold settlement fund?F. n. Board.... 425,8:1.1,000 424,011.000 411.227.000
t;>'l.I with forelg-n agencies.-/. .- 70,210,000
Totiil gold-hold bv banks.? $910,941,000 $897,774.000 $?61.084,000
flol.l with Federal Reservo aifenla. 1,811,316,000 1,810.060.000 1,197,68 1,000
Gold redemption fund. 112.972.000 116,067,000 162,181,000
Total sold reserve?. $2,885,229,000 $2,828,901,000 $2,02.1.946,000
Legal tender note?, ?liver, etc. 142,990.000 145,507.000 171.364.000
Tot?l reserves.- $2.973,228.000 $2,969,468,000 $2,195,310.000
Bills discounted:
Secured hy V. S. government obligations 467,133,000 431,891,000 1.192.425.000
All other. 738,007.000 766,128.000 1,542.975.000
Bills bought in open market. 69,397,000 68.5.10,000 247,703,000
Total bills on Hand. $1.27-1.567.000 $1,266,340,000 $2,983,103.000
V. B. bonds and notes. 32,436.000 32,127.000 26. 938,000
r. S, certificate? of indebtedness; 131,000.000 132,500,000 259,375,000
One year certificates (Pittman act)...
All other. 37.8.11,000 51,262 000 34.301.000
Total earning assets. $1,475,887,000 $1,482,238,000 $3,303,717,000
lk premises. 32,949,000 32,571,000 17,533,000
.' per cent redemption fund against
'edcral Reserve Bank notes. 7.903."00 7,813,000 11.541,000
collected Items. 544,393,000 687.243,000 708,281,000
other resources...,.. 18,732,000 18.497,000 8,307,000
rtal j-esourc
LIABILITIES
Capital paid In. $103.218,000 $103,166,000 S99,020.000
Surplus. 21.3,824,000 213,824.000 164,745,000
Reserved for government franchise tax.. 55,131,000 54,043,000-???
Deposits:
Government .,.. 32,155.000 33,103,000 15,909.000
Member banks- teserve account. 1,670,717,000 1,674,064.000 1,711,771.000
All ulh'r.i... 25,625,000 .10. M 9.000 22,927,000
Total deposits..,. $1.728, 497.000 $1.737.716.000 $1,750,610,000
F R. notes in actual circulation. 2,3S9,916,000 2,398,234,000 3,325,638,000
]?'. T?. Bank notes In circulation?-net lia
bilfty . 71,765,000 74.7S6.00O 214,610,000
Deferred availability items. 468.110.000 519,324.000 682,432.000
All other liabilities. 21,63.1.000 24,147.000 107.3.14.000
Total liabilities. $5,058,092,000 $5,197,830,000 $6,244,489,000
Ratio of total reserves to deposit und
i-. R. note liabilities combined. 72.5% 71.8% ?44.4%
R; lo ci' gold reserves to 1-'. R. note? in
. ? lulatlon after setting aside 35%
against deposit liabilities. 93.2% 93.5% '48.9%
?Calculated on busls of net deposits and Federal Reserve note." In circulation.
Federal Reserve Bank of New York
RESOURCES
Gold and gold cerl
Gold Feulement fun
t.;,,M with foreign ?i
Total gold held by bank.
Gold with Ferlerai ReserVc agent,
Gold redemption fund.
N'ov. 1?
$380,600,
Total gold re
il tender note
?43P,415,117
594.250,773
$1,045,095,896
4S.S70.139
100,000
$1,043,668,000
63,619,000
ov. 20, 1920
$99.400.000
74,128,000
25,688,000
H99.256.000
249,032.000
38,000,000
$486,288,000
133,297,000
Total reserves.
Bills discounted:
Secured by V. S. government obligations:
For members.
For other Federal Reserve banks....
Total .
All other:
I "or wmbTf.
Less: Rediscounts with other Federal
Reserve banks.
$1,094.686,034 $1,097,287,000 $619,585,4)00
1 10.7S6.RO2
10.000,000
?120;786,802
95,301,92;
i'l.ODl.000
r.,000. ooo
591,091,000
92.393,000
Bills bought in open marital... .
Total bills on hand.
1". S. bonds and notos.
U. S. cert Ideates of Indebtedness
i '?;? year certificates i Pltti an
All other.
..t)...
Totiil earning assets.
Bank prenitses.
Five per cent redemption fund against
F. U. Bank notes.
Uncollected Hems.
All other resource.?.
$96,301,
26,470,
37,400,000
33,382,500
$312,.141,714
6,182,428
1,541,760
12 1,698,526
3,440,238
Total resources.
