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SATURDAY, APRIL 2 1927.
VOL. 124.
Tilt Thronicit.
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The Question of the School Teachers' Pay
in this City—Some Remarkable Figures.
It is high time that the public became aroused as
to what is going on in the matter of raising the salaries of New York City school teachers and gave consideration to the utter lack of merit there is in the
proposition. Year after year proposals of one kind
or another keep cropping up for making these wage
increases and involving additions to the City Budget
running all the way from $15,000,000 to $20,000,000
a year. The "cause" of the City teachers—if such
it can be called—is being urged with a persistency
that is perfectly amazing and which has few if any
parallels in endeavors to add to the pay of other
Governmental employees.
The Legislature at Albany, when in session, is
being besieged day in and day out to enact bills
.having that end in view, though the matter is purely
a local one and, under the application of the home
rule principle in municipal government, should be
left to the City authorities to deal with. The Legislature, too, has more than once responded to these
appeals by passing the desired bills, only to have its
efforts balked by the veto of the Governor. In like
manner these school teachers have perennially, and
with ceaseless energy, been pressing their higher
pay projects upon the attention of the Board of Education and 'the Board of Estimate and Apportionment—with varying degrees of success. Politics
has not been absent in these moves; and with women
now possessing the right to vote the school teaching
force, so largely made up of female employees, can-
11irk
Bank and Quotation Section
Bankers' Convention Section
NO. 3223.
not be said to be a negligible factor in the political
arena.
The notion has been sedulously cultivated that
these school teachers constitute a most unfortunate class in the community—that indeed they
must be numbered among the downtrodden and the
oppressed. And that this notion has taken root in
the public mind is evident from the fact that it is
quite common to have the teachers referred to in a
sympathetic way as the "poor teachers." The community naturally sympathizes with the afflicted and
with those whom it believes unjustly treated, and
this will explain why it is taken nearly everywhere
for granted that these teachers have right on their
side and should have the undivided support of the
entire public in any endeavor to enhance their rate
of compensation. It will also explain why heretofore no serious attempt has been made to dissect the
proposals for higher pay or to make a trustworthy
analysis of them with a view to seeing whether they
are really grounded in merit and have any substantial basis in equity and justice.
What are the facts of the case? Are these school
teachers really being underpaid? Is there any basis
for the idea, to which such wide currency is being
given, that they are now and have for a long time
been badly treated from the standpoint of proper
compensation? Authentic material is now available
for determining the question and this material is
illumining in the highest degree. It completely
knocks away any and every prop that may have been
supposed to exist in support of the argument in
favor of higher pay. These school teachers are not
being underpaid. The exact reverse is the case. Indeed, it is no exaggeration to say that their pay in
many instances is extravagant and excessive if
proper weight be given to all the factors in the case.
The material to which we allude is contained in
the report rendered on March 14 by the Mayor's Committee on Teachers' Salaries. The Committee was
an entirely friendly one, as is evident from the tenor
of its remarks. The Committee indeed recommends
pay increases which it is estimated will add $14,000,000 a year to the City Budget, and will probably add
considerably more than this to the amount, as is
usually the case in such matters. Yet the Committee
takes pains to declare that this increase "it justifies
entirely upon the need for attracting to the schools
1880
a better quality of teachers and offering inducements which will hold them in the service and stimulate professional growth and increased devotion to
their work for the children." As a matter of fact,
every page in the report refutes the idea that any
such need exists or that any such inducements are
necessary, since they are already present to an overwhelming degree.
The Committee was appointed on Oct. 10 last. It
was appointed in response to a resolution adopted
by the Board of Estimate and Apportionment a considerable time before. The resolution noted that a
number of bills were pending before the Governor
providing for salary increases and that the City
Comptroller had reported that one of these bills
singled out for special mention, namely that by
Assemblyman Ricca "would require an additional
expenditure of P7,000,000 for teachers' salaries next
year and that the City is financially unable to meet
this increase within the 2% constitutional tax limitation," and inasmuch as the increases contained in
the various bills were not believed to be founded on
a scientific or disinterested basis the resolution provided that "a committee of fifteen be designated to
make a thorough and scientific study of the entire
question of teachers' salaries in the City of New
York, five members to be appointd by the President
of the Board of Education, ten members to be appointed by the Mayor, and to procend with diligence
and make a report at the earliest possible date." It
is this Committee that has now rendered its report.
Following the Committee's appointment on Oct. 10
1926, Mayor Walker called the Committee together
on Oct. 13 and designated Lincoln Cromwell, first
Vice-President of •the Merchants Association, as
Chairman. The Committee organized at once and
selected Mrs. William H. Good Vice-Chairman; Senator James A. Higgins Secretary and Col. Paul
Loeser Executive Secretary.
The report tells us that beginning with Oct. 21,
when the Committee held its first conference, the
investigation was carried on continuously until the
time of the submission of the report on March 14
1927. The report is a broad and comprehensive discussion of the whole subject and contains a wealth
of information that will make it valuable for a long
time to come. As already indicated, however, we
find ourselves obliged to take exception to the conclusion that pay increases, though wholly unwarranted on other and ordinary grounds, should,' nevertheless, be made in order to hold the teachers and
improve their quality. We shall cite the facts in
disproof of the contention as we proceed.
In the first place, the report destroys the illusion
that there have been no previous pay increases for
the teachers. There have been many of them, the
last in 1920, at the time when commodity values were
on such an inflated basis. Indeed, there were two
increases in 1920, one in January and the other in
August, the effect of the two together being to raise
the pay in many cases over 100%. This fact should
be clearly kept in mind that in 1920, as the result of
[vol.. 124.
THE CHRONICLE
two separate increases the teachers had their pay
doubled and in some instances more than doubled.
Yet they are not satisfied.
The report points out that the present salary agitation by members of the supervising and teaching
staff dates back to 1924, when the teachers introduced into the Legislature a bill designed to increase
substantially the salary schedules for members of
the supervising and teaching staff. This bill was
passed by the Legislature in 1925 and was vetoed by
the Governor. In 1926 a revised bill was again
passed by the Legislature and vetoed by the Governor. In each instance Governor Smith took the position that under the Home Rule Law the City had
full and adequate power to determine what salaries
should be paid to its teachers. The report states
that the teachers' salary laws of 1898, 1900, 1912,
1919 and 1920 "have steadily raised the rates of pay"
of the teachers and furnishes the following schedule
of the rates for the larger groups of the teaching
force in support of the statement. We have added
a line to show the further increases now suggested.
High School. Elementary.
Minimum. Maximum. Minimum. Maximum.
$2,100a
$900d
$2,160a
*1898—Men __ $720a
1,800f
900e
1,360d
Women_ 500b
2,400
1,300
2,400
1900—Men ___ 900
1,900
1,100
1,440
Women_ 600
1,820
1912
720
2,650
900
1,920
900
1919
3,150
1,350
2,700
1920—Jan. 1_ _ 1,005
3,700
- 1,900
250
:
1,500
Aug
4,666
2,148
1,608
Proposed
•There were different rates in each Borougn..,These represent the lowest
e
mon
for
eanandBo.rcod.c
singlete te the highest single rate, the latteris. lthert e
mond and Queens. f Manhattan, Bronx and Brooklyn.
The report also furnishes the following tabulation
to show the cost of the foregoing increases as reflected in the total salary payments for the years
given. The school register and the total number of
teachers are also shown.
Paidrin
Number7of
Salaries.
Register. Teachers.
11,393. $15,579,977.87
440,286
28,161,997.38
18,897
693,249
54,599,458.04
829,573 25,135
73,328,878.04
902,872 27,092
82,222,465.41
964,804 30,506
1901
1912
1920
1922
1925
It will be seen from this last table that while as
between 1901 and 1925 the school register, or number of pupils, increased only 2.19 times (rising from
440,286 to 964,804) and the number of teachers 2.68
times (the number rising from 11,393 to 30,506) the
payholl increased over 51/4 times, in exact figures
5.27%, rising from P5,579,977 in 1901 to no less
than $82,222,465 in 1925. The report observes that
notwithstanding these tremendous increases from
1901 to 1926, "the teaching force in 1924 again
sought legislation increasing salaries." The Committee, after saying that it also has investigated the
cost of living and the relative drawing power of positions outside the teaching force, makes the unqualified declaration that "from these investigations it
has reached the conclusion that neither the cost of
living, nor the drawing power of other positions,
justifies any substantial increase in the rates paid
to teachers over those fixed in 1920." As to changes
in living costs since 1920, the Committee presents
the following figures covering the period from 1920
to 1926, as weighted and reported by the United
•
APR 2 1927.]
THE CHRONICLE
1881
States Department of Labor for New York City for offers opportunity for individu
al initiative, with
- the items named:
commensurately larger rewards. However, it does
PERCENTAGE OF INCREASE OR DECREASE AS COMPARED
not develop from this testimony that the initial earnWITH JUNE 1920.
May, June, June, June, June, June, ings in business are higher than the present initial
1921. 1922. 1923. 1924. 1925. 1926. salaryof elementary teachers. They are usually
Food
30.6 -31.8 -29.6 -31.2 -27.5 -24.0
Clothing
23.9 -40.5 -41.2 -41.2 -42.1 -42.9 lower, even for college graduates. While
rewards
Housing
+7.5 +14.9 +20.4 +24.2 +26.7 +28.0
Fuel and light +22.3 +18.0 +18.1 +17.9 +18.0 +22.4 for exceptional ability may develop more quickly in
Housefurnishbusiness than in the teaching profession, the element
ing goods
-15.9 -28.4 -24.5 -27.4 -30.9
• Miscellaneous_ +2.7 +4-10 -5-10 +1.4 +2.3 -32.2 of risk in business must be considered as compared
+2.5
All items
17.1 -22.1 -21.2 -21.3 -19.8 -18.5
with the relative security of the teacher's position."
It will be seen from this table that while housing
One of the largest department stores in the City,
costs in the six years between June 1920 and June employing many college graduate
s, furnished fig1926 increased 28%, fuel and light 22.4% and cer- ures to show that the present
maximum salary to
tain miscellaneous items 2.5%, the cost of food de- teachers is more than that
received on the average
creased 24.0%, the cost of clothing 42.9% and the by college women in business.
And the Committee
cost of house furnishing goods 32.2%, these three adds that this judgment was confirme
d by several
last-mentioned items being controlling factors in other large employers. Inquiry as
to present salliving costs. In the final result, taking all items aries paid by one of the public service
companies discombined, costs in June 1926 were 18.5% lower than closed that pay of college women in that
company
in June 1920. To this the Committee adds the fur- approximates the present elementa
ry school salaries
ther statement that "the most recent authoritative in New York City, though the salaries
of its men
information available to the Committee shows that employees on a length of service basis are moderate
ly
there has been an average decline in expense factors higher than those paid men teachers
in New York.
since 1920, and the general average of living costs Lawyers of large practice and wide
professional achere, according to this information, is lower now quaintance informed the
Committee that the best
than for any time since six years ago." The report law school graduate
s start in offices at from $1,500
goes on to say that authoritative figures show that to $2,000 a year and
are raised about $250 annually
there is no substantial difference in the cost of living to $3,000, when
the young lawyer is probably 30
among most of the larger cities of the country. Liv- years old. Physicia
ns state that a young doctor if4
ing costs are higher in some of our suburbs than in fortunate if he
can do better than pay his office
New York City. In the smaller cities costs are gen- rent at that age.
erally much lower. Teachers can obtain satisfacThe Committee accordingly finds it evident "that
tory board and lodging in many of them,it is stated, the earnings of New
York City public school teachers
at from $12 to $15 per week. "But in these places compare favorably
with earnings in other occupatheir salaries are proportionately lower." A table tions demanding considera
ble preparation, except in
is given of salaries paid to elementary teachers in a those cases where
the salary paid is really a share
number of cities having from 30,000 to 100,000 popu- in the profits of a business.
. . . The public school
lation, and this shows that the present maximum for teacher can acquire
a comfortable income soone:New York City elementary teachers is far in ex- after leaving college
than he or she could in any
cess of the highest paid to any of them.
An- other profession. In teaching there are the advanother table is presented to show the salaries paid tages of a relativel
y secure position, 170 days a year
elementary teachers in the larger cities of the United free flom class
room work, an annual pay increase
States, and here again a wide difference exists in for 10 12
or
years, and finally, a retirement pension
favor of New York City. And in its final summary to
which the City has contributed an equal share.
on this point the Committee finds itself obliged to Such combinat
ion of advantages can be found in no
say: "We can find no other City in the United private
employment."
States where teachers are now as highly paid as by
Moreover, the Committee finds itself obliged to
the New York City Board of Education." The Com- say that "at the
present time there seems to be no
mittee has also gathered facts as to the salaries paid dearth of candidat
es for teaching positions except in
teachers in private schools in this city, all typical cases where unusual
qualifications are demanded.
schools which prepare pupils for college and cover The training
schools are overcrowded and the fact
the courses of the public schools from kindergarten that the entering
classes are increasing in size is
through the senior high schools. The result is the evidence that
the overcrowding is not due entirely
same. The scale of the Board of Education averages to the lengthening
of the training school course. The
much higher.
time is not far distant when the City schools will be
But what is the comparison with occupations other unable to absorb the products
of the training schools
than teaching? On this point the report says:"The unless this
product is limited in number by higher
Committee has carefully investigated the appeal, in standards of admissio
n." And yet this same Coma monetary way, of occupations other than teaching. mittee recomme
nds large increases in pay in order
It appears from the testimony that business makes to hold
teachers in the service and to improve their
a stronger appeal than teaching to many young quality. It is
difficult for the ordinary man to recpeople because of the general impression that it oncile two such
utterly contradictory positions.
1882
THE
CHRONICLE
[VoL. 124..
All this is absolutely conclusive in and by itself. 192 days is not far from $17 a day, in exact figures
But it leaves wholly out of account the special advan- $16.92 per day. Just think of that, $16.92 for every
tages and privileges which the teachers enjoy and to day of actual attendance in the elementary schools.
which no parallel exists in any other occupation or Now, turn to the high schools. The minimum here
business, and least of all in the mercantile world. is $1,900 a year for 192 days, or $9.89 per day—not
There is no mention of this in the Committee's re- the day of the mercantile world, but the short school
port, notwithstanding its excellence in other re- day. The maximum is $3,700 for 192 days, or $19.2T
spects, except the passing allusion above to the num- per day. And yet these school teachers think they
ber of days of freedom from work. In the first place, are underpaid and are demanding more.
the teachers have only a five-day week all the year
The worst of it is that the Committee purposes to
round, where in other occupations the worker is accommodate them—and the additional increases
2
obliged to put in 5Y days or 6 days. Then they have are to be by no means small. The Committee sugday as far as concerns the number of gests that the minimum per year in the elementary
a much shorter
hours that must be devoted to work. But, most schools be raised from $1,500 to $1,608, which would
important of all, they get holidays and vacations on be an increase of over 7%, and the maximum from
a scale that would bankrupt the ordinary business $3,250 to $4,092, which would be an increase in exconcern if it tried to put the same practice into cess of 25%. The minimum of $1,900 per year in the
effect. They get two months' vacation during the high school it would raise to $2,418, making an addisummer, a week or more at Christmas time and an- tion of over 13%, and the maximum from $3,700 to
other week at Easter, besides all the holidays, im- $4.656, an addition of over one-fourth. At the maxiportant and unimportant. All the time their wages mum the elementary school teachers would be getgo on as if they were actively at work. The maxi- ting about $80 a week and the teachers in the high
mum attendance that can be required of a teacher is schools about $90 a week for a five-day week, and
192 days—that is, only a little over six months. The with holidays and vacation thrown in—that is, all
minimum attendance without loss of pay is only 132 paid. On the basis of the 192 days of school attenddays, as 60 days sick leave is permitted. Nothing ance actually required, the result would then be:
anywhere near equal to this can be found in business
PAY PER DAY ON BASIS OF 192 DAYS
life or other occupations. And yet the teachers are
ATTE N.DA CE.N
Present Pay. Proposed Pay.
averaging higher pay than other leading classes of
Elementary Schools:
workers. In order to comprehend the full signifi$7.81 per day $8.37 per day
Minimum
16.92 per day 21.31 per day
Maximum
cance of these considerations, it is necessary to carry High Schools:
9.89 per day 11.18 per day
Minimum
the deductions to their logical conclusion. If we
19.27 per day 24.25 per day
Maximum
return to the figures given in the first table in this
It will be seen that not satisfied with having a
article we find that the minimum compensation 'n
days of acthe elementary grades is $1,500 a year, against less maximum of $16.92 per day for the 192
schools,
than half this amount only a few years ago. This I:3 tual attendance required in the elementary
it is proposed to boost the pay to $21.31 per day, and
the lowest pay any teacher receives at the very beup
ginning. It is the equivalent of about $29 a week, similarly in the high schools to run the maximum
per day. Was anyvacations and holidays not excepted. From this the from $19.27 per day to $24.25
more monpay runs up to a maximum of $3,250 a year, vaca- thing more preposterous ever heard, or
strous?
tions and holidays again not excepted. This last is
We may go a step further and ask what is the
equal to over $62 a week. In the case of the high
school teachers the pay is still higher. The minimum general average for all the school teachers combined
at the start is $1,900 a year, or about $37 a week, even without the further increases running from 7%
holiday time and vacations included. The maximum to 25% now proposed? The second table given above
is $3,700, or over $71 per week, the money here, too, in this article shows that the 30,506 teachers emcoming, whether the teacher is at work or enjoying ployed in 1925 received an aggregate salary of $82,222,465, which is only a few dollars less than $2,700
recreation.
Nothing comparable to these rates of pay can be a year. This in turn is over $14.00 per day for the
found in private life even if no account be taken of 192 days of actual attendance. In other words, the
the fact that the teachers enjoy such a large measure entire teaching force of the city, elementary and
of freedom from work while in other occupations primary, averages over $14 a day for the
there is little or no such freedom. When account is time of actual attendance. One would think
taken of the vacations and holidays, the results are they would be ashamed to ask for more, so closely
almost startling. As already stated, the maximum akin to robbery is the proposition. These figures
attendance required is only 192 days. For this the have reference to the rank and file of the teaching
teachers in the elementary schools receive at en- force. When we come to the principals and the adtrance as an absolute minimum $1,500 which, for the ministrative staff we get yet larger figures, which
192 days of service, works out only a little less than emphasizes still more the injustice of the demand for
$8 per day—to be exact, $7.81 per day. This, be it still higher pay. Of course, when the sixty days'
remembered, is at the very start. At the maximum sick leave is taken into account, reducing the time
the pay in the elementary schools is $3,250, which for of actual attendance to 132, the result becomes still
Arm 21927.]
THE CHRONICLE
188i
more striking and still more significant. It should
the budget $211,114,136; the per capita expense was
be noted, too, that the school teachers are not now, therefore
only $40, and the average charge for a famnor have they ever been subject to the Federal in- ily of five
persons no more than $200 instead of the
come tax.
present $365 per year, making the burden per week
Thus in the last analysis it appears that these $4 in contra
st with the cost now of $7 per week. In
school teachers who keep haunting legislative halls 1925 the teache
rs' payroll was $82,222,465. At presand the precincts of the Board of Education and the ent it is roughl
y $90,000,000. Under the increase
Board of Estimate and Apportionment to compel proposed it
would be $104,000,000, not counting adaction looking towards further pay increases, in- ditions to
the force of teachers.
stead of ranking with the neglected and oppressed,
Not only should the proposal of pay increases for
stand in a favored class, enjoying advantages and the teache
rs be scotched once and for all, but all
privileges to be found nowhere else.
other pay increases of whatever nature should be
Still another circumstance should not be left out relentl
essly suppressed. And this is so, whether the
of view, which is as absolutely controlling
against State assumes to pay part of the additional tax or
the proposition as the irrefutable arguments
pre- not. The City is simply not in position to bear any
sented in what we have said above. Even if
there additional burdens.
were merit in the proposals for pay increa
ses, the
City has not got the means for making them.
The Financial Situation.
The
Expressions of opinion on the financial situation
City is close to the tax limit and to the debt
limit,
are not in themselves developments which affect the
and its budget is increasing so fast as to
furnish busine
ss or financial situation, but sometimes they
positive occasion for alarm. In the resolution
of the are news of the first import
ance, and have more
Board of Estimate and Apportionment,
quoted effect upon security and financial markets
than
above, the City Comptroller is. reported as
having actual developments, even those of far-reaching consaid that an additonal expenditure of $17,00
0,000 for sequence. The past week has illustrated this. Durteachers' salaries in the ensuing year could
not be ing this period there have been developments in
met within the 2% constitutional tax
limitation, and China and events in the Near East of the greatest
importance and which may have consequences that
additional stress must be laid upon this
point, as
will eventually affect the financial markets of the
the Budget keeps growing larger and
still larger,
world, but they have passed with little or no attennot from one cause alone, but from
a variety of. tion from these
markets, whereas three interviews
causes, none of which seems amenable
to control. given out on Saturday, March 26,
have in all probDuring the Hylan Administration the
City Budget ability largely influenced prices and the movement
kept rising in a perfectly frightful way.
It ran up of securities during the past week.
from $211,114,136 in 1917 to $437,000,000
President Coolidge, Secretary Mellon and John J.
in 1926.
It was supposed this marked the end of that
Raskob, Chairman of the Finance Committee of Genunfortunate era and that with the advent to contro
eral Motors Corporation, gave out expressions of
l of
views which have been of material influence. PresiMayor Walker curtailment to a lower basis
might
dent Coolidge is quoted as having said that the Govbe possible. Not so, however. Instead of that
a lur- ernment would
have a surplus of more than $400,ther increase to $474,893,300 occurred for
1927 and 000,000 at the end of the fiscal year June
30 and that
the indications are that further expansion
will occur this would be one of the deciding factors in connec
the ensuing year, bringing the total of
the City's tion with the consideration of tax reduction, when
outlays up to the half-billion mark.
Congress is ready to act on the matter. Mr. Mellon
A very apt way of bringing the
ordinary person said the Government would have about $500,000,000
to a realization of the size of
such expenditures, on hand June 30, but expressed no opinion as to
when applied even to a City with
such a large popu- what Congress would do in lowering taxes. He
made a number of other very pertinent remarks in
lation as New York City, is that
which was emrespect to the business situation, namely that he exployed by us in an article on the subjec
t of the City's pected a succes
sful business year, that money is in
Plight, published in the "Chronicle"
for July 21 sufficient supply to take care
of any contingencies
last, namely to consider the expenditure
in relation that may arise, that he does not look for any change
to population in order to arrive at the
per capita in the Federal rediscount rate for some time because
expenditure. The population of the
Greater New he sees no reason for changing it, that he believes
York may be roughly taken as 6 millio
/
1
2
ns. Accord- the stock market to be in a strong position, and sees
ingly, a budget of $474,893,300 involves
a per capita no evidence of over-speculation, and that brokers'
loans, which give a good insight into the stock martax for the support of the City
Government of
ket situation, appear to be in a healthy state. Mr.
roughly $73. It follows as a consequence
that for a Raskob, who occupi
es a seat of great importance in
family of five persons the cost of
running the City the financial world, said that he considered
the autoGovernment is $365 per year. This
in turn means mobile outlook very satisfactory, particularly so
for
that an average fanrily of five persons
is called upon General Motors, for which there was every prospect
to bear a tax, in, one form or another,
in. higher rents that the results in 1927 would exceed those in 1926.
and higher living costs of $7 per week
in order to He expressed the opinion that the figures for March
maintain the City Government in its
would make a new record, and that earnings in the
different funcsecond quarter and the first half of 1927 would be
tions. In 1917, the last year of the
Mitchel Adminmuch larger than in the corresponding periods of
istration, the population was about 514
/ millions and 1926.
1884
THE CHRONICLE
These remarks, coming together, and giving reassurance as to the political and financial situation,
as well as to the automobile industry, which is considered pivotal in connection with the continuation
of present prosperity, have increased confidence in
respect to the present level of security values.
There has, however, been very little change in
security averages; bond prices have been about
steady; the rail average has gained some two points
in the week, and the industrial average, which lost
considerable ground on Wednesday and subsequently regained it, is about where it was a week
ago. It is worthy of note that this average is
slightly lower than the high point reached in February 1926 and some five points lower than the high
point reached in August 1926. Since the 1st of
December the industrial average has been not far
from where it is at present with the exception of
about an eight-point decline that occurred in the
latter part of January.
Notwithstanding the stability of the averages,
there have been very great changes in individual
prices. The Boston News Bureau recently published
a list of 36 prominent stocks that are materially
lower at present than they were a year ago. The list
has been affected by few, if any, receiverships. Declines have been caused by dividend reductions, past
or prospective, or declining earnings. There are, of
course, many other stocks which are lower than they
were a year ago and a probably very much larger
number which have not materially changed in price.
The general impression that we have been in a constant bull market during the past few years is
largely based upon the advances and the activity of
the securities of corporations which have been impressively successful. General Motors, du Pont,
United States Steel, the Sulphur shares, Commercial
Solvents and other stocks with like records have featured the market as a whole. The upward movement in railroad shares has been almost as impressive.
A recent study in investment stocks by a prominent banking house in which statistical and descriptive data were presented in connection with 55 high
grade common stocks showed an average yield on
current dividends of approximately 53
/ and aver4%
age earnings almost twice the amount of dividends.
In other words, these companies are earning on the
average approximately 11% upon the present market prices of their stocks. With money conditions
as they are, securities of this kind have been advancing, but, unfortunately, the excellent records made
by these selected companies have not been enjoyed
by all.
The principal bond issue of the week was brought
out by a syndicate headed by J. P. Morgan & Co.,
the National City Co. and the First National Bank
/
of New York,$30,000,000 City of Rome external 61 2s,
91, yielding over 7.25%. This issue
1952, offered at
met with an immediate demand, which not only absorbed the offering, but quickly brought the bonds
to a premium of more than a point over the issuing
price. There was also another Morgan issue on
Friday of $25,000,000 Humble Oil & Refinery debenture 5s of 1937, offered at par.
/
Call money has been seasonably strong at 41 2%,
this price also reflecting heavy month-end influences, dividend and interest payments having been
estimated by some as high as $500,000,000. Brokers'
[VOL. 124.
loans, as reported on Monday by the Federal Reserve
Board, showed a gratifying decline of $38,582,000,
bringing aggregate loans to $2,802,187,000. Car
loadings continue to evidence very active general
business, the freight cars loaded during the week
ended March 19 having again exceeded 1,000,000,
standing at 1,006,861, and showing an increase of
29,843 over the corresponding week in 1926. The
Irving Fisher index of wholesale commodity prices
registered quite a gain for the week ended March 25,
the index standing at 140.4, as compared with 139.6
the preceding week.
Affairs in China, complex and highly puzzling at
all times, have been chaotic as a result of the Nanking incident of March 24. Soldiers of the Cantonese faction, taking Nanking on that day, killed one
American, three Britons and one Japanese, wounded
and committed outrages on other foreigners and
looted the foreign homes and consulates indiscriminately. Prompt action on the part of American
and British war vessels in the river prevented further
casualties. The remaining foreigners in Nanking
took refuge in the Standard Oil Co.'s compound,
where they were besieged by the Cantonese troops
and .only rescued when shell fire was laid down on
the surrounding area by the men-of-war. As a result of this outbreak, says an Associated Press report of March 26 from Shanghai, "Americans and
other foreigners were fleeing to-night from points
along the Yangtse Valley, driven by the fires of antiforeign feeling which the bombardment of Nanking
has apparently fanned into full blaze. Shanghai,
with its armed and barricaded international settlement, offers the most secure place of refuge in Nationalist China, and it is toward this port that the
refugees are headed. Hankow, Nanking and Chungking are some of the points evacuated or about to be
evacuated by the foreigners, while the American destroyer Treble' has gone to take off small groups of
Americans from Kiangyin and lesser ports below
Chinkiang. Friction is reported between the foreigners and the Chinese at Changsha, Honan Province. The trouble is not confined to Nationalist territory, for the American Consul at Chefoo, on the
Shantung peninsula, has requested the dispatch of a
destroyer there following clashes between the police
and Shantungese (Northern) troops."
The position of Shanghai itself was regarded as
none too comfortable. The correspondent of the
New York "Times" wired from the great treaty port
on March 27: "In another week the evacuation of
the Yangtse River Valley will be practically complete so far as Americans and British are concerned,
with the exception of Shanghai. Here the foreign
troops have the privilege to shoot in order to protect
property as well as lies; otherwise Shanghai would
go the way of the other Yangtse and neighboring
treaty ports. Only gun fire will save missions as
well as business houses. The missionaries, who until Thursday morning scoffed at the consular advices
to withdraw, are now evacuating the interior, leaving behind all but portable valuables, some even
without them. They are leaving behind the work
and hope of half a century, with little prospect of
returning unless gunboats are employed to reopen
the country to them as in 1900. The change of opinion is amazing. Only a fortnight ago the important
United Protestant Association appointed delega.
Ara. 2 19271
THE CHRONICLE
tions to England and America to explain the Nationalist movement favorably. Now that women
have been robbed as well as men of the clothes on
their backs, what can they explain? Will America
re-establish trading and teaching privileges by force,
with Britain? These are questions intelligent persons here are asking and answering in the negative.
It is therefore assured that Shanghai is only the
temporary stopping place for Britons and Americans
before the longer journey homeward." Apparently
the Chinese were not content with peaceful evacuation of the "foreign barbarians," an Associated Press
dispatch of Monday advising that "Yangtse River
travel is growing increasingly hazardous and a majority of the refugee ships are being covered by
naval vessels. The 'Stewart,' Preston' and Treble'
all were fired on Saturday and Sunday between
Shanghai and Chinkiang and naval officers report
that both sides of the river are now in Nationalist
hands and that all firing was by Nationalist troops."
In Shanghai, the same report said: "The barriers
of the international settlement are being strengthened everywhere in anticipation of possible trouble.
The Chinese are being rigidly excluded from the
French concession, where the patrols have been increased and the machine gun defenses heavily
manned." Official dispatches dated Sunday from
Admiral Williams, in command of the American
naval forces in Chinese waters, told of demands of
native labor unions for removal of the barricades
about the international settlement at Shanghai and
of the reinstatement of workers who were discharged
in the last strike, with indications that on account
of the refusal of the demands another general strike
was impending.
1885
Cantonese Minister for Foreign Affairs, has desired
him to convey to this Government Chen's sincere regret for the loss of American life at Nanking, regardless of whether or not these acts were committed
by Northern troops or Nationalist troops." The
movement of the foreigners from the interior continued, however, and even spread further northward,
Americans in Shantung, Honan and Anhwei provinces being reported on March 29 as proceeding to
the coast. Some foreigners, even in the Yangtse
Valley, refused to leave, despite all the warnings.
In some cases, however, they were forced to do so,
as at Chunking, where the Chinese destroyed the
flag of the American Consulate on Thursday and
drove the foreigners aboard ships. Such incidents
appear to have been plentiful all week, but as no
further killings or desperate attacks took place, the
anxiety diminished considerably. The correspondent of the New York "World" said on March 30:
"The extent to which this city has quieted is evidenced by the fact that everyone is laughing to-day
at an episode which would not have been considered
so humorous last week. Last night, while the French
guard snored, the Chinese oiled the hinges of the
iron gates at the Szechuen Road entrance to the
French concession and carried away the ponderous
barriers. They apparently did not enter the concession, contenting themselves with this display of
Oriental sarcasm."
It is apparent, -none the less, that the anti-foreign
feeling is far from being under control. Reports on
April 1 from the far south, where the foreigners had
so far not been molested, indicated the spread of the
sentiment over the entire country. At Canton, 40
miles upriver from Hong Kong, British women and
children were ordered to evacuate the native city
These general indications were confirmed during and repair either to the island colony of Shameen
the week, a veritable exodus of business people and or to Hong Kong. This is evidently a precautionary
missionaries taking place from interior China. The step, as actual outbreaks were not recorded.
Shanghai correspondents emphasized the red tinge
of the Nationalist movement against the foreigners,
Interest, meanwhile, shifted rapidly to the posthis apparently being directed from Hankow, where sible political aftermath of the Nanking outrage.
the Communist advisers have their headquarters. General Chang Kai-shek, the leader of the NationalRegarding the missionaries,the Shanghai correspond- ist forces, in an interview with the correspondent of
ent of the New York "Times" cabled on March 28: the Chicago "Tribune" Thursday, said: "If the Na"China has been the special hope of Christian tionalist troops were responsible for the anti-Chrischurches which, for the past half century, have con- tian attacks on the missionaries at Nanking, I am
centrated on a greater effort here than anywhere willing to assume full responsibility and gifara nice
else. Now they are finding in many cases that even that full satisfaction will be given, even to the exthe students they educated are turning to Moscow tent of the punishment of those guilty and the payleadership. The tragedy of the missionaries is com- ment of indemnities for those killed or injured and
plete." "Shanghai itself," said an Associated Press for property destroyed." Referring to the American
report of Monday,"was the centre of a growing anti. and British bombardment of Nanking, General
foreign feeling in the native district, where leaflets Chang stated that the Nationalists considered this
and handbills were distributed blaming the British action a great indignity, since the foreign officiah
for the bombardment of Nanking on Thursday and had not notified the Chinese that their nationalists
calling for a boycott of British goods and a strike were endangered and, furthermore, as the naval
of employees of British firms. The part played by commanders failed to notify civilians to evacuate
the United States forces was not mentioned."
the area prior to the firing. When questioned regardThe correspondent of the New York "Herald Trib- ing the number of Chinese killed, the General asune" went so far as to say: "Indisputable evidence serted that the official report was not available, hLt
has been obtained that the outrages at Nanking were he thought that six civilians were killed and about a
perpetrated with the approval of Cantonese offi- dozen wounded, with a larger number of casualties
cials." Nevertheless, a statement given out by the among the soldiers. General Chang, according to
Department of State in Washington Tuesday re- the report of the correspondent, also deprecated the
ported the situation less tense, and added that "the defensive measures instituted for the protection of
American Consul-General at Hankow, Mr. Frank the international settlement, saying they are hardly
P. Lockhart, in a message to the Department under likely to be conducive to good feeling
between China
._
date of March 26, 6 p. m., states that Eugene Chen, and the foreign nations. These defense measures,
1886
THE CHRONICLE
[VOL.,
impossible to "negotiate fruitfully under the present anarchical condition of the country." Sir Austen delivered a further statement in the House .of
Commons Wednesday in which he "established the
fact that the attacks on the foreign consulates and
residents were carried out by regular Cantonese
troops acting under directions conveyed to them by
whisles and bugle calls. In reply to questions as
to what precautions were being taken to adjust the
matter and to protect foreign lives and property in
Tientsin, Sir Austen said that the whole matter was
under consideration. No negotiations have been
opened with the Chinese Nationalist Government
regarding the international settlement in Shanghai,
he said, but that did not mean that British policy
had altered, but that the execution of that policy
must depend on circumstances. The present moment, he added, was certainly unpropitious for neThe events in China were carefully observed from gotiations. An Associated Press dispatch of March
all Western capitals. In Washington, according to 30 from London said: "The attitude of the British
a dispatch on Tuesday to the New York "Herald Government toward the situation in China to-day
Tribune," "President Coolidge, using the mechanism continued to harden. Indications were that the
of the 'unofficial spokesman,' said to-day that there Government has decided definitely to halt its policy
was no present intention of increasing the Ameri- of making concessions until the Nationalist authorican forces in China; that the request of Admiral ties have proved their ability to Great Britain's satWilliams, who is on the ground there, for 1,500 more isfaction to maintain order in the territory under
men had been met, and that it was expected these their jurisdiction. The Downing Street view is that
would be sufficient. Pains were taken to make it the British Government went to the limit to meet
clear that our forces were in China for the protec- the legitimate Nationalist aspirations in giving up
tion of our people and their property; that they the concession at Hankow. It now awaits what it
were not in the nature of an expeditionary force; feels should be a similar gesture of good faith and
that they were not in China to make war, but were sincerity on the part of the Nationalists instead of
there merely as a police force. Pains were taken being confronted with a wave of anti-foreign feeling
also to make it clear that our forces were in China coupled with the Nanking disorders." It was furto protect our people, not against any organized ther disclosed in London Thursday that formal deGovernment, but rather against disorganized mobs. mands for reparation for the Nanking outrage had
One gathered from this part of the statement that been drafted and were under consideration by the
the President meant, so far as the facts would jus- representatives of the Powers in Peking. The steps
tify him, to absolve the leaders of the contending to be taken if the demands are not complied with
armies in China and to imply that what had hap- are also under consideration, and it is stated that
pened to American citizens was the sort of thing if necessary they will be fairly drastic. According
that might happen to any foreigners residing in any to news received by the British Admiralty, says a
country in which there was civil war." It is well New York "Times" dispatch of March 31, "the attiknown that our Government has always pursued an tude of the Cantonese toward foreigners, especially
independent policy in Chinese affairs and has lately the British, has become more and more threatening.
signified its willingness to give up special privileges. Looting of the British Consulate at Nanking conThe Nanking incident was promptly considered in tinues, and it is not safe for foreigners to land there.
Washington, and on Thursday a dispatch to the New Steamers are being fired on with rifles and machine
York "Times" said: "The question of responsibility guns. A gun on Lion Hill is kept trained on the
for the Cantonese attack on Americans at Nanking vessels, and reports received here say more guns are
is being considered by the United States Govern- being mounted."
ment and by its representatives at Shanghai and
The attitude of the French and the Japanese GovPeking, and it was officially admitted that a demand
Cantonese authorities for an indemnity might ernments toward China was far more conciliatory.
on the
be expected. But it was asserted that joint diplo- Foreign Minister Briand was subjected to severe
matic action was not contemplated, although it is censure from the Right wing of the Council of Minunderstood that in the preliminaries to making de- isters in Paris on Tuesday, but justified his position
mands American officials at Shanghai and Peking on the basis of official reports from Admiral Bahave been in consultation with those of other Pow- siere, the French commander in Shanghai. A dispatch of March 31 to the New York "Times" said:
ers."
a Cabinet Council chiefly devoted to Briand's
the Yangtse statement of the situation in China, France's neutral
The British, with larger interests in
Valley than any other foreign Power, began to con- attitude remained unmodified. It is the opinion of
sider the Chinese situation on Monday, when an leaders, as well as commercial interests, that the
emergency session of the Cabinet was held. Fol- present troubles are principally directed against the
lowing the meeting Sir Austen Chamberlain an- British and to a less degree against Americans, due
nounced to Parliament that negotiations with the to Moscow's influence over Canton."
In Japan, according to a Tokio dispatch of March
Nationalists regarding the international settlement
Shanghai had been suspended and that it was 30 to the New York "Times,' general support is being
at
he added, "are usually those taken by empire builders toward colonials and not the treatment accorded
by one equal to another. These measures which the
Powers are taking here would be fitting measures to
take toward savages and semi-civilized peoples in
your own colonies. As the Nationalist military
leader, I regret the state of affairs and consider it a
great indignity toward the Nationalist movement."
Such protestations, it was observed •by the interviewer, are much weakened by the inflammatory
placards posted in the Chinese city within sight of
the international settlement, and by the series of
strikes of which another is reported in preparation.
In Hankow also, where the Communists are in control, General Chang admitted his inability to control the radical laborites. He added that the Nationalist Government was responsible.
APR. 2 1927.]
THE CHRONICLE
1887
given Baron Shidehara's policy of independent bring
about a clash between the two Governments,
friendship with Southern China. "This tendency and conclu
des: "What stands out is that it has
again was illustrated this morning by editorials in been establ
ished that forged messages purporting to
several papers on the question of joint action with have been
sent by Secretary Kellogg and other Govthe United States and Britain over the Nanking in- ernme
nt officials in Washington to representatives
cident. The Osaka 'Asahi' declared that the Ameri- of the
United States in Mexico were placed in the
can-British accounts are exaggerated. It thinks that possession
of the Mexican Government and produced
the outrages were perpetrated by Communists the
impression on the mind of President Calles that
against the will of the Chinese leader, and argues the
Coolidge Administration was making plans
that the fact that the Southern General apologized
either to foment a revolution in Mexico or to bring
to the Japanese at Nanking gives Japan an opening about
a war with that country. The discovery that
for negotiations. Japan, it continues, is not obliged
these alleged messages were forgeries relieved a situto make common cause with the Americans and
ation that probably would •have led to a serious
British. Our standpoint is different from theirs and
breach, to say the least, in the relations of the two
whatever course they may pursue Japan should
countries." Comment on this disclosure was refused
proceed with her own solution, taking the Southern
by officials of both nations.
General's apology as a starting point. It is in the
general interest that Japan should remain independSpokesmen in the German Reichstag, formulating
ent, the paper says, and undertake a peaceful settlethe views of all parties, unanimously demanded a
ment so that these nations may be persuaded to recdownward revision of the Dawes plan payments,
oncile themselves with China." Some revulsion of
when, on March 31 the budget carrying provision for
feeling was, however, reported in a dispatch of the
such payments for the fiscal year was passed. The
following day, though independent action was still
schedule for the year beginning April 1 calls for
insisted on.
payments of 1,750,000,000 marks, and it was agreed
In Soviet Russia, interest in the Chinese situation
by all speakers that the present schedule, which
overshadows everything else, says a report of March
calls for annual payments of 4,000,000,000 marks at
28 from Moscow to the New York "Evening Post":
its highest point, could not be carried out indefi"Numberless demonstrations and resolutions of
pro- nitely. A report of the debate from the New York
test from all parts of the Soviet Union give eviden
ce "Times" correspondent at Berlin says: "Never has
of the excitement which comes from instinctive
ap- there been so expansive and outspoken an expres
sion
prehension regarding English and American union
of the German people's attitude toward its reparaas the means of a great victory for British diplom
acy tional obligations. Party speakers almost without
in accomplishing the ends through which Engla
nd exception stressed the nation's conviction that payseeks in China to hit Russia," the dispatch adds.
ment must be made to the Allied Powers, not because
of any moral motive, but simply because Germany
With reference to Mexico, forged communications
had lost the war. In other words, the German Parwere said by the New York "Times" on Monda
y to liament was a unit in rejecting the Allied thesis of
have been at the bottom of the recent acute strain
the German Empire's sole guilt in precipitating the
in the relations between Mexico and the United
outbreak of hostilities. Its readiness to pay its -epStates. Knowledge of the forgeries, the "Time
s" arations bill, in so far as it can be paid, is dictated
said, reached the American Department
of State purely by consideratims of expediency. And evithrough an American business man who saw
them dently, judging by to-day's utterances, it will soon
in Mexico City. The report says further:
"The cease to become expedient for the Reich to fulfill the
forged documents or papers were cleverly design
ed Dawes plan in its present form." It was pointed out
to foment trouble between Mexico and
the United by the speakers that success in making the
payments
States. The evident purpose of those
responsible in the past year with comparatively little fricti
on
for them was to cause at least a break
in the rela- does not mean that this will be true in
future. Last
tions of the two countries, and it does
not require year over 2,300,000,000 marks flowed into
Germany
any great stretch of the imagination to
conceive that in foreign loans, but this will not happe
n every year.
they were intended to arouse the bitter
enmity of the Hence, continued the speaker for
Vie Catholic CenMexican Government and people toward
the Amen. tre, "the question is open as to whethe
r Germany
can Government and people. It is believ
ed that the can produce the payments demanded.
The Agent.
Mexican Government is now assured of
the entire General for Reparations himself has
stated that the
innocence of the United States in connec
tion with Dawes plan is merely a preliminary to
the definitive
what appears to have been a conspiracy to
bring settlement of the problem. Germany deman
ds a
about an international crisis. What has
become revision of its burdens."
known as 'the mystery note' sent by the
State Department to the Mexican Foreign Office
is underUnity among the nations on the question of armastood to have related to these forgeries.
First news ments is making only small progress at Genev
a,
of this puzzling communication came in
news dis- where the Preparatory Disarmament Commission of
patches from Mexico City. No officials in
Mexico the League of Nations has been in session since
City or Washington in a position to know
the con- March 21. A Geneva dispatch of March 28 to
the
tents of the 'mystery note' would furnish
any infor- New York "Times" says: "Lord Cecil's attem
pt on
mation on the subject. It now appears
that there behalf of the British Government to induce
Eurowere two 'mystery notes,' one addressed
to the Mexi- pean nations to abandon, in the name of
peace, concan Government by the United States and
the other scriptive military service was elbowed out
of the
the response of Mexico." The New York
"Times" Disarmament Conference room here to-day by nearly
points out that it has been unable to gain a
clue as to every nation which has and intends to keep
the systhe identity of the perpetrators of this
effort to tem, inasmuch as it gives them potential millio
ns of
1888
THE CHRONICLE
[VOL. 124.
also issued a statement saying that they had
trained men, while they can declare they have only a slays
no designs on Albania and desired only its peace
few hundred thousands on the active roll. Prance,
prosperity. In Italian quarters it is said that
of course, led the opposition to the English idea. and
r Mussolini has no fear of the inquiry, alBelgium, Japan and Italy supported her, and finally Premie
Italians believe it will not reveal much.
Lord Cecil withdrew his proposal, which had rallied though the
l feeling here on the matter has been smoothed
to its support only Holland, Sweden and Germany." Genera
temporarily and it is believed that if Rome
The American observers, in a statement read by over only
s in her ambition to control Albania miliHugh S. Gibson, upheld the British view. On the persist
future incidents with the Jugoslays are sure
following day Minister Gibson filed another protest tarily
to to arise."
with the Conference against the French proposal
Further dispatches indicate that direct negotiaconsider as peace time military effectives the police
n Rome and Belgrade for the purpose of
forces, customs officers, forest guards and all other tion betwee
g the dispute over Albania will be fostered by
organizations available for military service with- settlin
and France. The Paris correspondent of the
out a measure of mobilization. According to a dis- Britain
New York "Times" said on March 29: "It has been
patch to the New York "Times," "it is not expected
to establish the commission of investigation
that the American move will shake the determina- decided
a permanent control board to survey the operation of the conscription countries or have any direct as
tions in the disturbed territory until the question
beneficial result. It may, however, greatly embarely is settled. This committee will be comrass the conscription nations, as it demands that the definit
posed of military experts whose reports are to aid
trained reserve power of all nations shall be shown
ats in bringing about a settlement, which is
clearly in figures in any convention which is pre- diplom
expected to embody a compromise whereby certain
pared."
es will be granted to the Italian immigrants
The action of Germany in supporting the English faciliti
on Jugoslav territory, while Italy, on the other hand;
contentions is apparently causing no little concern
s some clauses of the treaty of Tirana which
in Prance. The Paris "Temps" is reported by the change
most objectionable to the Belgrade auNew York "Times" to have said on March 29: "Let have been
s. British and French diplomats took notice
no one be such a dupe as to believe the Germans are thoritie
to-day of the official report made by the Albanian
showing good faith in working for disarmament.
on that complete calm prevails in Albania."
What they want to show is that disarmament is im- Legati
Gerpossible and that if other nations do not disarm
The induction of 80,000 Avanguardisti, or Juvemany is automatically freed from the chains of the
i, into the ranks of the Fascist Party,
Treaty of Versailles. Either the others must disarm nile Fascist
reported in Rome dispatches of March 27. The
down to her level or Germany must have the right to was
occasion was the celebration of the eighth anniverarm up to their level." The "Times" correspondent
of the founding of Fascismo, and .the ceremony
indicated further that no general radical limitation sary
included the solemn consignment of a rifle into the
of armaments seems likely to be effected within the
hands of each of the youths. This, it is pointed out
next five years.
by the New York "Herald Tribune" under a Rome
line, brings the armed forces of Fascism up to
The dispute between Italy and Jugoslavia over date
, including both the standing and reserve
Albania shows fair prospects of early settlement, 380,000
militia, which means that this is by far the strongsaid a Paris dispatch of March 25 to the New York
single armed force in Italy from the viewpoint of
"Times." The difficulty dates back to last Novem- est
numbers. Premier Mussolini, addressing the young
ber and became acute, threatening the peace of
s, said: "This ceremony by which you enter
Europe, when Italy, on March 18, advised the Pow- Fascist
upon the duties of citizens and into the ranks of the
ers that revolutionary activities, designed to overmilitia must remain memorable in your hearts. Tothrow the Government at Tirana, were taking place
day you have raised your hand as a sign of taking
on Jugoslav territory. Italy, according to the
oath. No matter what may befall, you must
Treaty of Tirana, signed Nov. 28 1926, is bound to the
never fail to keep that oath for Italy and for Fascuphold the established Government in Albania and
Mussolini recalled the history of the Fascist
may intervene to do so. Jugoslavia officially denied ism."
requested movement, presenting each recruit with a card symthe Italian accusations of March 18 and
bolizing loyalty to the cause, the rifle being the
an inquiry by the League of Nations. According to
token of strength. He emphasized that the wearing
the New York "Times" report, "Sir Austen Chamwas a high honor, and as a final
berlain and Aristide Briand have suggested to Bel- of the black shirt
tion urged the Fascist youth of to-day to be
grade and Rome that, following the inquiry, which exhorta
intrepid and disciplined, ready to fight for the power
is now accepted in principle by Jugoslavia and Italy,
Fascist Italy.
the two countries hold a conference for the purpose of
ting a treaty by which the two nations
of elabora
Liberal forces in the Nicaragua revolution gained
jointly will guarantee the territorial integrity and
a victory March 30 over the Conservatives, the latter
independence of Albania. It is the hope of the Forrecognized and supported by the United States Goveign Ministers of London and Paris that this may
g out ernment. A small village near Matagalpa was occuremove some of the chances of friction growin
pied by the Liberals, the Conservatives withdrawing
of Italy's unilateral treaty with Tirana and, indeed,
that treaty in as they advanced. An Associated Press dispatch
perhaps open the way to a revision of
from Managua, the capital, says: "In the region
a manner giving satisfaction to the Serbs. The AlBoaco and Tierra Azul, to the northeast of Manabanian Legation in Paris has issued a statement to- of
gua, the Conservatives are reported by American
day saying that all is quiet in Tirana and in the
Military Attache Bloor to have about 3,400 men in
country generally and that there is no evidence of a
the field and the Liberals 1,600. Major Bloor, just
coining revolution against Ahmed Zogu. The Jugo-
APR. 2 1927.]
THE CHRONICLE
returned from a three-day trip through the region,
reported also that the Liberals were in control of
Muy Muy and Tierra Azul, and that at the latter
place the Liberals were cutting off a Conservative
force headed for Matigua. The same association
reports that in Mexico City the representative of the
Liberal faction announced the capture from the Conservatives of 50 machine guns, 1,200 rifles and more
than 1,000,000 cartridges. This information purports to come from Costa Rican sources and is to
the further effect that the war material, recently
received by President Diaz from the United States,
"now is mostly in the bands of the Liberals, and in
the near future all Nicaraguan citizens will be
armed and strengthening the •opp*itio'n against
Diaz."
Official discount rates at leading European centres
have not been changed from 7% in Italy, 6% in
Belgium and Austria, 51 % in Paris and Denmark,
A
5% in London, Berlin and Madrid, 41 % in Sweden
A
and Norway and 33'% in Holland and Switzerland.
In London open market discount rates were easier,
and there was a decline to 4Y
1@4 5-16% for short
bills, against 438@4 7-16% a week ago. Three
months' bills, however, remain at 4 5-16@4M,
the same as heretofore. Money on call in London
ruled strong, advancing to 4%%,then receding and
closing at 3 8%, in comparison with 37
4% a week
ago. At Paris the open market discount rate has
been lowered to 3. % from 44%, while in Switzer4
3
land there has been an advance to 3% from 23 %
4
last week.
1889
In its statement for the week ended March 30
the Bank of France showed an increase in note
circulation of 473,489,580 francs. An increase was
also noted in advance to the State, namely 50,000,000
francs. The total amount of note circulation was
therefore advanced to 52,385,096,040 francs,
compared with 52,127,153,640 francs in 1926 and 40,903,865,535 francs .in 1925. Advances to the State
now stand at 28,150,000,000 francs, against
36,250,000,000 francs last year and 21,900,000,000
francs the year previous. Gold holdings remai
n
unchanged at 3,683,507,443 francs. Last year gold
stood at 3,683,999,160 francs and in 1925 at 3,681,
728,901 francs. Other changes noted were: Bills
discounted increased 502,950,354 francs; trade
advances decreased 43,766,680 francs. Treas
ury deposits declined 39,103,608 francs, while genera
l
deposits fell off 647,739,000 francs. Comparison
s
of the various items in the week's return with the
statement of last week and with corresponding dates
in 1926 and 1925 are as follows:
BANK OF FRANCE'S COMPARATIVE STATE
MENT.
Changes
Status as of
for Week.
Mar.301927. Mar.31 1926. April 1 1926.
(fold Hoklings—Francs,
Francs.
Francs.
Francs.
In France
Unchanged
3,683,507.443 3,683,999,160 3,681,728,901
Abroad
Unchanged
1,864,320,907 1,864.320,907 1,864,320,907
Total
Unchanged
5,547,828,350 5,548,320,067 5,546.049,809
Silver
Inc.
49,381
342,205,328
332,143,329
311,037,692
Bills dLacounted.--Inc. 502,950,354 3,398,22
6,127 4,174,389,181 6,559,817,129
Trade advances- —Dec. 43,766,680 1,853,51
1,675 2,418,004,875 2,991,981.087
Note circulation_ _Inc. 473,489,580 52,385,096,040
52,127,153,640 40,903,865,535
Treasury deposits_Dec. 39,103,608
27,872,829
6,216,417
16,457,014
General deposits- -Dec.647,739,000 3,808,70
5,525 3,039,150,657 2,137,336,314
Adv.to State
Inc. 50,000,000 28,150,000,000 36,250,0
00,000 21,900,000,00
0
The weekly statement of the Reichsbank
as of
March 23 showed another contraction in note
cirDuring the week ended March 30 the Bank of culation, this time of 140,398,000 marks. This
England reported a reduction in gold holdings of makes the outstanding note issue 3,003,380,000
£176,756 following last week's decrease of £11,018. marks, against 2,513,728,000 marks in 1926 and
Gold therefore stands at £150,548,247 compared 1,865,852 marks the preceding year. Other daily
with £146,768,567 in 1926 and £128,720,671 the maturing obligations increased 111,534,000 marks
year previous (before the transfer to the Bank of and other liabilities 1,760,000 marks. On the asset
England of the £27,000,000 gold formerly held by side of the account there were increases in gold and
the redemption account of the currency note issue). bullion of 8,192,000 marks, raising the total to
Notes in circulation increased £1,698,000, which, 1,852,194,000 marks, against 1,449,159,000 marks
along with the loss in gold caused a falling off in in 1926 and 996,085,000 marks in 1925. Deposits
the reserve of gold and notes of £1,875,000, while abroad increased 8,381,000 marks, silver and other
the proportion of reserve to liability declined to coin 7,033,000 marks, while reserve in foreign cur24.97% from 28.65%. Changes in other items were rencies declined 437,000 marks. Notes on other
as follows: Loans on Government securities expanded German banks gained 2,991,000 marks, but advances
£1,870,000; loans on "other" securities increased decreased 6,758,000 marks. Investments rose 194,£8,991,000; public deposits increased £15,585,000, 000 marks, other assets 16,124,000 marks, while
but "other" deposits decreased £6,566,000. Total bills of exchange and checks decreased 54,443,000
note circulation stands at £137,952,000, against marks. Below we give a detailed comparative
£142,761,930 and £121,310,410 in 1926 and 1925, statement back to 1925:
REICHSBANK'S COMPARATIVE ST
respectively. The Bank's discount rate remains at
ATEMENT.
Changes for
Week.
5%. We furnish below comparisons of the different Assets—
Mar.23 1927. Mar.23 1926. Mar.23
1925.
Retchsmarks,
Retaismarks. Retchstnarks. Retchsma
rks.
Inc. 8,192,000 1,852,194.000
items of the Bank of England report for a series of Gold and bullion
1,449,159.000 996,085.000
Of which depos. abroad.Ine. 8,381,00
0 101,388,000 220,750,000 229,203,
years:
000
Res've in foreign curr_ _Deo.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1927.
1928.
1925.
1924.
1923.
March 30. March 31.
April 1.
April 2.
April 4.
£
£
£
£
£
Circulation
6137,952,000 142.761,930 121,310,410 126,354,715 124,095,
605
Public deposits
33,981,000 35,441,335 17,762,415 16,410,558
22,612,335
Other deposits
95,465,000 93,607.140 118,545.506 114,465,990 104,476,
032
Govern't securities_ 32,668,000 37,015,328 42,448,303 47,782,4
55 48,594,200
Other securities__
83,724,000 86,509,835 84.982,010 79,851.030
73,014,620
Reserve notes & coin 32,345,000 23,756,637 27,160,261
21,509,864 23,155.949
Coin and bullion_a150,548,247 146,768,567 128,720,671 128,114,
579 127,501,554
Proportion of reserve
to liabilities
24.97%
18.41%
1014%
1584%
MI%
Bank rate
5%
5% .
5%
4%
3%
a Includes, beginning with April 29 1925, £27,000.000
Previously held as security for currency note Issued and whichgold coin and bullion
was transferred to the
Bank of England on the British Government's decision to return to gold standard
.
b Beginning with the statement for April 29 1925, includes
£27,000,000 of Bank
of England notes Issued in return for the same amount of gold
coin and bullion
held up to that time in redemption account of currency note
issue.
437,000 223,706,000 483,053,000
339.029.000
Bills of exch. & checks_Dec.54,443,000
1,454,547,000 1,094,466,000 1.438,400,000
Silver and other coin—Inc. 7.033,000
145,061,000
99,130,000
66,452,000
Notes on other Ger.bks.Ino. 2,991,000
22,956,000
32,877,000
25,030,000
Advances
Dec. 6,758,000
12,774.000
5,445,000
5,644,000
Investments
Inc.
194.000
57,959,000 240,558,000 205,124,000
Other assets
Inc. 16,124,000 492,826,000 943,478,
000 1,304,711,000
Liabilities—
Notes in circulation_Dec 140,398,000 3,003,38
0,000 2,513,728,000 1,865,852,000
0th. daily matur.oblig_Lac.111,534.000 740.254,
000 963,202,000 1,018.305,000
Other liabilities
Ino. 1,760,000 193,471,000 562,641,000
1,042,790,000
The weekly statements of Federal Reserve banks,
issued on Thursday afternoon, showed diminution
in
rediscounting, as contrasted with the large expan
sion
reported a week earlier, but further moderate
increases in open market trading. For the syste
m as a
whole there was a decline in rediscounting of
Govern-
1890
THE CHRONICLE
merit secured paper of $9,300,000 and an increase
in rediscounts of "other" bills amounting to $8,200,000; so that total bills discounted fell $1,100,000.
Holdings of bills bought in the open market rose
$6,200,000. Total bills and securities (earning
assets) increased $16,400,000, but declines occurred
in member bank reserve accounts, $26,000,000, and
in deposits of $1,800,000. The amount of Federal
Reserve notes in actual circulation expanded $9,700,000. Gold holdings decreased $11,800,000. The
report of the New York Reserve bank indicated
expansion in gold reserves of $26,900,000, while rediscounting of all classes of paper declined approximately $20,400,000. This brings the total of bills
discounted dawn to $120,299,000, as compared with
$149,725,000 at this time last year. Open market
purchases increased $5,100,000. Total bills and securities decreased $3,600,000, but there were increases in deposits of $20,000,000 and in member
bank reserve accounts of $5,300,000. Here also the
amount of Federal Reserve notes in actual circulation
was augmented—$3,500,000. The effect of the
above changes in the local statement was to raise the
ratio of reserve to 83.6% up 0.5%. For the
banks as a group, however, loss in gold caused a
reduction in the reserve ratio of 0.4% to 78.8%.
the rate down to 4% again. A definitely easier
market is looked for early in April, with these transactions out of the wayas moneyisgenerally more plentifulin thespring of the year. Time funds ruled all week
unchanged at 498%@,432%. A favorable factor in
the market was the reduction of brokers' loans shown
in the statement issued Monday by the Federal
Reserve Board for the New York member banks.
The reduction was $38,582,000, as compared with
the previous week. Owing to the sharp decline of a
year ago, these loans are, however, $111,988,000
higher than on March 24 1926. Other than a shipment of $3,000,000 gold to Canada, only minor movements of the metal were reported for the week.
Important changes were again revealed in last
Saturday's weekly report of the New York Clearing
House banks and trust companies. Chief among
these were contraction in loans, discounts, &c., of
$83,945,000, and a reduction of no less than $92,553,000 in net demand deposits. Time deposits
declined $2,406,000 to $669,942,000, while the grand
total of demand deposits is now $4,481,960,000,
which is exclusive of $80,840,000 in Government
deposits. An increase of $2,628,000 occurred in
cash in own vaults of members of the Federal Reserve
Bank, bringing that total to $43,750,000; although
this does not count as reserved. State bank and
trust company reserves in own vaults declined
$1,442,000, and reserve kept in other depositaries by
these institutions fell $2,997,000. A decline of
$20,893,000 in the reserves of members kept with
the Federal Reserve Bank served to reduce surplus
reserve $12,074,940; hence excess reserve aggregates
$63,078,320, which compares with $75,153,260 a
week ago. The figures here given for surplus are
based on legal reserve requirements of 13%, against
demand deposits for member banks of the Federal
Reserve, but do not include $43,750,000 cash in own
vault held by these members on Saturday last.
A rate of 432% for call funds prevailed in the
money market practically all week. This occasioned
the
no comment, being regarded as routine, due to
ments brought
extremely heavy month-end settle
31
about by dividend and interest payments on March
In view of this the
estimated at $500,000,000.
rmoney market was regarded as easy and no unfavo
manifested on the stock market.
able reaction was
noon
Renewals were fixed on Monday at 4%, but at
loans aggregating $25,000,000 were
on that day
ruling
called by the banks and the rate advanced,
Further loans to the
thereafter unchanged at 4327o.
y and
extent of $15,000,000 were called Tuesda
market being noticeably
$35,000,000 Thursday, the
looked
stiff in consequence. An advance to 5% was
materialize. The market turned
for but did not
bring
easier Friday, but offerings were insufficient to
[Vox,. 124.
Dealing with specific rates for money, loans on call
%, alcovered a range during the week of 4@432
with the exception of Monday, when there
though
was a decline to 4%, all funds loaned on call were
negotiated at 432%; on Monday the high was
432%, the low 4% with renewals at 432%, while on
Tuesday, Wednesday, Thursday and Friday the
only figure named was 432%.
In time money the situation remains essentially
unchanged. Loanable funds were in fair supply, but
the inquiry was light, so that trading was inactive
and dull. Quotations have not been changed from
s%
49/ for sixty and ninety-day money and 49'(4),
432% for four, five and six months' names of choice
character, the same as last week.
Commercial paper was in good request by both
local and out-of-town banks, but the supply of
names offering was not large; hence the volume of
business transacted continues restricted. Four to
six months' names of choice character have not been
changed from 4%, with names not so well known
still requiring 43,4%. New England mill paper and
the shorter choice names continued to pass at 4%.
Banks' and bankers' acceptances were moderately
active, with rates fractionally lower. The undertone of the market was steady and the week's
turnover somewhat larger than during recent weeks.
For call loans against bankers' acceptances, the
posted rate of the American Acceptance Council
4
remains at 33 %. The Acceptance Council makes
the discount rate on prime bankers' acceptances
eligible for purchase by the Federal Reserve banks
39/8% bid and 332% asked for bills running 30
days; 39% bid and 39'% asked for 60 days and
90 days; 37% bid and 39% asked for 120 days
and 4% bid and 37% asked for 150 and 180 days.
Open market quotations follow:
SPOT DELIVERY.
60 Days.
90 Days.
3,(@3%
3%@3M
prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
30 Days.
3Sitit3%
11% bid
8 bid
There have been no changes this week in Federal
Reserve Bank rates.
The sterling exchange market moved narrowly this
week, with rates much of the time practically motionless and trading best described as sluggish. A fair
volume of routine business was transacted, the bulk
of it at 4.853. As a matter of fact, for the first part
of the week that was the only rate named. Later on
there was a slight dip, to 4.85 3-16, presumably as a
result of the selling that arose incidental to preparations for meeting April 1 settlements, as well as for
the ending of the British fiscal year, with the close
at 4.8531. However, the undertone throughout
Aim. 2 1927.]
THE CHRONICLE
1891
was characteristically firm; so much so as to arouse
comment. It was noted with interest that sterling
was not in the least affected by the vagaries of
the Continental markets. This was interpreted
as an indication that sterling values continue
to be dominated almost wholly by the trend of
money rates both here and in London. Monetary
conditions locally have ruled almost on a par with
those prevailing at the British centre; thus reducing
to a minimum the movement of funds in either direction. Moreover, speculative participation in sterling
exchange trading is, and has been for many months
past, virtually nil; all of which serves to accentuate
the apathy surrounding dealings in British currency;
although there is little doubt that sterling is receiving
official support; sufficient at least to maintain rates
on a stable basis. Canadian dollars were strong and
came in for some attention. Dealers were of the
opinion that gold will again move to Canada in substantial volume, if the upward trend continues.
Shipments of $3,000,000 gold were reported as
leaving the port of New York for Canada between
March 24 and March 30. The Canadian export
season is likely to be early this year because of the
mild spring weather. Last year Canadian dollars
did not sell at a premium until after the middle of
April, whereas this year they have been at par for
some little time.
said to have occurred in Spanish pesetas and Rumanian lei. These are dealt with at length at another
point in this column. French francs continue to rule
within exceptionally narrow limits. In fact, throughout the week, Paris checks were quoted within a
range of 3.90%@3.903 on a small volume of feature4
less trading. Italian lire displayed somewhat more
irregularity, with a slight tendency to lower levels,
with the variations within a few points, up to the
close of the week. Yesterday a renewal of buying
by speculative; interests and short covering sent
prices up about 7 points. In the opening checks
sold at 4.59; later on there was a slump to 4.56,
then a late rally to 4.711 2 Unsettling rumorsregard/
.
ing the possibility of a conflagration between Albania
and Jugoslavia, though meeting with official denials,
were still sufficiently in evidence to receive a share
of attention; and lire, which are expected to feel
the effects of any outbreak between these neighboring States, moved with some irregularity; reassuring advices on this score contributed to the late
strength. Greek exchange remains apparently fixed
at or near 1.28. German and Austrian exchange was
inactive, but well maintained. Of the minor group
of Central European exchanges the only movements
of interest were in Rumanian lei, which were active,
excited and appreciably higher. Brisk buying developed which sent the rate up until 0.67 was reached,
an advance of 2 points from the close of last week.
As to quotations in greater detail, sterling exchange Much of this buying was said to be of a speculative
on Saturday last was steady, with demand bills at nature and induced by reports that local institutions
4.853 (one rate) and cable transfers 4.853 ; trading had negotiated a large loan for the Rumanian Gov4
was quiet. Monday's market was a dull affair and ernment. Later this was officially denied, although
though price levels were firm, there was no change it is admitted that private bankers have made overfrom 4.85% for demand bills and 4.853 for cable tures in this direction. However, it is claimed that
4
transfers; the :volume of business transacted was the lei is at present in a position wherein it lends itself
small. Freer offering of bills sent prices down a favorably to speculative operations. Stabilization
fraction on Tuesday, so that the day's range on de- and a return to the gold basis are deemed to be close
mand was 4.85 3-16@4.853 and for cable transfers at hand, being held up merely until adjustment of
4.85 11-16@4.85%. On Wednesday trading was certain debt questions with Great Britain have been
inactive and quotations remained unchanged, at cleared away.
4.85 3-16@4.853 for demand and 4.85 11-16@
The London check rate on Paris closed at 125.01,
4.853 for cable transfers. Reaction marked dealings which compares with 124.04 a week
4
ago. In New
on Thursday, so that the quotation for demand did York sight bills on the French centre
finished at
not go above 4.85 3-16 and for cable transfers 3.903 , against 3.903 ; cable transfers
4
4
ar 3.91%,
4.85 11-16; these were the only rates named; the against 3.913 , and commercia
4
l sight bills at 3.89%,
weakness was ostensibly the outcome of selling in against 3.89% a week ago. Antwerp
belgas closed
preparation for the April 1 settlements. Friday the at 13.90 for checks
and 13.91 for cable transfers,
undertone was steady and slightly firmer; the range against
13.893/2 and 13.903/2 tie preceding week.
for the day was 4.85 3-16®4.853 for demand and Final quotations
on Berlin marks were 23.70 for
4.85 11-16@4.85% for cable transfers. Closing checks and
23.71 for cable transfers. This compares
quotations were 4.853 for demand and 4.85% for with 23.72 and 23.73
a week earlier. Austrian
cable transfers. Commercial sight bills finished at schillings have not been
changed from 141/ Italian
, g.
4.853/, sixty days at 4.81%, ninety days at 4.853 , lire finished the week at
8
4
4.71 for bankers' sight bills
documents for payment (sixty days) at 4.81%, and and at 4.72 for cable transfers.
Last week the
seven-day grain bills at 4.847 . Cotton and grain for close was 4.583' and
A
.
4.5932 Exchange on Czechopayment closed at 4.853/ The gold movement slovakia closed at 2.963i (unchange
8
.
/
d), on Poland_
through the port of New York from March 24 to March at 11.50 (unchanged), and on Finland at
2.5234
30 was given as follows: To Canada, $3,000,000; to (unchanged). Rumanian
lei lost some of the earlier
Java and the Straits Settlements, $396,000; while gains, and clos3d at 0.62, against
0.65 a week ago.
imports were $61,000. The Bank of England re- Greek exchange finished at 1.28% for
checks and
ported numeroussmall sales of gold to India and Spain, at 1.293 for cable transfers, against 1.2834
and
and a purchase of £270,000 in gold bars.
1.2934 the week preceding.
In the Continental exchanges also rate fluctuations
were insignificant and trading only intermittently
active. The major European currencies were neglected, even francs and lire being relegated to second
place most of the time. The only really important
developments of a dull and uneventful week may be
Movements in the former neutral exchanges were
not especially important, with the sole exception of
Spanish pesetas, which again took the lead in activity and strength, and after a strong opening shot
up with great rapidity, crossing the 18-cent mark
and finally reaching 18.13, or the highest point in
[Vol.. 124.
THE CHRONICLE
1892
more than seven years. Subsequently, realizing 42.38 last week. Brazilian milreis closed at 11.80
sales sent the price downward and changes, now up for checks and at 11.85 for cable remittances, as
and now down, were of frequent occurrence. Specu- against 11.82 and 11.87 a week ago. Chilean exlative influence was uppermost throughout the ses- change was lower, the close being at 11.97 against
sions, with further arrivals of British gold at Madrid 12.05, while Peru finished at 3.63 against 3.65 last
an added incentive for an advance to higher levels. week.
In the Far Eastern exchanges, an upturn in the
It is true, however, that the greater part of the
that price changes in price of silver metal sent the so-called silver currencies
dealings took place abroad and
this market simply reflected what had gone on abroad. up and fairly good gains were scored. Hong Kong
A;
Dutch guilders remained almost motionless, at or closed at 49 15-16@503, against 48 15-16@491
close to 40.00. Swiss francs ruled at 19.23 or and Shanghai at 629'@62U, against 603@61 1-16.
very
thereabouts. The Scandinavian group was inactive Japanese yen were well sustained and finished at
and unchanged so far as Danish and Swedish curren- 49.20@49.25, the same as last week. Manila closed
cies are concerned. Norwegian krone were more 49%@49%, against 49%@50; Singapore at 563'@
/
active, but displayed an easier tendency, hovering 563i (unchanged); Bombay at 36%@363- (unof the time. Recent changed), and Calcutta at 36/(4)363/2, against
around 26.05@26.06 most
utterances of the President of the Norges Bank on 36i4@361A.
the position of Norwegian exchange were interpreted
The New York Clearing House banks, in their
as meaning that the Bank in question intended to
support the Norwegian crown at its present levels, operations with interior banking institutions, have
and to press toward actual stabilization at the earliest gained $3,744,045 net in cash as a result of the
currency movements for the ,week ended March 31.
possible moment.
Bankers' sight on Amsterdam finished at 39.993/2, Their receipts from the interior have aggregated
against 40.00, cable transfers at 40.00, against $4,890,245, while the shipments have reached $1,146,40.01, land commercial sight at 3.983/i against 200, as per the following table:
2
39.99. Swiss francs closed at 19.223/ for bank- CURRENCY RECEIPTS AND SHIPMENTS BY NEW YORK BANKING
INSTITUTIONS.
for cable transfers,
ers' sight bills and at 19.363/
Gain or Loss
OW of
Into
against 19.23 and 1924 a week ago. Copenhagen
to Banks.
Banks.
Banks.
Week Ended March 31,
checks (finished at 26.653/i and cable trans- Banks' interior movement81.146 200 Gain 3.744,045
84,890,245
fers at 26.663/2, against 26.66 and 26.67. Checks on
As the Sub-Treasury was taken over by the FedSweden closed at 26.78 and cable transfers at 26.79, eral Reserve Bank on Dec. 6 1920, it is no longer
against 26.78 and 26.79, while checks on Norway finpossible to show the effect of government operaished at 26.00 and cable transfers at 26.01, against
tions on the Clearing House institutions. The Fed26.08 and 26.09 a week earlier. Spanish pesetas
eral Reserve Bank of New York was creditor at the
closed at 18.00 for checks and at 18.01 for cable
Clearing House each day as follows:
transfers. This compares with 17.87 and 17.88 last
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
week.
AT CLEARING HOUSE.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
MARCH 26 1927 TO APRIL 1 1927, INCLUSIVE.
Century and Monetary
Unit.
Noon Butting SWAIM Cable Transfers in New York.
Value in United Slates Money.
Afar. 26. Mar.28. Mar.29. Mar.30. Afar. 31. Apr.l.
$
11
$
$
EUROPE.14064
.14070
.14074
Austria, schIllIng ____ .14072
.1390
.1390
.1390
.1390
Belgium. belga
.007253 .007271 .007254 .007245
Bulgaria. ley
Czechoslovakia. kron .029616 .029616 .029617 .029615
.2666
.2666
.2666
Denmark, krone
.2666
England. pound star4.8567
4.8567
4.8568
ling
• .8567
.025208 .025208 .025208 .025200
Finland, markka
.0392
.0392
.0392
.0392
France, franc
.2371
.2371
.2371
Germany, reichsmark .2372
Greece, drachma_ ___ .012909 .012913 .012903 .012906
.4001
.4000
.4001
. .4001
Holland, guilder_
.1749
.1749
.1750
.1748
Hungary, pengo
.0458
.0458
.0459
Italy, ilra
0458
.2605
.2606
.2605
.2607
Norway. krone
.1155
.1142
.1140
.1142
Poland, zloty
.0511
.0511
.0511
.0511
Portugal. escudo
Rumania,leu
.006518 .006762 .006826 .006599
.1802
.1806
.1806
.1789
Spain, peseta
.2678
.2678
.2678
Sweden,krona
.2678
.1924
.1924
.1924
Switzerland, tram.- .1924
'Yugoslavia, dinar_ __. .017590 .017583 .017581 .017582
ASIAChina.6454
.6365
.6360
.6390
Chefoo, tad
.6363
.6267
6263
.6304
Hankow,tael
.6155
.6078
6069
6079
Shanghai, tael
.6488
.6390
6394
6419
Tientsin, tael
.4923
.4876
4868
Hong Kong, dollar .4854
.4506
.4441
.4422
Mexican dollar_ _ _ .4434
Tientsin or Pelimns
.4383
.4325
.4321
4313
dollar
.4358
.4300
.4296
.4288
Yuan. dollar
.3633
.3633
.3632
.3633
India. rupee
.4910
.4913
.4916
.4919
Japan, yen
.5596
.5596
.5596
slngapore(S.S.).doll.) .5596
NORTH AMER.1.000712 1.001039 1.001163 1.000712
Canada, dollar
.999500 .999500 .999688 .999688
Cuba, peso
.469833 .470233 .469667 .469667
Mexico. peso
,
Newfoundland. dolls .998408 .008688 .999000 .998188
SOUTH AMER..9618
.9613
.9616
Argentina, peso (gold) .9616
.1184
.1184
.1185
.1183
Brazil. milrets
.1202
.1202
.1205
.1205
Chile. Peso
1 mina
10151
1 0121
1 0155
S
.14073
.1390
.007240
.029618
.2666
$
.14088
.1390
.007260
.029618
.2666
4.8563
4.8582
.025203 .025204
.0392
.0392
.2371
.2371
.012910 .012907
.4000
.4001
.1750
.1751
.0472
.0459
.2601
.2603
.1144
.1142
.0511
.0511
.006306 .006244
.1794
.1787
.2678
.2678
.1924
.1924
.017586 .017586
.6438
.6333
.6136
.6467
.4914
.4481
.6529
.6367
.6188
.6458
.4946
.4549
.4350
.4325
.3627
.4909
.5596
.4421
.4392
.3624
.4912
4596
1.000561 1.000308
.999563 1.000000
.470000 .470067
.998125 .997813
.9614
.1184
.1198
1.0158
.9615
.1183
.1202
1.0155
As to the South American exchanges, very little
activity was discernible, although the undertone was
steady and quotations maintained almost unchanged.
. Argentine pesos ruled and finished at 42.30 for checks
• and at 42,35 for cable transfers, against 42.33 and
Saturdau. Monday. Tuesday. Wedneury. Thursday,
Mar. 26. Mar. 28. Mar. 29. Mar. 30. Mar. 31.
Tritti11.
Apr. 1.
Aggregate
for Week.
$
t
$
$
$
$
t
80,000,000 90 000,000 81.000.000 84.000,000 78.000,000 98.000,000 Cr. 511,000,000
Note.
-The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country In the operation of
These large credit
the Federal Reserve System's par collection scheme. operations with the balances,
Clearing
however, reflect only a part of the Reserve Bank's
In
House institutions, as only the items payable in New York City are represented of
balances. The large volume of checks on Institutions located outside
the daily
at these balances, as such checks do
New York are not accounted for in arriving
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
April 1 1926.
March 31 1927.
Banks of
Gold.
England __ 150,548,247
France-- 147,340.268
Germany _ 87,540,300
103,435,000
Spain
45,767,000
Italy
Netherl'ds. 34,900,000
Nat. Belg. 18,021,000
Switzerrd. 18,079,000
Sweden_ _ _ 12,356,000
Denmark 11,202,000
Norway___ 8,180,000
Myer.
Total.
Gold,
Surer.
Total.
'
146,768,567
150,548,247 146,768,567
13,680,000161,020,268 147,359,966 13,286,000 160,645,966
994,600 57,766.950
c994,600 88,534.900 56,772,350
27,665,000 131,100,000 101,475,000 26,511,000 127,986,000
4,239,000 50,006,000 35,691,000 3,413,000 39,104,000
2,340,000 37,240,000 35.808.000 2,148,000 37,956,000
1,143,000 19,164,000 10,954,000 3,667,000 14,621,000
2,989,000 21,068. II 16,693,000 3,721,000 20,414.000
12.757,000
12,356.000 12,757.000
842.000 12,465,000
834.000 12,036,000 11.623,000
8,180,000
8,180,000 8,180,000
Total week637,368,815 53,884,800691.253,415584,081,883 54,582,000638,664.483
Prey. week636,916.971 53,790,600690,707.571583,119,299 64.437.600637,656,899
a Gold holdings of the Bank of France are exclusive of gold held abroad, amounting
the present year to £74,572,866. b Gold holdings of the Bank of Germany are exclusive of gold held abroad, the amount of which the present year is £5,069,400.
c As of Oct. 7 1924.
The Problem of China-Mr. Coolidge's Position.
t
President Coolidge made some significant statements on Tuesday regarding the attitude of the
United States toward China. Using the familiar
device of the "unofficial spokesman," he told the
Washington correspondents, in substance, that the
United States did not intend to do anything, either
by itself or jointly with the other Powers, that could
be construed as making war on China. The naval
Arm. 2 1927.]
THE CHRONICLE
1893
forces that have been put at the disposal of Admiral means, to these leaders, a demand for the freedom
Williams are to be viewed not as an expeditionary of China from foreign tutelage. The Nationalists
force destined for war operations, but rather as an wish to see extraterritorial rights abolished, foreign
armed guard for use in protecting American citi- control of the customs terminated,foreign territorial
zens and their property against acts of lawlessness. concessions restored, and one-sided treaties replaced
It was not the intention, Mr. Coolidge declared, to by treaties which 'recognize China as an equal.
allow the American forces to become a part of any
As long as the movement remained in the control
unified command, although they would co-operate of its more conservative leaders, the Nationalist
with the forces of other Powers whenever circum- aims were pursued in the main by diplomatic methstances seemed to warrant. The bombardment of ods and orderly agitation, and with a measure of
Nanking, in which a number of Chinese were killed, foreign recognition which for a time seemed to augur
was represented as an act which it was greatly well for their ultimate realization. The recent conto be hoped would not be duplicated elsewhere, ference on extraterritoriality, the immediate outsince operations of that kind would greatly compli- come which was a report which went a long way in
cate the course of the United States in treating the conceding the justice of the Nationalist claims, and
China troubles as internal disturbances which whose recommendations the United States stood
China must settle for itself. It was also made clear ready to adopt, was an encouraging illustration of
that the United States was hardly prepared to insist the progress that was being made. "China for the
upon the right of Americans to remain in China in Chinese," however, was a slogan which,in the mouths
circumstances of imminent peril to themselves, but of scheming Chinese politicians, political demathat they should withdraw to places of safety, the gogues and agitators eager for trouble, was easily
United States exerting itself, if necessary, to insure translated into the dangerous slogan of "Down with
them safe conduct. Meantime, the Government at the foreigners," and it is this new development of
Washington was still ready to negotiate with any the Nationalist movement that has precipitated the
Government in China that could fairly claim to rep- present disturbances and put legitimate foreign inresent the Chinese people, and that could show its terests in China in peril. A maze of Russian inability to maintain order and respect foreign rights. trigue, Communist propaganda, anti-Christian agiHow long the United States may be able to main- tation and personal or group lawlessness has been
tain the position to which Mr. Coolidge committed superimposed upon a state of civil war and political
himself and his Administration will obviously de- reorganization, until it has become extremely diffipend very much upon the conduct of the Chinese cult to discriminate, in the news dispatches, between
themselves. History has been made rapidly in that the orderly acts of Nationalist leaders or commanddistracted country during the past few months. The ers and the disorderly acts of lawless elements of the
Nationalist movement, which reached its most con- population that appear to have gotten out of hand.
spicuous success with the entry of the Nationalist As one observer has very well said, "it is impossible
army into Shanghai on March 21, has been in opera- to find any one word or phrase in which to express
tion for about a year. Starting from Canton and the resulting situation. It is not revolution; it is
its neighborhood last spring, the Nationalist forces, not war; it is not bolshevism; it is neither the reunder the lead of General Chang Kai-shek, pressed birth of a people nor wholly a matter of predatory
steadily forward to Hankow, on the Yangtse River, militarism—it has elements of all these things and
captured the city, and made it the Nationalist cap- no one of them expresses the facts. To see the Chiital. Before long, considerable portions of southern nese situation it is necessary to look at all its differand central China were brought under Nationalist ent aspects together."
control. With their hold upon this territory conThis broad and composite view of Chinese affairs
solidated, the Nationalists then resumed their north- is plainly the one that Mr. Coolidge, in the unoffiward progress, drove Sun Chuang-fang out of sev- cial statements which he made on Tuesday, is anxeral of the eastern provinces which he had domi- ious to maintain. There is nothing in his remarks
nated, defeated Chang Ysung-chang, the leader of to show that he either minimizes or exaggerates the
a northern army, by outflanking him, and pushed on significance of the violent incidents, including a few
to Shanghai, the occupation of the latter city being attacks upon individuals and affronts to the flag or
shortly followed by the taking of Nanking, an im- to American officials, which have occurred, or the
portant railway point on the Yangtse River. Here, equally violent denunciations of foreigners and
for the present, the advance has halted. Save for a Christian misisonaries which have been reported
northern army under Marshal Chang Tso-lin, repre- from time to time. The situation is serious, and it
senting, apparently, the feeble Government at Pe- may be worse before it is better. Nevertheless, the
king, which was reported on Thursday to be advanc- United States remains friendly to China, and it is
ing through Honan Province, there appears to be no evidently Mr. Coolidge's hope that our traditional
organized Chinese force with which the Nationalists attitude of sympathetic interest in the country and
have now to contend.
its people, an attitude which the Chinese leaders
As usually happens when revolutions arise, the have themselves recognized in the past, may be posNationalist movement is compounded of a number sible of continuance in the grave times through
of elements, of varying degrees of influence or im- which China is now passing. If, however, it becomes
portance, and representing different methods of pop- impossible to treat the China troubles as in form
ular or political appeal. Its father was the famous a large-scale riot, or perhaps a civil war, Mr. CoolDr. Sun Yat-sen, and its principal promoters have idge has made it clear that the event will find
the
been a younger generation of Chinese who, like Sun United States prepared, and that he will do whatYat-sen, have been educated in Europe or America ever is necessary to be done to protect American
and are thoroughly familiar with Western civiliza- citizens and their property and save China from retion. The rallying cry of "China for the Chinese" lapsing into chaos.
1894
THE CHRONICLE
It is not without interest that Mr. Coolidge's position, while not officially declared, coincides in principle with the attitude which Japan and France have
assumed. The Japanese Government has strengthened its forces in China, and has warned the Nationalists that Japanese subjects and their rights
are to be respected, but it has thus far declined to
treat the situation as a war, and has continued, in
spite of political pressure from some sections of
public opinion, to express its hopes for a peaceable
settlement. The French Government, in turn, has
let it be known that it did not intend to be deprived
of its concessions by force, but its attitude toward
the political situation has thus far been neutral, and
its military operations have been wholly defensive.
The leading French newspaper, the Paris "Temps,"
which in international matters usually reflects the
views of the Government, has been openly critical
of the alarmist dispatches printed in the London
press, asserting plainly that some of the exciting reports were not borne out by the information received
by the French Government.
The wisest position at the moment seems to be one
which combines a friendly suspension of judgment
with an alert and ample preparedness. In the confusion which prevails in China, with the air thick
with rumors and more or less important changes
taking place from day to day, full or unbiased news
is hardly to be expected, and propaganda has been
quick to seize its opportunity as it seized it during
the World War. The United States will remain sympathetic with China as long as it can, and resort to
force only when it must. The greatest immediate
danger is that the movement of which General Chang
Kai-shek is the military head may get beyond his
control, and that an ignorant and hitherto inert
population, preyed upon by agitators bent only on
stirring up trouble, may lend their strength to a
general lawlessness in which a large part of what
European and American capital, Western education and Christian missions have done for the development of the country will be wrecked. The collapse
of China would be felt throughout the world, and
such a catastrophe the Powers will assuredly do
their utmost to avert.
A Little Object Lesson in Peace.
The word "unusual" is common in the West to
gloss over defi..iencies in climate, but one must travel
far to duplicate the scene depicted in the following
dispatch, dated Rock Springs, Wyo., March 17, sent
out by the Associated Press: "The colorful and
romantic crowds that throng the waterfronts of Old
World ports could scarce have the cosmopolitan
gathering that last night filled the streets of this
Western mining town with the chatter of fortythree national tongues and the brilliant hues of
forty-three national costumes in the annual revival of the Rock Springs Festival, which has come
to be known as 'International Night.' All of the
forty-three nationalities are represented among the
residents of the Rock Springs district. . . . Dark
Basques, Turks, Slays and Egyptians, Tyrolese peasants, flashing Spaniards, suave Greeks, blond
Danes, Swedes and Norwegians, rubbed shoulders
with Irish and Welsh and Scots, Czechs, Italians
and Portuguese, and combined their talents to enter.
tain the gathering with native songs and dances...
An Englishman with a lighted candle extended the
[VOL. 124.
flame to another candle held by a German with the
words "As light begets light, so love begets love the
world around!' The German passed the light to
another, repeating the words in his language and
the ceremony continued until forty-three candles
were flaming and forty-three tongues had been
spoken."
If this were a fairy tale instead of an authenticated news dispatch it would possess a romantic
symbolism no less telling in the thought conveyed
and no less grateful to the feeling heart. All the
world does love peace. Far from their homelands,
estranged from each other by alien tongues, thrown
together in an isolated spot of earth in a large State
of our "boundless West," no doubt inspired by some
of their leading spirits, these "miners" gathered in
native costume to celebrate, in a typical "Festival,"
not the glories of war but the grandeur of peace. As
portrayed to us by story and screen, there are yet in
"the West" some of the earlier institutions of a social period when the Vigilantes on the one hand and
the ribald crowds of saloon and dance hall on the
other, were engaged in a struggle for supremacy,
when the good and the evil were contending for mastery, and when communities made their own law and
enforced it. But the last vestiges of the "old days"
are disappearing fast. And it is significant of the
progress of'law and order that such a celebration
as this at the mining town could be staged in the
yet "open spaces" of our own country, and little
short of marvelous that it should be given over to
the spread of good-will.
If, in some central city of the world, the peoples
of earth, freed from the pride of race and the selfishness of national interests, could, in representative
capacity, hold out, each year, to one another, the
lighted candle of the "love that begets love," how
much it might foster the cause, that, despite the formal leagues and the Governmental diplomacies, lies
close to the inner heart of each—the cause of universal peace! Left to its own devices there is not a
community on earth that does not stand for peace.
Humanity is betrayed by its own instrumentalities
into war. Governments, democratic or autocratic,
resolve themselves into "defense" agencies against
that which is not the wish of individuals following
the dictates of their own hearts. Races, white,
brown, yellow, black, can dwell together in concord,
when not fanned into passion by the boasts of superiority or the claims of historic privilege. Individuals, however diverse in type or peculiar in
tongue, however separate their ways and aims, asserting only the freedom of natural rights and the
independence of free thought and speech, and protected by the collective rule of severed nationalities,
can and do, by trade and travel, demonstrate the
possibility of dwelling together in liberty and brotherhood.
If the truth be told war has outlawed itself. The
warring tribesmen belong to a dim and distant past.
The savage has all but disappeared—how, we need
not ask. There is no longer a walled city of refuge,
and the ancient wall of China is crumbling to ruin.
A huge league of nations holding aloft the "lighted
candle" of peace is so hampered by the toils of its
own organization as to become almost ineffective.
Conferences of nations, not conferences of peoples,
think and act in the persons of committees, bound
by all the traditions and exigencies of diplomacy,
Ara. 2 19271
THE CHRONICLE
1895
and accomplish little save "grand gestures." And lustful with a specious
form of selfishness and agall the while, everywhere, are the whisperings of grandizement, cause
peoples to make war. That
countless individuals who professing peace engen- peoples ask, in democr
acies at least, only for the
der fear against the day when others shall make protection of liberty
under law, to work and acquire
war. And war boards, commanding lands and seas, and own, that they
may dwell together in plenty,
are forever envisioning the active powers of nations prosperity, and peace.
Take from Governments the
steeped in militarism which are but waiting for power to declare and
to make war without first conopportunity to attack.
sulting in an orderly way their constituencies, and
Yes, all peoples love peace. True, man is a "fight- war will die for want
of direction, support and syming animal," but as he grows in power he wants pathy. Why say these
things over and over again?
always a "foeman worthy of his steel." This animal Because they are
true, because reiteration is the best
instinct inherited, as we surmise, from savage an- way to induce
the "will to peace," because war is
cestors, does not make "war"; men do not herd to- civilization gone
mad, because what communities
gether to fight collectively until they approach can do, and
love to do, the whole world can do.
civilization. War is a product of civilization. Civilization refines it, makes it more and more the fine
Things That Matter—Books by Lord Riddell.
art of wholesale murder. The next war, advanced
Britain has been remarkable for her ability alto the limit of cruelty, will murder wantonly by gas ways
in an emergency to produce the man for the
and bomb, cities full of innocent women and chil- hour,
and the House of Lords is the institution that
dren. Primitive man fought the wild beast, singly has preserv
ed the tradition. This she has done by
and alone, by means of cunning and skill. Thus he the aristoc
racy she has maintained and by promptly
overcame brute strength and force. He did not seek exaltin
g and taking,into that group any commoner
to elevate himself by wholesale extermination of who has
rendered distinguished public service.
animal life. This "fighting animal" theory is a lame
The list is long of men the story of whose life or
excuse to justify a civilized lust for conquest. Fight, opinion
s is a valuable contribution. We have from
modern man will, fight to protect himself and his
time to time called attention to several of :them.
home. But collective fighting is a product of modTo-day another, Lord Riddell, British Press Repreern thought—an obsession, a fixed idea, generated
sentative at the Peace Conference in 1919 and the
by collective wishing, striking, seeking, and thinkWashington Conference in 1921, and for many years
ing. Strange, we have banished individual fighting,
a newspaper owner and editor, has gathered his
a natural evolution, and taken to our bosoms
col- writings on men and events under the title of
lective fighting, which reduces to preconceived
"Things that Matter" (Doran). They cover a pewholesale killing!
riod of history which is still with us in its full conLet us pass to another thought. This handful of
structive force. They deal with many of its phases.
men and women, gathered out of the wide world
into We gather up the statements of some of them that
a lone town in a far Western State, bring with them
bear upon two or three of the questions that are both
age-old prejudices and passions, yet, drawn together worldwide and pressing.
by the necessity of making a living into the ancien
t
One is the necessity for re-examining patriotism.
and honorable occupation of mining, they turn natHe quotes the declaration of Chancellor Fisher, the
urally, by the urge of suggestion, to a celebration of
late British Minister of Education, that "it is a
a common cause of good-Will and amity in life.
matter for careful consideration whether we are not
Even the most ignorant among them sees that war,
passing into a phase of history when the purely
conflict, fighting and brawling, because of racial
national aspect of civic duty will be felt to be in.
claims, would transform their village into a living
; whether it is possible to maintain in full
hell, destroy their industry, and reduce them
to vigor the old exclusiveness"; and this because of the
poverty. They are glad to gather together to
make fate of nations unprepared in the past for defense
peace certain among them. They find it not
hard against aggression. To this, in reply, he points out
to do. In their hearts they love peace. And
so it is that patriotism is the spring of national defense
and
among peoples everywhere—they, too, love
peace— national aspirations. If it is diluted or destroy
ed
only in and by peace can they produce and
trade— the whole superstructure will collapse. It is in
fact
only by trade can they progress—only in calm
and more vigorous than ever to
-day even in such lands
quietude can the mind function, the heart
grow as China. It may be the duty of the strong nations
warm. Why, then, this monstrous shadow of war,
to protect the weak no less than to defend themforever threatening the well-being of humanity?
It selves. It may be that "even the most civilized
is not the natural evolution of the "fighting
animal" empires will always be as near to barbarism as
pol—it is the evolution of an intellectual and commer
- ished steel is to rust," and that "nobody has any
cial selfishness that has bred kings and conquerors
wide experience of life without being conscious of
and enslaved men and peoples by the force of
arms the generally low standard of human behavior"; but
and autocracies.
that does not mean that "keeping one's powder dry"
"A little object lesson in peace," we say. A is
the essential defense. Self-interest is still a contrifling episode in a land foreign to the ancient seat
trolling force as a human passion. The danger is
of wars and conflicts. Yet a suggestion of vast
im- not economic but moral, and patriotism and love of
port. First, that the heart of man turns to peace
In country will endure without the necessity of subthe natural associations of production and trade.
stituting Socialism for Individualism. A cultivated
That work, not war, is the natural state of man.
sense of social duty will be found to comprise all the
Second, that peoples never organize for war, but
virtues and be the adequate guaranty of peace.
that Governments, charged with the duty of
protec- What the world wants is the will to peace, and
here
tion and energized by the cultivation of force
for it is the heart that matters. That must be the aim
conquest inherited from tyrants and conquerors, and
the method of effort.
1896
THE CHRONICLE
[vol. 124.
It has
Unhappily, the attainment seems still distant. In course of things are incidentally helpful.
finds how the situation was met been well said by another that "Socialism leads
another chapter he
and we are to "get
in the character and career of General Botha, the through anarchy to insight,"
great-hearted Christian soldier and statesman who ahead of Socialism by getting there first."
Pains may be required to adjust education to life
at Versailles in June 1919 in the signing of the
opening eyes,
treaty thrilled all by his touching words, and wrote and to point the way to guide men's
but that also is part of the duty of the hour and an
on his agenda, "God's judgments will be applied
with justice to all peoples under the sun, and we increasingly recognized condition of progress.
One other important subject is presented by Lord
shall persevere in prayer that they may be applied
peace and a Christian Riddell, namely the need of more definite concern
by mankind in charity and
be found in
spirit"; and later said, "Let us show the world at for the neglected classes. Slums are to
all cities, with wretched dwellings, want, disease,
any rate that we are all one."
s of filth,
On the much discussed question of the adjustment high death rate and undisturbed condition
can only be accounted for by
of education to life, Lord Riddell supports the in- the existence of which
classes. The
structive position taken by Sir Henry Hadow, the the apathy and ignorance of the better
has grown up that it is a situation that has
late Vice-Chancellor of Sheffield University. He feeling
change or even
points out that in the matter of intellectual equip- always existed, that attempts to
does not amend it are largely useless, and that the people who
ment the law of "diminishing returns"
there by their own
apply. It is not true that, as with an umbrella,"one dwell there are used to it or are
is a necessity, a second one possibly a precaution, fault; "it is their nature to."
The fact is that the situation and its attendant
and a third a superfluity"; with education or exlong been recognized.
perience its permanent value is to be measured by evils have, in England at least,
her leaders and writers,
its immediate or even its continuous usefulness. For nearly a hundred years
Chadwick, Bentham,
Each year may bring a man added wisdom and a John Stuart Mill, Sir Edwin
it upon public attention. Infirmer grasp on public affairs. The real differ- Dickens, have pressed
great industrial
ences between men are intrinsic, differences of char- dividuals, Mr. Cadbury with his
the garden city with its many hundred houses in Bourn.
acter, and knowledge, and ability. He thinks
nded ataim should be, "First to equip the student to earn vile, Octavia Hill with her brave single-ha
prepare him to play his part tempt, Arnold Toynby and others in the various
his living. Second, to
City
in the political and economic life of the country. University houses in London, and the London
conditions.
Third, to satisfy his spiritual needs through reli- Council, have done much to improve local
gion, the wonders of painting and music, and the They have proved the truth of the statement: "Pros of
beauty and depth of great literature." To this Lord vide the houses, teach the people the advantage
cleanliness, and in time you will see a
Riddell would add the prime importance of teach- order and
ing clear thinking—the first essential in life. A marked improvement."
The general situation, however, remains much
youth may be enabled to earn his living—he may be
yet be ig- the same. On the material side the change in the
taught mathematics, languages, etc., and
shifting of populanorant of the methods of thought that fit one to form conditions of foreign trade, the
tion from country to town and from one land to
false arguments.
sound opinions or refute
control of prevHe upholds the opinion that the four prevailing another, and its general increase by
cost of living are
errors in the way of progress to-day are: the attempt alent diseases, and the increased
are bearing heavily
forcibly to unite disparate peoples into a single sys- some of the physical changes that
still the "neglected classes."
tem of government or control; the tepid humani- upon what are
There remains the attitude of the well-to-do in the
tarianism that cares equally for all people, because
the serious moral
it cares very little for any; surrendering to indi- community toward them. That is
accusation; not that these conditions still exist, but
vidual racial prejudices or idealistic and sentimen, the comfort, the
tal views; and, worst of all, accepting cross-sectional that despite the general well-being
the special happiness, the luxury, the progress toward better
views of different peoples or races beyond
so
purposes for which they are taken, to the exclusion things in evidence everywhere, the situation is
little changed. Individual effort is made; here and
elements and traits.
of all other factors, as
In this day, when democracy is everywhere stir- there is evidence of what may be done, but the world
the one
ring people into unrest not unlike that of the travel- goes its way, and a thoughtful observer like
that these reforms
ing Americans described in Europe as "all hurrying before us can sarcastically "hope
to get somewhere, but not knowing just where," are not proving unremunerative to the trade," when
of the dead!
there is special need of calling attention to the im- he speaks of the undertakers handling
e he has interestingly discussed the great
Meanwhil
portance of sound thought, and to errors to be
guarded against. On the one hand are the careless questions of politics, of international relations, of
the careers
who believe in "letting well enough alone," and that life and death, of protecting posterity,
other hand of certain great men, and in short, of many "things
things will turn out all right, and on the
thought. That
the many who, holding one idea or another, would that matter," and has quickened
existing order, ignoring the long certainly should matter.
overthrow the
struggle by which human society has reached its
Improved Status of Income Bonds.
present position. We are challenged by our history
Income bonds, or adjustment bonds, as they are
and condition to believe in the traveled road, to
utilized for many years
strive to make it easier to follow by ample instruc- sometimes called, have been
capitalization of companies undergoing
tion and clearing it in every way, and then to recog- to adjust the
new enterprises oppornige that "detours," however unlooked for and dis- reorganization, or to allow
tunity for growth without imposing too heavy fixed
turbing, if they are really such and not merely wild
departures, all lead back to the main line and in the charges. Bond theorists have been inclined to criti-
APR. 2 19271
TFIR
CHRONICLE
cize this type of issue because of its uncertain status
in security classification, but, as a practical matter, the income bond has proven a great help to corporations and has often yielded substantial profits
to the holder. Some income bonds previously active in the market are no longer present in the capitalization of the companies that have been replaced
by permanent fixed obligations as in the case of the
New Orleans Texas & Mexico Railway, the Florida
East Coast Railway and the National Power & Light
Co. At the present time investors seldom stop to
think that the Atchison Topeka & Santa Fe Railway
4s of 1995 are not a fixed charge or that the Chicago
& Erie Railroad 5s of 1982 carry contingent interest.
payments. Representative income bonds may be
enumerated as follows:
1897
flings, but since the reorganization gross revenues
have shown a declining tendency and the balance
available for this issue has not warranted any interest payments. Interest is cumulative from Jan. 1
1925.
The Chicago Rapid Transit Co. adjustment debentures of 1963 are not a particularly interesting isque.
They came out of a readjustment of the capitalization of the Chicago Elevated lines and were subordinated even to the prior preferred stock in dividends.
The latter issue was largely distributed through ,a
customer ownership campaign. Nothing has been
paid on the adjustments.
The Denver & Rio Grande Western Railroad general sinking fund 5s of 1955 have proved to be a popular speculative medium since issuance in 1924.
Missouri
-Kansas-Texas RR. cumulative adjustment 5s, 1967.
Interest is cumulative from Feb. 1 1924, but until
International Great Northern RR. adjustment 6s, 1952.
Denver & Rio Grande Western RR. general sinking fund 5s,
1929 payments rest largely in the discretion of the
1955.
St. Louis-San Francisco Ry. cumulative adjustment 6s, 1965.
directors who may elect to spend available revenues
St. Louis-San Francisco Ry. income 6s. 1960.
Third Avenue Ry. adjustment income 5s. 1960.
on the properties. The railroad has been greatly inHudson & Manhattan RR. adjustment income 55, 1957.
New York Railways Corporation income 6s, 1965.
terested in reducing grades and curves, so that the
United Railways & Electric Co.of Baltimore income 4s, optional in
1949. initial
Chicago Rys. adjustment income 4s, 1927.
disbursement may yet be some time off. NevChicago Rapid Transit Co. adjustment debentures, 1963.
ertheless, the 5s are very active on the Stock ExNew Orleans Public Service, Inc., income 6s, 1949.
The International Great Northern Railroad ad- change and have shown a wide range. The high this
/
justment 6s of 1952 occupy a peculiar position, be- year has been 811 2 compared with a low of 73%,
/
cause, since their issuance, the control of the com- and in 1926 the high was 7678 as against a low of 62.
The New Orleans Public Service, Inc., income 6s
pany has been acquired by the New Orleans Texas
& Mexico Railway in the interest of the Missouri of 1949 have always paid the full rate. They were
Pacific system. In 1925 the New Orleans Texas & issued in 1922 when an extensive reorganization .
of
Mexico agreed to guarantee a minimum of 4% until the utilities serving New Orleans took place. They
the close of 1927 on such adjustment 6s as should be were issued in two series—one series in $100, $500
presented for stamping; the holders in return to and $1,000 pieces, and the other in denomination of
give the New Orleans Texas & Mexico an option on 500 francs, the franc issue being convertible into the
their bonds at 85 until Jan. 1 1928. A portion of the other. The present outstanding amount is mostly in
issue has been so stamped. The unstamped bonds dollars and is unlisted.
The remaining income bonds enumerated have all
have received 4% beginning in 1924.
, The United Railways of Baltimore income 4s were paid the full rate regularly. The Missouri-Kansasgiven in exchange to preferred stockholders to avoid Texas Railroad cumulative adjustment 5s of 1967
certain stock taxes in Maryland. Coupons from were issued in 1922, when the present company suc1904 to 1910 were funded; the regular 4% has been ceeded the old Missouri Kansas & Texas Railway.
paid since. The Chicago Railways adjustment in- Their market movement has been greatly stimulated
come 4s have had an irregular record, lapses occur- by a conversion feature, whereby the bonds are conring in 1919 and 1920. They are now involved in the vertible into the preferred stock dollar for dollar up
franchise difficulties of the Chicago tractions. Most to Jan. 1 1932. The preferred began dividends at a
of the street railway franchises there expired on Feb. 5% annual rate in 1925, which was increased to 6%
1 1927, and most of the traction bonds matured and in 1926. The full 7% rate on the preferred has been
are now in default as to principal, though paying much discussed, but has not yet been instituted.
The St. Louis-San Francisco Railway came out of
interest. The Third Avenue Railway adjustment income 5s were issued in 1910. They made their first .a reorganization in 1916. Two large contingent
payment in 1913 and continued to 1917. From June Issues were created, the cumulative adjustment 6s of
30 of that year until April 1 1922 nothing was paid. 1955 and the income 6s of 1960. Both issues have
Payments have continued at various rates, leaving paid the full 6% to date. In November 1924 the q%
261 2 arrears after the payment of W on April 1. preferred was placed on a dividend basis. The com/%
I%
The Hudson & Manhattan Railroad adjustment mon received its first dividend in January 1925 and,
income 5s were non-cumulative to Jan. 1 1920 and beginning with April 1 1927, has been paying at the
cumulative thereafter. However, payments of 2% annual rate of 8%.
Viewing conditions since the war, it appears that
per annum were made in 1913, 1914, 1915 and 1916.
The next payment was in April 1921 and consisted of the marked improvement in railway affairs has car2% declared out of earnings for the last half of 1920. ried the income bonds along with it. The rapid tranIn October 1921 DA% was paid and the full rate sit and street railway companies have had to deal
has been paid to date. Extras of 3% were made, rep- with individual problems and no uniformly upward
resenting payments accruing out of the full year trend is apparent there. The income bond is not a
typical device of the present gas and electric field.
1920.
The price range of representative income bonds
The New York Railways Corporation cumulative
income 6s of 1965 were isued in 1925 in connection shows the trend.
with the reorganization of the New York Railways
—1924— —1925--- —1926— —1927
---.High Low High Low High Low
Low
Co. This was one of many reorganizations of the Int. Gt.Nor.adj.6s(unstpd.).71 M-40 M 79 66 86 66 High -83M
98
Mo. Kan. Texas adj. 6s
80 -515‘ 93 -76% 97 -9034
downtown traction lines in Manhattan. Fixed St.Louis-San Fran.adj.6a-- -86M-72 94(-84 M 99M-92 M 1023-96
101 -99
Income 6s
814-58 M 97/s-764 96 M-84 M 99-953i
charges were brought within the limits of net earn- Denver & Rio Grande West.59.61M-5036 70 -55 7674-82
8134-73
Hudson & Manhattan adj.5s..-6936-5836 7736-6731
8436-7631 8936-84
1898
THE CHRONICLE
124.
Several of these issues formerly sold "flat" in- However, the upward trend is unmistakable and
stead of "and interest," so that the actual price may this has lately been accentuated by the absence of
not have been as high as the quotation indicates. high yields in the general bond market.
Interstate Commerce Commission Decides to Base Valuation of Railroads
on Cost of 1914 Instead of Later Higher Levels—Recapture of
Excess Earnings—FirstRuling in St Louis &0'Fallon Case
Holding that the value of property of a railroad for rate
making purposes, as determined by the Commission for 1914,
approaches more nearly the reasonable and necessary investment in the property than the cost of reproduction of it,
the Inter-State Commerce Commission on March 31 issued
its first decision interpreting and applying the so-called.
recapture clause of the Transportation Act of 1920. The
recapture clause provides for the payment to the Federal
Government of one-half of the net railway operating income
of a railroad system in excess of 6% on its value for any year
following the passage of the Act. By a vote of 6 to 4 the
Commission held that Congress intended to fix values of
railroad properties for recapture purposes without awaiting
completion of final valuations under the provisions of the
valuation Act. It is also held that, for that purpose, it is
warranted in basing its valuation on its tentative valuation
figures as of 1919 (based on the 1914 unit prices), as far as
available, plus net additions to property in succeeding
years at actual cost, less depreciation, without giving effect
to the cost of reproducing the original property at presentday prices.
The majority opinion was written by Commissioner Meyer,
with Commissioners Eastman, MeManamy, Lewis, Esch
and Campbell concurring. The issue was presented in a
recapture of excess of earnings case brought by the St. Louis
& O'Fallon Ry. and the Manufacturers' Ry., two short
lines operating in the vicinity of St. Louis,Mo., controlled
by the Adolphus Busch estate. The issues were treated
as test cases as to the method of ascertaining value of roads
for recapture purposes. The decision is regarded as one
involving railroad properties valued at billions. The
majority recognized that "having in mind the whole railroad
situation, the decision is of the greatest consequence, from
the public and private viewpoints."
The minority group, consisting of Commissioners Hall,
Aitchison, Taylor and Woodlock, contended that "we must
accord weight in the legal sense to the greatly enhanced costs
of material, labor and supplies during the periods of inquiry
over those prevailing in the price-fixing period." "The
function of this Commission," they added, "is to apply the
law of the land to facts committed to our jurisdiction. We
may recommend changes, but may not make those changes
ourselves. This dissent is from the refusal of the majority
to apply that law to the O'Fallon."
The majority report says in part:
fund established and maintained by such carrier, and the remaining
one-half thereof shall, within the first four months following the close
of the period for which such computation is made, be recoverable by
andpaid to the Commission for the purpose of establishing and maintaining a general railroad contingent fund as hereinafter described.
For the purposes of this paragraph the value of the railway property
and the net railway operating income of a group of carriers, which the
Commission finds are under common control and management and are
operated as a single system, shall be computed for the system as a
whole irrespective of the separate ownership and accounting returns
of the various parts of such system. In the case of any carrier which
has accepted the provisions of section 209 of this amendatory Act the
provisions of this paragraph shall not be applicable to the income for
any period prior to September 1, 1920. The value of such railway
property shall be determined by the Commission in the manner provided in paragraph (4).
Procedure in Recapture Cases
At the opening of the hearing counsel for the carriers made objection
to the entire proceeding on the following grounds: That we are confronted with the necessity of establishing as a foundation for and prerequisite to recapture, first, the value of the railroad property held for
and used in the service of transportation, and, second, the amount of
net railway operating income in excess of 6% of the value of such
property; that in the determination of the value of the property we
must give consideration to all of the elements of value recognized by
the law of the land for rate-making purposes, including the requirements of the valuation act (section 19a of the interstate commerce act)
in the observance of which the carriers are entitled to full opportunity
for protest and hearing; that the liability for excess in operating income can be determined only after the value of the property has been
fixed and the question of incoine based upon that value determined; and
that a hearing for purposes of recapture in advance of such definite
determination of value is premature and without legal authority.
At the outset it is to be borne in mind that in no sense can these
proceedings properly be treated as lawsuits. No issue is raised between parties. There is no controversy between disputants, each contending for protection of its rights. They are purely administrative
proceedings wherein we are following the direction of Congress to
create a contingent fund to be used in furtherance of the public interest
in railway transportation. By the issuance of our orders as herein.
before described, we have given the carriers an opportunity to assist
in these proceedings by furnishing statements of the value of the
properties used by them in transportation service and of their net
railway operating incomes for stated periods.
Considering the carriers' assertion that for us to proceed without
first establishing the value of their properties under section 19a is
premature, we may observe that in determining upon a course of procedure it is necessary to keep in mind the intent of Congress in
enacting this legislation. Paragraphs (4), (5), and (6) of section 15a
must be considered in connection with the entire section and in relation
to the whole legislative enactment of which it forms a part. The
transportation act, 1920, inaugurated a new era in the regulation of the
transportation systems of the country, considered as a whole. Wisconsin R. R. Comm. v. C., B. & Q. R. R. Co., 257 U. S. 563, DaytonGoose Creek Ry. v. U. S., 263 U. S. 456. The general provisions of
section 15a are: (1) That we shall adjust rates so that the carriers,
as a whole or in groups, shall be able to earn a fair return upon the
aggregate value of their transportation property; (2) that we shall
from time to time determine what percentage of such aggregate value
constitutes a fair return thereon; (3) that where individual carriers
earn, under rates so adjusted, net railway operating income in excess
of 6% on the value of their property, one-half of the excess shall be
We have before us in these proceedings four propositions: First, the
recoverable by and paid to us for the purpose of establishing a general
propriety of these proceedings as they have been conducted under the
railroad contingent fund. In Dayton-Goose Creek Ry. v. U. S., supra,
provisions of section 15a of the act. Second, whether or not these
court referred to the recapture clause as the "key provision of
carriers during the recapture periods constituted a group of carriers the
the whole plan." There is nothing in the act to suggest that the
under common control and management and operated as a single sysintended to accrue to the carriers and the public must be
tem within the meaning of the statute. Third, the propriety of certain benefits
to an indefinite future. The needs which prompted the legisdispositions of income through charges to operating expenses during the deferred
had existed for a long time and had been brought repeatedly
respective recapture periods. And fourth, the property values and the lation
to the attention of Congress. And when it was determined that the
amounts of income of the carriers subject to recapture.
of the properties of the carriers should be the basis upon which
As these proceedings are governed by the provisions of paragraphs value
a percentage of the return should be computed for purposes of recap(4) to (6), inclusive, of section 15a of the interstate commerce act,
ture, Congress well knew that the valuation of the railroads under
those paragraphs are here set forth in full:
section 19a of the act was not completed and could not be completed
(4) For the purposes of this section, such aggregate value of the for several years.
property of the carriers shall be determined by the Commission from
When this proceeding was instituted we had not made a valuation
time to time and as often as may be necessary. The Commission may of the properties of the O'Fallon or the Manufacturers' for any of
utilize the results of its investigation under section 19a of this Act, the recapture periods or for any other period. It was desirable, therein so far as deemed by it available, and shall give due consideration
proceed in the manner outlined in order that
to all the elements of value recognized by the law of the land for rate- fore, in our opinion, to
making purposes, and shall give to the property investment account the carriers might be afforded every opportunity to be heard on the
questions of value of their properties and the net railway operating
of the carriers only that consideration which under such law it is entitled to in establishing values for rate-making purposes. Whenever income for the respective recapture periods. We might have proceeded
pursuant to section 19a of this Act the value of the railway property of with propriety in an independent investigation, utilizing, so far as
any carrier held for and used in the service of transportation has been available, the results of our investigation under section 19a. The
.
finally ascertained, the value so ascertained shall be deemed by the language of section 15a indicates the desire of Congress that the meaCommission to be the value thereof for the purpose of determining
sures inaugurated be put in force as promptly as possible, and while
such aggregate value.
(5) Inasmuch as it is impossible (without regulation and control we are required by paragraph (4) to "give consideration to all the
in the interest of the commerce of the United States considered as a elements of value recognized by the law of the land for rate-making
whole) to establish uniform rates upon competitive traffic which will purposes," it is also provided that for the purposes of this section,
adequately sustain all the carriers wkich are engaged in such traffic such aggregate value of the property of the carriers shall be determined
and which are indispensable to the communities to which they render by the Commission from time to time and as often as may be necesthe service of transportation, without enabling some of such carriers
lack of direction as to specific methods of
to receive a net railway operating income substantially and unreason- sary." There is an entire
entertained the view that valuaably in excess of a fair return upon the value of their railway property procedure, and Congress apparently
that any carrier which receives such an income so in excess of a tions under section 15a might be made in a more summary manner
return, shall hold suck part of the excess, as hereinafter prescribed, than valuations under section 19a.
fair
as trustee for, and shall pay it to, the United States.
What we have said here regarding procedure in recapture cases is
(6) If, under the provisions of this section, any carrier receives for directed to the conditions presented in this case, but is equally appli.
. .
any year a net railway operating income in excess of 6% of the value cable to all cases of a similar character. Having in mind the requirethe service of
of the railway property held for and used by it
transportation, one-half of such excess shall be placed is a reserve ments of the statute, it seems imperative that findings of value and of
APR. 2192.7.]
THE CHRONICLE
income in these recapture cases may be made promptly and
at frequent intervals. With proper cooperation from the carriers,
the procedure we have followed in this case will result in
the disposition
of these recapture cases without undue delay and at the
same time
will give the carriers every reasonable opportunity to
protect their
interests.
The Commission then describes the property of the
O'Fallon and Manufacturers' and states that although
under common control they are not operated as a single
system within the meaning of the law which provides that
roads in a single system may combine their returns and the
St. Louis & O'Fallon in 1920, 1921, 1922 and 1923 had
recapturable net railway operating income in excess of 6%,
while the Manufacturers' did not. The Commission also
found that increases in the compensation of the President
and Chairman of the O'Fallon in 1923 may not be include
d
in operating expenses for the purpose of computing the net
income. The decision then continues:
Value and Income of the O'Fallon
We have discussed above the objections of the carriers
to a finding
of value at this time and have shown the necessity
for adopting a
procedure in determining value for recapture purposes
differing somewhat front the procedure followed under section
19a.
Having in mind the provisions of paragraph (4) of section
15a, it
is clear, however, that the value to be determined for
the purposes
of recapture under that section is, like that to be determin
ed under
section 19a, the "value for rate-making purposes." Unless
otherwise
specified, the word "value" herein is used in the sense of
rate-making
value as defined and discussed in our numerous valuation
cases.
Counsel further object to a finding of value for that portion
of the
year 1920 during which section 15a was in effect. This objection
is
based upon a narrow construction of the fist sentence of
paragraph
(6) of section 15a reading in part "If under the provision
s of this
section, any carrier receives for any year a net railway
operating
income." That this section is not subject to so narrow
a construction
is apparent from the provisions of paragraph (9)
that "The commission shall make proper adjustments to provide for
the computation of
excess income for a portion of a year, and for a year
in which a
change in the percentage constituting a fair return
or in the value of
a carrier's railway property becomes effective."
It was contended by counsel on argument that
the value contemplated by section I5a is the aggregate value of
the railway property
of the carriers of the country as a whole or
as a whole in such rate
groups as we may designate, held for and used
in the service of transportation; that there is no authority under
paragraph (4) of section
15a to find the value of individual railroads
, but that the provisions
of that paragraph auhorize us, from time to
time and as often as may
be necessary, to determine the aggregate
value of such property and
to change the aggregate value so determin
ed, either up or down, as
the values of the individual roads are computed
under the provisions
of section 19a. This contention loses sight of
the fact that the aggregate value referred to must be made up of
the values of individual
roads, and, further, that the prescribed portion
over a fair return received by "any carrier" of the excess income
must be paid into the
contingent fund by the individual carrier.
There
basing a determination as to recapturable income is no provision for
upon the aggregate
value, and this would necessitate a pooling of
the net railway operating
incomes of the carriers as a whole or in rate
groups for any period
for which such aggregate value might be determin
ed. The contention
further loses sight of the fact that paragraph (6)
definitely provides
that the individual values for recapture purposes
shall be determined
"in the manner provided in paragraph (4)."
It is further contended that the aggregate value
may be determined
at once, although no definite method of making
such determination
was advanced, but that the finding of individua
l values for recapture
purposes must be postponed until after values
have been ascertained
under the provisions of section 19a.
The recapture provisions of
section 15a apply to the value of the property
and the net railway
operating income of the carriers for each
year or a portion thereof
during which there is an excess over a
fair return. These values
may change from year to year, and certainly
income of the individual carriers will show the net railway operating
great variance from year
to year. The values under section I9a
are to be found once for every
common carrier subject to the provision
s of the interstate commerce
act, and paragraph (f) of that sction
provides that thereafter we
"shall from time to time, revise and
correct" our valuations. To
delay the operation of the recapture provision
s of the act until such
valuations or revisions thereof under section
19a are made for each
of the years in which the individual carriers
might be subject to
recapture would most certainly defeat the purpose
of such provisions.
The statute directs that in determining values
15a we shall "give due consideration to all the pursuant to section
elements of value
recognized by the law of the land for rate-making
purposes." In the
methods of valuation which we have followed in this
proceeding we
have endeavored to give heed to this direction,
having in mind not
only the conditions existent upon these particular
carriers, but also
the necessity in the application of these methods
to
erally of proecting the private owners of railroad the carriers genproperty in their
constitutional rights and at the same time of assuring
to the public
the continued maintenance and operation of a
transport
capable of rendering efficient service at reasonable rates. ation system
Before considering these methods or principles of
valuation
the Commission summarized the evidence with
respect to
the property of the O'Fallon held for and used in
the service
of transportation and then goes on to say:
\At the time of the hearing in this proceeding,
as
the tentative valuation report setting forth tentative previously stated,
ly our conclusions
regarding the value of the property had not
been issued, and the
carrier had consequently been given no opportunity
to present a formal
protest of such a tentative valuation. In
view, however, of the
completeness and satisfactory character of all
of the evidence in
this record regarding the value of the
property devoted by the
O'Fallon to common-carrier service on June
30, 1919, and throughout
the respective recapture periods,
it is practicable to determine the
value of such property for rate-making
purposes as of the dates in
question.
1899
Decision of Greatest Consequence From Both
Private and Public
Viewpoints.
We now come to the consideration of how value
shall be ascertained
or derived from the facts of record.
Valuation counsel for western carriers has
urged us to dispose of
this case by itself and upon its own merits. That
is the correct procedure. During the entire history of the commissi
on it has been its
practice to decide cases upon their individua
l merits and particular
facts. When, however, counsel goes further
and suggests that in this
case we shall not give consideration "to what
is to be done with
the railroads of the country as a whole" we
can not assent. We are
dealing here with one small railroad. Neverthe
less, what we do in
this case we must in principle do for all the railroads
in the United
States. Whatever our decision, its effect
in dollars and cents is
relatively unimportant in this particular case. But,
having in mind, as
we must, the whole railroad situation, the decision
is of the greatest
consequence from both private and public viewpoint
s.
There is here presented, in reality, a great national
problem affecting public policy and welfare in a most profound
way. In essence
it is presented as clearly as it could be in the
case of a railroad involving hundreds of millions of investment.
In important aspects
it is a problem which has never before been
presented to either a
commission or a court.
We must carefully review the significance
to the Nation of the decision which we make in this
case in its bearings on the relation between all the railroads
and all
the United States. It may well be that the valuation the people of
of railroads on
a national scale requires the beginning of a new
chapter in valuation.
Commissions and courts, including the
Supreme Court of the
United States, have had to deal with a multitude
of valuation cases,
relating for the most part to local utiliies—
water, gas, electric, and
power properties. From a composite of all these
cases various principles of valuation, frequently standing in striking contrast
to one
another, have been evolved by interested parties accordin
g as their
interest lies. Before we apply any of these so-called
principles, we
believe it to be vital to take a general survey of the entire
situation,
in order that conclusions may be reached which in
their ultimate
effect upon the nation will be wise and just.
General Survey of Entire Situation.
The basis of our authority in ascertaining and
reporting valuations of common-carrier properties is an act
of Congress passed in
pursuance of its powers under the commerce clause
of the Constitution.
Upon the same powers rest the recapture provision
s, which
were designed by Congress to create a fund to
be used "in furtherance of the public interest in railway transport
ation." Our problem
in the administration of the valuation and recaptur
e provisions is
national in its scope and in its consequences,
and is affected by a vast
variety of considerations that either do not
enter into, or are less
easily perceived in, problems incident to the
regulatio
utilities. Limitations of issues, facts, or viewpoin n of local public
t impair many of
the precedents which we are asked to follow
by routes as divergent
at the interests of those who make the requests.
Fundamentally the aim of the laws
which we administer is the
maintenance of an adequate national
system of railway transportation, capable of providing the best possible service
to the public at the
lowest cost consistent with full justice to the
private owners. In
ascertaining values pursuant to section 15a we
are, as has already been
stated, directed to "give due consideration to all
the elements of
value recognized by the law of the land for rate-mak
ing purposes."
The law of the land in this respect is, we believe,
consistent with the
aim above set forth.
The determination of the limits within
which public regulation of
railroads and public utilities may lawfully function
has been a matter
of slow growth. Many years ago the Supreme
Court held in Peik v.
Chicago, etc., Railway Co., 94 U. S. 164, 178.
Where property has been clothed with
may fix the limit to that which shall in a public interest, the legislature
This limit binds the courts as well as law be reasonable for its use.
the
properly fixed, the legislature, not the courts, people. If it has been
must be appealed to for
a change.
Several years later it was recognized in Railroad Commissi
on cases,
116 U. S. 307, 331, that the "power to regulate is
not a power to
destroy, and limitation is not the equivalent of confiscat
ion."
The
fundamental duty of the courts, so far as public
regulation is concerned, is to prevent confiscation. So far as
the States are concerned,
the constitutional prohibition is in the fourteen
th amendment, which
provides that no person shall be deprived of property
"without due
process of law." So far as the Federal
Government is concerned,
the prohibition is in the fifth amendment,
which provides also that
private property shall not be "taken for
public use without just
compensation."
Obviously neither one of these prohibitions defines
confiscation, and their application to public regulatio
n of railroads
and utilities is a matter of judicial interpret
ation. Out of this necessity for interpretation grew the "fair value"
rule, first enunciated
in Smyth v. Ames, 169 U. S. 466, which
lies at the root of this and
other valuation proceedings.
In that pioneer case the court held that
the "basis of all calculations as to the reasonableness of rates
to be charged by a corporation
maintaining a highway under legislative
sanction must be the fair
value of the property being used
by it for the convenience of the
public," and that "what the company
is entitled to ask is a fair return
upon the value of that which it
employs for the public convenienoe."
It laid down no definite rule
for determining "fair value" but
enumerated certain "matters for consideration"
to be given "such
weight as may be just and right
in each case." Later, in the Minna
,
sota Rate Cases, 230 U. S. 322,
434, the court made it clear that the
determination of such value is "not a matter of formulas, but
there
must be a reasonable judgment having its basis
in a proper consideration of all relevant facts." Some of
the "matters for consideration"
indicated in Smyth v. Ames are no longer emphasized; it
is fair to
say that they have been discarde
d in the progress of thought on this
problem. One of them, however, was "the present as
compared with
the original cost of construction," and
it is this factor,
"cost of reproduction new at prices current on valuation rechristened
date," that
we are now urged to take as
the basic measure of "fair value" to
the exclusion of all other factors, except
to the extent that it may be
augmented by an allowance for something called
"going value," which
is vaguely defined in many different
ways.
1900
THE CHRONICLE
[Vol,. 124.
Different compilations yield different ratios, and those developed by
The Use of Cost of Reproduction Not Fres From Practical Difficulties. the carrier are greater than the bureau's ratios. If, as is urged by
new at current prices to many railroad counsel, current cost of reproduction virtually deterThis insistence upon cost of reproduction
might
mines "fair value," the rate bases of the O'Fallon for the respective
the exclusion of everything else, or at least of everything that
tend to a lower value, calls for the closest scrutiny. The importance recapture periods would be not less than the amounts shown in the
in- above table. Using these bases it would have been necessary in 1920,
of the question which it presents has been magnified by the great
crease in the general price level resulting from the World War. When disregarding other changes, to have increased the element in the rates
question and charges representing return by 114.64 per cnt, in order to have
we undertook the valuation work under section 19a it was a
of much less importance, but the price revolution which has since given the owners of the property the return to which they are entitled.
This would have been in addition to increases made necessary by
taken place has elevated it to first rank.
a reduction of
As is well known, our railroads and public utilities, so far as higher operating costs. In 1921 there would have been
reduction of 18.23%;
they were constructed in the last century, and to some extent in the 14.38% in this element; in 1922 a further
of 9.98%. The
early years of this century, were in general built and financed and whilein 1923 there would have been an increase
have been about 30%
administered in such a way that no dependable record was kept variations in the rate levels so required would
operating ratio of 70; but even so
of either what they should have cost or what they actually did cost. of these percentages, assuming an
fluctuations.
Under the circumstances it was natural that cost of reproduction these would have been large
should come into use as an important factor in determining a rea- Effect of Applying Current Reproduction Cost to All Railroad Property
sonable rate base. Although attended by much speculative uncerLet us consider the effect of applying this doctrine of current retainty, it was a figure possible of estimate. In the absence of comproduction cost to all railroad property in the United States. For
plete and reliable records, it was regarded, in a period of gradually
in calculation and for want of an accurate figure, we shall
rising prices, as providing a rate base amply remunerative to the convenience
assume 18 billions as the value at 1914 unit prices of structures existprivate owners, for there was reason to believe that it was at least
ing on June 30, 1919. The aggregate value which we used in Ex
sbmewhat in excess of the original outlay.
Porte 74 at the time of the general rate increase of 1920 was $18,900,cost of reproduction is by no means free from practical
,The use of
000,000 for all property used for transportation purposes. But taking
difficulties. For example, the record here shows that there was a 18 billions as a base and applying the bureau's ratios, the value of
dearth of reliable data from which an accurate estimate of such precisely the same structures would have become 41.4 billions in 1920,
cost could be made for the period 1920 to 1923. In proof of this 35.1 billions in 1921, 28.3 billions in 1922, and 31.3 billions in 1923.
assertion reference need only be made to the sources of the data In other words, assuming a static property there would have been
relied upon by the witnesses both for the bureau and for the carriers. a gain of 23.4 billions in 1920, a loss of 6.3 billions in 1921, a
Their estimates for those years were founded in large part upon further loss of 6.8 billions in 1922, and a gain again of 3 billions in
manufacturers' records and price statistics appearing in various pub- 1923. These huge "profits" and "losses" would have occurred withlications, and to a lesser extent upon cost of construction actually out change in the railroad property used in the public service other
incurred by railroads in that period. There was, in fact, very little than the theoretical and speculative change derived from a shifting
new railroad construction in those years.
of general price levels. To put it still more graphically, by the appliSynthetic estimates of cost of reproduction based upon statistics cation of the current reproduction cost doctrine the assumed base of
changes do not make allowance for imshowing price and wage
increased in 1920 by a sum greater than
As will hereinafter 18 billions would have been
proved methods of assembly and construction.
the present national debt (about 19 millions), and the transportation
more fully indicated, we found in Texas Midland Railroad, supra, burden upon the people of the country would have been correspondbe
at page 140, that the increase in the cost of labor and materials ingly increased without the investment of a single dollar by those who
between 1900 and 1914 was largely offset by improvement in the art would reap the benefits.
construction. How far there may have been a similar offset, so
of .
Of course the railroad property in the United States during this
far as costs in the period from 1920-1923 are concerned, is not period was not actually static. There were continual accretions.
disclosed of record.
But this illustrates another angle of the problem. During the seven
But this is only an incidental objection to the use of current cost years 1920 to 1926, inclusive, there was an approximate net investThe essenqf reproduction as the basic measure of "fair value."
ment in additions and betterments and new construction of 4 biltial objection may best be presented by a brief survey of the railroad lions.
These were paid for at then current prices, all above, in
from
situation and consideration of the results which would flow
prices. Assuming that there has since
have seen, the constitutional many cases far above, present
the acceptance of such doctrine. Ac we
in unit price level of 25%, a valuation under
The controlling been an average decline
no definition of confiscation.
prohibitions contain
the current reproduction cost doctrine would wipe out one billion
factor in the last analysis is the Supreme Court's conception of
effect upon any railroad entirely
Nor is of that additional investment. The
what is just and in harmony with a sound public policy.
to 1926 may be imagined.
The or largely constructed during the period 1920
there any abstract standard of justice that can be applied.
question in many aspects is one of fact, and the answer, if it is to
Actual Course of Events Since War Period.
be wise and sound, requires knowledge of actual conditions and a
In contrast with these illustrations of the results which would have
consideration of practical results.
flowed from the current reproduction cost doctrine, let us consider
The end in view, as we have stated, is the maintenance of an adeThroughout the war period, when
course of events.
Such a system, so the actual
quate national railway transportation system.
the railroads were under Federal control, the private owners were
long as it is privately owned, obviously can not be provided and paid by the Government for the use of their property a rental based
Obviously, also,
maintained without a continuous inflow of capital.
upon average net railway operating income for the three years June
such an inflow of capital can only be assured by treatment of capital 30, 1914-1917, inclusive.
This rental was determined without reand encourage further investment.
already invested which will invite
gard to the rapidly mounting general price level, but was generally
it must be conceded that under a system of public regulaWe think
satisfactory to the owners. In 1920, after the return to private contion which produces such a result private property can not be con- trol, we authorized general increases in rates based upon an aggreConfiscation is a taking of property without just comfiscated.
gate value figure which was less than the aggregate recorded investpensation. It is idle to contend that treatment of private property ment in road and equipment and working capital which the carriers
can be conwhich attracts and encourages further capital ventures
wished us to use as a base. They did not then ask for a "value"
fiscatory. Furthermore, public regulation of railroads which is to based on the current price level, and accepted without complaint
degree more liberal to the private owners than is
any considerable
the increases authorized. In 1922 we required a general reduction
necessary to maintain good credit under reasonably prudent, eco- in rates, using as a basis an aggregate value similar to that used in
nomical, and efficient management can not be justified. Along with the 1920. This reduction was not contested by the carriers. In 1926 we
"fair value" rule this statment in Smyth v. Ames, suPra, at page 544, denied a general increase in rates proposed by the carriers in the
should never be forgotten:
western district, and in that proceeding the carriers, while arguing
A railroad is a public highway, and none the less so because con- that the current price level warranted a far higher "value," asked
the agency of a corporation deriving
structed and maintained through
only that their aggregate recorded investment in road and equipment
its existence and powers from the State. Such a corporation was
base. They conceded that traffic
created for public purposes. It performs a function of the State. Its and working capital be used as a
auhority to exercise the right of eminent domain and to charge toils probably could not bear rates based on any higher amount.
was given primarily for the benefit of the public.
It appears, therefore, that since the price revolution brought about
More recently, in Dayton-Goose Creek Ry. v. U. S., supra, at page by the World War, the railroads have not had nor have they sought
returns based upon "values" swollen in harmony with the rise in
481, this idea was expressed as follows:
of the transportation act,
By investment in a business dedicated to the public service the general prick level. Since the passage
owner must recognize that, as compared with investment in private 1920, we have allowed them rates intended to produce, on the averbusiness, he canno expect eithe rhigh or peculative dividends but that age, a fair return upon aggregate values far below, in all probability,
his obligation limits him to only fair or reasonable profit.
the values which would have resulted from the current reproduction
If such limitations are to be imposed, plainly stability of income cost doctrine. As a matter of fact, the railroads have not earned,
of the disastrous on the average, the fair return which the rates were designed to
and return is a prime requisite. To say nothing
effect upon the business and commercial world, violent fluctuations produce. Yet they have accepted our findings and have, except in
from heights of prosperity to depths of poverty are railroad condi- western territory to the extent above indicated, shown little dispositions utterly inconsistent with the necessary attraction of private tion to seek further general increases. They have realized that to do
capital. A corollary of this proposition is that there must be assur- so would be to risk conflict with inexorable economic conditions.
ance of stability in the rate base. If it is permitted to fluctuate with
Present Day Condition of Railroads.
each change in general price level, and if rates must be adjusted
As
Now, what have been the results from this state of facts?
accordingly, there can be no promise of a stable return to investors.
1920-1926, inclusive, the investment
But if current cost of reproduction is to be used as the basic measure, stated above, during the period
in railroad property increased by 4 billions of dollars. A substantial
wide and frequent fluctuations both up and down are inevitable.
from income, but much of it was
As hereinafter indicated, we arrive at a basic single-sum value as part of this money was derived
new securities. The market for railroad
of June 30, 1919, of $850,000. This figure includes $50,500 for lands obtained by the sale of
of the tranportation act, 1920, has
and $50,000 for working capital. The value exclusive of land and securities since the passage
trend of interest rates has been
working capital is $750,000. Using the latter figure as a base merely steadily improved and the general
in general is now excellent,
for purposes of comparison and applying thereto the ratios referred to downward. The credit of the railroads
herein as indicating the average rise in wages and prices over the and the time seems to be approaching rapidly when many of them
1914 level for the years immediately following June 30, 1919, and will be able to finance not only through bonds and notes but by
adding to the result $100,500 to cover land and working capital, the issues of new stock. Already some of them are financing their needs
rate-making values for the respective recapture periods are shown to in this way. As shown above, investors have not been led to believe,
either by our own acts or by the acts of railroad managers, that
be as follows:
Rate-Making
rates would be increased in an effort to secure income such as the
Value.
Ratio.
Since 1920
current cost of reproduction doctrine would demand.
Period Ended—
$850,500
100
June 30 1919
the general trend of cot of reproduction now has been downward,
1,825,500
230
Dec. 31 1920
1.563.000
195
but, on the other hand, the trend of the market prices of railroad
Dec. 31 1921
357
1,278.000
securities has been very definitely upward. It is a matter of common
Dec. 301922
1.405.500
175
31 1923
Dec.
APR. 2 1927.]
THE
CHRONICLE
knowledge that the increase in aggregate market values since 1920
has been very great.
With exceptions in certain sections of the
country it will be conceded that the railroads are now in better credit
and financial condition, in all probability, than at any time in their
history. The standard of service is clearly better than ever before.
The exceptional situations are receiving consideration, with a view
to their improvement. The need for improvement in such situations
is due not to any deficiency in the aggregate values which we have
used as a base in the general rate cases but to failure to earn a fair
return upon such values.
Under such circumstances can it be said with any show of reason
that the private owners of this property devoted to the public service
are suffering confiscation?
Yet the current cost of reproduction
doctrine would lead to that conclusion. It would even lead to the
conclusion, indeed, that a large measure of confiscation exists in the •
case of some of the most prosperous railroads of the country, whose
securities of all descriptions find a ready market at most favorable
prices.
We have described above a course of events of which it has been
our duty under the law to have knowledge and of which we have
been a part.
The description is supported by our own published
reports and by common knowledge. It would be possible to illustrate
the situation further by the leases and acquisitions of control of
railroad property which have taken place in the past six years. It
could, if it were necessary, be abundantly shown that there have been
any number of eases where the private owners of railroad property
have very willingly accepted rentals for long terms of years at
figures materially below the return which would fix the limit of
confiscation if the current reproduction cost doctrine were accepted.
If it had been applied in 1920, the current reproduction cost doctrine would have required general increases in rates very much
higher than those which we authorized. The latter ranged from 25
to 40%. It is quite conceivable that with the then current reproduction cost as the rate base increases of from 75 to 90% might
have been necessary.
Neither the country nor the carriers could
have endured such a rise in freight charges.
Even now, when
the general price level is materially lower than it was in 1920, a rate
base so determined would in all probability require rates which the
carriers would as a matter of self-interest hesitate to charge. The
position which the carriers took in Revenues in Western District,
1925, 113 I. C. C. 3, is evidence to that effect. This amounts to saying
that under such a doctrine of fair value the carriers would as a
matter of self-interest choose confiscation. Plainly. a doctrine which
leads to such a conclusion is irrational.
Practical Consequences of Current Reproduction-Cost Doctrine.
The practical consequences of the current reproduction-cost doctrine may be viewed from yet another angle. Approximately onethird of the investment in railroad property is represented by common stock. The remaining two-thirds is represented by bonds, notes,
or preferred stock, the holders of which are limited to a fixed or
maximum return.
The benefits of an excess in valuation from
a rise in the general price level would, therefore, be reaped threefold by the holders of common stock. The results so accruing from
a heavy increase in prices, such as was brought about by the World
War, would involve return to the common-stock holders grotesque
in their proportions, and particularly grotesque when considered as
the limit below which confiscation would ensue. Of course, this is
on the assumption that the traffic would bear the increase in freight
rates necessary to produce such returns, an assumption which, as we
have seen, is probably contrary to fact.
;Theoretically the holders of common stock would suffer corresponding losses if the general price level should shift downward
rather than upward, and this risk of loss is urged as justification
for any gains that might accrue.
We say "theoretically" because
as a practical matter no consequences could be permitted to occur
which would endanger the maintenance of a transportation system
adequate to the national needs. The country would hardly, for the
sake of consistency in theory, permit stockholders to suffer losses
which in their effect upon railroad credit would react disastrously
upon all industry. Thus in practice some limit would in all
probability be set to any losses that might threaten the common-stock
holders.
.The conception of a rate base and returns thereon
fluctuating up
and down with changes in the level of general prices
is a conception
which, if carried into actual operation, could have
no appeal except
to stock-market speculators. It would be difficult to
conceive of any
plan more conductive to the encouragement of unrestrained
speculation in railroad shares than such a method of valuation.
In all
probability it would provide a feast superior to anything
which the
bulls and bears have enjoyed since the creation of
stock exchanges.
History demonstrates beyond question that the general
price level is
never stable, and that its future fluctuations are impossible
of successful forecast. The speculative possibilities of the
current-cost-of.
reproduction doctrine would be enhanced if the carriers
should seek
and be authorized to issue securities based upon
"values" so determined.
Securities issued upon such valuation basis in 1920
would
have exceeded by more than 100% the amount
that could have
been issued upon the same property in 1914 upon
the basis of the
prices then prevailing, but a large part of the
stockholders' equity
would have been wiped out by the fall in prices since
1920.
Reproduction-Cost Theory Inconsistent With Sound
Conception of
Justice.
We come back, after this exploration of the field
of practical results, to the thought that stability is a prime
requisite in this situation, hoth for investors and for the country as a
whole. There is
nothing more disturbing to commerce and industry
than the prospect
of frequent and abrupt shifts in the general freight
rate level; and
there is nothing more disturbing to investors, as
distinguished from
speculators, than the prospect of frequent and wide
shifts in security
values. Public regulation of railroads, if it is to be
successful, must
rest upon a firm foundation and be guided by
principles which will
lend confidence to industry and investment. The
current reproduction cost theory of "fair value" is utterly
inconsistent with this
end, and in our judgment it is equally inconsistent
with any sound
conception of justice.
1901
Price Fluctuations Not A Factor.
The structures of a railroad system may be compared to a great
river like the Mississippi, in which the main stream represents lines
of railroad in the system and the branches represent the perpetual
flow of new material into it. At New Orleans the Mississippi River
is a composite of a vast multitude of waters contributed by a corresponding number of tributaries, big and little.
Similarly, at any
moment a railroad system is the result of contributions made by
many different streams of materials, some wearing out rapidly and
others slowly, but all requiring replacements from time to time.
All are indispensable to keep the main stream efficient for service.
Unless these collateral streams of materials maintain an uninterrupted flow into the railroad structure, the railroad system deteriorates and service to the public suffers. Each kind of material is
acquired at prices prevailing when the purchases are made, either
at the time of installation or prior thereto, when materials are
drawn from accumulated stores, and during periods of time varying
by days, months, and years. Just as the water of the Mississippi at
New Orleans is composed of waters from myriads of different
sources, so a railroad system is a composite of materials acquired
at myriads of different prices and at infinitely varying periods of
time, and put into the plant at many different levels of wages.
Neither the highest price nor the lowest, nor the average, nor any
price in between, represents the outlay made for the system. The
only thing that does and can represent what the investor has contributed to the value of the property is the aggregate amount which
was paid for the many different items in the perpetual stream of
metamorphosing railroad structures.
A system of valuation for rate-making purposes based on actual,
legitimate investment would have many appealing features.
By
reason of the replacements of units of railroad property which are
continually taking place, such a system wuold tend to adjust itself
to changes in the general price level. But this tendency would be
manifested so gradually and slowly that changes in rates necessitated by value changes could be made without violence or disruption to business or any other interests. Such a system would also
recognize and protect every dollar invested in railroad property,
whether at high prices or at low prices.
Commission's Methods Used in Determining Valuations.
But there are practical difficulties in the way of the adoption of
such a system. As we have already pointed out, there is an almost
complete lack prior to 1907 of the definite and dependable records
which would be esential. In reality, the valuation problem is divided
into two parts, which can be quite clearly distinguished, and the
date when our valuation work under section 19a began marks roughly
the division line between these two parts. Since that date we have
required the carriers to report in detail all property changes and
their costs, and these costs can be verified and checked. If' the
case of all property which came into existence prior to that date we
have an inventory made by our own engineers, but no complete,
reliable information as to original costs. The first part of our
problem, therefore, is to determine upon a fair single-sum value
for this older property. The second part of our problem is to bring
this value down to any subsequent date, in the light of the property
changes since our valuation work began, of which we have complete
reports.
The methods which we have followed in determining the basic
values of the older property have been described at length in our
valuation reports under section 19a. Briefly, we have had before us
the cost of reproduction new of the structural portion of this property estimated on the basis of our 1914 unit prices, coupled with the
knowledge that costs of reprodUction so arrived at were not greatly
different from the actual original costs. We have had complete information as to the depreciation of this property, in other words as
to that portion which in reality had ceased to exist because of the
consumption of service life. We have had complete information as
to the value of the railroad lands, based on the contemporaneous
market values of adjoining and adjacent lands. We have had information, as complete as could be secured, relative to the finalcial and
corporate history of the property, including its past earnings.
We
have further had such information as could be developed with reference to possible appreciation in the value of certain parts of the
property because of better adaptability for use, and with reference
to such other maters as the carriers desired to bring to our attention.
From this accumulated information we have formed our judgment as to the fair basic single-sum values, not by the use of any
formula but after consideration of all relevant facts. In our opinion
these judgments have been reasonably liberal to the carriers. In all
probability they are above rather than below the amounts which
would have resulted if complete records had been available and the
investment theory of valuation had been employed.
But the public,
as represented by the Government, must bear some of the responsibility for the absence of records, and it is fair, under all the circumstances, that the basic valuations should be reasonably liberal.
In more than 400 reports relating to the value of individual
railroad properties we have said:
The estimates of cost of reproduction covered by this report are
based upon what is referred to herein as the 1914 level of prices,
while the present values of the common-carrier lands covered by the
report are based upon the fair average of the normal market value of
lands adjoining and adjacent to the rights of way, yards and terminals
of the carriers, as of valuation date. This discrepancy will be removed when the commission adjusts to later dates, in accordance with
the requirements of the Valuation Act, he final value herein reported.
What we are doing in the instant case is in conformity with our
understanding of this language.
When it comes to bringing these basic valuations so arrived at
down to any subsequent date, however, no good reason appears for
doing more than making the necessary adjustments to reflect the
property changes which have since occurred and which have been
fully reported to us, and to reflect any further depreciation of the
property. By the adoption of such a method of bringing
values
down to date we shall achieve the stability of rate base which
we
have found to be essential to a wise and just plan of public
regulation. The method has the further advantages, also, that it
is simple
and easy of application and involves no great expense
or delay
and that its results are capable of reasonably accurate
forecast. It
insures fair treatment to the investor because a fair return
will be
secured for every dollar that has gone into the project, provided,
of
1902
THE CHRONICLE
course, that traffic is available.
Whatever the price level may be,
however severe the fluctuations, this method will result in yielding a
fair return on every dollar invested and remaining in the property.
This is the greatest assurance which can be held out to prospective
investors. No stronger inducements can be offered in fairnes to all
the interested parties.
It should not be forgotten that the value to be used as a rate base
in the process of public regulation is only one element in the constitutional protection against confiscation of property. The other
element is a "fair return" upon such value.
Paragraph (3) of
section 15a directs us to determine from time to time and make
public "what percentage of such aggregate property value constitutes a fair return thereon," and it is definitely and specifically provided that in making such determination we "shall give due consideration, among other things, to the transportation needs of the
country and the necessity (under honest, efficient, and economical
management of existing transportation facilities) of enlarging such
facilities in order to provide the people of the United States with
adequate transportation." Whatever the rate base, we are enjoined
and required to so adjust the "fair return" that investment in railroad facilities will be encouraged and promoted and the companies
maintained in good credit. If this end be accomplished, there can,
in our opinion, be no confiscation. Moreover, adjustments in "fair
return" necessary to accomplish this purpose can be made much
more readily and with greater justice to all ocncerned than adjustments in "value." The prime requisites for the rate base, as we
think we have made clear, are stability, reliability, and relative ease
of adjustment to property changes.
In this connection it is significant that when the legislation of
1920, of which section 15a is a part, was under congressional consideration there was offered in behalf of the carriers a proposed bill
in which their recorded investment in road and equipment was made
the sole element in the determination of the rate base. It is also
worthy of note that when the legislation of 1920 was under such
consideration a representative of this commission on September 26,
1919, in response to a question, publicly informed the congressional
committee that he knew of no warrant for an assumption "that the
commission will base the value of the property wholly or in part on
present prices."
It has been suggested that while it may be going too far to take
current cost of reproduction as the basic measure of value, some
weight ought to be given to changes in general price levels. Under
the method outlined above we ;do give weight to such changes in so
far as they have been reflected in prices paid for new construction
or replacements, and we value lands at their prevailing market values.
We know of no other way of giving weight to this factor which is
not dependent upon caprice, unless full weight be given under the
current reproduction cost doctrine. There is, in our judgment, no
intermediate process possible which is capable of being applied by
any rule independent of the caprice of those who apply it.
With this general discussion of principles we return to the particular problem confronting us in this case.
St. Louis & O'Fallon Case.
Since it is incumbent upon us to ascertain the value of the property as of the time covered by the inquiry regarding net railway
operating income, we conclude that in this instance we should state
the value found as of December 31, 1920, 1921, 1922, and 1923, the
end of each of the recapture periods now under consideration. We
shall, however, make proper adjustments necessary to take into
account the average changes in property during each of such periods.
In the report of our engineers the costs of reproduction, new and
less depreciation of road, equipment, and general expenditures, exclusive of lands, are stated in the amounts of $927,884 and $678,506,
respectively. The property included in these estimates was that inventoried as of June 30, 1919, to which the 1914 unit prices had been
applied. The actual cost of items included in the inventory, installed between July 1, 1914, and June 30, 1919, exceeded by
$38,843.12 the amount of the estimated reproduction cost new of such
items, as previously explained. In the report of our land appraisers,
the value of the lands devoted to carrier purposes on June 30, 1919,
was shown to be $50,556.25. The evidence, discussed above, shows
that a proper amount to include in the value for rate making for
working capital was $50,000. If the amount stated as cost of reproduction new is added to the values of the three other items, the
sum is $1,067,283.37. If the amount stated as cost of reproduction
less depreciation is substituted for the cost of reproduction new estimate, the sum is $817,905.37.
The capitalization of the O'Fallon and the history of its organization, financing, and results of operation as set forth in the report
of our accountants are not in dispute. That report is supplemented
by the testimony of the carrier's president that when he assumed
management of the property in 1916, he found the earnings good and
the physical property in bad condition. This record does not contain any evidence questioning the accuracy of the detailed inventory
of 1919, made in the field by our engineers, nor disputing the
adequacy of the 1914 unit prices. In the 1919 reproduction cost
new and less depreciation schedules are included as overheads such
general expenditures incident to construction as expenses of organization, general officers, law, stationery, printing, taxes on structures
and interest during construction, which, together with construction
engineering, also included, aggregate 5.5% of the total costs of
reproduction less depreciation estimates.
The inventoried quantities include large amounts added during operation, as a part of
maintenance, which under a different method of valuation might be
regarded as coming under the head of costs of appreciation. Weighing the figures previously mentioned in the light of these considerations and the entire record, and viewing the carrier as a common
carrier in successful operation and with an established business, we
conclude that the value for rate-making purposes of the entire common carrier property of the O'Fallon on June 30, 1919, was
$850,500.
It is urged on behalf of the O'Fallon, in effect, that the value of
its property in 1914 was not less than the cost of reproducing it at
prices then prevailing, and that its value in 1920 was at least its
cost of reproduction at prices prevailing at that time. Our reasons
for disapproving his doctrine have already been given at length, and
even if the cost of reproduction new in 1920 were to be regarded as
a controlling element there is not in the present record evidence
showing what it might have cost to reproduce the property of the
O'Fallon at that time. The only evidence in this respect is that of
the relation of general prices in 1914 and in 1920 and the other
[VOL. 124.
recapture years. Costs of railroad building, owing to improvements
in methods and economies thereby effected, did not vary greatly during
the period of 20 years preceding 1914, although the prices of labor
and material fluctuated. There is no testimony here as to how much
it cost to build any railroad or any substantial part of one in any of
the recapture periods, and for that reason it is impossible to make a
comparison of such costs in the two periods. It is not safe to assume,
as the O'Fallon has assumed, that costs of building railroads have
varied in recent years in direct ratio to the variation in costs of
commodities in general use, or in the costs of materials or labor
generally.
The fallacy of basing reproduction cost upon price curves or ratios
is clearly indicated by the tabulations introduced by the carrier.
As we have shown, a witness for the carrier developed reproduction
costs for the several recapture periods by the use of ratios, using
as a base the cost of reproduction new resulting from the application of 1914 prices to the inventory as shown in the underlying
engineering report. By this method he developed for the O'Fallon
a reproduction cost of road and equipment, not including land, of
$2,112,708 for the period ended December 31, 1920. For the period
ended December 31, 1922, this method developed for the same property, to which had been added in the meantime net additions and
betterments of $125,156, a reproduction cost of $1,471,026, or a decrease of slightly more than 30% in the value base in a period
of tremendous national prosperity during which the business of the
railroads of the country reached new records for volume, with
marked increases in net revenue from railway operations.
Value rests upon a number of elements. The value of the property
of railroads for rate-making purposes, which is constructed to be the
value of property devoted to common-carrier purposes upon which
common carriers are entitled under the law to earn a fair return,
approaches more nearly the reasonable and necessary investment in
the property than the cost of reproducing it at a particular time.
In those cases, of which there are many and of which the present
case is an example, where it is impossible to ascertain and analyze
the actual investment, resort must be had to the application, to complete property inventories, of unit prices derived from actual costs
paid by carriers over a considerable period of years when railroad
construction was being carried on extensively.
1914 Unit Prices Used in Making Reproduction Cost Estimates.
The line of railroad of the O'Fallon, approximately 9 miles in
length, was constructed in the years from 1896 to 1900, both inclusive.
While a satisfactory statement of the carrier's actual investment,
or of the original cost of its property, is not available, much thought
and effort have been devoted by us in our valuation work to determine the costs of building railroads during the years immediately
following the period when this carrier's property was being built.
The results of that study are reflected in the unit prices, which are
herein termed 1914 unit prices, used in making the reproduction
cost estimates of this property. With regard to the reliability of
these unit prices for use in approximating the probable, reasonable,
and necessary costs of constructing railroad properties built prior
to June 30, 1914, we stated in Texas Midland Railroad, supra, at
page 140, the following:
While the commission is not as well informed today as it hopes to
be before the end of its work, we are prepared to state with consider.
able confidence that the cost of producing and equipping a railroad in
most parts of this country on June 30, 1914, was a fair average for
at least the 20 years preceding. There had been many changes during
that period. Some prices had advanced while others had declined. The
cost of labor had somewhat increased, but improved methods tended to
offset this increase. On the whole, the 1914 cost was just about an
average for those previous years during. which the great bulk of the
railroad property then in use had come into existence.
The method which we therefore find logical and proper for determining the value in the subsequent recapture periods is to add to or
subtract from the 1919 value the net increases or decreases in the
investment in property devoted to transportation service as determined from the carrier's returns to valuation order o. 3, with due
regard to the element of depreciation.
Method Applied in O'Fallon Case.
Applying this method the value for the purposes of this proceeding
of the property which the O'Fallon was devoting to the service of
the public during the 10 months ended December 31, 1920, was
$856,055. The amount is composed of the sum of $850,500, which
incldues $50,500, the value of the common-carrier land, and the
amount of $50,000 to cover the amount of the carrier's necessary
investment in a stock of materials and supplies needed as working
capital in carrying on its common-carrier operations during that
period, and further the sum of $4,133, which has been found to
be the net cost of additions and betterments less retirements during
the period from July 1, 1919, to February 29, 1920, and the amount
of $1,432 heretofore shown to be the average net cost of property
added during the 10 months, March to December, inclusive, 1920.
This method produces for the calendar year 1921 as the value of
the property devoted by the carrier to common-carrier service, for
the purpose of this proceeding, $875,360. This amount is composed
of the sum of $856,065, the value for the 10 months ended December
31, 1920, plus $9,327, which is the difference between the average net
costs of property added during these 10 months and the total amount
thereof which remained as an investment in the property on December )-, 1920, and plus the amount of $9,968 heretofore shown to be
the average net cost of property added during the year 1921.
By the same method the value of the property, for purposes of this
proceeding, for the year 1922 was $978,874, and for the year 1923
was $978,246.
The values stated are the values of the railway property held for
and used in the service of transportation by the O'Fallon during
the periods designated, and they constitute the bases upon which the
net railway operating income in excess of 6% for each of such
periods is to be computed. In determining these amounts the property
valued is regarded as an instrument of transportation, employed in
performing common-carrier service.
It was stipulated at the hearing that the amount of net railway
operating income of the carrier for each of these periods might be
entered in the record when determined and agreed upon by our
bureau of accounts and the carriers. Such agreement has been
reached and the following amounts entered in the record, with the
carrier's approval, stated to be the amounts of net railway operating
income of the carrier: For the period March to December, inclusive,
1920, $$147,519.89; for the year ended December 31, 1921, $182,726.73;
for the year ended December 31, 1922, $165,123.47; for the year ended
APR. 2 1927.]
THE CHRONICLE
December 31, 1923, $147,653.98. The net income for the year 1923
as agreed upon must be modified by the addition of the amounts previously referred to as being excessive and improper charges to operating expenses during the year. These charges amounted to $21,450,
and this sum added to the $147,653.98 agreed upon results in $169,103.98, which sum is found to be the net railway operating income of
the O'Fallon for the year ended December 31, 1923, for the purposes
of this proceeding.
Our order of January 16, 1922, giving instructions for the computation of excess income for the portion of the year ended December
31, 1920, provided that such income should be preliminarily fixed as
the income in excess of such proportion of 6% on the value of
the rail.way property held for and used in the service of transportation as the net railway operating income for the corresponding
months of the test period bore to the total net railway operating
income for that period. The carrier accepted this rule is a proper
one it its case, and submitted computations showing that the rate to
be applied would be 4.7103%. Our bureau of accounts' computation, which was based upon revised figures of income, indicates a rate
1903
of 4.76178%. In computing the excess income for the recapture
period of 1920, the latter is used.
We find that the values of the property of the O'Fallon, and the
net railway operating income of said carrier, for the period March to
December, inclusive, 1920, and for the years 1921, 1922, and 1923,
determined for the purposes of the recapture provision of section
15a of the interstate commerce act are as stated herein.
We further find that the excess income of the O'Fallon subject to
recapture during the periods stated, computed on the basis of the
valuations and net railway operating income heretofore found, are
as follows: For the period March to December, inclusive, 1920,
$106,755.96; for the year 1921, $130,205.13; for the year 1922, $106,391.03; for the year 1923, $110,409.22. Of this excess, one-half, or
for the period March to December, inclusive, 1920, $53,377.98; for
the year 1921, $65,102.56; for .
the year 1922, $53,195.51; and for
the year 1923, $55,204.61, should be paid to the United States and the
remaining one-half placed in a reserve fund by the O'Fallon te the
extent required by the provisions of section 15a of the interstate
commerce act.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, April 1 1927.
Wholesale trade is smaller than at this time last year.
The key industries of the country are as a rule not so active
as then. The cotton textile mills are an exception, with
some North Carolina mills running night and day. It would
be difficult in any case to measure up to the level of a year
ago in other industries; that mark was very high. So for
the first quarter of the year there is a letting down. It is
not by any means serious. And here and there during the
past week trade, favored by more seasonable weather, has
Increased somewhat over that of recent weeks. There is
a gain in recent car loadings, which need not be minimized,
much less ignored, despite the fact that coal traffic in anticipation of the strike counts for considerable in the total.
Iron is quiet and steady, with the output still large. Steel
is somewhat irregular and recent prices do not in all cases
appear to be rigorously maintained. The production, too,
is not much below the high totals of a year ago. Other
metals on the whole have been somewhat lower. In wool
a rather larger business is reported in Boston of late, but
the trade is anything but active, despite the activity and
firmness of foreign markets, notably London. Lumber sales
have increased somewhat and some kinds of pine have advanced at Chicago. Less buying of radio sets is reported.
The millinery business is brisk. The demand for fertilizers
Is smaller than a year ago. The cotton belt, it is estimated,
will use 30% less and in some parts the decrease will be, it
seems, even greater. The lowest prices seen for months
prevail for hogs at Chicago. Cattle and sheep are higher.
The soft coal strike in the Central West began at midnight on Thursday. It may last for some months. But
stocks are large and non-union mines are producing quite
freely. Operators had refused to renew the wage agreement on the ground that they could not do so and remain in
business. The Government estimates of the quantity of
bituminous coal above ground crystallize around 80,000,000
tons, with the season at hand when the demand for fuel is
not so imperative. Railroads have large stocks. Latterly
there has been less demand for soft coal without affecting
the price. A good business has been done in electrical
material and implements.
Wheat prices have advanced slightly and to-day there
was a big export business, amounting to 1,500,000 bushels.
What is more, much of it was our spring and red winter
wheat, with some durum. The price in the United States
Is at a parity which compares very favorably with that of
foreign competitors for the European market. This. was
apparently ignored for a time, but to-day, to all appearances,
told. The weather of late has been in the main favorable
in the wheat belt and the crop is doing well. That is made
plain by private crop reports issued to-day, pointing, on
the average, to a winter wheat yield of 582,000,000 bushels.
There is a better export demand, however, not only for our
red and spring wheat, but for other grain, with some foreign inquiry for oats and barley. Corn has declined to a
new low level for the season. And Eastern concerns are
selling it at below Chicago prices, with supplies at terminal
markets very large. The domestic industrial and other
consumption make no serious inroads on this supply and
possibly the decline has not yet culminated, though to-day
there was an advance in company with the rise in other
grain. There is a good cash demand for oats for these
times, but the trouble is that it is not so large as formerly,
since the use of tractors and auto trucks has cut down consumption, as they partly eliminate horses on the farm and
in town. There Is a steady export demand for rye and at
times it has shown more firmness than any other grain.
Cotton advanced owing to cold, wet weather at the South
and some fear that the acreage reduction may, after all, be
larger than has been generally expected. One estimate today showed a decrease of 16.3%, or something over 8,000,000 acres. A Chicago estimate on Thursday was a little
under 9%. Both, of course, were purely tentative. It is
too early to get any really trustworthy information on this
important matter. There seems no doubt, however, that the
use of fertilizers in the cotton belt will be reduced sharply,
even on old lands which need them. And as to the acreage,
the banks and merchants in some States are reported to be
less inclined to grant credit this year to the farmer, so that
he may be forced to reduce his planted area, whether he
wishes to or not. Certainly he ought to diversify his crops
and abandon the one-crop idea of farming. A new feature
in the cotton situation is the fear of boll weevil ravages
this season after an exceptionally mild winter at the South,
which has favored the hibernation of the pest. The speculation in the meantime remains in abeyance. The reported
failure of a real estate concern at Atlanta yesterday made
an unfavorable impression in the cotton trade. Coffee advanced for a time on rumors that the Defense Committee of
Brazil would restrict the receipts of Rio and Victoria coffee at Brazilian terminal markets. But prices ended
slightly lower than a week ago and there was a rumor today that so far from reducing the daily receipts at Rio they
may be increased. Sugar has declined slightly, with only a
light demand. Refiners and their customers are alike adhering rather rigorously to the policy of buying from hand
to mouth. More Cuban mills, however, have ceased grinding
and stocks held by consumers, whether refiners or their
trade, may be pretty well depleted. In other words, the
situation in the sugar trade is rather unusual at this season
of the year, and possibly the consumer may be sailling a
little too close to the wind. California petroleum to-day
declined to $1.36, following recent cuts in gasoline, and
with a prospect of a marked increase in the crude oil output. The average grade was reduced about 50 cents. It is
due to an oversupply of crude oil and of reduced prices for
gasoline, which since March 11 1926 have fallen about 6
cents per gallon.
Stocks have been irregular, declining and then rallying,
with money easier to-day and new highs and new lows for
the year in various industrial stocks. Railroad shares
rallied, despite the valuation decision. Oil stocks fell,
owing to declines in California crude oil. Money was at
41
h%. The recent declines in stocks seem to have been
nothing more than a natural reaction after a protracted
advance. Railroad earnings make a good exhibit. London
was somewhat lower to-day, on the eve of the settlements,
but, as in New York, so in London, a downward tendency of
money rates had a bracing effect.
The Chinese situation is to all appearances becoming
more menacing. It seems that recent occurrences at Nanking were of a much more serious sort than was allowed
to become known at the time. It appears that the dispatches had to be expurgated. A British note to-day calls
on the Chinese to pay in full for looting and to make apologies to all Governments. China undoubtedly must be made
to understand very clearly, so far as this country is con-
1904
THE CHRONICLE
cerned, that the United States will not submit to murder,
injury and spoliation of her nationals and that a stern
reckoning will be demanded and enforced for such violations of natural law.
The Pacific mills are operating its Lawrence, Mass.,
division at 80% of capacity; also the print works division
at 70% and the Lyman bleachery at two-thirds capacity.
The Lawrence cotton department is running at full capacity
in the spinning department. The weaving department is
running overtime at approximately 110% of full capacity.
At Dover, N. H., looms are at 145% and spindles at 115%.
At Columbia, S. C., the looms are operating at 135% and the
spindles at 130%. At Lyman the looms are operating at
135 and the spindles at 160%. At Lowell, Mass., things look
better at the worsted mills. Operatives from the idle
Uswoco ma's- at Lawrence are being added to workers in
the Belvedere section. Of the worsted mills, most are
working close to capacity. The closing of the Bay State
mills of the American Woolen Co. was a severe blow to
Lowell. The Amoskeag Manufacturing Co., it is stated, is
not at present planning any reduction in wages. A committee of nine operatives from the cotton, worsted and
mechanical sections of the Amoskeag company will confer
with Agent W. Parker Straw next Wednesday regarding
the wage agreement which expired on March 31.
Manchester, England, cabled that the Lancashire Cotton
Yarn Association had sent a recommendation to its members that they close their mills during the week of April
11-18. This recommendation is made to strengthen prices
and promote business.
Wholesale trade fell off 6% in February. Output of raw
materials also fell off. Montgomery, Ward & Co.'s mail
order sales in March fell off to $17,892,739, as against $18,365,921 in March last year. The total for the first three
months this year is $45,233,923, against $48,377,587 in the
same time last year. Sears, Roebuck & Co.'s sales in March
increased 5.7% over those of March last year, reaching a
total in March this year of $23,254,260. In the first three
months of the year the total is said to have reached $66,800,802, against $66,009,868 for the same period last year. At
the carpet auction here to-day by Alexander Smith & Sons
144,000 bales will be offered; 1,000 buyers are said to be
here for the sale.
The weather was clear and cool here after light snow on
the 26th and 27th ulta On the 28th it was 30 to 48 degrees;
in Chicago 38 to 42, in Cincinnati 42 to 50, in Cleveland 34
to 36, in Milwaukee 38 to 44, in Montreal 38 to 44, Philadelphia 44 to 50, in Boston, 40 to 46, in Minneapolis 42, in
Winnipeg 30 to 38, in New Orleans 70 to 76. On the 29th
ult. the temperature here was 36 to 51, at Chicago 50. Today the range was 39 to 44.
Federal Reserve Board's Summary of Business Conditions in the United States-Increase in
Industrial Output.
Industrial output increased further in February and was
slightly larger than a year ago, and distribution of commodities by the railroads was larger than for the corresponding period of any perious year says the Federal Reserve
Board in its monthly summary of business conditions in the
United States, issued under date of March 27. The Board
states that the general level of wholesale prices continued to
decline and was in February at the lowest level since the summer of 1924. The board further summarizes conditions as
follows:
PrdductiOn.
Production of manufactures increased In February for the second consecutive month,and the output of minerals, after declining in January, advanced
once more In February to the record level reached last Decemoer. Factory
production and employment, however, continued smaller than during
the corresponding month of last year. Production of iron nd steel has
increased steadily since December and reports indicate that operations of
steel mills in March were at almost the same high rate as in March 1926.
Automobile production increased from 234,000 cars in January to 298,000
cars in February, and weekly figures of employment in Detroit factories
indicate some further additions to production in March. but output has
continued much smaller than a year ago. Daily average consumption of
cotton by mills in February was larger than in any previous month on
record, but activity of woolen and silk mills decreased as compared with
January.
Production of bituminous coal has been maintained in large volume, while
that of anthracite has been considerably reduced. The output of ouilding
materials was smaller during the first two months of this year than in the
ccrresponding period of 1926. The value of building contracts awarded in
Feoruary was 3% smaller than in the same month of last year, but a wards
for the first three weeks in March were in approximately the same volume
as in 1926. Contracts in Southeastern and Northwestern states have been I
considerably smaller than a year ago, while those in the Central West have
been much larger.
[VOL. 124
Trade.
Retail trade showed less than the usual seasonal decline between January
and February. Sales of department stores and chain stores were larger than
in February of last year, while those of mail order houses were smaller.
Wholesale firms reported a smaller volume of business in February than a
year ago, and tills decline occurred in nearly all leading lines. Inventories
of department stores increased in February in anticipation of the usual
expansion in spring trade, but the growth was less than is customary at this
season and at the end of the month stocks were slightly smaller than a
year ago. Stocks of merchandise carried by wholesale firms also increased
in February, but they were generally smaller than in the corresponding
month of last year.
Railroad shipments of commodities have increased steadily since January
by more than the usual seasonal amount and have exceeded those for the
same period last year, owing to larger shipments of coal, of miscellaneous
commodities, and of merchandise in less than car-load lots.
Prices.
Wholesale prices, according to the index of the Bureau of Labor Statistics,
continued to decline in February. Among non-agricultural products
decreases occurred in the prices of ccal, petrdsum, iron and steel, nonferrous metals, and lumber, and the index for non-agricultural prices as a
group was at the lowest post-war level. Prices of livestock and livestock
products and of 1 thing materials advanced in February. During the first
three weeks of March there were decreases in prices of grains, livestock,
sugar, silk, wool, coal, petroleum, and gasoline, while prices of potatoes,
pig iron, bides, and rubber advanced.
Bank Credit.
Demand for commercial credit at member banks in leading cities increased
seasonally between the middle of February and the middle of March.
There was also growth in the volume of funds used in the security market as
indicated by increases in loans to brokers and dealers in securities. Consequently total loans of the reporting banks at the end of the period were
close to the level of last autumn.
Financial operations of the United States Treasury around the middle of
March, with disbursements temporarily In excess of receipts, resulted in a
temporary abundance of funds which was reflected at member banks In
leading cities in a growth of deposits, in reduced indebtedness at the reserve
banks, and in increased holdings of securities.
At the Reserve banks, following changes in holdings of bills and securities accompanying the fine nciai operations of the Treasury, the total volume
of credit outstanding on March 23 was somewhat larger than four weeks
earlier.
Conditions in the money market in March were slightly firmer than in
February. Rates on,prime commercial paper advanced from 4% to 4
and call money was also higher, while rates on acceptances declined somewhat.
Business Indexes of Federal Reserve Board.
The Federal Reserve Board's new index of industrial production, together with index of manufactures and minerals
and indexes by groups for manufactures and by individual
products for minerals (as made public April 1), are given
below. A description of this index and monthly figures from
1919 to date appeared in the Federal Reserve "Bulletin"
for February and March 1927.
INDEX OF INDUSTRIAL PRODUCTION.
(Adjusted for seasonal variations. Monthly average 1923-25=100.)
1927 1927 1926
Feb. Jan. Feb.
Total
Manufactures
Minerals
108
106
120
MineralsBitumlnous
Anthracite
Petroleum
Iron ore
Copper
Zinc
Lead
Silver
130 122
9.5
98
124 120
(z)
(z)
110 115
114 116
119 *117
97 *100
106
104
117
1927 1927 1926
Feb. Jan. Feb.
107
Manufactures
109 Iron and steel
98 Textiles
Food products
Paper and printing.114 Lumber
34 Automobiles
99 Leather and shoes.,_
(r) Cement, brick. glass_
.
109 Nonferrous metals_ .
119 Petroleum refining___
118 Rubber tires
99 Tobacco manufacee__
111 106
106 *107
92
93
114 *114
95
93
99
92
99 *96
97
95
113 117
135 *135
115 117
113 114
113
104
94
113
110
118
94
113
109
117
112
109
INDEXES OF EMPLOYMENT AND PAYROLLS IN MANUFACTURING
INDUSTRIES.
(Not adjusted for seasonal variations. Monthly average 1919=100.)
EMPLOYMENT.
PAYROLLS.
1927
Feb.
1926
Feb.
1927
Feb.
1927
Jan.
1926
Feb.
93.6
90.1
96.9
98.5
94.7
91.7
79.2
117:3
109.0
84.9
88.9
110.1
79.0
77.8
Total
Iron and steel
Textiles-group
Fabrics
Products
Lumbr
Railroad vehicles
Automobiles
Paper and printing
Foods, &c
Leather, &o
Stone, clay, glass
Tobacco, dm
Chemicals. &c
1927
Jan.
92.4
88.7
95.2
97.6
92.2
92.6
79.8
104.2
108.8
85.1
88.5
109.6
73.5
77.6
97.0
93.5
97.4
97.6
97.2
98.6
85.7
133.0
106.7
85.7
89.5
114.6
84.2
77.0
108.5
98.7
111.0
111.7
110.3
102.6
89.3
140.2
150.8
99.3
95.6
136.8
79.2
108.9
101.9
93.8
105.3
107.6
102.6
100.6
84.6
94.1
150.3
99.3
90.0
129.5
76.2
107.0
111.5
101.7
110.2
109.0
111.5
111.0
91.9
166.3
144.9
99.8
94.2
140.1
84.0
102.8
INDEXES OF WHOLESALE AND RETAIL TRADE.
WHOLESALE TRADE.
RETAIL TRADE.
1927 1927 1926
Feb. Jan. Feb.
Total
Groceries
Meat__
Dry goods
Shoes
Hardware
Drugs
1927 1927 19261
Feb. Jan. Feb.I
Dept. Store Sales
Adjusted
138
Unadjusted
106
Dept.Store Stocks
Adjusted
130
Unadjusted
130
Mail Order Sales
Adjusted
118
Unadjusted -i107
'No figures available for these months.
•Revised.
73 *75
68 *74
73 *77
79
72
53
45
82 *80
104 *112
76
71
75
85
50
87
110
131
114
135
104
139
123
140
131
110
107
122
III
APR. 2 1927.1
THE CHRONICLE
1905
Monthly Business Indexes of Department of Commerce prospect of a walkout without serious misgivings. Unless the strike lasts
much longer than is generally believed, or unless the non-union fields be—February Output of Raw Materials Lower than
come involved to a considerable extent, there is little reason to fear that
the business of the country as a whole will be greatly affected.
January.
Presenting on March 30 its monthly indexes of production, commodity stocks and unfilled orders, the Department
Loading of Railroad Revenue Freight Again Exceeds
of Commerce says:
One Million Cars.
Production.
For the second consecutive week this year, loading of
The output of raw materials in February was smaller than in January,
but greater than a year ago, increases over February. 1926, being registered revenue freight for the week ended on March 19 exceeded
in all groups, except forest, products, which declined. Manufacturing the million-car
mark, the Car Service Division of the
production, after adjustment for differences in working time, was greater
than in January, but showed a decline from February, 1926. As compared American Railway Association announced on March 29.
with last year, all groups showed smaller output except textiles, leather, The total for the week of March 19 was 1,006,861
cars, anchemicals and oils, stone and clay products, and tobacco, which increased.
increase of 29,843 cars over the corresponding week last year
As compared with the preceding month, with no allowance for differences
in working time, decreased output was registered in foodstuffs, textiles, and an increase of 95,380 cars over the corresponding
Iron and steel, nonferrous metals, paper and printing, chemicals and oils week in 1925. The total for the
week of March 19 exceeded
and tobacco, other groups either increasing or showing no change.
by 1,146 cars the preceding week, the increase being due
Commodity Stocks.
almost entirely to the heavier movement of miscellaneous
Stocks of commodities held at the end of February, after adjustment for freight.
Miscellaneous freight loading totaled 370,871 cars,
seasonal variations, were greater than in either the previous month or a
year ago, the increase over the preceding month being solely due to larger an increase of 14,914 cars over the week before and an inholdings of raw foodstuffs, other groups declining or showing no change. crease of 17,124 cars above the same week last
year. ComAs compared with last year, all groups of commodities were held in larger
pared with the corresponding week two years ago, it was
quantities except manufactured foodstuffs, which showed no change.
an increa e of 24,766 cars. Coal loading for the week of
Unfilled Orders.
March 19 totaled 206,452 cars, an increase of 23,247 cars
Unfilled orders for manufactured commodities, principally iron and steel
and building materials, showed an increase over the previous month, an over the same week last year and 65,706 cars ubove the
advance in bulld.ng materials being more than sufficient to offset the corresponding week in 1925. Further details follow:
decline in iron and steel. As compared with last year, the index of unfilled
orders was lower, with each group showing the same general trend.
The index numbers of the Department of Commerce are given below:
Jan.
1927.
Production (!ndar Numbers; 1919=100)—
Raw materials—total
Minerals
Animal products
Crops
Forestry
Manufacturing, grand total (adjusted)
Total (adjusted)
Foodstuffs
Textiles
Iron and steel
Other metals
Lumber
Leather
Paper and printing
Chemicals and oils
Stone and clay products
Tobacco
Automobiles*
Miscellaneous
Commodity Stocks (Index Numbers: 1911100).(Used.)
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
(Adjusted for seasonal element)—
Total
Raw foodstuffs
Raw materials for manufacture
Manufactured foodstuffs
Other manufactured commodities
Unfilled Orders—
Total (1920=100)
Iron and steel
Building materials
*
ilncluded in miscellaneous group.
Feb.
1927.
Feb.
1926.
122
147
111
121
97
117
117
103
115
127
167
122
79
119
198
90
115
147
105
108
139
99
102
99
127
118
91
113
124
149
125
83
106
178
90
107
197
124
92
113
95
79
114
130
121
94
106
129
152
145
77
113
164
85
106
188
132
189
272
191
70
197
193
299
176
69
197
166
237
163
69
175
183
256
179
70
201
186
277
177
67
196
164
227
163
74
174
47
38
84
48
36
94
. 57
44
110
Guaranty Trust Co.Sees Increasing Industrial Activity.
The rate of general business activity has continued its
gradual advance during the last few weeks, while in several
basic industries the expansion has been very pronounced,
states the current issue of the "Guaranty Survey," published March 28 by the Guaranty Trust Co. of New York.
The "Survey" continues:
These developments have strengthened confidence in the fundamental
soundness of present conditions and in the outlook for a continuance of
active business for the next few months. It remains true, however, that
the volume of trade for the country as a whole appears to be somewhat
smaller than a year ago. On the whole, business seems to be responsive to
the normal seasonal influences, with the likelihood of some summer reaction
later, and of a further advance in the autumn probable. In spite of some
expansion in commercial loans, a large volume of new security offerings
and an increase of loans in the security market, money rates have risen
only slightly and there appears no indication of a tightening money market.
As a measure of current commercial activity, the first million-car week of
freight loadings was reported for the second week in March, two months
earlier than this figure has ever before been reached.
Increasing Industrial Activity.
Among the leading industries, the most significant trend is that of iron
and steel manufacture, in which the present rate of activity is nearly, if
not quite, the highest in the history of the industry. The situation in the
automobile industry is also encouraging, despite a few recent price reductions by manufacturers. Although the February total of production is
smaller than that of a year ago, this is reported to be wholly due to the
restriction of output by one leading producer in anticipation of changes in
models. Most of the large manufacturers are operating at capacity.
Buoilding activity showed a distinct gain in February, new construction
undertaken during the month having been somewhat larger than the total
for February 1926. The increase, however, was confined to a few large
cities, with the rest of the country reportink a small reduction.
Coal production and shipments continue to reflect the general anticipation of a strike on April 1 and the stability of prices indicates that the
market has thoroughly discounted the possible effects of a suspension of
mining. Railways, public utilities and industries generally have been
building up coal reserves for some time, and are apparently facing the
Loading of merchandise and less
-than-carload-lot freight for the week
totaled 269,465 cars, an increase of 3,827 cars over the corresponding
week last year and 10,369 cars above the same week two years ago.
Grain and grain products loading totaled 38,384 cars, a decrease of
2,098 cars under the corresponding week last year but 4,102 cars above
the same week in 1925. In the western districts alone, grain and grain
products loading totaled 23,539 cars, a decrease of 930 cars under the
same week last year.
Livestock loading amounted to 27,009 cars, a decrease of 2.437 cars
below the same week last year and 979 cars below the corresponding week
in 1925. In the western districts alone livestock loading totaled 20,769
cars, a decrease of 2,052 cars under the same week last year.
Forest products loading totaled 71.771 cars. 7,469 cars below the same
week last year and 7,330 cars under the same week in 1925.
Ore loading amounted to 10,720 cars, 221 cars below the corresponding
week in 1926 and 1.409 cars below the same week two years ago.
Coke loading totaled 12,189 cars, a decrease of 2.130 cars under the
same week last year. but 155 cars above the same week two years ago.
All districts except the northwestern reported increases in the total
loading of all commodities compared not only with the corresponding
week in 1926, but also with the same week in 1925.
Loading of revenue freight this year compared with the two previous
years follows:
1927.
1926.
1925.
Five weeks in January
4,524,749
4.428,256
4,456,949
February
Four weeks in
3,823.931
3,677,332
3,623,047
Week ended March 5
994,931
965.009
932,044
Week ended March 12
1,005,715
967.425
926.119
Week ended March 19
1.006,861
977,018
911,481
Total
11,356,187
11,015,040
10.849.640
Definite Improvement in Business Noted by Franklin
Fourth Street National Bank of Philadelphia.
According to the April letter ("Trade Trends") of the
Franklin Fourth Street National Bank of Philadelphia
"business has moved into April upon the inclined path of
definite improvement. The arrival of Spring" says the
bank, "has brought unmistakable stimulation for numerous
important lines. Industrial production and consumption are
expanding, employment is gaining, and agricultural and other
out-of-door work is getting under way. In general, it is true
that underlying conditions are sufficiently sound to permit
of a normal reaction of business to the quickening processes
of the season."
Continuing the letter says:
Not oily has business been moving forward since the first of the year,
but it has been moving at a pace comparable with that of one year ago.
