Business: Business Notes, Jun. 21, 1926

First and Third. Last week the New York Federal Reserve Bank took the International Acceptance Securities & Trust Co. into membership and totted up an even 900 members on its rolls. It now includes 70% of the number and 90% ($12,500,000,000) of the resources of all the national and state banks and trust companies of its district; is first in the nation in member bank resources, only third in number of members. The Chicago district has 1,383 members; the Kansas City district 1,016.

Drivurself. Dumpy John Hertz trotting around Chicago conceived another transportation idea which he started to embody last week with the help of General Motors. He, a onetime newspaper copy boy, had built up the Yellow Cab Manufacturing Co., which now has 1,000 licensed stations scattered over the country. A few months ago General Motors absorbed this concern, merged its activities with those of its truck department as the Yellow Truck & Coach Co. Thus left relatively free of business cares, Hertz learned that the U. S. already has about 300 drive-yourself stations with some 6,500 machines in service; decided to integrate them. So now General Motors is financing without commission a $30,000,000 concern — the Hertz Drivurself Corp,

Share Sales. $25,000,000 is a weirdly large turnover in one day for the securities of any company. U. S. Steel Common did it last week —196,500 shares at an average of $130 each. Three large Manhattan brokerage houses, closely connected with local banks friendly to the steel corporation, did most of the buying.

Pierce-Arrow. For five years Pierce-Arrow preferred stockholders have patiently waited for dividends. Last week they were rewarded—$2 initially. President Myron E. Forbes reported that the company has no bank loans outstanding, has $2,582,740 in cash balance.