. $1,542,770,728
LIABILITIES
.400,000
,977,000
$294,164,000
6,025,000
$1,554.262,00
463,027,000
$465.027,000
446.910,000
10.130,000
$430,7': 1,000
77,990,000
$879,777,000
1,617,000
69,278.000
11,43U,000
$1,052,000.000
4.20S,000
2,627,000
136,447,000
1.199,000
* 1.815.06 2,000
? u r ]
tal paid in. .....
lus .
rved for government franchise tax.
Heser _
Deposits:
i loverr.ment .
Member banks?res
,136,050
. 318, :i 6 S
,408,010
$27,134,000
i 18,000
20,408.00 I
jth
tus : c Irculation.
b in circulation?net
jth
ivallftbtllty items,
liabilities.
Total liabilities.
liatio of total reserves to deposii und
F. 11. note liabilities combined.
Ratio of gold reserven to F. R. notes in
circulation after setting aside 35%
against deposit liabilities.
Contingent liability on bills purchased
for forcis : correspondents.
90-day commercial paper rediscount rs ?
34.1%
,003.370
4 >A %
$12,066,117
$26,245,000
51,808,000
913,900
660,024.000
1.;. 1 10,000
$874,077. 000
B7$,321,000
7,1 39,000
: 03,9: ?.)
43 176,000
I 13 5.063,000
40.8%
$?,071,251
7%
Standing of
Reserve Banks
FOR THF WEEK ENDED NOV.
Bank.
Boston .
New York...
Philadelphia
Cleveland ..
Richmond ..
Boston ....
New York. .
Philadelphia
Cleveland .
Richmond .
Atlanta _
Chicago . . .
St. Louis. . . .
Minneapolis
Kansas City
Dallas .
San Francisco
Ratio re?
serves to
notes and Gold
deposits reserve?.
80.5 $250.862.000
82.8 1,045,696.000
73.0
n a
?0,8
ni.':
i 1.3
50 "
39.4
214,1 14,000
3 17,980,000
86,$80,000
60.812,000
455.V2:: 01 ??
44,712,00C
64.3M.OO?
.'.6
('7.8 267,07?. 005
FOR THE W
"8.8 $247.61!.(101)
13.6 1,043,068 (100
2 11,299,00 I
62,88 ?,000
80,406,000
455.626.000
96.51' 1,1
47.324,000
ssiss?ooo
275.7S7.000
51 2
10.3
78.6
F R.
$26,
j?o,
? R,-discounts.-1
F. S. Commercial
paper. paper. circul?t
133.000 $40,194,000 $213.519,
65.623,000
1 3 1,283,000
12.7TO 00O
5 6.46 t. 000
58,841.000
45,074,000
?19. 7 3 5,000
200.1. ?
107,9 G 0
121.55;
405.720
MO. i,07
67,002
69,351,
37,000
222,511
,000
,000
000
000
,0 00
0O?
.000
00 0
,000
,000
5BK KM
UNO NO
! J42.7 12,
28,580,600 61.705
? .-? 540.000 61.619
62,610,000 136,623
24,978,000 11.795
8,041 000 I 5.0 10
15,] (9 000 5?,095
9,698,000 16,116
2*.S13,000 64,563
V. li
000
00 0
,?00
.000
.000
000
p. 11.1
000
,000
6 2 4. 7 I 6, 001
200
21 6
109
$28
,00 0
,00 0
ooo
000
"00
ooo
Executor Trastee
Chartered 1822
The Farmers' Loan and Trust Company
Nos. 16, 18, 20 & 22 William Street
Branch Office, 475 Fifth Avenue
At Forty-first Street
New York
London Paris
Foreign Exchange
Administrator Guardian
Member Federal Besem System and Hew York Clearing Hou_"
What Happens to
1921 Bond Creations
An unusual statistical table recording the names of all
new bonds and notes offered thus far this year and other
essential facts about the newly created investment issues
appeared in yesterday's New York Tribune. The assem?
blage of this valuable data attracted much attention in
the financial district, and, in response to requests, a lim?
ited number of reprints have been made available. They
will be furnished without charge to those who apply to
the Financial Bureau of the
BANK STATEMENTS
REPORT OF THE CONDITION OF
BRECHER & STEMBER
Private Bankers, at thi close of business on
tbe 15th (Inv of November, 1921,
RESOURCES
Stock and hnni? invpxtmentp, viz:
Public securities . $6.911.60
Private securttles. 4,162.50
Loans and discounts secured by
other collateral . 11.000.00
' Loans, discounts and bills pur?
chased not secured by collateral. 66,839.81
. Duo from customers for exchange,
money orders and steamship
1 t ickefs sold . 3.047.70
: Due from approved re?
servo depositaries.$21,192.27
Due from foreign banks
? and bankers . 5,632.42
-C6.S24.69
Deposits with express and steam?
ship companies. 260.in
Specie . 51.214.7 r
Foreign currency . 1,940.02
. Olhf-.r asset*, viz :
Furniture and fixtures.$in.21 n.no
Leasehold . l. 80n.no
.- 12,010 nn
1 Total .$U4,2( : 09
LIABILITIES
Permanent capital . $25.oon.on
Surplus . 395.47
Deposits:
Deposits subject to
check .$91.800.78
Deposits subject to no?
tice, withdrawable
only on presentation
of pass-books. IP,423.5 .