Some measures of activity fir the first three months actually show gains over
the corresponding period of 1926. Among these are gasoline consumption,
cotton consumption,car loadings,coal production and retail trade,excluding
mail order sales which have declined. In February, bank clearings and pig
iron production exceeded their totals for that month in 1926.
Although automobile production and building have been running below
their levels of the Spring of 1926, both are improving. Motor car output
Is making rapid strides forward for many companies. Seasonal expansion
of building has brought an enlarged demand for construction materials.
Textile mill operations are more active. Although the strike of union
bituminous coal miners long has been scheduled for April 1 business has
not been disturbed by the prospect because of large supplies of coal available.
One development of favorable significance has been the appearance of a
firmer price structure. This has come, following rather pronounced declines in the early weeks of the year. One important index, Bradstreet's.
actually has turned up a trifle. The Bureau of Labor Statistics
report
March 17 shows a fall of only one-third of one per cent in a month. Iron
and steel average prices steadied and recovered after a 3% drop since
the
first of the year. Cotton and rubber are above their recent low poluts.
Agricultural products are more than holding their own, there being a small
recent gain in the purchasing power of farm products.
One factor of importance is that of easy money. The offering of new
short-term treasury certificates bearing 334 and 331% and running
only
six to twelve mouths is taken as an indication of the Government's belief
in
the continuance of low money rates for some months to come. Low money rates constitute a braving element for business.
1900
[Vox.. 124.,
THE CHRONICLE
for new buildings of
W. Burke:Hirition Sees Possibility of 1927 Exceeding tween 1924 and 1925, all kinds in 272 identical cities increased 0.1% beand the costs 18.6%.
1926 Building Record-Automobile as Factor
Based on the costs of material and labor, the Bureau fund that in 1925
building in general cost 21 times as much in 1925 as in 1914. Pemait
/
2
in Building Expenditures.
figures are available for 130 cities back to 1914. In these cities 21 times
/
2
According to the Harmon National Real Estate Corpora- as much building was done in 1925 as in 1914. This means physical contion figures showing that the volume of new building in this struction, not valuation. In the same interval population in these cities
"country last year was'almost half a billion dollars less than increased 24%. It is believed that the building shortage of the war
period has more than been made up with more new building being done
the value of new automobiles sold indicate no probability than necessary to meet normal needs, this conclusion being based on the
decline in building activity, as some have assumption that the building done in 1914 supplied the needs of that year.
of any ireat
expected for 1927. The corporation notes that• the retail
value of new automobiles sold in 1926 was $4,077,400,000,
not including the value of extra parts, tires, and accessories, Volume of Wholesale Trade in New York Federal
Reserve District in February Below That of a
which amounted to $1,500,000,000 more,and that the total
Year Ago.
value of all the new building in the country, commercial as
In its summary of wholesale trade, the Federal Reserve
well as residential, amounted only to $3,644,053,000. The
amount spent for new building was actually less than half Bank of New York, in its April 1 "Monthly Review," states
Reports from dealers in 15 lines of wholesale trade in this district con
of the total sum spent in the United States on automobiles,
if new parts, accessories, and the cost of oil and gasoline are tinned to show a smaller aggregate volume of business than a year ago,
although decreases in several lines were less marked than in the report
included. Just as the "saturation point" predicted ten years for January.
An exception to the general tendency was the shoe trade, where a large
ago in automobile sales is not even yet in sight, so most of
Increase occurred
the slow business of January,
the views regarding the country's building needs err on the the largest for the following February in four years. Dollarand sales were
month of
sales of cotton
side of conservatism, according to W. Burke Harmon. It goods and silk goods remained smaller than last year, and decreases continued to be reported also in groceries, stationery and jewelry.
is even possible that 1927 will exceed the extraordinary
Drug
increase since last September,
building record of 1926. Mr. Harmon on March 26 further diamondsales showed the first year-to-year compared more favorably with
sales, though still slightly smaller,
Observed:
a year previous than in several months, and sales of hardware and machine
Automobile sales are one of the best indexes of the growing national
Income. In addition, they accurately indicate the very large amount of
money available for new building purposes.
No country that spends twice as much for vehicles as for new building
can be overbuilt. Most of the surveys of probable building activity for
1927 have failed to take into consideration a very important factor-the
replacement business. With one automobile registered for every five
persons in the country, the automobile manufacturers are finding the
replacement business one of their most profitable avenues of sales. The fact
that a family already owns an automobile indeed makes it a better prospect
for the purchase of a new one.
Similarly, the replacement of old buildings is coming to have a much
larger place in the national building activity. The average life of a skyscraper was formerly estimated at 25 to 35 years. This period Is being
shortened, owing to the rising value of land and the increasing need of
buildings that will provide the maximum return on the investment. In
many parts of New York-Broeklyn, for instance-the life of smaller
buildings has been cut to 12 or 15 years. Many city homes built only 15
years ago are already being torn down to make room for apartments.
. The American, who spends lavishly every year to provide himself with the
latest improvements in automotive transportation, is spending just as
lavishly to secure the newest conveniences in office and residential facilities.
Our cities are literally being torn,down and rebuilt in order to make them
conform to the new living standards set by the tremendous increase in our
national wealth. The automobile is more of a factor in building expenditures than many realize. Often a family will purchase an automobile, for
Instance, In order to secure week-end freedom from their city dwelling.
After they have used it for a few months, they discover that what they
really desired was not the automobile itself, but rather the fresh eir and the
country side to which the machine gave them access. Thus they immediately become prospects for the purchase of a suburban home. One
more step. has occurred in the replacement process.
-just as vacancies are being
The old home may be for awhile vacant
reported to-day in antiquated apartment houses and office buildings. This
-any more than old automoby no means indicates an overbuilt condition
biles'standing around auction rooms mean that the Detroit manufacturers
sales: It means, rather, that we are junking our old out,are curtailing
moded conveniences and building anew. In consequence the general
building record of 1927 should fully equal the figures of last year. A much
larger proportion of the new building will probably consist of residential
structures than for several years previous, because ofthe fact that residential
has 'long been lagging behind commercial building. One of the most
Interesting aspects of this tendency is the recent decline in the suburbs of
purely speculative sales,'which are of no ultimate benefit to the conununity,
and the increasing purchase of property by homeowners who intend to start
building immediately.
tools were close to those of February 1926.
The value of cotton goods stocks held by jobbers remained considerably
smaller than a year ago, and grocery stocks also continued smaller. Shoe
stocks showed the first increase since last summer, and stocks ofsilk goods,
hardware and diamonds and jewelry continued somewhat larger than a
year previous.
Percentage Change
Percentage Change
Feb. 1927 from
Jan. 1927.
February 1927 from February 1926.
Commodity.
Groceries
Men's clothing
Women's dresses
Women's coats dr sults-Cotton goods
-Jobbers_ _ _
" Commission
Silk goods
Shoes
Drugs
Hardware
Machine tools
Stationery
Paper
Diamonds
Jewelry
Weighted average
* Quantity not value.
Net
Sales.
Stock
End of
Month.
Net
Sales.
Stock
End of
Month.
-0.3
-6.0
-5.5
-9.3
-11.4
+89.3
•
-23.5
+9.4
+51.3
-6.2
+34.0
-6.0 -1- 77
6
-1.4
-17.7
+3.8
+--7.8 • 4A
+31.6 +17.4 +16.4
+6.0
+4.9
-5.7
+11.4
-0.3
+16.6
-1.8
-4.3
_
-6.8
-9.2
_
+3.3
-3.71
-2.91
+21.91 +7.6 -20.6f +6.2
+22.5
-6.6
Collections.
Accounts
Reedy
able.
-8.3
-3.7
-9.0
-3.6
-14.4
-11.7
-15.4
+16.6
+4.2
-OA
+19.4
-3.0
-4.0
-2.3
-5.3
-4.0
Substantial Increases in Chain Store Sales Reported
by Federal Reserve Bank of New York.
The Federal Reserve Bank of New York in its April 1
"Monthly Review of Credit and Business Conditions" states
that "substantial Increases in sales were reported in most
lines of chain store trade in February, and the average increase of 15% for all lines was the largest since November."
It adds:
Ten cent stores reported the largest increase since last summer, and
tobacco, shoe, variety and candy store systems reported more favorable
comparisons with a year ago than in January. The increases in sales of
grocery and drug chains, though among the largest reported in February,
were smaller than in other recent months. The rate of expansion in the
number of units operated is less rapid than at this time last year Ina majority
of lines, and sales per store average considerably larger.
Review of .Building Construction in 1925 by United
States Department of Labor.
Percentage Change
February 1927 from February 1926.
In a study made in 274 cities by the Bureau of Labor StaType of Store.
Number of
Total
Sales Per
tistics of the United States Department of Labor it has been
Stores.
Sales.
Store.
found that'in 1925 64.7 cents out of every dollar expended
Grocery
+8.7
+16.0
+6.7
for new blinding eonstruction were spent for residential Ten cent
+12.6
+7.9
+4.3
Drug
+18.4
+27.9
-7.5
buildings, including hotels, as against 35.3 cents for new Tobacco
+4.0
+7.5
+3.3
+10.5
+12.9
non-residential buildings. One-family dwellings made up Shoe
+2.1
Variety
+15.5
+29.8
+12.3
total number of new buildings and 28.2% of Candy
41.7% of the
+5.3
+1.3
-3.8
the total building costs. Two-family dwellings constituted
Total
+8.5
+15.4
+6.3
6.9% of .all buildings and 8.5% of all costs. Apartment
houses, each built to accommodate three or more families, Department Store Sales in New York Federal Reserve
were 3.0% of all new buildings, but made 20.6% of all costs.
District Irregular-Increases in Points Outside
One-family idiVellings had an average cost each of $4,567,
New York City.
two-family dwellings $8,369, and apartment houses $46,928.
The April 1 "Monthly Review of Credit and Business ConThe 342 hotels had an average cost of $502,333 each. The ditions" by the
Federal Reserve Agent at New York will
Bureau, under date of March 12, also says:
contain the following item on department store business.
Private garages comprised 37.1% of all new buildings erected, but only
2.3% of the total cost of all buildings, the average cost being only $422. While stating that "sales of New York City department
A.' total of 1,248 churches and 1,047 amusement buildings were built, but stores were very irregular in February, and on the average
$53,437,806 were spent for churches and $116,283,961 were spent for were about
the same as a year previous," the Federal Retheatres and ether amusement buildings. Schools and libraries were built
in these 274 cities to the numbered 1,038, with a total cost of $163,027,827. serve Bank of New York in its April 1 "Monthly Review"
pie number of families provided for by new dwellings in 272 identical notes that "In most other sections of this district, however,
cities Increased from 455,775 in 1924 to 507,096 in 1925. Of these families sales compared much more•favorably
with those of a year
previded for by new construction 29.5% were taken care of in 'apartment
houses in 1924 and 33.8% in 1925. The entire number of permits issued ago than they did in January. According to the Bank,
APR. 2 1927.1
THE CHRONICLE
Westchester stores continued to report large increases, and
the average gain in Newark stores was the largest in recent
months. Increases following January deereases were reported in Rochester, Syracuse, northern New York State and
the Hudson River Valley district.
Apparel store sales
showed the largest increase since November." It adds that
"stocks of merchandise in department stores remained
smaller than a year ago, so that the rate of stock turnover
was slightly higher than last year in most localities." The
Bank's compilations follow:
Percentage Change
February 1927 from February 1926.
1907
Conditions in Philadelphia Federal Reserve
District-Improvement In Productive Activity.
Reviewing business conditions in its district, .the Federal
Reserve Bank of Philadelphia states. that "recent developments seem to indicate a reversal of the slight downward
trend in business activity which first manifested itself late
in 19262' "Demand for many products has shown good
seasonal strength during recent weeks and this has been
accompanied by a general expansion of productive.activity
in the Philadelphia .Federal Reserve District and throughout
. the country" says the Bank. Its Business Review dated
April 1 continues:
Business
Employment in Pennsylvania establishinents, after a noticeable decline
from the high level of October has remained -practically stationary during
the past two months at a level somewhatbelow that_of the same period of
last year, but wage payments and total employe-hours advanced more
New York
+0.1
-1.1
+4.4
+1.7
Buffalo
than 4% in February. In the construction industry Of the district, also,.
-0.6
-11.0
-1.1
-4.1
Rochester
there have been ample evidences of improvement: Contract awarda in
+2.8
+1.4
+14.1
+23.6
Syracuse
+1.1
-22.1
February were the largest since the preceding.September and for the first
Newark
+13.1
-0.4
+fa
two months of this year there was a gain of nearly'43 over the correspondBridgeport
-10.1
-1.1
Elsewhere
ing period of 1926. Residential building has been in smaller viclume.
+4.9
+8.8
Northern New York State
+4.9
however, and the local demand for houses and.apartments has been quiet.
Central New York State
-9.3
The market for building materials has strengthened with the expansion of
Southern New York State
+7.0
building operations.
Hudson River Valley district
+13.3
Capital district
- Colliery operations in the anthracite industry have been seduced recently.
-1.2
__
Westchester district_
+18.2
to about 70% of capacity,reflecting plentiful stocks and curtailed buying of
All department stores
+1.9
domestic sizes. Operators and dealers have anneuaced a lowerprice scale
Apparel stores
+8.6
+2.7
a few .weeks earlier than the usual spring reduction .date. The passibility.
Mail order houses
of a suspension of operations in the union bituinipous fields upon .theexpira-,
* Exclusive of installment accounts.
tion of the Jacksonville Agreement has resulted in a heavy accumulation of
Sales during February and stocks on hand in the principal departments stocks by industrial consumers.' In fact theinaiketepi soft'coal has ivelik---•
are compared in the following table with those of a year ago:
ened somewhat during recent weeks and prices have been further reduced.
:
Operations In the steel industry have expanded substantially during the
past three months and current output in the United States is more than 90%
Net Sales
Stock on Hand
of capacity. In the Philadelphia district the industry has not equalled this
Percentage Change Percentage Change
high rate although operations innearly all branches of the industry increased
February 1927from Feb. 28 1927 from
February 1926.
Feb. 28 1926.
considerably in February. Daily production of pig iron in that month was
much larger than in ;January and a little above that in the year previous.
Toys and sporting goods
+20.9
Hosiery
After some reductions in January and February pig iron prices have strength+20.7
-11.0
Women's and misses' ready-to-wear
+15.3
ened in the last few weeks.
+0.9
Books and staionery
+13.8
-5.0
Operations in most of the textile industries of the district-expanded in
Linens and handkerchiefs
+13.2
+4.2
February and preliminary reports indicate.a slightly larger,employment
Toilet articles and drugs
+10.7
-6.0
Home furnishings
in March. There has been a more active market,for
+8.6
-cotton goods•since
-0.7
Luggage and other leather goods
+8.2
February 1 witlta volume of sales equal to-that of-last:year-I The Industry.
+2.7
Silks and velvets
+6.3
-13.7
In the district is operating at about 70% of capacity and.In the country as a Furniture
+6.1
+14.8
Women's ready-to-wear accessories
whole the average daily mill consumption in February was.tile largest on
+4.7
-2.8
Silverware and Jewelry
record. Demand for wool goods is rather -milet although .pricesare steady.
+3.4
-4.6
Men's furnishings
+2.2
+4.2
and mill activity in the district Is above last. years level... Thrown.silk.
Men's and boys' wear
+0.3
-4.9
has been meeting with active demand butthe market for broad and,narrow
Shoes
-7.4
+5.4
Cotton goods
silks is quiet..and there has been 60111e stock accumulation -of. the latter
-9.7
-13.3
Musical instruments and radio
Most branches of the hosiery industry report no Improvement in the market
-20.8
-11.4
Woolen goods
-25.5
-28.4
although women's full-fashioned has experienced -stitiinbetterment. BusiMiscellaneous
-2.0
-12.1
ness in carpets and rugs is dull, awaiting the spring auctions on
1 ;bat
linoleum is selling actively.
There has been a fair demand at steady- prices for packer hicei. but the•
market for goatskins has fallen off and'lower pricee prevail. Sales- or
Business Conditions in New England Federal Reserve leather also have decreased but colored, Icid•is in- good demand.' -A sole
fair
volume of business is reported by luggage 'manufacturers and there has
District-Improved Conditions in February and
some improvement In the shoe market: • • • •
- •
March.
Shipments of goods, as measured by freight car loadings in the Allegheny
Frederic H. Curtiss, Chairman and Federal Reserve district, showed substantial gains in February over the January.average
Agent of.the Federal Reserve Bank of Boston, in his sum- . and were also in larger total than-in February 1926. .Coal, however has
, constituted a large share of recent- shipments. • Wholesale and retail sales
mary of the business situation in New England, in
the In the district were smaller in February than in JanuarY, owing te fewer
business days, but the February volume wasalso smaller than lathe same
bank's "Monthly Review," dated Apr11.1, states that
"shortly.
month of 1926. In the case of wholesale goods this is undoubtedly partially
after, the beginning of this year a number of the
leading . attributable to lower prices. The volume of check.hayments naturally
industries of New England reported'a considerable
improve- 'was smaller In February. but as compared with last-year -showed again of
nearly 7%. .
ment .in the volume of new business, and now,
as a result,
5 • • .• •
• •.
City Conditions.
production sehedules are better." Continuing, he
says:
Mercantile and industrial conditions in the leading cities• of this district.
The New England business activity index, which
represents the current compare well with the volume of business of a year ago. • Check •paymtints
scale of operations rather than the volume of orders,
declined sharply in in February increased in all leading cities, except -Lancaster and 'York,'
.
January, but rose slightly in February. There was also an
increase in busi- over the'volume of a year before. Savings depositSalso shovred gains In most
ness activity throughout the country. A number of
New England indus- cities. The majority of reporting cities, too, report an appreciable gain in
tries reported that improved conditions continued
in March, but on the retail sales, although the total for all cities was s•mnewhat smaller in Februwhole the current rate is just'about equal to the
average maintained during ary than in the same month of last year., Reports on wage payments in
the past five years. There Is considerable variation
between the degrees February were divided between those sho*ing increases and those registerof activity of the various basic Industries,' whieh
is perhaps inevitable ing declines from the total of a year before.. Except for Philadelphia. Readduring an era of small individual orders or so-called
hand-to-mouth or ing and York, employment decreased, bull sales of electric power increased
controlled buying.
greatly above last year's total.. The valne of building permits issued in
The unusually warm Weather in New England during
March has bene- February was much greater th.sh those IniFebruary 1926 in 7 cities; while
fited the building industry to quite an extent. Although
.
•
in both January :they were smaller in 6 cities.
and February New England cotton mills consumed
slightly less cotton than
during the corresponding month a year ago, the cloth
Retail Trade.
markets have been
active, and the situation in the entire industry is better,
Preliminary reports Indicate that retail "sales during the first twoWeeks•
than statistics of
raw cotton consumption would indicate. Raw cotton
f March were somewhat greater than those in the same period of the o
preconsumption is a
reflection of yarn production, rather than of cloth output.
month. Prices in the main centirlue unchanged
„
• :.
The woolen ceding
textile industry of New England is not only fully as active
February sales by reporting firms declined less thas
nl% .frona.tite volume.
as the woolen
mills in other parts of the country, but - is also consuming
ofa year before, but total sales for -the first two months of this year were
more wool than
a year ago. The raw wool market at Boston has been
fairly quiet, and 2.7% below those in the same period of 1926. Women's apparel, credit
prices stabilized. The output of shoes by New England
stores showed substantial gains, while department and men's
factories during and shoe
apparel stores registered losses. Large Increases are reported lathe sale or
February was less than a year ago, but in the shoe factories of
the rest of
the country output was -larger. A decline in production
tacos, trimmings and embroideries, toilet articles and drugs, handkerchiefs.
of men's shoes in
leather goods, women's coats, misses' read-to-wear, juniors' and girls'
factories of this district was chiefly responsible for the decline in the
total ready-to-wear, women's
and children's hosieryssilikeed natalietwderWear,
output. '
men's and boys' shoes, toys and sporting .goods, anci.. luggage; whereas
Retail trade, as indicated by New England department store sales,
has considerable declines are
noted In the sale of woolen and ChtloiadiesiieS, and
benefited by the warm weather, sales during the first three weeks
cf sweaters. Stocks at the end of the-month Were 4.8%;leaviet4hrin (Ai'the'
March being considerably larger than a year ago. The stores reported
that same date in January, but nearly -1% lighter than, those-at the end
of
during February, when the entire sales were considerably larger
than a February -last year. Collections.during -February decreased.
nearly- 13%
year ago, net sales in dollars of woolen and cotton yarn goods were
less from the total for February -1926
• •
than in February in the four 3
-'ears during which records have been cornpiled.
s
Whole- ok Trade. • •
Money rates have been comparatively stable'during the past two months,
;A
Wholesale dealers in this district generally are exppriepcieg; gladeriody
following a decline in January. The usual seasonal tendency for money
March
rate" to increase In February and the early part of March was almost good volume of business and •sales during the.fast fortnight of,.;
compared favorably with those of a Month before,. 9414 111.4112.r volume;
entirely absent this year.'Both total deposits and total loans of New Engof business In shoes, drugs, drygoods ,and hardware are.effset,jiy Iowa,
land member banks declined in January and February, but increased
In groceries, jewelry and paper. Bqying for proketittdeliVery t;e441244044814.
slighe.y in the first part of March.
although orders for shipment 'within thirty days are numerous. Prices
Locality.
Net
Sales.
Stock on
Hand End
of Month.
Colleolions.*
Accyunts
Reads
,
1908
THE CHRONICLE
continue unchanged, except for some declines in groceries and hardware
and for slight advances in cotton piece goods.
February sales of paper and shoes were 5.7 and 6.6% respectively,greater
than in the same month last year, whereas business in other lines was
smaller, declines averaging about 7%. With the exception of groceries.
jewelry and shoes, stocks held by reporting jobbers at the end of February
were somewhat heavier than those on the same cate last month. Compared
with a year ago, however,supplies were noticeably lighter, except for drugs
and electrical supplies which were larger. Accounts outstanding at the
end of February were smaller in all wholesale lines but shoes than those of
a month earlier; they were also below those on the same date of 1926 in all
lines except shoes and paper. February collections in shoes and groceries
were greater, while in other lines they were smaller than those in the same
month last year.
Activities in Chicago Federal Reserve
District-Midwest Distribution of Automobiles.
Increases in the sales of new ears, both wbolesale and
retail, in the Middle West during February, are reported by
the Federal Reserve Bank of Chicago In reviewing manufacturing activities and output in its April 1 "Monthly Business Conditions Report." We quote as follows from the
report:
Manufacturing
Shoe Manufacturing, Tanning and Hides.
Shipments during February by 31 shoe manufacturers in the Seventh
Federal Reserve District exceeded the months' production by 7.0%, each
of the items gained over January and the corresponding period last year.
The quantity of unfilled orders held by 24 companies gave assurance of
nearly six weeks' operations at the present rate of distribution. The number of stock shoes reported on hand by 29 factories was equivalent to 74.9%
of February shipments by these concerns.
CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN FEBRUARY
1927 FROM PREVIOUS MONTHS.
Per Cent Change from
January
1927.
February
1926.
Companies
Included.
Production
+13.6
31
+15.4
Shipments
+35.5
31
+19.5
Stock shoes on hand
-5.0
29
-4.8
Unfilled orders
-4.0
23
+11.9
Representative tanners in the Seventh District reported rather irregular
trends in leather production for February, with the aggregate about on a
level with the previous month and larger than in February 1926; the value
of sales billed to customers totaled under January and a year ago. Prices
remained fairly steady.
The sales volume of kicker green hides at Chicago increased slightly in
February over January, and that for calf skins showed a recession. Purchases by tanners in the district were reported smaller than in January.
The market for hides was very active at the beginning of March. Quota.
tines at Chicago averaged lower for February than for the preceding month.
Automobile Production and Distribution.
Operating schedules of automobile companies were expanded still further
in February, as evidenced in production figures for that month; output
of passenger cars in the United States totaled 260,330, an increase of 32.2%
over January and almost PO% greater than the low point of production in
December 1926. The number of cars manufactured was 18.6% below
February a year ago, and 21.4% under the corresponding month of 1924,
but 7.1% larger than in February 1925. Truck production for February
In the United States of 38,029 exceeded that of January, and was higher
than in February of the three preceding years.
Sales of new cars, at both wholesale and retail, and those of used cars
showed decided increases in February over the preceding month, as reported by 56 dealers and distributers in the Middle West. Stocks of new
and used cars also increased somewhat. In the comparisons with February
1926 new car sales were substantially smaller, though the number of used
cars sold exceeded last year's figure. For the second successive month, a
decline was reported in the year-to-year comparison in the number of new
cars on hand at the end of the month, while stocks of used cars were
slightly heavier in number. The proportion of cars sold on the deferred
payment plan increased by a moderate percentage in February, sales made
on this plan by 32 dealers averaging 45.3% of their total retail sales for
the month, as compared with 42.8 and 46.0%, respectively, in the preceding month and February last year.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in February 1927 from previous months.
Per Cent Change from
Companies Included.
January
1927.
New Cars
Wholesale-Number sold
Value
Retail-Number sold
Value
On hand Feb. 28
-Number
Value
Used Cars
Number sold
Salable on hand-Number
pi Value
February
1926.
January
1927.
February
1926.
+69.6
+69.5
+60.7
+13.1
+17.1
-15.5
-28.8
-20.1
-13.6
-15.7
-6.5
33
33
55
55
54
54
30
30
52
52
51
51
+46.8
+6.5
+7.3
+12.1
+2.3
+5.3
55
55
55
52
52
52
+59.3
Industrial Employment Conditions in Chicago Federal
Reserve District.
With regard to industrial employment conditions in the
district, the April 1 "Monthly Business Conditions Report"
of the Federal Reserve Bank of Chicago says:
A 1% increase in employment during the period Jan. 15 to Feb. 15
reversed the downward trend that has been in progress at manufacturing
plants of the district since last September. Total wage payments for the
same period gained over 4%, a result of longer working hours as well as
the increase in men. The improvement thus evident during February was
not so marked, however, as usual for the season, and employment remains
lower than for any month of 1926. A comparison with 1925 and 1924
likewise is unfavorable if we exclude the periods of greatest depression
-in 1924
during these years, each of which lasted about four months
until the close of November, and through August in 1925.
[You 124.
After three months of consecutive declines, the metals and machinery
group added more men to its working forces, the increase amounting to
nearly 1%. The vehicles group registered a pronounced gain, the first
since last May, reflecting renewed activity in the automobile industry
throughout the district. For Detroit alone, the Employers' Association
reports have shown a steady advance in employment since early January,
and the increase for the month ending with the second week in March
amounted to about 3%. Reports for building materials give signs of the
preparation for spring demand, with a number of brick yards that were
closed during the winter having resumed operations. In textiles, the seasonal gains of several months previous continue, but they are moderate in
proportions. The leather industry appears hesitant, and losses were recorded for the chemicals and food products groups.
While outdoor work remained inactive during February, there was some
improvement in the demand for labor at free employment offices, and by
early March the ratio of applicants to available positions had declined
somewhat, the records for Illinois showing a reduction from 214% to 204,
and for Indiana from 213% to 163.
-SEVENTH FEDERAL RESERVE
EMPLOYMENT AND EARNINGS
DISTRICT.
No. of Wage Earners
Week Ended
-
Total Earnings
Week Ended
-
Industrial Croups.
Feb. 15 Jan. 15 P. C. Feb. 15
1927. 1927. Change. 1927.
All groups (10)
353,250 349.868
Metals and metal products
(other than vehicles)---- 154,128 152,825
Vehicles
31,713 31.163
Textiles & textile products_ 26,767 26,199
Food and related products_ 39,747 39,953
Stone, clay & glass products 12,908 12,690
Lumber and its roducts- 31,659 31,059
Chemical products
8,997 9,013
Leather products
15,717 15,934
Rubber products
3,230 3,066
Paper and printing
28,384 27,966
Jan. 15 P. C.
1927. Change.
+1.0 89,265,913 38,881,240 +4.3
+0.9 3.855,906 3,672,941 +5.0
963,818
874,308 +10.2
+1.8
658,684 +5.3
693,531
+2.2
-0.5 1,009,539 1,042,948 -3.2
361,041 +5.1
379,569
+1.7
724,876 +6.5
771,689
+1.9
226,587 +5.8
-0.2 • 239,649
347,245 +2.0
354,095
-1.4
75,765 +15.1
87.196
+5.3
896,845 +1.6
910,921
+1.5
Merchandising Conditions in Chicago Federal Reserve
District
-Gains in Department Store Trade.
The Improvement in department store trade in the Chicago Federal Reserve District Is noted by the Federal Reserve Bank of Chicago, which in its "Monthly Business Conditions Report" of April 1 thus summarizes merchandising
conditions In the district:
Wholesale Trade.
In all five lines of wholesale trade reporting to this bank, collections
for February were low; in none of the groups did this item exceed Jannary, and only in groceries was it larger than a year ago. Changes in gales,
stocks and accounts outstanding varied, with increases predominating in
the monthly and decreases in the year comparison.
Groceries.
-A general tendency to slowness was indicated in the reports
of 37 firms, only 7 of which reported sales increases over January and 12
over a year ago. In the aggregate, sales declined 3.9 and gained 1.0% in
the respective comparisons. Total volume of sales for the first two months
of the year was 1.9% larger than for the same period of 1926. Stocks
were somewhat heavier than in the previous month, but not so large as a
year ago. Outstanding accounts and collections decreased 1.7 and 6.7%
from January and increased 0.8 and 0.4% over last year.
-Sales of 17 firms exceeded the January figure by 6.8%, but
Hardware.
fell 5.3% below February 1926; individually, about one-half of the firms
showed declines in this comparison. The sales total for January and
February was 7.2% smaller than for the same period of 1926. Stocks
increased by 5.0 and 2.8% in these comparisons. Collections were generally slow, declining 22.2 and 10.8%, respectively, with only one firm
reporting increases in the former and three in the latter comparison.
Outstanding accounts were 2.0% larger than in January and 1.0% smaller
than at the end of February 1926.
-Reports for 12 dealers indicate that aggregate sales and
Dry Goode.
accounts receivable advanced over January and declined from February a
year ago. The increases for the month were 9.0 and 1.1%, while the
declines from February 1926 amounted to 10.3 and 2.3%, respectively.
Total sales volume for the first two months of this year was 10.2% smaller
than for the corresponding period of 1926. Stocks decreased 9.2% from
January and 22.6% from a year ago. Collections declined in both comparisons, dropping 10.6 and 2.5%, respectively.
-Aggregate declines in sales of 4.6 and 2.6% in the respective
Drugs.
comparisons with January 1927 and February 1926 were reported by 13
dealers. For the first two months of the year, as compared with January
and February 1926, there was a total decrease in sales volume of 5.0%.
Stocks increased over January, but were less than those at the end of
February a year ago. Collections continued smaller, registering drops of
7.1 and 8.5%, respectively, while outstanding accounts aggregated 1.5%
larger than in January and 8.9% Mailer than a year ago.
-Of nine reporting dealers only one showed a sales decline as
Shoes.
compared with January, and the total increase in sales amounted to 31.4%.
As compared with February 1926, five firms registered decreased sales,
making an aggregate decline of 4.2%. Total sales for the two months,
January and February, were 3.5% smaller than in the same period of
1926; stocks, while not so large as in January were about the same as a
year ago; outstanding accounts increased by 6.5% in the former and
declined 0.7% in the latter comparison, and collections decreased 13.2
and 0.3%, respectively.
Department Store Trade.
According to reports of 88 firms, department store sales, with an aggregate increase of 6.9%, showed the only marked improvement over January
that has been made in any February for a number of years. As compared
with a year ago, there was an increase of 4.6%. Individually, not quite
half the firms reported gains in the month-to-month and slightly more than
half in the yearly comparisons. Total sales for January and February
exceeded the same period in 1926 by 0.1%. Inventories increased 7.0%
over January, but declined 3.0% from a year ago. The ratio of sales to
average stocks was 27.8%, as compared with 26.1% in February 1926;
for the first two months of 1927 this figure was 53.0, as against 52.3 for
the same period of last year. The ratio of orders for new goods to total
1926 purchases stood at 7.7% on Feb. 28 and 6.8% at the end of the
previous month. Outstanding accounts declined 7.2% from the end of
January and increased 11.9% over February 1926. Collections, while
19.2% smaller than in January, were 6.6% larger than a year ago. The
ratio of collections to outstanding accounts was 38.7 for the month this
year and 39.9% in 1926.
Al'R.
2 1927.]
THE CHRONICLE
Retail Furniture Trade.
Twenty-nine retail furniture dealers and 21 department stores showed an
aggregate increase of 24.8% in February sales over those for January, and
a decline of 1.4% from February 1926, although individually a majority
of firms recorded increases over a year ago. Inventories expanded 3.6%
over the preceding month and were 2.1% below Feb. 28 last year. Installment sales of 22 furniture dealers increased 38.6 and 3.7%, respectively, in
the month-to-month and yearly comparisons, while collections on these
sales declined 17.8 and 5.0%. Collections on all sales decreased 13.1 and
1.5%, respectively. Outstanding accounts were slightly larger in both
comparisons.
Retail Shoe Trade.
Sales of 41 reporting shoe dealers declined 3.9% from the January totals,
but were 3.0% ahead of February 1920. Individually, 18 firms reported
increases in the first and 31 in the second comparison. The ratio of outstanding accounts to sales stood at 115.1% in February, as against 113.8
for January and 101.2 a year ago. Stocks were 8.3% larger in the first
and 7.2% smaller in the second comparison, and collections declined 14.6
and 25.1%, respectively.
Chain Store Trade.
Seven chain systems with a total of nearly 1,300 stores, representing
dealers in groceries, drugs, shoes and musical instruments, reported increases for all lines in the number of operating units in February over
both January and a year ago. Sales volume declined somewhat from Januray totals, but as compared with February 1926 gains were made by all
except dealers in musical instruments.
Federal Reserve Bank of Minneapolis Urges Farmers
Intending to Plant Spring Wheat to Consider
Markets and Their Requirements.
Farmers in the Minneapolis Federal Reserve District,
intending to plant spring wheat, either durum or bread, are
urged by the Minneapolis Federal Reserve Bank to "carefully consider their markets and the requirements of those
markets." This note of caution is sounded in the Bank's
Monthly Review of Agricultural and Business Conditions,
issued under date of March 28, from which we quote as
follows:
Farmers of the Ninth Federal Reserve District intend to plant 5,534,000
acres of durum wheat this siring, according to the report of the United
States Department of Agriculture, issued March 18. If these ex re:mei
intentions should be fulfilled • the 1927 durum acreage would be the second
largest on record, being only 250.000 acres less than in 1922. With an
average of twelve bushels per acre, which in slightly less than the ten year
average, the 1927 production would be about 66,000,000 bushels. As this
is more than twice the amount of domestic consumption,36,000,000 bushels
would have to be exported. While reports from North Africa, covering
conditions at seeding time last fall, indicated somewhat less favorable conditions than existed a year earlier, as well as some redu:Hon in acreage seeded,
It is doubtful that the Mediterranean roduction will be as small as in 1926.
especially when Mussolini's campaign for greater wheat acreage (largely
durum) in Italy is taken into consideration. If the intended acreage should
actually be planted, it should not be unexpected if durum prices on the
1927 crop again assumed their former relationship to bread spring wheat
prices, that is, ten to twenty cents per bushel below, instead of the particularly favorable relatior ship that has existed since last harvest.
Farmers' intentions to plant s: ring bread wheat show a 1% reduction, or
about 160,000 acres, from the acreage harvested last year. This intended
reduction, however, is insignificant when considered in connection with the
estimate of 41,805.000 acres seeded to winter wheat last fall, which was
nearly 5,000.000 acres larger than the 1926 hervested acreage. The ten
year average abandonment of winter wheat acreage between Dec. 1 and
May I. due to poor stands, winter killing, erring frosts, &c., is 12.8%.
The condition of wiater wheat on Dec. 1 was ocly 2.5% lower than the ten
year average, and the winter weather has been favorable so far. The
abandonment this season will probably be no larger than the ten y).,r
average. This will leas e for harvest apc roximately the same area as was
harvested last year. With an average of fifteen bushels, the 1917-1G26
average. the 1927 roducrion of winter wheat alone wo (Id be about 550.000,000 bushels, equivalent to the total wheat consumption demands of
the whole country.
It appears that farmers in the Ninth Federal Reece e DisUict, intending
to plant KTing wheat, either durum or bread. should carefully consider
their markets and the requirements of those mnrkete Sur,'um;for export
appear to be in sight if the intended acraages are sown and only average
yields are obtained. With more moistcre than a year ago in both the
surface and sub-soils throughout h ill the wheat producing sections of the
northwest, and favorable weat'aer reports from the southwest, it would
appear that yields higher that the ten year average, rather than lower,
might be realized in 1927. The Trice of wheat futures at Minneapolis has
declined six cents per bushel since March 18.
An intended reduction of 11.3%, or 327.000 acres, in the flax seed
acreage was indicated by the report. If cn ly 2.570,000 acres are planted
and the ten year average yield of seven bushels is obtained, the 1927
production would be less than 18,000,000 bushels, necessitating the importation of at least 12,000,000 bushels to sum ly a corservatively estimated
consumptive demand of 30.000,000 bushels. In 1925. following the record
breaking crop of 31.547.000 bushels in 1924. 16,500,000 bushels were
Imported. While farm stocks of flax are not included in the March 1 re-ort
of the United States De uirtment of Agriculture, receipts of flax at Minneapolis and Duluth from Aug. 11926, to March 1 1927, have totalled only
14,500,000 bushels out of a 19,500,000 bushel crop. Since these two markets
ordinarily receive about 88% of the(Top in the Aug. 1-March 1 period, this
indicates that farm sto.lcs of flax are much larger than usual. Seed for
additional acreage, therefcre. is doubtless available, and in view of the
present outlook for in(reasecl wheat production, it would apc ear that many
farmers, no doubt, will consider the ad v isability of expanding the ir wiuc
Hon of flax. Proven wilt-resistant varieties of flax are now available which
produce yields on old soil that comrare favorably with the yields obtained
from non-resistant varieties on new breaking.
Conditions in Kansas City Federal Reserve District
More Favorable for Farm Production and for
Livestock Than a Month Ago.
The Federal Reserve Bank of Kansas City in its "Monthly
Review" dated April 1 states that conditions at the close of
1909
March were more favorable for farm production and for live
stock than a month earlier, as the result of recent rains and
snows which provided a liberal supply of soil moisture for
practically every section of the Tenth (or Kansas City)
District. We quote further from the summary as follows:
• Production of basic industries increased in February with the passing of
winter and was at a level a little above that of February 1926. The marketing of grain and live stock was heavy for the month and season. Wholesale trade was irregular, some lines registering increases and other decreases in the volume of distribution. Retail sales at department stores,
apparel store and at five-and-ten-cent stores were larger than in February
of last year, but smaller at retail hardware and furniture stores, and at
mail order houses.
Measured by check payments, the dollar volume of February business in
the Tenth District was 3.7% in excess of that for the corresponding month
in last year.
The outstanding feature in production in this district was in crude oil.
The daily average output rose week by week and at the close of February
reached the highest daily average for a seven-day period of record. The
increase, which was mainly in the Seminole district of Oklahoma, resulted
in a break in crude oil prices.
The tonnage of soft coal mined in February was smaller thee in January,
due to fewer working days, but was larger than in February 1926. Lead
and zinc ore shipments increased slightly in the closing week under better
prices, but the month's shipments did not come up to the total for February
1926. l'roduction of cement declined during the month, on account of
heavy surplus of stocks at mills in the district, but shipments were slightly
in excess of the total barrels shipped during the same month last year and
were indicative of an unusually large volume of construction throughout
the Southwest territory. Shipments of face brick also increased. At the
metal mines in Colorado, and throughout the Rocky Mountain region, mining activity continued at a high rate.
Operations of flour mills were at a high percent of full time capacity
during the short month and the output was 27.5% larger than a year ago.
Meat packing operations were large for the season and the slaughter of hogs
and cattle exceeded the number slaughtered in the corresponding month
last year.
The spring season opened with building activity over the district at a
high level and the value of contracts awarded 26.9% larger than in February
1926. However, there were evidences that construction this year would
be confined to current needs, with an absence of speculative building.
This was indicated by the reports from leading cities, which showed
building permits, both in number and value, were smaller than in the
corresponding month last year.
The advance through February into the spring season was attended by
no material increase in the demand for loans at banks in this district, and
with substantial gaits in deposits banks increased their investments to'
the highest figure of record. Interest rates charged by member banks in
leading cities to March 15 were unchanged from the prevailing rate of 5 to
6% foz commercial loans and 5 to 6% for stock exchange collateral.
Business Conditions in San Francisco Federal R
District
-Industrial Activity in February Slightly
Higher Than in January, but Below That of
• •
Year Ago.
The total volume of business transacted in the Twelfth
Federal Reserve District was smaller during February 1927
than during January 1927, but business activity which, unlike business volume, bears no direct relation to the number
of working days in the month, increased seasonally, says
Isaac B. Newton, Chairman of the Board and Federal Reserve Agent, of the Federal Reserve Bank of San Francisco,
whose review for the month is Issued under date of March
21. Summarizing the situation further, Mr. Newton says:
The increase however, was less than that which usually occurs at this
season of the year. This bank's index ,of daily average volume of checks
cashed (bank debits) by banks in 20 principal cities of the district declined from 161% of the 1919 average in January 1927, to 159% in February 1927. A year ago the index stood at 158% of the 1919 average.
According to the index of bank debits, general business activity thus far
in 1927 has been at levels above the trend of past years.
`Revised figures.
BANK DEBITS-TWELFTH DISTRICT.
Index for 20 Principal Cities (Daily Average. 1919 Average equals 100)•
Feb. 1927,
Jan. 1927.
Dec. 1926. Feb. 1926.
Without seasonal adjustment 183
166(revised)
163
175
With seasonal adjustment_ -159
161(revLsed)
158
158
Heavy rains over the district during February and early March hindered
spring agricultural operations, but assured an ample supply of soil moisture
for the early growing season, added to prospective supplies of irrigation
water, and gave promise of adequate feed supplies on spring and summer
ranges.
Industrial activity reached slightly higher seasonal levels during February than during January 1927, but continued a little below the levels
of a year ago. Lumbering and building construction were less active than
In 1926, while output of general manufactures, petroleum and flour and
other foodstuffs was greater than in the earlier year. Total volume of
employment continued slightly larger than a year ago.
Trade activity was maintained at moderate levels during February 1927.
Value of sales at retail declined by less than the usual seasonal amount as
compared with January 1927, and was greater than during February 1926.
Sales at wholesale were slightly smaller in value than in February a year
ago. The decline was less than that of the general level of wholesale
prices over the year period, however, and it is probable that the physical
volume of goods moved through wholesal echannels was larger during
February 1927 than during February 1926.
Prices generally fluctuated irregularly within relatively narrow limits
during February, the trend being slightly downward. Representative
indexes of prices at wholesale were approximately 5.5% lower during February 1927 than during February 1926. Prices of some of the important
products of this district moved counter to the general price level and
there were small advances in quotations on live stock, wool, cotton, oranges,
silver, zinc and lumber.
Reflecting seasonal expansion in business activity. cammercial loans of
reporting city member banks rose to record levels during the latter days
1910
[vol... 124.
THE CHRONICLE
of February and the first week of March. Borrowings of member banks
from the Federal Reserve Bank of San Francisco also increased seasonally
during this period.
Rubber Manufacturers Not to Revise Tire Prices at
This Time-Present Agreement with Dealers Runs
Until May 10.
The following is from the New York "Journal of ComFive Seasons Urged for Garment Trade by Retail merce" of March 28:
The rubber manufacturers will not break faith with thousands of dealers
Leaders
-Spring, Summer, Vacation, Fall and
throughout the country by revising tire prices at this time, officials of
Social Suggested.
leading rubber companies stated on Saturday. Reports have been circuProminent garment manufacturers and retailers have lated through the financial district and the rubber market during the past
fortnight that tire prices would be advanced 10% on April 1.
united to sponsor five seasons during the merchandising year
Tires valued at approximately $60,000,000 were shipped from factories
instead of the two seasons observed heretofore in the textile during January and February and a like amount will probably go forward to
industry, it was revealed on March 30, says the New York dealers and automobile manufacturers in March and April. Dealers have
with
shipments, in accordance with an
"Journal of Commerce" at the summer fashion show of the yet to pay for thesethe "spring dating plan," and a priceagreementbefore
revision
manufacturers called
Garment Retailers of America, at the Astor Hotel, attended the expiration of the agreement on May 10 would mean retroactive adjustby more than 1,600 of the trade. Over 1,000 factors partici- ments.
In other
the spring dating plan is virtually a guarantee to dealpated in the banquet preceding the show, according to the ers that nowords, changes will be effected during the period January to
price
paper quoted, from which we take the following:
May. That period is the "season" for tire manufacturers and distributers.
The division of the seasons as affecting the apparel trade will be as
follows: Jan. 5 to 10,spring and Easter; March 20 to 30,summer; June 1,
late summer vacation and outdoor; Aug. 1 to 5, autumn and fall, and
Oct. 10 to 25, social-holiday and winter resort wear.
The purpose of this readjustment of seasons is to take up the slack inbetween seasons which has proved very costly to both manufacturers and
retailers, who have been forced in previous years to squeeze activity within
a comparatively few weeks in the year. It has been a case of excessive
activity in certain periods and much longer periods of inactivity and waiting
"for the next season." Sponsors of the new plan hope that a general
acceptance of the readjustment will distribute business more equitably
through the year.
Hahn Explains Plan.
In the absence of Franklin Simon, President of the Retailers' Association,
who has been detained at a Southern resort by illness, John Hahn,Executive
Secretary, disclosed the fact that a conference of leading garment wholesalers and retailers decided on a definite program of fixing opening dates
for the various kinds of merchandise produced by the ready-to-wear trades,
and Henry H. Finder, speaking for the apparel manufacturers, promised
full co-operation in creating proper merchandise for the five separate seasons.
"With these wholesale openings definitely established, allowing sufficient
time for proper delivery, the committee believes the retail store will then be
in a position to give the public what it wants when it wants it," Mr. Hahn
formally announced to the trade in a style show bulletin. "Four of the
five season opening dates will be emphasized by a fashion show when the
types of merchandise the committee has in mind for each of these seasons
will be exhibited," he states. "This will give the openings uniformity
of date as well as indications of the character ofready-to-wear to be featured.
The only season not to be featured by a show will be the 'vacation' period.
"The uniform showings should prove very helpful to the retail trade, for
many sales opportunities have been lost in the past owing to the fact that
retailers did not have the kind of merchandise the public demanded. This
holds particularly true with regard to the month of September. Dresses
have come in too late-well into October-before they arrived in the retail
store. By that time much of the consumer demand is passed. We want
to get this merchandise in stock just after Labor Day when families are
returning from vacations and are ready and willing to replenish their
wardrobes.
Seek Earlier Deliveries.
"The Easter showing, set for Jan. 5 to 10, gives the stores an opportunity
of getting their merchandise in the middle of February and be ready for the
spring and Raster demand: Up to a couple of years ago, instead of making
efforts to produce new things for May, June and July, the manufacturers
and retailers in many cases devoted their efforts to clearing up their stock,
and as a result sales were constant and intensive during much of that period
on job lots, dm.
"Manufacturers had no incentive to go ahead and produce new thing's
for these months because they had no assurance that the retail trade would
co-operate, and so in most cases their plants were practically closed at the
end of April and they concerned themselves with *all plans. Two years
ago the Retailers' AsSociation developed a 'summer season,' and!have been
told by a number of stores throughout the country that their summer business last year was very satisfactory. Ready-to-wear buyers have said that
the coat business last June and July was the best the industry has witnessed
in many years.
"The summer season opening has been set ahead almost a month because
retailers must feature new merchandise between May 1 and 10, and manufacturers, encouraged to make new things, will develop merchandise as
the summer season develops, so that there should be no difficulty in getting
new things for the summer months. The June 1 opening will be garments
for late vacation wear, foreign and domestic travel, and for young ladies
preparing outfits for college. Following the summer season period, the
June 1 opening will give further impetus to ready-to-wear just before the
fall season opens.
All
-Year-Round Basis.
The agreement permits the manufacturer to ship out his finished product
rather than accumulate it at the plants in anticipation of the spring demand.
The dealer and distributer are enabled to stock up and sell the greater part
of their stock before payment to the manufacturer becomes due.
Otherwise the manufacturer would have to provide storage space for a
great deal of stock and the average dealer would be unprepared for the
demand that follows the advent of the first good motoring weather in the
spring.
The practice of some manufacturers in assisting department stores and
other general merchandising firms to market tires on the deferred payment
plan has come in for some criticism. George J. Burger, former President
of the National Tire Dealers' Association, says that the manufacturers are,
through this practice, placing themselves in direct competition with their
dealer organization. He continued:
"The manufacturers are supplying and allowing furniture companies,
jewelry concerns and the what-note of the dollar downs to flood the country
with installment tires, arriving at a point where some drastic action must
be taken if the dealer organization is to continue in existence. Apparently
these manufacturers are supplying furniture and jewelry houses with tires
of unidentified brands.
"These prices are as low as the dealers' net cost and in some cases lees
than the dealers' net cost from the manufacturer. It is obvious that the
installment houses are buying the tires from a manufacturer at a discount
of at least 25 to 33%. Dealers, to exist, when they purchase tires at, say,
$19.90, must have a mark-up of at least 20 or 25%, and now here they are
in competition with an installment house willing to sell at $19.90, the cost
to the dealer."
Activities of Hosiery Mills in Philadelphia Federal
Reserve District.
The following table,compiled by the Bureau of the Census,
showing activities of the hosiery mills in the Philadelphia
Federal Reserve District in February, and a comparison
with those of January, is issued by the Federal Reserve
Bank of Philadelphia.
Men's
Full-fashioned.
In Doz, Pairs.
Men's
Seamless,
P. C.
Chants
Feb.
Feb. from
1927. Jan. 1927.
1927.
P. C.
Choe.
from
Jan.
1927.
Women's
Full-fashioned.
Feb.
1927.
P. C.
Chee.
from
Jan.
1927.
24,447 +4.5 207,120 +3.4 526,949
Production
18,717 -12.2 178,268 -13.5 486,878 +15.1
Shipments
Stock, finished &
50,748 -18.0 360,604 +4.6 895,651 +3.1
In the gray
Orders booked__ _ 19,644 -1.3 231,957 -10.4 333,383
Cancellations re29,521 +26.8
434 +231.3 5,489 -85.8
ceived
Unfilled orders
month 27,290 +20.1 395.808 -1-28.0 1,439,028 -10.4
end of
Boys' and
Misses'.
In Doz. Pairs.
Children's and
Infants'.
P. C.
Chang
Feb. from
1927, Jan.
1927,
P. C.
Choc.
Feb. from
1927. Jan.
1927.
Production
27,481 -19.3 111,891 -0.8
Shipments
29,461 -7.6 156,355 +1.0
Stock, finished &
in the gray _
_
40,774 +5.8 332,553 -11.7
Orders booked.._ 28,186 -19.2 79,388 -22.9
Cancellations received
337 -65.6 1,552 -57.7
Unfilled orders
end of month 52.385 +3.0 217.815 -26.6
Athletic and
Sport.
Feb.
1927.
P. C.
Chge.
from
Jan.
1927.
Women's
Seamless.
Feb.
1927.
P. C.
Choc.
from
Jan.
1927.
109,814 +18.5
103,660 +30.1
344,068 +1.2
133,604 +34.7
2,725 -58.1
100,537 +45.0
Total.
Feb.
1927.
P. C.
Cho.
from
Jan.
1927.
69,325 --0.6 1,077,027 +0.3
73,397 +35.2 1,044,736 +7.8
71,179 -19.7 2,095,577 -0.2
54,910 -4.6 881,052 -3.1
44,270 -44.3
"Another important opening is the one to be held from Oct. 10 to 20,
4,232 -35.7
the social-holiday and winter resort period. This will give the manu125,303 -8.7 2,358,144 -5.4
facturers an opportunity to deliver garments for winter resort wear as
well as evening gowns and wraps for the social season, which begins along
toward the end of November. The five seasons thus established complete
the cycle of the year and should go a long way toward giving the industry North Carolina Cotton Growers' Co-operative Asso-year-round business with fewer peaks and valleys as in the past"
an all
ciation Makes Second Distribution to Members.
Mr. Finder, Chairman of the "trading-up" committee of the garment
The North Carolina Cotton Growers' Co-operative Assotrade and former President of the Manufacturers' Association, stated:
"I wish to go on record, unreservedly and without qualifications, as ciation is making another distribution of money to its memapproving the five-season plan and the principle upon which zt is based.
bers, according to the Raleigh "News and Observer" of
Our industry is in Jire need of some method cf operation that would distribute the creative, productive and marketing activity more evenly over March 22, which also says in part:
This is the second distribution to be made during the present month
the year, eliminating the present uneconomic procedure of crowding the
bulk of business into 16 or 17 weeks. We seem in the garment field to following right on the heels of the "short time pool" distribution which was
be either too busy or too quiet. It is not to be wondered that a condition made a few days ago, said General Manager U. B. Blalock last night.
This distribution, which amounts to approximately $223,000, is the first
bordering on the chaotic so often prevails."
Clay Myers, chairman of the five-seasons committee of the retailers' distribution on cotton iii the "long time pools." It brings the total adorganization, pointed out that the five-seasons program puts the stamp vances on cotton in this set of pools up to 10c. per pound basis middling,
of approval oh the promotion of better merchandise, and smothers the which is the same amount per pound which has been advanced up to this
cry of "cheap, cheaper, cheapest." "The American pubic loves clothes, time on the cotton in the "short time pools." ,
Last fall when the President of the United States was fostering the moveloves them for one purpose and that is to buy them and put them on their
backs," he said. "The day when they hoarded up merchandise of any ment to take off of the market four million bales of the 1926-crop, Eugene
kind is past, whether it be linens, lingerie, or ready-to-wear. It must be Meyer was sent South as the Administration representative to engineer
'the movement. His first stop'was in Rale:igh N. 6.' North Carolina wan
styled suitably-for Unmediate service."
At R. 2 1927.]
THE CHRONICLE
asked to take off of the market four hundred thousand bales as its share of
the surplus. In answer to a question from Mr. Meyer as to what the
Cotton Growers' Association could be depended upon to do, Mr. Blalock
Save the assurance that the Association would carry its full share of the
surplus. That promise was confirmed by the Association's board of directors which set up a separate set of pools known as the "long time pools."
Cotton placed voluntarily by members in this set of pools was to be carried
over for a period of six months to two years to be sold when deemed advisable by the board of directors. The Association has carried out its part
of the program, but the movement as a whole has fallen flat.
Members from all parts of the State are expressing themselves as highly
pleased with the recent distribution on cotton in "short time pools." Those
who have delivered cotton of the better grades and staples are especially
well pleased because the Association has obtained for them the full premium
on grade and staple, and their payments to date have amounted to considerably more than 10c. per pound.
More interest is being manifested by members in the planting of cotton
of the better stapled strains than ever before in the history of the Association, and numerous inquiries are coming from memoers asking where
to get improved seed. Members of the Association are Waking up to the
fact that North Carolina farmers can produce much of the longer stapled
type of cotton which North Carolina mills are now buying from outside
of the State.
"The sign-up of the new marketing agreement is progressing in a very
Satisfactory way," said Mr. Blalock. "Approximately 20,000 bales are
represented in contracts signed by members during the past six weeks.
No campaign is being waged, but field representatives are taking signature
to the new agreement in connection with their other work, and a considerable number of contracts are being received direct from members through
the mail."
1911
A number of factors combine, however, to make it seem doubtful whether
Cuban restriction will result in any considerable stimulation of sugar production elsewhere. In the first place, the Cuban crop represents only
about 20% of the world's total; and, in the second place, the degree of
restriction practiced so far is much less drastic than that which was
imposed on the British rubber producers. A reduction of 500,000 tons in
a world output of some 24,000,000 tons is a matter of comparatively small
importance from the international point of view.
At first glance it would appear that these conditions, while reducing the
likelihood of increased competition for Cuban sugar, would at the same
time limit the possibility of price enhancement. In a measure this is
undoubtedly true. It must be remembered, however, that sugar is less of
a world commodity than rubber, in the sense that the producers in various
countries are protected from foreign competition by a system of tariff barriers that results in a comparatively small movement of the commodity
across national boundaries. In the case of Cuban sugar, this protection
takes the forrn of a preferential tariff rate of 80% of the normal duty on
sugar imported into the United States. This, together with the difference
in freight rates due to the proximity of Cuba to the American market,
has made the Cuban-American sugar trade largely independent of conditions
elsewhere, since a considerable price differential would be necessary to
make the shipment of sugar to the United States from other countries a
profitable enterprise.
Potential competition from American beet sugar producers is apparently
a more serious matter. During the last decade the output of beet sugar in
the United States has increased about 20%, and vast areas are available
for further expansion. Such a development appears the more easily possible in view of the sustained depression in prices of leading agricultural
commodities and the increasing tendency toward crop diversification.
Nevertheless, the natural advantages enjoyed by the Cuban producers will
probably prevent severe competition from American beet sugar so long as
restriction results in no more than moderate price enhancement.
The other principal disadvantages of the restriction scheme are those
that apply to any project of the kind. One of these is the direct loss to
producers resulting from the enforced curtailment of output, although this
Ices may well prove to be less than that which would have followed several
seasons of severe price depression. Another is the difficulty of what may
be described as "getting out from under"—the difficulty of terminating
restriction (presumably at a time of comparatively high prices) without
creating a more serious over-production problem than existed at the beginning.
Tobacco Sales Top Last Year's—Price $2.40 per Hundred Pounds Higher This Year Than Last,
The Raleigh "News and Observer" of March 18 points
out that North Carolina's tobacco crop brought $2.40 per
hundred pounds more for this year's crop than it did last
year, according to the report just issued by the crop reporting
service of the State-Federal Department of Agriculture.
The report shows the season's producers' sales to be 26
million pounds more than last year's sales to Feb. 1 1926.
Little Change in Softwood Lumber Industry—HardThe item in the paper quoted also says:
wood Gains over Last Year.
An average price of $15.91 was received for this crop, as against $13.51
last year.
While there was a slight decrease in new business last
Markets with the season's producers' sales from each were given as
week, as compared with the preceding week, there was
follows:
Season's
practically no change in production and shipments, according
Producers' Sales.
Markets—
2,618,382 to telegraphic reports received by the National Lumber
Burlington
15,975,536
Durham
1,990,740 Manufacturers Association, for the week ended March 26,
Elkin
5,291,998
Fuquay Springs
11,939,171 from 332 of the larger commercial softwood mills of the
Henderson
3,124,205 country. When compared with the corresponding period a
Louisburg
2.006,506
Madison
3,769,256 year ago, however, there are decreases in all three items, that
Mebane
4,212,890
Mt. Airy
13,451,436 are not to be accounted for by the smaller number of report
Oxford
4,514,547
Reidsville
received from 143 hardwood operations
5,307,927 ing mills. Reports
Roxboro
1,347,894 show no noteworthy change from the week before; in comStoneville
3,441,124
Warrenton
3,530,158 parison with the same period last year there was a slight
Wendell
43,164,114 decrease in
Winston-Salem
production, shipments were about the same, and
2,926,544
Zebulon
a big increase in new business, reports the Association,
133,408,656
Total—Old Belt
103,446,400 adding:
February 1926
Greenville
Wilson
44,636,306
61,825,130
Unfilled Orders.
The unfilled orders of 193 Southern Pine and West Coast mills at the
end of last week amounted to 542,637,232 ft., as against 536,871,483 ft.
for 193 mills the previous week. The 119 identical Southern Pine mills
370,233,624 In the group showed unfilled orders of 237,678,438 ft. last week, as against
State totals
343.858.832 241.247,366 ft. for the week before. For the 74 West Coast mills the
Totals for February 1926
unfilled orders were 304,958,794 ft., as against 295,624,117 ft. for 74 mills
York on Cuban Sugar a week earlier.
Guaranty Trust Co. of New
Altogether the 311 comparably reporting softwood mills had shipments
Restriction.
108%, and orders 110%, of actual production. For the Southern Pine
In its monthly "Survey," issued under date of March 28, mills these percentages were respectively 103 and 97; and for the West
the Guaranty Trust Co. makes the following comment (in Coast mills 104 and 111.
Of the reporting mills, the 288 with an established normal production for
part) on the Cuban sugar restriction:
the week of 192,968.816 ft., gave actual production 90%, shipments 97%
On Feb. 25 the President of Cuba signed the decree allocating to the and orders 98% thereof.
various mills the maximum amounts of sugar to be produced under the
The following table compares the lumber movement, as reflected by the
crop restriction plan. This decree is based on the official estimate of the reporting mills of seven softwood, and two hardwood, regional associations,
Cuban Department of Agriculture. Commerce and Labor, placing the prob- for the three weeks indicated (000 omitted):
able output of the 1926-27 crop at 5,000,000 long tons. On Dec. 10 1925
Preceding Week.
Corresponding
(Settled) 1927.
Week (1926)
Per Week.
the President, acting under the authority of the crop restriction law
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood.
passed by the Cuban Congress last May, issued a decree limiting the crop to
136
142
315
311
346
•Mills
143
90% of the estimate, or 4,500,000 tons. The present decree, therefore, Production
182,431
21,270
22,206
236,158
181,909
20,279
22,726
merely provides for the distribution of production among the individual Shipments
196,446
237,471
22,756
196,745
22,949
Orders (new
mills and lays down the regulations for the execution of the plan.
24,304
207,758
18.599
199,967
25,577
233,007
business)
Under an earlier decree fixing the quotas of the provinces, the Sugar
• Fewer West Coast mills are reporting this year: to make allowance for this add
Commission appointed by the President last November drew up a plan 26,000,000 to production, 25,000,000 to shipments and 27,000,000 to orders in
whereby the mill owners were empowered to apportion the output among comparing softwood with last year.
the various mills by mutual agreement. In the majority of cases, however,
The following revised figures compare the lumber movement of the
the owners were unable to agree on a plan, and, accordingly, the duty of same regional associations for the first twelve weeks of 1927 with the 1311M0
distributing the quotas reverted to the commission.
period of 1926 (000 omitted):
Orders,
In addition to fixing the mill quotas, the decree provides that mills shall
Shipments,
Production.
Softwood. Hardwood. Softwood. Hardwood. Softwood. Hardwood.
grind their own cane and that of their planters proportionally, according to
344,624 2,411.224
358,807
2,217,786
351,341 2,248,420
mill that is unable to grind the allotted 1927
the capacity of each; that any
314,102
300,528 2,789,277
2,577,232
307,872 2,691,388
1926
amount of cane shall immediately notify the Chief Executive to that effect;
White & Sugar Pine Associaticn make weekly
The mills of the California
and that the Executive shal decide in each case how surplus sacks resultincluded in the foregoing tables.
ing from the failure of mills to grind their respective quotas shall be reports, but not being comparable, are not
Twenty-one of these mills, representing 63% of the cut of the California
distributed. . . .
for the week as 10,658,000 feet, shipThe ultimate success of the Cuban sugar restriction plan (granted that pine region, gave their production 17,441.000. Last week's report from
business
it can be enforced) will depend on its ability to raise prices without ments 22,023,000 and new
mills, representing 66% of the cut, was: Production, 8,507.000 feet; shipunduly stimulating sugar production in other countries. The restriction of 21
and new business, 21,680,000.
rubber production •by Great Britain, which is essentially similar in method ments, 23,674,000.
West Coast Movement.
to the Cuban plan, has resulted in large gains in the output of Dutch and
other producers. In some respects the danger of a similar occurrence in
The West Coast Lumbermen's Association wires from,Seattle that new
the case of sugar might appear even greater, since the Cuban sugar in- business for the 74 mills reporting for the week ended March 26 was 11%
dustry could be subjected to much broader and more severe competition above production and shipments were 4% above production. Of all new
than the rubber plantations. Not only is sugar now produced in nearly all business taken during the week 38% was for future water delivery, amountparts of the world, but the area devoted to cane and beet culture could be ing to 31,137,530 feet,of which 21,163,579 feet was for domestic cargo deextended almost indefinitely in a relatively short time.
livery and 9,973,951 feet export. New business by rail amounted to 47,Totals—New Belt
February 1926
211,822,072
195,426,599
1912
THE CHRONICLE
(VOL. 124.
052.716 feet, or 58% of the week's new business. Thirty-six per cent of
the week's shipments moved by water, amounting to 27,745,448 and
4,595,567 feet export. Rail shipments totaled 44,816,255 feet, or 59%
of the week's shipments, and local deliveries 3,632,680 feet. Unshipped
domestic cargo orders totaled 102,422,119 feet, foreign 76,874,548 feet and
rail trade 125,662,127 feet.
Southern Pine Reports.
The Southern Pine Association reports from New Orleans that for 119
mills reporting shipments were 2.85% above production and orders 2.79%
below production and 5.48% below shipments. New business taken
during the week amounted to 61,523,452 feet (previous week 69,452,150).
shipments 65,092,380 feet (previous week 63,835,144) and production
63,287,473 feet (previous week 63.348.315). The normal production of
these mills is 74,611,376 feet. Of the 119 mills reporting running time, 83
operated full time, 15 of the latter overtime. Six mills were shut down,
and the rest operated from two to five and one-half days.
The Western Pine Manufacturers Association of Portland, Ore., reports
considerable increase in production and shipments, with new business
slightly below that reported for the week earlier.
The California Redwood Association of San Francisco, Calif., reports
pr-duction about the same, a nominal increase in shipments and a small
decrease in new business.
The Ncrth Carolina Pine Association of Norfolk, Va ., with three more
mills reporting, shows a marked decrease in production, some increase in
shipments and approximately 45% increase in new business.
The Northern Pine Manufacturers Association of Minneapolis, Minn.,
reports production about the same, a substantial increase in shipments
and a good gain in new business.
The Northern Hemlock and Hardwood Manufacturers Association of
Oshkosh, Wis. (in its softwood production) reports a trifling decrease in
production, and shipments and new business somewhat below those reported
for the preceding week.
Hardwood Reports.
The Northern Hemlock and Hardwood Manufacturers Association reported from 16 mills a slight decrease in production and shipments, and a
heavy decrease in new business.
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
from 120 units (seven more mills than reported for the previous week) production about the same, a little increase in shipments and new business
considerably more than that reported for the week vefore. The normal
production of these mills is 21.336.000.
oil prices in California since March 11 1926 and is the result
not only of an over-supply of crude oil but of reduced prices
for gasoline since that time, averaging about 6c. a gallon."
Regarding the situation in the West Coast gasoline markets, it became known on March 25 that the refiners there
had ended the "price war" which occurred there last week.
These reports indicated no advance in quotations was impending, but the refiners had decided to refrain from wholesale price-cutting in the future. It has been informally
agreed, it was indicated, to maintain a 4
-cent differential
on tank wagon sales and a 5
-cent differential on tank-car
sales.
Effective March 28, the Standard Oil Co. of New York
reduced tank wagon and service station prices of gasoline
2c., making tank wagon price 17c. and service station 20c.
The company also reduced United States motor gasoline 2c.,
making tank wagon price 13c. and service station 16c.
This reduction was made to meet the similar one by the
Gulf Refining Co. on March 25.
From Omaha, Neb., it was reported on March 29 that
a gasoline price war throughout the southeastern portion
of the State resulted in a reduction of 12c. a gallon at filling
stations. All companies participated.
On April 1 the Shell Union Oil Co. and Standard Oil Co.
of California reduced the retail price of gasoline to 143'c. in
Los Angeles, meeting the 2c. reduction recently announced
by Pan-American Western Petroleum Co.
In Chicago on April 1 wholesale prices were posted as
follows: United States motor grade gasoline, 6M ®6Yic.;
41-43 water white kerosene, 48@4/80.;fuel oil, 24-26 gravity, $1.173.
West Coast Lumbermen's Association Weekly Report.
Seventy-four mills reporting to the West Coast Lumbermen's Association for the week ended March 19 manufactured 76,199,502 feet, sold 82,505,284 feet and shipped
81,057,048 feet. New business was 6,306,782feet more than
production and shipments 4,858,546 feet more than production.
Decrease Occurs in Crude Oil Output.
A small decrease amounting to 1,500 barrels daily was
reported by the American Petroleum Institute for the
week ended March 26. The Institute estimates that the
daily average gross crude oil production in the United States
for the week ended March 26 was 2,461,950 barrels, as
compared with 2,463,450 barrels for the preceding week.
The daily average production east of California was 1,823,250
barrels, as compared with 1,818,850 barrels, an increase
of 4,400 barrels. The following are estimates of daily
average gross production by districts for the weeks noted:
COMPARATIVE TABLE SHOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
Week EndedMarch 19.
March 12.
March 5.
Feb. 26.
Numberof mills reporting
74
74
73
72
Production (feet)
76,198,502
72,418,047
74.059.515
75,386.830
New business (feet)82,505.284
78.320,286
74,110,118
79,936,012
Shipments (feet)
81,057,048
75,932,546
63.662,892
77.897.261
Unshipped balances:
Rails(feet)
123,191,945
127,887.303
125,268,433
124,391.283
Domestic cargo (feet).101.821.370
103,299,332
103,692,423
94,868,621
Export (feet)
70.610,802
75,445,066
61,445,371
53,558,542
Total (feet)
295,624,117
306,631,701
290,406,227
272,818,416
First 11 Weeks of1927.
1926.
1925.
1924.
Average number of mills
81
102
119
130
Production (feet)
823,379,128 1.042,098,669 1,103,723.850 1,142,286,717
New Business (feet)_ __ _869,216,564 1,133,793,146 1,057,092,206 1,091,586,211
Shipments(feet)
795.913,519 1.062.664.991 1.076,208,865 1,125,092,810
Crude Oil and Gasoline Prices Show Few Changes.
Prices for crude oil remained practically unchanged
throughout the week, except for a revision of the price list
on the west coast. Gasoline prices, while varying in some
localities, also remained fairly stable.
From Calgary, Canada, on March 29 it was reported
as follows:
Arra tgements have been completed whereby four producing companies
are signing 12
-month contracts with the Imperial for the output of their
wells.
The Vulcan, Illinois-Alberta and McLeod will receive $4 per barn-1
gross for the 72-desree Baume casinghead gasoline from their wells.
From this price a pipe line charge of Sc. per 35
-gallon barrel Is deducted.
The New McDoagall-Segvr is to get $3 per barrel for the 55
-gravity
crude oil coming from the lower pert of the Dakotas.
Co-mitten his gratification over the announcement is expressed in oil
circles, as it is felt that the operators are receiving a good price for their
product, especially in comparison with existing prices in American fields,
which is from 6 to 7c. per gallon, as compared with 11c. here for the larger
imperial gallon.
The • Standard Oil Co. of California, effective April 1,
has reduced the posted price of refinable California crude oil,
ranging from lc. a barrel on the heaviest grade of refinable
crude to $1.36 a barrel for the lightest grade of 42 gravity.
The price fur the average grade of refinable crude is reduced
about 50c. a barrel. Prices offered for the heavy grade of
14 gravity remain unchanged. This reduction is effective
in all California fields where Standard Oil of California is
purchasing crude oil.
This, says the "Wall Street Journal" of April 1, is one of
the widest cuts ever made, practically cutting in half the
former price'of the 42 gravity grade which formerly sold
for $2.74 per barrel.
In connection with the changes, the company states:
"This reduction is effective in all California fields where the
company is purchasing oil. This is the first change in crude
DAILY AVERAGE PRODUCTION.
(In Barrels)Mar.26'27. Mar.19'27. Mar.12'27. Mar.27'26.
Oklahoma
711,600
706.900
708.850
461.850
Kansas
115,700
116,000
116.350
103,050
Panhandle Texas
124,150
125,800
130.350
6.500
North Texas
91,300
91.400
90,150
78.300
West central Texas__ _
180,900
174,250
174.850
77,500
East central Texas
42,250
42,600
43.000
58,400
Southwest Texas
37,700
37.100
36,900
39,600
North Louisiana
51,100
49,750
52.400
48,350
Arkansas
124,000
124,950
124,050
168,050
Coastal Texas
137,600
141,000
141,050
78,400
Coastal Louisiana
16,050
13.400
13,800
11,860
Eastern
103,000
104,000
105,000
97.500
Wyoming
63,700
64.250
59,050
72.400
Montana
14,600
14,550
13,600
17.200
Colorado
7,650
7,950
7,850
6,550
New Mexico
4,950
4,950
5.300
3,800
California
638,700
644.600
638,500
604,500
Total
2,461.950 2,463,450 2,461.050 1,933,800
The estimated daily average gross production of the Mid-Continent
field, including Oklahoma, Kanras, Panhandle, north, west central, east
central and southwest Texas, north Louisiana and Arkansas, for the
week ending March 26 was 1,48,700 bat., as compared with 1,468,750
tools. for the preceding week, an increase of 9.950 bbis. The Mid-Continent production exclduing Smackover, Arkansas, heavy oil, was 1,380,450
bbls.. as compared with 1,369,750 bbls.. and increase of 10,700 bbls.
In Oklahoma production of North Braman is reported at 6.300 bbls.
against 6,600 bols.; South Braman, 4,100 bbls., against 4,150 bhls..
Tonkawa, 24,250 bbls., against 24,650 bbls.; Garber, 17.600 bbls., against
17,900 bbls.; Burbank, 45,950 bbls., against 47,550 bbls.; Bristow-Stick,
27,300 bbls., no change; Cromwell, 13,500 bbls., against 13,700 bbls.
Papoose, 7,450 bbls., against 7,200 bbls.; Wewoka, 17,750 bbls., against
18.300 bbls.; Seminole, 281,850 bbls,. against 276,850 bb.s., and Earlsboro,
36,300 bbls., against 32.600 bbls.
In Panhandle, Texas, Hutchinson County is reported at 106.400 bbls.,
against 108,850 bbls., and Balance Panhandle, 17,750 bids., against
16,950 bbls. In east central Texas, Corsicana Powell, 19.750 !ibis.,
against 19.900 bbls.; Nigger Creek, 5,900 bbls.. against 5,950 bbls.; Reagan
County, west central Texas, 27,550 bbls., against 27,500 bbls.; Brown
County, 35,100 bbls., against 34.000 bbls.; Crane and Upton Counties,
48,500 bbls.. against 45,000 bras., and in the southwest Texas field, Luling,
18,350 bbls., against 18,300 bbls.; Laredo District, 15.050 bbls., against
14.350 Ws.; Lytton Springs, 2,350 bbls.. against 2,400 blbs. In north
Louisiana. Haynesville is reported at 7,900 bbls., against 7,950 bbls.;
Urania, 10,600 bbls., against 9,300 bbls.; and in Arkansas, Smackover
light, 11,700 bbls., against 11,800 bbls.; heavy, 98,250 bbls., against
99,000 bbls., and Lisbon, 4,550 bbls., against 4.650 bbls. In the Gulf
Coast field, Hull is reported at 16,250 bbls., against 16,400 bbls.; West
Columbia, 10,050 bbls., against 10.250 bbls.; Spindletop, 58.750 bbls..
against 60,500 bbls.; Orange County, 5,100 bbls., against 5.050 bbls.,
and South Liberty, 3,550 bols., against 3,600 bbls.
In Wyoming. Salt Creek is reported at 42.900 bbls., against
46,400
bbls.; and Sunburst, Mont., 12,000 bbls., no change.
In California, Santa Fe Springs is reported at 44,000 bbls., no change;
Long Beach, 92,500 bbls., against 93,000 bbls.; Huntington Beach,
76.000
bbls., against 78,000 bbls.; Torrance, 24,500 bbls., no change; Dominguez,
18,000 bbls., no change; Rosecrans, 10,500 bbls., against 11,000 bbls.;
Inglewood, 37,000 bbls.. against 38.000 bbls.; Midway-Sunset, 89,000
Apit. 2 1927.]
THE CHRONICLE
bbls., no change; Ventura Ave., 51,000 bbls,. against 48,900 bbls., and
Seal Beach, 26,500 bbls., against 29,700 bbls.
New Automobile Models and Prices.
The Hudson Motor Car Co. on March 28 introduced a
new Essex model to be known as the "Speedabout," a twopassenger roadster selling at $700.
Regarding the situation concerning the plans of the Ford
Motor Car Co. the "Wall Street News" of March 29 re-.
ported the following:
, According to all indications. Ford will break into the middle spring selling
season with a car radically different from the present Model T. The new
car chassis Is reputed to be four inches longer in wheel base than Mr. Ford's
present passenger car, and to embody many improvements, such as underslung springs, selective Type 3 speed transmission and other devices that
will greatly enhance both riding and driving comfort.
It is said that the ;resent motor is out of production and parts are now
being made which will give the new Ford car a four-cylinder motors much
more efficient and powerful. The new connecting rods are one inch longer
and the crankshaft and camshaft are stronger and much heavier, the latter
having a worm eril e for a distributor. Both oil and water pumps have
been added and the resent starter and generator have been replaced by a
single unit, combining the two. All parts have been redesigned and improved, an exann le of this being the timing gear, which is about twice as
heavy as formerly.
No information is forthcoming as to the price of the new model, but it is
generally believed that the car will be listed to compete with Chesralet.
This will mean a coasiderable increase over the present Model T rrices.
1913
February to an index of 155 as compared with 140 in January and 138 in
February a year ago. A substantial part of this gain is attributed to the
sales promotion influence of the special shop equipment exhibits in the
national and regional automobile shows.
Shipments to the wholesale trade of replacement parts makers dropped
from an index of 107 to 100, while accessory business advanced to 93 from
79 in January.
Parts and accessory business has been affected favorably in the case of
some companies and adversely in others by the current situation in car and
truck production, which shows the majority of the makers increasing volume
slightly over the early weeks of the year, while a small number of producers
are making phenomenally rapid gains. Trade sales of the parts industry,
puticularly in the shop equipment line, are expected to benefit from the
steadily increasing registration of vehicles.
Consumption of Electric Power by Industries in
Philadelphia Federal Reserve District Increased
in February as Compared with January.
-With the expansion of spring activity, February consumption of electric power by industries in the Philadelphia
Federal Reserve District was .2% larger than in January,
despite the smaller number of working days, and was 20%
greater than in the same month last year. Total sales of
electricity, though less than in January, also exceeded the
volume of a year before by more than 17%. February production of electricity by 11 systems of this district was
The announcement a !William C. Durant, which will about 11% greater than in February 1926, but nearly 6%
cecur April 7, is still awaited with the greatest interest. below the January total. In announcing this the Federal
is first statement to the public on March 21 deelnred:
Reserve Bank of Philadelphia supplies the following staA most significant event in motor car affairs is the return of W. C. tistics:
Durant to active participation in his motor interests. Now fully recovered
from his serious illness of a year ago, he proposes to devote his entire time
(with every other interest secondary) to a thoroughly constructive motor
car program that will duplicate his previous and widely known accomplishments in this field. His first effort will be largely devoted to the
aggressive promotion of the Star 6 line.
Mr. Durant promises a statement on April 7 resnecting his future plans
that sill startle the indi stry and prove most emphatically that Durant
is back on the Job.
Electric Power-Philadelphia Federal February
Change from
Reserve District-ll Systems.
January 1927.
1927.
Rated generator capacity
1,316,000 K.W.
Generated output
381,147,000 K.W.H. -8.3%
Hydro-electric
24,600,000 "
+35.1%
Steam
-12.2%
296.798.000 "
Purchased
+1.0%
59,744,000 "
Sales of electricity
316,134,000 "
-5.7%
Lighting
-10.2%
72,747,000 "
Municipal
-13.2%
8,005,000 "
Residential and commercial__ 64,742,000 "
-9.8%
Power
209,913.000 "
-2.9%
Municipal
1,733,000"
-10.3%
Street cars and railroads
46,329,000 "
=12.0%
Industries
161,851,000 "
+0.2%
All other sales
33,474,000 "
-12.4
Change from
February 1926.
+8.2
+11.2%
+41.8%
+9.2%
+14.9%
+17.3%
+18.3%
+5.7%
+20.1%
+16.4%
+3.9%
+5.9%
+20.0%
+32.5
•
Increased Activity in Automobile Trade in Philadelphia Federal Reserve District.
According to the Federal Reserve Bank of Philadelphia,
business in automobiles continues increasingly active. The Steel and Iron Foundry Operations in Philadelphia
Bank in its advices in the matter says:
Federal Reserve District During February.
Total sales of new cars by 14 distributors in this district during February
Production and shipments of steel castings in this district
Increased seasonally over the January volume and were much greater than during
February were cons:derably greater, while unfilled
those in February 1926. Strong demand for cars selling under $1,000 was
chiefly responsible for gains in sales over the volume of a year ago. Simi- orders were much smaller than in the same month last year,
larly, retail sales of new cars also surpassed the January total, despite the according to the Federal Reserve Bank of Philadelphia,
fewer trading days. Compared with a year previous only the less expensive
which adds:
cars showed large
gains, while medium and high priced automobiles registered losses in both number and value. Trading in used cars also increased,
but deferred payment sales, which dropped from the January total, exceeded those of a year earlier only in number.
Stocks of new cars at the end of the month were considerably heavier
than on the same date in January; supplies of higher priced cars also were
greater than those of a year before. Stocks of used cars, too, exceeded
those on the corresponding date of a month previous and of last year.
AUTOMOBILE TRADE PHILADELPHIA FEDERAL RESERVE DISTRICT
(Fourteen Distributors).
February 1927
-Changefrom
January 1927.
February 1926.
Number.
Sales of new cars at wholesale
Cars selling under 51.000
Cars selling from $1,000 to 52,000_ _ _ _
Cars selling over $2,000
Sales of new cars at retail
Cars selling under 31.000
Cars selling from $1,000 to $2,000_.._
Cars selling over $2,000
Stocks of new cars
Cars selling under 51.000
Cars selling from $1,000 to $2,000
Cars selling over $2,000
Sales of used cars
Stocks of used cars
Retail gales, on deferred payment
Value.
Number.
Value.
+21.3%
+14.3
+43.4
+26.6
+45.7
+47.3
+49.2
+18.3
+14.8
+19.2
+8.5
+19.2
+72.2
+7.9
-16.1
+23.9%
+14.8
+41.0
+24.6
+42.0
+47.9
+44.6
+18.0
+13.8
+19.8
+9.9
+15.0
+72.3
+0.1
-46.4
+41.2%
+127.1
-27.1
+4.1
+62.5
+77.7
-24.2
-16.0
-19.9
-45.6
+20.5
+16.8
+83.1
+27.0
+19.5
+17.2%
+128.7
-30.8
-2.3
+39.9
+77.8
-20.2
-19.5
--0.7
-45.1
+50.5
+5.8
+62.9
+21.8
-28.3
Stocks of pig iron and scrap at the end of the month were lighter, but
supplies of coke were materially heavier than those on the same data of
1926. Comparisons follow:
STEEL FOUNDRY OPERATIONS-PHILADELPHIA FEDERAL RESERVE
DISTRICT.
February
P. C. Change
P. C. Change
1927.
Year Ago.
Month Ago.
Capacity
12,190 tons
Production
5,109 "
. +115
-III)
Shipments
6,382 "
+19.3
+17.7
Value
$922,080
+9.6
+9.0
Unfilled orders*
3,806 tons
+27.7
-19.0
Value*
$638,265
+24.2
-29.1
Raw stock-Pig Iron
1,969 tons
-3.5
-20.3
Sera!)
7,887 "
-5.4
-9.0
Coke
1,638 "
-2.4
+51.8
*Figures of one plant omitted.
Regarding iron foundry operations, the Bank says:
While February activity in iron castings in this district increased substantially over that in January, output and shipments did not measure up
to the volume of a year previous. Unfilled orders, however, were nearly
5% greater. Stocks of pig iron at the end of the month were lighter, but
supplies of scrap and coke were much heavier than those on the same date
of last year.
IRON FOUNDRY OPERATIONS
-PHILADELPHIA FEDERAL RESERVE
DISTRICT.
February
P. C. Change P. C. Change
1927.
Month Ago.
Year Ago.
Capacity
12.111 tons
Production
5,078 '
1-iiii
= :0
5
Malleable iron
489 "
+2.9
-14.7
Gray iron
4,589 "
+16.0
-4.5
Jobbing
3,117 "
-2.2
+9.3
For further manufactur'g
1,472 "
-9.1
+33.2
Shipments
4,161 "
-0.1
+0.6
Value
$580,364
-6.7
-1.8
Unfilled orders
4.391 tons
+21.1
+4.6
Value
5733,594
+27.1 •
+10.5
Raw stock-Pig iron
6,636 tons
-10.4
Scrap
3,708 "
+30.4
+20.2
Coke
2,147 "
+23.7
-6.9
Motor Parts and Accessory Business Shows Steady
Improvement.
The automotive parts and accessory business is advancing
rapidly toward the high production and sales levels of a
year ago. February shipments showed approximately 25%
gain over January, according to the Motor and Accessory
Manufacturers Association, and similar progress is being
reported by members for March. The association on 1-atch Rate of Demand and Production Sustained in Steel
25 also says:
Trade
-Pig Iron Price Rises Somewhat.
February shipments of a large group of M. & A. M. A. members aggreMarch goes out with steel operations considerably higher
gated 146% of the total for January 1925, as compared with 126% in
than when it came in, and there are no present signs of a
January this year and 154% in February 1926.
The shipments of original equipment makers, supplying parts and acces- subsidence in either demand or production, says the "Iron
sories to car and truck manufacturers, advanced to an index of 158 in
Age" in reviewing trading conditions on March 31. NumFebruary as compared with 132 in January and 160 in February a year ago.
These manufacturers generally were running on larger schedules in March, bers of the independent steel companies, not rolling rails,
promising continuance of the upward movement in car and truck produc- on which shipments are being completed, find the volume
tion, which sets the pace for business in the industry generally.
of their unfilled orders substantially equal to those at the
Another notable gain was made in February by the service equipment
manufacturers, who supply machinery and tools for the repair shops of car end of February,observes the "Age"in its weekly summary,
nd truck dealers and garages. Shipments in this division advanced in from which we quote further:
1914
THE CHRONICLE
Shipments of the first quarter are not much under those of a year ago.
while the orders, individually smaller, numerically top those of the corresponding period last year.
lb Price irregularities continue in practically all the major lines of steel,
In spite of the large sum total of demand. The keen competition among
fabricators of structural steel is reflected now and then in concessions on
the plain material. Deviations in sheets appear less numerous, however.
and black sheets are more difficult to obtain below 2.80c., Pittsburgh
except occasionally in the heavier gages.
aiThe Gary works of the Steel Corporation are running full, the twelfth
and last blast furnace being blown in this week. In the Chicago district
30 of the 36 steel plant stacks are active. Ingot output at Pittsburgh is
on a 90% rate and at Youngstown close to 85%.
Consumption continues relatively the heaviest in Chicago, where sales
reported for the week are the largest so far this year by a wide margin.
There has been some measure of second quarter buying, but in the main
the orders do not cover more than 60
-day requirements. The willingness
to go beyond the 30 days' commitments, hitherto widely ruling, is not
regarded as reflecting concern over a coal strike, but a proportionirur of
needs to orders in hand.
Opinion of the soft coal strike is that some mines will shut down on
Friday while others will continue in production on an open-shop basis.
The heavy stocks of coal leave plenty of time to appraise the effect of what
happens after April 1. Meanwhile coal business has actually grown
smaller and the supply of furnace coke is so large that prices might slow
weakness if pig iron producers were not well covered.
Basic pig iron in the Valley has advanced to $19, furnace, on a sale of
7,500 tons. This is the second advance of 50c. a ton since the middle of
March. With the waning of buying movements in the Cleveland district
and in the East, the pig iron market is showing more activity in other sections. In Alabama the recent announcement of second quarter prices has
been followed by generous buying. One seller is already comfortably
booked for the coming quarter, having taken orders totaling 42,000 tors.
At Chicago contracting for second quarter has been heavier than for any
three-month period except one In the last three years, and the blowing in
of another merchant furnace is contemplated. Demand is also active in
Michigan, where the automotive industry is melting a large amount of
iron and is specifying heavily for April delivery. Sales of silvery iron,
totaling 3,500 tons, are a feature of the Cincinnati market.
Scrap is stronger at Chicago, following a large purchase of heavy melting
steel by a steel company that had been out of the market for two years.
A survey of the outlook indicates that steel building activity is well up
to where it was a year ago. Steel that has been required for rails will now
be available for car material, of which there is renewed promise of buying,
with fresh inquiries appearing this week. Automobile manufacturing is
proceeding at a high rate, save in the case of two large Detroit motor car
builders. The oil industry is still in need of large tonnage of plates for oil
storage tanks. Agricultural implement makers are taking more steel than
was expected, while early spring has brought some improvement in wire
and wire products. The canning situation now points to a transfer from
the can makers to the packers of any financing of the farmers and expectations are that all the tin plate ordered for the purpose will be taken. In
all this the coal strike has not figured as a lever.
An inquiry from the New York Central for 3,500 frieght cars is expected
to mean the buying of double the number. The Pere Marquette is out for
1.500 freight cars, a tank car line for 250 to 500 cars, and a coal comrany
for 1,150 mine cars. The Boston & Maine is asking bids on 35 locomotives,
the Reading on 25 and the Kansas City Mexico & Orient on 15.
Structural steel awards of about 33,000 tons in the week included 10,000
tons for an office building in Detroit and 5,500 tens for one in New York.
Inquiries totaling close to 50,000 tons are made up largely of several sizable
projects, such as 12,000 tons for coal barges for a Pittsburgh company,
9.000 tons for New York subway work, 4,500 to 5.000 tons for oil tanks in
California and 4,200 tons for a theatre and office building in Toledo.
The new rivet rrice list makes Cleveland a basing point for large rivets.
Consumers are releasing good specifications against first quarter contracts
on large bolts, on which the new list effective April 1 calls for advances of
3 to 5%, but :,hey are withholding them on the small 8170S, which will be
lower after April 1.
Imports of iron and steel in February. 49.460 tors, were the smallest
monthly total since November 1924.
The usual composite price table stands as fathoms:
Finished Steel.
Pig Iron.
March 29 1927, 2.387 Cents per Pound.
March 29 1927, 819. 3 per Gross Ton.
One week ago
2 3670. One week ago
$19.04
month ago
One
2 3870. One month ago
18.96
One year ago
2 439c. One year ago
21.63
10-year pre-war average
1 6890. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates.
Based on average of basic iron at Valplain wire, open-hearth rails, black pipe ley furnace and foundry Irons at Chicago,
and black sheets, constituting 87% of Philadelphia, Buffalo, Valley and Birthe United States output.
mingham.
High.
Low.
High.
Low.
1927_2.453e., Jan. 4 2.387c., Feb. 21 1927_319.71, Jan. 4 318.96, Feb. 15
1926_ _2.453c., Jan. 5 2.403c., May 18 1926... 21.54, Jan. 5 19.48, July 13
1925._2.560e., Jan. 6 2.396c., Aug. 18 1925... 22.50, Jan. 13 18.96, July 7
1924_2.789e.. Jan. 15 2.460c., Oct. 14 1924.. 22.88, Feb. 26 19.21, Nov. 3
1923„2.824c., Apr. 24 2.446c., Jan. 2 1923__ 30.86, Mar.20 20.77, Nov. 20
With the coming of the second quarter the iron and steel
industry enters a period marked for declining production,
declares the "Iron Trade Review" in its market summary
of March 31. For three consecutive years March proved a
zenith of mill effort, and the months of the second quarter
have brought progressive, albeit moderate, recession. Few
producers believe that the new quarter will maintain the
hot pace of the first, but skepticism within the industry
concerning the second quarter is less rampant. Doubts
originally harbored in regard to first half now have been
conferred upon the last. For some independent producers
March was the biggest month in history, and it seems probable that the statistics for the entire industry will reveal
only a few points deviation from the all-time high of last
year. Incoming second quarter business, meanwhile, has
buttressed order books and provided momentum for transition. No marked changes have occurred in either operating
rates or piices in the past week, although there is further
talk of stiffening in some of the finished steel lines. Further
.
details conesrninv the staAus of trading we quote from the
'Review" as follow.
[Vol.. 124.
Spotty character of markets has become more pronounced. Demand
for sheets, excepting full-finished, had contracted materially in Mahoning
Valley and are the reverse of situation at Pittsburgh. Hot strip prices are
a shade less steady, while those on cold strip are firmer. Market supremacy
at Chicago has passed from plates to bars. Scrap prices, frequently a
barometer, display more strength and sizable sales have usually been followed by slight advances.
Beehive coke producers will enter a coal strike period protected by wage
clauses in their sales contracts. Melters of pig iron covered probably
80% of their second quarter iron requiremems at prices little higher than
for the first quarter. In the middle ground stand pig iron producers, who
as a group have sold past their coke protection but not up to their furnace
capacities. Furnaces with coal and coke affiliations outside western Pennsylvania are least concerned. The conviction still abounds that no serious
strike effects will be felt oefore the third quarter. Demand for cold finished
bars has been broadening, one manifestation being the Increasing concern
of some automotive interests as to supplies. Not since 1920 have these
users been so insistent for shipments. Some makers shipped more steel in
March than in any month since the armistice.
Automobile production in the Detroit district has been slowly improving,
but continues under last year's level. Ford Motor Co. continues a weak
spot, an analysts of February production figures showing that the industry,
excluding Ford, was on 7% higher basis than February 1926.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is 336.89. This compares with $36 .87 last week
and the previous week.
Bituminous Coal Markets Quiet as Strike Nears—
Anthracite Trade Remains Sluggish.
In general, an apathetic attitude prevails in the bituminous coal trade, both for steam and domestic grades, declares the weekly review of conditions in the markets issued
March 30 by the "Coal Age." Here and there, it is true,
there has been a slight spurt due to a touch of cold weather,
but in practically every instance the effects were only transitory. There has been sufficient bidding at times on steam
tonnage to cause a moderate advance in spot quotations.
Belated storage buying by purchasing agents in the Middle
West was about the only bright spot in the dead level of
industrial consumer indifference in that section. The tidewater markets were quiet last week, continues the "Age,"
from which we quote further as follows:
The "Coal Age" index of spot bituminous prices halted at least temporarily in its downward course. On March 28 the index number was 171
and the corresponding weighted average price was $2.07 per ton, f.o.b.
mines. Compared with the figures for the preceding week this was an
advance of 2 points and 2 cents.
Unaffected by the reductions in circular prices, the hard-coal trade is
almost uniformly sluggish. Consumer interest for the most part is limited
to purchases of small lots to tide over immediate requirements. The steam
end of the business also has shrunk perceptibly in importance. Loading of
anthracite at Buffalo for the Lakes continues apace.
In the Connellsville coke market last week there was a sharp treak In
the asking price on second-quarter furnace contracts.
Quietness, amounting in some cases to actual stagnation,
has been the chief characteristic of the coal market during
the past week, observes the "Coal and Coal TradeJournal"
in its March 31 summary. The day after this magazine is
issued a strike of some proportions in the coal fields is to
begin. In any light, this is not a pleasant circumstance.
Its course and ending cannot be known, and no one would
look forward to such a condition lightly, adds the "Journal"
in extending its remarks as follows:
It is generally felt, however, that to-morrow wlll be entered Into with a
minimum of disturbance. This is largely due to the atmosphere of quiet
that has been thrown over the market. It is evidence of the wise t revisions
that have been made. If there had been large dealings, a rapidly moving
market and unusual features of any sort, the first of April would be a day
to reckon with. As it Is there is little to disturb. Those mines that will
not be worked to-morrow, and probably for many days thereafter, will
Crop, as it were, out of the picture for the time being, and the rest will go
on in the even tenor of their way.
. The picture that really presents itself is not a distressing one. It is quite
probable that the shut
-down about to occur would have been most desirable.
if the general economics of the present coal situation alone were to be considered. We have large reserves in dealers and private hands, and this is
always objectionable from the distributors' and dealers' standpoint, if the
production is to be kept up to a high level. The only thing to do now is
to seek a curtailment of output, and the strike presumably will do it.
It is to be said again, as it was said here a few weeks ago, that the thing
to be looked forward to with the greatest element of dread is no strike.
If a general settlement should immediately be brought about between all
the miners and operators, the situation would be a critical one; for then the
reserve stocks would play havoc in many directions. In such an event
the ultimate shutting down of mines would probably be of greater extent
than It will be in case of the strike to-morrow.
In the midst of the present inactivity, there is a renewal of interest in
contracts reported from many points. This is, of course, a healthy sign.
Coal operators and wholesalers are looking ahead, and they appear to find
much.in the future to be hopeful about. At least, they do not anticipate
long-drawn-out trouble. They are quite willing to anticipate good days
ahead. They believe that they will be able to carry out any reasonable
agreement to deliver that may be entered into.
Another very healthful sign is the activity that is looked forward to
along the Great Lakes. Preparations for ship movements to the Northwest are under way and an early season is anticipated with eagrness.
It is expected that it will be one of the busiest known for a long time. Coal
Is on the shore, and the fleet to carry it is a large one. The demand is
there or is confidently expected. The trials of a mild winter are somewhat
made up for by the value of early open water on the inland seas. There
is a general opinion now that the accumulating of storage piles has extended
well to the smaller industrials; in otherwerds, that all those who are dependent upon coal, and who could get it, have taken the strike by the forelock and put themselves in a strong position. This makes the trade to
the Northwest that is dependent upon the Lakes especially attractive
APR. 2 1927.]
THE CHRONICLE
It is pleasant to note that conditions at the upper ends-of the Lakes are
such that about all the coal that can be sent there will be wanted.
The cold beginning of spring gave a new thrill to anthracite business.
There are indications that part of the winter will appear in the months
usually reserved for Easter and new gardens: that trade that was missing
up to this time may still, to some extent, be secured in many sections.
The owners of empty bins may be sending hurried calls to their dealers.
The whole anthracite situation seems more cheerful. It should be. It has
done a good deed in the price arrangement, and it may now expect more
chilly days in which the peorle must "keep the home fires burning."
e
1915
The total production of bituminous coal during the -present coal year to
March 19 (approximately 298 working days.)amounts to 579410,000 net
tons, as against 522.519,000 tons during the correspencling period in
1925-1926--a gain in the present year Of56,891,000 tons,or 10.9%.'. Figures
for other recent years are given below:
•
1919-20
476,205.000 net tons 1923.24
545.413000 net tons
1920-21
521,282.000 net tons 1924-25
456,549,000 net tons
1921-22
429,974,000 net tons 1925-26
522.519,000 net tons
ANTHRACITE.
The total production of anthracite during the week ended March 19 is
estimated at 1,432,000 net tons, a decrease of 56,000 tons, or 3.8%, from
Output of Bituminous Coal and Anthracite Declines
- the output in the preceding week.
' The average daily output during the first three weeks in March has been•
Coke Shows Slight Increase.
approximately 230.000 tons, indicating a decline of 7.6% from the February
For the first time since the end of October the estimated rate.
animated United States Production of Anthracite (Net Tons).
output of bituminous coal fell to below 13 million tons
1926-1927
1925-1926
-during the week ended March 19. Production declined
Coal Year
Coal Year
820,000 tons from the preceding week to 12,958,000 net
Week EndedWeek.
to Date.
Week.
to Date a
tons. Anthracite also showed a falling off in production, March 5
1,211,000
87,303,000
1,789.000
44,441,000
1,488.000
88,881,000
1,966,600
46,407,000
the tonnage for the week being 1,432,000 net tons or 56,000 March 12
March 19
1,432,000
90,313,000
1,963,000
48,370,000
tons less than in the preceding week, according to statistics
a minus one day's production first week in April to equalize number of days in
compiled by the U. S. Bureau of Mines from which we take the two years.
the following extracts:
BEEHIVE COKE.
The production of soft coal during the week ended March 19. including
The usual table of estimated output of coke, compiled by the U. S.
lignite and coal coked at the mines, is estimated at 12,958,000 net tons, Bureau of Mines, is as follows:
a decrease of 820,000 tons, or 6%,from the output in the preceding week.
This is the first time since Oct. 23 that the production in any full-time week
Estimated Production of Beehive Coke (Net Tons).
has fallen below the 13
-million-ton mark.
Week Ended
1927
1926
Mar.19 Mar. 12 Mar. 20
Estimated United States Production of Bituminous Coat(Na Tons).
to
te
1927.b
1927.c 1926.
Including Coal Coked. •
Date.
Pennsylvania & Ohio
164,000 157,000 209,000 1,670,000 2,875,000
1926-1927
1925-1926
West Virginia
18.000
17.000 18,000
Coal Year
188.000
191,000
Coal Year
Ala., Ky., Tenn. & Ga
5,000
6.000 18.000
Week.
67,000
to Date.
Week.
233,000
to Date.a
Virginia
March 5
7.900
7,000
9,000
79,000
13,262,000
552,674,000
10,460,000
118,000
501,566,000
4,000
Daily average
4,000
2,210,000
6,000
46,000
1,935,000
1,743,000
64,000
1,758,000 Colorado & New Mexico
March 12_b
6,000
5,000
3.000
13,778,000
556,452,000
47,000
43,000
10.690,000
512,256,000 Washington & Utah
Daily average
2.296,000
1,943,000
1,782,000
1,757,000
United States total
March 19_c
204,000 196,000 263,000 2,097.000 3,524,000
12,958,000
579,410,000
10,263,000
522.519.000
Daily average
34,000 33,000 44,000
2,160,000
31.000
1,947.000
1,711,000
53.000
1,758,000 Daily average
a Minus one day's production first week in April to equalize number of days In
a Minus one day's production first week in January to equalize number of days
the two years. b Revised since last report. c Subject to revision.
in the two years. b Subject to revision. c R vised since last report.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on March 30, made public by the Federal
Reserve Board and which deals with the results for the
twelve Reserve banks combined,shows increases for the week
of $16,400,000 in bill and security holdings, of $9,700,000
in Federal Reserve note circulation, and of $26,200,000 in
Government deposits, and declines of $10,600,000 in cash
reserves and of $26,000,000 in member bank reserve deposits.
Government security holdings increased $10,900,000 during
the week and open-market acceptance holdings $6,200,000,
while holdings of discounted bills declined $1,100,000.
After noting these facts, the Federal Reserve Board proceeds
as follows:
The Federal Reserve Bank of New York reports a reduction of$20,300,000
in discount holdings for the week, San Francisco a decline of
$12,800,000.
and Cleveland of $3,600,000, while the Federal Reserve Bank of Boston
shows an increase of *17,200,000, Chicago $14,100,000,
Philadelphia $4.700,000, and St. Louis $3,000,000. Holdings of acceptances
purchased in
open market increased $5,100,000 at the New York bank and
$2,500,000
at St. Louis. Increases of $16,600,000 and $6,300,000, respectively,
in
the System's holdings of Treasury notes and bonds were partly offset
by
a decline of $12,000,000 in holdings of Treasury certificates.
The principal changes in Federal Reserve note circulation
during the
week comprise increases of $4,700,000 and $3.500.000,
respectively,
reported by the Philadelphia and New York Reserve banks.
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 1943 and 1944.
A summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
March 30 1927 is as follows:
Total reserves
Gold reserves
Total bills and securities
Bills discounted, total
Secured by U. S. Govt. obligations__
Other bills discounted
Bills bought in open market
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
Federal Reserve notes in circulation
Total deposits
Members' reserve deposits
Government deposits
Increases(±)or Decreases(-)
During
Week.
Year.
$10,600,000 +8262.800,000
11,700.000 +255,000.000
+16,400,000 176,500.000
1,100,000 176,400,000
9,300,000 52,400,000
+8.200,000 124,000.000
+6,200,000 12,200,000
+10,900,000
+23,300,000
+6,300,000
1,800,000
+16,600,000 43.300.000
12,000,000
+68,400,000
+9,700.000 . +54.900,000
1,800,000
+4.100,000
26,000,000
+59.200.000
+26,200,000 -53,900,000
The Member Banks of the Federal Reserve System*
Reports for Preceding Week-Brokers' Loans
in New York City.
The Federal Reserve Board's condition statement of 674
reporting member banks in leading cities as of March 23
shows declines for the week of $23,000,000 in loans and
discounts, $13,000,000 in investments, $173,000,000 in net
demand deposits and $31,000,000 in Government deposits,
and an increase of $120,000,000 in borrowings from the
Federal Reserve banks. Member banks in New York City
reported an increase of $30,000,000 in loans and discounts
and of $86,000,000 in borrowings from the Federal Reserve
Bank, and declines of $42,000,000 in investments, of $27,000,000 in net demand deposits and of $10,000,000 in
Government deposits.
Loans on stocks and bonds, including U. S. Government
obligations, &dined $18,000,000 at banks in the New York
district, $7,000,000 in the Philadelphia district and $5,000,000 in the Cleveland district. "All other" loans and
discounts increased $5,000,000 during the week, an increase
of $39,000,000 in the New York district and $4,000,000 each
in the Philadelphia and Cleveland districts being nearly
offset by reductions in the other districts. Loans to brokers
and dealers, secured by stocks and bonds, made by reporting
member banks in New York City, were $38,000,000 below
the previous week's total, roans for their own account and
for account of out-of-town banks having declined $7,000,000,
and $51,000,000, respectively, while loans for account of
others increased $20,000,000. As explained in the footnote
to this article, the figures for these member banks are always
a week behind those for the Reserve banks themselves.
The statement goes on to say:
Holdings of U. B. Government securities declined $59.000,000 during
the week, the larger decline of $71,000,000 reported by banks in the New
York district being partly offset by an increase of$18,000,000 in the Chicago
district. Holdings of other bonds, stocks and securities were $46,000,000
above the total reported a week ago. Of this Increase $26,000,000 was in
the New York district and $9,000,000 in the Chicago district.
Net demand deposits declined $173,000,000. all districts except Cleveland
participating in the decline. The principal reductions oy districts were
as follows: New York $41,000,000. San Francisco $28.000,000, Boston
$26,000,000, Philadelphia and Chicago $17.000.000 each, St. Louis
$14,000,000,and Atlanta $10,000,000.
Borrowings from the Federal Reserve banks were $120.000,000
above
the March 16 total, borrowings of member banks in the New York district
increasing $89,000,000, and in the San Francisco and Philadelphia districts.
$12,000,000 and $10,000,000, respectively.
1916
THE CHRONICLE
On a subsequent page—that is, on page 1944—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items as
compared with a week ago and with last year:
[VOL. 124.
marks. Finished goods showed a loss of 22,000,000 marks, particularly
in the case of rolling mill products and chemicals.
The official cost of living index, based upon 100 for 1913, was 145.4 for
the month of February. The official wholesale i rice index on March 2 was
135.6. The number of new firms founded in February was 1.629 and the
number of firms dissolved, 2,844.
AUSTRIA.
The Austrian business situation which was generally favorable in February showed further improvement in March. The Vienna Fair was more
successful than any of the previous ones and resulted in increased sales in
Loans and discounts, total
many lines. Continued improvement was reported in the iron and steel and
Secured by U.S. Govt.obligations
textile industries. The weather has been exceptionally favorable for
Secured by stocks and bonds
spring crops. General parliamentary elections will be held on April 24.
All other
The position of the National Bank remained favorable throuehout Feb-Investments, total
ruary; the money market continued easy but commercial collections were
U.8.securities
still difficult. Total savings deposits showed another material gain in
Other bonds, stocks and securities
February. The leading industries were fairly active in spite of the occurReserve balances with F R.banks
rence of several minor strikes which were declared for the purpose of obtainCash in vault
ing wage increases.
Net demand deposits
ITALY.
Time deposits
Government deposits
The statement of the Bank of Italy. Feb. 28,reflects the usual financial
Total borrowings from F. R. banks
needs at the close of the month,inasmuch as it shows an increase of about
312,000,000 lire in circulation over the statement of Feb. 18. Total note
* It is not possible for the Federal Reserve Board to issue the weekly circulation on Feb. 28.tood at 17,831.970,000 lire. The entire increase
returns of the member banks as promptly as the returns of the Federal during the last ten days of the month is due to limited circulation on account
Reserve banks themselves. 130th cover the week ending with Wednesday's of commerce which rose from 5.388.737,0GO lire to 5.696.245,000 lire.
business, and the returns of the Federal Reserve banks are always given Circ lation on account of commerce rot limited ar d circulation on account
out after the close of business the next day (Thursday). The statement of the Treasury remained constant Total rote circulation on Feb. 28
of the member banks, however, including as it does nearly 700 separate re resents a decrease of 165,000,000 lire from the figures obtaining on
institutions, cannot be tabulated until several days later. Prior to the state- Jan. 31.
According to the report of the Economic Firancial Section of the General
ment for the week ending May 19 1926. it was the practice to have them
ready on Thursday of the following week and to give them out concurrently Banking Confederation, 193 new corn: sties with a cal ital of 69.641.950
with the report of the Reserve banks for the next week. The Reserve lire were formed and 110 companies increased their capital by a total of
authorities have now succeeded in expediting the time of the appearance 299.670,500 lire during February 1927. During the month there were
of the figures, and they are made public the following week on Monday 68 failures involving the amount of 57,680,280 lire, and 20 companies reinstead of on Thursday. Under this arrangement the report for the week duced their capital by 64,229.000 lire, Leming net new capital investments
ending March 23 was given out after the close of business on Monday of the for the month of February at 247,333,170 lire.
present week.
SPAIN.
According to the reports of the Treasury, the consolidation of the remaining 415.000,000 pesetas of
floating debt was effected in the followSummary of Conditions in World's Markets According ing manner: Issues amounting the378,100,000 pesetas were presented for
to
to Cablegrams and Other Reports of the
consolidation and 33,500,000 pesetas I resented for cash reimbursements.
Reimbursements were made out of Treasury balances without strain and
Department of Commerce.
with the conclusion of this operation the total of the Spanish floating debt
The Department of Commerce at Washington releases for has been wiped out.
FINLAND.
publication to-day (April 2) the following summary of
On March 20 the offisial discount rate was reduced by one-half per cent
conditions abroad, based on advices by cable and other
to 7%. Business conditions during the early months of the year and
means of communication:
March in particular have been very satisfactory and the continued brisk
activity on the Helsingfors Bourse clearly reflects the optimism prevailing
CANADA.
General business is very satisfactory in Montreal,improving in Toronto, in business circles. The advance payments on 1927 sales brought foreign
fair in the commercial centres of western Canada and quiet in the Maritime exchange holdings on March 5 to a total of 1,012.000.000 marks,showing an
Provinces. Sales of motor vehicles since the first of the year have been increase of 90.300.000 marks over the statement of the p rovious two weeks.
considerably larger than during the first quarter of 1926, particularly in Foreign pills were reduced 12,700.000 marks to 62.500,000 marks. The
increased by 94,100,000 marks to 1,446,500.000 marks durOntario and Quebec. The prices of some lines of heavier cotton goods note circulation
period.
have been reduced from 5 to 10%. Clothing and footwear are reported to ing the same
NORWAY.
Iblark.,
P" "os
. 16
be moving in good volume. The Ontario Government has awarded highThe labor situation remains very unsettled, employers and employees in
way contracts exceeding three million dollars.
The tariff regulation limiting the drawback of 25% on automobile parts many of Norway's important industries having been unable to agree on
at least one-half of the production costs of which are spent in Canada, will wage readJustments. The Government recently appointed a board of three
go into effect on April 1. It is expected in Canada that a proclamation will members to settle existing conflicts and in addition to adjust any disputes
be issued in the near future making effective the preferential import duties that might arise in the industries wherein present wage agreements expire
granted to the British West Indies; the bill to establish the national steam- this spring. The immediate problem is that of composing the differences
ship service with that area has passed the House of Commons. The first between employers and employees in the paper, iron and metals, mining,
-operated air mall service in Canada will be inaugurated this footwear and textile industries. It is quite generally believed in Nofway
Government
year between Rimouski and Montreal for the purpose of expediting the that mutually satisfactory wage scales will be agreed upon in the near future.
trans-Atlantic mails.
DENMARK.
GREAT BRITAIN.
The Danish National Bank recently exported 10,000.000 crowns gold,
A further decrease in unemployment is indicated by the returns for March which came into its possession during the war, to the Reichsbank in Berlin,
14. On that date the number on the unemployment registers was 1,118,700 as a consequence of its heavy holdings of metal in comparison with the note
as compared with 1,144,100 on March 7 and 1,169,500 on Feb. 28. Coal circulation. Since Denmark's return to the gold standard on Jan. 1 1927.
production during the week ended March 12 was slightly less than during the National Bank has exported 17,000.000 crowns gold, 7,000,000 crowns
the previous week, although there was an increase of about 4,000 in the having been shipped to England in January. Quantitatively, imports of
number of miners employed. It is reported that 20,000 tons of German grain and feeding stuffs,especially wheat,rye, oats, barley, maize and cotcoke have been purchased on price consideration by iron works on the River ton-seed cake, decreased markedly during 1926 as compared with 1925.
Tees. The steel trade is actively engaged in working accumulated orders,
LITHUANIA.
but scarcity of new business continues.
Lithuania's foreign trade during January resulted in an export surplus
THE NETHERLANDS.
of 9,700,000 lits (1 lit worth $0.10). Imports were valued at 16,600,000
The First Chamber on March 24 rejected the Scheldt treaty with Belgium. lits and exports at 26,300,000 lits. January exports were larger by 3.300,unfavorable vote including a majority of all parties. This action 00011U than those of December while imports showed a decrease of 3.400.000
the heavily
apparently meets with public approval. The Belgo-Dutch treaty was lits.
GREECE.
signed in April 1925 and was approved by a narrow margin by the Second
Chamber in November 1926. The supervision of the Scheldt channel is
According to prllminary statistics from the Port of Piraeus the United
regulated by a convention between Belgium and the Netherlands concluded States continues to lead in tonnage imports into Greece duri:Ig the first
in 1843. on the basis of Article 9 of the treaty of 1839. The new treaty is two months of 1927, with Great Britain in second place. The Government
mainly a revision of the treaty of 1839, and would allow Belgium to con- committee of experts is still studying plans for the rehabilitation of the
struct new channels between Antwerp and Moerdyk, on Dutch territorY, country's finances. Savings bank deposits continue small because of the
and between Antwerp and Rohrort in Germany, through Dutch Limburg. tendency to make private loans at the prevailing high rates of interest
The treaty also includes among other things a change in the sysetm of super- 12 to 15%—instead of depositing at lower rates. The cost of living index
vision regarding the Scheldt.
1899.5 for January, and
figure for February was 1896.0, as compared to
to the 1926 average of 1784.1.
FRANCE.
further decline in unemployment. Demands for
TURKEY.
Recent figures show a
wotk notsatisfied by the Employment Bureaus for the week ended March 19
Both the Government's definite conclusion of railroad construction contotaled 89.000. including 78.000 persons receiving doles, as compared with tracts with foreign firma, and the ending of the recent coal shortage, as
93.000 and 80.000, respectively for the previous week. The statement well as the modification of the consumption tax laws are definitely encourof the Bank of France of March 24 showed a decline of 800,000.000 francs aging features of the present situation in Turkey which promises improvein advances to the State,as compared with the preceding week,reducing the ment in the economic situation in general. Progress is also reported in
total of advances to 28.100,000.000 francs. The note issue dropped 360,- negotiations for the settlement of the long outstanding questions of the
000.000 francs to 51.910,000 francs. The Government has introduced a Ottoman debt payments and the Anatolian Railways purchase by the
bill which would postpone until April 1 1929 application of a law of April 4 Turkish Government. A new navigation code based on the navigations
1926 which provided for the setting up of April 1 1927 of a State monopoly laws of the United States is now reported to be in preparation,for presentarelative to imports of gasoline and other petroleum products.
tion to the present session of the Grand National Assembly,
Increase (+) or Decrease (—)
During
Week.
Year.
—$23,000,000 +3415.000,000
—1,000,000
—12,000,000
—27,000.000
+211,000,000
+5.000.000
+216,000.000
—13.000.000
+371,000.000
—59,000.000
+46.000,000
+371,000.000
+29.000,000
+65,000.000
+8.000,000
—15,000.000
—173.000,000
+321,000,000
+1.000.000
+516.000,000
—31,000,000
+18,000.000
+120.000.000 —109,000.000
EGYPT.
GERMANY.
The Parliament is still discussing the budget for the fiscal year beginning
The German balance of trade for February was slightly more unfavorable
than for January. Totla imports amounted to 1,142,000.000 marks, and May 1 1927, with a view to reducing estimated expenditures in preparation
exports to 757.000,000 marks, thus leaving a deficit of 385,000.000 marks; to the decrease in the State's receipts. This reduction has occurred chiefly
excluding gold and silver,however,the adverse balance was only 339,000,000 in the Customs Service. As a result of the country's reduced purchasing
marks. Imports of foodstuffs increased by 27,000.000 marks, while war power caused by the present cotton prices and high American cotton promaterials and finished goods each increased by 14.000.000 marks. Exports duction. During the last four months of 1926, when the cotton market
etfoodstuffs declined by 8,000,000 marks, and raw materials by 13,000,000 was most unfavorable, Egypt's imports declined in value by
921,000,000.
APR. 2 1927.]
THE CHRONICLE
as compared to the last four months of 1925, and preliminary figures indicate that this decrease in imports has continued in the early months of
1927. The local coal market has continued active with heavy arrivals
from Great Britain. Decreased building activity has resulted in a continued depression in the lumber business, but a certain revival of building
is reported from Cairo. The latest official Government crop estimates place
this season's Egyptian crops at above normal production.
PALESTINE.
Climatic conditions and the prospects of agrcultural production have
distinctly improved except in the region of Beersheba and Gaza, where
drought has continued and vegetable and cereal crops are both well ad
vanced in the northern region where winter sowings were uniformly satis
factory. During the season from Nov. 13 1926 to Feb. 18 1927, a totaof 923,000 cases of Jaffa oranges had been exported.
1917
but sales are good in Sao Paulo. The market for imported flour is extremely dull owing to a reduction in price by local mills made possible
by lower wheat prices from Argentina. The demand for textiles is slow
with little importing being done with the exception of American voiles
which are moving well. The domestic indutsry has been slowing down
to normal during the past two months after the recent revival of production.
Local knitting mills are still placing good orders for yarns although it is
reported that their operations have been slowing down.
CHILE.
Chilean trade in March reacted favorably from the low levels recorded
in February. Import trade is showing an encouraging development, with
a growing number of orders being placed. The announcement of a definite
nitrate policy, prospects of heavy nitrate exports for the last half of the
year, and the activities of the Government in curtailing administrative
expenditures are creating a feeling of optimism in all circles and there is
a return of confidence in the outlook for future trade. The position of
all banks continues good, and deposits are again on the increase. Ttade
and bank collections in central and northern districts are satisfactory
but some difficulty is experienced in the agricultural belt, where crops
have fallen short of anticipated returns. Nitrate i reduction in February
was 742,527 metric quintals, compared with 2,201,764 metric quintals
in February 1926. Exports in February were 1.717,669 metric quintals
as against 1,796,360 in the same month last year. Copper rroduction
continued at a high level throughout March.
CHINA.
Trade in North China is undergoing a distinct feeling of depression as a
result of the serious events which are taking rlace at Hardrow, Nanking
and other centers of the Yangtze Valley. The Tientsin-Pukow Railway,
which connects with the Shanghai
-Nanking Railway at Nanking, is out
of service due to recent military events and coastwise steamer service between Tientsin and Shanghai have been suspended. Moreover, in reaction
to the labor difficulties that have occurred in the more southern centers,
labor troubles are, it is feared, brewing in the Tientsin area. A serious
general strike is threatened in Shanghai. The Postal Service is disrupted
PERU.
and business paralyzed. Preparations for defense are being hastened.
The situation is extremely tense, and martial law is strictly enforced in all
The volume of trade is still subnormal. The application on January 16
Shanghai areas.
of the Emergency Tariff drove up prices of such commodities as clothing,
toilet articles, foodstuffs, &c., considerably, with the result that imported
JAPAN.
goods are moving slowly. The new cotton crop, however, which will become
Conditions in Japanese financial circles improved during the latter part available for the market in May, is considered good and a revival of retail
of the week ended March 27 in view of the announcement of the Bank of trade is anticipated locally, provided prices of that basic commodity are
Japan that it would assist banks with proper assets should further runs satisfactory. The average rate of exchange during the week ended March
start. There is now said to be no reason to fear general financial failures. 25 was $3.64 to the Peruvian pound as against an average of
$3.67 during
The stock market, which was temporarily affected by the disturbed con- the week ended March 18.
ditions, has recovered its tone. It is reported in Japan to be probable that
As a result of the impending Emergency Tariff, the last quarter of 1926
a new Cabinet will be formed after the close of this session of the Diet.
was characterized by a feverish activity in the import trade, imports having
jumped from a total of 1,322.765 Peruvian pounds in September to a total
PHILIPPINE ISLANDS.
of 1,716.000 Peruvian pounds in December. To the former total the United
General business is quieter than in recent weeks. This condition, however, is normal, as the hot, dry season is well advanced and summer holi- States contributed 55%, as against 13% by Great Britain and 9% by
days have begun. The labor situation has become somewhat disturbed, Germany, while the contribution of each of these three countries to ths
with a renewed strike of Manila cigar workers and a recent walkout of latter total was 47, 23, and 10%. respectively. The share of the United
stevedores on the island of Masbate, south of Luzon. The latter dis- States in Peruvian imports for both of these months is above the average
turbance has interferred with copra shipments from the area. The island's for 1925. when the United States contributed 39.3%. Great Britain 18.7%.
copra market opened the week ended March 27 quiet, and strengthened to and Germany 10.9%.
BOLIVIA.,
firm in the latter part. Arrivals at Manila were low, though all mills
continued in operation. The provincial equivalent of resecado (dried
A slight improvement in Bolivian business has taken place during March,
copra) delivered at Manila Is now 12.50 pesos per picul of 139 pounds. and conditions, at the end of the month were tending toward stability.
(1 peso equals $0.50.) Abaca trade is quiet, with stocks increasing as a Trading has been heaviest in food products, although the majority of the
result of inactivity. Following the trend in foreign markets, the price orders placed have been for future delivery. Notwithstanding the present
tendency is downward. Grade F is now quoted at 36 pesos per picul; dullness of the textile market a certain number of sales have been effected.
I. 31; PUS, 22.50; JOB, 21; and L. 20.
A law promulgated March 4 has made permanent the 10% additional tax
imposed on imports some months ago for defraying expenses of the recent
NETHERLANDS EAST INDIES.
centennial exposition. The only products exempted from this tax are sugar,
General business conditions continue to improve. An important phase flour, rice and textiles. Bclivian mines
are working to full capacity, and
of the improvement is the return to a practically normal basis in credit since there is a good demand
and relatively steady prices, prospects for the
conditions. Many Chinese merchants have so far this year claimed that industry are excellent. The price
of tin in London has fluctuated during the
their inability to receive payments from up country districts, because of month between £313 and £317 per ton,
with an average price to date of
conditions resulting from native uprising toward the close of 1926, has £314. The principal imports for March were steel bars,
petroleum products
rendered it impossible for them to meet their obligations promptly. The and hardware from the United States;
paraffin and canned milk from Great
result has been a considerable amount of hand to mouth buying and a Britain; and flour from Chile.
general restriction in the volume of business transacted. With recent
ECUADOR.
improvement in up country collections, however, a decidedly healthier
General economic conditions continue to be unfavorable in Ecuador, and
feeling exists in the commercial community.
no lessening of the depression which has surrounded commercial
there is
AUSTRALIA.
banking operations. The Kemmerer Commission, which has been in
Owing to a strike at the State Electricity Commission's works at Yal- Ecuador for a number of months at the instance of the Government, for
bourn, many factories of Melbourne's metropolitan area have closed, causing the purpose of making recommondations for placing the finances of the
8,000 workers to be idle. Wool sales throughout the Commonwealth con- country on a more stable basis, left on March 21 for Bolivia. Laws recorntinue satisfactory. The season's sales at Melbourne have practically ended, mended by this Commission for the erection of a central bank and establishonly small quantities of wool remaining to be cleaned up. A proposed ment of a new system of currency in which a gold sucre worth $0.20 is
amendment to the Government Savings Bank Act of New South Wales provided for have already been adopted. Exchange has fluctuated during
authorizes advances on homes up to 90% of their value.
the month between 4.76 sucres and 4.98 sucres to the dollar, as compared
with 4.88 sucres and 4.98 sucres to the dollar in February. A new tariff
NEW ZEALAND.
is understood to have been approved, but it has not yet been published.
General business conditions in New Zealand during March were dull,
Cacao receipts at Guayaquil for the month to March 24 amounted to
with considerable unemployment reported from the large centers.
48,600 Spanish quintals, (Spanish quintal equals 101 pounds) and exports
ARGENTINA.
totaled 14.000 Spanish quintals. Prospects for receipts in April are, as
A continuous heavy export movement is tending to maintain exchange yet, uncertain, but it is thought in Ecuador to be probable that they will
around par. Many import houses, however, are reluctant to import be- amount to around 125,000 Spanish quintals. Cacao prices on March 24
cause of the expectation that the peso may further appreciate in value. were 86 sucres (slightly over $0.17) for the bast quality.
According to a revised Government estimate the number of hectares planted
COLOMBIA.
to corn is placed at 4,289,000, while trade estimates of the quantity of corn
Navigation on the Magdalena river continues difficult on account of the
Which will be available for export run as high as 6,000,000 tons. This
year's crop, however, has suffered from moisture, and it is said to be likely low water. Boats that are successful in reaching either La Dorada, the
that it Nail, have to be disposed of at less than average prices. The quantity head of navigation on the lower river, or Girardot on the upper river, are
of wheat which is still available for export is estimated to be around 3,000,000 held up there by the inability to find space for landing cargo as the river
tons. Exports of cereals continue to be strong. All agricultural products banks are already over-congested, and there are no adequate dock facilities.
are being exported at prices higher than those which prevailed during the The cost of essential foodstuffs and house rents is rapidly increasing. The
same period of last year. The demand for all cereals continues to be scarcity of labor is becoming acute with wages rapidly advancing.
active, while that for wool and beef is firm, and for hides steady, but the
VENEZUELA.
demand for cattle and quebracho extract is weak. The railways have just
Economic conditions throughout Venezuela during March continued to be
forced a consortium in order to promote co-operative colonization projects. unfavorable.
Collections are slow and the number of business failures
Severe floods in the province of Jujuy have caused considerable damage increased slightly
as compared with the same period in recent years.
and severed railway communications with Bolivia.
Merchantsare endeavoring to clear their shelves of excess stocks, and this
BRAZIL.
tends to reduce prices. The present average of the bolivar is $0.189 slightly
There has been a general slowing up of business in Brazil during the better than the average for last month, which was $0.187. The par value
month of March, the improvement noted since November having largely of the bolivar is $0.193. It is believed in Venezuela that when coffee exports
disappeared. Importers are placing orders only for absolute necessities to the United States begin, which will be soon, that the downward trend of
owing to lessened demand and uncertainty as to future exchange con- exchange will take an upward turn. Imports through La Guaira during
ditions. Credit conditions in the interior, however, are reported to be February, exclusive of coal, amounted to 8.348 tons of which 28% came
improving steadily. Exchange averaged 8.453 milreis for sight dollars from the United States. Imports of cement took a marked drop and the
during the first 25 days of March, as compared with 8.473 milreis for number of automobiles imported described in comparison with the same
February. Money has been somewhat easier during March, largely period of last year. The automobile market for low priced machines is
attributable to the releasing of important amounts by the Bank of Brazil, good but higher priced cars are not selling, due primarily to some difficulties
which has resulted in lower discount rates. Total coffee exports from in financing sales on the installment plan. Imports of dry goods were 20%
Santos for the month through March 24 amounted to 625,534 bags, while less than for the same period of last year in spite of reduced selling prices.
Thehardware and drug trades are also depressed. The Government's
exports from Rio de Janeiro through March 23 were 126,198 bags.
Little activity is shown in Rio and Santos markets and prices are prac- program of public works continues to be greatly curtailed, releasing
tically unchanged. The new crop estimates continue unchanged at 14 thousands of laborers.
URUGUAY.
to 15 million bags for Sao Paulo alone. There has been a considerable
falling off in the volume of imports in contrast to the improvement which
General economic conditions are good in Uruguay with imports to the
had been noted for the previous three months. The cement market is end of March 10% above last year. Exports are moving steadily, and fair
dull in Rio de Janeiro, with domestic and Scandinavian makes controlling, prices prevail. It is estimated in Uruguay that the wool clipped will yield
1918
THE CHRONICLE
over 29,000.000 pesos, as compared with 28,000,000 pesos last year, and
with the market practically cleaned out. The Uruguay Minister of Finance
announces a probable treasury surplus of 467,000 pesos for the current fiscal
year. The general banking situation at the end of 1926 compares favorably
with that of the previous year, with total capital of all banks 45,830,000
pesos; deposits 131,181,000 pesos; loans 178,367.000 pesos; cash on hand
76.424,000 pesos; and clearing house movement 660.857.000 Pesos. Earnings of the Bank of the Republic were 2,371,000 pesos; State mortgage
banks 812.000 pesos; and of the State electric plant 2,000.000 pesos.
MEXICO.
The business situation in Mexico continues to be depressed with commercial transactions irregular. Generally speaking, the trend has been downward and it is believed in Mexico that no prospects of substantial improvement are in sight. Stocks of merchandise are reported to be very low,
but merchants are not replenishing their supplies. Collections remain
exceptionally difficult. Permits base been issued by the Mexican Treasury
Department for the importation of a total of 10,000 tons of wheat without
the payment of duty as provided in the decree of March 10. It is reported
that no wheat will be admitted free after April 15. The Department of
Agriculture estimates that the present wheat crop will be seven per cent.
greater than last year. Petroleum production is declining further. According to official statistics only 6,000,000 barrels were produced during January. 1927, as compared with 6,219,000 barrels for December, 1926, and
9,518,865 barrels fcr January, 1926. Unofficial estimates indicate that
4,500,000 barrels of petroleum were exported during February. 1927, as
compared with 4,512,000 barrels during January. 1927.
[VoL. 124.
export trade is comparatively inactive and imports, particularly of cotton
textiles, are very slack. The volume of coffee movement continues satisfactory but prices do not improve. Weather conditions are favorable for
a larger coffee crop for the coming season. A bumper cotton crop is being
marketed, and while prices for the fiber are disappointing, a good local market exists for cotton seed. This season's sugar crop is also large and the
acreage planted to sugar is increased. The Government is pressing its
building program and has completed two important new automobile roads
which open up communication with two important cities which have heretofore been inaccessible by land.
DOMINICAN REPUBLIC.
General business conditions in the Dominican Republic in March showed
practically no change from the dulness prevailing in the preceding months.
but economic prospects on the whole are favorable. Exports showed a
slight improvement over the subnormal levekof the previous month but imports continued to decline and as many merchants are still overstocked as
a result of the poor business activity of last year, no decided increase in
imports is expected locally for some months to come. Retail trade improved
slightly in March and the credit situation is fair with some improvement
in collections. The banks are maintaining a conservptive policy towards
extensions and new commitments. The sugar campaign is suffering from
the drought and ravages of the mosaic disease, and the prey ions month's
estimate of 395,000 short tons has been again revised so that it is now reported to be probable that the ultimate production will not exceed 325,000
short tons, compared with a yield of 394,000 short tons in 1926. The tobacco crop estimates have also been reduced from 500,000 to 350.000 bales,
due to the drought, and a slight reduction is looked for in the cacao crop.
which is expected to be approximately 22,000 metric VMS. The volume of
both public and private construction continues fair.
GUATEMALA.
General economic conditions continued unsatisfactory with little or no
Improvement during the month of March. The coffee market has been
TRINIDAD.
unusually sluggish since the first of the year although good washed coffee,
which is the standard grade, was quoted at 22 cents or two cents a pound
The production cf cacao in Trinidad continues to be excellent and it is
Last year's price was about 25 cents a pound. generally believed locally that a more than average crop w.11 be obtained
higher than in February.
Almost all the crop has been gathered but only 60% has been sold, as com- and that harvesting will last until September. The excessive rains are afpared to 95% at the same time in 1926. A large portion of the crop has been fecting the quality of the cane and oil production continues to increase.
consigned and approximately 60% has been shipped to date. The demand
in Europe for the best grades raised in the highlands is good. The demand
for the crop grown in the lawer caitudes is weak and the price for that grade
London Banks Lower Their Charge for British Accepthas not advanced.
HONDURAS.
ances of Foreign Bills.
Commercial activity throughout the Republic of Honduras continues dull
Discussing Acceptance Credits and the Reduction of Rates
business depression. There was, however, a
as a result of the prolonged
slight recovery at the beginning of March when the sugar grinding season by the Joint Stock Land Banks, the London "Financial
was at its height. Imports into Honduras during the month declined no- News" in its Annual Banking Supplement, issued March 7,
ticeably. Approximately 1,000,000 bunches of bananas were shipped to
says:
the United States during the 30 days ending March 15. There was a fairly
An interesting topic which has provided considerable discussion in recent
heavy crop which is reported to be of inferior quality due to the locust
of the leading English banks in reducing from
blight last year and as a result of this poor quality large numbers of bunches months has been the action
% their charges to German banks for three months' acceptance
31 to
are being rejected by American buyers.
credits. The acceptance houses pure and simple, whose business consists
SALVADOR.
largely of this class of business, have naturally been materially affected,
during the month of March was very quiet with little activity especially as it has been contended that the lower charge does not provide
Business
in wholesale and retail trade. Sales in cotton goods and iron products sufficient remuneration for the measure of risk incurred, in addition to the
were reported to be better. The small coffee crop and low prices have had considerable amount of highly technical and expensive work involved. It
generally unfavorable reaction on trade accentuated by the political uncer- has been suggested that, as acceptance business forms only a small part of
tainty caused by the recent change of administration. Few coffee sales the activities of the banks, they possibly considered it worth while to offer
are reported, but local prices are steady. There has been a noticeable cheap facilities in this direction in order to attract other classes of business,
but that such considerations cid not apply with anything like equal force to
weakening in flour prices during the month.
the acceptance houses. The tendency would probably be to divert business
WESTERN NICARAGUA.
from the latter institutions, a course which, from many points of view, it
There was no change in trade conditions in Western Nicaragua during
Is very desirable to avoid. These acceptance houses are specialists in their
March, and the unfavorable business trend existing during January and class of business, they have built up large overseas connections, and, by
February continued throughout the month. Wholesale trade was very reason of making a particular study of certain sections of international
quiet although retail trade in luxuries and non-essentials was stimulated in trade, they are able to attract to London, business of various descriptions
certain sections. The cordoba circulation increased slightly from 4,160,000
which might otherwise go elsewhere. Even if the total volume of acceptance
in February to 4.178,000 in March. During the first quarter of 1927 the credits opened in London was increased, it was doubted whether the larger
average cordoba circulation was 4,136,000 as compared with 3,142,096 in
number of transactions would compensate for the lower Commission, and
the corresponding period of 1926. The volume ofimports through the Port fears were expressed that quite possibly the country's invisible exports
of Corinto increased from 1.700 tons for the entire month of February to might be adversely affected. It should be borne in mind that the reduced
1.900 for the first 24 days of March. The estimate of the coffee and sugar
scale of Commission is applicable, not only to the German banks, but also
crops remains at 200,000 quintals. Approximately 2.000 tons of coffee have
to a large part of American and other business.
been shipped to date in March, which brings the total shipments to 3,200
One argument put forward in favour of the reduced charges was that,
tons. The first sugar shipment of 2,500 tons was reported on March 25.
owing to the relatively high Bank rate in force during the past year, the cost
COSTA RICA.
of financing by acceptance credit in London compared unfavorably with the
General conditions throughout the Republic of Costa Rica are prosperous. facilities offered in other monetary centres, where lower rates have ruled.
The commercial and industrial situation during the month of March was It was stated that a charge of g % for a three months accpetnace credit in
more favorable than in the two preceding months. Wholesale and retail London, plus a discount rate of, say. 435% together with the cost of the
trade showed satisfactory seasonal activity and although the month of bill stamp, make an unduly heavy charge for this class of accommodation.
March has been quiet this is an indication that business has reacted favorably Owing to a variety of reasons, considerable disparities do exist at the
from the seasonal depression. There has been a temporary price Me:ma° present time between monetary rates in various centres, out, to some
In certain domestic foodstuffs due to the approaching Easter holidays . extent, this phenomenon may be only transitory, and as conditions become
The coffee crop will be small, it is reported, but European prices for the more stable it is probable that interest charges will gradually tend to a
higher grades are satisfactory. Shipments to date are as follows: London, greater equality. In the circumstances, therefore, it may be regarded as
147,000 bags; Germany. 24,000 bags; other European points, 2,000 bags: questionable whether it was desirable to reduce our standard charges to
San Franc:sco. 6.000 bags, and other American ports. 1,800 bags. Sugar meet conditions which may shortly alter materially.
prices have maintained the February level of approximately $2.25 per
Bills vs. Loans.
quintal (100 lbs.) third grade to $2.75 first grade. This is a 50% decline
Another argument advanced in certain quarters in favour of the lower
over the January prices of $4.50 third grade and $5.50 first grade.
rates was that the reduced charges would tend to increase the volume of
PORTO RICO.
transactions financed by way of bills and to reduce the accommodation
The trend of Porto Rican business in March continued upward but the granted by the banks in the form of loans or overdrafts. The view was
Improvement was not up to expectations,apparently as the result of delayed expressed that many traders arranged their finance by acceptance or by
tobacco sales and weakening sugar prices. Collections are fairly prompt but loan, whichever was the most favourable, and that, owing to the increase
in San Juan they are reported to be slightly slower than in other towns. in discount rates in London, in relation to Bank rate, the advantage of
pineapple and grapefruit prices are stronger and the canners are now paying financing by means of acceptances was becoming less attractive. with the
forty dollars a ton for the latter fruit. Rainfall, which is slightly above nor- result that the tendency now was for business formerly financed in this
mal, is generally favorable to agriculture. San Juan bank clearings for the manner to be carried through by loan or overdraft. In view of the increase
first 25 days of March amounted to $20,505,000,as compared with $20,937,- in the proportion of bank loans to total deposits, which has been in evidence
000 in a like period of March 1926 and with $18,092,000 for the correspond- for some time past, it was suggested that by reducing their Commission
ing period in February 1927. April is expected locally to bring further charges the banks were encouraging the financing of business by bills, as
commercial improvement as the liquidation of crops progresses.
opposed to loans, and consequently they would improve the proportion
In their balance-sheets of the more liquid asset, bills, and reduce that of
JAMAICA.
the less liquid loans and overdrafts.
Economic conditions in Jamaica show a moderate improvement as comThis argument rested upon the assumption that acceptance credits are
pared with March of last year. Retail business improved temporarily, readily available for most classes of transactions, and that, therefore,
owing to the presence at Kingston of a large fleet of naval vessels. The finance could be arranged equally as well through the medium of an accepttourist trade is slightly less than in March last year and bank collections are ance credit as by loan. In actual practice, however, this is far from being
slow with deposits light. Indications point to a good agricultural year. the case. As a rule. English banks are only prepared to lend their name to
The moderate activity in construction work continues. As a result of care- bills drawn in respect of goods actually sold and in course of transit in interfulness in expenditures, the Government of Jamaica anticipates a surplus
eminently suitable for this class of
year. Imports from all countries de- national trade, such transactions being
of approximately $250,000 for the
business. Domestic, consignment, and open account trade is on quite a
12% while exports to the United States increased 6%.
creased by
different footing, and it is very rare that a bank acceptance is given in such
HAITI.
cases. Domestic and international trade differ in many important respects,
reasons which make a bank acceptance almost essential in one
Local business improved temporarily during the carnival season and the and the
one month. The case are not by any means applicable in the other. For example,in domestic
currency in circulation increased about $200,000 in
APR. 2 1927.]
THE CHRONICLE
trade a merchant can easily ascertain the position of his customer, and he
has little difficulty in arriving at a decision as to whether or not to grant
credit, but in international transactions, the situation is very different, and
the possession of a letter of credit entitling him to draw drafts on a financial
house of world-wide and undoubted reputation, tends to remove all scruples
Which a seller might otherwise have, owing to his doubts regarding the
standing of the buyer.
Bank Acceptances.
In international trade the buyer is often quite unknown to the seller, and
by the time the goods have been dispatched, considerable expense has
already been incurred. Even if the necessary finance could be arranged,
equally as well by loan as by discounting a bill bearing a first-class name,
the guarantee of the transaction, which the establishment of the credit
affords, is, in a vast number of international transactions, a factor which
makes an acceptance credit essential. In international trade the method of
finance is frequently of secondary importance, compared with the elimination of risk which an irrevocable credit rffords. On the other hand, little
if any of the accommodation granted by the banks by way of loan or
overdraft for financing domestic trade could properly be the subject of a
bank acceptance. Frequently,it is arranged against Stock Exchange securities, produce in warehouses, freehold or leasehold propert,y, and in such
cases a bank acceptance would, as a rule, be quite unobtainable. There
would seem little justification, therefore, for reducing acceptance Commission charges on the ground that, as a result, a larger percentage of the
accommodation granted by the banks would be arranged against bills and
less in the form of loans, for, in actual practice, the question of cost has
comparatively little weight in deciding the method by which finance is to
be arranged.
There are various other aspects of the subject, but, on the whole, the
balance of argument would seem to indicate that while in certain cases,
where the risk is negligible and the work involved is reduced to a minimum,
the lower rate might be sufficient to afford a reasonable margin of profit,
there are many other transactions where such remuneration is quite
inadequate, and the recent general all-round reduction would scarcely
appear to be justified.
Latin Monetary Union Dissolved--After Sixty Years
Agreement Among Five European Nations Is
Terminated with End of 1926.
The "Wall Street Journal" of March 28 reported the following from its Paris office:
The Latin Monetary Union definitely passed away with the end of 1926
after over 60 years of existence. In effect it had ceased to operate since
the outbreak of the war, and already in 1921 the members of it—France,
Italy, Belgium, Switzerland and Greece—had signed a convention regulating the terms of its dissolution. But it was only last December that
Switzerland addressed a note to her partners informing them that she would
consider the union terminated both in name and fact on Dec. 31, and, none
of the partners having raised opposition, the union died on that date.
It is one of the victims of the war, which has already done so much to
split Europe up into separate economic units and is now responsible for
ending an arrangement which made the gold and silver pieces of five countries interchangeable.
The original treaty of 1865 made uniform the content, weight and
form of the gold and silver currencies of the four countries signing it;
Greece joined the union ten years later. Each was entitled to mint gold
pieces of 100, 50, 10 and 5 francs and silver pieces of 5 francs (crowns)
without limit and each undertook to accept these coins indiscriminately,
so that the treaty sanctioned bimetallism. The depreciation of silver caused
much difficulty from almost the outset of the union, however, and in
1879 principle of bimetallism was partly abandoned it being agreed to
stop the minting of silver coins though the coins already existing continued
to rank as legal currency with gold. This system, which has been called
"lame bimetallism," prevailed up to the outbreak of the war.
Switzerland Flooded by Silver Coins.
The war witnessed the practical disappearance of all gold coins in the
countries of the Latin Union and even the silver ones vanished except in
Switzerland. With the depreciation of the French Italian, Belgian and
Greek currencies after the war, Switzerland found silver crowns pouring
into her territory from all sides, the tendency being accentuated by the fall
in the price of silver. She had finally to prohibit the import of crowns
emanating from the mints of the other partners of the union, but the
crowns continued to come in secretly and finally all but Swiss crowns were
declared illegal currency. That was in 1920.
After the retirement of the forbidden crowns, for which a period of
three months was allowed, Switzerland found herself possessed of 225,000,000 francs in French, Italian, Belgian and Greek silver pieces, in addition
to the silver already in the national bank. What was to be done with them?
The countries concerned got together in 1921 and framed a convention for
the solution of the problem, which involved the ultimate termination of the
Latin Union. It was arranged with France that the 130,000,000 French
silver francs in the possession of Switzerland should be held until Jan. 15
1927, after which they would be returned in installments over a period of
five years against 20,000,000 francs gold plus the balance in Swiss francs
or in gold or in drafts on Switzerland. A similar arrangement was made
with Italy and Belgium, except that Switzerland was given the right to
melt down and transform into Swiss silver coins about half the Italian
total of 65,000,000 francs and three-fourths of the Belgian total of 29,000,000. As for the Greek silver pieces ,the amount was so small that it was
arranged that the whole should be transferred into Swiss coins. It should
be added that the purpose of one of the recent French railroad loans in
Switzerland was to provide the money to carry out the Franco-Swiss arrangement.
Last Relic of the Union Disappears.
This convention left the gold pieces of the five countries legal currency
in all five. It was an anomaly, as anybody who has been in Switzerland in
recent yeans can testify.
When the Swiss National Bank began putting 20-franc gold pieces into
circulation some two years ago, the recipient was obliged to pay for them
in French or Italian paper currency at the rates of the day but if he happened to take one of these gold coins across the frontier into France or
Italy all he could obtain for it was 20 French francs paper or 20 paper lire.
The gold piece which the visitor received against 100 French paper francs
might even be a French gold piece, but if he brought it back to France all
he could get for it would be 20 francs paper. It was more profitable,
therefore, to accept Swiss paper francs as a medium of exchange, for the
French would give 100 francs French paper for 20 francs Swiss paper.
For the same reason, too, hoarders of French gold pieces kept on trying
to get them into Switzerland for exchange into Swiss paper francs and later
exchange into French paper francs: hence in part, the decision of the
1919
French Government, taken a few months ago, to offer to buy gold coins at
their metallic and not their nominal value.
In any event, this last relic of the Monetary Union has now vanished. By
decree of Feb. 8 last, holders of French, Belgian, Italian and Greek gold
coins were given until March 31 to exchange them into Swiss legal currency. After that date they will be accepted only at their intrinsic value
according to a tariff fixed by the National Bank (about 99%). Up to 500
francs Swiss gold will be given, but above that sum only a quarter in gold.
This restriction is due to the probable large quantity of foreign gold in
Switzerland and the probable deteriorated state of the coins, as also to the
inevitable further inflow of coin for exchange despite the Swiss prohibition
on importation, and the French and Italian prohibition on exportation.
The non-Swiss gold coins of the countries of the Latin Union in circulation
in 1913 according to the Bulletin of the Societe de Banque Suisse, amounted
to 12,800,000,000 francs. What part of this sum will come into the Swiss
National Bank for exchange?
In any case, Switzerland is bound to suffer less by the transaction for
the coins accepted at nominal value can be valorized only at their intrinsic
metallic value by sale of the gold coin they contain or by reminting into
Swiss coin. The Bank of Switzerland had in its coffers at the end of last
year 95,500,000 francs in non-Swiss Latin Union gold coin and through loss
of weight alone the loss on this sum is calculated at 244,000 francs Swiss.
The reward, however, comes in the fact that Switzerland will again
come into complete control of her currency. It remains to be seen whether
she will take the opportunity to adopt definitely and completely the gold
standard.
President Coolidge Names Delegates To Economic
Conference at Geneva.
Appointment of the five delegates who will represent the
United States at the International Economic Conference to
be held at Geneva May 4 was announced by President
Coolidge on March 29. The delegates named are:
Henry M. Robinson, of Los Angeles, Calif., who served on the Dawes
Reparations Commission.
Norman H. Davis, of New York City,former Assistant Secretary of State
and former Assistant Secretary of the Treasury.
John W. O'Leary, of Chicago, President of the Chamber of Commerce of
the United States.
Alonzo E. Taylor, of Leland Stanford University.
Dr. Julius Klein, Director of the Bureau of Foreign and Domestic Commerce, Department of Commerce.
Gold Sent to Canada Was Special Transaction.
From the New York "Sun" of last night (April 1) we
take the following:
The $3,000,000 gold which the Federal Reserve Bank reported as having
been shipped to Canada this week was a special transaction, it was stated
in banking circles to-day. It was not made in the ordinary course of trade.
The shipment was made by one of the Canadian banks to strengthen its
reserve position. The bank wanted to be sure to have the gold in Canada
over the end of the month.
Canadian exchange, while not at the gold export point,reached a premium
of 9-64ths to 5-32ds last Monday. That is a level at which gold can be
exported to Canada by a Canadian bank on virtually even terms, if the gold
s sent for its own account. On a commercial transaction the premium
must be higher because of the charge the banks across the border make for
handling the precious metal. The gold export point for Canadian exchange is figured at 11-64ths to ji above par.
Paul Claudel, New French Ambassador to United States,
Presents Credentials to President Coolidge.
Paul Claudel, the new Ambassador from France to the
United States, presented his credentials to President Coolidge
on March 28. The new Ambassador, who succeeds Henri
Berenger, arrived in Washington from the Far East on
March 14. In addressing the President this week he expressed himself as glad to be entering upon his new duties,
"at the moment when France has given fresh evidence
of her firm intention to discharge her indebtedness and meet
her just obligations." In his reply President Coolidge said
"The manner in whichiFrance has faced the questions arising
from the aftermath of the war has aroused the sympathy
and admiration of this country and the recent token of the
determination of the French Republic to continue in that
course has been received here as a characteristic symbol of its
spirit." The Ambassador's remarks follow:
Mr. Fresident,—I have the honor to hand to Your Excellency the letters
accrediting me to you in the capacity of Ambassador Extraordinary and
Plenipotentiary of the French Republic.
With a great feeling of emotion and Joy I am now coming back to the
country in which thirty years ago and more I started on my consular and
diplomatic career. But in none of the posts which I have held in that time
did I fall to feel in some way the presence of the United States, nor were
there any that were not reached by the shade of its influence of peace,
justice, beneficeree and progress. Particularly in the Far East.. where
nearly twenty years of my life were spent, did I have occasion to see with
my own eyes what prestige enwraps the great Republic and goes with every
step of its diplomats and statesmen.
•
France salutes with sentiments of admiration, mingled with gratitude
and pride, the wonderful progress achieved by the community of men to
whom Providence allotted a privileged place between the two oceans. She
takes pride in the fact that in two epochs of a history that does not extend
over four generations her destinies were at one with those of the United
States in a clear perception and brave defense of justice and right. She
will forever recognize her share of the assistance given and of the blood so
generously shed. And Your Excellency will form a better idea of my
personal sentiments when I remark that the name of Chateau Thierry,
where the young American legions came to cast fresh glory on Napoleon's
laurels, is that of my birthplace.
I should be glad if the high mission with which I have been entrusted
by the Government of the Republic afforded me the opportunity to extend
loyal and efficient co-operation and. in the field of practical daily realities,
1920
THE CHRONICLE
[VOL. 124.
From the above it will be seen that it is important that claimants should
furnish as complete evidence as possible to establish the identity of the
forces responsible for the acts giving rise to their claims.
It is to be noted that under the terms of the convention His Majesty's
Government undertake not to present to the Mexican Government, otherwise than under the convention, any claims for losses or damages arising
in the manner and during the period above mentioned. It is important that
any British subjects or companies, with claims of this nature against the
In reply President Coolidge said:
Mexican Government, should in their own interests at once communicate
Mr. Ambassador:—It affords me great pleasure to receive the letters with the Secretary of State for Foreign Affairs at the Foreign Office, drawwhich accredit you as Ambassador Extraordinary and Plenipotentiary of ing attention to any claims which they have already filed with the Foreign
the French Republic to this Government.
Office or with His Majesty's Legation or Consulate in Mexico City, and
The generous sentiments which you have so felicitously expressed with furnishing any further particulars which may appear necessary in the light
respect to the position which this Government has always striven to take in of the above resume of the terms of the convention. Any British subjects
the interests of peace, justice and right touch a responsive chord in the or companies, who have not yet formally filed with the Foreign Office or
hearts of the American people, who can never forget their historic friendship with His Majesty's Legation or Consulate in Mexico City a documented
for Prance, a friendship which found recent expression on the fields of statement of their claims should at once communicate with the Under
Chateau Thierry, in the forests of the Argonne and in meeting the difficult Secretary of State for Foreign Affairs at the Foreign Office, giving as full
and complex problems of the post-war readjustment and of the re-establish- particulars as possible.
ment of international security.
The manner in which France has faced the questions arising from the
Italy Decorates Joseph E. Sterrett.
aftermath of the war has aroused the sympathy mid admiration of this
country, and the recent token of the determination of the French Republic
It was announced in the "Times" of March 29 that Joseph
a characteristic symbol
to continue in that course has been received here as
E. Sterrett, who recently returned from Berlin after more
of its spirit.
Your long experleace in the Far East will, beyond doubt, have demon- than two years' service as the American member of The
strated to you the underlying commutity of French and American ideals Transfer Committee under the Dawes plan, has received the
in the relations of our pen lea with the nations of that part of the world, and
Italy. Before leavof our mutual desire to maintain the established doctrine of the open door degree of Grand Officer of the Crown of
both there and elsewhere.
ing Berlin he was decorated with the Belgian Order of Leopold
In welcoming you to Washington I may say that your former stay has and the French Legion of Honor as commander, and with the
been remembered with pleast re and that I am confident that your present First Order of the German Red Cross. Mr. Sterrett is a
sojourn will be Ileasant iu all respects and one which,in your person, cannot partner in Price, Waterhouse & Co., accountants, 56 Pine
but strengthen the cultural and spiritual bonds between the two countries.
I trust that you will convey to your Government my best wishes for the Street.
continued cordial relations existing between our Government and any hope
Government.
that the two countries may always be found associates in peace as they Conversion of Mark Loans of the German
were in war.
From the "London Stock Exchange Weekly Official Intelto live up to the duties and teachings we inherit from the past. I am glad
that I am entering upon the duties of my new post at the moment when
France has given fresh ,evidence of her firm intention to discharge her indebtedness and meet her just obligations.
I venture to hope that Your Excellency will kindly, on your part. continue to extend to me in the discharge of my new duties the benevolent
attentior that you have always shown to my predecessors.
Reference to the fact that Ambassador Berenger had de- ligence of March 7 we take the following notice issued by.
clined reappointment and that M. Claudel had been chosen the Reichsbank-Direktorium, Berlin, under date of Feb. 17
as his successor was made in our issue of Dec. 4 1926, page 1927:
With reference to the notice of Oct. 26 1925, claims for the conversion
2840.
French State's Heavy Repayment to Bank of France—
Bank Deposits with Treasury Made 8,000,000,000
Reduction Since 1926 Possible.
The following Paris advices March 27( copyright) appeared
in the New York "Times":
The statement of last week's bank return,showing 800.000,000francs repaid during the previous week by the State to the bank, brings the total of
such reduction nearly 8,000,000,000francs below the final figure of1926 and
more than 10,000,000,000 francs under the high point of last July. The
easy position of the Treasury, which has made these continuing and heavy
repayments possible, results again from the "current account deposits"
of banks with the Treasury. The banks, in fact, are finding at present
no other investment on the market for customers' deposits.
Private deposits with the bank rose 560.000,000 francs. That increase
is at least partly attributable to operations of the Caisse d'Amortissement.
which now is reporting a handsome surplus of receipts from subscriptions
to the defense bonds.
British and Mexican Governments Conclude Convention For Adjustment of Claims For Losses Suffered
Through Revolutionary Acts.
The British Ambassador transmitted to the State Department at Washington on March 30 the following statement
regarding the conclusion of a Revolutionary claims Convention between Great Britain and Mexico.
A convention has been concluded between the British and Mexican
Governments for the adjustment of pecuniary claims for losses incurred
by British subjects in Mexico on account of revolutionary acts which
occurred between November 1910 and May 1920.
Claims of this kind are to be submitted to a commission composed of a
British, a Mexican and a neutral member. The commission will take cognizance of two classes of claims for damages arising from revolutionary
action, viz., direct and indirect claims. Direct claims are for losses or damages suffered either directly by British subjects or by British companies
directly holding the property affected. Indirect are those for losses or
damages suffered by British subjects indirectly, I. e., by reason of their
holdings in non-British companies operating in Mexico. In the case of
indirect claims, it will be necessary, if the claim is to come before the AngloMexican Revolutionary Claims Tribunal, that at least 51% of the interest
In the non-British company in question shall have been held by British
subjects at the time the damages were sustained. Such claimants must
also produce documentary evidence from the company that the company
make over to the claimants the proportionate share of the company's rights
In the matter of damages.
The convention lays down that the losses or damages in respect of which
the commission is to take cognizance of claims "must have been caused
during the period included between the 20th November. 1910 and the 31st
May, 1920, inclusive by one or any of the following forces:
"1. By the forces of a Government de jure or de facto: of their cause,
"2. By revolutionary forces which, after the triumphby revolutionary
or
have established Governments de jure or de facto,
forces opposed to them> from the disjunction of those mentioned in the
forces arising
..3. By
Government
time when
next preceding paragraph, up to the revolution: a de jure
had been established, after a particular
from the disbandment of the Federal Army:
"4. By forces arising
"5, By mutinies or risings, or by insurrectionary forces other than those
brigands,
referred to under sub-dividion 2, 3 and 4 of this article, or by
authorities
it be established that
provided that, in each case,measures to suppress the competent
the insurrections, risings,
to take reasonable
omitted
to punish those responsible for the
riots or acts of brigandage in question, or
like manner, that the authorities were
same; or that it be established in
any other way.
blamable in
claims for losses or damages caused
"The Commission shall also deal with
authorities, provided such acts were due to revolutionary
by acts of civil
conditions within the period referred to in this article
events and disturbed
were committed by any of the forces specified in
and that the said acts
this article.
sub-divisions 1. 2 and 3 of
of "New Holdings," viz., securities acquired on and after July 1 1920, will
now be received.
As stated in the notice of Oct. 26 1925 the Reichsbank has been designated as the place for the lodgment of claims upon the German Government
for the conversion of mark loans of the German Government into "Loan
Liquidation Debt" under the terms of the law of July 16 1925 on the liquidation of public loans.
With a view, however, to the convenience of holders in the United Kingdom and in the Irish Free State, arrangements have been made whereby
such holders may, at their own risk and expense, lodge their claims, accompanied by the relative securities, at the Bank of England in London, for
dispatch to the Reichsbank. Claims, together with the relative securities,
must be lodged at the Bank of England Loans Office, 5 and 6 Lombard
Street, E.C. 3; claims will not be received at the branches of the Bank of
England. A "Special Commissioner for the Loans of the German Reich"
will be present at the Bank of England Loans Office for the purpose of
answering inquiries.
The Bank of England will only act as a medium for the receipt of claims
from holders and for the delivery of new securities.
The terms for the conversion of the loans are laid down in Part 1, Section 1, of the law on the liquidation of public loans.
The main provisions may be summarized as follows:
1. The loan liquidation debt is in Reichsmarks; the debt is in the form
of bonds to bearer which may, however, be exchanged into stock registered
in Germany.
2. Twenty-five Reichsmarks nominal of the loan liquidation debt will
be allotted in exchange for:
(a) 1,500 marks nominal of the savings premium loan (sparpramienanleihe),
(b) 16,700,000 marks nominal of the 8 to 15% "K" Treasury bow*
1923.
(c) 50 milliard marks nominal of the 8 to 15% "K" Treasury bonds,
1924,
(d) 1,000 gold marks of the non-interest-bearing bonds issued in compensation for war damages (special rate fixed for cnoversion to gold marks
in annex to revalorization law of July 16 1925).
(e) 1,000 marks nominal of all other mark loans of the Reich (with the
exception of certain categories of debt excluded under Section 1, Subsection 3, of the law).
3. Allotments of the loan liquidation debt will only be made in nominal
amounts of 12.50 Reichsmarks or multiples thereof.
4. Except on account of drawn "Redemption Rights" issued in respect of
"Old Holdings" (defined in the notice of Oct. 26 1925):
(a) Holders of loan liquidation debt cannot demand repayment thereof.
(b) The loan liquidation debt will not bear interest until the reparation
liabilities have been redeemed (such date to be determined by legislative
enactment).
A list of all mark loans of the German Government covered by the
terms of the law may be obtained on application; included in this list are
State, railway and other loans taken over by the German Government.
Claims for conversion, together with the relative securities, should be
lodged forthwith: the latest date for the receipt of claims at the Bank of
England has been fixed as June 30 1927. Claims must be made upon the
printed forms.
Securities will be accepted for conversion whether accompanied by
coupon sheets or talons exchangeable therefor.
Bonds of the loan liquidation debt will not bear any revenue stamp when
delivered by the Bank of England; if subsequently negotiated or transferred, any liability for revenue stamp will rest with the holder.
Reichsbank Dividend Fixed at 10%—Net Profit for
1926 Reported at 22,800,000 Marks, Against
42,700,000 in 1925.
The Reichsbank on March 28 declared a 10% dividend
at the annual meeting of the directors. A copyright cablegram to the New York "Times" from Berlin in noting this
said;
APR. 2 1927.]
THE CHRONICLE
1921
The premiums paid to stockholders were the same as in the past two
show a slight relaxation during the month, as the outstanding
years, though the net earnings of the institution were a little more than
loans in the
three principal private banks have been decreased with
half of those in 1925.
about 12,000,000
kroner from 996,000.000 kroner to 984,000,000 kroner,
while the deposits
The gross receipts for the past year were 112,900,000 marks, as comend of February were of nearly the same size as
pared with 181,000,000 last year. The net earnings were 22,800,000 marks, at the
during the preceding month, namely about 1,078,000.000 kroner.
As a result thereof
as compared with 42,700,000 in 1925.
the debt of the three banks to foreign correspondents, as
already mentioned,
The reduction of the discount rate from 9 to 6% during the year was
could be brought down considerably, and besides, the debt
held responsible for a large portion of the difference in the two years'
to domestic
banks and savings banks has been decreased with about
profits. The turnover for the year was over 626,000,000,000 marks,
as As the Ministry of Finance at the same time has drawn20,000,000 kroner.
13,000,000 kroner
against 574,000,000,000 in 1925.
of its credits, and there also in other ways has been drawn
on the deposits,
The dividends amount to 12,300,000 marks; 1,700,000 was added to the
the amount of bills in circulation has only been decreased
with about
dividend reserve funds; 4,200,000 was turned over to the Reich as its share
5,000,000 kroner from 361,100,000 to 355,900,000 kroner
of the profits, and 4,600,000 was placed in the bank's reserves.
February 1926 the bills amounted to 398,600,000 kroner. at the end of
The transactions in stocks and bonds on the Copenhagen
Stock Exchange
were considerably smaller than in January for bonds,
but a little larger
German Orders for Rumanian Grain.
for stocks; as the average weekly quotations for bonds
were 3,200,000
A Bucharest cablegram (copyright) to the New York kroner and for stocks 2,800,000 kroner, against repesctively 5,200,000
and 2,300.000 kroner in January.
"Times" March 19 said:
In the index figures there was in February, as in January,
an increase
Several large German firms have placed huge orders for Rumanian
wheat, for bonds as well as for stocks, the bond index being 87.2 (January
86.9),
according to the "Adeverul." The German Government, it is
reported, the stock index 94.8 (January 93.3) when the notations of July 1 1914
will lend Rumania the necessary freight cars to move the shipments.
are fixed at 100. The increase was greatest for industrial
papers, but
nevertheless took place in all groups except shipping papers.
The alterations in the exchanges of the different stock groups seem,as is
quite natural,
Diamond Industry Faces Price Break— Antwerp Cut- especially to have taken place under the impression of the
profit declaration
which have been produced within the different branches, and
ters, Worried by New South African Fields,
thus seem
to give the impression that, on the whole, the year
1926 gives a more
May Go on Half Time.
favorable result than the Exchange had expected.
The Statistical Department's wholesale index fell one point
Associated Press advices from Antwerp (Belgium), March
during
February, from 157
25, are taken as follows from the New York "Evening articles, it is noted to 156. Concerning the changes in the individual
that the prices for foods and feeding stuff have increased
Post":
a little, while the prices for fuel and building material have gone
down.
The trade balance with foreign countries in January amounted
To prevent a break in prices through the operations in new surface
to 128.diamond fields in South Africa, the Belgian diamond market is nervously con- 000.000 kroner for imports and 116,000,000 kroner for exports, so that
sidering curtailing production. It is believed the diamond cutting industry, there was an import surplus of 12,000,000 kroner against 24,000,000 kroner
In January 1926.
centred here, probably will go on half time until the demand catches
up
The export of agricultural products was in February for all articles
with the supply. This method proved effective two years ago when there
larger than in February last year, as far as the exported amounts
was a slump.
are concerned. The average weekly exportationS were: Butter, 25,116
Buyers have been holding off, waiting for a break in prices, and large
kilos
(Feb. 1926, 24,268 kilos); eggs, 521,100 scores (Feb. 1926, 476,800); bacon,
stocks have been accumulated here. Many raw, uncut stones
already are 48,881 Idles (Feb.
1926, 34,558); beef and cattle, 13,587 kilos (Feb. 1926.
reported to have been sold well below standard prices.
9,115 kilos)•
On the other hand, the prices for the exported articles were lower than
in Februray 1926, especially for bacon; the average weekly notations
Polish Iron Smelters Effect Trade Arrangement with
were: Butter, 323 kroner (Feb. 1926, 348 kroner) per 100
kilos); eggs.
Smelters of Austria. •
1.63 kroner (1926, 1.83) per kilo; bacon, 1.34 kroner (1926. 1.91 kroner)
Warsaw advices March 17 were announced as follows in per kilo; beef, 53 ore) 1926, 54 ore) per kilo on the hoof.
The unemployment was at the end of February a bit smaller than
at
the New York "Journal of Commerce":
the end of January, but a little larger than in February 1926,
and the perThe iron smelters of Poland have concluded an understandi
ng with the centage of unemployed was 31.7 thLs year against 27.5 in the corresponding
smelters of Austria, Czechoslovakia and Hungary, it was
learned here to- month last year.
day. This arrangement, entered into at Duesseldorf, guarantees
The percentage in the real industrial professions was also
to the congreater this
tracting parties their home markets.
year than last, namely 25.8% against 22.9% in
February 1926.
At the same time the Polish smelters conferred with the
The Government's revenue from taxation was in
representatives
February 16,of the European Iron Cartel who declared themselves
ready to guarantee 800,000 kroner, of which 6,500,000 kroner were custom revenue taxes.
to the Polish smelters their home markets. On the other
hand the export In February 1926 the corresponding figures were 16,300,000 kroner and
of iron from Poland would be subject to limitation by
5,900,000 kroner.
the Cartel.
These conferences are an important step toward the inclusion
of Poland's
iron industry in the European iron syndicate, the legation
Redemption of Bonds of Greek Government Refugee
commented.
The export of coal from Poland during February amounted
to 881,000
Loan of 1925.
tons, it was announced.
_
Resignation of Rumanian Finance Minister.
According to Associated Press cablegrams from Bucharest
(Rumania), March 20, Finance Minister Lapedatus has resigned from the Cabinet and Premier Averescu will assume
titular charge of the Ministry. It is stated that the resignation of the Finance Minister was a surprise blow' to the
Liberal opposition and is considered a further indication of
the strength of Premier Averescu's followers.
Speyer & Co. announce that $74,000 bonds of the American
tranche of the Greek Government 7% Refugee Loan of 1925
has been drawn for redemption at par on May 1 1927. Of
this amount $30,000 bonds were drawn for the regular semiannual sinking fund, the balance of $44,000 bonds out of
additional funds received from the sale of land to refugees.
primary purpose of which is restoration
of the gold
members of the Control Commission will remain in Hungary until
May 15
under the same ruling which permits certain experts of General
Walch's
Committee to remain in Berlin as attaches of the Embassy.
The purpose of these experts remaining in Budapest is to see that certain
provisions of the Trianon Treaty are carried out, particularly
those regulating the single munitions plant permitted to Hungary which
is now in
process of Lonstruction.
The Ambassadors' action was taken with the full approval of the
representatives of Belgrade, Bucharest, Prague and other closely interested
States.
Hungary Relieved of Allied Control—Military Mission
Ceases Active Supervision by Decision of Ambassadors' Conference.
Allied military control of Hungary was terminated on
Bulgaria Leading to Gold Basis.
March 29 by the Conference of Ambassadors, following its
London advices March 23 published in the "Evening
Post" decision made in
February regarding Germany. A Paris
state:
cablegram to the New York "Times" (copyright), reporting
The "Financial News" understands that the
Governor of the Bank of
Bulgaria is coming to this city soon to negotiate
another Bulgarian loan. this, said:
It is believed the Anglo-International Bank will play
Control officially was to cease to-morrow (March 30) although
a leading part in the
the
transaction, the
standard.
Proposed New Turkish State Bank.
Associated Press advices from London, March
15, were
reported as follows in the New York "Evening
Post":
A Constantinople dispatch to the Exchange Telegraph
Co. says the Nationalist Government at Angora will create a new
Turkish State Bank.
Capital will •be 60,000,000 Turkish pounds (about
$219,000,000). It will
have no connection with the present Ottoman Bank.
Hungary Gets £2,000,000 Loan.
Copyright advices from Budapest March 31 to the New
Economic and Industrial Conditions in
Denmark "York Times" state:
Reliable financial sources report that the Hungarian Government bas
During February.
concluded negotiations for an industrial loan of E2,000,000 with the Hombres
The Danish National Bank of Copenhagen and
the Danish firm of London. The price of the issue will be 923. Interest is 7%
Statistical Department have issued the following
and the loan is repayable at
statement several offers from American the latest in 1952. The Government had
firms.
regarding the economic and industrial conditions
in Denmark
during February 1927:
While in January, the first month since the revival of
the gold standard, Offering of $30,000,000 63% Bonds of City of Rome
there from time to time was some tightness on the
exchange market, among
(Italy)—Books Closed—Issue Oversubscribed.
other things brought about by the call for foreign
currency to cover the
considerable purchases which were made in October
An issue of $30,000,000 City of Rome (Italy) External
1926, when a greater
and perhaps protracted increase in the freights Was feared,
February
a considerably lighter tendency as the private banks have been show Loan of 1927 sinking fund 63% gold bonds was offered on
able to March 29 by J.
bring down their debt to foreign countries with more
P. Morgan & Co., the National City Comthan
kronen at the same time as the national bank has increased 10,000,000 pany and the First National
Bank of New York. The bonds
its stock of
foreign currency with 4.000,000 kronen. On the whole the
banks balances were offered at 91% and accrued interest,
to yield over
1922
THE CHRONICLE
rvoL. 124.
Security—This loan will be issued in accordance with and subject to the
Hungarian law. It will be a direct obligation of the Hungarian-Italian
Bank and will be additionally secured by pledge to the Hungarian cotrustee of $1,050,000 of claims secured by mortgages and Hungarian municipal obligations described as follows:
I. Said mortgages shall be direct first mortgages (except as hereinafter
provided) on agricultural property in Hungary and improved real estate in
Budapest and other important cities in Hungary, to an extent not exceeding 30% of the appraised value of such property. Said mortgages shall
be recorded in the Land Register as payable, principal and interest, in
United States gold coin of the present standard of weight and fineness.
II. Said municipal obligations shall be obligations of counties, towns and
communities in Hungary, all of which shall enjoy powers in respect to the
imposition and collection of taxes, duties or other public charges. In the
A cumulative sinking fund, payable semi-annually beginningJan.1 1928
event of a default in any of these obligations, the law provides for the
and calculated to be sufficient to redeem the entire issue on or before
sequestration of property in satisfaction thereof.
maturity. is to be applied to the purchase of bonds if obtainable at or
The indenture will provide that the mortgages and municipal obligations
below 100% and accrued interest, or, if not so obtainable, to the semiof this issue shall not mature after the
1 1928, at 100% and accrued pledged as security for the bonds
annual redemption, commencing April
maturity of these bonds and further that, if any of the aforesaid mortgages
interest, of bonds to be called by lot. Redeemable also in whole (but not
or municipal obligations mature prior to the maturity of this loan, the proin part, except for the sinking fund) at the option of the city, on April 1
thereof shall be kept on deposit with the co-trustee as security for
1937. or on any interest date thereafter prior to maturity. upon 45 days' ceeds
this loan until the bank shall have deposited an equal amount of similar
published notice. at 100% and accrued interest.
security. Two hundred thousand dollars in principal amount of the claims
The bonds, in coupon form, in denominations of $1,000, secured by mortgages given as security for the bonds as aforesaid, may be
of 5% of the
not
$500 and $100, will be dated April 1 1927 and will mature subject to certain outstanding prior charges such in excess and, pending
mortgages
the property covered by
appraised value
April 1 1952. Principal and interest (April 1 and Oct. 1) the satisfaction of such outstanding prior charges or the substitution of
of
will be payable in New York City, either at the office of new first mortgages, there shall be deposited with the co-trustee an amount,
City Bank of New in cash, equal to twice the amount of such prior charges.stock and reserves
J. P. Morgan & Co. or at the National
Financial.—In the year 1926 the bank reported capital
York, in gold coin of the United States of America of the amounting to 14,000,000 pengos or, at the current rate of exchange, approxiof weight and fineness, without deduction mately $2,450,000, and since its organization has paid dividends regularly.
present standard
economic depression following the war,
for any Italian taxes present or future. Regarding the Notwithstanding the period of increased, being approximately $6,749,400
the bank's deposits have steadily
purpose of the bonds, the security, &c., Prince Ludovico in 1925 and over $11,000,000 in 1926. . . .
in 1924
Spada Potenziani, Governor of Rome, in advices to the
Hungary.—Hungary has made rapid progress since the issuance
under the direcof the $50,000,000 international reconstruction loan, made
bankers states:
Nations. In less than one year the country successSecurity.—These bonds are to be direct obligations of the City of Rome. tion of the League of
stabilized its currency through the adoption
In addition to its ordinary municipal revenues, the City of Rome is also to fully balanced its budget and
to 17.49 cents United States curfor a period of 25 years, under authority of Royal Decree Law of of a new monetary unit, the Pengo, equal
receive
at about 17.62 cents. Since that
March 27 1927, No. 370. certain annuities payable to the city by the rency, which is now quoted in New York
exceeded expenditures in each fiscal
Kingdom of Italy, mentioned in Article 1 of such decree. By appropriate time the Government revenues have
United States have been either
action in accordance therewith, the City of Rome has set aside such annui- year and all of its obligations towards the
the annual value of its agrito be applied, up to the amount required, to the service of paid or refunded. It is further reported that
ties in its budget,
figure of $350,000,000, while
these bonds. The Kingdom of Italy, having agreed to purchase from the cultural products now exceeds the pre-war
to $160,000,000 is pracCity of Rome the proceeds of this loan, has undertaken to resell to the city, the value of its manufactured products amounting
at the same exchange rate, the dollars required to meet interest and sinking tically at the pre-war figure.
fund payments on the bonds when and as such payments fall due. At
such exchange rate, the annuities alone, which are payable by the Governort of Commission Describes
ment, will be more than sufficient to provide the interest and amortization Proposed Polish Loan—Rep
payments of the loan. independently of the other revenues of the city.
American Terms for $80,000,000 Credit.
Debt and Propel-lib—The funded debt of the city, including this issue
The following copyright advices from Warsaw (March 30)
constituting its only external debt) and all contingent liabilities, will amount
to the equivalent of approximately $47.209,000, or less than 860 per capita. appeared in the New York "Times":
from
Annual budgetry revenues amount to more than $17,000,000. The city
Poland hopes to conclude negotiations for a loan of $80,000.000
owns water works, electric light, power and street railway systems which America within two months, it was revealed in to-day's report to the
esident
Vice-Pr
have a valise substantially in excess of its funded debt.
Government by a commission headed by Felix Mlynarski,
Purpose of Issue.—The proceeds of this loan will be used for additions of the Bank of Poland, and M.ICrsyszanowskt who have recently returned
s to the above mentioned municipal undertakings, and from America.
and improvement
definite, it is underOver two-thirds of these projected
for housing and other public works.
The proposals with which they returned were quite
exchequer,
expenditures are for purposes which will be directly productive of revenue.
stood. Though the loan will be made direct to the Government rate will
The interest
the Bank of Poland will be designated as trustee.
be empowered to close
be less than 8% and the Bankers Trus tCo. will
Offering of $1,000,000 Bonds of Hungarian-Italian Bank- the negotiations for the American interests.
zloty, the loan will
While these funds will be used for stabilizing the
Books Closed—Issue Oversubscribed.
discount rate, financial
also facilitate bank credits and lower the bank
P. W. Chapman Co., Inc., and A. M. Lamport & Co., Inc., experts state. Industry and trade will also be extended credits through
will be completed in Paris.
headed a syndicate which offered on March 28 a new issue this loan. The negotiations points concerns control of the money. the
One of the few unsettled
secured 7.50% gold bonds of the American bankers insisting that their specially appointed control comof $1,000,000 five-year
to the Polish industries
Hungarian-Italian Bank (Magyar-Olasz Bank Reszvenytar- mittee shall exercise jurisdiction over its disposal hand.
Bank of Poland wishes a free
of Budapest, Hungary. The bonds were priced at and trade, while the
sasag)
the stock of the
Owing to the favorable reports of the commission,
100.50 and interest, to yield over 7.35%. The closing of the Bank of Poland rose sharply in to-day's market.
7.25% to maturity. Almost coincident with the opening
of the books their closing was announced, the issue, it is
stated, having been oversubscribed. The bonds immediately
sold at a premium over the issuing price. According to the
offering circular, interest and a sinking fund sufficient to
retire the bonds by maturity is provided for by the allocation in the budget of the City of Rome of adequate annuities
derived from annual payments by the Kingdom of Italy
fixed for a period of 25 years. We also take therefrom the
following:
books and the oversubscription of the bonds were announced
Additional ad-vices (copyright) were reported by the
early in the day on which the offering was made. The "Times" in a Warsaw message March 31:
Finance,
American bankers, backed by M. Czechowicz, the Minister of
bonds will be dated Mar. 1 1927 and will mature Mar. 1 1932.
representative on the Board of Directors
be callable at the option of the bank upon 30 days' have won their demands toahave a of controlling the uses of the proposed
They will
Bank of Poland as means
published notice, as a whole or In part, on any interest payment date up to March 1 1930 at 101%; thereafter and up
to March 1 1931 at 100.50%; thereafter at par, in each case
with accrued interest. Principal and semi-annual interest
will be payable in United States gold coin of the present
of the
$880.000.000 loan to the Polish Republic.
This decision, which was at first disapproved by the President of the Bank
which can be
of Poland, seems to conclude all of the necessary negotiations
will
carried out at the Polish capital and the scene of further conferences
willing to give its full
be transferred to Paris. The Government is now
approval, according to reports here.
& Co. are
The Bankers Trust Co., the National City Bank and Blair
named as the interested institutions in the project.
standard of weight and fineness at the office of The New
York Trust Co., New York. Principal and Interest will be
payable March 1 and Sept. 1, without deduction for any Jugoslav Loan Near—$15,000,000 Reported Under
taxes, past, present or future, which have been or may be
Negotiations Here.
imposed by the Kingdom of Hungary or any taxing authorissue of last night (April 1) the "Sun" said:
In its
ity therein. The bonds will be in coupon form in interJ. lk W. Seligman & Co. were reported in dispatches from Vienna to have
changeable denominations of $1,000 and $500, registerable concluded negotiations with the State mortgage bank of Jugoslavia for a
While the report could not be confirmed at the New
as to' principal. The New York Trust Co. is trustee and loan of $15,000,000.
York offices of the bankers, it is understood that they have been interested
fiscal agent. Penzintezeti Kozpont, Budapest, is co-trustee in placing such a loan and may have an official announcement to make
and sub-fiscal agent in Hungary. Dr. Antal Eber, General within a day or two.
the Ouprava
or
Manager of the Hungarian-Italian Bank, in advices to tile
bankers offering the bonds, says in part:
Hungarian-Italian Bank.—The Hungarian-Italian Bank, with its prinimcipal office in the city of Budapest, is one of the largest and most
portant banks in Hungary. It was formed by the consolidation of three
banks. This institution, having
important and long-established Hungarian
in
eight branch offices in the city of Budapest and nine branch offices
other important communities in Hungary, conducts a general commercial
Italiana, Milan,
and mortgage banking business. The Banca Commerciale
year 1925 capital and
one of the leading banks in Europe, reporting for the
of over $650,000,000, owns a mareserves of over $50,000,000 and assets
its activities
jority of the stock of the Hungarian-Italian Bank and controls
through representation on the board of directors.
Fondova,
Royal
The State mortgage bank is known as
Mortgage. Bank of Jugoslavia. Three years' financing to the amount of
was done in Berne by the Credit Fonder du Roy15,000,000 Swiss francs
aume de Serbes, Creates and Slovenes on behalf of the Royal Mortgage
Bank, which provides the latter with working capital. That loan is to be
retired over a period of twelve years.
Belgrade Bank Gets New York Loan.
Vienna advices, April 1, to the New York News Bureau
from the Central News Bureau state:
It is reported from Belgrade that the State mortgage bank has concluded
a $15,000,000 loan with Seligman & Co. of New York.
APR. 2 1927.]
THE CHRONICLE
Nicaraguan Loan Approved—President Diaz Signs
"Law and Order" Measure for Raising $1,000,000
in New York.
Associated Press advices from Managua, (Nicaragua,)
March 25, are taken as follows from the"New York Times":
Congress this afternoon approved without modification President Diaz's
agreement for the flotation of a $1,000,000 loan in New York. Pesident
Diaz immediately signed the measure and ordered it published to-morrow
The agreement provides that the loan is to
In the "Official Gazette."
be used only for the "re-establishment of law and order in Nicaragua."
The Nicaraguan Government also must repay to the National Bank of
Nicaragua a previous loan of 830 0,000.
The $1,000.000 loan is to bear 6% interest and run for a period of one
year, but will be renewable. The collateral on the loan includes an Interest
in the National Railway and the National Bank, besides 50% of the surplus
of the national revenues.
Redemption of Kingdom of Belgium External 73'%
Sinking Fund Bonds.
J. P. Morgan & Co. and Guaranty Trust Co. of New York
have issued a notice to holders of Kingdom of Belgium 25
year external gold loan 73/2% sinking fund redeemable bonds,
issued under a loan contract dated May 28, 1920, that as
sinking fund agents they have received $2,300,000 for the
redemption and payment of $2,000,000 principal amount of
these bonds on June 1 1927 at 115% of the principal sum.
A drawing has been held in accordance with the terms of the
contract and bonds drawn for redemption will be paid at the
offices of J. P. Morgan & Co., 23 Wall Street, or Guaranty
Trust Co. of New York, 140 Broadway, upon presentation
and surrender of the bonds with the Dec. 1 1927 and subsequent coupons attached. Interest will cease on all drawn
bonds on and after June 1 next. Lists of the numbers of
bonds drawn for redemption June 1st, which include the
numbers of bonds of previous drawings remaining outstanding may be had at the offices of the agents.