Funds awaiting trans?
mission abroad . 873.46
Funds awaiting refund. 9.45
Certified checks . 5.860.77
- - 117.967.03
Deposits for sain of foreign cur?
rency . 837.?;',
Total .$144.201 09
FINANCIAL
SOUTHERN BELL TELEPHONE AND
TELEGRAPH COMPANY
NOTICE
I NEW YORK. N. T., November 10. 1921
Notice is hereby given that, pursuant to the
terms of Section 14 of Article Sixth of a
certain mortgage, dated January 2. 1911.
executed by (he Southern Bell Telephone and
Telegraph Company, a corporation organized
under the laws of the State of New York, to
aecure an issue of $50,0(10.000 of Thirty Year
First Mortgage Sinking Fund Cold Bonds,
Henry F. Wilson. Jr.. of Upper Montclalr,
In the Stare of New Jersey, has been ap
pointed by said Southern Bell Telephone and
Telegraph Company a? a Trustee under said
mortgage, to fill a vacancy caused by the
? loath of John II. Parsons, lato of Monlclnlr.
in the State of Nfcw Jersey, one cf tool
Trusteos named in said mortgage,
SOUTHERN BELL TELEPHONE AND i
TELKCRAPif COMPANY,
By J. M. B. Hoxsey. First Vice-President.
Colorado Fuel Gas
Deficit of $810,868
For tho quarter ended September 30
the Colorado Fuel and Iron Company
reported a deficit, after interest, taxes,
'depreciation, etc., of $8!0.8iiX, com?
pared with a deficit of $273,752 in the
preeedinfr quarter and a surplus of
[$807,376 in the corresponding period of
1920. Net earnings from operation
amounted to $138,907. against $1,261,
320.
A deficit of $579,004 is shown for the
nine months ended September f-0.
This compared with a surplu3 of $1,
890,615 a year a;ro. Net earnings from
operation totaled $1,918,498, against
$4,379,314.
- . ? *
Florida Broken? Fail
inability lb Realize on Securi?
ties Is Reason (?iven
JACKSONVILLE, Fla., Nov. 25.- The
brokerage firm of Clement D. Gates &
Co., with headquarters here and
brunches in many parta of Florida,
closed its doors to-day and announced
It would gi> into voluntary liquidation.
The action of the company, which
has connections in New \'<>rk, New Or?
leans and Chicago, is apparently due
to the inability of the firm to collect
outstanding accounts an.i to realize on
certain securities, said a statement
issued by (ieorge M, Powell, its at
Mr, P< well's statement added that
until an audit now in progress had
been completed it would be impossible
to state the exact assets and liabili?
ties, nnd that whether the firm would
reopen for business would depend
upon how speedily and to what extent
its assets can be realized upon.
Everything wilt be done meanwhile
to "preserve the assets of the firm for
its customers," he said.
Financial Item
'..>? ' S? . ?:??:, toi merly ?>? the B*ir*t
National Corporation, has become asso?
ciated With the Ne?" York Stock Exchange
Arm irf Barstow & Co. Id th^h- bond de?
partment.
Slocks Ex Dividend
Compsj y. P. Ct.
31? Am Tel ft Cable Co........ 1%
30?California Packing Co. 1 >...
26?Delaware tk Hudson Co.,.. ;*,{
30 ; il&ntosd M., tch Co. 2
30 Bast man Kodak, 7>3 extra & 2>i
'?'?'> " ,!l> Pf. IS
SO- BrU *. Pitts n R. %
2??Get North Iron Or? T c B I ;
26?Hackftnsack Water Co. ?
?Nati Cloak *i Suit Co. pt.... 1 \
-Norfolk ii Western. > \
Nov. :?0?Xunnally Ci
Not. 30?Southern Pagine. " ' >
NOV. it? Stirn Bros. 8?i pf.. " o
Nov. 30?United Cigar Stores pf!.'!!!' l
NOV.23-C. S. St-y.1 Corp....*." i
TRUST COMPANY STATEMENT
REPORT OF THE CONDITION OF Tilt
Fulton Trust Co.
of New York
at fh* close of business on tho 15th day of
November, 1921.
RESOURCES
Ppeoie . $38,4!?.15
Other currency authorized by
the Laws of the Fnlted
States . 85,400.00
( ?ash items, viz. :
Coupons . $8.129 30
.-l.ltt.t?
Due from The Federal Re?
serve F-ank of New Ye-rU,
less offset?. 1.206 489.1 ?;
Due from approved reserve
depositaries, ?""?s offsets.... $14.816.46
and bond
,;.. estments, % '.::. :
! Public securities.$1,086,067.7$
Private securi?
ties . 1.2*4,4?:
2,871 '
Loans and discounts secured
bj oth?r collateral. 6,$18,28?.7!
I l. irdra fis :
' Secured . $?,?1I.S2
Unsecured . 182 86
Ronds and mortgages owned. 335 500 1
Other assets, viz :
Accrued inter
est entered
books at close
of business on
. $32,T$8.04
Estimated i ?
crued intere
not i ni ered on
books at
of business ...i
above date. 52,402.14
86.16? 10
Total .$10,166.185.86
LIABILITIES
Capital stock . $690,0OO.?i
Surplus:
Surplus fund.... $250,000.00
Undivided pro/Its 452.27: 2 1
- :02,2TT.t8
Deposits:
Preferred, as fol?
lows:
Dun New Tork
State Savings
ai - 11< i n Vas
dations, "'reo'!'
t n i o n s mi-I
1 ind Bank ... 311.48
<>' her deposit s
( ue as execute
? nlstrator
guai dian, r ? -
ceiver, trust"".
committee o r
depositary .... 307,289.50
Deposits by me
State o?' New
York . 60,000.00
Other deposits ;
secured 1> y a
p edg - of assets 40.742.!-7
X'n preferred, as
follows:
isits subject
to check. ,?.268.703.44
Tim e deposits.
certificates and
other deposits,
the payment of
which cannot
legally be r
quired within
thirty days. 20,981.13
J.x mand certifl -
cates of deposit 125.153.95
S e cretary'a
checlcs outHtand -
I n g , including
?il :,r check?
of ..I her officers 485.00
Unpaid dividends 675.00
E\* lid total deposits. 8,814,3J8.$4
Other liabilities,
viz.:
R ? a ?? r v e s for
taxes . $66.894 51
Estimated a c -
< rued i;.- ?? .
not entered on
books at close
of business on
abo ?? ? late. 62,591.18
- 141,61
.110,166.1! >
DIVIDEND NOT1CB3
MIIMII IN i'llVO COMPANY
i :; ; . n it i i \\ kn i;k, \ BW YORK
v a meeting of the Board (,f nire-t ~
this company on November 2$rd, 1.9
u ve Quarterly dividend el '.
per cent on ?>- Preferred Stock wa? declare^
i-- ??? 1st, 1922, to st-K khoiiers ot
record December 28th, 1821. Transfer book*
closed !>""Hi!?-r 28th, 1981, ?t 3 P. M , ?ici
reopened on January 3rd, 1932, at 10 A. Mi,
The Board lUso declared a cash divldrfn?
of i ',-? per cent on the Common Stock, pay
uary I-'. J$32, to Stockholders o*
record De-ember 28lh, 1921. Transfer book*
closed December t$tb, 192!. at 3 P. M and
reopened on January 3rd, 1922. at 10 A. M
Note: Incorrectly elated in yesterday"*
Issue as November 28.
Till-: MONTANA POWER COMPANV.
PREFERRED STOCK DIVIDEND NO
A regular Quarterly dividend of one an..
hr< ?? lusrtera per .-?n:. < i \ *
!'.-??: > ri '--?l Stock . ? ???' pai ati>
January 3r<i, I9$l, t-> stockhotd
record at the close of buiiicss <--n .
ber it 1921.
COMMON! STOCK DrvroEND \ -
1 ? dend of three-Quarters of oae pe?
ceut. <"-,rr) on the Common Stock ha? been
payable January 3rd. i
stockholders if record ., - the close of busi?
ness ori l'ope o??? 1*. J921 Checks will be
mailed.
WAtTETi tJUTTQN, Treasurer
25 Broadway, New York
Dividend*
Pe- Pay- ho:'!*?
rlcd ab!* of r?i
Amer, Piano Co.1 i% Q Jan i Ne
li" Pi.1 *?*,*, W .T^n 1 V
p & Ss. 8 AE 81 90 Q Deo 31 Dec ?
Boston & Albany$2.2$ ? Deo 31 nov s
col. Pow. Co., pf.l%% q Dsell Nov se
Hanna F. Co., pf.? %, Q Deo IS Dee 6
I* V. Cval -Sal?SlC.OO Q ??u J. JJus