1923
New York Cotton Exchange, declared on March 27 that a
careful study of the situation had convinced him thata
thoroughly practical plan could be worked out to give consumers of wool the same protection that cotton buyers
now have through the hedging facilities provided by the exchange. Mr. Lowenstein said that the committee probably
would hold hearings in Boston, Philadelphia and other wool
centres and would seek the cooperation of the United States
Department of Agriculture in its labors. "The committee
fully appreciates that it has a big job on its hands," said
Mr. Lowenstein, who has been making an exhaustive study
of the wool industry from various angles. Mr. Lowenstein
added:
"There are obstacles to be considered, but the committee is proceeding en
the theory that they can be surmounted. .There have always been obstacles
to overcome when future trading in any commodity has been considered.
It was so in the case of cotton, coffee, sugar, rubber, etc., but the problems
were all solved to the satisfaction of the various industries.
"Where the need for a futures market exists and the volume of business
transacted Justifies the establishment of one, OS is the case with the wool
trade, a way will eventually be found to overcome the difficulties. The
committee will proceed carefully and deliberately in its work and investigate the industry from every angle—production, market preparation, shipping, marketing, distribution, weaving and spinning. What we desire
at this stage of our investigations are the views and opinions of leaders
In the various branches of the industry. We hope for the cooperation of the
best thought in the trade in order that the inquiry may cover the entire
field and the results be constructive."
Items regarding the movement appeared in our issues of
March 19, page 1615 and March 26, page 1760.
President Hubbard, .of New York Cotton Exchange,
Before Texas Cotton Association, Reports on
Points at Issue Between North and South.
Differences of opinion regarding cotton trading methods
which had developed at last year's meeting of the Texas
Cotton Association came somewhat nearer to a head on
March 25, when the present year's session was opened at
which
Cash Available For Purchase of Argentine Sinking Dallas. The New York "Journal of Commerce," from
this statement is taken, went on to say:
Fund Gold Bonds.
In the open business session of the morning President Hubbard, of the
J. P. Morgan & Co. and The Nat. City Bank of New York New York Exchange, reported the views of that organization with regard
as fiscal agents have issued a notice to holders of Government to six controverted points that have been at issue between South and North.
The Texas association had requested at its last annual convention that the
of the Argentine Nation external sinking fund 6% gold bonds maximum interest of any one individual or firm in any one option in any
due October 1, 1959, to the effect that $157,953 in cash is future market be limited to not over 200,000 bales in New York. As to
available for the purchase for the sinking fund of such this Mr. Hubbard reported that the by-laws committee of the Exchange had
but that this report had been rejected
the
bonds of this issue as shall be tendered and accepted for pur- reported favorably on The suggestion,
Texas association had also asked that no firm or
by a small margin.
with Individual be permitted directly or indirectly to stop notices of deliveries
chase at prices below par. Tenders of such bonds
coupons due on and after October 1, 1927, should be made issued by itself in the same market or delivery en route in which the notices
issued. I
at a flat price, below par, at the office of J. P. Morgan & Co., were the New York Exchange reported as inadvisable. Further, the Texas
This
323 Wall Street, or at the principal office of The National City association had recommended that the seller be given the option to settle his
Bank of New York, 55 Wall Street, before 3 p. m. May 2, short contracts in the current month spot at 25 points over the price of any
month during the same crop year.
1927. The bankers also issued a notice to holders of Argen- quoted also has been found impracticable by the New York Exchange. The
This
tine Government Loan 1926 external sinking fund 6% gold request of the Texas people that the Bureau of Markets, Department of
to permit the
bonds, public works issue, due October 1, 1960, that $84,500 Agriculture, be requested so to construe the Smith-Lever bill taken up with
addition of certain types of cotton to those deliverable was
in cash is available for the purchase for the sinking fund of the Bureau, but difficulties were found and the matter has not been disthe bonds of this issue as shall be tendered and accepted, with posed of. As for the proposal that staple premium be allowed on any staple
coupons due on and after October 1, 1927, at a flat price, above seven-eighths of an inch up to and including one inch, it had been
taken up, but the feeling in New York had been that a step of this sort
below par, prior to 3 p. m. May 3, 1927.
similar action by other exchanges would not be bearable at once.
$90,000,000 Bonds of Federal Land Banks Expected
to Be Offered Next Week.
An offering of $90,000,000 Federal Land Bank 43%
bonds is scheduled for next week. The offering will be
made by the syndicate heretofore offering these securities
the members of which are Alexander Brown & Sons of
Baltimore, Harris, Forbes & Co., Brown Brothers & Co.,
Lee Higginson & Co., the National City Co., the Guaranty
Co. of New York. These houses, which act as the Government's agents, already have received inquiries for substantial
blocks of the bonds. The new issue, will refund $92,000,000
43es, callable after 1924.
Call for Federal Land Bank Bonds.
Notices of call of all Federal Land Bank 43 bonds,
2%
/
due in 1937, 1938 and 1939 were lodged yesterday (April 1)
with the various Federal Reserve Banks. This is the preliminary notice required by the Farm Loan Board and will be
supplemented by published notices prior to April 15. The
amount of bonds called is approximately $93,000,000. The
bonds will be redeemed at Bank of issue or any Federal
Reserve Bank, or branch.
Committee of New York Cotton Exchange Investigating
Feasibility of Wool Futures Trading, Expects to
Hold Hearings in Boston and Philadelphia.
Leon B.Lowenstein,Chairman of the committee appointed
to investigate the feasibility of trading in wool futures on the
without
No comment on this report was made on the floor, but elsewhere some disappointment was expressed.
Hubbard Describes Warehouse.
President Hubbard went on to describe the new warehouse which the
Cotton Exchange is getting ready. He said it would provide for high
density compression and would issue single bale certificates if desired.
President Stern, of the New Orleans Exchange, told of the decision of that
Exchange to make cotton at Houston and Dallas good delivery. The opinion
was expressed by many delegates that such action would eventually drive
New York to like action, though when could not be predicted. To-day's
discussion made it evident that the old difference of view about conditions
of delivery and general methods of trading on the Exchange is as active as
ever, and as far from settlement as ever, though the developments at New
Orleans and elsewhere are considered unfavorable to the New York position
and contentions.
Egypt Adopts Acreage Control for Benefit of Cotton
Industry.
Acreage restriction and government purchases of cotton
are among measures adopted by the Egyptian Government to
aid cotton growers. These measures are intended to foster
the adoption of a better rotation system, and to restrain
speculation on the Egyptian markets, says a report received
by the United States Department of Agriculture from the
International Institute of Agriculture at Rome. The Egyptian Government declares that its policy of buying cotton is
not directed in manner toward the impossible end of influencing world prices, but is designated merely to curb local speculation and to prevent Egyptian cotton markets from being
thrown out of line with world markets. The Department in a
statement in the matter issued March 26 goes on to say:
It is estimated by reliable authorities that the acreage restriction law will
reduce Egypt's cotton acreage by at least 300,000 acres if it is rigidly en-
1924
'nil, CHRONICLE
forced. In 1926 the country's cotton area was 1.854,000 acres, according
to the final official estimate. In previous years. however, cotton acreage
restrktion laws have not been effectively enforced. Favorable cotton markets prevented their enforcement in 1915, 1918. and 1921, and a law passed
In 1925 was later abrogated by decree because cropping plans were too far
advanced for the 1926 crop when the law was promulgated.
It is nevertheless the announced intention of the government rigidly to
enforce the present law, which was passed December 8, 1926. It provides
that no farmer shall plant more than one-third of his tillable land in cotton.
Violations of the law are punishable by fine or imprisonment or both, and
acreage planted in excess of the permitted amount may be uprooted at the
farmer's expense. Although last year's cotton acreage aggregated slightly
less than the stipulated one-third for the country as a whole, there is a basis
for effective acreage restriction in the new law because considerable areas of
tillable land in Egypt are not suitable for cotton.
The chief benefit expected from the restriction is an impulse
toward crop
diversification, so that the country will become less dependent on cotton.
Under irrigation methods, the fertility of the Nile valley is not what it formerly was. Extension irrigation canalsand waterimpounding sc hemes
have
largely prevented annual flooding, with its resulting deposit of ferdle silt.
Only a limited portion of the Nile valley is now subject to floods. Yields
are consequently decreasing. Extensive irrigation. it is explained, causes
difficulties if there is no equally extensive drainage system. It is therefore
necessary for Egypt to improve her cultural methods, and crop diversification is sought as a means to that end.
Experiments undertaken by the Egyptian Government indkate that a
three years' rotation would increase the yield of cotton by 20 pounds of lint
per acre, and at the same time release more land and water for other crops.
The one-third cotton restriction law is intended to help in establishing such
a rotation. Under the law it will require three years for the farmer to put
all his lam) into cotton. The government hopes that a three years' trial will
demonstrate the value of a rotation system so thoroughly that it will be continued voluntarily thereafter.
Besides acreage restriction and government purchases of cotton, Egypt is
also making loans to growers at less than open market rates, prohibiting
mixing of cotton varieties, and requiring certification of seed as to purity
and germination.
Federal Control of Grain Futures Prices Advocated—
Agriculture Department's Report Calls for Check on
Speculative Trading—Buying, Selling Volume
Not Basic Factor.
The placing of some limitation on the size of lines long pr
short and upon the extent to which an individual speculator
may buy or sell wheat within the limits of a trading day is
necessary, according to officials of the Department of Agriculture in a report of a study of speculative transactions in
the 1926 May wheat futures, says the Washington correspondent (March 25) of the New York "Journal of Commerce." The advices continue:
In addition, it is said, it seems advisable to place some limitation upon
the extent to which prices of grain futures may fluctuate within a single day.
"These conclusions," explains the report prepared by J. W. T. Duvel.
chief, and G. Wright Hoffman, assistant marketing specialist of the Grain
Futures Administration of the department, "are based on the assumption
(1) that the grain trade and the farmers desire a greater degree of price
stability than now exists, and (2) that supply and demand factors growing
out of actual grain conditions should have a relatively greater, and futures
trading of itself a relatively lesser, importance in determining grain prices.'
Probe Results Analyzed.
During the early months of 1925 the unusual and erratic fluctuations in
wheat futures prices so paralyzed the grain trade generally that a Federal
investigation was made by the Grain Futures Administration. The report
made to the Senate covered only the period from January 1 to April 18
1925, and related to the trading operations and price changes in the 1925
May wheat futures on the Chicago Board of Trade.
The results obtained from the investigation, the department officials
declared, were important and far-reaching in significance. They were,
however, based on a period of less than four months, during which time the
price changes were abnormal. In view of these facts additional study of
the trading s'nce the early part of 1925 was made and to-day's report was
presented to carry forward the earlier investigation so as to include the
transactions in the 1926 May wheat futures.
Price Movements Compared.
In their analysis the department officials declare that when the trading of
the eight largest speculators in the 1926 May wheat futures on the Chicago
Board of Trade is compared with price changes it directly relates to the
movements in price. This is true, they say, whether considered within the
trading day, from one trading day to the next or for the course of trading
over a longer period of time. The larger the net trading or net position of
individual speculators the more certain it becomes that the trading will
directly influence prices. In contrast, they reported futures prices generally
move in the opposite direction to the "operations" of the small and medium
sized "general public" trader.
"In considering the significance of the relation which these groups bear
to the price, the natural inference is that the larger trader is generally right
and the smaller medium-sized trader is generally wrong in his market
operations," the report advises, adding, in the absence of specific purchase
and sales prices for the trading of each group, "no actual measure of profit
or loss being obtainable, thi, conclusion cannot be definitely demonstrated.
Trading Effects Revealed.
"If, for example,the relationship between the purchases and sales oflarge
perfect that the price moved up and down in exact proportion
traders was so
to -their market position, they would financially always 'break even' in
actual practice. This is, of course, not the case. On some clays they do
not change their position while the price moves up or down. On days on
which they do change their position,some are changes to an unusual extent
and effect the rrice, while others are small and show no consistent effect."
It is declared that an outstanding observation made is that the volume of
purchases or sales is not in itself an adequate explanation for price movements. The report points out that it has often been said by adverse critics
of exchanges that speculators short-selling millions of bushels of grain
permanently del ress the price. The proponents of organized speculation
have aaswered this could not be since these same short sellers must later
'
buy to an equal extent.
"It Is because of the lack of any natural limit to futures trading, growing
the needs of commerce in the merchandising of any given crop, that
out of
it is subject so often to abuse," the report concludes.
[you 124.
Elimination of Number Four Corn From Delivery on
Futures Contracts of Chicago Board of Trade
Reported as Benefiting Iowa Corn Grovers.
Sentiment in favor of the highest standard of grain contract is said to have caused the removal of number four corn
from delivery on futures contracts of the Chicago Board of
Trade. President John A. Bunnell on March 23 submitted
to the Iowa legislature a copy of a report by a special Committee whose inquiry followed a protest from Iowa against
the recent change. • Farmers as well as the grain trade were
at a disadvantage, the Committee declared, by reason of
the rule that formerly permitted delivery of number four
corn. Those holding these future contracts had to accept
"a grade of corn that could not safely be carried through the
spring months." To avoid this risk, it was stated, the
tendency had been to dispose of the future contract which,in
turn, depressed the general price level. Support to themarket
was thus discouraged. "A future corn .contract shorn of
that hazard," says the report, "has a distinct tendency to
draw greater support to the market by encouraging the
buyers to own futures both for carrying and for protection
against forward product sales. Such support inevitably
strengthens the market and tends to stimulate prices to a
higher level."
After setting forth in some detail the advantages of the
new contract to the producer, the Committee, composed of
L. N.Perrin, E. M.Combs and D.H. Lipsey, urged greater
co-operation and less ill-advised criticism by Iowa interests.
"It is the confident belief of your Committee," says the
report, "that if those responsible for the resolution in the
Iowa legislation would give the matter genuine study and
thoughtful deliberation it would be clearly apparent that
elimination of number four corn from delivery on future
contract would redound to the material benefit of Iowa
corn growers." The report adds:
It might be well to mention here that in the course of your committee's
inquiry the fact has become more and more obvious that a better understanding of the Chicago situation by farm leaders and officials would be
highly beneficial to the growers. History shows that in times of even
moderate price depression, due to surplus production, attacks upon the
marketing machinery have been numerous and intense., Some of the advice
has been hasty and ill-chosen and has confused the farmer, discouraged
support for the farmer's grain market to the disadvantage of a higher price
level, and has caused general confusion. Such clamor based upon hasty
consideration, whether good or bad in intent, nevertheless churns the channels of trade, destroys confidence and often permits prices to sag from
their normal course.
As is well known by the Grain Futures Administration, the grain trade in
general, and all allied interests, the Chicago Board of Trade is today performing a most difficult public service—that of marketing the nation's
grain crop—in an efficient and economical manner. In such trying periods
it should have the wholehearted support of agricultural intetests, and of all
public officials. The producer suffers, the grain trade suffers, and the public
in general suffers, directly or indirectly, when some act of the exchange or of
some individual member is seized upon and given widespread publicity
without first carefully weighing the facts. Such a condition is unfortunate
and destructive.
The Chicago Board of Trade appreciates the opportunity to reply to this
petition and invites frank co-operation and constructive criticism at all
times.
Grain Prices Affected More by Manner of Transactions
Than by Mere Quantity, Says Department
of Agriculture.
Grain prices in the futures markets are more affected by
the manner in which sales or purchases are made than by the
mere quantity of purchases or sales, says the United States
Department of Agriculture in a study of speculative transactions in the 1926 May wheat futures. There is a vital
difference, the study indicates, between a purchase or sale
of 5,000,000 bushels made by several hundred small traders
sending in orders intermittently, and the purchase or sale of
an equal amount by one or two individuals closely directing
the manner in which their orders are executed. Trading in
the 1926 May wheat future on the Chicago Board of Trade,
says the Department's statement of March 25, showed a
direct relation between price movements and the operations
of large speculators. On the other hand, prices of grain
futures were found generally to move in the opposite direction to the operations of the small and medium size "general
public" trader. In other words, says the Department, the
large trader was generally right and the small or medium sized
trader generally wrong. The study recommends a limitation of some kind on the buying for long account and the short
selling of speculative traders as a means of insuring a more
gradual accumulation or liquidation of holdings. It is believed that this would make for greater stability of prices
and more orderly price movements. These conclusions,
with detailed data supporting them, are published in Department Bulletin 1479-D,"Speculative Transactions in the 1926
APR. 2 1927.1
THE CHRONICLE
May Wheat Future," copies of which may be obtained free of
charge from the U. S. Department of Agriculture, Washington, D. C., as long as the supply lasts.
Movement Abandoned Looking to Amendment of
Constitution of New York Stock Exchange to Enable Alternates to Act for Members—Members not in Sympathy with Proposal.
fact that members of the New York Stock Exchange
The
have indicated their opposition to the suggestion that the
constitution of the Exchange be amended with a view to
permitting members to designate alternates to represent
them on the floor during absence, was made known on
March 29. The proposal was referred to in these columns
March 19, page 1615. The New York "Times" of March 29,
states:
George P. Smith of the firm of Smith & Gallatin, who some time ago sent
a questionnaire to members for an expression of their views as to such a
plan, said yesterday that the responses had indicated such opposition that
he had decided not to bring the matter officially before the governing
authorities of the Exchange. He explained that the sending of the questionnaire was entirely unofficial and designed solely to sound out the membership.
The responses to the plan indicate quite clearly, it was said yesterday,
that the present membership was opposed to any movement to expand the
roster of the Exchange. Some time ago a proposal to increase the membership was defeated overwhelmingly.
The membership of the Exchange under the constitution is limited to
1,100. there having been no increase in the number since 1879. VoxIons
plans for enlarging the membership and for the creation of brokers' assistants, alternates, &c., have been put forward in recent years. The most
recent suggestion, that of permitting members to name alternates by the
payment of an admission fee of $10,000 and a monthly fee of 81,000, was
made it is understood, because several brokers, particularly those representing firms with only one membership, wished to have their business handled
by their own representatives during unavoidable absences. It could be
taken for granted, members said yesterday, that no similar movement
could be launched at this time with any hope of success.
1925
and the funds will be preserved and applied as provided in the several
mortgages and in the several issues of bonds. The Adair Realty & Trust
Co. is no longer the trustee of a single issue of these bonds and the proceedings that have been taken in court cannot affect the trusteeship of any issue
of bonds.
I am still hopeful that the many valuable branches of the Adair Realty /4
Trust Co. that are still actively and profitably operated will be preserved.
The Adair Realty & Trust Co. was established in 1865
and had operated extensively throughout the United States
and especially during the last year in Florida, it is said.
The company maintained branch offices, it is understood,
in Philadelphia and Jacksonville and had correspondents
throughout the South, East and Middle West. The collapse
in the Florida real estate market is understood to have been
one of the chief causes of the firm's troubles.
Head of New Jersey Banking Department and Comptroller of Currency to Co-operate in Passing on
Branch Banking Applications.
Arrangements whereby they will co-operate in the matter
of passing on branch banking applications have been agreed
upon by Edward Maxson, Commissioner of the New Jersey
Department of Banking and Insurance, and Comptroller of
the Currency J. W. McIntosh. It is noted in the Newark
"News" that New Jersey is the first State in which both the
national and the State banks simultaneously obtained the
legal right to establish branches. Since the passage of the
laws, one by Congress and others by the New Jersey Legislature, numerous applications for branches have been coming
in to both State and national officials. In indicating the
procedure agreed upon the "News" says:
In view of this situation it was considered to be to the interest of the
public welfare that a program of co-operation be worked out with a view to
avoiding the embarrassment of uncontrolled competition. Mr. Maxson
found Comptroller McIntosh heartily in favor of a co-operative plan, the
only question remaining being how this should be carried out.
As a result of the recent conference in Washington the following definite
procedure, agreed upon by both Federal and State authorities, was announced.
First,that the Comptroller of the Currency and the State Commissioner of
Banking and Insurance each send to the other copy of all applications for
branches in the State of New Jersey.
Second, that when a bank proposes to take over an existing banking location and operate it as a branch, the procedure outlined below need not be
followed.
Third, that the Comptroller of the Currency and the State Commissioner
of Banking and Insurance each send a copy of their applications for a branch
to the Secretary of the New Jersey Bankers Association at Jersey City.
Fourth,the Secretary will notify the bankers in the city mentioned of the
application to establish the branch.
Fifth, that in transmitting the instructions to the chief national bank
examiner for investigation and report, that there be included instructions to
him that he arrange with the local banking organization for a date upon
which he will meet them in conference,such meeting to be held within a reasonable time.
Sixth, that the State Commissioner of Banking and Insurance will adopt
the same procedure with reference to applications for branches for State
banks.
Seventh, that at such meeting the examiner will hear the Views of the
local hankers with reference to the application for the oranch.
Eighth,it is definitely understood that neither the Comptroller of the Currency nor the Commissioner of Banking and Insurance will share any of
his responsibilities with such local bankers, but will consider the views of
such bankers in the light of information to assist them in reaching a decision upon the application. They will be free to seek information from
other sources.
Ninth, no application will be approved by the Comptroller or by the
State Commissioner of Banking and Insurance until after it has been on
file for at least two weeks.
Adair Realty & Trust Co. of Atlanta Fails—Receiver
Appointed—President of Organization Declares
Bonds Are Secure.
On Thursday of this week (March 31) an involuntary petition in bankruptcy was filed in the Federal District Court
at Atlanta against the Adair Realty & Trust Co.,a$2,000,000
enterprise, and said to be one of the largest organizations of
its kind in the country, according to a special dispatch from
Atlanta on that date to the New York "Times." Three
employees of the company, each with claims of from $200 to
$500, filed the petition. Later Judge Samuel H. Sibley
placed the concern in the hands of Eugene R. Black as receiver.
Coincident with the filing of the bankruptcy petition, announcement was made that a new corporation, the Adair
Realty & Loan Co., had been formed to continue without
interruption the real estate sales, renting, insurance and loan
departments of the Adair Realty & Trust Co., the entire
capital stock of the new concern to be turned over to the
receiver.
A bankruptcy petition was also filed on March 31 against
the firm of Adair & Senter, a corporation that has erected
many buildings on which Adair bonds have been issued.
The petition against this company was filed by the Otis
Commissioner Maxson indicated as follows the arrangeElevator Co., the Pittsburgh Plate Glass Co. and the South- ments which would be observed in the plan of co-operation:
eastern Electric Co., with claims totaling $23,221. These
That the Comptroller of the Currency and the State Commissioner
creditors, it is said, allege that Adair & Senter committed an of Banking and Insurance each send to the other a copy of all applications
New Jersey. However, when a bank proposes to take
act of bankruptcy about Dec. 1 1926, by transferring to the for branches in banking location and operate it as a branch, the procedure
over an existing
Adair Realty & Trust Co. property valued at between $50,000 suggested need not be followed.
The Comptroller of the Currency and the State Commissioner of Banking
and $100,000, thereby making the trust company a preferred
Insurance each shall send a copy of their application for a branch to
creditor. No receiver, the dispatch stated, had been and Secretary of the New Jersey Bankers' Association. The Secretary
the
Adair & Senter.
appointed for
will notify the bankers in the city mentioned of the application to estabThe dispatch furthermore stated that following the filing lish the branch.
That in transmitting the inscructions to the chief national bank examiner
of the petition in bankruptcy against the Adair Realty & for investigation and report, there be included instructions to him to
Trust Co., Forrest Adair, the President of the company, arrange with the local banking organization for a date upon which he will
held with a reasonable
had made an appeal to holders of Adair bonds to hold their meet with it in conference, such meetings to beInsurance will adopt the
time. The State Commissioner of Banking and
securities and not become panicky, asserting that a large same procedure with reference to applications for branches of State banks.
majority of the bonds sold by the company were good. He At these meetings the examiner will hear the views of the local bankers
respect to the application.
was reported as saying that the situation could not be with is definitely understood that neither the Comptroller of the Currency
It
and that he had exhausted all his personal resources nor the Commissioner of Banking and Irsurance will share any of his
prevented
responsibilities with the local bankers, but will consider the views of such
in efforts to avert the failure.
bankers in the light of information to assist him in reaching a decision
Regarding the bonds he was quoted as saying:
upon the application. They will be free to seek infarmation from other
Each separate issue of bonds is made by a separate company, and se- sources.
cured by a separate mortgage, and as to 75% or more of these bonds, the
No application will be approved by the Comptroller or by the State
mortgage securing the same is ample and will be secure for every holder of Commissioner until it has been on file for at least two weeks.
on that property, one hundred cents on the dollar.
the individual bond
A Washington dispatch to the New York "Times" on
The only relation whatever is the fact that the Adair Realty & Trust Co.
has guaranteed all of these issues. In a few instances, unfortunately, the March 29 referring to the program agreed upon, said:
property may not be sufficient to fully protect the bends issued on that
The McFadden law limits the branch privilege for national banks to those
property at this time, but will not affect any other issue in any manner.
States which, like New Jersey, permit State banks to maintain branches.
Separate trustees for each issue of bonds have already been appointed It has been agreed by the Comptroller and the State authorities that there
and are.acting as such. All moneys paid in by the borrowing corporation shall be an exchange of applications for authority to operate bank branches
goes into the hands of separate trustees, who are perfectly rseponsible. in New Jersey.
1926
THE CHRONICLE
"This does not mean that national and State branches will be established
simultaneously," said Comptroller McIntosh. "It is merely intended as a
measure of co-operation in order that our office and the office of the New
Jersey authorities may be kept informed of what is going on in the respective
banking fields."
It was stated in the Newark "News" of March 30 that
bankers in Newark and nearby cities of more than 25,000
population, who wish to establish branches may have to
iron out their differences in meetings at which all their present
and possible competitors may be given an opportunity to
be heard. This account went on to say:
[Vou 124.
Hull of the House by John F. Tuft, Chairman of the Legislative Committee of the Massachusetts National Bank
Association, on March 26, the Association expressing its
opposition to any bill "which would give to the trust companies in the establishment of branches any powers which
the national banks do not have." In its account of the
rejection of the bill by the House on March 28 the Boston
"Herald" said:
The House did not simply defeat this bill, It erased it, expunged it,
eradicated it, obliterated it, annihilated it. It is done and dead. The only
trace of it left is the leaking hulk of the original bill—which almost everyone
A preliminary meeting for the planning of the sessions of the Newark
bankers has been called for 3 o'clock to-morrow afternoon at the Howard but the Lexington Trust Co. has forgotten all about. The hulk is laboring
So.Axles Institution. The call was made in the form of telegrams which in a rough sea and despite skyrockets and other devices is likely to go under
were sent to all the banks by Spencer S. Marsh, Vice-President and Cashier to-day.
Bill Within a Bill.
of tne National Newark & Essex Banking Co. Mr. Marsh is acting on behalf of the State Bankers Association.
The so-called branch bill was not a bill, but a recommendation from
Governor Fuller for amendment to the bill introduced in behalf of the
"Confidential."
Lexington Trust Co. to establish a branch in the town of Bedford. It was
The later meetings are to be "confidential." That is, it is expected that one of six similar bills in behalf of trust companies.
The Governor vetoed
about seventy men representing half that number of Newark banks will five of those bills. The Senate passed two
of them over the vetoes. The
keep from the ..on-banking folk what takes place at the pow-wows. The House sustained the vetoes in all
five cases—by wide margins.
principal object of the affairs is to inform either the State or national bankThe sixth bill, that of the Lexington Trust Co. case, the Governor
ing anthorities what ought to be done about granting of charters or estab- returned with recommendations for amendment which struck out all
lishing branches.
after the enacting clause and substituted paragraphs which gave to the
The national authorities will be represented in this part of the State by State Board of Bank
Incorporation authority to grant charters for trust
A. T. Reeves, examiner, whose office is in the Custom Hon:se, New York. company branches—an
authority which now rests with the Legislature,
The State Commissioner will have his deputy, James W.Hammond. Both though the original charter of every trust company is granted by the
of these men are expeoted to attend the meetings at which specific locations Board of Bank
Incorporation.
for branches will be considered.
This Lexington bill was before the House of Representatives yesterday
It is planned that the information brought out at the meetings will be with two
amendments, one offered by the Committee on Bills in third
forwarded to the grantors of charters, but neither of those officials is to be reading, a redraft of a
portion of the Governor's recommendations.
bound by the findingspf any one, as was specifically provided in the eighth
The entrance of the Chairman of the Legislative Committee of the
section of the agreement between Maxson and McIntosh.
National Banks' Association into the fray, through a statement which
appeared in the papers of Sunday morning protesting against certain
Twenty
-Nine Branches Sought.
situation,
Neither will not only not "share his responsibilities" with local bankers, phases of the Governor's recommendations, complicated the
decided by the
and only "will consider the views of such backers in the light of information and in consequence of that national bank protest it was
leaders to move to recommit the bill, with its two proposed amendments,
to assist them in reaching a decision," but they announced that "they
will be free to seek information from other sources." Otherwise, the agree- to the Committee on Banks and Banking, for further hearing.
ment between these officials provides for their woricing together by exchangThe Battle Vote by Vote.
ing information.
This motion was decisively beaten oy a voice vote.
Nine Newark banks have applied for 29 branches, according to unNext came the amendment offered by the Committee on Bills in third
official information here to-day. There will most likely be more, and the reading.
appointment of branches among them probably will result in some emphatic
This was defeated by a voice vote so overwhelming that careful listeners
arguments, Several of the banks have applied for practically the same loca- could not
detect a "yes" vote. There may have been some silent friends
tions and all of them are not going to be satisfied with the official action.
of the amendment.
Some impatience has been shown by banks that have not been authorized
Next: The amendment recommended by the Governor.
to establish branches as quickly as they wished. This impatience has been
This was defeated by a vote as overwhelmingly hostile as the preceding
increased by the agreement of the national and State officials that neither
vote.
will approve any application until it has been on file for at least two weeks.
The quivering remains after this orgy of destruction are simply the
original Lexington Trust Co. bill.
Meeting tn Montclair.
These remains arc not only quivering, but are wandering, lost and dazed.
Edwin B. Goodell, President of the Montclair Savings Bank, actirg for
The House session ended yesterday in a whirl of doubts and confusion.
the State Bankers Association in that town,called a meeting yesterday at the
Bank of Montclair. He declined to tell what took place. All banks in the The Speaker, John C. Hull, for once was stumped. Representative
town except the Maintain Trust Company and the Montclair Trust Com- Martin Lomasney raised a point of order: If the House refuses to re-enact
this bill it is done, ended, down, and dead. That is his contention. He
pany were represented at the meeting.
Harry H. Thomas. President of the Savings Investment Sr Trust Co. of regards the bill as dead now. The Speaker inclined to the belief that it
East Orange, has been delegated to act in the East Orange district. No must go to the Senate for action on the amendments. Article 56 of the
amendments to the State Constitution was read. The Speaker requested
meeting has been arranged as yet.
Comment on the arrangement between the State Bank time for further consideration of the point. The House voted the time—
-day.
postponement of further action in the matter until to
Commissioner and the Comptroller appeared as follows in
So somewhere in the State House is a bill which is either dead or injured.
If still alive, it is on the danger list.
the "Wall Street Journal" of March 31:
Something happened between Friday and Monday. It put the quietus on
This co-operation follows a rather interesting banking development across
legislating for a general branch bank law for the present.
the Hudson River lately, where certain banks in Jersey City have launched
And it leaves the Massachusetts trust companies high and dry so far as
out on a program of expansion through amalgamations and branches.
Although New Jersey was in the list of non-branch banking States prior to concerns any new branches for the present.
the passage of the McFadden Act, there was a period,from 1913 to 1915,
The letter of Mr. Tufts to Speaker Hull appeared as
when a State law permitted banks to have branches within their own
follows in the Boston "Herald" of March 27:
County. The law was repealed in 1915.
In view of the fact that his Excellency, the Governor, is turning over to
An anomalous situation was presented, therefore, in the case of New
Jersey just prior to the passage of the recent branch banking law of certain you the replies of the trust companies of Massachusetts to his telegram sent
them in regard to House Bill 1187, a general Act regulating the branch
banking institutions not only already having branches, but actually having
branches outside of city limits, which is contrary to the provisions of both offices of trust companies, and no such telegram appears to have been sent
the State and national law. It is interesting to note that this also includes to any national bank although the national banks in Massachusetts will be
vitally affected by such a bill if enacted, I beg to submit a statement ofthe
a national bank with a oranch outside the city limits.
The bank in question is the Union Trust & Hudson County National position of the national banks upon this bill Which does not substantially
differ from other bills presented to the Legislature in recent years and
Bank, of Jersey City. Some years ago the Union Trust Co. of Jersey City
merged with Hudson County National Bank, of Jersey City, the former, which- have always failed of passage.
Massachusetts has 96 trust companies, 26 of which are members of the
under the branch banking provisions of 1913-1915 State banking law, having
established two branches in Bayonne. By virtue of the national banking Federal Reserve System and subject to the provisions of the recently passed
so-called McFadden bill. Massachusetts has 154 national banks. Many
provisions which allowed a national bank, when absorbing a State bank, to
retain the latter's branches, and in accordance with special dispensation of of these are long-established institutions, and while they do business under
the Comptroller of Currency, the Union Trust
-Hudson County National Federal charter, they are in every sense local organizations and have served
Bank was given permission to continue one of the Union Trust branches in their communities for many years faithfully and well. More than a
Bayonne and to move the other to Jersey City. The result of this arrange- hundred of these national banks having 90% of the national bank capital
ment was a national bank in Jersey City with a branch in the neighboring and surplus ofthe State are members of the Association which my Committee
represents.
city of Bayonne.
The national banks have no quarrel with the Governor's contention that
In addition to these connections, the Union Trust and Hudson County
National Bank lately absorbed the Merchants National Bank of Jersey City, there should be general legislation covering the matter of branches for trust
companies, but this Association is unalterably opposed to any provisions
which will give it another local branch.
As an indication of the possibilities of banking expansion, outside of contained in this or any other similar bill which would give to the trust
branches, through holding companies, a plan that appears to be growing in companies in the establishment of branches any powers which the national
favor among banks since the Bancitaly Corp. of San Francisco showed its banks do not have. House Bill No. 1187 contains three such provisions.
possibilities, it is noteworthy that the Union Trust & Hudson County
National Banks Limited.
National Bank, through its affiliation, the Union-Hudson Securities Co.,
In the first place, a trust company may be authorized by the Board of
owns the Pavonia Bank of Jersey City and the Highland Trust Co. of
Union City. It is intended to convert the former into a branch, but the Bank Incorporation to maintain one or more branches in the town or city
latter, being outside of the city limits, must continue to be operated as a In which it is located. Under the McFadden bill, a national bank may have
no such branch if the population of the city or town where it is located is
separate institution under the restrictions of the Federal banking law.
less than 25,000: may have not more than one branch if the population Is
less than 50.000 and not more than two branches if the population is less
than 100,000. If the
the number of
Branch Banking Bill Rejected in Massachusetts branches is left to the population exceeds 100,000 thenCurrency.
discretion of the Comptroller of the
House—Opposition by National Banks.
In the second place, a trust company is given the power in certain cases
The Massachusetts House of Representatives rejected to maintain one branch office in a town adjoining that in which its main
office is located. Under the McFadden bill, no national bank has power to
on March 28 a bill embodying a recommendation by Governor establish a branch outside of its own city or town under any conditions.
And in the third place, the proposed bill contains a provision that branches
Fuller that the State Board of Bank Incorporation be
empowered to act on applications for trust company branches. shall not be established in adjoining towns where a trust company is already
maintaining an office but does not put any restrictions upon the establshA protest against the bill had been lodged with Speaker ment of a branch in a town where a national bank is located.
APR. 2 1927.]
THE CHRONICLE
Goes on Record as Opposed.
This Association, therefore, desires to put itself on record as being
opposed to House Bill No. 1187 so long as it contains the above provisions.
I have to-day sent the following telegram to the members of this Association
"Governor's bill for trust company branches gives State institutions
power beyond those of national banks. We feel strongly that trust companies should be given all the powers which national banks have, but
nothing more. It is imperative for the protection of Federal Reserve
System that national banks be not weakened by having State charters
made the more attractive. Bill comes up for action Monday. Please wire
your representative and Speaker of the House, askingithat bill be considered
from this angle and properly amended before final vote."
This matter is not an issue between trust companies and national banks.
It is far more vital than that. It involves the preservation of the Federal
Reserve System, in which the public interest is paramount. No State
should enact any legislatior which will weaken the system by making State
charters more attractive than national bank charters, for national banks
are the backbone of the Federal Reserve System.
We beg that the Massachusetts Legislature will so amend the pending bill
that trust companies in this State will not have greater power to maintain
branches that national banks. Massachusetts should not be in the position
of making an attack on the Federal Reserve System.
In the same paper Governor Fuller was quoted as saying:
My object in the amendment I have proposed is to have all the trust
companies of the State treated exactly alike, with fairness to all and with
special privileges to none.
If this proposal can be further amended to satisfy the proper needs of
all the banking interests in the State, of course I would have no objections to
that.
I want this matter of establishing branch trust companies removed from
the pulling and hauling of legislative action year after year. I want it
placed where I believe it belongs, in the State Board of Bank Incorporation.
which Board issues the original charters for these trust companies.
I am glad to see that the national banks have no quarrel with my contention that there should be general legislation covering the matter of branches
for trust companies. I count on their support for a bill to that end.
Walter H. Johnson Jr., of Marine Trust Co. of Buffalo,
on Practicability of Lowering Interest on
Time Deposits.
Before the Central Regional Savings Conference, held at
Cleveland on March 24 under the auspices of the Savings
Banks Division of the American Bankers Association, Walter H. Johnson Jr., Vice-President of the Marine Trust Co.
of Buffalo, N. Y., delivered an address under the caption
"Is it Practical to Lower Interest Rates on Time Deposits?"
In his discussion of the subject he said:
The question of reducing interest rates on time deposits is primarily a
problem facing the commercial banks rather than the savings banks. The
situation that confronts us is a diminishing return on loans and investments on the one hand and an apparently fixed rate on the price we must
pay for money on the other—the result being a smaller margin of profit.
Is it practicable to lower the interest rates on time deposits? Speaking
as a commercial banker to commercial bankers with savings departments, I
believe it is. I come from a high rate town, Buffalo, where both commercial and mutual savings banks pay 4% on time deposits. I am talking
naturally to those of you who are similarly situated so far as rates are
concerned.
While an outsider might assume that a bank can invest the dollar of one
depositor to bring in just as much as the dollar of another depositor, we
know that such is not the case. Some deposits are invested in 5%%
mortgages and on the other hand, other deposits are invested in Liberty
bonds or equally liquid securities. The difference in the way in which
deposits must be invested is what causes us all to differentiate in the rate
paid on checking accounts and the rate paid on time deposit accounts.
Encouraged by the competition between banks, the public has a wrong
conception of what constitute legitimate time deposits and the commercial
banks are suffering accordingly. Based upon the permanence of the account
and the amount of service the depositor expects, I believe a just distinction may be made in the amount of interest the present so-called time deposits of a commercial bank are entitled to receive. I believe there is a
distinction which warrants a reduction by commercial banks in interest
rate to 3% on certain of this business. Let us look at a classification of
time deposit accounts.
First, consider the genuine savings account, which is virtually an investment, remaining the same over long periods of time.
In this first group are the accounts of people skeptical of investments.
In our own bank, for example, accounts of thrifty old country folks, widows,
etc. No service is demanded and no expense incurred in handling this
business. This class of account I therefore believe is justly entitled to the
maximum rate of say 4%. Should a single commercial bank or all of the
commercial banks in one community arbitrarily reduce interest rates on time
deposots, they might well expect to lose this class of business to the mutual
savings banks.
Second, there is the thrift account, generally of modest size, with frequent deposits, occasional withdrawals, possibly "supporting" a mediocre
active checking account
With reference to group two, in which is the great number of accounts,
I believe these would remain with a commercial bank, in spite of an interest reduction from 4% to perhaps 3%, for several reasons. It is the accumulation of principal and not the interest rate which attracts this type of
business; an indication of this is the fact that Christmas clubs operate just
about as well without interest as they do if interest is offered . Again, this
type of account is held to a great extent by the service of a commercial
hank; by that I mean the convenience of a branch around the corner from
the customer's home or place of business, the convenience of Saturday
evening banking hours, the fact that in the same bank he may have his
checking account, a safe deposit box, etc., facilities which, without disparaging the savings bank, he finds and appreciates in the commercial bank.
Third, there is the temporary "special interest" account—proceeds from
sale of property or from life insurance awaiting investment, building funds,
etc.
Fourth, there is the reserve account of corporations in an easy cash
position, perhaps very indirectly supporting a line of credit.
Groups three and four contain types of accounts which by no rhyme or
reason can be honestly considered as savings accounts or genuine time deposits, because they are temporary in character, for only a few months
perhaps. The commercial bank With big accounts of this character doesn't
1927
dare invest this money where it will safely yield even 3% or better in
mortgages, for example. The banker must put it into commercial loans,
commercial paper, Government securities, etc., yielding on an average these
days not much over 4%. Generally speaking, such deposits are made by
business men accustomed and desirous of dealing with a commercial bank.
In their hearts they understand that the law of supply and demand applies
with reference to the worth of money. Naturally, if their business bank
will pay 4% on such deposits, they will take 4%. They would be foolish
if they did not. The big point here, as I see it, is that our customers as a
rule feel the necessity of carrying these reserves as cash and they will
likely take the best going rate they can get. They do not want to put the
amount into investments.
But suppose you do not want to risk losing even a portion of your deposits, that portion comprised in the account classified in group one, because you feel well justified in paying 4% for money that is with you over
long periods of time. Would it not be possible and fair to establish the
following policy?
Pay interest on time deposits at 3% per annum figured on lowest quarterly balances, crediting % of 1% interest April, July, October and January 1. At the end of each year, pay an extra 1% on the lowest annual
balance. Such a proposition would be fair to the customer whose money
is with you as an investment—whose money you in turn may put out with
safety at a somewhat higher rate, and I believe this suggestion is workable.
Always, however, into the question of the practicability of reducing
interest rates there enters the inevitable problem for your bank—what will
your competitors do, and there is the hitch. You woud like to do it but you
think your competitors will not play along. But, after all, isn't it a common problem, just as serious for the other fellow as it is for you? This
price competition as it exists to-day is the most unsatisfactory form of
competition. Little by little, hoWever, banks are getting together in minor
matters such as the elimination of donation advertising, the establishment
of uniform service charges, etc., and are showing a tendency to co-operate
which as it develops should enable us to solve this most important problem—
the fair reduction of the too high price now paid by us for money.
Profits of American Investors in Foreign Bonds Put at
$250,000,000 by A. 0. Corbin of F. J. Lisman & Co.
Profits of a quarter of a billion dollars have been made by
American investors through the rise in foreign bond prices
in the last few years, according to an estimate made by
Alfred 0.Corbin of the internationalinvestment banking firm
of F. J. Lisman & Co. The calculation is based on the present prices of a list of representative foreign bonds sold in
the American market as compared with their original offering prices. It is said that since the totals in many cases
were understated to keep the estimate on a conservative
basis, it is likely that the actual appreciation in the value of
the bonds is considerably greater than the figure named.
The statement in the matter issued April 1 also says:
Lower money rates all over Europe, whiJi made possible the calling and
refunding at lower interest rates of many bond issues, together with general economic improvement and growth in investment power, have pretty
well eliminated the high-yield bond, Mr. Corbin said. American capital.
diverted to the foreign f.eld by the high prices already established for
domestic securities, has facilitated the upward movement in the i rices of
European, South American and,in some cases, Far Eastern issues.
Mr. Corbin selected a list of forty foreign government, municipal and industrial bonds listed on the New York Stock Exchange and compv red their
original and their present prices to show the striking changes that have
taken place. The list follows
Int. Price of Price
Int. Price of Price
rate. issue Mar.28
Bond—
rate. issue. Mar.28
Argentine.e.
Govt. of...6
96
99% Greater Prague, City
7% 9234 106%
of
7
90
104
Austrian Govt
9934
96
Haiti, Republic of_.6
100
Belgium, King. of_ _ _6 H 94
8
113% Heidelberg, City of 7% 9834 105
Bergen, City of
Hungarian Con. Mon.
98
8
Bogota, City of
10434
100%
Loan
734 89
-6
92% 96%
Bordeaux, City of
94% 101%
7
98% 106% Leipzig, City of
8
Brazil, Govt. of
Lower Austria Hydro94% 104
Bremen, State of___ _7
Electric
Buenos Aires, City of-65i 96% 100%
8 i 88
8451
Carlsbad, City of__ 8
9434 105% Lower Aus., Pray. of-74 95 % 100
102%
97
Montevideo, City of.7
99
108
Chile, Republic of_8
98% 103%
Netherlands. King.of.6
9334 93
Chile. Republic of_
_
10634
6% 9734 9934 Netherlands, King.of.6
Cologne. City of
Colombia, Rep. of_ _.6% 98
100% Panama, Rep. of_ _ _ _534 9734 102%
Rio de Janeiro. City
__
101
Copenhagen, City of_534
97% 104%
8
of
Cuba, Republic of_ _ _534 9934 102
104%
98
Rotterdam, City of 6
Denmark, King. of6
9434 105
109
100
94
City of_ _7
103% Sao Paulo, City 0?
-8
Dresden,
100
108% Sweden. King. of--- 534 9934 104
El Salvador, Rep. of_8
94
103% Swiss Contederacy-5% 9734 103%
France, Republic of_ _7
7
02
107% Tyrol Hydro-Elec_ _ _7% 96% 103
German Republic_
92% 97
United Kingdom----534
4 Upper Asia.. Prov.of_7
This list of bonds covers a comprehensive cross-section of the foreign
financing done in the American market in the post-war years. The advances in these issues since their original offering to investors have averpoints, and it is probable that this average would
aged, roughtly,
be struck if a tabulation were to be made on a similar basis of all the foreign
bonds sold here in recent years. As American capital has been going into
foreign bonds at the rate oi more than a billion dollars a year for the last four
years, it will be seen that the appreciation in value of foreign bonds sold
here in that period alone exceeds $250,000,000. This applies only to the
issues floated publicly here, and the large amounts of private pundiases of
foreign securities would swell the total to far larger totals.
Mr. Corbin pointed out, however, that what had taken place was not a
perpendicular rise in all foreign bonds, but rather advances here and there
in the list as American capital swayed into particular issues. His advice to
American investors is to buy where the immediate past has already justified
optimism. rather than where the future has been discounted too far in
lower yields. It is still possible for the bargain-hunter to obtain a yield from
6% to 734% through careful selection of bonds in various parts of the world,
notably in Austria, Central America and certain of the Latin countries.
Increase in Purchasing Power of Americans—National
Income per Capita.
The Cleveland Trust Co. in its Bulletin dated March 15
calls attention to the fact that the purchasing power of the
average American has increased more than one-third in the
past five years, according to figures compiled and recently
1928
THE CHRONICLE
[vol.. 124.
made public by the National Bureau of Economic Research.
Governor Smith of New York Vetoes Bill Requiring
The article says:
This rate of increase is far more rapid than that which has maintained in
earlier decades. Apparently the purchasing power of the average American
has increased as much in the past five years as it did in the forty years from
1850 to 1890
In the diagram [This we omit Ed.[ the solid line showing per capita
income in actual dollars starts at only $51 per person in 1850, and reaches
$770 in 1926. The data from 1909 to date are from the findings of the
National Bureau of Economic Research, which estimate the annual current
income of the American people as having advanced from 27 billion dollars
17 years ago to almost 90 billion in 1926. The per capita data for that span
of years are computed from these estimates, while the earlier figures back
to 1850 are based on the Census Bureau's estimates of national wealth.
These per capita figures may be somewhat misleading because the purchasing power of the dollar has undergone important changes during these
years. It appears to be true that the per capita current income of the
American people is now about 15 times as great as it was In 1850, but this
does not mean that the average person can now buy for himself it, times as
much of the necessities and amenities of life as he could then.
The changes in purchasing power are represented by the dotted line in the
diagram, which has been based on computations designed to show what the
relative changes woald have been if the purchasing power of the dollar had
remained during the entire period at its 1913 level. The figures for years
since 1909 are those of the National Bureau, and for the years before that
they are based on data showing the changes in wholesale prices, retail
prices, rents, and wages. They indicate that the per capita national
income estimated in dollars of constant purchasing power increased from
$100 a year in 18.50 to $334 in 1921, and to $455 in 1926. This is an average
increase of about three dollars a year for 71 years, followed by an average
increase at the rate of $24 a year,or eight times as fast,in the pastfive years.
In some ways the increases in the actual dollars of per capita income are
even more impressive. In the 65 years from 1850 to 1915 the advance was
from $51 a year to $326, or an increase of $275. From that year to 1926 it
was $444, which means that the increase of the past 11 years has been some
60% more than in the preceding 65 years. It is true that the past decade
has been a period of high prices during which the purchasing power of the
dollar has been less than it was formerly, but there is one respect in which
these modern dollars have been quite as potent as their predecessors, and
that has been for the payment of old debts. This is one of the reasons why
it has been easy for this country to pay off most of the large indebtedness
to foreign lenders that was outstanding against us at the outbreak of the war
Corporations to Submit Financial Statements
to Stockholders.
Governor Smith of New York vetoed yesterday (April 1)
a bill by Senator Charles J. Hewitt compelling all companies of more than $50,000 capital stock except moneyed
corporations to make a financial statement and mail them
to all stockholders of record once a year. The New York
"Evening Post," from which the foregoing is taken, says:
Under the present law this has to be done only on the demand of stockholders owning 3% of the stock of the corporation.
"New York," said the Governor in his veto memorandum, "has a hardearned reputation for consistency, justice and good sense as reflected by
its corporation laws. A statute of this kind enacted in the closing days
of a legislative session, without widespread publicity and opportunity for
mature consideration and discussion, might well discredit the reputation of
the State for stability and fairness to those who incorporate their companies
under its laws rather than apply for charters to other States.
The Chief Executive raised three objections to the Hewitt bill. The
first was that a minority stockholder who does not own or cannot summon
to his support the owners of 3% of the stock of a corporation cannot be
presumed to have a strong case for compelling the Treasurer to make a
financial statement.
The Governor contended also that the bill would cause expense to many
corporations even though all the stockholders might agree that no financial
statement was necessary and that the law was not clear as to whether it
applied to foreign corporations also.
Shutdown in Bituminous Coal Mines in Central Competitive Fields with Failure to Renew Wage
Agreements.
With the observance by miners yesterday (April 1) of the
anniversary of the advent of the eight-hour day, it was not
possible to judge the full effect of the suspension of operations
in the bituminous coal mines in the central competitive fields
(set for midnight March 31). Describing the shutdown as
Committee of National Association of Real Estate "neither a strike nor a lockout but which forced thousands
of miners into idleness as the Jacksonville wage agreement
Boards Advocates Study of Segregation of
expired," Associated Press accounts from Chicago yesterday •
Tax Sources.
(April 1) said:
"The subject of what fields of taxation
the Federal Government should occupy, and what fields the State Governments is one needing study in order to attain the most
equitable adjustment of taxes generally," a report made to
the Joint Committee on Internal Revenue on March 11 by
Bryant C. Brown, Temporary Secretary of the Joint Committee of the National Association of Real Estate Boards,
points out. The report placed before the committee in preparation for its work a comparison of the expenditures of the
Governments of the 48 States with the expenditures of the
Federal Government for the years 1923, 1924 and 1925, the
years for which the information is available according to
an announcement by the association on March 22, which says
a similar comparison is given of Interest paid by the Governments of the State and by the Federal Government for
the same year, and of the per capita increase in State and
local taxation from 1915 to 1924. Segregation of the various
sources of revenue as between the national and the State
Governments and as between the State and local taxing
authorities is advocated as a first necessity for tax equalization in the general program of tax adjustment advocated
by the National Association of Real Estate Boards. Such
segregation would give ,relief from present unequitable
double or triple levies on the same commodity, the association points out. The association's announcement also says:
Many temporary agreements have been made to continue work but it
was apparent a large percentage of the nearly 200,000 men employed in the
central field and adjacent fringes had stopped work.
The situation is summarized thus'
Area Affected.—Central competitive field including Western Pennsylvania, Ohio, Indiana and Illinois. Southwestern fields including Kansas,
Missouri, Arkansas and Oklahoma. Iowa, which is outside of the central
field.
Miners Affeacd.—About 200,000: Illinois, 72,100; Kansas. 8,000:
Missouri, 4,000; Indiana, 22.000; Arkansas, 9,000; Pennsylvania, 40.000:
Oklahoma, 9.000; Iowa, 9,000; Ohio, 30,000.
Reason for Shutdown.—Expiration of the Jacksonville wage agreement at
midnight Thursday. Operators say they cannot pay the wages of' this
agreement and survive non-union competition. Miners say they cannot
accept a cut.
Mines Inoperative.— About 2,000.
Peace Moves.— Conference suggested by both miners and operators in
Ohio. Southwestern representatives meeting to-day in Kansas City,
Temporary Situation.— Number of mines, said by operators to be small
ones, plan to continue work under temporary agreement. To-day al
union mines are closed in honor of "eight hour day.
Probably the full extent of the shutdown will not be known until early
next week. Saturday is a half holiday and on Sunday mines are not operated
so the actual counting of noses must go over until Monday.
Union men pointed to many individual agreements for temporary continuation of the Jacksonville pact. In Iowa, it was stated forty small
operators had signed temporary agreements. Indiana mine officials said
15% of the 22,000 union miners would continue work, while in Illinois,the
union announced that all mines in the Danville district, including two
operated by the United States Fuel Co. and ernpioying 2,000 men, would
remain open.
The general public took the situation rather apathetically, knowing that
more coal was in storage to-day than ever before and that warm weather
was approaching. Between 75,000,000 and 80.000.000 tons of bituminous
coal are above ground,according to Government estimates. Some operators
believed that there would be no need to operate mines for at least ninety
days and in addition a steady supply of fuel was expected from non-union
Increase in the burden of State and local taxation has more than offset fields.
any downward trend in Federal taxation, the statistics brought before the
The Jacksonville agreement, which was negotiated four years ago, govJoint Committee on Internal Revenue in the Brown report make clear.
erns the wages and working conditions of coal mines in the organized bituState expenditures increased from 1923 to 1924 15.5%; from 1924 to minous fields of Western Pennsylvania, Ohio,
Illinois and Indiana, an area
1925 6.7%, the report states. Federal expenditures decreased from 1923 termed the central competitive field because
of its competitive position
to 1924 4.5% and from 1924 to 1925 increased only 0.3%.
with the non-union coal production in Kentucky. Tennessee, Alabama,
The biggest difference is shown in interest paid by the States and that West Virginia and Virginia.
paid by the Federal Government. The interest paid by the States increased
The pact specified a minimum day rate of $7.50 while the wage scale in
10.7% from 1923 to 1924, and 21.3% from 1924 to 1925.
the non-union fields ranges from $4 to $5 a day.
interest paid by the Federal Government, according to these figures,
The
Operators said they could not renew the Jacksonville pact and successdecreased from 1923 to 1924 10.9% snore than the States' increase, and fully compete with the bituminous production from non-union
fields, which
from 1924 to 1925 6.3%.
they claimed now average 70% of the country's total production of soft
The detailed comparison of expenditures for 1923, 1924 and 1925 is as coal.
follows:
This point was stressed by Rice Miller, head of the Illinois
--1923, $1,310,333,000; 1924, $1,513,628,000; 1925, Association, who said that approximately 72,000 Illinois coal Operators'
State Governments.
diggers had
$1,614,562,000. Percentage of increase: 15.5 1923 to 1924; 6.7, 1924 to Joined the walkout, resulting, he added,in the closing of about
150 shipping
1925.
mines.
-1923, $1,472,969,000; 1924, $3,315,237,000; 1925,
Federal Government.
"Six years' experience under an absolutely non-competitive arrangement
$3,326,033,000. Percentage of decrease: 4.5, 1923 to 1924; .3, 1924 to has resulted in the closing of more than half the mines of the State,"
he said.
Equally emphatic statements came from the other side.
1925.
Interest paid by State and Federal Governments compared as follows:
"The miners will take no wage reductions now or later," said Joe
Morris.
-1923, $50,446,000; 1924, $55,848,000; 1925, $67,- President of the Iowa Miners' Union at Des Moines. "Our conditions
State Governments.
are
662,000. Percentage of increase: .7, 1923 to 1924; 21.2, 1924 to 1925.
such that the miners will starve rather than take work for less than they
-1923, $1,056,169,000; 1924, $940,844,000; 1925, now receive."
Federal Government.
$881,994,000. Percentage of decrease: 10.9, 1923 to 1924; 6.3, 1924 to
Morris charged that efforts were being made by the Iowa Operators'
Association to influence bankers to withdraw funds from
1925.
independent
Per capita taxes of States and cities of more than 30,000 population are operators who plan to continue operations.
given as follows: 1915, $34.66; 1927, $37.11; 1919, $41.69; 1922, $64.28;
It was stated in Indianapolis dispatches that upon the
1924, $70.73. (This does not include taxes imposed by counties and other meeting in
that city on March 28 of the Policy Committee
incorporated places. Cities over 30,000 represent 35% of the total city
of the United Mine Workers of America depended the extent
population.)
The figures are taken from statistics of the Department of Commerce.
of the suspension of operations in the unionized
bituminous
APR. 2 1927.]
THE CHRONICLE
1929
1. That the officers of the respective districts comprising the central
mines on April 1. The Policy Committee consists of repreauthorized
sentatives from each soft coal district and is empowered to competitive field be operators to enter into district wage negotitaions
with their respective
upon the basis of existing agreements.
call a general walkout. Its meeting this week represented
2. That the district organizations be given authority to permit any
a resumption of the conference held at Miami, Fla., in operator or any mine in the central competitive field the right to work
continuously from April 1 1927
February on the question of a new wage agreement. This contract pending the negotiatingby agreeing to an extension of the existing
of a basic scale.
conference was referred to in our issue of Feb. 26, page 1167.
3. That all district organizations be authorized or any mine to employ
It had been announced in Indianapolis dispatches (Associated all the men it may require for maintenance, repairs, development, conproduction of coal, providing, however, that
company
Press) that the situation surrounding negotiation of a new struction or the district to pay the existing wage schedules such carry out
agrees with
and
wage agreement had taken on a more favorable tinge from the existing agreement temporarily until a basic agreement is negotiated.
the miners' viewpoint on March 26 with the announcement
Chicago advices March 30 to the New York "Times"
at Des Moines that thirty independent operators had agreed stated that any possible hope of averting a suspension of
to continue the present wage scale after March 31. The bituminous coal mining was shattered that day by the action
advices of March 26 continued:
of the Illinois Coal Operators' Association, which announced
On March 11 executives of the Association of Bituminous Coal Operators
of Central Pennsylvania announced at Altoona that proposals of the mine that the miners' representatives on the Policy Committee
workers to continue operations at the present scale after expiration of the offered no hope in its latest proposalfor peace pending further
Jacksonville agreement had been accepted.
negotiations. Rice Miller, President of the Illinois OperOn the other hand, the Policy Committee will have to consider the
collapse of efforts to negotiate similar temporary settlements recently in ators' Association, declared after a meeting that while his
Ohio and again to
-day in northern West Virginia. In the present situation Association was ready to confer with the union at any time
the miners wish continued the scale of $7.50 a day for day men and $1 a ton no progress could be made if the miners
insisted on continufor tonnage men, which was negotiated at,Jacksonville in 1924. The
central field operators of the union mines wish wage reductions in the form ing "the ruinous Jacksonville scale." The advices also said:
The Illinois Association is said to represent 90% of the State's tonnage.
of a scale on a competitive basis with non-union mines of Kentucky, West
It employs 72,000 men in the largest of the four districts in the central
Virginia and Tennessee.
The Iowa and central Pennsylvania advices indicated that the tactics competitive field.
Mr. Millers' attention was called to a report that Harry Fishwick,
employed successfully by the union to terminate a previous strike in the
bituminous fields may be a factor this year. That strike ended when the President of District 12, had stated at Springifeld, Ill., that 30 mines in
this State would continue operating on April 1 on the Jacksonville wage
miners "pinched out" the operators in the central competitive field through
negotiation of temporary settlements in outlying fields with operators scale.
"The great bulk of the commercial tonnage will be suspended," declared
producing 60,000,000 tons. By thus disregarding the precedent of the
whole bituminous industry wage being set by the central competitive field, Mr. Miller. "This association represents 90% of that tonnage. There
are several hundred small mines and it may be that 30 of these will con-the miners left the operators in the position of choosing between meeting
tinue working, as they have always one in the suspensions. But the
the miners' demands or losing their business to their competitors.
production of these mines is negligible."
The fact that the threatened strike was dependent on the
reply of the operators "to a new and almost unprecedented
proposal" framed on March 28 by the Policy Committee of
the United Mine Workers was noted by the Indianapolis
correspondent of the New York "Times" who added:
Iowa Operators Stand Pat.
Mr. Miller received a telegram from George Heaps Jr., President of ,
the Iowa Operators' Association, saying:
"Iowa operators stand pat. Sixty members of our association produce
90% of the State's tonnage, while 294 mines produce the other 10, so
According to the proposal the miners will remain at work for any operator even if the union has signed up 30 mines in Iowa it means nothing. Our .
In any mine after the expiration of the present agreement, pending the Information is that the five which have signed represent less than 150
;
negotiation of a basic wage scale by districts.
tons daily."
According to the miners in Indiana, the Big Ben Coal Co., with an
Accepting the assertions of the operators that, as a result of the abortive
Miami conference, it was no longer possible to negotiate an Inter-State annual production of 200,000 tons, was the first to agree on continuation
agreement for Illinois, Indiana, Ohio, and western Pennsylvania, the of operations after April 1.
President S. H. Robbins of the Ohio Operators' Association sent word to
Policy Committee decided to enter into district negotiations if the operators
the Illinois association that few operators would negotiate agreements to
were so inclined.
The decision to enter into district wage negotiations was made con- continue at work in Ohio after April 1. The Illinois association will meet
ditional on the continuance of the present wage scale pending the joint in St. Louis on April 8 for further discussion of the situation.
conferences.
The signing of temporary agreements in Terre Haute was
Change from Anthracite Strike.
Had the union agreed to such a proposal as that set forth to-day the
suspensions in the anthracite fields in 1923 and 1925 would not have occurred when the contracts lapsed, for on both occasions the operators requested the miners to remain in the pits pending completion of the conferences.
The first group to be called upon to reply to the miners' proposal will be
the Illinois operators, whose association will meet in Chicago on Wednesday. It is believed here that the operators able to pay the present wage
scale, negotiated at Jacksonville three years ago, will be strongly tempted to
signify their desire to continue at work pending negotiation of a basic
district agreement. The first agreement negotiated will serve as the basis
for new contracts in the other districts, as well as in the outlying fields.
Instead of Issuing, as was expected, an order to miners to suspend work
at midnight on March 31, the policy committee proposed the further step
to remain at peace pending wage negotiations by districts in the hope that
better results might be obtained than if the atmosphere were clouded by
industrial conflict. The usual clause concerning the continuance of maintenance men in the event of a strike was added to the two paragraphs
In which the action was expressed. . . .
A Peace Move, Says Lewis.
"We are going as far as is humanly possible to avoid a suspension," said
John L. Lewis, President of the United Mine Workers, after the meeting
to-day. "We say that while we talk this thing over we shall not fight,
which is a reasonable thing to do.
"At Miami we offered to continue work in outlying fields where operators said they would continue to confer with us. Now we are giving the
central competitive field the same opportunity.
'The attitude of the operators is that they do not want inter-State conferences. Well, here is a chance to make district agreements. They say
that conditions in each State are different. Very Well, let them make
district agreements.
"In the past the operators have said that we Were not Willing to remain at
work pending wage negotiations. This resolution shows we are willing to
accommodate them."
Mr. Lewis declared that if the various district associations refused to go
into conference with the miners' district organizations, individual operators might go on with their mining if they paid the present scale and agreed
to'accept the basic contract subsequently made between the district association and the union.
According to Mr. Lewis, many operators in the central competitive field
have expressed a willingness to continue production after April 1 at the
present wage scale of $7.50 a day for day men.
Word was received here to-night from Chicago that the Illinois operators
were disposed to be conciliatory and would probably accept the suggestion
for a district meeting. Notices have been posted in most mines for the
miners to remove tools by March 31 and it is unlikely that these can be
recalled before the contract expiers.
William Hamilton, President of the Indiana Operators Association, said
to-night over the telephone from Linton, Ind., that the proposal would
not be acceptable to the Indiana operators because it presupposed continuance of the present wage scales. He indicated that the suspension in
Indiana will occur on April 1.
made known in the following Associated Press advices froth
Terre Haute March 30:
A number of Indiana operators to-day signed temporary agreements with
officials of the local district of the United Mine Workers to continue work
under the present Jacksonville contract pending the adoption of a new
basic wage scale for the central competitive field. The operators signing .
to-day were owners of small mines, but it was declared they could produce
a considerable amount of coal in event the larger operations in the State
remain idle after midnight to-morrow night when the present contract
expires. District officials said additional operations would sign to-morrowThe action of the Indiana Coal Operators' Association itself on the miners' ,
proposal for a district conference remained problematical. The miners'
proposal was received by the association to-day but no announcement was
made.
From Cleveland March 31 the Associated Press reported •
the following:
The Ohio Coal Operators' Association and the Ohio Miners Union made
separate overtures to-day for conferences looking to the resumption of work
In Ohio mines.
The unien invited the operators to a joint conference to discuss a new
wage agreement based on the Jacksonville scale. The operators' proposal
was that representatives of both sides meet at Columbus April 7 to negotiate
a wage scale on a basis in competition with adjacent non-union fields.
Neither organization had replied to the other to-night. The proposals did
not affect plans for the general suspension of mining.
Kansas City advices March 31 (Associated Press) stated:
All possible hope for a new wage scale agreement in the Southwestern
district, comprising Oklahoma, Missouri, Kansas and Arkansas, has been
abandoned, W. L. A. Johnson, general commissioner of the Southwestern
Inter-State Coal Operators' Association, announced to-day.
Between 30.000 and 35,000 miners in the district are affected by the work
suspension.
We also quote the following Washington dispath (Associated Press) March 31:
The eve of an expected widespread shutdown in the soft coal mining industry finds all indications pointing to the Federal Government keeping
its hands off the situation. Neither the union— the United Mine Workers—
nor the operators have any appeals pending in Washington, and other
aspects of the situation apparently preclude any immediate possibility of ,
government concern that would prompt Federal action.
Government surveys indicate that non -union and union coal mines, little
likely to be affected by the union's wage difficulties, have a potential output rate that will fully supply the country's demands for several months.
Co. to Keep Non-Union Mines
Operating.
The Pittsburgh Coal Co. now operating non-union in the
Pittsburgh, Pa., district, will not close its mines April ,
According to the Indianapolis "News," the provisions of according to J. D. A. Morrow, President, in a letter to emthe resolution on the matter adopted by the Policy Com- ployees, according to the Chicago "Journal of Commerce,"
mittee were as follows:
of March 28, which quotes from the letter as follows:
Pittsburgh
Coal
1930
THE CHRONICLE
You are being told all kinds of stories about what is going to happen
at our mines. You are being threatened with trouble if you remain at
work. We would like to talk with you about these things, but since we
cannot see each one of you personally and answer your questions about these
threats and stories, we are writing you this letter.
You are told that our mines will be shut down April 1, or sooner. They
will not be shut down. Every mine that we have started is running, and
every mine Will keep on running every day. You have also been threatened
with violence by trouble-makers and strikers. Stories and rumors are
whispered to you. Pay no attention to these things. This is a law-abiding
State, and the State and county officials will enforce the law, and they will
maintain peace and order and will prevent rioting on the highways and in
the coal districts generally.
We ourselves have a large number of trained police and watchmen of our
own to protect you at all times on our properties and as you travel to and
from work. This force will be made as large as necessary for this purpose.
We want you to understand quite clearly that our mines will run and
give you work right along, at good wages. We want you to know that all
the force necessary will be exercised to protect you in your right to work
in our mines. Do not be persuaded to leave and hunt jobs somewhere else.
So much coal has been produced this winter that very few mines will be able
to run every day from now on, so if you leave us ycu may find yourselves
out of work. Stick with your steady jobs at the Pittsburgh Coal Co.
mines.
American Railway Association's Survey of Bituminous
Coal Production by Non-Union Mines After Suspension in Union Fields.
A survey as to the possible bituminous coal production
after April 1 in the event of a stoppage of mining in the
union fields after that date has just been completed by the
Car Service Division of the American Railway Association
in connection with its problems of car distribution. In its
statement in the matter on March 29, the Association said:
The average weekly production of bituminous coal, according to the
survey, of both union and non-union mines for the past four years for the
period from April 1 to Sept. 30, amounted to 9,401.000 tons. This included
1926 when there was a heavy export movement of bituminous coal due to
the strike of British miners.
Bituminous coal actually produced by mines operated by non-union labor
for the week ended Dec. 4 1926. amounted to 8,261,852 tons. During
that week, non-union mines, having a car rating per week equal to 1,502.316
tons were not in operation. With those mines in operation, the potential
production would be 9,764.168 tons, or a production of 363,168 tons in
excess of the weekly average for the past four years.
The survey of the Car Service Division shows that the car supply and
transportation service will be wholly adequate to take care of any output
that may be produced.
[VOL. 124.
greatest congestion oftraffic perhaps ever known in the transportation world
was being relieved, which resulted in unprecedented shipments by the railoperating in Florida. The traffic moving in a similar period of 1927
should not be compared with any such traffic conditions as obtained in
1926. Florida is rapidly returning to normal conditions, the railroad I
represent has been working to promote normal conditions through its several
departments. The Seaboard both for passenger and freight traffic when the
season opens will be in position through the facilities installed and to be
installed and through the efficiency of its departments to properly take care
of its traffic in all fields.
Death of John H. Schwarting of Albert Frank & Co.
John Henry Schwarting, for the past fifty-three years a
member of the staff of the advertising agency of Albert Frank
& Co. and better known in Wall Street district simply as
"John," died suddenly at his home on March 27 of heart disease at the age of sixty-six years. On April 10 1874 John
Schwarting, then a lad of thirteen years and just fresh from
school, joined the Frank agency. Previously he had been
working after school delivering newspapersfor one of the press
distributing organizations of that day, carrying the old
"Daily News," the "Sunday Democrat" and the "Sunday
Mercury" to subscribers. The job was ready for him and
he went to work immediately as a messenger boy, carrying
orders to the newspapers. After three years in this position
he was transferred to the checking department, which subsequently went under his complete jurisdiction. By this
time young Schwarting had developed into a full-fledged
financial advertising man and he won recognition as one of
the principal outside contact men of Albert Frank & Co.
This position brought him into intimate contact with many
of the most prominent financial and industrial leaders of
that period; men who were sponsors and creators of some of
the country's greatest corporations, including E. H. Hardman,James J. Hill and the elder J.P. Morgan. Mr.Schwarting is survived by his widow and two sons, John Henry
Schwarting Jr., Vice-President, and William Schwarting, a
member of the staff of Albert Frank & Co.
ITEMS ABOUT BANKS, TRUST COMPANIES, ETC.
The New York Stock Exchange membership of Augustus
S. Davies Warfield Denies That Southern Railroad F. Kountze, deceased, was reported posted for transfer this
Rates Will Be Drastically Lowered.
week to Herman D. Kountze, the consideration being stated
S. Davies Warfield, President Seaboard Air Line Railway, as $170,000. This is the same as the last preceding transaction.
on March 21 made the following statement:
A bureau press statement from Washington this morning states that
"Recent denial by the Inter-State Commerce Commission of the petition
of the Atlantic Coast Line. Florida East Coast and Seaboard Air Line
means that these railroads will have to install new lower tariff rates under
the decision of the Commission last summer." The article further states:
"If the loss in freight revenues was only 5% of the total of such revenues
in a year like 1926, it would amount to a reduction in net operating income
of 53,400,000 for Coast Line. $2,400.000 for Seaboard Air Line and $858,000
for Florida East Coast." This statement is so uncalled for and erroneous
that on behalf of the Seaboard Air Line Railway I wish to state the facts in
respect to the so-called decision of the Commission, which is not a decision.
The petition to the Commission referred to merely represents one angle
of a class rate investigation which the Commission is conducting under
Docket No. 13494, which involves all class rates within the South and
between the South and the East and the West. The Commission has
never issued any order in this case, and throughout its opinion has clearly
indicated that the purpose was merely to readjust the rate relation, with
no purpose of reducing the revenues of the carriers. • The carriers for
months have been working with representatives of the Commission to make
effective so far as practicable the views of the Commission with respect
to the class rate readjustment. The work has been divided up into a
number of sections of which the Florida petition referred to was but one
section. This petition was merely a discussion as to whether or not the
basis which the Commission had proposed for the readjustment of the
Florida rates would reduce the revenues of the carriers. In connection
with the effort now in progress to reach a basis that will be satisfactory to
the Commission and the carriers alike, there is the understanding that
when this work is in shape for final consideration there will be further
discussion of the revenue result.
The Commission In its notice instituting the proceeding in Docket 13494,
said:
"Therefore, lt will not be the primary purpose of this inquiry either to
add to or subtract from thr aggregate revenues of the carriers but rather
to adopt a class rate structure which will be as simple as it can be made,
with due regard for the public interest and free from undue prejudice and
which will serve the purpose that class rates ought to serve."
It is unfortunate that a technical subject such as this was not understood
before being applied to railroad revenue which in any event would not be
effected as stated. This is an evidence of numerous erroneous impressions
that seem to obtain in respect to the Southern country.
I have recently returned from an inspection trip throughout Seaboard
territory, which means throughout the South, including Florida. For
instance, take the hotels of that State and statements made that it would
take five years to fill them. The season just closing demonstrates the
fallacy of this statement. In my opinion next season the hotel accommodations of Florida on both coasts and in the Interior will not be sufficient to
more than take care of the people. The season began later this year,
misrepresentations helped this. The number of passengers by Seaboard
trains to Florida points rated as large tourist places outnumbered those
carried by this road last season, which was the peak of all seasons in Florida.
The departments at Tallahassee which give farming information have
been receiving more Inquiries for farm lands than ever before. It is indicated both from the crop and tourist standpoint that next season will be
the largest in the history of the State.
The public should also bear in mind that during the months of February.
March, April, May and June and well into the summer months of 1926 the
The New York Cotton Exchange membership of Claude
S. Newman was reported sold this week to W. Allston Flagg
for another for $28,000. This is the same as the last preceding sale.
George F. Baker, Chairman of the Board of the First National Bank of New York, returned Monday night March 28
from Jekyl Island, Ga., where he had been spending the winter. While in the South Mr. Baker contracted a cold from
which, it is said, he has entirely recovered. Mr. Baker's
87th birthday was celebrated on March 27 at the Jekyl
Island clubhouse.
To mark the beginning of the twenty-fifth year of the
Bankers Trust Co. of New York, the Executive Committee
of the Company which consists of Dwight W. Morrow, as
Chairman,and the following directors, Winthrop W.Aldrich,
Edwin M. Bulkley, F. N. B. Close, Thomas Cochran,
Walter E. Frew, Horace Havemeyer, Herbert P. Howell,
Paul Moore,Seward Prosser and A. A. Tilney, gave a dinner
at the University Club on March 30 which was attended
by 120 officers and directors of the Bankers Trust Co. and
the few invited guests. The Bankers Trust Co., conceived
by the late Henry Pomeroy Davison, opened its doors for
business at 143 Liberty St. on March 30 1903, with the late
Edmund C. Converse as its first President. On Aug.8 1911,
the Mercantile Trust Co. was merged with the Bankers
Trust Co.; on March 23 1912, the Manhattan Trust Co.
was consolidated with the Bankers and the Astor Trust Co.
became a part of the institution on April 23 1917.
Behind the speakers' table in the dining room were hung oil
portraits of Henry Pomeroy Davison and Edmund C. Converse, and in the reception room were displayed graphs showing the growth of the Bankers Trust Co. during the last
five years. Within the past five years its capital, surplus
and undivided profits have risen from $40,762,000 in 1921 to
$56,031,000 on December 31 1926,and its deposits, excluding
outstanding checks, have increased from $289,080,000 in
1921 to $423,389,000 in 1926. Net earnings have increased
from $5,772,000 in 1922 to $9,068,000 in 1926. Other details
of the growth of the company were shown by charts. The
APR. 2 1927.]
THE CHRONTCLE
Bankers Trust Co. now has three offices in New York
16 Wall St., Fifth Ave. at 42d St. and Fifty-Seventh St.
at Madison Ave.; an office in London at 26 Old Broad St.
and an office in Paris at3&5 Place Vendome. Mr.Morrow,
as Chairman of the Executive Committee, presided at the
dinner and short talks about the beginnings of the company,
what it had accomplished and the prospects for future growth
were made by Guy Emerson, T. T. Coxon, Thomas W.
Lamont, Edwin M. Bulkley, a director of the company,
Seward Prosser, Chairman of the Board of Directors, and
A. A. Tilney, President of the company.
1931
667.67, five million dollars having been transferred from
undivided profits to surplus on Feb. 23. With the increase
in capital stock, capital will be $30,000,000, and surplus
fund $30,000,000.
The New York State Banking Department on March 26
approved the plan to combine the Joseph Sessa private
banking interests with the Commercial Exchange Bank of
New York. The merger will become effective on April 18;
the combined institutions have five offices in Manhattan and
Brooklyn, with its main office at 63 Wall St., New York.
Joseph Sessa, proprietor of the Sessa banks, has been elected
Vice-President and will continue in charge of the Brooklyn
offices. An item regarding the proposed consolidation of
the institutions appeared in our issue of March 5 1927,
page 1308.
Reports of a possible merger of two of the city's important
banking institutions—the Bank of the Manhattan Company and the Seaboard National Bank—have been current
this week and the only official statement indicating that
there has been a movement to this end has come from Stephen
On March 28 the Nomura Securities Co., Ltd., which is
Baker, President of the first-named institution. His state,
ment,as given in the"Herald Tribune" of yesterday(April 1) affiliated with the Nomura Bank, Ltd., of Osaka, Japan,
opened a New York office in the Equitable Building at 120
follows:
The reports recently published in the newspapers may be misleading. Broadway. The company is under the Presidency of
While it is true that discussions between the executives of the Bank of 0. Kataoka and the New York branch is in charge of
the Manhattan Company and the Seaboard National Bank looking toward
Takagaki.
a possible merger of the two institutions have taken place, no agreement G.
has been reached. It is impossible to say if a satisfactory agreement can
be made.
The same paper said:
Mr. Baker would not elaborate further on the present status of the proposed consolidation. Up to this time both he and Chellis A. Austin,
President of the Seaboard National, have been wholly uncommunicative on
the question. Both have declared they had no comment to make.
The stocks of the two institutions have moved up slightly since the publication of the merger report and yesterday the shares of the Bank of the
Manhattan Company were quoted in the over-the-counter market at $280
bid, $285 asked, while bid and asked on Seaboard National was $755-$765.
With the change in the par value of Bank of Manhattan just authorized by
the Legislature, the market value would be between $560 and $570.
The board of directors of the United States Mortgage &
Trust Co. of New York on March 25 declared a regular quarterly dividend of 4% on the capital stock. payable March 30
1927 to stockholders of record March 28.
The Chase National Bank of New York City will soon open
its branch In the new Graybar Building. The contract for
its two huge vault doors, steel lining, safe deposit boxes
and interior equipment has Just been awarded to the York
Safe & Lock Co. of York, Pa. The doors are made doubly
secure by the inclusion of York Infusite in them. This
J. P. Morgan & Co., under a 21-year renewing lease, metal developed by the research engineers at the York facwhich may run to 90 years, have leased air space to the tory, is said to offer the greatest known resistance to every
Equitable Trust Co., according to Goodhue Livingston of form of burglarious attack.
Trowbridge & Livingston, architects of the Equitable
Trust Building and also architects of the Morgan Building
The Chelsea Exchange Bank of New York reported total
at Wall and Broad Sts. Mr. Livingston said that as far resources of $22,621,051 at the close of business March 21, a
as he knew it was the first time air space had been leased to new high record in the history of the bank, according to
one compay to erect a building bridging part of another Edward S. Rothchild, President of the institution. This
building. The owners and architects of the Equitable Trust total represents an increase of approximately 4% compared
Building, desired to make it span part of the Morgan Build- with total resources of $21,735,902 reported as of Feb. 14
ing in order to work out a rectangular shape for the Broad 1927, and an increase of approximately 10% compared with
Street wing. In so doing it was necessary to carry the steel total resources of $20,502,952 reported as of Dec. 31 1926.
framework around the Morgan wing until the steel structure Total deposits approximated $19,500,000, also a new high
at a height of six stories cleared the Morgan roof. Then record for the bank. This total represents an increase of
the steel truss was employed to bridge the Morgan wing. A 8% compared with the total of $18,000,000 reported on Dee.
cradle was erected just clearing the roof for reception of the 31 1926.
84-ton truss. First the top chord and then the bottom chord
The following is from the New York ,"Times" of March 26:
of the gigantic truss was hoisted into position and then
Despite efforts of Lee, Higginson & Co., bankers, and of Mrs. James J.
riveted to the steel framework of the Equitable Bulding.
Storrow, widow of a former senior
escape publicity, it became
The lease and the presence of the truss preclude any addition known yesterday that Mrs. Storrow partner, to a present of $100 to each
was making
to the height of the Morgan Building, at least on that employee who was with the firm at the time of Mr. Storrow's death, on
corner. The truss is 60 ft. long and it projects over about March 13 1926. The firm has offices in Boston, Chicago, Philadelphia and
number of other cities, as well
The total distribution
20 ft. of the southeast corner of the Morgan Building. It a amount to $70,000, as there as in New York. 700 employees.
will
are approximately
stated that the decking to safeguard the Morgan estabis
Mr. Storrow in his will had made no mention of such remembrances,
lishment is probably the most elaborate of its kind ever done. but he had told Mrs. Storrow that after his death he wanted every employee,
from office boy up, to receive $100. Accompanying each gift was a card,
The roof of the Morgan Building is being covered many signed by Mrs. Storrow and James J. Storrow Jr., telling the banker's
times with heavy timLersso thatif a steel beam or a block of wish and expressing the best regards of the family.
stone should drop accidentally the falling mass would be
On March 11 the State Bank of this city leased space on
arrested before it penetrated the glass skylights and glass
covered court of the building. The Equitable Trust Building the south side of Westchester Avenue, near Elder Avenue,
with 13 stories now standing in steel, is to be 36 stories and the Bronx, N. Y., where it will open a branch.
will have a tower making its total height equivalent to 42
Directors of the National Shawmut Bank of Boston on
stories. In its contruction the Thompson-Starrett Co. is
using 19,000 tons of steel, 1,250,000face brick and more than March 31 voted to recommend to the stockholders that the
that quantity of common brick. The new skyscraper is capital of the bank be increased from $10,000,000 to $15,scheduled to be completed in May 1928. It will have three 000,000 and a special meeting of the shareholders will be
held on May 2 to act on the proposition, according to the
entrances—Wall Street, Broad Street and Exchange Place.
Boston "Transcript" of March 31. If the shareholders
The condensed statement of condition of the Guaranty authorize the increase, it is said, it is planned to offer the
Trust Co. of New York as of March 23 1927, shows deposits new shares to stockholders of record May 2 at $200 a share,
of $554,540,886, surplus and undivided profits of $26,854,- payable on May 31, each shareholder being entitled to sub667, and total resources of $668,308,373. As compared with scribe for one new share for each two owned. The regular
the company's statement of a year ago, deposits show an quarterly dividend of $3 has been declared, payable July 1
increase of $67,541,406, surplus and undivided profits an to stockholders of record June 20. For this reason it will be
increase of $4,266,509, and total resources an inciease of necessary for subscribers to pay $2 a share in addition to
$87,493,343. The Guaranty's present statement does not the subscription price of $200 to cover the adjustment of
show the addition of $5,000,000 to capital stock and $5,000,- the dividend for the first two months of the quarter to May
000 to surplus that has been approved by the directors and 31—the date of payment for the new stock. Continuing
stockholders of the company, stock for which will be issued the "Transcript" says:
The plan is to give the
April 11 1927. The capital now stands at $25,000,000; and undivided profits ofShawmut $15,000,000 capital, $10,000,000 surplus
about $1,500,000. This will be after providing
surplus fund $25,000,000, and undivided profits $1,854,- the customary separate reserve accounts for accrued interest. unearned
1932
THE CHRONICLE
, discount and other unearned income; for dividends payable; for taxes
and other items; and, in addition, putting aside $1,000,000 as a contingent
fund to provide for any future period when losses may be abnormal.
President Walter S. Bucklln,in a letter that is being sent to stockholders,
bas the following to say regarding the stock increase:
"The increase in capital of the bank from $10,000,000 to $15,000,000 is
• desirable because of the large increase in the volume of our business from
; banks, corporations and individuals throughout the country. Deposits
• have increased about $40,000,000 in the past three years and now are
approximately double our deposits in 1912, when the capital was increased
to the present amount of $10,000,000.
'The rapidly increasing and profitable business of the Shawmut Corporal
tion, which is entirely owned by the bank, requires the use of additionacapital. Your directors will supply thisfrom increase in capital of the bank.
• The corporation does a large business in general securities and is one of
the largest dealers in the country in bankers' acceptances and Government
bonds. At the close of the year a substantial investment was made in the
Monks Building, adjoining the bank. This rounds out the lot on which
our building stands. It may also be advantageous to invest further funds
in the purchase of banking offices to accommodate our nine branches.
From our experience in the past few years it is evident that we can employ
profitably in the future increasing sums in extending the commercial business
of our foreign department.
"Your directors would not consider this increase were they not of the
opinion that the present rate of dividend of $12 per annum on the increased
capital could be continued, with a conservative margin of earnings above
the dividend requirement. All losses have either been wholly reserved for
or are charged off entirely. . . . With the additional sum supplied
by the new capital the bank should be able to increase both its business
and its profits."
Frank C. Ferguson of East Orange, N. J., was elected as
a director and Chairman of the board of the First National
Bank of Belleville, N. J., at a meeting held March 11. At
the same time County Counsel Arthur T. Vanderbilt was
elected to the board of the bank. Peter Igoe continues as
President of the bank and Dr. Condon as Vice-President.
There has been no change of control and none is contemplated.
The vacancy caused by the resignation of Watson Current as
Vice-President was filled by Edmund A. Rung. At a special
meeting of the stockholders, which will be held shortly, it is
expected to increase the board of directors from seven to
twelve.
According to the Philadelphia "Ledger" of March 25,
Morris Wolf, of the law firm of Wolf, Block, Schorr & SolisCohen, of Philadelphia, has been elected a director of the
National Bank of Commerce of that city. Mr. Wolf, it is
said, represents Albert M. Greenfield and associates, who
recently acquired control of the institution.
Announcement was made on March 23 that the State Bank
Commissioner of Baltimore had approved a charter for a
new State bank in Baltimore to be known as the Monumen. tal City Bank and to be headed by Henry 0. Redue,formerly
President and subsequently Chairman of the Board of the
Old Town National Bank of that city, according to the Baltimore "Sun" of March 24. The new institution will be
located in the building formerly occupied by the Old Town
National Bank at the corner of Gay and Exeter streets. It
will be capitalized at $200,000, with surplus of $50,000, the
• par value of the stock to be $10 a share and the subscrip• tion price $12.50 a share. The organizers, it was stated,
• would meet within ten days to select officers and directors.
,
Upon the consummatio non March 7 of the merger of the
Columbia National Bank of Pittsburgh with the Bank of
• Pittsburgh, N. A. (noted in the "Chronicle" of March 12,
page 1466), W. T. Davidson, Vice-President and Cashier,
and Verner C. Boggs, Vice-President, of the Columbia National Bank, became Vice-Presidents of the enlarged Bank
of Pittsburgh, N. A.
The Toledo "Blade" of March 26 stated that a meeting of
the stockholders of the newly organized Bankers' Trust Co.
of that city (to which reference was made in our issue of
Feb. 12, page 881) met on that day and elected directors for
the institution. Following the stockholders' meeting, the
directors chose officers for the bank as follows: Sidney
Spitzer, President; H. E. Scott and Robert V. Hodge, Vicepresidents; Harry A. Dunn, Vice-President and Trust Officer, and James R. Newell ,Secretary. According to our previous item, the new institution has a combined capital and
• surplus of $500,000 and will have its headquarters in the
Gardner Building, Madison Avenue and Superior Street.
•
A special dispatch from Tipton, Ind., to the Indianapolis
• "News" on March 25 reported that the business of the First
National Bank of Tipton had been taken over by the Citizens' National Bank of that place, which guaranteed, it is
said, all liabilities. The transfer of funds and accounts, it
was stated, had been made the previous night, under the
supervision of Alfred Leyburn, a National Bank Examiner.
[VoL. 124.
It appears from the dispatch that the First National Bank
had experienced some difficulty in the period of reconstruction following the World War, an drecently the stockholders considered the alternatives of an assessment against the
stock to continue business, or disposing of the business. The
latter plan was agreed upon and voluntary liquidation will
follow. A small assessment against the stockholders, it is
said, will be made; the depositors are fully protected. By
the deal the deposits of the Citizens' National Bank have
been increased to approximately $1,500,000, it was stated.
The Chicago "Journal of Commerce" of March 26 stated
that A. R. Clarke had resigned as Assistant Cashier of the
Stockmen's Trust & Savings Bank of Chicago to become
Cashier of the Austin National Bank of that city. It was
further stated that F. J. Gatz and George Olson had been
elected Assistant Cashiers of the Stockmen's Trust & Savings Bank, effective April 1.
L. G. Desobry, heretofore a Vice-President of the Broadway Trust Co. of St. Louis, was elected President of the
institution at a meeting of the directors on March 22, succeeding E. C. Adams, according to the St. Louis "GlobeDemocrat" of the following day. Mr. Adams remains with
the trust company as a director. Other changes in the
bank's personnel made at the meeting were: H. F. Hoener,
former Secretary and Treasurer, promoted to a Vice
-President; F. A. Hoffman, former Assistant Secretary, promoted
to Treasurer, and J. Irvin Obst appointed Assistant Secretary. Mr. Desobry, the new President, has been with the
bank about four years. Prior to that time he was for many
years connected with the National Stock Yards National
Bank at National City (P. 0. National Stock Yards), Ill.
Announcement was made on March 21 that two Shelby
County, Tenn., banks had consolidated, namely the Rosemark Bank & Trust Co. of Rosemark, with the Barretville
Savings Bank & Trust Co. of Barretville, according to the
Memphis "Appeal" of March 22. The consolidated institution, which is capitalized at $30,000, and has resources of
$225,000, it is understood, will continue the name of the
Barretville Savings Bank & Trust Co., while the Rosemark
bank will be operated as a branch. The officers are as follows: C. C. Castles, President; J. H. Barret, First VicePresident; Dr. P. J. Flippin, Second Vice-President; E. M.
Moore, Third Vice-President; Paul Barret, Cashier, and
W. R. McCalla, Manager of the Rosemark branch.
Mortimer G. Bailey, founder and President of the Liberty
Savings & Trust Co. of Memphis, and one of the prominent
bankers of that city, died on March 23 after an illness of
more than a year's duration. Born on Edisto Island, N. C.,
Mr. Bailey went to Memphis in 1898 and began his banking
career as a bookkeeper in the old Union & Planters Bank.
Later he was made Cashier of the new organized North
Memphis Savings Bank and remained with that institution
for fourteen years. He then, with Joe Buchignani, a teller
in the North Memphis Savings Bank, organized the Liberty
Savings Bank & Trust Co., of which he became President
and Cashier. For the past year Mr. Bailey had been retained by the directors as President Emeritus of the institution and was not actively engaged in the bank's affairs. Mr.
Bailey was a member of the Memphis Chamber of Commerce
and Treasurer and a director of the Cosmopolitan Insurance
Co. of that city. He was 56 years of age.
In its issue of March 26 the Memphis "Appeal" stated
that a newly organized institution, entitled "The City Savings Bank," would open on Tuesday of this week (March
29). This new bank, it is said, has purchased certain assets
of the defunct American Savings Bank & Trust Co., the institution whose failure on Dec.7 last was caused through the
defalcations of several of its trusted employees. By the
terms of the purchase, it is said, customers of the old bank
will receive 70% of their deposits, of which 30% will be in
cash, 15% in six months, 15% in twelve months and 10%
in 18 months. Certificates will be given to all depositors of
the former American bank, it is said. The new institution,
which, it is said, has purchased the building and equipment
of the failed bank, starts with a paid in capital of $250,000.
The officers are as follows: William White, President;
L. G. Van Ness, First Vice-President; J. P. Longon, Second
Vice
-President; Eldridge Armistead, Cashier, and H. W.
Hurt and F. G. Dixon, Assistant Cashiers. The closing of
APR. 2 1927.]
THE CHRONICLE
1933
the American Savings Bank & Trust Co.'was noted in these Trust & Savings Bank, according to the paper mentioned,
columns in the "Chronicle" of Dec. 12 1926.
began business in 1889 with a capital of $29,000. The
capitalization passed the $1,000,000 mark for the first time
The proposed consolidation of the four Nashville banks
in 1910. By 1920 the $3,000,000 mark had been reached
with combined resources approximating $66,000,000, to
and in 1923 the capital was increased to $7,525,000. On
which reference was made on March 5, page 1310, namely
Jan. 1 1926 the capital was an even $10,000,000. Total
the Fourth & First National Bank, the Central National
resources of the Security Trust & Savings Bank as of Dec. 31
Bank, Fourth & First Bank & Trust Co. (an affiliated instilast amounted to $251,842,225. Deposits on that date
tution of the first named bank) and the Nashville Trust Co.
totaled $233,658,909.
(the stock of which is controlled by the Fourth & First NaThe Pacific-Southwest Trust & Savings Bank (head office
tional Bank), was ratified at a joint meeting of the stockLos Angeles) on March 23 announced the purchase of the
holders of the two national banks on March 23, according to
Home Bank of Porterville, Calif., following receipt of the
the Nashville "Banner" of that date. Two new institutions neeessary
permit from the Federal Reserve authorities,
are to result from the union, which will carry the titles of according
to the Los Angeles "Times" of March 24. The
Fourth & First National Bank and the Nashville Trust
the
consolidation, it was stated, would become effective on
Co. The shareholders, following the ratification of the proMarch 26. The Los Angeles institution, it was said, had
posed merger, elected a joint board of directors of fortyalso purchased the building of the Home Bank and the
three members to control the operations of the two new instiPorterville branch of the institution would occupy these
tutions. The directors elected, as given in the "Banner,"
quarters beginning Saturday, April 2.
are:
The recent rumors that the United Bank & Trust Co. of
San Francisco and the French-American Bank of that city
were about to consolidate have been confirmed. In a statement made on March 22, Willard F. Williamson, a director
of the United Bank & Trust Co. who acted as an intermediary between the two institutions, confirmed an account
of the deal printed in the San Francisco "Chronicle" of that
date (March 22). Mr. Williamson's statement, which
The stockholders, furthermore, according to the paper followed it is understood a meeting on
March 22 of the
mentioned, voted to increase the capital stock of the Fourth directors of both the banks
involved, was given in the
& First National Bank from $1,500,000 to $2,000,000 and "Chronicle" of March 23 and
was as follows:
authorized the sale of the additional stock and the disposiSome weeks ago Mr. Spreckels indicated to me that his business enterprises were calling so heavily upon his time that he was willing to be relieved
tion of the proceeds.
of the
the
A meeting of the new board of directors, it is understood, sell hisleadership inprice United Bank and Trust Co. of California and to
stock, if the
could be agreed upon. We agreed upon price at
will be held shortly at which the officers of the new banks which he would turn over his stock. This agreement was madeawith the
good feeling and Mr. Spreckels assured us that the bank would
will be elected. James E. Caldwell, now President of the best of
Fourth & First National Bank, the Fourth & First Bank & have his cordial co-operation and good will, which, of course, we very
much desire.
Trust Co. and the Nashville Trust Co. will head both the
Mr. Spreckels immediately left for New York and in due time the first
new organizations, and in addition, it is understood, will be payment was made for account of the stock. We later advised him and his
San Francisco representatives of our readiness to make full payment for
Chairman of the board of directors.
the stock and to take immediate delivery.
Following the early publications with regard to our negotiations, the
With regard to offices and branches of the new banks,
opportunity was presented of merging the French American Bank with
the "Banner" had the following to say:
United Bank & Trust Co. of California and since that time the negotiations
J. H. Ambrose, John W. Barton, A. B. Benedict, J. D. Blanton, W.SI
Bransford, J. W. Brown, James E. Caldwell, Rogers Caldwell, Tillman
Cavert, Watkins Crockett, L. 11. Davis, Herbert Farrell. M. L. Fletcher,
F. E. Gillette, C. A. Goding, H. J. Grimes, E. L. Hampton, H. T. Hill,
Leland Hume, Walter Keith, B. W. Landstreet, Samuel E. Linton, James
R. Love, Percy D. Maddin, Goulding Marr, Charles S. Martin, Allen H.
Meadors, J. B. Morgan. F. L. Murray. J. S. McHenry, Charles Nelson,
Bruce R. Payne, B. Kirk Rankin, D. F. C. Reeves. Thomas W. Smith,
E. W. Thompson, Sidney Tompkins, William E. Ward, Edwin Warner.
Percy Warner, F. 0. Watts, Dempsey Weaver and T. D. Webb.
Under plans worked out for the consolidation and union, the Fourth
and First National Bank will maintain its main office at its present location
and will have twelve branch banks within the City of Nashville, these to
include the present offices of the Central National Bank and the three
offices of the Fourth and First National Bank already operated In the
city. Eight branches to be made national bank branches under a ruling
of the McFadden bill were formerly branches of the Fourth and First
Bank & Trust Co.
The Nashville Trust Co. will retain Its name under the plans of consolidation and what were formerly the main offices of the Fourth and
First Bank & Trust Co. will now become a branch of the Nashville Trust Co.
Three out-of-town branches of the Fourth & First Bank & Trust Co. will be
maintained, though under the name of the Nashville Trust Co. These
are located at Springfield, Old Hickory and Flat Rock.
It is proposed to merge the interests of the Louisville Trust
Co. of Louisville and the National Bank of Kentucky of
that city. According to the Louisville "Courier-Journal" of
March 22, the directors of the Louisville Trust Co. the previous day approved plans for the unification of the stock of
the trust company and of the national bank. Following the
meeting, it was stated, Hohn Stites, President of the institution, issued a statement in which he said that "the two
organizations will be 'married in name only' and each will
maintain its state of 'single blessedness' to the extent that
'the two corporations will be united but each corporation
will retain its separate existence and the personnel of each
institution will, in the future, be the same as in the past.'"
Following a special meeting of the stockholders of the
Security Trust & Savings Bank of Los Angeles on March 24,
announcement was made by J. F. Sartori, President of the
institution, that an increase in the authorized capital from
$12,500,000 to $20,000,000 had been approved, according
to the Los Angeles "Times" of March 25. The shares, it
was said, will remain at $100 par value. Mr. Sartori was
quoted as saying:
have proceeded in an orderly but unofficial way. Public announcement
could not be made because an agreement had not been arrived at.
Mr. Spreckels is still the President of the United Bank & Trust Co.,
and for that reason definite action was not taken at the meeting of to-day.
There are, however, no difficulties so far as we know in the way of consummating the merger as now under consideration and we believe that in
due time it will be accomplished.
In its issue of March 22 the "Chronicle" after stating that
a new $75,000,000 banking institution had been brought
about through the merger of the banks mentioned, went
on to say in part:
It is the intention of the dominating influences in the merged institutions
to retain the identity of both banks through a unified name including
reference to both the French and United banks.
Headquarters of the institution will probably be retained at the United
Bank & Trust Co. offices with the Franch Bank location utilized as a
financial district office.
The merger is regarded as an ideal one. The French American Bank is a
strictly local institution, having three San Francisco branches besides the
head office. The United Bank is largely an out-of-town bank with headquarters in this city and branches in Fresno, Stockton, Oakdale, Modesto
and four in Sacramento.
It is understood that no individual or group will have direct control of the
bank. Willard F. Williamson, director of the United Bank & Trust Co.,
is understood to have been acting largely in the office of intermediary
between controlling factors of both institutions.
When President Rudolph Spreckels recently disposed of his holdings of
United Bank stock to interests represented by Williamson, it was rumored
that the purchase was made in the interest of the Chase National Bank of
New York. The rumor was positively denied and, as subsequent events
have proved, the shares have been disposed of to stockholders of both
merging institutions.
It is understood that the Bancitaly Corp., which purchased a substantial
holding of stock in French American Bank in December, will retain its
holdings in the new institution.
The United Bank & Trust Co. was organized exactly four years ago as
a merger of the Sacramento-San Joaquin Bank of Sacramento, the Union
National Bank of Fresno and the Merchants' National Bank of San Francisco. It has total deposits of $43,000,000 and total resources of119,000.000.
The French American Bank was organized in 1910 as a consolidation of
the French Savings Bank and the French American Bank. It has deposits
of $21.000,000 and resources of $24,000,000.
Mention of the sale in December last of a substantial block
of stock of the French-American Bank to the Bancitaly
Corp.(the holding company of the Bank of Italy—now Bank
of Italy National Trust & Savings Association) was made in
our issue of Jan. 1, page 66. We referred to the sale of
control of the United Bank & Trust Co. by President
At a recent meeting of the stockholders of the Security Spreckels and his associates to a syndicate headed by Mr.
Company, the investment arm of the Security Trust & Williamson in last week's issue, page 1775.
Savings Bank, the "Times" went on to say, the authorized
The Wells Fargo Bank & Union Trust Co. of San Francapital of that corporation was increased from $2,000,000 to cisco—said to be the oldest financial institution in
Western
$5,000,000, making the total authorized capital of the com- America, with a history which covers Central
California
bined Security institutions $25,000,000. The Security from pioneer days with an unbroken continuity—celebrated
It is not proposed to issue any additional stock to the stockholders
or to the public at this time. It has been the practice of this bank for some
time past to keep the authorized capital stock at a figure considerably
in
excess of its issued stock, so that, if at any time it is deemed
desirable for
additional stock to be issued, no considerable delay would
be necessary
for the purpose of completing legal proceedings incident thereto.
1934
THE CHRONICLE
[VOL. 124.
the 75th anniversary of its founding on March 17. From in these issues was precipitated by the unfounded rumor that
the San Francisco "Chroncile" of March 18 we take the the directors were about to take action as to the accumulafollowing in this regard:
tions on the preferred stock which aggregates more than
"Wells Fargo Bank & Union Trust Co. is the oldest bank in San Francisco 40%. Other
notably strong stocks in the railroad group
and on the Pacific Coast to retain its original identity as to name," VicePresident Charles J. Deering stated, "and the largest bank west of the included Western Maryland, Texas & Pacific, Kansas City
Mississippi which confines its operations to a single city."
Southern, Erie and Wheeling & Lake Erie. Industrial
Its history discloses, Deering pointed out yesterday, that the firm stocks
were weak, Commercial Solvents "B" which had been
of Wells Fargo & Co. secured a charter in New York on March 18 1852
to engage in business as a "joint stock express and banking" concern. particularly strong in recent trading dropped to 289 but
The first banking office in San Francisco was opened that year at 114 recovered some of its loss in the brief rally at the close of the
Montgomery St.
session.
The men who composed the first banking staff, Deering said, were
Railroad stocks furnished the leaders of the upward swing
R. W. Washburn and Samuel P. Carter.
Deering referred also to the famous personages that have been connected on Thursday, Pennsylvania moving into the foreground with
with Wells Fargo Bank,mentioning,Mackay,Fair, Flood, O'Brien,Hellman
a brisk advance that carried it across 60,followed by Norfolk
and others.
Wells Fargo Bank ac Union Trust Co. begins its 76th year with resources & Western, which scored a new top above 180. Union
exceeding $152,000,000.
Pacific and Southern Pacific were in strong demand at improving prices and Baltimore & Ohio was well supported in
A press dispatch from Portland, Ore., on Tuesday of this anticipation of a higher dividend,though no change was made
week (March 29) appearing in the New York "Times" of at yesterday's meeting. United States Steel com, again
March 30, reported the taking over on that day of the advanced 27 points to a new peak above 167. Commercial
Northwestern, National• Bank of Portland by the United Solvents B made a spectacular advance of 8 points and
States National Bank and the First National Bank of numerous other specialties made gains ranging from 1 to 5
Portland, following a "run" on the institution begun the points. Lago Oil & Transport was again in demand and shot
previous day (Monday). The business of the absorbed upward 2 points to a new high above 30 and Colorado Fuel
bank, the dispatch said, would be divided between the two & Iron scored a sharp rise.
institutions named. The "run" on the Northwestern
Irregularity characterized the movements of the stock
National,it is said, started on Monday as a result of telephone market on Friday, though there were sharp advances in
rumors circulated throughout the city. The bank remained some of the more active leaders which carried them forward
open beyond the usual closing hour and paid all depositors to new tops. United States Steel common was again the
until 6 p. m., when the doors where closed for the day. The outstanding strong feature and continued its record breaking
following morning (Tuesday) when officials of the three advance 27 points to 1697. Following a sharp break in
banks emerged from an all-night conference, they pushed the early trading the railroad stocks rallied vigorously, led
their way through a crowd of men and women who had by Norfolk & Western, which reached its highest peak at
gathered at the bank's doors since 6 o'clock that morning.
1837. Bangor & Aroostook also reached a new top at
717 and Rock Island continued its spectacular advance and
THE WEEK ON THE NEW YORK STOCK EXCHANGE. crossed 92. General Motors was the feature of the industrial
group and pushed into new high ground on the recovery at
While the stock market in general this week has displayed 1827. Notable in the list of strong stocks were such issues
occasional periods of irregularity, the trend of the prices as Westinghouse, General Electric, Commercial Solvents B
has been strongly upward, with pronounced strength in the and Colorado Fuel & Iron, the latter moving forward 3
railroad list and some of the steel stocks, as well as General points to 67. The final tone was good.
Motors. United States Steel common has been the preTRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
dominating feature and reached the highest point in its hisDAILY, WEEKLY AND YEARLY.
tory, and many railroad securities in both the high and lowState,
Railroad,
Stocks,
United
priced groups have advanced to new high ground. Oil
Municipaland
dbc.,
Number of
Slaws
Week Ended April 1.
Foreign BOWLS.
Bonds.
Shares.
Bonds.
shares have been in moderate demand, the only noteworthy
847,775
53,973,000
$1,200,000
5445,150
movement centering around Lago Oil. Quieter conditions Saturday
8,034,000
Monday
1,858,750
3,105,000
980,650
prevailed in the short period of trading on Saturday, though Tuesday
1,884,830
8,522,000
4,178,000
1,333,800
Wednesday
2,291,668
9,665,000
3,477,500
907,400
and Thursday
buying in general was of a more substantial character
10,802,000
2,793,500
2,277,510
1,170,000
11,549,000
2,154,300
2,510,000
623,000
most of the changes were in the direction of higher levels. Friday
m,8.1
11 214. 022
802 040 non
117 904 nnn
SA AR0 nnn
Oil stocks moved to the front early in the session, Lago reaching a new high record above 30 and Pan American B crossed
Jan. 1 to April 1.
Sales at
Week Ended April 1.
New York Stock
64 at its high for the day, the interest in these stocks being
Exchange.
1926.
1927.
1927.
1926.
stimulated by the recent statements in reference to the acqui-No. of shares_
11,314,833 11,448,369
Stocks
129,786,150
129,282,217
sition of Creole Syndicate. On Monday the major interest
Bonds.
Government bonds_ _
was directed towards the railroad issues, though in the main State and foreign bonds $5,460,000 $5,156,550 $86,225,700 $77,261,800
259,472,200
17,264,000 13,247,500
159,181,350
579,312,050
the market was more or less irregular. The dominating fea- Railroad & misc. bonds 52,545,000 32,395,000 625,725,200
ture of early trading was the sharp run up in Norfolk & West$971,423,100
Total bonds
$75,269.000 850,799.050
$815,755,200
ern, which sold at the highest price in its history. DelaDAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
ware & Hudson also was in strong demand and rose 10 points
to 195, the highest peak touched since 1909. Rock Island
Philadelphia.
Boston.
Baltimore.
reached a new high at 88 and Union Pacific crossed 170.
Week Ended
April 1 1927.
Shares. BcmdSales. Shares. Bond Sales Shares. Bonn Sales.
United States Steel corn. advanced over a point to anew top
11,982
$12,000
22,603
$23,800
1,661
$60,700
at 1657and General Motors broke into new high ground at Saturday
Monday
27,048
25,300
25,004
44,600
1,261
82,200
27,601
25,000
24,649
33,600
3,231
62,100
1823.. The run up of L u Pont was especially noteworthy, Tuesday
Wednesday
29,031
29,450
23,102
14,000
1,470
57,000
the trading in this stock being particularly heavy and the net Thursday
48,000
27,212
13,400
47,877
40,400
2,801
12,000
2,081
9,551
4,273
72,500
7,000
more than 6 points to 216. Commercial Friday
advance reaching
Total
12,605 $382,500
132,425 $112,150 147,508 3168,400
Solvents B was conspicuous with a new advance of 97 points
and United States Cast Iron Pipe & Foundry moved forward Prey, week revised 144 ARA 8in7 000 170202 8279_100 10.838 1177 con
3 points to 21678.
On Tuesday the early upturns to new high levels mere in
THE CURB MARKET.
several instances followed by sporadic recessions at numerous
The Curb Market started the week storng and active,
points later in the day. The buying converged largely on
the motor shares and steel stocks, General Motors lifting its but soon after liquidation and profit taking caused a general
high record to 1837 and United States Steel common extend- weakness and a slowing up in business. Quite a few indusing its top to 1667. Other notable advances included Com- trial issues, usually inactive, were, however, advanced in
mercial Solvents "B" which spurted forward 4 points to price. Aeolian, Weber Piano & Pianola common sold up
2987, the highest point in its history, and Delaware & Hud- from 50 to 62 and at 60 finally. American Arch rose from
son which made a further advance of 4 points to 1997. 92 to 99 and ends the week at 98. Central Leather class A
As the day advanced the market turned irregular and aside sold up from 24 to 267 and at 257 finally. The prior
from two or three of the market leaders, nearly all active preferred rose from 85 to 887 and finished to-day at 877.
stocks closed somewhat lower. The outstanding feature of Jos. Dixon Crucible advanced.from 156 to 164. Lehigh
the trading on Wednesday was the sudden display of strength Valley Coal Sales fell from 96 to 897, recovering finally to
in the Missouri Pacific issues, the common stock making a 917. Safeway Stores common advanced from 280 to 301
4 point advance to 577 and the preferred shooting up more and closed to-day at 292. New Orleans Great Northern RR.
Alan 5 points to a new peak at 1087. The renewed activity advanced from 347 to 397 and closed to-day at 397•
APR. 21927.]
THE CHRONICLE
4,
Warner Bros. Pictures dropped from 193/s to 163
recovered
to 2134 and ends the week at 203. Durant Motors was
an active feature. After an advance from 113 to 14
7 it
dropped to 10
% and closed to-day at 117s. Estey-Welte
5
/
class A dropped from 12X to 7. Ford Motor of Canada
slumped from 442 to 413. Fox Theatre class A was
off
4
4
Imports.
France
U. S. A
Mexico
Other countries
1935
Exports.
£85,172 British India
228,835 Other countries
86,581
2,779
£142,992
4.851
£403.367
£147,843
INDIAN CURRENCY RETURNS.
(In tars of Rupees.)
Feb. 22. Feb. 28. Mar,7.
from 25M to 213 , the close to-day being at 22 8
4
/
3 . Oils Notes in circulation
18213
18274
18243
Silver coin and bullion in
10247
10309
10277
were quiet and somewhat easier. Buckeye Pipe Line eased Silver coin and bullion India
out of India
Gold coin and bullion in India
off from 50 to 4734, recovering finally to 48 .
2232
2232
2232
3
4 Humble Gold coin and bullion out of India
Oil & Refining after early advance from 58 to 60 sold down Securities (Indian Government)
4977
4976
4977
Securities (British Government)
557
557
557
to 56%, the close to-day being at 57. Standard
Oil Bills of Exchange
200
200
200
(Ky.) declined from 1143 to 112, and ends the week at
No silver coinage was reported during the week ended the 7th inst.
4
113.
The stock in Shanghai on the 12th inst. consisted of about 61,900.000
Vacuum Oil moved up at first from 105 to 109,
then ounces in sycee. 81,500,000
dollars, and 8,560 silver bars, as compared with
dropped to 10434, recovering finally to
about 62,500,000 ounces in sycee, 81,700.000 dollars, and 9,100 silver bars
10534•
A complete record of Curb Market transactions
on the 5th inst.
for the
-Bar Silver per Oz. Std.-
week will be found on page 1961.
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
STOCKS(No. Shares).
Week Ended April 1.
lnd&Misc
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Oil.
100,000
159,650
155,195
138,411
135,112
127,777
64,780
79,125
81,295
95,750
102.510
86,555
816,245
510,015
BONDS (Par Value).
Mining.
Domestie. Poen Oovt.
36,425 $1,694,000
68,875 2,361,000
39,610 2,633,000
35,030 2,723,000
49.375 2,958,000
63,160 3,353,000
$118.000
198.000
495,000
316,000
334,000
358,000
292,475 15,722,000 $1,819,000
THE ENGLISH GOLD AND SILVER MARKETS
.
We reprint the following from the weekly circular
of
Samuel Montagu & Co. of London, written under
date of
March 16 1927:
GOLD.
The Bank of Englt.nd gold reserve against notes amounted to
£149 355.970 on the 9th inst., as compared with E148,771,775 on the
previous
Wednesday.
About £281,000 bar gold was on offer yesterday in the open
market.
The home and Continental trade absorbed £80,000. India
E17,000. and
the balance, E184,000, was secured for a "destination not disclosed."
It is of special interest just now to notice that gold hat.
reappeared
in the holding of the Indian Gold Standard Reserve. In
the return for
Feb. 28 last an item of £424,083 was rhown as held in
London. This
amount almost exactly tallies with the amount purchased
in the London
market during that month for a "destination not disclosed."
The following movements of gold to and from the Bank
of England
have been announced:
Received. Withdrawn.I
Received. Withdrawn,
March 10
Nil
Nil
March 14
Nil
£12,000
March 11
Nil
£10.000
March 15.. _ _ _ _
Nil
Nil
March 12
Nil
40,000
March 16
Nil
5,000
The total withdrawn during the week, £67,000. was in
sovereigns
destined as follows: Spain, .(62.000: India, £5,000. The net
efflux
this year now amounts to E731,000, and since the resumption of
an effective
gold standard to E6,055,000, as set out in the daily bulletins at the
bank.
United Kingdom imports and exports of gold during the montn
of
February last were as follows:
Russia (U. S. S. R.)
Denmark
Netherlands
France
Germany
Austria
Spain and Canaries
Egypt
West Africa
Unital States of America
Central America and West Indies_ _ __ .
Various South American countries
Rhodesia
Transvaal
British India
Straits Settlements
Australia
Other countries
Imports.
Exports.
£30,000
401.950
26,580
. 51,502
Nil
Nil
Nil
Nil
128,873
Nil
2.404
913
135,087
2,454.938
Nil
Nil
663
1.520
Nil
Nil
£117,000
214.200
252,246
82,750
753,000
76,070
1,205
1.186,000
Nil
1,000
Nil
Nil
309.720
125.240
Nil
62.435
Bar Gold per
Quotations during WeekCash,
2 Mos.
Oz. Fin .
March 10
277-16d.
254,d.
84s. 1154d
11
25 11-16d.
25Md.
84s. 10d'
12
257-16d.
25)'d.
84s. 10Sid'
14
253-16d.
251-16d.
84s. 104d*
15
251W.
2534d.
84s. 10;id
.
16
25 3-16d.
25d.
84s. 115d'
Average
25.364d.
25.197d.
84s. 11 .0d'
The silver quotations to-day for cash and two months' delivery are each
"id. below those fixed a week ago.
ENGLISH FINANCIAL MARKETS PER
CABLE.
The daily closing quotations for securities, &c., at
London,
as reported by cable, have been as follows the past week:
London,
Mar.26. Mar.28. Mar.29. Mar.30. Mar.31. Apr. 1,
Week Ended Apr. 1.
Sat.
Mon.
Tues.
Wed.
Thurs.
Frt.
Silver, per oz
d 25 11-16 2531
2531
26 1-16 2534
26 3-16
Gold, per fine ounce
d. 84.1134 84.1134 84.1136 84.1134 84.103.1 84.11
Consols. 234 per cent*
......
54 si
5434
5434
5434
5434
British, 5 per cents
10131
10131
10134
10134
10134
British, 434 Per cents
969531
9574
9534
96
French Rentes (in Paris), Er57.80
58.20
58.70
57.70
56.10
French War Loan(lnParLs),fr.
72
72.50
74.25
75
n.ao
The price of silver in New York on the same day has been:
Silver in N. Y., per oz.(Ms.):
Foreign
5534
5534
554
563.4
55.31
5634
COURSE OF BANK CLEARINGS.
Bank clearings the present week will show a
decrease
compared with a year ago. Preliminary figures
compiled
by us, based upon telegraphic advices from the
chief cities
of the country, indicate that for the week ending to
-day
(Saturday, April 2) bank exchanges for all the
cities of the
United States from which it is possible to obtain
weekly
returns will fall 8.9% below those for the correspon
ding
week last year. The total stands at $10,139,478,420, against
$11,125,063,407 for the same week in 1926. At
this centre
there is a loss for the five days of 20.1%. Our comparati
ve
summary for the week is as follows:
Clearings-Returns by Telegraph.
Week Ended April 2.
1926.
Per
Cent.
$4,986,000,000
556,907,887
476,000,000
420,000,000
*90,000,000
117,200.000
160,234,000
171.497,000
119,101,158
130.335,775
*106,000.000
96,723,976
51,461,184
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1927.
36,241,000,000
558,516,820
481,000,000
456,000,000
97,812.730
135,100,000
167,838,000
142,006,000
109,454,059
141,722,208
104,915,670
72,742,221
43,957,377
-20.1
-0.3
-1.0
-7.9
-8.0
-13.3
-4.5
+20.8
+8.8
-8.0
+1.0
+33.0
+17.1
Total 13 cities, 5 days
£3,234,700 .C3,180,866
$7.481,460,980 38.752,065,085 -14.5
Other cities, 5 days
The Transvaal gold output for February 1927 amounted
968,104,370
..
1,058,094,515
-8.5
to 779,339
fine ounces, as compared with 839.782 fine ounces for
January 1927 and
Total all cities, 5 days
$8,449,565,350 $9,810,159,600 -13.9
753,924 fine ounces for February 1926.
All cities, 1 day
1,689,913,070
1,314,903,807 +28.5
The following were the United Kingdom imports and exports
of gold
Tntal an cities for week
sin 130 478 420 Ill 195 11.1 2 en.,
registered in the week ended the 9th inst.:
.
._R0
Imports.
Exports.
Complete and exact details for the
Irish Free State
£38,000 Germany
week covered by the
£20,900
British South Africa
839,273 Netherlands
51,900 foregoing will appear in our issue of next week. We cannot
Other countries
11,630 Switzerland
13.600 furnish them to-day,
Spain
inasmuch as the week ends to
16,000
-day
Austria
58,500 (Saturday), and the Saturday figures
Egypt
will not be available
18.600
U. 8. A
300,500 until noon to-day. Accordingly, in the above the last day
British India
75,005
Straits Settlements
59,500 of the week has in all cases had to be estimated.
Other countries
6,871
£888,903
£621,376
SILVER.
The market has found a temporary resting place round about
the present
level of prices. The body of speculative forward business is not
nearly so
large as it has been oflate. This in itself is not favorable to the
maintenance
of quotations, for, when China bears have covered-at the
moment they
are holding out for about 24 Wt.
-there would be very little resistance left
to meet the pressure offreshly produced supplies upon an unwilling
market,
Indian Bazaar buying orders have been cabled fairly freely
but mostly
at limits below quotations current here. Fresh Indian bear
sales have not
been much in evidence in this market, but it is probable that
operations
have been conducted on the bear tack in the Indian markets:
hence a
certain amount of purchases may take place here for
shipment, but if
quotations rose to any appreciable extent, the Bazaars probably
would not
buy outright but sell a similar amount for forward delivery.
The following were the United Kingdom imports and exports
of silver
registered in the week ended the 9th inst.:
In the elaborate detailed statement, however,
which we
present further below, we are able to give final
and comigete
results
the week ended March 26. For
that week there is a decrease of 1.4%, the 1927
aggregate
of clearings being $9,750,391,556, and the 1926 aggregate
$9,883,856,152. Outside of New York City the
decrease is
1.1%, the bank exchanges at this centre having
decreased
1.5%. 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
for the week previous
this city) there is a decrease of
1.4%, in the Boston Reserve
District of 9.4%, and in the Philadelphia Reserve
District
of 10.8%. The Cleveland Reserve District
shows an increase of 4.1%, the
Chicago Reserve District of 2.2%, and
the St. Louis Reserve District of 2.1%. In the Richmond
Reserve District the totals show a diminution of 6.3%
and in the Atlanta Reserve District of 19.3%, the latter due
mainly to the shrinkage at the Florida points, Miami reporting a loss of 51.6% and Jacksonville of 35.5%. The
Kansas City Reserve District registers a gain of 3.6%, the
Dallas District of 5.9%, and the San Francisco Reserve
District of 15.2%. The Minneapolis Reserve District
suffers a loss of 7.2%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Mar. 26 1927.
Inc.or
Dec.
1926.
1927.
1925.
1924.
$
$
$
$
%
Federal Reserve Diets.
432,862,496
412,586,423
487,995,205 -9.4
442,246,331
lot Boston.._ .12 cities
5,887,103,082 5,972,406,738 -1.4 4,837,829,958 4,654,962,193
"
2nd New York _11
502,020,471
581,770,347
604,670,876 -10.8
539,479,163
8rd Philadelphial0 "
352,381,303
355,821,868
376,412,350 +4.1
391.764,276
4th Cleveland__ 8 "
171,329,961
193,488,023
179,316,186 -6.3
167,968,128
6th Richmond _ 6 "
185,215,070
221,322,831
243,043,072 -19.3
196,225,326
6th Atlanta____13 "
808,821,407
900,544,646
885,736,253 +2.2
905,217,130
7th Chicago __ _20 "
185,362,727
202,552,069
+2.1
211,554,342
215,926,984
8th St. Louis.8 "
100,390,293
112,500,076
110,984,781 -7.2
103,060,849
9th Minneapolis 7 "
280,297,142
234,296,140
234,968,315 +3.6
243,373,060
10th Kansas CltY12 "
56,68702
77,370,467
70,572,951 +5.9
74,778,499
5 "
11th Dallas
406,016,017
435,889,481
506,195,083 +15.2
583,248,728
.17 "
12th San Fran..
129 cities 9,750,391,556 9,883,856,152 -1.4 8,552,972,326 8,056,346,078
Total
3,498,032,341
Ontelde N. Y. City_ .... 3,978,823,310 4,023,208,750 -1.1 3,817,330,639
.....
...
[VOL. 124.
THE CHRONICLE
1936
00 altiaaa
•Ina ran ROA
SRI 004 Old. -I-11 7
OAR sin slIF
OR1 PA.1 9gfi
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended March 26.
clearings ai
1927.
1926.
Inc. or
Dec.
1925.
1924.
$
First Federal Reserve Dist rict-Boston
561,679
679,139
Maine-Bangor.
3,047,103
3,081,584
le Portland
395,000,000 440,000,000
-Boston
Mass.
1,652,049
1,584,123
Fall River_
a
a
Holyoke
795,152
1,045,328
Lowell
a
a
Lynn
1,039,908
045,313
New Bedford..
4,867,831
4,855,820
Springfield_ _ _ _
2,963,880
3.388,552
Worcester
14,601,262
12,247,441
-Hartford
Conn.
6,212,828
7,110,517
New Haven.._
•
11,742,800
11,728,600
R.I.-Providence
510,713
579,914
N.H.-Manch'r_
+20.9
+1.1
-10.2
-4.1
a
+31.5
a
9.0
-0.3
+14.3
16.2
+14.4
-0.1
+13.5
626,675
2,812,279
367,000,000
2,355,596
983,911
a
1,474,457
4,441,824
2,942,000
11,658.246
6,387,720
11,364,600
559,112
675,579
2,307,654
391,000,000
1,842,398
a
1,075,606
a
1,171,019
4,304,994
2,893,000
11,098,969
5,685,001
10,271,000
537,276
487,995,205
-9.4
412,586,420
432,862,496
Total(12 cities)
442,246,331
Second Feder al Reserve D istrict-New York
4,270,330
6,914,824
4,405,087 +45.9
6,425,583
-Albany..
N. Y.
748,400
805,500
786,800 +15.3
907,100
Binghamton___
39,609.275
46,277,991
46,718.064 -0.8
46,323,453
Buffalo
681,326
757,873
818.698 +4.2
853,394
Elmira
999,190
1.067,447
0.5
1,502,578 1,495,110
Jamestown_ _ _ _
4,558,313,737
New York_ _ 5,771,568,246 5,860,647,402 -1.5 4,735.641,687
9,386,113
10,370,683
10,318,023 +15.5
11,914,252
Rochester
4,170,442
4,158,831
4,949,955 +1.8
5,034,700
Syracuse
2,574,871
2,612.867
3,907,161 -16.3
3,721,494
-Stamford
Conn.
480,087
550,920
486,596 +62.0
788,544
-Montclair
N. J.
33,728,422
28,671,335
37,866,374 +0.5
38,071,206
Northern N.J.
4,654,962,193
Total(11 cities) 5,887,103.082 5,972,406,738 -1.4 4,837,829,958
Third Federal Reserve Dist rict-Philad elphia
1,340,557
1,192,266
1,450,660 +19.0
1,726,335
-Altoona _
Pa.
3,842,291
3,680,467
4,320,346 +4.2
4,501,914
Bethlehem....
1,281.730
1,142,557
1,260,437 -1.2
1,245,017
Chester
908,334
3,100,098
9.0
2,094,648 1,906.751
Lancaster
11.6 554,000,000 478,000,000
510,000,000 577,000,000 Philadelphia
2,933.184
3,408,997
3,369,588 +10.4
3,720,697
Reading
5,090,837
5,616,161
5,691,900 +2.9
5,854,829
Scranton
3,425,754
3,339,105
3,235,259 +15.6
d3,739,126
Wilkes-Barre..
1,363.472
1,698,381
5.4
1,678,528 1,588,038
York
3,834,312
4.592,315
4,569,510 +13.7
5,196,456
-Trenton._
N.J.
a
a
a
a
a '
Del.-Wllmingt'n
502,020,471
Total(10 cities) 539,479,163 604,670,876 -10.8 581,770,347
Fourth Feder al Reserve D strict-Clay eland
5,394,000 -4.8
Ohio-Akron.... d5,136,000
4,883,882 -27.0
3,566,428
Canton
+9.0
67,449,801
73,515,717
Cincinnati... _
106,622,711 104,393,960 +2.1
Cleveland
13,527,600 +9.7
14,838,700
Columbus
a
a
a
Dayton
a
a
a
Lima
2,175,522 -8.3
1,994,248
Mansfield
a
Springfield.
a
a
a
Toledo
2.6
4,951,839 4,825,395
Youngstown
a
-Erie
Pa.
181,265,077 173,635,746 +4.4
Pittsburgh-
4,888,000
3,759,998
65,070,213
94,362,881
11,999,500
a
a
2,116,490
a
a
4,103,539
a
169,521,247
+4.1
355,821,868
Fifth Federal Reserve Dist rict-Richm ond22.9
1,412,036 1.088,345
W.Va.-Hunt'g'n
7,593,805 -42.7
4,353.803
Va.-Norfolk___ _
49,733,000 -3.6
47,942,000
Richmond
2,401,426 -9.1
d2,I83,659
-Charleston
S.C.
94,500,716 -17.1
86,935,092
Md.-Baltimore.
23,675,203 +7.7
25,465,229
1,408,723
7,233,720
50,459,000
3,090,087
93,212.662
25,083,831
179,316,186
-6.3
180,488,023
Sixth Federal Reserve Dist rict-Atlant
8,411,911
8,511,339
Tenn.-Chatt'ga.
2,830,683
2,742,961
Knoxville
21.806.171
20.387,130
Nashville
69,505,248
46,410,178
2,063,861
1,794,603
Augusta
1,535,427
1,850,149
Macon
37,431,755
24,139,614
Fla.-Jack'nville.
16,010,220
7,764,493
Miami
27,487,214
23,564,315
2,213,711
1,857,696
la Mobile
1,578,000
1,781,000
Miss.-JaCksOn
352,148
298,531
Vicksburg
51,816,741
55,143,317
La.-NewOrleans
a-1-1.2
--3.1
--6.5
-33.2
-I3.1
+20.5
-35.5
--5I.6
-I4.3
--16.1
+11.6
-15.3
+6.4
7,263,052
2,778,346
20,553,625
62,695,388
1.806,167
1,414,244
24.807,724
15,393,531
25,553.729
1,785,029
1,111,000
256,364
55,904,632
19.3
243,043,072 -
221,322 831
Total(8 cities).
Total pi cities).
Total(13 cities)
391,764,276
167,968,128
196,225.326
376,412,350
8,978,000
4,273,192
63,867,880
94,683,305
15,254,700
a
a
1,765,877
a
a
3,651,984
a
159,906,384
Week Ended March 26.
Clea ings al
1927.
1926.
Inc. or
Dec.
$
%
8
Sev nth Feder al Reserve D istrict-Ch i cago-166,460 +38.5
Mich. -Adrian _ _
230,537
1,197,088 -13.2
1,039,128
Ann Arbor_ __ _
148,437,541 174,888,620 -15.1
Det Mt
7,656,640 -0.9
Gm id Rapids_
7,586,438
2,390,000 -9.0
2,174,000
Lan ling
2,706,179 +24.2
2,740,582
Ind.-Ft. Wayne
18,357,000 +5.9
19,443,000
Indi mapolis_
2,451,400 +16.0
Sou Ii Bend...
2,845,700
5,131,382 +15.1
Terre Haute_
5,907,604
42,143,200 +0.8
42,474,805
win.-Milwaukee
2,512,830 -0.3
2,506,801
Iowa Led. Raps
10,455,213 -15.1
Des Moines
8,874,379
7,019,329 -6.1
6,592,881
Siou IC City__ _ _
1,200.055 -0.5
1,194,395
Waterloo
1,557,029 -5.0
1.479,649
111.-Bloom'gton_
640,235,058 595.237,638 +7.5
Chicago
a
a
a
Dan ville
1,232,926 +3.3
1,274,299
Dec itur
4,396,197 -3.7
4,236,641
Peoria
2,959,533 +13.0
3,345,670
Roc :ford
2,577,534 +0.8
2,597,499
Sprixigfield _ _
1925.
$
246,817
889,883
150,973,207
7,059,376
2,430,778
2,198,215
13,029,000
2,336,000
4,917,293
43,222,146
2,368,031
10,877,935
7,735,851
1,365,209
1.424,360
638,683,379
a
1,325,932
4,345,023
2,689,517
2.426,694
1924.
$
201,824
902,638
146,690,208
7,390,148
2,736.908
1,999,134
15,377,000
1,902.900
5,100,115
40,239,608
2,091,328
9,076,316
6,300,144
1,535,995
1,130,847
555.711,276
a
1,181,766
4,190,988
2,551,366
2,510,898
Tots1(20 cities) 905,217,130 885,736.253 +2.2 900.544,646 808,821,407
Eig ,th Feder at Reserve D 'strict-St. Louis.
4,296,678
5,713,619
4,896,762 +8.0
5,289.071
Ind.- Evansville.
Mo. It. Louis
138,800.000 141,100,000 -1.6 131,600,000 124,100,000
28,254,182
31.382,692
30,180,590 +18.8
35,856,550
Ky.- .euLaville_.
351.524
407,550
343,871 +0.6
346.034
Ow asboro_ _
17,409,428
19.203,018
20,471,068 -1.1
20,257,000
Tenn. -Memphis
9,495,743
12,213,397
12,561,860 +6.2
13,345,128
Ark. Little R'k_
414,140
245,550
407,648 -22.6
315,486
icksonville
1,209,622
1,617,653
1,592,543 +7.9
1,717,715
Quincy
To I(8 cities) _ 215,926,084 211,554.342 +2.1 202.552,069 185,362,727
-Minna aeons-Mai'h Federal Reserve Die tract
6.184,988
6.386,427
6,128,849 -12.5
5,365,371
Minn. -Duluth
60,990,328
72.493,086
70,655,262 +2.3
65,200,365
Min aeapolls_ _ _
28,342,401
27,582,728
27,798,460 -3.6
26,784,183
St. 'mil
1,296,552
1,719,278
1,730,126 -7.2
1,606,282
No. D ak.-Fargo
1,046,234
1,321,389
1,528,537 -29.1
1,084,447
S. D. -Aberdeen.
327,828
465,312
489,774 -5.2
464,221
Mont.-Billings.
2,001.959
2,531,856
2,653,773 -3.7
2,556,000
Helena
Tots1(7 cities)_ 103,060,849 110,984,781 -7.2 112,500,076
Ten th Federal Reserve Din trict- Kane as City443,874
375,314 +7.4
d402,942
Neb.-Fremont
598,524
489,642 -20.0
391,767
HamIngo
4,111,430 -0.2 . 3,996,224
4.104,820
Linc ain
39,561,481
41,512,810 -10.5
37,195.150
Omaha
3,003,215
2,637,206 +0.4
2,649,286
Kan. -Topeka..
6,954,396
7,373,010 +1.7
Wic ,Ita
d7,485.376
Mo.- CansasCity 131,614,267 126,384,182 +4.1 126,073,031
7,392,620
7,264,722 -18.0
d5,955,799
St. oseph__ _ _
a
a
a
a
Okla. -Muskogee
25,652,923
25.511,420 +28.6
Okla Mama City d32,803,924
a
a
a
a
TulaI
1.009,436
1,137,684 +5.8
1,203.498
Colo. -00l. Spgs.
18,452.578
17,254,482 +6.9
18,448,931
Den rer
1,157.838
916.413 +21.9
1,117,300
Pue 10
100,390,290
+3.6 234,296,140
las1,931,798
+22.7
48,870,373
+7.2
10,387,672
-8.1
12,014,226
+33.4
a
a
4,166,398
-10.0
200,297,142
77,370,467
+5.9
70,572,951
74.778,499
Tots1(5 cities) _
Twe 1fth Feder al Reserve D istrict-San Franci sco38,314,500
43,266,982 +5.7
45,740,587
Wash. -Seattle
9,121,000
9,683,000 +13.6
10,999,000
Spo ane
a
a
a
a
Tacoma
1,257,618
1,273,939 -7.2
1,182,252
Yak'ma
32,142,000
36,395,750 -9.3
33.022,665
Portland
13,384,852
15,293,335 -2.5
14,904,205
•Salt L.C'y
Utaha
a
a
a
Nev.-Reno....
a
a
a
a
Arlz.-Phoenix..
2,391,934
2,957,514 +5.5
3,101,530
f.
Calit.--Fresno
6,403,199
7,357,458 -0.2
7,340,165
Long
Lo . Beach _ _ _
Los Angeles... 247,396,000 166.587,000 +48.5 136,182,000
18,371,965
19,441,814 -10.7
17,354,564
Oakland
5,485,860
6,324,924 +3.4
6,539,273
Pasadens
6,115,205
7,374,945 +4.7
7,722,816
Sacr amento
4,470,493
5,334,363 -11.4
4,727,314
San Diego__ _ _
San Francisco_ 175,649,000 176,215,000 -0.3 154,905,988
2,174,308
2,305,710 -14.2
1,977,517
San Jose
1,018,292
1,499,801 -24.0
1,139,834
Sant Et Barbara.
1,778,969
2,115,548 -7.9
1,979,706
Santia Monica_
2,371,300
2,768,000 -8.5
2,502,300
SteelEton
56,687,682
Tots1(12 cities) 243873,060 234.968,315
-Da
enth Fede ral Reterve District
Elev,
1,391,388
1,707,559
-Austin.
Teass
45,087,249
48,347,418
Dall as
12,385.000
11,383,720
Fort Worth...
6,447,000
8,602,000
Galveston __•_.
a
a
Hou Mon
5,262,314
4,737,802
hreveport_
-S,
La.
347,154
345,413
3,097,471
34,745,855
2,742,148
6,231,703
108,896.904
6,328,937
a
17,614,771
a
1.112,528
18,062,683
771,575
2,132,175
34,105,223
8.157,897
8,333,948
a
3,958,439
37,343,016
8,917,000
a
1,188,884
34,254,997
13,477,281
a
2,900,733
7,282,192
130,360,000
14,399,307
5,158,842
6,035,381
3,381,217
134,000,000
1,769,821
1,011,328
2,053,518
2,482,500
TotsI (17 cities) 583,248,728 506,195,083 +15.2 435,889,481 406,016,017
Grand total (129
9 750,391,556 9,883,856,152 -1.4 8,552,972,326 8,056,346,778
)
cities
Outsid alewYork 3.978.823.310 4,023,208,750
-1.1 3.817,330.639 3,498,032,341
Week Ended March 24.
Clearings at
1927.
1926.
$
79,188,778
85,703,127
45,864,377
20,403,238
5,134,957
7,609,126
2,497,391
4,125,574
8,706,462
2,365,647
1,971,829
2,312,899
4,329,907
3,326,382
489,520
496,050
1,692,518
972,158
921,736
564,819
796,825
268,037
763,681
724,143
773,408
3,700,226
360,962
758,716
472,721
Inc. or
Dec.
1925.
$
72,510,812
88,019,408
49,135,937
13,628,582
4,528,163
4,746,641
2,214,641
3,759,162
6,447,080
2,232,903
1,353,337
2,069,234
3,693,244
2,450,883
535,003
448,600
1,241,391
933,716
807,159
547,170
518,601
238,081
786,181
692,486
832,172
2,539,135
247,486
639,819
513,268
1924.
$
87,126,974
86,723,293
28,751,725
15,366,258
4,809,723
4,893,529
2,303,379
4,096,774
5,285,329
2,530,380
1,688,038
2,542.983
3,520,992
2,565,812
392,063
460,220
1,255,765
938,179
696.078
608,839
574,102
224,704
663,522
751,447
785,656
2,486,984
260,777
741,459
608,308
%
$
Canada+27.0
Montreal
100,603,098
+25.4
Toronto
107,500,159
-2.4
Winnipeg
44,764,156
-18.8
Vancouver
16,580,153
+14.8
5,895,364
Ottawa
-26.6
5,587,133
Quebec
352,381,322 Halifax
+0.7
2,515,706
+23.4
5,090,246
Hamilton
-8.4
7,954,927
Calgary
1,770,460 St. John
+0.6
2,381,119
7,051,927 Victoria
-4.5
1,882,523
46,818,000 London
+20.1
2,778,505
2,815,226 Edmonton
-0.6
4,303,352
93,873,348 Regina
+8.5
3,608,551
19,001,000 Brandon
-2.9
475,210
+6.7
Lethbridge
529,530
171,329,961 Saskatoon
-9.5
1,532,225
+6.3
Moose Jaw
1,033,819
+2.5
Brantford
944,857
6,861,503 Fort William_ _ _
+40.5
.
793,481
2,759,767 New Westminster
-13.1
692,221
16,934.534 Medicine Hat_ .
+5.5
.
282,738
48,187,330 Peterborough..._
-2.7
742,857
*1,500,000 Sherbrooke
+21.3
878,313
1,042,177 Kitchener
+26.4
977,302
15,206,537 Windsor
+29.5
4,791,102
4,337,455 Prince Albert....
+4.4
377,041
29,112,639 Moncton
-1.4
748,418
1,778,271 Kingston
+2.9
486,492
996,444
252,170
Total(29 cities) 326.730.598 287,295,214 +13.7 268,310,295 263.653.298
56,246,243
a No longer report clearings. b Do not respond to requests for figures. c Week
185,210)70 ended Mar. 23. d Week ended Mar. 24. e Week ended Mar. 25. •Estimated.
APR. 2 1927.]
THE CHRONICLE
Comuntxdal andraiscellanconsglatrs
Breadstuffs figures brought from page 2017.
-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.
1937
Wheat.
bush.
10,416,000
337,000
2,430,000
9,604.000
2,615,000
596,000
12,000
671,000
1,899,000
85,000
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Canal and River
Corn.
Oats.
Rye.
Barley.
bush.
bush.
bush.
bush.
1,566,000 11,388,000 3,566.000 2,073,000
289,000
233,000
2,000
10,000
2,324,000
439,000
9,000
60.000
4,831.000
656,000
162,000
6.000
18,000
12.000
917,000
656,000
319,000
1,138,000
244.000
2,666,000 1,654,000
121,000
5,000
107,000
Total Mar. 26 1927_ _ _50,321,000 48,330.000
Total Mar. 19 1927_ _57.845,000 48,837,000 38,968,000 14,363.000 3,241,000
Total Mar. 27 1926....33.679,090 37.197,000 40,314,000 14,464,000 3.386,000
53,977.000 13,715,000 5,295,000
Note.
-Bonded grain not Included above: Oats,
29,000; total Mar. 26. 40,000 bushels, against New York, 11,000 bushels; Duluth,
Receipts at
-1 Flour.
Wheat.
Corn.
518,000 bushels in 1926. Barley,
Oats.
Barley.
Rye.
New York,642,000 bushels; Philadelphia, 41,000;
Baltimore,47,000; Buffalo,
Ibb13.1061bs.bush.60 Ms
.bush.56 lbs. bush. 32 lbs.bush.48Ibs.bush.561bs. Duluth, 72,000; on Canal. 67,000; total. 928,000 bushels, against 1,188.000 59,000;
bushels
In 1926. Wheat, New York, 2,198,000
247.000
Chicago
282,000 1,117.000
580,000
88,000
32,000 1,321,000; Baltimore, 1,306.000; Buffalo, bushels; Boston, 396,000; Philadelphia,
Minneapolis907.000
1.283,000; Duluth, 326.000; Toledo afloat,
87,000
199,000
134,000
42,000 150,000; on Canal, 314,000; total.
Duluth
7,294,000 bushels, against 7,538,000 bushels
501,000
25,000
3,000
211,000 1926.
in
Milwaukee_ _
.
34,000
38,000
62.000
162,000
150,000
10,000
Toledo
Canadian
164.000
70.000
94,000
2,000 Montreal
Detroit
30,000
27,000
1,729,000
14,000
1,958,000
8,000 Ft. William & Pt.
359,000 1,203,000
Indianapolla_
55,000
Arthur_41,367,000
265,000
114,000
2,800,000 2,341,000 5,332,000
St. Louis__
127,000
afloat
"
336,000
200,000
7,813.000
282,000
5,000
121,000
102,000
Peoria
Other Canadian
76,000
14,000
430,000
4,828,000
181,000
48,000
2,340,000
12,000
467,000
Kansas City__
673,000
143,000
47,000
Omaha
Total Mar. 26 1927_ _ _55,737,000
212,000
391,000
92,000
7,098,000 2,833,000 7,104.000
St. Joseph_
Total Mar. 19 1927....56,267,000
108,000
120,000
22,000
7,345.060 2,858,000 6,730,000
Wichita
Total Mar. 27 1926.-56,935,000
221,000
11,000
8,000
136,000 10,192,000 2,016,000 8,260,000
Sioux City_
45,000
Summary
50,000
54,000
1,000
American
50,321,000 48,330,000 38,968,000 14,363,00
Total wk. '27
0 3,240,000
484,000 3.586,000 2.973,000 1,874,000
429,000
55,737,000
305,000 Canadian
7,098,000 2,833,000 7,104,000
Same wk. '26
402,000 3,498,000 4,212,000 2,648,000
802,000
229,000
Same wk. '25
398,000 3,205,000 2,785,000 2.793.000
Total Mar, 26 1927...106,058,000 48,330,000
639,000
149,000
Total Mar. 19 1927_108,112,000 48,837,000 46,066.000 17.196,000 10,344,000
47.659,00
Since Aug.1Total Mar. 27 1926-- 90,614,000 37.333,000 64,619,000 17,322,000 10,116,000
___ -......_ ....- ... ---- -- -__
0 15.730,000 13,555,000
lUZO
„
,DOO,UUU IOi,lUh,UUU IUO,OSZ,UVU„
„
uUU
1925
15,398,000269,984,000 172,096,000 170,411,000 60,501,000 19,239,000
The world's shipments of wheat and corn, as furnished
1924
16,247,000431,815,000 190,209.000 211,625,00053,623,000 50,088,00
by
0 Broomh
all to the New York Produce
Total receipts of flour and grain at the seaboard ports for ending Friday, March 25, and since Exchange, for the week
July 1 1926 and 1925,
are shown in the following:
the week ended Saturday, March 26, follow:
Receipts at-
Flour.
Wheat.
Barrels.
New York....
175,000
Philadelphia._
29,000
Baltimore_ __
25,000
Newport News
2,000
Norfolk
New Orleans*
60,000
Galveston_
Montreal_ _ _ _
20,000
St. John, N.B.
70,000
Boston
17,000
Corn.
Bushels.
669,000
142,000
375,000
Bushels.
35,000
26,000
87,000
35,000
212,000
386,000
162,000
667,000
2,000
1,000
90,000
Total wk. '27
398,000 2,650,000
Since Jan.1•27 5,272,000 53.602,000
248,000
2,882,000
Week 1926...
476,000 1,862,000
Since Jan.1'26 6.103.000 34.173.000
Oats.
Barley.
Wheat.
Rye.
1926-7
Corn.
231,000
5.765.000
Bushels. Bushels.
216,000
116,000
16,000
8,000
Bushels.
62,000
2,000
61,000
Week I
Mar, 25.
Since
July 1.
1925-6
Since
July 1.
1926-7
Week
Mar. 25.
1925-6
Since
I
July 1.
Since
July I.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer_ 7.143,000374.402.000291,139,000
185,00
76,0000,, ,lot 20,664,000 1,292,000 3,702,000, 8,754,000
Black Sea- _ _
Argentina... 4,952,000 72,814,000 61,321,000 3,192,000 26,144,000 21,781,000
184,012,000 110,404,000
Australia ___ 1,720,000 57,984.000 57,399,000
India
I 4,416,000 5.768,000
countr's
240,000 18,865.000 1,040,000
0th.
204,000 2,620.000 33,850,000
Total
14,8l5.000567,677,000437.331.000 4,873.000
216,478,000 174,789,000
I
30,000
9,000
57,000
104,000
9,000
11,000
146,000
163.000
440.000
273,000
288,000
4,243,000 9,905,000 3,120,000
627,000
241,000
162,000
7.467.000 6.436.000 1.648.000
•Receipts do not Include grain passing through
New Orleans for foreign ports
on through bills of lading.
San Francisco Stock and Bond Exchange.
-Record of
transactions at San Francisco Stock and Bond
Exchange
Isilch. 26 to Apr. 1, both inclusive, compiled from official
The exports from the several seaboard ports for the week sales lists:
ending Saturday, March 26 1927, are shown in the annexed
Friday
Sales
Last Week's Range for
statement:
Range Since Jan. 1.
Sale
of
Stocks-
Exports from-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,201,815
17,292
59,155
70,489 164,625 257,030
24,000
7,000
195,000
10,000
368,000
2,000
1,000
22,000
97,000
35,000
1,000
2,000
3,000
89,000
25,000
6,000
811,000
15,000
20,000
667,000
70,000 104,000 163,000 146,000
64,000
1,000
New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
St. John, N. B
Halifax
Total week 1927._ 3,368,815
Same week 1926- 1.794.980
109,292
77.898
190,155
298.175
180,489
366.343
349,625
321.738
520,030
471.742
The destination of these exports for the week and
since
July 1 1926 is as below:
Exportsfor Week
and Since
July 1 to-
Flour.
Week
Mar.26
1927.
Since
July 1
1926.
Wheat.
Week
Mar. 26
1927.
Since
July 1
1926.
Corn.
Week
Mar. 26
1927.
Since
July 1
1926.
Barrels. Barrels.
Bushels.
Bushels. Bushels.
United Kingdom. 79,829 3,364,597 1,195,001 Bushels.
81,711,149
17,292
883,150
Continent
68,689 4,643,776 2,164,214 140,455,038
3,000
639.976
So.& Cent. Amer_
7,000
402,980
3,000 3,909,467
52,000 1,474,000
West Indies
6,000
476,000
25,000
37,000 1,160.000
Other countries
28,637
552,264
6,600 1,250.950
Total 1927
190,155 9,439,617 3,368,815 227,351,604
Total 1926
298,175 8364,500 1,794,980 173,012,834 109,292 4,157.126
77.898 10.311 113
The visible supply of grain, comprising the
stocks in
granary at principal points of accumulation at
lake and
seaboard ports, March 26, were as follows:
United StatesNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
Toledo
"
Detroit
Chleirgo
.
afloat
afloat
Milwaukee
afloat
Duluth
.1
afloat
GRAIN STOCKS.
Wheal.
Corn.
Oats.
Rye.
bush,
bush,
bush,
bush.
350,000
115,000
861,000
275,000
4,000
4,000
22,000
6,000
160.000
66,000
170,000
70,000
1,203,000
403,000
55,000
168,000
614,000
235,000
100,000
119,000
1,113,000
101,000
1,170,000
290,000 1,194,000
3,000
1,924,000 4,538,000 3,880,000
174,000
115,000
441,000
2.153,000
292,000
300,000
9,000
141,000
209,000
235,000
82,000
139,000
6.000
2,397,000 23,389,000 5,914.000 1,196,000
360,000 1,441,000
684.000
121,000 1,850,000 1,580,000
350,000
238,000 1,204,000
568.000
520,000
9,358,000
16,000 7,513.000 7,399,000
393,000
Barley.
bush.
98,000
1,000
5,000
145,000
32,000
100,000
2,000
167,000
103,000
433,000
Prices.
Week.
Par. Price, Low. High, Shares.
Trust Co
355 360
Anglo-Calif Trust Co
380
36734 380
Anglo & London P Nat Bk
219 219
Armour dr Co A com
12
12
Bancitaly Corporation_
110
110 11034
Bank of California N A_
252 253
Bank of Italy
68334 680 684
Calamba Sugar corn
71
71
Preferred
8134 8134
California Copper
4.50
4.75
Calif Oregon Power pref.__ __ __ - 104 105
California Pasking Corp.__ 62;4 61
6534
California Petroleum corn. 2634 25
2834
Caterpillar Tractor
2836 28
2834
Coast Co Gas & El Ist pfd_
9434 9434 9434
East Bay Water A pref.--...... 9734 9734
B preferred
10934 10934
Emporium Corp (The).35
36
Ewa Plantation Co
4234 4234
Fageol Motors pref
7
7
Federal Brandeis
1334 1234 15
Fireman's Fund Insurance_
9034 8934 90)(
Foster & KieLser com
1234
1234 1234
Great Western Power pref.. 10234 10234 10334
Haiku Fruit dc Pack (Free).
10
10
Hale Bros Stores
3436
3436 3434
Hawaiian Pineapple
50
4954 51
Hawaiian Sugar
41
4134
Home Fire dr Marine Ins.
29
30
Honokaa Sugar
3.00
3.25
Honolulu Conrail 011
3534 35)( 373.4
Hunt Bros Pack A com
2434 2434 2434
Hutchinson Sugar Planta'n
14
14
Illinois Pacific Glass A_ _ 33
33
3334
Key System Transit pr pfd
3034 3036
Langendorf Baking
1234 12%
LA Gas & Electric pref._ 100
9934 100
Magnavox Co
.45
.45
50% stock div
17
1654 2634
Nor Am Investment com_ ---- - 101
101
North American 011
37% 35
44
Oahu Sugar
363I 3
634 37
Alaa Sugar
934 936
Onomea Sugar
40
40
40
Paauhau Sugar Plantation_
1134 1136
Pao Light Corp 6% pref.__
9736 9734 99
Pacific Oil
1.1236 1.1234 1.25
Pacific Tel dr Tel mei
104
104 10534
Common
12936 1293.4 130
Paraffine Co's Inc com
132
131 133
Phillips Petroleum corn_ _
46.31 46
5034
PigglY Wiggly W StatesA_
20
20
Richfield 011
1734 16
1934
8 J Lt &Pow prior pref.__ 10734 107 10734
B 6% preferred
98
98
A 7% preferred
105 105
Schlesinger (B F) A corn _
2034 2034 2136
Preferred
gom gog
Shell Union 011 common
2734 2734 2934
Sherman dr Clay 7% pref.- ------ 96
96
Sierra Pacific Electric pref. 91
91
91
Southern Pacific
11234 11334
Sperry Flour Co pre!
9334 9334 93
Spring Valley Water
10334 103 104
American
Low.
High.
139 300
Jan 398
Feb
35 338
Jan 380
Mar
10 195
Jan 232
Feb
25 12
Mar 1531 Jan
6,221 8934 Jan 11434 Feb
35 250
Feb 270
Jan
1,258 528
Jan 684
Apr
15 70
Feb 7134 Jan
10 8134 Mar 84
Jan
745
4
Feb
5
Jan
35 102% Jan 105
Mae
3,910 61
Apr 6934 Jan
5.657 25
Apr 33
Jan
2,795 2634 Feb 30
Feb
5 94
Jan 96
Feb
55 96
Jan 983.4 Feb
30 10534 Jan 110
Mar
425 34
Mar 39
Mar
25 4234 Mar 45
Jan
100
5
Jan
7
Jan
27,270
934 Feb 15
Mar
970 88
Mar 9234 Jan
805 1234 Feb 1334 JIM
365 10234 Apr 10434 Mar
105
834 Feb 10
Mar
40 3434 Mar 3634 Jar
504 4934 Feb 5534 Fet
50 4034 Jan 42
Fet
81 2834 Mar 3234 Jar
4702.00
Mar 3.25
Mar
5,300 3534 Apr 4234 Fet
300 24 34 Mar 2634 Fet
430 1234 Jan 14
Mai
125 3234 Jan 3434 Jar
10 304 Mar 65
._,..192
500 12% Jan 1234 rya.:
250 0834 Jan 10034 Pet
100 .40
Jan .75
Fet
376 1654 Apr 28% Jar
150 101
Mar 101
Ma:
11,150 35
Fel
Apr 48
120 35
Jan 3736 Ma:
240
8
Jan 1034 Mal
50 40
Jan 42% Pet
35 1134 Mar 12
Jar
Feb 9934 Mai
140 97
SOO 1.1231 Apr 1.75
Jar
305 102
Mar 11434 Fet
Mar 139
943 123
Jar
1,277 1103.4 Jan 13934 Mai
1,350 46
Mar 5934 Pet
90 1934 Jan 2034 Fet
42,210 1534 Jan 1636 Fet
195 10634 Jan 10634 Fat
Jan 9934 Pet
5 97
Jan 105
15 103
Pet
500 20)( Mar 23
Jar
100 8934 Feb 92
Jar
4,665 2736 Apr 3134 Pet
20 9334 Jan 96
Jar
Jan 9234 Fet
15 87
75 10634 Jan 11334 Min
55 923.4 Jan 97
Mai
705 10134 Jan 10834 Ma:
atiit
souy
Last Week's Range for
Week.
ofPrices.
Sale
High. Shares.
Stocks (Concluded) Par Price. Low
.50
Texas Consolidated 011_ _
41
Union 011 Associates
42
Union 01 lof California_
United Bank & Trust Co_
1.8234
U 8 Petroleum
39%
Waialua Agricul Co Ltd_ _ _
Wells Fargo Bk & Union Tr
9
West Amer Finance pref._
West Coast Life Insurance_
9
Yellow & Checker Cab__ _ _
Zellerbach Paper 6% pref
29%
Zellerbach Corporation_ ___
By Adrian H. Muller & Sons, New York:
Range Sines Jan, 1
Low.
High.
I
.95 Feb
300
.50 Jan
.50
.50
Apr 5634 [Jan
44% 14,275 40
40
40% 45% 23,670 40% Apr 5654 Jan
Max
tJan 195
75 149
190 195
Max
5,350 1.6734 Jan 2.00
1.8234 1.95
Jan
225 3734 Jan 41
3934 39%
Max
Jan 295
20 270
272% 27234
9% Jan
Jan
9
9
75
9
4.50 Jan
3.75 Jan
3.75
78
3.75
934 Jan
8% Mar
9%
555
9
Feb
55 95% Feb 98
97,34 97;4
Jan 31% Mar
1,230 28
29
2934
$ per sh.
Shares. Stocks.
645
6 Harriman National Bank
532 ex-dly.
50 National City Bank
302
13 Bank of America "Free"
10 Westchester Title do Trust Co_ _597
277
10 Continental Bank
5 National Title Guar. Co_ _18734 ex-div.
100 Camden Fire Ins. Co., par $5 _ _ 1834
10 Hamilton Nat. Bank units
20531
100 Columbia Mortgage Co. (Del.
70e.
cons.), common
1 10-30 B. B. & R. Knight Corp..
310 lot
common v. t. c., no par
10 Mid Western Oil Refining Corp.,
$3 lot
common, no par
per sh.
Shares. Stocks.
10 City & Sub'n Homes Co., par 310 834
15
2 Clinton Hall Assn
Per Cent.
Bonds.
$5,000 Hardite Metals Inc. 8%
mtge. bonds, due April 1 1930;
Oct. 1925 and subsequent cou$525
pons attached
lot
100 Hardite Metals Inc., pref
251 Hardite Metals Inc., common,
par $25
$3,000 Joplin & Pittsburgh Ry. Co.
gen. mtge. 6s, ext. at 7%; April ,
1926 & subseq. coup. attached.._$25 lot
By Wise, Hobbs & Arnold Boston:
*No par value.
-Record of transactions
Pittsburgh Stock Exchange.
at Pittsburgh Stock Exchange Mob. 26 to Apr. 1, both
inclusive, compiled from official sales lists:
Stocks-
[vol.. 124.
THE CHRONICLE
1938
notes
Priaay
Last Week's Range for
Week.
ofPrices.
Sale
Par. Price. Low. High. Shares.
35
35
Am Wind GI Mach corn 100 35
70
70
11)1) 70
Preferred
7
731
7
Arkansas Nat Gas com_100
72
71
25 72
Blaw-Knox Co
10734 10734
Byers(A M) Co pref __ _100
13
12
10
Carnegie Metals Co
86
86
Columbia Gas & El corn_ *
10431 105
100
Preferred
50
234 3
Consol Ice com
12
1234
10
Devonian 011
11534 11534
Duquesne Lt 7% pref100
834 1034
834
Houston Gulf Gas
•
120 120
Jones & Laugh'n St'lpf_100
4134
25 4134 41
Lone Star Gas
736 8
734
Nat Fireproofing com _ _100
29
3034
100 29
Preferred
22
2231
Okla Nat Gas Mrs of dep__ ______
3031 3036
Pitt Bess'er&L E RRcm 50
331 351
50
Pitts Brewing corn
1034 1014
50 1034
Preferred
246 246
100
Pitts PI Glass com
27
27
Pitts Steel Foundry corn •
40
40
Rich'son&Boynton par pt•
Sc
Sc
1 Sc
San Toy Mining
10
Stand Plate Gi pref. _ _100 ------10
Stand Sanitary Mfg com25 8331 8334 84
117 117
100
Preferred
24
24
100
Tidal Osage 011
37
37
Steel Casting corn •
Union
15
15
United States Glass Co_ _25
4134 42
Waverly 011 Wks class A •
151 15434
West'house Air Bmke_ _50
OR Li
OR
50
100
3,775
1,222
30
310
10
52
75
570
35
3,405
45
3,801
600
270
4,578
33
10
200
32
100
400
1,500
100
655
10
365
50
32
202
379
40
Range Since Jan. 1.
High.
Low.
35
70
7
70
10634
1131
8331
9934
234
12
115
6
118
3734
734
27
2031
3034
334
1031
239
27
40
Sc
10
8331
116
22
3234
13
4134
137
(57L4
Mar
Mar
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Mar
Jan
Jan
Mar
Mar
Apr
Feb
Mar
Mar
Jan
Mar
Mar
Mar
Jan
Jan
Feb
Mar
Jan
Mar
52
80
834
73
108
1331
9134
105
3
15
11634
1034
120
4634
9
3034
26
3034
434
1131
270
2834
40
6c
18
9234
117
2634
37
1534
43
157
1011
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Feb
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Jan
Feb
Mar
Jim
$ per sh.
Shares. Stocks.
21034. ex-div.
2 Liberty Trust Co
25 National Shawmut Bank_.280, ex-div.
320
10 Old Colony Trust Co
49
35 Nashua Mfg. Co., corn
4-8 Pepperell Manufacturing Co__ _ 1434
120
1 Merrimack Mfg. Co., corn
5 Nashua Mfg. Co., corn_ _ _78%, ex-div.
3 Columbian Nat. Life Insur. Co 4831
34
1 Mutual Finance Corp., pref
10 Eastern Mfg. Co., pre:_..3331-3431
68
5 units First Peoples Trust
5 Community Water Service Co.,
97
7% 1st pref
5 Merrimac Chemical Co., par $50
82, ex-div.
6 units Mutual Finance Corporation 68
60 Haverhill Elec. Lt. Co., par $25_ 8336
68
3 units Mutual Finance Corp
47
3 units Commercial Finance Corp
$ Per sh.
Shares. Stocks.
320 Fall River Elec. Light Co.. par
6134, ex-div.
$25
71 New Bedford Gas& Edison Light
9034, ex-div.
Co., par 525
9 special units First Peoples Trust__ 5
16 Worcester Elec. Lt. Co., par $25.16036
6 units Commercial Finance Corp__ 47
10 Brockton Gas Light Co., v. t. c.
5634
par 525
20 Lowell Elec. Lt. Corp., par $25.. 7634
6134
125W. T. Grant Co., corn
114 Haverhill Gas Light Co., par
$25
633464, ex-div
20 North Boston Ltg. Prop., corn. _165
5 Ludlow Manufacturing Associates183%
6 Connecticut Lt.& Pow.Co.,6H%
prat
10654
17 Mass. Ltg. Cos., com__96, ex-div.
By R. L. Day & Co., Boston:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
28 Beverly Gas & El. Co., par $25.. 9034
269
3 Atlantic National Bank
39731 10 New England Confectionery Co_ 325
5 First National Bank
5 Dennison Mfg. Co., 1st pref_134 & clic..
280
25 National Shawmut Bank
25 First National Bank_ _ __39734 ex-div. 10 Quincy Mkt. Cold Storage &
3734
Warehouse Co.. common
7% pref. temp.
575 Parker Mills.
13
2 Saco Lowell Shops, 2d pref
5
ctfs
44 Hamilton Manufacturing Co... 32c. 25 Great Northern Paper Co.,
6534
par $25
2434
4 Hill Manufacturing Co
10 American Glue Co., common_ _ 3834
5 Merrimack Mfg. Co., common 120
..94 ex-div 10 Mass.Bonding & Insur. Co_305
10 Nashua Mfg. Co., prof.
21 West Boston Gas Co., par $25.. 41
10 Wm. Whitman & Co., Inc..
78 ex-div. 50 Converse Rubber Shoe Co., pref. 63
preferred
15 Kidder Participations, common_ 2734
60
10 Wamsutta MIlls
94
20 Kidder Participations, pref
50 New Bedford Gas& Edison Light
9034 3 Mass. Ltg. Cos., 8% pref_115 ex-div.
Co., par $25
5
units First Peoples Trust
25 Western Massach u.setts Cos., w.1. 5534 5special
$ per right
Rights.
2 units First Peoples Trust_..68 ex-div.
4
100 Springfield Gas Light Co
5
Peoples Trust
4 special units First
4 1-16
141 Springfield Gas Light Co
100 Heywood Wakefield Co., corn 50
65 Firestone Apsley Rubber Co.,
Per cent.
Bonds.
8854-8834
preferred
•No par value.
56.000 Texas Electric Ry. Co. deb.
5 The L.S. Starrett Co.,common _ _210
65, Jan. 1942
3234 & Int.
65 Charlestown Gas & Electric Co.,
15634-15634 $4,900 New England Minerals Co.
par $25
-The following information regarding
National Banks.
Ist mtge.s. f. 88. Oct. 1 1938..53001ot
3 North Boston Ltg. Prop.. corn__ _167
Note for $10,000, dated Boston,
Comptroller of the 5 Quincy Market Cold Storage de
national banks is from the office of the
Mass., Dec. 101926. payable one
6834
Warehouse Co., prof
year from date,signed by Charles
Currency, Treasury Department:
5 Boston Belting Corp., pref.,
Herscovitz and Louis D. Co234
par $50
APPLICATION TO ORGANIZE RECEIVED.
vich, secured by a $20,000 2d
10 Heywood Wakefield Co., 2d pf 80
Capital.
mortgage on property located
3100,000 25 United Electric Light Co..
-First National Bank in Lodi, N. J
on Commercial St., Braintree,
Mar. 22
125 ex-div.
Springfield, par $25
Benjamin Hansen, Jr., Lodi. N. J.
Correspondent,
510.200 lot
Mass
10 Powdrell & Alexander, Inc _ _42 ex-div.
APPLICATION TO CONVERT RECEIVED.
-The Thomas County National Bank of Colby, Kansas
Mar. 22
Conversion of Thomas County Bank, Colby, Kansas.
325,000
By Barnes & Lofland, Philadelphia:
$ per sh.
$ per sh. Shares. Stocks.
Shares. Stocks.
$5 lot 6 Security Title & Trust Co.. mune 50
62 Potomac Fire Brick Co
10 Phila. Co. for Guar. Mtges_...220
221
8 Colonial Trust Co., par $50
CHARTERS ISSUED.
20 Northeastern Title & Trust Co.,
750 Horace Linton & Brother, Inc.
-The Greenwich Nat'l Bank of the City of New York,
7534
par $50
Mar. 23
$14,300 lot
11.000,000
N.Y
20 Allegheny Title & Trust Co.,
Southwestern National Bank_ _ _228
19
President, H. Ward Ford; Cashier, A. G. King. Con6034
par $50
15 Continental Equitable Title &
Bank of the City of New
version of the Greenwich
1 Lancaster Ave. Title & Trust Co.,
268
Trust Co.. par 550
95
York. with main office and ten branches all located
par $50
3 Commonwealth Title Ins.& Trust
105
within the limits of New York City.
23 Druding Bros
586
Co
30,000
Blossom, Texas
-The Blossom National Bank,
40 Philadelphia Life Insurance.... 1434
Mar. 24
4 Bank of North America & Tr. Co_ 395
President, F. G. Johnson: Cashier, Geo. Johnson.
40 Lumbermens Ins. Co., par $25... 8334 4 Franklin Fire Ins. Co., par $25_ _211
63534 40 Camden Fire Ins. Assn., par $5_ 17
11 Penn National Bank
VOLUNTARY LIQUIDATIONS.
42 Reliance Insurance Co., par $10_ 2134
70 National Bank of Germantown,
682
1 Central National Bank
-The Merchants and Manufacturers National Bank of
452
Mar. 21
par 550
31.350,000
Newark, N. J
20 Phila. Girard National Bank..66734 4 Phila. Bourse, corn., par $50....22
Effective March 191927. Liquidating agent, E.Allen
270
17 Scott Powell Dairies. Inc., pref. 9034
10 Union National Bank
Smith, 763 Broad St., Newark, N. J. Succeeded by
50 Manufacturers Casualty Insur4 Corn Exchange National Bank.._731
3234
ance Co., par 510
a Trust company.
335
150.000 5 Quaker City National Bank
$ per right.
Ontario National Bank, Ontario, Cal
No. Rights.
-The
Mar.22
2 North Phila. Trust Co.. par $50_ _367
Liquidating agent. Edw. C.
134
Effective March 8 1927.
76934 100 Bankers Trust Co
16 Provident Trust Co
Per cent.
Aldwell, San Francisco, Cal. Absorbed by Liberty
Bonds.
3 Pa. Co. for Ins. on Lives, &c_ _ _ _889
Bank of America of San Francisco, which association
$3,000 Savage Mtn. Fire Brick Co.,
14 Broad Street Trust Co., par $50. 75
Francisco,
consolidated with the Bank of Italy, San
Allegheny County, tat M.s. I. 75,
65
5 Fairhill Trust Co., par $50
$2,000 lot
and that bank was converted into a national bank
Oct. 1 1936
20 Metropolitan Trust Co., par $50.124
under the title "Bank of Italy National Trust and
$1,000 Buffalo & Erie 6 Hs, 1954_ _ _ 55
10 Mitten Men & Management
Savings Association.'
$800 Union Passenger Ry. 1st M.
Ac Trust Co., par $50....140
Bank
25,000
6434
-The First National Bank of Slayton, Minn
48, March 1 1961
Mar. 23
165
5 Mutual Trust Co.. par $50
Effective March 2 1927. Liquidating agent, F. D.
Weck, Slayton, Minn. Absorbed by State Bank of
Slayton, Minn.
DIVIDENDS.
35,000
-First National Bank of Pocahontas, Va
Mar. 24
Effective March 10 1927. Liquidating Commission,
Dividends are grouped in two separate tables. In the
W. Va., L. E. Ward and
W. R. Graham, Bluefield,
first we bring together all the dividends announced the
H. W. Hicks, Pocahontas, Va. Absorbed by Bank of
a second table, in
Pocahontas, Pocahontas, Va.
25,000 current week. Then we follow with
-The First National Bank of Loving. New Mex
Mar. 24
which we show the dividends previously announced, but
Effective Feb. 24 1927. Liquidating agent, H. G.
Watson, Loving, N. Mex. Absorbed by the Carlsbad
which have not yet been paid.
Nat'l Bank, Carlsbad, N. Mex., No. 12569.
75.000
-The First National Bank of Winters, Cal
Mar. 25
The dividends announced this week are:
Edw.C.
Effective March 15 1927. Liquidating agent,
Aldwell, San Francisco, Cal. Absorbed by the
When
Books Closed.
Per
Liberty Bank, San Francisco, Cal., which association
Los
Days Inclusive.
Cent. Payable.
Name of Company.
was consolidated with the Bank of America,
under the title Liberty Bank of America
Angeles,Cal.,
consolidated
Railroads (Steam).
of San Francisco. The latter association
that bank
134 June 1 Holders of rec. Apr. 16a
Baltimore .4 Ohio. corn.(quar.)
with the Bank of Italy. San Francisco, and the Mil.
June 1 Holders of rte. Apr. 160
1
bank under
Preferred (quar.)
was converted into a national
Association.
750. Apr. 10 Holders of rec. Mar. 31a
Carolina Clinchfield & Ohio (guar.)
"Bank of Italy National Trust & Savings
50,000
1% Apr. 10 Holders of rec. Mar. 31a
Stamped certificates
National Bank of Sausalito, Cal
-The First
Mar. 25
agent. Edw.
Delaware Lackawanna At West. (quar.). $1.50 Apr. 20 Holders of rec. Apr. Oa
Effective March 15 1927. Liquidating
by Liberty
Pittsburgh & West Virginia coat ((Man) 131 Apr. 30 Holders of rec. Apr. 12
C. Aldwell, San Francisco, Cal. Absorbed
Cal., which association was
Bank, San
Public Utilities.
with the Bank of America, Los Angeles,
consolidatedFrancisco'
131 May 2 Holders of rec. Apr. 11
America of San
Bangor Hydro-Elec. Co., corn. (quar.).Cal., under the title Liberty Bank of
with
Mar. 31 *Holders of rec. Mar. 31
Bell Telephone of Pa., corn. (guar.)- - *2
Francisco. The latter association consolidated was
that bank
Central Power & Light, pref.(quar.)___ *31.75 May 1 *Holders of rec. Apr. 15
the Bank of Italy, San Francisco. andthe title -Bank
.
national bank under
& Potomac Telep.of Balt., pt.(qu) 134 Apr. 15 Holders of rec. Mar. 31
Chm.
converted into a
Association.
Mar. 31 *Holders of rec. Mar. 31
*2
Diamond State Telephone (quar.)
of Italy National Trust & Savings
May 2 Holders of rec. Apr. 15
Edison Electric Ilium. of Boston (quar.). 3
prof. (quar.)_ $1.50 May 2 Holders of rec. Apr. 8a
Public Service. $6
$1.75 May 2 Holders of rec. Apr. 8a
-Among other securities, the following, General
Convertible preferred ((mar.)
Auction Sales.
Greene & Coates Sts.Pass.Ry.,Phila.,(qu) *$1.30 AIM 7 *Holders of rm. Mar. 23
not actually dealt in at the Stock Exchange, were sold at auction Harrisburg Light & Power, pref.(quar.). 131 Mar.31 Holders of rec. Mar. 28
Apr. 5
16
(quar.)
and Philadelphia on Wednesday of Laurentide PowerRy. lc Lt., pref. (qu.) 134 Apr. 30 Holders of rec. Apr. 20s
in New York, Boston
Holders of rec.
134 Apr.
Milwaukee Elec.
this week:
APR. 2 1927.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Public Utilities (Concluded).
Montreal Tramways(guar.)
235 Apr.
New England Public Serv., $7 pf. (qu.)_ "51.75 Apr.
Adjustment preferred (guar.)
"$1.50 Apr.
Penn-Ohio Edison. 7% prior pref. (qu.), 134 June
$6 preferred (guar.)
51.50 Apr.
Sierra-Pacific Elec. Co., corn. (quar.) •500. May
Preferred (guar.)
•135 May
Union Electric & Gas, pectic. pref.(Cl.)_ 8754c. Apr.
$7 1st pref., series A (guar.)
$1.75 Apr.
Books Closed.
Days Inclusive.
16 Holders of rec. Apr. 7
15 *Holders of rec. Mar. 31
15 *Holders of rec. Mar. 31
1 Holders of rec. May 21
15 Holders of rec. Mar. 31
2 *Holders of rec. Apr. 14a
2 *Holders of rec. Apr. 14a
1 Holders of rec. Mar. 23
1 Holders of rec. Mar. 23
Miscellaneous.
Abitibi Power & Paper, corn. (guar.)._ _ $1.25 Apr. 20 Holders of rec. Apr. 9
Aero Supply Mfg., class A (guar.)
"3755c Apr. 1 'Holders of rec. Mar. 28
Alliance Realty (guar.)
6234c. Apr. 20 Holders of rec. Apr. 11
Allied Chemical & Dye,corn.(guar.)
$1.50 May 2 Holders of rec. Apr. 15
American Can. corn.(guar.)
50c. May 16 Holders of rec. Apr. 300
American Milling (guar.)
*20c. Apr. 1 'Holders of rec. Mar.21
Amer. Vitrified Prod., corn. (guar.)
"75e. Apr, 15 'Holders of rec. Apr. 5
Preferred (guar.)
•151 May 2 'Holders of rec. Apr. 20
Amer. Wringer, pf. (acct. accum. div.) /017 Apr. I *Holders of rec. Mar.25
Archer-Daniels-Midland Co., corn. (qu.) '75c. May I *Holders of rec. Apr. 20
Preferred (guar.)
•$1.75 May 1 *Holders of rec. Apr. 20
Atlantic Refining, pref. (guar.)
151 May 2 Holders of rec. Apr. 15
Atlas Plywood (guar.)
$1 Apr. 15 Holders of rec. Apr. 1
Atlas Portland Cement. pref
*66 2-3 Apr. 1 *Holders of rec. Mar.24
Bigelow-Hartford Carpet, common (qu.) *$1.50 May 2 *Holders of rec. Apr. 8
Preferred (guar.)
May 2 *Holders of rec. Apr. 8
Black 41 Decker Mfg., corn.(guar.)
"20e. Mar. 31 *Holders of rec. Mar. 29
Preferred (guar.)
"50e. Mar. 31 "Holders of rec. Mar. 29
Briggs Mfg. (guar.)
75e. Apr. 23 Holders of rec. Apr. 11
Brockway Motor Truck, pref. (guar.).- "151 Apr. 1 *Holders of rec. Mar.21
Bullard Machine Tool,corn
•3754c Mar. 31 *Holders of rec. Mar. 19
Cellulose Products, Inc., cony. pfd.(qu.) 6235e. Apr. 15 Holders of rec. Apr. 9
Christie Brown & Co., corn. (guar.)...- "30e. May 1 *Holders of rec. Apr. 15
Preferred (guar.)
•51.75 May 1 *Holders of rec. Apr. 20
Cities Service. pref. B (monthly)
'34 May 2 *Holders of rec. Apr. 15
Bankers shares (monthly)
*34 May 2 "Holders of rec. Apr. 15
Bankers shares(in stock)
*534 May 2'Holders of rec. Apr. 15
City Stores Co.. class A
•87540 May 1 *Holders of rec. Apr. 15
Cohn-Hall-Marx Co., pref. (guar.)
151 Apr. I Holders of rec. Mar. 19
Collins & Aikman Co., corn. (guar.).
- $1 May I Holders of rec. Apr. 11
Preferred (guar.)
151 May 1
Continental Motors Corp. (guar.)
20c. Apr. 30 Holders of rec. Apr. 15
Cosgrove-Meehan Coal. pref. (quar.)
"151 Apr. 1 *Holders of rec. Mar. 28
•1xi July 1 'Holders of rec. June 27
Preferred (guar.)
Preferred (guar.)
•151 Oct. 1 'Holders of rec. Sept. 28
Preferred (guar.)
•131 Dec. 21 *Holders of rec. Dec. 19
Detroit Creamery (guar.)
*50c. Apr. 1 *Holders of rec. Mar.21
Dominion Rubber, pref.(guar.)
1% Mar. 31 Holders of rec. Mar.28
Eureka Pipe Line (guar.)
•51
May 2 *Holders of rec. Apr. 16
Fiske Rubber, 1st pref. (guar.)
"154 May 2'Holders of rec. Apr. 15
Convertible preferred (guar.)
*151 May 2 *Holders of rec. Apr. 15
Freeport Texas Co.(guar.)
1
May 2 Holders of rec. Apr. 15a
Gilchrist Co. (guar.)
•75c. Apr. 30 *Holders of rec. Apr. 15
Globe-Wernicke, common (guar.)
51.50 Apr. 1 Holders of rec. Mar. 20
Gobel (Adolf), Inc., cony. pref. (guar.), 151 May 1 Holders of rec. Apr. 15
Goodyear Tire dr Rubber of Canada. pf "5151 Apr. 15 'Holders of rec. Mar. 31
Gorham Mfg., 1st pf.(accLaccum.div.). *h834 June 1 *Holders of rec. May 16
Hall(W.F.) Printing
•25e. Apr. 30 'Holders of rec. Apr. 20
Extra
•25e. Apr. 30 *Holders of rec. Apr. 20
Hollinger Consolidated Gold Mines_
*10c. Apr. 20 "Holders of rec. Apr. 6
Horn & Harden of N. Y.(guar.)
*3734c May 2 *Holders of rec. Apr. 11
Special
*12350 May 2 *Holders of rec. Apr. 11
International Paper, corn. (guar.)
*50e. May 16 *Holders of rec. May 2
Kellogg Switchboard & Sup., com.(qu.). 32550 Apr. 30 Holders of rec. Apr. 9
Preferred (guar.)
I% Apr. 30 Holders of rec. Apr. 9
Riots Throwing Co., 1st pref.(quar.)... *I%
Participating preferred (guar.)
*1%
Knox Hat, Inc., corn.(guar.)
$1 May 1 Holders of rec. Apr. 15
Class A participating (guar.)
$1 May 1 Holders of rec. Apr. 15
Laclede Steel (guar.)
2
Apr. 1 Holders of rec. Mar.25
Lago 011 & Transport(No. 1) (quar.)--- '75c. May 1 *Holders of rec. Apr. 11
Lake Erie Bolt & Nut, Cora. (guar.)_ _ _ _ 250. Apr. 1 Mar. 29 to Mar. 31
Laurentide Company (guar.)
1% Apr. 2 Holders of rec. Mar. 17
Lawton Mills (guar.)
134 Mar.31 Holders of rec. Mar. 25
Madison Square Garden (guar.)
•25c. Apr. 15 'Holders of rec. Apr. 5
McCaskey Register. 1st pref. (quar.)
'134 Apr. 1 'Holders of rec. Mar. 24
Second preferred (guar.)
*h2
Apr. 1 'Holders of rec. Mar. 24
Second preferred (acct. accum. diva.). *2
Apr. 1 *Holders of rec. Mar. 24
MeQuay-Norris Co
40e. Apr. 1 Holders of rec. Mar. 22
Metropolitan Filling Stations, corn.(qu.) 1
Apr. 1 Holders of rec. Mar.21
Class A participating common
1
Apr. 1 Holders of rec. Mar. 21
Preferred (guar.)
2
Apr. 1 Holders of rec. Mar. 21
National Carbon, preferred (guar.),
- '2
May 2 *Holders of rec. Apr. 20
Noe-Equl Textile Mills, class A (guar.). $2.25
Holders of rec. Mar. 21
Novadel Process Corp., corn. (quar.).. *25c. Apr. 1 *Holders of rec. Mar.25
Participating preferred (guar.)
*50e. Apr. 1 *Holders of rec. Mar. 25
Otis Elevator, pref.(guar.)
134 Apr. 15 Holders of rec. Mar. 3Ia
Preferred (guar.)
134 July 15 Holders of rec. June 30a
Preferred (guar.)
1% Oct. 15 Holders of rec. Sept. 30a
Preferred (guar.)
135 Jan15'23 Holders of rec. Dec. 31a
Pathe Exchange, common A & B (guar.) 75e. May 2 Holders of rec.
Apr. 11
Perry-Fay Co.. common
*50e. Apr. 5 'Holders of rec. Mar. 31
Phillips
-Jones Corp., Preferred (quar.).. 154 May 2 Holders of rec. Apr. 20a
Pierce, Butler & Pierce Mfg., common
($100 Par)(guar.)
Apr. 15 Holders of rec. Apr. 5
$2
Common. $25 par (guar.)
50e. Apr. 15 Holders of rec. Apr. 5
Eight per cent preferred (guar.)
2
May 1 Holders of rec. Apr. 20
Seven per cent preferred (guar.)
151 May 1 Holders
Plash. Terminal Whse. & Transfer (qu.) "75c. Apr. 12 *Holders of rec. Apr. 20
of
Providence Ice, 1st preferred (quar.).. 1% Apr. 1 Holders of rec. Apr. 7
rec. Mar. 26
Prudence Co., Inc., preferred
335 May 1 Holders of rec. Apr. 20
Pure Gold Manufacturing
50e. Apr. 15 Holders of rec. Mar. 31
Realty Associates, common
$2.50 Apr. 15 Holders of rec. Apr. 5
Second preferred
Apr. 15 Holders of rec. Apr. 5
3
Reid Ice Cream Corp., pref. (quar.)..... '131
Holders of rec. May 20
Rome Wire Co., pref.(guar.)
$1.75 Apr. 1 *Holders of rec. Mar.22
St. Lawrence Paper Mills, pref. (guar.), 2
Apr. 6 Holders of rec. Mar.28
St. Louis Amusement, class A (quar.)_
51.1235 Apr. 1 Holders of
Salt Creek Producers Association (qu.) "75e. May 2 *Holders of rec. Mar. 30
rec.
Scott Paper, pref. (guar.)
vq,‘ May 1 *Holders of rec. Apr. 15
Apr. 23
Securities Management, class A (guar.)_
154 Apr. 15 Holders of rec. Apr. 1
Spanish Riv.Pulp &Pap.Mills,corn.
(qu.) 151 Apr. 16 Holders of rec. Mar. 31
Preferred (guar.)
151 Apr. 16 Holders of rec. Mar. 31
Sterling Products (guar.)
*$1.25 May 2 *Holders of rec. Apr. 15
Superheater Company (quar.)
$1.50 Apr. 15 Holders of rec. Apr. 5
Tide Water Associated Oil (guar.)
"30e. May 2 *Holders of rec. Apr. 8
Truseon Steel. common (quar.)
'30e. Apr. 15 *Holders of rec. Apr. 5
United States Smelting, Refining & Mining, common and preferred (guar.),
- 8735e Apr. 15 Holders of
Victor Talking Mach., old pref. (quar.)- 1% Apr. 15 Holders of rec. Apr. 7
rec. Apr. 2
7% Prior preferred (guar.)
151 May 1 Holders of rec. Apr. 2
$6 convertible preferred (guar.)
$1.50 May 1 Holders of rec. Apr. 2
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.
When
Pr
Cent. Payable.
Railroads (Steam).
Chesapeake & Ohio. pref. (
331 July 1
(War.)
Cleve. Cin. Chic.& St. L.,corn.(guar.)
151 Apr. 20
Preferred (guar.)
1% Apr. 20
Joliet dr Chicago (guar.)
131 Apr. 4
Kansas City Southern. pref. (q1100.)-Apr. 15
-- 1
Midland Valley, common
$1.25 Apr. 15
Missouri-Kansas-Texas, pref. A (guar.). 134 May 2
Books Closed.
Days inclusive.
Holders of rec. June 80
Holders of rec. Mar.31a
Holders of rec. Mar. 3Ia
Mar. 25 to Apr. 4
Holders of rec. Mar. 3I0
Holders of rea. Mar. 3I0
Holders of rec. Apr. 150
Name of Company.
1939
Per
When
Cent. Payable.
Railroads (Steam) (Concluded).
New York Central RR.(quar.)
Norfolk dr Western, adj. pref. (quar.)_ _ _
1
Northern Pacific (quar.)
1%
Pere Marquette, prior preferred (guar.) 155
Preferred (guar.)
1%
Pittsb. Ft. Wayne & Chic.. pref.(guar.) 151
Reading Company, corn. (guar.)
$1
Second preferred (guar.)
600.
St. Louis-San Francisco, preferred (qu.) 1%
Preferred (guar.)
154
Preferred (guar.)
134
Southern Railway, corn. (guar.)
134
Preferred (guar.)
134
Wabash Ry., Prof. A (guar.)
131
Western Pacific RR.Corp., pre?.(guar.) 134
May 2
May 19
May 2
May 2
May 2
Apr. 5
May 12
Apr. 14
May 2
Aug. 1
Nov. 1
May 2
Apr. 15
May 25
Apr. 6
Books Closed,
Days Inclusive.
Holders of rec. Mar.31a
Holders of rec. Apr. 30a
Mar. 18 to Apr. 12
Holders of rec. Apr. 14a
Holders of rec. Apr. 14a
Holders of rec. Mar. 100
Holders of rec. Apr. 13a
Holders of roe. Mar.210
Apr. 10 to May 10
Holders of rec. July 154
Holders of rec. Oct. 153
Holders of rec. Apr. 26
Holders of rec. Mar.220
Holders of rec. Apr. 16a
Holders of rec. Mar.250
Public Utilities.
All America Cables (guar.)
134 Apr. 14 Holders of rec. Mar.311
American Gas Co.(N. J.) (guar.)
2
Apr. 13 Holders of roe. Mar.310
Amer.Gas& Electric, preferred (guar.), 134 May 2 Holders of rec. Apr. 9
American Telep. Jr Teleg.(quar.)
234 Apr. 15 Holders of rec. Mar. 156
Associated Gas & Elec., class A (guar.).
so May 2 Holders of ree. Mar.310
$g preferred (guar.)
415 June 1 Holders of rec. Apr. 3042
5
$63.5 preferred (guar.)
4134 June 1 Holders of rec. Apr. 30e
Bell Telephone of Canada (quar.)
2
Apr. 15 Holders of rec. Mar. 23
Bell Telephone of Pa.634% Pref.(guar.) 134 Apr. 14 Holders of rec. Mar. 19a
Brooklyn Borough Gas, corn. (guar.)... *$1.50 Apr. 11 *Holders of rec. Mar. 31
Brooklyn-Manhattan Tran., corn.(on.). $1
Am% 15 Holders of rec. Apr. la
Preferred series A (guar.)
114 Apr. 15 Holders of rec. Apr. 1
Central Illinois Pub. Serv., pref. (guar.) $1.50 Apr. 15 Holders of rec. Mar,816
Central & Southwest URI., corn.(quar.). "75e. Apr. 15 *Holders of rec. Apr. 1
Chicago Rap.Tmn., prior pref. A(mthly) 65e. May 1 Holders of rec. Apr. 196
Prior preferred A (monthly)
65e. June 1 Holders of rec. May 176
Prior preferred B (monthly)
60e. May 1 Holders of rec. Apr. 196
Prior preferred B (monthly)
600. June 1 Holders of rec. May 17a
Cin. Newport dr Coy.L.& Tr.,com.(au.) 135 Apr. 15 Apr. 1 to Apr. 17
Preferred (guar.)
134 Apr. 15 Apr. 1 to Apr. 17
Cleve. Elec. Ill., corn. (guar.)
234 Apr. 15 Holders of rec. Mar.31
Preferred (quar.)
•135 June 1 *Holders of rec. May 16
Commonwealth Power,common (guar.). 50c. May 2 Holders of rec. Apr. 7
Common (extra)
50e. May 2 Holders of rec. Apr. 7
Preferred (guar.)
135 May 2 Holders of rec. Apr. 7
Consolidated Gas(N.Y.), $5 pref.(qu.). 61c. May 1 Holders of rec. Mar.3Ia
prof. (guar.)
Old
*8755c May 1 *Holders of rec. Mar.15
Consumers Power,6% pref. (guar.) _ _
154 July 1 Holders of rec. June 15
6.6% Preferred (guar.)
1.65 July 1 Holder, of rec. June 15
Seven per cent preferred (guar.)
151 July 1 Holders of rec. June 15
Six per cent preferred (monthly)
50c. May 2 Holders of rec. Apr. 15
Six per cent preferred (monthly)
50c. June 1 Holders of rec. May 16
Six per cent preferred (monthly)
50e. July 1 Holders of rec. June 15
6.6% preferred (monthly)
55c. May 2 Holders of rec. Apr. 15
6.6% preferred (monthly)
55e. June 1 Holders of rec. May 16
6.6% preferred (monthly)
Holders of rec. June 15
55e. July
Detroit Edison (quar.)
Apr. 15 Holders of rec. Mar.2I0
2
Diamond State Telephone, pref.(quar.)_ •1% Apr. 14 "Holders of rec. Mar. 19
East Bay Water, preferred B (quar.)
*155 Apr. 15 *Holders of rec. Mar. 31
Elec. Bond & Share, pref.(guar.)
154 May 2 Holders of rec. Apr. 12
Elec. Bond & Share Secur.(guar.)
25c. Apr. 15 Holders of rec. Mar. 16
El Paso Elec. Co., pref. ser. A (guar.)._
151 Apr. 15 Holders of rec. Apr. la
Preferred series B (guar.)
134 Apr. 15 Holders of rec. Apr. la
Empire Gas & Fuel. 7% prof.(monthly). 58 1-3e May 2 Holders of rec. Apr. 156
Eight per cent preferred (monthly)_ 662-30 May 2 Holders of rec. Apr. 154
Foshay(W. B.) Co., common (monthly) 67e. Apr. 10 Holders of rec. Mar.31
Seven per cent preferred (monthly)... 580. Apr, 10 Holders of rec. Mar.31
Preferred A (monthly)
67c. Apr. 10 Holders of rec. Mar.31
Illinois Northern UM.. pref.(quar.)„.., •155 May 1 *Holders of ree. Apr. 15
Internat. Telep. & Teleg. (guar.)
134 Apr. 15 Holders of rec. Mar.284
Kentucky Securities Corp., pref. (guar.) 134 Apr. 15 Holders of roe. Mar. 186
Manila Electric Co., corn
6255e May 2 Holders of rec. Mar.3145
Massachusetts Gas Cos., corn, (guar.)._ *51.25 May 2 "Holders of rec. Apr. 15
Massachusetts Lighting Cos.
Six per cent pref. (guar.)
134 Apr. 15 Holders of rec. Mar.25
Eight per cent pref. (guar.)
Apr. 15 Holders of ree. Mar.25
2
Middle West UM, pref. (guar.)
154 Apr. 15 Holders of rec. Apr. 1
Midland Utilities, pref.. class A (qu.)
134 Apr. 6 Holders of rec. Mar.22
Prior lien stock (guar.)
151 Apr. 6 Holders of roe. Mar.22
Missouri Gas & Elec. Serv, Pr. 1.(qu.).. $1.75 Apr. 15 Holders of rec. Mar.31
Montreal Lt., Ht.& Pow.,corn.(quar.)_ 50c. Apr. 30 Holders of rec. Mar.31
Montreal Telegraph (guar.)
Apr. 16 Holders of rec. Mar.31a
2
Mountain States Power, pref.(guar.)
131 Apr. 20 Holders of rec. Mar.81
National Fuel Gas(guar.)
234 Apr. 15 Holders of roe. Mar.31
Nevada-Calif. Elec. Corp.. prof.(guar.). •131 May 2 *Holders of rec. Mar.30
New Eng. Power Assn.. corn. (guar.).- 37340 Apr. 15 Holders of rec. Mar.31
New York Telephone, 634% prof.(WI.). 155 Apr. 15 Holders of rec. Mar.19
Niagara Falls Power, prof. (guar.)
48510 Apr. 15 Holders of roe. Mar.810
Northern Canada Power. pref. (quar.).. •15.‘ Apr. 15 *Holders of rec. Ma:.25
Northern Mexico Power & Devel.,corn.. 1
Apr. 1 Holders of rec. Mar.31
Nor. Ontario Light dr Pow.. Ltd. 071.)
Apr. 10 Holders of rec. Mar.31
(
Nortnern States Power,corn. Cl. A (qu.)
$2 May
Holders of rec. Mar.31
151 Apr. 2 Holders of ree. Mar.31
7% preferred (guar.)
6% preferred (guar.)
155 Apr. 2 Holders of rec. Mar.31
Northwestern Bell Telep.. pref. (qu.)._
134 Mr. 1 Holders of rec. Mar. 19a
Ohio Edison, 6% prof. (guar.)
Holders of rec. May 16
134 June
6.6% preferred (guar.)
Holders of rec. May 16
1.65 June
7% preferred (guar.)
151 June
Holders of rec. May 16
6% preferred (rnonthl),
Holders of rec. Apr. 15
50c. May
6% preferred (monthly)
50c. June
Holders of rec. May 16
6.6% preferred (monthly)
55c. May
Holders of rec. Apr. 15
6.6% preferred (monthly)
55c. June
Holders of rec. May 16
Ohio Oil & Gas(guar.)
*25c. Apr. 15 *Holders of rec. Apr. la
Ottawa-Montreal Power. pref. (guar.)._
134 Apr. 15 Holders of rec. Mar. 31
Pacific Gas dr Elec.. corn. (guar.)
50c. Apr. 15 Holders of rec. Mar. 316
Pacific Telep.& Teleg., preferred (quar.) 2
Apr. 15 Holders of rec. Mar.316
-Ohio Pow. & Lt..8% pref. (qu.).. 151 May 2 Holders of rec. Apr. 20
Penn.
Seven per cent preferred (guar.)
60e. May 2 Holders of rec. Apr. 20
7.2% preferred (monthly)
1550. May 2 Holders of rec. Apr. 20
6.6% preferred (monthly)
May 2 Holders of rec. Apr. 20
2
Peoples Gas Light & Coke (guar.)
Apr. 18 Holders of rec. Apr. 40
2
Peoples Light & Power,corn. A (rn'thly). 20e. Apr. 10 Holders of rec. Mar.31
Seven per cent preferred (monthly)._ 58c. Apr. 10 Holders of rec. Mar.31
Phila. & Camden Ferry
Apr. 11 *Holders of rec. Mar.25
*$2
Philadelphia Company, common (guar.) $1
Apr, 30 Holders of rec. Apr. la
Common (payable in common stock)_ _ (Q) Apr. 30 Holders of me Apr. la
Six per cent preferred
$1.50 May 2 Holders of rec. Apr. la
Phila. Rapid Transit, common (guar.)._ $1
Apr. 30 Holders of rec. Apr. 156
Preferred
$1.75 May 2 Holders of rec. Apr. 1
Phila. dr Westerra Ry !Ref.(guar.)
6255 Apr. 15 Holders of rec. Mar.316
Power Corp. of Canada. 1st prof. (qu.)154 Apr. 15 Holders of rec. Mar. 31
Puget Sound Pow.& Light, prof. (attar.) 155 Apr. 15 Holders of rec. Mar.210
Prior preference (guar.)
134 Apr. 15 Holders of rec. Mar.216
Quebec Power (guar.)
151 Apr. 1 Holders of rec. Mar.31
*15i Apr. 1 *Holders of rec. Mar. 31
San Diego Consol. G.& E., pref. OW
Shawinigan Wat. dr Pow., new.com.(qu) 500. Apr. 1
Holders of rec. Mar.25
South Pittsburgh Water. pref.(guar.)._
134 Apr, 1 Holders of rec. Apr. 2
Southeastern Power av Lt.. corn.(quar.)_ 25e. Apr. 20 Holders of ree. Mar.31
Southern Calif. Edison, orig. pref.(cm.). 50e. Apr. 1 Holders of rec. Mar.20
Southern Canada Power, pref.(guar.)._
154 Apr. 1 Holders of rec. Mar.25a
Southern New England Telep.(guar.)._ 2
Apr. 1 Holders of rec. Mar.31
Southern Wisconsin Elec.. pref. (guar.). *154 Apr. 15 *Holders of rec. Mar. 31
Standard Gas & Elec., corn.(guar.)._ 8734c Apr. 2 Holders of rec. Mar. 316
Prior preference (guar.)
Apr. 2 Holders of rec. Mar. 31
Trinidad Electric Co., Ltd.(guar.)
151 Apr. 1 Apr. 1 to Apr. 10
United Gas Improvement (guar.)
$1
Apr. 1 Holders of me. Mar.316
United Light & Pow,new com.A&B(qu.) 120. May 2 Holders of rec. Apr. 15
Holders of rec. Mar. 15
Old corn, Ci8.98 A & B (quar.)
600. May
Washington Water Power,Spokane(qu.) 2
Apr. 1 Holders of rec. Mar.25
Holders of rec. Apr. ba
West Penn Power Co.,6% pref.(quar.). 135 May
Holders of rec. Apr. 60
Seven per cent preferred (guar.)
151 May
Western Power Corp., pref. (guar.). _ _
154 Apr. 15 Holders of rec. Mar.81a
Western States Gas & El., pref. (quar.)_
134 Apr. 15 Holders of rec. Mar.31
1940
THE CHRONICLE
Per
Name of Company.
Public Utilities (Concluded)
Western Union Teleg.(guar.)
York Railways, corn. (guar.)
Preferred (guar.)
CCU.
When
Payable.
Books Closed.
Days Inclusive.
Name of Company.
[VOL. 124.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Economy Grocery Stores, corn. (guar.). *25e. Apr. 15 *Holders of rec. Apr. 1
Elgin Natioaal Watch (guar.)
562)4c May 2 *Holders of rec. Apr. 15
Eruption Mining (guar.)
.
7)4c. Apr. 2 *Holders of rec. Mar. 25
Eureka Vacuum Cleaner
Fire Insurance.
Common (payable In common stock)
Aug. I Holders of rec. July 20a
15
Horne (quarterly)
5
Apr. 11 Holders of rec. Mar. 5
Fair (The)(monthly)
20c. May 2 Holders of rec. Apr. 200
United States (guar.)
8
May 2 Holders of rec. Apr. 256
Preferred (guar.)
1% May 2 Holders of rec. Apr. 200
Fairbanks. Morse & CO., com.
750. June 30 Holders of rec. June 150
Miscellaneous.
Preferred (guar.)
134 June 1 Holders of rec. May 14a
Abraham dr Strauss, Inc., pref.(quar.)_ _
134 May I Holders of rec. Apr. 150 Famous Players-Lasky Corp., pref.
May 2 Holders of rec. Apr. 154
(qu.)
Abumada Lead Co.(guar.)
735e. Apr. 4 Holders of rec. Mar. 25a Fansteel Products Co.. new stock
750. May 17 Holders of rec. Apr. 29
Extra
Sc. Apr. 4 Holders of rec. Mar. 25a
Old common (payable in common stk.) *1300
*Holders of rec. Feb. 21
Air Reduction (guar.)
$1.25 Apr. 15 Holders of rec. Mar. 31a Federal Knitting Mills, corn.(guar.)._ _ _ 62)4c Apr. 15 Holders of rec. Apr. d5
Allis Chalmers Mfg., pref. (guar.)
134 Apr. 15 Holders of rec. Mar. 24a Federal Motor Truck, stock dividend
234 Apr, 6 Holders of rec. Mar. 190
Amerada Corporation (guar.)
50e. Apr, 30 Holders of rec. Apr. 156 Fifth Avenue Bus Securities (quar.)_
16e. Apr. 16 Holders of rec. Apr. 20
Amer.Art Works, Inc.. corn.& pf.(qu.)_
134 Apr. 15 Holders of rec. Mar.31
Finance Co. of America (Baltimore)
American Coal (guar.)
*$1
May I *Holders of rec. Apr. I
Common A and B (guar.)
1234e. Apr. 15 Holders of rec. Apr. 5a
Amer. Fork & Hoe, pref.(emu.)
134 Apr. 15 Holders of rec. Apr. 5
Seven per cent preferred (guar.)
Apr. 15 Holders of rec. Apr. 50
Amer. Home Products (guar.)
20c. May 2 Holders of rec. Apr. 150 Firestone Tire & Rubber, corn. (guar.).- 4334 Apr, 20 Holders of rec. Apr. 10
31.50
American Ice, common (guar.)
2
Apr. 25 Holders of rec. Apr. 130
Six per cent preferred (guar.)
1% Apr. 15 Holders of rec. Apr. 1
Preferred (guar.)
114 Apr. 25 Holders of rec. Apr. 130
Seven per cent preferred (guar.)
I% May 15 Holders of rec. May 1
Amer. Laundry Machinery, cont. (qu.). Si
June 1 Holders of rec. May 23
First Federal Foreign Investment Trust_ $1.75 May 15 Holders of rec. May 5
American Mfg. Co., corn. (guar.)
July 1 Holders of rec. June 16a Foote Bros. Gear & Mach..com (qu.)-- 30e. July 1 June 21 to June 30
Common (guar.)
1% Oct. 1 Holders of rec. Sept. 16a
30c. Oct. 1 Sept. 21 to Sept.30
Common (quar.)
Common (guar.)
134 Dec. 31 Holders of rec. Dec. 16a
Common (guar.)
30c. Jan 1'28 Dec. 21 to Dec. 30
Preferred (guar.)
134 July 1 Holders of rec. June 16a
Preferred (guar.)
1% July 1 June 21 to June 30
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 160
Preferred (guar.)
1,4 Oct. 1 Sept. 21 to Sept. 30
Preferred (guar.)
134 Dec. 31 Holders of rec. Dec. I60
Preferred (guar.)
154 Jan 1'28 Dec. 21 to Dec. 30
American Seating, corn.(extra)
25c. July 1 Holders of rec. June 20
Fox Film Corp.. com. A and B (guar.) - 51
Apr. 15 Holders of rec. Mar.30
.
Common (extra)
25c. Oct. 1 Holders of rec. Sept. 20
General Cigar, corn. (guar.)
May
Holders of rec. Apr. 200
Amer. Shipbuilding, common (guar.)... 2
May 2 Holders of rec. Apr. 156
Preferred (guar.)
1% June 2 Holders of roe. Slay 240
1
Preferred (guar.)
134 May 2 Holders of rec. Apr. 15
Debenture preferred (guar.)
1% July I Holders of rec. June 240
Amer.Steel Foundries. common (quar.)_ 75e. Apr. 15 Holders of rec. Apr. la General Electric (guar.)
750. Apr. 28 Holders of rec. Mar. 150
American Sugar Refining, com.(guar.). 134 Apr. 2 Holders of rec. Mar. la
Special stock (guar.)
15c. Apr. 28 Holders of rec. Mar. 15a
Preferred (guar.)
Apr. 2 Holders of rec. Mar. la General Ice Cream
Apr. 15 Holders of rec. Apr. 1
$1
Amer. Type Founders, corn. (quar.)
2
Apr, 15 Holders of rec. Apr. 56 General Motors Corp.. pref. (quar.)........ 1% May 2 Holders of rec. Apr. 90
Preferred (guar.)
134 Apr. 15 Holders of rec. Apr. 50
Six per cent debenture stock (guar.)1% May 2 Holders of rec. Apr. 90
American Woolen, preferred (quar.).__
134 Apr. 15 Mar. 12 to Mar.23
Seven per cent debenture stock (guar.) 1% May 2 Holders of rec. Apr. 90
Anaconda Copper Mining (quar.)
The. May 23 Holders of rec. Apr. 16a General Outdoor Advertising, corn.(qu.) 50e. Apr. 15 Holders of rec. Apr.
50
Asbestos Corp.. pref. (guar.)
134 Apr. 15 Holders of rec. Mar.31
General Refractories (quar.)
75e. Apr. 15 Holders of rec. Apr. 70
Associated Dry Goods, common (quar.)_ 62c. May 2 Holders of rec. Apr. 90 Gimbel Brothers. pref.(guar.)
1% May 2 Holders of rec. Apr. 160
First preferred (guar.)
134 June 1 Holders of rec. Apr. 30a Goodrich (B.F.) Co. preferred (guar.) 1 44 Jly 2 Holders of rec. June 150
1
Second preferred (guar.)
134 June 1 Holders of rec. Apr. 30a Gotham Silk Hosiery. 7% pref.
uSlay
Holders of rec. Apr. 150
Associated Oil, extra
40e. Apr. 25 Holders of rec. Mar. 5a Great Northern Ore Properties (qu.)
75e. Apr. 30 Holders of rec. Apr. 90
Atlas Powder, pref.(guar.)
13.4 May 2 Holders of rec. Apr. 20a Great Western Sugar, common
Apr. 2 Holders of rd. Mar. 15a
(guar.)
$2
Bankers Capital Corp., pref. (quar.)_ _ _ $2
Apr. 15 Holders of rec. Mar. 31
Preferred (guar.)
I% Apr. 2 Holders of rec. Mar. 150
Preferred (guar.)
$2
July 15 Holders of rec. June 30
Group No. 1 Oil
$750 Apr. 26 Holders of reo. Mar.250
Preferred (guar.)
$2
Oct. 15 Holders of roe. Sept. 30
Guenther Publishing Co., pref.(guar.).- 5
May 20 Holders of rec. Jan. 200
Preferred (guar.)
$2
Jan16'28 Holders of rec. Dee. 31
Quarterly
5
Aug. 20 Holders of rec. Jan. 200
Barnhart Bros. dz Spindler
Quarterly
5
Nov.20 Holders of rec. Jan. 200
First and second pre! (guar.)
May 2 *Holders of rec. Apr. 23
Gulf States Steel, first preferred (guar.) 1% July 1 Holders of roe. June I50
BarnsdallCorp.. class A &
6234c Apr. 5 Holders of rec. Mar. 21a
First preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 150
Bayuk Cigars, 1st pref. (guar.)
134 Apr. 15 Holders of rec. Mar. 310
First preferred (guar.)
134 Jan.3'28 Holders of rec. Dec. 150
• 134 Apr. 15 Holders of rec. Mar. 310 Hall(C. M.) Lamp
Convertible 2d preferred (guar.)
*25c. Apr. 15 *Holders of rec. Apr. 1
Eight per cent 2d preferred (guar.).
- 2
Apr. 15 Holders of reo. Mar. 31
uutnilton Bank Note
Sc. Aug. 15 Holders of rec. Aug. 1
Beech-Nut Packing, corn. (guar.)
60c. Apr. 9 Holders of rec. Mar. 230 Harbison-Walker Refrag.. pref. (quar.)_
1% Apr.
Preferred (guar.)
134 Apr. 15 Holders of rec. Apr. is Hartman Corporation. class A (quar.), 50c. June 20 Holders of rec. Apr. 90
1 Holders of rec. May 170
Belgo-Canadian Paper, corn. (quar.1_
134 Apr. 11 Holders of rec. Mar. 31
('lass (qoar.) in claw A stock
(o) June 1 Holders of roe. May 17a
Bingham Mines Co. (guar.)
$I
Apr, 5 Holders of rec. Mar. 2Ia Hathaway Baking. pref. A (quar.)
Apr, 15 *Holders of rec. Apr. 1
Blaw-Knox Co.. corn. (guar.)
75e. May 2 Holders of rec. Apr. 21
Hibbard,Spencer, Bartlett Co.(o‘onthly) 30c, Apr. 29 Holders of rec. Apr. 22
First preferred (guar.)
I% May 2 Holders of rec. Apr. 21
Monthly
30e. May 27 Holders of rec. May 20
Bloch Bros. Tobacco, common (quar.) 3734c May 15 Holders of rec. May 10
Monthly
30c. June 24 Holders of rec. June 17
Common (guar.)
3754e Aug. 15 Holders of rec. Aug. 10
11 Mercer Collieries, corn. (guar.)
1% Apr. 15 Holders of rec. Mar.31
Common (guar.)
3734c Nov. 15 Holders of rec. Nov. 10
Preferred (guar.)
I% Apr. 15 Holders of rec. Mar.31
Preferred (guar.)
134 June 30 Holders of rec. June 25
Howe Sound Co.(guar.)
SI
Apr. 15 Holders of rec. Apr. la
Preferred (guar.)
154 Sept. 30 Holdeis of rec. Sept 25
Illinois Brick (guar.)
600. Apr. 15 Apr. 5 to Apr. 18
Preferred (otter.)
I % Dee. 31 Holders of rec. Dec. 20
Quarterly
60e. July 15 July 3 to July 15
Bon Arn I Co., oni., class A (quar.)..... 51
Apr. 30 Holders of rec. Apr. 150
Quarterly
60c. Oct. 15 Oct. 5 to Oct. 18
Borne Scrymser Co
$1
Apr. 15 Mar. 27 14, Apr. 14
Independent Oil& Gas(guar.)
250. Apr. 18 Holders of reo. Mar. 31
Extra
75e. Apr. 15 Mar. 27 to
Apr. 14
Indiana Pipe Line (guar.)
$1
May 14 Holders of rec. Apr. 22
Brompton Pulp & Paper (guar.)
50c. Apr. 16 Holders of rec. Mar. 31
Inspiration Consul. Copper (guar.)
250. Apr. 4 Holders of rec. Mar. 17.
Buckeye Pipe Line (quar.)
Si
June 15 Holders of rec. Apr. 23
Internat. Business Machines (guar.).
- $1 Apr. 11 Holders of rec. Mar.23.
Burns Brothers, prior Preferred (gear.).
May 2 *Holders of rec. Apr. 15
International Harvester com. (guar.).- 1 .4 Apr. 15 Holders of rec. Mar.2E4
1
Bush Terminal Co.,7% deb. stk.(guar.)
134 Apr. 15 Holders of rec. Apr. la Internat. Match, partio. pref. (quar.)
80c. Apr. 15 Holders of rec. Mar. 250
Byers(A. M.) Co.. pref. (guar.)
May 2 *Holders of rec. Apr. 15
International Paper, 7% pref. (guar.)._
1% Apr, 15 Holders of rec. Apr. la
Canada Cement (guar.)
13.5 Apr. 16 Holders ,If rec. Slur. 31
Six per cent preferred (guar.)
1% Apr. 15 Holders of rec. Apr. la
Canada Dry Ginger Ale (guar.)
50e. Apr. 15 Holeers of rec. Apr. la Johns-Manville Corp., com. (quar.).....- 75c. Apr. 15 Holders of rec. Apr.
la
Extra
25c. Apr. 15 Holders of rec. Apr. la
Kayser (Julius) & Co., corn. (guar.).
- $1
May 2 Holders of rec. Apr. 15a
Canadian Car & Foundry. pref.(guar.). 134 Apr. 9 Holders of rec. Mar. 25
Kelsey Wheel, pref. (Qua?.)
1% Mae 1 Holders of roe. Apr. 300
Canadian Cottons, Ltd., com. (qu.)....... 2
Apr. 4 Holders of rec. Mar. 25
Kerr Lake Mines. Ltd
Sc. Apr. 15 Holders of rec. Apr. 1
Preferred(guar.)
Apr. 4 Holders of rec. Mar. 25
Kirby Lumber, common (gear.)
June 0
14 sept:10 Holders of rd. May 31
Canadian Fairbanks-Morse. pref.(quar.) 134 Apr. 15 Holders of rec. Mar. 31
Common (guar.)
Holders of rec. Aug. 31
Canadian Industrial Alcohol (guar.).
32c. Apr. 15 Holders of rec. Mar. 31
Common (guar.)
1% Dec. 10 Holders of rec. Nov. 30
Canfield 011. common (guar.)
•134 June 30 *Holders of rec. June 20
Knox Hat. Inc., prior pref. (guar.)
11.75 July 1 Holders of rec. June 15
Common (guar.)
•
134 Sept. 30 *Holders of rec. Sept.20
Prior preferred (guar.)
31:50
$ 75
3
Holders of rec. Sept. 15
Common (guar.)
'114 Dec. 31 *Holders of rec. Dec. 20
Second preferred
Oct.Aug.
Holders of rec. July 15
Preferred (guar.)
•134 June 30 *Holders of rec. June 20
Kruskal & Kruskal, Inc. (ouarterly). - 50c. May 16 Holders of rec. Apr. 29a
Preferred (guar.)
*154 Sept. 30 *Holders of rec. Sept. 20
Lamson & Hubbard, pf. (acct. ace. div.) 854
Apr. 8 Holders of roc. Apr. 1
Preferred (guar.)
•
134 Dec. 31 *Holders of roe. Doe. 20
Lion 011 Refining, com.(guar.)
50e. Apr. 27 Holders of rec. Mar.314
Central Alloy Steel, corn. (guar.)
50c. Apr, 10 Holders of rec. Mar. 25a
Common (extra)
25e. Apr. 27 Holders of me. Mar.31e
Century Itibooa Mills, pref. (quar.)... 134 June 1 Holders of rec. May 20a Loose-Wiles Biscuit
Chicago Pneumatic Tool (guar.)
•134 Apr. 26 *Holders of rec. Apr. 15
Old corn.(one share of new no par com) 25 July 1 Holders of rec. June la
Chicago Yellow Cab Co. (monthly)..._ 33 1-30 May 2 Holders of rec. Apr. 200
New no par common (guar.)(No. 1)._ *40c. May. 1 'Holders of ree. July 11
1 u Aug
Monthly
33 1-30 June I Holders of rec. May 200
Second preferred (guar.)
Holders of rec. Apr. 180
allIda Company
Lord & Taylor, 2d pref. (guar.)
2
Slay 2 Holders of rec. Apr. 160
Common (payable in no par com.stk.) fl
July 1 Holders of rec. May 27a MacAndrews & Forbes, com.(quar.)65e. Apr. 15 Holders of rec. Mar.3Ia
Common (payable in no par corn. stk.) fl
Oct. 1 Holders of rec. Aug. 260
Preferred (guar.)
1% Apr. 15 Holders of rec. Mar.31.
Common (payable in no par corn. stk.) /1
Dee. 30 Holders of rec. Nov 25a Macy (R. H.) & Co., com.(No. 1)
$1.25 May 16 Holders Of
Chrysler Corp., referred A (quar.)
$2
June 30 Holders of rec. June 150 Madison Square Garden Co. (guar.) -- 25o. Apr. 15 Holders of rec. Apr. 290
roe. Apr. 6
Preferred A &mar.)
$2
Sept. 30 Holders of rec. Sept. 150
Quarterly
25c, July 15 Holders of roe. July 5
Preferred A (guar.)
$2
Jan 3'28 Holders of rec. Dec. 150
Quarterly
25c. Oct. 15 Holders of rec. Oct. 5
•;.‘ May 2 *Holders of rec. Apr. 15
Cities Service. common (monthly)
Magma Copper (guar.)
75c. Apr. 15 Holders of rec. Mar.31a
Common (payable in common stock)_ _ '134 May 2 *Holders of rec. Apr. 15
Manning, Maxwell & Moore (guar.).- .1% Apr. 2 •Holders of rec. Mar.31
•;.6 May 2 *Holders of rec. Apr. 15
Preferred & preferred B (monthly)._
Manufactured Rubber. pref.
1% Apr. 11 Holders
Mar.
City lee & Fuel (guar.)
50e. June 1 Holders of rec. May 100 Maple leaf Milling, pref. (guar.)...- 1% Apr. 18 Holders of rec. Apr. 310
of
3
(guar.)
Quarterly
50c. Sept. 1 Holders of rec. Aug. 10a McCall Corporation, common (guar.)._ •50c. May 1 *Holders of rec.
rec. Apr. 20
Cleveland Stone (guar.)
50e. June 15 Holders of roe. June 50 McCrory Stores, preferred (guar.)
1% May 2 Holders of roe. Apr. 20a
Quarterly
50e. Sept. 15 Holders of rec. Sept. 50
Preferred (guar.)
1% Aug. 1 Holders of rec. July 20a
Coca-Cola Co., stock dividend
MOO Apr. 25 Holders of rec. Mar. 180
Preferred (guar.)
1% Nov. 1 Holders of rec. Oct. 200
Consolidated Royalty 00 (guar.)
2% Apr. 25 Holders of rec. Apr. 15
McLellan Stores, corn, A and B (guar.). 25c. July 1 Holders of roe. June 20
Copper Range Co
$1
May 2 Holders of rec. Apr. 2
Common A and B (guar.)
25e. Oct. 1 Holders of rec. Sept.20
Corn Products Refg., corn (guar.)
50c. Apr. 20 Holders of rec. Apr. 4a
Common A and B (guar.)
250. Jan 22 Holders of roe. Dee, 20
1% Apr. 15 Holders of rec. Apr. 4a
Preferred (guar.)
Common A & B (pay,in com. A stock) CS
Apr. 1 Holders of rec. Mar. 21
Creamery Package Mfg., corn.
050e. Apr. 9 *Holders of rec. Apr. 1
Mexican Petroleum, corn. (guar.)
Apr. 2 Holders of rec. Mar. 310
53
(guar.)
(quar.)Pefd
•134 Apr. 9 *Holders of rec. Apr. 1
Preferred (quar.)
Apr. 2 Holders of rec. Mar. 31a
$2
Cresson Consul. Gold Min.& Mill.(qu.) 10c. Apr. 10 Holders of rec. Mar. 31
Mid-Continent Petroleum (guar.)
750. May
Holders of rec. Apr. la
(qear.)
Crucible Steel, comm
1% Apr. 30 Holders of rec. Apr. 150 Miller Rubber, corn.(gear.)
50c. Apr. 2 Holders of rec. Apr. 56
Cudahy Packing, com. (guar.)
$1
Apr. 15 Holders of rec. Apr. 56 Montgomery Ward dr Co..
May) Holders of rec. May lsa
com.(guar.. 31
)
3% May 2 Holders of rec. Apr. 21
Seven per cent preferred
Motion Picture Capital Corp., pref.(qu.) 50e. Apr. I Holders of rec. Apr. 1
3
Six per cent preferred
May 2 Holders of rec. Apr. 21
Mountain & Gulf 011 (guar.)
Apr:
2
1
Holders of rec. Mar. 31
Cwieo Press. class A (guar.)
$1
June 15 Holders of rec. June I
Extra
Holders of rec. Mar.31
Inc.
Cushman's Sons,
National American Co., Inc.(qu.) (No.1 1.75c. May
*Holders of roe. Apr 15
Common (payable in $8 pref. stock).. 451.50 Sept. 1 Holders of rec. Aug. 15a National Biscuit. common
31.25 Apr. 1 Holders of rec. Mar.31a
(guar.)
.m Apr. 15 *Holders of rec. Mar. 31
Detroit Motor Bus,common (quar.)_
National Cash Register, class A (guar.). 750. Apr. 1
Holders of rec. Mar. 300
*2
Diamond Match (quar.)
June 15 *Holders of rec. May 31
National Casket, common (guar.)
*Holders of rec. May 2
$1.75 Apr. 15 Holders of rec. Mar. 280 National Fireproofing, pref.
Dodge Bros.. Inc.. pref.((War.)
" 50 A pr. 1
1% M ay
(guar.)
Holders of rec. Mar.31
Textile, preferred (quar.)_
1% Apr. 15 Holders of rec. Mar 31
Dominion
National Sugar Refining (guar.)
1% Apr.
Holders of rec. Mar. 7
DuPont (E. I.) de Nemours &
Nelson (Herman) Corp. (guar.)
30c, July
Holders of rec. June 20
1% Apr. 25 Holders of roe. Apr. 90
Debenture stock (guar.)
Stock dividend
el
July
Holders of rec. June 20
6234c July 1 Holders of rec. June 200
Early & Daniels. common (guar.)
Quarterly
30e. Oct.
Holders of rec. Sept.4
25e. July 1 Holders of rec. Juno 200
Common (extra)
Stock dividend
el
Oct.
Holders of rec. Sept. 19
6234c Oct. 1 Holders of rec. Sept.200 New Bradford Oil (guar.)
Common (guar.)
1234c Apr. 1 Holders of rec. Mar.31
25c. Oct. 1 Holders of rec. Sept. 200 Newmont Mining
Common (extra)
60c. Apr. 1 Holders of rec. Mar. 31
Corporation (quar.)
6234c Jan 1'28 Holders of rec. Dec. 200 New York Air Brake
Common (guar.)
75e. Slay
Holders of rec. Apr. 7.
(guar.)
25c. Jan 1'28 Holders of rec. Dee. 200 New York Transportation
Common (extra)
50c. Apr. 1 Holders of rec. Apr. 10
$1.75 July 1 Holders of rec. June 200 NipLssing Mines(guar.) (guar.)
Preferred (quar.)
15c. Apr. 2 Holders of rec. Mar. 31
$1.75 Oct. 1 Holders of rec. Sept.200 Ohio Brass, common,
Preferred (guar.)
Si
Apr. 1
13.(quar)
Holders of rec. Mar. 31
$1.75 Jan 1'28 Holders of rec. Dec. 200
Preferred (guar.)
Common B (extra)
r: 1
1
$1
1
Holders of rec. Mar. 31
Eastern Steamship Lines, pref.(guar.).- 873Sc Apr. 15 Holders of rec. Apr. 6
Preferred (guar.)
34 Apr
Holders of rec. Mar.31
*50c. May 1 *Holders of rec. Apr. 15
Eaton Axle dr Soring, com (guar.)
011 Well Supply Co., pref.(guar.)
I% Slay 2 Holders of rec. Apr. 15
2
Apr. 15 Holders of rec. Mar.250
75c. Apr. 15 Apr. 6 to
Apr. 14
62%C Apr. 30 Apr. 21 to
Apr. 29
134
134
.0134
•134
*134
134
APR. 2 1927.]
Name of Company.
THE CHRONICLE
Per
When
Cent. Payable.
Rooks Closed.
Days Inclusive.
1941
Weeklyilleturns of New York City Clearing House
Banks and Trust Companies.
Miscellaneous (Concluded).
Otis Elevator. corn. & pref.(guar.)
$1.50 Apr. 15 Holders of rec. Mar.310
The following shows the condition of the New York City
Overman Cushion Tire, Inc., COM.(on.) 21.75 July 1
Pacific Steel Boiler (guar.)
25c. Apr. 15 Holders of rec. Apr. la Clearing House memb, rs
for the week ending Mar. 26. The
Packard Motor Car, monthly
200 Apr. 30 Holders of rec. Apr. 15a
Monthly
200 May 31 Holders of rec. May 14a figures for the separate banks are the averages
of the daily
Pan American Petroleum & Transport,
Common and common B (quar.)
21.50 Apr. 20 Holders of rec. Mar.31a results. In the case of the grand totals, we also show the
Pennsylvania Salt Mfg.(guar.)
21.25 Apr. 15 Holders of rec. Mar.31a actual figures
of condition at the end of the week.
Phelps Dodge Corporation (guar.)
21.50 Apr. 2 Holders of rec. Mar. 22
Pioneer Petroleum, pref
171.40. Apr. 30 Holders of roe.
NEW YORK WEEKLY CLEARING HOUSE
Plym'th Cordage,corn.& empl.stk.(qu.) 1)6 Apr. 20 Holders of rec. Apr. 15
RETURNS.
Apr. 1
Portland Gold Mining (guar.)
*2c. Apr. 15 *Holders of rec. Apr. 6
(Stated In thousands of dollars-that is. three
ciphers (000) omitted.)
Prairie Pipe Line (guar.)
22.50 Apr. 30 Holders of rec. Mar.31
Premier Gold Mining, Ltd
8c. Apr. 4 Holders of rec. Mar. 15
New
Procter & Gamble,8% pref. (guar.)_ _ _ _
Apr. 15 Holders of
2
apital. Profits. Loans,
Pro-phy-lao-tie Brush, common (quar.) 50e. Apr. 15 Holders of rec. Mar.250
Reserve
rec. Apr. la
Week Ending
Prudence Plan of N. Y., pref.(quar.)
Discount. Cash
Apr. 16 Holders of rec. Mar.31
2
with
Na
Time Bask
Mar. 26 1927. Nat'l, Dec. 31 Invest
Q. R. S. Music, corn. (monthly)
•150. Apr. 15 *HoIders of rec. Apr. 1
in
Legal Demand
De- CirceState, Nov.15 mettle, Vault. Depos
Monthly
*150. May 15 *Holders of rec. May 1
Deposits. posits. lances.
(000 omitted.) Tr.Coa Nov.15
Quaker Oats, com. (guar.)
&c.
Apr. 16 Holders of rec. Apr. 1
21
tones.
Common (extra)
$5
Apr. 15 Holders of rec. Apr. 1
Members of Fed. Res. Bank. Average. Astra
Preferred (quar.)
1)4 May 31 Holders of rec. May 2
Average Average. Average
Bank of N Y &
Remington-Noiseless Typew., pf. (qu.)_
154 Apr. 15 Holders of rec. Apr. 1
5
Trust Co___.4,000 13,354
Remington-Rand, Inc., corn. (No. 1)._ 400. Apr. 4 Holders
79.396
507
of rec. Mar.24
57,137 8,838
Bk of Manhat'n 10,700 15,854 169,384 2,921 7,745
Common (payable in common stock)__ 11
Apr. 30 Holders of rec. Apr. 11
17,656
129,053 25,619
Bank of Amen
First preferred (guar.)
6,500 5,286
76,031 1,138
21.7 Apr. 4 Holders of rec. Mar.24
83,996 3,665
National City-- 75,000 65,829 822,858 4.034 11,077
Second preferred (quar.)
Apr. 4 Holders of rec. liar. 24
22
892.027 135,425
95
Chemical Nat__ 4,500 19,061 136,561 1,068 91,060 *
Rice-Stix Dry Goods, com.(guar.)
3754c. May
Holders of rec. Apr. 15
15,550
117,930 3,228
347
Greenwich Bank 1,000 2.645
Richfield Oil(quar.)
24,701 1,581 3,125
.25c. May
*Holders
23,268 2,835
Nat Ilk of Com_ 25,00 42,479 366,331
Richmond Radiator, old pref. (quar.)-52 1.09 1- Apr. 1 *Holders of rec. Apr. 5
653 41,399
of rec. Mar.31
313,322 24,145
ChatPh NB&T 13,500 13,329 218,541 2,408
New pref.(par 550).(guar.)
*87)60 Apr. 1 *Holders of roe. Mar. 31
22,559
160,902 44,689 6.151
Hanover Nat__ 5.000 26.605 121,691
Safety Cable Co.(guar.)
$1
Apr. 1 Holders of res. Mar.31
537 13,564
Corn Exchange_ 11,000 16,174 207,026 4,602
St. Joseph Lead (quar.)
50e. June 2 June 10 to June 20
23,754
172.355 31,395
National Park__ 10,000 24,319 163.977
Extra
250. June 20 June 10 to Jane 20
815 16,540
127.310 6.459 4,698
Bowery & E R. 3,000 3,524
Quarterly
68,523 1,881 13.680
50c. Sept.20 Sept. 10 to Sept.20
45.781 21,052 2,978
First National_ _ 10,000 77,448 301,022
Extra
584 26,319
25c. Sat.20 Sept. 10 to Sept.20
200,134 10,272 6,476
Am Ex Irving Tr 32.000 28.808 425,143 4,030 50,818
Quarterly
500. Dec. 20 Dec. 10 to Dec. 20
381,608 38,672
Continental_ _ 1,000 1,269
Extra
7,805
126
250. Dec. 20 Dec. 10 to Dec. 20
857
5.812
430
_
Chase National_ 40,000 38,221 573,504 6,754 66,312
Savage Arms, second preferred(guar.)
•1H May 16 *Holders of rec. May
*515.744 40,417 2:473
1
Schulte Retail Stores, common (quar.)
500 2,985
25,473
8754o June 1 Holders of rec. May 15a Fifth Avenue__
697 3,232
25,589
Commonwealth.
Common (guar.)800
740
13,142
439 1,275
8754 Sept. 1 Holders of roe Aug. 15a
8,791 4,389
8,791
Common (guar.)
17,323
498 2.444
87)40 Dee. 1 Holders of rec. Nov 15a Garfield Nat'l__ 1,000 1,830
16,891'
485
Seagrove Corp
(p) Apr. 20 Holders of roe Mar. 31a Seaboard Nat'l_ 6.000 11,007 128,408
872 15,552
118,685 2,915
46
Bankers Trust_ 20.000 35.540 349.366
Seeman Brothers, Inc., com.(guar.)_50c May 2 Holders of rec. Apr. 15
910 32,778 *277,491 43.870
U B Mtge & Tr_ 3,000 4,965
Segal Lock & Hardward. pref.(quar.)
59,675
741 7,651
164 Apr. 15 Holders of rec. Feb. 28
57,066
Guaranty Trim 25,000 25,202 447,944 1,506 49,348 *440,104 4,849
Shaffer Oil& Refg.. pref.(guar.)
IA Apr. 25 Holders of rec. Mar.31
63,138
Sharon Steel Hoop. pref. (guar.)
*2 Apr. 7 *Holders of rec. Mar.24 Fidelity Trust__ 4,000 3,235 43,594 694 4,984 36,768 4.078
Shattuck (F. G.) CO. (quar.)
50e. Apr. 11 Holders of rec. Mar.210 New York True 10,000 21,813 169,143
701 18,252
134,157 23,328
Farmers L & T 10,000 19,908 146,493
Smith (Howard) Paper Mills, pref.(qu.) 2
Apr. 11 Holders of rec. Mar.31
629 14,094 *107,748 20,375
Spear & Co., 2d prof.(guar.)
Equitable Trus 30,000, 22,907 279,131 1,726 29,918 *316,140 32.22
•154 Apr. 15 *Holders of rec. Apr. 1
Stanley Company, stock dividend
620
Apr. 9 *Holders of rm. Mar. 6
Stanley Works. pref. (guar.)
Total of averapu 362.500544.346 5,442,186 43,052 594,519 c4,403.700 696.55423.2
1% May 16 Holders of rec. Apr. 30
64
Steel Co. of Canada,corn ..ft pref.(au.).._
1% May 2 Holders of rec. Apr. 7
Sterling Oil & Development
100. Apr. 5 Holders of rec. Mar. 30a Totals, actual cnditIon Mar.265.399,087 43,750 646,811c4,353,676 598,191 3,318
Extra
Totals, actual c ndltIon Mar.195.457,097 41,122667,704 c4,420,885
10e. Apr. 5 Holders of rec. Mar.30a
Sullivan Machinery (guar.)
Totals, actual condition Mar.12 5.266,920 43,883632,402c4,262,234 598,07423,266 ;
SI Apr. 15 Apr. 1 to Apr. 14
593,0 23,202
Te!autograph Corp., common
300. May 2 Holders of rec. Apr. 15
Preferred (quar.)
State Banks Not Me mbers •f Fed'I Ree've Bank.
1% Apr. 11 Holders of rec. Mar. 31
Texas Corporation. stock dividend._
State Bank.
5,000 5,761 107,611 4,515 2,510
10
Apr. 2 Holders of rec. Mar. 40
38.478
Texon 011 & Land (guar.)
35,600 3,518 1,700
20e. Apr. 26 Holders of rec. Mar. 250 Colonial Bank_ 1.400 3,000
29,300
Thompson (John R.) Co.(monthly).30c. May 2 Holders of rec. Apr. 22a
Monthly
Total of averages 8,400 8,761 143,211 8,031 4.210
• 300.
67,778
Tobacco Products Corp., com.(quar.)_ $1.75 June 1 Holders of reo. May 23a
Apr. 15 Holders of rec. Mar.250 Totals,
Tonopah Mining o/ Nevada
OC11141 condition Mar.26 143,308 8,040 4.186
7360. Apr. 21 Apr. 1 to Apr. 7
67,749
Tooke Bros., Ldt.. preferred
Totals, actual condition Mar.19 168,884 9,410 7.1721
134 Apr. 15 Holders of rec. Mar. 31
((Man)
91,809
Tuckett Tobacco, corn. (guar.)
Totals, actual condition Mar.12 169,010, 9,636 6.470i
1
Apr. 14 Holders of roe. Mar.31
91,989
Preferred (guar.)
1
1% Apr. 14 Holders of rec. Mar. 31
Union Storage (guar.)
Trust Compan lea Not Membe rs of Fed 'I Reel e Bank.
,
62)40 May 10 Holders of rec. May la
Quarterly
67,284 1,716 4,583,
41,855
6236c Aug. 10 Holders of rec. Aug. la Title Guar dc T 10.000 19,506
Lawyers Trust_ 3.000 3,429
Quarterly
23,6911
878 2,035'
19,000
62344 Nov. 10 Holders of rec. Nov. la
United Drug, corn.(guar.)
2;‘ June 1 Holders of rec. May 160
First pref. (guar.)
13,000 22,936
90,975 2,594
14f May 2 Holders of rec. Apr. 150 Total of arerag
1,949
United Profit-Sharing, preferred
Apr. 30 Holders of rec. Mar. 31a Totals, actual
5
United Shoe Machinery, com. (guar.)
c ndition Mar.26
90.764 2,515 6.7251
60,535 1,987 _623.4c. Apr. 5 Holders of rec. Mar. 15
Totals, actual condition Mar.19
Preferred (guar.)
91,143 2,587 6,7361
61,819 1,934 -37)6c. Apr.
Totals, actual condition Mar.12
United Verde Extension Mining (quar.)- 75c. May 5 Holders of rec. Mar. 15
88,886 2,765 6;1121
58.721 1,937 ...._
2 Holders of rec. Apr. 6
1.7. B. Can, pref. (guar.)
154 Apr. 15 Holders of rec. Mar.31
Gra mgr.,avge.381,900 576,044 5,676,372 53,677605,347 4.532,333
U.S.Cast Iron Pipe & Fdy., com.
868.17723.264
23.4 June 1 Holders of rec. June la Comparison with prey.
Common (quar.)
week .._ +23,950 -417-1,0171 -10,914 --4,023 +13
23.4 Sept. 15 Holders of roe. Sept. la
Common (guar.)
-2)6 Dec. 1 Holders of rec. Dec. la Gr'd aggr.,
acelconcrn Mar.26 5,633.159 54,305 657,722 4,481,960669,94223,318
Preferred (guar.)
1% June 1 Holders of rec. June la
Preferred (guar.)
-83.945+1.l86-23,890, -92,55 -2,406 +52
1% Sept. 16 Holders of rec. Sept. la Comparison with prey. week
Preferred ((luar.)
1% Dec. 1 Holders of rec. Dec. la Gr'd
1015 717
, .104 63.119681.8121
U. S. Industrial Alcohol, °Om.(quar.).. 1)(
4,574,51
May 2 Holders of rec. Apr. 150 Gr'd aggr., oat cond'n Mar.
agar., oatcondo Mar.12 5,524,816 66,284644.98.& 4,412,944 672,34823,266
Preferred (guar.)
154 Apr. 15 Holders of rec. Mar.316
U. S. Radiator, corn. (guar.)
Or% aggr., eirdeond'n Mar. 5 4,494.370 55,000573,300 4,370,70 667,397 23,202
50c. Apr. 15 Holders of rec. Apr. 1
689,73923,863
ord aggr., anacond'n Feb.26 5,497.097 58,006 615,7311 4,389,69 679.62723.368
Preferred (guar.)
154 Apr. 15 Holders of rec. Apr. I
United States Steel Corp.
Gr'd aggr., acrloondli Fob, 19 5,417.574 55,242 564,042 4,306.90 686.41222,4
Common (payable In common stock)._ *40
(led aggr.. act'lcond'n Feb 115.412,263 64,738600,9581 4.361.691 '181,91121,487
41,
Universal Leaf Tobacco, corn. (guar.).- 750. Subj.to 6tockholders'meet.Apr.18
May
Note.
-U. S. deposits deducted from net demand deposits in the general total'
Universal Pipe & Radiator, pref.((mar.) 1% May 1 Holders of tee .Apr. 15a
.
2 Holders of rec. Apr. 150 above were as follows: Average total
Preferred (guar.)
1% Aug. 1 Holders of roe. July 15a $80,840,000: Mar. 19, $81,139,000 Mar. 26, 180,840,000. Actual totals Mar. 26,
Preferred (guar.)
; Mar. 12, 222,163,000; Mar. 5, 523,562,000:
14i Nov. 1 Holders of rec. Oct. I6a Feb.26, $24,984,000 Feb.
Vick Cnemical (guar.)
;
19, 524,963,000. Bills payable, rediscounts. acceptances
May
VIpond Consol. Mines, Ltd.(Interim).. 8736c Apr. 1 Holders of rec. Apr.d16a and other liabilities. average for week. Mar.26,$625,143,000; Mar. 19,$609,186,000;
3
15 Apr. 1 to Apr. 15
Mar. 12, $34,185,000; Mar. 5, $621,780,000; Feb. 26, $615,845,000: Feb.
V. Vivaudou, Inc., com.
19, $622,(guar.)
750. Apr. 15 Holders of rec. Apr. la 535,000. Actual totals,
Mar. 26, 2689,153,000: Mar. 19, 8696,820,000; Mar. 12.
Preferred (guar.)
15( May 2 Holders of rec. Apr. 156 3698,354,000; Mar.
Vulcan Dab:ming. pref.(guar.)
5, 5643,573,000: Feb. 26, 8648,529.000; Feb. 19. 5611.579.000.
Apr. 20 Holders of rec. Apr. 14a
154
Preferred (account accum. dIV.)
•Includes deposits in foreign branches not included in total footings
22
Apr. 20 Holders of rec. Apr. 14a
as follows:
Preferred A (guar.)
1% Apr. 20 Holders of rec. Apr. 14a National City Bank, 2233,935,000: Chase National Bank, $11,823,000: Bankers
Wabasso Cotton (quar.)
Trust Co.. 535,387.000: Guaranty Trust
Si
Apr. 2 Holders of rec. Mar. 15
287,375,000; Farmers Loan it Trust
Bonus
Co., $4,572,000: Equitable Trust Co., 293,361,000. Balances carried
500. Apr. 2 Holders of roe. Mar. 15
Co..
in banks In
Warner-Quinlan Co.(guar.)
50e. Apr. 2 Holders of rec. Mar. 166 foreign countries as reserve for such deposits were: National City Bank, $39,063,000:
Weber & Hellbroner. pref.(quar.)
154 June 1 Holders of roe. May 166 Chase National Bank, $2,491,000; Bankers Trust Co.. $2,383,000; Guaranty Trust
West Coast011(guar.)
21.50 Apr.
Holders of rec. Mar.21a Co., 53,330,000; Farmers' Loan it Trust Co., $4,572,000: Equitable Trust CO.,
Extra
17,692,000.
23
Apr.
Holders
Mar.
Western Grocers, pref.(guar.)
c Deposits in foreign branches not included.
ig Apr. 1 Holders of rec. Mar.216
of rec.
31
Westinghouse Air Brake(guar.)
21.75 Apr. 3 Apr. 1 to Apr. 12
Westinghouse Elec.& Mfg.. corn.(Otan) 51
Apr. 3 Holders of rec. Mar.314
The reserve position of the different groups of institutions
Preferred (guar.)
21
Apr. 1 Holders of rec. Mar.316
White Eagle Oil it Refining
500. Apr. 2 Holders of reo. Mar.316 on the basis of both the averages for the week and
the
Wright. Hargreaves Mina/ (guar.)
100. May
Holders of rec. Apr. 15
Wrigley (Wm.) Jr. & Co.(monthly).
Holders of rec. Apr. 206 actual condition at the end of the week is shown in the.
- - 250. May
Monthly
250. June 1 Holders of rec. May 206 following two
tables:
Monthly
250. July 1 Holders of roe. June 206
STATEMENT OF RESERVE POSITION OF CLEARING
HOUSE BANKS
•From unoMcial sources. 1 The Now York Stock Exchange
AND TRUST COMPANIES.
has ruled that stock
VIII not be quoted ex-dividend on Ms date and not until
further notice.
The
New York Curb Market Association has ruled that stock
will not be quoted exAverages.
/lit/blend on this date and not until further notice.
Cash
Reserve
a Transfer books not closed for this dividend. d Correction.
Reserve
e Payable in stock.
in
To
Reserve
Surpluil
,
fPayable in common stock. p Payable in scrip. h
On account of accumulated
In Vault. Depositaries Reserve.
Required
Ramos.
.
.
dividends. m Payable In preferred stock.
Members Federal
Cushman & Sons common stock dividend Is payable in 28
preferred stock on the
Reserve Bank _
valuation of $100 for preferred stock
594.519,000 594,513,000 590,377,620 4,141,380 .
State banks.
8,031.000 4,210,000 12,241,000 12,200.040
40,960
o Subject to approval of stockholders.
Trust companies._ _
2,594,000 6,618,000 9,212,000 9,128.260
83,750
p Seagrove Co. dividend is 30o. cash or 214% In stock.
Total Mar. 26_ _ - 10,625,000 605,347,000615,972.000 611,705,910
.
4,266,090 •
p Philadelphia Co. stock dividend Is one one-hundred
Total Mar. 19__
12,489,000 606.364,000 618,853.000 618.455.740 75.153,260
-twentieth of a share of
Total Mar. 12_ _ _ _ 12,526,000 585,525,000 598.051,000 594.666.500
common stock.
3,384,500
Total Mar.
12,495.000 589.688,000 602.183,000 598,179,010 4.003,990
r Payable either in cash or class A stock.
• Not members of Federal Reserve Bank.
s Payable either In cash or Class A stock at rate of $25
b This is the reserve required on net demand deposits In the case of
per share.
State banks
and trust companies. but In the case of members of the Federal
w Dividend Is 50 cts. a share, payable in either cash or
Reserve Bank.
class A stock at the rate Includes also amount of reserve
of one-fortieth of a share of class A stock for each share of common.
required on net time deposIts,whIch was as follows:
Erroneously Mar. 26, $17,896,000: Mar. 19. 217,939,400; Mar.
reported In previous issues as 62i cts.
12, 517,751,540; Mar. 5, 518.- ,
118,380: Feb. 26. $18,203,150; Feb. 19, 518,428,130.
1
1
[VoL. 124.
TH 11, CHRONICLE
1942
Actual Figures.
Reserve
Cash
in
Reserve
in Vault. Depositaries
Surplus
Reserve.
BOSTON CLEARING HOUSE MEMBERS.
Total Mar. 26_ _- 10,555,000 657,722,000 668,277,060 605,198,680 63,078,320
11,997,000 681,612,000 693,609,000 614,316,570 4,536,430
Total Mar. 19._
Total Mar. 12...... 12,401,000 644,984,000 657,385,000 597,248,210 60.136,790
12,562,000 573,300,000 585,862.000 591,771,970 -5,909,970
Total Mar. 5 _ _
•Not members of Federal Reserve Bank.
banks
a This Is the reserve required on net demand deposits In the case of State
and trust companies, but in the case of members of the Federal Reserve Bank inas follows:
cludes also the amount of reserve required on net time deposits, which was
Mar. 26, $17,945,730: Mar. 19, $17,942,220; Mar. 12, 317,791,620; Mar. 5, 317,866.140; Feb. 26, $18,165,090; Feb. 19, $18,372,810.
Mar. 30
1927,
Changes from
Previous Week.
Mar. 16
1927.
Mar. 23
1927.
$
$
$
72,650,000
72,650,000 Unchanged
Capital
93,448,000
96.012,000 Inc. 2,564,000
Surplus and profits
Loans, disc'ts & Invest. 1.043,207,000 Inc. 2,064,000 1,041,143,000
661,376,000 Dec. 8,864,000 670,240,000
Individual deposits__
143,051,000 Dec. 4,903,OCO 147,954,000
Due to banks
418.000 236,084,000
236.502,000 Inc.
Time deposits
33,151,000
710,000
32,441.000 Dec.
United States deposits_
36.191,000
30,015,000 Dec. 6,176,000
Exchanges for Cl's 11'se
81,989,000
Due from other banks
79,285,000 Dec. 2,704,000
79,491,000
608,000
Dec.
78,883,000
Res've In legal deposles
9,027,000
82,000
8,945,000 Dec.
Cash In bank
317.000
37.000
280.000 Dec.
Ree've excess in F.R.Bk
§§§§§§§§§§1§
646,811,000 646,811,000 583,923,610 62,887,390
31,180
8,040,000 4,186.000 12,226,000 12,194,820
159.750
2,515,000 6,725,000 9,240.000 9,080,250
w..mb
mocnocaw=w-iton
0
.o.WoWboWoolo,4 1
Members Federal
Reserve Bank....
State banks.
Trust companies*...._
a
Reserve
Required.
Total
Reserve.
-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:
•
State Banks and Trust Companies Not in Clearing
-The Philadelphia Clearing House
Philadelphia Banks.
-The State Banking Department reports weekly
House.
the condition of State banks and trust com- return for the week ending Mar.26, with comparative figures
figures showing
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given , below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by Slate Banking Department.)
Differences from
reserve. For trust companies not
Precious Week. is not a part of legal
March 26.
$1,271,361.100 Dec.$8,412,200 members of the Federal Reserve System the reserve required
Loans and Investments
208,600
4,926.000 Inc.
Gold
285,200 is 10% on demand deposits and includes "Reserve with
24,054,800 Inc.
Currency notes
Deposits with Federal Reserve Bank of New York_ 106,530,500 Dec. 1,220,000
1,200 legal depositaries" and "Cash in vaults."
1 334,381,100 Dec.
Total deposits
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in N.Y.City exchange, and U.S.deposIts_1,256,058,100 Inc. 6,080,600
175,065,900 Dec. 4.707,400
Reserve on deposits
Percentage of reserves, 21.3%.
RESERVE.
State Banks
-Trust Companies
$94,473,500 15.54%
.141,037.800 17.01%
Cash in vault
27.304,900 4.65%
Deposits In banks and trust cos.__ 12.249.700 5.07%
$121.778,400 20.19%
$53,287,500 22.08%
Total
•Includes deposits with the Federal Reserve Bank of New York, which for the
State banks and trust companies combined on March 26 was $106,530.000.
-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks and
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Total Cash
in Vaults.
Loans and
Investments.
Week Ended-Nov. 27
Dec. 4
Dec. 11
Dec. 18
Dec. 25
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 11
Feb. 19
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Demand
Deposits.
$
6,599,992,200
6,689,295,600
6.667.713,300
6,664,332,100
6.713.433,300
6.837,671,900
6.954,175.000
6,819,657,900
6,755,555,500
6.710,870,100
6.728.899.400
6,670,129,400
6.657.735,000
6,682.585,900
6,770,284,900
6.769,161.600
6,932,195.300
3
5,550,678,300
5.716,914,900
5,586,288,800
5.630,977,600
5,636,517,700
5.741,187,400
5.898.416.700
5,789,308,200
5,801,064,500
5,714,684,400
5,721,854,900
5,642,353,800
5,545,046,000
5,549.193,800
5,645,318,300
5,635,476,400
5,793,224,500
A 047 711 100
A 755 101 1nn
Reserve in
Depositaries.
$
$
86,468,400 728.368.600
76,615,500 734.203,700
88,536,500 726,827,700
96,557,700 738,221,800
105,590,700 734,688,400
95,908,300 761,848.700
91,552,900 786.239,700
91,267,300 757,056.100
81,093,000 746,207,200
85,754.700 731,499,000
83,192.800 731,203,500
86,676.800 721,361.700
84.366,800 726,327,806
86,470,300 715,260,101
83,732,500 732,128,701
83,956,400 731,343,201
82,581,000 757,650,301
761 429 me
Q., AM, unn
Week Ended March 26 1927.
Two Ciphers (00)
omitted.
Trust
Membersof
F.R.System Companies
Capital
Surplus and profits
Loans, disc'ts & Investm'ts
Exchanges for Clear. House
Due from banks
Bank deposits
Individual deposits
Time deposits
Total deposits
Res've with legal deposits.
Reserve with F.R.Bank_ _
Cash in vaults
Total reserve & cash held._
Reserve required
Excess res. dr cash In vault.
850,225,0
153,936.0
956,742,0
32,172,0
96,358,0
135,843,0
613.658,0
153,795,0
903,296,0
68,616,0
9,249,0
77,865.0
68.177,0
9,688,0
1927
Total.
March 19 March 12
1927.
1927.
$5,000,0 $55,225,0 $55,225,0
17,765,0 171,701,0 170,808,0
48,107.0 1004,849,0 1005,223,0
686.0 32.858,0 37,112,0
17,0 96,375,0 103,350.0
1,007.0 136.850,0 140,311,0
27,483,0 641,141,0 658,855,0
2,291,0 156,086.0 156,350,0
30,781,0 934,077.0 955,516,0
6,341.0
3,069.0
3,069,0
68,616.0 69.808,0
1,368,0 10,617,0 10,860,0
4.437,0 82,302,0 87,009,0
4,282,0 72,459,0 73,898.0
9,843,0 13,111,0
155.0
55,225,0
170,808,0
989,638,0
32,231,0
97,116,0
136.468,0
652,861,0
155,932,0
945.261,0
4,911,0
69,782,0
11,469,0
86,162.0
73,772,0
12,390,0
members.
•Cash In vault not counted as reserve for Federal Reserve
Condition of the Federal Reserve Bank of New York.
-The following shows the condition of the Federal Reserve
Bank of New York at the close of business Mar. 30 1926 in
comparison with the previous week and the corresponding
date last year:
ResouseesGold with Federal Reserve Agent
Gold redemp. fund with U.S. Treasury
Afar. 30 1927. Mar.23 1927. Mar. 31 1926.
3
$
$
378,610,000 378,610,000 344,020,000
11,532,000
12,718,000
11,171,000
389,781,000
237,892,000
488,134,000
Gold held exclusively anat. F. R.notes_
Gold settlement fund with F. R. Board
Gold and gold certificates held by bank
Total gold reserves
Reserves other than gold
Total reserves
Non-reserve cash
Bills discounted
Secured by U.S. Govt. obllgations.
Other bills discounted
391,328,000
198,014,000
499,570,000
355.551,000
318,650,000
332,122,000
1,115.807,000 1,088,912,000 1,006,324,000
43,675,000
32,074,000
32,010,000
1,147,817.000 1,120,986,000 1,049,999,000
22,910,000
18,017,000
15,952,000
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that is, three ciphers 10001 omitted)
CLEARING
NON-MEMBERS Capital.
Week Ending
Mar. 26 1927.
Members of
Fed'i Res've Bank.
Grace Nat'l Bank _ _
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of Wash. Ills
Trust Company.
Not Member of the
Federal Reserve Bank.
Mech. Tr., Bayonne
Loans,
DisNet
counts,
Profits. Investments,
etc.
Reserve
Net
Net
with
Time
Legal Demon
Deposi- Deposits. Deposits
tories.
Cash
in
Vault.
Average. Average Average. Average.
3
3,794
7.262
1,097
47
1,000
1,950
$
13,580
400
1,028
10,347
804
417
6.9621
3,354
500
660
9,197
279
182
3,6341
5,843
1,900
Gr'd aggr., Mar. 26
Comparison with pr ev. week
3,640
33,124
-270
1,130
-125
1,696 a17,858
-10 -456
12,991
+15
18,314
18.184
18.070
18.086
12,976
12,996
12,957
12,943
billties, 32.920,000.
Deficit
Or•d Mtge.. Mar. 19
Ord aggr., Mar. 12
oed assn. Mar. 5
Gra aggr., Feb. 26
120.299,000
57,275,000
140.644,000
52,133.000
149,725,000
63,620,000
13,143,000
31,827,000
47,307,000
7,813.000
14,587,000
58.322.000
4,044,000
29,123,000
21,298,000
92,277,000
80,722,000
54,465,000
2,329,000
269,851,000
273.499.000
270,139,000
660,000
151,368,000
16,276,000
2,165,000
660,000
154,456,000
16,276.000
1.979,000
643,000
141,915,000
16,701,000
3,202,000
Total bills discounted
Bills bought In open market
U. S. Government securities
Bonds
Treasury notes
Certificates of Indebtedness
Total U.S. Government securities..
Foreign loans on gold
Total resources
1,604,089,000 1,585,873,000 1,505,509,000
LP/MinksFedi Reserve notes in actual circulation. 417,357,000
Deposits
-Member bank, reserve acc't_. 927,624,000
17,335,000
Government
1,664.000
Foreign bank (See Note)
8,374,000
Other deposits
413.842.000
922.319,000
516,000
1.877.000
10.274,000
371,983,000
902,077,000
6,097,000
804,000
7.082,000
954,997,000
128,837,000
38,270,000
61,614,000
3,014,000
934.986,000
134.377,000
38.173,000
61.614,000
2,881,000
916,060,000
120,743,000
33,903,000
59,964,000
2,856,000
Total deposits
Deterred availability items
Capital paid in
Sure]us
All other liabilities
Total nobilities
1,900
1,900
1.901,
1.900
1,255
3.640 33,394
8401 33,147
1.257
' 1
3
1,228
3,640; 33.155
3.640' 33.9651 --1.22
a United States deposits deducted, $55,000.
Bills payable, rediscounts. acceptances and other
In reserve. 160.980 decrease.
100,987,000
48,738,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
New York City Non-Member Banks and Trust Com-The following are the returns to the Clearing
panies.
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
109.137.000
31,507,000
Total bills and securities (See Note)
Mar OR
94,221,000
26,078,000
1.706
1,718
1,754
1,725
Ratio of total reserves to deposit and
Fed"! Reeve note liabilities combined
Contingent liability on bills purchased
for foreign correspondence
1 604,089,000 1.585,873.000 1,505,509,000
83.6%
40,635,000
83.1%
40.883,000
81.5%
16,508.000
NOTE.
-Beginning with the statement of Oct. 7 1925, two new Items were added
n order to thew separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption, "All other earning assets," previously made of Federal intermediate credit bank debentures, was changed to "Other
securities," and the caption "Total earning Meta" to "Total bills and securities."
the d10
The latter term was adopted as a more accurate description of the total of and 14
13
counts.acceptances and securities acquired under the provisions of Sections therein.
of the Federal Reserve Act, which It wasstated, are the only ItemsIncluded
1
APR. 2 1927.]
THE CHRONICLE
1943
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Mar.31.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 1915 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 MARCH
30 1927.
Mar.301927. Mar.23 1927. Mar. 16 1927. Mar.91927. Mar. 2 1927. Feb. 23 1927. Feb. 16 1927. Feb.
9 1927. Mar. 31 1926.
RESOURCES.
s
$
$
$
$
$
8
$
8
Gold with Federal Reserve agents
1,613,495,000 1.619,911.000 1.689,080,000 1,573,277,000 1,534,183,000 1.560,960,000 1,547,671,000 1.552.632.000 1,361,723,000
Gold redemption fund with U. S. Tress_
52,021,000
51,105,000
47,442,000
46,481.000
43,204,000
38,751,000
44,528,000
44,346,000
49,730.000
Gold held exclusively agst. F. R. notes 1,665,516,000 1,671.016,000 1,735,561,000 1.620,719,000 1,577.387.000 1.599,711,000
1,592,199.000 1,596,978.000 1,411,453.000
Gold settlement fund with F.It. Board
620,488,000 608.963,000 524,085,000 599,876,000 633,998,000
Gold and gold certificates held by banks_ 735,895,000 753,657,000 764,095,000 792,066,000 770,201,000 621,859,000 616,854,000 610,964,000 750,959,000
761,528,000 781.010.000 772,410.000 604,461,000
Total gold reserves
3,021,899,000 3,033,636,000 3,023,741,000 3.012,661,000 2,981.586,000 2,983,098,000 2.990,063,000
2,980,352.000 2,766,873,000
Reserves other than gold
160,794,600 159,644,000 161,144,000 160,619,000 162,328,000 157,938,000
168,013,000 167,906,000 152,973,000
Total reserves
3.182,693.0003,193,280.000 3,184,885.000 3,173.280.0003.143.914,000 3,141,036,000 3,158,078,000 3,148,258,000
2,919,846,000
Non-reserve cash
63,759,000
66,465.000
67,896,000
68,554,000
66,755,000
66,126,000
74,980,000
74,783,000
62,078,000
Bills discounted:
Secured by U. S. Govt. obligations
259,083,000 268,421,000 175,457,000 240,074.000 248.505.000 210,357,000
Other bills discounted
196,937,000 188,716,000 155,065,000 175,865,000 186,139,000 187,572,000 230,954,000 202,048,000 311,487,000
165,516.000 177,017.000 320,904,000
Total bills discounted
456,023,000 457,137,000 330,522,000 415,939,000 434,644,000 397,929,000
BIBB bought in open market
237,409,000 231,259,000 218.870,000 264,685,000 289,023,000 280,189,000 396,470,000 379,0135.000 632,391,900
314,985,000 302,505,000 249,633,000
U. B. Government securities:
Bonds
68,206,000
61,950,000
58,364,000
65,413.000
58,888,000
56.788,000
57,370.000
56,148.000
70,054,000
Treasury notes
88,380,000
71,733,000
61,394,000
80,251.000
94.687,000
93,075,000
94.807,000
93,408,000 131,644,000
Certificates of indebtedness
196,516,000 208,564,000 355,582,000 161,265,000 157,399,000 155,345,000 159,646,000
155,122,000 128,139,000
Total U. S. Government securities
353,102,000 342,247,000 475,340,000 306.929,000 310.974,000 305,208,000 311,823,000
304,678.000 329,837,000
Other securities (see note)
2,500,000
2,000,000
2,000,000
2,000,000
2,000,000
2.000,000
2,000.000
2,500,000
5,185,000
Foreign loans on gold
3,491,000
Total bills and securities (see sore)._ 1,049.034,000 1,032,643,000 1,026,732.000 989,553,000 1,036,641,000
985,320,000 1,025,278,000 988.748,000 1,225,537,000
Due from oreign banks (see note)
660,000
660,000
659,000
658,000
659.000
659,000
658.000
658,000
643.000
Uncollected items
602,896,000 644,812,000 844,454,000 616,499,000 693,213,000 610,228.000 798,547,000 581,732,000
620,294,000
Bank premises
58,485,100
58,471.000
58,464,000
58,460,000
58,381,000
58,351.000
58,350,000
58,329,000
59,441.909
AU other resources
13,057,000
11.688,000
12,730,000
11,541,000
12.735,000
12.577,000
12,322,000
12,438,000
14,759,000
Total resources
4,970,584,000 5,008,019,000 5394.631,000 4.919,734,000 5,012,298,000 4,874,303,000 5,128,211,000 4,864,946,000
4,902,598,000
LIABILITIES.
F. R.notes in actual circulation
1,711,337,000 1,701,642,000 1,706,227,000 1.718,893,000 1,716.956.000 1.708.330,000 1.685.431,000
1,694.120.000 1,656,482,000
Deposits
Member banks
-reserve account_____ 2,274,464,000 2,300,454,000 2,295,305,000 2,221,149,000 2,231,271,000 2,165,653,000
2,288,588.000 2,221,130,000 2,215,243,009
Government
31,869,000
5,700,000
35,265,000
2,830,000
15,189,000
27,727,000
28,521,000
23.345.000
85,813,000
Foreign banks (see note)
5,546,000
5,759,000
4,818,000
4,929,000
4,650,000
4,707.000
5,388.000
4,959,000
5,399,000
Other deposits
15,622,000
17,424,000
20,079.000
1'3.116,000
19,767,000
16.595,000
19,846.000
17,612,000
16,897,000
-Total deposits
2,327,501,000 2,329,337,000 2,323,032,630 2,260,755,000 2,289.581,000 2,214,682,000
2,342,343,000
Deferred availability items
562,660,000 608,526,000 797,302,000 572,160,000 639.342,000 584,874,000 734.963,000 2,267,046,000 2,323,352.000
Capital paid in
127,602,000 127,567,000 127,692,000 127,700,000 126,788,000 126,509,000 126,099,000 538,629,000 567,879,000
Surplus
228,775,000 228,775.000 228.775,000 228,775,000 228,775,000 228,775,000 228,775.000 125,825,000 120,427,000
228.775,000 220,310,000
AU other liabilities
12,709,000
12,172,000
11,603,000
11,451,000
10.856,000
11,133,000
10.600,000
10,551,000
14,148,000
Total liabilities
4,970,584,000 5,008,019,000 5,194,631,000 4,919,734,000 5.012.298,000 4.874,303,000 5.128,211,000
4,864.946,000 4,902,598,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
74.8%
75.2%
7.5.0%
75.7%
74.4%
76.0%
74.2%
75.2%
69.5%
Ratio of total reserves to deposit and
F. R. note liabilities combined
78.8%
79.2%
79.0%
79.7%
78.5%
80.1%
78.4%
79.5%
73.4%
Contingent liability on bills purchased
for foreign correspondents
147,698,000 147,946,000 145.583,000
95,834,000
96,480,000
92.002,000
92,329,000
91,978,000
69,161,055
Distribution try Maturities$
$
8
8
$
$
1-15 days bills bought in open market. 115,041,000 102,980.000
$
89,509,000 126,376.000 142.585,000 140.345,000 175.233,000 137.494.000 117,659,000
1-15 days bills discounted
364,820,0(10 370,035,000 241.049.000 325,347,000 347,0e5,000 309,200,000 310,434,000 286,204,000 473,606,000
1-15 days U. S. certif. of indebtedness_
.5,206,000
9,140,000 177.500,000
1,829.000
4,360.000
10,090
1-15 days municipal warrants
16-30 days bills bought in open market
53,777,000
58,518,000
58.439,000
57.634,000
65,828,000
61.531,000
68.623,000
95,699,000
52,635,000
16-30 days bills discounted
22,153,000
25,881,000
24,948,000
24,047,000
24,462,000
26,246,000
23,741,000
26,493,000
37,181,000
16-30 days U. S. certif. of indebtedness.
550,000
650,000
16-30 days municipal warrants
31-60 days bills bought In open market.
53,125,000
56,206,000
52,369,000
54,832,000
55.236,000
51,939.000
49.505,000
48,816,000
52,287,000
31-60 days bills discounted
30,630,000
32,075,000
33,445,000
35,699,000
35,038,000
35,922,000
34,118,000
36,305,000
65,230,000
31-60 days IL S. certif. of indebtedness.
31-60 days municipal warrants
61-90 days bills bought in open market_
13,242,000
11,999,000
15,563,000
22,587,000
21,815,000
23,234,000
18.734,000
15.775,000
23,327,000
61-90 days bills discounted
21,380,000
20,252,000
21,640.000
20,976.000
18.368.000
17,628.000
19,498,000
21,670,000
41,319,000
61-90 days U. S. certif. of Indebtedness_
76,644,000
74,709,000
146.000
..
5,421,000
61-90 days municipal warrants
59,418,000
Over 90 days bills bought in open market
2,224,000
1,556,000
2.990,000
3,256,000
3,561,030
3.140,000
2.890,000
4,721,000
3.725,000
Over 90 days bills discounted
11,040,000
8.894,000
9.440,000
9,870,000
9.861,000
8,933,000
8.679,000
8,393,000
1 c,055,009
Over 90 days certif. of indebtedness
116,666,000 124,165,000 177,286,000 161,265,000 155,570,000 155,345,000
155,286,000 149.701,000
Over 90 days municipal warrants
68,711,000
8
8
F. R. notes received from Comptroller__ 2,927,452,000 2.926,576,000
2,921,182,000 2,930,573,000 2,917,319,000
F. R. notes held by F. R. Agent
829,156,000 833,073,000 828.973.000 832,818,000 845,078.000 2,928,346.000 2,940,114,000 2,948,063,000 2,809,809,000
861,698.000 870.268,000 871.288.000 843.106,000
Issued to Federal Reserve Banks__ 2,098,296,000 2.093,503,000
2,092,209,000 2,097,755,000 2,072,241,000 2,066,648,000 2.069.846,000 2,076,775,000
1,966,703,000
How Secured
By gold and gold certificates
401,604,000 400,640,000 400,640,000 371,534,000
367,952,000 362,953,000 357.928,000 357,927,000 311,743,000
Gold redemption fund
106,974,000 101,884,000
96,137.000
99.8.55,000
Gold fund-Federal Reserve Board
1,104,917.000 1,117,387,000 1,192,303,000 1,101,888,000 107,685,000 101,470,000 101.453,000 109.744,000 104,805,000
1,058,546,000 1.096,537,000 1.088.290,000 1,084.961,000 945,175,000
By eligible paper
670,937,000 666,442,000 532,184,000
657,734,000 700.594,000 654.539,000 689,590,000 666,719,000 838,769,000
Trust
2,284,432,000 2,286.353.000 2,221.264.000 2.231.011.000
2.234.777.000 2 218 400(MO 2.217.261 Poo 2 219_351 000 2.2011.492.000
NOTE.
-Beginning with the statement of Oct. 7 1925, two new tams were added in
order to show separately the amount
to foreign correspondents.
In addition, the caption, "All other earn ng assets." previously made up of Foreign Intermediate of balances held abroad and amounts clu•
"Other securities." and the caption," "Total earning assets" to "Total bills
and securities." The latter Item was adopted as Credit Bank debentures, was changed to
Inc discounts, acceptancee and 'securities acquired under the provisions
a more accurate description of the total of
of Sections 13 and 14 of the Federal Reserve Act,
therein.
which. It was stated, are the only items Included.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
THE 12 FEDERAL RESERVE BANKS AT CLOSE
OF BUSINESS MAR.30 1937.
Two ciphers (00) omitted.
Boston. New York, Phila. Cleveland. Richmond Atlanta. Chicago. St.
Federal Reserve Bank ofLouis. Minneay Han. Mg Dallas. San Fran.
Total.
RESOURCES.
$
$
S
$
$
$
$
$
$
$
Gold with Federal Reserve Agents 107,234,0 378,610,0 120,878,0 196,254,0 71,117,0
$
$
$
165,196.0 212,356,0
Gold redo fund with U.S. Treas. 8,325,0
11,171,0 9,203,0 2,903,0 1,242,0 2,527,0 5,319,0 20,748,0 61,208,0 64,696,0 35,704,0 179,494,0 1,613,495,0
1,363,0 1,316,0 4,349,0 1,378,0 2,925,0
52,021,0
Gold held excl. agst. F.R. notes 11.5,559,0 389,781,0 130,081,0 199,1.57,0 72,359,0
Gold settle't fund with F.1t.Board 34,256,0 237,892,0 25,521,0 62,558,0 26,667,0 167,723,0 217,675,0 22,111,0 62,524,0 69,045,0 37,082,0 182,419,0 1,665,516,0
21,901,0 102,492,0 13.646,0 15,315,0
27,877,0 18,982,0 33,381,0 620,488,0
Gold and gold certificates
30,573,0 488,134,0 27.248,0 55,077,0 4,860.0 3,959,0 55,034,0 15,044,0
7,040,0 7,927,0 8,807,0 32,192.0 735,895,0
Total gold reserves
180,388,0 1,115,807,0 182,850,0 316,792,0 103,886,0 193,583,0 375,201,0 50,801,0
Reserves other than gold
32,010,0 4,992,0 11,169,0 9,550,0 11,518,0 23,502,0 19,753,0 84,879,0 104,849,0 64,871,0 247,992,0 3,021,899,0
22,339,0
4,362,0 5.184,0 7.695,0 8,720.0 160,794,0
Total reserves
202,727,0 1,147,817.0 187,842,0 327,961,0 113,436,0 205,101,0 398,703,0 70,554,0
Non-reserve cash
15,952,0 1,885,0 4,557,0 6,303,0 4,622,0 9,339,0 3,942,0 89,241,0 110,033,0 72,566,0 256,712,0 3,182,693,0
6,860,0
1,149,0 2,705,0 2,840,0 3,605.0
Bills discounted:
63,759,0
See. by U.S. Govt. obligations 27,143,0
94,221.0 29.534,0 23,034,0 6,249,0 3.336,0 40,309,0 7,584,0
2.675,0
2,732,0 1,365,0 20.904,0 259,086,0
Other bills discounted
26,078,0 20,427,0 10.862,0 13,864,0 27,319,0 34,299,0 10,384,0
22.744,0
3.098,0 5,899,0 2,172,0 19,791,0 196,937,0
Total bills discounted
49,887,0 120,299,0 49,961,0 33,896,0 20,113,0 30,655,0 74,608,0 17,968,0
Me bought in open market
57,275,0 13,080,0 20,663,0 8,440,0 10,397,0 30,594,0 19.944,0 5.773,0 8,631,0 3,537,0 40,695,0 458,023,0
27,573,0
6,625,0 10,854,0 9,085,0 22,879,0 237,409,0
U. S. Government securities:
Bonds
13,143,0
1,720,0
954,0 3,304,0 1,628,0
94.0 22,274,0 4,647,0 5,168,0 9,337,0 3,673.0 2,264,0
Treasury notes
68,206,0
31,827,0 4,653,0 9,977,0
1,385,0
826,0
387,0 3,957,0 8,487,0 4,246,0 3,179.0 6,706,0 12,750,0
Cert•ficatee of indebtedness
88.380,0
47,307,0 14,079,0 23,323,0 4,645,0 1,951,0 22,260.0 14,523,0
7,024,0
7,126,0 15,478,0 14.745,0 24,055,0 196,516,0
Total U B. Gov:;. securities
92.277.0 19,686,0 36.604.0 7.099,0 2,432,0 48,491,0 27.657.0 16.540.0
10.129.0
2.7994.0 25.124.0 39.069.0 353.1020
[VoL. 124.
THE CHRONICLE
1944
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
New York.
$
8
Phila.
Other securities
Cleveland. Richmond Atlanta. Chit:age,. St. Lout* Mimmay.Kan.City Dallas. - San Fran.
$
2,500,0
$
1
$
$
8
$
1
Total.
3
2,500,0
i
1
289,851,0 85,227,0 91,163,0 35,652,0 43,484,0 153,693,0 65,569,0 28,938,0 47,479,0 37,746,0 102,643,0 1,049,034,0
660,0
660,0
602,896,0
151,368,0 54,894.0 57,938,0 51,120,0 24,952,0 75,483,0 28,825,0 10,872,0 36,498,0 23,143,0 34,204,0
58,485,0
16,276,0 1,714,0 7,118,0 2,149.0 2,895,0 7,972,0 3,957,0 2,774.0 4,459,0 1,752,0 3,473,0
13,057,0
332,0 1,124,0
483,0
993,0 2,138,0
316,0 1,935,0 2,264,0
229,0 1,027,0
2,165,0
208,976,0 282,989,0 647,454,0 173,840,0 135,112,0 201,657,0 138,379,0 401,761.04,970,584,0
354,772,0 1,604,089,0 331,791,0 489,765.0
Total resources
LIABILITIES.
63,973,0 66,824,0 38,960,0 167,976,0 1,711,337,0
F. R. notes In actual circulation_ 127,367,0 417,357.0 116,558,0 204,908,0 69,944,0 172,201,0 221,710,0 43,559,0
Deposits:
85,914,0 59,797,0 168,684,0 2,274,464,0
Member bank-reserve acc't 146,311,0 927,624,0 127,521,0 188,112,0 69,096,0 68,489,0 302,689,0 81,706,0 48,521,0 1,056,0
31,869,0
978,0 1,398,0
869,0
1,941,0 1,673,0 1,502,0
724,0 1,806,0 1,365,0
17,335,0
1,222,0
Government
5,546,0
376,0
188,0
199,0
161,0
220,0
741,0
231,0
279,0
579.0
515,0
403,0
1,664,0
Foreign bank
15,622,0
*21,0 3,697,0
140,0
276,0
61,0
87,0 1,224,0
298,0
115,0 1,266,0
63,0
8,374,0
deposits
Other
2,327,501,0
147,999,0 954,997,0 128,875.0 191,753,0 70,801,0 70,737,0 306,327,0 83,737,0 49,827,0 87,309,0 60,984,0 174,155,0 562,660,0
Total deposits
52,396,0 128,837,0 51,786,0 54,281,0 49,123,0 24,892,0 67,776,0 30,392,0 9,787,0 33.722,0 25,453,0 34,215,0 127,602,0
Deferred availability items
6,175,0 5,020,0 16,980,0 5,278,0 3,010,0 4,209,0 4,275,0 8,771,0
38,270,0 12,9220 13,802.0
8,889,0
Capital paid In
61,614,0 21,267,0 23,746,0 12,198,0 9,632,0 31,881,0 9.939,0 7,527,0 9.029,0 8.215,0 16.121,0 228,775,0
17,606,0
Surplus
12,709,0
523,0
492,0
564,0
988,0
935,0
735,0
507,0 2,780,0
383,0 1,273,0
3,014,0
515,0
All other liabilities
354,772,0 1,604,089,0 331,791,0 489,764,0 208,976,0 282,989,0 647,454,0 173,840,0 135.112,0 201,657,0 138,379,0 401,761,0 4,970,584,0
liabilities
Total
Memoranda.
78.8
75.0
72.6
71.4
78.4
80.6
84.4
55.4
82.7
75.5
76.5
83.6
73.6
Reserve ratio (per cent)
Contingent liability on Mils pur6,071,0 20,435,0 6,368,0 4.442,0 5,479,0 5,183,0 10,366,0 147,698,0
40,635,0 14,216,0 15,697,0 7,700.0
chased for foreign correspondls 11,106,0
.R. notes on hand (notes reed
from F. R. Agent less notes in
7,254.0 117,279.0 46,720,0 26.338,0 16.419.0 30,192,0 45,424,0 3.284,0 4,579.0 11,879,0 7,149,0 50,442,0 386,959.0
circulation)
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
Al. other resourcea
87,589,0
53.599,0
3,946,0
51,0
MAR. 30 1937
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS
Federal Reserve Agent at-
Boston.
3
(Two ciphers (00) omitted.)
F.R.notes rec'd from Comptroller 244,121,0
F.R.notes held by F. R. Agent__ 89,500,0
F.R.notes Issued to F. R. Bank
Collateral held as security for
F.R.notes issued to F. R.Bk.
Gold and gold certificatesGold redemption fund
Gold fund-F.R.Board
Eligible nailer
154.621,0
35,300.0
17,934,0
54,000,0
77,460,0
184,694,0
Total collateral
Fran.
Total.
Phila. Cleveland. Richmond Atlanta. Chicago. St. Louts. Mintutap. Kan.City Dallas. San
3
$
$
$
s
$
s
3
s
$
5
$
826,716,0 188,578,0 282,526,0 111,077,0 262,573,0 429,234.0 70,023,0 86.394,0 105,036,0 63,856,0 257,318,0 2,927,452,0
38,900,0 , 29,156,0
292,080,0 25,300,0 51,280,0 24,714,0 60,180,0 162,100,0 23,180,0 17,642,0 26,333,0 17.747,0
218,418,0 2,098,296,0
534,636,0 163,278,0 231,246,0 86,363,0 202,393.0 267,134,0 46,843,0 68,552.0 78,703,0 46,109,0
New York.
18,273,0
7,750,0 13,507,0
8,780,0 36,468,0 16,422,0
235,104,0
22.506,0 11,201,0 12,474,0 8,649.0 8,774,0 2.356,0 1.698,0 1,701,0 3,836,0 3,431,0
175,000,0 28,000,0 140,000,0 210.000,0 11,300,0 46,000.0 60,860.0 14,000,0
121,000,0 109,677,0
171,147,0 52,125,0 53,595,0 27,738,0 40,252,0 104,660,0 37.424,0 12,020,0 19,201,0 12,295.0
30.000,0 401,604,0
14,414,0 106,974,0
135.080,0 1.104,917.0
63,020,0 670,937,0
2,284.432,0
549,757.0 173,003.0 249.849.0 98.855,0 205,448,0 317.016,0 58,172,0 73.228,0 83,897.0 47,999,0 242.514,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the 674 member banks from which weekly returns are obtained. These figures are always a week behind
those for the Reserve banks themselves. Definitions of the different items in the statement were given in the statement
of Dec.12 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon the figures
for the latest week appears in our department of "Current Events and Discussions," on page 1915.
I. Data for all reporting member banks In each Federal Reserve District at close of business MARCH 13 1927
Boston. New York
Federal Reserve District.
Phila.
(Three ciphers (000) omitted.)
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City
71
67
35
Dallas. San Fran.
97
31
24
66
45
Total.
60
674
$
$
5,965
150,810
326.310 5.534,684
972,960 8,678,254
Number of reporting banks
Loans and discounts, gross:
Secured by U.S.Gov't obligations
Secured by stocks and bonds_
All other loans and discounts...
92
37
$
$
58,248
7,764
340.252 2,301,626
643,485 2,876,444
49
5
10,107
399,469
383,955
8
21,359
576,594
783,127
$
5,405
152,170
360,784
$
21,361
5,452
109,162 867,710
384,758 1,257,374
$
4,455
191,844
301,233
3
3,683
75,539
161,241
$
4,443
115,315
306,266
$
2,570
78,693
244,627
Total loans and discounts
Investments:
U. S. Government securities
Other bonds, stocks and securities
991,501 5,236,316
793,531 1,381,080
518,359
499,372 2,146,445
497,532
240,463
426,024
325,890 1,305,235 14,361,748
71,056
72,068
76,881
122,973
64,537
57,752
107,581
97,722
153,847 1,004,682
261,5991,254,139
112,291
288,253
287,401
394,877
415,4462,258.821
400,544
s
56,456
60.227
325,722
477,640
61,797
28,072
260,579 2,582,810
247,895 3,363,217
89,869
508,474 5,946,027
682,278
143,124
116,683
803.362
199.854
122,289
205,283
Total loans and investments_ _ _ _ 1,406,947 7,495,137 1,194.075 2,063,358
80,178 137,241
95,631 814,294
Reeerve balances with F. R. Bank..
30,421
15,159
18,398
70,062
Cash in vault
885,345 5,680.700 765,694 1,087,736
Net demand deposits
430,870 1.391.321 255,469 848.675
deposits
'rime
25,398
35,766
31,442
95,507
Government deposits
55,291 106,283
50.216 137,479
Due from banks
138,372 1,147,063 172,424 245,478
Due to banks
Bills pay. es red's. with F. It. Bk.:
17,159
8,332
94,200
9.475
Secured by U.S.Gov't obligations
7,396
11,263
20,957
7,892
All other
661,483
41,732
13,685
377,886
214,904
11,749
54,542
112,275
616,055 2,949,807
39,914 233,766
44,905
11,478
329,029 1,774,790
235,505 1,061,620
32,967
16,682
68,513 219,052
110,178 533,586
697,386
47,498
7,144
393,943
236.440
8,738
60,996
143,795
362,752
26,330
5,531
216,419
125.042
2,494
42,252
94,069
831,307
54,353
12,318
499,838
149,459
4.189
121,590
218.635
2,175
6,512
2.264
15,277
29,045
12,564
3,800
4.765
2,925
707
2,651
2,024
930
533
34.068
12,500
207.024
102,390
24.555
8,687
17.541
41,609
8.565
3.632
4.675
1.463
48.568
309.414
Total Investments
Total borrowings from F.R.Bank
•Not available.
17.367
115.157
19.595
415,759 1,813,709 20,307,775
32,896 107,531 1,711,364
21,915
261,435
10,369
287,399 764,691 13,063,470
107,185 944,843 6,001,333
312,924
37,726
10,266
57,042 134,317 1.108,473
99,493 . 205,792 3,221,160
2. Data of reporting member banks In New York City, Chicago, and for the whole country
AU Reporting Member Banks.
Reporting !ember Banks in N. Y, City.
Reporting Member Banks in Chicago.
•
241928.
Mar. 23 1927. Mar. 16 1927. Mar. 24 1926. Mar.23 1927. Mar. 161927. liar. 241926. Mar.231927. Mar.I8 1927. Mar.
46
45
45
60
54
711
54
674
674
Number of reporting banks
s
s
s
3
s
$
$
$
$
Loans and discounts, gross:
13,473,000
16,218,000
13,826,000
49,923,000
163,326,000
55.478,000
56,061.000
151,976,000
150,810,000
Secured by U.8. Gov't obligations
586,774,000
5,534,684,000 5,561,408,000 5,324,069,000 1,071,611,000 1,979,149,000 2,040,038,000 643,307,000 649,927,000 683,541,000
Secured by stocks and bonds
697,145,000
8,676,254,000 8,671,755,000 8.459,889,000 2,528,770,000 2,490,441,000 2,368,279.000 685,178,000
All other loans and discounts
1.363,290,000 1.283,788,000
14,361,748,000 14,385,139,000 13,947,284,000 4,555,868,000 4,525,651,000 4,459,140,000 1,342,311,000
Total loans and discounts
Investments
167,166,000 159,753,000
2,582,810,000 2,641,986,000 2,583,438,000 916,846,000 988,454,000 865,957,000 188.607,000
Government securities
U. S.
2,991,930,000 933,202,000 903,612,000 857,622,000 239,893,000 224,945,000 203,593,000
Other bonds, stocks and securities. 3,363,217,000 3,316,976,000
392.111,000 363,346,000
5,946,027,000 5,958,962,000 5,575,388,000 1,850,048,000 1,892,066,000 1,723,579,000 428,500,000
Total investments
1,755,401,000 1,647,134,000
20.307,775,000 20,344,101,000 19,522,652,000 6,405,916,000 6,417,717,000 6,182.719,000 1,770,811,000
Total loans and Investments
1,711,364,000 1,682,066,000 1,648,568,000 751,479,000 689.905,000 722.421,000 183,306,000 172,917,000 162,140.000
Reserve balances with F. It. Banks
21,063,000
19,202,000
19,932,000
62,728,000
276,574.000
56,454,000
53,964,000
253,504,000
261,435,000
Cash in vault
1,103.771.000
13,063,470,000 13,236,193,000 12,742,668.000 5,101,837,000 5,128.805,000 5,030,129.000 1,189,874,000 1.188,280,000 513,424,000
Net demand deposits
6,000,098,000 5,485,618,000 927.688,000 939,832,000 818,467,000 521,588,000 518,084,000
6,001,333,000
Time deposits
11.361,000
19,471,000
52,067,000
21,638.000
294,628,000
90,138.000 100,153,000
343,771,000
312,924,000
Government deposits
85,814,000 138,398,000 153,921,000 143,911,000
98,219,000 116,196,000
1,108,473,000 1,252,865,000
Due from banks
1,083,518,000 1,153,112,000 1,057,603,000 380,570,000 373,510,000 363.046,000
3,221,160.000 3.382,237,000
Due to banks
Bills payable and rediscounts with
Federal Reserve Banks:
14,669,000
13,815,000
8,180,000
76,412,000
253,188,000
86,450,000
16,300,000
113,566,000
207,024,000
Secured by 11,8. Gov't obligations
5Al3,000
3,916,000
21,815,000
5,260,000
166,625,000
19,631,000
4,011,000
76,177,000
102,390,000
All other
17,731,000
20,082,000
98,227,000
13,440,000
418,813,000 106,081,000
20,311,000
189,743,000
309,414,000
from F. R.bks...
Total borrowings
Leans to brokers and dealers (secured by stocks and bonds) made by reporting
member banks in New York City:
881,114,000 888,271,000 1.026,539,000
For own account
1,087,758,000 1.139.113,000 1,098,252,000
For account of out-of-town banks
833,315,000 813.385.000 565.408,000
For account of others
2,802,187,000 2,840,769,000 2,690,199,000
Total
2.142,398.0002.171.797,000 1,798,781,000
On demand
659,789,000 668,972,000 891.418,000
On time
•Revised figuree.
APR. 2 1927.]
THE CHRONICLE
filanittrs'
azette.
Wall Street, Friday Night, April 1 1927.
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 1934.
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 Apra 1.
for
. Week
Range for Week.
Lowest.
Range Since Jan. 1.
Highest.
Lowest.
1945
New York City Realty and Surety
Companies.
AU prices
Alliance WIty1
Amer Surety_
Bond & M G..
Lawyers Mtge
Lawyers Title
& Guarantee
dollars per share.
Bid. Ask.
Bid. Ask
49
83 Mtge Bond.. 149
154 Realty Assoc',
221
224 Nat Surety -(Bklyn)com
324 328 N Y Title & 250 254
let preL _ -_
280 285
Mortgage__ x443 447
2d pref____
U S Casualty_ 825 340 Westchester
288 293
TItle & Tr.
Bid. Ask.
240
90
88
246
93
91
700
900
New York City Banks and Trust Compani
es.
AU prices dollars per skars.
Banks-N.Y. Bid. Ask.
Banks. Bid. Ask Trust Co.. I Bid. Ask.
America'____ 300
310
Amer Unions_ 195 202
Bowery EaatR 485 495
Bronx Bort& 1350 1425
Bronx Nat__ 490 510
Bryant Park' 220 225
Capitol Nat__ 222 227
Cent Mercan_ 276 282
Central
138 144
Chase
445 448
Chath Phenix
NatBk& Tr 390 395
Chelsea Exch• 263 268
Chemical.... 862 870
Colonial._ _ _ 975 1125
Commerce_
446 450
Com'nwealth• 315 325
Continental.. 285 285
Corn Exch... 534 539
Cosmoirtan•- 300
Fifth Avenue'2250 zioo
First
2870 2900
Franklin
158
184
Garfield
400 410
Globe Exch•_ 230 250
Grace
325
Hamilton
205 210
Hanover
118.5 1200
Harriman...-. 640
Manhattan'. 279
Mutual*
850
National City 534
New Neth•da* 320
Park
515
Penn Exch._ _
Port Morris_ _ iiL
Public
550
Seaboard
755
Seventh
175
Standard _
670
State.
585
Trade*
190
United
188
United states. 330
Wash'n HUI*. 700
Yorktown •_ 135
Brooklyn.
Coney Island* 300
Dewey•
225
First
385
Mechanics",... 279
Montauk •.._ _ 360
Municipal •_ _ 292
Nassau
340
People's
760
655
282
_
637
330
520
New York.
Am Ex Iry Tr.I 330 334
Bank of N
&TruetCo.I 790 800
Bankers
782 792
Bronx Co Tr_ 330 350
Central Unio 1000 1015
County
815 825
Empire
367 371
Equitable Tr_ 307 311
Farm L & Tr. 567 573
Fidelity True 300 310
Fulton
475 485
Guaranty Tr_ 434 437
Interstate. _ _ 207 213
Lawyers
Manufacture
Murray Hill_ 218 222
Mutual
(West
cheater)
225 250
N Y Trust_ _ _ 513 667
Terminal Tr. 190 205
Times Square. 133 138
Title Gu & Tr 695 703
US ring &Tr. 416 125
United States 1920 1950
Weetche,t'rTp 600
Brooklyn.
Brooklyn_ _ _ 825 836
Kings County 2 i DO 2200
wood _
2191 270
z Ex-div. •Ex-stook WV.
Highest.
Par. Shares $ per share. 3 per share. $ per
sharel$ per share.
Railroads560
Caro Clinch 35r0stpd.100
340101M Mar 31 102 si Mar 30 9834 Feb
765
10234 Mar
Ches & Ohio prat _ _ _100
200 164 Apr 1 164 Apr 1 162
Jan 164
185
Apr
C C C St Louis pref 100
&
40,1014 Mar 30 102 Mar 30 101
800
Cuba RR pref
1001 150 824 Mar 29 84 Apr 1 80 Mar 10431 Jan
Jan 84
595
Apr
Detroit United Ry__ _100
601 3 Mar 30 3 Mar 30 3
Mar 3
209
Mar
Duluth SS & A pref_100
100 44 Mar 29 44 Mar 29 4
Mar 74 Feb
200
Gt Northern pf ctfs_ _100
100, 85% Mar 28 8534 Mar 28 853 Mar 854 Mar
335
Green Bay & WesternI00
20. 80 Mar 29 80 Mar 29 80
Feb 84
900
Mar
Havana & Elec Ry____*1 200: 26 Mar 29:
1
284 Mar 30 25
Feb 264 Jan
140
Preferred ctf
*, 700 81
Mar 26 8234 Mar 28 80
Mar 8234 Mar
IllinoLs Cent Leased L100
501 80 Mar 28 804 afar 30 79
Jan 81
350
Mar
N Y 53 Harlem
50,
40,169 Mar 28 189 y, Mar 30 1684 Mar 179
Feb
N Y Rys ctfs stpd
*I
10 102 Mar 29 102 Mar 29 95
Feb 102
400
Mar
Northern Central_ _ _ _50
1401 82 Mar 29. 824 Mar 29 81
285
Marl 8234 Mar
Pacific Coast let pref 100:
iol 46 Mar 29' 46 Mar 29 46
378
Feb
JanI 62
Pitta Ft W & Ch pref_100
50 151
Mar 31 151
Mar 31 147
Mar 151
298
Mar
St Louis-San Fran
*40,800 251 afar 31 24 Mar 26 231
360
Marl 234 Mar
Twin City Rap Trans 100 1,000 56 Mar 29
57% Apr 1 554 Mar 6531 Feb
Preferred
100. 100 102% Mar 30 10234 Mar 30 100
Jan 1024 Mar
Vicks Shrev
Pac_ _1001
110 99 Mar 31 99 Mar 31 9754 Jan 99
Mar
Indus. & Miscall.
All America Cable Ws100 200175 Mar 28 1774 Mar
•Banks marked(9 are State banks. 1
30 167
M 17731 Mar
Amalg Leather pref.
New stock.
.100 800 9931 Mar 29 102 Apr 1 9931
Hz
-rights,
Mar 108
Feb
Am Chicle prior pf ctfa_.
100 95 Mar 28 95 Mar 28 91
Feb 95
Mar
Prior pref
200, 9634 Mar 31 9734 Apr 1 90
Jan 974 Apr Quotations for U. S. Treas. Ctfs. of
Am-La Fr FE 7% p1.100
Indebtedness, &c.
200, 843/ Mar 28 8434 Mar 26 8434 M
90% Jan
American Piano pref _100
1711.
100 106 Mar 31 107 Mar 291 10134 Jan 11031 Mar
ml.
American Snuff pref_100
Augural,.
Rate.
Bid. Asked.
3201 99 Apr 1 994 Mar 29 944 Jan 1004 Mar
Maturity.
Rate.
Bid. Asked.
Am Type Fdra pref__100
310,1084 Mar 2811034 Apr 1 1074 Feb
11034 Apr June 15 1927- - - 34% t 99"n
Am Wh'Isale Cor pf_ _100
6010234 Mar 29 104% Apr 1 9934 Jan 104% Mar
100,
22 Sept. 15 1927... 354% 99"22
Am Writ Paper v t a
Sept.15 1927_ _ _ 334% P99",, 99",, Mar. 15 1928._ _ 34% 991212 992921
300 1034 Mar 31 1034 Mar 31 103.9 M
Nun
10
Mar Dec. 15 1927- - - 434% *1001113
Autosales Corp
• 100 454 Mar 31 454
10034 Mar. 15 1930-'32 334% 9924, 1001,,
44 Feb
Bamber(L)&Co pref _100 1,30010634 Mar 30 10751 afar 31 44 M
Mar 26 10651 M 1074 Mar
Barnet Leather pref_100
United States Liberty Loan Bonds and Treasury
10 9531 Mar 31 954 Mar 31 954 Mar 101
Feb
Bayuk Bros let pref_100
30,105 Mar 31 106 Apr 1 101
Jan 1074 Mar Certificates on
the New York Stock Exchange.
Beech Nut Pkg pref. 100
5011634 Apr 1 118 Mar 26 114% Jan 119
Mar
Blumenthal & Co pf_100
201 52 Mar
Jan 61
Mar
Brit Emp Steel 2d pf _100 2,000, 14 afar 26 53 Mar 31 44
29 14 Mar 26 134 Mar 334 Feb Daily Record of U. S. Bond Prices. Mar.26 Mar.28 Mar.29 Mar.30 Mar.31 Apr. 1.
Byers & Co pref
100
140 106 34 Mar 28 10734 Mar 30 106
Jan 109
Feb First Liberty Loan
Cent Alloy Steel pref_100
High 1016,2 1006°33 100"ts 1006133 100"22
100.1074 Apr
Mar
100211n
Central Leather etfs_100 4.800 94 Mar 1 1074 Apr 1 10634 Jan 108
34% bonds of 1923-47..(Low_ 100"3: 1003033 101
2 104 Mar 30 731 Jan 1031 Mar
100"r2 100"22 100211s2
Pref certifs
(First 348)
Close 1002633 1006033 101
100 11,200 64 Mar 28 67 Mar 30 54
10034, 100"22 1001821
Jan 67
Mar
Chicago Yellow Cab- _ -•
Total sales in $LOW units. _
13
130 39 Apr 1 40 Apr 1 39
8
34
2
82
Ap 45
Mar
50
City Stores cl B
Converted 4% bonds of Hie;
{
___1.5001 424 Mar 30 434 afar 26 424 51
444 Mar
Colorado Fuel & Iron pt1932-47 (First 48)__ Low
.
10 126 Apr 1 126 Apr 1 116
Jan 12961 Mar
_
Columbia 0& E pref 100
Close
--100,117 Mar 31 117 Mar 31 11231 Feb117
_
Jan
Class A
Total sales in 31,000 units_ __
__
*
200; 484 Mar 29
Consolidated Gas pref •28,9001 9331 Mar 31 4854 Mar 29 4631 Mar 4834 Mar
Converted 431% bondsrlgh 103632
_944 Mar 26 93
103 10- 113;
--as; 3
Mar 9434 Mar
Continental Can pref 100
of 1932-47 (First 44s) Low. 1036,3 103 ss 103632 103,
,
580 123 Apr 1 1234 Mar 28 120
n 103'22 103'n
Jan 148% Mar
Deere & Co prat
100
Close 103633 103"1: 1031033 1031H2 103rn
250 1064 Mar 31 108 Mar 26 1054 Jan 109
103"22
Feb
Devoe & Reyn 1st pf_100
Total sales in $1,000 units .
1
46
16 . 10
30 102 Mar 28 103 Mar 28,101
7
Jan 107
19
Mar
Diamond Match _ _100
Second Converted 44%rig!)
_
30 119 Mar 31 120 Mar 26 1115
_
Fe 122
Mar
Durham Hosiery
bonds of 1932-47 (First Low,
50
_
100
Mar 894 Apr
-Elk Horn Coal Corp- _ _• 400 84 Apr 1 84A pr 1, 8
Second 43.4
Close
,
10 Mar 30 1034 Mar 301
_
Jan 1231 Mar
Fairbanks Co
Total sates in $1,000 units _ _
25 1,300 554 Mar 26 8 Mar 30 9
_ __ _
334 Feb 8
Mar Second Liberty Loan
Preferred
100
{High
10 12 Mar 2: 12 Mar28 12
Mar 12
Mar
Fifth Avenue Bus
4% bonds of 1927-42_ _. Low. _ _ _ _
• 400 13 Apr 1 13 Apr 1 1234 Jan 14
Feb
Franklin-Simon pref_100
(Second 4s)
_ __ _
Close
113 Mar
General Baking prat • 130 1204 Mar 28 113 Mar 28 10934 Jan 1144 Feb
Total sales in $1,000 units_ __
____
30
29 121 34 afar 28 120
Jan 125
Jan
Gen Gas & Elec class B_*
Converted 44% bondsilligh 100"n lobsti; 10- 1in
0
400 354 Apr 1 3834 Mar 29 3531 Apr 424 Feb
10- ics 100iit;
0
Glidden Co prior pref.100
of 1927-42 (second
Lo w. 100":2 1001212 mita Nona moths 101fas;
320 93 Mar 26 94 Mar 28 90
100"n
M
94
Mar
Hackensack Wat pf A.25
445)
Close 1001s,, 100un 100"n 100"st 100"n 100"n
40 254 Mar 29 2534 Mar 29 2531 Ma 254 Mar
Hayes Wheel pref_ _ _100
Total sales in $1,000 units_ __
139
524
748
240 101
Mar 28 1073s afar 29 100
272
Feb1074 Mar Third Liberty Loan
Helme(0 W) pref._ _100
(High 101632 101.ii 101'22 101, L 101136 101112
140 126 Mar 29 126 Mar 29 11834 Jan 127
22
,
22
,
n
Feb
Indian Motorcycle p1.100
4 14% bonds of 1928_ _ _ .1 Low 101632 101
101
30 92 Mar 28 92 Mar 28 92
101
10142 101,
Ja 9314 Mar
ss
Indian Refining pref_100
(Third 434s)
'Close 101612 101'12 101, I 101
300 108 Mar 26 110 Mar 29 102
22
I 10142 101 n
,
Feb 112
Mar
International Salt_..100
Total sales in 81,000 units __ _
150
76
40 65 Mar 28 66 Mar 28 644 Ma 72
116
15
55
55
Jan
International Silver_ _100 8,600 143 Mar
Fourth Liberty Loan {High 104
1036133 1036133 1036132 104'22 104 22
28 168 Apr 1 13534 Mar 168
,
Apr
Preferred
100
4 Si% bonds of 1933-38._ Low 1036633 103272 103"22 103"211 103"22 103"22
100 11334 Mar 31 11334 Mar 31 109
M
Island Creek Coal
Mar
(Fourth 448)
1
Close 104
10 s' 32 1031122 103"22 103"12 104
130 56 Mar 30, 5851 Mar 28 4834 M 11334 Feb
50
Jones & L Steel pref...100
Total sales in $1,000 units.. _
78
143:
350 120 Mar 28120 Mar 28 117
345'
115
134
95
Feb 120
Malley Co pref
Mar Treasury
100
{High 114
170 79 Apr 1' 814 Mar 30
113"n1 113'221 114122 I 1131633 113%
Kress Co new
AP 8654 Jan
434s. 1947-52
• 300 7231 Mar 26 73 Mar 29 79
low_ 114
113"22, 113
113.
1132122 113"12
59
Jan 74% Mar
Laclede Gas pref_ _ _ _100
Close 114
50 115 Mar 29 115 Mar 29 95
113"22 113
114'22 113
,132 113"s2
Jan 128
Loose-Wiles Bis let pf100
Feb
Total sales in 31.000 units..
100 11034 mar 2811934 Mar 28 118
15
38
44
8
104
145
Jan 11931 Mar
McCrary Stores C A._.•
{High 1081133 108"1,. 108'22 108":2 108"n 108un
40 6234 Mar 29 6634 Mar 28 55
Mar 75
Macy Co
Jan
48, 1944-1954
Low_ 108133 108232 1076132 1071633 1084n I
1.900 13934 Mar 28 14634 Mar 30 124
Jan 14634 Mar
May Dept Stores rights_
1084n
Close 1081132 1086,, 108 I 108"33 108"n 108"st
131
Jan 14 Mar
Montana Power pref_100 6,650 1204 Mar 30 134 Mar 213 1
Total sales in $1,000 units_ _
.
100
Mar 29 1204 Mar 29 11834 Jan 121
17
33
11
4
49,
Mullins Body pref..100
108
Mar
{High 105" 105"n 105"s2 105"22' 1055683
20 81
Mar 28 864 Apr. 1 80
83
Jan 864 Apr
National Supply Pref.100
3315. 1946-1956
110 1164 Mar 31 116% Mar 31 1144
Low_ 105"33 105"22 105'22 I 103"u! 10512n, 1056632
National Surety
Jan 1184 Mar
100
250 2494 Apr I 254 Mar 30 238
Close 105"32 105"22 105"42' 1059 1051632: 105"n
221
Feb
NY Steam pref (6).._
1052132
Mar
Total sales in $1.000 units....
100 9334 mar 28 9334 Mar 28 934 Feb 256
26
100
3:
26
arias Lock & Ont P p1100
106
1
20 1134 Mar 2811334 Mar 28 112% Jan 93% Mar
Northwestern Teleg...50
Note.
-The above table includes only sales of coupon
30 494 Mar 29 4934 Mar 29 474 Jan 1134 Mar
Norwalk T & Rub 01_100
120 4334 Apr 1 494 Mar 28 4334 Ap 6231 Mar bonds. Transacti
ons in registered bonds were:
011 Well Supply pref.
75
Jan
_100 1.040 1064 Mar 26 10834 Mar
30 10234 Ma 108% Jan
Omnibus pre A
4 let 446
100 1,800 864 Mar 28
103
to 103:32 122 4th 4315
9334 Apr I 81
10362n to
Jan 9334 Apr
Owens Bottle prat..100
2d 448
100132 to 1001233 25 Treas.
10 1164
103",59
43113
1131633 to 113un
Jo 117
Pacific Tel & Tel ..l00 1,330 1274 Apr 111634 Apr 1115
Feb 18 3d 4318
101
to 101
Mar 26 13034 Mar 28124
Mar 140
Preferred
Jan
100
80 10554 Mar 28 10534 Mar 28 1
Foreign Exchange.
10334 Ma 11231 Mar
Rights
-Sterling exchange was quiet but
1,760 104 Mar
M
Patino Mines & Ent p1.25 4,200 214 afar 26 12 Mar 29 7
12
Mar steady, and practically unchange
28 2234 Mar 30 20
d throughout, though closPettibone Mulliken Istid
Mar 2734 Feb
10 00 .Apr 1 100 Apr 1 100
Phil& Co 5% pref
AP 100 Apr ing a trifle lower. The Continental exchanges were sluggish.
50
40 43 Mar 29 43 Mar 29 40
To-day's (Friday's) actual rates for sterling
Ja 43
Pittsb Term Coal_ _ _ _100 1,000 31
Mar
exchange were 4.85 3-16@
Apr 1 3354 Mar 30 31
AD 4334 Jan 4.8534 for banks sight, 4.85 11-16@4.85
Preferred
100
150 80 Mar 28 80 Mar 28 80
34 for cables. Commercial on
Fe 83
Porto Ric-Am Tob A _100
Mar banks, sight. 4.85 1-16@4.8534; sixty days, 4.81 1-1604.8134: ninety
100 79 Mar 29 79 Mar 29 78
Pullman Co certifs....100
M
79
Mar days. 4.78 15-16®4 79, and documents for payment (sixty days). 4.81 5-16
100 78 Mar 28 178 Mar 28 178
®4.8134. Cotton for payment, 4.85 1-1604.853
Reid Ice Cream pref _100
Mar
100 99 afar 30 99 Mar 30 974 Ma 178
4. and grain for payM 100
Rem Typew 2d pf ctf.10G
Feb ment, 4.85 1-1604.8534.
50 14 Mar 30 114 Mar 30 13
Today's (Friday's) actual rates for Paris
Mar 114
Sherwin (Wm S) pref100
Mar
40 07 Mar 30 10734 Mar 2 1054
short. German bankers' marks are not bankers' francs were 3.8034 for
South Calif Edison rights amp
Fe 110
Jan
yet quoted for long and short
MApr I
Spalding Bros 1st pref100
Ap
34 Apr bills. Amsterdam bankers' guilders were 39.9834 for short.
50 0731 Mar 26 110 Mar 28 103
Exchange at Paris on London, 125.01; week's
Ja 110
Stand Plate Glass 111-100
Mar
110 1031 Mar 31 1031 Mar 31 10
range. 124.02 high and
125.01 low.
M
Underw'd Typew p8_100
11
Mar
10 23 Mar 28
The range for foreign exchange for the week follows:
Jan
United Dyewood_---100 300 534 Mar 26 123 Mar 28 120
Jan
6 Mar 26 534 M 123
Sterling Actual10
U S Express
Feb
100
Checks.
100 24 Apr I 24 Apr I
Cables.
24
Van Itaalte 1st pref.
251 Feb High for the week
.100
4.8531
20 56 Mar 29 5834 Mar 29 5474 Fe
4.854
Low for the week
Ma 674
Victor Talk Machine__.17,000 3534 Mar
4.85 3-16
4.85 11-16
28 3734 Mar 31 3334 Feb 384 Jan
Paris Bankers' Francs
67 preferred
Jan
• 5.400 90
Jan 924 Jan High for the week
7% prior preferred -100 5.400 98 Apr I 92 afar 31 90
3.9034
3.9134
afar 26 9931 Mar 31 97
Feb 9934 Feb Low for the week
Virginia Coal & C p1.100
3.9054
3.9134
20 76 Mar31 76 Mar 31 74
German Bankers' 251arksMar
Vulcan Detinning_..100
Feb
40 2034 Mar 28 204 Mar 31 1634 'Jan 76
27
Class A
Feb High for the week
23.7134
23.7234
100 20 Apr 1 20 Apr 1 16
Jan 20
Warren Bros let pref..50
Jan Low for the week
23.6934
23.7034
20 47 Mar 26 47 Mar 2 47
Amsterdam
Mar,
West Penn Pow 6% pf.*
30 1044 Mar 31 10434 Mar 29 10034 Jan 4734 Mar MO for the Bankers' Guilders
week
Westing'se El let prat-50
1064 Mar
40.00
40.01
100 85 Mar 28
Low for the week
Mar 8534
White Sewing Machine.•34,900 2134 Mar 26 85 Mar 28 82
39.99.34
40.0034
2651 Apr 1 2134 Mar, 264 Mar
Domestic Exchange.
Apr
-Chicago, par. St. Louis. 15@25c._ per $1.000
•No par value.
discount. Boston, par. San Francisco, par. Montreal.
14.6875 per
$1.000 premium. Cincinnati, par.
1
Hi 616
1946
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING SIT PAGES
Fos sales during the week of stocks usually inactive.see preceding page
14185
.
PKIt 01
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Friday,
Wednesday, Thursday,
Tuesday,
Monday,
Saturday,
April 1.
Mar. 31.
Mar. 30.
Mar. 29.
Mar. 28.
Mar. 26.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Sines Jan. 1 1927
On basis of 100-share tots
Lowest
$ per share
Highest
CMG 0145185
Range for Previous
Year 1926
Lowest
Highest
$ per share $ Per share $ per sham
$ per share $ per share $ per share $ per share $ per share $ per share Shares
Par
Railroads.
11 122 Mar 172 Des
177% 1781 176 178 72,300 Atoll Topeka & Banta Fe__ 10016134 Jan 8 181 Mar 22 9418 Mar 102 Deo
17718 17812 17734 113012 17614 179
17618 177
100 9938 Jan 5 102 Mar
1,900 Preferred
10018 10012 10012 101
4
10034 10034 1003 101 *10012 101
101 101
11 May 10 Jan
178 Feb 3
58 Jan 3
___ ____ ____ ____ ____ __-___ ____ Atlanta Birm & Atlantic-100
__- _--- ____ ____ ____
100 175 Mar 31 205 Jan 3 18112 Mar 26212 Jan
9,400 Atlantis Coast Line RR
178
4
3
*183 185 4 185% 18512 180 18412 17712 18112 175 17812 17712 113% 44,800 Baltimore & Ohio
8
10812 Jan 4 1157 Mar 29 8312 Mar 1093 Sept
100
7
8
11312 11414 114% 1153 115 1157 11358 1154 113 11378 1125 755
100 7314 Jan 3 77 Feb 16 67% Jan 73 Aug
600 Preferred
7618 7818 7618 7818 76% 7618 7618 753,
Feb
7618 7618 *76
33
.
50 44 Jan 6 171 A
20,900 Bangor & Aroostook.14 ..pr 1 977 Mar 46 Dee
8 6712 88% 6612 7012 8914 7114
6312 6618 8612 687
83 63
Feb 103
100 10112 Jan 10 10912 Mar 14
180 Preferred
4
7 Dec
5
108 8 10834 10812 1083 10812 10834 10812 10834
108 108
108 108
58512 8812 13,300 Bkln-Manh Trim v t 0-No par 85 Mar 19 7078 Jan 20 5418 Mar 77 Dec
4 6614 67%
66% 673
4 653 87
4
67 673
66 66
No par 8812 Mar 29 88 Jan 4 78 Mar 8934
1,400 Preferred v to
87
*85
8612 8612 *8812 87
*8714 8712 87 8712 8612 87
812 Mar 1858 Nov
912 Jan 25 15% Jan 7
4 1014 10% 4,700 Brunswick Term & Ry Seo_100
4
4
1158 1134 113 1218 113 1212 111 11% 1112 113
4
195 Buffalo Rochester dz PItta_100 8014 Jan 8 115 Mar 10 6934 Mar 873 July
99 10018
103 103 104 105 *98 103 *98 102 103 103
58 Jan 81 June
100 59 Jan 18 60 Mar 12
Canada Southern
1
*5912 81 '5912 61
'
*5912 61
*5912 61
*5912 81 .59 60
19212 Feb 28 14612 Jan 17014 Dee
100 165 Jan 6
7,700 Canadian Pacific
185 186
1831 18334 18312 18412 184 18412 18334 18458 18484 186
3,700 Central RR of New Jersey_100 285 Jan 4 309 Apr 1 240 Mar 305 Jan
30514 309
298 296 295 306
8
*293 300 296 297 298 298
4
100 1513 Jan 25 166 Apr 1 112 Mar 1783 Sept
188 41,400 Chesapeake & Ohio
4
8
4
414 Sept 1158 Feb
1613 1627 1623 18514 1825, 18514 18212 18414 183% 1645, 1621
434 Jan 8 1038 Feb
100
714 7% 12,700 Chicago & Alton
8
712 75
67
7%
7
7%
8 67
67
7
7
818 May 1814 Feb
7% Jan 5 1378 Feb
100
1034 9,700 Preferred
4
4
93 1112 103 1138 10
8
8
95 103
958
958
9%
*9
17314 Mar 275 Aug
100 275 Jan 31 302 Feb 1
C C C& St Loulis
30 Dec 37 Feb
*270 300 *270 300 *270 300 *270 300 *270 300 *270 300
300 Chic & East Illinois RR-100 3012 Jan 10 377 Feb
3234 3234
34
4
3234 323 *32
34
33 *30
33 *32
*31
3612 Mar 5184 Feb
100 43 Jan 6 5114 Feb
1,800 Preferred
g
48
4 477 4778 *48
463
48
48
4
46% 483 *46
734 Mar 12% Sept
*45 48
6 2212 Feb
812 Jan
4 165, 28,700 Chicago Great Western-100
8
1614 Mar 3158 Sept
1514 1512 153 1818 1514 1512 1514 188 157 165, 153 2814 19,200 Preferred
4
100 2314 Jan 7 333 Feb
8 2618 2714 2612 2814 2714 2818 264
814 Dec 1412 Jan
264 264 2612 273
9 Jan 4 1718 Feb
141 14,100 Chicago Milw & St Patil IM
14
135, 1434 1412 15
4
3
7 4 Dec 14 Jan
133* 1358 135 14% 133 14
9 Jan 4 18 Feb 1
100
8,800 Certificates
14
14
1358 1412 145 145
135 14
1334 14
1418 Mar 24 Aug
1358 1334
100 183, Jan 3 25 Feb
2178 2212 2112 2214 13,600 Preferred
5
21% 2118 2114 2034 2238
21
14 Apr 23 s Aug
21
21
4
Jan 3 233 Feb 1
100 18%
7,700 Preferred certlficates
8
217 2212 217* gg
2118 2118 2114 2078 22
6514 Mar 8334 Sept
2114 21
21
873, Feb 1
8 811 828 17.800 Chicago & North Western_100 7838 Jan 27 134% Feb
8118 827
82
8134 8214 815, 8212 81
11812 Jan 12812 Apr
81
81
100 12414 Jan 3
2,200 Preferred
8
404 Mar 714 Dec
129 12938 12938 12912 12978 12978 *12978 131 *1297 131
*129 130
4 93% Apr
4
873, 8718 9114 883 933, 81,300 Chicago Rook Isl & Pa01110-100 6812 Jan 4 108 Mar 31
8712 8812 86
98 Mar 108 Dec
4
88 8612 853 88
4
100 1023 Jan
1,400 7% preferred
108 108
4
8314 Mar 98 No
107 107 107 10738 10712 1074 *107 1073 10712 108
Jan 28 100 Apr 1
100 9514
1,100 6% preferred
9934 994 9918 99 100
8
8
993 9912 9934 997 *99
52 Mar 9814 Oct
5
4198 8 993
100 84 Jan 3 10412 Mar 31
9914 10412 10212 10212 2,300 Colorado & Southern
9712 9514 9612 9612 99
*95
62 Mar 74 Oot
96
•94
1130 70 Jan 4 75 Feb 19
100 First preferred
75
7478 7478 *73
75
*72
75 *72 75
59 Jan 72 Sept
1
*72 75 *72
71,Jan 15
100 88 Jan 14
Second preferred
72
73 *88
4168
72
*68
72
*68
72
*68
72
*68
7211 Dec
8834
2,400 Consol RR of Cuba pref-100 6912 Jan 15 741 Mar 4 15014 Nov 18312 Sept
4 7112 72
8
8 715 711
717
8
717
Mar
,
8 7214 72 4 714 72
723
72
100 17118 Jan 28 19912 Mar 29
4 46,500 Delaware & Hudson
4
184 18512 186% 19512 195 19912 192 19512 19414 1963 192 1933 26,500 Delaware Lack & Western- 50 14014 Jan 27 173 Mar 23 129 Mar 15313 Jan
182 164%
4
3712May 47 Jag
4
182 16312 1823 16414 18012 1623 18012 16214 180 164
4
8 4,500 Deny & Rlo Or West pre/_100 414 Jan 5 583 Feb 17
*5134 533
5212 5212 53
2212 Mar 42 Dec
5312 5334 5334 5112 5338 49
*53
4
100 3912 Jan 3 503 API' 1
4
4778 4912 4838 503 139,200 Erie
4778
8
3334 Mar 55% Dec
4334 445, 4412 4614 455 4612 46
4 5912 Feb 19
100 523, Jan
5858 567 573
4 5658 5814 30,800 First preferred
5614 5514 588* 58
30 Mar 5014 Dec
55 5514 55
100 49 Jan 4 5414 Feb 19
5358 9.500 Second preferred
81
52
5018 5112 61
6812 Mar 8418 Der
*4812 4912 50 5012 5012 5012
preferred 100 795 Jan 4 9118 Feb 19
8
4 865 8712 14.000 Great Northern
873
4 86
4
8 853 863
8 8534 867
86% 86 867
18 Dec 274 Feb
88
2314 Feb 4
8 2012 2012 7,300 Iron Ore Propertles_No par 1914 Jan 13 68 Mar 11
2018 207
,
2012 214 2012 203, 20 2 21
2518 Apr 4118 Sept
21
21
5978 6178 22,100 Gulf Mobile & Northern-100 3518 Jan 6
5914 6212 6014 62
6234 5938 62
95 Mar 10912 Sept
60 6058 61
105 Jan 14 11112Mar 12
100
400 Preferred
4
4
8
3458 Jan 4112 Dec
*10712 1087 10712 10758 *10712 10834 1073 1073 108 108 *107 108
3 5678 Feb 24
8 5014 5112 5,700 Hudson & Manhattan-A00 4012 Jan 8 8212 Mar 31
5034 5134 5018 5118 5012 507
s
674 Mar 80 Dec
8 507 507
7
50 8 507
100 78 Jan
200 Preferred
82
8212 821 *80
82
82
82
*81
8212 *80 82
*80
10 12958 Feb 18 11312 Mar 131 Sept
100 12112 Jan
8 3,300 Illinois Central
8
126 12612 126 12653 1255 12612 12618 126's 1254 1263
•12512 126
8
100 1207 Jan 12 12812 Feb 18 11512 Mar 12912 Sete
100 Preferred
126 126
•124 12614 *124 12614 *124 12614 *124 127 *12512 127
7114 Jan 77 June
230 Railroad Sec Series A..1000 74 Jan 4 79 Apr 1
s
773 79
78
7714 7714 *77
78
*77
7112 77 77
24 Dec 31 Feb
*70
lot Rye of Cent America-100 24 Jan 18 25 Jan 15
25
*23
25
*2338 25 *23
25
*23
62 Mar 86 Jun,
*23 25 •23 25
100 83 Jan 4 8512 Feb 9
170 Preferred
*624 64
64 64
6414 63 64
*64
4
2412 Jan 533 Dot
*64 6412 64 64
o_100 4114 Mar 29 52101 Feb 26
447 4558 16.700 Interboro Rapid Tran v t
8
4114 4414 427 44% 4312 46
447
3414 Mar 5138 Sept
4412 4512 44
108 4114 Jan 4 5614 Mar 31
564 5312 551 119.200 Kansas City Southern
8 51% 841s 54
513, 5014 513
6058 Mar 6838 Sepi
50
484 497
8
100 647 Jan 7 69 Mar 19
900 Preferred
6812 z6812 6812 69 69
*67 6812 *6712 6812 68
754 Mar 106 Dec
67 87
4
50 993 Jan 6 123 Feb 18
2,200 Lehigh Valley
4
11712 1183 *11712 118
11712 11734 117 11712 1164 117
116 118
8
100 1283 Jan 14 139 Feb 18 118 Mar 144 BMW
3,300 Louisville & Nashville
1341 13412 1334 1344 133 13414 13312 134
1348 1341 13412 135
84 Mar 9234 Api
Manhattan Elevatea guar_100 85 Jan 26 90 Feb 11
90 •88 90
1188
*8114 90 *8812 89
384 Jan 6178 Ala,
*87 90 *874 90
100 4712Mar 30 5478 Febr28
41 July 10 Feb
5
4758 48 8 4712 4834 4812 4834 4834 4878 5,800 Modified guaranty
638 Mar 25
485 4914 48 493
412 Feb 2
100
500 Market Street Rallway
*512 612
1912 Oct 40 Feb
,
512 512 *5 2--- *512 612 *512 612 *20
*5% 6
100 18 Feb 10 20 Feb 4
Preferred
30
*2012 26
30
*20
30
*20 3918 June 514 Feb
28
8
*17
28
*17
Feb 7 467 Mar 24
,
100 415
4,900 Prior preferred
453 46% 4534 46
46
452 46
46
1134 Oct 2212 Feb
46
46
46
46
100 1158 Mar 15 16 Mar 30
100 Second preferred
19
1812 *14
5114
16
1818 16
378 Jan
45 Feb 3
5116
1% Dec
*1314 19
*1314 19
13 Jan 13
2,600 Minneapolis .12 St Louis__ _100
278 3
234 234
318
278 318 *3
2578 Dec 5212 Feb
4
8 23
25
6 40 Feb 4
4
3
284 2
500 Minn St Paul & 55 Marie_100 27 Jan
30
8 29
8
303 303
30
30
33
1130
50 Dec 79 Feb
8
*3012 33 *3012 32
100 51 Jan 12 58 4 Feb 8
Preferred
60
*50
*3312 34
*54 60
*52 60
60 Oct 6678 Feb
1552 60
*50 60
100 5814 Mar 25 63 Jan 13
230 Leased lines
60
1559
*584 60
2912 Oct 4718 Feb
44 Feb 18
4 5814 5812 5812 5812 *5814 60
5812 583
4114 82,400 Mo-Kan-Texas RR_--No par 3112 Jan 6 10284 Mar 17
4 40
8
4 407 423
413
8 39
82 Mar 9638 Dee
3814 3912 3858 397
374 38
3
100 95 4 Jan 4
Preferred
102 10214 10214 l02'z 10178 1021s 3,500
4
3
27 Mar 45 Sep)
7 Jan 4 5714 Mar 30
8
8 1023 102 1023 1013 102
1023
100 37
8
5714 5514 5714 5414 563 305,400 Missouri Pacillo
4
7112 Mar 95 Sap)
5018 5034 5114 5212 513 5312 53
100 9018 Jan 4 10914 Mar 30
Preferred
4
83 Jan
10112 103% 103 10914 10858 10814 105 1067 80,300 Nat Rye of Max 1st pref 100
434 Apr
5% Feb 3
8
9934 1007 10012 102
418 Mar
100
5
414 414 *4
5
*4
412 Jan
5
*4
134 Oct
5
238 Feb 2
*4
5
*4
134 Jan 7
100
200 Second preferred
2
2
*134 2
*134 2
13211 Jan
*134 2
4 2
*13
*134 2
14413
770 New Orl Texas & Mezloo 100 121 Jan 8 145 Mar 29 120 Mar 14711 Sap)
144
14312 144% 144% 145
139% 14212 14312 145
*138 141
100 13714 Jan 27 1473s Feb 18 117 Mar
143 14414 105,000 New York Central
8
8
14358 14412 14412 1455 145 1463 14458 146 214312 14458 1882 1901* 3,100 NY Chic & St Louts Co
100 186 Jan 8 1977 Feb 21 130 Mar 20412 Sep)
*
93 Mar 108 Jul)
191 191% 191 19112 189 19018 189 190
•190 191
100 102 Mar 8 105 Jan27
500 Preferred.
8
1047 lO47s
4
8
4
8
1043 1047 1044 1044 *1043 105
3038 Mar 483 Jul)
4
*1043 105
*10412 105
100 4134 Jan 4 5858 Feb la
8
515 5234 5014 5158152,300 NYNH& Hartford
5114 4938 517
4 50
1934 Mar 2878 Feb
49 4912 49 513
2834 14,100 N Y Ontario & Western-100 2314 Jan 15 3414 Feb 18
4 27% 2914 283* 29% 27%
4 2712 283
6 Jan 2014 Feb
1212 Jan 21 1534 Jan 14
27% 2712 273* 283
400 NY Railways pre!OUs-No per
14
1212 1212 1314 *13
1212 *11
1212 *11
*1112 1212 *11
13 Dee? 28% Jan
New York State Rallwaye-100 1812 Jan 26 22 Feb 3
2012
201 *18
•18
*1812 21
*1812 21
•1812 21
2778 Apr 4432 Sep)
*1812 21
100 37% Jan 14 584 Mar 12
4912 5012 3,400 Norfolk Southern
501
50
5258 491 51
s
521s 51
495* 4958 50
100 158 Jan 4 18312 Apr 1 13914 Mar 1707 001
Western
177 1795s 17612 17934 17912 1813 18014 18312 43,000 Norfolk &
8312 Nov 85as Avi
174 179
173 174
100 84 Feb 3 86 Jan 3
Preferred
__ 158512 8612
*8512 86
6534 Mar 8212 Aug
*8512 861 418512 86
*8514 88
100 78 Jan 3 9112 Feb 18
8 22,200 Northern PacItio
8512 874 8514 867
8478 853 518512-8514 861
8538 861
15 Oct 48 Jar
14
85 857
100 1514 Feb 3 27 Feb 18
Paclflo Coast
25
*15
25
4115 25 *15
25
25 *16
4858 Mar 5716 001
25 •16
*16
60 5834 Jan 3 6112 Feb 18
8
8 597 6112 101,100 Pennsylvania
3 5918 5913 5918 5938 5914 605
1578 Oct 263 Jan
583* 593, 5918 593
100 20 Jan 25 3314 Feb 14
Peoria & Eastern
2912 3112 2912 3118 6,700
2914 31
30
*29
87 Mar 122 Dec
30
29
30
*28
100 11412 Jan 6 12638 Mar 2
118 11812 11812 119% 4,500 Pere Marquette
11834 119
8
79 Mar 96 Jul)
8 1187
8
•118% 11914 1185 1185 *933* 119
100 93 Jan 22 9512 Jan 11
200 Prior preferred
9312
9312 9312 9312
937 *931 94
7034 Mar 917 July
*9312 941 *9312 937
8
100 89 4 Jan 4 92 Feb 3
200 Preferred
4
4
9112 9112 *903 913
3
Dec
911 *90 4 911 *901 911
9014 901 *91
100 12212 Jan 18 148 Feb 8 85 Mar 1354 Dec
131 13238 131 13112 129 13012 3.000 Pittsburgh & West Va
132 133
132 132
79 Mar 10114
13112 132
50 94 Jan 4 113 Feb 9
104,500 Reading
110 11158 109 11158
3934 Dec 42 Ap
108 109's 10938 1101± 109 15O'z 10912 111
Jan 13 4212 Feb 16
50 4012
100 First preferred
4
4
*403 411 15403 411. *40% 4112
41
40 Mar 453 Dec
4
4113 41
411 *41
*41
4
40 433 Jan 12 50 Feb 16
400 Second preferred
47
*46
4612 47
47 47
481
42 Apr 81% Ant
481 *46
1547
48
*46
100 43 Jan 7 5914 Feb 8
200 Rutland RR pref
54
*53
54
*53
54
85 Mar 1034 Dec
5312 5314 5212 521 1553
Mar 12
,
55
*53
10034 Jan 6 114 8
11138 11014 11112 1104 11114 23,800 St Louis-San Francisco__ _ _ me 98 Jan 26 9812 Jan 15
8312 Apr 9712 Dec
11158 1121 11158 1123s 1114 ll2's 11078
100
400 Preferred A
8
8
967 967
97
971 1096
57% Mar 74 Fat
9714 971 *97 9714 9714 971 *96
100 81 Jan 6 7414 Mar 14
8
693 7012 7,400 St Louis Bouthwestern
4
6812 7114 693 71
72 Mar 8014 Jull
68% 69% 6814 7018 6758 681
4
100 767 Jan 8 8314 Feb 28
100 Preferred
4
*813 82
82
Mil
8
2712 Mar 51 Dec
8
817 817 *8112 82
82
*81
4
•813 82
100 2818 Mar 31 4114 Feb 17
4
283 3012 23,400 Seaboard Air Line
2818 31
3112 Mar 488s Fel
304 311
4
3112 32
3
8
3218 321s 317 321
100 321* Mar 31 43 4 Feb 31
7,600 Preferred
3512 333* 343
3412 3512 323,
9818 Mar 11214 Dec
8
3
5
36 8 36s 354 3618 355 36
100 10614 Jan 28 114 4 Mar
8 60,800 Southern Pacific CO
4
1113 11318 11112 11234 11212 11434 11214 1135
11113112', 11112 113
13114 Sep
100 119 Jan28 127 Jan 3 1033s Mar
8
1241221233* 1243 17,700 Southern Rallwa.V
871 Apr 9512 Aui
1233, 1247 12412 1247 12418 124's 12358 12438 124
100 94 Mar 10 9512 Feb 21
300 Preferred
9434 9434
95
95
95
4218 Mar 6158 Jai
94'z 95
941 *94
941 *94
*94
7
100 53 8 Jan 7 6958 Mar 31
8
683 74,700 Texas & Peale
6914 8712 695* 67
1312 Jan 43 Ap
624 6534 8412 6814 65
100 36 Mar 29 41 Feb 8
*6112 62
1,000 Third Avenue
38
*36
37
3712 371 *36
3734 36
38
27 172 Feb 18 14112 Mar 16838 Oc
3734
38
*36
100 15913 Jan
4
16712 1693 36,900 Union Pacific
743 Jan 8114 Aui
16912 171
168 17012 17018 17184 169 171
16712 168
100 77 Mar 5 82% Feb 11
500 Preferred
8112
8118
3378 Mar 52 Jai
4
8
8158 815 *8112 813 158112 813 *8112 8134 7012 7112 83,400 Wabash
814 813
100 4012 Jan 4 753 Feb 28
7214
8 71
4
68 Mar 783 Jai
8
8914 8978 8912 7178 7014 718 697 713
100 78 Jan 3 9512 Mar 28
11,500 Preferred A
8
95% 947 95
95
9412 95
57 Mar 72 Jai
9412 9518 945* 95
*9414 943
100 65 Jan 15 93 Mar 28
Preferred B
303
95
93 *90
*90
95
*91
*
11 Mar 165 Jai
92
4
92
6 443 Feb 7
100 1334 Jan
8918 93
*8712 95
3112 170,500 Western Maryland
29
2914 32
291
24
1638 Mar 2438 Sep
25
4
24% 2518 24
2418 243
100 23 Jan 7 423 Feb 7
3912 28,300 Second Preferred
38
8
375 397
3234 363
27% Dec 3914 Jai
3212 33
8
4
323 33
3212 32
100 273 Mar 29 3912 Feb 9
12,400 Western Pacific new
4
28
72 Dec 883 Bev
4
283, 283 294 2838 29
8
8
2734 2914 273 2814
2712 29
100 6018 Mar 30 763 Feb 7
7,300 Preferred new
62
62
62
81
18 Mar 32 Jal
8
8314 OS's 624 644 617 623, 60% 81
300 Wheeling & Lake Erie Ry_100 2712 Jan 3 130 Feb 8
4
733
4161
73
73
74
74
74
37 Mar 5012 Jai
*80
58
Jan 7 93 Feb 8
68
*80 85
100 47%
600 Preferred
84% *7918 844
4
4
8154 8134 813 813 *79% 81'4 813 813 417918
Industrial & Miscellaneous
7034 May 98 SeP
12
8912 1,800 Abitibi Power & PaDer_No par 83 Jan 27 93' Mar 21
89
90
90
43 May 72 De
9038 911 *8912 91
917
91
911
*91
900 Abraham & Straus___No par 62% Mar 26 70 Jan
4
643 65
65
63
65 65
*62 66
6214 6214 64 64
11012 Feb I 11312 Feb 30 1044 Ma 112 De
100
100 Preferred
4
113 11318 11284 1123 11214 11214
Jan 155 Jul:
11134 112
*11112 112 *11134 112
4
100 1393 Feb 16 178 Mar 29 131
17612 178 - x176 17818 175% 17514 4,668 All America Cables
9978 Mar 136 Sep
17512 178
173 1741 174 176
100 124 Jan 5 139 Feb 25
100 Adams Express
8 Dec 22 Sep
134 134 *133 135 *133 135 *133 135
4
137
*134 137 *134
912 Jan 3 153 Feb 9
100
600 Advance Rumely
128* 1238 1212 1212
*1214 14
1214 12'z 1214 Iv *1214 13
•Bid and askei prices s Ex dividend •Ex-rights.
New York Stock Record-Continued-Page 2
1947
For sales during the week of stooks usually inactive, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar. 26.
Monday,
Mar. 28.
Tuesday,
Mar. 29.
Wednesday, Thursday,
Mar. 31.
Mar. 30.
Friday,
April 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
I6
- a all A MS
Range Sus Jan. 1 1027
On Oasis of100
-share lots
Lowest
$ Per share $ Per share $ per share 5 per share $ per share 5 per share Shares Indus. & inison. (Gun) Par $ per share
3518 354 354 3512 3518 36
/
1
8
/
1
/
1
345 344 .3418 3514 *3412 354 1,100 Advance Rumely pref
100 3014 Jan 25
*412 45
8
8 0412 458 *412 4
458 45
4 8 45
5
/
1
4
8
412 412 1000 Ahumada Lead
1
418 Feb 16
14874 149
/
1
15012 151
1497 15112 150 1524 z151 151
8
149 150
5,500 Air Reduction. Ine----No Far 13412 Jan 26
11
1112 Ills 1112 1078 1114 1012 11
1012 11
10
/ 1118 19,800 Ajax Rubber, Zoo
1
4
No par
9 Jan 4
*11 2
/
4
11 11 •15
/
4
/
4
/
1
8 17
4 2
8
14 14 *13
/
1
*112
134
300 Alaska Juneau Gold
10
114 Jan 6
13812 139
/ 13914 140
1
4
/ 13912 14214 140 1425 1405 14212 14114 143
1
4
8
8
Min_.
93,100 Allied Chemical & Dye_NO par 131 Jan 25
*12012 12112 *120 1213 1213 1213 *1203 1213 *12012 1213 *12012 1213
4
4
4
4
/
1
4
4
4
4
100 Preferred
100 120 Mar 11
9512 9.512 9512 96
954 96
/
1
9412 9512 9412 9514 9412 9712 6,400 Ants-Chalmers Mfg
100 88 Jan 25
*109 1094 1094 10914 *1094 110 *10912 110
10914 10912 *10912 110
300 Preferred
100 109 Feb 9
16
1614 1612 171 161 17
/
4
*163 1714 16
4
/
4
1612 1618 187
8 9,200 Amalgamated Leather_No par
153 Mar 24
4
14 30 4 3114 293 307
31
311 3118 31
/
4
8
2 29
291 2938 29
/
4
3
/ 19,000 Amerada corp
1
4
No par 29 Mar 31
103 1012 1018 1012 1018 1018 1112 1112 10
8
1012 10
10
1,600 Amer Agricultural Chem__100
934 Mar 23
3812 3612 363 364 3512 361 353 353
8
/
1
/
4
4
4 3514 3512 354 3514 3,100 Preferred
/
1
100 351 Mar 23
/
4
*4714 48
473
4712 4758 *47
4 477 477
8
8 4714 4714 *46
4712 1,700 Amer Bank Note. new
10 41 Jan 6
*5714 5814 *5714 58
*5714 53
*5714 .58
*5714 58
57
57
70 Preferred
00 5612 Jan 4
*2258 23
/ 2234 223 *223 23
1
4
4
4
/ *2212 23
1
4
/ 2212 2212 2212 2212
1
4
400 American Beet Sugar
100 2212 Mar 3
54
54
*54
541 *___- 54 *---- 5618'_ -_ 5518 *__ __ 57
/
4
100 Preferred
100 54 Mar 26
155 15
8
/ *153 16
1
4
4
1512 15 4 15
3
154 143 143
8
4 144 144 1.400 Amer Bosch Magneto_No par
/
1
/
1
13 Jan 20
14434 145
145 145
1444 14412 144 144
/
1
14112 1411 144 144
/
4
1,000 Am Brake Shoe & F---No par 134 Jan 26
*120 12412 *120 12412 *120 12412 *120 12412 *120 12412 *120 12411
Preferred
100 11714 Feb 7
25
263
8 2412 2614 2412 25 4 2212 2514 2112 2312 211 221 63,900 Amer Brown 13(weriEl-No Dar 2112 Mar 31
3
/
4
90
90
8718 905
8 89
90
883 883
4
4 85 85
86
86
800 Preferred
100 85 Mar 31
464 474 461 4714 45 4 464 44 • 45
/
1
/
4
3
/ 43
1
4
/ 44
1
4
/
1
/ 43
1
4
/ 451 104,700 American Can w I
1
4
25 435
8Mar 31
*127 128 *127 128
12718 1271 *127 128
/
4
127 127 *127 128
300 Preferred
100 126 Jan 14
1023 10412 10314 105
8
10312 10414 103 103
10214 10212 1021 102'o 5,400 American Car & Fdy ---No par 9912 Jan 28
/
4
*12812 130 *129 130 *129 1293 129 129 *129 130
4
/
1
4
/
1
4
129 130
700 Preferred
100 1273 Feb 10
4
303 3038 3038 3038 3038 3038 3038 3038 303 30
8
8
/ *3014 3012
1
4
700 American Chain,class _ _25 2514 Jan 7
•483 4914 4818 48'z 48
4
/ 49
1
4
4612 471
461 4612 *4612 4812 1,300 American Chicle
/
4
A- par 30 Jan 26
No
4714 474 473 48
4
*46
471 *46
47
48
48
46
46
1,400 Do certificates
No par 35 Jan 4
97
s 97
3
2
98 9
5
93
4 94
/
1
4
9
/ 9
1
4
3
912 9
9 4 93
3
/ 5,100 Amer Druggists Syndicate10
1
4
918 Apr 1
*129 130
12912 130
12918 12918 130 130
1293 1293 129 129
4
4
1,300 American Express
100 127 Jan 17
2334 24
2414 2514 244 2513 2412 2512 2414 243
/
1
4 23
/ 25
1
4
1872 Feb 17
39,800 Amer & Porn Pow new _No par
934 93¼ 9312 94
/
1
941
94
9418 9412 944 95
/
1
94¼ 94
No par 8512 Feb 15
4,600 Preferred
*9
91
*83
4 91
*812 914 *814 9
83
3 8
400 American Hide & Leather_100
/ * 3 98
1
4
87
,
812 Jan 20
503 503 *49
4
501
50
5012 5118 5114 5114 1,300 Preferred
4912 49'2 50
100 48 Mar 1
*323 323
8
323 327
2
32% 327
k 327 327
323 3234 33
4
2
33
1,100 Amer Home Products No par 3018 Jan 3
•12714 128's 1273 129
4
127 128
12612 1271 12612 12612 127 12714 1,900 American Ice
100 1141 Jan 26
/
4
*863 871
4
8712 871 *873 88
4
*8712 88
*8712 88
8712 88
100 84 Jan 7
300 Preferred
37
/ 378 38 38
1
4
371 38
/
4
*3714 38
3714 381 3812 387
/
4
8 3,100 Amer International Corp 100 37 Mar 23
*712 7 8
714 713
5
71 718
/
4
712 75
7
8
71
74 7
/
1
/ 2,800 American La France F E___10
1
4
7 Mar 30
*2214 221
2134 22
2134 2114 2138 21
2112 21's 21
2112 2,800 American Linseed
100 2014 Feb 4
50
/ 501 •48
1
481 *48
4
501 *4814 4912 48
4812 49
4918 1,000 Preferred
100 461
8Mar 19
110 11012 11014 11114 11012 111
109 11114 10912 110
/
1
4
10918 109
/ 6,400 American L0e0m new--No par 105 Jan 19
1
4
/
1
4
*12238 123
122 1227 '
/
1
4
123 123
312118 123 *12118 123
123 123
100 11912 Feb 23
300 Preferred
*8012 82
*801 82
/
4
*8012 82
8014 801
7912 80
7712 7912
910 Amer Machine & Fdy--No par 7314 Jan 3
*148 149 *148 149
149 149 *148 149 *148 149
148 148
10 Preferred
100 12518 Jan 6
4312 43
/ *4312 4334 4312 431
1
4
4312 43
7 *4314 435 *434 4312
2
800 Amer Metal Co Ltd___No par 41 18Mar 8
*110 11212 *110 112 *110 112 *110 112 *111 112 *110 112
Preferred
100 108 Jan 6
8 58
581
5718 575
59
8 57
5915 587 587
8
573
8 57
5714 4,300 Am Power & Light____No par 51 Jan 27
117 1173 1171g 1171 1161 /17
4
/
4
/
4
11512 11614 116 1163 11514 116
4
3,700 American Radiator
25 11012 Jan 21
388
901 *88
9012 '
*88
90
/ *871 9012 *88
1
4
9114 *88
/
4
9012
Amer Railway Express___100 8812 Jan 7
•4114 47
*41
45
4418 444 444 443
/
1
/
1
8 44
44
44
44
600 American Republics_ __No par 3518 Jan 4
59
6012 6014 6112 59
6012 57
5812 57
571 16,300 American Safety Razor___100 48 Jan 28
58
57
414 4
/
1
4
414 4
/
1
4
4
/ 412
1
4
4
44
312 418 4,400 Amer Ship & Comm___No par
412 43
4
312 Mar 23
14312 1453 1455 1467 14518 147
4
8
8
14234 145
/ 1423 1444 142 14312 49,500 Amer Smelting & Refining_100 132 8 Jan 25
1
4
4
/
1
5
*121 1214 12112 1211 *12012 12112 121 121 '
/
1
/
4
3121 1211 12118 12118
/
4
300 Preferred
100 11914 Mar 16
*125 12912 *125 127
124 124 *125 129 .125 129
/
1
4
/
1
4
125 12514
100 1194 Jan 17
300 American Snuff
/
1
45
45
45
457 *4514 4512 454 4512 45
8
/
1
451 x4418 441
/
4
2,500 Amer Steel Foundries_No par 44 Jan 3
*113 113
/ 1134 11314 *11314 113 *11314 114 *11314 114 *11314 114
1
4
/
1
4
100 113 Jan 7
100 Preferred
*82
/ 84
1
4
8214 82 4 83
3
83
/ 8212 83
1
4
834 834 84
100 79 Jan 25
85
4,400 Amer Sugar Refining
*10934 110 *1094 110 *1093 110
/
1
4
110 110 *1093 110
4
110 110
200 Preferred
100 107 8 Mar 3
7
49
49
4912 5112 517 5312 53
8
5514 5318 5412 53
/ 55
1
4
56,300 Am Sum Tub new tufs_No par 4112 Jan 3
27
27
273 27
4
/ 27
1
4
27
*263 27
4
*263 27
4
26
26
400 Amer Telegraph & Cable_100 26 Apr 1
8
16518 167
166 1681 16518 1665 166 1663 1655 1664 28,200 Amer Telep & Teleg
/ 1673 169
1
4
/
4
8
4
8
100 14914 Jan 3
*12534 12618 12612 12612 126 126
125 4 1264 1253 126
3
/
1
4
12412 125
50 120 Jan 7
3,200 American Tobacco
*1135 115
8
114 114 *113 115 *11358 115
/
1
4
/
1
4
11334 1147 *1135 115
8
8
100 1101 Jan 4
400 Preferred
/
4
1233 1233 125 125
4
4
/ 12512 1257 1243 125
1
4
8
4
12418 1253 1231 1243
8
/
4
8 4,800 Common Clan B
50 11914 Jan 5
13812 139
139 139
13934 140
13912 140
1394 142
/
1
138 14118 2,800 American Type Foundera_100 125 Jan 7
77
7712 77
775
8 76
78
7512 77'z 77
20 6214 Jan 3
783
4 7814 785 18,900' Water Works & Elec
m
8
108 108
/
1
4
/ 109 109 *108 110 *108 110 *108 110
1
4
10812 1084
100 10412 Mar 1
/
1
300 let preferred (7%)
215 211 20
8
/
4
/ 2118 203 213
1
4
4
8 205 21
8
1914 2012 18
/ 19
1
4
/ 21,900 A,aerican Woolen
1
4
100 18 12 Apr I
.62
6212 613 62
4
6112 6214 6118 61a 58
564 5918 6,900 Preferred
/ 61
1
4
100 5618 Apr 1
*1
11 •1
/
4
11
/
4
1 • 1
*1
11 •1
/
4
11 *1
/
4
11
/
4
300 Amer Writing Paper pref_100
1 Jan 3
8
/ 83
1
4
4 *812 914 *812 9
*812 9
9
9
9
9
812 Jan 3
600 Amer Zino, Lead & Srnelt
25
48
48
473 483
8
8 49
49
*4818 483
4912 504 *4818 50
3,700 Preferred
25 42 Jan 5
4612 461
4612 47
4612 47
464 467
46
463
8 46
4612 5.800 Anaconda Copper Mining _50 45 Feb 9
*3814 39
•38
39
*38
39
*38
39
*38
383 *38
4
383
4
Archer. Dangs, MidI'd_No par 38 Mar 12
*10612 108 *10612 108 *10612 108 *10612 107 *107 108 *107 108
Preferred
100 106 Jan 4
93
/ 93 4 *934 94
1
4
3
/
1
94
943
4 94
/ 95
1
4
944 944 9412 947
/
1
/
1
8 1,700 Armour & Co (Del) pref
100 92 Mar 18
1214 1214 12
1214 12
121
115 12
8
1034 1112 1012 10
/ 9,200 Armour of WWII< Class A__25 1012 Apr 1
1
4
714 7 8
3
74 74 *718 7
/
1
/
1
/
1
4
712 71
67
2 718
6
/ 7
1
4
5,300 Class B
25
65 Apr 1
8
*81
85
*81
85
8114 8114 *81
82
794 81
79
/ 79
1
4
/
1
4
500 Preferred
100 78 Mar 18
•2118 211 '
32118 211
2112 211 .2118 211
2118 2118 21
2114
400 Amn Cons Corp tern oil No par 21 Apr 1
*243 25
4
*234 244 *2312 241 13223 241 *23
4
23
/ •24
1
4
25
Art Metal Conatruction____10 22 Jan 11
*50
5114 50
/ 511 *5012 51
1
4
/
4
1,
50
503
50
50
50
50
700 Artloom
No par 491 2 Feb 8
*11014 11414 *11014 1144 '
311014 11414 *11014 1144 *11014 11414 *11014 11414
Preferred
100 113 Feb 8
•4214 421 *4134 421
4212 4238 4134 42
4112 4134 413 4212 3,600 Associated Dry 000da
8
100 3912 Feb 9
*9914 101
*9914 100
*9912 1011 *100 1011 *9912 101
10014 10112
200 1st preferred
100 9712Mar 3
*105 107 *105 107 *105 107
10514 1051 *10512 108
1074 107'z
/
1
400 2d preferred
100 105 Mar 23
.48
50
*48
60
*48
50
*48
491 *48
49
*48
49
Associated Oil
25 48 Mar 23
3110 311 *3112 321 *3112 32
*3112 321
3214 32 4 323 351. 4,100 AU Gulf & WI88 Line-100 308 Mar 25
3
,
•30
35
*31
35
*31
35
311 311 *31
/
4
35 .32
35
200 Preferred
100 2934 Mar 25
110 1103 11012 1111 1104 11184 108 111
4
/
1
10812 1104 109 110
/
1
/ 8,100 Atlantic Refining
1
4
100 107 Jan 28
118 118
11734 118
1173 1173 13117 118
4
/
1
4
118 118 •117 4 118
3
700 Preferred
100 11512 Feb 1
*58
59
*58
59 '
3
.58
59
*58
59
•58
59
59
59
200 Atlas Powder
No par 5612 Mar 17
*1001 101
/
4
101 101
10114 1013 10114 10114 101 101 *101 1013
210 Preferred
190 98 Jan 6
81
*712 8
*3
81
8
3
6
81
*7
/ 812
1
4
73
4 814
600 Atlas Tack
No par
73 Mar 14
8
7
7
8
54 53
6
8
512 53
4
/ 54
1
4
5
5
2,100 Austin. Nichols&Co vto No par
4 Mar 22
/
1
4
*37
47
39
41
*39
45
*40
45
*39
55
*40
45
200 Preferred
100 39 Mar 25
-=- ---- ---- ---- ---- ---- ---- --- - ---- Auto Knitter Hoelery_No pa
14 Jan 3
iiiii4 183
18218 1843 182 188
8
/
1
4
18418 1883 18418 1863 1834 184 127.800 Baldwin Locomotive Wkg_100 14318 Jan 18
4
8
/
1
•120 12112 •120 121 *120 120
/ 120 120 *11912 12012 12012 12012
1
4
200 Preferred
100 116 Jan 14
3018 31
30
303
4 297 303
8 2914 29
/ 29
1
4
8
2914 2812 29
31,100 Hamadan Corp claw A
25 27 Jan 4
*2812 2912 29
/
4
2818 283
29 .281 29
4 277 28
8
27
/ 27
1
4
/ 1,600 Class B
1
4
25 25 Jan 4
.56
573
4 5612 57
564 5712 56
56
56 4 564 5614 57
,
1,600 Bayuk Cigars, Ina
No par 4912 Jan 25
*5412 56
55
55
55
55
*543 55
4
*5412 58
5212 55
1,600 Beech Nut Packing
20 5212 Apr 1
2312 2312 2312 233
4 2312 2312 2312 2312 2212 23
/ *2212 23
1
4
2,300 Beidl H'way Co tern ct1No par 20 g Jan 26
3
50
/ 5118 511 527
1
4
/
4
8 53
53
/ 5214 5312 511 52
1
4
/
4
/ 5214 53 149,900 Bethlehem Steel Corp
1
4
/
1
4
100 43 4 Jan 27
3
*1084 109
10812 111
11012 111
11014 111
110 111
110 1103
4 3,800 Preferred (7%)
100 104 4 Jan 3
3
3614 3612 *354 3612 .3512 36
/
1
3512 3512 3512 354 *3512 36
/
1
.500 Bloomingdale Bros_-__No par 34 Mar 24
/
1
4
110 1103 111 111
/
1
4
4
8
11112 1117 11112 11112 11112 11112
111 111
100 1091 Jan 20
/
4
220 Preferred
*544 56 .
/
1
557 56
2
4
*554 561 543 56
/
1
/
4
55
553 *55
4
No par
557
8 1,400 Bon Anil. class A
612 634 •612 7
*818 7
*514 634 *614 6
/ *614 6
1
4
No par
/
1
4
300 Booth Fisheries
•43
46
*43
46
46
•43
*43
*43
46
46
*43
100
46
1st preferred
*22
23
*22
23
2212 •22
•22
23
*22
2212 *22
Botany Cone Mills class A_50
2214
32
3214 32
32'2 312 323
8
8 3134 3212 311 32
/
4
3134 311 7,100 Briggs Manufacturing_No par
/
4
5
8
58
•511
3
4
*5
8
h
*12
N
*1
/
4
h
*12
100
34
100 BrItish EmpIre Steel
156 156
156 1565 15612 157 *153 15412 155 155 *15514 156
8
100
650 Brooklyn Edison. Inc
905 9032 *8934 9012 90
8
90
*893 9012 *90
9012 90
4
9012
No par
600 Bklyn Union Gas
311 32
/
4
32
321* 32
323 *32
4
/ 32
1
4
3212 313 313
/ *32
1
4
4
No pa
4
900 Brown Shoe Inc
.. 115 115
____
_
•112 120 *113 120 *112 120
100
100 Preferred
31 if
30
/ 31
1
4
304 - -- *3012 304 *3012 31
307
8
297 3012
8
900 Brunsw-Balke-Collan'r_No par
9958 100
95 8 993
5
8 96
97
9712 98
9912 96
97
9712 4,400 Burns Bros new clAcom No par
19
19
183 1918 1814 182
8 1808 184 19
4
/
1
19
183 1914 4,300 New class B com_-_No par
4
.94
9612 *95
96
3 / 96
.941
4
*941 96
/
4
.9418 96
*94
/ 95
1
4
100
Preferred
*21
92
92
92
/ *9218 92 4 *91
1
4
9214 9214 9212 9212 96
3
5,000 Burroughs Add Maoh_No par
411 411 4212 43
/
4
/
4
413 42
4
415 411 41
8
/
4
41
394 413
4 3,000 Bush Terminal new___-No par
*97
977 *97
8
97
/ 971 971 *9712 97
1
4
/ 97
1
4
/
4
/
4
97
*95
100
9712
300 Debenture
111 111
Il0 111 *111 113 *11112 113
/
1
4
113 113
80 Bush Term Bldge, pref
113 113
100
3 4 3 4 *33
3
3
4 3
/
1
4
34 3
3
/
1
4
3 4 33
3
4
3
/ 4
1
4
4
4
5
1,400 Butte Copper & Zinc
544 55
/
1
55
5512 54
*5314 544 53
54
53
*5212 54
100
900 Butterick Co
914 914
91 9
/
4
/
1
4
914 914
914 94
10
9 8 2,500 Butte & Superior Mining
3
912 9 3
'
9
75
75
•77
7712 7711 78
•76
77
/ 76
1
4
78
76
76
1,100 By-Products Coke.---No par
, 93 _6012 59
4 6012
623
625 66_
8
2
62 4 66
3
63,400 Byers et CO (A M)- _No par
_ 84 - 873
- and asked prim: no gales on this day. C El
-dividend
534 Jan 5
/
1
814 Jan 28
45 Jan 11
22 Mar 25
2838 Jan 3
%Mar 25
/
4
1481 Feb 11
89 Mar 23
/
1
4
3012 Feb 1
109 Feb 7
28'!Mar 21
9414 Mar 18
1614 Mar 18
9412 Mar 22
290 Mar 2
29 Jan 12
/
1
4
9114 Jan 5
2
1033 Feb 14
33 Mar 19
4
5012 Jan 3
9 Apr 1
66 Jan 29
42 Jan 3
Highest
Range for Previous
Year 1926
Lowest
Mahal
$ per share 3 per share $ per share
41 Feb 9
287 Dec 653 Sept
8
4
512Mar 5
/
1
4 Nov
/
1
4
94 Jan
15212 Mar 30 10714 May 1463 Dec
4
133 Mar 25
4
71 Oct 16 Feb
/
4
214 Feb 18
/ Oct
1
4
2
Jan
1437 Mar 1 106 Mar 1487 Dec
s
8
122 Feb 16 11834 Mar 122 4 Dec
3
9712 Apr 1
7814 Mar 9488 Jan
11112 Mar 2 105 Apr 11112 Dec
2418 Feb 11
1434 Oct 21 Sept
37 8 Feb 7
3
2414 May 3278 Aug
143 Feb 14
4
9
Oct 3438 Jan
513 Jan 10
4
35 8 Oct 961 Jan
3
/
4
48 Jan 20
/
1
4
3458 Mar 46
Oct
595 Jan 22
8
55
Jan 5813 July
233 Mar 14
4
2012 Sept 383 Feb
4
6018 Jan 3
55 Nov 83
Feb
183* Feb 28
16 May 34
/ Jae
1
4
15212 Mar 18 110 May 180
Feb
128 Mar 12 11014 Mar 12814 Feb
39 Jan 5
/
1
4
3014 Mar 50 Aug
98 Feb 1
8612 Mar 9718 Jan
503 Feb 28
4
3878 Mar 6318 Aug
130 Mar 9 121
Jan 1301 Dec
/
4
10714 Feb 28
9112 Mar 11478 Jan
130 4 Mar 22 12012 Oct 13014 Dee
3
3018 Mar 1
2314 Mar 264 July
52 Mar 17
31
Oct 51
Jan
48 Mar 17
28
Oct 4714 Jan
1112 Jan 13
4 Jan
/
1
4
103 Aug
8
138 Feb 26 1057 Mar 140
8
Jan
2512Mar 29
144 Nov 42
/ Jan
1
4
95 Apr 1
79
Oct 98 Feb
1012 Feb 8
7 May 1712 Feb
52 Jan 12
/
1
4
33¼ May 8714 Feb
34 Mar 17
23 8 Oct 303 Dec
5
8
135 Mar 1 109 Mar 136 June
88 Apr 1
8112 Oct 8133
4June
403 Feb 8
4
313 July 46 4 Feb
4
3
10 Jan 3
978 Dec 157 Jan
8
3012 Jan 12
255 Oct 52 Jan
8
/
1
4
711 Jan 3
/
4
67 Oct 87
/
1
4
Jan
115 4 Mar 1
,
904 Mar 1197 Jan
8
123 Mar 28 116 Aug 12414 Dec
86 Feb 21
6514 Oct 80 Aug
/
1
4
149 Mar 29 114 July 125 Dec
44 Jan 20
4314 Dec 57 Feb
/
1
4
111 Mar 17 11312 Apr 120 Feb
6112 Jan 3
50 4 May 7212 Sept
3
11912 Mar 11 10114 May 12238 Aug
94 Feb 2
77 Mar 90 Dee
/
1
4
6012 Feb 9
39 Nov 74 Jam
/
1
4
6112 Mar 28
42 Apr 70 4 Aug
3
63 Jan 7
4
5 8 Dec 1178 Mai
3
15312Mar 4 1095 Apr 152 Aug
8
122 Jan 28 112 Mar 1223 Deg
/
1
4
8
1301 Mar 10 12134 Oct165 Feb
/
4
4612 Feb 14
40 May 47 Aug
115 Jan 13 11014 Sept115 Fel
8618 Feb 28
6514 Apr 8714 Nog
1103 Mar 18 100 June 11012 Nog
8
5514 Mar 30
294 Aug44 Dot
29 Jan 7
2512 July 4118 Fel
169 Mar 28 1395,June 151
Dot
12712 Mar 18 11138 Mar 124 SeP1
/
1
4
115 Mar 8 10618 Jan 113 Ma3
/
4
127 Mar 17 1101 Mar 124 Sept
146 Feb 18 114
Jan 135 Fe/
79 Mar 23
/
1
4
43 4 Apr 74 Jar
3
1107 Jan 21 10112 Mar 10814 Ja!
8
333 Jan 5
19 June 427 Jai
8
8
8612 Jan 7
66 Apr 9014 Do
/ Aug
1
4
15 Mar 7
8
5 Jai
/
1
4
104 Feb 17
1218 Fel
5 May
/
1
4
514 Feb 18
20 Max 54 Del
4912 Jan 12
411 Mar 511 Ant
/
4
/
4
42 Jan 18
34 June 4434 Jal
/
1
4
108 Feb 23 100 Mar 108
Oe
9618 Feb 16
904 May 97 Jai
/
1
4
15 Jan 7
/
1
4
1318 May 2512 Fel
53 May 17
94 Jan 6
/
1
Jal
8614 Jan 27
80 Apr 93 Fel
25 Jan 20
18 Apr 3134 Jai
27 Mar 12
194 Jan 23 Oc
/
1
/
1
4
54 Jan 5
/
1
4
463 Sept6312 Jal
4
113 Feb 8 108 Mar 113 De
1 Mar 5478 Jai
4414 Feb 16
37
102 Jan 2
96 Mar 10212 JO
10734 Feb 7 102 May 110 De
4414 Jan 60 Ma
5014 Feb 19
42 Jan 5
29 Oct68 8 Isa
1
38 Jan 8
/
1
4
/
1
4
3314 Oct56 -ix
1177 Mar 1
8
97 Mar 1283 Ma
8
118 Mar 11 11615 Oct120 Jun
54 Mar 64 No
6212 Jan 20
1013 Mar 29
4
94 Jan 97 De
/
1
4
812 Jan 19
8 Oct1712 Ja
1014 Jan 3
718 Oct28 Ja
61 Jan 5
54 Nov 93 Ja
3 Jan 7
8
/
1
4
1 Oct2 Fe
4
201 Feb 23
/
1
4
9278 Mar 1673 De
4
12012 Apr 1 105 Mar 11914 No
3512 Feb 26
23 May 33 Ja
/
1
4
/
1
4
3212 Feb 28
2212 Oct39 Ja
/
1
4
5912 Mar 16
3
39 Mar 55 8 No
607 Feb 15
a
5214 Oct711 Fe
/
4
2714 Jan 7
26 Dec 39
/ Ja
1
4
531 Mar 29
/
4
3714 May 511 Set
/
4
111 Mar 28
99 June 1057 De
8
413 Jan 11
8
28 Jane 42 De
112 Feb 1 l043*June 110 De
58 Mar 14
5312 Dec 5618 De
712 Feb 14
414 Mar
9 Ja
/
1
4
80 Mar 17
34 4 Oct5112 Ja
3
2812 Jan 5
20 May 4118 la
364 Feb 23
/
1
24
Oct3712 Ja
11 Feb 10
/
4
12 May
3 Ja
1597 Mar 17 133 Mar 163 Set
8
93 4 Jan 8
3
68 Mar 98 De
3412 Jan 5
2912 June 485 Ja
8
115 Mar 28 107 Jun 111 Ms
387 Jan 10
8
243 Mar 39 4 Sec
8
3
125 Jan 20 121 Mar 144 Jul
/
1
4
34 Jan 27
/
1
4
2612 Nov44 Fe
100 Jan 3
97 Mar 103 Jum
/
1
4
126 Feb 2 1
,
77
/ Apr 124 De
1
4
444 Mar 17
163 Mar 344 Jul
4
/
1
4
86 Apr 93 Au
97 Mar 21
113 Mar 31
9911 Jan 104 No
4 Dec
412 Jan 4
614 Fe
/
1
173 Mar 71 Set
814 Feb 15
4
1154 Jan 7
71 May 1614 la
/
4
53 June 90 Bei
83 4 Mar 12
3
28 Mar 447 No
6812 Mar 30
5
•
New York Stock Record-Gontinued--Page 3
1948
For sales during the week of stocks usually Inactive, sea third page prey.*
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Mar. 26.
Monday,
Mar. 28.
Tuesday,
Mar. 29.
Wednesday
Mar. 30.
Thursday,
Mar. 31.
Friday,
Apra 1.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
. EXCHANGE
ran Wilms
Range Since Jan. 1 1927
I On basis of 100
-share IOU
R Per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscall.(Con.) Par
6512 643* 6518 6412 858
6512 65
6414 6412 6014 641
4, [California Packing____No par
*65
2714 28
8
278 2814 277 28
273 28
4
268 2718 2512 2612 24,500 California Petroleum
4
25
*134
17
8
18
4 13
4
15
4 13
4 *134
17
18
4
18
4
13
4
18
4 1,400 Callahan Zinc-Lead
10
66
600 Calumet Arizona Mining_ 10
*6514 67
67 6718 6714 67% 6714 6714 66
*66
674
3
154 1518 1514 1514 *1514 15 8 154 1514 1518 1514 1514 1514 2,700 Calumet & Hecla
25
4012 4214 3,300 Canada Dry Ginger Ale.No par
4212 418 42
8 4213 4212 42
4212 4212 4212 427
158 163
16212 165
15514 15614 157 158
10,600 Case Thresh Machine
161 163
163 164
100
*105 11418 *113 4 1137 1138 113 4 *1137
100 Preferred
5
8
*105 1143*
4
5
__ 110 1137
100
2614 2614 26
257 257
8
8 2513 258 25 8-26
2512 24
2512 3,100 Central Alloy Steel____No par
1012 *10
10
1014 *10
10
1013 10
1018 1012 1018 103* 1,600 Central Leather
100
68
68
6818 6814 70
67
66
66
4,700 Preferred
71
*70
72
71
100
*1412 15
*14
15
1413 1412 1313 14
*1412 15
400 Century Ribbon Mills__No par
*127 14
8
*77
80
70 Preferred
80 80
*77
80
*77
80
77
77
77
77
100
8214 6214 624 6212 62 6214 617 62
2,500 Cerro de Pasco Copper-No par
61% 62
62 62
8
45 4 4614 464 4612 463 463
5
8
8 453 4614 4512 46
4
4484 458 4.500 Certain-Teed Products_No par
/
4
*10812 1135 *10812 110 *1081 110 *10812 110 *1078 110 *10812 110
8
let preferred
4
100
118 1212 1112 131s 12% 135* 13
4
10,200 Chandler Cleveland MotNo par
13
1314 13
1312 13
2314 23% 2312 2312 2314 2312 2,200 Preferred
4
8 233* 238 238 24
233* 237
No par
130 13112 1303* 1318 1293 131
128 130
4
4
1308 13214 132 13312 7,200 Chicago Pneumatic Tool_100
4
49 4 50
8
1,900 Childs Co
49
4912 483* 49
50
50
4912 491
49
49
No par
3718 375
3714 378
8 368 373* 365* 368 3612 3634 3612 37
25,900 Chile Copper
4
25
*2214 26
*2214 26
*2214 26
*2214 26
*2214 26
Chino Copper
*2214 26
5
37
*36
37
100 Christie-Brown certifs-No par
*36
37 .36
37
*36
*36
37
37
37
4912 3912 4114 4012 4112 59,600 Chrysler Corp new__•__No par
40% 40% 4014 413* 4012 4114 40
10414 10414 *104 10412 1043* 1043 104 1043*
10414 10414 *10414 105
800 Preferred
8
No par
*60
604 60 60
4
603 803* 603 61
8
1,500 Cluett, Petibodi& Co____100
6012 603 *604 62
4
11414 115
115 115
11412 11412 11512 11512 11412 11434 115 11512
450 Preferred
100
190 1903* 1905 1917 1918 1927 19112 19214 *19214 1924 19212 195
4
8
8
8
7,500 Coca Cola Co
No par
i
8018 8012 788 8112 784 783* 7814 783* 78
15,300 Collins lc Aikman
79
80
80
No par
___ *154
*155
*155 179 *158
__ *158
*156
_ __ _
Preferred
100
1058 5812 -i0
6838
(
584 58% 5814 6012 5912 577 1412 6414 --- 207,500 Colorado Fuel & Iron
8
100
834 8412 8314 8412 83
838 825* 8314 8212 8313 8212 837
5,700 Columbian Carbon v t 42 No par
4 858 8612 8612 865 10,400 Colum Gas & Elea new _No par
868
8512 863
4 86
3
8718 8718 85 4 87
4
105 10512 *104 1043 10414 10412 1045* 1045 10414 10412 1043* 1045
4 1,700 Preferred new
8
4
100
1712 17
1718 1714 *17
1718 1514 163
1714 172
4 4,900 Commercial Credlt-No par
4 1512 153
*2012 2112 2012 2012 *2012 2112
600 Preferred
*20 4 2114 205 203 *2012 22
8
4
4
25
4 23 23
90 Preferred B
*2113 23
2212 228
*2113 2214 *2112 22
2112 2112
25
*763* 81
300 1st preferred (634)
*78
81
*78
81
*76
81
76% 78
76
76
100
7 53
*5012 5312 *5012 5314 6,200 Comm Invest Trust-No par
5418 5214 535* 52
50
53 8 50
7
3
4
4
4
*95 4 9812 *953 9812 *958 9812 *95 4 9812 *958 9812 *953 9812
8
7% Preferred
100
4
91
300 Preferred (613)
*89
*89
91
91
9212 *89
9212 *89
9112 9112 *89
100
29314 29812 289 2983 29014 29914 298 30312 35,700 Commercial Solvents B No par
4
28214 28412 285 294
22,900 Congoleum-Nairn Ina-NO par
4
1914 197
8 183 1912 183* 19
1912 19 4 195* 20
8
183 19
4
5,400 Congress Cigar
4
4 5812 5884 5812 584 5812 59
4 583 593
5912 593
4 5918 598
No par
Conley Tin Foil stpd
No par
*3
8
3
4
*3
8
*18
3
4
3
4
*5
8
3
4
3
4
*,
s
*ss
1
4
777 7812 7834 7834 7712 7814 761 7712 7614 76% 4,600 Consolidated Cigar
8
7714 78
-No par
300 Preferred
99
99
*9812 99
*9812 99
99
99
*9812 9914
99
99
100
112 112
112 112
112
138
112 112
112 112 2,700 Consolidated Diatrib'rs No par
*118
13
8
4
9612 9714 9714 97 4 16,200 Consolidated Gas(NY)No par
8
8
9712 97 8 975 9812 968 9712 9612 97
7
4
33* 3 4 14,400 Consolidated TextileNo pa
8
33* 3 4
812 38
8
312 354
3
4 33*
313 312
4318 453* 4212 4312 4012 4212 3412 404 68.000 Continental Baking cl ANo par
44
5
423* 43 4 43
54
8 67
514 57
8
8
514 58
54 5%
412 518 45,000 Class B
5
54
No par
4
12,500 Preferred
85
8618 72
8784 8812 8712 8812 875 883* 8618 883* 85
100
6212 643* 6214 6318 8212 6318 11,300 Continental Can, Inc-No par
65
6414
68
85 8 6512 65
5
152 180
145 154
4
11,300 Continental Insurance
147 1495 14614 14812 1488 14812 145 147
8
25
1112 114 113* 1218 117 1214 115 12
117 1218 11% 128 41,700 Cont'l Motors tom etfs_No par
8
4
4
7
5318 548 533* 543* 5312 5414 5314 537
528 53
25
535 5414 43,900 Corn Products Refill w 1
8
200 Preferred
12912 1294 *129 130 *129 130 *129 130 *12914 130 *129 130
100
7312 7514 73% 734 *7212 73
75
74
5,000 Coty, Inc
73
No par
73
73
74
91
9014 91
9112 9012 91
8812 91
894 908 90% 9214 4,600 Crucible Steel of Amerlea_100
100
100 Preferred
10512 10512
'10514 108 *10512 108 *10512 108 *10512 107 *10512 107
2912 3058 2918 2914 277 2914 265* 278 27
No par
2913 30
2712 12,500 Cuba Co
8 87
8
No pa
200 Cuba Cane Sugar
8 8% *85
88 83* *812 88 *85* 8%
*83
4 8% *85
5,300 Preferred
4218 4114 415
100
a 4112 4112 41
8 413* 4212 *4112 42
*4114 417
8 2414 2414 2418 2418 2418 2414 2418 243* 5,400 Cuban-American Sugar
2484 245
4 2418 245
10
100
Preferred
*1024 105 *10214 105 *10214 105 *10212 105 *10214 105 *10214 105
5
400 CubanDom'canSugnewNopar
16
15
154
16
16
*1518 1554 *1518 158 158 15 8 *15
50
5,300 Cudahy Packing new
50
46
4
4 503* 5012 5018 5012 498 50
4
4
503 503 *503* 505
No par
100 Cushman's Sons
103 106 *103 106 *103 106 *103 106 *103 106 10312 10312
No par
2,100 Cuyamel Fruit
3113 3134 315 32
32
32
32
*31
*31
32
*3112 32
8
2884 2754 28
28
2714 2712 2714 2714 2712 2914 6,000 Davison Chemical v t c_No par
2712 28
100
137 137
13712 13814 1384 13912 1,800 Detroit Edison
*137 13812 *137 13712 137 137
600 Devoe & Raynolda A__No par
38
3912 38
38
373* 38
38
*3712 38
*373 3912 *38
4
2114 193 205
1912 167,400 Dodge Bros Class A_-_No par
8 18
2018 2112 20
19 4 1812 193* 19
3
.
No par
784 728 76
74
764 7412 7514 33.800 Preferred certif
7912 76
79 4 8012 x78
8
No par
812 8 8 2,200 Dome Mines, Ltd
5
82* 82*
812 812
812 812
812 8
52
8
83* 85
No vas
57
56
5612 5614 5614 3,000 Douglas Pectin
5718 5718 5718 5714 5718 5718 56
300 Duquesne Light let pref-100
4
5
1158 116 *11512 116
4
*11512 116 *115 8 116 *1158 116 *11512 116
No par
10,800 Eastman Kodak Co
140 144
140 140
8
1387 13912 13812 1414 140 1404 139 140
No par
8
8 27
273* 2612 273 28,100 Eaton Axle & Spring
2612 2718 2714 2812 2758 2812 2614 277
8
8
4
8
208 20914 210 2167 216 2218 2164 2207 21514 219% 2104 2217 59,300 EI duPont de Nem new-No pa
100
1,300 6% non-vot deb
1094 10912 110 11014 110 1107 1107 111
111 111
8
8
*109% 111
25
8
4 1,500 Eisenlohr & Bros
8 1212 123* 123* 1258 *1258 1284 125 128
1258 127
13
13
7
7 73
No par
1,800 Electric Autolite
74
74
7414 7414 73
7412 78
74
73
74
73
No par
4 1512 155
1512 157
8 1514 113
8 153* 164 25,400 Electric Boat
4 154 155
1514 16
187 1912 1814 1914 1814 183
1912 20
1912 20
4 1812 1914 25,300 Elea Pow dz Lt etre_ _ _No par
200 40% pr pd
8
5
8
8
8
8
8
8
8
107% 1077 *1075* 1085 1075 1075 *1075 1085 *1073* 1085 *1075 108 8
Pref full paid
510712 ---_ *107 10912 *10712 __ *10712 __ *10712 __
*107 ----'
1,600 Preferred certlfs
9938 9914 9988 9912 9912 998 100
993
8 99
4
9914 99
9914
27 106,800 Electric Refrigeration-No par
2614 273* 25
4
243 2714 253 27
4
29
3014 2614 30
4 5,403 Elec Storage Battery- _No par
7214 70% 7154 7118 718
4 7012 714 6912 703
*7012 7112 72
50 Emerson-Brant Class A_Nopar
*712 9
*713 9
*74 9
*713 9
*74 10
712 712
1,000 Endicott-Johnson Corp- 50
6612 6612 6688 663
66
* 66
66
66
66
66
*657 67
8
300 Preferred
100
12012 12012
4
*12012 1215 12012 12112 *12012 121 *12012 121 *12012 121
243 2512 2458 2513 2518 253* 9,300 Engineers Public fiery-No par
4
8
8 243 25
24
2412 2414 247
300 Preferred
No par
4
100 100 *100 1008 *10012 1003
8
4
4
100 100 *1003 1003 100 100
304 308 295 304 2914 297
3018 31
5
294 29% 29,600 Erie Steam Shovel
3012 31
100 Preferred
100
10712 10712 *106 107 *10812 10712 *107 10712 *10612 10712 *10612 10712
1,200 Equitable Qmpe strig,px_100
126 126
4
127 127
127 127
12412 12412 12412 1243 125 126
8 723* 71
7014 14,500 Eureluriracuum Clean-717
8 70
7114 695 7085 70
723* 71
No par
72
4
100 Exchange Buffet Corp_No par
1834 18114 *1812 1912 *1812 1914 *1812 1914 *1812 1914 *1812 194
3,100 Fairbanks Morse
4212 4218 4212 42 4212 4014 42
4118 4112 42
No par
4012 41
100 Preferred..
110 110 *110 11012 *110 11012
100
810912 112 *10912 112 *10912 112
4
8
107 1088 82,300 Famous Playera-Lasky_No par
10712 1098 10812 1097 10612 10914 10512 10712 1057 108
400 Preferred (8%)
120 120
120 120
100
*120 12012 *120 12012 120 120 *120 121
2,100 Federal Light & Traci
4114 402* 4118 4012 408 4012 4012 *404 41
15
4 41
4114 418
70 Preferred
9612 9612 *9514 98
96
No par
991 9912 9814 9814
*95
98
*95
300 Federal Mining & Smeit'g-100
8
110 110
1147 1147 *108 115 *110 115 *110 114
8
108 108
4,300 Preferred
93
933 *9112 93
4 9112 93
9314 9312 933
92
100
92
92
2,700 Federal Motor Truck__No par
26
257 35
254 243* 2512 254 2514 *25
2514 2512 25
10012 1033
4 4,000 FIdel Phen Fire Ins of N Y- 25
99 99
*99 100
99
99
99
99
99
8
98
200 First Nat'l Pio, 1st prof.,--100
*96 1028
4
*97 101
*9812 101
*97 101
1008 101
*90 101
2512 25% 2513 2518 26
2518 2512 2,300 First Nat'l Stores
2612 25
No par
26
27
28
11,700 Fisk Rubber
1784 18
1814 173* 18
No par
1754 18
4
173 1818 1818 1812 18
300 1st Preferred stamped___ 100
867 86% 865 86%
8
*8612 87
*8612 87
87 87
*56
87
100 let preferred cony
100 100
100
*100 101 *100 101 *100 101 *100 101 *100 102
5334 5458 535 5414 183,000 Fleischman Co new_-__No par
537
8 523* 5314 5284 537
53
53
51
885 21,000 Foundation Co
8
No par
85
86% 86
84
86
4 8514 86
833* 8658 8514 865
17,300 Fox Film Class A
6914 70
No par
* 6814 688 26714 69
7014 7112 683* 703
70 4 72
8
557 5812 66,600 Freeport Texas Co__ _No par
55
557
8 5538 563
5
8 5514 5612 5514 5658 55 8 56
3012 5,200 Gabriel Snubber A.
-No par
2918 294 295* 3018 304 3012 3014 3014 2912 3014 30
97 1118 108 1118 33,500 Gardner Motor
4
9 4 105
8
914 1012 1014 1114
9
918
8
No par
8
4 1,800 Gen Amer Tank Car
48
48
48
100
4718 473* 475 473
473 483* 48
4
8
47 4 48
100 Preferred
108 108 *108 109 *108 109
100
*10712 109 *10712 109 *108 109
828 39,200 General Asphalt
8318 8012 8212 79% 8114 81
82
100
8112 85
85
84
400 Preferred
125 125
121 125
125 125 *121 124
100
*125 130 *125 130
4,400 General Cigar.Inc new-No par
54
54
54
54
54
54
5412 54
z54
3
5412 53 4 54
200 Preferred (7)
8
100
1203* 1203* 121 121
8
8
8120 8 122 *1203 122 *1203* 122 *1203 122
Debenture preferred (7).100
*115 11712 *115 11712 *115 117 *115 117 *115 117 *115 117
5518 1,900 Gen Outdoor Adv A_....No par
553* 55
3
5512 55 4 *5518 5512 55
557 56
8
5542 56
403* 4018 4018 6,900 Trust certlficatea_-_No par
4
4
*403 4112 4114 4112 4914 414 393 40% 40
48,500 General Electric New-No par
842* 8612 8514 864 8514 8612 8512 868 851 88
8
845 85
1112 115$ 1114 1158 3.7 General Electric 'Pedal----10
00
118 11% *1112 1158 114 1112 1112 115
3818 9,800 General Gas & Elea A__No par
3814 34
4012 3818 3931 38
38
41
41
41
.
41
day. s Ex-dividend. a Ex-rights.
-• Bil and asked orlon no males 00 018
Lowest
$ per share
6014 Apr 1
2512 Apr 1
112 Jan 3
65% Jan 3
1413 Jan 4
36 Jan 5
132 Jan 27
111 Feb 28
24 Apr 1
83* Jan 3
54 Jan 14
1012 Jan 26
70 Jan 24
6018 Jan 29
42 Jan 25
106 Feb I
818 Jan 6
214 Jan 25
12012 Jan 3
485 Mar 31
8
348 Jan 3
2218 Jan 7
347 Jan 5
3818 Jan 28
103 Jan 3
567 Mar 17
8
11114 Jan 6
16712 Jan 4
63 Jan 4
128 Jan 4
425 Jan 4
8
66% Jan 3
82% Feb 11
9912 Jan 24
14 8 Feb 1
5
194 Jan 28
1958 Feb 19
76 Apr 1
483* Mar 25
9614 Jan 28
90 Feb 18
223 Jan 3
1714 Jan 20
47 Mar 11
14 Feb 1
78 Mar 24
99 Mar 22
112 Jan 3
94 Mar 9
318 Mar 14
3412 Apr 1
44 Apr 1
72 Apr 1
6218 Mar 21
135 Jan 27
113 Jan 28
8
467 Jan 12
8
128 Jan 11
56 Jan 3
77 Jan 4
103 Jan 18
2614 Feb 2
85 Mar 22
8
3912 Mar 22
23 4 Mar 17
8
102 Jan 31
15 Feb 15
46 Apr 1
10312 Apr 1
3014 Mar 10
26% Feb 24
13312 Jan 21
373 Jan 25
2
18 Mar 30
723 Mar 30
4
812 Mar 1
46 Jan 3
11414 Mar 2
12814 Jan 28
2418 Mar 21
168 Jan 25
10512 Feb 5
117 Jan 3
*
6312 Jan 13
1312 Mar 2
181 Jan 27
/
4
10378 Jan 28
90 Jan 14
243 Mar 29
4
6814 Mar 5
718 Jan 4
8
64 4 Jan 28
1163* Jan 5
2134 Jan 11
93% Jan 8
243 Jan 3
4
10112 Jan 6
11814 Feb 5
60 8 Jan 25
7
1518 Jan 25
384 Feb 10
1074 Feb 7
10512 Mar 30
120 Feb 16
374 Jan 17
914 Feb 23
60 Feb 9
7512 Jan 28
2412Mar 24
931e Feb 23
974 Jan 13
2334 Mar 23
16 Jan 24
81 Jan 5
97 Jan 24
4618 Feb 1
75 Feb 9
85 Jan 25
3414 Jan 4
291s Jan 3
612 Jan 27
48 Jan 3
1063 Mar 1
8
7712 Jan 27
120 Jan 25
52 Jan 26
116 Jan 5
116 Jan 11
55 Mar 23
37 Jan 18
81 Jan 27
1114 Jan 3
34 Apr 1
Highest
PZX WIARE
Range for Protons
Year 1926
Lowest
Highest
$ per share 3 per share $ per share
6614 Oct 1794 Feb
70 Jan 5
298 Oct 3818 Feb
4
327 Jan 18
8
258 Jan
113 Mar
25 Jan 17
5512 Mar 735 Aug
69 Feb 24
133 Mar 1812 Aug
1612 Jan 20
3213 Oct 49 Sept
4414 Feb 25
6212 Jan 176 Aug
165 Mar 30
96 Jan 11812 Aug
117 Jan 12
287 Jan 4
8
/
1
4
2812 Oct 33 Aug
7 Nov 2012 Jan
103 Jan 7
4
5
4314 Apr 68 4 Jan
71 Mar 31
1014 Oct 3278 Jan
1612 Mar 18
Jan
82 Mar 8
7814 Dec 90
6312 Feb 24
5713 Jan 734 Aug
48 4 Mar 14
3
3618 May 4912 Jan
/
4
1103 Mar 7 100 May 1061 Nov
4
812 Nov 26 Feb
14 Mar 22
2084 Dec 4514 Feb
247 Mar 22
13714 Mar 2
9412 Apr 12814 Dee
4518 May 683 Jan
535 Jan 11
8
30 Mar 363* Jan
3914 Mar 21
10 Mar 26 Nov
234 Jan 6
42 Jan 18
2912 Oct 635 Jan
4
4312 Jan 6
2812 Mar 547 Jan
8
105 Jan 12
93 Mar 108 Jan
60 Dec 6812 Jan
664 Jan 24
118 Mar 19 10314 Jan 116 Sept
195 Apr 1 128 Mar 1748 Deo
4
345 May 6912 Deo
4
8614 Feb 28
988 May 13812 Dee
4
165 Mar 9
27% Mar 498 Oct
683 Apr 1
3
4
555 Jan 708 Dee
8512Mar 18
853* Nov 91 Dee
915* Jan 12
98% Nov 1013* Nov
10512 Mar 26
1612 Nov 4712 Jan
208 Feb 21
2114 Nov 2614 Jan
23 Mar 10
8
20 Nov 27 4 Jan
23 Jan 7
854 Dec 9912 Feb
854 Jan 12
5412 Dec 72 Jan
5614 Mar 14
Jan
97 June 104
9812 Jan 27
89 May 100 Jan
95 Mar 14
3032 Apr 1 11814 Jan 237 Nov
8
1212 May 298 Sept
218g Mar 17
4012 May 57 Deo
605 Mar 24
8
1 Mar
38 Dec
Is Jan 5
4514 Apr 8714 Dee
854 Feb 17
8
91 Mar 1078 July
10212 Feb 2
812 Jan
112 Aug
2 Feb 4
12
87 Mar 11588 Aug
10912 Jan 10
414 Nov
114 May
44 Jan 15
5012 Oct 9378 Aug
748 Jan 6
1014 Jan 5
7 8 Oct 154 Sept
5
9714 Jan 13
87
Oct 964 Aug
70 Mar 92% Jan
7312 Jan 3
160 Apr 1 122 Mar 1443 Jan
4
9 8 May
7
13 4 Jan 6
8
1378 Deo
5518 Mar 22
35% Mar 518 Deo
12913 Feb 23 12212 Jan 13014 Dec
441 Mar 82 Deo
754 Mar 29
96 4 Mar 4
8
64 Apr 8288 Dec
109 Mar 17
96 Mar 104 Dee
284 0 1 533 June
3414 Jan 8
8
108i Jan 5
8% May 1112 Jan
501 Jan 4
14
3512 Arne 508 Dee
2014 Aug 308g Jan
2812 Jan 3
104 Feb 7
978 Jan 105 Nov
4
18 Jan 21
1512 Sept2014 June
514 Nov 55 Dec
527 Feb 23
7712 Mar 108 Dec
112 Jan 17
32 Nov 51
34 Jan 15
Jan
2318 Oct468 Feb
3212 Mar 1
4
14014.Mar 17 12312 Mar 1414 Dec
4288 Feb 2
31
Oct10418 Feb
2712 Jan 5
2114 May 4714 Jan
7912 May 90 July
85 Feb 14
8 Oct20 Mar
1114 Jan 4
19 Mar 46 Nov
62 Mar 14
11614 Jan 3 11112 Mar 1168 Aug
4
14414 Mar 17 1085 Mar 1363* Dec
8
2812 Mar 28
23 Oct32 4 Feb
3
4
221 Apr 1 1543 Nov 18112 Dee
111 Mar 28 1003 Apr 11018 Dee
4
1612 Feb 15
108 Oct2012 Feb
4
783 Mar 4
2
815 Mar 82 Feb
4
8
4 Mar 16 Dec
16 Mar 11
1514 Oct3412 Feb
2014 Mar 24
10778 Mar 26
9912 Mar 115 Feb
10212 Oct11012 Feb
100 Apr 1
8912 Mar 9814 Sept
333 Dec 7812 June
373* Jan 3
7912 Jan 6
7118 Mar 9418 Aug
9 Jan 25
6 4 Dec
[
84 Dec
69 Feb 25
654 Mar 725 Feb
8
12112 Mar 28 114 Jan 120 Sept
1914 Oct2412 July
2512 Mar 30
9214 Nov 9612 Aug
1003 Mar 25
4
2112 Oct253* Nov
3114 Mar 25
Oct102 Nov
1074 Jan 17 100
997 June 13214 July
127 Mar 31
43 May 683* Dec
723* Mar 26
145 July 17 Apr
4
19 Mar 12
373* Dec 593* Feb
427 Jan 22
8
112 Mar 2 10612 Nov 115 Feb
11454 Feb 24 10318 Jan 12712 June
1243* Jan 12 115 Mar 1244 Deo
4418 Feb 28
28 Mar 474 Dec
86 June 94 Deo
9912 Mar 31
41 May 11184 Jan
120 Mar 12
61 Mar 105 Jan
97 Mar 12
23 Oct3458 Aug
307 Jan 10
3
193 Jan 8 160 Apr 20014 Jan
103 Mar 4
96 May 107 Feb
28 Nov 498 Feb
30 Feb 7
194 Mar 14
1414 May 2614 Jan
76% Apr 8414 Mar
873 Mar 18
8
94 June 107 Mar
100 Mar 7
[2
3214 Mar 5612 Feb
8
543 Mar 31
88% Apr 1
7314 Dec 1795 Jan
4
7412 Jan 6
554 Mar 85 Jan
1958 Jan 36 Deo
5812 Apr 1
32 Feb 11
255 Nov 42 Feb
8
58 Nov
1114 Mar 29
98 Jan
4
50 8 Feb 25
5
39 Mar 553* Jan
109 Mar 14
9912 June 109 Dee
50 Mar 9414 Aug
964 Mar 2
14478 Mar 2
947 Mar 14018 Aug
8
89% Feb 24
46 Mar 5912 Feb
134 Feb 24 109 Jan 118 Deo
117 Mar 19 1094 Apr 1184 Feb
51 Mar 5683 Aug
5812 Feb 9
263* Mar 397 Deo
468 Mar 2
88 Apr 1
79 June 9513 Aug
11
Jan 1154 Dec
115* Jan 5
34 Mar 59
4712 Feb 2
Jan
New.York Stock Record-Continued-Page 4
For galas during the week of stocks usually inactive, se* fourth page
preceding
1949
PER SHARE
PER SHARE
Saks
STOCKS
Range Since Jan. 1 1927
Range for Prestos:
for
NEW YORK STOCK
On toasts of 100-share lots
Year 1926
Wednesday, Thursday,
the
EXCHANGE
Mar. 30.
Mar. 31.
Week.
I April 1.
Lowest
F"'
Highest
Loma
Highest
$ per share $ per share $ per share
per share $ per share $ Per share Shares Indus. & Miscall. (Con.) Par
$ per share $ per share 8 per share $ per share
*9912 108
*9912 1075 *9912 1073 *994 107
4
4
*9912 107
*9912 107
Gen Gas & Eke pf A (7)No par 100 Jan 3 10712 Jan 24
*11313 115 *11312 115
95 May
11312
131133 115 •11334
4
100 Preferred A (8)
No par 11314 Mar 22 115114 Jan 28 10512 Apr 100 Dec
914 9912 9912 9912 995 11312 998 99 4 *99 115 "11334 115
4 993
113 Sept
4
4
3
99 s 99
6
99
700 Preferred B (7)
No par 96 Jan 13 99 4 Mar 29
3
17,314 179
1794 1823 1808 18314 1793 18212 1787 18138 179 182%
9214
4
2
4
4
8
820,200 General Motors Corp No par 1454 Jan 25 18314 Mar 29 11314 Apr 96 Jan
119 119% 1194 11938 11914 11912 119% 1197 11938 120
Mar 225% Aug
8
1193 120
4
6,600 7% preferred
100 11812 Mar 9 122 Jan 7 11312 Jan 1224 Dec
*103
*103
15103
__ -- "103
_ _ _ *103
71103
__
6% preferred
100 104 Mar 7 105
111 11312 113 1143* 1137 1168 11212 11612 113 11612 113%
9814 Apr 105 June
4
8
115% 14,400 Gen Ry Signal new----Na Par 824 Jan 14 1163 Jan 3
4712 4712 *4713 48
4 Mar 29
6012 Mar 93% Aug
*48
4712 474 *48
49
49
49
50
1,000 General Refractories___No par 38 Jan 14 50 Apr 1
3912 4014 3912 40 4 3912 40
38 May 49 Jan
3
39% 4012 3918 40
/ 383 3934 8,100 Gimbel Bros
1
4
4
No par 3712 Mar 24 4414 Jan 28
*100 101
10012 10012 1018 1018 102 102 *101 103 "101 103
4114 Nov 787 Jan
4
8
4
400 Preferred
100 993 Mar 18 1043 Jan 11 100 Nov 11138 Jan
2
4
193 193
4
193 197
8
4 1938 20
8 1912 193
4 1918 193
s 1918 19% 8,100 Glidden Co
No par
1812 Jan 26 22
454 46 8 463 4812 4712 485
,
1.53 Juno 25 4 Jan
8
8 4714 49% 4814 493
3
8 48
4812 31,300 Gold Dust Corp v t c No par 42 Mar 9 49% Mar 10
Mar 30
*5312 54
4112 Mar 567 Feb
5412 54
54
5438 53
8
53% 53
53% 53
5314 3,200 Goodrich Co (B F)
No par 423 Jan 3 58% Mar 3
4
100 100
9912 9912 *9913 100
394 Nov 703 Feb
100 100
4
*998 1008 1008 100%
4
3
500 Preferred
100 95 Jan 3 10012 Mar 14
10412 105
10438 10514 1045 105
9412 Dec 100 Feb
8
1045 1047 1043 1047 105 10512 4,100 Goodyear T & Rub
8
8
4
8
pf v t o-100 981a Jan 27 10512 Mar 17
*1055 10712 *10612 10712 *10612 10712 810613 1071± *10612 10712 10718
8
9612 Dec 1097 Aug
'
8
10718
100 Prior preterrea
100 105 Jan 7 1084 Mar 10 19414 Dec 109
*6614 663
4 6718 67% 6612 6738 653 66
4
Sept
64% 6514 6418 64% 300Gotham Silk
3 60
:3 0 New
Par 573 Jan 12 677 Mar 25
8
8
66 4 66% 67
,
673
3314 Mar 8912 Nov
8 67 67
653 66% 64
4
641
4
No par 58 Jan 12 673 Feb 24
*108 10812 108 10812 *108 1084 *108 10812 1074 1077 *1077 653*
s
4712 July 88% Nov
8
8 1087
600 Preferred new
8
100 104 Jar 28 109 Mar 11
8
8
*8
84
8
8
*81g 812 *81s 814
84 84
800 Gould Coupler A
NO par
8 Mar 18
9% Jan 13
354 36
36
364 361s 363* 35% 36% 353 3614 357
8 Oct 2118 Jan
4
8
1
113 4 1133 113 1133 1134 11438 113 11334 11314 1155 115 8 3618 10,400 Granby Cons M Sm & Pr_100 314 Jan 27 384 Feb 24
4
1618 Mar 367 Dec
4
8
,
3
12014 12014 12012 12012 120 1201 1203 121 *120 1203 *120 115 4 11,800 Great Western Sugar tern 03125 109 Jan 26 11914 Feb 28
89 Apr 1134 Dee
4
4
160 Preferred
1208
4
100 1164 Feb 26 1217 Jan 17 10812 Mar 11814 July
*3712 38
37 4 3812 37
3
373
4 3618 374 3618 383
8 3712 3814 10,600 Greene Cananea Copper_..100 2914 Jan 27 40 8
93 Apr 34% Dec
9
Mar 11
9
*852 9
*852 9
83
8 83
8 *83
8 9
8 s 858
5
500 Guantanamo Sugar_ _--No Pa
8 Jan 25 10 Jan 4
*60
61
'6012 60
60
518 Jan 1078 Feb
6012 61
61
59
59
5912 6012 1,600 Gulf States Steel
100 53 Jan 4 64 Feb 28
518 Oct 93% Jan
60 60
*60
61
60 60
60
60
"60
61
*60
80 Hanna 183 prof class A--- _100 56 Jan 31 67 Jan 19
6012
*25
261± 2612 2718 26
45 June 6012 Dec
2714 267 267
8
26
26
•25
27
900 Hartman Corp class A-No pa
25 Jan 22 2714 Mar 29
247 25
8
257 267s 2618 267
26
s
Oct 2812 Nov
2618 267
26
2612 26
2612 10,900 Class B
No pa
2312 Feb 9 267 Mar 28
2114 24
8
245 Dec 30 Sept
8
2318 25
248 271
4
27
2838 27
2812 27
2818 39,900 Hayes Wheel
No pa
1512 Feb 15 2812Mar 31
*93
95
1718 Dec 46
93
Jan
973
4 978 1001 *9812 100 '95 100
4
95
95
1,410 Helme(0 W)
25 7612 Jan 14 1014 Mar 17
*30
301 •29
68 Mar 88 Dec
3012 *29
301
29
29
*2912 3012 *2912 3014
100 Hoe (R) & Co tern otts.No par 22 Jan 31 333 Feb 14
4
*62
643 *62
1712May 3512 Aug
643 *62
4
631 '62
623
4
*62
113ornestake Mining
6212
100 60 Jan 25 6318 Jan 15
*483 49
4
474 Jan 63
4812 483
Oct
481g 481
4812 48 2 482* 483* *4814 49
,
1,200Househ Prod,Inc.tem ottNopa
4314 Jan 3 5014 Mar 17
1035,, 10612 102 107
40 Mar 483 Jan
8
99 1041
98% 101
9812 103
10212 1047 88,000 Houston 011 of Tex tern otts100 6018 Jan 11 1243 Mar 8
8
4
504 Mar 71
393 40
4
Jan
40% 4014 393 398
4
39% 39% 393 40
4
z38
38
2,500 Howe Sound
No pa
37% Feb 14 40% Mar 21
27 Jan 45 Sept
675 69
8
68% 704 681 695
,
s 67
69% 664 6912 674 6914 145,400 Hudson Motor Car__.No pa
48% Jan 24 743 Mar 9
4
403 Oct 12314 Jan
2113 214 2118 2112 21
4
211
20% 2118 2012 21
204 21
8,400 Hupp Motor Car Corp----10 2012 Mar 31 235 Jan 10
8
17 Mar 283* Jan
24% 25
23% 247
8 2314 24
228 23% 22112 23
4
2212 23 28,500 Independent 011 & Gas_No pa
2112 Mar 31 32% Feb 1
19% Mar 34 Jan
*14
15
14
14
1314 14
13
13
13
1314 *1314 144
Indian Motocycle
800
No pa
13 Mar 30 1512 Feb 7
97
1412 Dec 24 Feb
14
ply 913
97
93
g 91
92 97
914 93
4
93
8 94 2,400 Indian Refining
1
vo
74 Jan 29 1118 Mar 14
7% Oct 133 Feb
4
912 *9
912 '9
9
9
912
9
94
5
94 912 3.500
Certificates
1
74 Jan 12 1012 Mar 14
74 Oct 1218 Feb
*9214 928
4 9214 9214 923 92 4 *9214 93
4
3
93
93
9312 953
4
1,500 Ingersoll Rand new____No oo
No par 92 Jan 10 1153 Jan 3
4
8014 Mar 104 Jan
423 423
4 4213 4234 43
4
42
43
4212 423 423 *42
4
4
4212 1,600 Inland Steel
41 Feb 15 43 4 Jan 3
*11114 11313 •113 11312 113% 11312 "113 11312 11312
3
34% May 4334 Dec
11312 *113 11312
200 Preferred
100 111 Jan 3 114 Mar 16 1083 Mar 115 Feb
4
19
1912 198 20
4
20
20
2014 20% 20
20
20
20
1,900 Inspiration Cons CopPer....2
1812 Mar 21 254 Jan 12
*133 14
8
138 13% 13 8 13 4 13
4
4
,
203 Mar 28% Nov
,
1312 123 13
4
*123 133
4
4 1,300 Intercont'l Rubber___No pa
11 12 Jan 3 153 Mar 12
12 Dec 21% Feb
4
*714 8
*74 8
67
6% 7
712 712
7
67
8 67
8 1,000 Internal Agricul
No pa
65 Mar 15 107 Feb 23
8
2
918 Dec 2614 Jan
4112 40% 40 8 40
40
,
33
40
3712 *35
39
*36
39
2,400 Prior preferred
100 33 Mar 20 65 Feb 14
563 Dec 95 Jan
8
63% 63% 6333 6412 63% 64 4 6312 667
8 677 7018 885 697 28,500 lot Business Machines_No pa
,
8
8
5312 Jan 13 704 Mar 31
3818 Mar 56% Dec
5012 51
8
50
4 503 51
% 503
8
503 50% 503 504 5012 503
4
4 5,200 International Cement--No pa
4514 Jan 21 52 Feb 17
444 Oct 71% Jan
*10712 108
1073 1073 *10712 1073 1073 1073 1073 1073 *1073 108
4
4
4
4
4
4
4
4
800 Preferred
100 10214 Jan 21 107 4 Mar 28 1017 Oct 106
3
8
5214 5312 53
Jan
54
5112 5338 4914 5112 50
5214 51 12 53
96,600 Inter Comb Eng Corp.
.No pa
43 Jan 28 64 Mar 1
/
1
4
154 15412 155 15512 155% 158% 156 15812 15512 15612 1551
3312 Mar 644 Jan
4
4
2
12912 129 4 *12812 130 *12812 130 *12812 130 •12812 1293 *12812 1573 14,200 International Harvester. _100 13532 Jan 18 1637 Mar I 11214 Mar 15818 Dec
,
4
12912
200 Preferred
v7
100 12634 Jan 12 1293 Mar 26 118 Jan 129 Dec
4
7 4 *63
,
8 67
7
8
7
•33% 71s
*Ps 7
*63
8 7
100 Silt Mercantile Marine...
.100
6 Jan 4
/
1
4
8 2 Feb 7
3
404 4012 40
6 Sept 123 Feb
41
8
39
40
383 3914 383 3914 397 403 10,800 Preferred
8
8
8
100 371 Jan 6 44% Feb 7
/
4
6712 677
27 Mar 483 Feb
8 6718 677
8
8 67
67% 67 673
4 664 673
4 653 6614 4,300 International Match pref. _3
4
62 Mar 2 69$4 Mar 21
397 39% 39% 40 8 40
8
534 Mar 86% Feb
,
4012 40
4138 41
43
4112 43
45,800 International Nickel (The)_2
3814 Jan 3 44 Feb 21
*110
32% Mar 4614 Jan
*10514 - - - - *105
_ *104%
100 Preferred
- - 105 105 "102 - _ _
100 1035 Mar 2 10614 Feb 2 101% Jan 10412 Dec
8
57 57
5612 5612 54% 56% 54% 5518 543 5515 55
4
100 5318 Jan 3 607 Mar 7
5512 6,300 International Paper
8
*997 10014 100 10014 *1001s 10012 100 100
8
4418 Apr 633 Aug
4
100
2983 983
4
800 Preferred (7)
4
100 9612 Jan 3 10014 Mar 15
*169 166 *163 166 *163 16612 *163 16612 *164 100
89 May
16612
International Shoe_..--No Pa 160 Jan 21 167 Mar 8 135 May 100 Dec
13114 132% 1305 1313 13112 1333 13112 1333 132 13312 *1654 170
175 Jan
8
4
4
8
132 133
35,100 Interest Telep & Teleg---100 12214 Jan 25 133 4 Mar 29 111 Mar 133
7
*2212 23
23
Jan
23
23
2338 233 233
8
8 23
2513 2512 29
15,200 Intertype Corp
No pa
1912 Jan 31 29 Apr 1
1812 July 29 Jan
*5713 58
58
58
573 58
4
5712 577
8 57% 57 4 57
,
5714 1,100 Jewel Tea, Inc
100 5312 Jan 3 608 Mar 9
4
25 Jan 5612 Dec
120 120
120 120 *11514 120 •11514 120 *11514 120 "116 122
300 Preferred
100 117 Mar 18 12512 Mar
178 19
8
187 2212 2012 22% 1938 207
8
3 197 20% 2014 207 43,000 Jones Bros Tea, Ino,s1pd 100 105 Jan 3 227 Mar 15 11512 Jan 12712 Nov
8
8
8
29
9 Dec igiz Feb
*1712 18 3 *173 1812 17
,
4
1712 17
1714 1712 177
8 1712 171
3,500 Jordan Motor Car
No par
1512Mar 3 2212 Jan 5
12 Nov 66 Feb
Kansas Gulf
10
14 Jan 11
14 Mar
*112l 1135s 1141. 1 118 oiHi2 11484 •11213 114
14 Jan 11
4
8 - 11 Jan
114 'I 1212
200
lit pf _No par
13
1 Mar
4
6034 51I 5138 51% 50% 51% *5013 51 505,, 51 5058 114 8 1,900 Kan City P&L v t 0--A _No par 112 Feb 10 11418 Jan 31 107/ May 115 Nov
Kayser (J) Co
503
50 Jan 4 5714 Jan
334
183 1913 187 1912 18
,,
51% Dec
8
187
8 1712 18
17% 1812 1818 18% 25,200 Kelly-Springfield Tire
25
912 Jan 27 2034 Mar 11
9 Oct 2112 Feb
6314 6412 6512 6512 65
6618 *64
6614 *61
6614 *82
66
800 8% preferred
100 35 Feb 2 6712 Mar 14
4312 Oct 7434 Feb
*60
66
"60
66
65
65
*60
66
•80
65
*60
100 6% preferred
65
100 44 Jan 19 67 Mar 14
45 Dec 734 Feb
77
86
787 85
8
86
86
86
87
87
90
893 893
4
4 6,900 Kelsey Wheel. Inc
100 65 Mar 25 90 Mar 31
76% Nov 126 Feb
62% 627
s 62% 62% 62% 62 s 62% 62% 623 624 624 624 10,800 Kennecott Copper
7
,
NO Far 60 Feb 9 6412 Feb 24
49 4 Mar 6414 Nov
3
*1
/
4
14
84
84
8
4
%
4
2,400 Keystone Tire & Rubb_No par
4
12 Jan 3
1 Mar 11
"25
218 Jan
29
4 May
*2718 28
27
27
*2612 29% 27
27
*26
2978
200 Kinney Co
'No par 2114 Feb 11
45 Jan 5
39 Nov 821s Jan
54
54
54
54
*533 5412 533 54
4
4
55
56
5613 58
2,200 Kraft Cheese
25 50 Feb 10 62 2 Feb 25
7
56% Dec 68 Nov
5012 5012 5
012 51
5014 5012 *5012 5012 50
5012 4912
10 45 8 Jan 28 55 Jan 7
7
*11212 11312 11212 11212 '1111 11314 *1114 11314 *11112 11314 *11112 50% 4,100 Kresge (8 13) Co new
423 Mar 82 Jan
4
11314
10 Preferred
100 11018 Feb 9 11312 Mar 11 11212 Nov 1143 Feb
*14
*14
15
4
15
•14
15
1514
15
"14
15
*14
15
100 Kresge Dept Stores..
..,Nopar 1412 Jan 29 1712 Feb 8
674 677 *65
151 Ma
/
8
4
333 Jan
8
70
*65
70 "._ _ _ 70 •____ 70 *---- 70
Preferred
100 677 Mar 25 SO Jan 4
8
•182 184
7014 Mar
182 182
182 182 "180 182 •180 183 •181 184
400 Laclede Gas L (St Lonia)_ _100 17358 Jan 27 18912 Feb 23 146 Mar 934 Feb
2814 3012 2814 304 273 2912 273 2812 28
19614 Dec
4
4
305
8 2912 3012 94,200 Lago Oil & Transport_No par 204 Jan 13 30%
72
Mar 28
7212 714 72% 717 7212 7118 72
1912 May 2412June
8
71
7112 71
71% 6,500 Lambert Co
No par 66 Jan 28 74 4 Mar 16
3
7% Vs *8
83
8
39l May 72 Nov
8
8
712 7 4
74 74
3
3
3
712 778
1,000 Le Rubber & Tire-.No par
7 Jan 4
9 2 Mar 14
3
614 Dec 14 Jan
3412 348
4 34% 34% 343 343
8
4 3414 34% 34% 3412 34
34% 2,600 Letin Flnk
No par 34 Apr 1
1
2214 2214 22% 223
37% Jan 19
30 Mar 4118 Jan
8 2238 2238 *2218 2214 *221g 2214 •2218 2214
900 Life Savers
No par 22 Jan 7 247 Feb 17
963 963
8
8
8 9712 9712 974 9712 96
1714 May 25 Dec
96
9713 9712 9718 9718
800 Liggett & Myers Tob new__25 •
8712 Feb 10 1027 Jan 4
.128 130 *128 136 *128 130 13128 130 •128 130
8
7218 Mar 103 Dec
12614 12614
100 Preferred
100 1243 Jan 27 12912 Mar 22 1198 Jan 1293 May
4
9614 9614 953 964 957 964 9512 96
4
4
8
954 964 96
9612 5,800 "B" new
25 *863 Feb 10 1023 Jan 18
8
6818 6812 68
4
71 Mar 72 Dec
6812 67% 68
5
6612 67
66
6614 6512 66
3,100 Lima Loo Wks
No par 62 Jan 6 7412 Feb 11
51
51
51
5118 50
5312 Mar 69114 Jan
51
4918 60% 4912 51
5114 5184 4,900 Liquid Carbonic certifs_No par 4818 Mar 15 593
57% 59
8 Feb 14
58% 59% 5812 593
4312 Oct587 Nov
8
%
4 571 58% 573 5812 583 5938 31,700 Loew's Incorporated-No
4
2
par 46% Jan 4 6372 Mar 17
614 64
3414 Mar 4812 Dec
614 614
614 614
1
614 64 *6 4 612
,
614 614 1.100 Loft Incorporated
No par
*4012 4112 4112 4112 4112 4112 *4012 4112 *4012 4112
6 Feb 23
73 Jan 20
2
6 Oct1114 Feb
"4012 4112
400 Long Bell Lumber A---No Par 4012 Jan 15 43 Mar 7
157 161
161 4 162 •158 160 •158 160 •158 160 "156 159
5
415g Dec 5012 Feb
3,400 Loose-Wiles Biscuit
100 150 Jan 18 17312 Feb 26
. 13155 165
18014 16014 *155 165 "155 165 •155 161 "155 161
88 Mar 17712 Dec
100 Lorillord
2ci preferred
100 157 Mar 11 1697 Feb 26 12014 Mar 175 Dec
26% 274 274 2814 273 2814 2714 275
2
4
8 2714 273
4 274 273 13,200
4
25 26 Mar 25 3272 Jan 3
"112 116 "112 116 *112 115 *112 115 •112 115 "112
27 4 Oct 4214 Feb
3
115
Preferred
100 11132 Mar 18
134 13% 1312 135
4 13% 1312 13
8 1312 133
8
13
13%
1314 12,000 Louisiana 011 tamp otfe-No par 13 Mar 31 11812 Jan 13 1111 Apr 120 Aug
"91
94
"91
1812 Jan 5
7191
94
94
12 Mar 197 June
*91
9212 "91
8
9212 "91
92
Preferred
100 9212 Mar21 97 Feb 5
27
2714 27
2714 28% 27% 263 271g 26% 27
93 Dec 98 Dec
8
265 26% 10,000 Louisville O & El A--- _No par 23 2 Jan
8
3
30
30 '30
3 273 Mar 24
2
3112 29% 30
22 4 Mar 2618 Feb
1
29
30
284 3012 283 30
4
2,500 Ludlum Steel
No par 2612 Jan 12 3314 Mar 18
*120 123 *120 123
1233 124
123 123
4
225 Oct 5814 Feb
8
123 123
12014 12014
900 Mackay Companies
100 120 Jan 14 1273* Feb 25 122 Oct138 Feb
*7012 7112 *7012 71
'7014 71
"7012 71
*7012 71
•7012
Preferred
100 70 Mar 17 72 Jan 27
10312 104% 104% 105% 103 4 10514 100% 1033 1003 10212 10214 71
5
68 Mar 73% Feb
4
8
10313 38,500 Mack Trucks, Inc
NO Par 8814 Jan 24 10812 Mar 14
*110 11112 "110 11112 "110 11112 *110 11112 *10912 11112 "110
8952 Nov159 Jan
112
1st preferred
100 109 Jan 25 111 Jan 4 1074 Nov113 June
4
*1048 107 *1043 106 171043 106 *105 106 *105 106
4
4
106 106
100 2d preferred
100 102 Jan 18 106 Mar 14 102 Oct 1083 Sept
4
3512 3512 35
3512 3512 3512 3
54 3
54 r344 347
8 3478 354 2,900 Magma Copper
No par 294 Feb 9 3612 Mar 7
1314 1312 1212 1318 123 1312 1212 1234 1212 123 "12
4
34 AD
447 Feb
2
4
1234 1,600 Mallinson
R)& Co-No par 1212 Mar 22 16 Jan 5
*72
73
73
73
•72
•72
Ma No
73
*68
281 Jan
/
4
"68
73
69
69
100 Maned Sugar prod
100 69 Apr 1
63 8 644 6912 65
3
6412 65
77 Feb 23
6414 6412 6414 643
82 Feb
55 Jun
4 6412 643
4 4,400 Manh Elea Supply--No pa
534 Jan 25 72 Mar 14
264 *26
264 Mg 26
2614 26
Oct 873 July
44
4
26
*25
2618 1325
26
400 Manhattan Shirt
25 2414 Jan 18 283 Feb 26
•45
*45
46
46
46
*45
8
*45
21% Oct 327 Jan
8
96
*443 46
8
*443 46
8
Manila Electric Corp__No pa
40 Jan 22 46 Mar 10
4
453 Sept
2712 Ma
16% 174 16% 1712 163 17
8
104 16 4 1612 163 *1612 1712
,
8
2,000 Maracaibo 011
3
494 5014 49 4 50
3
/ 49% 50
1
4
1612 Oct 28 Feb
47% 49% 4618 477
8 4618 47 137,000 Marland Oil Expl___ _No par 1614 Mar 23 22 4 Jan 18
No pa
464 Mar 31 5812 Jan 17
3514 3514 354 3512 35% 37% 3512 Ws 3514 353
4914 Mar 63% June
4 354 3518 4,800 Marlin-Rockwe
ll
No par 27 Jan 10 38 Feb 9
2112 .21
•21
2112 '21
244 Oct 33 Mar
2112 1521
2112 *21
2112 •21
2112
Martin-Parry Corp _ _ _ _No par 20
105 106 4 10714 1094 108 1093 106 108
,
17 May 23 June
4
104 105
g
1074 107 4 10,500 Mathieson Alkali Wks tern et150 82 Mar 18 243 Feb 24
5
Jan 6 10912 Mar 29
70% 7012 70
70
6212 May 10618 Jan
70
3
703
2 69 4 703
8 704 7014 6912 703* 8,500 May
Dept Stores new
6012 Dec 70 Dec
25 67 Jan 27 717 Mar 22
/
1
4
2612 2612 264 28
2
28
284 273 27% 2714 274 2712 28
8
19,000 Maytag Co
No pa
233 Jan 15 287 Mar 29
2
2412 Sept
19 Ma
g
87
6712 "84
"64
*65
663 •64
4
•64
67
67
84
64
300 McCrory Stores Class B No pa
5612 Mar 4 7512 Jan 3
72 Ma 121
Jan
4
712412 2514 *243 254 244 244 "243 26
4
"244 25
*243 25
4
100 McIntyre Porcupine Mines..
.6 2412 Mar 14 2712 Feb 28
2214 Oct 30 Feb
"25
2512 *25
2512 "25
26
2512 2512 25% 25% 2514 2512
700 Metro-Goldwyn Pictures p3.2
24% Jan 3 2614 Feb 21
/
1
224 Jan 2.512 Nov
714 714
712 712
7
718 718
7
63
8 7
7
7
1,600 Mexican Seaboard 011-No par
64 Feb 10
6 Fe
13 4 July
3
914 Feb 18
15% 15% 154 154 1512 157
8 1.17 154 1512 154 1512 157
g
8 2,500 Milani Copper
14 4 Feb 8 1612 Feb 28
11 Ma
1
175 Oct
8
34
3414 34
33% 34
343
4 33% 341s 3312 3414 23234 3318
2712 July 37
Jan
8
2
*10212 1027 *10212 1027 *10212 1027 1027 102% 10212 1021 "102 1027 35,600 MId-Continent Petro--Ns Dar 3234 Apr 1 39% Jan 21
8
s
8
200 Mid-Cont Petrol prof
100 10212 Mar 31 05 Feb 3
90 Mar 10414 Dee
24 23
23
8 212
s
218 21s
24 214
214 2%
214 214 2,700 Middle States 011 Corp----1
34 No
1% Jan 3 3 14 Feb 8
212 Jan
112 13
112 112
8
13
8 13
8
Ds*112 18
14
13
13
4
4
4 3,300 Certificates
1
lla Jan 25
12 Oct
138 Dee
2 Feb 8
14
*10914 112 •10914 112
11172 1143 •110 114 *110 115 *110 115
4
Midland Steel Prod Dref___100 107 8 Mar 28 1194 Feb 17 107 Ma 1334 Feb
3
•Bld and UNA Prices: 110 sales 00 Ude day.
Ex-dividend. a Ex-rights.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar. 26.
Monday,
Mar. 28.
Tuesday,
Mar. 29.
1950
New York Stock Record-Continued-Page 5
fifth page uroceding
For males during the week of stocks usually Inactive. see
PEN ali AK1S
PEN AYH AKE
Range for Previous
Range Since Jan. 1 1927
STOCKS
Sales
-PER SHARE, NOT PER CENT.
Year 1926
HIGH AND LOW SALE PRICES
-share tots
On basis of 100
NEW YORK STOCK
for
EXCHANGE
the
Tuesday, Wednesday, Thursday, 1 Friday,
Monday.
Highest
Lowest
Saturday,
Highest
Lowest
Week.
April 1.
31.
Mar.
Mar. 30.
Mar. 29.
Mar. 28.
Mar. 26.
(Con.) Par $ per share $ per share $ per share $ per Oar'
&
per share $ per share $ per share $ Per share $ per share Shares Indus. Miscall.
4
5 Feb 14
30 May 443 Feb
$ Per share $
8
1,300 Miller Rubber otfa____No par 315 Jan 25 367
7 34
33
*34 i 36
3413 *3312 35 •33; 35
8
34% 34
693 Mar 86% Nov
34
100 8112 Jan 28 96 Apr 1
968 28,150 Montana Power
935 95% 94; 96; 95
9113 9318 9214 935
56 May 82 Jan
Feb 24
914 93
8 6814
3
64% 6514 6412 6614 36,200 Monti( Ward & Co III corp--10 60 3 Feb 12 1212 Jan 5
8
4
93 Nov 373 Feb
65% 6614 655 6614 6412 658 6418 65
812Mar
No par
3 1,700 Moon Motors
8; 85
7
813 8
8% 813
812 88
712 Feb
8% 9
4 Nov
4
838 83
3
43 Jan 3
4 Feb 9
44 4% 5,000 Mother Lode Coalition No par
4% 418
44 4%
418 4%
43 4%
4
103 Dec 23I2June
44 44
97 Feb 17 16 8 Mar 18
5
No par
4 1,500 Motion Picture
1312 *134 133
13% 13; 1313 1312 1314 1312 1314
3
33 4 May 53; Feb
1313 14
No par 3212 Mar 31 3718 Feb 3
3314 6,000 Motor Meter A
8 33% 3338 3213 33% 33
4
333 343
7
33% 3312 33% 35
1913 Nov 33 3 Feb
3
No par 20 4 Jan 3 278 Mar 29
2618 23,700 Motor Wheel
8 25
2618 267
3
8 2614 27
8 Nov 19 4 Feb
638 267
2412 2412 24; 2614 2
No par 10 Jan 5 16 Mar 25
100 Mulllna Body Corp
15
*14
15
44
*1412 15
15
1512 15
4
1514 •15
*15
3
34 4 Apr 383 July
3
par 36 Feb 25 397 Jan 11
No
Munsingwear Co
38
*37
38
*37
38
537
38 '
*37
38
r
*37
38
*37
--- - -No par 2918 Mar 23 43 Feb 23
8 2,800 Murray Body new
29; 295
2938 30
30
70 11
Mar - -7- We;
8
52 3014 3114 307 30% 3013 3013 30
No par 6218 Mar 23 7312 Jan 5 16,400 Nash Motors Co
8
63% 6414 6312 643
6314 64
a
127 Jan
63; 64
6312 647
3
63 4 64
5 Nov
653 Jan 7
5 Feb 15
400 National Acme stamped-100
514 514
3
4 *514 5 4 *514 6
6
512 512 *514 53
74 Jan 102 Dec
*5
3
25 94 4 Jan 27 11314 Mar 30
s
11112 11314 2110 11114 110 1107 28,800 National Biscuit
Jan 13113 Apr
1114 113
4
109 11038 1103 113
100 130 Jan 10 134 Mar 17 126
Preferred
500
13258 1324 *13212 136 433 13314
13212 13212 13218 13214 *133 134
3712 Oct 54 Jan
8
3
30.500 Nat Cash Register A W I No par 397 Jan 3 457 Mar 21
44
43; 43
43
x4212 44
45
43
4213 43
18 Nov 57 Jan
424 43
100 18 Jan 22 371* Apr 1
4 36% 377 11,600 National Cloak & Sult
37% 37% 373
35
3413 35
7
8 33 3 34
337
5813 Nov 9212 Jan
33
61 Jan 31 9312 Feb 21
loo
Preferred
1,200
93
93
93
*92
Jan
917
918 93
9118 9112 91
92
53 Apr 80
*91
3
3
6.600 Nat Dalry Prod tem etrallo par 703 Jan 3 78 4Mar 4
7512 76
8 7553 76
757 765
76% 7712 7612 77
7612 77
24 Oct 4238 Jan
8
1,400 Nat Department Stores No par 24; Eeb 7 273 Mar 1
25
25
25
25
25
3
3
2512 25 4 2518 25 4 25% 2518 25
8938 Oct 97 Jan
100 91 Feb 17 9414 Jan 10
1st preferred
9112
9112 *91
9113 *91
v21
9112 *91
9113 *91
9113 *91
1212 May 34 Jan
Prod We_ -No par 17 Feb 8 2712 Feb 16
8
4
24
2218 2312 2012 2212 213 2414 2014 207 10,200 Nat Distill temp ett__No par 43 Mar 22 5512 Feb 21
3712 Aug 7318 Jan
2234 23% 23
Preferred
4 1,100
4
49% 453 453
497
*46
4612 47
46
46
4812 49
48
21% July 4012 Jan
100248 Mar 30 3014 Feb 28
1,800 Nat Enam & Stamping
25
4 25
4
3
8 2412 24% 2418 2412 243 243
76 July 89 4 Jan
2513 263
4
*243 25
12
100 8014 Mar 14 83 Jan 28
Preferred
100
82
•80
82
*80
81
81
82
*80
82
*80
82
'80
100 160 Jan 27 200 Apr 1 138 Apr 181 Deo
11,000 National Lead
190 19412 194 200
190 190
192 192
Jan 120 May
192 194
*188 192
3 130 Mar 21 116
100 11714 Feb
500 Preferred
4
4
4
1263 1263 427 1283 12614 12612
8
128 128
4
163 Mar 383 Jan
4
4
1283 1283 427 129
19; Jan 28 237 Mar 24
2238 2213 2212 28,600 National Pr & Lt otfs-No par 8212 Jan 3 95 4 Feb 18
4
8
5512 Jan 88 Dee
2238 228 227 2314 223 2314 2218 2273 22
3
50
8518 8612 8612 86% 8,800 National Supply
8518 88
8813 89
89
122 Mar 15 11612 Nov 238 Jan
8814 89
89
No par 11412 Jan 11
100 National Tea Co
117 117 *117 120 *116 120 416 117
1153 June 1614 Nov
*117 11912 *117 130
5 138 Feb 10 15 Jan 3
8 1414 1414 1414 1412 10,800 Nevada Consol Copper
8
8 143 145
3 1412 1453 1412 145
3612 Jan 4612 Sept
1412 145
3
No par 403 Jan 8 478 Feb 11
3,400 NY Air Brake
4412 4414 445
44
4312 44
3
4312 44
2028 Nov 84 4 Jan
4314 4312 4312 4312
3
3
13 4 Feb 16 217 Jan 3
4 1,500 NY canner_ iemp oth_No par
153
8
5
15 8 1614 155 1538 15;
3
7014 Dec 85 Apr
8
4
•143 1538 157 158 15 4 16
No par 43 Mar 30 72 Jan13
100 Preferred
44
*43
44
*43
43 43
7
44
*43
32 Oct 45 3 Feb
44
*43
47
*43
14 4313 Mar 25
100 34 Jan
4014 2,300 New York Dock
39
404 5.3812 40
39
41
40
69 May 77 Dee
42
4
4214 4214 42
100 724 Feb 9 773 Mar 25
700
Preferred
7612 7612 7612 7612
77
77
27; Mar 2912 Dec
7612 77
77
29 Jan 5
*7612 7912 77
4
273 Jan 31
300 Niagara Falls Power pf new-25
2812 2812
29
•28
42 Mar 67 Jan
3
4 28 4 28% *2812 29
8
8
3
*283 283 4812 283
8
10 455 Jan 14 507 Feb 25
8 4612 4714 42,600 North American Co
49 Jan 5214 Aug
474 48; 47% 4738 464 4714 4618 473
48
47
50 50 Jan 10 52 Mar 23
Preferred
4 1,700
4
8 513 513
8 5112 517
3
517 517
52
911e Mar 97 Dec
3 52
4 5138 517
*5112 513
Jan 6 101 Mar 30
900 No Amer Edison pref__No par 9638
100 1007 *10014 101
10014 10014 101 101
413 Oct 1513 Jan
5% Feb 10
400 10018 100 100
4 Jan 31
10
44 413 2.300 Norwalk Tire & Rubber
44 414
414 414
4
414 414
123 Dec 17% Jan
3
414 4% *44 43
1.100 Nunnally Co (The)_ - __No par 104 Mar 28 13 Jan 19
12
*11
11
11
3
40 4 11
4 1012 11
1014 1018 103
1014
30 July 368 Oct
8
25 3124 Jan 28 403 Feb 7
347
9,300 Oil Well Supply
4 34
4
8 343 343
357
Oct 2214 Feb
34
37
12
8 35
Jan 6
375
3718 36%
37
No par 11 Mar 25 1438
1318 1318 1414 9,400 Omnibus Corp
53
47 Jan 63 Sent
1112 1118 1118 1112 1178 13
41
8
11
11
Feb 8 677 Feb 28
4
643 6514 13.200 Oppenheim Collins & CoNo par 5812 Jan 4 345 Jan 24
3
3
3
4 65 3 66 4 65 4 667
663
2712 Mar 3318 Nov
65
65
8
6512 *64
6512
1 30%
8 4,800 Orpheum Circuit. Inc
4 3138 3138 3113 323
Jan 105 Apr
4
8
4 32% 3238 317 324 313 313
•3233 323
100 10312Mar 23 107 Feb 10 101
Preferred
108
136 Dan
*101 106 *102 108 *102 108 •101 108 *101 108 •101 4 109
50 z103 Feb 2 131 Jan 18 106 May
1,700 Otis Elevator
4
4
108 1083 10812 1083 1083
4
4
108; 10812 1084 1083 *108 109
100 108 Feb 16 11814 Mar 22 1023 Jan 109% Aug
20 Preferred
11412 11412 *10912 113 40912 113
8 Oct 1412 Jan
3
*110 4 114 411 114 *111 114
14
7 Feb 10 10 Mar 11
No par
Otis Steel
3
8 3 8; 2,700
1
5
9
8a 8
9
8% 9
63 Nov 74 Sept
a
53
8; 8;
100 6112 Feb 8 7418 Mar 9
500 Prior pref
70
70
70
*6918 70
70
4
4
8
533 Mar 903 Dec
3
68 3 683 *6814 70
*6814 70
25 7518 Jan 18 8412 Mar 14
8112 3,200 Owens Bottle
8
817 *80
8 80
3
44 May 554 Des
3
79 4 794 79 4 8014 80% 807
3
*79 4 81
4
No par 523 Jan 24 61 Feb 23
600 Outlet Co
5912
3
593 •59
59
5714 58
58
97% Apr 10712 Dec
555
58 '
*55
59
47
Jan 27 109 Mar 17
100 107
100
Preferred
110
*106 10712 107 107 40612 110 *107 110 *10712 110 *10712 32
25 31 Feb 18 33 Jan 19
2,000 Pacific Gas dr Elee new
4
32; 313
8
11
ni May - 18 -Feb
17 Jan 7
3212 3212 *3214 3212 3212 3212 323* 323 x32
114 Mar 29
No par
114 5,000 Pacific 011
11,
114
114
114
114
1;
3134 Mar 454 July
114
3
1; 13
8
13
138
10 34 Jan 25 3712 Mar 14
8
4 3458 341 14,500 Packard Motor Car
343
3412
8 3412 34
8
9 Nov 2812 Jan
3412 3518 345 347
3412 35
78 Mar 22 11% Jan 8
4,800 Paige flat Motor Car__No par
918
9
9% 914
9
958
9 18
5618 Mar 762*. Jan
9 18
9
9
913
5
50 5912 Mar 31 65% Jan 19
4 2.500 Pan-Amer Petr & Trans
j
8
8
56% Mar 7838 Jan
647 4213 6312 617 6212 x593 6012 6018 603
63
3
63
62
50 60 Mar 31 663 Jan 20
Class B
4
6112 603 6114 62,400
Jan
4
Oct 46
4 623 64% 6218 6318 260
30
8 6318 643
4
3
613 643
19 Mar 30 377 Jan 24
Wart Petrol B_No par
4 2038 21% 36,600 Pan-Am
213
7
22 8 20
2 19
265
4% Jan 32 June
8
2812 2612 2812 26
187 Jan 17
28
103 Apr 1
8 4,500 Panhandle Prod & Ref No par
3
9 8 97
938 11
11
11
3
Jan 993 June
11
51
11
8
1012 10% 107 11
100 6812 Mar 15 8134 Jan 17
Preferred
70
*50
70
•50
70
•50
8
70
185 Oct 2813 Jan
*50
25 Feb 28
40 65
70
*60
1.000 Park & Tilford tern etle_No par 20 Jan 27
2212 *2012 21
812 Feb
21
5% Sept
2012 21
21
8 Mar 4
21
21
2118 21% 21
6 Jan 3
1
714 1.500 Park Utah 0 M
714
714
713 *7
7
74 714
*714 738 *714 758
324 Nov 83 Jan
Mar 14
13,400 Pathe Exchange A____No par 37 Feb 14 48 Jan 8
4512 46
45%
233* Nov 3113 Nov
4614 45
46
46% 45
44 4 4512 467
50 2512 Mar 23 32
44
3
Motor Car
4 2512 2653 3,300 Peerless Ford
8
167 Jan 24 Dec
8
27
*265 263
3
2612 2612 2614 2712 265 27 •26
No par 21 Jan 17 24 Feb 15
Penick &
19
7 Aug
Oct
2214 2214 2218 2214 2218 2218 1,900 Penn Coal & Coke
15
2213 221
23
50 1014 Jan 19 1, 8 Apr 1
2214 2212 23
200
8
*1212 1458 1438 143
38 Dec 41 Deo
14
8 14
143
3
143 *14
8
143 *14
*14
Cement_ _ _No par 34 Mar 22 395 Jan 13
ie
99 Nov 10012 Nov
4 3414 34; 1,800 Penn-Dix
4
8 998 Jan 13
3413 3412 343 343
4 5
343 3
4
343 35
100 9854 Mar
3
347 35
Preferred
200
•99 100
24 Jan
*99 100
53 Oct
4
118 Feb 14
3
8
52 Jan 3
5 995 9953 99 4 993 *99 100
*9911 995
34 6,900 Penn-Seaboard SO vto No par
4
3
Jan 131 Dee
4
3
4
3
8
7
4
3
4
3
4
3
4
3
4
3
4
3
4
3
L & C (Chic)_100 126 Jan 14 13412Mar 31 117 Mar 91 Dec
59%
13034 13114 13114 13412 13212 13414 5,900 People's 0 Co (Pittab)---50 8514 Jan 18 110 Mar 25
3
4
1303 1317 131 13114
*12912 131
600 Philadelphia
103
45 Oct 5114 July
4
4
4
50 50 Jan 6 53 Feb 10
10712 10712 1063 1063 10512 1063 104 105 *101 106 x103
6% preferred
400
3614 Apr 48; Feb
5212 *5012 5112
5212 *52
v51i3 52
515 51; 5113 .51; 52
-No par 4153 Jan 28 47;Mar 4
4214 7.700 Phila & Read C & 1.
4
4213 42
363 June 4612 Jan
4214 42
42
3
8
4
423 4314 423 43
4214 43
Certificated of Int-No par 413 Jan 26 47 Mar 4
100
43
41
3
45 Dec 55 4 Jan
42
42
42
4312 41
42
*4213 44
44
'42
No par 47 Jan 3 52 Mar 7
Phillips-Jonee Corp-___
4
493
8
493 *49
16 Apr 41 Dec
4
493 *49
4914 *49
4
Mar 30 41% Jan 10
493 *49
4938 *49
.10 3212
*49
16,100 Phillip Morris & Co.
34
40 Mar 57; Dec
Feb 16
3
3
1
32 4 331v 3213 3314 32 4 3314 33
3
Ltd-3
33 4 3412 3312 34
5
234.800 Phillips Petroleum__-110 par 457 Apr 7 604 Mar 17
457 46%
31 Mar 4614 Nov
473
46
51
4714 492
5 42 Jan
4912 503* 50% 5012 491 50
Oct
8 4812 4812 1,300 Phoenix HorderY
94 Mar 103
3
4
4912 483 49 4 49 49% 4914 493
*49
49
100 103 Jan 5 106 Mar 7
49
Preferred
4 10412
19 May 43% Jan
3
4
4
4
1818 Jan 25 23;Mar 8
4
*1023 10412 *1023 10412 *1023 10412 *1023 104% 402 4 104% *1023 193 15,200 Pierce-Arrow Mot Car No par
4
19
7613 Apr 12714 Aug
8 2012 2012 1914 2012 18% 197
84 Mar 18 10212 Jan 3
2012 215
100
2114
21
Preferred
12 Oct
$
17 Jan
8612 86% 9712 1,900
85
4
3 Jan 4
89
90 9012 87
12 Mar 25
90
90
25
8912 90
32 11,700 Pierce Oil Corporation
8
4
8
5
38
58
58
8
1118 Nov 2718 Jan
5
13
%
13
2
13
100 1312 Mar 24 18 Mar 29
Preferred
700
17
*15
7 Jan
214 Aug
4512 17
Jan 13
18
*15
22
1612 18
17%
38
15
212 Mar
*1314 14
3; 23,000 Pierce Petrol'm tern otfriNo par
3
318 33,
29 June 4213 Jar
3
3 8 312
3; 338
212 3%
100 3284 Mar 22 3612 Jan 3
8
212 23
200 Pittsburgh Coal of Pa
3312 3312
*3313 35
3
*333 33 4 •33% 35
*3312 35
'3312 35
70 June 85 Jan
7413 Jan 7
8
100 705 Marl
Preferred
500
7114 7114
*21% 72
711 711
72
94 Mar 100% Dec
101 Jan 18
Apr
5 *71
72
*7118
4
71
100 953
71
300 Pittsburgh Steel pref
4
955 953
3
97
*
9812 98% 97
7512 Mar 1247 Feb
99
*97
1028 Jan 14
99
*97
8
99
*97
25,900 Poet'm Cer Co Inc new_No par 925 Mar 1
8
8 9412 953
3418 May 44 Nov
70 Mar 28
7
9512 9512 9734 95 8 974 9514 9714 9518 963
100 3612 Feb
95
30,800 Pressed Steel Car new
634 66
7712 Dec 9834 Jar
6514 67
8
897 Mar 25
68
63
6712 69
4
100 7612 Feb
65% 6812 673 70
Preferred
3,300
87
8712 87
4 87
11 Mar 20; Oci
8
8913 865 883
32 Feb 10
4
8912 89% 8913 89% 89
Corp_50 163 Jan
8 2214 2512 13,800 Producers & Refiners
4
303 May 415 Oci
8 2153 227
23% 224 225
50 Feb 9
23
3
*
4
223 2314 23 4 24
50 367 Jan
Preferred
150
8
43; 433
43
41
3114 Oct 3333 Nov
43
*41
43
4312 41
3
35 4 Feb 25
411 41
41
7 3514 8,100 PubServCorp of N J new No par 32 Jan
34
Ocl
35
9612 Apr 101
3514 3512 3518 35's 35
101 Mar 11
9812 Feb 1
4
343 3512 35 35
100
300 6% preferred
9912 100 •100 101 *100 101 400 101
11553 Mar 23 103% Jan 110 Nov
100 10812 Jan
*100 10013 100 100
7% preferred
11214 11214 11212 11212 1,000
11312 11312 113 113
127;Mar 25 115 Mar 12454 Nov
114 114
114 114
100 125 Jan 1
preferred
300 8%
12712
97 Jan 1044 Sept
8
1055 Mar 16
12612 12612 12612 12612 •127 12712 427 1271 12712 127% *12612 1047
900 Pub Serv Eleo & Gas pfd_100 102 Jan
s
Jan 114 A111
8
10412 1047 10418 10414 *10412
1164 Mar 31 106
10412 105
105 105
3
*10412 105
200 Pub Service Eleo Pr pref_100 1135 Jan 1
Sera
*1164 _ _ *11618 ___ 11818 116% 11618 11618 3,900 Pullman Company
8
4161 __ 41613
100 175% Mar 2 18912 Jan 3 14514 Mar 19912 Dec
33 Apr 494
4
1763 17714 17712 180
4678 Jan 3
17814 17814 17712 178
9
-- ;
*17712 17814 17714 17 -7
50 3418 Mar 2
700 Punta Alegre Sugar
Jar
8 3812 3812
2514 Oct31
8
39
3312Mar 4
3958 395 395
3912 38; 385
*39
39
25 2714 Jan
*38
Pure 011 (The)
37.400
8
4
3 273 2814 2753 2813 273 28
8
8
100 1113 Jan 11 113 Feb 24 106 Apr 112114 June
285 2914 2834 29% 2814 287
200 8% preferred
47 Oct49; Nov
112 112 *112 113 *112 113 412 113
4 Mar 31 54 Feb 21
*112 113 *112 113
3 2,700 Purity Bakeries class A _ _ 25 423 Jan 3 61;Mar 18
504 507
4112 Nov 44 De(
3
49; 51
8
52
507 5114 *51
502 5058 507 51
4
413
No par
Class B
4 56; 5988 8,700
Oct103 De(
99
5812 593
581
58
s 5712 58
5718 587
100 10114 Jan 8 105 Mar 10
5718 577
Preferred
100
32 Mar 616g No
10312 1031 *10212 104 40312 104 101,400 Radio Corp of Amer___No par 42% Mar 31 5634 Mar 1
*10312 10518 *10312 10512 *10312 104
7
44; Mar 53 3 De(
3
53 Feb 28
4712 4814 4512 473* 42 4 4512 4412 46
4
473 495
50 5014 Feb 1
50
48
Preferred
800
32% Apr 418 oot
4 51; 5153 51% 51%
4
513 513
3
517 52
52
52
No par 40 Jan 5 4514 Mar 7
4
.513 52
130 Rand Mines. Ltd
8
4318 *433 4312
•43
43
4314 4314 *4314 4312 43
1
'42; 43
1012 Mar 16114 Nov
1512 Mar
1,500 Ray Consolidated Cooper-10 1412 Feb 7 483 Feb 23
15
8
371k Nov 5014 Oct
1518 1513 147
4
10 3918 Jan 25
1514 1514 1514 1514 *154 1512 *1514 151
4 4512 45% 5,600 Real Silk Hosiery
934 Dec 100 Nov
4634 463
471 *45
47
47
48
100 91 Jan 29 99 Mar 2
47
47
46
Preferred
9812
9812 •98
4
393 Dec 56 Jar
981 •98
9812 *98
9812 *98
No par 3812 Jan 24 4312 Mar 15
9812 •98
*98
2,200 Reid Ice Cream
4112
1834 Fet
4214 41
42
9 Jan 10
712 July
•421s 43
6 Mar 19
*4218 43
*4218 43
No par
500 Reis (Robt) & Co
417 42
612
618 618 *6
171 Mar 29
8312 Apr 127 Fel
12
6
6
612
613 64 *6
612
*6
600 Remington TypewrIter____100 11212 Jan 18 11712 Feb 10 106 Apr 118
169
Oct
171 171 •158 168 *158
3
100 110 Feb
*161 169 4 16914 171
190 7% let preferred
460 170
115 115
115 115 41314 115
115 115
100 111 Jan 6 119 Feb 10 105 Apr 11514 Aul
310 8% 2d Preferred
*115 11512 *115 115
7
11512 11512 *113 115
8 Oct15 8
1312 Jan 10
115 115
115 115
No par UN Mar 31 7578 Mar 11 44 May 6353 Jar
11412 115
3,400 Replogle Steel
115 115
1012
Jar
1012 10s 1014 104 10; 7212 12,100 Republic Iron & Steel
3
100 5612 Jan 4
10 4 11
11
11; 11
•11
8 70
715
9114 Mar 99 Sept
4
715* 70
3
100 963 Jan 3 1043 Mar 11
4 7014 71% 70
Preferred
7113 713* 713
600
70
4 Oct10% Jar
4
43 Jan 13
*10311 10418 *10312 104
4
4 Feb 21
3
No par
8
10312 1037 104 404 1043 103% 104
1,400 Reynolds Spring
10312
4
4
4
4
90 Mar 12173 No
4
4
418
*4
4
Class 025 9818 Feb 24 124 Jan 14
4
4 4
*33
7613 Dec 100 Jar
109 109; 10918 10912 11,500 Reynolds (RI) Tob
8
25 74 Jan 13 8412 Apr 1
10912 10912 109 109% 109 1093 109 109's •75
8412 1,100 Rossis Insurance Co
78
78
3
3
473 Oct57 3 Jar
78
7812 *75
*75
shares). 49 Mar 31 5412 Feb 9
79
*75
80
•75
4912 494 4914 3,600 Royal Dutch Co(N Y
8
365 May 4813 Fel
49; 491 49
Mar 22 437 Mar 4
3
3
10 4013
3 493 503
503
012 50
012 5
5
40% 4038 40% 4114 2,400 St Joseph Lead
4218 Mar 5512 Nov
3
403 41
41
4
41
No par 523 Jan 3 6412 Mar 9
4112 415
42
*41
4,100 Safety Cable
801 804
674 Nov 10212 Fet
7212 Mar 5
4
3 6012 6is 2814 8114 *58 4 62
617
4
4
3 613 6214 61
613 617
900 Savage Arms CorporatIon_100 613 Jan 28
63
621 *58
212 Dec 104 Jar
63 .60
338 Jan 10
8 62
8
17 Mar 30
62 623
66
*62
No Par
3 2,200 Seneca Copper
8 17
17
2
17
172
52
705s
8 21
17
214 24
2;
23
2% 212
Corp_No par 5612 Jan 12 66 Mar 10 4212 Mar 13812 Jul!
700 Shubert Theatre
614
*60
60
60
603
Mar
Jai
60
61
Jan 18 5012Mar 4
6112 61
No par 47
sauna Retail Storea
404 6112 41
Jan
o 484 4853 4814 4812 14,500
8 48% 487
4812 487
100 11814 Jan 22 119 Feb 7 112% Mar 120 4 Seri
8
485 49
4853 49
Preferred
120 41612 120
125
1411 Ma
8
1214 Feb 19 135 Jan 3
No par
*1161y 120 *11612 120 *11612 120 *11611 1212 *12
*11612 120
500 Seagrave Corp
1212
8
s
1219 121, 1214 127 •1214 121 417
•121. 13
-dividend one awe of Standard 011 of California new
a BY-111v1dend. •litz-elglita a Es
•Bld and 'eked vetoes; no miles on thla day
New York Stock Record-Continued -Page 6
For sales during the week of stocks usually Inactive, see sixth page
preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Mar. 26.
Monday,
Mar. 28.
Tuesday,
Mar. 29.
Wednesday, Thursday,
Mar. 30.
Mar. 31.
Sales
for
the
Wee/c.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100
-share tots
1951
PER SHARE
Range for Precious
Year 1928
Friday,
April 1.
Lowest
Highest
Lowest
IIishest
$ per share $ per share $ Per share
Per share 5 per share $ Per share Shares Indus. & MIscell.(Con.) Par
s e
l jh l
/738 sab e5
5412 543
4 543 547
4
4 54
543
8 5418 543
4 5418 545
8 5412 5553 12,620 Sears,Itoebuck & Co newNopar $5per aare7 $56er Ft r2 $ per share $ per share
*61
4414 Mar 588 Sept
6112 *6012 6112 *6012 61
613 *61
4
3
*6012 6112 *6012 61,
Shatuck (F G)
2
No par
563 Jan 17 663 Feb 23
8
8
*44% 46% *4514 463 *45
47 Mar 69% Jan
8
4614 *445 46
8
*44
451 i *4358 4514
Shell Transport & Trading_£2 4412 Jan 4 4772 Feb 10
4012 July 48% Jan
28% 283
4
4 283 2914 283 287
4
8 2818 283
4 28
2818 2712 277 21,300 Shell Union 011
8
No par 2712 Apr 1
3134 Feb 7
24 Mar
*10813 1083 *10312 1087 *10812 1087 1087 1087 *10812 109 *10834 109
4
8
8
8
8
Preferred
100 10712 Jan 27 1087 Mar 17 103 Mar 31 Nov
8
19
1914 19
1914 183 19
114 July
4
183 187
8
2 1812 19
1814 1814 8,100 Simms Petroleum
10 3841 Apr 6 2234 Feb 16
13 jan 1
*37
15% Aug 28% Jan
38
38
37
38
3718 38
38
38
38
3734 38
Simmons Co
2,100
No par
40 Feb 25
109 109
283 Oct 5412
3
109 109
10812 10812 *10812 109 *10812 109 *10812 109
60 Preferred
100 10714 Jan 4 110 Feb 10 10512 Nov 10912 Jan
177 1812 177 185
8
8 1714 177
8
July
2 1718 17,
2 1718 1712 17% 173 51,500 Sinclair Cons 011 Coro_No par
4
1718 Mar 30 2238 Jan 20
163 Oct 247 Feb
4
9912 9912 993 993
4
4 9912 9912 *99 100
8
*99 100
99
99
400 Preferred
100 97 Jan 6 10314 Jan 31
90 Mar 9912 June
30% 31
303 3138 3012 3118 287 30% 28
4
2
293
4 28% 297 36,600 Skelly 011 Co
8
25 28 Mar 31 373 Feb 21
265 Mar 3718 June
8
*126 129 *126 12912 *127 12912 *127 129
1273 133
4
130 13212 3,900 Sloss-Sheffield Steel & Iron 1081 12314 Jan 20 133 8
Apr 1 103 Apr 14212 Aug
160 16114 16014 16014 161 165
16214 165
16314 167
167 167
3,200 South Porto Rico Sugar_ 100 154 Jan 25 17634 Feb 23
92 Apr 18912 Des
*124 125 2 125 125
124 124
,
124 124 *124 126
125 125
50 Preferred
100 11812 N1ar 4 1253 Mar 24 110
4
33
33
333
33
8 333 3312 3314 3312 33% 33% 33% 33% 6,800 Southern Calif
Oct 121 Dee
8
Edison
25
3412
30 Dec 33 July
233 24 4 25
8
,
26 2 2518 257
,
8
2 225 2514 23 4 2312 24
,
2412 14,400 Southern Dairies el A_No par 21 21 2 Mar 22 4538 Feb 23
3 15
r 3
Jan 13
41
Oct 5512 July
,
4
93 1012 10 2 1112 1012 11
10
1012 10
1012 10% 10% 19,700
Class B
No par
712 Mar 22 20 Jan 7
*1018 1012 *1018 1212 *1012 1212 *1018 1212 *1018 1212 *1018 1212
1712 Oct 35% Mar
Spear & Co
No par
103 Feb 4
8
13 Jan 20
10 Dec 171 Feb
*74
80
*74
80
%
*74
80
*76
80
*76
80
78
78
100 Preferred
100 73 Feb 24 80 Feb 14
72 Apr 8212 Jan
263 263
8
8
4 265 273
8 265 2712 26
8
26% 2512 26
25% 26
15,300 Spicer Mfg Co
No par 2012 Jan 27 2712 Mar 29
18% Apr 31% Feb
10912 10912 *10712 110 *107 10912 *107 10912 *107 110 •107 110
Preferred
100
100 104 Feb 21 110 Mar 19
565 57
8
Jan 10714 Dee
565 57
8
5612 5672 565 567 :5512 557
8
8 5518 553
2
4 8,600 Standard Gas & El Co_No par 54 Jan 25 58 Mar 11 101
51 Mar 69 Feb
59
59
59
59
59
59 4 59
5912 587 59,
,
8
8 59
5912 2,500 Preferred
50 57% Jan 3 80 Feb 16
74
533 Mar 57% Feb
4
7414 7412 75
75
*74
75
75
7512 •74
*74
75
800 Standard Nitiling
100 7014 Jan 4 7814 Feb 28
*8912 90
6718 Oct 9212 Feb.
893 893
4
4 893 893
4
4
4 893 893 *893 90
4
4
89% 91
210 Preferred
100 84 Jan 5 91 Mar 15
80 Mar 90
563 567
4
Feb
8
8 56, 5612 5618 563
8
8 553 56
55
5512 5414 55
38,300 Standard 011 of Cal new No par 5414 Apr 1 603 Jan 19
4
52% May 63% Sept
37
37 4 371,2 373
,
8 37
373
8 363 3718 363 37
4
4
36% 367 43,300 Standard Oil of New Jersey_25 36% Apr 1
8
413 Feb 5
8
_
373 Dec 46% Jan
8
Pre( non-voting
100 1145 Feb 25 11614 Feb 11 115 Nov 11918 May
8
31
3114 3118 3114 31
3114 305 3112 3014 305
8
8 3014 303 32,700 Standard 011 of New York __25 3014 Mar 31
4
3418 Jan 18
3212 Dec 3314 Dec
*214
214 212
212
2
218 *214 212
218 214
218 21s
1,400 Stand Plate Glass CoNo par
2 Mar 29
312 Nov
993 10012 99
10% Feb
4
100 10012 100 100
993
4 99 100
99 10014 2,400 Sterling Products
No par 9012 Jan 4 104 4 Nlar 12
3114 j n 3
a
75 Mar 9814 Nov
585 5912 583 593
8
4
4
4
4 573 5938 573 5812 555 58
8
5512 57
31,100 Stewart-Warn So Corp_No par 5114 Mar 15 673 Jan 5
4
61 Nov 927 Jan
*3612 37
8
*3612 37
*3612 . 37
36
3612 353 36
4
*36
3612 1,300 Stromberg Carburetor_No Par 33 Mar 10 5412 Mar 1
473 Dec 7714 Jan
4
5114 5212 5212 5314 5212 5314 5114 525
8 5114 54
523 5314 92,000 Studeb'rCorp(The) new No par 4914 Mar 18 5612 Jan 7
4
47 May 62 Sept
*119 12112 *119 12112 •119 12112 *119 12112 *119 12112 *119 1211
.
Preferred
100 118 Feb 10 122 Feb 23 11412 Feb 12212 June
23
4 27
212 25
8
8
212 212
8 *2% 23
212 25
4
2% 2%
3,200 Submarine Boat
No par
212 Feb 28
112 July
33 Feb
4
31
31
3012 3012 32
32
32
3212 32
33
3212 3212 2,300 Sun 011
No par
30 Mar 21
33 j n 17
484 Ja 8
a
3018 Mar 4153 Jan
43
2 412
8
414 45
4 4 43
,
8
8
4
418
33
4 43
4
414 12,100 Superior 011
No par
1934 Nian 35
3 j r2
,3 a 0
61 2 Feb 18
1 July
514 Dec
*2218 223
4 2214 2214 2212 24
23, 2314 2314 2314 23
4
23
2,900 Superior Steel
100
2514 Jan 21
1912 Apr 3473 Sept
•1012 1112 *1012 1112 *1012 1112 *1012 1112 •105 12
8
*1012 113
4
Sweets Co of America
50 107 Mar 23 135 Feb 3
8
8
853 Apr 1753 Sept
*412 5
*412 5
*412 5
*412 5
*43
4 5
412 4,
100 Symington temp ctfs__No par
2
412 Feb 8
6 Jan 14
4 Nov
1412 Jan
9
*83
4 914
9
9
9
*9
912 *9
912
300 Class A temp ctts__ _No par
8 21 ar 9 133 Jan 14
1
11112 1ar 1
3
105 Oct 207 Feb
8
8
.1218 13
*1218 1234 *1212 1234 *1212 123
125* 1212 12
4
121
1,000 Telautograph Corp____No par
13% Jan 22
11
Apr 1471 Jan
1114 1114 11
1118
11
11
11
1114
11
1114 2,100 Tenn Copp & C
1118
11
No par 5114 51ar 31
1058 Jan 4 1314 Jan 13
1053 Dec 16 Feb
*51
*51
55
55
55
*51
*51
53
5114 5114 *51
54
100 Texas Company (The)
25
58 Jan 17
48 Mar 58 Aug
48% 48% 4812 487
8 4812 483
4 48
4812 473 4814 47% 481 21.300 Texas Corporation
4
25 4753 Mar 16 58 Jan 17
5312 Nov 57% Des
603 62% 603 6214 6014 613
4
4
8 60
603
4 583 60
8
5918 6l's 166,300 Texas Gulf Sulphur new No par 49 Jan 3 63 NIar 25
39
Oct 52% Nov
1314 1334
1318 1314
133 133
8
4 13
1312 13
1318
138
4 8,700 Texas Pacific Coal & OIL
13
10 13 Mar 15 183 Jan 12
3
12
Oct 1912 Jan
18% 1858 183 19% 183 1914 177 1812 171 177
4
8
8
8 1714 17% 15,400 Texas Pac Land Trust new _ 1
1511 Jan 25 213 NIar 1
4
293 293
4 29
4
2934 29
2914 29
2914 *2814 29
*2812 29
1,700 The Fair
No par 2414 Jan 11 3112 Feb 24 16 8 Dec 34 Jan
-549
49
4914 4812 49
49
4814 483
4 4812 4812 4814 48'4
1,200 Thompson (J R) Co
25 47 Jan 26 50 Feb 24
4214 May 5012 Sept
25
25
25
25
25 14 26
244 25
25
2518 *243 26
4
1,100 Tide Water 011
100 243 Mar 30 2918 Jan 13
4
27 Nov
391 Jan
/
4
*88
. 88
881^ *88
881
8812 *8712 8812 88
*8712 8812
88
Preferred
500
100 8712 Feb 2 8912 Jan 19
_
8714 Nov 103
Jan
8518 855
8 8414 8512 845 8512 84'4 8512 85
8
883
4 87
89'4 32,500 Timken Roller Bearing_No par 78 Jan 3 95 Feb 16
34
447 Mar 85% Nov
8
103 1033 1033 10418 10318 10414 1021s 103% 100 101% 9912 102
4
4
45,400 Tobacco Products Corp
100 0012 Apr 1 110% Jan 5
9514 Apr 116% Sent
*11212 11312 113 113 *113 113% 1125 113
8
111 112
11118 1121
1,500 Class A
100 111 Mar 31 11612 Jan 18 103 Mar 118% Sept
414 414
418 414
41
4% 418
41
4
4
4
4
21,400 Transc't'l 011 temctf newNopar
4 Mar 30
5 Feb 14
3 Mar
*1253 127 *125 127 *124 127
8
8
8
512 July
8 128 127 *125 127 *125 127
8
8
8
8
100 Transue & Williams St'l No par
127 Mar 30
8
1514 Jan
15 Aug 27
*4512 4612 46% 467
Jan
8 467 5014 5012 533
8
5334 13,100 Underwood Typewriter ____25 45 Jan 29 541 Mar 6
4 53
5412 5212
.
31
4314 Nov 63% Jan
48
48
4812 4914 475 4814 4414 471
8
44% 45
4412 4534 4,900 Union Bag & Paper Corp 100 99 8 J !i 25 52 Mar 7
6
n 2
;2
38
35 May 7114 Jan
119% 12014 1197s 12138 1193 1213 11814 1197 118 119
4
8
8
11812 12014 59,900 Union Carbide & Carb_No par
1213 Mar 28
8
7712 Mar 1003 Dee
4418 447
4
8 4412 45
437 4414 42% 4314 4218 4314 40% 42
8
Union 011 California
25 405 Apr 1 5612 Jan 6
8
3714 Jan 58% Sept
*9912 101
*9912 102
*9912 101
99 10014 99
99
*97
99
1,300 Union Tank Car new
100 94 Jan 3 1023 Mar 25
4
93 Dec 9514 De.
8914 8914 89 89
883 90
8
88
883
4 86
8814 8512 877 13,300 United Cigar Stores
25 8512 Apr 1 100 Jan 6
8313 Feb 1093 Aug
4
*133 137 *130 137 *130 137 *130 137 *130 137 *130
137
Preferred
100 125 Jan 5 135 Mar 23 114% Mar 125 Jure
164 164
165 16512 16512 16614 165 167
16514 16514 16514 1651
3,300 United Drug
100 159 Jan 25 17114 Jan 10 134 Mar 174 Dec
*5912 60
60 60
5952 595
8 597 5972 5918 595 *5918 597
8
8
8
500 1st Preferred
50 5812 Jan 6 60 Jan 12
5512 Mar 59 July
•12014 122
12012 121
12012 12112 12014 121 *120 12012 1203 121
4
No par 11312 Jan 28 12314 Feb 26
1,400 United Fruit new
98
Apr 126 Nov
*16
18
*16
18
.16
18
*16
18
*16
18
*16
18
United Paperboard
100 18'z Mar 2 17 Feb 2
17 Dec 3812 May
•102 10312 *102 10312 *102% 10312 *1025 10312 *10212 10312 *10212 10312
8
Universal Pictures 1st pfd 100 98 Jan 14 10112 Feb 3
90 Mar 9812 Dec
3414 35
3412 357
8 36
3714 34% 36
3412 35% 3412 3618 96,600 Univcrsal Pipe & Rad_ _No par 2712 Jan 25 3714 Mar 29
13% Mar 3412 Dee
8612 8914 88
89% 86
90
8512 8612 86
88% 89
89
5,000 Preferred
100 813 Jan 27 90 Jan 11
4
52 Mar 9012 Dec
2137 2137 214 2167 214 2167 213 21712 21314 216
8
*
8
8
2151. 217
7,200 US Cast Iron Pipe & FdY-100 202 Jan 25 22812 Jan 3 150 May 24812 Aug
•112 113
113 1133 *11314 114
4
11312 11412 1147 1147 *113 115
8
8
1,200 Preferred
100 112 Mar 14 115 Jan 5 10014 Mar 118 Dee
533 5412 54
4
543
4 543 543
4
4 54% 5412 *5414 543
4 5412 563
3 5,900
S Dietrib Corp tern cti No par
5114 Feb 14 60% Jan 12
39 Mar 8112 Feb
53 53
5218 5212 5218 5214 5218 537
8 52
533 *524 53
4
4,900 U S Hoff Mach Corp vteNo par 515 Feb 1
8
567 Jan 19
8
457 Jan 59% Feb
8
72% 724 72
4
735* 703 727
8 69
713
8 693 7212 72
4
745 83,900 U S Industrial Alcohol_
8
100 69 Mar 30 89 Feb 28
453 Mar 8412 Dec
a
•10912 1095 1095 1093 *1093 11012 1093 1093 :108 108 *10714 109
8
8
4
4
4
4
400 Preferred
100 108 Mar 31 11012Mar 15
9914 Apr 1147 Nov
3
56
56
5614 56
*56
567
8 553 557
4
8 55, 555
8
8 5514 553
4 4,200 US Realty & 1mpt new.No Pa
55 Mar 8 66% Feb 7
4818 Mar 71% Jan
595 607
8
8 603 6212 613 625
8
8
8 593 613
4
8 597 6072 6012 61
8
30,500 United States Rubber
100 563 Jan 25 6718 Feb 28
4
5014 May
8814 Jan
10918 10918 *10912 110
109 109
10914 10912 10912 110
110 11012 1,400
100 1075* Jan 27 lhhl4Slar 4 10112 Mar 109
let Preferred
Jan
40
40
40
40 12 39
40
3812 3914 38
39
3814 3814 2,400 S Smelting, Rd & Min ___50 33% Jan 13 42 Mar 24
30
Oct
4812 4812 *48
Jan
4812 4812 4812 4812 4812 4812 4812 *4812 49
500 Preferred
60 4558 Jan 18 49 Mar 4 42 Oct 49% Jan
50
163% 1643 1643 1657 165 1663 16418 16612 184 16714 16714 169%
4
4
8
4
279,600 United States Steel Corp__100 15312 Jan 28 1895 Apr 1 117
8
Apr 18011 Dec
118% 1193 119% 1197 11912 12012 11914 12012 11918 12114 121 12314
8
8
324,100
New w
126 Jan28 12314 Apr 1 113% Dec 117 Dec
11%
130 130% 13018 13018 13014 13014 130% 130% 13014 13014 13012
1307
8 2,400 Preferred
100
Jan28 1307 Apr 1 12412 Mar 1303 Des
s
*78
4
8012 80 8012 *79
80
*78
80
*78
80
*78
80
500 U S Tobacco
NO par 67 Jan 4 8212 Mar 21
*12312 128 *12312 128 *12312 125 *12312 125
5612 Jan 67 Des
125 125
124 124
500 Preferred
100 123 Jan 14 125 Feb 16 112 Mar 123 Dec
•112 11518 *112 11518 *112 11518 *112 11518 *112 115, *112
8
11518
Utah Copper
10 111 Feb 11 11312 Jan 4
93 Apr 116 Nov
293 30
4
2912 30
29
2914 277 28% 28
28
•28
1,500 Utilities Pow & Lt A_ __No par 27 Jan 8 307 Feb 28
2814
2
49
27% Dec 37 Feb
50
4914 513
8 50
5218 51
5212 51
52
5112 5212 40,500 Vanadium Corp
No par
37 Jan 20 5212 Mar 30
7
29 Mar 43 Aug
*5312 54
5418 54
5414 55
54
54
5312 54
5414 5412 2,400 Vick Chemical
No par 48 Jan 3 58 Feb 11
8
434 July 52 Aug
/
1
8
*8
812
8
8
8
8
7% 8
77
s 77
8 1,500 Virg-Caro Chem new No par
27414 NAl r s
74
13
l
10 4 Feb 14
3
*2834 29
9
28
Oct 25 Feb
283
/
1
4
4 2818 2818 273 2818 28
4
28
2614 277
100
8 4,800 6% prefwt
*755* 79
r 1 36% Feb 14
*7512 80
31% Oct 89
*755 79
8
Jan
*7558 80
*753 80
4
747 753
8
1,000 7% prefwi
4
100
Mar
*40
873 Feb 11
4
50
83
*40
50
Oct 9818 Jan
50
*40
*40
50
*41
50
•40
50
Virginia Iron Coal & Coke_ 100 43 Feb 9 51 Jan 4
34
34
34
40 May 8012 No,
34
337 337
8
8 3334 34
333 337 *33
4
8
34
1,700 Vivaudou (V) new ____No par 3212 Jan 24 35% Jan 31
•104 10712 *104 10712 *104 10718 104 104 *104 107 *103
28 Mar 3612 Dec
106
100 Preferred
100 104 Mar 30 108 Feb 3
*213 22
4
943 Jan 11012 Dec
*215 22
4
8
22
22
*22
2212 *215 2218 2218 2218
8
300 Waldorf System
No par 2134 Mar 23 25 Feb 7
2118 2112 2012 21
Jan 23 Dec
17
21
2312 2334 2318 24
24
24
2412 21,800 Walworth Co ctfs
No par
18 Jan 14 2412 Apr 1
•100
*10014
1214 June 23% JEU1
_ *100 111 *100 11112 *103 11112 95 103
600 Ward Baking Class A. No par
237 237
10512 Mar 17
8
8 2312 2418 2312 24
99 June 195 Jan
223 23
4
21
23
197 2412 13,100 Class B
8
11)75 pr 1
65 APr 1NO par
3358 Feb 18
90
90
2114 Oct 853 Feb
8952 90
90
,5
90
*893 90
8
*893 90
8
873 90
4
1,500 Preferred (100)
No par 873 Apr 1 953 Feb 3
4
29% 30
4
27
8812 Oct 11013 Jan
28% 2618 2712 277 31
3014 27
8
30
31
36,600 Warner Bros Pictures A.......10 235 Star 21
8
4512 Jan 6
12 June 8914 Sept
200 Warren Bros
No par 65 Jan 14 9014 Feb 18
437 Apr 69 Deo
8
1,500 Weber & Hellbr, new c_No par
gl;:s2 *g'2
g.4
*149 15112 *14912 153 *14912 153
62 Mar 14
g413 *g4312
53 Apr 8512 Jan
15212 15512 15412 1,1i78 1114 1i1718
2.
4 2 Ja 5
6
1505 1513 15112 1527 15214 1553 15212 15414 215114 15112 150% 15112 5,600 Western Union Telegraph_100 154112 j n 8 15812 Apr 1 13412 Mar 1577 &PI
8
4
8
3
8
13,900 Westinghouse Air Brake___50 13313 Jan 4 1573 Mar 12 10514
74% 747
4
7414 76% 75
Mar 148 Dec
7514 x7314 737
763
8 74
2
8 7312 757 43,900 Westinghouse Elea & Mfg._50
67% Jan 4 765 Mar 28
17
8
17
1712 175
65 May 7612 Feb
8 171s 1718 1718 1718 17% 1714 .17
1714
1,700 Weston Eleo Instrument
15 Jan 8 1838 Feb 15
*3312 3412 3412 3412 *34
133 May
4
1912 July
*3312 3412 *3312 34
34
3412 34
200 Class A
304 Jan 6 34% Jan 28
/
1
2714 Jan 3212 Oct
100 100 *101 1013 10118 10118 101 10112 10112 102
4
102 102
160 West Penn Eleo cl A vt1 No par 97% Jan 4 103 Feb
/ Oct
1
4
8812 Jan 98
106 106% 106 106% *10618 10614 10618 10614 106 10612 10618 10618
270 Preferred
100 102 Jan 4 1075* Jan 31
/
4
95's Slay 1021 Dee
•114,18 11.412 *11412 115
115 115
115 115 *11434 115
1145 115
8
180 West Penn Power pref
100 111 Jan 15 115 Mar 21 108 Afar 115 Sept
2518 2518 25
25% 25
2514 22412 2518 2414 241
2518 25
4,400 White Eagle Oil
No par 2114 Apr 1
5287,182 Feb2185
2518 Apr 29% Feb
50
501s 50
5012 5018 5012 475 5018 453 49
8
8
477 491 29,800 White Motor
8
50 453 Mar 31
8
5118 Apr 90 Feb
3114 313
8 3112 3112 313 32
8
4
313 325 .313 3214 32
4
4
3214 5,600 White Rock Mln Sp etf_No par 26 Jan 26 32% NIar 30
8
Oct 383 Feb
22
477 477
4
8 473 4914 4812 484 4812 49
8
485 49% 4914 spi 12,700 White Sewing Mach pf_No
8
par 46 Feb 18 59 Jan 17
/
4
4612 Oct 641 Oct
84
"4
7
8
7
8
78
4
3
4
3
4
3
5
8
3
4
714
3
4 3,500 Wickwire Spencer Steel otf
58 Dec
3
112 Feb 14
33 Jan
20% 2112 2114 221_ 2112 2214 205 215
8 2034 22
8
2118 213 133,900 Whys
4
-Overland (The)
5 19112 j n 2
2 Ja 6 24 4 Mar 3
18 May 34
Jan
4
3
*8812 90
90
88
*8812 89
91
*89
8814 90
8914 gmi
1,500 Preferred
8812 Oct 99 Feb
100
1314 1314 13
1312 1118 13% 1112 12
1118 117
8 1112 1112 12,000 Wilson & Co. Inc. new _No par 88 Mar 26 95 Jan 11
1118 Mar 29 17% Feb 21
8
8 May 143 Des
8 2314 243
231s 235
8 183 2218 193* 207
4
8 1918 1972 213 2134 11,500
4
Class A
183 Mar 29
No par
4
14 May 30% Dee
32% Feb 23
73 73
72
73
673 70
4
65% 683
8
4 627 66
65
65
8,300 Preferred
100 627 Mar 31 843 Feb 23
8
42 May
813 Dee
8
4
8
1254 1257 126 1267 12618 12712 125 1263 12512 127% 1265*
8
4
127% 12,900 Woolworth Corp new w
1173 Jan 11 129% Feb 23 12014 Dec 128 Dec
4
293 297
8 2912 31
4
2934 3034 2912 3014 29
2918 30
313
100 2012 Jan 27 313 Apr 1
19 Nov 4434 Jan
4
53 53
*5312 5418 *533 5418 *533 5418 533 533 *5312 55 4 8,900 Worthington P & M
4
4
4
4
300 Preferred A
100 46 Jan 22 5412 NIar 1
44 Nov 80 Feb
44
*41
*42
44
44
44
•4212 45
43
43
4312 4312
500 Preferred B
100 40 Feb 2 45 Feb 28
3714 Nov 65 Feb
*304 303
8 3014 303* 3014 3012 30
30
3014 29
30
30
2,300 Wright Aeronautical___No par 29 Apr 1
2412 Mar 393 July
3514 Jan 6
4
*5114 52
•517 52
8
52
52
5214 5214 524 5214 *52
5214
300 Wrigley(Wm Jr)
No par
47 Apr 593 Feb
4
4
523 Jan 21
75
75
*7414 75
75
4
75
*743 75
75
75
*7414 75
500 Yale ee Towne
25
6012 Mar 724 Aug
76 Mar 9
/
1
2514 2514 2512 26
2514 2618 25, 2512 25 4 257
8 2512 2714 34,700 Yellow Truck & Coach ____100 5°748
,
4
25 Jan 18 2973 Jan 5
70 jjaa nn 4
20 May 39% Sept
*2514 9512 95
9514 *9414 95
9414 9414 *9412 95
*9414 95
300 Preferred
100 94 Jan 6 99 Jan 3
9112 Apr 10712 Sept
9512 96
96
965* 9512 967
8 9414 96
9314 943
4 94
943 11,200 Youngstown Sheet & T_No par 8513 Jan 29 9714 Mar 24
4
69_May 9514 Aug
•131d and asked prices; no sales on this day. 0 Ex-dividend and ex-rh,hts.
s Ex-dividend.
1952
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
prices are now "and inierest"—escelti for NNOUN and defaulted Dente
Jas. 1 1909 Ile Szchange method of quoting bonds was clanged and
C
Range
Week's
BONDS
Range
Price
t3
"
Week's
Price
BONDS
Since
Range or
Friday.
vt
N. Y.STOCK EXCHANGE
Since
Range or
Friday,
EXCHANGE
Y.STOCK
Jan. 1.
Last Sale
... a. April I.
Week Ended April 1.
Jan. 1.
Last Sale
1.
April
Week Ended April I.
High
Mob No Low
Ask Low
Bid
High
Ask Low
High No Low
Bid
44
9312 97%
97
U. S. Government.
8
Lyons (City of) 15-year 611_1934 M N 97 Sale 985
21
8
9304 977
97
4
lint Liberty Loan
M N 97 Sale 963
3 D 1000344 Sale 1001.221011u 219 100,344101,144 Marseilles (City of) 15-yr 65-1934 MN --------30 Mar'26
_
834% of 1932-1947
1000.4101,
42 Mexican Irrigation 454s____1943
J D 1003443 - -- 101',,Mar'27 5
3012 354
,
Cony 4% of 1932-47
31 14
312 3114
31
____1943 ---_
s_
Assenting of
89 1021344103"II
J D 1031544 Sale 103'42 1031344
60
60
CODY 414% of 1932-47
____ 50 Feb'27
4%-1021'4410213n Mexico(U 5) eat' 55 011899 5'45 Q 1 40
J D 102,74,
02,344Mar'27
13
393 50
8
41
341 cony 441% of 1932-47
4014 Sale 40
1945 ---_
Assenting 5s of 1899
393 4113
2
4112 Mar'27
ileoond LlbertY Loan—
-5slarge
Assenting
100142101
MN 100134100in 100444Mar'27
3712 May'25
Is of 1927-1942
Assenting 58 small
44
MN 100,344 Sale 100,1341001334 1951 100,144101,
Cony 414% of 1927-1942 _ _
____ 34 July'28
1954 1 D 24
Gold deb 4s of 1904
245g 3435
Third Liberty Loan
2712 34
2634 Sale 2634
Assenting 45011904
MS 101344 Sale 1003144101.31 467 1013144101"as
27 Dec'26
414% of 1928
A8senting 48 of 1904 large
8
/Ourth Liberty Loan
_ 255 Sept'26
_ _—
Assenting 4s of 1904 small
041114
A 0 104
Sale 031444104344 925 103,14.1
8
27°n 27 a
8
2712
414 % of 1933-1938___
.-3.1 26 --- 273 Jan'27
Auenting 4 01 1910
364 11034411 ."11
114
15
1947-1952 A 0 113334: Sale 113
2618 3113
27 14
Treasury 423s
---- __ — ____ 27
Assenting 4s of 1910 large
11
2
1944-1954 J : 16814:4 Sale 10706,,108''s, 190 1116.44108"ss
223 2632
Treasury 4s
4
248 114
---- 24% Bale 24
4s 01 1910 small _ _ _
Assenting
1053344 Sale 05,0441051944 242 103344106344
4612
1946-1956 111
41
4278 28
Treasury 3416
Trees 6sof'13 assent(large)'331 J 4314 4412 4938
41% 4812
4338 22
State and City Securities.
42
Small
1 1003810118
8
,
99% 10212
NY City-4.,a Corp atock.1960 P.1 S 100 8 Sale 0038 1003
1021z 31
1 D 102 Sale 109
—1952
2 10212 10414 Montevideo (City of)
10414
1964 RA S 103 4 -- 0414
,
43(s Corporate stock
1061 2 16 108 10813
7s_10258 10234 Vetneriaude Os kiwi pce.4ri)..1972 M S 11618 Sale 10618
1963, A 0 1033 - - 025 Mar'27
8
4
43j3 Corporate stock
4
30-year external 6s M310_1954 A 0 1033 Sale 10312 1)37 101 10314 10378
102% 102%
___
1972 A 0 104
8
025 Feb'27
444:8 Corporate stock
103 Sale 10258 10312 14 101 14 10312
1943 F A
107 2 107.2 Norway 20-year extl 68
0712 Mar'27
1077
8
442e Corporate stock
8
1944 F A 1027 Sale 10212 10314 17 101 14 10314
20-year external 8s
4
8
1065 1063
3
1 4397
,
0634 Jan'27
4438 Corporate stock_July197 1 1 0
4 24 100 103 4
1033
1952 A 0 10314 Sale 103
30
-year external (is
, 196
106 ,
10714 8
065 Jan'27
0
41
1965 .
43
,
434o Corporate stock
1J1
98 4 101
1965 1 D 101 Sale 10014
40-year of 51.4s
8
1063 107
4
07 Mar'27
1073
12 10058 10214
102
4, a Corporate stock
1955 al N 102 102% 10114
10014 Oslo (City) 30-year s f 6a
1
99
,
100 4
1959 Al N 10014 Sale 0014
97 100
4% Corporate stock
9912 14
9914 9912 9314
1946 F A
, Sinking fund 5%5
99 1C014
8
10014
1950 M N 10014 10012 0014
7 10212 102%
4% Corporate stock
,
102 2
.1953 J D 10214 10212 13214
Panama (Rep) exti 54414
987s 100
9958 Jan'27
1967 M N
11 10312 107
105
4% Corporate stock
Peru (Rep of) extl 8s(0'24).1944 A 0 16412 Sale 134
2
N -9914 Sale 9812 Nov'26
29 103% 195
195t
105
4% Corporate stock
1944 A 0 105 Sale 104
Exti 8s (ser of 1926)
195f, M N
9878 Oet'26
83 10014 103
103
4% Corporate stock
194. m N 10212 Sale 10118
out 01 7 34s
99 Mar'26
11
1938 ‘ N
8
4
8
983 1005
4% Corporate stock
8
M 5 1005 Sale 9313 1005 359
Extl s face 713s W1926)-1956
8
1053 10673
l N
,
0612 Mar'27
8318 14
7612 85
44% Corporate stock_ 1957 PSI N 106 4
1940 A 0 8234 Sale 8212
Poland (itep of) gold 60
4
1 1053 108
_ 08
108
,
106 4 _
9314 9884
9734 268
4
4
43433 Corporate stock _ _ _1957
1950 1 J 973 Sale 963
91
Exti sink fd g 85
89711
6
4
91
91
14 10314 105
,
342% Corporate stk_May 1954 M N ,013
,
.._1961 J D 104 8 Sale 114 8 1)5
89% 91, Porto Alegre (City of)
4
3
4
6 111 11372
,
91 4
11378
9114
11234
% Corporate stk_Nov 1954 M N 913
88_Queensland (State) exit 517e 1941 A 0 113 Sale 10512 106
89 Apr'26
3 104 106 4
,
1956 M N
314 i Corporate stock
1
1947 1 A 10512 106
65
25-year external
10212 Oct'26
,
Sale 10618 106 2 15 103% 10612
New York State Canal Im 0.1961 i J
10612
-275; Rio Grande do Sul ext1 a f 80-1946 A 0 1034 Sale 10384 10418 11 10218 108
10234 10
10238 Mar'27
1160 -44 Canal
Rio de Janeiro 25-yr s 11 8a...1946 A 0
102 Apr'26
J
1964
8 10414 27 10214 104%
434, Canal impt
4
1947 A 0 1033 Sale 1033
25-yr extl 85
196:( M S
111 Dec'26
917 923
8
4
9234 867
8
Highway Improv't 414s
1952 A 0 9214 Salo 917
Rome (City) extl 630
7612 Feb'26
,
1991 I J
10512 13 103 8 10512
Virginia 2-38
1084 NI N 10514 11)512 111434
.cott..rriam 'City) axt1 flx
9 10713 10914
4 10918
/.reign Gov't and Municipal's
4
N 1083 Sale 1083
971._ 3ao Paulo (City) is f 8s__Mar 1952 M
94
9612 Sale 9612
4 25
963
4 10514 12 10413 105%
Antionula (Dept) Col 78 A 1945
4
J 1043 Sale 1043
:
971: tan .
0 911141 ;State) ext.! a 1 8s. i 0,' 1
94
9614 Sale 9614
16 105 10713
4 22
963
1945
External s f 7s ser B
1950 1 J 10512 106 10512 106
4
External sees 18*
3
97 3 993
4
53
993 128
9914 9912 99
2
98, 100%
99
Argentine Govt Pun Wks 68.1960 A
Sale 9812
External s 17* Water L'n _ 1956 M S 988
,
93 4 96%
8
9514 30
Argentine Nation (Govt of)—
3anta Fe (Prov. Arg Rep) 7s 1942 M 5 9434 Sale 945
4
975
4 63
2%
97% 10
8 10134 67
Bink rind Oa of June 1826_1968 3 13 9912 Sale 9914 • 993
4
1 I 10‘13 Sale 10117
8
4
971 097 Seine. Dept of (France)e•t17s'42
8
997 105
1959 A 0 9953 Bale 9914
9714 102%
*
7 127
Extl a f 138 of Oct 1925
8
sly, 100
Serbs. Croats & Slovenes 8s-1962 M N 1017 Sale 10012 101
8
.
4 79
9114 97
Sink fund 68 Serle8 A.. _195: \I O 1003 Sale 10014 1003
9978 42
4
/
8
1938 51 N 953 Sale 951
of) extl 6s
9738 100
Solssons (City
8 59
4
997
3
11 103.2 104 4
10414
External 88 series B _Dec 1951( M 13 993 Bale 9812
1939 J 0 1038s 19414 1037
. 4wedeu 20-year fis
,
97 4
8 60
993
N 9912 Sale 9918
28 1023 104
8
Eat!s f es of May 1926_ _1960
4
1954 M N 1033 Sale 14312 104
9914
External loan 542s
98
8
995 226
2
11338 31 113 1137
Exti 6s Sanitary Works..1961 F A 9912 Sale 99
88_1940 J 1 113 Sale 113
92
Swiss Confed'n 20-yr of
89
8958 11
8012
134 1023 104
104
8
Argentine Treasury 6a Z._ ._1945 M 8 8912 90
9714 981z Switzerland Govt eat 610_1948 A 0 104 Sale 10312
251
3
8
98
8
s
753 797
4
78% 30
773
4
Amaral% 30-yr 58__ _July 15 1955 J J 973 Sale 973
101 14 10 ,
Fokyo City Is loan of 1912..1852 M S 773 Sale 893
4
1033 Sale 10312 10414 65
1943
89 s 90
311
,
8
897s 136
8
Austrian (Govt) f 75
1961 A 0 895 Sale
Extl 9 f 5%i guar
9814 10014
63
7
1 5
_ _1943 F 1"-A11 9934 Sale 9934 100
9912 101%
State)
4
1013
Bavaria (Free Ste)6
rrondhjem (city) extl 6541.19443 1 10114 Sal.: le114
III 114
9
8
94
975
Belgium 25-yr eats I 7135 g_1945 I D 11238 Sale 11178 11253 35 108 109, Jpper Austria (Prov) 7s
97
,
1945 I D 16 2 Sale 9612
,
20
941
1949 F A 10814 109 1083
4 109
16 108.8 112
119
4
1093
-year s I 85
20
4
963 10212 Jruguay (Republic)Intl 88_1946 F A 1091 Sale
M S 10038 Bale 10014 10118 90
1
9613
95
9614 129
-year external 634o
26
198016 N 99 4 Sale 95 4
External s I 65
8
923 98
9618 Bale 96
4
963 190
1955 J
9314 9712
4
953 156
External e f 65
6E4_1961 J D 9514 Sale 9514
4
8
1047 151 10212 1053 Yokohama (City) est!
External 30-year a f 78_1955 J D 10458 Sale 10414
Railroad
8
103 Sale 10234 10312 197 1013 104
1023 1081
_ . 10318 Feb'27
s
4
Stabilization loan 7s
Ala Gt Sou let cons A 58-- _1943 J D 1022 101 0.1012 Jan'27
11218 114
3
9 ' M 1‘
1945 M N 11312 114 11358 114
5
1
/
1004 10012
0 4-.
N 112 Bergen (Norway) s f 85
,
9914 1013 Ala Mid lot guar gold 644___ _1928 M
4
4 101
2
,
873 88 8
2
881s
215-year sinking fund 68-1949 A 0 101 1013 1003
1946 A 0 881a ___- 881a
,
981s 100 4 Alb & Sum cony 3145
38
4
85
8
1950 A 0 993 Sale 9912 100
847 86
Berlin (Germany) 6145
1990 A 0 85 ____ 85
4
9 1023 104,:, klleg & West 1st g gu 4s
10412
9514 98
_ . n512 Mar'27
Bogota (City) ext'l f 8a....1945 A 0 10412 Sale 10414
1942 NI 8
2 Aileg Val gen guar g 45
49 10312 105,
105
7912 8112
8012 8f 8012 Mar'27
Bolivia (Republic of) 88.... 1947 M N 10414 Sale 104
July 1995 Q I 9693% 97'. ton Arbor let 848
97
MN 9612 Sale 96
3,9
75
9612
92 4 9612
,
Bordeaux (City of) 16-yr 68_1934
A 0 9634 Sale 9538
D
44 104 10812 ktch Top & 81 Fe—Gen g 40.1995 A 0 -------93 Mar'27
_
107
92
93
s
Brasil (11 S of) external 88....194l 1 0 1067 Sale 106
9,1
Registered
89
4
6
893
9314 Sale 03
4
8714 9114
993 307
8911 8932
Externals 1854,of 1928 1957 A
Adjustment gold 4s_July 1995 Nov 8918 Sale 8412 Sept'26 _
9412 9912
9714 36
9614 Sale 9618
Nov 8778
76 (Central Railway)
Registered
1952 A 13
9 102 x 107
5
90
8
8734 91
7%8(coffee Occur) k (flat)1952 j 0 10638 Bale 10278 107
July 1995 al N 853 Sale 8912
Stamped
S 104 Sale 103
1
10412 36 10218 105
8
85 877
877
s
8
8
MN 877 8812 877
Bremen (State of) ext'l 7e_ 1935 M
Registered
9914 101
6
2
88
10112 Sale 10038 101
8913
88
8601, 88
1955 J D 88
Buenos Alres (City) mai 61481955
9414
Cony gold 48 01 1909
91
21
89
9138 Sale 9138
4 12
913
4
873 89
Bulgaria (Kingdom) a f 71. _1967 J
1955 J D 88 Sale 88
Cony 49 011905
98114
97
2
3
86
877
87%
871
4 66
973
Caklas Dept of(cutortibla)7.5,8•46 J J 9714 Sale 97
Cony g 4s Issue of 1910_1960 J D 873
A 0
4 12 10014 102
2
4 43
9914 991
993
4--1
8
Canada(Dominion of) 5s_ _1931 F A 101 Sale 10112 1013
1928 M 5 995 99 4 9912
East Okla Div hit 5 4s
1929
102 Sale 10178 10218 35 101% 1021 1
4
8912 90
9054 893 Mar'27
-year 614s
10
Rocky Mtn Div let 4s__1965 J J 8812 ____ 92
104 10512
54
9214 16
9012 9'212
1952 111 N 10434 Sale 10434 105
55
1st 41.1958 J 1 92
Trans-Con Short L
9818 9912
1936 F A
8 9718 9914
9912 70
9914 Sale 99
98%
98
434s
Cal-Arts let & ref 41413 A 1962 M Pi 983* ---- 10414 Mar'27
8 10312 10612
104% 1044
1954 J
106 Sale 10558 10612
Carlsbad (city) a 1 85
.1 0 105 ____
47 107 10914 AU Knoxv & Nor let g 5s-1946 l J 98 ____ 99 Mar'27
F A 107 Sale 107
108
,
98 4 100
Chile (Republic) ext'l of 85_1941 SI
,
ktl & Charl A L 1st A 43,4e.1944
99 8 101
4 13 1038 108 4
1053
N 100 Bale 9978 10014 106
,
1942
___ 10478
4
-year external a f 7s_
20
let 30-year 55 aeries B__.1944 ..1 1 1043 93
107 109
10712 14
48634 Dec'27
25-year external s f 8s._ 1946 M N 10712 Sale 107
cons 4s___ _1951 J 1 8512
,
9214 93 2 ktlantic City 1st
9212 135
961, Sale 9618
8 12 "iii4 9634
963
sinking fund 68_1960 A 0 9212 Sale 9214
External
8
s
9214 933 1t1 Coast Line lot cons 45 July '52 M N 1033, 1035 1133
8 26 10314 10513
4
923 232
1961 F A 9238 Sale 9214
8
8 1033
1930 M
• External of 68
10-year secured 75
9412 961s
D 943 Sale 9434
9512 25
4
,
98 4
9812
97
99
4 32
983
Chile Mtge Bk 8148 June 30 1967 J
19(14 1 0 98
General unified 4145
0804
96
20
9678 54
93
9612 Sale 9614
9112 93
Sale 9214
1981 J
93
f 6413 of 1928__June 30
L & N eon gold 41.___022 1959 M N
2418 30
13
2612 56
79
4
8112
8014 77
1948 J 1 8014 Sale 7958
Chinese(Hukuang Ry)53__ .1951 J S 2458 Sale 2458
lot g 4.8
102
4
ktl & Dan,
993
6
19
102
74
102
7114 75 4
8
1940 J J 74 Sale 734
Ctulatiania (Oslo) 30-yr of 681954 M
2d 48
s
973 10012
8
8
9934 52
8218 84
Cologne (City) Germany8101960 M 0 995 Sale 9912
1949 A 0 8314 8312 8312 Mar'27. _
9912 101 14 kt1 & Yad let g guar 4a
3 10212 1004
10118 Sale 10012 10118 10
104
J J 104 Sale 104
Colombia (Republic)614s.._1927 A
9914 101 12 Wain & NW 1st gu g 5s_,,1941
J 101 Sale 10078 10112 25
9614 Sale 9512
5
93 8 9612
9612 61
-year s f 6426.1944
Copenhagen 25
971 2 9912 Salt & Ohio lag 4s____July 1948 A 0
43
7
J 98 Sale 9734
98
2
8
947
947
8
92
8
Cordoba (Prov) Argentina 781942
July 1948 Q 1 947 Sale 94
Registered
10114 15 100% 101%
154
10118 Sale 10014
99
,
99 4
194MCuba
97
Seof 1904
1933 M El 99 Sale 987
-year cony 43.40
20
10114 102
A
,
IN S ____ ____ 96 8 Nov'26 External 5e olf 1914 ser A.1949 F A 10112 102 10112 10112
Registered
93% 95%
2
8
943
262 iflois 103
8
945 Sale 9412
External loan 4245 ser C-1949 F
4_1995 J D 103 Sale 10234 103
Refund & gen 51 series 1
4 101% 103%
_ 10258 10314
1953 J
1023
4
4
4 10712 164 1045 10712
Sinking fund 6114s
1948 A 0 10712 Sale 1061
9418 96
iota fe
9478 18
8
8
,
a 54 100 4 103,
-Col) 7s '46 J D 9414 147- 9418
Gundinamarca (Dept
1929 J 1 1023 Sale 10234 1027
110
10-year 85
65 105
8
10912 82 10753 110
Czechoslovakia(Rep of) 811_195i A 0 1085 Bale 10858 109
J 1:1 10918 Sale 10918
1996
Ref & gen 65 series C
,
25 104 4 109
59
,
92 8 96
96
8
Mains gond 85 ser B1952 A 0 10853 Sale 10858 109
PLE&W Va Sys ref 48-1941 MN 957 Sale 9514
0 10553 Sale 105i2 106
50 10414 10814
10312 65 101% 10312
External e f 714s series A1945 A
1950 J J 10312 Sale 103
8
Bouthw Div lat 55
1091 111 12
A
,
843
4
82
4 33
843
844
Danish Cons Munlcip 86 A__1946 F A 11012 111 11014 110 2 24 1094 111%
Tol & Cin Div lot ref 4e A_1959 J J 8418 85
1944F
5
1093 Sale 10914 11012
8
,
10314 151 1003 103 4
Series B f fis
2000 M 0 10314 Sale 10214
Ref & gen fe series D
103% 10514
1942 J J 105 Sale 10434 10514 28
Jan'27 85
04
66
-year 65
Denmark 20
J D 658 67
99 10012 battle Crk &Btur let gu 31._1989
9934 25
99 Sale 9914
9512 9513
Dominican Rep Cust Ad 534ti '42 M
1936 J J 9534 9614 9512 Jan'27 99
leech Creek lot gu a 41
99
5
99
99 Sale 99
9412 9512
lot sec 5142; of 1926
J J 9413 ____ 9412 Mar'27 Registered
N
7 10012 10412
4
Jan'27 949 M 0 1023 Sale 10214 103
99
99
__ 99
24
Dresden (City) external 7s 1946 A
1936 1 J 993
2d guar g 58
,
1027 Bale 1027
8
8 10314 39 102 8 104%
81% 81%
811s Mar'27 84
Dutch East Indira extl68_1947 J
8 leech Crk Ext lit g 340_1951 A 0 82 _10214 1038
10318 27
1962 PA 8 103 Sale 103
91
9112 Mar'27 9112
110-year 88 external__
1944 1 D 9118 92
,
lig Bandy lot 43
7 100 8 102
8213
8
7
8138
1953 AI 13 1015 102 10134 102
s
785 8212
83
-year external 6145
80
lost & NY Air Line let 43_1955 F A 82
10 100% 103
9612
103
3
1953 M N 10112 103 103
9612
,
95 4 9612
-year external 55421
80
8 limns & W let fU gold 4s.„1938 1 .1 9612 97
1081, 1997
1 101 10313
1948 J I 10834 Sale 10804 10812 34
8 1027s
____ 1327
NI Salvador (Repub) 85
1937 M 5 103
,
96 4 Ratak. R & P gen gold 61
93
S 963 Sale 963
8
96% 35
8
89
98
9414 98
98 Sale 96
'Inland CRepublic) extl 60_1945 M
1957 M N
Coneol 442s
9814 102
8 41
3
10012 Sale 10014 1005
95
95 95
External Gat fund 73— _1950 M
M N 88- 95
3
Registered
96 1007
9884 66
1956 MS 9813 Sale 9818
101 101
____ 10212 101 Mar'27 External s (6442.
1934 A 0
3
98 4 lurl C II & Nor let 55
96
9812
0 9812 Sale 98
5
10612 34 106 10612
VinnIsh Mun Loan 6140 A 1954 A
19132 A 0 10614 Sale 10618
:ianada Sou cons gu A fia
7
3 13
95 8 99
98'
7
4
Sale 9714
973
1954 _A 0 9812 Sale 98
95
4
978
External 834a wiles B
)anadlan Nat 4345_81ept 15 1954 M 11 9712
67 10814 110
99% 27
10978 Sale 1094 110
2
/
9916 100
25-yr ext'l 80_1945 m
9928 9073 995
Wrench Repub
4
-year gold 454e Feb 15 1930 F A
5
1 D 11184 Sale 11134 11214 101 105 1123
1158
11618 73 1143 11618
4
-year external loan 7346_1941
20
104.8 )anadian North deb a f 71..1940 J D 116 Sale
99
103 Sale 10234 10318 519
54 117% 11914
1949 J
119
4
External 7s of 1924
19483 1 1183 119 11858
25-years f deb 6lis
250 10612 10913
4
988 Mar'27 9712 983
German Republic ext'l 76_1949 A 0 10778 Sale 10718 107% 38 101 1035
9858 39
_
s
10-yr gold 4 M. _ _Feb 161936 F A
103
M
83.s SfAi
8584 139
German Cent Agile, Bank 78_1950 M N 103 Sale l0284
Stock_ J 3 8512 Sale 847
3anadlan Pao Ry 4% deb
6 10112 103
103
10214 Sale 10214
1954
9713
96
973* 99
614
8
Gras (Municipality) 88
1946 M 5 973 Sale 9 3
Col ti 4428
114 104% 106%
F A 1043 Sale 10434 105
4
3
95 2 96 1
Jan'27 11
GS Brit & Irel(UK of) 048_1937
1932 M 8 9512 9714 95
,
9 116 4 118% ;tub & Shaw let gold 41
118
1929 F A 118 Sale 118
83.2 86
. 85 Mar'27 -year cony 544s
10
1949 1 J
)aro Cent 1st cons g 4s
10 103% 107
N 107 Sale 0612 107
4
10338
10312 -12 1023 1033
84%-- - 10314
8
Greater Prague(City)744i1952 51
9314 9812 :aro Clinch & 0 lot 30-yr 601938 J D 103 108 8 108
34
95
9478
1964 M N 95 Sale
9 108 109
,
10814
108
Greek Government 7s
99 10014
9
lot & eon 5 65 series A......_1952 J 0 918 93
100 Sale 9953 100
4
7
I 60
9012 923
92 4
4
,
4
928
1981 J D
Haiti (Republic)
:art & Ad lilt cog 4e
6 103% 106
10434 105
8512
3
1
1960
86
8512 8512
83
Heidelberg (Germany)eat 742852 A 0 10412 105 100
8 )ent Branch U P let g 421_1948 J D 85
97% 1017
10012 42
100 10012
5 10412 1053
4
1053
4
Hungarian Muni° Loan 7548.1945
1545 F A 10512 _ _ 1055
)entral of Ga let g 5s.Nov
9514 99
4 35
8
963
Septli946J J 9613 965 9614
s
10402 45 10214 1047
External s f 7s
1945 M N 10418 Sale 10214
Causal gold 68
135 10014 105
8 103
4 Sale 1023
A
10213 11 102 1023
4
Hungary (Kingd of) if 740.1944 F A 1023 Sale 10014 10912 11 100 1007
6a_June 1929 J D 102 Sale 102
-year secured
s
10
10012
4
1 10412 1061
4
4
4 1043
0 10514 1053 1043
Japan 6% notes.1927 F
Ind Bank of
Ref & gen 5148 series B-1959 A
92% 97
97 1281
9638 Sale 9514
8
915
2
918
92
881s 91%
9212
Italy (Kingdom of) ext'l 71. _1951
Chatt Div pur M013072 48-1951 1 13 89 104 10214 Dec'26 90
3
8 Sale 9111
91 4 56
Japanese Govt / loan 4s____1931 P A 91 4 Sale 10034
Mae & Nor Div 1st g 61_1946 1 .1 10114 105 1037
s
997 102
10112 308
4
1954
1013
8
10 ioifs 104
104
1946 J J 10273
-year f 6401
30
98
Mobile Division 60
94
96% 40
96 Sale 96
24
85
7812 85
1961 J 3 85 Sale 8418
Oriental Development 6,1-1953
'en% New Eng lit gu 46
7
8 23 10014 102 2
2
1047 F A 101, Sale 10114 1017
f 75
Leipzig (Germany)s
B.
New York Bond Record—Continued—Page 2'
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 1.
ih
Price
Friday.
April 1.
Week's
Range or
Last Sale
Range
Since
Jan, 1,
BONDS
N.Y.STOCK EXCHANGE
Week Ended April I.
4ct
1953
Price
Friday.
April 1.
Week's
Range or
Last Sale
t§1
Range
tiince
Jan. 1.
Bid
Ask Low
High No. Low
High
Bid
Central Ohio reorg 44e_1930 M S 993 Sale 993
Ask Low
Higb No. Low
4
4
993
4
H103
9114 9934 Juba RR 1st 50-yeat 65 5—.1952 33
3
Central RR of Ga coil g 5s--1937 M N 10018 10114 13018
9533 Sale 9538
9534 19
10018
9412 96
1
9912 10112
let ref 7%,
1936 JD 10911 Sale 109
Central of NJ gen gold 58__1987 J .1 11518 Sale 1143
10912
6 107 109%
11518 21 112 115
4
let lien & ret 88 ear B
1936 3D 10012 Sale 100
Registered
1987 Q 1
10012
99% 101
6
112 Mar'27
/
1
4
1121 113
iubei N .neer° Ily let 6e___1966
8
Dent Psc 1st ref gu g 45
10212 1021
/
4
1949 F A
16
92
/
1
4
93
4
99 4 1034
3
9114 93
Day & Mich let cons4 Ji s_ _ _1931 .1 .1 983 993 1024 103
4
Registered
F A
9012
9012
98% 99
1
91/118 9W? Del & Hudson 1st & ref 45___1943 MN 9513 Sale4 99 Mar'27 -Mtge guar gold 3lis_ _Aug 1929.8 D
9434
9512 43
98
934 954
98
3
973 9`
4
30-year cony be
114
1935 A0 129 Sale 12212 13034 1015 11412 1303
Through St L 1st gu 45___1954 A 0 9012 91 4 91
91
,
10
4
89,2 9254
-year 6145
15
1937 MN 1044 Sale 10434
Guaranteed g be_.
/
1
—1960 F A 1023 Sale 10238
13434
4
7 103 105
10234 85 10112 103
10-year secured 75
1930 JD 107 Sale 107
Charleston & Elavnis 1st 75_1936 1 J 11814
107 4 12 10618 107 8
11812 Oct'26 7
D RR & Bilge 1st gu 48 g
1936 FA
Chee & Ohio fund & Impt 58.1929 J J 1003 10118 10012 10012
96 Mar'27 -- - 8
1
96
96
1014 Den & It 0
-1st C008 g 48_1938
J 924 Sale 92
let consol gold 65
/
1
1939 M N 106
9212 84
1041. 10512 32 1033 1052
9Ds 9212
Consol gold 44e
8
1936 J
8
Registered
954 954
1939 M N 105
/
____ 10412
10412
9512
2 10212 104 2
94
5
95 4
3
Improvement gold be_ .....1928 3D 9933 1001 94
General gold 43e
1992 M S 984 Sale 98
/
1
9)
in% 100
/
1
4
6
981 86
/
4
971 984 Den & Ito West gen be_Aug 1956 Si N 783 Sale 9933
/
4
/
1
Registered
4
M S 9418 ____ 944 Oct'26
77
/
1
668
79
73% 8112
__
Dee M & Ft D let gu
33 35
20-year cony 4148
1930 F A 100 Sale 993
45
35 Mar'27
10018 104 .
4
34
36
5618 1061
Temporary We of deposit_ _ _ _
;
Craig Valley 1st bs
34 Sale 34
1940.8 J 1004
34
2
/
1
1004 Feb'27
/
1
334 35
1003 an
4
Des Plaines Val let 44s. 1947 MS
Potts Creek Branch let 43_1948 J .1 873 89
963 Aug'26 -4
s
8712 Dec'26
Pet & Mack-1st lien g 49._1995 3D 7018 734
R & A Div let con g 48._ _1989 1 3 8812
7314 Mar'27
8734 Mar'27 _
-7151- 13
4
12
8754 Gold 43
1;11995 3D 65
2d consist gold 45
1989.8 J 85%
68
65
65
13
8712 Mar'27 _
65 654
85 4 87,2 Detroit River Tunnel 4148_1961 MN 99 100
3
Warm Springs V let g be..194 I M S 10014 -- - 10018 Feb'27 _ - _ _
99
9312 24
9718 9912
_ 991 100, Dui Misaabe & Nor gen 5e 1941
/
4
8
j 1043 Sale 104
Chic & Alton RR ref g 34_1949 A 0 713 74
4
10434
8
6 1033 10454
73
1
4
71
734 Dill& Iron Range let 5e
/
1
1937 AO 10214 10214 102
Ott dep etpd Apr 1926 Int_ _ _ _
1023
4 30 1014 103
7112 Sale 7112
.
/
1
713
4 14
71,2 714 Dui Sou Shore di Atl g 5e
1937 33 83
Railway first lien 3lie__ _ _1950 ri 65 Sale 65
8312 824
/
1
6512 185
8318
3
7618 834
6114 88,
4
Ctfe dep Jan '23 & sub coup
63
6612 63
64
6
60
East Ry Minn Nor Div let 4e_'48 A0 9314 94
87
Chic Burl & Q--III Div 3%8_1049 3 1 8814 884 8814
9212 Dec'26
8838 21
/
1
86% 8831 East T Va & Ga Div g bs
1930 33 101
Registered
____ 1017 Mar'27
8
J J
8614 Dec'26 1008g 102
Cons tat gold 58
1956 MN 106
Illinois Division 48
____ 10612
1949 J J 96% Sale 95$4
106 10612
9633 26
94i's 9633 Elgin Joliet & East let g be_1941 MN 10313 1043 1041 Mar'27
Nebraska Extension 45_ _1927 M N 99 100
4
/ Mar'27
4
/
1
4
9978
99
102 1043
/
1
4
6
4
ow., 100, El Paso & W Ist bs
8
1965 *0 10514 ------)t1
Registered
M N 99% -- 9912 Nov'26 -104 4 10512
1
Erie let consol gold 78 ext 1930 MS 10614 1063 10614 Mar'27
General 48
4
1968 M S 953 96% 953
16 106 10718
10614
4
8
96
16
let cons g 45 prior
-./
91
8
4
1996
J 84 Sale 8211
Registered
84
120
M 8 91%
9218 Mar'26 8118 84
Registered
1997
J
ist & ref 4 As ser B
79
1977 F A 0814 Sale 9738
Jan'27
79
983 873
79
8
97% 98%
1st consol gen lien g n
1996
J 78 Sale 763
let & ref ba aerial A
4
1971 F A 11173 Sale 106
279
78
s
10678 48 105,2 106,
734 78
Registered
4,
'3
1996
Chicago & East III let 68_ _ _1934 A 0
72 Mar'27
106 Mar'27 -- - 106 106
72
76
Penn coll trust gold 4s
1951 FA
0 At E Ill Ry (new co) con 581951 M N 823 Sale 82
9838 Sale 983
17
822 268
8
984
s
8
/
1
984 1004
8038 833
60-year cony 48 series A..1953 AG 8334 Sale 813
4
Chic & Erie let gold be
1982 M N 10718 108 10718
4
833
4 89
10718
78/4 83%
3 105 1073
Series B
4
1953 AO 83 Sale 8112
Chicago Great West let 4s..1059 M S 7112 Sale 71
83
66, 79
83
446
72
69
/ 71,
1
4
,
Gen cony 48 series D
1953 *0 1303 Sale 9112 10014 4251
Cale lucl & Louise—Ref 69_1947 3 .1 1154
4
1151 Mar'27 -- 1131 1151
/
4
841a 10014
8
Erie & Jersey lets f 6e
/
1955 3, 11233 11312 11233
Refunding gold bil
3 Ill': II"
113
1947 J .1 102 10312 103% Mar'27 -- 1033 1034
8
Genesee River let s t 68..1057 J J 1123 114 112% 113
Refunding 45 Series C
4
12 111% 11312
1947 J i 9012 -- 9038 Dec'26 Erie & Pitts gu g 348 B
1940 J J 883 ____ 8812 Nov'28
General be A
4
1986 M N 101
101
101
2 '55; foils
Series C 3SO
1940 J J
General 85 B
8838 Sapt'213
May 1966 .1 J 1063 107 19633 10714
8
5 1083 10712 Est RR esti 5 f 78
4
1954 MN 9914 Sale 9312
Ohio Ind & Sou 50
-year 4e-19W / J 9312 9512 9412
9684 11c1 4
10114 954
-19412
9218 9412
3
Chic L 8 & East 1st 4 lis_1969 J D 96%
-- 965 Feb'27 -96% 96, Fla Cent & Penn let ext g 6e_1930 .1
8
OM & Puget Sd let gu 4s___1949 1 J 6012 8114 6014
10014 1003 1011 Mar'27 -- 1011 10138
8
8
60%
2
553 6012
Consol gold Gs
8
1943'.8 1013 1013 1015
U 8 Tr certife of deposit.......... 6012 61, 60
8
4
1 1011 101%
s
10133
/
4
4
6012
5
55 4 8012 Florida East Coast let 4 144_1959
3
D 9818 9814 9818
ChM & StP gea gesSer A.51989 .i
981
86 Sale 854
/
4
5
97 4 984
1
/
1
8
86,
4
85
RR
1st & ref be series A
1974 MS 9538 Sale 9414
Registered
9814 763
Q 3 8314
944 101%
- 8314 Mar'27 - 8314 83 4 Fonda Johns & Glov 4 14e
,
1952 MN 8212 64
General gold 3145 eer B..e1989 J 3 753 77
6312
64
7
4
76 Mar'27
6114 65
75% 7612 Fort St UP Co let g 44e._.,1941 J
9418 _
Gen 4%s Series C—May 1980.8 3 9614 Sale 953
9414 Feb'27
94
4
9414
9633 69
944 98
/
1
Ft WA Den C let g b %a_
1961 JO 1063 ____ 10634 1064
Registered
4
2 106 106%
9234 Dec'26 - _
/
1
4
Ft Worth & Rio Or 1st g 45 1928
'3
Gen & ref ser A 4 lis _Jan 2014 A 0 62 Sale 6012
.
98
98
3
97% 984
62
61
63
57
Frem Elk & Mo Val 1st 61_..l933 A0 108 Bale 108
Guar Tr certifs of deposit....... 6214 Sale 6114
108
3 10712 1081e
6214 270
8
667 6214
Gen ref cony ser B 58 Jan 2014 FA 603 Sale 60
4
4 57
603
5513 603 0 H &SA M &Plat 5e
4
1931
N 10034 Sale 100
Guar Tr milts of deposit_ _
/ 10054
1
4
4 10012 101
.
6012 Sale 60
6118 243
55
/
1
4
2d extens be guar
8
1931 J
let sec 6s
10038 1004 10012 10012
/
1
1934 i—J 1034 Sale 10333 10414 44 10314 61,
1. 10018 10012
/
1
10612 Gal,.' Roue & Rend 1st 5e
1933 *0 9833 100
Debenture 4145
19323 D 61 Sale 60%
9812
9814 30
61
9612 98 4
70
3
5612 61 12 Ga & Ala Ry 1st cons 5s_Oct 1945 J J
Bankers Tr certife of deposit
9912 Sale 0913
8
9912
611 Sale 603
/
4
984 99%
6114 247
ell.. Oa Caro & Nor let gu g 5s 1929
56
j 10018 1008 10018 Mar'27
Debenture 48
1925 Ili. 61
6112 6012
6118 40
99 100%
6612 81's Georgia Midland let 3e
1946 *0 733 ____ 7512
U 8 Mtge & Tr ctfe of dep...... 6118 Sale 603
3
7512
724 75%
6114 198
5812 61, Or It & I ext let gu g4 s
4
1941 J J 97
15
-year debenture 4e
/ 9812
1
4
1934
6114 Sale 6018
9718 9712
6114 77
5612 6114 Grand Trunk of Can deb 78_1940 A0 1154 Sale 9712 Mar'27
Farm L & Tr ctfs of dep__
/
1
11534 116
8 11518 116
603 Sale 8033
4
61'2 92
563 6112
8
6s
15-year a f
1936 MS 10818 10833 1071s
Chic & MoRiv Di i 5s
1926 .1.1
.-1084 29 1067 10814
9912
8
Grays Point Term let 5s
1947 3D 9814 - - --I 9514 Oct'26
Ohio & N'west gene 3146_1987 M N 8212 -- 82 June'26 - _
11 1ar'27
.
__
Great Nor gen 7s series A-1936 3 1 11418 Sale 114
78's 82
Registered
11414 135 lI3's 11433
Q F 7414 -- 7412 Jan'27
Registered
7112 7612
J
General 4e
1987 NI N 0312 94
Nov'26
93i8
04
12
let & ref 445 series A____1961 3, 99% Sale
904 94
Registered
993
Q F 8912
4 27
87 Aug'26
iirl 995
General b %s aeries B
1952 ii 111 Sale 110
Stpd 48 non-p Fed in tax '87 M N 9314 9413 9378 Mar'27 - _
111
375 108 111
_
9012 937x
General bs series C
1973
Gen 443e stpd Fed Inc tax_1987 MN 1073
10512 Sale 104
10512 29 1024 10512
4
10738
10738 25 105 107,2
General 4144 aeries D
1978 3, 9714 Sale 0614
General 68 stamped_ _. __1987 M N
9714 340
9418 9714
11218
11218
3 10814 113
Green Bay dr West deb ctfe A___ _ Feb 851 90
Sinking fund 65
/
4
1879-1929 A 0 103'S 103 8 16318 5Iar'1.7
85 Mar'27
834 85
-310114 103..
Debentures Ws B
Feb 22
Registered
22
23
22
3
A 0 1023 10314 131
8
21
264
Jan'27 -- 101
101
Greenbrier RI' let gu 48....1940 MN 9313
Sinking fund be
92 Dec'26
1879-1929 A 0 10034 101% 10114 Mar'27
100 10 54 Gulf Mob & Nor let 5 lie___1950 A0 10614
Registered
1879-1929 A 0 10018 10114 1001 Mar'27 10613 Mar'27
/
4
fo 7
- 2
6
10018 10214 Gulf AS I let ref dc ter g be _81952 J J 107
Sinking fund deb 55
107 Mar'27
1933 Si N 102
1064 107
10212 Mar'27 - - - - 101 102
Registered
M N 10114 1013 10114
4
10114
1 101 18 101 14 Hocking Val 1st cons 84148.1999
j 9912 1011 99
10
-year enured 75 g
/
4
19303 D 106% 10612 10614
1005e 29
97% 1003
8
1063
8 24 108 1061
Registered
/
4
1999
j
115-year secured 6lie g___ _1938 Si 8 112% 1123 11213 112
9534 Mar'27
963 95%
4
4
/ 12 111% 1123 Housatonic Ry 84)T18 g 55
1
4
4
1937 M
let & ref g be
99
May 20373 D 1063 Sale 10612 108
7
99
4
9812 991z
6 102,4 108
H & T C 1st g int guar
1937 3, 1013
Chic RI& P—Railway gen 481088.8 J 89% 893 893
00 4
%
101% Mar'27
00
10018 101%
4
8 11
897
4
873 90
4
Waco & N W let 6s
1930 MN 10134 ____ 10134
Registered
.1 J 87 Sale 877
/
1
4
8
871
/
2
4
8612 87
/ Houston Belt dr Term let 55..1937 3, 10034 ____ 10012 Mar'26
1
4
Refunding gold 48
1934 A 0 943 Sale 9413
3
94112 10012
10012
8
043 383
4
9214 94
/ Houston E & W Tex let g 55_1933 MN 10018 ____ 100
1
4
Registered
/ 101
1
4
A 0
6 1004 101%
93 Mar'27
/
1
4
92% 93
/
1
4
1st guar be red
1933 MN
Cli StL&NOMem Div 4,3_1951 .1 D 8912
101 13018 Mar'27 _
89)4
10018 100 4
1
8914 90
bud & Manhat be series A 1957 FA 993 Sale 99
St L & 11 let cons g be____1932 A 0 1023 90% 10218 Mar'27 - _
4
69
8
98
994
/
4
Registered
Chic St P M & 0 cons 6s___1930 J D 10318 103 10318 Jan'27 - - 10114 1021
FA
97
9 21
- -34
10318 13 10318 104
Adjustment income be Feb1957 *0 887 Sale 883 Apr9
Cone Os reduced to 3%e_ _1930 J D 95
8
155
4
115 Nov'26
89 4
,
84 1311
3
;
Debenture be
1930 Si 8 0912 - 3 993
8
00
;
99%
7 —
664 100
Illinois Central let gold 4e___1951
Stamped
'3 9433 ____ 9412 Mar'27
0012
99%
94
93
,
9933 0 114
Registered
Chic T H & So East 1st Ils__1960 3 el 97 Sale 9712 Mar'27
1951 33 9233 Sale 921 s
/
1
4
1
9233
'
98
92% 92%
57
93% 98
1st gold 314s
Inc gu be
1951 J
Dec 1 1980 M 8 931 Sale 93
8712 ____ 743 Jan'27
6312 135
/
4
8
74
/ 74%
1
4
87
/ 9312
1
4
Registered
Chic Un Eita'n 1st eu 4lis A.1963 J D 9812 984 9812
'3
823
9 14
9
/
1
9 15
'
,
984 14
/
1
97
/ Ws
1
4
Extended 1st gold 3%s...1951 *0 88i4 Sale 88)4 Jan 24
let be series B
1963 3 .1 10412 105 10433 105
5
21 10418 105 4
87
8814
sterling
3
1st gold 38
Guaranteed g ba
1951 M
1944 3 D 1033 Sale 10334
____
4
Jan'27
104
13 10112 10533
74
73
/
1
2
Collateral trust gold 48_1952 *0 _62i.8 iii 73
1st 614s series C
19833 .1 118 Sale 11713 11814
96 o6
3 9214
68
1
17
93
9012 93
6 11718 1184
Registered
/
1
Ohio & West Ind gene 6a.._y1932 Q M 105 2
AO
8912 Mar'27
, -- 19534 Mar'27 -8912 891s
10512 106
let refunding 48
Coneol 50
-year 45
1955 MN
1952 J J 8814 Sale, 88
15
8812 36
96%
9314 96
14
86% 88,
Purchased lines 3%5
2
1st ref blie ser A
1952 J
1962 M S 105 Sale 10434 105
867 Mar'27
8
19 103.2 105
85
867
8
Registered
Choc Okla & Gulf cons 6e_1952 Si N 103%
33
10333
103
/
1
4
1 10314 10414
Collateral trust gold 45-1963 MN 90 Sale 8412 July'25
Cla H & D 2d gold 4lis__1937 J J
8912
9733 Mar'27
3 "
00
al Ici
"
97% 973
4
Registered
0I St L & C let g 4eAug 1936 Q F 96% -- 9714 Mar'27 - _
MN
8512 Oct'26
9514 9714
Refunding be
Registered
Aug 1936 Q F 96
1955 MN 1083 iio 1077
9518 Jan'27
8
10814
107'n 108'j
954 95,
/
1
8
Cin Leb & Nor gu 4e li
-year secured 514.
15
1934
1942 M N 924
_ _ 9212 Feb'27
1027 10312 103
s
1034 45 101% 10312
904 9212
/
1
-year secured 6148 g
15
Cin El & CI cons let a bs
1936 J
1928 .1 J 1003
8
_ _ 10033 Mar'27
11238 1128 11133 11212 20 1111 11312
/
4
100 1004
/
1
-year 4145
40
Cleve On Ch & St L gen 48_1993 J D 934
Aug 1 1966 FA 99 Sale 9814
92)
1
3
- - 9212
9918 189
961e 9915
89
9438
Cairo Bridge gold 4e
20
-year deb 4lie
19313 J 99%
1950 3D 9318
99%
9338 Mar'27
99% 15
9212 931
8
983 99%
8
Litchfield Div let gold 35.1951
General 5e Series B
10933 D 111 113 112
7633 7812 76 Mar'27
112
/
1
4
8 1074 112
7612 16
14
Loulsv Div &Term g 3145.1953
Ref & impt lis aerlee A
1929 J J 1023 Sale 1024 103
J _8_33 8412 8318 M ar:2
4
/
1
.
8
8 1 2 Aug2 6
63 102% 10314
7
8314 844
Registered
lie send]0
19413 J 106 107 106 Mar'27 _ _ _
3,
106
Omaha Div let gold 3e____1951 PA 75
be aeries D
10633 J 10412 Sale 103
/ 10412 34 10314 10734
1
4
/ - -12 7
1 717
4
7
6
9
76
9
8
76
fl'a
105
Cairo Div let gold 4e
St Louis Div & Term 835.1961 33 7812
1939 J J
94 Mar'27 - /
1
4
20
76% 79
9312 94
/
1
4
On W & M Div 1st g 45_1991 J J 871 Sale 87
Gold 3141
1951
/
4
8514 --- 87 Mar'27
,
87
8
871
4
/
4
86
87
88
8712
Springfield Div let a 345_1961 33 8614 __
St L Div let colltr a g 45 1990 M N 881 89
91 Mar'27
:
845 Sept'28
8
87
/ 91
1
4
Western Lines let a 411
Registered
M N 8512 ---- 8314 Feb'26 -1961 PA 914 ____ 90
Jan'27
-150 2OOIe
7
Elpr & Col Div lst g 45_1940 M S
Registered
1951 PA
96
96
4
Aug'25
9l7 96
W WVal Div let g le__1940 J .1 92
III Central & Chic Bt L & NO—
/
1
4
_ 9314 Jan'27
91
9314
01:}C & I gen cone g 6e____1934 J J 10918 10912 1091 1091
Joint let ref be aeries A
1963 3D 1043 Sale: 184
/
4
/
4
0438 10514 87 1031s 10514
3 1074 109'8
Clev Lor & W con tat a 5a-1933 A 0 1023
Gold 5e
1951 3D 10433 10714 104% 104%
4
10314
- - 10314
1 1044 10518
2 1023 10314
/
1
8
Cleve & Mahon Vale 5s_10383 J 10014 ____ 9933 Sept'26
Registered
3D 10312 —__ 10312 Mar'27
10312 10312
__
CI & Mar let gu e 41411
Gold 334.
1935 M N 98% 983 983
1951 3D 7933 ___ 7812 Feb'26
4
4
983
4
5 -fie; 9884 Ind Bloom &
Cleve & P gen gu 4lie ear B_1942 A 0 10038 10214 9913
Wen let °stem-1940 *0 9318
Aug'26
_
Series 41,44
Ind III & Iowa let 841
19423 1 101 10214 101 Mar'27 - _ _
1960
94 Sale
93 e 94
1
ioo" 101
Ind & Louisville let gu 45_.A956
Series C 8145
1948 M N 87%
8514 Oct'26 84
864
eerie@ D 84e
Ind Union Ry gen 5e eer A 1985
1950 F A
843 Sept'28 - _
8
108964 maec221
10218
927s p102
1024 1034
9:
46
:
Cleve Stier Line let gu 4145_1961 A 0 10214
Oen & ref be wiles B
1966
10218 10314 10218 Mar'27
104
1024 102%
- 104
1 IF; 104
Cleve Union Term 51,4e__1972 A 0 109% Sale- 1095
Int & Ort Nor let 68 ear A 1962 33 107 Sale 107
110
10714 15 10615 107%
13 10833 1 1033
let e f be ser B
Adjustment 6e ear A July 1952 Aprl 9412 Sale 9414
1973 A 0 1043 Sale 10414
8
221
10412 18
98
83% 98
Coal River Ry let go 4&
1945J D 90/4
Stamped
8833 Jan'27 - - _ _ 10312 105
8814 8878 87 Mar'27
814 884
88
/ 88% Int Rye Cent Amer let 5e___1972 Apr
1
4
Colorado & South let g 411_1929 F A 99 - - - - 99
MN 76
9914
7614 76
4
99)4 35
7814
7512 77
1e
98 4 994
3
Refunding & eaten 4146_1935 el N 974 973 9714
let coil tr 6% notee
1941 MN 93
934 93
6
4
93
98
93
18
954
961 99
/
4
Cel & H V let ext g 4a
Iowa Central let gold 5e
1948 A 0 9238
92
1938 3D 50
57
5214 Mar'27
92
6112 5813
1
914 9212
Ool & Tol 1M ext 4e
Certificates of deposit
1955 F A 907
8
9013 Mar'27
4912
3
4912 Sale 4912
491z 65
904 9012
Conn & Panium Riv let 45_1943 A 0 8614 ---- 88 Nov'26
Refunding gold 48
1951 MS 1714 1778 173
4
8
1733
Ins 211,
Cons°, RI deb ke
,
Jamee Prank & Clear 1st 44_19119 3D 93
1930 F A 934 _ _ _ _ 9238 Dec'26
/
1
/ 9412 9212 Mar'27
1
4
9144 9241
Non-conv 45
19643 J 7314 7513 77 Feb'27
"
Ws WI; KaA&GRIeteugbe
Regletered
J D
1938 3
70
Apr'26
10212 10512 101
Kan & M let gu g 4/1
Non-cony debenture 4e___1966 J .1 7512 764 78 Sept'28
1990 *0 8614 87
8814 Mar'27
Mar'27
8533 If
WC,
2d 20
Non-cony debenture 4s___1956 3 J 7512 Sale 7512
-year be
1927 33 100 10014 100 Mar'27
7543
100 100%
2
694 77
KC Ft SAM eons e
MN 1013 101% 101% Mar'27
s
101as 101%
Due Feb. a Doe May js Due Dee.
1954
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 1.
New York Bond Record—Continued—Page 3
Price
Friday,
April 1.
Week's
Range or
Last Bale
Range
Since
Jan. 1.
BONDS
N.Y . STOCK EXCHANGE
Week Ended April 1.
Price
Friday,
April 1.
Week's
Range or
Last Sale
Range
Sines
Jan. 1.
High
HigIc No. Low
Ask Low
Bid
Met New York Central (Concluded).
Higb NO. Low
Ask Low
Bid
24
94
90
94
9338 9212
1998 A 93
Consol 48 series A
9318
4
92
934
17
877s 10114
& M Ry ref g 4s__1936 AO 9234 93 9234
AO 101 Sale 10018 101
C
2013
99% 1013
Ref & impt 4355 • A"
s
KC&MR&Bletgu 5s__1929 AO .100 10014 10014 10038 21
3
2013 AO 1074 Sale 10638 1073 107 10514 107%
Ref & IS5e series C
31
7315 75
7434
* 0 74
7378
10512 105%
10512 Jan'27
AO
Kansas City Sou 1st gold 35_1950 ii 100 Sale 9912 100
Registered
52
99% 10012
Sale
Ref & impt 55--.....Apr 1950
N Y Central & Hudson River—
90
88
894 11
Sale 8914
80% 83%
8358 58
Kansas City Term lot 4s__ _1960 3, 8934 Sale 8812
1997 J J 8312 Sale 83
Mortgage 3340
2
814 8834
884
8834
78% 83
3
914 20
87
Kentucky Central gold 4a_1987
8218
9712
1997 ii
Registered
8518 86
86
40
96% 98
4
3
Kentucky az Ind Term 4 6_1961 ii 8514 87 904 Mar'27 - -1934 MN 973 978
Debenture gold 4s..
8812 9012
Mar'27
J
9112
90
1961
96 96
MN
96 Feb'27
Stamped
Registered
3 10214 10214
5
9712
9.712
9412 9712
Erie & West let g 51 1937 ii 10214 1024 10214 10214
3
'
Lake
14 9712
1942
30
-year debenture 48
10038 10012
1941 3, 10138 10178 1004 Mar'27
2d gold 55
93 Feb'25
Registered
8012 83%
3
833
4
4
A 8234 Sale 8118
8231 28 'Ws IA
Lake Stir dc Mich Si 3M11-1997 in 834 ___- 833
Lake Shore colt gold 334e-1998
8214
80
8214 22
1997 J D 8218 8211 8218
8
4
81
788 81
Registered
81
1998 FA
Registered
8
4 25 9 4 9984
993
1
1928 M S 9912 Sale 9812
3
79 4 82
Debenture gold 48
8118
Mich Cent coil gold 3142_1998 FA 814 Sale 814
s
97% 987
4 48
983
1931 MN 981 Sale 984
78% 8214
9512
FA 851:
-year gold 431
2
9 4
8512 Mar27
25
911
1998
Registered
96 Dec'25 1931 MN
19
94% 96
Registered
958
1937 AO
4
1041, 10 N Y Chic & St L let g 4a
Leh Val Harbor Term 5.1_1954 FA 10514 ____ 105 Feb'27
1937 AO
Registered
9
9812 100
9914 100
8 -fairs - ;
1
97
2
973s
3
'
9
9711 MaY'6
Leh Val Y let gu g 4%41_1940 3, 9812 Sale 8812
1931 MN -1Wits
25-year debenture 44
88% 8912
MN 8912 Sale
8912 14
Lehigh Val (PA) cone g 443_2003
8 43 10218 10314
1931 MN 10212 Sale 10212 1027
2d 65 series A B C
84 84
84 Jan'27
MN
Registered
*0 106 Sale 10534 10614 37 104% 1065s
Refunding 534s series A —1974
17
97 100
2003 MN 9914 Sale 9914 100
8
General cons 41413
Refunding 514s series B _19753, 106 Sale 10572 10614 40 104% 1065
10312 10612
943 974
s
9734 13
Lehigh Val RR gen Si series_2003 MN 10534 -- -- 0638 Mar'27
10212 10312 N Y Connect let gu434s A_1953 P A 9734 Sale 974
103
9 1033 1047
8
3
Leh V Term Ry lot gu g 58 1941 AO 103 Salt 03
1963 P A 10414 ____ 10414 10414
lot guar 55 series B
4 10218 10212
AO
0218 10218
Registered
91% Oct'26
8
905 NY & Erie let ext gold 441_1947 MN 91
90
Feb'27
MS 1012 92
.
951k 98s
Leh &N Y let guar gold443_1945 *0 19158 .. . 9058 Mar'27
1933 MS 984 ____ 9878.Mar'27
gold 434e
3d ext
10934 113
13
9832 100%
Let & East 1st 50-yr 5egu__1965 MN
1930 AO 10018 ____ 9858 Feb'27
4th ext gold Si
8852 9012
9012
9112 90
90
1952
Little Miami 4e
1928 in 9814 ____ 99 Mar'26
5th ext gold 48
10834 109
1935 AG 10838 110 10834 Feb'27
MN 9934 ____ 100 Mar'27
99'l 100'g
Long Dock consol g 65
1003,1003, N Y & Greenw L gu g 511_ _1946
_- lOOis Feb'27
8184 8211
Unit Isld 1st con gold 58au1y1931 Q J 10034
N Y& Harlem gold 334.....__2000 MN 84% ---98
98
J
-- 98 Feb'27
.22
8212 8212
MN ___
let consol gold 4s____Ju1y1931 Q D
2
8
8212 Ma82 17 30
Registered
43
9252 943
93 934 9354 Mar'27
964-1938 J
General gold 45
94% 94%
4
1932 in 953 97 9438 Mar'27
N
Gold 443
9912
9914
89 90 N Y Lack & W Ist & ref 5s_1973 MN 1024 ____ 80 July'25
_ 9914
1949 M
10238 fife/
Unified gold 41
10278 ____ lO27 Mar'27
s
1973
First & ref Cie
_
99 100%
1934 in 10014 11%34 100 Mar'27
106 106
8_ _ 106 Feb'27
Debenture gold Si
5
98% 99 NYLE&W jot le ext_1930 MS 1055
MN 9878 99 9834
4
983
7 10034 10112
1937
- -year p m deb Si
90
1932 A 10078 10112 0078 1004
7
89 2 NY & Jersey 1st 58
88%
8912
M
894
MS 99
91
9038 Dec'26
Guar refunding gold 413_1949 Q J 8912 8934 100
89:
4
100 1003 NY & Long Branch gen g4131941 A0
8
Mar'27
995 _.-Nor Sh B 1St con gu 5&Oc '32
4
100 1003 NY&NE Boat Term 4e_ _1939 MS
100 l001 100 Mar'27
1
8211
74
8212
8212
Louisiana & Ark let g 55-1927 M
1947
NYNE as H n-c deb 4e
8952 91
91
MS
Bdge Co gu g 41 1945 MS 91 Sale 9078
60 June'26
Lou & Jeff
_ 1064 1064
Registered
MN 10653 ____ 10658 Mar'27
-Hr2 74
Louisville dz Nashville 5s 1937
7412 ------ 74 Feb'27
Non-cony debenture 3345.1947 M
9578 98
92
98
•974 Sale 9718
3 095g 7312
1940
73
7212
Unified gold 45
Non-cony debenture 334s_1954 A 0 73 Bale
95
95
--- 95 Mar'27
3
8014
76
7912
Registered
4
Non-cony debenture 45.-1955 J J 791 803 70%
_ 1014 10113
MN
* 102
77 80 4
8034 30
14
3
Collateral trust gold Si.... _1931 MN 1015 Sale 1014 Mar'27 56 10318 106
Non-cony debenture 444_1956 M N 80 Sale 794
105
104
104
16
694 7314
1930
73
secured 7s
7214
-year
10
73 Sale
1956
Cony debenture 335e
15 105 109
Sale
19 10513 1094
108
lst refund 1514s series A 2003 *0 109 1067 10834 109
10784 Sale l07h
1948
Cony debenture fla
4
3 1053 1063
4
8 10612 10612
103 10512
2003 A0 1064
J J
0412 Mar'27
let & ref 5a Berle@ B
Registered
9954 102
Sale 10132 1017
s 12
8 18 10314 1054
1043
let & ref 4Sis series C2003* 0 101% 104 10372 Mar'27 _
1940 A 0 104 Sale 104
Co
trust 6e
5
10354 1037
3
' 1038
8
6912 76
1930
75
N 0& M lst gold 6s
744 Sale 7412
4
Debenture 46
8 1033
1035
3
' 103% 104 10334 Mar'27
6
90
89
1930
90
2d gold 6s
3
8918 89 4 8918
4
17
Harlem R & Pt Ches lit 4s 1 17
s
937 95
7
99 2 100
Paducah & Mem Div 48_1946 FA 95%--2-- 95 Mar'27
6
70
1927 A 0 9978 10014 0 14 Mar'27 --28
6612 68 N Y & Northern let g 5s
3
9712
M
6712 6812 6712
764 7912
7812
St Louie Div 2d gold 3s 1980 MS 10038 _--- 10038 Feb'27
7812 78
78
NY 0& W ref lst g 4s_June 1992 M S .
100% 10012
M S
Mob & Montg let g 414o1945 3,
7218 Dec'26
9782 88%
Registered 35.000 only
1
8814
---29
73
7838
75 4
South Ry joint Monon 48_1952 MN 884 Sale 884
1955
93% 96%
7614 " 1General 45
951
9612 20
_ 9612 Dec'26
,
Atl Knox's & Cin Div 4s 1955 MN 9812 101 1001
46.1942 A 0 994
100 100% NY Providence & Batten
Mar'27
89a 90's
Lousy Cin & Let Div g 4149'31 ii 10014
fii 90 Mar'27
N Y& Putnam 1st con gu 48 1993 A 0 9118 Dec'26
1934
99% 100
Mahon Coal RR 1st Si
1927 MS 994 10012 9978 Mar'27
*
895 NY&RBIstgoldes
66
6812 21
684 69 6814
87% 91%
Manila RR (South Lines) 4a-1939 MN 10318-7311 7738 NY Susq & West 1st ref 543_1937 J A 89 8934 90 Mar'27 - -1959 MN 7612 80 774 Mar'27
7234 75
1937 F
lit 41
7418 75 74 Feb'27
2d gold 45543
J D 100 10014 10012 Dec'26
71% 77%
7512 19
Manitoba S W Colonlza'n 55 1934 ii
7438 76 744
General gold 55
98% 99%
Itfan GB&NW 1st 31.is_1941• M 874 ---- 8312 Oct'26
994___ 994 Jan'27
Terminal let gold 58
10134
1014 Jan'27
44
78% 83%
Mich Cent Det& Bay City 6e231 QM
83
4
824
J
1994°43
N Y W•ches B 1st see I 410'46 3WIF NA 823 dale
101 Dec'26
Registered
1940• J 9511 ---- 9514 Feb'27
934 974
974 97
Mich Air Line 4e
1950 AO 9678 Salo 9612
NordRyext'lsf634s
3
'
92 Nov'26
9318 53
A
3
90 4 93%
Registered
Norfolk South ist & ref A 58_1961 MN 9212 Sale 9218 Feb'27
8
10012 101%
1951 MS 855 ---- 79 Nov'26
10012
& 13 1st gold 310
543_1941
N
8538 8638 Norfolk South 1st gold
-- 8614 Jan'27
2 10512 10614
M
10512
let gold 31481952* 0
- 18
10512 1057
9833 9914 Norfolk & Wit gen gold 613_1931 A 10118- 10512 Mar'27
26
99 . 99
863499%
99
10834 1084
1929
18-year debenture 40
10812 ____ 10814
Improvement & ext 6s 1934
95 98%
1
9818
107 107
1940 * 0 9738 9818 984
Mid of N J lst ext 5e
1932 * 0 10618 ___ 107 Mar'27
New River let gold 68
A
1 101)% 101
101
__ 101
9212 9614
9514 19
adllw L S & West imp g 5s_ _1929• D 101
NA W Ry 1st cons g 4a__ _1996 A0 9614 Sale 96
9278 95
MB & Nor let ext 44e(blue)1934 in 964 18 944 Dec'25
_ - 95 Mar'27
1998 AO
Registered
5 "iir2 If
97
8
9638 98 97
93 93%
9312
Cons ext 414s (brown) 1934 M
9314 9353
95- - 9318
Ditel let lien & gen g 413.1944
9214 95
3
94 ____ 941
95
1 158 180
180
1947
14411E3par & N W 1st gu 4e
1929 • S 180 Bale 180
10-yr cony. 6s
7
92 2 96
4
943
Sale 94
& State L 1st gu 310_1941 J J 834 ___- 8138 Dec'26
Idllw
9414
Pocah C & C joint 4s .1941
106
4
98 983 North Cent gen & ref Si A__1974 MS 1064 108 106 Jan'27 13 10552
9838
1927 in 98 99 98 Mar'27
94% 98%
4
Minn & St Louis 1st 76
Ohio 1st guar g 5a_—_1946 AO 9712 983 98
8
2 100 1003 North
9114 954
1927 in 10033 Sale 10038 10038
9514 129
• J 9434 Sale 94
lot guar g 75
53 67 North Pacific prior lien 40-1997
MN 534 56 5312
2
5312
1934
90% 91%
let consol gold 58
8
1997 O i 897 98 91 Mar'27
Registered
6114 55
MN 52 Sale 52
1
52
65% 69%
Temp Otis of deposit
4
6912 69
Gen'l lien gold 38____Jan 2047 Q F 6912 Sale 673
1712 23
MS
4
21 20
20
24
63% 67
87
let & refunding gold 41___1949 Q F 19
Jan2047 O F 67 ____5534
Registered
1514
13
11
1314
99
96
4 21
983
Ref & ext 50-yr Si ser A19623, 124 1378 1314
984 Sale 9812
Ref & Impt 454.series A-2047
87 88%
8812 33
ii 923 ___ 853 Feb'25
4
IS St P&BBM eon g Clint 66'38 J J 8838 Sale 88
4
Registered
98%
97
17
97 9833 97
971
4 120 118 fir
1938
1st cons 58
97% 1003
Ref & impt 65 serleaB----2047 3' 11438 Sale 1144 1143
8
J J 9612 9814 10038 1003
1
8
1938
3' ill's11014 Mar'26
let 0005 58 gu as to int
Registered
10112 21 1004 102
1931 MS 101 Sale 101
4 14 i 5fe folfs:
-year coll trust 6tis
4
- 10
Ref & impt 56 series C _2047 ii 10558 1063 10512 1053
10018 102
16 103 8 106 4
3
,
• J 10512 Sale 10512 106
1948 ii 1004 101 101 Mar'27
lgt&ref6seerlesA
Ref & impt 58 series D_ —2047
89
88
1
86 87 87
87
1 109 4 109%
3
J J 10934 Sale 1093
1949 M
4
-year 5345
4 1093
25
5
4
973 97 4 Nor Pac Term Co 1st g 65_1933 AO
MN
10518 105%
let Chicago Term of 4s__ _1941 J J 9614 -- 9734 Jan'27
10112 1064 10518 Jan'27
1938
95% 97 Nor of Calif guar g 55
_
9614 ---- 964 Mar'27
10272 103e
10318 Mar'27
Mississippi Central let 5e._ _1949 J
1930• J 1024
86% 884 North Wisconsin let is
874 88 571
8738 12
Mo Kan & Tex—let gold 48_1990
101 10314
4
81% 84
Mo-K-T RR—Pride ser A.._1962 ii 10318 1033 10234 10314 29
4
873 Og & L Cham 1st gu 48 g-1948 S i 8312 84 84 Mar'27
8512
8712 10
94% 94%
1962 J J 8712 Sale 8658
MS
____ 9458 Mar'27
-year 49 series B
60
103 Ohio Connecting Ry 1st 48_1943 in 9514 ____ 1024 Mar'27
102 10270
1932• J 103 Sale 0234 10314 94 1024 10278 Ohio River RR let g 511
-year 66 series C
10
97
1936
96
4
3
AO 102 Sale 0138 10212 329
10114 1021e
Cum adjust 58 ser A Jan-1967
1937 *0 10034 ---- 10218 Feb'27
General gold 51
10014 22 100 100%
MIssourl Pacific
Oregon & Cal lot guar g 5a__1927 J J 1004 10014 100
3
99 4 101
1004 35
2
8852 93
9234
4
lit & refunding 58 ser A...1965 F A 100 Sale 00
4
10612 1084 Oregon RR & Nay con g41-1946 J D 923 ---- 923
10734 Sale 0712 107% 89
6 107 1084
10818
I .1 10812 1094 10818
lat & refunding 68 ser D1949 _F
1074 Sale 0712 10734 23 106 108 Ore Shore Line let cons g 56_1948 J
9 10712 10918
1955
let dc refund 648 ser E
10834 Sale 10838 10913
1946
Guar cons Si
79%
76
101
7834 Sale 7634
7812
1975
9918 95
9814 9914
General 413
1929 J O 99 Sale 9878
Guar refunding 41
100 Sale 00
1004 76 100 10018
46
' 1977 M
86% 91
91
3
Ist & ref 5s ser F
' 91 Sale 893
4
1961
92% 93 Oregon-Wash 1st & ref 4s
3
9118
9014 93
Mo Pac 3d 78 ext at4% July 1938 MN 9278 ____ 9278 Mar'27
8
Pacific Coast Co let g 6s___.1948 in 9114 917 914
9334 94es
9434 Jan'27
Pao RR of Mo 1st ext1 g 4s....1938 FA 94I8
.1
99 Sept'26
9 102 10212
10218
Mob & Bir prior lien g 5e_ _ _1943 .1 , 1004 _ _
1938 ii 102 Sale 102
86% 8714
2d extended gold 58
J
4
8718 885 8714
8714
8
1945
98 981e
Mortgage gold 48
82 Paducah & Ills 1St 5 f 4%0_1955 3' 9812 99 984 Feb'27 186
82
1945 ii 83 8578 82 Jan'27
874 96
Small
933
4
J o 101 Sale 01
5 1004 1018 Paris-Lyons-Med RR 65-...1958 P A 9334 Sale 934 100 4 71
101
9812 101
'dobile & Ohio new gold 6s_ _1927
Sinking fund external 713_1958 MS 100 Sale 994
,
3
99 4 100 2
3
9514 10114
4 35
let extended gold 68__Ju1y1927 O S 10014 10038 0014 Mar'27
993
994 Sale 9914
9414 Paris-Orleans RR 51 7s
93
1964 M
9312 9918 9414 Mar'27
8 102 103
1938 M
General gold 4s
102
M
10218
102 Sale
1942
100% 101% Paulista Railway 713
A
95% 96%
Montgomery Div let g 58_1947 JD 10038 10238 0058 10058
99% 10014 Pennsylvania RR cons g4s 1943 MN
8 9114 9712 Consol gold 45
9978 ____ 9978
994
94% 96
1927 M
M 27
3 6
St Louis Division 5e
6
9 14 9 _ 4 9
1948 MN 9 35 _ _7 - 957s Mar:27 -S 9214 ____ 9214 Mar'27
94% 91312
9612 13
Moh & Mar let gu gold 45 1991
Ile sterl stpd dollar-May 1 1948 MN 9612 Sale 955
11312 Sale 1211 11312 105 11112 11312
34 102 105
1937
Mort C let gu g els
1960 P A 105 Sale 10312 105
Consolidated 434s
11112 11112
ii
11112 11112
14
99 101%
J D 10114 Sale 10058 loiti 145
Registered
General 452e eerie. A..-- 1965
103% 104
1937ii 10378 ____ 104 Mar'27
let guar gold Si
1068 3D noiz Sale 10912 1104 30 106% 110%
8012 81%
General 55 series B
3D
2
4
AO 1064 Sale 10638 1063 65 106% 1073
Morris & Essex let pi 3tis 2000 A0 8418 ____ 8012 Mar'27 11 10014 10114
7.
1930
-year secured
10
101
69 11184 118
8
1 1911
.
.
Nash,' Chatt & St L 1st 5a 1928 P A 101 Sale 101
1 11: Els . 12
1936 A 421 .h3 11 114 02
-year secured 6142
15
102% 103%
103 10312 1034 Jan'27
1937
A
NFla&SIstgug5s
Registered
• J
30 Sept'24
Nat Ry of Mee Pr lien 434e_ .1957
1064 MN 104 Sale 1034 10412 ioi 102 lQ4I
-year gold 68
40
19 Apr'25
89 89
July 1914 coupon off
Pa Co gu 3;is coll tr A reg 1937 MS 87 91 89 Mar'27
1
4
153
16
4
163 154
86
86
8912
Assent cash war rct No 3 on A"Guar 3345 coll trust ser B_1941 P A 8614 8812 86
3 85 8612
8612 86
8612
1977 6 ---- -- 8712 Aug'25
Guar 70
-year 11 I 411
1942 J D 86
Guar 334,trust Ws C
Sept'27
Assent cash war rct No 3 on iJ 2034 23 24 July'25
Guar 3345trust etre D_1944 3D 8984 8612 844 Jan'26
3812
08 Mar'27
-552 9538
Eat RR Met prior lien 4345.1925
1931 * 0 9734
-25-year gold 4s
Guar 15
3
'
24 Sept'25
88
8912
July 1914 coupon on
1952 MN 8858 91 8912 Mar 27
Guar 45 series E
25 -55" 162
25
8
88
4384 24
4
8514 88%
Assent cash w-tr rot No 3 on AO 25 Sale 23 Apr'25
Peoria & Eastern let cons 443_1940 A0 88 Sale 8
28
16
414 4712
1951
let consol 4.
April 1990 Apr. 431g
Income 48
AO
1812 June'26
2
3
0 8
April 1914 coupon on
2 IA III; Peoria & Pekin Un let 5345_1974 P A 14512 Sale 10512 10512 28 104 1054
1414
14
15
14
10458
10338 105
Assent cash war rat No 3 on
Pere Marquette lot ser A 55_1958 3' 10438 10434 10458
89 904
1956 3' 9018 --- 9014 Mar 27
let 45 series B
3
9912 100 4
Feb'27
ii 1001s
954 97
1945
- 10034
New England cons 55
8818 89 Phila Balt & Wash let g 4s_ _1943 MN 9578 9612 9512 Mar 27
5 11012 1114
1945• J 871s ____ 89 Mar'27
Consul guar 443
FA 11118 ___- 11112 11112
1974
General Se series B
8512 854
8512 Jan'27
4312
4314 30
42
NJ Juno RR guar let 4s__1986 A
964 9712 Philippine Ry let 30-Yr if 48 1937 J J 4234 4278 4212
97
3
' 9714 98 97
10612 10634
10658 ___- 10634 Feb 27
N 0& N E lit ref&imp 434s A'52
8718 8812 Pine Creek registered 8a ____1932 J
8812
99% 10112
New Orleans Term let 4a.._ _1953 J J 88% -- 8812 101
1940 AO 10114 ____ 10018 Mar 27
PCC&HtLgu434sA
18 100 101
AO 10014 Sale 1004
1 10014 10112
101
NO Texas & Mee n-43 Inc 66_1935
1942 * 0 101 ___ 101
Series B 4345 guar
10018 10112
1954 *0 10114 Sale 10012 10114 53 10434 10534
lit 548 series B
1942 MN 101 —_ 100 Dec 26
Series C 435s guar
1954 A0 10558 Bale 10538 10512 64
98
9638
1st 535 s series A
1945 MN 9614 -- 9614 Mar 27
Series D 45 guar
4
9714 983
Mar'27
J
9814
N & C Bdge gen guar 4Sis1946 J
1949 P A 964 _--- 934 Nov 26 —
Series E 3345 guar gold
10034 101
3
NYB&MB let con g 543_1935 AO 10078 102 101 Mar'27
i65is 100 5
96 —_- 10038 Feb 27
1953 J
Series F 45 guar gold
s
9 1063 108
MN 108 Sale 10714 108
97
97
NY Cent RR cony deb 65_1935
1967 MN 9614 ---- 97 Jan'27
Series 0 4s guar
MN
_ 10614 Mar'27
Registered
-.103
el
New York Bond Record-Continued-Page
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 1.
4.
3
Prize
Friday.
April I.
Lii4
Pitts Cin Chic & St L (Concluded)
Series H 4s
1980 FA
Series cons guar 44s.. _ _1983 FA
.
Series J 454e
1984 MN
General M 5s series A.
-1970 ID
Registered
in
Oen mtge 58 series B
1975 AO
Pitts & L Erie 2d g 5s__ _Jan 1928 AO
Pttte McK & Y 1st gu fle
1932 y
2nd guar Os
1934 3.1
Titt5Sh&LEIstg 5e
1940 AG
let consol gold 58
1943 Si
Pitts Va & Char 1st 45
1943 MN
PItte Y & Ash let cons 5s
1927 MN
lst gen 48 series A
1948 JD
lst gen 5eseries B
1962 FA
Providence Secur deb 43._ 1(157 MN
Providence Term 1st 45
1956 MS
Week's
Range or
Last Sala
Ask Low
iz
Mob No
9614
- 10012 Jan'27
102
____ 10218
10218
10214 10312 10312 Mar'27
1093 Sale 10934 1093
4
4
102
Oct'26
110 Sale 1095s 110
997 10014 99
8
103
106 107 105% Jan'27
1033
1013 Nov'26
4
4
102
1017 Mar'27
10012
1013 June'26
4
92%
9114 May'25
1001s _
_ 0014 Dec'26
1
93'2 9353 94 Mar'27
1063
1065 Jan'27
4
8
7318 _ - 74 Mar'27
84% ---- 84% Aug'26
Reading Co Jersey Cent coil 4s_ _ AO 9312 9712 93 Mar'27
Registered
Gem & ref 44s series A_ 1997 JJ 99 Sale 99
100
Mehra & Dane deb 55 stmpd 1927 AO
100
_
Jan'27
Rich & Meek let g 48
84
82
82% Mar'27
1948 MN
Shinn Term Ry 1st gu 6s
_ _ 10212 Feb'27
1952.1, 102
Rio Grande June 1st gu 58_1939 J
1305 10114 1007 Mar'27
8
8
Rio Grande Sou 1st gold 45_ _1940
712 9
718 Dee'26
J
Guaranteed (Jan 1922 coup on)3.1
6 May'25
Rio Grande West 1st gold 49_193933 9114 9214 913
4
91%
Mtge & coil trust 45 A_ _ _ _1949 AO 8534 Sale 854
857
8
RI Ark & Louis 1st 44s___ _1934 MS 9612 97
964
97
Rut
-Canada 1st go g 43.-1949 3, 83 Sale 83
83
Rutland 1st con g 44s
1941 3, 9414
- 9414
9414
St Jos & Grand lellst g 40_1947 is 8818 66 8818 884
St Lawr & Adir ist g 513
100 Feb'27
1998 Si 100
20 gold 138
1053
4
10714
1996 AO 105%
SS L & Cairo guar g 4
1931 J J 9718 Sale 9718
9718
11
St L Ir Mt& gen con o 58_1931 A0 1007 Sale 100% 1007
8
8
Stamped guar 55
4
8
1931 AO 1003 1007 10638 Sept'26
Unified & ref gold 45
9812 983 9812
4
1929 Si
983
4
Registered
93 Sept'25
3,
Riv & G Div 1st g 4s- -1933 MN 943 Sale 9412
4
943
4
9414 944 10014 Feb'27
SI L M Bridge Ter gu g 50. _ _1930 AO
St L & San Fran (reorg co)4e 1960 Si 87% Sale 863
4
87%
Registered
8212 Oct'26
Si
Prior lien series B 511
4 10112
1950Si 10112 Sale 1003
Prior lien series C 65
1928Si 101% Sale 10138 101%
Prior lien 51js series 13 -1942 j y 10212 Sale 10214 102%
Cum adjust err A 8s _July 1955 AO 10014 Sale 10014
101
Income series A 6s_ _July 1960 Oct
98 Sale 973
4
9814
2
7
47
2
49
11
36
9
1
2
1
6
13
20
27
84
548
131
20
37
136
323
Louie & San Fr Ry gen 65_1931
j
General gold Os
.1
1931
SS L Poor & N W let gu 54-19483,
St Louis Sou 1st gu g 45.-1931 MS
St L 8 W let g 45 bond ethi-1989 MN
2d g 48 Inc bond etfs_Nov 1989
Congo'gold 4e
1932
lit terminal& unifying 58.1952
ft Paul & K C Sh L 1st 442_1941
A
St Paul& Duluth let 5s
A
1931
lit consol gold 45
1968
St Psul E(Sr Trunk 44a_ _ _ _1947
SS Paul Minn & Man eon 45_1933
lit eoneol g 85
1933
Registered
is reduced to gold 445_1933
Registered
1933
Mont ext 1st gold 4s
1937 .1
Registered
.1
Pacific ext guar 48 (sterling)'40
.1
i Paul Union Depot 5&_.1972
105
105
101 16112 101
10334
10514
4
96% 978 9614
87% 87% 874
8218 83
8214
95% Sale 95%
99 Sale 9818
9414 Sale 9414
10134
102
9218
93
9514
98
98 Sale 97%
10818 Sale 10818
107
10714
_
1003
8
10014
99 1- (14 9812
6
97
965
8
9418
9512
8
913 921 915
4
1003 1083 10618
8
A & Ar Paw let gu g 4e. _ __1943 J
Santa Fe Pres & Phen os__ _ _1942 M S
flay Fla & Weet let g fle
1934 A 0
let gold 55
1934 A 0
Scioto V & N E ist gu g 4s...1989 M N
Seaboard Air Line g 4e
1950 A 0
Gold 48 stamped
1950 A 0
Adjustment 5s
Oct 1949 F A
Refunding 4s
1959 A 0
lit at cons 6e cries A
1945 M S
All & Birm 30-yr 1st g 4s_a1933 M 8
-*aboard All Fla 1st gu Its A_1935 F A
Seaboard & Roan Se extc1_1931 J .1
So Car & Ga let eat 54s_ _1929
N
& N Ala cons gu g 5e
1938 F A
Gen eons guar 50-yr 513.._ _1963 A 0
So Pao coil 48(Cent Pac eon)8493 D
Registered
J D
20-year cony 48
June 1929 M
20-year cony 1Ss
1934.1 D
20-year gold 56
1944 M N
San Fran Terml lit 4e__ _ _1950 A 0
Registered
IA 0
So Pee of Cal-Gu gl5s
1937 M N
13o Pao Coast lat gu g 4s_
1937 J .1
SO Pao RR let ref 4e
1955.1 .1
9012 Sale 9014
42
91
_ 10218 Mar'27
102-10878 110 10834 Mar'27
1025
5
10234 Jan'27
95 Sale 95
95
1
814
8312 Mar'27
8114 Sale 8114
824
8
8558 Sale 8412
867 520
8
72 Sale 7114
73
360
9658 Sale 96
98% 509
927 937 9213 Mar'27
8
9638 Sale 9512
975 198
8
10058 Jan'27
101--- - 1015 Mar'27
1015 10134
8
8
10418
104 Feb'27
11012 ___ 11118 Mar'27
9014 Sale 89%
9014
863 89
4
87 Feb'27
99 Sale 99
9918 91
10114 1013 101
4
1021s
11
101%
101 Mar'27
9114 Sale 9114
9114 27
87 Mar'27
155- ____10512 10512 1
954 ____ 9512 Mar'27
907 118
8
96% Sale 955*
Southern-let cons g 55._ 1994 J .1
Registered
.1 J
Devel & gen 4e seriee A...1956 A 0
Develop & gen Os
1956 A 0
Davel as gen 6'he
1958 A 0
Mem Div lstg 55
_1996
.1
St Louis Div let g 4s
1961.1 .1
East Tens reorg lien g 5s._1938 M S
Mob & Ohio coil tr 4a..1938 M S
Spokane Internat let g 55_1965 J
Sunbury & Lewiston let 46 1936 J J
Superior Short Line 1st 5e..41930 M
Term Assn of St L 1st g 446.1939 A 0
let Coos gold S.
1944 F A
Gen refund e f g 45
1953.1 J
Texarkana & Ft 8 ist 548A 1950 F A
Tex & N 0con gold 56
1943J
Te8&Pacletgoid58fyJ0J D
La Dlvii L 1st 555
1931 3 .1
Tea Pao-Mo Pae Ter 545....1964 M S
Tol & Ohio Cent let gu 5e_ 19353 .1
Western Div 1st g 5e
1935 A 0
General gold 5.
1935.1 D
Toledo Peoria & West 4&_l9173 .1
Tol St L & W 50-yr g 4s_1950 A 0
Tol W Y &0ga 4 143 A
_ 1931 J .1
ist guar 430 series B_1933 J .1
let guar 44, series C
1942 M S
Tor Ham & Buff ling 48
1946 .1 D
10712 Sale 10718 10734 85
104
Jan'27
8814 Sale 8712
8814 107
11514 Sale 11434
11514 154
12214 Sale 122
12214 288
108 Sale 107%
108
13
903 95
4
91
9118
8
10112
94
94
1
92% 9312 93
93
9
8612 Sale 85%
864
A
93
9212 Jan'27
10012 Sept'26
99%
99 Sale 99
99
2
1023 Mar'27
1027
8
88% Sale 8814
887
8
3
104% 105% 1043
4
10512 57
993 100 101% Jan'27
4
10611 107 1064 10612
3
1004 10012 1003 Mar'27 _
106
106
10614
4
10118 Mar'27 _
101
10012 166 102 Mar'27
10014 101 13118 Mar'27
15
32
Jan'27
-50is 91% 90
91
12
Jan'27
99 - 99
0(18 -96% Dec'26
94
Jan'27
948
905 9i 9012 Mar'27
105
3
8
10112
Feb'27
Mar'27
5
875
8
8214 10
95% 43
98% 26
945
8 12
Mar'27 Mar'27 Jan'27
3
98
1084 58
1
10714
5
10014
Aug'26
211
98
Jan'27
Mar'27 - - _
106%
6
Ulster & Del let cons g 58_1928 .1 D 58
62
567
8
56%
1
lit refunding g 48
40 Mar'27
42
1952 A 0 40
Union Pacific: let RR & Id gt 45'47 J J 9714 Sale 9612
9934 148
Registered
943 Mar'27
.1
4
.1 952
4
20
-year cony 48
19275 J 993 Sale 99%
997
g
4
13
Registered.,.
9414 Dec'28
.1
-let lien & ref 45....June 2008 M J-98- Sale 94
96
16
1st lien & ref 58 ....June 2008 M S 11178 Sale 11112 113
27
I0
-year perm secured 68_1928 3 .1 102 Sale 1015
8
103
23
a 1)ue May. e Due June, 8 Due Aug.
Range
Since
Jan. 1.
Low
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 1,
1955
Price
PrIday,
April 1.
Week's
Range or
Lag Sale
Banos
glium
Jan. 1,
High
Bid
Ask Low
Higlb
/14.5 No, Low
I/ N J RR & Can gen 45„ 1944 MS 9418 904 9418 Jan'27
944 944
/
1
/
1
100121001! Utah & Nor let ext 4s
19333, 98
97
97
97 Mar'27
9955 10218 Vandalia cons g 48 series A..1955 FA 94%
924 92
/
1
4
9212 Jan'27
Consol 48 series B
100 10312
1957 MN 94%
901 Oct'26
:
1082 11014 Vera Crus & P 1st gu4 548
4
1934
July 1914 coupon on
Si
24 Apr'26
Assenting 1st 44e
1068 110
4
1934
24
27 - 25 Mar'27
23
27¼
99 1007 Virginia Mid 55 series F.-1931 MS 10034
13
-- 101 Sept'26
General 58
105 5 1057
7
8
1936
10232 1027 102% Mar'27
102's l02s
8
Va & Southw'n let gm 531-2003
'3 102
102 102
102 Feb'27
-year 5s
let cone 50
1017 1611* - 4
1958 A0 955 Sale 95%
8
94 s 97
2
96% 13
Virginian lit 5e series A___ _1962 MN 1057 Sale 105
8
1057
8 88 10211 10812
14
Wabash lit gold 5e
1939 MN 10314 1033 10314 1033
1
4
4 20 103 104 9
2d gold 58
1939 FA 10178 10218 10179 10214
7 1005, 10212
Re}5 f 548 series A
9258 04
1975 MS 105 Sale 1042
101 10311 10514
4 105
104 8 108%
5
Ref & gen 55 series B
1976 FA 101 Sale 10038 101
368 10014 101
Debenture B 8e registered.1939 3,
72
75
8314 Feb'26
1st lien 50-yr g term 45._.1954"3 87
8614 Mar'27
88
i$71
Det & Chi ext 1st g be__ _1941 J J 1031 105 10312
losis 105
:
Mar'27
92 100
Dee Moines Div let g 4s 1939 J J
89
8813 89
Jan'27
Om Div 1st g 34s
1941 AO
8324 84
.
1
8412 Mar'27
98 10012
Tol & Cb Div g 46
1941 MS 9114
90
91
9018 Feb'27
100 100
Warren 1st ref gu g 34s_ _ _2000 FA 80
80
2
82
1s
8112 8153
81%
7912 823 Wash Cent let gold 4e
8
1948 QM 873 8812 875 Feb'27
87
4
14 87 6
8
8
1022 10212 Wash Term 1st gu 34e
1945 F
85 8614
8618 _ _
1s
86 Mar'27
100% 100
1st 40-year guar 45
1945 FA 915 ____ 9114 Feb'27
9114 924
/
1
8
W Min W & NW let gu 58_1930 FA 98%
9814 99%
99% Mar'27
-50 2 93 - West Maryland let g 4s_ __ -1952 A0 8114 100
7
7614 823
4
Sale 8038
8112 -334
84
883 West N Y& Pa let g 55_
4
1937 .1
10218 _.... 10138 102
4 10113 1024
94% 97
Gen gold 45
1943 AO 883 89
88
4
89
2
89
8812
824 8312
Income 858
Apr 1 1943 Nov
45 Feb'25
914 9414 Western Pao 1st ser A to._ _1946 MS -9918
9918
9912 29 'lira loll:
8614 89
let gold 65 series B
1946 M
103 Sale 103
10312 14 103 10412
100 100
West Shore 151 48 guar
'5 865 881 90
2361
8614 90
8
2
:
90
105.8 10714
Registered
2381
'5 8612 ---- 8714 Mar'27
86
871
4
9614 971_ Wheeling & Lake Erie
10014 1013
Wheeling Div lit gold 56_1928Ii 100 10018 10018 Mar'27 -4
we 101
Ext'n &'mut gold 5s
1930 FA 9912 100
991: 100
9912 Mar'27 -97% 983
Refunding 4%s aeries A_ _1966 MS 92 Sale 92
4
9012 93
92 1
6
Refunding 5s series B
1966 M S 99
993
4
93% 94%
RR 1st consol 4.
1949 M S 885 91
11.1
2 -5
8
883
100 101
Wilk & East let go g 58-19423D 78% Sale 78
7214 80
79 I
7
844 873 Will & 8 F let gold 531
8
104 1(145
1938 ID 1045 __ _- 1045, Mar'27
8
8
Winston-Salem S B 1st 48--.1960
J 8814 8812 88 Mar'27
863 88
8
9958 101
Win Cent 50-yr 1st gen 48.-1949ii 82
82% 86%
823 8312 Mar'27 -4
100 102%
Dul city dr term 1st 45'36 MN 91 Sale 903
Sup &
89
92
91 1 12
4
10112 1023 Wor & Con East 1st 4%s..,..1943is
4
89
89
89 Jan'27
99 101
9514 9914
INDUSTRIALS
Adams Express coil tr g 411_ _1948 MS 9012 Sale 9018
89
9211
6
90121
105 105 8 Ajax Rubber 1st 15-yr s f 85_1938 SD 10714 Sale 10614 10714 31 105 s 1074
7
7
10012 101% Alaska Gold M deb 65 A_
1925 MS
3
81
1
314 313 31 Feb'27 -- -105 10512
Cony deb Os series B
31e 314
1926 M
318 3,
3 318 Mar'27 ---9618 9718 Alpine-Montan Steel 75-1955 M
921e 974
95 ,95% 95
9512
6
864 8812 Am Agri(' Chem let 55
1928 A0
103
_
Oct'26
81
83
1st ref
745 It
1941 FA 102 Sale 102
10312 95 102 gird
94% 968 Amer Beet Suit cony deb 65.1935 FA 923 Sale 923
3
9232 98
8
6
93%
8
95
99
American Chain debit 85_ _1933 A0 103 Sale 10238 103
17 101 10311
9278 90
Am Cot Oil debenture 58_1931 MN 973 100
973
95
4
98
15
975
8 23
102 102
Am Dock & Impt gu Os
1936 3, 1053
4
4--- 1053 Mar'27 -- 10512 1052
92
93
Am Mach & Fdy 5 85
1939 A0 1034 104 1034 Mar'27
- 10312 104
98
98
Am Republic Corp deb 68_1937 AO 9912 Sale 99
99
99%
9
9914
97% 984 Am Om & R 1st 30-yr ba ear A '47 AG 10212 Sale 102% 1024 85 1004 10212
10778 108%
lit M 65 series B
1947 AO 10814 Sale 1073
8
4 1083
4 13 1074 10 %
1074 1074 Amer Sugar Ref I5-yr 65-1937
'5 10458 Sale 1044 105% 37 104 10614
99 4 100% Am Telep & Teleg coll IS 411_1929 Si 994 Sale 99
3
99% 72
9814 9914
9314 563
Convertible 46
8
1936 MS 96% Sale 95
96% 19
954 98
20
-year cony 44e
1933 MS 984 1007 10012 Mar'27 -- -9813 10015
8
30
9512 9513
-year coil IS Ni
1946 SD 1033 Sale 10334 1044 34 10224 1042
s
4
91
Registered
9214
3D
_ 103 June'26
10514 101312
35-yr 5 f deb 58
1980 .1
15538 Sale 10215 10212 -jai ioi- 1031*
-year 51 545
20
1943 MN 10718 Sale 1065
3
8 10718 45 105 4 10712
88 8 9113 Am Type Found deb 85
3
1940 AO 106 Sale 106
10614 24 10318 10814
102,8 10218 Am Wat Wks & El col tr 58_1934 AO 987 Sale 981
98
9918
9918 39
8
4
1083 108%
4
Deb g 13e ser A
3
1975 M N 102 Sale 10112 102
53 100 4 1021e
1023 1023 Am Writ Paper s f 7-611
4
4
1939 .1 I 605 6214 6114
582 6214
s
3
8
62
91
Temp Interchangeable ctfe dep _
95
Pas 832
s
605 6212 601
8
: 611% 22
8114 84
1st g Os temp
1947.1 J 85 Sale 85
85
86
133
86
8114 87 8
7
83% 884 Anaconda Cop Mln let 68_1953 F A 1043* Sale 1043* 1043 131 1037 104 4
8
8
4
7114 763
Registered
4
- 10434 Dee'22 _96% 99%
15-year cony deb 75
1938 F A 1083 Sale 10812 109
4
75 IOUs 109r1
9114 94
Andes Cop Min cony deb 78-1943 J
4
10718 Sale 107
108
72 106 1087
9512 98% Anglo-Chilean 7s without war.'45
86's 90
89 Sale 873
4
894 281
1004 1005 AntIlla(Comp(Aim)7 4s_ _1939 J J 9512 Sale 9334
8
93 4 9714
8
944 17
10114 1015s Ark & Mem Bridge & Ter 56_1964 l'A
4
10112 Sale 10112 1015s 24, 1001 102 4
1
103% 104
Armour & Co lst real est 44s'39 J D 924 Sale 92
913 93
4
9278 226
1e
11014 11118 Armour & Co of Del 5)4S
J 927 Sale 9214
9214 95 4
1943
1
944 128
8814 9014 Associated 0116% gold notes 1935 M
4
103 Sale 102*4 103
15 1003 104
86
87
Atlanta Gas L ist 56
1947,3 13 100% 10314 953 Mar'25 ----I
8
981. 991s Atlantic Fruit 7s Ms dep_1934:J D
10014 10213
Stamped ctfe of deposit
18
18
177 24
Jan'27
18
100 102
Atl Gulf& W I SS L col tr 55_1959 J
Me 7Ø1
73 Sale 7058
48
73
901s 913 Atlantic Refg deb 5e
4
1937 3 .1 10112 Sale 10112 10258 17 100'x 102 4
8
(
87
87
1
10412 10512 Baldw Loco Works lit 5s _1940 N N 1074 Sale
10712
7 106 1074
1063
4
9514 954 Baragua(Comp As) 74s.._ _1937 .1 3 10814 ____ 10814 10814
1 10612 10814
93% 96% Barnsdall Corp Os with warr.1940 3 D 99% Sale 9914
984 106 4
3
1023* 385
Deb (is (without warrant)-1940
9114 941
8981%
e 61%
898
1
27e 144
9
8
1083 1081 Belding-Hemingway 65
4
:
1936.1
95l8 11114
Sale
1033 104
8
Bell Telephone of Pa 51
1948.1 .1 1035, Sale 1035* 104
8 0
22 102 4 1 4
86
let & ref 513 series C
8812
1960 A 0 10418 Sale 10418 104% 15 102% 10A
113% 115% Beth Steel let & ref Si guar A '42 M N 10034 10114
8 100 102
1003
8
4 1007
11914 12214
30-yr p m & imp 5 f 5s_ _ 1936 J I 997 Sale 99
8
983 10014
8
9978 50
10614 108
Cons 30-year 66 series A._1948 F A 10378 Sale 10318 10358 80 1012 103
9 '
2
8934 92
Cons 30 year 54e series 13_1953 F A 10014 Sale 995
97110014
10014 211
94
94
Bing & Bing deb 6 4s
1950M
9414
93 Sale 93
1
93
92
93
Booth Fisheries debit 68_1926 A 0 10214 ____ 10118 Feb'27 -- 1014 101 11
92
841 8614 Botany Cons Mills 6 431.......1934 A 0 85 Sale
:
843 92I,
7734 79
4
8614
85
921 9212 Brier Hill Steel let 545..._1942 a 0 10
:
05
73
4 14 10318 176
41s Sale 10414 1043
Wway & 7th Av 1st g 5s.._ _1943 J
18
75 Sale 75
77
98's 99
Ctfe of Sep stmpd Dec.'26 lot
753 Sale 74%
7558 14
1023 103
2
Brooklyn City RR 5s
1941
9318 95
931 9334
93
943
8 19
874 88% Bklyn Edison Inc gen 55 A 1949 J J 105 Sale 105
8
10514 30 1034 108 4
1033 10512
4
General 6e seriee B
19303 J 104 10438 10312 104
4 4
4 1023 10 %
10118 10118 Bklyn-Man R T see Om
1968
9813 99 ii
J 983 Sale 98%
7
4
994 316
1054 1073 Bklyn Qu Co & Sub eon gtd Se'41 MN 64
8
8312 68
6412 64 Mar'27
100 1004
let 158
.19413 .1 794 84 8 42 Mar'27
791 7913
.
79
8
10414 10.4 Brooklyn R Tr ha cony g42002 J J
MO 10212
3-yr 7% secured notes_ _1921 J
13612 Nov'25
10014 102
Ctfe of deposit stamped
12812 Nov'25
100,8 10114 Bklyn Un El let g 4-55
94 "0;
1950 F A -51 -66 95
9512 25
15
15
94
Stamped guard-Se
1950 F A
9513
9512 Sale 943
4
9512 59
893 91
8
Bklyn Un Gas 181 Num g 56_1945 N N 1053 _ _ _ 1053
1
7
1 1025 105 4
4
4 1053
4
99
99
let lien & ref fie series A_1947 It1 N 11452 Sale 11458
5
1145* 18 113 3 11644
Cony deb 54s
1936.1 J 15912 Sale 159
1593
4 18 156 162
94
94
Buff & Susq Iron if 511
19323 D
92 4 924
1
,
9214 Jan'27 -.90
90% Bush Terminal let 48
90 4 913
,
4
9112 93 918 Mar'27
Coma' 5e
95
/ 98
1
4
21
98
98 Sale 97
5612 64
Bush Term Ridge 156 go tax-ex '80 A 0 100 Sale 100
99 101
/
1
4
100% 21
39% 4134 Cal G & E Corp unit & ref 58.1937 MN
3 101% 193
10112 103
94% 9914 Cal Petroleum s I g 0j4.1933 A 0 103 Sale 19321 19338 6
4 103% 1044
8
_6ij4
05: 06
93 8 94 4
7
3
Cony deb s f Se
9512 987
1939 F A
8
Sale
99% 1004
Cone deb s f 1 i5
1938 MN 99% Sale 99% 10014 132' 99% 1024
Camaguey Suit let erg 7e
1942 A 0 9912 Sale 991
: 9912 12
953 10014
4
9158 iier Cent Dist Tel let 80-yr 58. __19435 D
_ _ 10214 103%
1025* 103 103 Mar'27
1085 113
8
Cent Foundry let s 8e_May1931 F A 98 Sale 973
4
98
963 98
4
17
1015 103
8
CAM LAA4ber Istlisflsffie 104113 1 10212 Sale 102
10212 10 101 10212
1956
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 1.
New York Bond Record-Continued-Page b
Z.a.
Price
Friday,
April 1.
Range
Since
Jan. 1.
Week's
Range or
Lan Sala
Bid
Ask Low
High
Central Steel 1st g e f 8a____1941 M
11912 1207 120
2
120
Ceepedes Sugar Co 1st s f 7 Ms'39 M S 9812 99
99
99
Chic City & Conn Rye 5s2an1927 A 0 6012 62
61
6112
CI:0 L & Coke let gu g 58_1937 J J 102 10214 102
102
Chicago Rye let 58
1927 F A 773 Sale 7712
4
79
Chile Copper eons 68 ser A._1932 A 0
10978 1097
2
Clncin Gas & Elec let & ref 55'56 A 0 1013 ____ 10178 102
4
5 Me aer B due
Jan 1 1961 A 0 10412 Sale 10438 10412
Mice Berv Pow & L f 6s___1944 M N 1023a Sale 1003
8 103
Clearfield Bit Coal let 4s___1940 J J
8512 Mar'27
Colo F & Co gen e f 5e_ ___1943 F A
983 100
4
983
4
99
Col Indus tat & coil 5s gu__1934 F A 9534 Sale 9512
96
CoI&9thAv 1st gu g 5a_1993
S
10
Oct'25
Columbus Gas 1st gold 5a__1932 J
955 98
963 Mar'27
8
Commercial Cable let g 48_2397 Q
80
81
82 Mar'27
Commercial Credit 5 1 fte__1934 M N 9612 Sale 9612
9612
Col tr f 5M% notes
1932.1
913 Sale 913
4
4
92
Commonwealth Power Ss_ _l947 M N 1047 Sale 1045
8
8 10478
Computing-Tab-Rec a f (36..1941 J J 10612 Sale 106
10612
Conn Ay& L let&ref g 001951 J J 96 Sale 9618 Feb'27
Stamped guar 4 345
1951 1 .1 97 9714 96
9614
Consolidated Cigar s I 8s
1936 A 0 995 Sale 995
8
8 100
Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s_1956 J J 9914 Sale 99
993
4
Cone Coal of Md 1st & ref 56.19503
8012 Sale 7952
8012
Canso! Gas(N Y)deb 5 Me_ _1945 F A 1057 Sale 10512 106
8
Coot Pap & Bag Mills ft Ms 1944 F A
76
77
7512
76
Consumers Gas of Chic gel 5e 1936 1 D 10114 10112 10214 Feb'27
Consumers Power let 55_ _ _ _1952 NI N 10318 Sale 10318 1033
4
Copenhagen Telep ext Se__ _1950 A C 10114 Sale 10114 10114
Corn Prod Refg let 25-yr s 15a '34 M N 1013 Sale 1013
4
4 10212
Crown Cork & Beal 181 s f 68_1942 F A 100 Sale 9812 100
Crown-Willamette Pap 8&....l951 2J 100 Sale 10012 1003
4
Cuba Cane Sugar eons 7s_ 1930 1J 9612 Sale 9612
987
2
Cony deben stamped 8% _1930 .1
903 Sale 994
4
997
2
uban Am Sugar let coil 88_193
108 10814 108
10812
Cuban Dom Bug 1st 734s_1944 M N 101 Sale 10012 101
Cumb T & T 1st & gen 5e_1937
J 1015 Sale 10158 1013
8
8
Cuyamel Fruit let s f 6sA
1940 A 0 9012 903i 94
9412
Davison Chemical deb 8348.1931 1 .1 903 Sale 90
4
9212
Deny City Tramw let con Esi 1933 A 0
924 Aug'25
Den Gam & E L ist & ref it f g 58•51 MN
087 Sale 9878
2
987
8
Stamped as to Pa tax
M • 983 99 99
4
99
Dery Corp(D 0) 1st a f 7s__1942 M S 783 7914 7812
4
797
2
Detroit Edison 1st roll tr 58_1933 J
10158 10214 102
10214
let & ref 58 aeries A_July 1940 M
1023
4
1023
8 10312
Gen & ref Est sertee A
1025 103 10258 10258
8
let & ref (le aeries B_July 3,9 :
17 1
8
1.A 4. 1075 Sale 1075
8 108
Gen & ref 5e eer It
8
1955 J D 1027 Sale 10278 1027
8
Get United let cone g 434e 1932
935 94 9418
8
9412
Dodge Bros deb 65
hI
9012 Sale 894
921:
Dold (Jacob) Pack let Cts
P( t
1
1
171 86
874' 86
9612
Dominion Iron & Steel 56_1939 M S 541 55 1 534
/
4
5412
Certificates of deposit
5414 55
54
54
Donner Steel 1st ref is
19423 3 964 0712' 963
4
963
4
/
1
Duquesne Lt let & coil 6a.._1949 3 3 1055 Sale 105
8
106
let coil trust 5Me eerleaB 19403 J 1051 106 1055
/
4
8 106
No. Low
High
3 1188 1203
4
8
2
9812 1003
4
6112
6
53
4 102 103
85
743 79
4
2 1097 1103
8
4
7 101 10212
4 1043 104
8
/
1
4
270
973 104
8
8512 8512
16
9718 99
934 9412
93
6
12
9
9
10
76
20
32
126
3
_
81
3
5
42
54
9
39
23
34
21
4
13
3
2
19
5
14
11
21
9
6
829
16
11
5
3
45
6
East Cuba Sug 15-yr 51 g 734s'37 M S 106 Sale 1053
23
4 106
Ed El III Ran let con g 45
1935 2 .1 9512
95 Mar'27 -Ed Elec III let cons g 58...._.1995
3 1085 ____ 1083
1
8
8
8 1085
Elec Pow Corp(Germany)6349150 hi S 983 Sale 9812
8
9914 77
Elk Horn Coal ist & ref 6 Ms.1931 J D 99 Sale 99
/
1
4
/
1
4
9912
5
Deb 7% notes (with warr'ts'3l J D 9714 973 9714
4
9714
1
empire Gas & Fuel 7322._ ..1937 61 N 10734 Sale 107
,
10812 53
1st & ref 6 Me(wIth wareta) 41 A 0 10314 Sale 10314 104
.
106
[equip Gas Light 18t con 5s 1932 M
100 1005 10018
8
10018 21
Federal Light & Tr let 513....1942 5
11
9514 953 9514
4
9512
3
151 liens f 5s stamped _ _ _194. M
951 Sale 95
:
9558 10
let lien 65 stamped
1942 AI
103 104 1033
11
4 104
30
-year deb 6s aer B
19543 0 983 99 99 Mar'27
4
_
Federated Metals a f 72
1939 .1 ID 89
90 89
891: 14
Flat deb 75 (with wart)
1067 Sale 1065
2
8 10734 193
Without stock purch warrants 3 3 9614 Sale 9512
9 6 ---.
97
109
Fisk Rubber lot 5 f 8s
1941 M S 11512 1157 11512 11538
8
5
Ft Smith 1.t & Tr 1st g 5a
1936
8814 90
90
3'
89
Frametle Ind & Dev 20-yr 734s'42 J .1 10252 Sale 1023
4 10312 47
Francisco Sugar let et 7/0.1942 M N 1081 Sale 107
:
10812 11
French Nat Mall SS Lines 75 1949 I 0 9812 Sale 0812
99
66
Use & El of Berg Co cone g 581949 i D 102 ____ 10278 Feb'27
__ I
Gen Asphalt cons 6s
1083 Sale 1065
4
8 1087
8 26
Gen Electric deb g 344s....1942
2
4
CI 92
A
93 92
92 8
3
2
Gen Elec(Germany) 75 Jan 15.'45
1045 Sale 10412 105
8
37.
El I deb 6 Me witb war
1940 J D 118 Sale 11312 118
142
Without warr'te attach'd '40 J D 10114 Sale 1001
4 10114 3
3
Gent Petrol let s f 5s .
194011' A 101 Sale 10034 101
72
Oen Raft 1st f g Os ser A
1952 If A 103 Sale 103
103
5
Good Hope Steel & sec 7s1945 A 0 10231 Sale 10212 103
25
Goodrich (B F) Co 1st 6 Ma_1947
1063 Sale 1083
4
4 10712 52
Goodyear Tire & Rub 1st es_1941 MN 12112 Sale 121
12178 35
10
f deb a 88_ 1% u v 1931 F A 11012 Sale 11012 111
-yours
31
Gotham Silk Hosiery deb 68_1936 J D 9918 Sale 9918
9958 43
Gould Coupler 1st s 65..._ _1940 F A
8312 Sale 8312
8312 11
Granby Cone M 8& P con Se A'28 M N 100 10112101
3
101
Stamped
1928
101 10512 102 Mar'27 Cony deb 7e
1930;1 144 146 14213 14512 30
11
•1
Registered
1
_ 143
143
Ot Cone El Power(Japan)75.l544 F
983 99
4
983
4
98
/ 40
1
4
Great Palls Power 1st s f 5s_.1940 M N 1033 10412 1033
4
1
4
4 1033
Hackensack Water 1st 48___1952 J J 88
8814 8712 Mar'27 -Hartford St Ry 1st 45
94
95 9312 Mar'27 -Havana Elec consol g 5s__ 193° F A
952 M S 977
8
9614
963
4
3,
Deb 534s series of 1951_ 1951 M S 89 Sale 883
8932 28
4
Hershey Choc 1st & coil 534e1940 J J 1027 Sale 10213 103
8
46.
Hoe(R)& Co 1st6 Me ser A _1934 A 0 1005 101 18 101
8
10138 III
Holland-Amer Line 68 (flag).1947 hi N 10012 Sale 9914
4 91
1003
Huddon Co Gas 1st g fe_. _1940 M
10212 10312 1023 Mar'27 -8
Humble Oil& Refining 5145_1932 J
10238 Bale 10214
1025
8 22
Illinois Bell Telephone 66...._1956 3 D 10334 Sale 1033
8
4 104
Ulinole Steel deb 4 Ms
19411 A 0 9914 Sale 90
9914 21
Dewier Stec ICorp e f 7s
1946 A 0 1011 Sale 10112 10134 47
/
4
Ind Nat Gas & 011 56
N
1936 M
98
99
9812
9812
1
Indiana Steel let 55
1952 151 N 104 1045 10414
26
8
105
Ingersoll-Rand 1st 58 Dec 3119393
100 ____ 9934 Deo'26
1945'Si P. 1034 Sale 10238 10312 95
Inland Steel deb 51.0
Inspiration Con Copper6 Me. 931 21
10118 10112 10112 10112
5
(nterboro kietrop coil 434s_ ,, 56 A 0
20
11
Apr'26
Guaranty Tr Co etfe del/
13 Nov'26
CU dep stpd wad 16 sub..
1012 May'25
Interboro Rap Tran let 58..1966 J .1
77 Sale 751:
767 205
81
J
7614 Sale 75
/
1
4
Stamped
76
/ 454
1
41
1932 A 0 7912 Sale 79
-year 135
10
81
803 125
.1932 M S 98 Sale 967
-year cony 7% notes.
10
8
98
83
lot Agile Corp let 20-yr 58_ _1932 M N
85
864 89 Mar'27 _
_
Stamped extended to 1942_... M N
70 Sale 70
70
2
Inter Mercan Marines f 60_1941 A 0 10034 Sale 993
381
4 102
1947 3J 977 Sale 973
International Paper 58
8
9814 72
4
915M
10212 Sale 10124 103
RefsfOsserA
56
1941 4 0 9818 Sale 973
Cons deb Se
4
98
/ 80
1
4
,
tot Tele° & Teleg cons 5148 845 M S 1093 Sale 1093s 110
302
4
/
1
Italian Cred Consortium Is A1937 M S 964 Sale 9612
974 37
1947 M S 9518 Sale 9512
4' 41
953
Esti sec s f 7s tier B
95121 603
Halloo Public Utility ext 78_1952 3 J 9514 Sale 944
81 58
10652 107 10658 1067
Jurgene Works Be(fief roue)-1947
2 26
8
Kansas City Pow & Lt 5a_1952 M S 1037 Sale 10378 1043
10512 19
Kansas Gas & Electric 62_1952 M S 105 Sale 105
12
8
108
(Julius) & Co lets f 7e'42 F A 1077 Sale lon
Kayser
993
s 13
Keith (S F) Corp let 6e_ _ _1946 111 S 9812 Sale 9812
10412 21
Kelly-florIngf Tire8% nets.. 1931 hi N 10412 Sale 104
1
-56; 97 4
77
82
9512 97
9012 92
1043 10512
s
104 4 10612
3
9612 9612
943 98 1 2
4
9812 1013
8
99
76
105,2
75
101
83.5
10614
81 12
1
8
14
11214 10
110031
10981018s
2
93 4 100,
3
993 101
8
9914
95
9814 102
10712 1083
4
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 1.
NM.
Heyston Telep Co let 58_1935 J J
(Inge County El & P g 5a___1937 A 0
Purchase money lis-----1997 A 0
Kings County &ley let g 48_1949 F A
Stamped guar 45
1949 F A
Kings County Lighting 5s__A954 J 1
First & ref 634s
1954
J
Kinney(OR)& Co 7%% notes'36 J D
Kresge Found'n cell tr 65_ _ _1936 3 D
Lackawanna Steel 1st La A._1950 Al S
Lac Gas L 01St L ref&ext 58_1934 A 0
C011 & ref 534s series C__.1953 F A
Lehigh C & Navel 430 A 1954 3 J
Lehigh Valley Coal 1st g 58_1933 J .1
1st 40-yr gu int red co 4%_1933
J
Ist & ref e 1 5s
1914 F A
1st & ref a f 58
1944 F A
let & ref is
1954 F A
1st & ref Is
1984 F A
let & ref s f 5a
1 s
Lox Ave & P F 1st gu g 5s.._1994 Ni
187
3
Liggett & Myers Tobacco 76_1944 A 0
Registered
0
5e
1951 F A
Registered
Liquid Carbonic Corp tle„ _1941 F A
F
Loew's Inc deb Sc with warr 1941 A 0
Without stock pur warrants.
Lorillard (P) Co 75
-6
1944 A A 0
Se
1951 F A
Registered
F A
Louisville Gas & Elee (Ky) 56 52 M N
Louisville Ry let cons 5a. _1930 3 J
Lower Austrian Hydro Elec Pow
let e f 8 Ms
1944 F A
Price
Friday,
April 1.
Week's
Range or
Last Sale
Range
Since
Jan. 1,
High No
Ask Low
Bid
94
10
94 Sale 94
104_ 10372 Mar'27 --12512 120 12514 12614 16
- 14
6
8418 Sale 84
84)4
8414 10
84
8418 85
10318 _-- 1034
10314 10
117
117
8
__ 117
1
1041 105 115
:
105
20
103 Sale 103
103
13
101
101 Sale 10014
: 10
10012 1014 10012 1011
65
1043 Sale 10438 105
4
983 Mar'27
4
9812 100
10014 1014 10114
/
1
1911 ---i
/
4
Jan'27 ---9512 ____ 97
101 ....101 Mar'27 -997 ____ 100 Feb'27 ---8
993
4
100 Feb'27 -993 10012 997
4 8
997
8 10
1001:
100 101 100
9
404 Feb'26 ---:
iST 12i - 121
__ _14
12114
_
4
11718 __. 10212 May'26
14
: 104
1131 10414 1031
:
1014 Feb'27
1.0it Ty 1-6,i,-2 106
41
107
8 95
1045
1037 Sale 10314
8
4 63
971 Sale 9714
:
973
9
118
118 Sale 117
____ ____ 11812June'26 --_
3
9715 99 983
4
9918
4
_ ____ 963 Mar'27 -- -_
66
1003 Sale 10012 101
4
11
9512 9512
96
95
--
Low
High
93
94
10312 103 8.
7
12414 13614
82
86
81
86
10112 1044
11214 1174
1
1007 10512
8
102 10312
/
4
9914 1011
1004 1024
1033 105
4
/
1
4
9712 981
4
10118 1017
2
97
97
101 104
99 10012
/
1
4
99 4 1004
3
9958 10012
100 100
12
120
122 a
5
10211
10114
104
101
965
8
117
104
.1011
4
113
105
/
1
4
99
120
--
-963 10 -1
4 -- ;
0
9634 97 4
8
99 101
/
1
4
94
964
11
897 9512
8
1081 102
8 : 8114 Menial Sugar )st s f 7148-1942 A 0 10614 Sale 106
0
10612 26
94. 95
Manhat Ry(N Y)eons g 418_1990 A 0 6812 Sale 68
687
8 28
90
97
25 45
Mar'27
_ Manila Elec Ry & Lt s f 55.1953 IM 0 951 6114 61 2
,4
957 ---a
9
213 I 13 55
0
. 96
i9
"I - 12 Market St fly 78 ser A Apr111940 Q .1, 973 Sale
71
47
8
1
9814 9914 Mar Ed ist & ref g 13a ser B_1952 F A! 10818 1083 1,:8111
6
4
10814
761: 81
1st & ref Is series C
:
4 10112 16
1953 3 J 101 1011 1003
/4 Metropolitan Power lot 65 A1953 J 01 1053
1013 102
8
1055 Mar'27
8
4
8
102 2 1035 Metr Wes Side El(Chic)45-1938 F Al 7712 78
78 Mar'27 ---2
102, 1043 Mid-Cont Petrol let 6,345._1940 M E3 1043 Sale 1043
8
982
7
4
100471:
0
4
2
10712 108, Midvale Steel &0cony s f 56 1936 M 5 09 Sale
109
18
1011 10318 Milw Elec Ry&Lt rehtext00'31 3 JI 934 Sale 9818
/
4
98
/ 26
1
4
93
951
: General & ref 55 A
4 10014
1951 J D 10014 Sale 993
7
8912 96
1st & ref 52 B
9912 40
8
1961 J D 9312 Sale 987
8958 Milwaukee Gas Light 1st 45.1927 MN 997 100
86
2
8
994
994
48
57
Montana Power let 55 A
J J 102 Sale 10134 10218 30
1943
4914 5514 Montreal Tram let & ref 5e..19412 .1 9134 Sale 993 Mar'27
8
957 98
8
Gen & rats 1 55 series A 1955 A 0 96's. - 9018
9914 18
105 10612 Morris & Co let s f 434s.....1939 J .1 8614 863 8614
88
51
4
104 106
/
1
4
Mortgage-Bond Co 4s ser 2_1966 A 0 83
81 Dec'26
I0-25
081: 974
19323 J 9712 -year 5e series3
9712
1053 108
4
Murray Body let63481934 3 D 9712 Sale 974
973
4 21
944 9518 Mutual Fuel Gas let au g 58_1947 M N 1015 103 10112 Mar'27 --__
8
1067 10 / Mut Un Tel gul b ext 4% 1941 111 N 1013 103 1914 Jan'27 -- _ _
e
1
4
4
/
1
97
984 10
0
118-' Naseau Elec guar gold 45...„1951 3 3 61 Sale 634
/
1
6112 18
974 National Acme 1st s 1 7 1i5_ .12131 J la ____ 983 98
95
8
1
4
/
1
4
985
2
1054 109, Nat Dairy Prod 6% notes-1940 54 N 1023 Sale 10214
4
10234 59
2
4_
98 1.04 Nat Enatu & Stampg 151 55_1929 J 13 1023
103
133
4 - 3993 101
4
:
Nat Starch 20-year deb 58_1930 J J 993 1064 991 Oct'26 --_
I
95
964 National Tube ist 5 f Us_ ...i952 M N 1044 10412 10418 1044
/
1
95
____ 10214 Sept'26 --9614
Registered
M N
i
103 104
Newark Congo!(Ins cons 5s 194111J D i5ii4 _ _ _ _ 10312 10313
4
99
/ 104
1
4
New England Tel & Tel ed A 1952 J 0 lon Sale 103
97
91
9672 43
lid g 4 Ms series B
89
4
1961 M N 963 Sale 9612
9212 10812 New On Pub fiery 181 58 A...1952 A 0 9612 Sale 9512
9612 45
59
913 97
4
First & ref 52 series B
96
1955 J D 954 Sale 9512
4
4
115 11614 N Y Air Brake 1st cony 6s 1928 M N 1093 1013 101 Mar'27 -/
1
8712 90,4 N Y Dock 50-year 1st g 48_ _1951,F A 854 853 8514
s
8512 12
ggi: 103 4 NY Edison 1st & ref 634s A.1941 1A 0 1153 11512 1153
8
3
5 1153
4 14
2
10312
1063 109 _,
4
First lien & ref 52 B
1944 A 0 10312 Sale 10312
4
943 10014 NY Gas El Lt & Pow g 5a....1948 J D 1063 107 10612 1063
4
4 11
22
1027 102,
8
s
93
923
4
Purchase money gold 45_1949 F A
10614 11212 NY LE& W C & ItR 5/0_1942 MN 10118 ____ 101 July'26 -_jai_
7
91
93
NYLE&WDoek&Imp 5819433 31012 Mar'27 -_ Iiii_10034 Mar'27
103 10512 NY & Q El L & P 1st g 68....1930 F A
1131: 119
NY Rye 1st RE & ref 4s
1942 J 3 ____ ___6712 Dec'26 --1
58
9914 102
62
62
Certificates of deposit
54 -- 8 Dec'26-...
08
4
1004 102
30-year ad! Inc 55. _. _Jan 1942 A 0
512 10
10112 10312
512
512 11
Certificates of deposit..__ I-9912 103. N Y Rye Corp Inc 6a. _ _Jan 1965 Apr
101
28 Sale 26
28
105 8 108
7
11
83 82
/
1
4
83
Prior lien fts series A
1965 1 J 82
12.. 122
/
1
4
NY & Richm Gas 1st 6s1951 M N 104 ___ 1044 Mar'27 ._
11018 111
NY State Rye let cons4 Me_1962 M N 57 Sale 5712
/
1
4
581s 35
9914 10014
let cons Ohs sec-lee B
2
4
1962 MN 7814 7834 783
783
4
8314 87
N Y Steam let 25-yr °seer A.1947 MN 10612 107 10614 1063
4 18
101 102
N Y Telep let de gen a f 4345.1939 M N 9912 Bale 9912
99
/ 23
1
4
101 102
30-year deben s f 6s__ _Feb 1949 F A 11018 Sale 11018 1104 76
127 15358
4
20-year refunding gold 68_1941 A 0 1083 Sale 108
1083
4 63
143 143
Niagara Falls Power 1st 55_ .1932 J J 102
____ 101 Mar'27 -.
i
97
/ 9912
1
4
Ref & gen 65
8
Jan 1932 A 0 1045 ____ 10512 10512
1023 106-,. Niag Lock hi 0 pr lst 55 A__1955 A 0 1011 Sale 10114
4
1015
8 30
:
14
864 3712 No Amer Cement deb 6 Me A.1940 M S 9'.02 Sale 9014
91
93,2 9358 Nor Ohio Trac & Light 6s...1947 M S 967 07
14
/
1
4
97
96
a
9512 973 Norn States Pow 25-yr 58 A.1941 A 0 101 Sale 1003
4
4 10112 61
/
1
4
16 i
8t3 90
4
Registered
A 0 ____ ___ 19914 SetA'1 4 ... n
1011 103 4
/
4
3
let & ref 25-yr 68 series B_1941 A 0 10514 Sale- 05
98 101 12 North W T lst fd g 4Me gtd_1934 3 3 98
9812 98
984 15
4
9112 1003
Ohlo Public Service 7 Me A__1946 A 0 11512 Sale 11512 11512
103 103
6
let & ref 75 series B
1021s 10214
4
8
1947 F A 1145 1143 11458 11458
3
1023 104,4 Ohio River Edison let 6s__ _1948 J 3 1053 10612 1057g
4
4
10812 12
963 9114 Old Ben Coal. let fle
4
8 10158
9°7
2
/ Ontario Power N F let 52_1 9 4 ir A 1015 Sale 015
1
4
100 102
/
1
4
43 13 A 88 8 884
19
/
4
2
98
8
9812 Ontario Transmisslon 52_
1945 M N 1013 Sale 1018& 1011
941: 12
Otis Steel 1st NI 5s ser A._ _1941 M S 9358 Sale 9358
10312 105
- Pacific Gas& El gen & ref 58.1042
10108 59
J 1001 1 Bale 10018
Mir. iiiii., Pan Pow & Lt IstAref 20-yr 548'30 .1 A 10018 10038 11,04 10058 17
F
10213 22
10118 1015 Pacific Tel & Tel 1st 5a
5
1937 J 3 102 Sale 102
8
1025
8 19
Ref mtge 52 series AN 1025 Sale 102
Pan-Amer P & T cony s I 6,8_ MI P N 1034 Sale 105 8 105
1033
0478 242
A
1st lien cony 10-yr 7s____ 1930F A 105 Sale
7
-iiri 114 Pan-Am Pet Co(of Calleonv 68'40 J D 944 Sale 9418 971: 74
754 791, Paramount-Bway let 5%2_1951 J J 100 Sale 9912 10014 29
79
821 Park-Lex et leasehold 6 Me__1953 J 1 863 Sale 863
:
4
4
91
25
967 99
8
Pat & Passaic0& El cons 58.1949 SI fil 1021 10314 103 Mar'27 --_
/
4
86'2 90
0
Penn-1)151c Cell...1 65 A _ _ .194! M S 1901? Sal! 11312
0l 1
0
r 27 45
6712 83 Peop Gas & C let cons g8
Mar'27
A 0 11313
9558 1027
8
/
1
Refunding gold 5a
1013
4
3
1947 M I 1014 102 10134
941: Philadelphia Co coil tr fle A.1944 F A 1035 10378 10334
97
8
1043
4 36
995a 103
15
-year cony deb 15Me
4
1011 10
/
4
1938 he 8 1013 Sale 10114
973 98
4
/ P1211a & Reading C & I ref5e_1973 3 J 101 102 101
1
4
102
28
108 110-" Pierce-Arrow Mot Car deb 851943 M 8 105 Sale 105
/
1
4
105
19
9612 967 Pierce 011 deb a f 88. _Dec 15 1931 J D 100 Sale 100
8
100
4
9512 97
91s91
Pillsbury Fl Mills 20-yr 68_1943 A 0 105 1073 10312 11312
992.0040012
!
91%
2
1
90
3 9612 Pleasant Val Coal ldgsf 58.1928J 3
1044 10912 PocahConC011ieries 18181 531957 J J91
3
/
1
4
3
3
103 1058 Port Arthur Can & Dk 65 A.1953 F A 103 1043 105 Mar'27
4
3
4
181 M 88 series B
103 4 1053
105 Mar'27 - - __
1953 F A 105
,
106 4 1041. Portland Elec Pow 1st 112 B.1947 M N 10114 101 1014 10112
3
-12
7.
98
993 Portland Gen Elec let 55_ .1935_
4
J 1004 1014 1003
/
1
/
1
8 1001
: 2
:
99 1051 Portland Ry let & ref 5a_ _ _1930 M N 95 8 Sale 9514
3
5
.
9512
10413 108
/
1
6714 714
60 63
3
93 4 97
9812 97
1s
10512 108 s
1
100 10112
10514 106
76
80
1043 1054
4
9714 9914
981e 99
9914 10012
98 100
9812 100
s
1011 1025
:
9812 99 2
5
91314 100 4
8
8814 894
1
94
'941: -94
9414
--
----I
9658 98
9102 9812
loll2 IOUs
1011 101
4
/
1
4
6052
9812
100
1014
2
02
1s
102
10314
103
jai&
10258 10311
103 104
9514 97
95
984
95
9614
100 4 10214
3
84ss 1357
a
11512 116
1025 104 8
8
3
106 1074
9214 93
s
10158 1017
locus 1011
:
-6 63
---- -512 512
29
307
s
82
8514
102 10418
53 4 594
3
82
71
10514 106 e
7
985 997
s
2
1101s 1111
2
1077 109
8
1001 103
:
1041: 106
10014 1011a
90
934
9512 974
100 10112
10458 106
98
984
114 116
1133 11512
4
10518 1004
90
9184
101 102
10044 10158
9312 964
99 1001
/
1
4
,
994 1011
5
4
10114 10212
1002 103
1035 10611
8
104 4 10614
3
944 10012
98 10011
864 93
12
10314 103
994 101
1131: 115
/
1
4
1011 102
/
4
10314 1047
s
:
1001 102
100 10212
1043 1074
s
100 103
/
1
4
10214 10412
9912 9912
91 12 9212
10434 105
/
1
4
1043 105
5
10014 102
100 101
9412 97
APR. 2 1927.]
THE CHRONICLE
New York Bond Record-Concluded-Page 6
BONDS
Si. Y STOCK EXCHANGE
Week Ended April 1.
rm.
Prtday.
April 1.
195;'
Quotations of Sundry Securities
All hond orieen .we'l•nr1Intereerl. oreenr where marked
Weve
•
Range or
Lase Sale
Rang.
Since
Jan. 1.
Standard 011 Stocks Par BM. Act.!
Public
Per01. Bast
Angio-Amer 011 vot stock _ £1 *18% 19141 American GasUtilities
& Electric-1 *7234 73
14
Non-voting stock
£1 •18
1812 6% preferred new
1 *9812 100
BM
Ark Low
High N.. Low
100 110 111
High Atlantic Refining
Deb (is 2014
Portland Ry L & P let ref 5e.1942 FA 9512 Sale 9412
M&N 10334 10414
1173 118 Amer Light
4
9512 11
Preferred
100
91% 95,
& Trac com-100 225 228
1s1 lien & ref Bs series B..._1947 MN 10114 102 10114
9 1004 1014 Borne Scrymser Co new.... 52
10112
57
Preferred
let & refund 7.345 series A_1948 MN 10714 Sale 10714
100 116 121
1 106% 108
10714
Buckeye Pipe Line Co----50 •48
4912 Amer Pow & Light pref-100 100 101
Pressed Steel Car cony g os_ _1933
3 904 Sale 98
9738 160
9412 97% Chesebrough Mfg
25 *79
81
Deb 68 2016
Prod & Role 188(with warla)'31 3D 11118 Sale 11118
M&S 13212 10314
1 111% 11114 Continental 011 v to
11118
519
10 '
19% Amer Public ULU oom__-100
Without warrants attached__ 3D 11118
70
_ 11012
11012 10
Crescent Pipe Line Co
50
7% prior preferred_ ___100 161; 9212
Pub Serv Corp of NJ sec 65_1944 FA 10518 Sale 10412 10512 71 110 11112 CumberiandPipe
Line- _100 5012 -Iii91
103 4 10512
5
53
1uticipreferrrd - _100 835 85
Pub Bei% Elea & Gas let534e1959 AO 10478 Sale 10478
d e aa & E ea_Drei
4
.$
10518 33 1043 106
Eureka Pipe Line Co____100
4
Associated
*52
let & ref 5348
53
1964 AO 10518
1043
4 105
" 3 104 10512 Galena Signal Oil coin...100 10
11 Blackstone Val G&E com-50 •108 10912
Pub Serv El Pow s f lst, 6$_ _1948 AO
10738 1073
8 1083 1073
8
Preferred old
100 48
52 Com'w'Ith Pow Corp new--1 *443 45
4
4
Punta Alegre Sugar deb 7s_ _1937 J J 115712 10168 107
4
.
8 107 11112
Preferre I new
10712
100 40
45
Preferred
Rand Kardex 5345(with warr)'31 J r 160 165 165
9612
100 96
165
15 10212 170
Humble Oil & Refining_ _ _25 5712 577 Consol Gas
Without stock pur warrants._ _
6% prof
ao *5638 56%
10112 10158 10111 10112 28 100 101% Illinois Pipe Line
100 13612 137
Elec Bond & Share
Remington Arms 65
1064
4
1937 MN 97 Sale 964
29
Imperial 011
97
*4412 443 Elea Bond & Share pref _100 6938 1063
95% 97.5
4
Repub I & 1310-30-yr 58 1_ _1940 AO 1013 - -- 10212 10312 11
693
4
&cur--1
4
1001e 10312 Indiana Pipe Line Co----50 *6614 67
Lehigh Power Securities..
Ref & gen 5356 series A __ _1953
•19
1912
'3 1013 Sale 10114
4
10112 34
98% 10112 International Petroleum__ _t
Rbelnelbe Union 78 with war 1946
99 100
'3 1234 Sale 121
12414 213 11812 12614 National Transit Co_ _12.50 583°13 31453344
1412
Without stk pinch warle_1946 ii 1003 Sale 19012 101
MF1881raisHtipmPtigfelb'sP159w51P_reir_JI&J55 101 101%
8
156
99% 10412 New York Transit Co...100 3112 3212
S F g deb 75 1935_ _M&N 102
Rhine-Main-Danube 78 A. 1950 MS 1023 103 1023
4
4 10312 30 102 10412 Northern Pipe Line Co...100 7
5% 7
8
National Pow & Light pref.' •104 105
Rhine-Westphalle Elec Pow 7850 MN 103 Sale 103
,
10314 27 1013 105
Ohio 011
25
4
5714 Norrefe edes Pow com_ _100 11312 ill
17
p th rt
Rime Steel 1st s f 7s_ __,_ 1955 FA 98 Sale 96
5
963
Penn Nlex Fuel Co
4
25 :516712
93 4 94
3
Robbins & Myers 1st ef 744_ _1952 3D 60 Sale 5912
AOC 10212 10512
60
8
Prairie Oil & Gas new----25 547% 475* Nor Texas
5912 65
Rochester Gas & El 78 ser B_1946 M
Elec Co coM-100 30
33
11114 Sale 11114
8 111 18 11214 Prairie Pipe Line new...
111%
_ _100 14714 148
Preferred
Gen mtge 6358 series C....1048 MS 10514 105% 10514
73
100 70
10514
2 105 10614 Solar Refining
100 182 185 Ohio Pub Serv. 7% pref
Roch & Pitts C&I um bs_.1946
-100 10412 10514
N 90
9212 9212 Jan'27
*18
02% 92,2 Southern Pipe Line Co
191 Pacific Gas & El let pref__25 *2434 2514
Rogers-Brown Iron gen&ref 7s'42 MN 383 Sale 383
4
4
1
383
4
383 49% South Penn 011
25 *3614 37
4
Power Securities corn
Stamped
8
MN
38
38
Southwest Pa Pipe Lines.100 *81
8
38
50
63
Second preferred
32
1 •29
Standard 011 (Callfornia)--- *543 55
4
Coll trust 68 1949.--.1&D 91
St Jos Ry Lt & Pr lot 58_ __ _1937 MN 96
94
963 96
4
9618
9 957
Standard 011 (Indiana)._ _25 *66'8 604
4
Incomes June 1949__F&A *80
St Joseph Btk Yds let 434a_ _1930
88
.) 97%
9734 Feb'27
_
_
975 97% Standard 011 (Kansas)- _ _25
4
414 Puect Soeferred w & Lt_ _100 2812 30
7
6% pru nd Po
St L Rock Mt & P fiestropd_1955
3 7912 Sale 7912
80
20
753 8114 Standard Oil (Kentucky).25
8
ER Paul City Cable cone bs_ _1937 .1 3 9514
88
100 86
- 9514 Mar'27
1437
11611
25 •116 14
9514 95 4 Standard Oil (Neb)
3
7% preferred
San Antonio Pub Serv let66 1952 J
100 107 107
106 Bale 106
106
5 1054 10738 Standard 011 of New Jer_ .25 3 4 367
63
8
1st A ref 536e 1949_ _J&D 130 101
Saxon Pub Wks(Germany) 75'45 FA 10278 Sale 1023
4 103
47 101 14 104
Standard 011 of New York.25 ;0% 2 8 8 s afid Cal Edison
9
3
310 South o4 E
9
8% pf i00 *3412 36
pr pf . 25
Gee tol guar 8346
_
1951 MN 9812 Sale 9814
99
49
Standard 011(Ohio)
9814 9912
100
10812 10912
Sehulco Co guar 6548
10012 Sale 995
1946 J
8 1003
4 17
New...
72
993 101 12
74 Tenn Elec Power let pre 7% 10514 106
8
Guar s f 634e Series B_ _ _19411 AO 997 Sale 99% 1003
8
4 16
Preferred
99 10114
100 11812 119 Toledo Edison 7% pre:
Sharon Steel Hoop let &leer A '41 MS 109 110 108
-100 108 109
10
1 10712 109
Finch
Swan a
100 16
17
8% preferred
Sheffield Farms let & ref 6345'42 AD 10714 10712 10714
100 11612 11712
3 107% 10814 Union Tank Car CO
10712
100 07
1'0
Western Pow Corp pref.100 100 102
Sierra & Ban Fran Power 58_1949 FA 9618 9612 9618
9612 12
95
25 *1053* 10512
967
8 Vacuum 011 new
Silesia Elec Corp $ f 6348-.1946 FA
9714 963
4
2
97
9034 9814 Washington 011
10
Chic it Stk Ld Bk Bonds
Bileolan-Am Exp col tr 74._ _1941 F A 1003 Bale 100
4
10012 45
/
98114 10112
530 Nov 1 1951 opt 1931_ 10012 10154
Simms Petrol 6% notes_ _1929 MN 1004 10112 1003
8 1003
2
Other 011 Stock,
58 Nov 1 1951 opt 1931._ 99% 10054
Ilinelair Cons 011 15-year 75.1937 MS 99 Sale 9914 10 8 125 10054 105
Atlantic Lobos 011
05
973 1023
4
4
t! *1% 114 be May 1 1952 opt 1932._ 9912 101
1st l'n col tr 68C with war_1927 JO 9914 Sale 994 100 4 72
Preferred
50 •278 4 4444 Nov 1 1952 opt 1932.. 983 993
994 10214
41
4
let lien 6348 eerlea B
1938 3D 9618 Sale 9618
132
99
9214 10218 Gulf 011
251 *901 9012 434e Nov 1 1952 opt 1932._ 96 .99
Sinclair Crude 011 3-yr Os A.1928 FA 1007 Sale 10054 1007s 77
8
100 8 1014 Mountain Producers
10 *2412 2434 4345 May 1 1963 opt 1933.. 9814 100%
3
Sinclair Pipe Line,f be
1942 AD 9414 Sale 9414
9478 46
1411.2113/2111 Fuel Gas
100 236 238 Se Nov 1 1963 opt 1933.- 9912 101
924 953
,
Smith (A 0)Corp let 6348_1933 MN 102 ____ 10212 10212
2 1015 102%
New w I
23 4 2414 4SO Nov 1 1964 opt 1934-- 97 1100
3
4
South Porto Rico Sugar 714_19411.1 D 109 Sale 10814
21 107 109
109
sao, Creek Consol 011_10 .7
714 430 Oct
97 100
South Bell Tel & Tel let a f 5819411.1 J i1327
__ 10318 1033
4 23 10212 103% Salt Creek Producers__ _10 *3018 3014 Pac CoastI 1965 opt 1936..Southern Colo Power 68 A.
of Portland.Ore
_1947,J J 13418 fit:le 1033
4 10414 18 10018 10414
S'west Bell Tel let & ref 5e..1954
be 1955 opt 1935___M&N 10114 103
10311 10334 10312 1033
Railroad Equipments
4 20 1023 1037
4
8
Spring Val Water let g 58-1943 MN 9912 100 100
ba 1954 opt 1934___M&N 10118 1023*
1
100
Atlantic Coast Line 68
5.00 4.85
9812 100
Standard Milling let 55
1930 M N 10114 Sale 10114 10114
2 100 102
Equipment6 Siii
4.75 4.65
Sugar Stocks
lst&relS34e
10214
1945M
_ 10214 102i
5 10174 103% Baltimore & Ohio 68
5.05 4.90 Caracas Sugar
Stand Oil of N J deb 5e.Dec 15'46
3
ao •1
132 Bale 1017
8 10258 354 10154 1023
Equipment 4344 & 58
4.75 4.60 Cent Aguirre Sugar cora...20 1011 10112
4
Stand 011 of /1 Y deb 430_1951 J D 96 Sale
3
9512
311
96
Buff Koch & Pitts equip 65. 5.00 4.80 Fajardo Sugar
95s 96
Stevens Hotel let tie ter A __.1945 J .1 993 Sale 993
100 150 152
4
4
93 8 27
7
99 10014 Canadian Pacific 4345 & 65_ 4.95 4.65 Federal Sugar Ref com_100 35
Sugar Estates (Oriente) 76_1942 M S 9012 100
45
9912
4
993
Central RR of N J 68
8
5.00 4.85
9812 100
Superior 011 ist a f 79
Preferred
75
100
1929 F A 100 101 10012
4
4.90 4.80 Godchaux Burma. Inc
9914 10214 Chesapeake & Ohio 86
Syracuse Lighting 1st g 58_1951 3 D 103410312 101
3
t
1031
5 102% 103 2
Equipment6348
4.80 4.70
Preferred
Tenn Coal Iron & RR gen 56_1951 J J 103 16514 1045
20
100 16
Equipment56
4.70 4.62 Holly Sugar Corp coin-.1' •30
103 105%
Tenn Copp k Chem deb Rs. 1941 A 0 100 Sale 100 8 Mar'27
34
Chicago Burl & Quincy 65... 5.00 4.90
100
100 101 14
Preferred
Tennessee Elec Pow let fte„ 1947 J D 10612 Sale 106
85
109 80
10612 24 10518 10712 Chicago & North West 6s
5.05 4.90 National Sugar Refining_100 127 130
Third Ave 1st ref 48
1960J 3 6514 Sale
Equipment8%8
653
4 29
4.90 4.75 New Niquero Sugar
63
66,2
Adj Inc Se tax-ex N Y Jan 1960 A 0 5812 Sale 64%
70
100 65
5812
613 132
4
59'2 6512 Chic R I & Pac 4 Ha & 5a.... 4.83 4.65 Santa Cecilia Bug Corp 1/1100
l'hird Ave Ry lat g 55
1937J J 98 Sale 975
4
Equipment 614
975
8
5.15 54)4) Savannah Sugar corn
97
9812
137 141
Toho Else Pow 1st 78
1955 NI 8 975 Sale 9812
8
57
Colorado & Southern es
98%
5.20 5.00
97% 9914
Preferred
II% gold notes... _July 15 1929 J
100 11(3 120
9812 Sale 98
9914 89
5.00 4.90 Sugar Estates Oriente Id 148 70
9914 Delaware & Hudson (9)
98
Tokyo Elec Light 6% notea_1928 F A 934 Sale 983
73
4
9914 69
9818 99% Erie 4 548 & 58
5.00 4.75 Vertle t Strzar pf
Toledo Edison 1st 75
75
100 65
1941 M $ 108 2 Sale 13814
Equipment&
10814 10 1073 1083
5.25 5.00
4
4
Toledo Tr L & P 534% notes 1930
Tobacco Stocks
934 9918 987
8
9312 18
98 4 99% Great Northern 66
5.05 4.95 American Cigar cam_...100 122 125
5
Trenton G& El let g fat_ _ _1949 M
10218 ____ 10218 Dec'20
Equipment be
4.65 4.55
Trumbull Steel 1st e f 6s
Preferred
100 100
1940
10014 Sale 994 10014 38 -97T2
4.75 4.65 British-Amer Toblic ord_.£1 •24
1661: Hocking Valley be
25
Twenty-third St RY ref be__ _1962 3 J
6712 8712
Equipment68
67
5.05 4.90
6712
Tyrol Hydro-Elec Pow 7348-1956 MN 101 Sale 1007 Mar'27
25
Bearer
£1 *24
4 1013* 23
Illinois Central 4345 & 5e
99 102
4.65 4.55 imperial Tob of GB & Irel'd *25
27
Equipment fis
5.00 4.85 Int Cigar Machinery_..100 140 150
Ujigawa El Pow ef 7e
1945
S 9914 Sale 9934
9938 46
Equipment 76 & 8 He
98 4 100
3
4.75 4.65 Johnson Tin
Underged of London 4345_1933 J J
60
75
9334 9714 933 Mar'27 -4
Kanawha & Michigan Os... 5.211 5.00 MacAndrewsFoil & Met_100 42
95u 914
Income 66
44
& Forbes_ _100
19*
9714
964 Mar'27 967 96% Kansas City Southern 5346
8
5.19 4.85
Union Elec Lt & Pr(Mo)56_1932 M
Preferred
100 102
10174 ___ 10178
10218 14 101 14 10254 Louisville & Nashville fie
5.00 4.8. Mengel Co
Ref & ext 58
32
100 28
1933
N 1023* Sale 10238 102%
5 , 101 14 1023*
Equipmeat6)413
4.75 4.65 Universal Leaf Tob COED ... *45
ODE L&P(111)late 5345eer A1964
47
'3 10278 10318 10212 10314 29 10i5 103,2 Michigan Central 58 &
4
69... 4.95 4.75
Union Elev Ry (Chic)56
Preferred
10(1 103 106
1945 AO 8112 82 81
81
1
81
Union Oil let lien e 158
8412 Minn St P & S S M 4 As & 50 5.10 4.85 Young (J 43) Co
100 105 109
193i J2 10154
PH% 1013
6 10112 102
Equipment 6;0 dt 7s
5.10 4.80
30-yr 65series A
Preferred
May 1942 FA 1085 Sale
100 107 112
4 10834 11 10812 109
Missouri Pacific Os & 63.618._ 5.20 4.90 Rubb Stk.(Cleve'd
let lien s f be series C Feb.1935 AO 99 Sale 1083
onolcitn)
4
99
14
9812 997
4.90 4.70
8 Mobile & Ohio 5s
Untied Drug 20-yr 66.0ct 161944 AD 107 Bale 983
1 *212 4
1063
4 10714 20 10312 1074 New York Central 43.48 & 544 4.65 4.55 Falls Rubber corn
United Fuel Gas Isle f 68..i938 J J 104% Sale 10334
Preferred
26
104% 17 10212 104-,
Equipment6e
4.95 4.85 Firestone Tire & Rub com 10 *125 116
United Rye Si L 1st g 48_ _ _1934
.-- 5
7
7612 77
76
767
8
4
Equipment 721
76
United SS Co 16-yr 6s
4.75 4 65
7714
6% preferred
_
1937 MN 94 Sale 94
100 1343
9434 39
Norfolk & Western 4348._
90
4.65 4.55
United Stores Realty 20-yr 65'42 AO 10518 Sale 1054
95
1011i
7% Preferred
100 100 810518
3 1034 1052 Northern Pacific 78
4.80 4.75 General Tire & Rub corn.
US Rubber let & ref 5$ ser A 1947 3, 957 Sale
8
.26
955*
9614 182
943 9612 Pacific Fruit Express 70 _ _._
4
.
4.70
Registered
Preferred
100 10212 11012
94%
913 944 Pennsylvania RR eq 5s & 6. 4.95 4.60 Goody'r RA R of Can
8
10-yr 734% secured notee_1930 FA 1057 Sale 1053 Feb'27 38
4
91.100 r1013 103
s
4 10814
10314 106 4 Pittsh & Lake Erie 6348.... 4.90 4.70 India 'I'lre & Rubber new.. •
S Steel Corp(coupon Apr 1963 MN 107 Sale 10678 10712
3
_1 . _I 28
103 10618 10i
Equlpment6
5.03 4.80 Mason Tire & Rubber mm.1
• I0-60-yr feireglet_ _ Apr 1963 MN
5
106 Mar'27-10534 11167
4.65 4.55
Unlvereal Pipe & Red 66-1938 JO 893t 831z 8p2
8 Reading Co 4SO & 58
Preferred
2
0
2
90
214
100 ' 24
12
St Louie & San Francisco ba. 4.80 4.70 Miller Rubber
87.4 90
Utah Lt & Trao 1st & ref 5s__1944 AO 9412 Sale 943
k
preferred_100 10112 1024
95
48
Seaboard Air Line 5348 & fie 5.25 4.145 Mohawk Rubber
93% 95
Utah Power & Lt let 55
1944 FA 9818 Sale 98
100
9812 18
97% 99% Southern Pacific Co 434e_
4.65 4.55
Utica Elm L & P let 58
Preferred
40 -I12
1027
1950
1027 Oct'27 8
Equipment 7s
4.75 4.65 Belberitng Tire & Rubber..., .2234 24
Utica Gas & Elec ref & ext 581957
10314 104 10314
4 jai; 1031, Southern 113/ 4345 dr 58
4.85 4.70
Vertientee Sugar let ref 75_1942 JO 9912 Bale 994 10314
Preferred
9812 100
100
9914 25
Equipment68
9814 100
5.05 4.95
Victor Fuel 1st e f 58 _
Water Bonds.
.1953
.1 5712 83
5714 Mar'27
5 10 4.95 Arkan Wat 151 58'56 A&O
5614 57 5 Toledo & Ohio Central Se
Va Iron Coal & Coke ist g be 1949 M
3
95121 96
9412 _
945 Jan'27 - _ _
8
944 944 Union Pacific 7s
4.70 4.85 Him WW let530(4'54.A&O 103 !104
Va Ry Pow let 64 ref be
1
99 Sale 987
1934
4
995* 34
98 8 100
3
Walworth deb 6 14e(wIth war)
let M be 1964 ser B__J&D 9312 100
9612 21
'35 AD 9612 Sale 96
Short Terns Securities
92
96:2
let sink fund 6s series A...1945 AD 95 Sale 95
Butler Wet Coe f be '27.J&J 100
9514 35
Anaconda Cop Mtritia'29J&J 102 1025*
9314 96
Warner Sugar Refin let 75..1941 Jo 10618 1064 1065* 107
58 Sept 2 1931_ _ _..M&S I
9612 98
15
914 10712 cow It 1 & Pac 58 1929.J&J 10314 101
City W(Chatt)
Warner Sugar Corp let 721...1939
10312 104%
534s'54 8 J&
9712 Sale 97
98 1767
5% Ilflte, 1929
NUJ 1033 1014
78% 9814
4
Wash Water Power e f 55_1939
let M be 1954
364 D 98 I 99
973 98 103
4
103
5 1023 103
412% notes 1928
...l&D 9978 10318 City of New Castle Water
4
Westehee Ltg g Ss 44/epd gtd 1950
_ 103 Feb'27
10312
1023 10312 Federal Bug Ref 65'33 MAN 82 86
8
56 Dec 2 1941_ _ _J&D
West Ky Coal 1st 7s
93 I 95
1944 MN 10118 102 10112 10154
3 101 12
Missouri Pacific 5s '27_ _J&J 19018 033
8
West Penn Power ser A 56...l94(1 M
10114 Sale22 10018 10212 Woes-Shelf B & I 8.4 29.F&A 1013 0212 Clinton WW let 511'39_F&A
.
4
10112
Com'w'th Wat 1st 5%BA '47 103
let 5a series E
1013 Sale 1015*
1963 M
4
1.3154 26 10014 103
14
Indus &Miscallo
Connellev W 510ct2'39A&O. 92
2
let 5%a series F
9312
1953 AD 1055* Sale 10512 1055*
6 11)412 1055* 131 er17n )arc
. WIICo
85 E St L & Int Wat 58'42 J&J 96
lware
A7 (
25 *83
let sec be series0
97
10112 Sale 10054
1956
10134 51 100 1013
100 119 123
let M 13s 1942
Weet Va C & C 1st 66
4 Babcock & Wilcox
J&J 103 104
1950.13 79 Sale 79
79
7
S *2112 2212 Huntington let 6554_ -MAE 104
79
80
Preferred
60
50 36
5s
Western Electric deb be
1954 9712 WI;
1944 A 0 102% Sale 1021
10258 23 101% 103
Borden Company coin... 50 *105 107
Mid States WW 68'36 M&N
Western Union coil tr cur 56_1938 3 J 103 10312 102 4
103
2 1016 10514 Celluloid Company
21 MonmConW 1st 5s'56AJ&D 9412 igli
luo 19
4
Fund & real eel g 434e_ __ _1950 M N 98 Bale 973
4
9814
9
Preferred
9712 99 4
Mown Val Wt 5344 '50 J&J
3
15
-year 6%et
9912 10011
1936 F A 1113 Sale 111% 111%
4
11 11114
Childs Company Pref
18
7
100 167 121 Muncie WW 5s Oct2'39 A01
0
25-year gold be
1951
D 1023 Sale 10212 10314 141 101 11214 Hercules Powder
4
10314
- St Joseph Water be 1941A&O
Weeliouse E & M 20-yr g 58_1946 M S 1024 Sale 10214
103
145 101 103
Preferred
512 117 Shenango ValWat 5a 513A&O 94% 95
1°5 115
00 5
-12
We/aphelia Un El Pow 8144.19103
973 9818 97%
8
9812 107
9634 9912 Internet Sliver 7% pref -100 5109 112 So Pitts Wat 181 be 1960 .11&J
Wheeling Steel Corp 1st 5 348
97
98
99 Sale 9814
99
1945 J
105
Lehigh Valley Coal Bales..50
9634 100
White Sew Mach 6e(with war)'36.1 3 10218 Sale 10118
let M 5e 1955
98
F&A
99
J
10212 79
9734 10212 Phelps Dodge Corp
100 125 128 Ter H WW 13a '49 A __J&D 102
Wickwire Spen St'l let 7e_ _1935 J
45
85 50
60
2
RoyalBaking Pow com_100 170 175
50
58
let M 5e 1958 ser B__F&A
Wickwire Sp St'l Co 78 Jan 1935 MN 35 Sale 35
95
96
40
20
Preferred
35
100 101 102
52
Wichita Wat let 6e '49.111648 103
Willys-Overland e f 6 tie_ _1933 M S 1024
10214 10212 Mar'27 -- 1014 10212 Singer Manufacturing-100 375 380
let M be 1956 ser B--F&A
Wilson & C,o let 25-yr e f 66..1941 A 0
95 96
973 Sale 973
4
4 10112 40
97 4 1027
fl *514
3
8 Singer Mfg Ltd
Registered
A 0
93 Feb'25
Winchester Arms 734e
* Pe!: share. t No par va ue. S Basis d Purchaser also pays accrued
1941 A 0 106 Bale 106
14 10412 10614
106
dividend.
Tonnrn Sheet & T 20-yr Se_1943 J
105 Sale 104% 105
138 103 4 105
t New stock.
Flat price. k Last sale. n Nominal. z Ex-dividend.
3
y Ex-r
r Canadian quotation. s Sale price.
..trpage
BOSTON STOCK EXCHANGE-Stock Record s
1958
-PEE SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
March 28.
Monday,
March 28.
Tuuday,
March 29.
Wednesday, Thursday,
March 30. March 31.
Friday.
491411.
Sales
for
the
Weelc.
STOCKS
BOSTON STOCK
EXCHANGE
Range &nes Jan. 1.
Lowest
Highest
("ILK 51111115
Rangefor Precious
year 1926
Lowest
Highest
Railroads.
Shares
100 171 Jan 7 183 Jan 28 159 Jan 1754 Des
616 Boston & Albany
178
77 May 854 July
100 83 Jan 4 94 Jan 15
8612 2,415 Boston Elevated
89 Feb 103 Deo
100 99 Jan 4 102 Mar 22
31 Preferred
101
Jan
100 109 Mar 30 117 Mar 17 11212 Dec 122
339 let preferred
112
984 Jan 112 Jan
100 101 Jan 20 10712 Feb 28
281 26 preferred
4
1033
35 Mar 584 July
100 5118 Mar 7 61 Feb 7
410 Boston & Maine
5412
32 Apr 6112 Dee
100 58 Jan 22 6112 Jan 8
Preferred
____ ____
59 Apr 86 Dee
100 7634 Jan 15 88 Feb 5
12 Series A let pref
--84 Apr 130 Dee
100 125 Jan 8 130 Feb28
5 Series B let pref
130
74 Apr 110 Sept
100 104 Feb 15 113 Feb 4
Series C 1st prat
____
100 165 Jan 15 164 Feb 4 105 Jan 165 Dee
Series D let pre!
___ ____
94 Apr 1074 Dec
105 Jan 13 10812 Mar 19
99 Prior preferred
____10812 10812
3
100 196 Jan 18 205 Mar 30 x17512 Mar 20712 Dee
---------2 Boston az Providence
Jan
Oct 61
28
100 25 Feb 4 30 Feb 26
--------634 East Mass Street Ry Co
Jan
594 Apr 71
100 64 Feb 8 71 Jan 11
let preferred
81
____ - Jan
56 May 89
5
100 60 Mar 14 87 Jan
10 Preferred B
if
61
Apr 4914 Jan
40
100 42 Apr 1 4814 Jan 4
20 Adjustment
42
42
49 Sept 60 Feb
100 4712 Jan 13 74 Mar 29
1,578 Maine Central
g
s
317 Mar 483 July
4
100 41% Jan 8 583 Feb 18
5012 513, 3,758 NY N H de Hartford
Apr 9812 Dee
81
38 Northern New Hampshire-100 9213 Jan 13 10114 Mar 9
100 100
Norwich & Worcester pre1-100 127 Jan 4 140 Feb 15 120 Apr 132 Den
____ ____ ___
Jan 125 Sept
100 122 Jan 4 130 Mar 7 111
259 Old Colony
1
99 Mar 107 Dec
52 Vermont & Massaahusetta_100 107 Jan 6 116 Jan 31
112 112
Miscellaneous.
5 Jan
2 Nov
418 Mar 1
24 Jar 3
687 Amer Pneumatic Servioe_25
33, 33,
312 312 *34 33,
3
4 *34 3 4
314 33
14 34
3
18 Dec 244 June
60 154 Jan 12 21 Mar 17
65 Preferred
1912 1912
*1912 20
20
193, 193, 20
20 20
20
20
1494 Jan 3 16914 Mar 29 13912June 1503 Feb
Amer Telephone & Teleg__100
8
Jan
8
8
8
1647 1675 1675 16914 1853 1683 165 1663, 166 166; 16512 1664 3,740 Amoskeag Mfg
4813 July 71
No par 48 Jan 17 70 Mar 14
8112 6118 6112 6112 6112 1,899
8214 61
8212 82
82
6212 63
7212 Nov 78 Feb
No par 733, Jan 10 85 Mar 7
--------47 Preferred
80
7912 7912 80
07912 80
3
80 80
85
6212 Apr 63 4 Jan
'80
59 Feb 10
54 Jan 19
Atlas Plywood tr ctfe
5814 '57
5814 ---- ____
5814 '57
584 *57
584 +57
814 Oct 1714 Jan
•57
812 Jan 31
8 Jan 22
No par
Atlas Tack Corp
912 ____ _ _
'8
+712 8
__
____
8
'7
81
07
14% May 204 Jan
17 Mar 7 2012 Jan 3
___ _ - _ -- _ Beacon Oil Co corn tr at's_ __
____
17
*____ 17 •_ _ __ 17 •____ -- •____ 17 •_ _ __ 17
74 Nov 984 Jan
7
1,305 Bigelow-Hartf Carpet_No par 77 Feb 17 8612 Jan
4 80
7912 8014 793 80
4 80
4
4 793 803
804 803
8
797 801
5 Jan 3
1% Mar 3
--------200 Coleick Corp., class AT C __
"112 2
*112 2
4 *112 2
13
4
13
71 Dee
+134 2
1,200 Dominion Stores, Ltd-No par 67 Jan 26 78 Mar 30 97 May - 313 Jan
7714 78
78
7658 77% 77
76
76
76
76
112 Dec
3
34 Feb 3
112 Jan 26
10
505 East BoSton Land
212 212
214
"2
2
2
+212 3
2
73 Oct
3
3
.212 3
0
312 Mar
3
7 4 Mar 17
313 Jan 11
5
255 Eastern Manufacturing
*512 8
*54 614 *512 6
8
6
5
5 8 53
44 Nov 884 Jan
6
8
25 45 Jan 4 60 Mar 18
850 Eastern SS Lines. Inc
59
58
58
58
58
56
58
*56
58
34 Nov 45 Jan
57
3
S71z 58
No par 35 Feb 15 39 8 Mar 23
30 Preferred
39
39
4
39
383 '38
3834 .38
*384 39 '3814 39 '38
9014 Oct 994 Jan
3
100 87 4 Feb 17 94 Mar 22
80 lift preferred
____ ____
0
92 .:9112 93
92
93
92 92 •x91
14 Nov 26 Feb
92
92
12 Feb 3 14% Jan 18
Economy Grocery Mores
__ +12
_ "124 __ _ •I2
Jan 250 Feb
*12__ '12
100 217 Feb 18 253 Mar 29 :207
2,551 Edison Electric) Blum
239 240
239 240
50
- 247 2
4
4 - 93---- ---- -3
- 9% 2393 2 - 4 248 253
237 2 3
26 29 4 Jan 26
2712 Feb
1,330 Federal Water Serv corn
2812 294 2814 2812 2814 2812 2814 2812 2812 2812 2812 2812
Oct
14 June 27
Jan 31
Galveston-Houston Eleo_100 2512 Jan 14 30
____ ____
0254 27
"2512 27
"2513 27
11 Dec 17 Jan
02512 2612 *2513 27
14 Feb 3
113, Jan 11
General Pub Sem Corp com
*124 1312 ____ ____ ___
4
•x123 133 *.z1212 13% *124 131 01212 13
19 Feb 2 2112 Jan 4
--------645 Germ Creel& Inv let prof
19
19
19
19
1914 *1914 191
3414 Apr 403, Jan
•1914 1912 19
No par 353 Jan 24 38 Mar 15
850 Gilchrist Co
364 3634
3612 37
364 371
3612 36i
3612 37
3712 371
8812 Mar 11312 Feb
No par 84':Mar 22 954 Jan 11
Mate Safety Razor
1.128
4
873 88
87% 88
4
873 88
874 87'2 864 88
10 May 14 Sept
871
87
25 11 Jan 10 1212 Mar 2
12
1114 1114 --------277 Greenfield Tap & Die
1014 104 "10
12
"11
1112 12
12 Jan 17 13 Mar 14
_ __ ___ _ Hathaway Baking corn
12i _
121 '12
121 +12
4 Feb
121 012
Dec 183- 012
454 121 .
*12
No par 40% Mar 3 47 Jan 3 545 Hood Rubber
ai2 4212
424 43
4212 43
4212 423
Apr 96 July
4112 43
4112 411
53 Kidder,Peab Amp A pref _100 95 Jan 10 95% Feb 3 z93 Aug 10% Dee
64
9514 951 *954 - - *954 - -- ---- ---*954 - -- *954 .. 94 Mar 24 1012 Jan 6
118 Libby, McNeill & Libby____10
141 -------912
lil
512 10
*94 97
10
1218 Jan
912 91
6 July
6 Jan 3 10 Jan 18
25
113 Loew% Theatres
614 614
.
614 *614
*6
614 61
6
6
612 gl
80 Apr 944 Nov
1,848 Massachusetts Gas Cos_-100 84 Mar 25 8912 Jar 5
88
3112 88
8712 8814 874 89
8714 87
86
65 Jan 7018 Feb
8412 86
100 70 Jan 3 75 Jan 25
329 Preferred
73 73
74
73
73 73
3
73
May
73
741
73
7312 74
118 Mergenthaler Linotype_No par 108 Feb 18 112 Jan 21 8104 June 8110
:109 1091 109 10918 109 109
109 109 0
Jan
10818 109
89 Apr 96
0
.:108 109
98 Mar 10
---- ___ -- - Miss Riv Pow stpd prof-100 95 Jan 22
412 Jan
2 Aug
.
3
43 Jan 20
* 9812 - r *59812 - - *19812 - - sz9812 - - - - ---- _ _ _ _
214 Mar 24
98 -_-- :
":
10
205 National Leather
214 214 .. _ _ _
254
214 -112
214 2
12 "24 - 3
212
1513 Jan 294 J111/
2912 Mar 18
--------1,317 Nelson (Herman) Corp.- 6 234 Feb 14
2834 27
27
2612 2634 27
Jan .95 Apr
4 2612 263
4
263 263
New Eng 011 Ref Co tr °Us__ .20 Feb 1 .20 Feb 1 .20
'.20 .25__
•.20 .25 •.20 .2
3 J1119 1012 Jan
0.15 .30 +.15 .3
5 Mar 30
34 Jan 11
leg
10 Preferred tr etfs
4
-------5 •
5
4
4 *---_
4 *
•
,
10 New England Pub Seri 87 pref 91 Jan 18 97 Mar 26 95 , 111-------97
97 0x97__ *29412 98
___
Sept
Slit
97 •z97
97
9714 Jan 26 103 Mar 18
15 Prior preferred
8
8
1021 1003 1003
102 102 *100 101 101
8 Feb
•100 _
*100 _
314 Feb 23 .50 Dec
____ - New Eng South mills_ _No par .80 Jan 7
134 ____ _ __
0.60
.
13
.60
Jan
4
13 •
28
0.60
2 Dec
14
1 4 0.60 - -3'.60 --3- .
84 Feb 28
2 Apr 1
100
6 Preferred
_
3
2
4
4 •____
4 *____
4 •____
0_
*412 6 . _ _ _
4
22 1107 Apr 1183 Feb
8
728 New Eng Telep & Taloa-100 11512 Jan 4 130 Mar
125 12612 12512 126
12612 127
127 128
39 Feb 96 Feb
128 128
95 Feb 29
127 128
full paid__ 90 Jan
22 No Amer Utll 181 pf
__ '91__ ____ ____
__ '91
3
14 4 Dec 27 Feb
9112 9112 9112 9112 "91
40 Jan 6 4812 Feb 23
--------420 let pref 50% paid
5
4
4434 - 4
4
354 July 55 Jiro
45 •:443 1512 "5443 151
4512 45
•:45
100 35%Mar 28 434 Jan 7
320 Pacific Mills
39
38
3812 39
3814 39
3612 38
40 Mar 6814 Jan
Jan 3
3812 3813 .3512 37
50 Plant(Thos 13), let pref-100 20 Feb 5 42% Feb 10
---- ---25
25
25
25
24
24
1714 Au.
15 Feb
22
•20
._
0 _ _. 25
10 15 Mar 17 1812
55 Reece Button Hole
---- ---16
15
15 "15
2 Nov
15
14 Dec
154 154 15
Ps Jan 11
__
*x15
1 Mar 4
10
Folding Machine
Reece
11 *z1
118
1%
113 --------50__
.21
2.
118 •xl
4]
98 May 110 Aui
14 0
11012Mar 21
505 Swed-Amer Inv part pref-100 10512 Jan 6
108 1
109 109
10812 109
Apr 11814 Des
3
108 108 4 108 109
109 109
100 115 Jan 3 120 Feb 24 111
469 Swift & Co
117 11712 117 11712
11712 118
4
64 Mar 72 Sept
*
4
1173 1173, 1175 11814 1173 118
25 66 Jan 3 704 Feb 23
205 Torrington Co
69
69
6012 69
3
6914 "48 4 69
9% Jan 31
:
4 Mar 3
6914 6914 .0 6812 694 69
310 Tower Manufacturing_
5
5
514
5
5
5
5
5
42
512
22-4 •5
43
s
163 Jan 4 1812 Mar
Traveller Shoe Co T C
430
18
18
18
18
154 Feb
177 18
18
18
7 Jan
18 •x____ 18
18
6 11 Jan 4 1412 Jan 24
80 Union Twist Drill
1238 1214 1214
1238 •12
123 *12
8
47 Mar 5314 Aug
123 •12
1212 *12
.12
30 Jan 3 55 Feb 23
3
4 1,213 United Shoe Mach Corp___ 25 28 Jan 3 29 Mar 11
3
5312 53 4 53 4 533
5412 534 541
28 Jan 30 June
3
2
527 534 52 4 5313 53
25
294 Preferred
4
4
2812 28% 283 283
82 Nov 135 Feb
Jan 3
4 2812 2812 2812 284 2812 281
4
283 283
695 U 8 & Foreign Sec let pre: 1 rid 86 Mar 24 89 Feb 4
8612 8612 8612 8612
864 87
87
87
60 May 90 Apz
87
8712 87
77 Apr 1 82
*87
400 let pref 75% paid
78
77
78
78
7912 791
4
17 Jan 223 Oct
*z7912 80 •z7912 80 •27912 80
par 2184 Mar 26 2712 Feb 23
3 1,124 WaldorfSys.Ine. new sh No
224 223
23
22
22
22
29 Jan 41 Dec
4
213 22
Mar 25
2
217 22
213* 22
205 Walth Watch cl B com_No par 4012 Jan 21 4912 Mar 24
47
45
45
44
48
4914 *45
*48
4818 Nov 61 Dec
49
4912 48
"48
100 61 Jan 3 65
trust info
187 Preferred
64
64
6312 64
64
63
67
+85
84
64
67
*66
100 110 Mar 14 115 Feb 21 101 Sept 112 Dec
56 Prior preferred
11412 115
115 115
:1121
Jar
123, May 23
4
4
'5112'1_--- 11212 11212 •x11214..__ 3
20 173 Jan 18 243 Apr I
4 2,875 Walworth Company
243
234 24
8 2314 2384 23
2 5
44 Mar 69 Dec
*204 2114 •20% 2112 22
50 8518 Jan 13 91 Feb 13
574 Warren Bros
81
8014 8112 81
814 82
83
82
83
8114 8112
81
39 Apr 48 Dee
50 44 Jan 6 50 Feb 18
--------505 let preferred
:4512 47
4512 454 0
45% 46
42 Apr 47 Feb
4
45% 46
•.:4514 47
60 45 Jan 17 513 Mar 1
5 20 preferred
.___ ___.
51
51 •x48
52 +:48
105 Aug 1712 Jam
5014 5014 "x48
%4518 52
0
Candle corn- 14 Jan 12 1714 Mar 15
Will & Baum&
____ ____
4
"163 17
4
*163 17
4
•163 17
4
3
"16 4 17 '163 17
Mining.
,
Adventure Consolidated -___25 .05 Jan 14 .20 Feb 10 .05 Mar .40 Jul]
---------------------------------25
-------14 Ant
Mar
40_ _ _ _
145 Arcadian Consolidated--25 .50 Jan 28 .89 Jan 15 .25 May 12% Jae
.50 .05 3.50 .65
.55 .55 ....._ __ _ 3
.50 .50
914
.65 .65
6'zMar24 1014 Jan 6
5
Arizona Commercial
580
64 7
3
5
6 8 65
-5
612 6 4
4
29 June 55 Jan
612 63
8
4 64
63
46 Feb 2
,
8 68
65
10 30 Jan
4 4112 4144 --------620 Bingham Mines
4 4134 413
4
8
4
1314 June 185 Atli
413 424 *5414 423
42
3
42
25 143* Jan 7 16 4 Jim 25
1,421 Calumet & Raga
4
153
15
1513 153
Jar
1514 1514 1518 1512 1518 1512 1518 1514
1 .10 Jan 7 .50 Mar 29 .10 Dec 50
1,000 Carson Hill Gold
Jar
.30 .50 •.23 .50 +.20 .50 '.20 .50
13 May 20
.25 .25
".11 .30
3
25 1212 Jan 28 14 4 Jan 19
1,000 Copper Range Co
13
x13
1314 14
14
14
Fet
4
133 14
214 Oct
133, 14
"134 14
24 Jan 4
2 Feb 9
380 East Butte Copper Mining- 10
2
2
238
+2
2
114 Jar
23,
214 •2
*2 2% 214 .80 *88.50 .80 "a.50 2.-4 *88.50 .80 0%1.58 .80
Feb 1 .80 Mar 17 .25 Nov
25 .05
Franklin
.80
14 July
Dec
.80 •81.50
085.50
Hancock Consolidated-- 25 .35 Feb 19 .75 Jan 13 .27 Mar 2114 Jar
0.50 .75 •.50 .75 0.50 .75
75 '
14
..50 .75 ..50 .75 •.50
0
153 Mar 9 18 Jan 7
1
Hardy Coal Co
2 Jar
+154 1612 *154 1612 *1512 1612 *154 1612 •1514 164
Jan 6 .75 Oct
.85
•1512 1812
25 .75 Feb
Helvetia
1
+.80
1
0.80
.
1
+.80
1
.0.80
1
•.80
246 Feb 18 141 Mar 1994 Da
1
0.80
1 19713 JZID
Island Creek Coal
_
_ _
_ _
_ _
_ _ _
_. _
. _ _
..
47 Feb 28 81 Mar 18
New stock
1,i,this
ii iiis &iie ii thrz li '108 -12i ___ 17 Preferred
9912 Jan 108 Jul)
8
-3
3'7 17 4 i75 Iiii
1 105 Feb 16 108 Jan 21
.:10512 ___
..z1051t_ __ 0110512 .._ _ 0
__ 4
94 June 14 Aul
8
•z105 _.*.r105
912 Feb 19 115 Jan 19
26
220 Isle Royale Copper
1012
2% SCA
1012 1012 1012 1012 10% 1018 1014 1014 Jan
,
27 Feb 4 .50
-1
1 - '10 •10
112 Jan 6
25
550 Keweenaw Copper
218 218
214
24 218 "2
Ils July
21s 214
Oct
214
118 Mar 18 .60
'2
2
2
26 .80 Jan 7
222 Lake Copper Co
14
.95
14 •
.95
112 •
14 +.95
0.95
1
.95
114
0%95
213 Mal
26 .50 Mar 28 .80 Jan 24 .80 June
120 Ls Halle Copper
1
0.70
1
0.75
1
'.70
232 Sepl
1
4
13 Jan
.50 .75 0.70
2 Jan 4
1
15
'.75
112Mar
6
Mason Valley Mine
'1%1 2
.1% 2
*1% 2
"1% 2
•1% 2
"112 2
25 .25 Feb 2 .85 Jan 3 .15 Dec .75 JI111
45 Mass Consolidated
11 Jet
.35 .50 '.25 .35 0.25 .35
.35 .35 0
113 Jan 11 .40 Dec
•.35 .50 *.35 .50
25 .41 Mar 16
100 Mayflower-Old Colony
.50 .50
30 Mar 46 Oci
'.50 .65 •.51 .55 '.51 .53 '.50 .55
0.50 .65
'
25 37 Feb 18 4114 Jan 13
180 Mohawk
39
39
39
39
39
3912 3912 3914 3914 39
1812 May 24 AU1
39
8
39
5 217 Mar 25 24 Jan 20
419 New Cornelia Copper
4
2214 2214 *2214 223
Jan .20 June
8
•217 2214 2214 2212 *2214 224 2214 224 .0.05 .15 ____ ___.
.08 Feb 1 .06 Feb 1 .05
New Dominion Copper
0.05 .15 '.05 .15
18 Dec 25 Fel
.05 .15 '
0.05 .15 0
100
18 • 16___ ___ __ _ New River Company
45 July 72 Fet
._ _
•_ __ 18 0 . _ 18 5....__ 18 •_ _ _ _ 18 *____ 65
100 63 Apr 1 75 Feb 8
Preferred
385
63
63 0932
85
65
1012 Der
65
65
5 July
65
64
•____ 84
7 Mar 15 104 Feb 2
6
150 Niplasing Mules
73
4 •7% 84 5712 712 "712 8
7
3 8 Bear
75
2 Apr
73, 73, "74 73
33* Jan 5
thrMar 24
10
134 1,780 North Butte Mining
4
13
134
4
15
154 1%
134
194
2 Noi
134
Jan
134
114 Jan 20 .50
Jan 18
1%
25 .80
1%
130 Oilbway Mining
112
0.96
1
1
1
.80 .80 •.95
13 Dec 20 Jul]
112 +.63 02
.
4 95
25 12 Feb 18 15 Apr 1
1,180010 Dominion Co
1412 15
14
14
Jai
15
*14
1312 14
1013 Mar 15
11 Jan 4 13 Feb 4
•1312 15 .134 15
150 P'd Cr'k Pocahontas CO No par
4
1212 1212 1212 3113 1212
*12
4 12
173., Mar 19 154 May 25 Jul]
1214 1214 *1214 1212 113
25 144 Feb 17
290 Quincy
17
17
*1812 17
17
3813 Fel
1712 17
4 17
25 Dec
2
17' 1734 1712 173
25 2014 Feb 17 2514 Jan 6
35 St Mary'e Mineral Land
•22% 23
23
9
4 2212 2212 23
233
+23
23
aii Jan 14 2% Dec .8058 Jet
3
8
17 Apr 1
23 4 23
.23
200 Seneca Mining
8
17
8
17
2
2
Jet
4
3
+214 218 '24 2 4 •214 23
10 .20 Jan 6 .40 Jan 12 .15 Dec
"24 3
90 Shannon
.25 .25 0.25 .40 '.25 .40
.25 .25
life Ma
.20 Nov
.25 .40
'.25 .40
Superior & Balton Copper- 10 .15 Mar 23 .40 Feb 23
.40 •.20 .40
11
44 OctIlls Fel
7; Feb 24
57 Jan 3
'.20 .40 0.20 .40 •.20 .40 0.20 814
5
0.20 .40
824 Utah-Apex lialning
6
S1c
614
614 614
614 64
2 Feb 2 .25 Deo 2% M•
614 64
1 Jan 3
1
614 814
730 Utah Metal & Tunnel
11
112
114
114
40 May 75 Fel
1% 1% •104 1%
14 13*
25 .51 Feb 10 .90 Mar 12
T
14 1 /{4
600 Victoria
'.75 .85
.85 .85 0.75 .8
.8.5 .85
9 .21 Jan 17 .10 Sept40 Jul,
.85
.85
25 .03 Mar
1
* 80
480 Winona
.05 .05
___ ____ •.04 .08 0.03 .0
rig
rc •04
.,-...
Ex-dividend and rubel
K2 rights.
Es-divkleod.
tills day. •&sacrament paid tt Ex stock dividend 1 New stock s
• Bid and asked 1)11004 no salds on
177 177
4
4
17412 1763 1763 178
17412 17412 1761 177
8
4 8314 8512 8412 857
863
8612 8712 86
8712 88
._
10112 1014
*10112
*10112
__
*10112
11012 110%
109 112 *101113 113
11512 11512 114 ifs
103 104
103 103
102 104
104 104
105 105
54
--------54
54
53 5312 53
54
54
82 *---- 8112
•_ _ _ _ 62 *.___ 62 *- _ _ 62
83
*81
83
*81
83
*81
83
+81
81
81
*125 --__ •125 ____ '130 ____ *130 ____ '130 ____
•103 -__ *103 --__ *103 ____ •103 ____ *103 ____
*155 ____
__ *155 _
*155 _ __ *155
*155
___
*108 1084 108 10812 *108 1184 10814 1084 +108
205 205 '200 205
__ *200 205
___ *196
+198
2912
8 27
8
287 267
27
2712 1712 •25
"2712 29
67
65
6514 6514 •65
6514 6512 65
*6512 67
61
"60
61
*60
61
'60
61
.60
61
0930
4
1x4012 43 *54012 42 *54012 42 *x403 43
•5401i 43 .
71
4
713 714 71
74
6712 7012 71
6512 87
513, 5212
493, 52
513
50
8
487 52
48; 498
9912 9912 9912
9912 "598
9912 *.z98
9912 Vr98
*z98
*135 139 •1354 139 "135 139 "135 139 •135 139
_ 127 12712
127 127 •:127
126 12614 •z127 129
12
....._ 1121 •_ 11212 *-- 11212'... 119 0108 112
'_--_
177
4
853
101
112
103
54
____
__130
____
APR. 2 1927.1
THE CHRONICLE
Outside Stock Exchanges
Boston Bond Record -Transactions in bonds at Boston
Stock Exchange Mch. 26 to Apr. 1, both inclusive:
Friday
Last Week's Range Saks
Sale
ofPrices.
for
Price. Low. High. Week.
Bends
Amer Tel dr Tel 48_ _.1929
Atl G dr W I SS L 58_1959
ChicJetRy &USY 481940
5s
1940
East Mass Street RR
434s series A
1948
58 series B
1948
Florida Pub Serv Cs__ _1955
1949
6348
Graton & Knight 5348 1947
Hood Rubber 75
1937
KCM&B 4s
1934
58
Keystone Tel of Phil tis '51
Maine Central 434s_1935
Mass Gas 4 Ms
1931
554s
1946
Miss River Power 5s__1951
New Engl Tel & Tel 5s 1932
Rome City 6 Ms w
_1952
Savannah Elea 58
1952
Sioux City 6s
1949
Swift & Co 55
1944
Western Tel & Tel 58_ _1932
99
7134
89%
10134 101
Range Since Jan. 1.
Low.
99
26,000 98%
71% 2,000 71
89% 2,000 8954
10134 3,000 100%
High.
Jan 99
Mar
Mar 75
Jan
Feb 90
Jan
Jan 101% Mar
65
65
5,000 65
72
72
200 69
100 100
7,000 100
10234 10254 6,000 102%
97
97
5,000 97
102% 102% 10234 8,000 103
9334 93% 1,000 91
9934 9954 9954 1,000 9954
9734 9734 1,000 97%
9534 953( 1,000 95%
99
99
8,000 97%
10354 103% 6,000 103%
101
101 101% 3,000 101
10134 101% 13,000 100%
9234 92% 4,000 92%
97% 97% 1,000 97%
104 104
2,000 104
102 102
1,000 101
101
100% 101
10,000 10054
Jan
Jan
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Feb
Mar
Feb
Jan
Ma
Feb
Ma
Feb
Jan
69
75
100
10254
9734
104
94
100
97%
95%
99
103%
101%
101%
92%
97%
104
102%
10134
Feb
Feb
Mar
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Jan
Baltimore Stock Exchange.
-Record of transactions at
Baltimore Stock Exchange Mch. 26 to Apr. 1, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Share*.
Arundel Corp new stock _•
Baltimore Trust Co_ _ _50
.
Baltimore Tube
100
Preferred
100
Central Fire Ins
10
Central Teresa Sug Graf _10
Chas & PoTel of Balt pf 100
Commercial Credit
*
Preferred
25
Preferred B
25
634 Preferred
100
Consol Gas E L & Pow„..*
6% preferred
100
654% Preferred
100
7% preferred
100
8% preferred
100
Consolidation Coal_ _ _100
Preferred
100
Eastern Roll Mill new stk _•
Fidelity & Deposit
50
Finance & Guaranty pf_ _25
Finance Co of America_ _25
Finance Service, Class A 10
Handler Creamery pref.Home Credit corn
*
Houston 011 pref v t e__100
Humphreys Mfg Co
•
J W Crook pref vri
Manufacturers Finance_25
1st preferred
25
2d preferred
25
Trust preferred
25
Maryland Casualty Co_ _25
Mercantile Trust Co_ _ .. _50
March dr Miners new_ _ _•
Monon Vail Trao prat _ _25
Mt V-Woodb MIlLs v t r 100
Preferred v t r
100
New Amsterdam Cas Co 10
Northern Central
60
Penna Water & Power_100
Sharpe & Dohme pref_100
Silica Gel Corp
•
Standard Gas Equip. _100
Preferred
100
Preferred with wart*.-100
United Ry dr Electric...50
U S Fidelity &
_.50
West Md Dairy, Inc, pref.
Guar_-
3434 3354 3434
13534 134 13534
10
10
28
28
36
30
3634
.75
.75 .75
11534 x11534 117
15
1734
2034 2034 21
21
21
2134
76
76
8134
543-4 5334 5434
10734 1074 10734
112
11134 112
114 114
127
127 127
3
034 31
85
85
24
2134 2434
175 188
„ 1334 1354
10
10
10
1734 1734
100 100
2334 25
90
92
30
30
51
51
3234 33
2134 2134
20
20
20
2134 2134
106 108
405
405 405
3954 3934 40
2334 233
16
1634
81 • 81
82
5934 59
5934
8234 8234
182 18234
108 10834
15
15
6954 70
88
83
86
8634 8634 8734
, 2034 213-4
27034 255 272
52
52
52
1,115
184
95
100
1.822
300
39
818
129
63
21
946
5
50
5
20
211
19
1,562
522
15
30
15
20
17
311
20
75
32
124
40
20
287
47
179
421
230
449
405
50
50
25
150
35
31
30
435
475
55
Bonds
Alabama Cons C&I 58_1933
9734 9734 $2,000
Bernheimer-Leader 70_1943 104
104 104
3,000
Carolina Central 4s.__1949
8434 8434 6,000
Charles Con Ry,G&E 5599
993 9934
3,000
Commercial Credit 68_1934
9634 96% 6.500
Consol Gas gen 4%s_ _1954
9934 9934 16,000
Consol GE L&P 4343_1935
9934 9954 2,000
6% notes series A..1949
10734 10734
7,000
Elkhorn Coal Corp 654s '32 0934 9934 9934 13,000
Ga Car & Nor 1st 58_1929
10034 100% 2.000
Render Creamery 63_1948
10031 10034 2.000
Houston Oil 6348
1935 10334 10334 104
8,000
Md Electric Ry 15t68_1931
9831 99
4.000
6348
1952 9834 9854 9834 7,000
Moron Valley Trao 58_1942
94
94
1,000
NN & Hampton G dr
,
E let 58
1944
93
93
2,000
South Bound 55
1941
100 100
2.000
Un Porto Rican Sug 7% '31 101
101
101
12.000
United Ry & E 48_ _._1949
7954 7634 30.000
Income 48
•5334 5334 24,000
1949
Funding 513
79
1936
7934 9,200
6 3 notes
,
1
1930 9954 9934 9934 12,000
0% notes
1927
10034 10034 2.000
65, when issued_ _1949 9954 99
9934 18,000
Wash Bait dr Ann 5s_1941 7334 7334 73% 118,000
West Md Dairy Els
1114Ft
ins ins
1.000
* No par value. z Ex-dividend.
Range Since Jan, 1.
Low.
High.
3134
12934
10
28
26
.75
115
1434
2034
20
76
51
10634
111
11234
126
3034
85
2134
13534
1334
934
1734
100
2334
86
29
51
3234
2034
20
20
98
400
3834
2334
16
7834
5234
81
176
103
15
6754
83
8434
20
205
50
Jan 36
Mar
Feb 13534 Apr
Jan 12
Jan
Mar 3634 Jan
Jan 37
Mar
Jan
.90 Feb
Jan 117
Jan
Feb 20
Feb
Mar 2254 Jan
Feb 23
Jan
Apr 87
Jan
Jan 5434 Mar
Jan 10734 Feb
Jan 11234 Mar
Mar 11534 Feb
Jan 129 !Mar
Mar 3754 Jan
Mar 86
Mar
Mar 28
Feb
Jan 188
Mar
Feb 1534 Jan
Jan 1034 Feb
Jan 181
4 Jan
Feb 10134 Feb
Mar 25
Jan
Jan 94
Feb
Mar 30
Mar
Mar 51
Mar
Mar 44
Jan
Mar 2234 Feb
Mar 22
Jan
Jan 2134 Feb
Jan 116
Mar
Feb 409
Jan
Mar 43
Jan
Mar 25
Feb
Mar 1834 Jan
Jan 85
Jan
Jan 6334 Mar
Jan 8234 Mar
Jan 185
Feb
Jan 109
Max
Jan 19
Mar
Mar 70
Max
Mar 86
Mat
Mar 90
Jar
Jan 2234 Max
Feb272
Ain
Feb5234 Mal
9734
103
8434
9834
9634
99
9834
10734
98
9954
100
103
97
98
9334
Mar
Mar
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Feb
Jan
Jan
9734
104
8434
99%
9634
9934
9934
10734
993-4
10034
101
104
99
9
954
94
Max
Jar
Mir
Max
Mal
Mal
Mai
Jar
Fel
Fel
Jai
Fel
Ma
Fel
Jaz
93
100
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Jan
in
93
100
10134
77
54
7934
9954
10054
9
934
77
Ina
Ma
Jai
Fel
Ma
Fel
Fel
Ma
Fel
Fel
Jai
.....
looq
7034
51
7534
9934
100
9754
65
10041
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Mch. 26 to Apr. 1, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Last Week's Range Sales
Sale
0/Prices.
Week.
Par. Price. Low. High. Shares.
Abbotts Al Dairy, pref.
_100
Almar Stores
13
Alliance Insurance
10
American Stores
• 67
Bearings Co. of Am prat *
Bell Tel Co of Penn, prof
113
Cambria Iron
50
Consol Traction of N J.100
103 103
12% 13
50% 52%
65% 69
92
92
113 113%
405( 41
39
39
1959
Friday
sates
Last Week's Range for
Sate
ofPrices.
Week.
Stocks (Concluded) Par Price. Low. High. Shares
Range Since Jan. 1.
Lqw.
High,
13 102
Mar 103% Feb
850 12
Mar 1734 Jan
781 48
Feb 54% Jan
3,803 65 -Mar 73%. Jan
50 92
Jan 92
Jan
• 211 11254' Jan 114
Mar
101 40% Mar 42
Mar
200 3534 Jan 42
Jan
Curtis Publishing
Electric Storage Batt'y_100
Fairmount Park Trans_ _ _ _
Fire Association new_ _10
General Asphalt
100
Giant Portland Cement_50
Preferred
50
Horn &Hardart(Phila)corn
Horn & Hardart(NY)corn.
Insurance Co of N A----10 5734
Keystone TelePhene-- -50
Lake Superior Corp_ _ _ _100
Lehigh Navigation
60 107
Lehigh Pow See corn
*
Lehigh Valley
50
Lit Brothers
10
Louis Mark corn
•
7% preferred
Man Rubber
10
Minehill & &buy'Hay_ _50
Northern Central
50
North Pennsylvania_ -50
Penn Cent L & P cum pref• 75
Pennsylvania RR
50
Pennsylvania Salt Mfg_ AO
Philadelphia Co(Pitts) 50
Prefdrred (5%)
50
Preferred (cumul6%)_50
Phila. Electric of Penna.
.25 4734
Power receipts
25 1334
Full paid receipts
Phlla Rapid Transit_ _ _50 5234
Phila & Read C & I Co_ •
Philadelphia Traction _ _ _ 50
Philadelphia & Western_50
Reading Traction
Reading Company
50
First preferred
50
Shreve El Dorado Plpe L 25
Scott Paper Co prat_ _ _100
S E Power & Light com_ •
Stanley Co of America_ _ _• 8334
Rights
Tono-Belmont Havel__ _1
Tonopah Mining
1
Union Traction
50
,.
United Gas.Improv't_ _50 9334
United Pow & Light com_•
U S Dairy Products "A" •
;
•
',
Victor Talking Mach new__ _____ :.
•
6%
7%
West Jersey & Sea Shore_50 4634
Westmoreland Coal new_50
;
York Railways pref
50
179 179
72
71
634 634
5134 52
8034 8234
65
61
45
45
'210 222
5134 5234
5554 5734
334 4
134
134
10634 10934
1834 1934
11734 117%
2434 2454
1234 1334
9934 10034
34
54
5334 5334
8234 8234
8234 8234
7354 75
5834 6034
z753( 78
10534 10634
44
44
5134 5134
4734 49
1254 1454
4734 4834
5234 5254
43
43
5434 57
1434 1434
23
23
10954 11034
41
41
2254 23
9834 9854
3134 3134
8034 8334
234 334
134 2
311( 354
3734 37
9354 9434
1334 1334
30
30
9
11
35
3734
9054 9154
9
854 99
4614
48
5254 53
40
40
20
104
200
90
110
145
10
257
481
1.653
15
100
1,230
18,637
275
250
303
290
280
30
5
10
442
36,800
155
20
30
216
13.84
2,270
1,710
551
18
452
455
100
324
100
125
10
50
3,306
28,2118
805
3,075
358
9,893
500
5
273
1.959
328
320
1,030
85
223
Range BOK. Joe. 1.
Low.
179
6854
534
51
8054
61
34
210
51
5154
334
154
10634
1534
100
2454
12%
9934
179
7934
734
55
9534
93
4834
261
55
5734
5
234
11934
1954
125
28
1354
101
134
54
8254
83
75
6854
7934
10634
44
52
54
1454
4834
5434
47
60
1534
23
11134
41
2434
9934
3134
9054
434
234
334
3934
9434
1534
30
11
3934
9234
9934
4751
53
40
Mae
Jan
Mar
Jan
Mar
Jan
Jan
Jaa
Jan
Apr
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Jan
Feb
Ma
Mar
Jan
Feb
Mar
Mar
Feb
Jan
Mar
Mar
Jan
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Jan
Jan
Feb
Mar
Max
Mar
Mar
Feb
Jan
Jan
Mar
Mar
10534
1011
78
5834
100
10434
Mar
Jan
Jan
Jan
Jan
Mai
Jan
Feb
Jan
Feb
Mar
Feb
Jan
Jan
Feb
Jan
Jan
4
53
8134
82
7154
5634
7534
8734
4034
4934
46%
9
4634
52
4234
53
1134
23
9434
4034
2154
9734
3034
7934
234
134
3
36
8934
1254
2854
9
3334
8734
97
413
-.51
3734
BondsAdv Bag & Paper 7s. _1943
10434 10534 $10,000 10454
Amer Gas & Elec 58_ _2007 9934 9734 100
8,800 95
Consol Trac NJ lst 58.1932 7434 7334 75 § 22,000 62 t
Elec & Peoples tr et% 48'45 56
5534 57
46,800 54
Lehigh C & N cons 454s'54
9934 9934 6.000 9834
Lehigh & New Eng 58_1954
1043410434 5,000 10334
Philo, Co cons dr coil tr 55
stmpd sk fd & red_ _1951 10034 10034 10034 5,000 9934
Phila Elec (Pa) 1st s f 48'66
8834 8834
600 8734
5s
1960
10354 10354 9,500 103
1st 55
' 1966 105
10454 1053-4 25,700 10334
1947
5348
106 34 10634 1,000 105
534s
1953
107 107
4,000 105
68
1941
10734 10734 2,000 107
Phila Else Pow Co 5348'72
104 10454 10,000 103
Reading Term- 58_1941 10454 10454 105
2,000 10434
United Rys gold tr ctf 4849
69
69 ;
1,800 63
Vesrlr Rya 1st as
1027
OR
on LC 00 I.4
0 nnn
AR 4.4
•No par value. x Ex-dividend.
High.
Mar
Mar
Mar
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Feb
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Mar
Mar
Mar
Feb
Jan
Jan
Feb
Mar
Jan
Mar
Feb
Jan
Jan
Jan
Mar
Mar
10034
8954
10454
10554
10734
10734
10754
10534
105
• 69
00 11
Mai
Jar
Max
Mar
Feb
Max
Mai
Feb
Feb
Mat
Max
Chicago Stock Exchange.
-Record of transactions at
Chicago Stock Exchange Mch. 26 to Apr 1, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Saks
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High, Shares.
Adams Royalty Co corn..
• 27
All America Radio claw A.5
9
Amer Pub Serv pref _ _ _ _100 9934
Ain Pub Utll Co part pf.100 84
American Shipbuilding _100
Amer States Secur Corp A *
Class B
•
33-4
Armour & Co(Del) pref 100 9454
Armour & Co pref
100 7954
Common claw A v t c_25 1054
Associated Investment Co•
Auburn Auto Co corn...25 99
Balaban & Katz v t c___25
Preferred
100 100
Beaver Board v IC "B" •
Pref vot trust ctfs_.100
Bandit Corp class A._ _ _10 4754
Borg & Beck com
10 5634
Brach & lions(E J) com_ _• 26
Butler Brothers
20 23
Celotex Co. corn
• 75
Preferred
100 90
Cent Gas & Elec Co pref _ •
Cent III Pub Serv pref____• 90
Cent I Pow pf etf of dep 100
Central Pub Serv (Del)__• 18
Central S W Util corn_ .._ _•
Preferred
* 9534
Prior lien preferred_ _ _• 9934
Chicago City & Con IlyParticipation preferred _•
5
Chicago Elec Mfg "A"._ _• 2434
Chic Fuse Mfg Co corn. 5
..
Chleago Nipple Mfg cl A.50
Chic N S dr Milw com _100 3234
.
Prior lien pref
100
Preferred
100 69
Chic RapTran pr pref A100 103
Commonwealth Edison.100 14334
Consumers Co coin
5
Preferred
100
Continental Motors com _• 1234
Crane Co corn
25 48
Preferred
100
Cuneo Press A pref
50
Decker (Alf) dr Cohn, Inc..; 2534
Preferred
100
Deere & Co pref
100 107
Diamond Match com _ _100 118
El Household ULU Corp_10 13
Elea; Research Lab, Inc_ _•
9
Empire G & F Co 7% pf100 9634
2 2, nrefprml
,
Inn 102
27
28
834 9
9854 9954
84
86
85
85
354
3
334 334
9334 95
79
8134
1074 1234
3654 3654
98 100
61
60
100 100
234 234
38
38
44
4734
55
5734
26
2634
23
2334
75
7734
8754 90
95
95
z893.4 9,534
90
90
1754 18
5934 5934
95
96
9934 100
Range Since Jan. I.
Low.
2,250 2534
1,475
734
529 94
80 73
100 7954
1,590 - 3
430
334
1,170 9234
1,832 7734
45 1054
153 3654
4,575 es%
224 60
27 100
50
234
100 38
9,445 3634
1,750 53
45 24
1,715 17
1,021 70
600 8754
100 95
115 8854
14 8534
1,300 17
525 5631
513 9334
310 9834
634
5
700
354
24
2454
870 24
34
34
50 30
47
47
100 42
3234 3434
160 3234
9934 997-4
66 99
6834 6954
175 68
10254103
197 10234
143 144
612 138
6
634
6
465
155 6934
70
70
1,180 1134
1134 1234
48
207 48
48
45.117
118 118 34
210 4994
5054 52
475 25
2534 2534
105 105
250 10434
300 _106
10654 108
118 119170 116
12% 13% 2.920 . 11
350
9
9 .934
96' 9694
806 9234
102 102%
246 10034
High.
Jan 3231
Mar 1034
Jan 100
Jan 86
Jan 86
Mar
434
Mar. 454
Mar 963-4
Mar 8634
Apr 16
Jan 38 34
Jan 10354Mar 63
Feb 102
Apr
4
Jan 39
Jan 4734
Jan 6154
Feb 3534
Jan 2334
,
Jan 8354
Mar 9134
Apr 95
Jan 9554
Jan 90
Jan 1834
Jan 6754
Jan 9634
Jan 10134
Jan
Mar
Jan
Mar
Apr
Jan
Feb
Feb
Jan
Mar
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Jan
Jan
Jan
J
Mar
Mar
Feb
Mar
Feb
Mar
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Jan
Mar
Apr
Feb
Jar
Feb
Jan
Mar
Apr
Apr
Mai
Mal
Feb
Jar
Jar
Fat
6
26
Max
3434 Feb
47
Apt
36341 Jar
10154 Mai
Feb
72
10454 Feb
14434 Max
734 Jar
78
Jar
1334 Jar
52
Jan
11834 Jar
52
Mai
28 - Jam
105
Jar
109
Feb
12154 Mal
1434 Jan
1234 Jar
97
Mai
10334 Mar
[Voi.. 124.
THE CHRONICLE
Sales
Friday
Last Week's Range for
geek.
Sale
of Prices.
Stocks (Concluded) Par Price. Low. litgh Shares
Evans & Co. Inc. cl A_ _ _5
5
Class"B"
•
Fair Co (The) corn
100
Preferred
Foote Bros(G & NI) Co_ _5
Gossard Co (H W) corn*
_ _100
Great Lakes D &
D_Greif Bros Coop'ge Acorn *
Hart, Schaffner & Marx 100
Hibbard, Spencer, Bart25
lett & Co corn
Hupp Mot Car Corp comb0
25
Illinois Brick Co
Ill Wire & Cable Co corn _10
Indep Pneu Tool v t c
*
Jaeger Machine Co corn*
Kellogg Switchb'd com_ _10
100
Preferred
Ky Hydro-Elec pref _ _ _100
Kentucky Mil jr cum pf _50
Keystone St &Wire com100
Kraft Cheese Co corn _25
La Salle Ext Univ com_ 10
Libby McNeill & Libby _10
Lindsay Light pref
10
McQuay-Norris Mfg
•
*
Maytag Co common
Mer & Mfrs Sec Co pt pf100
Middle West Utilities__ _ •
Preferred
loo
Prior lien preferred_ _100
Midland Steel Prod corn. *
Midland Util prior lien.100
Preferred A
100
Morgan Lithograph come
Mower Leather Corp com.•
Nat Carbon pref
100
Nat Elec Power A part •
7% preferred
100
National Leather corn_._10
National Standard com__*
North American Car com_*
Nor West Util pr In pref 100
100
7% preferred
Novadel Process Co pref •
100
Omnibus pref A
•
Voting trust ctfs
Penn Gas & Elec A corn_ •
100
Preferred
Pick Barth & Co part pf _•
I
Common v t c
Pines WInterfront A com_5
Pub Serv of Nor III com _ _•
100
Common
10 r
6% preferred
1 a!
7% preferred
Q-R-S Music Co corr. •
Quaker Oats Co core__ •
Real Silk Hoe Mills cr m 100
10
Reo Motor Car Co
So Colo Pr Elec A $331:0.25
Solv G & El Co 7% Pr- -100
-Warner Speedom •
Stewart
Swift & Company
100
15
Swift Internat!onal
•
Tenn Prod Corp com
Thompson (J R) corn_ _ _25
United Biscuit class A _ __ ..•
United Iron Works corn...
*
Common v t c
United Lt & Pr el A pref..*
•
Class B preferred
Common class B new_ •
United Pap Board cora _100
20
US Gypsum
100
Preferred
Vesta Battery Corp com _10
•
Wahl Co corn
Ward(Montgomery)&Col0
*
Class A
Waukesha Motor Co com _•
Williams 011 0 Mat com..•
•
Wolff Mfg Corp corn_
Wrigley (Wm Jr) Co com_•
Yates Machines part pfd _•
Yellow Tr &C,each Mfg B 10
Yellow Cab Co Inc (Chic)•
3251
3234
30%
29
29
107
134 12%
3351
142
140%
39% 39
115
32%
30%
294
1074
13%
34
142
3955
115
63
63
21
2151
52
54
24
2435
51
53
2955 30
15
144 1555
98
98
9551 954 9554
51
51
47
47
5555
54
54 634
10
934 10
8
8
19
19
27
27%
2755 2755
109
108% Ill
107 7107 110%
118
118 11834
4234 4355
10251 102 1024
98
99
62
61
16
18
16
137 137
2454 2451
96
96
235
255 2%
3431 32% 34%
30
2935 29
97% 98
9451 9551
95
2555 2534
94
94
94
1155 14
14
19
19
93
97
21
2135
1355 14
42
42
133% 133% 134
134% 1344 134%
104 105
11451 115
115
3651 37%
186 190
464 48
20
1945 20
2751 27
2755
96
97
56
5555 5915
117
117 1174
21
1831 21
1255 1255
484 484 4951
4131 4034 414
655
64 7
4
4
9255 9034 9255
5111 52
154 17
16
16
16
102
9655 103%
117 11755
33
3351
114 ION 12
6451 654
66
116
114 116
344 3934
1331 13
1434
4% 5
5131 5134 52
25
2451 2534
2655 2551 27
41
4031 40
524
244
53
Bond s
Cent West PS con deb 65'36 9755 9711
Chicago City Ry 55_ _.1927 7934 7934
61
Chic City & Con Rye Sell
1'2/ 7734 7731
Chicago Rye 55
7614
1st M ctf of dap 5s_ 1947
1327 5834 584
5s series A
Commonw Edison96
lat NI 4545ser C_ _ _ _1956 96
Crown Willamette P8per1st IN1 6s s f g b__ _1951 ioo4 lox
102
BousG G Cost g 645 1931 103
8555
Northwestern Elev 55.1941
Pub Ser of Nor In105%
let lien & ref rota 545'62
98
co.dh n .... w1 dt M C we'47
974
80
62
7834
78
5834
96
Range Since Jan. 1.
High
Low.
410 284
550 2435
625 224
190 105
540 12
250 3334
140 140
132 384
200 110
Jan 34% Feb
Jan 32% Feb
Mar 31% Feb
Feb 1074 Mar
Jan 14% Jan
Jan
Mar 46
Jan
Mar 152
Jan
Jan 40
Feb
Jan 115
15
265
625
700
45
225
855
26
120
20
25
240
3,370
1,637
20
120
100
100
1,575
1,506
110
315
344
95
1,050
31
14
775
30
689
1,820
1,135
105
255
150
100
666
10
125
420
40
100
67
10
94
45
860
125
250
797
1,100
110
6.850
1,390
4.010
100
470
320
8.910
150
548
135
27
101
4,085
30
100
550
1,700
245
275
4,490
150
550
3,900
1,670
2,600
59%
21
49
24
51
2755
1335
96
944
51
45
41
535
9
7
17
26
2735
10834
105%
11755
41
98
9631
58
11
1304
2334
9355
234
3055
2251
9734
945
1
25
8251
1134
19
93
194
1234
41
13054
132
102
11351
324
180
3934
194
2531
944
54%
11534
184
114
47
3034
255
23-4
87
50
154
16
924
115
274
84
6034
112%
3455
1334
455
51
243-4
2555
38
Jan
Jan
Jan
Mar
Mar
Feb
Jan
Jan
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Jan
Jan
Mar
Feb
Jan
Jan
Feb
Jan
Mar
Jun
Jan
Feb
Feb
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Feb
Mar
Jan
Apr
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Feb
Jan
Mar
Jan
Jan
Jan
Mar
Mar
Mar
Mar
Jan
Mar
Mar
Mar
70
23%
5534
25%
55
30
1934
98
9754
5154
50
63
9
1034
8
21
28
31
1144
113%
120
4751
1024
9934
63
164
1374
254
964
4%
354
30
101
100
274
94
14
21
97
21%
14
5154
136
136
105
116
3935
190
48%
2335
28
98
6734
120%
23
13
5()
44
7
4%
93
524
17
17
109
118
37
1334
68
117
40
1635
7
53
274
2934
5534
Jan
Jan
Mar
Feb
Jan
Mar
Mar
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Feb
Jan
Feb
Feb
Feb
Feb
Mar
Feb
Feb
Mar
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Feb
Feb
Apr
Apr
Feb
Apr
Feb
Mar
Jan
Feb
Feb
Feb
Feb
Feb
Mar
Feb
Jan
Mar
Feb
Jar
Mal
Jar
Mar
Feb
Feb
Mat
Jar
Fet
Fet
Jar
Jar
Jar
Mai
Fet
Jar
Mai
Jar
Jar
Fet
Jar
Jar
Mal
Jar
Jar
29,000
65,000
37.000
7,000
36,000
15,000
96
75
5255
743-4
74%
52
Mar
Jan
Jan
Jan
Jan
Jan
974
80
62
7855
78
5855
Fet
Ma
Ma
Ma
Ma
Ma
1,000
95%
Jan
964 Ma
too si
10,000
10355 132,000
8555
1.000
9955 Jan 10034 Ap
Ma
96
Jan 104
Ma
844 Jan 87
105% 26,000 10511 Mar 1054 Ma
98
10 000 08
Mar
ini
Ma
* No par value. z Ex-d Mend.
-Record of transactions
Cincinnati Stock Exchange.
at Cincinnati Stock Exchange Mch. 26 to Apr. 1, both
inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Sate
Week.
Par. Price. Low. High. Shares.
IndustrI Is
112 11331
Am Laundry Mach com_25
126 126
100
Preferred
2455 2455 24%
American Products prat_ _ _
5055
Amer Rolling Mill corn. _25 5034 50
100 11351 11231 11351
Preferred
10
11
1055
American Thermos
37
37
37
Preferred
50% 49 504
Buckeye Incubator
107 107
100
Baldwin new prig
2054 21
Burger common
55%
554 55
Preferred
115 115
Carey (Philip) prat_ ___100 116
125% 12551
Champ Coated Pap corn100
112 112
100
Preferred
104 104
Champ Fibre pref
100
42
42
Churngold Corporation_ •
234 2334 2351
Cincinnati Car Co
145 145
Cin Union Stock Yards.100
2451 25
25
City Ice & Fuel
2731 2734 2734
Coca Cola
Cooper Corp new pref.,.100 1014 10155 102
115 115
Dow Drug pref
100
2734 31
Eagle-Picher Lead corn_ _20
103 104
Early & Daniel prat_ _100
1,074
10
756
1,593
134
1,096
5
1.719
10
105
104
7
40
1
6
30
253
3
232
550
19
6
3,531
12
Range Since Jan. 1.
Low.
110
125
2155
44
1104
7
34
44
wog
1331
5055
1134
125
1114
103
3455
2134
140
2234
2734
10051
1124
26%
102
Jan
Feb
Feb
Jan
Feb
Mar
Feb
Jan
Jan
Feb
Feb
Feb
Feb
Feb
Jan
Feb
Feb
Feb
Jan
Mar
Mar
Jan
Feb
Jan
High.
11531
12654
2534
51
114
11
3734
50%
108
21
56
115
12554
112
1054
45
24
150
25
274
103
115
31
104
Jan
Mar
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Mar
Feb
Mar
Jan
Mar
Mar
Mar
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par Price. Low. High. Shares
Giant Tire
•
Gibson Art corn
•
Gruen Watch pref
100
Hatfield-Reliance corn. *
Preferred
100
Hobart
Jaeger
Kahns lot
Participating
Kodel Radio prat
20
Kroger corn
10
Nash "A"
•
Paragon Refining cam_ _25
Procter & Gamble corn_ _20
6% preferred
100
Pure Oil 6% pref
100
Richardson common_ 100
U S Can preferred
100
U S Playing Card
20
US Print & Litho corn.100
Preferred
100
S Shoe common
Whitaker Paper common •
Preferred
100
Western Paper
•
Wurlitzer 7% preferred 100
Vulcan Last ',ref
160
50
5055
43
4151 40
112
1114 112
154 154
102 105
28% 284
294 29
30
10431 105
4414 4454
2014 204
127 12851
10251 106
631 635
181X 18135 1824
114
113% 115
994
99% 99
150 150
9931 9031
96
9534 94
75
75
9955 994
531 534
61
60
100
9934 100
25
26
115 115
10051 10051
Banks
Fifth-Third-tin units. 100
324
324
Public Utilities
Cincinnati & Sub Tel_ _ _50 96
96
eine Gas dr Electric_ _ _.100 954 9551
113
CM Gas Transportation 100
91
C N & C Lt & Trac corn 100
Preferred
100 714 71
Ohio Bell Tel prof
100 11355 113
4151
Cincinnati Street Ry_ _ _ _50 4215
Columbus Ry Pr & Lt pf 100
9931
964
9531
113
9155
724
1134
4251
994
Railroads
C N 0 T P common._100 342
342
342
120
2,201
5
106
20
330
90
100
40
44
209
345
179
916
37
135
1
5
277
3
6
45
14
62
12
10
10
Range Since Jan. 1.
Low.
41
40
1094
15
102
26%
2755
99
40
2051
1244
9831
64
177
112
97
14755
98
8534
75
9251
5
61
99
25
115
994
5 3204
High.
Jan
Mar
Feb
Feb
Jan
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Feb
Feb
Feb
Feb
Mar
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Jan
55
44
1114
18
105
2955
30
1054
45
21
129%
106
734
19155
116
0934
150
100
9534
,
7855
1004
6
65
1004
29
115
10051
Jan 330
78 904 Jan 98
403 934 Jan 9751
102 11234 Jan 114
Mar 9235
122 91
Jan 73
275 70
76 11051 Jan 114
489 3851 Jan 43
Feb 99%
3 96
5 342
Ma
Bonds
C N & C 1st 6s
1947
10351 10351 22,000 10355 Ma
Dalton Add Mach 65..1931 10255 1024 1024 10,200 10254 AP
U S Print & Lith 65_..i935
10054 100% 3,000 100% Ma
Mar
Whitaker Paper 1st 75_1942
106 106% 6.000 106
Feb
Feb
Mar
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Jan
Feb
Mar
Mar
Jan
Mar
Mar
Feb
Feb
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Mr r
MIT
Mar
360
Mar
10355
10255
10051
1064
Mar
Apr
Mar
Mar
•No par value.
St. Louis Stock Exchange.
-Record of transactions
at St. Louis Stock Exchange Meh. 26 to Apr. 1, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Boatmen's Bank
100
Nat Bk of Commerce_ _100
1514 1514
156 158
4 150
63 155
Mar 155
Mar 163
Trust Company Stocks
Mercantile Trust
100
430
20 428
Mar 43055 Feb
430
Miscellaneous Stocks
35
A S Aloe Co corn
20 35
34
Preferred
100 10255 102 10235
Boyd-Welsh Shoe
• 3954 394 3955
Brown Shoe common_ _100
32
32
Preferred
100
114% 11411
Century Electric Co__ _100
11614 1164
Chicago Ry Equip corn. _25 2931 29% 294
Bruce (E L) common_
35
35
•
Ely & Walker DO corn. _25 36
314 3651
Second preferred
90
90
_100
Fred Medart Mfg corn_ *
30
303-4
Fulton Iron Wks pref. _100 55
55
55
Hamilton-Brown Shoe...25
39
39
Hussman Refr corn
•
32
32
Huttig S & D corn
• 2335 234 24
Hydrau Press Brick pf _100
7234 723-4
laden Packing corn
•
23
23
110
110
Preferred
100 110
International Shoe corn. • 16655 16434 1664
109 109
Preferred
too
Johnson-S St S Shoe
•
60
60
Laclede Gas Light prat_ 100
11434 1143-4
Mo-Ills Stores COM
•
1455
144 144
Mo Portland Cement _ _ .25 474 47
4955
Moloney Electric pref.100
__
102 1024
Nat Candy common_.A00 9055 90
9154
First preferred
113 113
100
Second preferred. _100
103 103
Pedigo-Weber Shoe
31
•
30
Polar Wave 1 & F "A" •
32% 33
Rice-Stix Dry Goods corn.* 20
1934 20
Scullin Steel pref
* 3834 384 39
Scruggs-V-B D G corn_ _25
2155 2134
Sheffield Steel corn
• 28
2734 2854
Skouras Bros "A"
*
4231 44
Sou'western Bell Tel pf.100
114% 11531
St Louis Car common._ _10
16
16
Preferred
97
100
97
Stix-Baer & Fuller com___• 29
2954
29
Wagner Electric com
23
21
• 23
Wagner Elec Corp pref_100
74
75
Waltke(Wm)& Co corn_ _• 77
77
83
Mining Stocks
Granite 131-Metallic
10
Consol Lead & Zinc"A" •
Street Railway Bonds
United Rye 45
1934
45 C
-D
1934
Miscellaneous Bonds
Pierce(B)(Income Leasehold Co) 55
1936
Wagner Elec Mfg 78. _serial
Houston 0116 555
1935
Scullin Steel 5s
30e
15
30c
15
340
110
240
43
5
4
78
10
2,140
35
200
120
85
5
160
100
30
10
271
42
50
50
14
650
10
313
15
20
301
92
93'
503
35
380
126
98
110
1
88
542
55
325
100
85
7631 764 810.000
7555 7555 3,000
99
9934
10334
10054
Jan
Jan
32
101
394
314
10835
115
2834
35
3151
87
2855
55
36
31
2335
7251
23
1083-1
158
108
5055
96
144
4534
9931
84
111
100
30
32
1951
384
2055
2555
42
114%
16
96
294
1855
68
5155
Feb
Mar
Mar
Mar
Feb
Mar
Jan
Mar
Feb
Feb
Mar
Mar
Feb
Mar
Mar
Mar
Mar
Jan
Feb
Feb
Feb
Jan
Feb
Mar
Jan
Feb
Feb
Feb
Mar
Jan
Mar
Mar
Jan
Feb
Feb
Mar
Mar
Jan
Mar
Jan
Feb
Jan
35
1024
42
3451
1144
1164
30
36
364
90
304
60
40
36
30
814
25
110
1684
109
65
127
1435
54
1024
92
113
105
33
344
2254
39
2255
2855
48
117%
184
9855
314
24
7651
8651
Mar
Mar
Feb
Jan
Mar
Mar
Jan
Jan
Mar
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Feb
Mar
Mar
Mar
Mar
Feb
Mar
Jan
Mat
Mar
Mat
Feb
Mar
Mar
Jan
Mar
Feb
Mai
Jan
Feb
Jar
Jar
Jar
30c
13
Mar
Feb
30c
17
Mai
Jar
7735
77
Feb
Mar 100
Jan 9951
Jan 10351
Mar 101
Mar
Mal
Mai
Mai
754 Mar
7551 Mar
3.000 99
99
994 1,000 9855
1034 7,000 103
10031 10.00 10055
Jar
Mal
Mal
Jar
• Do par value.
-For this week's record of
Pittsburgh Stock Exchange.
transactions on the Pittsburgh Stock Exchange see page 1938.
San Francisco Stock Exchange.
-For this week's record
of transactions on the San Francisco Stock Exchange see
page 1937.
APR. 2 1927.]
THE CHRONICLE
New York Curb Market.—Below is a record of the
transactions in the Now York Curb Market from 1V ar. 26 to
April 1, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the Now York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High Shares.
1961
Range Stria Jan. 1.
Low.
High.
Elec Invest without war_•
3434 3591 3.200 32% Feb 37
Jan
Eler Pr & Lt 2d pf A ____•
9254 93%
275 8934 Mar
Mar
Option warrants
7%
sy, 834 3,600 6% Jan 9395 Mar
yi
Empire Pow Corp part stk• 3695 35
3891 3,500 26
Jan 38% Mar
Estey-Welte Corp class A.•
734
734 1234 11,300
73-4 Mar 4834 Jan
Class B
•
4
4
300
3% Mar 1834 Jan
Fageol Motors Co corn.
.10
2% 234 6.100
254
2% Mar
414 J.41
Fajardo Sugar
100
15091 152
Friday
2,100 150% Mar 164
Sales
Jan
Fanny Farmer Candy St_•
Week Ended April 1.
2795 2894
Last Week's Range for
600 25
Mar 33
Jan
Range Since Jan. 1.
Fansteel Products Inc_ _ _• 3095
3091 3034
Sale
of Prices.
100 3031 Mar 3434 Mar
Week,
Federal Purch Corp cl
Stocks—
6
6
Par. Price. Low. High. Shares.
200
6
Feb 2794 Jan
Low.
High.
Federated Metals
1335 13%
100 12% Jan 1435 Jan
Film Inspection Machine •
Indus. & Miscellaneous.
695 694
100
434 Jan
8% Feb
Firestone T & R.6% 1)1.100
Acme Packing
127 127
10
40 115
2c
2c 1,000
Feb 130
Mar
2c Mar
2c Mar
7% preferred
100
Aeolian Web Plano dr
100 100
50 99
Jan 1023.4 Feb
Ford Motor Co of Can.100 413
Planola
413 442
100 60
50
220 410
62
Jan 500
500 33
Feb
Feb 82
Mar Forhan Co, class A
•
Ala Gt Sou RR pref
18
18
50
12611 127
700 its' Jan
110 12434 Feb 130
19
Jan
Jan Foundation Co—
Allied Packers corn
• 50c
50c
50c
100 50c Mar
115 Jan
Foreign shares, class A..• 18
Aluminum Co common_ •
17
1995 8.600 16
Jan
2094 Max
400 6934 Mar 73
693.4 6935
Feb Fox Theatres Cl A com _ _ _• 22
Preferred
56 2134 2595 26.300 2014 Mar 2535 Mar
100
102 10235
600 10195 Mar 103
Mar Franklin in H) Mfg, corn • 1394
American Arch Co
1395 1334
100 98
200 1334 Apr
92
99
1,050 85
Mar 109
1991 Jan
Jan
Preferred
100
Am Brown 13overi El Corp
79
79
75 79
Jan 80
Feb
Freed-Elsemann Radio__ _•
Founders shares
394
334
"
600
34 Jan
13
1535
74 Jan
800 13
Mar 21
Jan Freshman (Chas) Co
• 1335
Founders sharea v t e_ _• 1394
1234 14
8,000 1291 Mar 2395 Jan
13
1791
7,100 13
Mar 21
Jan Fulton Syiphon Co
Am Cellulose & Chem com•
• 4434 4391 4435 2.400 39% Jan 4634 Max
101
103
100 74
Jan 107
Feb Gamewell Co,corn
•
Am Cyanamid CIA com_20
57
57
100 5334 Jan 59)4 Jan
100 3294 Mar 3734 Jan
3231 3231
3
Class B common
195
134
200
850 Feb
20 2834 2834 2834 1.000 2834 Mar 3596 Jan Garland Steamship
13-4 Max
Oared Corp
•
Amer Elettric Corp v t ct_ _•
134
400
134
4
Jan
4
100
3% Jan
3
Feb5
Mar General Baking Cl A
• 5595 54% 56% 13,100 5131
Class A
25
13
6395 Jan
300 11
1434
Feb
15
Mar
Class B
•
Amer Gas & Elec—
491 591 20.600
434
Mar
74 Jan
General Electric(Germany)
Corn (new ex-stk dly)_• 7234 72
41
41
100 38% Fat
41
Mar
7334 6,500 683.4 Jan 7454 Jan
Warrants
170
Preferred
115 170
10 110
• 99.91 99
Mar 170
9935
800 9595 Feb9934 Apr Gen'l Fireproofing
Feb
corn _ _ _• 69
Amer Glue Co com _. 100
69
79
525 51
Jan 84% Mar
38
10 38
38
Mar 38
Mar General ice Cream Corn--•
Amer IS & Trac cons_ _ _100 227
49% 4935
700 4091 Feb 49% Mar
222 23034 1,100 222
Mar 235
Feb General Pub Serg corn_ __• 1295
Preferred
1254 1251
400 11% Jul
100 11791 11734 11734
14% Feb
225 11294 Feb 11791 Apr General Silk Corp corn
•
Amer Piano common__ _100
8% 834
100
10% Jan
854 Mar
250 250
10 241
Feb285
Jan Ga Pow (new corp)36 pf. _• 96
95
Amer Pow dr Lt pref_ _ _ 100 99
9694
3.100 94
Mar i)(33.5 Mar
99 101
590 9734 Jan 101
Mar Gibson Art Co corn
•
4094 4096
American Rayon Products.
50 405.4 Mar 4334 Feb
53.4
534 734 3,900
395 191 r
9
Feb Gillette Safety Razor . .• 8715 87
Amer Rolling MI11 corn. 25 5034 4995 5034 1,450 4454 Feb
88
5.200 8694 Mar
95
Jan
5034 Mar CO Spring & Bump com_•
Preferred
1034 1091
200
93' Jan
1154 Mar
100 11231 11234 11234
50 110
Jan 11234 Mar Gleasonite Prod corn _ _10
8
8
Amer Seating Co v t e._• 4134 4134 4331 4,700 4195 Apr
9
700
Mar
12% Jan
4694 Mar Glen Alden Coal
• 160
160 16634
Amer Superpower Corp A..•
1,200 160
Apr 179
Jan
2934 2934 2,800 2734 Jan 30
Mar Gebel(Adolph) Inc corn •
29
2991
Class B
800 25% Jan 30% Mar
• 3034 30
3195
1,300 2834 Jan 313.4 Mar Goodyear T & R corn
_ _100 3955 3995 4095 10.800 2834 Jan 41% Mar
Pante preferred
25 28
2734 28
300 2634 Jar
2834 Feb Grand(F&W)5-10-25c St.*
60
64
First preferred
800 60
Feb 67
9595 9534
Feb
•
150 9334 Jan 9534 Mar Habirshaw Cable & Wire.
• 1634
American Thread pref_5
16% 17
500 15
Jan
2034 Jan
335
335 3".1,300
395 Jan
3,1L5 Mar Happiness Candy St Cl A_•
6% 695
Amer Writ Paper•t a_ __. ...... 10% 1034
1.200
Jan
7
Jan
700 10
Jan 11
•
Feb
55.6
Founders shares
Preferred v to
3,000
53-4 6
5% Apr
100
634 Jan
27
300 27
2734
Mar 3134 Mar Hartf City Gas Lt com_ 25
Amoskeag Company
83
83
100 83
Mar 83
Mar
•
175 61
6134 62
Mar 6831 Mar Hazeltine Corporation_ •
Anglo-Chile Nitrate Corp • 19
1034 11
300 1031 Mar 13
Jan
17
1995 5,900 14
Feb1934 Apr Hellman (Richard) Co
-Apco Mfg class A
25
695 634
100
635 Mar
8
Mar
Common
•
Arizona Power corn_ _100
1495 16
300 1335 Mar
16
Mar
25
25
100 22
Jan 25
Mar
Panic pref with warets.• 34
Arundel Corporation
3295 31
1,100 28% Jul. 34
Apr
•
3434 3434
50 3135 Jan 35
Mar Hercules Powder, com_100
Asbestos Corp of Can corn*
190 190
30 178
Mar 200
Mar
20
20
100 20
Mar 20
Mar
Preferred
100 116
Assoc Gas & Elec clam A _• 4034 4034 42
115 11694
280 114
Mar 11754 Jan
3,800 35
Jan 42
Mar Hires(Chas A)Co CIA com• 2291 22% 2294
Atlantic Fruit & Sugar___•
200 2134 Jan
2234 Feb
1
1
1
900 95c Mar
154 Jan Hobart Manufacturing_ _ _•
Atlas Portland Cement_ _• 4234 4135 4291
2791 28
200 2734 Mar 29
Jan
400 40
Jan 44
Jan Hood Rubber Co com
• 4134 41% 4135
Auburn Automoblieeom 25 10054 97 101
100 4114 Ap
45
Feb
475 69
Jan 10395 Mar Horn & Hardart corn__ • 52
Babcock & Wilcox Co _ _100 120
51
725 51
5295
Mar 55
Jan
118 124
60 11534 Jan 124
Mar
Preferred
100
107 107%
Bancitaly Corp
120 107
Jan 109
25
Mar
1,200 8534 Jar, 11434 Mar Hunt Bros Pack CIA com •
Beaver Board Cos, pref.100 11034 11034 11034
2494 2434
100 24% Ma
2534 Jan
38
38
100 38
Jan 3934 Mar Imperial Tob of G B & I_ 1
Smiths Corp Cl A com_10 4734 47
2695 2654
100 2434 Mar 30
Jan
800 40
48
Jan 48
Apr Industrial Rayon class A..•
734
Bigelow-Hartf Carpet corn. 7934
7
74 4.800
454 Jan
83-4 Feb
900 76
7934 80
Mar 80
Mar Insur Co of North Amer.10 5795 5594 5715
Bills(E W)& Co. corn_ _.•
650 51
Feb 5734 Apr
700 20
2134 22
Jan 2334 Mar Internat Projector Corp. _•
Blyn iihnen Inc corn.
931 9%
100
934 Ma
10
1095 Jan
93.4
334 Jat
834 64 16,300
995 Apr
I nternat Tel & Tel new.100
Bohack (I1 C) let pref.100 99
13034 13334
4,100 12595 Ma 131% Mar
99
99
25 98
Feb 99
Apr Internat Text Book._ _ _100
Bohn Aluminum & Brass_•
22
22
25 22
Mar 28
Jan
1634 1795
900
13
Feb
1995 Feb Internat Utilities, class A.• 3494 3431 3494
Borden Co common._ _for 105 35
800 28
Jan 359( Max
10535 10834 3,000 101
Jan 10835 Feb
Class B
.. •
4
391 4
Brazilian Tr. L & P ord.100
2,600
3
Jan
595 Jan
131 34 13134
100 107
Jan 13194 Mar Johns
-Many,new corn w
x6534 20495 68% 7.400 55(4 Jan 73% Mar
Bridgeport Machine com.•
5
5
700
454 Feb
595 Mar
New Preferred w ...100 116
Brill Corp class A
116 116
350 11434 Jan 118
Mar
•
3831 40
1.700 3491 Mar 4734 Jan Kroger Grocery & Bak._10 123
122 12695
Class B
130 122
Ap 135
Jan
• 16
16
16 34
1,400 16
Apr 2234 Feb Lackawanna Securities w I. 90
Brillo Mfg com
87
90% 3,500 87
Ma
91
Max
•
8
100
8
734 Feb
934 Jan Larrowe Milling
•
Brit
1835 1994
-Amer Ton ord bear it
1.900 18
Mar 22
Mar
2391 2495 2,900 2334 Feb 2595 Mar La Salle Extension Univ.10
Brockway Mot Truck corn* 2354
654 691
6% Mar
240
894 Feb
300 4134 Jan 45
4334 4431
Mar Lehigh Coal & Navig'n _ _50 106 106
Brooklyn City RR
150 106
Jan 121
Jan
19
5%
5
591
1,800
5
Jan
634 Jan Lehigh Power Securities_ _• 1934
1891 19% 24,500
Bucyrus Co new corn_ _ _.25
15
Jan
1934 Mar
200 54
5454 55
Jan 5994 Jan Lehigh Val Coal Otis new.. 39
3895 39
Preferred
2,800 3896 Mar 46
Jan
100
100 10234 Mar 10634 Feb Lehigh Valley Coal Sales 50 9195 8995 96
10234 10391
Budd (Edw G) Mfg corn.* 28
750 8954 Ma 100
Mar
28
100 28
28
Mar 32
Feb Libby, McNeill & Libby.10
Buff Matz & East Pr corn •
996 10
1.300
9% Ma
10% Jan
2531 2534
100 2534 Mar 2834 Feb Libby Owens Sheet Glass25 127
12691 12995
Canada Cement, Ltd_.100 14434 137 149
270 12694 Ap 16914 Jan
120 130
Feb 149
Apr
MacAnd dr Forbes. corn__•
Caracas Sugar
4234 4395
1.400 40% Jan 43% Mar
50
23.4
134 Mar
200
134 234
234 Mar Madison Sp Gard Co v t c•
16
Carolina Pow & Lt pref.100
17
1,200 16
M
18% Jan
107 10831
20 10634 Mar 10934 Jan Maine Central RR com _ 100
70
Case (J I) Plow Wks Cl B
75
70 6234 Feb 75
Mar
Mandel Brothers, Inc_ __ _• 4835
v tc
4814 4894 4.300 4854 Mar 48% Mar
934
900
334 Feb
734 10
13
Mar Manning, Bowman & Co—
Caterpillar Tractor
• 2834 28
29
600 2734 Feb 31
Jan
Class A
•
Celluloid Co corn
1994 1995
250 1954 Ma
2034 Mar
100 2034 2034 2034
200 17
Feb 203 Mar Marconi Wire'Tel of Can_l
4
1
Preferred
1
100 79c
Jan
1
Mar
_100
70
110 6591 Jan 72
72
Jan
Marmon Motor Car corn.• 5114 51
Celotex Co common
52
1,000 47% Jan 62% Jan
• 77
500 72
7434 77
Feb 83
Jan
Massey-Harris Co. Ltd.100 12895 11695 130
7% preferred
3.070 66
Feb 130
100 8934 89
Apr
8991
125 8794 Mar 91
Max
New w I
32
Central Aguirre Sugar _150 10034 10034 101
30
32
1,400 29
Mar 32
Apr
750 9734 Jan 10434 Mar
Central Hudson Gas & Elec
100
7% Preferred
10834 10895
50 105
Feb 10834 Mar
McCord Rad & Mfg v t c_•
(new core) v to
17
17
100 16% Mar 21
3994
Jan
.100 3834 Apr 40
3834 40
Mar Mead Johnson & Co corn.' 40
Cent Leath (new) CIA vtc.• 2534 24
40
1,100 39% Jan 43% Feb
40%
2834 3,500 1934 Jan f615 Apr
Mesabi Iron
Prior prof v t c
750
750
100 75c Mar 990
100 8734 85
Jan
8834 2,800 7395 Jan 8895 Apr
Metro', Chain Stores
Cent States El Co8% pf100
•
32
35
1.000 30
Feb 35
Mar
9435 9434
10 9235 Jan 9534 Feb
Met 5 & 50c Stores pref_100
Centrifugal Pipe Corp._ ..• 1434
33
34
300 30
Feb 37
Jan
1,900 1334 Mar 1834 Jan
143.4 1631
Middle Weat Utilcom__ • 10851 10894 11095
C M & St P (new co) w I._
500 108
22
Feb 114% Feb
20
2234 3,900 20
Mar 2234 Mar
7% preferred
New preferred w I
100
109 110
1,250 1059( Jan 113% Feb
31
29
3134 5,300 2734 Mar 3 95 Mar
Midland Steel Products_.•
Chicago Nipple Mfg el A 50
43
43
100 40
Feb 453-6 Jan
46
4831
700 4374 Jan 4834 Mar
Midvale Co
Cities Service common _ _2(1 5134 5134 5151 42.100 4
• 30% 30
3054
200 2334 Jan 3034 Apr
034 Mar 5895 Feb
Miller Rubber pref. __I00
Preferred
10294 10291
40 101
100 90
8935 9031 5,300 87
Jan 105% Feb
Mar 9234 Jan
Mohawk & find Pow cow• 2434
Preferred B
2495 25%
1.600 20% Jan 27
10
8
834
Feb
700
731 Mar
835 Foh
First preferred
Preferred BB
105
105 105%
100 10191 Jan 10534 Mar
100
82
82
300 8134 Jan 8534 Mar
Mohawk Valley Co
Bankers shares
41
40
4195
1.200 37
Fe) 4195 Mar
2534 2594
200 2534 Jan 2934 Felt
National Baking corn _ .•
Colombian Syndicate
9
9
100
234
9
211. 23-6 12.600
Jan
1034 Mar
2,14 Apr
334 Jan
National Casket corn_
Columbus Elec & Pow
•
77
77
350 67% Jan 783-4 Mar
•
70
7034
200 673.4 Feb 7295 Feb
Nat Elec Power, class
24
Com'wealth Power Corp—
24
2454 1.200 234 Feb 2534 Feb
National Fireproofing...5O
9
Common
9
9
100
• 45
9,900 4234 Jan 48
8% Mar
9
44 34 46
Apr
Mar
National Leather
Preferred
10
234
100 9634 9695 9691
254
200
1,000 9134 Jan 97
234 Jan
434 Jan
Mar
Nat Power & Light. Pre:--• 104% 104% 105
Conde Nast Publications.
350 101
Jan
• 32
3134 3295 5,500 3034 Mar 3235 Mat
Nat Pub fiery corn class A.• 21% 21% 2295 8.600 18% Jan 10634 Mar
Consol Dairy Products...*
2235 Mar
2
2
300
2
194
234 Jan
Common,class B
Con Gas E L & P Balt com• 5495 5334 5434 2,700 5074 Jan
1891 20
• 1851
6.900 14
Jan 20% Mar
Jan 5415 Apt
Warrants
Consol Laundries
195
• 2134 2054 2134 7,400 20
195
100
19( Mar
334 Jan
Feb 2234 Jan
Nat Sugar Refining.._.i00 13591 128 13534
Copeland Products, Zoo—
200 126
Mar 139
Jan
Neisner Brno. Ole. corn ....•
Class A with warrant_ _
4034 4095
50 3614 Feb 40% Mar
.
100
934
934 934
8
Jan
1 134 Jan
Neptune Meter class A _ _ _• 2295
Courtaulds, Ltd
2295 23
300 2295 Feb 24% Feb
Cl 2634 2614 2634
300 2435 Jan 2854 Feb
Nev-Calif El Corp corn.100 27
Crocker-Wheeler corn_ _100
26% 2731
600 25
Feb 27% Mar
10 26
30
30
Jan 3731 Feb
Newberry.(J J) pref. _100 101
101
Cuban Tobacco Co v t c •
101
50 85
Jan 103
Mar
80 45
54% 55
Mar 60
New Mez & Art: Land__ I
Feb
103,4 11%
Curtiss Aaron'& M com__•
1.200 103( Mar 133( Feb
2435
1,800 19
23
Jar, 253.4 Mai
New Or! Gt Nor RR_100 3991 34% 39%
Curtis Pub Co corn
2,300 1934 Jan 3991 Apr
•
140 17054 Jan 180
17634 180
Fet
N Y Teiep 695% pref__100 112% 11274 11431
225 112% Ap 115%
87 preferred
310 114
• 116
11531 116
mar
Jan 118
Jar
Nichols & Shepard
2495
2134 255-4
Davenport Hosiery
7.500 21% Ma
2534 Mar
2931 273.4 3054 5,900 2735 Mar 3036 Apt
Niles-Bement
-Pond, corn.'
2235 23
200 1895 Jan 23% Mar
Davies(Wm)Co class A. •
25 27
30
30
Jan 32
North American Cement.*
Mal
5
5
100
Deere & Co common._ _100 8134 80
5
Mar 12
Mar
8194
125 70
Jan 85
Northeast Power, corn _ _ _• 1595
Jar
1595 164 5.200 15
De Forest Radio Corp_.•
Mar 18% Jan
1,400
731
7
731 834
Feb1034 Jar
Northern Ohio Power Co.' 1095
1095 1194
3,000
Vot tr ctfa of deposit _ _ _ _
974 Jan
1334 Feb
1.900
734
734 854
754 Jan
1034 Jar
Nor Staten P Corp. com.100 11095 11035 113
600 109% Jan 114
Dinkier Hotels Co class A
Mar
Preferred
100 101% 10154 10491
150 10014 Jan 104% Mar
with porch warrants. •
200 2135 Jan 23
2214 23
Ovington Bros panic pref'
Mar
9
9%
500
Dixon (Joe) Crucible_ _100 164
9
Feb
10
Jan
120 151
156 164
Mar 17234 Feb
Pacific Coast Biscuit corn.
17
17
100 17
Doehler Die-Caating
Mar
17
Mar
•
1.400 18
2195 2236
Jan 2234 Mar
Preferred
100 4834 Mar 4835 Mar
4834 48%
Dominion Stores, Ltd... _• 2134 76
7751
600 66
Jan 774 Mar
Pacine & E 1st pref _ _25 2514 25
25%
800 24% Feb
Dubiller Condenser Corp.•
265-4 Jan
43
43.4 534 5.400
334 Feb634 Mat
Pacific Steel Boller
1191 11%
•
800 11
Dunhill International. _ _.• 27
Mar 1254 Jan
2734 1,000 22
27
Jan 28
Mat Palm live Co CIA corn...•
64
69
200 6
Durant Motors Inc.
034 Mar 69
Mar
• 1174
1034 1454 180,700
595 Jan
1434 Mar
Palm live Peet Co com__ _• 73
71
77
525 71
Duz Co, class A
Mar 77
•
Mar
100
7
7
634 Mar
Preferred
106 106
936 Jar
100
100 106
Eastern Rolling Mill
Mar 106
•
Mar
100 2095 Mar 27
2034 21
Jar
Penn-Ohio Edis new corn.
2894
24
28%
1,100 27
Eltingon-Schild Co corn .• 3354 3334 3391
Feb 283( Feb
.
300 3334
7% prior preferred _ _100 100 34 10034 10035
560 973-4 Jan 10195 Mar
Mee Bond & Share pfd.100 10654 10634 10634 17.200 10594 Jan 3434 Mai
Mar 109
Jar
86 preferred
• 81
81
83%
470 8034 Jan 8395 Mar
Else Bond & Share Seour.• 8934 (19
8934 9.100 6634 Mar 7234 Jan
Warrants
10% 10%
500 1054 Jan
1134 Feb
[VoL. 124.
THE CHRONICLE
bU448
rtiauy
Last Week's Range for
Week.
ofPrices.
Sate
Stocks (Comandall Par Price. tow. High Shares.
300
Pander(David )Groc cl B.* 2334 23% 25
94
93-6 934 1,700
r
lo Secur Core _ _.•
Bonn
150
10834 109
Penna Epwer & Lightlpf_.• 109
220
1824 185
Penn Wbter & Power_ _1111 185
1,900
46
4756
• 47
New *1
50
-Dodge Corp____100 12634 12534 12734
Phelps
Plzillip-Morr Cons Inc corn. 1534 153-6 1634 18,900
700
1834 194
25
Class A
Pick (Albert) Barth & Ce200
1331 14
Pref el A (part pref) •
64
674 6,500
Pillsbury Flour Mills_ _ _50 64
450
Pittab & Lake Erie com_50 17434 17434 178
30
245 250
100 250
Pittsb Plate Glass
300
• 4931 4931 4934
Pratt & Lambert
300
179 183
Procter & Gamble corn_ _20 183
10
113 113
Six per cent preferred 100
50
90
96
Providence Gas Co
50 96
50
10435 10434
Prudence Co 7% pref_ _100
200
284 2834
Puget Sound P&L.com.100
10
109 109
Seven per cent pref _100
10
86
86
Six per cent preferred 100 .86
300
714 72
Pullman Co (new corp) w 1* 72
934 934 1,000
Pyrene Manufacturing__10
600
724 7331
Rand-Kardex Bureau_
•
60
242 243
Realty Associates corn. •
400
831 934
Remington Arms Co corn,*
100
3431 3431
Rem Noisel Typew corn A •
19,500
Remington-Rand corn w 1 • 3635 353-6 37
1,600
100 9934 9734 10031
First preferred
1,700
8% second preferred_100 1004 98 10034
4,700
1934 20
Reo Motor Car
10 20
100
314 3%
Republic Motor Truck
*
400
2334
23
Richmond Radiator corn.'
20
165 168
Royal Bak Powd com__100
40
102 102
100
Preferred
130
135 138
Safety Car Heatg & Ltg 100
930
280 301
Safeway Storescoin'
• 292
400
40 • 41
•
St Reale Paper Co
150
8034 85
Sanford Mills new corn._ •
-164 1834
250
Schulte R E Co
•
400
2731 2734
Seeman Brothers com. •
8.800
731 8
Servel Corp (Del) con).:..•
7%
725
Sherwin-Williams com__25 5231 50% 54
600
1334 1534
Silica Gel Corp cum v t c_*
15
60
375 377
Singer Manufacturing_ _100 376
100
534 534
Singer Mfg Ltd
11
300
834 94
Snla Vlscosa ord (200 lire)„
934
9
1,000
Dept rectsCha.se Nat Bk
100
2834 284
Sou Calif Edison pref A.25
100
35
35
_25
Original preferred.. .25
200
Sou CiUes
com A_ ...• 414 3834 4131
100
4034 40% 4034
Common A vol tr Ws_
125
8934 904
106 90
Preferred
400
2634 2734
South Colo Pow.class A25 ' 18% 2234 2,700
Sou Gas & Pow class A...•
334 3334
100
Southern Groe St's cl A..*
Ell'eastern Pow & Lt corn._• 3134 30% 324 8,000
300
3031 30%
Cora vot trust etfs
•
300
7331 75
Participating preferred _• 75
834 934 1,100
8%
Warrants to pur corn stk
200
S'west Bell Tel prat:100 115% 115 11534
30
440 440
Stamford Gas& Elec. _100
600
28
29
Stand Comni'l Tobacco. •
45
1084 108%
Stand Gas& Elec 7% pf 100
300
434 434
434
Stand Publishing el A...25
50
4731 4731
Stern Brothers class A. *
300
38% 41
Stromb-Carlson Teen Mfg* 41
414 4134 • '10
0
•
Stroock (13) & Co
900
• 18% 184 1834
Stutz Motor Car
100
Swift dc Co •
100 117% 11734 11734
1,500
Swift International_ ...„,.16 20% 194 2034
600
604 81
- • 61
Tampa Electrte Co
800
16% 18
Thatcher mpg new com
•
Convertible preferred...* 44% 4434 44% 2,000
700
114 12
Timken-Detroit Axle_ .10
335 334 1,300
Tobacco Prod Exports. •
800
4734 49
Todd Shipyards
_*
Trans
-Lux Day Pict Screen
531 5,500
5
•
5
Class A Common
1.900
1031 1134
2
11
Trumbull Steel corn
75
84
82
600
Preferred
200
2434 244
25
Truscon Steel
90
180 185
Tubize Artificial Silk el B •
300
934' 93-6
Tung-Sol Lamp Wkscam,*
600
• 184 • 1834 1931
•
Class A
50
35% 35%
Union Steel Casting corn.'
300
82
80
Union & United Tob coin.' 82
United Artists Theatre Co
300
99
99
Allot ctf for corn & pref. 99
87410% 6,300
934
United Biscuit class B____•
200
United Elec Coal Cos v to' 2335 234 23%
United Gas Inlet
50 934 92% 94% 2,200
13
13% 9,800
United Light& Power A _• 134
1,350
93
91
• 93
Preferred A
1,000
United Profit Sharing Corn' 1034 10% 10%
200
19% 20%
United Rys& El Baltcorn 50
150
United Shoe Mach, com.25 544 5434 5431
200
934 10
US Dairy Prod class B__ _•
15% 14% 1531 34,900
U S Distributing cum.__
85% 7,100
7% cony
_100 85% 84
25
53
53
US Foil corn elassB_ _ 10 53.
pref..625
71)4
70
•
U S Freight Co
100
95
95
Gypsum corn
20
US
1,100
4834 49
US Light & Heat corn_ _10
600
8
8
Preferred
10
200
9
10
U S Stores Corp class A. •
Univ Leaf Tobacco corn__• 43% 4234 44% 4,500
300
,
• 395' 395 4134
Universal Pictured
10
108 108
Utah Pow dr Light prof 100
1434 1.400
14
Utilities'Pr cit Lt class B..• 14
100
. 10% 10%
UUlity Shares Corp corn..'
134 -- 134 1% 1,800
Option warrants
200
10
10
Van Camp Packing prof _ _• 10
16% 214 12,900
.• 2031
Warner Brun'Pictures
500
Warner-Quinlan Co
• 25% 2534 26
725
57
5834
Wesson 0&SD corn v t e_•
800
•
West Dairy Prod? elasii-A. , 50% 4911 51
300
17% 17%
Byte
'Class
125
111 118
Ist pfc1Z100 118
West Md
10
120 120
Wheeling Steel Corp pfB100
300
13
1435
-Mat Heat_•
Williams 011-0
1,400
31
31
*
Yellow Taxi df NY •
10
110 110
YoungetSheet&Tubepf100
Rights.
4
Am Cellulose Chem Mfg__
Bancitaly Corp
431
Borden Co
43e
Commonwealth Power.... _
2%
Flat
Internat Gt Nor boneits_
Stanley Co..; '
•
Former Standard 0,11
" Subsid
Angio-AmCr Olt Not shi X1
Voting Stoelretfs of dep_
Nun-voting steak_ _ _ _
- 18 Buckeye Pipe Line,, _50
19
Continental Oily t
Cumberland P106 L1n42100 L. •
1931
1814
18%
5031
.1934
• 9335
High.
Low
22
834
106
17531
45
116
15%
18%
Jan 27% Feb
1034 Jan
Feb
Jan 10934 Feb
Feb
Jan 185
Mar 47% Apr
Feb 132% Mar
Apr 20% Jan
Jan
Mar 22
12%
5234
167%
245
48
178
111
88
102%
284
103%
83%
7035
9
57
225
7
34
3334
97 4
0
98
19%
3%
20%
161
x9934
125%
232
39%
80%
15%
27
74
44
134
365
5
5
5
2734
35
2334
224
8234
26
184
3334
294
28
874
814
11335
428
1934
10434
44
42
3834
40%
14
115%
1834
49
1634
44%
114
3
4834
Jan
Jan
Jan
Feb
Mar
Feb
Mar
Mar
Jan
Mar
Jan
Jan
Mar
Feb
Jan
Jan
Mar
Jan
Feb
Mar
Mar
Mar
Mar
Feb
Feb
Mar
Jan
Feb
Mar
Mar
Jan
Jan
Mar
Feb
Mar
Jan
Jan
Jan
Jan
Mar
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Apr
Feb
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Mar
Mar
Mar
Jan
14
75
181%
289
5334
192%
11331
98
105
334
109
86
78%
14%
7334
255
11)4
39%
3735
10034
1004
23
5%
254
194
102
141
301
46
85
1834
28
10
54
19
387%
5%
10%
9%
284
35
42%
43%
92
27%
2234
35%
32%
31
75
9
118
443
29
109
64
47 34
42
44
21
12034
23
62%
18
46
12%
334
50
Feb
Mar
Feb
Jan
Jan
Jan
Mar
Apr
Jan
Jan
Mar
Apr
Feb
Jan
Mar
Feb
Jan
Feb
Mar
Mar
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Apr
Jan
Mar
Mar
Jan
Mar
Mar
Feb
Feb
Mar
.In
5
94
74%
24
145
834
17%
35%
•0
834
Mar
1134
Jan
Jan 84
Jan 26%
Jan 204
9%
Feb
Jan 1934
Mar 36%
Mar 90
Jan
Feb
Mar
Jan
Feb
Mar
Mar
Mar
Feb
95%
7
23%
89
1234
85
10
19%
61
93.5
12%
84
53
6934
94
29
734
9
8734
29%
1074
1314
934
14
10
15%
25%
5231
47%
- 15
98
120
13
3034
109
Jan
Jan
Apr
Feb
Ma
Jan
Jan
Mar
Jan
Mar
Jan
Mar
Apr
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Feb
Apr
Apr
Mar
Jan
Jan
Feb
Feb
Jan
Mar
Mar
Mar
Mar
34
550
3%
35c
1%
27
214
Mar
Jan
Feb
Mar
Feb
Mar
Mar
1,900 18%
200 18%
1,100 17%
750 45
9,200 19
120 v90
Mar
Mar
Apr
'Jan
Mar
Mar
'200
34 4
2% 334 1,800
' 434 8,700
35e 58c 49,700
800
211. 334
1,100
29
27
234 3% 1,900
18%
18%
17%
47%
19
90%
Range Sinai Jan. 1.
Feb
Feb
Mar
Mar
Mar
Mar
Mar
Jan
Feb
Mar
Jan
Apr
Jan
Jan
Feb
Mar
Mar
Jan
Mar
Jan
Jan
Mar
Mar
Jan
Feb
Mar
Mar
Jan
Jan
Jan
Sales
Friday
Last Week's Range for
Former Standard Oil
Week.
ofPrices.
Subsidiaries
Sate
(Continued)
Par Price. Low. High. Shares.
Eureka Pipe Line
100
Galena-Signal 011, com _100
New preferred
100
Old preferred
100
Humble Oil & Refining_25
Illinois Pipe Line
100
Imperial 011 (Canada).--•
Indiana Pipe Line
50
National Transit____12.50
New York Transit
100
Ohio Oil
25
Prairie Oil de Gas
25
Prairie Pipe Line
100
Solar Refining
100
South Penn 011
25
Southern Pipe Line
50
So West Pa Pipe Lines_100
Standard Oil(Indlana)._25
Standard 011 (Kansas)._25
Standard 011(KY)
25
Standard Oil(Neb)
25
Standard 011(0) corn...100
New stock
Preferred
100
Vacuum 011
25
42
5734
136%
44%
14%
314
57
474
147%
182
37
8631
174
113
46
294
73
10535
52
52
10)1 10)5
42
45
49
50
56% 60
136% 137
%
424 47
6634 6735
1434 14%
31% 3134
56% 5834
47% 4934
1474 149%
182 188
364 37
1834 1934
61)5 61%
66% 87%
1734 18%
112 114%
46
4631
294 310
73
7734
119 119
10434 109%
50
300
40
60
18,300
800
23,900
200
1,800
50
2,600
15,100
1,700
190
1,600
900
50
29.200
4,100
2,600
600
80
200
30
26,300
Range Mu Jan. I.
Low.
47
104
42
49
54
1234
37%
61
134
3131
56%
4734
132
182
35
16
55%
6651
15%
112
46
294
73
118
954
Jan
Jan
Apr
Mar
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Jan
Apr
Mar
Feb
Jan
Apr
Mar
Mar
Apr
Apr
Apr
Jan
Jan
High.
.52
134
593(
60%
624
141
47
694
14%
36
6434
5534
151
2014
41%
2731
64%
7431
20%
1224
49%
354
81
122
11034
Other 011 Stocks.
820 Mar
4
17,200
85c 94e
Amer Contr Oil Fields_
90c
7%
Mar
434 636 44,000
Amer Maracaibo Co
•
53.6
Mar
8%
7
900
7
74
Arkansas Natural Gas_ _10
7%
Barnsdall Corp stk purcb
734
Mar
4
4,100
4
5
434
warrants (deb rights)...
600 15% Mar 2034
164 17
Beacon 011 Ca corn
•
1,200 20)5 Jan 27
2534 27
British-Amer 011 new
5,000 23c Mar 26c
230 250
Cardinal Petroleum Corp10
Mar 284
17
2134 17,700 17
18
Carib Syndicate
Mar 26
300 18
20%
Certificates of deposit... 1834 18
9%
834 Jar
400
8)1 8%
Consolidated Royalties__ 1
12% 1434 104,300 11% Mar 1434
Creole Syndicate
• 13%
3
134 Mar
114 14 2,600
Crown Cent Petrol Corp..'
75 51)5 Jan 56
54
5.5
Crystal 011Ref pref. __ _100 54
234
1% Feb
100
1% 1%
Derby Oil & Ref com_
•
12
Jan
100 10
11
11
•
Preferred
a%
I% Mar
1% 24 14,400
Gibson 011 Corporation 1
2
81c Mar
200
90e 90e
Gilliland Oil, corn, v t o_ _•
r
1
5,100 894 Apr 96%
89% 92
Gulf 011 Corp of Penna__25 oo
2
15' Mar
3,1300
1% 2
2
Intercontinental Petroleum
34%
40,200
International Petroleum' 30% 304 33
234
Ji Jan
134 1,300 3°% M ar
1%
Kirby Petroleum
•
73.5 Mar 10%
7% 8% 4,500
Leonard 011 Developl_ _25
2,100 23% tApr 27%
Lion 011 Refining
• 25% 234 26
Jan 4635
41% 3,200 37
Lone Star Gas Corp
4134 41
234
131
134 4,400
Magdalena Syndicate_
I
134
3
134 2% 2,300
Mexican Panuco Oil_ -10
11 3.4 Apr
94 MarMnr 1234
500
94 10
934
Mexico Ohio 011 Co
•
13c
18c 12,000 13c Mar 380
Mexico Oil Corporation_ 10 18e
134
131 Jan
300
134
134
Mountain & Gulf Oil
1
134
24% Mar 2634
3,700 192
Mountain Producers__ 10 24% 2435 24%
250
820
234 238
Nat Fuel Gas
100 238
600 2334 Mar 24
23% 23%
New w
54
4% Mar
1,000
434 5
5
6
New Bradford 011
Mar 11
200
9% 911
931
25
New York 011
r
1251
200 19131V
114 11%
North Central Texas Oil..'
836
6% Mar
634 634 • 4,100
6%
Pandem 011 Corporation..
Pantopec 01101 Venezuela.* 11% 11% 124 12,900 11% Apr 1234
2,000 20e Mar 37e
260 31e
•
Peer 011 Corporation_
b)i Mar 1334
300
911 934
Pennok 011 Corporation •
Mar 24%
400 18
19
20
25
Red Bank 011
7
Mar 1534
834 4,200
7
8%
Reiter Foster Oil Corp_ _ •
3,200 1534 Mar 2736
1634 19
.25 16%
Richfield 01101 Calif...
Jan 350
210 220
6,000 210
Royal-Can 011 Syndicate.'
7
n
75
300
5% 535
Ryan Consol Petroleum_ •
8
Mar
100
7
7
Salt Creek Conical 011_ .10
Salt Creek Producers-10 304 294 3031 5,400 29% Mar 32
7
Jan
3
100
434 44
5
Savoy 011
Jan 264
600 21
Tidal Osage voting stock.* 2234 2234 22%
Mar 23%
2,000 19
19% 19% 20%
Non-voting stock
Tide Water Associated 011. 184 1831 1934 24,000 17% Mar 23%
Mar 95%
1,200 92
92% 93
Preferred
100
175 6334 Jan 80
7135 72
Transcontinental 8% pref.
7%
534 Mar
2,200
5% 8
535
Venezuela Petroleum_ .5
Mar 32%
24
2534 2,800 22
Wilcox (H F) Oil& Gas._• 24
8
84 Mar
900
611 611
•
Woodley Petroleum
6
234 Mar
800
3
334
Gas
Mar
Feb
Jan
Jan
Jan
Mar
Mar
Feb
Mar
Feb
Feb
Jan
Mar
Feb
Jan
Feb
Feb
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Mar
Jan
Jan
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Feb
Jan
Feb
Feb
Mar
Jan
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Mar
Feb
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Feb
Feb
Mar
Jan
Jan
Feb
Jan,
Jan
Jan
Jaa,
Mining Stocks
'
.
Amer Com Min & M111_ _ _
I
Mar Amer Exploration Co.
99
Feb Arizona Globe Copper. J
13
26% Jan Blinker Hill & Sullivan. l
Mar Calaveras Copper
95
1534 Jan Calumet & Jerome Copp_l
10
Feb Carnegie Metals
93
1
Mar Chief Consol Mines
11
l
Feb Consol Copper Mines.
21
54% Feb Consol Nevada Utah. _3
1
Mar Cortez Silver Mines
10
Feb Creston Connol M & M 1
17
1
904 Jan Divide Extension
644 Jan Eagle-Picher Lead corn.-20
714 Mar Engineer Gold Mines. Ltd 5
1
Jan Eureka Cruesus
110
4934 Mar Falcon Lead Mines.. _1
834 Feb First Thought Gold Mine_l
1
Jan Forty-Nine Mining
16
Mar Golden Centre Mines.. _5
48
45% Mar Golden State Mining_ __10e
Mar Goldfield Consolidated_ .1
108
1
154 Feb Goldfield Florence
10% Jan Hawthorne Mines. Inc__ _1
gae
234 Jan Hecia Mining '
16% Jan Hollinger Cons Gold Min _5
1
33% Jan Jumbo Extension
5
2734 Mar Kerr Lake
5
59% Jan Mason Valley Mines
5
Mar New Cornelia
61
100
184 Mar, New Jersey Zinc
Jan Newmunt Mining Corp 10
123
Mar Nipissing Mines 120
•
1634 Feb Noranda Mines. Ltd
10
344 Jan North Butte
1
Mar Ohio Copper
110
Premier Gold Mining__.1
1
Red Warrior Mining
•
4
Mar Rio Tinto Co Ltd ord.._£5
341 mar Shattuck Herm Min Corp_•
43-4 Mar So Amer Gold & Plat_ _ _ _ 1
62c Mar_ Spearhead Gold Mining_ _1
- 3% Mar Standard Sliver-Lead....
1
Mar Tack-Hughes
24
4
Mar Tonopah Belmont Devel_l
Tonopah xten Mining...1
Tonopah Mining 1
TM-Bullion Sm & Dev_10c
United Verde Extension.50e
214 Ian
5
214 Feb Utah Apex
Utah Metal & 'Tunnel_ _ 1
204 Jan
50% Mar Wenden Copper Mining 1
22% Jan I West End Con8olidated..5
1
137
Jan ' West End Extension
Sc
73)4
2 1s
,
130
12%
334
x231
Sc
28%
334
Sc
67c
2c
3c
Sc
1434
191
7734
2035
2114
334
Sc
220
635
26
231
8c 16,000
7c
4,400
85c 75c
4c
6,000
3e
73% 7634
425
21,4 2114.17,700
1,000
6c
60
100
12% 1254
500
214
214
334 331 4,500
1,000
40
4c
9,000
19e 200
300
:231 254
6,000
50
6c
600
2834 29
5,100
211 334
19,000
5e
Sc
12,300
67e 89e
5,000
20
20
1,000
So
60
134 14 2,600
Sc 14,000
30
3.000
12e 15c
6,000
7c
7c
Sc 36,000
40
700
1431 144
2134 2134
100
8,000
4c
3c
500
80e 800
200
1)4 1%
100
2234 224
410
190 191
7714 6,500
74
734 8% 2,000
2014 21% 47,500
134
134
700
3,000
420 470
21.1 24 1.700
3,000
23e 25e
40
193 198
200
435 4%
MOO
334 35Y
8,000
30
20
3,000
220 23e
200
64 634
700
2
1,000
320 32e
3% 3%
30
0
2,000
90
90
1,300
25% 28
831 6%
600
400
134 - 134
2% 274 11,700
1,000
110
1le
2,000
Sc
Sc
8e Mai
7m
50
Jan
Mar
510 Jan
4e Mar
30 Mar
8734 Feb 77% Mar
VII Apr,
134 Mar
Jan
8c
50 Feb
12
Jan 13)5 Jan
334 Jan
235 Mar
331 Mar
2% Feb
40 Feb
3c
Feb
Jan 300 Feb,
70
7 11. .7aA
2; Jan
24 Mar
Sc
Jan
Mar.
27
Feb 29
5% Jn
24 Mar
70 Feb
Jan
Sc
Jan
670 Apr 78o
4c
Jan
Jan
20
7o
Jan
Jan
50
Mar,
134 Feb
Jan
3e
Sc Feb 182 • Mar
80 Mar
8o
50 Feb
Jan,
30 Mar 1 lc
15% Jan
1214 Feb
20% Jan 22% Feb
6c Mar
3c Mar
Jan 950 Feb,
760
• 2)4 Jan
134 Mar
22
Mar 24
Jan
1814 Ma 1934 Mar,
6734 Jan 7734 Apr,
104 Feb
734 Ma
19)4 Jab 24% Mar
34 Jan
134 Mar
Jan.
40c Mar 490
'
14 Jan 89 16 Feb
2,0
16a
Feb
Jan
Mar
193
Feb 208
Jan
6
454 Mar
334 Mar - 3% Jan
4c
Jan
20 Feb
270 Feb
15e
Jan
51
4 Jan
6% Jan
1% Feb
Vie Jan
24c
3H jan
Jan 32c Mar
2% Mar
70
10c
Jan
Jan
Feb
22% Jan 28
54 Jan
7% Feb.
2% Feb
111, Jan
234 Mar
334 Jar(
80
Jan
15e Mar.
3c
Jan
Sc Mar.
Ara. 2 1927.]
Bonds
-
THE CHRONICLE
Friday
Last Week's Range Sales
ofPrices.
Sale
for
Price. Low. High. Week.
Range Since Jan. I.
Low.
High.
Bonds- (Concluded)
1963
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High Week.
Range klinea Jan. 1.
Low.
Efloh.
Alabama Power 5___1956 9934 99% 9954 86,000 98% Mar 995( Mar Ohio Power 55 ser B _ _1952 9855 98
9874 64,000 9711 Feb 9934 Mar
Allied Pack deb 86-1939 5434 5414 57
81.000 47
Mar 76
415s series D
Jan
1958 9034 9011 9054 18,000 89% Feb 90% Jan
Debenture 65
50% 5215 27,000 43
1939
Mar 68
Jan Ohio River Edison 56_1951 9934 9834 9934 87,000 97
Jan 9934 Feb
Aluminum Coat deb 5s'52 10014 100 100% 106,000 100
Feb 100% Mar Okla Natural Gas 6s_ _1941 104
102 10434 128,000 99
Jan 104% Apr
Amer G & El 68,
2014 10434 103% 10455 151,000 10134 Jan 104% Mar Oswego River Pow 65_1931
5,000 99
9934 9954
Jan 10014 Mar
American Power & Light
Park & Tilford Os__ _ _ 1931
9554 9554 9534
2,000 9534 Mar 97% Feb
66, without warr- --2016 10215 102% 103 216,000 100
Mar 10331 Jan Pa Ohio & Det RR 435s '77 9715 9636 9734 354.000 95
Mar 9731 Apr
Amer Roll Mill 6a
104 10411 14,000 103
1938
Jan 104% Mar Penn-Ohio Edison 6s._1950
1936 10254 102% 10311 72.000 101% Jan 10515 Feb
Amer Seating 68
Without warrants
9834 9734 9815 79,000 9534 Jan 9815 Mar
American Thread 68_1928 10154 10151 102
11,000 10155 Jan 102
Jan Penn Pow & Llght 55..1952 100
100 10051 9,000 99
Jan 101
Max
Anaconda Cop Min 68.1929 10234 102 10211 36,000 10154 Jan 102% Feb
&series D
1953
10035 10035 31.000 9934 Jan 10035 Mar
Andian National Copper
Phila Electric 55
1960
10334 10334 11,000 12051 Jan 10335 Mar
6s, without warr. _ _1940
10235 102% 1,000 101
Jan 102% Mar Phil& Elec Pow 5%s.1972 10435 104 10434 82.000 10234 Feb 104% Mar
Appalachian El Pr 56_1956 9
635 9535 9631 86,000 95
Feb 9615 Jan Phila Rap Transit(3s_ _1962
102 10211 7,000 993( Jan 102% Mar
Arkansas Pr & Lt 5E-1956 9515 9534 95% 40,000 9414 Feb 96
Jan Porto Rican Am Tob 69'42 9934 9851 9915 106,000 985( Feb 100
Mar
Assoo'd Sim Hardw 6356'33
95
14,000 93
95
Feb 97% Jan Potomac Edison 58_ _ _1956 9634 9634 9634 36,000 95
Mar 97
Jan
Atlantic Fruit 88
1949
181( 18% 11,000 18% Feb 20
Jan Pub Serv Corp NJ 6548'56
10215 103 107,000 99% Mar 103
Mar
Batavian Petr deb 434s '42 9334 9311 9415 921,000 9351 Mar 961( Jan Pub Sera Elec & 055.1905 103
10035 10055 10034 230,000 9955 Mar 101
Mar
Beacon 01165. with warr'36 101
13,000 101
101
101
Mar 10314 Jan Pure 011 Co 6345
1933 10334 10334 103% 44,000 103
Jan 10351 Feb
Deaverboard Co 8s_ _ _1933 97
97
3.00
97
Mar 99
96
Jan Richfield 011 of Calif 651941 92
9134 98 117,000 9155 Apr 9935 Mar
Bell Tel of Canada 55_1955 10134 101% 101% 55,00 101
Feb 101% Jan Salida Falls Co 55. _1955
99% 100% 9,000 9734 Jan 100% Mar
Berlin City Elms 634s-1951 9
97% 9814 285,00
97% Feb 99% Jan Schulte RE Co 613. _ _1935 96
8
9434 9634 107,000 92% Mar 96 34 Apr
Berlin Electric 634s _1928
10035 10034 4,00 10035 Jan 101
(Is without corn stock1935
Mar
86
8734 28,000 85
Mar 87% Mar
1929 10034 100% 100% 4,00 100
6348
Jan 101
Mar Seaboard Air Line 6s_ _1945 9851 9834 99% 45,000 97% Mar 9955 Mar
Berlin Elea Elev 610_1956 9751 97% 98 159,000 96% Jan 99% Jan Scab-All Fla Ry Gs B_I935 9734 9731
9754 2,000 9754 Mar 9814 Mar
Boston Consol Gas he_1947
8,000 103
103 103
Feb 103
Feb Serval Corporation 65.1931 7534 7334 7934 88,000 7014 Jan 85% Mar
Boston & Maine RR 68 '33 102
4,000 10015 Jan 103
102 103
Mar Shawsheen MIlls 7s..1931 99
9754 9915 63,000 94% Mar 10114 Feb
Brunner Tur & En 7158'55 85
84
55,000 84
85
Mar 9214 Jan Slemans & Ha'ske 711_1935 103
10234 103
22,000 10154 Jan 103
Jan
Burmeister & Wain Co of
Slemans & Haire° EIS
Copenhagen 15-yr 68.'40 9515 95% 9554 41,000 94
Jan 9555 Mar
6148 with warrants.1951 10534 10534 106 478.000 98
Jan 106% Feb
Canadian Nat Rya 78_1935 11134 11115 111% 7,000 111
Feb 1113( Mar Skelly 011 515s
1939 9815 9834 9834 63.000 9834 War 98% Mar
Carolina Pr & Lt 59_1956 10134 101% 101% 52,000 100
Jan 1015( Mar Sloss-Sheff S & I 68_ _ _1929 10234 10211 10234 4,000 10134a Jan 10254 Jan
Chic Milw & St P (new co)
Purch money 6s_ _1929
10254 10234 9,000 102%1 Jan 102% Feb
50-year6swi
9315 9255 93% 188,000 92% Ma
93% Mar Solvay-Amer Invest 55 1942 9811 9814 9834 346,000 9814 Mar 99% Jan
Convadiwi
5555 54% 55% 624.000 54% Ma
5534 Mar Southeast P & L 6s_ 2025
Chic & N W Ry 4%8_ _2027 9834 97
98% 458,000 95
Ma
Without warrants
9814 Apr
9935 9954 100 214,000 9654 Jan 100
Mar
Chile Copper 58
1947 9534 94% 95% 250,000
96% Jan Sou Calif Edison 5s._.1951
9834 9814 31.000 9754 Jan 99% Mar
Cities Service 58
1956 9134 91% 9134 46,000 91% Mar 9134 Feb
New
98% 9855 99 100,000 98
Jan 99% Mar
Cities Service 66
1966 10134 101 10114 207,000 98% Jan 103% Feb
1944 10154 10111 10134 6,000 101
55
Jan 102% Jan
Cities Service 75. ser D 1966 12234 122% 12315 58,000 120% Mar 13354 Feb Southern Gas Co 0348.1935
102 10234 11,000 102
Jan 103
Feb
Cleve Elec ilium 55, B 1961
1,000 103% Jaz 105
104 104
Feb Bouthwest'n P & L 6s.2022, 102
10115 10234 19,000 995( Jan 102% Apr
Cleve Term Bldg 68_1941 9934 9915 99% 5,000 983( Ma 100
Stand Invest58 with war'37
Jan
10034 5 000 100
Mar 10014 Mar
.
Columbia Gas & El 58.1928
10015 10034 10,000 10015 Jan 10055 Mar Stand Glint NY 6348.1933 10434 10034 105
10455
48,000 104% Mar
Feb
Commander-Larebee 68 '41 9714 9654 97% 66,000 9534 Jan 98
Jan Stinnes (Hugo) Corp 7%
Cons0 El & P68. ser A'49
10714 10711 5,000 107% Jan 108% Jan
notes Oct 1 '36 with warr 10055 10034 10034 281.000 99% Jan 1005( Apr
55, series F
102% 102% 7,000 10155 Fe 10215 Jan
1985
781948 with warrant& __ 10015 10034 101 355,000 99% Jan 101
Mar
56, series F. new_ _1965
10234 102% 10,000 10155 Fe 1025( Jan Stutz Motor 715s
1937
9515 9534 2,000 88
Jan 100
Feb
514s series E
1952
106 10635 6,000 106
Mar 106% Jan Sun Maid Raisin 615s 1942 9854 9854 9815 21,000 9814 Feb 9814 Feb
Consol Publishers 654e '36 99
45,000 97% Feb 99
9751 99
1939 10034 100 10035 20,000 99% Jan 10015 Jan
Jan Sun 011 5348
Consol Textile 88
1941 94
24,000 895( Jan 96% Jan Swift & Co 5s Oct 15 1932 100
95
94
9934 100 122,000 99
Jan 10014 Mar
Container Coro 8a._ _ _1946 9834 9814 98% 8,000 9714 Fe
98% Jan Texas & Pac Ry 5s B _ _1977 100
9931
Cont'l Gas dr El 8345 A '64 10314 10234 10314 4,000 102% Apr 10311 Apr Texas Power & Light 55'56 9615 96 10054 187,000 9935 Mar 10035 Apr
9654 24,000 9554 Feb 97% Jan
Cost-Meehan Coal 6156'54
96
9634 3,000 9335 Jan 97% Feb Thyesen (Aug)I & 8781930
10234 1025£ 9.000 10214 Mar 10334 Jan
Cuba Co 6% notes_ _ _1929 97
97
29,000 96% Jan 98
97
Jan Trans-Cont'l 011 75_ _1930 9835 9854 9934 19,000 97% Jan 99% Feb
Cudahy Pack deb 5%81937 98
55,000 9454 Jan 98
97% 98
1936 100
9915 100
Jan Ulen & Co 615s
35,000 9914 Jan 100
Jan
56
194e 100
10,000 9715 Jan 100%
100 100
United El Sera (lines) 75'56 100
9954 10015 239,000 93
Jan 10154 Mar
Detroit City Gas 68_1947 10654 10655 106% 7,000 1063( Jan 10734 Mar United Industrial 6348.1941
9655 9655 9734 84,000 9614 Mar 99
Mar
Jan
58. series B
1950 100
17,000 99% Mar 10014 Jan !Jutted 011 Pro d 85__ _ _1931 8534 8515 8834 6,000 6034 Jan 89% Mar
99% 100
Detroit Edison deb 78_1930 13834 138% 138% 3,000 137
Unit Rya (Havana)7155'36
Mar
110 110
6,000 10931 Mar 112
Jan
Duke-Price Pr let 60_1966 10534 105 10531 88,000 10414 Jan 13851 Apr U S Rubber
10151 102
105% Feb
054% notes'28
6,000 10135 Feb 102
Feb
E Term Off Bldg 6348_1943
99
99% 10,000 99
Serial 634% notes..1929
102 10214 7,000 10115 Mar 103
Jan 9935 Mar
Jan
Eitingon-Schild 68_ _1938
97
17,000 97
98
Serial 634% notes.-1030
102 10234 14,000 102
Mar 98
Mar
Feb 103
Jan
Eire Refrigeration 68_1936 8534 83
93% 107,000 83
Serial 654% notes.
.1032 10254 10214 10234 13.000 102
Mar 9735 Jan
Jan
Jan 103
Europ Mtge & Inv 7158 '51•1 9934 9914 100% 7,000 99%
Serial 634% notes--1933 10214 102 10234 4,000 102
Jan 101
Mar
Feb 103
Mar
Fairb'ks, Morse & Co 5W42
9711 97% 15,000 9711 Mar 6754 Mar
Serial 615% notes._1935
10254 10234
2,000 1021( Jan 103
Jan
Federal Sugar 68
1933 9215 9215 9235 12.000 85
Serial 615% notes..1936 10215 10234 10234 6,000 102% Jan 103
Jan 93% Feb
Jan
First Bohemian Glaas Wks
Serial 61511 notes_ _.1937 10234 10254 102% 4.000 10234 Jan 103
Feb
1st 75 with stk pur wart7
9711 97% 11,000 971( Feb 97% Mar
Serial 615% notes..1940
10315 104
3.000 10234 Feb 10414 Mar
Fisk Rubber 534s_._1931 9734 97% 9835 31,000 97% Jan
US Smelt & Ref 5155-1935
102 10214 2,000 1015( Jan 10235 Feb
98%
Florida Power & Lt 58_1954 9314 92% 94 326,000 92% Mar 94% Mar United Steel Wks Burlach
1Jan
Gab.(Robert) Co 78...1937 10754 10755 10755 13,000 104%
Luxemburg 78
Jan 108% Mar
1951 10255 102 10234 3.5.000 9855 Jan 103% Jai
1st M 5348
1942
97% 97% 2,000 9715 Mar 97% Mar U 13 Steel Works A 6101951
Galena-Signal Oil 75_ 1930 9234 92% 9215 15,000 90
With stk pur warr ser A
Jan 93
10534 10534 106 433,000 10234 Jan 110% Jan
Feb
Gatineau Power 58_1956 9654 9614 97
94,000 94% Jan 97)5 Jan
Without stock per. warr
9954 9954 55,000 95% Jan 100% Jan
65
1941 9935 9955 99% 28,000 98% Jan 100
Series C
10515 10431 106 269,000 102% Jan 110
Jan
Jan
Gen Amer Invest 58_ _1952
10014 100% 35,00 100
Feb 1005( Mar Valvoline 011 (is
1937 10634 10634 10631 2,000 104% Jan 10634 Apr
Geld Motor Accept 85_1937 10034 100% 100% 254,000 100
Feb 10015 Mar Warner Bros Pic 6148_1928 10234 100 103
68,000 98% Mar 11154 Feb
Georgia & Fla RR 68._1946 98
97% 98
19,000 97% Mar 98
Webster Mille 6356-1933
9234 93
36,000 91% Mar 99
Jan
Jan
Georgia Power ref 58_.1967 97
97
97 228,000 97
Mar 9715 Mar Western Power 515s.
.1957 9754 9734 9735 33,000 97% Max 99
Jan
Goodyear T & R 53_1928
981( 98% 40.000 9715 Mar 98% Mar Westvaco Chlorine 5358'37 9934 99
9915 88,000 9815 Mar 99% Mar
Goodyear TdsR Cal 515531
97% 97% 20,000 95
100 100
Jan 9715 Mar Wit Eagle Oil& R 5%s 1957
Mar 100
10,000 100
Mar
Grand Trunk Ry 6345.1936
108% 108% 21,000 108%
9834 26,000 98
1930 9834 98
Mar 99
Jan Wise Cent Ry 58
Jan
Great Cons Elea 6545_1950 963'4 9535 96% 139,000 93% Jan 109
Jan 97
Feb
Gulf 011 of Pa 56
1937 100
100 10054 14,000 100
Feb 10051 Jan
55
1947 100
9934 10035 100,000 99%
Foreign Government
Gulf States Utile 58_ -_1956 9534 95% 9535 25,000 9454 Feb 100% Jan
Jan
and Municipalities
Hamburg Elea Co 78_ _193$ 10234 101% 102% 15,000 10015 Mar 96% Feb
103
Feb
Hood Rubb 5158-0et 15'36 93
93
9434 36,000 93
Apr 98% Jan Agrlcul Mfg Bk Rep of Col
78
1936
102% 102% 5,000 102
Mar
-year sink fd 7& _ _1946
20
97
Feb
9714 13,000 9534 Mar 97% Mar
laden Oil& Gas6%5_1931 10315 10314 10314 17,000 10155 Jan 104
104% Feb
20
-year 76-Jan 15 1947 97
97
Mar 97% Mar
9736 70,000 97
Cony deb 6s Mar 15 1939 99
99
99 287,000 99
Mar Antioquia (Dept of) Col
Indiana Limestone 63_1941 9834 9814 9835 66,000 97% Mar 99
78 series C
96% 9631 8,000 96% Feb 9634 Mar
1945
Indian'p's P & L 5s ser 457 9734 9755 98 240,000 97% Feb 995( Jan
Mar 9834 Jan Austria (Prov of Lower)
65
1936 104
104 104
11,000 10051 Jan 10454 Jan
7155
1950
Mar
99 100
11,000 9855 Jan 101
Internal Gt Nor 58 B.1958 10054 100% 10034 75,000
9714 Jan 100% Mar Baden (Germany) 7s._1051 10054 100% 101
54,000 99
Jan 102% Jan
Int Rys Cent Am 6155.1947 92
92
9235 40,000 92
Feb 9215 Mar
Bolivia (Reoub) ext 751958 98.54 98% 9851 49,000 98
Feb
Feb 99
Interstate Nat Gas 63_1936
127 129
31,000 124
Jan 130
Feb Brisbane (City) 58__..1957 96
96
96
31,000 96
Mar 965( Mar
Without warrants
10034 10134 48,00 100% Jan 102% Feb Buenos Aires(Prov)7156 '47 9934 9915
9935 40,000 97;5 Jan 100
Mar
Interstate Power 5s._ _ 1957
9734 9735 10,000 97% Feb 97% Feb
75
1936 9814" 9755 98% 18,000 95% Jan 981( Mar
Jeddo-Highland Coal 68 '41 10214 10134 10235 28,000
101% Mar 103
Jan
75
9511 9551 28.000 9435 Feb 97% Feb
1952
Kansas G & El deb 65_2022
99% 99% 2,000 9734 Jan
76
9955 Mar
19.57 94% 94% 95
97,000 9435 Apr 96% Jan
Kayser(Julius)& Co5158'47
9615 96% 46,000 96% Mar 97
Feb Costa Rica (Rep) 713_1951 95% 95
95% 176,000 95
Feb 9514 Feb
Keystone Telep 514s_ _ 1955
9035 11,000 90
9011
Mar 91
Danish Cons Munic 5158'55 99
99
99% 9,00
Mar
Krupp (Fried) Ltd 75 1929
97% Jan 100
102% 10235 33,000 9954 Jan 1025( Jan Denmark
Jan
(King'm) 5158'65 100% 10014 10151 39,000 99%'Jan 1023( Feb
Laclede Gas Light 5548'5
100% 10055 8,000 10035 Feb 101% Jan
3
65
10035 101% 15,000 100
1970
Mar 1011( Jan
Lehigh Pow Secur 68_2026 9815 9855 99 118,000 95%
Jan 99
Mar German Cons Mimic 7s '47 10155 101 101% 48,000 9915 Jan 102
Jan
Leonard Tieta Inc 7155 '46
Hamburg (State) Ger 65'46 9934 99
991( 45,000 95% Jan 9934 Jan
With etk pur warrants__ 10834 108 109
69,000 108
Mar 114% Jan Hungarian Land Mtge Ina
Without stk pur warrants 100
100 101
26.000 100
Mar 101% Mar
1003-5 100% 101
7158 series A
1961
25,000 983( Jan 101
Mar
Libby McN & Libby 78'31
3,000 103% Jan 10414 Mar Indus Mtge Bk
104 104
of Finland
Liggett Winchester 78.1942
10814 108% 1,000 108
let mtge coil f 7s..1944 10015 100% 10035 24,000 9934 Jan 10154 Jan
Lombard Elea Co 76_1952 9735 9615 98 187,000 94% Feb 109
Feb 9955 Mar Medellin (Colombia) 88 '48 104
104 105
13,000 103
Mar
Long laid Ltg Co 68_1945 10334 103% 103% 12,000 102%
Jan 105
Jan 104% Feb
78
1951 94% 94
9435 36,000 93% Jan 96
Feb
Manitoba Power 5158-1951 9934 9934 9914 52,000 98
Jan 100% Jan Mendoza (Prov) Argentina
Mansfield Mtn & Smelting
7155
1951 98% 9614 98% 188,000 9615 Ma
9934 Jan
(Germany)7e with war'41 109
80,000 104
109
108
Jan Ill
Feb Montevideo (City) 6156'59 9311 9311 93% 35,000 923( Feb 9415 Feb
Without warrants_ _ ... 99
50,000 99
99
99
Jan 101% Jan
Mtge Bk of Chile6548_1961 9715 97
97% 68,000 96% Ma
99% Feb
Mass Gas Cos 515a_ _ _1946 10335 10335
10351 17,000 10335 Feb 10415 Jan Netherl'cls(King) Os B 1972
10611 106% 8,000 106
Jan
Mar 109
McCrory Stores
s_ _1941 9834 98
9831 38,000 98
Jan 9854 Jan New So Wales(State)55'57 9655 96% 9655 669,000 9635 Mar 9634 Feb
Miag MIII Mach 76...1958 10551 10534 108% 17,000
9711 Jan 10934 Feb Pernambuco (State) Brazil
Without elk per warrants
96% 7,000 93
96
Jan 98
1947 97% 97% 9731 1,000 9751 Apr 98
Jan
75
Mar
Midwest Gas 78 A
16,000 95% Mar 100
_1936
9615 97
Jan Peru 75
1959 9634 9634 97 109,000 96% Mar 9735 Mar
Montecatini (Italy) 78.1937 10015 100% 101% 247,000 97
Feb 10235 Mar Prussia (Free State)61061 9954 9914 9931 108,000 98% Jan 100% Feb
Montgomery Ward 56_1946 9855 98% 98% 48,000
Jan
Montreal L H & P 58 A '51 9934 99% 09% 17,000 9714 Jan 9914 Mar Rio Grande Do Sul (State)
9915
9731 45,000 97
97
Brazil ext 75
1968 97
Mar 9854 Jan
Morris & Co 7%s- _ -1930 10434 103% 104% 16,000 10231 Jan 99% Jan
10414 Mar Russian Govt 6146___ _1919 13
13
13% 13,000 13
15
Jan
AP
Narragansett Co col 561957 9935 98% 9934 208,000 98%
Mar 9915 Apr
13
13% 16,000 13
1919
15
Ma
Jan
614% ctfs
Nat Dist Prod 6%a -1945
30,000 9
9814 99
8% Jan 100
1334 13% 16,000 13
Jan
1921
Feb 15
5156
Jan
Nat Pow & Lt 6s A__ -2026 10115 100% 10131 94,000 98%
Feb 101% Apr
12% 1334 8,000 1251 Mar 15% Jan
5155 ctfs
1921
Nat Pub Sera 635s_ _ __1955 101
101
102 219,000 9735 Jan 102
Mar Saxon State Mtge Inn' 73'45 100% 100% 100% 15,000 100
Jan 10215 Feb
Nebraska Power 6s.... _2022
10334 103% 2,000 10235 Jan 1035( Mar
9814 99
90.000 97% Jan 100
1946 99
6345
Jaa
Nevada Cons 5s
1911
9834 6,000 95
98
New Orl Tex & M RR 5ste 10434 104% 104% 41,000 102% Feb 102% Jan 13witser'd Govt 5355_1929 101% 101% 101% 11,000 101% Jan 10134 Mar
Jan 104% Mar
N y Trap Rock let 68_1946
72,000 9711 Mar 98% Feb
97% 98
98
Nichols & Shepard Co 6s'37
•No par value. k Correction. I Listed on the Stock Exchange this week, where
With stock purch warrts 102
9951 103 102,000 98
Feb 103
Mar
Nor States Pow 6%s_ -1933 11034 110% 111
34,000 11015 Mar 11434 Feb additional transactions will be found. m Sold under the rule. n Sold for cash.
gold notes
634%
_1933
1,000 102% Mar 10351 Mar o New Stock. r Ex 33 1-3% stock dividend sold at 14834 on Jan. 3 1927 with stock
102% 10351
North Amer Edls 5614.1957 9715 9714 98
25,000 9714 Mar 9844 Jan dividends on. s Option sale. t Ex rights and bonus. u Ex
special dividend of
North Central Ry 41581974
10,000 9715 Mar 9815 [Mar
9735 98
Nor Cont't Util 6155-1942
100 10015 2,000 100
Feb 100% Feb 33% and regular dividend of 2%. vEx cash and stock dividends. w When lamed.
z Ex-diaidend, y Ex-rights. z Ex-stock dividend.
.
105,4
bilesiment an AlaiIrma j„txtelligence.
1964
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third
week of March. The table covers 10 roads and shows
5.32% increase over the same week last year:
Third Week of March.
•
1927.
Increase. Decrease.
1926.
$
$
$
Previously reported (2 roads)___ 3,671,375 3,475.189 196,186
5,249.272 5.062.069 187,203
Canadian National Rys
94.470
9,525
103,995
Duluth South Shore & Atlantic.
500
48,700
49,200
Georgia Southern & Florida_ _ _ _
7.389
7,884
Mineral Range
1,141
4,865
6,006
Nevada California & Oregon...
649,371 117,304
766.675
Texas & Pacific
476,501
461,700
St. Louis Southwestern
55.021
403,912
458.933
Western Maryland
566.880
551.584
10,774,545 10,229,961
Total (10 roads)
Net increase(5.32%)
$
495
14,801
15.296
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
1st week
2d week
3d week
4th week
1st week
2d week
3d week
4th week
1st week
2d week
3d week
Jan. 111 roads). ___
Jan. 13 roads)..._
Jan. 13 roads)..
Jan. 13 roads ____
Feb. 13 roads).___
Feb. (13 roads)---..
Feb. (13 roads)____
Feb. (13 roads).Mar.(13 roads).__.
Mar.(13 roads)____
Mar.(10 roads)_ --.
13.051.798
14.583,490
14.070.737
19,730,700
14,230,561
14.758.017
14,545,407
14.632,602
14.995,998
15.453,141
10,774.545
Increase or
Decrease.
Previous
Year.
12.886.210
13,746.043
14.195.271
19,198.456
14,180.984
14.563,085
14,540,989
14.742.040
14.308,298
14,781,223
10,229,961
+165.498
+294,828
+124,534
+532.244
+49,577
+194,932
+4,418
-109.438
+687.700
+671.918
+551,584
%
1.28
2.14
0.87
2.77
0.35
1.33
0.03
0.74
4.81
4.55
5.32
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.
Gross Earnings.
Month
1926.
1925.
increaseor
Decrease.
1926.
1925.
Increase or
Decrease.
5
-38,008
Feb.. 459,227,310 454,198.055 +5.029,255 99.480,650 99,518,658
March 528.905.183 485,236.559 +43468.624 133.642,754 109.081.102 +24,561.652
April. 498,448,309 472,829.820 +25.818,489 114.685,151 102,920,855 +11.764.296
May 516,487,480 487,952,182 +28.515,298 128,581,566 1l2.904,074 +15.677.492
June _ 538,758.797 506,124.762 +32,634,035 149,492,478 130,920,896 +18.571.582
July__ 555.471,276 521,596.191 +33.875,085 161,070.612 139,644.601 +21.435.011
Aug__ 577,791,746 553,933.904 +23.857,842 179.416,017 186.426.264 +12.989.753
Sept__ 588,945.933 564,758.924 +24.192.009 191,933,148 176.936.230 +14.096,918
Oct __ 604.052.017 586,008.436 +18.043.581 193.990.813 180,629,394 +13.361,419
Nov__ 559,935,895 531.199.465 +28.736,430 158.197.446 148,132,228 + 10,065.218
Dee__ 525.411.572 522,487,800 +2,943,972 119,237.349 134,504,698 -15,267,349
1927.
1926.
1927.
1926.
Jan _ 485,961.345 479,841.904 +6,119,441 99,428,246 102,281,496 -2.853,250
-Percentage of Increase or decrease in net for above months has been:
Note.
-Jan.,0.93% Inc.; Feb., 0.04% dec.: March, 22.50% inc.: April, 11.43% Inc.'
1926
May. 13.89% Inc.: June, 14.18% Inc.; July, 15.35% Inc.: Aug., 7.88% Inc.: Sept.,
-Jan..
8.48% Inc.: Oct., 7.35% Inc.: Nov., 6.79% Inc.: Dec.. 11.38% inc.: 1927
2.79% dec.
In January the length of road covered was 236.944 miles In 1926, against 236.599
miles in 1925: in February, 236.839 miles, against 236.529 miles; in March, 236,774
miles, against 238,500 miles; in April, 236.518 miles. against 236,526 miles; In May.
236,833 miles, against 238,858 miles: in June. 236,510 miles, against 236,243 miles
n July, 236,885 miles, against 235,348 MHOS; in August, 236,759 miles, against
236,092 miles: In September, 236,779 miles. against 235,977 miles; in October,
236,854 miles, against 238.898 miles: In November, 237.335 miles. against 236,369
miles:in December,236,982 miles, against 237,373 miles. In January 1927. 237.846
miles, against 238.805 miles in 1926.
-The table
Net Earnings Monthly to Latest Dates.
following shows the gross and net earnings for STEAM
railroads reported this week:
l 6.
Gross from Raf:3=1/- -Net
1927.
$
Bessemer & Lake Erie171,668
668,534
February -- 848,526
280,817
From Jan!. 1,867,686 1,304,333
Bingham dr Garfield
9,128
44,329
February __
41,828
From Jan 1_
17,682
91,731
89.474
Boston & Maine
February __ 5,889,861 5,968.116 1,260,434
From Jan 1 12,114,886 11,041,740 2,475,505
Brooklyn E D Terminal
45,827
February __ 111,065
111,251
88.428
From Jan! 224,735
226,993
Buffalo Rochester & Pittsburgh
281,830
February __ 1,539,687 1.369,010
543,250
From Jan 1 3,108,359 2,828,224
Buffalo dr SusquehannaFebruary.. 143,077
9,859
February __
100,470
From Jan! 280,489
2,953
196,345
Canadian National RyeJanuary _19,207,035 18.337.076 1,424.242
From Jan 139.375.294 37,038,230 3,458,596
Atlantic & St Lawrence
56,675
215,292
February __ 246,496
85,578
From Jan 1
470,566
487,168
Chic Det & Can G T June
145,183
311,317
February __ 285.448
373,532
From Jan!. 669,862
634,818
Detroit Grand Haven dr Milwaukee
176,875
February __ 543,447
544,754
376,904
From Jan!. 1,129,472 1,086.952
Canadian Pacific Line in Maine
89,581
296,980
February __ 303,636
174,820
From Jan 1_ 849,228
598,893
Canadian Pacific Lines In Vermont
1
-123,.62356
154,829
February __
From Jan 1_ 333,298
Canadian Pacific
February _ _13.387,502 12,613,008
From Jan! 27,802,872 26,083,139
Central of Georgia
597,119
February.. 2,294,717 2,572,081
From Jan! 4,627,773 5,059,264 1.108,308
Central New England
172,873
434,300
February __ 566,896
295,364
From Jan!. 1,148,718
881,844
Central RR of N J
556,467
February __ 4,020,933 3,547,810
From Jan 1 8,427,915 7,098,745 1,193,813
Charleston dr Western Carolina
87,712
318,477
February _ _
329,805
98,527
From Jan 1_ 605,845
875,714
Ches dr Ohio Lines
February _10,494,743 9,551.038 3,310,549
From Jan 121.385,890 19,775,317 8,637,082
Chicago & Alton
610,160
February __ 2,355,145 2,242,796
From Jan! 4,748,037 4,746,891 1,140,926
Chicago Burlington & QuincyFebrrary ._1!,869,922 11,862,087 3.599,018
From Jan 1_23,566,719 24,375,516 6,745,799
Chicago & East Illinois
456,846
February __ 2,328,977 2,124.613
917.715
From Jan 1 4,732,337 4,527,170
Chicago Great Western
334,515
February __ 1,778,286 1,791,450
624,878
From Jan 1 3,634,733 3,688,656
Chicago & Illinois Midland
79,488
82,234
February _ 242,884
151,661
176,196
From Jan 1_ 455,002
Chicago Ind & Louisville
359,457
February.. 1,454,508 1,381,092
858,185
From Jan! 2,893,319 2,835,960
Chicago Milw & St Paul
February __11,605,997 11,529,631 2.148,304
From Jan! 23,382,256 23.752,484 3,811,904
Chicago & North Western
February _10,784.626 10,695,320 2,098,205
From Jan 121,597.207 21.810,721 3,633,265
Chicago River dr Indiana
187,427
531,187
February __ 541,243
380,558
From .fan 1 1,088,813 1,090,705
Chic R I S. Pacific
February _.10,!79,7!6 9.324,186 2,279,734
From Jan 120,666.279 19,142,590 4,329,898
Chic R. 1 & Gulf
214,882
474,713
February.. 579,591
-Gross from Railway- -Net from Railway -Net after Taxes
1926.
488.191
1927.
987,433
From Jan 1 1,223,183
1926.
1927.
1926.
1927.
$
Minn & Omaha
Chicago St Paul
335,791
February.. 1,993,447 1,976,381
Akron Canton az Youngstown
52,934
70,855
72,283
530,228
91,255
From Jan 1 3,995,313 4,097,926
248,855
259.874
February _
104,675
144,241
141,121
185,088
494,332
From Jan I 521,288
Clue Indiana dr Western
75,681
355,665
February _ _ 435,580
Ann Arbor
78,644
99,801
101,889
123,792
97,814
From Jan! 858,436
757,072
447,023
February __ 471,570
185,256
138,224
231,703
185,356
924,035
888.608
From Jan 1
Clinchfleld257,637
834,478
February _ _ 674,783
Atch Topeka & Santa Fe
539,652
From Jan! 1.386,890 1,345,908
February _A9,448,277 16,845,059 5,803.423 4,412,717 3,970.826 2,983,526
8,508,487 6,314,826
From Jan 140.902,095 34,247,536 12,339,260 9.241,793
Colorado & SouthernGulf Col. & Santa Fe
91,145
933,083
FeeruarY -- 989,155
128.152
558,516
222,546
644,668
February __ 2,804,523 1,997,285
354,291
From Jan 1_ 2,129,778 1,968,542
462,580
649,881 1,542,418
From Jan L 6,451,612 4,159,129 1,718,401
Ft Worth & Denver City
Panhandle & Santa Fe
321,067
910,560
February _ _ 1,068,030
306,084
379,206
367,813
427.947
868,038
February __ 1.368.523
803,583
From Jan 1 2,313.314 1,889,608
681,163
836,672
801,582
942,200
From Jan I_ 3,120,712 1,835,965
Trinity & Brazos Valley
28,117
Atlanta Birm dr Atlantic
147,631
February __ 226,231
46,058
59,721 -23.183
-8,778
45,827
473,375
413,383
February.
334,314
From Jan 1_ 495,915
88,387
113,830 -29,868
-1,226
947,163
849,376
From Jan 1
Wichita Valley
100,041
Atlanta & West Point121,911
February __ 177,989
46,834
34,517
59,525
52,396
257,712
245,901
211,402
From Jan 1
284,816
373,736
83,270
82,601
110,581
115,859
508,943
February- 499,669
From Jan 1
Columbus & GreensvilleAtlantic City
17,456
156,001
February __
142,355
241,683 -69,449 -50.388 -103,697 -75,696
231.233
February
37,562
312,300
From Jan 1_ 296,002
478,911 -189,012 -132,440 -257,500 -183,213
1
From Jan _- 469,104
Conemaugh dr Black Lick
Atlantic Coast Line
143,432 -10,110
February __ 118,364
7,828,333 9,146,871 2,406,339 3,368,280 1,952,085 2,866,879
February
287,874 -21.983
From Jan! 245,442
115,231,654 18,161,377 4.190.372 6,486,405 3,233,178 5,434,471
From Jan _Delaware & Hudson
Baltimore & Ohio
486,268
February __ 3,334.629 2.473,012
February _17,903.907 17,710,375 3,304,847 3,142,463 2,314,463 2,256,231
778,839
From Jan!. 6,710,634 4,607.591
From Jan 1 37,601,352 37,231,651 7,253,891 7,450,927 5,279,646 5,862,798
Denver & Rio Grande Western
B dr 0 Chicago Terminal
520,560
7,418
February.. 2,295,900 2,278,712
12,786
55,839
34,817
275,909
February _ 292,649
From Jan! 4,929,185 4,967,941 1,251,956
3,938
48.926
88,865
45,757
551,204
From Jan I_ 574,584
Denver & Salt Lake
Bangor & Aroostook
35.820
251,917
February _ 268,494
254,138
93,879
134,278
318,847
572,470
772,778
February
116,453
628,193
From Jan!. 613,483
249,932
502,184
341,131
628,150
1,225,824
1
From Jan-- 1,552,732
Detroit & Mackinac
Bellefonte Central
112.4486,391
February _ - 103,291
--1,136
--1,604
-1,489
-1,025
5,389
5,074
February __
5,017
226.644
-1,442
-1,812
From Jan 1_ 203,733
-1.582
-1,220
12,012
11,055
From Jan 1
Detroit Terminal
Belt Ry of Chicago
53,721
194,438
161,110
February _ _
127,792
138,849
180,935
183,235
559,644
555,598
February
84,656
372,332
294,169
247,633
From Jan!
239,435
342,903
332,207
1
From Jan-- 1,117,085 1,132,496
-Railway- --Net after Taxes
1926.
1927.
1928.
$
30,162
-39.935
6
23, 09
7203
-7,250
133,389
207,283 -107,290
1,471
2,290
-3,351
1,183
772,547
961.533
1,028,026
2,050,354 1,878,208 1,526,465
45,345
93,612
39.452
75,878
39,132
81,186
287,784
557,727
231,666
443,086
237,784
457,727
-7,880
-16,555
7,759
-1,427
-11,030
-22,855
16,208
68,554
43,725
59,678
2,556
41,254
152,253
316,901
134,923
353,012
142,415
297,259
205,223
395,691
163,930
350,932
198.978
382,975
98,352
167,664
76.281
148,220
85,852
146,664
1,423,573
3,155,955
,36
4 101
-7 0
1,988,199 1,905,031
3,478,433 3,706,889
633,493
1,159,455
468,319
867,621
508,708
926.304
70,483
121,169
139,252
229,086
43,147
66,578
424,473
658,439
401,429
887,115
80,578
-41,835
54,754
135,999
46,183
55,498
33,241
93,038
2,483.067 2,600,877 1,923,255
5,190,026 5,218,569 4,070,318
470,521
940,446
502,380
928,795
362.552
724,455
3,353.964 2,593,013 2,428,885
6,410,385 4,760,200 4,524,331
300,229
686.939
341,155
686,767
194,596
470,722
370.417
687,246
241,901
444,953
277,930
507,572
34,275
76,758
72,591
136,510
30,275
88,758
385,454
711,171
285,422
514,210
291,247
569,692
2,114,308 1,397,269 1,362,488
3,982,651 2,308,198 2,472,599
2,086,253 1,294,540 1,283,537
4.255,651 2.027,650 2,647,129
171.852
365,439
147,404
281,284
131,399
282,581
1,721,452 1,845,653 1,132,246
3.328,868 3.058,481 2,148,963
107.642
217,287
188.326
435,051
89,550
181.038
282,358
607,023
237,882
323,490
164.878
389,746
49,913
131,282
57,681
61,814
34,831
98,282
213,517
465,760
182,637
389,652
153,517
345,762
198,719
407,687
27.617
227,170
134,673
280,044
326,131
660,319
246,152
656.109
263,214
538,614
-27,013
-63,296
18.865
31,113
-34,714
-78,697
54,254
142.697
90,349
191,939
44,595
123.635
27,083
47.076
16.233
34.835
25.561
44,039
-8,717
-14,887
-11,319
-24,383
-9.817
-17.087
-3,587
-441,282
369,267 -92.349
544,838 -618,317
584,841
1,335,353
335,463
881,705
379,701
065,129
19,006
119,684
29,788
104,384
13,003
107,661
9,371
5,590
-3,376
-14,562
-759
-14,753
34,884
51,964
38,888
58,018
19,700
26,337
APR. 2 1927.]
THE CHRONICLE
-Gross from Railway-. -Net from Railway -Net after Tare,
1927.
1926.
1927.
1926.
1927.
1926.
1965
-Gross from Railway- -Net from Railway-- -Net after Taxer
1927.
1926.
1927.
1926.
1927.
1926.
Detroit Toledo & Ironton
Minn St P & 58 M
February
761,033 1.030.500
214,262
366,404
188,820
290.922
February
3,164,303 3,233,037
From Jan _- 1,573,766 2,137,562
498,539
1
570,490
280.133
351,011
456,683
798.381
393,623
649,682
From Jan! 6,417,744 6,536,410
_939,538
992,491
490,619
Detroit & Toledo Shore Line
525.493
Mississippi Central
February _
527,868
458,155
342,538
256,081
316,018
231.912
February _ _
130.604
127,730
From Jan! 1,003,207
35,774
39,496
27,572
880,275
29.260
621,411
486,387
566,314
438,734
From Jan 1
271,712
263,364
74,683
81,192
57,449
Duluth & Iron Range
61,049
February _ _
128,261
119.179 -160.513 -169,348 -186.799 -184,580 Missouri-Kansas-Texas S.retemFebruary _ _ 4.435.238 4,054,876
997,015
From Jan E 243,320
925.148
427,605
227,549 -322,238 -338,980 -395,125 -295.208
334.347
From Jan 1 9,183,903 8,592.842 2.043.729 1,902.778
898,945
Duluth Missabe & Northern
720,965
Missouri
-Kansas
-Texas
February _ _
118.417
110,777 -374,607 -375,862 -464,871 -462,044
February - 2,731,388 2,536.863
From Jan 1_
962.930
225.164
868,312
234,844 -738,519 -686,603 -922,653 -713.979
755,090
663,623
From Jan 1 5,550,002 5,302,893 1,842,852 1,780,399 1,448,247
Duluth South Shore & Atlantic
1,352,429
Missouri
-Kansas
-Texas of Texas
February __
376,520
413.170
44.935
81,876
15,935
52,676
February _ _ 1.703,850 1.518,013
412,590
From Jan 1
382.871
766,712
359.820
835,205
330,337
104,883
174,353
46,883
116.353
From Jan E 3,633,901 3,289,949
927,966
820,307
822,954
Duluth Winnipeg & Pacific
713.611
Missouri & North Arkansas
February
222,049
192,835
60,488
36,368
49.386
26.716
February _ _
137,767
132,438
23,809
From Jan _- 440,026
1
-6,052
388,037
21.262
-8.780
113,718
70,483
91,717
51,071
From Jan E 272,936
254,811
32,885
-8,503
27,957 -13,669
Elgin Joliet & Eastern
Missouri Pacific
February __ 2,133,490 1,914,r38
882,220
670,121
782,765
575,313
February _ _10,163,887 10,205,685 2,487,973 2,280,354 1,989,903
From Jan 1 4,095,204 3,947,840 1,479,271 1,150,748
1,280,385
961,099
From Jan 120,699,189 20,890,023 4,854,225 4,673,958 3,904,667 1.806,328
Erie Railroad
3,726,148
Mobile & OhioFebruary __ 8.137,303 7,266.924
993,767
415,540
606,081
48,356
_ 1.324,616 1,571,742
From Jan 116,298,051 14,384,649 1,602,792
242.738
427,847
163,397
338,227
651.156
828,278 -80,405
From Jan 1 2,757,983 3,166.053
February537,768
842.012
Chicago & Erie
374,962
656,240
Monongahela Connecting
February
1,159,408
974,146
450,614
340.393
397,286
276,442
February _ _
164.725
186,756
From Jan _- 2• .217,645 1,911,198
40,633
1
33,115
31,747
27,866
777,399
573.411
670.860
445,585
From Jan E 343,882
423,876
78,796
98,252
62,097
87.490
NJ&NYRRNashv Chatt & St Louis
February _
118,266
125,641
1,852
14,755
-1,725
11,113
February _ 1,770,470 1,906,156
283,814
From Jan
239,701
415.769
208,984
242.161
340,634
-2,251
16,383
-9,543
From Jan 1 3.557.300 3.873.274
9,099
534,815
790,254
Evans Ind & Terre Haute
383,844
639,994
Nevada Northern
February
235,929
193,427
100,856
62,555
88,567
56,988
February __
83,466
77,662
From Jan _- 445.319
46,209
1
38,169
39,644
407,182
27.185
168,691
137,368
149,474
126,189
From Jan 1
168,177
156.583
87,491
72,734
74,368
Florida East Coast
50,766
Newburgh & South Shore
February _ _ 2,158,952 3,296,919
743.791 1,134,505
674,048
February _
130,931
164,370
17,488
From Jan 1 4,238,251 6,623.769 1,231,973 2,202,700 1,006,283 1.027,626
37.266
5,275
24,310
1,965,190
From Jan 1
253,223
318.163
28,398
58,899
4,176
Fonda Johns & Gloversville
33,910
New Orleans & Great Northern
February _
105,056
105,793
36,179
35,757
28,339
27.917
February.... 261,512
252,927
89.943
From Jan!
88,512
217,030
73.143
208,799
68,410
76,702
69,241
61,022
53,561
From Jan 1
535,881
524,334
187,484
171,515
137.995
Galveston Wharf
147.612
New Orleans Texas & Mexico
February _ _
159,679
105,324
66,815
35,888
49,815
18,888
February
275,010
272,373
From Jan 1.. 350,765
52,903
72,719
214,789
28.512
155,471
46,990
59,259
121,471
25,259
From Jan _- 551,924
1
541,306
106,913
147,918
58,057
Georgia Railroad
97.618
Beaumont So Lake & W
February.... 438,260
479,130
65.767
68.833
56,620
61,314
February
244,674
193,854
From Jan 1
62,771
896,664
45,788
967,302
59,421
131.593
38,844
152.555
111,528
137,537
From Jan _- 516.778
1
398,582
138,224
92,808
128,024
Georgia & Florida
78,904
St 1. Browns & MexFebruary __
164,075
169,333
35,411
47,638
27,411
40,523
February _
895,948
664,874
From Jan 1 308,074
310,074
209,605
330.971
274,560
61,230
179,004
88,650
45,730
74.418
From Jan! 1,729,974 1,283,024
575,916
Grand Trunk Western
304,707
508.208
244.152
New York Central
February _ _ 1.604.617 1,439,626
455,825
339,765
372.079
271,322
February - 9,596,694 29,088,838 6.501,875 6.388.132 4,484.021 4,364,843
From Jan L 3,168,231 2.917,721
840,807
682,000
672,590
544,908
From Jan 1 60,599,993 59,465,496 12,746.210 12,713,866 8.691,483
Great Northern System
8,644.947
Indiana Harbor Belt
February
8.592,746 6,606,552 1,158,162 1.487.809
525,466
768.590
February _
936,616
From Jan _832.370
113,269,786 13,601,334 2.089,122 3.019.399
241.448
190,435
202,596
151.239
785,011 1,576,843
From Jan! 1,839,816 1,717.878
375,588
Green Bay & Western
381.431
307,955
313.627
Michigan Central
February __
120,398
128,425
25,372
37.351
17.372
28,711
February _ _ 6,817,950 7,139,335 2,104,388 2.279.403 1,638,668
From Jan 1
246,210
264,310
1,791,837
53,618
74,888
37,618
57,748
From Jan 1 13,577,866 14,290,456 3,845,201 4.372,160
Gulf Mobile & Northern
2.961.360 3.441,789
C C C St Louis&
February..
504,136
493,832
135,388
158,782
102,029
115,755
_ 7,162,435 6.920,992 1,588,896 1,591,007 1,177,204
From Jan
1,044,427 1,004,341
297,089
318,130
226,271
234,122
From Jan 114.527,001 14,344,891 2,984,734 3,217.737 2,178,374 1.156,530
FebruaryGulf & Ship Island
2,367,624
Cincinnati Northern
February _
304,820
344,563
22,345
2,536
-1,490 -23,732
February __ 397,347
From Jan 1 643,670
398.401
135,244
153.273
704,244
108,814
124,858
19,285
16.290 -28,351 -35,630
From Jan 1
753.476
774,117
220,675
Hocking Valley
273,375
173,543
222.292
Pittsburgh & Lake Erie
February _ 1,397,466 1,310,795
388,685
286,000
257,510
174,249
February
2.618.337 2,709,239
From Jan 1 2,718.483 2,716,708
373.077
524.702
224,584
357,602
639,485
576,812
417,158
353,353
From Jan! 5,334,113 5,461,748
_Illinois Central System
670,927 1.092,822
361,832
732,127
New York Chic & St L
February _ _14.316,873 14,368,204 3.707,485
February
4,122,993 4,081.980
From Jan 1 _29,374,941 29,762,377 7,143,045 3,659.381 2,644,705 2.596.752
978,009 1,048.511
796,974
709.357
7,411,072 5,021,858 5,282,281
From Jan _- 8,481,959 8,597,436 1.935,869 2,246,312 1,398,368 1.742.977
1
Illinois Central Co
New York Connecting
February _12,206,248 12,421,606 3,287,205
3,142,824 2,393,708 2,237.054
February _- 253.200
196,351
151,740
From Jan 1_24,899,903 25,803,401 6,182,940
111,240
115,394
77.394
6,454,554 4,421,950 4.625,262
From Jan!
496,232
423,746
285.369
265,937
189,937
204,389
Yazoo & Mississippi Valley
NYNH& Hartford
February _ _ 2,097,602 1,946,598
419,586
516,557
255,207
February _ _ 9,663,221 9,500,421 2,075,567 1,851,117
363.677
From Jan 1_ 4,447,528 3,958,976
987.187
929,932
958,186
956,518
607,817
From Jan! 19,929,951 19,519,913 3,984,234 4.012,254 1.758,341
683,837
2,227.13
International Great Northern
3
N Y Susq & Western
February
1,440,227 1,309,908
259,018
184,149
219,208
February _
379,065
142,200
294,556
From Jan _- 3• ,031,359 2,699,242
31,784 . -31,098
1
3,301 -60,333
573,513
412,448
485,593
From Jan 1 793,074
329.106
597,037
60.774 -18,975
3,726 -77.448
Kansas City Mexico & Orient
Norfolk Southern
February _ _
213,897
114,628 -10,211 -16.705 -14,308 -20,730
February.... 744,209
712,992
From Jan 1. 396,844
222,816
195,104
173.975
246,654 -35,590 -27,201 -43,748 -35,226
151.308
From Jan 1 1.486,617 1,383,006
338.110
405,567
308.151
K C Mex & 0 of T
242.320
Norfolk & Western
February
440,144
249,670
85,220
53,163
58,198
February
46,156
8.406.382 8.325,483 2,723,891 2,889.822 1,873,462 2,136,716
From Jan _- 881.152
1
519.536
169,421
113,421
155,388
From Jan! 17.808.117 17,301,536 5.755,860 6,073,027 4.055,139 4,568,942
99.414
_Kansas City Southern
Northern Pacific
February
1,386,513 1,395,064
454,930
452.711
344,508
February __ 8,078,075 6,591,525 1,012,763 1,226,862
345,042
From Jan _- 2• .831.300 2,957,272
1
353,886
568,697
885,398
973,297
664,565
From Jan 112,047,698 13,245,794 1,725,214 2,532,335
757,213
Texarkana & Ft Smith
405,213 1.206,955
Northwestern Pacific
February
224.758
217,837
92,304
93,697
77,361
From Jan I_ 359,392
76,662
From Jan _- 450.939
420,257 -30,213
1
39,967 -70,958
452,386
-1,074
184,993
203.636
155,106
169.213
From Jan 1_
756.843
854.906 -31.210
Kansas Okla & Gulf
74.279 -112.678
-7.795
Pennsylvania System
February
215,607
221,354
-6,002
26,618 -15,745
Pennsylvania Co
17,875
From Jan _- 431,336
1
458,946 -33,923
56,527 -53,409
February _ _51.837.333 51.617,729 9.943,755 7.230.525
41,445
Lehigh & Hudson River
From Jan 1105559,726 105968,857 18.031,553 16,259,951 8,455,951 5,652,807
February.... 257.124
14,549,069 12,571.781
209,691
73,524
53,189
59,066
Baltimore Chesapeake & Atlantic
41.389
From Jan 1
531,334
388,916
150,321
79,435
121.972
February _
72.888
59.035
78,743 -40,827 -27,854 -40.875 -27,881
Lehigh & New England
From Jan 1. 143,983
142,027 -72,432 -88,668 -72,525 -68,695
February
356,730
213,200
69,685
-4,844
56,604 -12,089
Long Island
From Jan _- 748,584
1
409.195
162,171 -50,906
134,481 -65,809
February _ 2,655,532 2,468,587
275,439
Lehigh Valley
227,654
227,081
202,232
From Jan 1.. 5,479.154 4,973.443
632,192
February
488,744
517,763
5,518,694 4,609,312
408,440
992,539
243,594
738,479
Monongahela
70,654
From Jan _111.334,671 8,817,503 1,619,468 -15.410
1.152,948
January - a699,191 a691,257 a353,551 a336,892
304.375
Los Angeles & Salt Lake
a318,551 0308,314
February 619,265
675,192
289,298
February _ _ 1.796,497 1,810,482
327,047
262,798
296,949
118,902
237,546 -13,683
From Jan 1 1,318,456 1,366,449
104.452
642,849
From Jan 1_ 3,775.434 3,673.974
663.939
581,349
605,263
458,535
382,144
West Jersey & Seashore
192,740
116.209
Louisiana & Arkansas
February _ _ 772,648
778.107
-5,682 -20,456
-5,706 -20,605
February _ _
325,504
From Jan! 1,582,504 1,563,672 -27,951
341.894
77,525
119.288
50,411
-58.497 -28,054 -58,721
83.470
From Jan!
653,664
144,852
680.690
219,775
88,584
148,885 Pere Marquette
February __ 3,324,947 3,227,538
Louisiana Ry & Nay Co
992.417
920,087
800,691
715,381
February ._
From Jan! 6,353,536 6,444,829 1,836,468 1,700,603
297,360
275,357
47,833
19,275
1.253,601 1.306.071
24,387
-3.175 PerklomenFrom Jan 1_ 607,025
577,009
72,165
39,785
26.734
-4,787
February
Louisiana Ry & Nay Co of Texas
93,219
96,442
37.806
4,885
30.983
33,457
From Jan _- 195,712
February _ _
1
96,990
223,592
121,334
13.294
80,250
15.948
111,455
68,811
95,115
9,289
11,934 Pittsburgh & ShawmutFrom Jan E
189.013
230,519
6,097
24,978
-1,911
17,095
February _
136,869
128,139
Louisville & Nashville
17,175
26,594
16,055
26,472
From Jan!
279.479
253,489
January _a11,588,241a12,357,943 a2,147,215 a2,824,496
38,695
54,221
36,446
53,979
February _ A1.417,682 11,917,364 2.278.067 2,743,907 a1.626.491 a2,228,802 Pitts Shawmut & Northern
February
166,443
From Jan 1 23,005,923 24,275,307 4,425,282 5,568,403 1.721,711 2,147,074
137,954
37,883
34,905
25,986
23,022
3,348,202 4,375.876
From Jan!
_- 340,611
277,593
Loulav Henderson & St L
89,544
63,587
41,362
35.436
Pittsburgh & West VaFebruary _
345,473
333,037
116,124
•
108.350
92.378
84,180
472,738
_
From Jan I 873,400
699.124
381.779
157,242
245,183
220,884
181,906
248,372
107,163
174,536
198,939
February- 916,370
From Jan 1
812,750
Maine Central
346,647
453,176
329,594
247.555
Porebruary.
Ft Reuding
February _ _ 1,695,315 1,513,667
408,229
204,807
294,315
96,453
221,670
From Jan! 3,516,161 3,180,009
238,234
107.969
70,640
842,193
55,325
533,724
94,347
614.363
316,949
From Jan! 436,382
449,584
Midland Valley
218,012
165,194
134,570
187,638
Quincy Omaha & K C
February..
298,619
316,276
122,048
131,721
102.582
February _ _
114.739
61.218
From Jan
64,454
630,796
637,933
3,040
3.041
-2.943
277,119
277,340
-2,425
237,715
243,483
From Jan 1_
120,505
140.960
22,100
5,325 -34.066
Minneapolis & St Louis
-5,607
Reading_ 7
CompanyFebruary __ 1,088,213 1,136,232
128.326
179,563
63,446
115.013
FebruaryV2,879 6,802,326 1,542,760 1.258,789
From Jan! 2• ,17,205 2,265,875
1,130,857
137,068
296,668
888,994
9,380
165,305
From Jan 115.276,009 13,379,281 3,231,902 2,314,034 2.373,789
1,577,360
1
[VOL. 124.
THE CHRONICLE
1966
-Gross from Railway- -Net from Railway- -Net after Taxes
-Gross from Railway- -Net from Railway- -Net after Taxes
1926.
1926.
1927.
1927.
1926.
1927.
1926.
1927.
1926.
1927.
1926.
1927.
$
8
$
$
$
Western Pacific
.Richmond Fred & Potomac
96,314
178.114 -50,787
73,379
940,341
February __ 913,905
317,868
183,314
233,864
398,668
February -- 984,496 1,059,427
249,426
412.733 -18,761
229,198
From Jan 1_ 1,907,462 2,017,977
660,980
373,390
820,740
480,892
From Jan 1 1,969,382 2,181,288
Western fly of Alabama
Rutland
71,845
35,876
82,102
51,328
26,374
279,634
February __ 242,996
28,684
48,464
51,133
479,535
February __ 475,561
79.412
114,020
138,645
108,038
537,558
From Jan 1_ 503,631
53.423
59,144
988,175
105,052
968,905
966,911
From Jan 1
Wheeling & Lake Erie
St Louis-San Francisco System
238,879
337,503
361,308
473,562
425,749
February __ 1,536,793 1,414,397
454,805
February __ 6.807.664 7,125.159 1,754,664 1,691,093
561,117
486,07$
735,338
824,176
906,869
From Jan 1_ 3,007,606 2,917,584
784,219
From Jan 1 13,955,712 14,732.986 3,384,152 3,425,516
St Louis-San Francisco
a Corrected report.
-Deficit.
February __ 6,468,539 6,812,784 2,095,545 2,128,584 1,674,220 1,728,661
Fired
Total Net
From Jan 1 13,227,669 14,030,721 3,987,861 4,304,997 3,197,797 3,532,201
Charges. Balance.
Income.
St L-S Fran of T
19,528
32,646
22,049
35,187
131,436
February __ 150,748
128,181 -563,311 -435,130
Feb 1927
84,522 Minneapolis St Paul & S S System
76.103
89.571
81,198
314,484
325,260
From Jan 1
284,833 -529,840 -245,005
Feb 1926
254,668-1,182,209 -927,537
Ft Worth & Rio Grande
Since Jan I 1927
8,944
-5,154
13,093
-1,011
107,458
371,501-1,156,636 -744,372
93,266
February - _
Since Jan 1 1926
11,433
-9,095
19,752
-887
220,596
199,131
From Jan 1
126,540 -383,311 -256,771
Minneapolis St Paul & Saule Ste Marie Feb 1927
196,853 -384,714 -187,860
Feb 1926
-St Louis Southwestern
400,519
270,629 -807,689 -537,058
Since Jan I 1927
365,035
413,984 • 470,423
February... 1,304,344 1,490,786
800,727
328,400 -810.648 -482,486
Since Jan 1 1926
807,142
946,240
926,657
From Jan 1 2,756,606 3.065,545
1.641 -180,000 -178,359
Feb 1927
Wisconsin Central
St Louis Southwestern of T87,980 -145,126 -57,145
Feb 1926
574,150 -82,857 -15,011 -109,862 -43,095
529,315
February _ _
Since Jan 1 1927 -15,961 -374,518 -390,479
23,236 -148,963 -32,668
From Jan I_ 1,147,254 1,219,940 -95,277
43,101 -304.988 -261,886
Since Jan I 1926
San Ant Uvalde & Gulf
263,745
48,827 New York New Haven & Hartford
45,739
Feb 1927 1,548,914 1,315,660
52.700
49,315
165,368
161,843
February __
202,417
82,630
1,608,622 1,811,040
Feb 1926
78.404
90,281
85,454
299,451
From Jan 1_ 319,738
444,066
Since Jan 1 1927 3,181,035 3,625,101
Seaboard Air Line
196,040
Since Jan 1 1926 3,444,388 3.640,429
February __ 5,653,275 6,041,713 1,402,423 1,566,990 1,076,507 1,268,239
111
--1,136
-1,025
Feb 1927
From Jan 1_11,510,146 12.196,072 2,684,050 3,105,382 2,057.465 2,508,106 Bellefonte Central
115
-1,604
1,489
Feb 1926 -1,443
222
Southern Pacific System
1,220
Since Jan 1 1927 -1,812
230
Gals' Harris & San Ant
-1,582
Since Jan 1 1926
148,349
-1,436
280.208
90,844
February __ 2,095,901 2,104,542
-568
31,585
31,018
Feb 1927
475,204 Fonda Johnstown & Gloversville
-79,770
706,240
123,436
From Jan 1 4.349,181 4,507,460
-735
31,731
30,996
Feb 1926
2,655
63,389
Sou Pacific Co
66.044
Since Jan 1 1927
1,786.976
-4,307
63,328
February _ _14,475,361 14,315,855 3,304,449 3,124,729 2,036.594
59,021
Since Jan 1 1926
From Jan L30,133,420 29,649,854 6,677,489 6,610,767 4,091,311 4,053,639
10,040
16,893
26,933
Feb 1927
Georgia & Florida
4,684
14,257
18,942
Houston & Texas CentralFeb 1926
140,249
107,567
189,798
218,906
10,796
33,478
44,275
February __ 1,057,003 1,054,351
Since Jan 1 1927
277,185
426,616
399,923
595,069
6,683
27,374
From Jan 1 2,334,566 2.196,896
33,957
Since Jan 1 1926
Houston E & W Texas
44,630
49,129
61,322
71,072
234.749
252,801
February _ _
Electric Railway and Other Public Utility Net
91,961
132,113
122,391
168,023
483,423
From Jan L 518,192
Louisiana Western
33,265
80.509
60,472
318.408
February __ 295,560
83,787
167,252
136,975
653,900
621,797
From Jan 1
Morgans La & Texas
12,964 -28,504 -41,929
652,727
February __ 619,113
298
34,193 -109,373
From Jan 1 1,282,631 1,395,666
SS Lines)
(Southern Pacific
155,384
133,191
165,409
976,919
February __ 1,053,897
225,566
209,058
235.211
From Jan I 1.942,440 1,910,320
Texas & New Orleans
99,124
43,021
130,550
801,023
February __ 750,252
134,891
230,421
215,377
From Jan L 1,623,964 1,671.685
Southern Railway System
February _15,187,061 16,222,595 3,975,148 4.650,581 3,102,099
From Jan I 30,639.622 32,790,963 7,517,754 9,084,057 5,625,345
Southern fly Co
February -11,540,733 12,033.127 3,063,308 3,321,620 2,393,058
From Jan 123,271.471 24,207,743 5,741,561 6,324,092 4,320,009
Ala Great Southern
130,501
215.340
171,997
816,476
February _ 766,931
266,618
457.535
374.235
From Jan 1_ 1.566,200 1.654.632
CM N 0& T P
338,078
822,892
418,804
February __ 1,682,132 1,881,226
589,291
775,052 1,270.430
From Jan I 3,368,053 3,804,779
Southern & Florida
Georgia
11,012
168,837
29,776
615,022
February __ 394,948
31,753
385,131
72.054
From Jan I_ 820.783 1,317,829
New Orleans & Northeast
142,463
191,288
180,008
509,381
February __ 485,993
235,483
359,669
323,535
964,123 1,018,155
From Jan 1
North Alabama
35,396
54,531
40,171
121,983
February __ 105,618
78,338
93.042
88,366
245,554
From Jan 1_ 223,161
Spokane International
16,865
27,969
22,251
88,675
91.137
February __
38.571
60,079
49,368
182,356
From Jan L 193,883
Portl & Seattle
Spokane
104.299
173,227
183,565
563,348
February __ 577.235
198,383
355,064
356,872
From Jan 1_ 1,145,953 1,145,129
Staten Island R T
27,725
12,072
44,725
210,024
__ 220,366
February
55,616
63,264
89,641
439,428
445,474
From Jan 1
Tennessee Central
25,700
53,992
30.492
263,351
February __ 240,331
14,883
92,033
24,376
527,022
From Jan 1_ 467.857
Texas Mexican fly Co
3.985
31,871
8,985
127,029
121,880
February _ _
1,218
64,626
11,218
251,959
From Jan 1_ 243,931
Texas & Pacific
589,324
629,928
745.146
February __ 3,016,283 2,717,925
From Jan 1_ 6,026,566 5,712,735 1,401,762 1,331,978 1,087,200
Toledo Peoria & West
8,977
-1,280
16,485
114,786
132,483
February _
8,440
-9,212
23,448
236,260
From Jan 1_ 265,950
Ulster & Delaware
57,394
56,352
February _ 111,368
From Jan I_ 115,385
Union Pacific System
February _13,285,092 13,482,574
From Jan 1_27,027,656 27,813,139
Union PaeltieFebruary _ - 7,062.226 7,125,053
From Jan L14,443,901 14,817,425
Oregon Short Line
February -_ 2,488,170 2,539,807
From Jan 1.. 4,989,030 5,323,527
Ore-Wash fly & Nay Co
February _ _ 1,938,198 2,007,233
From Jan L 3,819,290 3,998.214
St Jos & Gd Island
287.038
February __ 239,581
608,227
From Jan 1_ 489,815
Union RR (Penal
784,509
February __ 754,678
From Jan I_ 1,472,145 1,616,803
Utah
122,965
February -- 157,358
289,950
From Jan 1_ 353,386
Virginian
February __ 1,909,858 1,720,358
From .Jan 1_ 4,088,112 3,482,134
Wabash
February -- 5,391,449 5,281,326
From Jan L10,706,458 10,695,030
Western Maryland
February __ 1,855,316 1,862.216
From Jan 1_ 3,895,931 3,717,218
-14,689
-32,321
-20,266
-38,370
3,538,231 3,210,901
6,928,714 6,605,595
2,230,580 2,063,779
4,368,748 4,301,163
814,698
1,538,231
589,710
1,325,254
374,050
563,200
319,868
597,035
72,153
133,668
90,254
205,116
103,166
122,608
8,557
124,521
52,787
150,851
43,330
99,924
57,341
113,451
-79,568
-67,787
Companies.
129,175
182,045
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
8
$
e Barcelona Tr,L & P Co Feb 7.886,258 7,554,672 5,785,646 5,316,838
2 mos ended Feb 28 1927-15,990,388 15.666.623 11,716,947 11,192,750
Jan 4,657,444 4,383,992 *2.136,962 *1.994,142
7,816 C Electric P & L Corp
12 mos ended Jan 311927_50,382.264 46,228.093*21.961,118.19,378.945
160,091
Los Angeles Gas & Elec_ _Jan 2,419,303 1.879,238 a753,517 a363,197
12 mos ended Jan 3L__18,151,776 16,925,663 03,265,654 a2,800.964
3,580,252
6,860,961 c National Pow & Lt Co_Jan 3,164,351 2,862,721 *1,279.331 *1,158,013
12 mos ended Jan 31 1927_33,846.525 30,113,122*13,584,771*11,638,644
2,527,778
* After taxes. a After depreciation. c Earnings of subsidiary com4.669,389
panies only. e Given in pesetas.
Balance,
Fixed
Net after
Gross
148,301
Surplus.
Charges.
Taxes,
Earnings.
329,343
Companies.
b-14,476
519,476 Ati Gulf dr W I SS Jan '27 3,497,639 5c240,729 k226,253
k247,623 b-96,082
1,054,112
Lines and subs SS cos '26 3.508.870 *c151,541
c61,440
178.187
Binghamton Light, Feb '27
*55,316
161,814
'26
132,141
Heat & Power Co
344.157
340.791
311,772
12 mos ended Feb 28 '27 1,962,560 5c684,948
314.309
312.882
'26 1.727,811 *c627,191
92,018
662,894
754,912
Feb '27 *2.945,648
147,859 Boston Elevated
664.031 -185.990
478,041
'26 *2,929,482
259,820
Railway
135,276
259.366
Feb '27
Broad River
97,282
176.529
49,394
'26
Power Co
520.057
764.226
82,569
12 mos ended Feb 28 '27 2,409.122 *1,284,283
86,818
172,693
Feb '27
Public
Florida
69,282
144.936
22,593
'26
Service Co
353.080
489,651
49,331
12 mos ended Feb 28 '27 1.729,552 *842,731
139,007
268.471
'26 1,185,819 *407.478
*15,412
c16,657
*32.069
96,184 Honolulu Rapid
81,942
Jan '27
C15,052
c14,927
*23.979
85.003
200,978
'26
Transit Co. Ltd
*33.315
c33,314
*66,629
161.242
2 mos ended Feb 28 '27
c30,896
c29,861
*60,757
165,979
'26
-3,883
31.375 Metropolitan
848.110 a363,829
Feb '27
803.304 a345.914
'26
Edison Co
12 mos end Feb 28 '27 9,718,21204.274,180 1,823,154 2.451,026
47.122
'26 8,844,492a*3,906.899 1,759,229 2.147,670
79,325
79,526
g52,545
351,398 *132,071
Feb '27
New Bedford Gas
74.691
050.364
338.109 *125,055
'28
& Edison Light Co
27,371
962.472
12 mos ended Feb 28 '27 4,198,807 *1.620,825 0658,353
55,626
900,372
'26 3.991,080 *1,509.234 g608.862
c52,882
211,642
476,464 New Jersey Power Feb '27
c45,705
189,347
& Light Co
'26
1.023,995
348,456
338,114
12 mos ended Feb 28 '27 2,487,885 0686,570
239.100
209,895
'26 1,566.525 0*448.995
-8,314
75,639
201,054
Feb '27
-23.246 North Carolina
58,179
160,039
'26
Public Service
330,650
360,237
12 mos ended Feb 28 '27 2,166,886 *690,887
-20,439 -26,016
333.285
293.063
'26 1,873,802 *626.348
-43,821 -49,870
a24,224
73.260
Feb '27
Northern Penn
a27.286
66.144
'26
Power Co
101,738
162.495
2,256,628 1,944,166
777,734 0264,233
12 mos ended Feb 28 '27
4,364.397 4,106,656 Reading
a21,183
235,908
Feb '27
Transit
a15.837
238,359
'26
Company
188.808
107,468
1,521,315 1,359,722
12 mos ended Feb 28 '27 2,963,238 0*296,276
166,561
91.924
2,949,861 2,925,832
'26 3.002,931 0258.485
945.344
529,576
2,285,905 1,474.920
•
Feb '27
Southern Califor331,378
777,425
1,279,888
502,463
559,268
'26 2,024.175
nia Edison Co
810,309
1,027,284
2 mos ended Feb 28 '27 4,110,572 3,165.708 1,039,091 2,126,617
'26 4,106.529 2,505,753 1,002.891 1,502.862
148,614 Third Ave Ry Syst Feb '27 1,154,595
189,727
c207,488
e236,041 -28,553
254,306
194,512
*225,520 -70,837
c154,683
'26 1.042,611
164,352
8 mos ended Feb 28 '27 10,132,984 *1,964,747 e1,800,395
67,740
53,827
'26 9.640,743 c1,781,581 e1,800.479 -18.898
158,086 York Utilities
98,289
-3,953
k3,917
*/36
18.506
Feb '27
-3,294
83,808
,j514
5
18.361
'26
Company
-5,484
*12.349
k7,833
40,179
-2.732
83,166
2 mos ended Feb 28 '27
*2,532
-4,996
k7,528
37,656
91,944
92,608
'26
39,345
123,968
33,845
80,955
629,331
781,969
765,331
947,072
2,097,360 1,526,198 1,767,152 1,257,084
1,296,449 1,279,376 1,013,948 1,006,379
2,378,335 2,531,147 1,833,300 1,995.637
548,484
550,794
1,169,323 1,094,256
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
450,794
969,323
468,484
939,256
* Includes'other income. a Afterrentals and depreciation. b Afterrenta.
c After depreciation. g Includes depreciation. j Before taxes. k Includes
taxes.
-Deficit. e Includes amortization of debt discount and expense.
I Before taxes.
12 Months Ended Feb. 28
Month of February
Burp, after
Burp. after
Gross.
Charges.
es.
Net.
Net.
Gross.
Baton Rouge Electric Co
85,592
1927
78.660
1926
32,985
34,622
27,179
28,937
980,306
827,149
372,188
283,627
302,647
211,212
APR. 21927.]
THE CHRONICLE
1967
Month of February
12 Months Ended Feb. 28-BALANCE SHEET DEC. 31.
Surp. after
Surp. after
Assets1926.
1925.
Gross.
Net.
Charges.
1924.
Gross.
Net.
Charges. Property investment
8664,107.040 $649.630,834 $641,212,727
$
$
$
$
$
$
Ocean & Coastal SS
62.118.329
60,257.816
60.146,629
Blackstone Valley Gas & Electric Co. & Sub. Cos.
Acquired securities
142,510,387
141.322.586
137,353.287
1927
496,041
180.503
131,269 5,600,686 1,993,070 1,417,770 Adv. to control prop.,
13,589,891
13,523.064
10.461,931
1926
462,340
177,479
130,478 5,140,436 1,936,394 1,497.090 Deferred payments &c.. _ _
56,043.062
57,411.086
59.553.030
Cape Breton Electric Co, Ltd
Prey. and mun. securities
792,721
792.721
792,721
1927
14.917
55,409
9,208
628,398
138.396
24,522,843
69,090 Miscellaneous investments
23,677,036
23,649,946
1926
5,173
49,045
-499
564,094
89,438
93.805.866
20,621 Lands and property assets
99,463.661
98,561,477
Materials and supplies
Edison Electric Illuminating Co of Brockton
22,892,408
23,799.762
26.763,665
1927
Agents
153,206
45,641
4,985.261
44,177 1,786,638
3,593,343
2,807,033
598,367
587,628 Traffic & conduct's balances
balances
1926
150,781
51,554
1,249.210
50.776 1,676,270
1,602,009
1,675,236
567,809
572,604 Accts. due for transport'n
1,174.845
1,163,748
The Electric Light & Power Co of Abington & Rockland
1,136,666
Miscell. accts. receivable__ _
7,303,842
7,697,498
1927
48,160
7,237,143
8,568
8,059
584,683
106,806
102,296 Cash (working assets)
42,813,395
29,937,526
1926
42,405,206
42,709
3,059
2,915
.551,525
108.196
103,641
El Paso Electric Co & Sub Cos
I
Total
$1,137,909,101 11.113,872,693 $1,113,756,697
1927
236,899
84,800
70,919 2.872,333 1,061,610
Liabilities
894,894
1926
227,749
92,411
79,074 2,594,531
940,129
759,042 Ordinary stock
1260000.000 $260,000.000 $260,000,000
Fall River Gas Works Co
4% preferred stock
100.148.588
100.148.588
100.148.588
1927
79.724
15,514
13,647 1,020,290
264.244.882
245,155
264,244,882
236,178 4% consol. deb. stock
264,244,882
1926
74,986
10,779
Mortgage bonds
10,741
994,702
3,650,000
241,746
238,725
3,650,000
3,650,000
5% coll, trust bonds
Galveston-Houston Electric Co St Sub Cos-12,000,000
12.000,000
12.000.000
434%
1927
380,186
27,577,610
105,773
34,219 4,740,485 1,402,539
29.041,647
30,000,000
593,782 434% s. f. sec. note ctfs_ _ _ _
coll, trust
1926
311,121
20.000.000
76,703
20,801 3,954,211 1,015,601
365,125 Aud. vouchers gold bonds_
7.581.801
Haverhill Gas Light Co
6,182,484
7,063.176
Payrolls
3.953.517
3,621,004
1927
57,717
3.461.008
11,376
11,153
703,851
126,336
125,051 Misc. accts. payable
4.693.704
1926
6.219,382
56,839
6.461.060
12,216
12,213
642,646
131,969
131,656 Accruals
1.029,460
751.130
770.327
The Lowell Electric Light Corporation
Equipment obligations
18,410,000
8.850.000
10,790,000
1927
162,927
70,680
70,669 1,738,560
620,622
606,805 Equipment replacement..
903,932
6.548,136
3.864,976
1926
154,037
57,800
56.640 1,645,384
572.097
568,197 SS.replacement
15,405,048
14.836,699
14,904.360
Northern Texas Electric Co & Sub Cos
Res.for cont.& cont. war tax
20,263,536
22,982,171
25.276,135
1927
205,939
60,749
31,343 2,536.280
40,278.965
831,758
474,329 Prem.on ordinary stock sold
41.502.076
41,502.076
1926
Lands and townsites
194.948
64,140
35,034 2,445,084
74,320,095
773,502
75,397,642
425,739 Surp. rev,
79,142,690
from operations... 142,466,062
Puget Sound Power & Light Co & Sub Cos
135,003.237
131.992.922
Special
1927
2,492,503
1.245,745
534,755
2.089,081
295.991 13,735,428 5,780,857 2,958.579 Surplusreserve for tax
1.921.183
1926
118.489,397
1,125,994
489,677
120.804.534
283,899 12,949,267 4,949,471 2.709,050
116.563,314
Savannah Electric & Power Co
Total
$1.137.909,101 11.113.872.693 51.113,756.697
1927
186,677
78,978
46,442 2,241,373
834.686
468,760 -V. 124, p. 1662, 1656.
1926
185,901
79,216
48.365 2,010,792
738,623
370,100
Sierra Pacific Electric Co & Sub Cos
Norfolk & Western Railway Co.
1927
96,727
42,697
38,716 1,267,874
524,584
479.467
1926
(31st Annual Report
95,083
43,994
39,715 1,136,773
-Year Ended Dec. 31 1926.)
489,769
440,192
Month of January
The remarks of President A. C. Needles, together with a
- Months Ended Jan.3112
Columbus Electric & Power Co & Sub Cos
1927
336,887
172,021
101,399 3.788,729 2,043,309 1,172,493 comparative income account, balance sheet and other
1926
325,497
135,313
94,020 2,845,488
849,211
566,838 statistical tables, will be found under "Reports and DocuEastern Texas Electric Co & Sub Cos
1 ments" on subsequent pages.
1927
511,312
183,913
71,737 5,768,124 1,980,251 1,024,732 COMMODITI
ES CARRIED FOR CALENDAR YEARS(REV. FREIGHT).
1926
420,683
126,458
53,534 3,664,125 1,137,561
672,933 Revenue
Products of
Jacksonville Traction Co
Bituminous Other Min. Mfrs. OE
.
Tons. Aricul.
Forests.
Coal.
1927
132,484
Products.
23,183
Miscel
7,676 1,615,841
326,664
138,257 1926- 1.277,097 2,170.076 Animals.
189.161 45,599,980 3.630.344 5,321,419
1926
137.009
33,989
17,555 1,368,000
345,306
191,750 1925-1 1.201,667 2.206.979 198,819 38,122,834
-Deficit.
3,281.822
1924-- 1,323,170 2,248,297 200.910 32,579,530 3.152,754 5.254,436
1923-- 1,368,517 2.311,274 190,638 29,468,395 3,985,728 4,921,040
1922-- 1,243,028 1.544,598 188.257 28,120,614 2,423,619 5,250,331
1921-- 1,164.425 1,441,257 174.829 21.766,196 1,781,245 3.8.36,962
1920- 1,441.205 2,267.150 198,097 26,035.500 4,808.726 3,356.983
5.935,065
Canadian Pacific Railway Co.
1919._ 1,666,139 2,251,811 265,568 24,265,803 4.407,907 5.087,387
1918- 1,768,919 2,506,500 306.356 27.505.962 7.137.992 7.576.191
(46th Annual Report
-Year Ended Dec. 311926.)
1917- 1,650.552 3.203,608 250.582 29.005,324 6.708.467 7.378,259
OPERATING STATISTICS FOR CALENDAR YEARS.
The remarks of President E. W. Beatty, along with the
1925.
income account, balance sheet and other tables for 1926, Avge. mileage operated.. 1926.
1924.
1923.
2.241
2,241
2,241
2,238
will be found under "Reports and Documents" on subse- Revenue tons carried... _ 58,188,077 50,266,557 44,425,701 42,574,883
do 1 mile (000 omit.) 16,719.411 13.683,557 12,130.124 11.161.523
quent pages.
do 1 in. per m.road_ 7.459,095 6,106,114 5,413,566 4.986,630
Av. per rev, ton per mile 0.650 cts. 0.682 cts. 0.699 cts. 0.729 cts.
INCOME ACCOUNT FOR CALENDAR YEARS.
Av. rev, per mile of road
$48,496
$41,665
$37,843
$36.331
1926.
1925.
1924.
1923.
No.rev. passengers car'd 4,169.260 4,538.851
5.378.168 6.243.478
Earnings$
$
$
S.
do one mile
221,808,900 235,135,070 262.306,228 296.043.981
Passengers
34,150,428 33,126,445 33,900,668 36.315,818 Av. rev, per pass. mileFreight
141,205.619 128.410.056 123,505.140 134.299,556 Av. pass. rev, per m.r'd 3.455 cts. 3.416 cts. 3.427 cts. 3.444 eta.
$4,568
$4,777
Mails
$5.259
$5,761
3.607,036 3.552.416 3.537,662 3,572,372
$21,942
$16,638
$12.424
Sleeping cars,misc.& exp 19,062,509 18,267,088 21,558,686 21,649,344 Net op. rev. per m. road
$10,218
INCOME STATEMENT FOR CALENDAR YEARS.
Total gross earnings_ _198,025.592 183,356,006 182,502,156 195.837.090
1926.
1925.
1924.
1923.
Operating Expenses
Operating Revenues
Transportation expenses 60691,423 65.009.477 66,311,741 72,730,571 Freight
108.703,463 93.370,357 81.684,818 81,311.868
Maintenance of way.&c. 28,322,187 25,473.904 27.277,389 30.776,423 Passenger
7,663,494 8,031,229 8,972,057 10,301.246
Maintenance of equip._ 36,722,467 33.108.545 32,640,070 34,124,839 Mail
1,120.521
1,149.651
1,161.923
989.497
Traffic
9.088.420 8.477.103 8.341,350 8,180,042 Express
1,067,487 1.101.736
1,118,992 1.237,913
Parlor car, &c
1.861,682 1,724.501
539,245
1,831,498 2,005,970 All other transportation..
562.354
581,049
578,610
Lake and river steamers.. 1.275,647 1,217,175
Incid. & jt. fact!. revs.... 1,314,830 1,003,664
1,386,816
1,061.834
1.162,547
General (incl. all taxes)_ 9,118,638 8.190.526 1,266,592 9.153,418
7,606,274
Total
120,409,038 105,218.991 94,580,674 95.591.682
Total oper. expenses-153,080,465 143,201,230 145.274,914 158,358,079 Other revenue
*3,126.636
Net earnings
Total
44,945,127 40.154.776 37,227,242 37.479,011
120,409.038 105,218.991 97,707.310 95.591.682
Fixed charges
Operating Expenses14,676,359 14.438.517 14,070,287 13,470,653
Pension fund
600,000
500,000
500,000
500.000 Maint. of way Ss struc_ - 16,413,152 15,109.848 14,801,044 12,408,975
Maintenance of equip
21,215.215 21,655,956 22.796,839 25,140,609
Balance, surplus
29,668.768 25,216,258 22.656,955 23,508,357 Traffic
1.309,177
1,190,439
1,054.805
991,805
Special income
11,056,271 11,357,375
9.971.252 11.391,052 Transportation
30.283,220 28.140,128 29,217.013 31.997,613
/Atwell. operations
270,640
272,971
288,092
306.382
Total income
40,725,039 36.573.633 32.628,207 34,899.409 General
2,269,535 2,084.549 2,012,582
1,869,052
Preferred div. (4%).
4,005,944 4,005.944 3,857,075
Transp. for invest.-Cr534,026
519,077
295,268
115,568
xCommon diva.(10%).- 26,000,000 26,000.000 26,000,000 3.421,943
26.000.000
Totals
71.226,914 67,934.815 69.875,109 72,598.871
Balance, surplus
10,719,095 6,567,689 2,771,132 5.477,466 Net revenue from oper 49,182,124 37.284,175 27,832,202
22,992.811
Com.shs.outst.(par $100) 2,600,000 2,600.000 2,600.000
11,075.000 8,600.000 7,400,000 6,225.000
2,600,000 Tax accruals
Earns, per sh. on coin$14.12
$12.52
$11.07
12,332
$12.11 Uncollectible revenue.-29,022
13.539
26.172
x Of this 10% in dividends paid on ordinary stock 7% is
earnings and 3% is paid out ofspecial income (which account is from railway
Total open income..._ 38,094.793 28.655.153 20,418,662 16,741,639
given below).
Non-Oper. Income
SPECIAL INCOME ACCOUNT FOR CALENDAR YEARS.
Hire of freight cars (net) 2.418.469 2,386,617 1,726.291
From this special income is derived 3% in special divs, referred
3,003,995
to above.] Hire of other equip.(net)
128.812
167,130
17,629
4.408
1926.
Joint facility rents (net)_
1925.
1924.
280,077
302,052
1923.
300,787
258,824
Net rev, from invest. &
avail. res.)see below)_ $2,576,410 $1,755.003
Totals
$645,756 $2.158,178
2,827,358 2,855,799
Int. on dep. & int, and
Net ry. open income.- 40,922,151 31,510,952 2,044,707 3,267.227
dive, on 0th. securities
Inc.from lease of road.._1,110 22,463,369 20,008,866
1,110 1,025.519
less exchange
2,940,485 3,313,249 3.059,507 1.545.355 Miscell, rent income_ _ _ _
83.433
75,873
79.283
72.581
Net earnings Ocean &
Misc. non-op. phys.prop
99,159
81,446
147.277
41.089
Coastal SS. Lines...-. 2,053,883 2,881,651
Dividend income
7,099
3,630,675 4.292,141
7,049
6,599
5.047
Net earns. Commercial
Inc. fr. funded securities
812,166
488,545
622.931
575,280
Tel. and news dept.,
Income from unfunded
hotels, rentals & misc. 3,485,492 3.407,472 2.635,314
securities & accounts_
429,432
219.459
1,855,592
219.494
3.395.378 Miscellaneous Income.....
76,099
6.649
29,102
6.529
Total special income-111,056,271 $11,357,375 $9,971,252
111.391.052
Less payments to share
Total
1.508.498
880,131
1,083,224 3,604.210
Gross income
holder's in diva.(3%). 7,800.000 7.800.000 7,800,000
7.800,000 Rent for leased roads.- 42,430,648 32,391.083 23.546,593 23,613,076
97,625
105.388
103,805
102.307
Balance Dec. 31
13,256.271 $3,557,375 $2,171,252 $3,591.052 Miscellaneous rents_ __ 2,280
1.847
1.755
1.454
Interest on funded debt- 5,224,779 5.366.857 5.064,022 4,622.613
MISCELLANEOUS INVESTMENTS,Par 647,005,125 (Cost
$24,522,843)• Int. on unfunded debt
13,275
74,618
20,729
From these investments was derived the first item in foregoing
33.232
table.
Misc,income charges..
288.500
277.614
112,933
64.974
Coeur d'Alene & Pend d'Orellle By. 1st mtge. bonds
$47.000
Consolidated Mining & Smelting Co. stock
Total
5,626,460 5.826,325 5.303.245 4,824,579
6,088.525
Cambridge Collieres Co. 1st mtge. ref. bonds
36,804,188 26,564,759 18,243.348 18,788,497
250,000 Net income
Canadian Pacific Express Co. stock
5,000,000 Dividends on adjustment
Duluth South Shore & Atlantic By. ordinary stock
pref. stock (4%)
919,692
919.692
919,692
6,100,000
919,692
(10%)13,920.718(8)10890.199(8)10563.752(8)10304,434
„
co Common diva
Minneapolis St. Paul & Sault Ste. Marie By. ordinary
Minneapolis St. Paul & Sault Ste. Marie By. preferred stock._ _12,723,500
Balance, surplus
21,963,778 14,754,868 6,759,904 7.564.371
stock-- 6,361,800
Pennsylvania-Ontario Transportation Co.stock
1,373,193
1,347,943
187.500 Corn.abs. outst.(par$100) 1,395,703
1,289.943
Quebec Salvage & Wrecking Co. stock
$25.71
$18.68
150,000 Earn, per sh. on corn.....
$12.85
Spokane International By, Co. stock
$13.85
3.941.800
* Note.
-It has been the company's practice for many years to include
Toronto Hamilton & Buffalo By. Co. consol. mtge. bonds
1,000.000 In its figures of operating revenues for each month the revenue from local
West Kootenay Power & Light Co. preferred stock
55,000 business for that month and the revenue from inter-line forwarded and
FINANCIAL REPORTS
1968
[VOL. 124
THE CHRONICLE
received business for the preceding month. By order of the Inter-State
Commerce Commission, it became necessary, beginning with December
1924, to include the revenue from inter-line business in the figures for the
month in which it was earned. December 1924 figures, therefore. include
the revenue from inter-line business for November and December, and the
figures for the year 1924 include similar revenue for the 13 months Decem-V. 124. p. 789.
ber 1923 to December 1924, inclusive.
Western Union Telegraph Co., Inc.
-Year Ended Dec. 31 1926.)
(Annual Report
The remarks of President Newcomb Carlton, together
with income account and comparative balance sheet as of
Dec.31 1926, will be found under "Reports and Documents"
on a subsequent page.
COMPARATIVE INCOME & SURPLUS ACCOUNT FOR CAL. YEARS
1923.
1926.
1925.
1924.
$
Gross oper. revenues__ -134.464.886 127,078,023 112,861,555 111,733,560
Oper. exp. (incl. repairs,
res. for decree., rent
for lease of plants,
taxes, &c.)
118,774,838 110,628.842 99,581,556 97,712,714
15,690.055 16,449.181 13,279,999 14,020,846
Income from divs.& int. 1,941,139 2,073,594 2,374.008 1,894,910
17,631,194 18,522,775 15,654,007 15,915,756
Appropriated for ocean
cable development_
1,000,000 2.000,000
1.000.000
Interest on bonds
2,426,145 2,336,516 2,31,.325 2,306.850
Balance, surplus
Previous surplus
Profit from sale of sec
15,205,049 15,186,259 12,336,682 11,608.906
64.968,111 56,980,027 51.814,706 46,854,538
4.514.192
Total surplus
80,173,160 76,680,479 64.151,388 58,463,444
DeductDivs. paid and declared_ 7,980,700 7,232,457 6,982,929 6,982,797
188,432 Cr.334,060
Adjust. ofsurp.(net)--788,418
279.911
Approp.for development
of ocean cables
4,200,000
Profit & loss surplus 71,404,042 64,968,111 56,980,027 51,814,706
Shares of capital stock
997,867
997,867
997,866
997.865
outstanding(par 5100)
$11.63
$12.36
Earns. per sh.on cap.stk.
$15.22
$15.24
-V. 124. p. 1363.
Victor Talking Machine Co.(& Sub. Cos.).
-Year Ended Dec. 31 1926).
(Annual Report
The income account and balance sheet covering the operations of the company and its subsidiaries for the year 1926
-V.
are given in the advertising pages of to-day's issue.
124 p. 1683.
Illinois Power & Light Corporation.
(Annual Report
-Year Ended Dec. 31 1926.)
The remarks of President Clement Studebaker Jr., together
with income account and balance sheet as of Dec. 31 1926,
will be found under "Reports and Documents" on subsequent pages.
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1925.
1924.
1926.
Gross earns,from oper.:
Electric light & power $16,467,204 $15,817,324 $13,871,433 $12,400,996
Interurban lines
5,971,273 6,763,657 6,032,489 6,676,610
4.198,798 4,248,821 4,849,247 5,178,391
City lines
2,973.364 2,722,534
3,336.917 3,191,721
Gas
620,363
672,395
685.778
712.848
Heat
331,961
271,392
990.034
954.481
Ice, water & miscell
Inter-company items_ Dr.487,445 Dr2.566.845
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1924.
1925.
1926.
3,359.76
Average mileage oper__ _
3,193.14
3,188.54
3,188.54
Operating Revenue
Freight
$45.050.764 543.777,643 542.331.705 529,791,215
9.325.060 10,457.071 11,295,456
Passenger
8,669.898
1,221,101
Mail
1,143,052 1.189,965
1.107,607
Express
1.758,952 1.827,782 2.181,233
1,768,781
637.147
665,305
705.652
758.825
Miscellaneous
788,634
791,352
729,569
Incidental
701.501
73,132
46,164
Joint facility
52.985
43,390
Total open revenue $58.100.766
°berating ExpensesMaint. of way & struc- - $7,818.707
cMaint. of equipment.-- 11,203,005
Traffic expenses
1,319,918
Transportation expenses 17,625,954
Miscell. operations
374.480
General expenses
1.984,759
Tramp. for invest.-Cr_
347,753
Total oper. expenses_ _539.979,070
Net oper. revenue_ _ _ _ 18.121,696
Railway tax accruals.,.. 3.367.208
Uncollectibic ry. revenue
29,316
$57,492,914 $57,309.345 655.987,918
57,404,574 $7,563.137 57.393,307
11,422,783 11,517,475 14.636,724
1.151,353
1,138.962
1,177,621
17,592,364 17.363,774 18.380,268
362,232
381,099
372.179
2,053,373
1.919,777
1,886.171
348.939
152.190
237,564
$39.618,128 539,732.035 $43.628.318
17,874.785 17,577.310 12.359,599
2,867.589 3.215.687 2,587,461
26,091
31,403
25.424
Total
33.396.524 82,893.013 13,247,090 $2.613,552
Total oper. income_ _ _ 14,725,172 14,981,772 14,330,220 9.746,046
1,953,603
Other income
877,155
921,384
931.825
Gross income
515.656,997 $15.903.155 515,207,375 511.699,649
1,517,981
2,182,897
Deduct-Rentals, &c._.2,237.341
2,614.704
Fixed interest charges 4,379.547 4,432,446 4.725,955 4,781.974
Int. on adjust. bonds_ 2,682,641
2,738,387 2.790.085 2,791,013
Pref dividend
(6%)1.1315,112(5)1,281,529(114)306.288
(6%)1.1315,112(5)1,281,529(114)306.288
Balance, surplus
-V.123, p. 3316.
54,742,356 54.836.090 15.202.150 52.608.681
Chicago Indianapolis & Louisville Ry.
(30th Annual Report-Year Ended Dec. 31 1926.)
President H. R. Kurrie March 7 wrote in substance:
Surp. per bal. sheet__ $1.991,230 $1,508,040 51,252.139 $1,034,958
Shares ofcorn,stock out400.000
400,000
400.000
400,000
standing (no par)____
$3.51
$3.46
$2.64
$2.25
Earns. per sh.on corn_ _ _
CONSOLIDATED BALANCE SHEET DEC. 31.
1925.
1926.
1925.
1926.
$
$
$
AssetsProperty acc't.-173,413,520 162,493,344 7% pref.stock.- 33,000,000 30,000,000
6% Participating
Cash held by
322,044
pref. stock _ _ _ 1,875,300 1,875,300
trustee
6% pref. stock__ 1.500,000
Cash and due
4,383,213 2,423,271 Common stock _x20,928,161 21.041,854
from banks
Underlying bds_ 27,821,700 34,568,600
Notes and ac1st & ref. mtge.
counts receiv63,700,000 50,200,000
bonds
4,119,881 3,253,126
able
Underlying pref.
Materials & sup2.595.067 2,619,096 stks. & bds__ _ 12,034.600 7,677,700
plies
9,614,800 9,731.800
187.517 Debenture bds
116,729
Prepayments.-1,551,510 4.083,190
134,216 1,057,482 Notes payable
Invest't acc't
2,011,607 2,065,578
62,967 Acc'ts payable
75,447
Sinking funds
530,842
605,242
Consum. depos_
Undistributed
1,007,356 1,334,881
4,196 Accrued taxes
accounts
Accrued interest 1,219,424 1,205,767
Unamort. bond
556,255
562,577
5,293,383 4,259,746 Deferred meta.
discount
Advs. on pref.
Miscell. deferred
612,949
731,952
29.876 stock sales
56,486
debits
263,513
75,060
1,842,333 2,289,300 Unadj. credits
Treasury stock_
Retirem't reeve 11,276,705 11,659,148
86,54
523,052
Miscell. reserve_
1,991,230 1,508,040
Surplus
Total (each side)192,030.275 179,001,965 no par value.
-V.124, p. 791.
Represented by 400.000 shares of
x
Capital Obligatiems.-During the year the Guaranty Trust Co.New
York. trustee of the first and general mcrtgage, certified and delivered
to the company $1.000.000 bonds series A in exchange for an equal amount
of let & gen. mtge.6% bonds, series B which were on hand in the treasury.
The series A bonds were sold to reimburse the treasury for expenditures
previously made for capital account.
There were no let & gen. mtge. bonds certified or delivered during the
-S.
year in reimbursement for past capital expenditures, although the I.
C. Commission approved the certification of 5790,000 series 13 bonds in
reimbursement of capital expenditures made during the previous year.
Equipment trust obligations to the amount of $191,973 matured during
the year and were paid, also equipment trust interest notes to the amount
of $53,347 became due and were paid.
-The total operating revenues for the year amounted
Operating Results.
to $18,598,065, an increase of $912,026, or 5.16%, over the revenues of
1925. The total operating expenses for the current year amounted to
513.327,120. or $457.926 more than in 1925, an increase of 3.56%. Net
railway operating income for the year was 52.979,139. an increase of
1135.616 over 1925. This is equivalent to a return of 5.65% upon the
book investment in the property owned and leased devoted to transportation
service. The ratio of operating expenses to revenue was 71.66% as compared with 72.77% in 1925 and 73.16% in 1924.
-The total cost of additions and betterments
Additions and Betterments.
made to the property during the year amounted to $1.256.145. Of this
amount $320.272 represents the cost of six new heavy Mikado type freight
locomotives received from the American Loocmotive Co. and placed in
service during the year. The 2.500-ton capacity extension to the ice
house at South Hammond was placed in service in January. The work
of installing automotic train control on the section of track between
-S. C.
Hammcnd and Monon in accordance with the first order of the I.
Commission was completed during the year. A total of 32 locomotives
have also been equipped with the necessary devices for operation over
this section of track. Work was also begun during the year of installing
automatic train control on the section of track between Monon and
-S.
Indianapolis in accordance with the second order of the I. C. Commission
and will be completed in the fall of 1927.
The Chicago & Western Indiana RR.,over which this company operates
under trackage rights, continued the work of elevating part of their tracks
between Hammond and Chicago. Construction of a new stone passenger
station at Bedford was practically completed at the end of the year. Other
improvements made during the year were the installation of a 100,000
gallon capacity steel water tank at Greencastle, and a 66,000 gallon capacity
wooden tank with steel frame at Frankfort, also a new overhead bridge
of concrete and steel construction carrying the National Highway at
Putnamville. Work was commenced on the construction of a new 80,000
gal, capacity steel water tank at Delphi. and considerable work was done
-ft.sag in the main line south of Leatherwood
during the year in filling the 18
Creek.
There were placed in service during the year two locomotives, 500
composite low-side gondola cars, 384 box cars and 49 stock cars, all of
which were constructed In company's own shops, replacing an equal number
of dismantled locomotives and cars. The cost of the dismantled cars
and locomotives was written out of investment account and the usable
material recovered was combined with new material and labor, producing
equipment as good as new and included in the investment account at
values substantially less than the cost of new equipment of the same type.
There were also constructed in the shops of the company two modern
steel underframe caboose cars and two milk cars wore converted into
refrigerator cars. A total of 178 cars no longer fit or required for revenue
vi
service
ce.was converted at a nominal expense for use in the company's work
Southern Railway Company.
-Year Ended Dec. 31 1926.)
(33d Annual'Report
remarks of President Fairfax Harrison, together with
The
comparative income account, profit and loss account and
--Hearings have been concluded in the case involving
Federal Valuation.
the matter of final value to be placed upon the properties of the company
under the valuaticn sections of the Inter-State Commerce Act, the case
having been re-opened upon the request of the Bureau of Valuation in 1925.
Company is now preparing its I'Mai brief, and when the same is filed the
-S. O. Commission.
matter will stand submitted for decision by the I.
Total earnings
Operating expenses
Maintenance
Localtaxes
Federal taxes
$31,189,629 $29.081,554 $28,683,703 $27,930,855
14.334,148 13,740.832 14.938,288 14.121,314
3,772,226 3.605,980 3,401,048 3.404,549
1 1.274,615 f1,120,505 1,103,214 1,029,796
256,148
133.771
4,897
I
$11,808,640 $10,609,339 $9.107,380 $9,119,048
203,445
500,586
Total income
$11,808.640 $10,812,785 $9,607,966 $9,119,048
5,850.034 5,352,717 4,975,923 4,135,582
Interest charges,
220,714
262,642
257,699 . 207,024
Bond disc't amortized
Divs. on pref. stocks (co.
1,358.330
&subsidiaries)
2,590,883 2.012,688 1,633.721
Approp. for depr., retir.,
replacements. &c_ _ _ _ 1,721,892 2.133.779 1,891,680 2,000,000
Net earnings
Other income
$1.383,189 $1,055,901
$899.618 $1,404,421
Balance
1,508,040 1,252,139 1,034,958
Surplus Jan. 1
30.537
adjustments •
17.563
Add.
Dive.pd.on com.stk. ($2.25)900,000 ($2)800.000($1.75)700000 (51)400,000
a
APR. 2 1927.1
THE CHRONICLE
GENERAL STATISTICS. CALENDAR YEARS.
1926.
1925.
1924.
1923.
Average miles operated_
650
648.09
653
657
Operations
Passengers carried
958,216
1,071,459
1,324,365
1,498,576
Pass.carried one mile_ _ _ 80.041,541 82,670,513 88,180.385 93,997,999
Avge. per pass, per mile_ 3.353 cts. 3.396 cts. 3.419 cts. 3.423 cts.
Rev.frt.(tons) carried__ 8,960.722
8,040.005
7.487.197
7,915,823
do (tons) carr. 1 m-- 1895433846 121'7125290 1051538235 1123672769
Avge. per ton per mile-- 1.011 cts.
1.081 cts.
1.177 cts.
1.158 cts.
548
546
Avge. train load (tons)__
533
564
$2.34
$2.12
Earn, per pass. train m_
$2.25
$2.25
$5.54
$5.91
do per frt, train mile
$6.27
$6.52
do per mile()freed-$28,697
$27,195
$26.116
$27,288
INCOME ACCOUNT YEARS ENDED DEC. 31.
1926.
1925.
1924.
Operating Revenues-.
1923.
$14,107,670 813,156,908 $12,381,665 $13,012,281
Freight
2,684,182
2,807,328
Passenger
3,014.956
3,217,161
307,566
298,609
Mail
297,657
276,929
434,605
400,589
407,644
Express
411,629
Misc,pass. train rev---100,108
87,778
84,368
102.366
Other transport. rev-204,809
198,516
209,466
244.940
786,087
702,297
Other operating revs
655,298
658.241
Total
$18,598,066 $17,686,040 $17,043.999 $17,923.547
Operating xpensesMaint. of way & struc
$1,799.734 $1,841,716 $1,769,709 $1,767,297
Maint, of equipment... 3,867,302
3,766.046
3,803.969 3,912,056
Traffic expenses
446,373
419,144
403,380
397,154
Transportation expenses 6,621,311
6,267,011
6,111,834
6.288,278
Miscall. operations
190,442
191,918
193.531
194,296
General expenses
417,662
401,267
409,179
401,606
Transp. for invest., Cr
16,433
18,792
21,250
17,229
Total
$13,327,121 $12,869,194 $12,468,741 $12.943,458
Net rev,from ry. oper
4,816,846
4,575,259 4.980,090
5,270,945
Railway tax accruals--- 1.055,470
895,069
936.986
1.043.768
'Uncoll, railway rev
1,415
2,754
1,353
1,031
Railway open income_ $4,212,721 $3,920,362 $3,636,920 $3.935,291
Deduct
Hire offit. cars, Dr. bal..
536,131
613,813
789,554
869,418
Cr971
Dt299
Rent from equip.(net)__ Dr.10.788
Dr633
Net joint fedi.rents.. Dr
686,661
463,997
689,698
712,205
Net ry. oper. income- $2,979,140 $2,843,523 $2,157,370 $2.353,034
128,737
Non-operating income__
118,489
152,411
165,034
Gross income
$3.097,628 $2,972,259 $2,309,781 $2,518,068
Deduct
36,951
Rent for leased roads_
40,826
34,787
36,073
5,030
5.180
Misc.rents & tax accels_
5,170
1,210
1,300,691
Int. on funded debt---- 1,350,266
1,255,011
1,214.280
Int. on unfunded debt
4,750
1,679
2,632
1,594
Miscel. income charges_
7,115
7.009
7,435
8,905
Net income
$1,689,640 $1.620,750 $1,004,745 81,256,006
Lrevious surplus
3,245,269
1,449,609
2,061,673
2,267,906
Miscellaneous credits27,539
2,037,838
714,742
622,229
Total surplus
$4 962 448 $5 108 197 $3,781,155 $4,146,141
Preferred diva. (4%)--199,652
199,652
199.652
199,852
Common dividends--- _(7%)734,790 %)524,850(43)472,365 0341,152
(3
(5
Miscellaneous debits_ _ _ _ 1,681.422
1,138,426
1,659,528
1.543,663
Profit & loss surplus__ $2.346,584 $3,245.269 $1,449,609 82,061,673
fihs.com.outst'g(par $100) 105.000
105.000
105.000
105.000
Earns, per sh, on corn._
$14.19
$7.66
$13.53
$10.06
BALANCE SHEET DEC. 31.
1926.
1925.
1926.
Assets
Liabilities
Road & equipm't_50,518,929 49,262,785 Common stock_ _10,500,000
Inv. in MM. cos.:
Preferred stock _ 5,000,000
Stockfi pledged_ 417,500
29,785,466
417,500 Funded debt
Stocks unpledged 368,178
331,511 Government grants
Bonds unpledged 1,384,513 1,364,638 U. S. Government 155,000
Notes
27,794
50,895 Traffic, &c., bals_ 750,673
Advances
740,604
717,345 Accounts & wages_ 1,405,262
Other investments
36,435
183,959 Misc. accounts_ _
210,216
Misc. phys. prop
50,169
49,414 Matured int., diva.
Imp,leased prop
10,683
10,683 and funded debt 467,221
Dep.in lieu of mtg.
Int. mat. unpaid
531,209
property sold... _
2,701
2,701
Cash
437,272
242,330 Deferred liabilities 118,391
Loans & bills rec..
1,830
1 830 Taxes accrued____ 1,138,985
Material & suppl_ 1,454,975 1,331,422 Other unadj. Items 1,144,646
Special deposits,..531,209
529,700 Accrued deprec'n_ 3,001,984
Traffic, &c., bats_ 242,786
197,023 Add'n to property
Miscell. accounts_ 664,672
779,117
through inc.,k sur
66,555
Other curr. assets_
116,399 Inv. In road & Q.
90,499
Securities issued or
since Apr. 30'16 4.752,697
assumed:
Profit and loss_ _ _ 2,346,584
Unpledged
1,878,700 2,878,700
Pledged
964,000
964,000
Other unadjusted
debts
1,615,263 1,204,835
Total
61,438,71160,636,787
-V. 124, p. 1062.
Total
1925.
10,500,000
5,000,000
30,032,787
10,203
155,000
675,418
1,332,003
262,451
362,251
529,700
58,186
88,641
1,043,815
1,069,467
2,919,622
50,417
3,301.555
3,245,269
61,438,711 60,636,787
New York New Haven & Hartford RR.
(55th Annual Report
-Year Ended Dec. 31 1926.)
President E. J. Pearson, New Haven, Conn., March 28,
wrote in substance:
Consolidated Statement.
-The operation of the company, including the
Central New Englanci By. ana the Harlem River & Port Chester RR.,
which are a part of the New Haven rail lines, the entire capital stock of
both being owned by the company, resultea in a surplus after all charges
of $8,852,075, an improvement over the previous year of $540,461, as
shown by the following table:
Comparison
with 1925.
Year 1926. Increase.
Freight revenue
$76,917,802 $2,173,846
Passenger revenue
50,443,754
614,443
Other revenue
15,647,242
546,858
Total operating revenues
$143,008,798 $3,335,147
Operating expenses
105,107.551
1,771,638
Net revenue from railway operations
$37,901,247 $1,563,508
uncollectible railway revenue
Taxes and
5,722,195
533,415
Equipment and joint facility rents (net debit)-_- - 7,402,681
666,577
Net railway operating income (income on which
rate of return is based)
$24,7.
Other income
dN.B:24
Totalincome
Income deductions-Interest
Other
$29,909,322
$330,924
$15,781,466dec.$224,701
5,275,780
*15,164
Net income
$8,852,075
$540,461
•1925 restated to exclude guarantees on separately operated toroperties.
The 1926 net income equals $5.63 per share of the N.Y. N. H.& H. RR.
Co. capital stock outstanding.
Tne net railway operating income for 1926 is 4.78% of the property
investment on a tentative valuation basis. For the previous four years
it was:
4.23%11923
4.75%11924
1925
3.02%11922
2.78%
1969
As has been stated at various times, if company is permitted to earn a
fair return on its reasonable value it will have, after ail fixed charges, a
substantial net income.
Record Volume of Traffic.
-The volume of freight traffic was the heaviest
in the history of the company, and contributed to an improved operating
performance: all previous records being broken in freight train load, gross
ton miles per train hour, speed of freight car movement, and fuel performance.
Commutation Fares.
-The proceeding before the New York P. S. Commission for the reconsideration of the increases in commutation and 50
-trip
fares between N. Y. City and points in New York, requested by some of
the New York commuters, is still pending.
Int. on Govt. Loans.
-The bitl reducing the rate of interest on Government loans to railroads was favorably reported by the Senate Committee
on Inter-State Commerce. An identical bill, introduced by Schuyler
Merritt, was heard with no one opposing) by the House Committee on
Inter-State anc. Foreign Commerce. Company urged action at the session
of the Congress just closed and received most helpful co-operation from
the members of the House and Senate in the States through which it operates. The pressure of business, however, crowded out the consideration
of the bill so that the Government continues to exact from its railroad
debtors 6% interest upon obligations to a large extent imposed upon them
by reason of Federal control.
Subscription to B. 80 M. Stock.
-In accordance with the decision to cooperate with the Boston & Maine readjustment committee, company
subscribed for its atlotment of Boston & Maine 7% prior 'preference stock
at par, payable 25% at the time of the subscription with five semi-annual
installments of 15%, each with interest at the rate of 7% per annum upon
all installments paid. This stock, which was quoted a little below par in
1926. is now selling at a premium so that this co-operation on the part of
the company has not only cost nothing but represents a profit in case it
becomes desirable to reatize upon the investment and I the meantime a
return of 7%. Tins subscription has been made through the Boston Rahroad Ho,ding Co., the medium required by the Commonwealth of Massachusetts for the holding of Boston & Maine securities.
Merger.
-Acting under the authority of the vote,of the stockholders at the
last annual meeting, the requisite proceedings before the New York P. S.
Commission and the Conn. P. U. Commission to merge the Central New
England By. and the Harlem River & Port Chester RR. with this company
have been taken, ana were duty approved by these commissiors on Dec. 16
1926 and Dec.8 1926,respectively. [The 1.-S.C. Commission on March 25
-see V. 124. p. 1816.]
1927 also approved the merger
New England Inv. & Security Co.
-In 1926 the Massachusetts Legislature
enacted a law permitting company to take over the securities of the New
England Investment & Security Co., which owns the control of the Springfield Street Ry. (operating the Springfield street railway system) and the
Worcester Consolidated Street Ry.(operating the Worcester street railway
system). The New England Investment & Security Ca.'s capita,,iabilities
were $211,500 of common and preferred stock (all owned by the public)
and $13,115.000 of gold notes (all owned by the New Haven and representing that company's investment in these street railway properties).
Upon these gold notes there was an accumulation of defaulted interest of
$4,675,000. The conditions imposed by the Act of the Legislature to the
company's acquiring the, securities of the New England Investment &
Security Co. required the prior assent of three-fourths of the towns through
which these street railways operate. That assent was given and your company is proceeding to rehabilitate the Worcester and Springfield properties
in the hope that by placing them upon a profitable basis it may realize
the whole or at least the greater part of the above investments.
New England Transportation Co. has been in operation for a little more
than a year. It now operates on its maximum schedule 43 routes over 1,100
miles of highway. utilizing 184 motor coaches. During the winter months
this is reduced to 35 routes operating over 925 road miles. The coa, h mileage for the year 1926 was 4,608,245, and the total number of passengers
carried was 2,837,495.
In the development of this highway subsidiary the policies as laid down
at its inception have been closely adhered to. The results show that real
benefits accrue to rail service from the co-ordination of the highway Anes
with train schedules. The program has proceeded conservatively, after
close and careful study, and few if any more lines remain to be installed.
Valuation.
-The oral argument in support of company's claim that the
I.
-S. C. Commission's tentative valuation of the physical property is '
greatly understated, was presented before the Commission on May 17 1926.
and supporting briefs were subsequently fled. It is expected that the Commission will submit its f,ndIngs as to the final valuation of the property
during the year.
The tentative valuation of the New Bedford, Martha's Vineyard & Nantucket Steamboat Co. (which was c)nsolidated with the New England
Steamship Co. Sept, 30 1922) was received Jan. 8 1927. This report
showed the tentative valuation of the property to be $325,000, as compared with a book investment of $249,551.
-The operating revenues for the year were $135,065,836, an
Revenues.
increase of $2,799.413, or 2.12% more than a year ago. Freight revenue
increased $1,566,797, or 2.32%. Passenger revenue increased $666,281.
or 1.34.7. Mail revenue decreased $14.199, or 0.69%. Excess baggage
0
revenue increased $12,174, or 7.30%. Express revenue increased $140.820.
or 2.71%. Other transportation revenue increased $151,617, or 7.54%•
Incidental revenue increased $259,293, or 6.11%. Joint facility revenue
increased $16,628, or 1.41%.
Expenses.
-Operating expenses show an increase of $1,794.878, or 1.84%
as compared with last year. The increase is due principally to the retirement of equipment and the cost of removing snow and ice, on account of
the heavy storms in February, partially offset by a decrease in transportation expenses brought about by continued operating efficiency and lower
costs of fuel.
Payrolls.
-On Dec. 31 1926 the total number of employees was 32,174,
or 410 more than the previous year, and the total charges for the year,
for all classes of labor paid for directly, were $58,175,015, an increase of
$792,560, or 1.38%, as compared with the preceding year. There were
0,257, or 16.28%. fewer employees on Dec. 31 1926 than on Dec. 311917.
but payrolls for the year 1926 were $20,017,504 greater, an increase of
52.46%.
Improvements.
-The company has in the past two years spent for improvement of its property:
1926.
1925.
For road and equipment
$9,162,995 $5,772,041
For installment payments on trust equipment_
1,412,900
1,536.900
For advance initial payments on equip, tr. of 1925_
80,902
For advance initial payments on equip. tr. of 1926..
350,415
For additions and betterments on leased railway
properties
-not recollectible
542,811
891,472
For advs. to sub, cos, for add'ns & betterments_
1,455,563
2,204.340
Total
$14,103,026 $9,307,315
Maturing Debt and Sinking Fund Payments.
-There will be due between
April 2 1927 and Jan. 1 1928 the following:
Sinldng fund payment account 15
-year secured 6% gold bonds,
due May 1
8230,000
5% mtge. note favor of the Suffolk Savings Bank for Seamen
and others, due May 7
100.000
986.000
Installment payments on trust equipment
100.000
6% coll. note favor of Sec. of Treas., Ser."C," No.2,due Oct. 1
Sinking fund payment account 15
-year secured 6% gold bonds,
230,000
due Nov. 1
Sinking fund payment account Worcester & Conn. Eastern Ry.
14,240
1st mtge. 43is, due Jan. 1 1928
$1,660 240
Total
-No additional shares of the
New England Investment ee Security Co.
Worcester Consolidated Street Ry.first preferred stock have been exchanged for preferred shares of the New England Investment & Security
Co. since last year's report and company's guaranty on 1,115 shares of the
par value of 8111,500 remains the same. Company has been unable to
earn and pay interest on its gold notes owned by your company.
-During the year securities have been sold and cash
"Securities Sold &c.
collections made as follows:
$176 388
Millbrook real estate mortgages
350.000
Trustees, Park Square Realty Trust, mtge. note dated Jan.2'17
366,000
New York Connecting By. 6% demand notes
22.840
Laurel Avenue Realty Corp.6% mtge. note dated July 16 192572
O'Bannon Corp. preferred stock received on account
82,638
Miscellaneous notes
Total
$997.938
!Pk
1970
THE CHRONICLE
-Sales of property not required for corporate purposes
Sales of Property.
of the company or its leased lines have been made as under:
N. Y. N. H. & H. RR., incl. that of former Milibrook Co.:
Cash
$412,250
Mortgage notes
• 166,730
Leased lines, cash
1,066,471
Total
$1,645,451
OPERATING AND TRAFFIC STATISTICS, CALENDAR YEARS.
1926.
1925.
1924.
1923.
Tons of rev.freight carried 29,778.518
28,294,849
27,254,393
28,934,588
do carried one mile_3,358,873,943 3,119,103,285 2,976,322,862 3,050,943,879
Tons of rev.freight carried
1 mile per mile of road_
1,736,591
1,598,306
1,486,039
1,510,C07
Av.no. of tons of revenue
freight per rev. U.mile_
549
528
493
509
Av. no. of tons all freight
per rev, train mile__
588
560
532
547
freight revenue... _ 1$69,551,183 $87,983,308 $63,727,757 567,492,519
Total
Av. amt. rec. for each ton
of freight
$2,336
$2,403
$2,333
$2,338
Av. rev, per ton per mile_
2.071 eta.
2.180 eta.
2.141 as.
2.212 eta.
Av. rev, per mile of road.
36,733
35,613
34,187
32,526
No. of Interline revenue
passengers carried
2,008,532
1,976,454
2,030.418
2,190,285
No. of local revenue pass.
carried
20,233.124
20,640,066
22.424,132
24,284,226
No. of commutation pass.
carried
43,444,782
47,553,188
58,246,812
52,025,825
Total no. of revenue
Passengers carried_ _ _
65,688,438
70,169,708
84,721,323
76,480,375
Total no. of rev, pass.
carried one mile
1,796,293,193 1,806,456,451 1,828,282,461 1,909,397,649
No. of rev, pass, car, one
mile per mile of road
1,038,452
1,000,159
996,803
1,024,492
Total passenger revenue_ 150.401,785 549,735,504 549,670,378 $.51,360,208
Average amount received
from each passenger_ _ _
76.73 eta.
70.88 eta.
84.95 eta.
60.62 eta.
Av. rev, per pass, per mile
2.806 eta.
2.753 Ms.
2.720 eta.
2.690 eta.
Total passenger service
train revenue
59,053,355 558,196,937 557,835,968 859,464,306
Net operating revenue per
revenue train mile
187.39 Ms.
176.37 eta.
151.18 eta.
132.14 Ma.
x Includes in 1926,$317,132;in 1925,8316,074, and in 1924, $295.617 revenue from
milk handled on freight trains.
INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1925.
1924.
1923.
Average miles opemted
1,917
1,935
1,988
2,000
Operating Revenues:
S
$
$
Freight
69,234.032 67.667,234 63.432,140 67,186,374
Passenger
50,401,785 49,735,504 49,670,377 51,360,209
Mall, express, &c
9,729,747 9,439,333 8,815,058 9,284,224
Incidental
4,500,422 4,241,128 4.188,399 4,949,794
Joint facility
1,199,851
1.183,223 1,107,723 1,159.985
Total
135,065,836
Operating Expenses
Maintenance of way & structures 17,790,161
Maintenance of equipment
28,708,196
Traffic
967,733
Transportation
46,347,231
Miscellaneous operations
2,167.831
General
3,598,025
Transportation for investment..
Cr.38,916
Total
Net operating revenue
Tax accruals
Uncollectible revenues
Operating income
Hire of freight cars
Rent for equipment
Joint facility rents
132,266,422 127,213,898 133,940,588
16,992,836 15,919,488 16,378,045
27,829,520 27,539,883 32,217,092
906,114
817,441
711,224
46,733,099 47,941,947 53,037,109
2,014,756
1,886,747 2,076,259
3,519,907 3,396,118 3.403,443
Cr.50,851
Cr.21,300
Cr.5,078
99,540,261 97,745,382 97,480,323 107,816,094
35,525,575 34,521,040 29.733,375 26,124.492
5,381,207 4,890,151 4,807,973 4,934,004
12,850
19,045
94,929
20,978
30,131,519 29,611,845 24,904,426 21,095,558
Dr2,200,768 Dr1,805,339 Dr1,038,378 Dr3,488.187
Dr143,319
Cr49,845
Dr11,220 Dr224,339
Dr4,583,378 Dr4,531,556 Dr4.067,551 Dr4,107,304
Net railway operating income_ 23,204,053 23,324,795 19,787,279 13,277,728
Non-Operating Income
Dividend income
1,210,983 1,703,102
1,262,900 2,505,506
Income from funded securities_
2,116,273 1,079,745 1,126,019 1,134,683
Income from unfunded securities_
725,188 1,525,357 1,301,680 1,219,624
Income from lease of road
1,424,328
1,443,897 1,378,724
1,197,513
Miscellaneous rent income
1,244,852 1,208,332 1,172,397 1,095,872
Miscellaneous
35,377
26,665
127,529
39,054
Total non-operating income_ _ 6,756,799 8,987,098 8,389,249 7,192,233
.
Gross income
29,980,853 30,311,893 26,158,528 20,489.961
Deductions
Rent for leased roads
5,987,743 5,915,572 5,915,414 5,846,451
Interest on funded debt
15,193,498 15,410,804 15,578,807 15,491,206
Interest on unfunded debt
79,524
78,384
497,999
178,432
N.Y. W.B. Ry.guar.(bond int.)
.
864,000
864,000
864,000
Separately operated priperty.
113,300
112,588
113,189
Miscellaneous
476,975
513,782
574,823
510,0313
Net corporate income
8,243,112 7,418,252 2,998,850 def2,917,105
Rut. of cap. stk. outs.(par $100) 1,571,179 1,571.179 1,571,179 1,571,179
Earnings per share on cap. stock_
$5.25
84.72
Nil.
$1.91
BALANCE SHEET DECEMBER 31.
1928.
1925.
1926.
1925.
Assetsa
'
$
Liabilities$
$
Road & equip't-289.857,666 287,869,430 Capital stock_ __157,117,900 157,117,900
Impts, on leased
Prem.on cap.stk. 19,282,888 19,282,888
railway prop- 12,654.287 11,939,923 Grants in aid of
Sinking funds451,209
36,852
construction _
234,973
118,300
Depos. in lieu of
Mortgage bonds 57,078,000 58,088,000
mortg'd propDebentures _ __125,758,600 125,484,1300
erty sold
24,959
85,520 Equip. obliges. 13,133,100 9,451,000
Mise.phys.prop. 1,172,305
843,238 Misc. oblig'ns_110,833,300 113,208,900
Inv. in bidgs. at
Non-negot. debt
G. C. Term'',
to affird cos__
187,863
187,683
N.Y.City
3,746,965 3.792,778 Traffic & car serStocks pledged- 67,899,271 67,899.271vice bal. pay_ 5,622,227 5,537,408
80.247,265 60,305,409 Audited accts. &
Unpledged
Bonds pledged- 22,340,028 22,340,027
wages payable 4,604,111 3,795,167
Unpledged_ -. 19,381,637 15,124,801 Mtsc.accts. pay.
77,454
171,859
19.568,917 19,568,916 Matured Mt. unNotes pledged
Unpledged_ _ _ 12,127,877 11,889,889
paid
1,272,327 1,290,733
Advs.unpledged 3,793,988 2,889,713 Matured funded
Cash
8,037,422 10,018,052
debt unpaid....
127,315
55,185
Demand ins. and
Unmatured int.
deposits
800,000
500,000
accrued
3,517,381 3,585,380
Timedrafts&dep 3,600,000 5,000,000 Unmatured rents
Special deposits_ 5,432,001 2,122,773
accrued
Net balance due
Other curr. liab _
1gg
8
from agents &
Equip. & pers'l
conductors_ _ _
394,929
500,827
prop. leased
9,508,469 9.508.489
Misc. accts. rec.. 2,300,425 1,898,778 Other def'd liab_ 3,677,112 2,725,073
Mans Sc suppl's 14,495,773 13,364,538 Tax liability
1,848,058
1,916,496
Int. & dive. ree_
882,009
651,104
966.048
605,305 Pers'i injury res.
Loans& bills rec.
752,944
908,880
92,684
181.322 Oper. reserves
Rents receivable
132,590
128,580 Accrued depree. 39,393,593 39,515.339
0th. curr. assets
127,097
278,170 Oth.unadi.ered. 7,932,165 8,805,402
Work'g fund adCorp. surplus:
vances
181.385
172,315 add'ns to Prop.
Insurance and
through inc.
other funds_ _
31,331
1,622,703
and surplus. 27,005,793 26,943,884
0th. def'd assets 2,176,903 2,889,611
412,4118 -.389,085
Sk. fd. res'ves
Rents & insuece
.169,243
.0clossdef. 38,712,653
Prof.
prems. paid In
advance,&c... 2,692,247 2,479,931 Tot, corp. def__ 9.294,050 18.836,274
"g:S22
Grand total...554,412,222 546,308,559
-- 6r. 124. 9. 1816*
0
Grand total...554,412,222 546,308,559
[VOL. 124.
Georgia Southern 8c Florida Railway.
(33d Annual Report
-Year Ended Dec. 31 1926.)
INCOME STATEMENT FOR CALENDAR YEARS.
Operating Revenues1926.1924.
1923.
Freight
84,481,137 84,272,632 $3,373,847 $3,456,669
Passenger. ,
1,932.617
1,411,705
1,413,691
Mail, express, &c
368,039
369.039
314,176
292,154
Incidental
111,601
68.499
167,643
68.775
Joint facility
7.972
7,749
11,900
88.055
'I otal oper. revenues__ $6,764,554 $6,749,302 $5,180,128 $5,319,344
Operating Expenses-.
Maint, of way & struc__ $1,002.573
$712.096
$808.603
$848,473
Maint, of equipment-- 1,087,201
874,845
658.828
896,040
Traffic
197,825
115,991
167,316
110,796
Transportation
2,584.320 2,470.284
1,862,450 2,076,122
Miscellaneous operations
52,222
61,097
37,848
33.081
General
148,511
129.787
137,675
128,133
Transp. for invest.-Cr_
738
46
3
Total oper. expenses_ - $5,071,913 $4,415,379 $3,611,860 $4,102.187
Net revenue from oper-- 81,692,641 0,333,923 $1,568,268 $1,217,157
Taxes
334,011
372,683
218.305
235,154
Uncollectible revenues
3,970
5,035
2,428
4,456
Hire of equipment
369.321
547,836
460,206
279,353
Joint facility rents
32.085
9,978
20.413
65,162
Operating income-$953,254 $1,398,391
Non-Operating Income-
Miscell. rent income-- _
Misc,non-op. phys.prop.
Dividend income
Income from unfunded
securities & accounts_
$860,916
$633.021
Deductions
-
0,333
1,781
19,663
24,485
24.114
10,959
10,828
$993,474 $1,451,282
Gross income
$7,943
1,623
6.169
$907,861
$652,982
$8.122
1,751
26,113
$7.194
1.791
148
Miscellaneous rents_ _$140
$150
$1,40
$150
Int. on unfunded debt.- Cr.13.119
103,032
27,245
13,102
Misc. income charges.._ _
2,455
3.123
3,336
2,720
Interest on funded debt298.489
298,943
292.645
240.000
Int. on equip. obligations
52,193
3,302
42,254
5.327
Balance ofincome-- $653.317 $1,003,779
$581,192
8391,583
Preferred dividend
(5)%88.400 (5'7088.400 (5%)88,400 (2X)44,200
Common diva.(5%).100.000
Balance carr. to P.& L $464,917
$492,792
$915.380
$347.483
Earns. per share on 20.000shs.com.
(par $100)
$28.24
824.63
$10.16
$45.76
The profit and loss account Dec. 31 1926 shows: Credit balance Dec. 31
1925, $2,609.232; add credit balance of income for year 1926, $464.917; net
miscellaneous debits, $2,400; credit balance Dec. 31 1920, *3,071,739.V. 123, p. 2256.
Kansas City Southern Railway.
(27th Annual Report-Year Ended Dec. 31 1926.)
COMPARATIVE STATEMENT OF OPER. FOR YRS. ENDED DEC. 31.
[Kansas City Southern Ry., Texarkana & Fort Smith
EY.]
Operating Revenues1926.
1925.
1924.
1923.
Fra.ght
818.196.796 $17,439,572 $16,927,685 818,086,262
Passenger
1,615,559
1,749.399
2,054,819
2,422,776
Mall, express, &c
1,830,956
1,684,725
1.002,245
1,632,050
Incidental & joint facility
278,035
291.459
439,262
344,011
Gross
revenues
$21,921,947 321.165,155 $21.024,012 $22,485.099
Operating ExpensesMaint. of way & struc
$2,506.165 $2,843,100 $2,972,755 $3,547,641
Maint. of equipment--Traffic
Transportation
Miscellaneous operations
General
Transporta'n for invest-
3,523,780
687,870
6.766,974
18.719
1,076,034
Cr.30,883
3,473,567
634.671
6,607,757
18.067
1.040,909
Cr.32,267
3,858,494
577,128
6,794,325
34,113
1,037.122
Cr.17,410
4,274.864
533,644
7,401,645
17,055
954,608
Cr.21,305
Total open expenses-814,548,658 $14,585.804 $15,256,529 $16,708.811
Net revenue
$7.373,288 $6.579.352 $5,767,484 $5,776,287
Taxes
1,437,017 1,350.568 1.280,811
1,435,907
Uncollectible revenues
6,683
9,713
5,292
10,310
Operating income.-- $5,929,587 $5,219,070 $4,481,381 $4.330,070
Rent from equipment
75,491
89.259
99,913
99,150
Joint facility rent income
158,845
172.996
165,754
171,018
Inc.from lease of road
968
935
880
891,392
Miscell, rent income
11.384
9,785
9.383
10.144
Misc. non-op. phys. prop
42,305
22,688
28,190
28,985
Dividend income
337,500
168,750
2,213
Inc.from funded secur
7,829
11,388
960
Dr.1,543
Inc. from unfund. secur.
and accounts
311,645
77,535
157,335
110.388
Miscellaneousincome- _
634
347
293
427
Total non-op. income- $956.604
$553,583
$462,710 $1,312,174
Gross income
$6,886,192 35.772.753 $4,044,09i 0,642.244
Deductions
Hire offr't cars, deb. be! $754,831
$568.712
$547,180
;673,293
Rent for equipment...
146.183
1071163
107,941
112,152
Joint facility rents
259.068
311.324
227.550
277,692
Rent for leased roads
173.268
161,578
125,414
30,037
Miscellaneous rents..._
493
611
654
983
Misc, tax accruals
5,895
2,832
106
119
Int. on funded debt_ _ _ _ 2,490,576 2,062,832 1,899,587
1,856.527
Int. on unfunded debt..
736,384
421.368
31,130 Cr.103,652
Amort.of disc.on fd.debt
5,138
Misc. income charges-.
24.530
22,333
22,724
21.059
Total deductions
Net income
,279,832
Preferred dim (4%)
840,000
840,000
840,000
840,000.
Income balance transferred to prof. Sc loss $1,439,832 $1,273,299 $1,141,803
$1.933,434
Shs.com.outst.(par $100)
299,599
299,599
299,599
299,599
Earns, per share on corn.
$44.81
$44.25
$3.81
$6.35
- 124, p. 1216.
.1r,
ft,6"."0 WHIN ERE VINT
General Electric Company.
(35th Annual Report
-Year Ended Dec. 31 1926.)
Chairman Owen D. Young and President Gerard Swope,
Schenectady, March 30, wrote in substance:
Manufacturing Plants.
-Committees of the board of
appointed to review the valuation of manufacturing plants,directors were
associated companies, miscellaneous securities, inventories, investments in
and notes and
accounts receivable, and the figures used in this report are the
result of such
review.
Manufacturing Plants.
From the formation of the company in 1892, there had been
expended on manufacturing plants up to Dec. 31
1925_045,308,867
Added during 1926
15.017.401
Total
8260,326,268
Dismantle°, solo or otherwise disposed of
68,230,597
Cost of present plants
$192,095,670
General plant reserve and depr'n Dec. 31 1925-$129,675,338
Added during 1926
11,862,94
Net book value Dec. 31 1926
$50.557,390•
APR. 2 1927.]
THE CHRONICLE
Orders.
-Orders received during 1926 were $327,400,207, compared with
$302,513,380 in 1925, an increase of 8%. Unfilled orders at the end of the
year were $72.297,000, compared with $77,860.000 at the end of 1925.
Associated Companies.
-Investments in associated companies have been
appraised9
carried at netvaluationi3 largepar 0117e2
of
compared 2 h
a lg veg
andat
tagecgTcl
increase
788 is due to additional financing of distributing comparies throughout the
country, advances to contract purchase corporations, and purchase of additional stock of the G. E. Employees Securities Corporation.
Miscellaneous Securities.
-Miscellaneous securities have been appraised
and are carried at $13,162,091, compared with $12,393,272 at the end of
1925. These securities consist of stocks, bonds and notes of Public utility
and other companies and of individuals, acquired in the usual course of
business, many of them in settlement of customers' accounts receivable.
Pensions amounting to $302,084 were paid to 562 retired employees during
1926, some of whom drew pensions for only part of the year. On Dec. 31
there were 501 on the pension rolls.
Capital Stock.
-At the annual meeting of the stockholders held May 11
1926 the authorized common capital stock, consisting of 1,850,000 shares
(par $100 each) was changed to 7,400,G00 shares without par value, a ratio
of four for one. No common stock was issued during the year, the amount
outstanding at Dec. 31 1926 being 7,211.482 shares.
During the year special stock, with a par value of $10 per share, was
issued as follows: Outstanding Jan. 11926. $35,718.825:issued July 15 as a
stock dividend, $7,210,810: outstanding Dec. 31 1926, $42,42£,635.
Foreign Business.
-The export business of company is conducted by the
International General Electric Co., Inc. Those portions of its orders and
billing which were for Genera, Electric products are included in the corresponding figures of the Genera, Electric Co. at their cost to the International
company. The total of all orders received by the International company
during the year was $20,824.000, compared with $25,710,000 during 1925.
The net sales billed were $22,6£6,577 during 1926.compared with 21,981,952
for 1925.
International Company.
-The International company's business yielded a
profit available for dividends of $1,538,307. compared with $2,617.204 in
1925. Dividends of $1.500,000 were paid during 1926. of which this company received $1,375,772, which is included in the financial statement as
part of "income from associated companies."
CONDENSED INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1925.
1924.
1925.
Receipts.
Net sales billed
526.974,104 290,200.166 299,251,869 271309.695
Cost of sales, &c
x289,878,335 257,479,491 264.909,538 241,653.949
• Profit from sales
37,095,768 32,810,675 34,342,331 29,655,746
Interest and discount and
sundry profits
4,060,287
3,803,234
4,059,580
3,145,348
Income from securities_ _ 8,501,239
6,556,833
6,733.772
5,200.434
Total
49,657,295 4.170,743 45,135.683 38,001,528
Deduct
Interest and discount_ -1 436,512
1.925,697 11,096,107
1,307.791
Other interest payments/
1 153,081
700.819
General reserve
2.548.284
2,603.829 4,650,946
2,467,800
Netprofit
$46,672,499 $38.641.217 $39,235,548 $33,525,118
Corn. dirs., cash_ _(14.25)19,828,897($8)14407544(18)144049SO($8)14289316
Cash diva, on special stk. 2.357,614
1.735,576
1.195.405
656.379
Balance, svrplus
Previous surplus
24.485,988 22,498,097 23,655.163 18,579.423
85.848,171 72.362,223 82.762.096 73.167.(.18
Total surplus
$110,334,158 $94,860,323106,397,259 $91,746,470
Dividends In stock_ _ _(4%)7,210,810(5)9,012.150 0)9,005.035(5)8,984,375
Delivery of Electric Bond
& Share Co.stock_
25,030.000
Profit and loss surplus.103,123.348 85,848,171 72,362.223
Ms. corn. out. (no par)- 7,211.482 y1.802.870 y1,802.870 82,762.096
y1.800.892
Earn, per share or corn_
$6.14
$$2110.403pa
$20.49
x Includes provision for Federal taxes. y Shares of
r value: in
August 1926 four shares of no par value were issued for each share of $100
par value.
CONSOLIDATED BALANCE SHEET DECEMBER 31.
1926.
1925.
1925.
1926.
$
Ltabilfzie,s$
$
Pat'ts,[ran., &a.
1
1 Common stock y180,287,046 180,287,046
Mfg. Plants-x- 50,557,390 55,168,838 Special stock._ 42,929,635 35,718,825
Real estate, &c. 2,558,790 2,390,941 34% debentures 2,047,000
2,047,000
Furn. & apprces
Collected under
(other than in
employees infactories) _ _ _ _
1
1
2,345,157
vestment Plan
Investment secs. 13,162,092 12,393,272 Chas. A. Coffin
Aissoc'd mfg. &
Foundation __
400,000
400,000
dIstrib'g cos__ 71,472,187 56,265,398 Accts. payable__ 13.903,682 20,138,975
Cash
78,601,549 74,600,014 Accr. taxes(est.) 15.582,049 13,205,957
Notes & accla
Adv, on contets 25.980,528 23,472,517
receivable
54,889,208 46,213,127 Divs. pay. Jan_ 6,051,721 4,139,604
Work in progress 22,324,783 19.525,554 Res. for self-Ins.
Inven.(factor's) 44.451,120 49,155,997
comp'n, &c_ _ 4,866,717
Inven, in offices
Reserve for penon consign.,&c 20,844,035 18,642,193 slon fund_ _ _ _ 4,260,486
3,296.155
U.S. Govt.secs. 68,935,000 62,135,000 General reserve. 27.696.551 25,148,267
Deferred charges
532,609
757,342 U.S. Govt. loan 1,200,000 1,200.000
Surplus
103,123,348 85,848,171
Total assets. 428,328.764 397,247.678
Total liabil's_428,328,764 397,247,678
x After deducting $141,538,281 reserve for depreciation. y Represented
by 7,211,482 shares of no par value.
-V. 124. p. 1832.
American Water-Works & Electric Co., Inc.
(13th Annual Report
-Year Ended Dec. 31 1926.)
CONSOLIDATED INCOME ACCOUNT(INCLUDING SUBSIDIARIES).
Calendar Years1926.
1925.
1924.
1923.
Gross oper. earnings_ _ _ _$45,149,511 $41,055,906
Op.exp., taxes & maint- 22,208.733 21,162.333 $38.355,679 $36.380.326
20,859,862 20,059.908
Federal taxes
981.441
804.937
708.838
754.276
1971
The Willys-Overland Co. & Subsidiary Companies.
(15th Annual Report
-Year Ended Dec. 31 1926).
President John N. Willys, Toledo, March 26, wrote in
substance:
1926 a Constructive Year.
-The year 1926 was the most constructive year
in the development of the company from an engineering, production and
sales standpoint. By far the best and most complete line of cars ever produced by 1Villys-Overland was brought to engineering completion and
successfully introduced to the public. The line of cars now includes four
complete chassis groups, viz: a Whippet Four, Whippet Six, and two
Willys-Knight Sixes, the four models ranging in price from $625 to $2.295.
Covering over 90% of the entire motor-car field, the new products have
greatly reinforced the competitive strength and public good-will of the
company.
-The necessary period required for the manufacturing changes
Car Sales.
preparatory to launching each of these new models in an active selling
season resulted in the loss of a ready market for at least 50,000 cars, with
a Consequent severe loss of income. In spite of this handicap car sales for
the year were 179,103, but the uneven production worked against the
normal coordination of manufacturing and selling efficiency.
The engineering, manufacturing and sales promotion incidental to the
launching of these new cars and the creation of world-wide recognition for
the new trade-name "Whippet," inevitably involved extraordinary appropriations. While the benefits of this extraordinary expense incidental to
the establishment of the best selling line of cars the company has ever had
will be felt for a long time to come, it was decided to adhere to the conservative accounting practice of absorbing the charges in the period in
which they were incurred.
Results.
-The profit from operations for the year was 19.412,765 after
charges for depreciation offixed assets to the amount of $2.550,634 and after
absorbing exceptionally heavy sales promotion expenses from July onward
incident to the introduction of the complete new lines of cars and the
establishment of the new trade-name "Whippet." Directors furthermore
authorized the charging off at the end of the year of all engineering and
development expenditures made during the year amounting to $3,430,894.
Another abnormal charge which the directcrs deemed advisable to take
in full at• this time arose from the liquidation of the taxicab division.
Operations of this department when inaugurated gave great promise, but
proved unprofitable, as was the common experience of companies in this
field, as the result of protracted taxicab rate wars. To permit concentration of manufacturing energies upon standard passenger car production, the
liquidation of this division was determined upon and completed.
Plant Modernization.
-1926 saw the completion of a comprehensive
program of plant modernization, equipment rehabilitation and the revamping of manufacturing processes, involving an expenditure of $12,500,000.
This has enlarged capacity and made possible lowered costs. Heavy
depreciation and write-offs have established the value of manufacturing
plants and equipment as of Dec. 31 1926. at only $26,718,329 against
$23,147,958 as of Dec. 31 1924. Branch property values as of Dec. 31 1926.
totalled $3,753.586 which added to the value of manufacturing plants and
equipment above gives the total of $30,471,915 shown in the balance
sheet.
Intangible Items Eliminated.
-Company has eliminated from its schedule
of assets all intangible items. Furthermore, it continues to carry its
valuable good-will account at the nominal figure of $1. Such conservative
accounting practices may temporarily obscure earning_power, but in the
long run are sure to prove sound and advantageous. They are permitting
the company to benefit unreservedly from the operations since Jan. 11927.
Accrued Pref. Divs. Paid.
-All accrued dividends on the preferred stock
were liquidated early in 1926, and all sinking fund accumulations on the
preferred stock were extinguished. Bond and preferred stock sinking fund
provisions have since been regularly met.
Strong Financial Position.
-Company continues in a strong financial
position and free from bank debt. Inventories are well balanced and were
materially reduced during the year.
-The outlook for 1927 is bright. In character and distribution,
Outlook.
the dealer organization of 5,000 is the best in the company's history. Since
Sept. 1, 756 new dealers, including 587 entirely new points of contact have
been signed. Preliminary retail sales reports from a large portion of the
States show an increase in Feb. Willys-Knight sales much in excess of the
average for the industry. Whippet sales are also increasing steadily and
the entire line is giving great satisfaction. Retail sales In the key center of
New York for February were the largest of any February on record.
An important additional chain of distributing outlets has been secured for
the company through a separate and distinct line of low priced Knightengined cars which will further utilize present manufacturing facilities and
should materially add to earning power. Production of this new line has
already begun and advance orders evidence a substantial popularity.
INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1923.
1924.
1925.
Not
Gross profits
$23,361,851
x$26,573,649
Not
Sell.,gen.&adm.exp.,&c. available
9,547,432
6,678,606 available
Net profit
y$9,412.765 $19,895,042 a$2,086,646 $13,814,419
Eng.& develop. exp
3.430,894
3,773,409
Adjust., &c.,items
1,104,069
Liquid'n of taxi division- 1,420,401
Plant and equipment dismantling, &c
1.261,169
1.167,721
Miscell.losses. &c
582,672
Int. and bond discount
677,939
687.036
780.387
See a
Estimated Fed. taxes_ _ _
220,000
1,740,000
Net profit
$1,819,690 $11,422,777 $2,086,646 113.034.032
Previous surplus
25.819,582 15,972,789 13.002,418df43,231,300
Profit and loss credits-- _ c5,596,223
883,726 b43,199,685
295,278
Total
$33,235,495 $27,690,844 $15,972,789 $13,002,418
Profit and loss debtors
429,125
327.798
Prof. diva, paid (7%) -- 1,241,324
1,543,465
Back pref. dividends__ x6,559,726
Profit 2: loss, surplus_$25,005,320 $25,819.582 $15,972,789 $13,002,418
Shs. corn. outst.(par $5) 2,526,360
2,264,660
2,159,760
2,264,620
Earns. per share on corn_
$0.23
$5.32
$0.23
$4.36
a After interest and bond discount. b Common stock adjustment, being
a decrease in par value of common shares from $25 to $5 each. c Includes
surplus of $5.236,976 arising from payment of accumulated pref. diva.
by issuance of common stock on basis of $25 per share. a Gross Profits
from operation and other earnings, after providing for depreciation and
other operating expenses and net profits from branches and subsidiary
companies. y Profit from operation and other income after providing for
depreciation of plant and equipment in the amount of $12,550,635, selling,
administrative and general expenses. z Represents accumulated dividends of 29%% paid in common stock with exception of fractional amounts
resulting in cash payment of $13,505.
CONSOLIDATED BALANCE SHEET DEC. 31.
1925.
19251926.
1926.
Assets$
$
$
1 Liabilities-$
I7,345,700 22,049.500
Real estate, bldgs.,
Preferred stock
machinery,&c-y30,471,915 27,510,534 Common stock_ _12,631,810 11.323,305
871
Good-will,pat'e,&c
xl
1.610
1 I Common scrip.-7.000,000 7.475.000
Investmts In MM,
I Funded debt
companies, &c__ 1,407,981 1,286,040 Accounts payable_ 6,998.721 2.626,910
609.960
Timeetts.ofdepos. 6,365.000 7,010.000 Stk.purch.eontract 456,820
568,040
23.247,135 27,300,995 Accrued int., &c__ 926,046
Inventories
Notes & accts. rec. 4,111,418 6,977,892 Res.for Fed. tax__ 220,000 1.740,000
1,654,478
Insur. & misc. rec
543,435 Res're for contIng1,208,560
Misc. assets, &c- 3.781,605 2,670,681 Other reserves_ .25,005,320 25,819,582
Cash
563,440
725,963 Surplus
Deferred charges__ 637.533 1,050,668
Gross income_ _ _ -----$21,959,337 119.088.635 116,786,979 115,566.142
Pref, diva, of subsidiaries 4,289,707
3,531,825 2,947,769
2,184.357
Minority interest
63,473
511,154
441.404
695,653
Int. & amortiz. of disc't_ 1,191,476
836,591
675,354
711,075
do Subsidiary cos__ _ 8.554,782
8,028,513
7,536.096
6.464,105
Reserve for renewals, replacements & deprec
3,334,508
2,863.037
2.575,919
2.186.941
Net income
104,525,391 $3,317,515 $2.610,437 $3,324,012
Previous surplus
6,346,348
6.100.348
5,452,437
4.058,332
Other credits
79,685
79,685
79,700
Total surplus
$10,871.739 $9,497,548 $8,142,559 $7.462,044
Deduct
-Credits to savings fund_
$79,685
$79,685
$79,685
Disc. & exp. on sale of
preferred stocks
164,450
129,320
178.664
351.990
Spec. approp. for deprec.
700,000
830.000
925.000
Sundry adjustments_ __ _ Dr.307,718 Cr.117,813
Cr.27.981 Dr.165,751
Discount & exp. on fund.
debt red
210,808
Applic. to minority int_ _
Cr.170,135 Cr.201,656 Cr.398,719
Divs. paid Amer. Water
Works & Elec. Co.:
First preferred stock
983.369
869,472
633,500
585,900
Participating preferred
'
70,586,028 75,076,207
320,157
70,586,028 75,076,2071 Total
Total
550,000
300,000
Common (cash)
757.504
638.138
Good-will, patents, &c., less reserve provided to reduce book value of
Common (stock)
622.851
549.930
y Land, $2,129.420: buildings. $22,383,454: machinery.
these items to $1.
for depr. & losses,
Profit & loss, surplus- $7,825,040 $6,498.793 16.100.348 $5,45/.436 equipment, &c., $24,612,028: less allowancecontingently liable_ $18.653,887.
at Dec. 31
-Company was reported as being
Note.
Shs. corn. outst.(par $20)
647.915
597,465
500,000
x100.000 1926, as endorsers on notes, acceptances, &c., aggregating S3,180,075.
Earns. per share on oom_
$5.47
$3.56
$2.85
Company's Federal tax returns have been reviewed and settled for the
$24.38
x Shares of $100 par value.
-V. 124, p. 1817.
period covered by high tax rates.
-V. 124, p. 1541.
1972
THE CHRONICLE
1
General Asphalt Company.
(24th Annual Report
-Year Ended Dec. 31 1926.)
1
President Arthur W.Sewall, March 24, wrote in substance:
Finance.
-The companies have no floating debt and no mortgage debt.
Through operation of the sinking fund, the 6% debentures of General
Asphalt Co., due 1939. have been reduced to $4,659,200.
Native Asphalt and Crude Oil Production.
Asphalt1926.
9125.
From Trinidad and Bermudez Lakes
*234,752 tons. *284,225 tons.
Crude Oil
Produced by subsidiaries:
In Trinidad
442,158 bbls.
525,814 bbls.
In Venezuela
242,806 bbls.
Rec'd under Venezuelan Royalty contract_ 777,314 bbls. 1,020.328 bbls.
[vol.. 124.
about one-eighth of the world's total production and exceed by nearly 50%
those of any other manufacturer.
In the face of such conditions, the net profits for 1926, though less than,
for 1925, are considered satisfactory. Restrictive export measures in forcein certain parts of the rubber growing areas of the Far East are not unlikely
to cause a recurrence of shortage of supply and high prices. As a measure
of protection for itself and its customers against such recurrence, your
company has recently joined with a number of other rubber and automobile
manufacturing companies to establish a crude rubber reserve supply.
Foreign Business.
fields
-The company's volume of business in fore
co
continues to grow. After careful study of conditions in Australia. your
directors have deemed it to the best interest of the company to establish
a tire manufacturing plant at Sydney. It is expected that the new plant.
now under construction, will be in production before the end of the current
year.
Plant Improvements.
-Notable improvement in production facilities.
through the introduction of latest machinery and equipment and some•
new plant construction, have been made during the year. The combined
capacity of the Akron. California and Canadian plants is now 65,000 tires
and 75,000 tubes daily.
New Type Tire.
-An outstanding development of the year was the perfection of a new type of tread for balloon tires, now going on the market. This
new tire, exhaustive tests distinctly show. will give better and longer serviceand should prove a real factor in enhancing the already pre-eminent position
of your company in the tire field.
Plan to Refund Senior Securities.
-In a communication to stockholders
of October last, I outlined a plan for refunding the senior securities of the
company with securities having lower interest rates and lighter sinking
funds, and for the elimination of management stock and all voting trusts
and full restoration of control to stockholders, to be effected along with
some adjustment of the preferred stock dividend accumulation which would
be fair to both preferred and common stockholders. Consummation of
this plan was blocked because of the unwillingness of the majority of theCommon stock voting trustees to consider any plan which provides for the
termination of the common stock voting trust. I am still firmly of the
conviction that some plan to accomplish these several objects ought to be
put into effect while conditions for doing so are favorable. Progress in this
direction is also being impeded by pending litigation which has been instituted
by certain stockholders and which I believe not to be in the interest of thecompany and stockholders at large.
Total crude oil
1,219,472 bbls. ,1,788,948 bbls.
* Crude equivalent.
Mining, Manufacturing and Sales.
-In addition to general improvements
made during the year in the companies' mining and manufacturing properties, the shipping pier in Trinidad was extended to provide four ship berths
instead of two. The steam and electric power plants at that point are in
process of replacement and enlargement. The oil-gathering and loading
facilities at Guanoco (Eastern Venezuela) were enlarged and are being
further improved and supplemented to facilitate the economical handling
of the increased production now availade. New application of the Mallet
type locomotive has been added to the motive power on the Uintah Sty.
The oil refineries at Perth Amboy, N. J., and at Madisor (East St. Louis),
Ill., have had added improved storage and handling facilities. After exhaustive investigation the directors approved the installation of a Cross
oil-cractdng unit having a rated capacity of 1.050 bbls. gasoline per day at
the Perth Amboy works, the results from which will increase the refined
product of treated oils and profits from that source. An adequate appropriation has been made for this important addition to plant upon which
construction work has been started and will probably be completed and in
operation by July, toe Bertrin Petroleum Co. having been organized in
New Jersey to handle this branch.
To intensively promote foreign trade, especially with the British Dominions and Possessions, and to facilitate transactions connected with such
The comparative income account was given in V. 124,
business, a British company, Trinidad Lake Asphalt (Overseas) Limited,
with headquarters in London, has beep organizea. Channels of distribution p. 914.
in Europe have been consolidated and improved. From all foreign counBALANCE SHEET DEC. 31.
tries in which the companies are operating increased returns are anticipated.
[Consol. with Principal SellinCos., The Goodyear Tire & Rubber Co.. Inc.,
The operations of the Iroquois Electric Refrigeration Co. reflect sales
and The Goodyear Fire & Rubber Export Co.]
during only the last few months. The company has met and overcome
1925.
1926.
1926.
1925.
mechanical and other incidental difficulties. By a conservative course in
Assets
$
Liatytiflies$
marketing, thorough experimentation and prudently controlling its manuPrior pref. stock 15,000,000 15,000,000
facturing program, the company has avoided losses which have in some Prop. acct. (less
depreciation)_ x52,808,417 51,400,493 Preferred stock_ 65,079,600 65,079,600
instances marked departures into this new field, and is now intending advanInv.in & adv. to
10,000
10,000
Manage't stock_
tageously to utilize its very promising opportunity.
sub. cos. &
Common stock_ 61,000,000 1,000,000
foreign branch 48,342,687 53,369,063 Funded debt.--c53,977,300 59,568,500
COMBINED RESULTS. INCLUDING SUB. COS., CAL. YEARS
Inv.in cos.'s secs 22,759,245 4,245,975 Res. for conting.
Other assets,lncl
1926.
1925.
1923.
11,24.
& Fed. taxes_ 3,884,289 3,846,951
Total income
g'd-w.,pat.,Sio 10,319,275 12.500,000 Accts. payable_ 5,848,717 d9,544,208
$19,905,612 $17.634,375 $16,110,063 $14,015,653
Trading costs
15,936,395 14,291.909 12,774.644 11.470,286 Disc.on bds.,&c 2,678,898 3,294,455 Spec, raw mat'l
Depreciation
352.355
300.115
305,613
293,046 0th. def. charges
135,764
2,500,000 7,600,000
109,532
reserve
Cost of freight
138,310
183,060
234,898 Cash
208,267
6.495,520 15,750,060 Accrued int, and
Sundry branch expenses_
61,115
20,858
35.818 Notes & accts.
15,595
960,405 1,038,442
prem. on bds..
rec. (less ram.) 9,017,152 14,482.789 Surplus
30,705,014 30,649,319
Total expenses
$16,488,175 $14.795,942 $13,304,121 $12,034,050 Call loans
7,000,000
Net tradint , profits
.
3,417,436
2,838,432 2,805,942
1,981,603 Inventories
39,434,600 38,058,423
Interest received
59,445
57,407
55.960
57,278
Int. & div. on investm'ts
Total
17,352
19,186
136,544
178,965,325 193,237,023
215,680
Total
178,965,325 193,237,023Intrec.fr.sale ofreal est_
477
19,210
5,535
60,296
x Less depreciation of $17,770,719 for lands, buildings and equipment.
a Includes debenture bonds purchased in anticipation of sinking fund
Total net income
$3.494,710 82,919,113 $3,13f,196 $2,194,764 requirements. b Represented by 830,734X shares of no par value. c InDeduct
cludes $21,750.000 1st mtge. 84. $17,227,300 10
-year 8s and $15,000,000.
Office discounts
-year W notes. d Including reserve for current Federal income taxes.
s
$226,072
62C5,341
$159,307 3
$241,613
General expenses
618,948
Contingent Liabilities.
-In respect of endorsement, $302,144.
520,806
321.830
492,846
Res've for depr. of accts..
97,500
122.959
75,000
28£,000
Int. on loans and mtges_
15.870
'3,170
83,118 CONSOLIDATED BALANCE SHEET DEC. 31 1926 GOODYEAR TIRE'
28,447
Bond interest, &c
CO. & SUBSIDIARIES.
284.496
295,098
372,897
373,678
Capital stock & inc. tax_
232.000
241.785
92,030
133.750
AssetsLiabilities
Other expenses
17,833
8,949
12,475 Land, bldgs., mach.& equIpa$83,128,708 8% prior preference stock_ _ _315,000,000
7.332
Investments
b7,244.969 Management stock (par $1)_ _
10,000.
Total deductions
$1.492,719 81,398,108 $1,566,666 $1,116,657 Inventories
65,079,600
67,915,300 7% preferred stock
Net profits
2,001.991
1,521,006
1,572,529
1,078,107 Accounts & notes recelvable_c15,615,823 Cons.stk.(830,734 abs. no par) 1,000,000
Dividends on pref.(5%)
369,275
370,804 Call loans
370,800
370,800
11,000,000 Sub. cos. stock outstanding__ 15,111,173
Cash
53,977,300
9,584,363 Funded debt(company)
Balance. surplus
$1.632,716 $1,150,206 $1,201,729
$707,303 Good-will. patents, &c
10,319,275 Funded debt of sub. cos____ 9,941,643
Sbs.coin. out.(par $100)
201.115
198,760
198.760 Deferred charges
198.760
3,445,650 Accts. & Federal taxes pay__ 9,215,334
Earn, per share on com_
$8.11
$3.56
$5.80
$6.05
1,321,754
Accrued diva. & interest
Res. for conting. & Fed. tax_ 4,142,270
COMBINED BALANCE SHEET, INCL. SUB. COMPANIES DEC. 31.
2,750,000
Spec, raw material ram
Total (each side)
30,705,014
1926.
1925.
$208,254,088 Surplus
1925.
1926.
Assets$
LiabilitiesS
a Less depreciation of $29,667,787. b Company's securities, including
$
Property account_35,916,254 35,305,800 Preferred stock__ 7,259,000 7,416,000 cash deposited with trustee in ant dpation of debenture bond sinking
U.S. Treasury °Us 904,500
751,562 Common stock. _b23,741,000 23,584,000 fund requirements, $3,287.965; land sales contracts and mortgages. $2.Venezuela royalties
Cony. bds.G.A.Co. 4,659,200 4,837,200 332.487; miscellaneous investments and securities, $1,624,517. c Less
contracts
620,001
630,204 Mortgage payable.
230,000 reserves of 82.677,321.-V. 124, P. 914
.
Prepaid expenses_ _ 867,115
766,070 Reserve for paveInventory at cost_ 4,144,392 3,777,940
ment mainten'ee
30,506
Cash
1,786,159 1,214,388 Accounts payable_ 939,333
798,570
Middle West Utilities Company.
Notes & accounts
Res.for Fed'i taxes 364,837
328,183
receivable & seRes ve for 6% con(Annual Report
-Year Ended Dec. 31 1926.)
curities
21.787,949 2,073,733
vertible bonds__ 340,800
162,800
Claims & acets.due 170,413
170,413 Contingent reserve 700,622
513,679
President Martin J. Insull reports in substance:
6% bond sinking
Ree've for pensions
50,000
fund
Business and Earnings of Subsidiary Companies.
348,256
168,356 Surplus
-The gross earnings
8.540,246 6,907,629
of the subsidiary companies for the year, with earnings of the new properties
Total
46,545,038 44,858,467
Total
46,545,038 44,858.467 included only from the dates of their acquisition, aggregated $86,340,418.
which is $25,850,562,
a Includes notes receivable. $278759: accounts receivable, $1,225,405: gate figure necessarilyor 42.7%, more than for the year 1925. This aggreincludes sales
securities, $367.188: total. $1,871.352; less reserve, $83,404: balance above, on the same basis, the companies'net as between companies. Consolidated
earnings for the year were $30,915,710
81,787,949. b Includes $3,629,500 heid by trustee for conversion.
-V.124, and represented an increase of $11,033,334, or 55.5% over the net earnings
p. 1367.
of the Preceding fiscal period.
Active extension of the subsidiaries' services to new users and to an
ever-increasing variety of uses account in large part for the year's results.
Goodyear Tire 8c Rubber Co., Akron, Ohio.
Generally satisfactory business conditions prevailed in almost all parts
of the territory. New England, while not regaining altogether its full
(Annual Report
-Year Ended Dec. 31 1926.)
momentum, displayed noticeable signs of recovery. Some improvement
was made by the middle western coal industry. The Southwest enjoyed
President P.W.Litchfield,Feb.11,reports in substance:
a particularly successful business year, and was enabled by its diversification
-In order more clearly to reflect the financial condi- to withstand the effects of low cotton prices in the later months of the
Consolidated Report.
tion and operating results of your company as a whole, we are including year. Water conditions with only a few exceptions were favorable to
In this report for the first time a fully consolidated balance sheet as of Dec. the subsidiary companies operating hydro-electric properties.
Continued improvement in the merchandising business of the sub31 1926 and consolidated profit and loss and surplus account for the year
1926 (V. 124. p. 914) covering your company and its subsidiary companiest sidiary companies resulted in an increase of 56.3% in sales of electric
throughout the world.
and gas labor-saving appliances over the previous year, the total for 1926
Net Sales of the consolidated group of companies were $230,161.356 in being $6,387,276. The benefits of this work are, of course, not confined
1926, compared to 8205,999.829 in 1925, an increase of about 12%.
to a single year, as the increased load connected will add constantly to
Total Net Profits of your company, credited to surplus in 1926 (after future revenues.
New Properties Acquired -For the most part, the increase in the number
providing $7,494.122 for depreciation of plants and equipment and after
charging excess cost of rubber and cotton in net amount of $5,250,000 to the of communities served by subsidiaries from 1.458 to 1,834 during the
special raw material reserve set up in 1925 and after all taxes, interest and year 1926, was due to extensions in the territories of companies which
other charges and after deducting profits of subsidiary companies applicable subsidiaries at the beginning of the year. Acquisitions of new companies
were fewer than in 1925.
to stock not held by your company), were 38.799.138.
Company acquired early in the year the Southwestern Light & Power
After payment of dividends amounting to $8.743,444. including 4U%
($3.090,388) on account of arrears on the preferred stock, the surplus at Co., serving at the date of acquisition 27 communities in southwestern
Oklahoma. Subsequently this company was sold to the Central & South
the close of the year amounted to $30,705.014.
-The ratio of current assets to current liabilities improved West Utilities Co., your company's subsidiary.
Current Assets.
The Oklahoma properties of the Inland Utilities Co. serving several
materially during the year being 9.9 to 1.
-The principal amount of your company's communities in southwestern Oklahoma, came under the control during
Reduction in Funded Debt.
outstanding bonds and debentures was reduced during the year by $5.591.- 1926.
The City Ice Co. of Kansas City, operating an extensive ice business
200. through operation of the sinking funds.
-During the latter half of 1925 the price of crude rubber in Kansas City, Mo., was also acquired during 1926
Price of Rubber.
Smaller acquisitions were made by subsidiaries. .
The Wisconsin Power
rose to abnormally high levels. reaching a peak of $1 20 per pound. By
the beginning of 1926 the price had receded to $0 90, and by the middle of & Light Co. acquired the New Has Light Co. of Janesville. The New
the year had fallen to its present level of approximately $0 40. These England Public Service Co. added to its holdings the Western Maine
'violent price fluctuations and consequent frequent adjustment of the Power Co. and the Bradford Electric Co. The properties of the French
selling price of finished product, created serious problems for the rubber Lick & West Baden Water, Light, Heat & Power Co. were acquired by
ndustry. The crude rubber requirements of your company alone represent the Interstate Public Service Co.
i
APR. 2 1927.]
THE CHRONICLE
Corporate Re-Arrangements.-SimplificatIon of corporate organization
of a number of properties, with attendant improvements in operating
organization and financial structure, was completed during the year.
In New England a number of subsidiaries of the New England Public
Service Co. in southern New Hampshire were consolidated to form the
Public Service Co. of New Hampshire. In Kentucky, the properties
of the Paducah Electric Co., the Kentucky Light & Power Co. and the
West Kentucky Electric Power Co. were conveyed to the Kentucky Utilities
,
Co. The Old Dominion Power Co. acquired the properties of the Electric
Transmission Co. of Virginia. The properties of the Wisconsin River
Power Co., Southern Wisconsin Power Co., Beloit Water, Gas & Electric
Co. and Central Wisconsin Power Co. were conveyed to the Wisconsin
Power & Light Co. The properties of the Niles Gas Light Co. were conveyed to the Michigan Gas & Electric Co.
Among the subsidiaries of the Central & South West Utilities Co. the
chief corporate changes were the conveyance to the Central Power & Light
Co. of the properties of almost all of its subsidiaries. The Central Power
& Light Co., previously a holding company, thereby became an operating
company. Certain properties of the Central Power & Light Co. distant
from its main operating territory were transferred to other subsidiaries
of the Central & South West Utilities Co. After theend of the fiscal
properties ofthe Chichasha
year arrangements were completed to convey
Gas & Electric Co. and the properties in 0 homa formerly owned by the
Inland Utilities Co. to the Southwesliern Light & Power Co.
Funded Debt Eliminated.
-Company retired its entire outstanding funded
debt in 1926. On July 1 the remaining 8% secured gold notes outstanding,
amounting to $1,204,000, non-callable before that date, were retired.
Deferred Payments on Purchase Contracts.
-The deferred payments on
purchase contracts decreased $918,750 during the fiscal year 1926. Company's balance sheet at Dec. 31 1926 shows this account to be $250,000.
Capital Stock.-Rights were issued to stockholders of record at April 20
1926 to subscribe for new shares of common stock at $100 per share, to the
extent of 20% of their holdings of prior lien, preferred and common stock.
Of the 176,992 shares thus offered, 150,649 shares had been issued and
fully paid at Dec. 31 1926. Company sold during the year $3,887,300
prior lien stock, and $10,000,000 preferred stock. The proceeds were
used for investment in subsidiary companies and for the general corporate
purposes.
Number of Stockholders.
-The total number of stockholders at Dec. 31
1926 was 34,885, and in addition there were 1,126 subscribers for stock
Purchased on the partial payment plan.
-The subsidiary companies sold of their
Stock Sales of Subsidiaries.
prior lien and preferred stocks during the year 222,647 shares. The total
number of stockholders of all subsidiaries at the close of the year was
139,413. In addition, sotck had been sold at Dec. 31 1926 to 7,635 subscribers on the partial payment plan. The growth of customer ownership
has been an outstanding factor in the business of the company's subsidiaries,
financing in large measure the extension offacilities to care for the increasing
demand for service.
-The various surplus accounts belonging
Surplus and Reserve Accounts.
to the company now aggregate $23,905,355, made up as follows:
Surplus on the books of the company
$5,862,581
Reserve accounts carried on the books of the company
1,350,000
Company's proportion oPthe insurance fund held by insurance
trustees
1,883,599
Company's proportion of the aggregate surplus carried on the
books of the subsidiary companies
*14,809,173
Total
$23.905,355
* Through consolidation and capital readjustment of subsidiaries during
the year, the aggregate surplus on their books was reduced $5,719,020.
The major changes were in connection with recently acquired subsidiaries
and principally affected surplus at time of acquisition. Of the aggregate
surplus,$9,419,545, after all adjustments due to consolidation of properties,
&c., has accrued since the formation of the Middle West Utilities Co.
Proposed Charter Amendment.
-At the annual meeting stockholders
will be asked to increase the authorized prior lien stock and the authorized
pref rred stock from $50,000,000 to $70,000,000 each. In addition,
250,000 shares of prior lien stock without par value and 250,000 shares
of preferred stock without par value is proposed for authorization, each
in series at specified dividend rates ranging from 85 to $8 per annum,
to be issued as may be decided by the directors.
The proposed amendment is to enable the company, in financing the
development of properties now controlled or in the acquition of other
properties, to issue stock of the same class as the existing shares, or to
issue stock of the same class as to lien and equity, but bearing lower dividend
rates, whichever may prove, under prevailing circumstances, the more
advantageous for the company.
1973
BALANCE SHEET DECEMBER 31.
1926.
1925.
1926.
1925.
Assets
Investments __a104,117,006 76,712,878 Common stock _b35,041,542 17,342,342
Advances to subPrior lien stock _c30,434,800 26,547,500
sidiary cos_ _ _ 4,477,001 1,510,874 Preferred stock_d40,000,000 30,000,000
Advances on un20-yr. sec. notes
1,204,000
closed contets
907,674
724,639 Def'd parts on
Int. accrued but
purch. contr'ts
250,000 1,168,750
not due, &c__ 1,584,594
988,321 A cc'ts payable__
4,337
12,431
Cash in bks., &c. 2,560,295 2,182,365 Divs.& int.accr. 1,286,038
880,559
Due from subscr.
Conting't res've. 1,050,000
750,000
to com.stock_
506,167
176,645 Res, for finan'g_
300,000
84,657
Prepaid expenses
72,763 Surplus
5,862,581 4,470,994
Total
114,237,393 82,368,482
Total
114,237,393 82.368,482
a Being stocks of subsidiary companies and other investments. b Common stock of no par value authorized,750,000 shares;issued, 435.736 shares.
plus 26,343 shares subscribed but not issued; total, 462,079 shares. c Cumulative 7% prior lien stock, authorized, 500,000 shares of $100 each; issued.
304,348 shares of $100 each, fully paid. d Cumulative preferred stock.
500,000 shares of$100 each;issued,400.000 shares of$100 each fully paid.
V. 124, p. 1360.
Buffalo & Susquehanna Railroad Corporation.
(13th Annual Report
-Year Ended Dec. 31 1926.)
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1926.
1925.
1924.
1923.
No. of rev, tons carried.. 1.035.949
1,191,001
2,231,391
1,545,393
No.rev, tons carr. 1 mile 89,480.000 96,297,000 150,564,000 239,686,000
Average revenue per ton 117.49 cts, 114.83 cts. 117.25 eta. 119.71 cts.
A %,ge. ray.per ton per rn. 1.356 cts.
1.420 cis.
1.114 eta.
1.203 cts.
No.of rev, pass. carried_
52,217
77,6E1
101,084
97.047
No.rev. pass. carr. 1 mile
903,000
1.241,000
1.621,000
1.754.000
Avge. rev, per passenger 60.30 cts.
46.94 eta.
59.51 eta. 60.57 Its.
Avg.rev. per pass. p.in_
3.49 as.
3.56 eta.
3.56 eta.
3.49 eta.
COMPARATIVE INCOME STATEMENT CALENDAR YEARS.
Operating Revenues1926.
1925.
1924.
1923.
Freight
$1,212,986 $1,367,642 $1,811.900 $2,671,292
Passeager
31,487
44,240
5:,748
61,230
Mail, express, &c
51,471
38.539
36.836
36,288
Incidental
12,894
11,557
7,716
12,065
Total
$1,307,499 $1,463,315 $1,914,201 $2,780.876
Operating ExpensesMutat. of way & struc_
. $326,584
$344,711
$401,794
$582.967
Maint. of equipment_ _ _
1.060.429
798.345
494,876
562,264
Traffic
26,721
22,561
23.184
22,344
Transportation
861,768
470.837
606.267
444,660
General
120,159
111.758
97,841
109,598
Total
Net operating revenue
Tax accruals. &c
$1,386,305 $1,509.971 $1.941,348 82.652,044
$128,832
def$78,805 def$46,656 def$27.146
147.991
43,882
36,470
26,214
Operating income_ __ _def$105,020 Gef$83,126 Gef$71,029 Gef$19.159
Non-Operating Income
$610,376
Hire ofequipment
$363,679
$181,406
$221,474
Joint facility
40
60
80
Miscall.rent income_ _ _ _
1,157
1 .285
559
1,424
308,909
Diviconni income
110,348
85.105
2,878
Income from funoea ana
unfunuea secs. & acc'ts
207.823
167,249
178,624
172,586
Miscellaneous income_
210
244
200
Gross income
DeductionsRert of equipment
Joint facility rents
Miscellaneous rents_ _ _ _
Int, on first mtge. bonus
Misc.income charges_ _
$355,200
$315.481
243
26,807
25
188.833
14,971
38
26,431
25
194,325
15,629
$557.945 $1.108,762
39
26.553
25
200,546
11,852
69
26.494
25
218.683
10,627
$255,899
Total
$236.448
$239,016
$230.878
COMBINED EARNINGS OF SUBSIDIARY OPERATING PROPERTIES. Net income
$852.865
$124,322
$318,930
$79,033
Income applieo to sink'g
Calendar Years1924.
1926.
1925.
1923.
44.947
& other reserve funs_
74,822
69,295
63,074
Gross earnings
$86,340,418 $60,489,856 $41,402,607 $36,185,182
Net(aft. op.exp.SE taxes) 31,071,020 19,934,306 13,981,520 11,449.844
$807.919
Transf. to profit & loss
$255,856
Rents on leased prop's
$4t.500
$9.738
373,772
340,617
344,768
237,362
160,000
avs. pa.fr.sur.,pf.t4%) 160.000
160,000
160,000
Common
(6%)180,000(914)285,000 (17)520,000
$30,697,248 $19,593,689 $13,636,752 811,212,482
40,000
She. pref. out.(par $100)
xAdd prop'n of net earns.
40.000
40,000
40.000
$21.32
accruing to M. W. U_
$7.97
218,462
288,687
287,628
$3.10
$1.97
110,937 Earn, per share on pref_
PROFIT AND LOSS ACCOUNT FOR YEAR ENDED DEC. 31 1926.
Total
$30,915,710 $19,882.376 $13,924,380 811,323,419
Deduct
-Bond debentures,
$1,281.755
Credits-Balance, surplus, Jan. 1 1926
&c., interest charges
49,500
Net income for year enaea Dec.31 1926, per income statement
(outside holders)
$11,188,803 $7,581.391 $5,130,705 $4,165,192 Donations
1,877
Yearly amount of dis5.615
Miscellaneous creaits
count on securities_ _ _ 1.175,392
808.994
586,498
480.459
31,441
Aaj.for aifference between cost & par val. of secur,reacquirea
Divs. on stock & prop'n
of undistributed earn$1,370,188
Total creaits
ings to outside holders 10,186.643 5,390.817
2,582,633
1,741,722
$160,000
Debits-Diviaena appropriations of surpms (as above)
48,685
Uncolle,ctibie balance of revisea Guaranty claim
Total earns, accruing
Surplus appropriate° for investment in physical property_ _ _ _
1,877
to W. M. Util. Co_x$8,364,872 $6,101,173 $5,624,544 $4.936,046
2,181
Loss on retired road and equipment
x Of the above amount M. W. Utilities Co.:(1) Received and accrued as
Debt expense on secursties reacquired
159
interest on bonds and debentures. $166,538: (2) received and accrued as
183
MLsuellaneous aebits
interest and brokerage on money advanced, $194.235; (3) received and accrued as dividends on stocks, $5,129,336; total, $5,490.109. leaving 51. W.
$1,157.102
Balance, surplus
Util. Co.'s proportion of surplus carried to the aggregate surplus account
of subsidiary companies on their own books, $2,8:74,763.
GENERAL BALANCE SHEET DECEMBER 31.
INCOME ACCOUNT YEARS ENDED DECEMBER 31.
1925.
1926.
1925.
1926.
1926.
1925.
1924
Assets1923.
Int.rec.& accr. on bonds
inv. in road and
Common stock_ __ 3,000,000 3,000,000
$569,790 $1,006,566 $1,331,863
and debentures,&c_ _ _
$360,773
equipment_ _ _ -x 9,100,344 9,252,932 Preferred stock_ __ 4,000,000 4,000,000
Misc.int. on notes receivImprov'ts on leased
First mtge. bonds:
81,402
able, brokerage,&c___
174,577
railway property
99,848
15,468
11,091
Outstanding__ _ _ 4,656,000 4,801,000
53,577
Divs.rec'd & accrued on
Cash in sink.fund_
532
In sinking fund
180
3,546,841
stocks of subsid. cos_ - 5.129,336
3,025,095 2,417,008 let mtge, bonds in
(per contra) _ _ 1,934,500 1,789,500
Int. rec'd on bonds and
In treasury (per
s. f.(Per contra) 1,934,500 1,789,500
notes of outside cos_ _ _
17,246
74,772
368,500
40,145
368,500
45,171 -Deposits in lieu of
contra)
Divs. rec'd & accrued on
mtged. property
1,050
1,056 Non-negotle debt
212,337
stocks outside cos_ ___
33
511.050
80,332
35
45,250 Securities pledged_ 2,095,882 2,137,872
to affiliated cos_
Profit from revel. ofsec
100,000
75,000 Securs.unpledged_ 1,965,309 2,061,262 Loans & bills pay_
Profit sale secs, to sub.
Cash
276,346
252.693 Traffic & car serv.
58,747
cos., and others
3.043,229 3,265,583
1.062,088
62,586
91,024
94,346
735,233 Matured interest_
balances payable
Profit from sale of propDive, on corn, and
Audited sects and
57,557
erty, &c
329,522
92,688
preferred stock_
65,241
42,418
58,541
wages payable_ _ 109.939
94,282
282.645
Fees for eng.,&c.,sub.cos
276,662
236,985
90,952
2,100
175,025 Loans & bills ree'le
2,000 Int. mat'd unpaid_
58,541
65,241
Traffic & car servDive. mat'd unpaid
33
Total income
$9,663,087 $7,975,844 $5,880,581 $4,920,546
ice balance
88,319
20,116 Unmet. Int. accr'd
Deduct-Adm.expenses_
1,123,543
12,368
3,594
944,843
865,575
913,863 Agents & conducOther curr. Hahn's.
364,862
7,745
Int.on coll. notes & bds_
7,938
48,021
848.109
9,384
'Ishii's.
tors' balances_ _
1.033,672
4,785 Other def'd
28,941
Int. on collat. loans, &c_
23,864
18,054
193,024 Misc.accts. receiv.
41,529 Tax liability
202,179
45,052
28,538
Int.on purch.contr., &c.
277,439
204,077
Materials & supp_ 170,430
181,132 Other unadj. cred_
Miscellaneous charges_ _
149,170
161,295
35,355
33,701
37,275 Int.& dive. receiv_
35,115 Addlis to property
Premium on collat. notes
8.305
6,428
Other curr. assets_
505
through surplus_
738
and bonds redeemed
294,029
353,850
Deterred assets_ _ _
12,944
13,776 Sinking fund reeve 428,672
Divs.paid & accr,to date
Unadj debits(inel.
.
Profit & loss bal. _ 1,157,102 1,281,755
On prior lien stock__ _ 2,365,546
1,726,610
1,298,664
994,699
81,147
U. S. Govt.).-89,155
1,832,173
On cumul, pref. stock 2,445,179
1,304,979
851,799
On connnon stock __ _ 2,046,666
1,032,560
15,962,280 16,047,818
15,962,280 16,047,818
Total
Total
Balance, surplus
$1,374,097 $1.250,719 $1.323,823
Shs,com.stock outstanding (no par)
272.433
435.736
202.050
Earned per share
$8.38
$7.85
$6.55
x Includes additional dividend of 1%.
$896,208
179.276
$5.00
-The accounts with the United States Government ana the profit
Note.
and loss balance have been restated to conform to revised return for guaranty
period filed with Inter-State Commerce Commission.
After deducting $1,821
,,724 accrued depreciation on eqiupment,V. 122, p. 2640
1974
THE CHRONICLE
Boston Elevated Railway.
(Annual Report-Year Ended Dec. 311926.)
TRAFFIC STATISTICS YEAR ENDING DEC. 31.
1926.
1925.
1924.
1923.
Round trips operated
7.526,260 7,185.587 6,994,749 6,488,082
Passenger revenue
834.393,954 833.790.442 333.419,172 $33,297.951
Passenger revenue per car mile
59.41 cts. 60.93 cts. 59.69 cts. 61.61 cts.
Passenger revenue per car hour
x$5.75
x$5.71
x$5.86
x$5.67
Passenger revenue mileage
Y57,895,881 y55,461,094 y55,988,679 y54,049,665
Passenger revenue car hours
x5,980,267 x5,767,957 x5,894,115 x5,826,993
Revenue passengers carried
371,218,401 365,036,286 382,888.848 382,149,697
Rev, pass, carried per car mile
6.412
6.582
7.070
6.838
Rev, pass, carried per car hour
62.07
63.28
64.96
65.58
x Car hours, American Electric Railway Association standard, adopted Feb. 1
1923. y Including motor bus mileage of 4,717,900 in 1926, 2,472,456 in 1925.
890,901 in 1924 and 465,382 in 1923.
COMPARATIVE DIVISION OF RECEIPTS AND EXPENDITURES
-CAL. YRS.
1926.
1925.
1924.
1922.
1923.
Total receipts
335,481,313 534,547,380 $34,175,320 834,096.813 332,699,176
Operating Expenses
Wages
$17,697,378 $16,931,550 $17,358,670 $16,224,275 $14,772,340
Material & supplies- 3,462.091
3,175,982 3,203,379 3,236,805 2,903,650
Injuries & damages_
925,919
666.488
740,025
822,775
555,355
Depreciation
2,841,722 2,496,000 2.496,000 2,004,000 2,004.000
Fuel
1,149,159
1.135,716
1,853,111
1.424,059
1,842,396
Total oper. exp__526,076,268 324.405,736 $25,222,134 $24,130,253 $22,088,458
Taxes
1,910,765
1.652,518
1,623,996
1,587.186
1,688,139
Rent of leased roads
(incl. div. rental
under Chap. 159,
Acts of 1918)
3,162,454 3,169,449 3,175,566 3,185.577 3,646,595
Subway and tunnel
rents
2,217,001
2,217,470 2,125,594 2,026,936
2,008,414
Int. on bds. & notes 2,535,505 2,540.909 2,602,891
1,891,315
2,316,026
Miscellaneous items
62,070
59,104
61,835
65,016
70,247
Total cost of serv.$35,964,063 $34,045,186 $34,812,016 533,417,181 $31,286,987
Loss for year
$482.749
$636,696
Gain for year
$502,194
$679,631 $1,412,189
Profit and loss items not included in above.
INCOME STATEMENT FOR CALENDAR YEARS.
Operating Income1926.
1925.
1924.
1923.
Passenger revenue
$34,361,359 $33,759,927 $33,403,253 333.282,042
Malls, rentals, ad., &c
1,009,970
664,971
672,371
642,329
Total
Operating Expenses
Way and structures
Equipment
Power
Transportation expenses
Traffic
General and miscellaneous
Transportation for investment_
$35,371,330 $34,432,298 $34,045,582 $33,947.013
Total operating expenses
Net earnings
Taxes on railway operations
$26,076,268 $24,405,736 $25,222,134 $24,130,254
9,295,061 10,026.582 8,823,448 9,816,759
1,910,765
1,652,518
1,688,140
1,623.996
$4,222,526 $3,766,616 $3,823,124 $4,030,197
4,423.586 3,900,956 4,156.222 3,507,213
2,641,775 2,536,129 2,819,283 3,094,731
11,924,518 11,567,233 11,825,235 10.905,933
6,139
3,239
3,364
7,866
2,873,978 2,656,275 2.611,292 2,609,929
Cr.16,255
Cr.24.714 Cr.20,890
Cr.21,113
Operating income
$7,384,297 $8,374,045 $7,199,452
Dividend income
2
4
4
Income from funded securities_ _ _
10,298
11,287
19,147
Income from unfunded securities_
36,806
39,583
43,317
Income from sinking fund, &c....
33,280
33,280
33.280
Miscellaneous income
29,597
30.928
34,043
Gross income
87.494,281 38,489,126 37.329,244
Deductions
Rent for leased roads
$49,849
$49,917
348,552
Miscellaneous rents
2,217,001
2,217,470 2,125,594
Net loss on misc. Physical Prop
3,780
53
Interest on funded debt
2,422,935 2,422,935 2,430,789
Interest on unfunded debt
112,570
117,974
172,102
Amort. of discount on fund. debt
40,595
40,595
43,366
Miscellaneous debits
17,695
18,509
18,469
Total deductions from gross inc. $4.864,424 $4,867,400 $4,838,925
Balance
$2,629.857 $3.621,726 32,490,319
lost preferred dividends (8%)
512.000
512,000
512,000
2d preferred dividends (7%)
957,841
964,768
972,251
Preferred dividends (7%)
210,000
210,000
210,000
Common dividends(6%)
1,432,764
1,432,764
1,432,764
38,128.619
9,183
16,400
58,505
33,280
32,433
88.278,420
$52,512
2,026.937
2,289,215
26,812
51,121
19,127
$4,465,724
$3,812,698
512,000
978.302
210,000
1,432.764
Balance, surplus
def$482,749
$502,194 def$636,696
3679.631
Shares of com.outst'd'g (par 5100) 238,794
238,794
238,794
238,794
Earn. per share on com
$3.97
$8.11
$8.86
$3.33
Note.
-The reports for 1926, 1925, 1924 and 1923 designate the dividends as
"Boston Elevated Ry. Co. dividend rental," but have been separated by us for
comparative purposes. The amounts given in the reports are 33,112.605 for 1926,
$3,119,532 for 1925, $3,127,015 for 1924 and 83.133,065 for 1923.
-Ed.
GENERAL BALANCE SHEET DECEMBER 31.
1925.
1926.
1925.
1926.
Assets$
$
Liabilities$
$
Road & equip_ _109,103,446 106,644,373 let pref. stock__ 6,400.000 6,400,000
Misc. phys.prop.
58,889
58,889 2d pref.stock_ __ 13,651,500 13,754,500
Other investmls
224.767
351,536 Preferred stock_ 3,000,000 3,000,000
Cash
982,465
750,385 Common stock_ 23,879.400 23,879,400
Dep. for int.,
Prem.on cap.stk. 4,939,905 4,939,905
div., &c
791,436
792,860 Funded debt... 49,819,000 49,819,000
Spec'l deposit of
Mortgage notes_
125,000
125,000
reserve fund_
369,133 L'ns & notes pay 3.100,000 2,800,000
Funds avail. for
Vouch. & wages
capital expen
34,000
37,000 payable
846,325
903,486
Misc. accts. rec..
255,395
200,314 Mat.int.div..drc. 792,641
794,066
Mans dr suppl_ 2,098,291 2,272,808 Accr.int.div.,&c.
872,344
871,393
Int.,div.& rents
Def. liabilities
38,680
36,843
receivable_ __
17,148 Tax accrued---4,755
633,631
712,112
40,121
0th. curr. assets
33.232 Prem.on fd.debt
238,710
210,296
Ins. de oth.funds 2,936.046 2,936.046 Operat. reserve_
784,354
940,188
119,703
Prepd. rents. &c
181,558 Accr. deprec'n
8,197,485 6,122,963
Disc. on fd. debt
441,800
482,395 Oth.unadj. cred
164,159
148,250
unadj. debt
0th.
299,098
73,331 Adv.byComm.of
Cost of serv. def.
Mass.acct.def.in
for 12 mos.end.
cost of service_ 2,305.512 2,327,816
June 30 1919._ 2,305,512 2,327,816 Misc, fund res.
412,207
412,207
Profit & loss, def.
402,325
. 765,406
Grand total_ _119.695.722 117,534,825
-V. 124, p. 789.
Grand total_ _119,695,722 117,534,825
Federal Mining & Smelting Co.
(Annual Report
-Year Ended Dec. 31 1926.)
Pres. F. H. Brownell, March 8, says in substance:
Decision in Dividend Litigation.
-The most important event in the
company's affairs is probably the decision of the Delaware Supreme Court
In the Content case, the essence of which is embodied In the following
quotation:
"Under the charter contract existing between the defendant company
and the complainants as preferred stockholders, of which contract pertinent
statute law forms a part, dividends cannot be paid on the common stock
when the capital of the company is greatly depleted and its net assets are
leas than its paid-1n capital. This is the sole question to be determined
by this court."
This decision was rendered on a demurrer to a bill of complaint which
assumed as true, for the purposes of the argument, the allegation made
that a deficit existed.
Four questions of importance remain to be determined: (1) What is
the "paid-in capital" of the company, and how is it divided as between
preferred and common stock? (2) As a matter of fact, are the company's
[Wu 124.
"net assets" at the present time less than the "paid-in capital"? (3) If
the answer to the second question is in the affirmative, can dividends be
paid upon the preferred stock while this condition exists? (4) When the
"net assets" are greater than the "paid-in value" of the preferred stock
issue, but less than the preferred and common, combined, can dividends
be paid on the common up to, but not beyond, the point where "net assets"
equal the "paid-in value' of the preferred? If not, can dividends be paid
wlaen "net assets" exceed the par value of the preferred?
[Since the above was written, the Legislature of the State of Delaware
has passed a law, which, if retroactive and applicable to this company,
seems to provide that dividends may be paid on the common stock up to,
but not beyond the point where net assets equal the par value of the preferred stock.]
As the third and fourth are questions of law, it seems sufficient to say
that some of the reasoning of the court leaves the answer in doubt.
Whatis the "Paid-in Capital" and How Divided Bewteen Preferred ct Common?
The outstanding capital stock at the present time is:
Preferred stock (par $100
c
)
$12,000,000
Common stock (par $100
5,040,000
This present outstan ing capital stock is after deducting the stock
issued and repurchased by the company. There were two original issues:
(1) At organization In 1903:
Preferred stock
$10,500,000
Common stock
5,250,000
At a meeting of the directors Sept. 1 1903 a contract was approved for
the acquisition of three mines designated as the Wardner. Mace and Burke
mines, and for the plant of the Puget Sound Reduction Co. and Monte
Cristo mine. The contract provided: "The Federal company
pay for the said properties the sum of $15,750,000. This sum maywl
be
paid, at the option of the Federal company, either in cash or in non
assessable stock of the Federal company at the par value thereof, or partly
in cash and partly in said stock at par. If stock of the Federal company
shall be paid hereunder, the same shall be in the proportion of two-thirds
of preferred stock and one-third of common stock.
'
The company elected to pay In stock for these properties. The plant
of the Puget Sound Reduction Co. and the Monte Cristo mine were sold
within a year for $600,000 cash.
The Wardner, Mace and Burke mines were each worked to exhaustion.
The Wardner and Burke mines were then sold, but the Mace property is;
still held and has a small residual value in Its water power and 'leasers'
operations, appraised at a total of $200,000.
We, therefore, have the amount realized in money over the 15 years'
operation to exhaustion of the mines acquired for stock.
(2) In 1905 the company issued 20,000 shares of preferred stock and
10,000 shares of common stock additional, for which it received in cash
$3,000,000, in accordance with a resolution of the directors adopted Oct. 21
1905, as follows: "That in order to provide funds necessary . . . to •
acquire the Morning and You Like group of mines, this company do issue
Its capital stock as follows: Preferred stock, $2.000,000; common stock.
$1.000,000. That the same be issued at par for cash. That all stockholders of this company be given a reasonable opportunity to purchase the
new stock in proportion to their holdings of the existing stock of the company.'
From the foregoing, it appears that no effort • made by the company
was
to distinguish between the consideration received for the preferred stock
and that received for the common stock. Both wore issued and treated
as of equal value, the common stock being one-half of the preferred stock
in number of shares. The second stock issue was for cash, but the first
was for property. What was the "paid-in value" of the stock issued for
this property? The litigation now pending will, it is hoped, give us the
final and true answer.
Are the Company's "Net Assets" at the Present Time Less Than the "Paid-in
Capital"?
Company has kept its books substantially in accordance with the contentions made by it before the Treasury Department, and the ultimate
result has been that the book value of the properties is now less than the
actual value of those properties.
The question of the value of the net assets of the company will, it is
believed, be an important issue at the trial of the Content case upon the
facts. The management is of the opinion that this value is much greater
than at present shown upon the balance sheet, and would at this time give
reflection to its own views in the balance sheet were it not that under all
the circumstances it seems more appropriate to await the determination
of the court and at this time to restrict itself to the foregoing statement.
The balance sheet in this report, therefore, continues to show a deficit,
due to the method followed. After the termination of the litigation, it Is
the intention of the present management to readjust the balance sheet in
the light that may be obtained from the court's decision. We are now
advised that, in view of existing rulings of the Treasury Department, such
action will not have any adverse effect upon the income tax of the company.
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
1926.
1925.
1924.
1923.
Value of production..._$12,795,561 $12,546,161 $9,468,309 $6,662,327
Cost, royalty, &c
8.828,946
8,505,651
6,882,063
5,127,048
Balance
Other income
$3.966,815 $4,040,511 $2,586,246 $1,535,279
428.979
410,955
303,346
262.239
Total income
54,395.594
Gen.exp.,income tax,&c.
756,981
84.451.466 $2,889,592 $1,797,517
682,405
882,922
339,942
Net earnings
$3,638,613 $3,769,060 $2,006,670 $1,457,575
Previous deficit
4,910,855
7,624.662
6,566,548
6,291,985
Profit on common stock
purchased for treasury
822,592
Incl. in book value of
stock held
x700.000
Total deficit
$572,242 $3,033,010 $4,559.878 $4,834,410
Add'I Inc. tax, prin., &c_
50000
,
Depreciation
330.045
319,240
348,205
149,
204
Ore depletion
657,644
719,572
756,790
693,899
Revenue of prop. acct_
1,122,756
Preferred dividends___. y3,146,378
839,034
839,034
839,034
Profit & loss, deficit
$4,706,309 $4,910,855 $7.624,662 $6,566,548
Shares of corn. outstanding (par $100)
50,400
50,400
50,400
50 400
Earnings per share
$35.95
$37.52
$1.28
/411
x Increase in book value of $8,000 shares of Bunker Hill & Sullivan
Mining & Concentrating Co. from $35 per share to $60 per share. y Includes $2,307,344 for prior years.
BALANCE SHEET DECEMBER 31.
1926.
1925.
1926.
1925.
AssetsLiabilities
8
$
Property & invest_19.522.585 8,852,672 Preferred stock_ _ _12,000,000 12,000,000
Cash
153,393
161,560 Common stock__ 5,040,000 5,040,000
Liberty bonds,... 610,000
610,000 Audited vouchers
Call loans
2,000,000 2,400,000 and payrolls__ _ _
170,969
200,871
Notes receivable_
2,300 Miscell. suspended
Accounts receiv'le_ 303,765
creditor accounts
414,731
40,853
39,665
Orson hand and in
Reserve for taxes_ 679.088
678,855
transit
375.910
380.472
Materials di gimp- 209,070
197,476
Prepaid expenses_
30,025
26.465
Office items in tran
3.862
18,849
Deficit
4,706,310 4,910,855 Total(each side) _17,930,911 17,959,392
x After deducting depreciation an ore depletion.
-V. 124, p. 930.
GENERAL INVESTMENT NEWS
STEAM RAILROADS.
New York Central RR. Yarcimasters Win $10 to $15 Per Month Wage
Increase Retroactive to March 1.
-New York "Times" March 26, p. 27.
New York Central RR. Clerks, Freight Handlers and Station Employees
Win 6% Wage Increase Retroactive to March 16.
-New York "Times"
March 27, see. I, p. 7.
New York New Haven & Hartford RR. Grants Wage Increase of Five Cents
Per Hour to Freight Clerks and Handlers.
-New York "Times" March 31,p.32
APR. 2 19271
THE CHRONICLE
250 Employees of Central RR. of New Jersey Shops Have Been Discharged
Reduction of 1,100 employees has been ordered and resumption of 6
-day
schedule to replace 4
-day schedule is probable. "Wall Street News" Apr. 1.
Car Surplus.
-Class I railroads on March 15 had 257.186 surplus freight
cars in good repair and immediately available for service, the Car Service
Division of the American Railway Association announced. This was a
decrease of 10,430 cars, compared with March 8, at which time there were
267,616 cars. Surplus coal cars on March 15 totaled 77,912. a decrease
of4,291 within approximately a week, while surplus box cars totaled 129,945,
a decrease of6,706 for the same period. Reports also showed 27.047 surplus
stock cars, an increase of 1,221 over the number reported on March 8, while
surplus refrigerator cars totaled 12,241, a decrease of 262 within the same
period.
New Equipment.
-Class I railroads of this country in the first two months
this year installed 305 locomotives, the Car Service Division of the American
Railway Association announced. This was a decrease of 61 locomotives
under the number installed during the corresponding period in 1926 but an
increase of 13 over the number installed during the corresponding period
In 1925. Of the total number installed so far this year, 160 were placed
in service in February. Locomotives on order on March 1 this year totaled
276 compared with 441 on the same date in 1926 and 293 on the same
date in 1925. Freight cars installed in service the first two months this
year totaled 10.621, a decrease of 2,196 under the corresponding period in
1926 and a decrease of 17,499 under the corresponding period in 1925.
Freight cars installed in February this year totaled 5,137, including 1,277
box cars, 1.689 coal cars and 1,019 refrigerator cars. Class I railroads on
March 1 had 29.395 freight cars on order compared with 50,947 on the same
date in 1926 and 50,629 on the same date in 1925.
These figures as to freight cars and locomotives include new and leased
equipment.
Matters Covered in "Chronicle" March 26.-(a) Railways in Jugoslavia,
P• 1738. (b) Loading of revenue freight reaches one million cars a week.
Coal tonnage continues heavy, p. 1742. (c) January railroad earnings at
the rate of 4.20% per annum on investment, p. 1770.
1975
Goshen Valley RR.
-Stock.
---S. C. Commission on March 15 authorized the company to issue
The I.
$50,000 capital stock (par $100)•
The company was incorp. in Utah on Dec. 27 1918, with an authorized
capital stock of $50,000, none of which has yet been issued. The construction of the road was financed by the two mining companies which it serves,
the Tintic Standard Mining Co.and the Iron King Consolidated MiningCo.,
the former advancing $344,414 and the latter $172,207. These companies
are willing to accept stock in reduction ofthis indebtedness. The company
therefore proposes to issue its capital stock as aforesaid, $33,400 thereof to
be delivered to the Tintic Standard Mining Co. and $16.600 to the Iron
King Consolidated Mining Co.in payment and satisfaction of equal amounts
of such advances.
-Earnings.
Missouri Pacific Railroad Co.
Calendar YearsRailway operating revenues
Railway operating expenses
1926.
1925.
$133,990,294 $130,831,661
102,851,944 102,276,499
Net revenue
Taxes and uncollectible revenue
$31,138,351 $28,555,162
5,649,504
5,301,923
Operating income
Other operating income
$25,488,846 $23,253,239
1,282,313
1,021,374
Total operating Income
Deductions from operating income
$26,771,159 *24,274,613
6,437,373
6,261,549
Net operating' income
Non-operating income
$20,333,786 $18,013,064
3,621,286
4,459,088
Gross income
Deductions from gross income
$23.955,073 $22,472,152
15.323,405
14.823,944
Balance, Surplus
$8,631,667 $7,648,209
Alabama Tennessee & Northern RR.Corp.-Conqrlion Shares of common outstanding (par $100)
828.395
828.395
The I.
-S. C. Commission on March 15 issued a supplemental certificate Earnings per share on common
$6.09
$4.90
authorizing the corporation to construct an extension of its line of railroad -V. 124, p. 1816.
from a point at or near Calvert, the southern terminus of the railroad,
southerly to the port of Mobile, a distance of about 28 miles.
-V. 124.
National Railways of Mexico.
-Coupon Exchange.
p. 1814.
President B. E. Holloway in a notice dated April 1 to the holders of
coupons representing interest due Jan. 1, April 1, June 1 1914 on (a) prior
Baltimore & Ohio RR.
-Equipment Trust, Series E.
- lien 43. % gold bonds(1957) of Ferrocarriles Nacionales de Mexico:(b)guarThe I.
-S. C. Commission on March 18 authorized the company to assume anteed gen. mtge. 4% bonds (1977) of Ferrocarriles Nacionales de Mexico:
-year 6% secured gold notes, due June 1 1915, of Ferrocarriles Nacionobligation and liability in respect of $9,750,000 equip. trust series E certifi- (c) 2
cates to be issued by the United States Mortgage & Trust Co. under an ales de Mexico;(d) prior lien 434% gold bonds (1926) of National RR. of
agreement to be dated April 1 1927, and sold at not less than 98.69 and Mexico: (e) 1st consol. mtge. 4% gold bonds (1951) of National RR. of
diva. In connection with the procurement of certain equipment. See offering Mexico, and (j) priority 5% bonds (1939) of Mexican Central Ry., Ltd..
savs:
in V. 124, P. 1814.
In 1914 the National Rys. of Mexico offered to pay, and for the most
part did pay, the coupons representing interest due Jan. 1, April 1 and
& Albany RR.
Boston
-New President, &c.
William Endicott of Kidder, Peabody Sr Co. has been elected President June 1 1914 on the above listed bonds by issuing in exchange therefor its
to succeed the late Charles S. Sargent. Mr. Endicott has long been a 6% secured gold notes due Jan. 1 1917. Owing in part to the European
director of the company. Allan Forbes, President of the State Street war, a relatively small proportion of such coupons was not presented for
The plan of
Trust Co.. Boston, Mass.,has been elected Vice-President.
-V.123,p.2849. exchange.Government readjustment of debt of June 16 1922 between the
Mexican
and the international committee of bankers on
Mexico provided for the deposit under such plan of the entire authorized
Boston & Maine RR.
-Fitchburg Bonds.
issues of said 6% secured gold notes, but did not provide for the deposit
The original $2,000,000 4% bonds of the Fitchburg RR. due April 1 of the unexchanged coupons.
1927, will be treated as follows: $1.867,000 have been exchanged
for new
Boston & Maine mortgage bonds, due April 1 1942 with interest at 15% ofIn order to give the holders ofsuch unexchanged coupons an opportunity
participating in the
from April 1 1927,under the Plan of Reorganization of Sept. 1 1925. and been made whereby, plan of readjustment of debt, arrangements have
the balance of $133,000 will be paid off at maturity at office of Boston & heretofore exchangedfor a limited time, the coupons above referred to not
for notes may now be so exchanged on the following
Maine RR.
-V. 124, p. 1811.
terms and conditions:
(1) The exchange of coupons for notes will be made only at the office of
Central New England Ry.-Annual Report.
the railway company, 25 Broad St., N. Y. City, and the notes delivered
Calendar YearsIn exchange (being issued after maturity) will have stamped or printed
1926.
1925.
1924.
1923.
Operating revenues
$7,942,962 $7,407,229 $8.145,477 $7.988,226 across their face:"This note, issued subsequent to Jan. 1 1917, may be subOperating expenses
5.567.290
5,590.531
5,763,907
6.016.734 ordinate as to collateral to other notes of the same series."
(2) The coupons for int. due Jan. 1 1914
presented in lots of$45
Net operating revenue *2,375,672 $1,816,698 $2,381.570 $1,971.492 each or multiples of $45. Coupons for Mt.must beApril 1 1914 and June 1
due on
Taxaccruals&uncoll.rev.
328,139
279,584
300,278
296,786 1914 (except such as are payable in sterling) may be presented in any
Equipment rents
Deb494,153 Deb467,323 Deb381,000 Deb631.181 quantity.
Joint facility rents
(3) Coupons for int. due June 1 1914 payable in sterling must be preCr.18,938
Cr.18,269
Cr.19,872
Cr.20.483
sented in lots of £30 each or multiples of £30.
Net operating revenue $1,572,318 $1,088,060 $1,720,775 *1.063.396
(4) A charge will be made of 1% of the face amount of the coupons preNon-operating income
156,436
118.794
84,098
96,104 sented to cover the out-of-pocket expenses of the exchange, and the amount
must in all cases accompany the coupons.
Gross income
(5) The coupons must be presented for exchange on or before July 1 1927
$1.728.754 $1,206,854 $1.804,873 $1,159,500
Deductions from gross
unless the railway company shall in any instance extend the time.
Income
959,731
The railway company is advised that notes delivered in exchange for
970,672
976.634
872,305
Dividends
160,060
320,136
240,117
320,320 coupons in accordance with the foregoing provisions, if presented without
undue delay, may be deposited under the plan of readjustment of debt of
Balance, surplus
$608,972 def$83.954
$588,122 def$33,125 June 16 1922 in accordance with the provisions ofthat plan.
-V.124,p.917.
-V. 124, p. 1814.
Chicago Burlington & Quincy RR.
-Bonds.
-
The I.
-S. C. Commission on March 17 authorized the company (1) to
issue for pledge *18,294,000 of gen. mortgage 4% bonds; (2) to issue
$30,000.000 1st & ref. mtge.4% bonds, series B, including therein $1,706,000 of such bonds heretofore authorized to be authenticated and
delivered: said bonds to be sold at a price not less than 94 and int. See
offering in V. 124, p. 1814.
Chicago Milwaukee & St. Paul Ry.-Lisman Believes
Company Will Regain Former Earning Power.
-
New Orleans, Texas & Mexico Ry. Co.
-Earnings.
-
Calendar YearsOperating revenues
Operating expenses
1926.
1925.
$16,500,683 $14,718,818
9,828,640
11,580.539
Net revenue
Taxes and uncollectible revenue
$4,920,143 $4,890,178
770,724
766,033
Operating income
Other operating income
$4,149,419 $4,124,145
441,368
296.054
Total operating income
$4,590,787 *4.420.199
This bankrupt company which will presumably emerge from court Deductions from operating income
1.175.052
662,341
direction toward the end of this year, as the Chicago, Milwaukee St.
Paul
& Pacific Ry. is said by F. J. Lisman to be likely to recover a fair portion
Net operating income
$3,415,735 $3,757,859
of Non-operating income
the earning power it enjoyed some years ago.
356,682
333,005
"The St. Paul's operating difficulties." says Mr. Lisman
which he has prepared,"do not seem to be of a fundamental in an analysis
Gross income
$3.748,740 $4,114.541
direct reasons for the poor earnings shown in rec-nt years, nature and the Deductions from gross income
1.874.180
e.. the
1,600,377
what high transportation costs, the very high maintenance cost, somestantial payments on account of debit hire of equipment, and the the subNet income
$1,874,560 S2,514.164
excessive Dividend on capital
burden of interest charges,are all in a fair way to be removed. The St.
stock
$1,038,198 $1,038,198
Paul
had excessive shop costs due to old equipment, and an undue proportion
of
antiquated rolling stock. Excess costs from these two items are rapidly
Balance, surplus
8836.362 $1,475.966
being eliminated and maintenance costs should decline accordingly.
Shares of capital stock outstanding (par $100)_--150.000
150.000
"On the other hand, agriculture in the Northwest which has been
Earnings
$16.76
$12.49
ir- - 124,per share on capital stock
regularly depressed since 1920, is a basic industry and consequently must
V.
p. 1816.
'come back. This will mean not only an increased volume of outgoing
New York Connecting RR.
-Income Account.
traffic from the farmers to the consuming centers, but an increased moveCalendar Yearsment of manufactured products to the farmers. It would appear that
1926.
1925.
1923.
1924.
even
without any very great improvement in volume of traffic, the St. Paul is Operating revenues
$2.995.118 $2,782,340 $3,091.647 $3,278,057
Operating expenses
In a position to reduce its operating ratio to 75%, which, with certain
1,245,230
1,020.446
1.009,738
904.011
other
changes, would mean 7.8% on the adjustment 5s. A further decrease to
Net oper. income_ _ .. _ *1,749.888 *1.761.894 $2,187,636 $2,268,318
72% which is about the average of larger northwestern systems, would
Tax accruals
mean nearly 10% on the adjustment bonds. Such an operating ratio
458,459
458.304
471 044
448,981
course of a period of years is not at all beyond the bounds of reason. in the
Operating income_ _ _ _ $1,291,429 $1.303,590 $1,716,592 $1,819.337
"As for the preferred stock, an operating ratio of 75% with the
other Equipment rents
changes and improvements indicated above, would mean earnings of
Dr.69,224 Dr.73,145 Dr.64,800
Cr.22,332
at
rents
least 5%,while on an operating ratio of 72%, well over 7% would be shown Joint facility r
Cr.17.866
Cr.23.789 Dr.364.785 Dr.363.730
and a balance of $2 a share would be left for the common."
Net oper. income_ _
The Puget Sound extension and the 657 mile electrification by the St.
$1,240,071 $1,254,234 *1,287.007 *1.477.939
Paul have, in the opinion of Mr. Lisman. put the road in a position to take Non-oper. income
24,116
def.4,683
48.645
28,789
advantage ofa greatly increased volume of traffic, with little further increase
Gross income
In capital investment, and with very low operating costs.
$1,288,716 $1.283,024 $1,282,324 $1,502.055
-V.124. p. 1815. Deduc'ns from gross
Inc_ 1,287,950
1.303.014
1,280,828
1,281.564
Denver & Rio Grande Western RR.
-Defers
Interest.
Net income
$199.041
$759
The directors on March 29 voted to defer payment of interest due on
$2.195
$765
V.
the general mortgage 5% bonds. Until Feb. 1 1929 the gen. mtge. bonds - 123. p. 452.
are income bonds, cumulative from Feb. 1 1924 to the full extent of 5%
New York Ontario & Western Ry.-Earnings.per ann.; the payment of the int. accruing on the gen. mtge. bonds for the
Calendar
1924.
1923.
1926.
1925.
period from Feb. 1 1924 until Feb. 1 1929 shall not be mandatory even if Operatirg Yearsrevenue
$13,974,119 $12,247.512 313,666,131 *13.937,366
the same shall have been earned by the new company: but if earned and Oper. expenses,
taxes.&c 11,547.080 10,751.819 11,492.160 12.568,942
available, whether prior to Fe'. 1 1929 or thereafter, the int. on the bonds Equip., rents. &c.
(net).
498.603
618.908
404.239
361,969
scald tic during such 5
-year pert xl (I mind' us accumulations, if any),shall
Net oper. income_ _ _ _ $1,808.130 *1,091,461 $1.675,368 $1.006.455
be p.id to the exteat that 11 the reasonable discretion of the directors of
Other income
379,045
353,766
347,194
Lisa nes,company stich pay nent it not inconsistent with due regard for the
508.784
rotection im the f r party of $ te new company and the maintenance of
Total income
82.187,176 S1,445,226 82.022.562 81.515,239
fficient service thireon. Commencing Feb. 1 1929, int. upon the gen. Deductions
1.412.047
1,404.159
1.395.062
1.392.454
tge. bon Is accruing from and after that date will become a fixed charge.
Net income
$775,128
$627,500
$41,067
$122.785
v. 3,p.
II
- 124. p 10
V.
1976
TAF CHRONICLE
-Stock Authorized.
Old Colony RR.
-S. C. Commission on Mar. 26 authorized the company to issue not
The I.
exceeding 8,917 shares of common stock (par $100 a share), the stock to be
sold at not less than par and the proceeds used for the purpose of liquidating certain indebtedness.
The report of the Commission says in part: The applicant's line is leased
to the New York New Haven & Hartford RR.for a period of 99 years from
Mar. 1 1893. Under the terms of the lease the applicant has covenanted
to issue stock, at the lessee's request, for the purpose of making permanent
Improvements upon its property and for discharging its indebtedness. The
applicant represents that it is indebted to the lessee in the amount of$1.395.
597.98 for capital expenditures made on the applicant's property for
additions and betterments.
At the request of the lessee, the applicant now seeks authority to issue
8.917 shares of common stock of the par value of $100 a share, or a total
of 8891,700, for the purpose of liquidating a part of its indebtedness to the
lessee. It appears, however, that this proposed issue would increase the
applicant's capital stock beyond its present authorization. The stockholders have duly authorized and directed the proper officials to secure
the necessary lawful authority for the increase desired. Our order, therefore, will be conditioned upon such authority being procured prior to the
Issue of the stock.
The stock is to be issued directly by the applicant, and there will be no
contracts, underwritings, or other arrangements made in connection with
the issue. It is proposed to sell the stock after due notice at public auction,
at not less than par.
-V.124. P. 1507.
San Francisco & San Joaquin Valley Ry.-Tenders.--
The Bankers Trust Co., trustee, 10 Wall St., N.Y City, will until April
11 receive bids for the sale to it of 1st mtge. 5% gold bonds dated Oct. 1
1896 to an amount sufficient to exhaust $56,683 (now in the sinking fund)
at prices not exceeding 110 and tat.
-V.71. P. 964.
Seaboard Air Line Ry.-Bonds.-S. C. Commission on March 17 authorized the company (1) to
The I.
Issue refunding-mortgage bonds in an aggregate amount which, when taken
at their fair market value at the time of pledge, will not exceed $3,202,146,
said bonds to be pledged under the 1st & consol. mtge., and (2) to issue not
exceeding $3,378,500 of 1st & consol. mtge, gold bonds, series A,said bonds
to be pledged and repledged from time to time as collateral security for
short-term notes.
The L-S. C. Commission on March 19 authorized the company to issue
81.491.000 1st & consol, mtge.gold bonds,series A,said bonds to be pledged
and repledged from time to time as collateral security for short-term notes.
-V. 124, p. 1815.
-Acquisition and
Toledo Peoria & Western RR. Corp.
Operation.
[VOL. 124.
In further support of its claim that it is entitled to capitalize more than the
net cost of the property to the purchaser, it calls attention to the bids received for the various parcels before the property was offered as a unit.
At the foreclosure sale there was a separate bid of $425.000 for parcel H.
A bid of $1,000,000 conditioned on the acceptance of a bid of $250.000 for
parcel H. and another bid of 8830,000 conditioned on the acceptance of
the separate bid of $425,000 for parcel H were made for the eastern division
of the property, composed of parcels A to G, inclusive. It thus appears
that had parcel bids been accepted, the maximum that could have been
realized from the sale of the eastern division and the property in Peoria
would have been $1,255,000. There were no separate bids for parcels I
and J. composing the western division, or about 120 miles of the old company's railroad, or for the equipment for the material and supplies or for
200 shares of Keokuk Union Depot stock.
Based on the amount received by the purchaser for the equipment sold,
the scrap value of the equipment to be acquired by the applicant would be
approximately $150.000. Additions and improvements made to the property since July 1 1926 total $42.036.
The amount bid for the eastern division at the foreclosuer sale. 8830,000,
plus the scrap value of equipment as indicated above,$150,000,the amount
expended for additions and betterments to the property since June 1 1926,
$42.036, and the excess of current assets over current liabilities, $133.451,
or a total of $1.155,487, probably represents the minimum that would be
realized from the property to be acquired by the applicant if it were sold in
parcels.
While the applicant is acquiring property that may be worth more than
was paid for it. the amount of securities to be issued will be limited to the
net cost of the property to be acquired. $800.000, plus a reasonable amount
for organization expenses. The applicant has made no showing as to the
amount of its organization expenses. According to the statement of Oct.
311926, the applicant will acquire cash of $191,180 and material and supplies $120.527, a total of 8311,707, for working capital. This amount
does not appear unreasonabie and may, for the purposes of capitalizatior,
properly be included in the net cost of the property.
The old company was controlled jointly by the Pennsylvania Co. and
the Chicago Burlington & Quincy through stock ownership. The applicant represents that It was against the interest of the controlling companies
to develop the property because it competed for traffic with their lines.
It is also stated that the property has not been managed satisfactorily or
economically by the receiver, and hence the net earnings during the receivership period are not truly representative of what the property can do
under efficient management. Pursuant to the order confirming the sale,
the raceiver has been operating the property since July 30 1926 for the account of the purchaser. The net railway operating income of the property for 1926 is shown as a deficit of 3127.196 as compared with a deficit
of $236.939 in 1925. The deficit during the first six months of 1926 was
$113,428, and during the last six months only $13,768. For the last five
months of the year there was a net railway operating income of $8,970.
Upon the facts presented, we are disposed to authorize a total issue of
$800,000 of securities. While authority is requested to issue common
stock in excess of this amount, authority is also sought to issue first mortgage bonds and preferred stock. As it may be necessary for the applicant
to finance the proposed acquisition in part by securities having preference
over the common stock or a lien on the property, the securities to be issued
will not be limited to common stock. In order that it may be in a position
to take over the operation of the properties, the applicant has requested an
immediate issue of $5,000 of common stock. An issue of this amount of
common stock will be authorized and the proceedings upon the application
to issue securities in excess of this amount will be held open in order that
the applicant may, by appropriate amended application, modify its propose's to meet our suggestions as to the amount and character of securities
to be issued.
We are of opinion that the authority herein granted to the Toledo Peoria
& Western Railroad Corp. may be exercised by that corporation irrespective of change in the corporate title, but there should be promptly submitted
in these proceedings a properly verified copy of the amendment to the applicant's charter whereby any change in name is accomplished.
-S. C. Commission on Mar. 17 issued a certificate authorizing the
The I.
corporation to acquire and operate lines of railroad in Iroquois, Ford, Livingston, McLean, Woodford, Tazewell, Peoria, Fulton. McDonough,
Hancock and Henderson counties, Ill.
The Commission also authorized the company to issue $5,000 of common
stock (par $100 each) in part payment for the property to be acquired and
for directors' qualifying shares.
The report of the Commission says in part:
The corporation on Jan. 3 1927 filed an application for a certificate that
the present and future public convenience and necessity require the acquisition and operation by it of certain lines of railroad in Iroquois, Ford, Livingston, McLean, Woodford, Tazewell, Peoria, Fulton, McDonough,
Hancock and Henderson counties, Li. By a separate application, also
filed on Jan. 3 1927. the applicant asks authority under Section 204 of the
Act to issue $1,000,000 of first mortgage 6% series A bonds, 5,000 shares of
6% non-cumulative preferred stock (par $100 each) and 10.000 shares of
common stock (Par $100 each) in payment for the property to be acquired.
The applicant proposes, as soon as practicable and before any securities are
-Oct. 1 1924 Interest.
United Railroads of Yucatan.
Issued, to change its corporate name to Toledo Peoria & Western RR.,
7,
,
Coupon due Oct. 1 1924 on the 5' o 1st mtge. redeemable gold bonds
and requests that any order entered herein permit the issuance of the certificate prayed for to the Toledo Peoria & Western RR. Corporation and will be paid on presentation at the office of Ladenburg, Thalmann & Co.,
(or) the Toledo Peoria & Western RR., and the issue of securities in either 25 Broad St., N. Y. City, on and after April 1 1927. together with interest
thereon at 5% per annum,from Oct. 1 1924 to April 1 l927.-%. 122.P•1759.
name.
The lines of railroad proposed to be acquired comprise two main lines.
one extending westward from Effner, in Iroquois County. through Sheldon,
Webster, Watseka, Gilman. Chatsworth, Fairbury. Chenoa, Streator
PUBLIC UTILITIES.
Junction. Pekin Junction, Palmdale and East Peoria to Peoria, in Peoria
County. a distance of 111 miles, and the other westward from Hollis, in
Rapid Transit Co. Employees Win 5% Wage
Brotherhood of
Peoria County, through Canton. Cuba, Bushnell. LaHarpe, Burnside. Increase Effective International
-"Wall Street News" March 30.
April 1.
Ferris and Elvaston. to Hamilton, in Hancock County. a distance of 104
and two branch lines extending, respoctivelv. northmiles, all in Illinois;
-Bonds Called.
American Public Service Co.
west from La Harpe to Iowa Junction, in Henderson County, HI.. 10.1
All
outstanding 1st lien gold bonds,series A,B and C,dated Dec.1
miles, and southwest from Hamilton to Warsaw, in Hancock County, 1912,of thebeen called for payment June 1 next at 105 and int. at the New
have
by the
5.1 miles. These lines were included in properties formerly owned
-V.124, p. 503.
Toledo Peoria & Western Ry., which also owned, jointly with the Wabash York Trust Co., New York City.
Ry., a short line extending from Hamilton westward to the east end of a
-Annual Report.
Bangor Hydro-Electric Co.
bridge crossing the Mississippi River to Keokuk. Lee County. Iowa, 0.6
1923.
1924.
1925.
Calendar Years1926.
mile. It appears that the old company has in effect with other carriers K.w. hours sold
49,385.916 47,088,551 44,913,078 42,803,805
trackage rights, &c.,
a large number of agreements covering operation,
81.732.114 31,589,500 81.542,293 31,535,212
Gross earnings
which will beassumed bytheapplicant with the right to elect, within one year, Operating expenses
632.714
615.903
605.143
622,121
to accept or reject various contracts. Equipment of the old company to Taxes
124,637
132.366
164,691
149.735
be acquired by the applicant includes 29 locomotives.898 freight train cars. Interest
285.727
306.651
316.659
340.665
24 passenger train cars and 32 units of work equipment.
115.532
119,212
117.557
130,666
company was incorporated in 1887 to take over the properties Depreciation
The old
of the Toledo Peoria & Western RR. Co., and has been in receivership since
8376,602
$387,991
$380,575
$473,971
Net profit
July 2 1917, due to default in payment of principal and interest of its first Preferred dividends_ 6_
165,358
192.283
176,069
173,576
mortgage 4% bonds, which matured July 11917. By order of the U. S. Common dividends
98.333
79.999
79,999
120,000
District Court for the Southern District of Illinois. the property of the old
was sold under foreclosure on July 11 1926 to George P. McNear
company
$113,589
Balance, surplus
$127,001
8131.245
$161,688
Jr.. a minority bondholder, for the sum of $1.300.000. Of this amount
1122.750 was paid in cash or its equivalent, and $29.000 in bonds of the old -V. 124. p. 919.
company, which, for the purposes of the sale, were valued at 15% of their
Berkshire Street Ry.-Annual Report.
principal amount, subject to subsequent readjustment.The sale was conCalendar Years
1924.
1923.
1926.
1925.
firmed by the Court on June 28 1926 and on Nov. 1 1926 the purchaser Operating revenues
$858,875
$928,578 $1,084,256
$850,660
at the
paid in cash the balance of the purchase price with interest thereon
975,274
774,069
749.647
750.974
rate of 5% per annum from the date of sale. The property was acquired Operating expenses
free of encumbrances except taxes accrued from Dec. 31 1925.
$108,982
Net operating revenue
$154,509
3109,228
899,686
The order confirming the sale provided that from midnight June 30 1926 Tax accruals
39,139
49.460
20,144
34.631
the profits of operation of the road should be credited to the purchaser and
the losses borne by him, operating results to be determined by the record
$59,522
3115,370
Operating income_389.084
1165.055
of the receiver. It was also ordered that operating losses be paid monthly Non-operating income _
6,162
1,777
3,535
1.654
by the purchaser to the receiver. At the request of the purchaser, the receiver has continued the operation of the road since June 30 1926.
$95,245
Gross income
$117.148
$63,057
866.709
Under the decree of foreclosure and sale the property of the old company Deduc'nsfrom grossInc x
294.983
302.711
340,973
302,581
was divided into 13 parcels lettered from A to M,inclusive. After acquiring the property the purchaser sold that part designated as parcel H. con$207.466
Net deficit
8177.835
3277.916
$235,872
sisting of certain tracks and other property in Peoria, which had been leased
x Deductions from gross Income include $210.066 in 1926, 3209,980 in
for many years to the Peoria & Pekin Union Ry. Co., to that company for
accruing to the N. Y. N. H.&
1924 and $213.550 in
$500,000. and conveyance thereof was made by the Court at the time of 1925 andbut not included in the1923, interest of that co.
-V.122,0.2188
income account
He also retired about 18% of the equipment of the old com- H. RR.,
settlement.
•
pany,salvaging material valued at $2,967, and selling the rest of it as scrap
-Earns.
Blackstone Valley Gas & Elec. Co.(& Subs.).
$30,790. a total of $33.757.
for
1926.
1925.
1924.
Calendar Yearson Nov. 15 1926 in Illinois for the purpose,
The applicant was incorp.
$5,528,770 $5,067,740 $4,627,311
Gross earnings
among others, of acquiring the property formerly owned by the old com- Operating expenses and taxes
3.081,504
3,546,722, .
pany. Its authorized capital stock is $5.000.
Cr.4,649 Cr.124,206
Cr.45,017
for the Income from other sources_x
The purchaser has agreed to convey to the applicant, in exchange
105,500
105,500
105.500
Deductions_
securities which the latter seeks to issue, all the property acquired at the Interest and y
467,186
377,294
434,829
amortization chargesexcept parcel H, which has been sold as noted above, toforeclosure sale
77,652
77,652
Preferred dividends
77,852
gether with all cash on hand, accounts receivable, and other current assets Common dividends
649 685
583,485
648,360
acquired during or arising out of the operation of the property by the rethe assumption by
ceiver subsequent to June 30 1926, subject, however, to
8686,675
$446.892
Balance
8797,485
the operation
the applicant of all liabilities of the receiver resulting from taxes accruing Shares of com, outst d g (par$30)- 129.936
129.744
129,744
of all general
of the property by him during such period and Upon securing the authority Earn, per share on corn
810.28
$7.86
$11.15
on the property subsequent to Dec. 31 1925. necessary steps to increase its
x Interest on funds advanced to Montaup Electric Co. y Interest charges
requested the applicant will take the
therein
on bonds and dividends on outstanding pref.stock of the Pawtucket Gas Co.
issue contemplated.
capital stock to provide for the
-V. 124, p. 370.
The first mortgage bonds would be issued under and pursuant to a pro- of New Jersey.
posed first mortgage to be dated Jan. 2 1927.
Boston & Worcester Street Railway.
-Reorganization
The applicant represents that the total amount of securities which it pro-The Committee representing the 1st mtge.
poses to issue is less than the tentative valuation placed by us on the property Plan Adopted.
earnings which it may reasonably expect will be 20
-year 4%% gold bonds, dated Aug. 1 1903 have adopted
to be acquired and that
more than sufficient to pay interest charges on the bonds, dividends on the
24 1927. Under the plan
preferred stock and an adequate return on the common stock. It is urged a reorganization plan dated March
at foreclosure represents an each depositor will receive the par value of his deposited
that while the amount paid for the property
price, this price by no means represents the value on which the bonds in new securities, 30% in reorganization bonds, 30%
open sale
property can be made to earn a fair return under the new management.
APR. 2 1927.]
THE CHRONICLE
1977
in preferred stock, and 40% in common stock. Further, Reorganization bonds (to depositors on basis of $300 of reorganization bonds for each $1,000 of old bonds)
depositors who join in the subscription offered will receive 6% preferred stock (to depositors on basis of $300 preferred
stock for each $1,000 of old bonds)
further common stock and an option described in the plan.
The subscription seems to the committee safe and offers Common stock: To depositors on basis of $400 common stock
for each $1,000 of old bonds
possibilities of profit.
1 Bonus with first half of first mortgage bonds (estimate)
W. Eugene McGregor, Chairman of the bondholders Committee says: •
"The effect of the private automobile and the public bus upon street railway •
business is obvious, and the main problem of the stockholders and directors
of the new company will be to adjust their policy to this situation. The
plan provides means for the new financing necessary to convert into realities
whatever the possibilities may prove to be. While the situation is not such
that the Committee feels justified in making any predictions, there are
possibilities. The fact that operation under receivership has shown a loss
is neither surprising nor conclusive evidence of the future.
The Committee in addition to Chairman McGregor includes Charles
Hayden. (Hayden, Stone & Co.) Boston; Isaac Sprague, 24 Federal St..
Boston; Roger W. Babson, Wellesley, Mass.; Frank D. True, (Pres.,
Portland Savings Bank) Portland. Maine.
756,000
756,000
1,008,000
*190.000
Reserved as bonus for second half of first mortgage bonds
if sold before Feb. 1 1929, otherwise to be distributed to
holders of warrants (est.)
*190.000
A small amount of Prior preferrence stock, perhaps to be issued as before
amount of common stock available for bonus depends on the
sta The
led
decision of the Department of Public Utilities as to capitalization. It may
conceivably be less, though the Committee think it should be greater, and
will endeavor to obtain permission for larger capitallzation.-V. 124. P.
1065.
Buffalo General Electric Co.
-Increases Capacity.
-
The capacity of the Charles R. Huntley station has been increased to
155.000 kilowatts, or more than 200,000 h.p., by the recent installation of
-kilowatt steam turbine generator. The steam plant, formerly
a 60,000
Digest of Reorganization Plan Dated March 24 1927.
known as the River Station, has been in operation 10 years. and is used as
Participation in and Dissent from the Plan.
a steam auxiliary on a large hydroelectric system, to carry the normal peak
(1) Bonds Entitled to Participate.
-(a) Boston & Worcester Street By. loads as well as peaks brought on by emergencies.
-year 435% bonds ($2,460,000 outstanding) accompanied by
1st mtge. 20
The station now includes 5 steam turbine generators: three 20.000
Aug. 1 1923 coupons.
kilowatt units, one 35,000
-kilowatt unit and
-kilowatt unit,
(b) Framingham, Southborough & Marlborough St. By. 5% 1st all of General Electric manufacture. The the new 60,000
new machine, of single-unit
mtge. bonds, dated Jan. 25 1899 ($60,000 outstanding) accompanied by type, is one of the largest now in service using this form
of construction.
Aug. 1 1923 coupons, when sold to the Committee and deposited subject
Calendar Years1926.
1925.1923.
to the provisions of the agreement.
Total revenues
$11,616,269 $10,450,418 $919 0
,62 .657 $8,818,623
14
(2) Method of Participation.
-Bondholders who have already deposited
6.345.146
5,680,150
5,077,538
their bonds under the agreement do not need to take further action, if they Operating, &c., expenses 6,893,027
Taxes
1,012,197
893,383
871.630
758.063
wish to assent to the plan.
Bondholders who have not deposited should deposit their bonds, in negoOperating income_ _ _ $3,711,044 $3.211,889 $3.058,876 $2,983,022
tiable form, on or before April 25 1927, with American Trust Co.. Boston Non-operating
income-224,018
131,279
126,383
151.598
as depositary, and shall thereupon be entitled to participate in the plan
and become bound by the provisions of the agreement.
Gross
$3,935,062 $3,343,167 83.185,259 $3.134,620
(3) Method of Dissent.
-As provided in the agreement, each holder of a Interest income
877.296
578,197
555,605
594,221
certificate of deposit issued by American Trust Co. shall be bound by the Sink.
fund
109,895
155,239
161.278
176.237
provisions of this plan, unless notices of dissent from this plan are filed by Dividends & amort. chgs
1.265,443
1.195.339
1,153,887
1.082.607
depositors representing 25% of the bonds then deposited under the agreement before April 25.
Balance, surplus
$1.682,428 $1,414,392 $1.314.489 81.281.555
Property.
It is intendt d that a new company shall be formed in Massachusetts. -v. 124, p. 233.
which shall acquire the property and rights of the Boston Sr Worcester
California Oregon Power Co.(& Sub. Cos.).
-Earnings.
Street By. and the property and rights, if any, now or formerly of the
12 Months Ended Dec. 31Framingham. Southborough & Marlborough Se. By., when sold under
1926.
1925.
court authority, if purchased by or in behalf of the bondholders' Committee, Gross earnings
$2,502,003 $2.178,762
Operating expenses, maintenance and taxes
and any other property owned by the Committee.
841.652
1,071.600
Net earnings
1.430.403 1,337.110
Capitalization.
497,741
660,751
The capitalization is subject to the apprOVII of the Department of Public Interest
304,226
264,549
Militias of Massachusetts. The Engineer of the Department has sub- Preferred dividends
mitted to the Commission a tentative estimate of $2,900,000 which is not
Balance for retirement reserves, common divibinding on the Commission or anyone else. Using this as a basis, it is prodends, amortization and surplus
*574.820
$465,427
posed that the new company shall have the following capitalization:
Company is now operating under the direct supervision of the Byllesby
-year 7% bonds
First mortgage 20
$252,000 Engineering & Management Corporation.
-V. 124. p. 1818.
Reorganization bonds (to be secured by second mortgage)
756,000
6% preferred stock
756.000
Calumet & South Chicago Ry. Co.-Earnings.Common stock (an estimate merely,the total depending upon the
Yrs. end.
*Int. on Other
Total
Dividends
Bond
Balance,
total capitalization approved by the department)
1.388,000
Jan. 31.
Capital. Income. Income, Interest.
Paid.
Surplus.
A small amount
-not exceeding $10,000 of 7% prior preference stock 1926-27-- $582,242 $8,317 $590,559 $274,296 (1%)$100,000 $216,262
may be issued. This if done will be for the purpose of providing the directors 1925-26_--- 581,344 13,967 567,377
280.936
of the now company with an additional possible medium for raising new 1924-25---- 575,288 16,721 592,009 288,392 (%%)75,000 211,441
(Si%)50,000 253,618
money. Under the Massachusetts statutes it is important, if the use of
196 572,775
572,579
such prior preference stock ever becomes practicable and desirable, that a 1923-24---- 571,558 def2,042 569,516 302.120 1%)100.000 270,655
1922-23---162,107
307,409
few shares of such stock should have been issued at the beginning.
1921-22-___ 570,812
566,711 317,299
74,411
Every depositor is to receive reorganization bonds, 6% preferred stock 1920-21-- _ - 568,912 def4.101 568.671 316,904 (131)175.000
def241
2q)225.000
26.768
and common stock of an aggregate par value equal to the principal of his
• Representing company's proportion of 40% of Chicago Surface Lines'
bonds, oven if he does not participate in the subscription.
residue receipts pursuant to unification ordinance effective Feb. 1 1914.
All the $252,000 of first mortgage bonds and part of the common stock -V. 124. D. 642.
are reserved for subscription, for the purpose of raising new money for
expenses in connection with the receivership and reorganization,for working
Cambridge (Mass.) Gas Light Co.
-Offer of $105 a Share
capital or for other purposes approved by the Utilities Commission.
Made to Stockholders.
Syndicate to Provide Cash to Pay Non-Assenting Bondholders.
The directors. in a circular to stockholders, state that an offer has been
Following the usual procedurs, the property of the old companies will received for the purchase of stock of the company at $105 a share, payable
doubtless be sold by the court at foreclosure sale, and bondholders who do in cash on or before April 25, to stockholders who deposit their shares
not deposit their bonds will receive merely their pro rata share of the sale with the First National Bank of Boston not later than April 20. The
price less the expenses which are chargeable against this sale price.
offer is subject to the early deposit of at least 52.000 shares (which is
To provide the cash needed to pay such non-depositing bondholders, a approximately two-thirds of the total outstanding shares) unless the
syndicate is to be formed. This syndicate, in return for the cash furnished, purchaser elects to take a lesser number of shares. It is also subject to
will receive for distribution to syndicate participants whatever the non- the usual verification by the purchaser of the company's financial statedepositing bondholders would have received if they were depositors, ments, titles, &c.
including bondholders' share of reorganization bonds, preferred stock and
The directors recommend acceptance of the offer and state that all the
common stock and also their rights to subscribe for first mortgage 7% stock owned by them will be deposited.
bonds (with the common stock and warrants), which rights the syndicate
The offer is being made by the Massachusetts Electric Investment
will exercise. There will be no underwriting Commission. Any depositor Association, which was recently organized to acquire properties and sewho would like to participate in this syndicate is invited to write the curities of gas, electric, water and power compaines. One of the trustees
Committee to this effect. His request will not constitute an obligation on is Daniel Starch of Cambridge and New York. who is advertising counsel
his part but the Committee wishes so far as practicable to give this oppor- for the Associated Gas & Electric Co.
-V. 124. p. 1818.
tunity to depositors.
Central Power & Light Co.-Annv,a/ Report.
Right of Subscription.
For the purpose of giving depositors the opportunity to benefit by
Income Account for Year Ended Dec. 31 1026.
whatever success may come to the now company the Committee offers to Operating revenues
$6,756,412
depositors the prior right to subscribe to the securities to be sold to raise Operating
4.344,902
expenses & taxes (including retirment exp.. $96,635)
necessary cash. The Committee is of the opinion that depositors may
safely subscribe. and recommends their doing so.
Operating income
82,411.510
One-half of the first mortgage bonds, viz., $126,000, are therefore now
5.335
offered for subscription to depositors at par, together with a bonus of Rent from lease of plant
62,466
common stock and warrants representing future rights of subscription and Non-operating income
of distribution referred to later.
Gross income
$2,479,311
Since the working capital resulting from the sale of the first half of these
604,075
bonds may not be sufficient, the Committee feels that reasonable safety Interest on funded debt
218.658
requires provision of means by which further money can be raised in the Miscellaneous interest, amotrization, &c
future if needed. For this purpose the remaining $126,000 of first mortgage
Net income
$1.656.578
bonds and the remainder of the common stock are reserved for sale by the
386,433
new board of directors, if the board determines that the proceeds thereof Preferred dividends
755,780
are necessary for the purposes of the new company. If sold before Feb. 1 Common dividends
1929, these reserved bonds (each with a proportionate amount of the comBalance, surplus
9514.365
mon stock reserved) are first to be offered to holders of the warrants
.
mentioned above. Bonds so reserved which are not sold before that date -V. 124, P. 505
will remain available for issue by the new company, but the common stock
Chicago City Ry. Co.
-Defers Action on Dividend.
reserved and not utidzed before said date will be distributed to holders of
President Leonard A. Busby, Chicago, Mar. 26, in a letter to the stockthe warrants proportionately.
The first mortgage bonds will be issued in multiples of $50. Depositors holders says:
"The board of directors at its last meeting considered the question of demaka
assfleil their rights to subscribe, but no one other than depositors or their
, 7
6
ees will be permitted to subscribe unless subscriptions from depositors daring the usual quarterly dividend of 1; 4 ° on the capital stock, payable
on April I next, and decided to defer action for the following, among other,
or t eir assignees are insufficient to cover the total amount.
Each depositor has the prior right to subscribe $50 for each bond-$126.000. reasons: (I) Operating rights under our franchise expired Feb. 1 last and
represented were extended for 6 months but subject to termination on 30 days' notice.
by his certificate of deposit.
(2) The question of enaoling legislation necessary to bring about the unificaDistribution of Securities.
tion of the traction properties and to enable the city to grant a modern type
Each depositor, whether a subscriber for first mortgage bonds or not, of franchise is still pending at Springfield. (3) Our first mortgage bonds,
will receive for each $1,000 bond plus any accrued interest:
amounting to $33,926.000, are past due and unpaid. In this situation the
(a) $300 face amount of reorganization bonds; (bi $300 par value of board felt that the declaration of a dividend at this time would not be warpreferred stock and (c) $400 par value of common stock.
ranted.
Each subscriber will in addition receive for each $50 paid:
"Last year the company's capital stock earned 10.15%. We paid ott
(d) $50 first mortgage bonds; (e) A roro ratushare (1-2520) of one-half the remainder of our bank loans, amounting to $786,744. and accumulated
of the balance of the common stock of the new company; (f) A warrant surplus has reached the substantial amount of $4,074.987
entitling the holder thereof to
"We wish to assure the stockholders that the earnings of the company,
(1) An option (not an obligation, to purchase for $50 and int. $50 of over and above our first mortgage bond requirements, will be conserved
first mortgage bonds and a pro rata share of the common stock reserved and accumulated for their benefit The management will do everything
If before Feb. 1 1929 tho directors of the new company determine to otter in its power to solve these difficulties as soon as possible, and in the meanthe second lot of first mortgage bonds and stock for sale; and (2) The right time will protect your interests."
-V. 124. p. 642.
without making any payment, to receive a pro rata share of the common
stock reserved if the second lot of first mortgage bonds is not offered for
-Registrar.
Community Power 8,E Light Co.
sale before Feb. 1 1929; and if the bonds are offered, to receive without
The New York Trust Co. has been appointed registrar of 150.000 shares
payment a pro rata share of the common stock, if any, not smd in conJunc- of 1st pref. stock and 20,000 shares partic. pref. stock.
-V.124, p. 1065.
tion with first mortgage bonds prior to Feb. 1 1929.
Assuming that all bondholders deposit their bonds and that the whole of
Connecticut Power Co.
-To Pay Bonds.
the first half of first mortgage bonds is subscribed for, the distribution of
The 8276.500 5% bonds of the New London Gas & Electric Co.,
securities (on the basis of a capitalization of *2.900,000 plus the first April 1 1927, and assumed by the Connecticut Power Co.. will be paiddue
off
mortgage bonds) will be as follows:
at maturity at office of the New York Trust Co., 100 Broadway, New
-year 7% bonds sold $126,000; available for future
1st motge. 20
York City. No new securities to be issued in connection with this transsale $126.000; total
$252.000 action.
-Y. 123, p. 2896.
1978
THE CHRONICLE
Connecticut Company.
-Annual Report.
Calendar Years1926.
1923.
1925.
1924.
Operating revenues
$14,649,682 $14,522,177 $14,374,838 $14,717,233
Operating ,expenses
11.917,518 11,585,188 11,590,736 11,673,454
Net operating revenue $2:732,164 $2,936,989 $2,784,102 $3.043.779
Tax accruals
790,832
576,672
630,328
588,456
Operating income_ _ -- $1,941,332 $2,306,662 $2,195,646 $2,467,107
Non-operating income
71,654
62,618
50,759
50,434
Gross income
$2,012,986 $2,357,420 $2,246,080 $2,529,725
Deduc'ns from gross Inc_ 1,477,521
1,504,478
1.491,946
1,543,611
Net income
--V. 122, p. 2189.
$535,464
$865,474
$702,468 $1,025,247
Consolidated Gas Co. of New York.-Pref. Stock Called.
The company has elected to redeem on May 1 1927 all its outstanding
6% cum. partic. pref. stock at J123-6% of par value thereof, or $56.25
a share. Payment will be made at the National City Bank of New Yo4k,
60 Wall St., N. Y. City.
A dividend of 8734c. a share on the outstanding 6% cum. partic. pref.
stock has been declared, payable to or upon the order of the respective
holders of the said stock, upon presentation and surrender of their certificates for redemption at any time on or after May I 1927.-V. 124.
p. 1818, 1665.
Consolidated Gas, Electric
Baltimore.
-Report.
-
Light 8z Power
Co. of
Calendar Years1925.
1926.
1923.
1924.
Rev, from electric sales.$15,312,939 $14.191.571 $12.995,375 $13.329,131
Rev, from gas sales_ - 9,169,143
8.387,772
8,329,679 8,504,575
Miscell. oper. revenue-228,522
166,801
134,644
119.431
Gross oper. revenue_ _$24.710,604 $22,746.143 $21,459,699 $21,953,137
Operating expenses
$12,742,794 $10,950,800 $10,725,841 $10,765,118
Retirement expense_ _ _ _ 1,545,364
1,495.000
1,493,545
1,484,000
Taxes
1.896,225
2,291,680 2,166,710 2,338,162
Net operating revenue $8,130,766 $8,135,088 $6,911,696 $7,796,794
Miscell. non-oper. rev....
341.313
378,615
346,067
252.230
Net revenue
Fixed charges
168.09,381 $8,481,155 $7,163,926 $8,138,107
3,232.095
2.929.772
3,036,391
3,074.365
Net income
$5,579,609 $5.444,763 $4,089,560 $4,906,012
Preferred dividends-- _
824,501
1,858,168
859.905
2,085,324
Common dividends
2,095,999
1,524,398
[VOL. 124.
and class B stock. Red. all or part on any div. date, upon at least 30 days"
notice at $110 per share and divs. Upon any dissolution or liquidation is
entitled to $100 per share and diva., plus a premium of $10 per share Bauch dissolution or liquidation be voluntary, before any distribution may
be made to the holders of the class A or class B stock. Holders are entitled
to vote equally with holders ofall other outstanding shares of preferred stock
with the holders of the class A and class B stock, share and share alike. If
at any time dividends shall be in arrears and unpaid on the preferred
stock for 8 quarterly periods, so long as such non-payment shall continue.
Corporation agrees to refund Penn. and Conn. taxes not to exceed 4 mills,
Calif. personal property tax not to exceed 4 mills, and Mass. income tax
not to exceed 6% to resident holders upon timely and proper application.
Free from present normal Federal income tax. Transfer agent,'1%iew York
Trust Co. Registrar, Central Union Trust Co., New York.
Data from Letter of A. W.Cuddeback, Vice-Pres. of the Corporation.
Business.
-The constituent companies of Federal Water Service Corp.
and properties now under contract of purchase supply water for domestic
and industrial purposes to various communities in New York, New Jersey,
Pennsylvania, West Virginia, Illinois, Alabama, Georgia, Ohio, Michigan,
Indiana and California. The total population of the territories served is
estimated to be in excess of 1,200,000.
The physical properties are in excellent operating condition. The
distribution systems now total over 2,679 miles of mains, afford fire protection with 12,247 hydrants, and serve a total of 253.977 consumers.
CapitalizationAuthorized. Outstanding.
8% cony,gold debs.,series"A,"due Sept.11996x
$4,991,000•
Cumul. pref. stock (no roar) $7 series
50,000 shs. 125,000 shs.
do
$6.50 series (this issue)
120,000 shs.
J
Class"A"stock (no par value)
y350,000 shs. 65,326 shs.
Class"B"stock (no par value)
100,000 shs. 65,000 shs.
x Limited by the indenture providing for the issue thereof. y 181,493
shares reserved for conversion of 6% convertible gold debentures.
The rights and provisions of this issue of 20,000 shares of preferred stock are in all respects similar to those governing the 25,000 shares of$7 cumulative preferred stock already oustanding, except as to dividend rate.
Consolidated Earnings of Properties Year Ended Jan. 31 1927.
Gross revenues
$6,947,608
Oper. exps., maint. St deprec. as provided in subs. mortgages,
and taxes, including Federal income taxes
3.790,434
Netincome
$3,157,174
Annual interest and dividend requirements on subsidiary company securities held or presently to be held by public
1,988,170
Balance
$1,169,004
,
Annual interest requirements on entire funded debt and other
383,372
interest charges of Federal Water Service Corp
Balance available for pref. stock dividends and amortization
of debt discount
Surplus Dec.31
$2,623,705 $3,095,864 $2,004.237 $3,047,844 Annual dividend requirements on preferred stock
Profit & loss surplus_ ---$10,796,770 $8,740,583 $6,458,503 $4,579,317 -V.124, p. 1819.
-V. 124, p. 1065.
Continental Telephone Co., Lincoln, Neb.-Notes
Offered.
-Merchants Trust Co., St. Paul, Minn., and Peters
Trust Co., Omaha, Neb.,are offering at 100 and int. $800,000
5-year 5M% collateral trust gold notes, Series A.
$785,632
305,000
General Gas 8c Electric Corp.
-Earnings.
-
For the year ended Feb. 28 the corporation and subsidiaries report operating revenue and other income of $25,268,645. comparing with $21,775,255 in the preceding 12 months, an increase of $3,493,390.
Total income after deductions for operating expenses, maintenance.
depreciation, taxes and rentals amounted to $9,425,735, an increase of
Dated March 11927: due March 11932. Principal and in payable at $1.858.576 over the amount reported in the corresponding period of last
Merchants Trust Co., St. Paul. trustee, or at Illinois Merchants Trust Co.. year. After further deductions for interest on funded aebt, preferred stock
ividends of subsidiaries and minority interests, a balance Is reported ofChicago. Int. payable M. & S., without deduction for any normal Feleral income tax not in excess of 2%. Denom. $1,000 and $500 c*. Red $2,879,722, contrasting with $2,075.804, a gain of 8803,918.-V. 124.
all or part on any int. date upon 30 days' notice at 100 and int, plus a P 1819.
premium of 1i of 1% for each year or fraction of a year the called notes
-Annual Report.
Great Falls Power Co.
have yet to run.
Calendar Years1926.
1925.
1924.
1923.
Data from Letter of G. W. Robinson, Chairman of the Board.
Gross earnings
$4,651,379 $4,098,144 $3,801,353 $3,742,819
Company.
-A Delaware corporation. Owns and operates independent Oper.expenses & taxes
2,526,940
2,205,018
1,971.284
1,995,971
telephone properties serving certain sections in Minnesota,Iowa,Nebraska, Interest charges
498,168
463,564
473,545
483,254
Kentucky and Tennessee. The telephone lines of these properties inter- Depreciation
100,000
75,000
75,000
75,000connect with the Bell system, serving adjacent territories. The properties
of the constituent companies are in excellent operating condition, the plants
Balance, surplus
31.526,271 81,354.562 81.281,524 $1,188.593
having been well constructed and maintained. The properties include 18 Pref. dividends (6%).._
46,260
46,260
46,260
46,260
modern central office buildings and approximately 25,350 telephone Corn. divs.(15%)
1.500.000(121i)1,250,000(10)1000,000(10)1000000
stations.
Balance, surplus
Security.
-Secured by pledge with the trustee of all or the majority of
858.302
$235,264
def$19,989
$142,333
the outstanding voting stock of the Washington Telephone Co.. and the Shs. com. out.(par $100)
100,000
100,000
100,000
100,000
Central Mutual Telephone Co. of Iowa; the Platte County Telephone Co, Earn, per share on corn.
$14.80
$13.08
$12.35
$11.42
Madison Telephone Co., Monroe Independent Telephone Co., Kearney -V. 123, p. 2519.
Telephone Co. and the Farmers Mutual Telephone Co. of Nebraska; and
Greenwich (Conn.) Water & Gas Co.
-Bonds Sold.
Gainesbore Telephone Co. in Kentucky and Tennessee.
Earnings.
-Consolidated earnings of the company and subsidiaries, after -E. H. Rollins & Sons; Stone & Webster and Blodget, Inc.;
the elimination of certain non-recurring charges, year ended Dec. 31 1926.
Brown Bros. & Co., New York, and Putnam & Stone,
were as follows:
Gross earnings
$634,757 Inc. Boston, hive s )1 1 at 95 and int., to yield over
Operating expenses, maintenance and taxes
390,483 5.35% $3,450,000 collateral trust 5%
gold bonds, series A.
Consolidated net earnings
Amount apportionable to minority stockholders
$244,273
14.855
Balance
$229,418
Ann.requirements of outst. bonds and pref. stocks ofsubsidiaries
25.311
Annual interest requirements of this issue
44,000
Purpose.
-Proceeds of this issue will be used to retire indebteiness created in the acquisition of properties, for the purchase of additional properties and other corporate purposes.
Capitalization (Upon Completion of This Financing).
Five-year 5 % collateral trust gold notes
$800.000
7% participating preferred stock
446,800
Common stock (no par value)
23,200 shares
Cumberland County Power & Light Co.
-7'o Pay Bonds.
The $81,500 5% bonds of the York Light & Heat Co., due April 11927,
will be paid off at maturity at office of Union Safe Deposit & Trust Co..
Portland, Me.
-V. 124. p. 1065.
Empire District Electric Co.
-New Financing.
-
Changes in the capital structure of the company, principal of which is the
retirement of $5,423,000 1st mtge. sinking fund 5% bonds, due May 1
1949,and $305,000 Spring River Power Co. let mtge.5% bonds, due 1930,
on May 1, of this year, will be effected with a part of the proceeds of an
issue of $9,400,000 1st mtge. & ref. bonds, 5% series, due March 11952,
which the company has sold to a banking group headed by Halsey, Stuart
& Co.. Inc. and including Arthur Perry & Co., A. B. Leach & Co. and
Henry L. tioherty & Co. The issues being retired will be called at 105
and int.
The proceeds of the new issue remaining will reimburse the company for
prior liens previously paid and not refunded, for capital expenditures
heretofore made and for other corporate purposes.
All of the Common stock of the company, except directors' qualifying
shares, Is owned by Cities Service Power & Light Co. The local management operates under the supervision of Henry L. Doherty & Co., who
supervise the operations of a number of utility companies throughout the
United States.
-V. 123, p. 841.
Fall River (Mass.) Gas Works Co.
-Stock Issue.
The Mass. Dept. of Public Utilities has approved the issue by the
company of 3,677 shares of additional capital stock (par $25) at $45 per
share. The proceeds are to be applied to cancel $158.4;19 in prorrissory
notes outstanding Nov. 1 1926 and the balance to be applied to capita,izable
expenditures made subsequent to Oct. 31 1926.
The co npany's original petition asked for authority to issue 8,929
shares of new stock at $45 per share.
-V. 123, p. 2898.
-Preferred Stock Sold.
Federal Water Service Corp.
-G. L. Ohrstrom & Co. New York, have sold at $94.50 and
div. to yield about 6.88% 20,000 shares $6.50 cumul. pref.
(a & d) stock (no par value).
Dividends payable Q-J. Entitled to cumulative dividends at the rate of
$6.50 per share per annum. Preferred equally with all other outstanding
shares of preferred stock, both as to assets and dividends, over the class A
Dated April 1 1927: due April 1 1952. Red. all or part, on any int.
date on 30 days' notice at 103 and int, up to and incl. April 1 1947. and
thereafter at 100 and int. Int. (A. & 0.) payable at Atlantic National
Bank, Boston, trustee, without deduction for any normal Federal
tax not exceeding 2%. Denom. $1.000 and $500c*. Company agrees to
reimburse the resident holders of these bonds, if requested within 60 days
after payment in the manner provided in the trust indenture, for thepersonal property tax not to exceed 4 mills per annum in Vermont, Conn.,
Penna., and Calif., the New Hampshire income tax on the int. not exceeding 4 mills per annum on each dollar of the principal and the Mass.
Income tax on the int. not exceeding 6% of the annual interest.
Data from Letter of Eben F. Putnam, President of the Company.
Company.
-Through local operating companies, furnishes water to
Greenwich, Conn., Port Chester and Rye, N. Y., which are substantial
residential communities; and gas to Greenwich, Conn.; Springfield, Barre,
St. Albans and St. Johnsbury, Vt. Population served is about 100,000
and there are over 16,200 customers.
Capitalization Outstanding (After Giving Effect to the Present Financing).
Collateral trust 5% gold bonds, series A
83,450,000
Preferred stock,7% cumulative
1,250,000
Common stock (no par value)
100,000 shs.
Upon completion of the present financing there will be outstanding in
the hands of the public $1,482,800 securities of subsidiary companies.
consisting of $1.000,000 43 % notes of Greenwich Water Co. and $342,000
1st mtge. 5% bends, $97,900 6% preferred stock and less than 15% of
the common stock of the Vermont Lighting Corp.
Security.
-Direct obligation of company, and upon completion of present
financing will be secured by deposit with the trustee of 1st mtge. bonds
of operating companies to the amount of$1,800,000 and in addition thereto,
100% of the capital stock of the Greenwich Water Co., 100% of the capital
stock of the Greenwich Gas Co.,100% of the capital stock a St. Johnsbury
Gas Co.and over 85% of the common stock of the Vermont Lighting Corp.
The properties of the operating companies have recently been appraised
by Stone & Webster, Inc., who state that after giving effect to subsequent
capital additions already paid for, or for which funds are provided by
this financing, the combined reproduction cost of the properties will be
In excess of $9,580,000.
Consolidated Earnings of Company and Operating Companies.
For 12 Mcnths Ended 1
Dec. 31 '25. Dec. 31 '26. Feb. 28 '27.
'
Gross earnings
$536,435
$709,090
$774,518
Oper, expenses, incl. local taxes
223,653
263.609
277,477
Net earnings
3312.782
$445,481
$497,041
Annual underlying bond interest and preferred dividends
68,174
Annual interest on coll. trust 5% gold bonds (this issue)
172,500
Balance, available for reserves, deprec., Fed. tax, and dive_
8256,367
The consolidated net earnings for the 12 months ended Feb. 28 1927.
after deducting underlying bond interest and preferred dividends, are
about 2% times the interest on this issue of coll. trust 5% bonds. The
same net earnings are over twice such interest and prior charges combined.
Sinking Fund.
-Indenture will provide an annual sinking fund 80 long
as any series A bonds are outstanding, payable Dec. 1 each year, beginning
1929, equal to 10% of the consolidated net earnings of this company and
its subsidiaries for the preceding calendar year (but not exceeding 850.000
1979
THE CHRONICLE
APR. 2 1927.]
members of the operating, mechanical and clerical forces of the company
will benefit by it.
Mr.Hedley says in part: "By thisincrease the company makes the second
of the 5% readjustments in pay following the voluntary reduction of 10%
to which the employees agreed in 1921 as their contribution to the plan to
keep the Interborough out of receivership. The first 5% was restored in
1923 and the second at this time. This is in accordance with the company's pledge that wages would be raised just as soon asfinances permitted.
"The Interborough is able to grant this increase, which amounts to approximately $1.500,000 a year, by the utmost economy in other directions
Bonds Called.
and by the most careful management of every department."
-year gold bonds,
All of the outstanding $1,250,000 collat. trust 6% 20
Net Earnings of the Interborough System under the Plan.
series A, dated Jan. 1 1926, have been called for payment July 1 next at
-Month of February- -8 Mos. Ended Feb.
105 and int. at the Atlantic National Bank of Boston, Mass.
1927.
1926.
1927.
1926.
Holders have been given the option of presenting their bonds any time on Gross revenue
$5,153.507 $4,989,563 840.963.692 $40,468.194
-V. Expenditures for oper. &
•or before July 1 next and will receive 105 and int, to date of payment.
123, p. 1251.
maintain property_ _ _ 2,875,233
2,690,916 24,359,335 23,016,274
Hamburg Electric Co. (Hamburgische Electricitats$2,278,273 $2,298,647 $16,604,357 $17,451,920
Werke).-Debentures Called.
Taxes payable to city.
290,914
279.133
State and U. S
2,311,621
2,154.761
Certain 10
-year 7% external gold debentures, due Nov. 1 1935.aggregating $100,000, have been called for payment May 1 next at par and int. at
Available for charges_ $1,987.350 $2.019,515 $14,292.736 $15,297.159
-V.121, p.2272
the International Acceptance Bank.Inc., New York City.
Rentals payable to city
$221,750
221,284
for original subways
1,768,295
1,769.741
Havana Electric Ry.-Definitive Debentures Ready.
as int.
Definitive 25
-year 53 % gold debentures and subscription warrants Rentals payable bonds_
,
6
150,687
150,687
on Mach. Ry.
1.205,493
1.205,493
for common stock are now ready for delivery at the office of Speyer & Co.. Miscellaneous rentals_ _ _
22,517
24,404
188,917
199,218
24 & 26 Pine St., N. Y. City, in exchange for and upon surrender of interin
receipts. Each definitive subscription warrant will be for 23 shares and
$1,592.406 81,623.140 $11,130,031 $12,122,698
will be registered.
-V.124. p. 1510.
$675,429
8672,840 $5,396,128 $5,382,244
Int.on 1st mtge.5s
196.481
198,494
1,576,905
1,586,612
-Taylor, Int. on 7% sec. notes
Houston(Texas) Gulf Gas Co.
-Notes Sold.
45,689
45,094
364,508
346,308
Int. on 6% 10-yr. notes
Ewart & Co., Inc., P. W. Chapman & Co., Inc., and Rogers Int, on equip. tr. ctfs
16,225
22,913
155,825
204,572
224,201
1,569,982
1,556,945
'Caldwell & Co., Inc., have sold at 99 and int. to yield about S. F. on I.R.T.lstM.bds 201,542
8,701
9.041
72,470
77.207
Other items
'
2
-year 6% secured gold notes.
•in each of the first five years and $100,000 thereafter) such payments to
be used for the retirement of bonds of this issue. In the event additional
series A bonds are issued, the maximum payment for each year will be
proportionately increased.
-Proceeds will provide funds for the acquisition by the company
Purpose.
of additional capital stock and 1st mtge. bonds of operating companies
Issued to pay for new construction, for refunding securities bearing higher
rates of interest, including the coll. trust 6% bonds,and for retiring current
bank loans.
•
63/2%, $2,500,000
Dated April 1 1927;due April 1 1929. Int. payable A.& 0.at Guaranty
Trust Co., New York. trustee. Denom. $1,000 and $500 c*. Red. all or
part on 30 days' published notice on any int, date at 101 and int. on or
before April 1 1928, thereafter at par and hit. Int. payable without deduction for any Federal income tax up to 2%. Company agrees to refund all
State personal property and income taxes and the District of Columbia
personal property tax not exceeding 5 mills per annum.
Data from Letter of William L. Moody 3c1. Vice-President of Company.
Company -Supplies natural gas for distribution in Houston, Texas,
and adjacent territory. Supplies under contract the entire gas requirements of the Houston Gas & Fuel Co., which has served the City of Houston
with gas for domestic and industrial purposes since 1912. In addition, the
company supplies natural gas for fuel to the Houston Lighting & Power Co.,
Sinclair Refining Co. Crown Central Refining Co. and other refineries and
industries in the vicinity of Houston. Company also furnishes gas for
domestic consumption in Magnolia Park, Park Place and Harrisburg,
suburbs of Houston, and serves the communities of Robstown, Sinton,
Taft and Refugio through subsidiaries.
Company owns or controls through leases and contracts gas rights in
over 75,000 acres of land in southwest Texas and has 30 producing gas wells
located in five separate fields, with a combined open flow in excess of
700,000,000 cu. ft. of gas per day. It also owns valuable producing oil
properties in the Laredo and Markham fields. Company owns over 200
miles of trunk lines, gathering and distributing lines, two large compressor
stations with an aggregate of over 5,000 h.p., and a complete telephone system extending the length of its trunk lines.
Security.
-Secured by the pledge with the trustee for these notes of
$3,000,000 gen. mtge. 6%% sinking fund gold bonds, series of 1927, due
.A.pril 1 1937.
Earnings.
-Company commenced the delivery of gas to the City of
Houston on May 20 1926 and is now delivering more than 45,000,000 cu.ft.
daily to the City of Houston and industrial consumers. Net earnings
available for fixed charges, depreciation and depletion are reported as follows:
Six months ended Dec. 31 1926
$939,378
Two months ended Feb. 28 1927
392,797
Total for eight months
$1,332,175
After deducting first mortgage interest and fixed sinking fund requirements for the six months ended Dec. 31 1926,the balance remaining is more
than six times interest requirements of these notes; on the same basis the
balance for the two months ended Feb. 28 1927 was over nine times interest
requirements.
Purpose.
-These notes are being sold and the general mortgage being
created to reimburse the company for capital expenditures already made,
to provide a medium for funding future capital expenditures and for other
corporate purposes.
Authorized. Outstanding.
CapitalizationFirst mortgage 5% bonds
$5,72
0,000
$5,22
4,000
General mortgage bonds
Two-year6% notes(this issue)
2,500,000
2,500,000
7% cumulative preferred stock
2,500,000
1,000,000
Common stock (no par value)
500.000 shs. a493,820 shs.
* Open mortgage. $3,000,000 pledged as security for 2
-year notes.
a Includes shares held by trustee for delivery upon the exercise of stock
purchase privilege.
The Chatham Phenix National Ban k& Trust Co.,trustee, 149 Broadway,
N. Y. City, will until April 12 receive bids for the sale to it of 1st mtge.
13H% S. f. gold bonds, due Jan. 1 1931. to an amount sufficient to exhaust
$69,252, at prices not exceeding 104 and int.-V. 124, p. 1510.
Illinois Bell Telephone Co.
-Expenditures.
The directors have approved an expenditure of $3,350,083 for new plant
in Chicago and $1,771,629 for territory in Illinois outside Chicago, bringing
expenditures authorized for the year to date to $7,630,695.-V. 124.
p. 920, 791.
$448,338
Divided rentals
7% on Manhattan Ry.
stock not assenting
to "plan of readi."5% on assenting Manhattan Ry.stock
Balance, surplus
-V. 124, p. 1359.
8450,556 81,994.212 82.968.810
24.611
19.392
202.375
155,134
232,349
236,149
1.855,375
1.889,190
$195,016 def$63.537
8924.486
$191,378
-Receipts.
Lower Austria Hydro Electric Power Co.
-Dec.
-1925. 1926-12 Mos.-1925.
Period End. Dec. 31- 1926
$75,230
8750.802
Receiptsfrom power-- _
$89,824
8688.079
Receipts from excess
5,047
43,585
72,068
power
905
Total receipts
Expenditures
$90,729
76,369
$80,277
70.736
$794.387
478,595
$760.147
497,913
$9,541
$315,792
$262.234
Net earnings__ _---$14,360
195.000
195.000
Interest requirements
1.61
1.38
Times earned
In addition to earning their interest requirements by a substantial margin, these bonds are guaranteed undonditionally principal and interest.
'
-V. 123. p. 2519.
by endorsement by the Province of Lower Austria.
Mackay Cos.
-New Executive Vice-President.-
•
George V. McLaughlin has tendered his resignation as Police Commissioner of the City of New York to become on May 1 an Executive VicePresident of the Mackay Companies (a newly created position), and will
also be elected a director and a member of the executive committees of the
Commercial Cable and Postal Telegraph companies and their subsidiaries.
-V. 124, p. 1360.
-Annual Report.
Market Street Ry. Co.
1926.1924.
Calendar Years1923.
Operating revenue
$9,815,657 $9,902,768 $9,852,228 $9,809,393
587,486
Maint. of way & struc682,599
648,647
647,495
Maint. of equipment_ _ 660,127
640,939
663,644
648,009
Power (includ'g disputed
1,335.343
1,346,159
surcharges)
1,364.952
1,331,060
Transportation & traffic 3,845,806
3,587,299
3,507,318
3,607,857
808,523
754,346
822,236
General & miscellaneous
845,093
617,000
617,000
617.100
Taxes
617,000
Net earnings
Other income credits_
$1,872,574 82,227,960 82,196,441 $2,356,045
37,169
53,454
51,062
74,554
Gross income
$1,926,028 $2,279,022 $2,233,610 82.430,599
Interest on funded debt_
845,148
882,509
727,456
857,508
Discount on funded debt
53,113
55,482
42,656
Depreciation
500,000
500,000
320,000
320,000
Federalincome tax res've
74,423
106,924
68,235
153,578
Miscellaneous
25,628
41,970
11.932
33,998
Net income
Previous surplus
Misc,adjustment credit_
$427,715
2.725,571
66,756
$692,136
2,060,070
2,546
$933,278 $1,195,567
846,042
1,431,496
37.062
286,061
Gross surplus
$3,220,042 $2,754,752 $2,401,837 $2,327,670
Fed'l taxes in prior years
138.682
Prior preferred dividends
697,200
Refinancing expenses..
50,826
341,706
Miscellaneous charges..
29,181
61
9,466
Profit & loss surplus
$3,220,042 $2,725,571 $2,060,070 $1,431,496
Shares of prior preferred
outstanding (Par $100)
116,185
116,185
116,185
116,185
$3.68
$5.96
$8.03
$10.20
The company, a subsidiary of Federal Water Service Corp., reports gross Earn. per sh. on pr. pfd_
revenues of $414,103 for the calendar year 1926, compared with $379,460 -V.124, p. 791.
for 1925. Net income after operating expenses, maintenance and taxes,
Mexican Northern Power Co., Ltd.
-Offer of Exchange
other than Federal income taxes, was $184,374, against $172,251 for the
preceding year.
-V. 124, p. 644.
Made to Bondholders.
-
Illinois Water Service Co.
-Earnings.
-
Lehigh Power Securities Corp.(& Subs.).
-Earnings.
Combined Income Account- 12 Months Ended Jan. 311927.
Gross earnings of corp. and undistributed income of subs. applic.
to corp. after renewal and replacement appropriations *
$5,951,171
Expenses
63.077
Interest and discounts of corporation
1,609,537
Balance
Preferred dividends
$4,278,557
780,000
Balance______________________________________________$3,498,557
Balance ($3,498,557) applicable to common stock is equal to $1.13
per share on 3,104.450 shares common stock outstanding Jan. 31 1927.
* Renewal and replacement (depreciation) appropriations for the 12
months ended Jan. 31 1927 were $3.151.
865Comparative Summary of Consolidated Earnings (Inter-company Items
Eliminated) of Subsidiaries.
1927.
12 Months Ended Jan. 311926.
Gross earnings of subsidiaries
$37,959,910 $34,449.411
Net earnings of subsidiaries
Non-operating revenue
$15.859,110 $13.666,814
1,357,356
960,314
Total income of subsidiaries
123, p. 455.
$17,216,466 $14,627,128
-5% Wage Increase.
Interborough Rapid Transit Co.
-
Frank Hedley, President and General Manager, on March 29 announced
that a new wage agreement has been reached between the Brotherhood of
Interborough Rapid Transit Company Employees and the company by
which a 5% increase in wages will become effective on April 1 1927. The
new contract is for a term of two years Between 14,000 and 15.000
Holders of 1st mtge. bonds are required to surrender their bonds with
July 1 1913 and all subsequent coupons attached, to the Montreal Trust
Co. at any of its offices as follows: 11 Place d'Armes, Montreal; 61 Yonge
St., Toronto; or 2 Bank Bldgs., Princes St., E. C. 2, London, Eng., when
they will receive in exchange an amount of common stock of the Northern
Mexico Power & Development
Ltd., equal to the principal of their
bonds. Holders of sterling bonds will be entitled to make the exchange
Co..
at the rate of $4.86 2-3 to the pound sterling. It is important in the
interest of the bondholders that they should make the exchange at once,
as a dividend of 1% has been declared upon the common shares of the
Northern Mexico Power & Development Co., Ltd., and will be paid to
the bondholders when and as they make the exchange. (London "Stock
Exchange Weekly Official Intelligence.")
--V. 119, p. 586.
Middle West Utilities Co.
-Stock Plan Ratified.
The stockholders on March 29 approved an amendment to the company's
charter of incorporation providing for the creation of no par preferred and
prior lien stocks in addition to the present prior lien and preferred stocks
of $100 par value. These no par prior lien and preferred stocks were
authorized for issuance in seven series varying in interest rates from $5 to $8.
Two hundred and fifty thousand shares of prior lien stock without par
value and 250,000 shares of preferred stock without par value were authorized. The amendment also increases the authorized prior lien and preferred
stocks of $100 par value from $50,000,000 each to $70,000,000 each.
This action enables the company in financing expansion to issue stock
-V. 124, P. 1360.
of varying dividend rates as conditions dictate.
Middle Western Telephone Co.
-To Pay Notes.
The $350.000 5% notes due April 15 will be plaid off at office of Continental & Commercial Trust & Savings Bank, Chicago
Midland Utilities Co.-Pref. Stock Offered.
-Utility Securities Co., Chicago, and Central States Securities Corp.,
1980
THE CHRONICLE
New York, are offering at $92.50 per share and div., 15,000
shares 6% cum. prior lien stock (par $100).
[Vol.. 124.
and of which the stockholders were advised as long ago as 1920. As the
change is to be submitted to the stockholders for approval, it was deemed
expedient to submit to them at the same time a proposal to increase the
authorized amounts of preferred and common stock.
"If approved by the stockholders the common stock without par value
will be issued share for share in exchange for the present $10 par value
common stock. The company is not now contemplating the issuance of any
additional stock except common stock to be issued from time to time in
payment of dividends." See V. 124, p. 1820.
Preferred as to assets and dividends over all other classes of stock, the
6% prior lien stock is on a parity in all respects with its 7% prior lien
stock except as to the annual dividend rate and the callable price. Divs.
payable Q.
-J. Callable at any time after June 22 1928 at $110 per share
and diva. Divs, free from normal Federal income tax. Transfer offices,
Midland Stock Transfer Co., Chicago, and Chase National Bank, New
York. Registrars, Illinois Merchants Trust Co., Chicago, and Bankers
Trust Co., New York.
New York Westchester & Boston Ry.-Annual Report.
Listed on the Chicago Stock Exchange.
Calendar Years1926.
1925.
1924.
1923.
Operating revenues
Capitalization (Upon Completion of Present Financing).
31,911,705 $1,648,901 $1,521,446 $1,452,943
Operating expenses
1,247,298
1,060,439
993.196
968.651
Prior lien stock 6% cumulative (par $100)
$1,500,000
Prior lien stock 7% cumulative (par $100)
13,200,000
Net operating revenue
$664.407
$528,249
$588,462
$484,292'
Preferred stock class A 7% cumulative (par $100)
13,000,000
Tax accruals
237,442
216,287
210,016
201,462
Preferred stock class B 7% cumulative (par $100)
2,118.244
Common stock (no par value)
242,000 sha.
Operating income_ _
$426,964
$372,175
$318,233
Serial gold notes, 5%, due Nov. 1 1927-28-29-30-31
$282.830'
$7,500,000
Non-operating income
9,478
6.972
10.628
5.930
Consolidated Income Statement (Co. and Sub.)
-Year Ended Dec. 31 1926.
Operating revenue and other Income
Gross income
3436.442
$20,819,251
$379,146
8328,861
3288,760'
Operating expenses,incl, taxes, retirement and rentals
13,837.008 Deduc'nsfrom gross inc x 2,194,690 2.051,947
1,963,789
1.905,475
Total income
Net deficit
$1.758,247 $1,672,801 $1,634,928 $1,616,715
$6,982,243
Bond, debenture, &c., interest charges paid or accruing
2,533,491
x Deductions from gross income include $1,157,841 in 1926, $1,100,008
,
Amortization of discount on securities
169.863 in 1925, $1,042,335 in 1924 and $984,582 in 1923, interest accruing to the
Divs, and earnings accruing to outside subsid. shareholders
845,669 N. Y. N. H. & H. RR., but not included in the income account of that
Contingency reserve appropriation
company.
150.000
-V. 123. p. 982.
Net available for Midland Utilities Co. dividends
$3,283,220
Dividend requirements on prior lien stocks
1,074,000
Company.
-Organized in Delaware. Owns or controls public utility
companies serving 204 communities in northern Indiana and western
Ohio, with an estimated population of 925,000. In 1926 37% of the gross
revenue of subsidiary companies was derived from the sale of gas, 36%
from the sale of electrical energy, 25% from the furnishing of local transportation service, and 2% from the sale of water, heat and from other
sources. Except in the case of two subsidiary companies, and of directors'
qualifying shares. Midland Utilities Co. owns or controls the entire outstanding common stocks of all of its subsidiaries; of these two subsidiaries
it owns or controls 98% and 51% of the outstanding common stock.
Ownership -The class B preferred and common stocks are mainly
held by the United Gas Improvement Co., the Commonwealth Edison
Co.,the Peoples Gas Light & Coke Co.,and Public Service Co.of Northern
Illinois, and the Middle West Miklos Co.
-V. 124, P. 1666.
Mississippi River Power Co.
-Earnings.
Calendar YearsGross earnings
Operating expenses
Taxes
Interest charges
1926.
1925.
$3.589,019 $3,283,018
581,300
324,255
250,115
327,966
1,114,520
1.133,825
North Boston Lighting Properties.
-Trust Agreement.
The trustees in a circular to the shareholders recommend the deposit of
stock for possible sale at not less than 8135 per share for the preferred and
$275 per share for the common stock. The trustees say:
"In view of the market activity in the shares of this company many of the
largest shareholders consider it advisable to arrange to have the shareholders deposit their shares under a trust agreement in order that the control
of the properties may rest with the present trustees, who as large holders
are vitally interested in protecting the interests of all shareholders to the
fullest extent. This step has been under consideration for some time, and
the formal papers are now in process of preparation. Within a few days
shareholders will receive copies of the trust agreement.
"The trust agreement authorizes the trustees to sell at a price of not less
than $135 per share for the preferred shares and $275 per share for common
shares. Arrangements have already been made with the American Trust
Co., depositary under the trust agreement, to receive deposits of shares.
"The trustees named in the agreement are Albert B. Tenney, Lexington,
Mass.; Edward M. Bradley, New Haven Conn.; D. Willard Leavitt,
Parsonsfield, Me.; Samuel A. York, New haven, Conn. and Bernon E.
Heime, Kingston, R. I."
Acquires Interest in Salem Gas Light Co.
-To Retire Notes.
The North Boston Lighting Properties acquired 27,852 shares of Salem
Gas Light Co. stock from Edward M. Bradley & Co.. Inc., of New Haven
Net income
$1,802,973 $1,277,083 at $1,948,640 (representing cost plus commissions and other expenses), or
,
Preferred dividends
494,069
494,541 slight* under $70 per share, It was brought out at the annual meeting of the
shareholders of North Boston Lighting Properties. The Bradley Co. also
Common dividends
480,000
underwrote the recent offering of North Boston common stock at a comBalance
$782.542 mission of $5 per share for the 60.130 shares which were offered to both
$828,904
Shares of common outstanding (par $100)
160,000 preferred and common stockholders at $90 per share.
160,000
The stockholders were advised that the outstanding $1.500.000 of 43%
Earnings per share on common
84.89
$8.18
notes issued in Feb. 1926 and due Feb. 1 1929, will be called for redemption
-V. 123. p. 1876.
on the next interest date, Aug. 1 1927.
Missouri Gas & Electric Service Co.
-Income Account.
- Edward A. McClintock of Springfield, Mass., was elected a trustee,
succeeding Robert P. Clapp, resigned.
Calendar Years1924.
1926.
1923.
1925.
Tin stockholders voted to change the date of the annual meeting from the
Operating revenues
$616.048 $564,374 $494,114 $431,738
Operating expenses(incl.taxes)_. 475,023 458,779 396,752 340.298 fourth Wednesday in March to the fourth Wednesday in January.
-V.124,
648.
Net operating income
4141,025 $105,595 $97,362 $91,440
Non-operating income
North Shore Coke & Chemical Co.
1,784
1,557
-Bonds Sold.
1,626
788
-An
Gross income
$142,809 $107.152
Interest on funded debt
55,712
49.112
Amortization of debt disc. & exp.. 3,733
3,150
Miscellaneous amortiz' & interest 18,644
3,266
dividends
Prior lien
36,262
26,171
Preferred dividends
18,000
18,000
$98,988
29,079
413
21,933
18,284
18,000
$92,228
25,573
413
17,906
14,997
Net income
$10,459
Profit and loss, surplus
$49,352
Shares ofcorn. outst'g (par $100)5,600
Earnings per share on common
81.87
-V. 122, p. 2041.
$11,279
$28,122
5,600
$2.01
$33,339
$34,024
4,500
$3.41
$7,453
$40,681
5,600
$1.33
Monongahela West Penn Public Service Co.
-Earns.
Calendar Years1926.
1924.
1925.
Gross earnings, all sources
$7,471,931 $7,126,362 $5,671,123
Oper. exp.,incl. maint.,tax.& rentals 4,698,289 4,634,504 3,587,260
Interest & amortization
1,326,017
1,189,930
1.368,500
Res. for renewals, replac'ts & depl
145,161
418.296
287,067
Net available for dividends
$1,029,329
$748,772
$836,291
Regular quarterly dividends have been paid on the preferred stock.
-V. 124, p. 1067.
Mountain States Telephone & Telegraph Co.-Acquis.
The I. S. C. Commission on March 16 approved the acquisition by the
company of the properties of the Cheyenne County Telephore Co. Tire
Cheyenne company owns and operates an exchange at Cheyenne Wells.
which serves approximately 130 subscriber stations, together with toll
stations in the villages of Wild Hose, Arena, First View, and Arapahoe,
all in Cheyenne County, Colo. Its plant includes 49 miles of toll pole
lines. No exchange is maintained by the Mountain company at Cheyenne
Wells. By a contract made Jan. 28 1927, the Mountain company agrees
to purchase all of tile properties of the Cheyenne company for $16,046.
payable in cash. V. 124, p. 1667.
New Bedford Gas 8c Edison Light Co.
-Deposit of Stock.
The directors have voted to recommend to the stockholders that they
deposit their stock for a period of 5 years with the trustees for possible sale
at not less than $125 a share. The agreement for deposit may be extended
for an additional period of 5 years on a three-quarters vote of the deposited
stock.
-V. 124, P. 1511.
New York & Stamford Ry.-Annual Report.
Calendar YearsOperating revenues
Operating expenses
1926.
$427,107
456,906
1925.
$517,950
385,258
1924.
$513.807
394,152
1923.
$525,613
424.049
Net operating revenue def$29,798
22,739
Tax accruals
$132.691
23,347
$119.656
24,697
$101,564
24,970
Operating income_ _ def$52.538
2.279
Non-operating income
$109,345
856
894,959
3.806
$76,594
532
def$50,258
Gross income
114,994
Deduc'nsfrom gross inc x
$110,200
113,568
$98,765
112.055
$77.126
100,278
$165,252
$3,368
$13,290
$23,152
Net deficit
x Deductions from gross income include $40,763 in 1926, $40,226 in1925.
$40,226 in 1924. and $40,226 in 1923, interest accruing to the N. Y. N. H.
-V.122, p. 2192
& If. BR.. but not incl. in the income account of that co.
-New Construction Expenditure
New York Telephone Co.
The directors on March 23 authorized the additional expenditure of
$7.660.570 for new construction work in various parts of the territory
served by the company. This brings the total appropriations made since
the first of the year to $20.492.585, of which 316,098,275 was set aside for
-V.124, p. 1820.
enlargement of plant facilities in the metropolitan area.
-No Immediate Financing.
North American Co.
In reply to an inquiry concerning the proposed changes in the company's
cepitalization, President F. L. Dame stated: "The proposed change in
merely conforms
par value to
the common stock from $10 directors haveno par value for
had in mind
several years
with the program which the
issue of $2,000,000 1st mtge. 6% sinking fund gold bonds,
series A has been sold at 100 and mt. by George M. Forman
tlz Co'., New York.
Dated March 11027; due March 11947. Principal and int. (M. & N.)
payable at Central Trust Co. of Illinois. Chicago, trustee, or at National
City Bank, New York, without deduction for any normal Federal income
tax not in excess of 2%. Company will agree to refund, Penn.. Calif., or
Conn. personal property,taxes not in excess of 4 mills per dollar per annum,
Maryland securities tax not in excess of 414 mills per dollar per annum,
Kentucky personal property tax not in excess of 5 mills per dollar per
annum, Mass.Income tax not in excess of6% per annum to holders resident
in those States. Denom. $1,000 and $500 c*. Red, all or part on any
int. date upon 30 days' notice; at 103 and int. to and incl. March 1 1937.
at 102 and int, thereafter to and incl. March 1 1942, and at 101 and int.
thereafter prior to maturity.
Data From Letter of William A. Baehr, President of the Company.
Company.
-Has been organized to build a modern gas, coke and byproducts plant at Waukegan, Ill., primarily for the purpose of increasing
the supply of gas of the North Shore Gas Co. to enable it to meet the
rapidly increasing demands of its customers. The North Shore Gas Co.
furnishes gas service to the suburban district north of the City of Chicago,
Including Winnetka, Hubbard Woods, Glencoe, Ravinia, Highland Park,
Highwood, Fort Sheridan, Lake Forest. Lake Bluff, Great Lakes Naval
Station, North Chicago, Waukegan, Winthrop Harbor, Diamond Lake.
Grays Lake, Deerfield, Libertyville, Mundelein and Prairie View, the
finest suburban region in the Central West. This territory embraces about
275 sq. miles and is growing rapidly. The consumption of gas per capita
in this territory is believed to be as great or greater than in any other
locality in the United States. There are approximately 20.000 meters and
385 miles of service mains.
Company's plant will be located on a tract of 42 acres on the Government
maintained deep water harbor at Waukegan,
and will be served by the
Elgin Joliet & Eastern belt line railroad, connected with practcally every
railroad system entering the Chicago territory: thus coal supplies can be
received and coke shipped either by water or rail.
Valuation.
-The report of Sanderson & Porter. engineers, shows a total
valuation (including the estimated cost of the new plant and the company's
real estate holdings) of 33.500.000. in addition to which the company will
have initial working capital of $250,000, making the total valuation of its
physical property and working capital $3.750,000. as against which its
total funded indebtedness will be represented by this issue of 32.000.000
of 1st mortgage bonds.
Gas0 0
717:art.-The North Shore Gas Co. has contractedfto purchase for
e
iey
years the eoin p?,n y stinitial daily outputof approximately
:
ef
s
. rht re
ese bene
tointdhenttruureetees
makes provision for the direct payment
by the North Shore
Gas Co. of a sufficient portion of the sums accruing to the North Shore
Coke & Chemical Co. to provide for the interest and sinking fund requirements of these bonds. Estimated payments to be made by the North
Shore Gas Co. under the terms of the contract based upon present prices
for gas are $657,000 per annum or more than 33i times the combined annual
interest and sinking fund requirements of $175,000 per annum on the
82,000,000 series A bonds to be presently issued.
Purpose.
-Proceeds will be used for the purpose of paying part of the
cost of the contruction of the new gas, coke and by-products plant, the
remainder of the estimated cost having already been deposited in cash with
the trustee. Any unexpended balance remaining from this issue may only
be used for property additions or tc redeem outstanding bonds of this series.
Security.
-Secured by a direct 1st mtge. on all fixed property now owned
by the company and on the gas, coke and by-products plant proposed to
be constructed. The completion of the plant, ready for operation, has been
unconditionally guaranteed by the North Continent Utilities Corp.
Earnings.
-Sanderson & Porter. engineers, have estimated that the annual net earnings of the North Shore Coke dr Chemical Co. (after all operating expenses) available for interest, depreciation and Federal taxes will
be $4439,264 per annum or more than 3h times the maximum annual interest charges of the 82,000,000 1st mtge. bonds.
Sinking Fund.
-Mortgage provides for a semi-annual sinking fund for
the benefit of series A bonds beginning Feb. 1 1929 sufficient ton the basis
of the bonds to be presently outstanding to amortize all but approximately
$190,000 bonds of this issue by their maturity March 11947, The annual
interest and sinking fund requirements on this issue of 32.000.000 1st
mtge. bonds are $175,000 Per annum.
asg..0 cuV
1981
THE CHRONICLE
APR. 2 19271
Management.-The management of the company will be in the hands of agent, Montreal Trust Co., Montreal and Toronto; registrar, Royal Trust
the William A. Baehr Organization, who are also managers of the North Co.. Montreal and Toronto.
CapitalizationAuthorized.
Issued.
Shore Gas Co.
1st mtge.6%% 20-yr. sinkingfund gold bonds__ 82,000,000 $1.000.000
Capitalization North Shore Coke & Chemical Co.
Common shares (no par value)
200,600 shs. 75,000 shs.
[After giving effect to the present financing, including the issue of pref. Deferred common shares (no par value)
40,000 shs. 40.000 shs.
stock which has been subscribed for.
Of the 75.000 shares being presently issued 55,000 shares are now offered
$2,000.000 for public sdbscription. The balance is reserved for exchange for shares
1st mortgage 6% sinking fund gold bonds
7% cumulative preferred stock
1,500,000 of the old company.
Common stock (no par value)
200,000 shs.
There are no preference shares authorized and none can be created except
with the consent of 75% of the outstanding shares.
The $1,000,000 un-Contract.
North Shore Gas Co.
issued first mortgage bonds may only be issued under the conservative reSee North Shore Coke & Chemical Co. above.- V. 117, p. 2660.
strictions of the Trust Deed.
Northern Mexico Power & Development Co., Ltd.
Makes Offer to Mexico Northern Power Co. Bondholders.
-V.123, p. 207.
See Mexico Northern Power Co., Ltd., above.
-Earnings.
Ohio Electric Power Co.
Earnings 12 Months Ended Dec. 311926.
Gross earnings
Oper. exp. & taxes (including maintenance and taxes other than
Federal taxes)
Annual int. charges on total funded debt
$967,556
696,133
125,274
Net income
$146,149
Annual div. requirements on the 7% cumul. pref. stock
35,119
Tne balance of net earnings as shown above was thus more than 4.16
times the annual dividend requirements on the 7% cumulative preferred
stock outstanding with the public.
Capitalization
$932.300
1st mtge. gold bonds, series "A"6%% sinking fund
1st mtge.gold bonds,series"B"6% sinking fund
647,000
Divisional underlying bonds (incl. subsidiary)
430.900
7% cumulative preferred stock
501,700
Common stock (no par value)
20,000 shs.
-V. 123. p. 1763.
-Earnings.
Oklahoma Gas & Electric Co.
Results for Calendar Years.
1924.
1923.
1925.
1926.
.
Gross earnings
$10,888,761 $8,978,554 $7,963,683 $7,075,436
5,788,956 5,384,871
Oper.exp., maint.& tax. 6,901,101
4,848,056
1,831,228
1,634,092
2,008,735
1.113,454
Interest
665,613
511,006
869,131
Preferred dividends- - - 456,700
Balance for deprec'n.
$692,757
$433,715
8657.226
common diva., &c__ $1,109,794
75,000
47,000
46,250
Shs.corn.out.(par $100)
75,000
$9.24
$9.23
$14.80
Earns, per sh on corn$14.21
Comparative Earnings, incl. All Properties Now in System for Full Periods,
1926.
12 Mos. Ended Dec.311925.
$11,118,601 $10,145,087
Gross earnings
4.074,514
Net earnings
3,612,013
-V. 124, p. 1220.
Pacific Gas & Electric Co.
-Stock Sales.
Recent stock sales of the company included a block of $5,000,000 1st
preferred stock. This particular issue was taken by 4,319 subscribers, and
of that number 4,224, or more than 97%, were Californians.
-V. 124.
p.1667.
Penn-Ohio Edison Co.(& Subs.).
-Earnings.--Increase-Calendar YearsAmount.
1926,
1925.
Gross income
$12,733,256 $11,313,974 $1,419,281
Operating expenses & taxes
7,037,695
433.134
7 470,829
%
12.5
6.2
Data from Letter of President Peter L.Browne, Montreal, March 14.
-Has been formed to acquire the undertaking and assets of
Corporation.
the Quebec Southern Power Corp. (old company). The old company was
formed in 1925 as successor to La Compagnie Electrique des Laurentides
Limitee, which had been in successful operation since 1912, and to acquire
complete control of the Laurentian Hydro-Electric, Ltd. In 1926 the
municipal plant of the City of St. Jerome was purchased. With the recent
acquisition of l'Armonciation system the company now owns 4 hydroelectric plants (one now being increased in capacity) having a present generating capacity of 6.100 h.p., shortly to be increased to over 10.000 12.13.
In addition, titles are at present being searched to the St. Donat plant now
under option to the corporation.
Company's water power sites (all held in fee simple, except one site of
7.000 h.p. 'held under Government license) are capable of developing over
54,600 h.p., and it has under option further sites of 35,200 h.p. capacity.
thus giving the company total resources of more than 89,000 h.p. All
these sites are within a radius of 40 miles of the City of Montreal. According to preliminary engineers' reports, the ultimate development of the corporation's presently owned sites can be carried out at an exceedingly low
cost per horse power.
There are at present in operation over 275 miles of high-tension transmission and distribution lines serving over 4,500 customers in 44 communities, including the City of St. Jerome. The territory now served comprises
an area of 6,000 square miles immediately north and northwest of the City
of Montreal, and has a population in excess of 125,000.
Purpose.
-The present financing provides for the Quebec Southern Power
Corp. (old company). It also provides for the retirement of the entire
issue of $500,000 Laurentian Hydro-Electric, Ltd. (wholly owned subsidiary) 63 % 1st mtge. gold bonds and for the retirement of all outstanding Quebec Southern Power Corp. preference shares. In addition, it reimburses the company for cash outlays in connection with the recent acquisition of further water power sites and l'Annonciation plant and provides
for the purchase of the St. Donat plant. It further provides funds estimated to be sufficient to bring the total developed power to more than
10.000 h.p., such sums as are required in the early future for the extension
of the company's transmission and distribution lines and working capital.
Earnings.
-The initial main construction program having been completed, the corporation is now in a position to benefit from large sums spent
in construction during the past year but only now commencing to produce
revenue. The earnings therefore may be expected to increase considerably
in the near future. Several hundred new customers are now being connected to recently completed extensions and important new power contracts have recently been obtained. Considering business now on the books
and in active negotiation, the year 1927 is estimated to produce gross earnings of $200.000. It is further estimated that 1928 will commence with
gross earnings at the rate of $255,000 per annum and produce a total of
$285,000 for the full year. These estimates have been carefully and conservatively prepared and it is expected that they will be exceeded.
The present operating ratio is 35% and, by the year end, the ratio will
be less than 30%, based on estimates given herein. It is interesting to note
that more than 68% of this revenue is derived from domestic customers,
street lighting and sales of electric merchandise, and the balance from the
larger consumers, who are old established and diversified industries.
-Application will be made to list these shares on the Toronto
Listing.
and Montreal Stock Exchanges.
-V.123. p. 85.
Net earnings
23.1
85,262,427 $4,276,279 $986,148
Interest and discount
395,944
17.8
2,626,106
2,230,162
Divs. in pref. stock of subs.
in hands of public
791,058 dec95.189 dec12.0
695,869
Divs, on prior pref. stock- _
323,630
406.6
403,228
79,598
Bal. for retirem't res., pref.
and common divs. and sur_ $1.537,224 $1.175,461 $361,763
30.8
The gross revenues of the system have surpassed all previous records.
The past 12 months have witnessed concentration of the operating
properties into fewer subsidiary units and a more logical grouping of the
subsidiary companies accompanied by a substantial improvement in
financial structure. Under the new alignment there are four principal
subsidiaries, all of whose common stocks are directly owned by the PennOhio Edison Co., as follows: (1) The Pennsylvania-Ohio Power & Light
Co.; (2) the Pennsylvania Power Co.; (3) the Ohio River Edison Co.:
-V 124, p. 507.
(4) the Fenn-Ohio Public Service Corp.
Pennsylvania State Water Corp.Tho New York Trust Co. has been appointed registrar of 30.000 shares
of 7% cum. pref. stock.
-V.124, p. 1821.
Portland Electric Power Co.
-Earnings, Cal. Years.
Company Proper1925.
1924.
1926.
1923.
Gross earnings
$11,763,567 $11,045,063 $10,841,617 810,825,380
Operating expenses
5,842.786 5,504,578 5,434,454 5,538,954
Taxes
977,672,04 1.003,877
1,215,973
Interest
2,486,726 2,485,985 2,247,598 2,066,824
Bridge rentals, &c
103.943
103,477
117,115
108.176
Prior pf.diva.(7 cum.i
475.599
444.361
325,875
205,001
1st pref. diva.(6 cum.
368,223
375.000
375,000
375,000
1st pf. dive.(7.2% cum.
189,169
47,190
5,531
1st pf. diva.($6 per sh.)_
2,602
2d pref. (non-cum.)- .
_ _
300,000
300,000
300.000
75,000
Depreciation
717,386
717,386
717,386
717,386
Balance
-V. 122, p. 3454.
$47,988
888,948
8338,592
8730,162
Queens Borough Gas & Electric Co.
-Preferred Stock
Offered.
-W. C. Langley & Co., New York are offering at
100 and div. $4,450,000 6% cumulative pref. (a. & d.)stock.
Redeemable all or part at the option of the company at any time after
issue on any quarterly dividend date on 30 days' notice at 110 and diva.
Dividends payable Q.
-J. Transfer agent: Guaranty Trust Co., New York,
Registrar: Central Union Trust Co. of New York. Under the present
Federal income tax law (Revenue Act of 1926) dividends on this stock are
exemptfrom the normal tax and are entirely exempt from all Federal income
taxes when held by an individual whose net income is 810.000 or less.
Dividends when received by corporations are entirely exempt from all
Federal income taxes.
Issuance.
-Authorized by the New York P. S. Commission.
Data from Letter of Carleton Macy, President of the Company.
Company.
-Furnishes electric light and power and gas in the Fifth Ward
(Rockaway District), Borough of Queens, N. Y. City, and in the adjacent
portion of the town of Hempstead, County of Nassau, including Lawrence,
Cedarhurst, Lynbrook, Malvern, Inwood, Woodmere, Hewlett, Valley
Stream and East Rockaway.
All of the common stock of company is owned by Long Island Lighting
Co. The electric properties of the two companies, which are interconnected
by high tension transmission lines, serve substantially all of Long Island
up to the New York City Line and the Rockaway District of the Borough of
Queens.
Purpose.
-Proceeds from the sale of this 6% cumulative preferred steels,
will provide funds for the re.Arement of the outstanding $2,450,000 8%
cumulative preferred stock, and for additions, extensions and improvements
'
to the properties of the company.
Earnings 12 Months Ended Dec. 311926.
1925.
Gross income
$2,949,403 $3.271,921
Oper. exp., maintenance and taxes
2,046.602
1,780,219
Net income
Interest and other deductions
$1,169,184 $1,225,319
345,694
Balance available for dividends and retirement reserves_ ___
$879,625
Annual dividend on preferred stock (this issue)
267,000
The balance of $879,625 as shown above, for the 12 months ended Dec.
Calendar Years1925.
1926.
1924.
311926, is in excess of 3.2 times the annual dividend requirements on the
1923.
Gross earnings
)81,324,798 $4,450,000 6% cumulative preferred stock presently to be outstanding.
1
Not stated
Operating expenses
891.446
Capitalization Outstanding with Public (after this Financing).
Depreciation reserve.
-.)100,000 Preferred stock, 6% cumulative (this issue)
$4,450,000
Common stock (no par value)
200,000 shs.
Net profits from oper. $426,026
$371,710
_
$404,388
$333.354 Funded debt
85,950,000
Other revenue
12,251
9,938
16,484
13.967
All of the outstanding 8% cumul. pref. stock has been called for payment
Net income
$383,961
$435,965
$420,872
$447,320 April 1 1927 at 107 and int. at the Guaranty Trust Co., 140 Broadway.
Bond interest
177,529
-V. 124, p. 1667.
174,329
180,600
183,504 N. Y. City.
Other reserves
25,000
103,000
Income tax reserves._ _ _
8,000
San Joaquin Light & Power Corp.
27,000
20,000
-Bonds Called.
All of the outstanding unifying & ref. mtge. 30
-year 6% gold bonds.
Net income
$173,432
$241,635
$110,272
$163.816 series C, of 1954, have been called for payment May 1 at 105 and interest
Preferred diva. (7%)_ _ _
70.000
70.000
70.000
70,000 at the Equitable Trust Co., trustee, 37 Wall St., N.
City.
-V. 124.
Common dividends
30.000
IL 793.
Porto Rico Railways Co., Ltd.
-Annual Report.
-
Balance. surplus
P.& L.surplus Dec.31_
-V. 124, p. 1361.
$141.635
$925,572
$103,432
$794,926
$40.272
$691.494
$03,816
$651,222
-Stock Offered.
Quebec Southern Power Corp.
-Matthews & Co., Ltd., Toronto, and Brown, Urquhart & Co.,
Ltd., Montreal, are offering at $27.50 per share 55,000 shares
common stock (no par value).
The common shares are entitled to a preferential dividend of $2 per share
per annum before any dividends are paid on the deferred shares. In all
dividends exceeding $2 per share per annum on the common the deferred
shares are entitled to participate share for share equally with the common
shares. Both classes participate equally share for share in any distribution
of assets in liquidation, voluntary or otherwise. Each common share carries
one vote and each deferred share carries 5 votes. Dividends payable at par
at any branch of the Bank of Montreal in Canada, except the Yukon Territory, or at its agency in New York, in United States gold coin. Transfer
-Capital Increased.
Southwest Power Co.
The company has filed a certificate at Dover, Del., increasing its authorized common stock from 25,000 shares to 100,000 shares of no par value.
-V. 124, p. 1668.
United Electric Light Co. of Springfield, Mass.
-Div.
The directors have declared a quarterly dividend of 75 cents per share
on the new capital stock. par $25. payable March 31 to holders of record
March 21. This establishes the stock on a $3 annual basis the equivalent
of the regular annual rate of $12 per share paid on the old stock. Extra
dividends of $3 per share were paid in 1925 and 1926 and an extra of $2
per share in 1924.-V. 124. p. 1513.
-Bonds Called.
United Electric Securities Co.
The company at its office, 31 Nassau St., N. Y. City, will until April 11
receive bids for the sale to it of collateral trust 5% bonds of the 22d, 29th,
32d. 36th, and 39th series to an amount sufficient to exhaust $176.444
at a price not exceeding 103 and int.-V. 123, p. 1879.
1982
THE CHRONICLE
Utah Power 8c Light Co.
-To Change Par Value.
The stockholders have been notified
that a special meeting will be held
on April 5 to vote on changing the par
$100 par to a no-par value on the following value of the capital stock from
basis:
without par value for each present $100 preferred One share of$7 preferred
stock share; one share of
2d preferred stock without par value for each
stock and 10 shares of common stock without $100 share of 2d preferred
$100 common share. See also V. 124, p. 1823. par value for each present
Washington Gas & Electric Co.
-Bonds Offered.
Allyn & Co. and W. C. Langley & Co., New York, -A. C.
are
ing at 98 and int. to yield over 5.65% $1,750, offer000 1st
mtge. gold bonds 54%, sinking fund series
of 1947.
[VOL. 124.
Western United Gas & Electric Co.
-Earnings.
12 Mos. Ended Feb. 281927.
1926.
Gross earnings and other income
$6,831,948 $6,140,535
Balance after operating expenses, maint. &
taxes
3,199.613
2,604.732
Net, before deprec., management fees, amortiz.
of
debt discount and Federal taxes
*1,392,409
* This is after allowance for annual interest requirem
1st mtge. bonds and after annual dividend requirem ents on the 5%%
ents on the 635
preferred stock outstanding.
-V. 124. p. 1668.
Worcester (Mass.) Gas Light Co.
-Annu
al Report.
Calendar Years1926.
1925.
1924.
1923.
Gas sold, cubic feet_ _ _1,156.446,400 1069478.
700 1005595,200 1030585,800
Operatingrevenues
31.665.815 31,564.671 31,492,262 31,577,869
Gross income
336,963
328,774
319,992
311,060
Deductions
86,881
94,395
122,247
147,112
Net income
$197,745
$163,948
Preferred dividends__ _ _ 3250,083 x$234,379
28.000
28,000
28.000
27,816
Common dividends
205.000
188,340
133,000
112,000
Balance, surplus
317,083
$18,039
$36,745
$24,132
Shs.corn. out.(par $25)_
82,000
82.000
70.000
x14,000
Earns. per share on com_
$2.71
$2.52
$2.42
$9.72
x Represented by shares of $100 par value.
-V.123. ro• 713.
Date Feb. 1 1927; due Feb. 1 1947.
Int. payable F. & A. Denom.
$1.000 (c5 $500 and $100. Red. all or part on
).
any int. date on 30 days'
prior notice to and incl. Feb. 1 1937. at
105 and hit.; this premium of 5%
of the principal decreasing at the rate
of %
Feb. 2 thereafter to and incl. Feb. 2 1946, of 1% of the principal on each
and thereafter at 100 and hit.
Principal and hit, payable at Seaboard
Interest also payable at National Bank National Bank, New York, trustee.
deduction for normal Federal income of the Republic of Chicago, without
tax not to exceed 2%. Company
agrees to refund the Penn.
personal property tax not in 4 mill tax, Mass. 6% income tax and Calif.
to holders resident in those excess of 4 mills per dollar of the taxable value.
States.
Listing.
-These bonds are listed on the Chicago Stock
Exchange
Sinking Fund.
-Company convenants to pay to the trustee on .Feb.
1
1928 and on each Feb. 1 thereafte
money equal to 1% of the greatest r to and incl. Feb. 1 1946, a sum of
INDUSTRIAL AND MISCELLANEOUS
aggregate principal amount of all series
of 1947 bonds outstanding at any one
time
Refined Sugar Prices.
preceding the dates of the respective payments during the 6 months next
-On Mar. 25 Arbuckle
.
fund are to be used exclusively for the purchase All moneys in the sinking 5 pts. to 5.85c. and McCahan 30 pts. to 5.90c. perBros. reduced list price
lb. (confirmed price; see
, acquisition, retirement or last week's announce
redemption of bonds of the series of 1947 at
or below the current redemption 10 pts. in list price ment). On Mar. 26 McCahan announced increase of
price, and all bonds so acquired for the
to 6c. per lb. but would
sinking fund are to be cancelled.
immediate shipment. On Mar. 29 Arbuckle meet competition at 5.90c.
Data From Letter of V.-Pres. Thos.
announced price as 5.750
O'Hara, New York, March 28. 5.85c. per lb. On Mar. 30 American, National
and McCahan announced
Company.-Incorp. Oct. 25 1926
prices at 5.85@6c.
erties of the North Pacific Public in Delaware. Acquired the as prop- Federal announced Revere Sugar Refining reduced price 5 pts. to 5.85c.
Service Co. at Aberdeen, Hoquiam,
new price list would be released around Apr. 4.
Chehalis and Centralia, Wash., as of Nov.
On
Mar. 31 Arbuckle Bros. advanced price 10 pts.
1 1926, and the electric and
water properties of the Longview Public
Viscose Co. Advances Prices of Rayon.
Service Co. at Longview, Wash.,
-Effective
as of Jan. 311927.
establishes the following prices which are increases ofat once the company
10c. per lb. per grade
Company owns and operates public utility
mentioned:
-filament "A," $2.55; "B," $2.35; 100-denler,
light and power directly at retail without properties furnishing electric 18-filament 75 denier, 18
competiti
-denier. 40
-filament, 32.25; 150
territory adjacent thereto, and manufactured gas in on in Longview, and denier, 60 "A," $2.15: "B." $2.00; 100
-filament. $1.75. New York "Times" April
Aberdeen, Hoquiam,
Centralia and Chehalis, all in the southwester part
American Smelting & Refining Co. Reduces Lead Price. 1 p. 29.
of the State of Washing-On Mar.29, 10 Pt&
ton. Water is also supplied in Longview.
to 7.35c, per lb.
Total population served
estimated to exceed 70,000.
Postum Cereal Co. Reduces Price of "Post nastier 50e.
per case.-"Wall
Company's electric power rsquirements at Longview are purchase
d from Street News" Mar. 26.
the Long-Bell Lumber Co. under a long-term
Brooklyn (N. Y., Plumbers Decide to Strike for Pay Increase and
contract
Shorter
favorable rate. The Lumber company has contracte at an exceedingly Week.
d to furnish addi- day -Demand $13.20 per day and 40
-hour week to replace $12.00 per
tional power as needed to an amount
and 44
-hour week. "Times" April 1. p. 3.
in excess
The property of tne electric departmefar consists of the present demand.
Fifth Avenue Coach Co. Will Distribute About $100,000
nt
of a modern electric disper Year in Bonus
tribution system with the substations
-New York "Evening Post." Mar. 29.
equipment necessary to Plan.
serve the present and immediate futureand generalof
Bituminous Coal Miners Walk Out.
populatio
the City of Longview.
-Tie-up of mines started midnight
The distribution system consists of a 13,200-volt n
loop around the city with April 1, but effect is uncertain. New York "Times," Apr. 1. P. 1.
2,300-volt one and three-phase primary circuits
Matters Covered in "Chronicle" Mar. 26.-(ai Fertilizers
feeding out from three
selling at lowest
substations, 110
Price in 12 years, p. 1743.
-220
-volt secondary circuits, and a
During the year 1926. 5.111.132 kw. hrs. of electricstreet lighting system. since last July by mills (b) Over two billion yards of cotton textiles sold
reporting to
energy were sold.
The property of the water department comprises a water
chants, p. 1746. (c) More spindles inAssociation of Cotton Textile MerSouth than in New England; South
distribution
system in Longview, Wash., and its environs, 3
wells, a filter plant, the leads in textiles, p. 1746. (d) Advanced prices work opening of women's
necessary pumps and storage reservoirs.
wear fall fabrics by American
covers an area substantially in excess of The water distribution system woolen industry by National Woolen Co., p. 1746. (e) First survey of
that occupied by the present
Textile Research Office; report covers 511
population. The main reservoirs have a total capacity
of 1,000,000 gallons. mills running 78,541 looms;30 discontinued. p. 1747. (0 American Woolen
The gas department comprises distribution
Co.'s
move;
quiam, Chehalls and Centralia and generatinsystems in Aberdeen, Ho- cloth constructive 1747. to discontinue unprofitable mills, bolstering the
markets, p.
g plants in Aberdeen and
(gi H. Schniewind Jr. elected President
Chehalis. The gas properties are in 2
operating groups, the Aberdeen- Association of America, Inc.. p. 1748. (h) Burns Bros. announce of Silk
Hoquiam Group and the Chehalis-Contralia
Group. The Aberdeen plant tion in anthracite coal price; new prices range from 50c. to $1 per tonreducconsists of a combination Jwater and
below
current prices; D. L. & W. price reductions. p.,1751.
• with a water gas set and five coal gascoal gas unit. The plant is equipped strike in bitumino
(i) Threaten
us mines, p. 1751. (j) Pennsylvania coal fields ed coal
benches, complete with all the necessary auxiliary equipment and two steel
to stay
open pending further negotiations, p. 1751.
gas holders, each of 100.000 on. ft.
capacity. The plant at Chehalis is equipped
with 3 coal gas benches with
the necessary accessory, boiler and
Abitibi Power & Paper Co., Ltd.
-Annual Report.
single lift gas holder of 114,000 on. ft.purification equipment, &c., and a
Calendar Yearscapacity. The distribution systems
1926.
1925.
1924.
consist of over 59 miles of black wrought steel
1923.
Sales
1
Not ($10,364.677 310,686,859 311,047.6
pipe.
68
Cost of sales & expenses..) available
Capitalization to be Outstanding Upon Completio
6,124.340 6.301.307
n of this Financing.
6,768,088
1st mtge. gold bonds, series of 1947 (this issue)
Operating profit
$1,750,000
34.254,595 $4,240,337 $4,385,552 $4.279,580
7% cumulative preferred stock
Interest
600,000
539,781
Common stock (no par value)
611,420
762,260
882,625
30,000 sh.s. Deprec. & exhaustion..
597,819
539,000
625,505
Earnings of Properties now Owned for 12 Months
930,186
Appropriated for taxes
Ended Dec. 31 1926.
155,000
220,000
190,000
Gross earnings
Preferred dividends(7%)
70.000
$471,096
70,000
70,000
Operating expenses
70,000
(34.25)1,062,500($4)1000,000
254.336 Common diva
(34)1000.000
(34)1000,000
Net available for int., deprec. & Federal taxes
Balance, surplus
$1.829,495 31,799,916 31,737,787 31,396.768
$216,760
Annual interest requirements on 1st mtge.gold
bonds (thisissue)
6,984.106
6.705.651
96,250 Previous surplus
6,204,007
4.807.238
Net earnings, as shown above, are
965,707
more than 2.25 times annual Transf.to deprec. reserve
1,521.461
1.236,144
interest requirements on the 1st mtge. thus bonds.
gold
Profit & loss surplus__ $7,847,894 36,984,106 $6,705,65
1 $6,204,007
West Penn Power Co.(and Subsidiaries).
Shs. corn. out.
par).
250,000
250,000
-Earnings.
250,000
- Earn, per share(no corn..
250,000
Calendar Yearson
1926.
$11.57
$11.20
1925.
310.95
1924.
1923.
$9.59
xGross oper.earnings_ _ _$15,108,241 $13,555.
During the year the company purchased a substantial
326
interest in ManiOper. exp. and maint_ _ 7,169,064 6,880,09 $12,828.329 $11.978,606 toba Paper Co., Ltd., and in St. Anne Paper Co..
8
Ltd., and since the end
7,056,674 6.804,849 of the year has
Deprec., depletion, &c__ 1,507,880
acquired complete ownership of the Mattagami Pulp enter1,142,142
1,017,819
891,217 prise now known as Abitibi
Taxes (incl. Federal).893.600
Fibre Co., Ltd.
705,450
-V. 124. p. 1669.
674,175
603,550
Miscellaneousincome_ __Cr1,422,856 Cr1,225,595
Cr1.243,929 Cr972,145
Accounting & Tabulating Machine Corp.
-Sale.
Total income
See Remington Rand, Inc.. below.
$6,960,553
-V.115, p. 648.
Int.& amort. ofinset.- 2.447,648 $6,053,231 $5,323,590 $44,651,135
2,193,078
2,026,809
1.807,179
Advance-Rumely Co.(& Subs.).-Bal. Sheet Dec.
Rentals
97,552
187,878
182,324
31.182,965
1926.
1925.
1926.
Net avail,for diva-- 34,415.354 $3,672,276
1925.
Assets
$3.114,457 $2,660,990
Liabilities
x Including sales of$2,18 ,467 to affiliated companie
9
s in
in 1925, $1,800,180 in 1924 and $1,634,653 in 1923.-V. 1926,$2,062,884 Land, buildings &a5,410,089 5,764,778 Pt. stk.6% cum_c12,500,000 12,500,000
equipment
Common stock_d13,750,000
123. p. 3186.
Outside real estate 101,168
187,124 Notes payable_ - _ - 6,640,000 13,750,000
West Penn Rys. Co. (and Subsidiaries).-Earnin
5,100,000
Trade marks and
Accts. pay. (incl.
s.
- names, patents.
Calendar Years1926.
1925.
accrued pay-roll) 364,710
1924.
1923.
903,742
Gross oper.earnings.._ _ -$20,267,832 318,670,412
good-will, &c....13,0
318,646,895 $18.059,445 Secur. purch. and 00,000 13,000,000 General taxes_ _ _ _
122,319
117,749
Oper. exp.& maint
10,358.923 10,144,751 10,600,113 10,158,721
Pref, stock div.
Taxes (incl. Federal)
1n treas.(at cost) 222,150
1,228,572
222,150
1,016,751
payable Jan. 2_.
1,034,409
1,053,262 Inventories
93,563
Depletion & deprec
2,001,844
67,829,789 7,326,294 Prov.for Fed. tax_ 199,331
1.665,778
1,569,344
1,409,71
92,071
Miscellaneousincome
Cr1,889,222 Cr1,535,809 Cr1,426,270 Cr1,052, 7 Customers' notes
Oper.&cont
438
(incl. int. am.) 8,757,534 7,551,804 (excl. of ing.res.
provls'n
Total income
$8,567,715 $7,378,940 36,869,299 36,490.183 Aultman & Taylor
for depreciation) 1,546,540 1,597,906
Int.& amort. of disct
Machinery Co.
3,690,279
3,375,715
Reserves against
3,243,852
2,806,935
Rentals
1Iq'n acct. bal_
7,452
346,763 loss on as.sets_ _ _
7.776
108,310
225,559
Div. accr. on pref. stk of
Trade accounts_ _ _ 207,952
232,030 Surplus
1,161,956 1,039,044
Misc, accts. reedy. 215,611
subs.in hands of public 1,173,153
246,540
909,196
740,100
517,746 Invest.securities
Inc.appl. to minority int 1,092,500
7,303
15,279
587,889
505,182
278,882 Cash
385,383
385,718
Net income
Deferred charges
$2,604,332 $2,498,364 $2,380,164 $2,886,6
141,153
196,187
20
-V. 123, p. 713.
raj
Total
36.393,165 35,419,634
Total
36,393,165 35,419,634
West Virginia Water Service Co.
a After deducting $3,413,184 reserve for depreciation.
-Registrar.
b Inventori
The Central Union Trust Co. of New York has been appointe
d registrar repair parts es of raw materials, f nished and partly finished product,
of 23,550 shares of preferred stock.
and supplies, &c.. valued at cost or
-V. 124. p. 1668.
were lower; at factories, $5,514,949: at branches, market prices, whichever
32,314,840.
c Pref. stock, auth., issued and fully paid.
Western Union Telegraph Co.
-Ticker Service Extension.
125.000 shares of $100 each.
d Common stock, 137.500 shares of $100 each.
The company is completing plans to extend ticker service on New
York
Note.
-Arrears in cumulative dividends on preferred stock
Stock Exchange stocks to Denver. Colo., and it is expected that
at Dec. 31
the 1926 amount to $17.25 per share.
necessary outside construction and central office equipment
The usual comparative income account was published
pleted shortly. E. A. Pierce & Co.. members of the New will be comin V. 124. p. 1824
York Stock
Exchange, in effect have underwritten this service extension by
Algoma Steel Corp.
guar-Tenders.
anteeing the telegraph company against loss for a period of two years.
Offers of 1st & ref. 5s to the sinking fund were
About a month ago E. A. Pierce & Co. made a similar
considered at noon on
with'the Western Union whereupon the telegraph companyarrangement April 1 1927 by the United States Mortgage & Trust Co., trustee, who had
began
struction work to provide ticker service at New Orleans, Atlanta. con- $79,825 available for purchase of bonds.
-V. 123. P. 1764.
Birmingham, Meridain, Miss., and Memphis. The construction work on
Alpine Montan Steel Corp.
-New
Southern extension is proceeding according to schedule, which calls the
for
The Disconto Bank of Berlin has purchase Interests Buy Stock.
completion in May. Southern brokers and bankers in the cities in which
Montan stock, and will shortly apply to have d 65,000 shares of Alpine
them listed on the Berhn
the facilities will be provided thus far have given every evidence of ex- Stock
Exchange.
tending practical support and a similar reception is anticipated in Denver,
which city is the only important centre through the middle tier of the ofIn the course of recent negotiations looking toward the incorporation
the
western country from St. Louis to San Francisco where ticker quotation ' Trust,Italian steel industry in the newly formed International Raw Steel
it developed that prominent Italian interests have
transmission has not been available.- V. 124, p. 1363, 1068.
a substantial block of Alpine Montan shares. Control recently absorbed
of the majority of
APR. 2 1927.1
THE CHRONICLE
Alpine Montan stock remains with the United Steel Works of Germany.
-V. 124, p. 376.
American Ice Co.
-Financial Report--
1983
This is in addition to bringing their new plant at Coya Norte up to its ful/
productive capacity as rapidly as possible. Last week's production from
the new plant was approximately double that of the previous weak.
-V.
124. P. 1070.
President Charles C. Small says in part:
On March 15 1927, of the $3,375,000 convertible notes issued in 1924.
Archer-Daniels-MIdland Co.
-Common Dividend No. 2.
all except $190,000 have been converted into stock.
The directors have declared the regular quarterly dividend of 75 cents
The sinking fund of the real estate first and general mortgage bonds has a share on the common stock, as well as the regular quarterly dividend
of
reduced this issue from the original figure of $6,500,000 to $5,037.000: 1 %"% on the preferred stock, both payable May 1 to holders
the other bonded debt on underlying mortgages amounts to $182,000, and April 20. An initial dividend of 75 cents a share was paid on theof record
common
the purchase money mortgages, due to the acquisition of a number of stock on Feb. 1 last.
-V. 124. p. 1827.
Properties during the last few years. total $690,909.
Several properties were purchased during 1926 which promise to give
Atlantic, Gulf & West Indies Steamship Lines (&
very favorable results. In this connection mention may be made of the
J. Maury Dove Coal Co.in Washington and several plants located in and Subs. Cos.).
near Philadelphia.
Consolidated Statement of Earnings for Month of January.
Consolidated Income Account.
1927.
1926.
1925.
1924.
Gross
$3,497,638 $3,508,869 $2,267,333 $2,137,816
-Years Ended Dec. 31-14 Mos.End. Year End.
176.584
103,471
260,264
Period1926.
1925.
192,574
Dec. 31 '24. Oct. 31 '23. Net after depreciation
240,728
151,542
Gross receipts
279,402
$18,151.131 818,718,610 $17,325,303 $16,121,366 Gross income
218,817
Surplus after tax & chgs_
14,475 def.96,082
83,869
Income from investm tos,
7.049
int., rents, &c
388,222
423,355
365,858
331,070 -V. 124, p. 1514.
Atlantic Refining Co.(& Subsidiaries).
-Report.
Total
$18,539,354 $19,141,965 $17.691,161 $16,452,436
1926.
1925.
1924.
Less cost of merchandise,
1923.
Calendar Yearsoper. expenses, &c
$
$
$
14.137,114 13,956.660 14,128.879 12,934,967
$
Gross Income
161,015,953 137,849,719 124,283,374 117,624,931
Balance
$4,402,240 $5,185,306 $3,562,282 $3,517,468 Raw materials, operating
and general expenses 143.390,874 118,743.140 107.799,571 106.376,174
Interest on bonds,&c__ _
414,1436
578,035
604,197
430,618
Res. for Fed., &c., taxes
423,995
882,036
250,248
259,500
Net income
Depreciation
847,103
750,978
956.097
989,084 Other income from oper. 17,625,079 19,1,06,579 16.483.803 11,248,757
1,501,748
1,273,538
1.126,906
1,202,926
Net gain
$2,716-706 $2,974,255 $1.751,738 $1.838,266
Profit before Fed.taxes 19,126.826 20,380.117 17.610.709 12,451.683
Preferred divs. (6%)_899,793
899,775
899,763
899,742 Interest on funded debt_
1,048,486
Common dividends_ _(10%)972,285(7)i)540,382 (7)524,823 (7)524,806
1,249,222
1,034.250
783,608
Depreciation & depletion 8,883,937 9,226,335
9,010.226
7.656,500
adjustment__
339,164
Balance, surplus
730,179
1.410,744
$844,628 $1,534,098
2,233,930
$327,152
$413,718 Inventory other reserve_
Insur. and
883,904
Com. shs. outst. at end
957.231
932.115
896.433
Fed. tax (est.).. _
950,000
of year (par $100)- -- _
1,050.000
525.000
106,270
45,577
95.410
75,000
75,000 Res.for
Earns, per corn. share
$17.10
$21.74
$11.36
$12.51
Balance, surplus
7,021,335
7,167.150 4.998.374
835,634
Consolidated Balance Sheet, Dec. 31.
Previous surplus
27,533.745 22,661,879 20.695,166 21,148,447
1926.
1925.
Deficit of subsidiaries_ _ _
1925.
1926.
(x)
(x)
(x)
(x)
AssetsLiabilities$
$
$
$
Land, bldgs., maPref, stock, nonTotal surplus
34,555,080 29,829,029 25,393,540 21.984,081
chinery, &c___a30,366,996c22,499,408
cumulative
15,000,000 15,000,000 Preferred divs. (7%)_ _
1.400.350
1,401,050
1.400.000
1.400,000
Good-will. water &
Common stock_ _ _10,627,000 9,541,000 Common dividends
patent rights__ .b9,860,465 17,280,137 Bonds and mixes_ 6,157,909 7,530,925 Adjustment prey. years_ Dr.203,633 Dr.894,234(2%)1000350(4)2,000,000
Th*.331.310 Or.2,111,085
Inv.in secure, &c. 1,734,927 1,662,681 Accounts payable_ 689,862
481,867
604,640 1,763,489 Accr.bond int.,&c. 142,285
Cash
P.& L.sur. Dec.31 x_ 33,358,363 27,533.745 22,661,879 20.695,166
181,828
Notes & accts. rec. 1,430,339 1,120,684 Ins. & workmen's
Shs.of cm.out.(par$100)
500,000
500,000
500,000
500,000
38,077
Prey'd ins.prem Ace
21,576
compens'n res've 500,000
500,000 Earns, per share on com.
$11.24
$11.53
nil
$6.60
Inventory of merFed.. &c., tax res_ 880,541 1,117,122
x Deficit of minority interest in 1926 amounted to $65,235, without
chandise, Arc_ _ 1,533,784
808.3671Surplus
12,163,589 11.318,961 which the profit and loss surplus would total 833423.598.
and in 1925
etc.,invest. 591,959
Fund,
515,360
deficit Of minority interest amounted to $100,116 and in 1924, $125.003,
and in 1923, 8181.546.-V. 123, p. 2904.
Total
46,161,187 45,671,704
Total
46,161,187 45,671,704
a Reappraised by the company and adjusted to present values. la After
Bethlehem Steel Corp.
-Relief Plan.
writing off $7,511,880 arising from reappraisal of general property. c After
An official announcement states: "Sick and disabled employees and the
$5,090,481 reserve for depreciation.
-V. 124, p. 1669.
dependent of deceased employees of this corporation and its subsidiaries
received $444,747 in the form of benefits under the Bethlehem Belief Plan
American Maracaibo Co.
-Chairman-Directorate.
during the first 7 months of its operation ended Dec. 31
F. H. Wickett, President of the Pan-American Petroleum & Transport Information is detailed in the first annual report of the Relief1926. This
Plan issued
Co., has been elected President and Chairman of the Board of the American March 28. In the 7 months period there was paid out
$229,560 in death
Maracaibo Co. Besides Mr. Wickett, the following new directors were benefits on account of 399 deaths and
8215,186
elected: E. R. Tinker. J. J. Cotter (Vice-President of the Pan-American 4,447 participants on account of sickness or non in disability benefits to
-industrial accidents.
Petroleum & Transport Co.), Edward F. Hayes and George N. Armsby
"The Relief Plan which became
(of Blair & Co.), Gasper G. Bacon, Oscar L. Gubelman, William M. by Bethlehem in order to provide aeffective on June 1 1926 was adopted
scale of benefits for all of its
Chadbourne and Philip L. Reed. F. D. Cochrane, Frank Finsthwait and employees and their dependents and uniform the place
to take
of the various local
F. R. Ryan were re-elected.
-V. 124. p. 1825.
relief associations which had theretofore been functioning in several of its
plants. The plan is open to all employees of the corporation in the United
American Sales Book Co., Ltd.
-Director.
States and at the end of 1926 over 90% of those eligible had elected to
James Ryrie has been elected a director.
participate.
-V. 124, p. 1813.
-V. 124, p. 1826.
American State Bank Building and Liggett Building
(Peter Smith & Sons Land Co.).
-Bonds Offered.
-Howe,
Snow & Bertles, Inc., and Guardian Trust Co. of Detroit
are offering at par and int. $500,000 6% 1st mtge. leasehold
sinking fund gold bonds.
Bloomingdale Bros., Inc.
-Earnings.
-
Income Account for Year Ended Jan. 29 1927.
sales
324.315.458
Cost goods sold,oper.,adm.& miscell. exp.,less miscall. earns 22,830,230
N t ofles
Provision for Federal income tax
230,000
Net profit
31,255,227
Dated March 1 1927: due March 1 1947. Denom. $1,000 and $500. Preferred dividends paid
262.145
Payable principal and I.(M. & S.) at Guardian Trust Co., Detroit,
trustee, without deduction of the normal Federal income tax up to 2%.
Balance. surplus
1993.082
Red., all or part, on 60 days' notice at 102 and int. on or before March 1 Shares of common outstanding (no par
value)
300.000
1932; at 101)4 tor next 5 years: at 101 for the next 5 years, and 100% Earnings per share on the common stock
83.31
for last 5 years.
-V. 123, IL 88
.
Property.
-The American State Bank Building, located at Griswold and
State Sts., Detroit, is a 10
-story fireproof building of steel and concrete
Bon Ami Co. (Del.).
-Dividends.
construction, erected on a ground area of 7,000 sq. ft. and providing
The directors have declared a quarterly dividend of 81 per share on the
1.000.000 Cu. ft. of bank and office space. The American State Bank utilizes the 2 lower floors and mezzanine as its main banking rooms, and has common "A" stock, payable April 30 to holders of record April 15, and a
quarterly dividend of 50 cents per share on the common "B" stock, paythe management of the building.
The Liggett Building, situated on Gratiot Ave. east of Woodward, oppo- able April 1 to holders of record March 30. Initial dividends of like
amounts were declared on the respective stocks three months ago, and in
site the J. L. Hudson Co., is a 5-story fireproof building of steel and con- addition, the company on
Jan. 5 last paid an extra dividend of 50 cents per
crete construction. That part of the ouilding covered by this lease occupies share
on the common "B" stock.
-V. 124, p. 1827.
a ground area of 6,000 sq. ft. and provides approximately 400,000 Cu. ft.
of store and office space. Part of the lower floor is utilized as one of the
BromptonPulp&PaperCe,Ltd.-Annual Report.principal Detroit stores of the Liggett Drug Co., and this company has the
Calendar Years1926.
1925.
1924.
management of the building.
1923.
$1,240,955 $1,321,066 81,128,582 11.802.164
-These bonds are a direct obligation of Peter Smith & Sons aEarnings
Security.
252,000
255,000
Land Co., and are secured by a first closed mtge. on the American State Depredation
255,000
326,418
321,440
299,359
Bank Building leasenold and the company's d4cided ha.f interest in the Bond interest
288.572
303,134
Liggett Building leasehold. The American State Bank Building is erected
Net profit
$667,514
1766.708
on land held under lease expiring 84 years from Feb. 11927. and the Liggett
$585.010 $1.172,611
Claremont pref. div_ _ _
17.500
17,500
Building lease securing this bond issue Dec. 31 1960.
17,500
17,500
The GuarilIan Trust Co. has appraised the American State Bank Building Preferred dividends_ --(8%)160,000 (8)160.000 (8)160.000 (16)320,000
70,000
leasehold at 8817,650 and the company's divided half interest in the Liggett Common dividends
Building leasehold at 8190,894, this total valuation of $1,008,544 being in
Balance, surplus
$420,015
excess of twice the amount of this bond issue.
8589,207
8407.510
$835,111
140,000
Description of Leases.
140.000
-The above described land and buildings have Shs, com. outst.(no par)
140,000
140.000
$3.50
been leased by the American State Bank and the Liggett Drug Co., re- Earns. per sh. on com_ _
$4.21
$2.91
$7.11
a After deducting administrative expense,selling expense and income tax.
spectively, for the, entire unexpired terms of the underlying leases. Under
-v. 123, p. 3188.
the terms of its lease the American State Bank pays a net rental of $75,000
per annum throughout the term, while the Liggett Drug Co.. under the
Bush Terminal Co.(& Subs.).
-Earnings.
terms of its lease, pays a net rental of $30,000 per annum until April 30 1933
Years Ended Dec. 31- 1926.
and $35,000 per annum from that date until Dec. 31 1960. The leases
1925.
1924.
1923.
$9,126,158 $8,813,724 $8,294,114 88,096,883
provide that the American State Bank and the Liggett Drug Co. pay for Gross earnings
Operating expenses
.151.4554,523,416
all taxes, insurance, maintenance and improvements.
4,457,891
4,256,225
Sinking Fund -From the minimum net amount of $62.500 the trustee 1axes
1.142,902
1.141,502
1,099,983
1,098,078
will apply $44.000 per annum to the payment of the interest on these bonds Interest
1,022.842
1,103,907
1.060,515
1,084,780
and amortization of this issue, which amount is sufficient to retire all of Depreciation
175.956
175,824
175.413
162,009
Income tax
216,926
the bonds by maturity.
187.240
137.778
180,756
Purpose.
-These bonds, together with junior securities rperesenting an Pref.diva., Bush Ter,Co
138,000
138.000
138,000
138,000
equity of $508.544. were issued by this company to Peter Smith & Sous Prof. diver. Bush Term.
Bldgs. Co
462,893
Co.in payment for the transfer of the leasehold interests described herein.
490,000
467,105
490,000
Common diva., Bush
American Vitrified Products Co.
Terminal
-Smaller Dividend.
344,277
344,157
86,077
- Debenture Co
dividends__ _
482,211
The directors have declared a quarterly dividend of 75c. per share on
361,617
the common stock, payable April 15 to holders of record April 5. In the
Balance, surplus
previous quarter a dividend of $1 per share was paid.
$655,602
$387,767
$675,866
$345.908
Shs.of com.out.
(no par)_
x68.899
x68,899
137,770
The regular quarterly dividend of 81.75 per share was declared on the
137,776
$10.02
$10.60
$5.38
preferred stock, payable May 2 to holders of record April 20.-V. 124, Earns. per share on COM.
$4.91
x Shares of $100 par value.
-V. 123. P. 2266.
p. 510. 377.
American Wringer Co., Providence, R. I.
-Back Div.
-
The directors have declared a dividend of $7 a share on the preferred stock
on account of arrears, payable April 1 to holders of record March 25. This
is the first dividend on the issue since the reorganization of the company in
1923.-V. 116. p. 2133.
Anglo-Chilean Consolidated Nitrate Corp.-Opeens.
In view of the outlook for lower prices of nitrate and the consequent
great demand, this corporation, one of the Guggenheim enterprises, has
Issued instructions to at once place three of their old plants in operation.
Burton Hotel (1429-37 North Clark St. Bldg. Corp.),
Chicago.
-Cochran & McCluer Co. are
-Bonds Offered.
offering $250,000 certified 1st mtge. OM serial gold bonds.
Dated Jan. 15 1927; due serially Jan. 15 1929-1937. Principal and int.
payable (J. & J.) at office of Cochran & McCluer Co. Callable at 102.
Federal income tax paid (not to exceed 3%). Denom. $100. $500 and
81.000. Chicago Title & Trust Co., trustee.
These bonds are a closed 1st mtge. on land and building and a first lien
on the income of the property. The Burton Hotel fronts 100 ft. on North
THE CHRONICLE
1984
Clark St. with a depth of 150 ft. It is 4 stories in height. The building
contains 200 comfortable rooms and 5 stores.
-On a very conservative basis the gross annual income of the
Income.
property is estimated at $106.000. more than 6 times the greatest annual
interest charge. The Winkler Hotel Corp. has leased the entire building
for 15 years. This provides experienced management and a permanent
tenant beyond the life of the loan.
-Acquisitions.
California Petroleum Corp.
Negotiations have been completed by the corporation for the purchase of
the Ajax Petroleum Co., Fresno, Calif., distributors of products of the
former, it is announced.-V.124, p. 1828.
[VOL. 124.
Cellulose Products, Inc.
-Preferred Dividend No. 2.
The directors have declared the regular quarterly dividend of 62%c.
per share on the cony, preference stock, payable April 15 to holders of record
April 9. An initial quarterly dividend of like amount was paid on Jan. 15
last.
-V. 123, p. 3188.
-Certificates Offered.
(The) Chesterfield, New York.
An issue of $675,000 532% guaranteed Prudence-certificates
are being offered by Prudence Co., Inc., New York City.
Interest payable F. & A. The purchase of one of these certificates makes
the certificate holder the owner of a participation equal to the amount of
his certificate in a first mortgage made by Coolidge Realty Corp. on the
new hotel.
1923.
Calendar Years1924.
1926.
1925.
-This is a closed first mortgage on fee on the land and new
Total income
$10.400,099 $9,371,849 $8,173,310 $8,933,315 16Security.
-story hotel known as the Chesterfield, located at 130 West 49th Street,
Deduct
New York, having a frontage of 75 ft. on the south side of West 49th
Operating expenses
$4,866,966 $5,220,980 $4,847,596 $5,092,144 Street and a depth of 100 ft. The building, which is of fireproof brick,
245.953
Depreciation
271,662
414,493
318,066
277,788 steel and stone construction, contains 409 guest rooms, 103 of which are
Salaries,office&gen.exp114,747
158,591
54,213
with baths. The rooms without baths have running hot and cold water.
Freight, refining & mar1,023,226 and are so arranged that they are within a very short distance from one of
823,236
860,463
keting expense
880,841
the four groups of baths on each floor, consisting of tile shower and built1,242.153
1,247.461
1,336.716
Ore depletion charges_
tubs.
434,431
540.856 in Earnings.
397,772
State and Federal taxes..
515,067
-The Chesterfield opened Dec. 1926. and is already operating
Expense account of opat over 95% capacity. 80% of its clientele is permanent, assuring a contions not exercised_
85,485
7.343 stant source of income throughout the year. The Hotel has a waiting list
5,547
808
Miscell. expenditures_
rates are $14 per week
of
Dividends paid_ _ --(60% .856,542x(40)2571.028
(20)1285,063(35)2248,849 forguests desiring permanent accomodations. The
)3
permanent guests
-$2.50 per day for single room-$3 per day with
81,744,998 bath-and $4 for double room with bath. The restaurant and stores have
$856,433
Balance, deficit
$260,591 $1,505,493
642,532 already been leased and add considerably to the income of the hotel. The
642,532
642.757
No.shs. out.(par $l0)
642.757
40.79 owners estimate the annual net income at over $175.000.
40.76
41.66
Earnings per share
y$5.59
z Includes $1,091,299 paid from income and $1,479,729 paid from depre-Retires Additional Bonds.
Christie, Brown & Co., Ltd.
ciation and depletion reserve as a return of capital. y Before depletion.
0
It is announced that an additional $50,000 of 67 bonds have been
a After depletion.
Note.-Entrles covering depletion are recorded on the books of the com- retired. The original issue of $1.000,000 was sold to Hitt, Farwell & Co.
-V.124, p.512.
pany, but, being made for income tax purposes only, are omitted from the in April 1925 and since then $500,000 have been redeemed.
-V. 124, p. 1515.
1926 statements.
-Annual Report.
Calumet & Arizona Mining Co.
-Registrar.
Commercial Pigments Corp.
-Earnings
Calumet & Hecla Consolidated Copper Co.
for Years Ended Dec. 31.-
The National Park Bank of New York is registrar for 27,000 shares of
class A stock and for 112,000 shares of class B stock.
1924.
1925.
1926.
$14,334,981 $14,027,580 $9,229,251
100,498
89,467
82,375
19,106
67,813
38,669
192.698
207,918
263,657
39,187
58,051
23,806
The Guaranty Trust Co. of New York has been appointed transfer agent
for 10,000 shares of preferred stock, par $100.and 350.000 shares ofcommon
-V.124, p. 1830, 1672.
stock of no par value.
Receipts-Copper sales
Custom smelting
Dividends
Interest
Miscellaneous
$14,741,488 $14,450,829 $9.580,741
ExpendituresClopper on hand first of year
Prod, selling, adm. and taxes
Miscellaneous
Total
Less copper on hand end of year
Balance
• Operating profit
Deprec. and depletion
$3,182,379 $4,243,036 $4,816,495
9,975,182 9,291,390 8,251.970
320,432
44,612
81,938
$13.202,173 $13,616,364 $13.388,897
5.866,909
3,372,632 3,182,379
$9,829,541 $10,433,985 $7,521,988
$4,911,947 $4,016,844 $2,058,755
3,411.629 4.453,520 3,693,192
-Transfer Agent.
Conde Naste Publications, Inc.
-Definitive Notes Ready.
Consolidated Cigar Corp.
The Chatham Phenix National Bank & Trust Co., 149 Broadway. N.Y.
-year 6% sinking fund convertible
City, is prepared to exchange definitive 10
gold notes, due Oct. 15 1936,for outstanding temporary notes. (For offer124. p. 1830.
ing, see V. 123, p. 1511).-V.
-Tenders.
Consolidated Machine Tool Co.
The First National Bank, trustee, 67 Milk St., Boston, Mass., will until
-year 7% s. f. gold
April 11 receive bids for the sale to it of 1st mtge. 20
bonds, due June 1 1942, to an amount sufficient to exhaust $40.246.V. 124, p. 512.
-Annual Report.
Consolidated Textile Corp.
H. B. Stimson, Secretary and Treasurer, Mar. 23 says in part:
Largely because of the continued depression general in the cotton textile
industry and the consistent fall in the price of raw cotton throughout the
year, the company shows a loss of $688.186 after deducting interest, depreciation, amortization and all proper reserves.
On Mar, 22 1926 Consolidated Selling Co., Inc., sold its minority stock
Interest in the Exposition Cotton Mills of Atlanta, Ga., for 81,100.000.
the banks by
Total surplus
$12.969,470 $31,989,650 $35,434,579 and with the proceeds reduced its notes payable toof notes payablethat
and
amount. On Aug. 18 1926 it paid off the last $500,000
Nil
Nil
Earnings per share
$0.75
has not had to go back to the banks since that time. The result is that the
As of Dec. 31 1926, current assets amounted to $15,581,911 of which company closes the year with cash in banks, on hand and cn call loans of
$5,093,379 represented cash and U. S. Government bonds. Current 81.408,321, total current assets on Jan. 1 1927 amounting to $7.802,081.
llabilit es totaled $14,168,857. leaving net working capital of $14,165,054. and current liabilities on the same date of only $710,440. This advanIn his remarks to stockholders, Pres. R. L. Agassfz says: "During the tageous cash position has not only reduced the heavy interest charges but
year there was produced from the mines 73,297924 pounds of copper at has enabled the company to employ its available cash in income-producing
an average cost sold but not including depreciation or depletion, of 10.59 investments.
cents per pound. During the same period, and not included in the above,
As the statuts of the Consolidated Textile Corp.'future interest in B. B.&
there was produced from the reclamation plants at Lake Linden and Hubbell R. Knight Corp. has now been determined as a result of the consummation
30,988.076 pounds of copper at an average cost sold of7.10 cents per pound. of the reorganization, the directors have deemed it advisable to write off
The average price received for copper delivered during the year was 14.23 the investment in these properties and substjtute therefor 26.974 shares of
-V. 124, p. 1071.
. cents per pound."
the class B stock of the new corporation carded at the nominal value of $1,
without attempting at this time to estimate the actual value thereof.
-Earnings.
Canada Steamship Lines, Ltd.
Consolidated Income Account (Incl. Consolidated Selling Co., Inc.).
1923.
1926.
1925.
1924.
Calendar YearsJan. 1 '27. Jan. 2 '26. Dec. 27 '24.
a Years EndedGross oper. revenne.._ -315,057.239 $10,437,686 $10.247,479 $11.640,381
$648,680 loss$939.730
b$546.230
8,779,087 9,728,369 xProfit from operations
8,167,624
11,416.065
Operating expenses
247.847
252,614
248,320
Depreciation
901,404
802,249
875,608
$3,641,174 $2,270.062 $1,468,392 $1,912.012 Int. on bonds & bills payable, &c....,.,.
Net oper. revenue
243.501 Proportion of discount and commis187.635
157.217
83,013
Other income
46,960
50,509
37,316
sion on bonds & notes written off64.000
64,000
$3,798,390 $2,353,075 81,656,027 $2,155,513 1st pref.div.on Consol. Sell, Co.,Inc_
Total income
$2.466,981 81.550,233 81,512.208 $1,678,269
Deductions
def$688,186 def$619,848df$2,027.615
Balance
87.000
120,000
Reserve for income tax
866,000
a Excluding B. B.& R. Knight, Inc. b Including $100,000 profit from
Special depreciation_
1,045,180 sale of investments. x After deducting adm., selling and gen. expenses.
16,017
Loss on sale of assets__
Consolidated Balance Sheet Dec. 31.
$127.801 df$1,433,936
$715,841
81.211,410
Surplus
[Including Consolidated Selling Co., Inc.]
Surplus as per bal. sheet- 81.211,410 $2.312.392 $1,596,550 $1,468.749
Jan. 1 '27.cJan. 2'26 Jan. 1'27.cJan.2'26.
-V. 124, p. 796.
Liabilities
Assets$
$
Land, bides.. &e.a10,019,475 10,234,666 Capital stock (no
of Shares Changed.
-Par Value
Carborundum Co.
1
1
par, see Note 13) 5,857,783 23,278,783
Good-will, &c_ _ _
The stockholders on March 24 voted to change and convert the present Misc. investments
1,063,000 1st M.8% bonds_ 3,725,800 4,000,000
100,000 shares of capital stock, par $100. into 500,000 shares of no par value, Inventories
-year 7% notes__ 6,569,500 6,569,500
4,183,938 5.234,548 5
and to fix the capital of the company at 810.000,000.-V. 124, 11. 652.
-year 6% notes__ 472,000
Adv. to outside
5
485,000
mills
4,454
42,944 Consol. Sell. Co.:
-Balance Sheet Dec. 31.Central Leather Co.
800,000
Acc'ts rec.,less res. 2,162,368 2,990,456 8% 1st pref. stk. 800,000
1925.
1926.
1,758,000
53,049 Notes payable_
1925.
45,000
1926,
Mortgages receiv_
8
282,237
$
Cash
906,321
Liabilities-Assets-8
859,076 Accounts payable_ 301,364
8
296,912
Accrued interest_ 322,641
500,000
Property acct_ _ _x21,749,057 23,522,068 Preferred stock_ _y33,299,050 33,299,050 Secured call loan
86,435
Res. for Fed. taxes
127,105
9,205,893 6,227,524 Common stock__ _39,701.031 39,701,030 Disc. & comm. unInvestments
amortized
332,442
249,407
1st lien sink. Id. 6313,199,000 14,604,000
Leather in storm
Accts. payable.... 1,362,493 1,280,867 Prepd. itu3.,int.,&c. 64,558
43,860
lumber, finished
438,120 Int.11. B. & R. K.
products, &c.... 7,752,953 11,482,805 Accrued interest__ 307,680
343,915
Sink. Id. accrual__ 344,597
16,743,496
Inc.(at cost).
Hides & leather,
Inv. B. B.& R.K.
Reserves, fire inraw and in pro875,000
875,000
16,200,956 17,682,027 surance
Corp.(26,974 sh.
mos,&c
100,000
100,000
of cl. B corn.stk.)
Marine 'mut*. _ _
Accts. receivable- 5,217,103 4,072,429
100,000
594,444
carried at nomiLiability Maur-- 100,000
Bills receivable._ 575,123
Total(each side) 18,135,524 37,597,538
829,324 1,047,068
1,156,969 1,108,191 Miscellaneous_
1
nal value of.....
Sinking fund
7,800,000 4,700,000
- Call loans
a Land, buildings, machinery,equipment, &c., $11,573,953; less $1.554,24,124
• 24,124
Liberty bonds_
depreciation. b Authorized capital, 2,000.000 shares of
478 reserve for
Cash in bank,&c 1,525,201 1,883,229
no par value; outstanding, 1.301.356 shares without par value, representDeferred charges.... 1,390.641 1.437,235
ing capital and capital surplus.
TotaRea.side)-90,118,174 91,789.051
18,520,064 19,054,974
Deficit
C In view of the position of the affairs of B. B. & R. Knight, Inc., the
z Including timber lands, railroads, tannery plants and plants engaged accounts of that company are not consolidated In the above balance sheet
in lumber, glue and other allied industrial operations. y Cumulative divi- as they have been in previous years, and no provision has been made for
-V. 124, p. 240.
loss on the Consolidated Textile Corp.'s interest therein.
'-dends are in arrears since April 1 1921.
The usual comparative income account was published in V. 124, p. 1829.
Profit
Paid in surplus
Dividends paid
Rate
Deficit Jan 1 1926
$1.500.318 def$436.676def1,634,440
20,259,780 35,434.579 38,071,769
1,002,751
3.008,253
3,008.253
($0.50)
($1.50)
($1.50)
5,782,375
-Annual Report.
Centrifugal Pipe Corp.
-Earnings.
Cosgrove-Meehan Coal Corp.
Calendar YearsRoyalties
Other income
1926.
8503.741
41,431
'
1925.
8362,973
7.082
2 Months Ended Feb: 28
-1927.
1924.
Sales (tons)
643.188
$326,324 Net after interest & depreciation
$141.472
7,085 -V. 124. p. 1673.
Total income
Expenses, tax, &c
$545.171
26.726
$370.055
21.349
$333,409
29,972
Profit before amortlz. of patents_-- $518,445
391.569
Dividends
-$126,876
Balance, surplus
427.457
Shares of cap.stk. outstand'g (no par)
$1.21
Earnings per share on capital stock _
-V. 122. p. 2504.
$348,706
354,950
$303,437
106,485
def$6,244
283,960
81.23
$196,952
283,960
$1.07
1926.
463,432
$75,135
-Pan American Co.
Creole Syndicate, New York.
Acquires Interest.
-V. 123, p. 1511.
See Lego Oil & Transport Corp. below.
-Bonds Called.
Cuban Dominican Sugar Co.
The company has called for redemption on May 1 $115,500 of its 1st
% gold bonds, dated Nov. 1 1924. at 110 and int.
nen 20
-year s. f.
Payment will be made at the National City Bank, 55 Wall St., N. Y. City.
-V. l2. 1). 1766.
out of sinking fund moneys set aside for the purpose.
APR. 2 1927.]
THE CHRONICLE
Davenport Hosiery Mills, Inc.
-Organized.
-
The company was incorp. in Delaware March 28 to acquire the business
of the Davenport Hosiery Mills and Davenport Silk Mills at Chattanooga,
Tenn. Company manufactures "Humming Bird" and "Blue Crane" silk
hosiery for women, which is distributed through 5,000 active accounts
representing mail dealers all over the United States.
CapitalizationAuthorized.
Outstand'g.
Cony.7% cumulative pref. stock ($100 par)..._ $1,500,000 $1.000.000
Common stock (no par value)
x125.000 shs. 75,000 shs.
x 25,000 shares of the no par value common stock to be reserved for conversion of pref.stock to be presently issued, and 12,500 shares for the rights
on the balance of the authorized pref. stock.
Earnings Years Ended Dec. 311924.
1925.
1926.
Profits before deprec. & Fed'! taxes_ $408,240
$505,567
3505.189
Provision for depreciation
27.976
32,969
45,948
Provision for Federal taxes
48,643
59.615
55,743
Net ra•ofits
$331,619
$412,981 4403.498
x Before deducting for 1926 charges in connection with the installation
of a new mill amounting to $54,829.
Balance Sheet December 31 1926.
(Giving effect to formation of De aware Co. and present financing.)
Assets.
Ltabattles.
Inventories
3233,435 Notes payable
$8,000
Customers' accts. reedy_ _
306.536 Accounts payable
31,959
owing from employees- _ _
1,814 Fed'I income taxes accrued
59.761
Cash
82.492 Notes payable serially_ _ _ _
43.000
Investment at cost
1.000 Cony. 7% pref. stock_ _ _ _
Land,bldgs., machin'y,&c.1,145.449 Corn. stock & initial surp_ 1.000.000
632,859
Prepaid insurance
4.855
Total
$1.775,580
Compare also V. 124, p. 1831.
Total
81,775,580
1985
Pres. C. 0. Miniger says in part: "During the year company acquired
the starting, lighting and battery ignition business of American Bosch
Magneto Corp. and Gray & Davis, Inc. Company also completed erection
of additions to plants at Toledo and Fostoria. Ohio, consisting of 137,200
sq. ft. of floor space.
"The business of De Jon Electric Corp. (a subsidiary) operated on a
satisfactorily profitable basis last year. Company recently received new
contracts of a substantial volume and benefits resulting in increased earnings
are expected.
"The plant of the American Enameled Magnet Wire Co. is operating
with substantial increased volume of business and benefits resulting from
profitable production are to be expected in 1927.-V. 124, p. 1225.
Equitable Office Building Corp.
-Debentures Called.
-
One hundred eighty-two ($182,000) 35-year 5% sinking fund debentures.
dated Sept. 1 1917, have been called for payment May 1 next at par and
interest at the Empire Trust Co., trustee, 120 Broadway. N. Y. City.
V. 124, p. 241.
Erie Steam Shovel Co.
-Earnings.
-
Net profits of the company for the 6 months ended Dec. 31 1926 totaled
$761,591, an increase of 23% over earnings of$618,544 for the corresponding
period of the year before. Current assets at the end of 1926 were $4.482,000,
Including $1,915,000 cash, call loans and marketable securities, while
current liabilities were but $406.000.
The increasing number of foreign contracts taken out by American concerns, such as the recent 375,000,000 roadbuilding contract in Cuba by the
Warren Brothers Co., is expected to stimulate the demand for power
shovels.
-V. 124, p. 1072.
Estey-Welte Corp.
-Omits Class "A" Dividend.
-
The directors have voted to omit the quarterly cash
per share usually paid April 1 on the non-cumul. class Adividend of 50 cents
stock, no par
This rate had been paid quarterly since July 1 1925 and in addition value.
dividend in class A stock was paid on Mar. 1 1926 on both the class a 2%
A and
class B stocks.
-V. 124, p. 797,514.
Detroit Properties Corp, Detroit.
-Notes Offered.
Union Trust Co. National Bank of Commerce, GriswoldFirst State Co.'
(The) Fairbanks, Co., New York.
Benjamin Dansard & Co,. and Wm. L.
-Discontinues Scale
Davis & Co., Detroit, are offering at 99 and int., yielding Branch.
-The company on Mar. 31 made the following announcement:
about 6Y
t%,$2,000,000 5
-year 6% secured gold notes.
Dated Mar. 1 1927; due Mar. 11932. Interest payable M.& S. Prin.
and int. payable in Detroit at Guardian Trust Co., trustee. Denom.
31.000. $500 and $100 c*. Red. on any int, date as a whole or in part by
lot at 102 and int. Interest payable without deduction for Federal normal
Income tax not in excess of 2%. Penn.4-mills tax, Conn.4
-mills tax. Massachusetts 6% income tax and Maryland 436 mills tax refunded.
-Was organized in Michigan for the purpose of dealing in
Corporation.
real estate in the City of Detroit. The operations of the company have
been confined entirely to down-town commercial and business districts
along Bagley Ave.from Clifford St. through to Michigan Ave., and on certain intersecting streets in the heart of the business district of Detroit.
Company owns or controls substantially half of the land frontage on Bagley
Ave. in this district. In addition the company owns all of the capital stock
of the Detroit Metropolitan Corp., which has erected the Michigan Theatre
Building. This building is 13 stories in height and is of a design to permit
of 5 additional stories. It contains shops, offices and stores, with a net
rentable area of 124.350 sq.ft. In addition, the building contains a theatre
with over 4.000 seats, which has been leased to Balaban & Katz for
50
Corporation also owns the entire capital stock of the Bagley-Clifford years.
Corp.
which owns approximately 25,729 sq. ft. of land at the corner of Bagley
Ave. and Clifford St. on which an 18
-story office and theatre
being erected. The theatre has been leased to the Unitedbuilding is now
Artists Corp.
for 50 years.
Security.
-Notes are secured by an assignment to and a deposit with
trustee of all of the capital stock of the Detroit Metropolitan Corp. and the
the
Bagley-Clifford Corp.. excepting qualifying directors'
stocks have a value estimated to be in excess of $3,000,000. shares. There
Earnings.
-The net income from rentals, interest on securities and dividends in these subsidiary companies, it is estimated, will be $260,000
per
annum, or over twice the interest charges on this note
from sale of real estate and other sources of income are issue. The profits
not taken into consideration in arriving at this estimate.
CapitalizationAuthorized.
Issued.
5
-year 607 gold notes (this issue)
$2.000,000
32:000,000
Prior preference stock (subscribed for)
1,000,000
1,090,000
1st pref. stock ($6 cumul. dividends)
Common stock (no par value)
120;00 .
0
shs. 117.882 shs.
Purpose.
-The proceeds of this note issue, together with the 31,000.000
issue of prior preference stock which has been subscribed by certain of the
most jorominent stockholders, will be used to retire the $2,500,000
due Mar. 1 1930, all bank indebtedness, and provide over $800,000 of notes
additional working capital.
-V. 121. p. 1106.
Dodge Bros., Inc.
-To Produce New Car-Sales,
Production of a new 6
-cylinder Dodge automobile to sell for $1.650
be begun this month (Al), according to a statement issued Mar. 30will
by
President Edward G. Wilmer.
"Although sales and profits during the first 2 months of
current
year have shown a reduction as compared with the same periodthe the
of
vious year." Mr. Wilmer said, "the company's earnings for this period prewere
in excess of all interest charges, dividend requirements on its preferred stock
and usual reserve for depreciation. Since March 1 dealer deliveries
have
shown a steady increase, while cars in dealers' hands have shown
a constant
decrease.
"Production of the 4-cylinder car, on which important
improvements
have been made,now is 600 daily.
"The new 6
-cylinder job, the price of which has been
$1,850, will go into production this month (April) in Plant announced at
pleted, and the company is already assured of enthusiastic No. 6, Just comdealer reception
for the new product.
"Sales and shipments of commercial trucks continue most
satisfactory."
C. Russell Dashiell,of Chicago, and Samuel S. Thornton,
have been elected directors, succeeding C. M. Bishop. of of Philadelhia,
and F. S. Albertson, of Los Angeles. The election of Mr.Brooklyn, N. Y.,
Dashiell and Mr.
Thornton is in accordance with Dodge policy, announced a
year ago, of
giving the dealers direct representation in the management of the
company.
The plan calls for the rotating in office of the dealer-directors
ear to
year so that every section of the country will be represented.
from' 124.
-V.
p. 1516.•
Durant Motor Co. of Michigan.
-Offer to Stockholders.
-
The Fairbanks Co. as of April 1 1927 will assign to Fairbanks,
Co. the contract under which it has acted as the distributor of Morse &
scales in certain prescribed territory. On that date, therefore, Fairbanks
this company will discontinue the scale branch of its business.
,
The Fairbanks Co. will continue under its present management aggressively to develop and expand the business of manufacturing valves at Binghamton, N. Y., and trucks and wheelbarrows at Rome, Ga., and of
chandising these products, together with Dart unions. The affairs mercompany will be directed from New York City, where the principalof the
office
and place of business will be located and stocks carried. Branches will
be operated and adequate stocks maintained at Boston, Mass., Pittsburgh,
Pa.. and London, Eng.
The company will continue its established policy of marketing Fairbanks
valves, Dart unions. Fairbanks trucks and Fairbanks wheelbarrows
stock-carrying dealers, and the distribution of these products willthrough
be furthered by constant additions to these established connections at conveniently located points.
-V. 124. p. 1832. 929.
Fairbanks, Morse 8c Co.
-Assigned Scale Contract.
-
See Fairbanks Company above.
-V. 124, p. 1831. 929.
Famous Players-Lasky Corp.
-Changes Name.
-
The stockholders on Mar.29 voted to change the name of the company to
Paramount Famous Lasky Corp. and to change the date of the annual
meeting from the last Tuesday in Mar. to the third Tuesday in April.
-V.124.
p. 1673. 1658.
Federal Mining & Smelting Co.
-Dividend Litigation.
The action of Albert M. Wittenburg, Harry Content
trading as H. Content & Co., against the company, inand Walter Content,
which the
State Supreme Court recently sustained Chancellor Wolcott's Delaware
last May overruling a demurrer of the defendant company, is decision of
now to go
before the Chancellor again.
Andrew C. Gray, of Wilmington, who, with Elihu Root, Jr., of
York, is solicitor for the defendant company, has filed an answer New
to the
bill of complaint in the case.
The bill of complaint seeks a permanent injunction to enjoin the payment
of dividends on the common stock until a surplus equal to the amount by
which the capital has been depleted is accumulated.
The answer of the company denies that the total aggregate amount
that had been invested in the corporation at the time of completioncapital
of the
transaction involving the issuance of $3,000.000 capital
stock
318,750.000, and denies that that has ever been the amount. in 1905 was
The amount,
the answer states, was $12,536.963.
The answer alleges that net earnings, realizable in five years
of the
Morning Star Mine. as of Dec. 31 1926. were
Blackhawk Mines, realizable in four years were $13.057,685: of the Page
$793.107 and of
State Mines, realizable in five years, were $4,060,040; total net the Triearnings.
$17.910,832. less $1.250,000 Federal income taxes.
The total assets of the company as of Dec. 31 1926, the answer
were $20,648,652, less liabilities (including reserve for Federalsets out.
tax) of
$850,057, leaving a total of 819,798,594 in net assets.
The company, according to the answer, made larger
1926 than during any similar period in its history and profits in 1925 and
'has larger reserves
of "developed" and "probable" ore, and there is
company's continuing business at a greater profit. every indication of the
The net assets, the bill alleges, are $2,758.594 in excess of the
par value
of its outstanding capital stock, preferred and common, and
excess of the par value of the outstanding preferred stock. 37.798.594 in
The answer asks that the bill of complaint be dismissed, contending
that
the method of the company in computing paid-in capital and in
the actual value of assets is permissible and correct, and that it is computing
permissible.
as a matter of law, for the company to pay dividends
stock so long as the capital of the company remains equalupon Its common
to an amount not
less than the par value of the preferred stock of the company
then outstanding.
-V. 124, p. 930.
Federal Purchase Corp.
-Case Dismissed.
-
Chancellor Wolcott in Chancery Court at Wilmington.
dimissed the receivership proceedings of Huntington, Del.. March 18.
The stockholders will vote on May 5 on approving an offer
Jackson & Co..
Motor Co. of New Jersey to acquire the entire assets of the of the Durant against the corporation on the application of counsel for the complainant.
Michigan cor- -V.124, p. 1366.
poration. The New Jersey corporation has offered to
exchange its 6%
preferred stock share for share for the outstanding cmomon
stock of the
Federated Metals Corp.
Michigan company. The preferred stock is convertible
-Earnings.
1928 for two shares of common stock. The preferred on or before May 1
Year End. 11 mos.end.
issue is subject to
Period
retirement at $12.50 a share after Jan. 1 1929.
Nov. 30'26. Nov.30'25.
Net sales
Durant Motor Co. of N. J.
57.345.683 351.651.350
-Proposed Consolidation.
Cost of sales
55,288.192 48.973,152
See Durant Motor Co. of Michigan above.
Selling, administrative & general expenses
-V.123. p. 90.
2.192,224
1.912.604
Electric Auto-Lite Co.
-Annual Report.Net operating profit
Calendar Years1925.
1926.
3144.897
1924.
$485.974
1923.
Int. and diva, received & miseell. income
Gross sales less returns &
58.319
70,656
allowances
$11,726,311 312,489.382 $8,245,115 $14.040,589
Total income
Gross income
2,366,039
3,313,739
$215.553
$544.293
2.146,534 3.883.836 Interest on bonds
Expenses (incl. deproc.)_
786,836
325,144
256.667
280,000
972,886
1,185,760 Other interest
Prov.for Fed.income tax
263,201
322.468
153.754
172,536
132,782
328,040 Discounts, &c..
Dividends
($6)1.500,000
($635)1625000 36 150
24.015
,
( ) 0000(34)1000,000 Miscellaneous on bonds written off
15.889
15.907
Balance
$277,694
203,586
$579,434 def$459,135 $1,370,039 Depreciation
Shs.of cap.stk.out.(nopar) 250 000
250,000
250,000
250,000
Net deficit
Earns.per sh. on cap.stk.
$480.491 sur$117.984
eill
$8.82
$4.16
$9.48 -v. 123, p. 1386.
Consolidated Balanee Sheet Dec. 31.
Assets1926.
Liabilities1925.
1926.
Financial & Industrial Securities Corp.
1925
Land,bldgs., equip.,
-Definitive
Common stoelc_x$2,618,894
dm
$4,046,930 $2,706,229 Accounts payable_ 354,029 $2,618,894 Certificates Ready.
356,364
Investment
The Manufacturers Trust Co. and Redmond & Co. announce that
147,006
153,229 Notes pay. of subs. 1,605,000
105,297 of Financial
units
Cash dr mark seeur.
43,914
243,231 Accrued taxes---& Industrial Securities Corp., each unit consisting of 1 share of
10,790
64,333 preferred
Accts. dc notes rec. 676,845 1,069,537 Accrued accounts
stock, M share of common stock and 1 exchange warrant, may
84,926
190,739 be exchanged
Inventories
2,140,411 1,491,807 Fed, tax reserve__ 266,741
for definitive securities upon presentation at the office of Man329,550
Deferred charges_ - 230,486
211,225 Surplus
2,345,212 2,210,081 ufacturers' Trust Co., 141 Broadway,.
City.
-F. 124, p. 1674.
Total
87.285,592 85,875,258
Forbes & Wallace, Inc. Springfield, Mass.
Total
$7,285,592 $5,875,258
-Class A
x Represented by 250,000 no par shares.
Stock Offered.
-F.
S. Moseley & Co. and Tifft Brothers,
1986
TIIE CHRONICLE
Boston, are offering at $49 per share to yield 6.12%, 20,000
class "A" stock (without par value).
Entitled to cumulative preferential dividends at the rate of $3 per share
per annum before any dividend may bep lid up tri class B stock. Dividends
payable Q-J. In event of dissolution or liquidation, class A stock is entitled
to be paid $55 per share and accrued dividends before any distribution to
class B stock. Red. upon 30 days notice at $55 per share and divs. Transfer
agent. Springfield (Mass.) Safe Deposit & Trust Co.
CapitalizationAuthorized, Outstanding.
Class A stock (no par value)
60.000 shs. 45,000 shs.
Class B stock (no par value)
60,000 shs. 40,000 shs.
Data From Letter of A. B. Wallace, President of the Company.
Sinking Fund.
-Under the terms of the class A stock, the company must
set aside each year beginning May 1 1927, as a sinking fund to retire the
class A stock, 10% of its net earnings after payment of all class A divs.
Company.
-Organized in 1925 in Mass., to acquire the business and property of Forbes & Wallace. Since 1874, Forbes & Wallace have conducted
successfully on the same site in Springfield, Mass., a retail department
store business. The business has grown steadily until to-day it is the largest
and best known of its kind in western Massachusetts. Subsequently, in
1926 the company acquired all the stock of Wallace Realty Trust (the
Trust being shortly thereafter incorp. as Wallace Realty Co.)
The Forbes & Wallace Building (this site, owned in fee by the Wallace
Realty Co.), _s a modern, fireproof store building having 8 floors and
basement and covering 341,324 sq. ft. of floor space (nearly 8 acres). The
equity in this building, together with other unencumbered real estate, is
represented by the company's ownership of all the capital stock of the
Wallace Realty Co., and stands on the books of Forbes & Wallace, Inc. at
$1,117,787. The Wallace Realty Co. has outstanding first mortgage bonds
to the amount of $1,346,000 secured on the Forbes & Wallace Building, on
which bonds Forbes & Wallace, Inc. is not a promisor. The real estate
owned by the Wallace Realty Co. is conservatively valued at over $3,500.000, or more than $1,000,000 in excess of these book amounts.
The business comprises 66 major departments, handling high grade merchandise and employing about 1,000 persons. For many well advertised,
quality products, Forbes & Wallace, Inc. has the exclusive setting rights
in its territory. In addition to its many cash chstomers, there are over
30,000 charge accounts.
Forbes & Wallace, Inc., hold the controlling interest of the common
stock of the Consolidated Dry Goods Co. operating 5 department stores
located in Pittsfield, Northampton and North Adams, Mass., and
Poughkeepsie and Schenectady, N. Y., doing a volume of business of
$4,319,597 in 1926. Dividends paid on these holdings for the year 1926
amounted to $51,000.
Earnings.
-Consolidated earnings of Forbes & Wallace, Inc., and the
Wallace Realty Co., for the year ending Dec. 31 1926, and the average for
the four years 1923 to 1926 have been as follows:
Net Avail.
Net Before for Divs.After
Net
Deprec. &
Deprec.
Sales.
Fed. Taxes. Fed: Taxes.
$6,143,324
$435,597
$300,164
1926
5,978,639
319,698
454,000
-year average
4
Present annual requirements for the cumulative dividend of
135.000
$3 per share on the class A stock
[VOL. 124.
meter and combustion control business and patents of the old Bailey
Meter Co. Payment to the General Electric will no made in stock of the
new company. The other principal stockholder will be the Babcock &
Wilcox Co.
The engineering, manufacturing and sales organization of the old
Bailey Meter Co. will be retained and its personnel increased from the
General Electric Co. Factory and general offices will be in Cleveland. A
complete line of flow meters, boiler room instruments and combustion
control equipment will be manufactured. E. G. Bailey, President of the
old company, and R. S. Coffin, Vice-President, will continue in the same
capacities. R. E. Woolley, of the General Electric, will be Vice-President.
in charge of engineering and sales.
General Electric Employees Securities.
-
More than 25,000 employees of the General Electric Co.hold bonds in the
General Electric Employees Securities Corp., totaling over $22.500,000,
according to the fourth annual report of the organization. This is an
average holding of $903, an increase of $143 over 1925 and an increase of
5% in the number of bondholders. The investments owned by the corporation, from which its principal income is derived, include securities of
approximately 100 public utility companies and stock ofthe General Electric
and associated companies.
The corporation bonds bear interest at 6%,and the General Electric Co.
pays an additional 2% to original bondholders as long as they remain in the
employ of the company. Since organization of the corporation four years
ago, $4,067,535 has been paid to bondholders as a return on their investment, which amount includes the 2% additional paid by the General Electric Co.
New Member of Board of Directors.
-
Henry M.Robinson, President of the First National Bank of Los Angeles,
has been elected a director of the General Electric Co. In addition to his
position with the First National Bank. Mr. Robinson Is President of the
First Securities Co., Chairman of the Board of the Pacific Southwest Trust
& Savings Bank, and a director in a number of other large corporations.
This is the first time the General Electric Co. has gone to the West for a.
member of its board -V. 124, p. 1832.
Gimbel Bros., Inc.
-Annual Report (Incl. Sub. Cos.)
Consolidated Income Account, Years Ended January 31.
1927.
1926.
1925.
1924.
Netsales of goods__ _ _a$122,679,533 y$110102565$102,110,802$101.544,467
x Cost of goods sold_ _ _ _118,871,263 104,335,615 96,078.439 93,215,821
Federal income tax
450,000
610,000
550,000
950.000
Net profit
$3,357,570 $5,156,950 $5,482,363 $7,378,646
Preferred divs. (7%)_ _ _ 1,470,000
1,155,000
1,260.000 1.260,000
Balance, surplus
$1,887,570 $3,896,950 $4,222,363 $6,223,646
Shs. corn. outst.(no par)
600,000
600,000
622,500
622,500
Earns, per sh. on corn....
$10.37
$7.04
$3.03
$6.26
a Includes sales of the Pittsburgh store of Gimbel Bros., Inc., and Kaufmann & Baer Co. acquired in Feb. 1926.
x Incl. selling, operating and admin. exp., less miscell. earnings.
y Includes other income of $1,001,000. being p-oceeds from insurance
policy on life of an officer.
Common Stock and Surplus Account.
-(a) General surplus Feb. 1 1926.
$17,462,427; add excess of book value of net assets of Kaufmann & Baer
-Acquires Roxy Theatre.
Fox Theatres Corp.
Co., the capital stock of which was acquired as of Feb. 1 1926 over the
-V. 123, p. 1387.
See Rosy Theatre Corp. below.
stated value of the capital stock of Gimbel Bros., Inc., issued in exchange
balance Feb. 1 1926, $18,497.768; add net
Gardner Motor Co., Inc., St. Louis.-Bal. Sheet Dec. 31. therefor, $1,035,340; combined (as above), $1,887,570; total, $20,385,338;
profit after div. on pref. stock
Liabilities-1925.
1926.
1926.
deduct premium, commission and expenses paid in connection with the re1925.
Assetsmach's &
,
Capital stock:auth.
Bldgs.,
demption of outstanding mtge. bonds and the issuance of new bonds and
300,000 she, no
equipment_x__ - $388,141 $394,778
mtges., $838,029; property destroyed in connection with building altera144,619
154,228
par val, outst6g.
tions, $194,910; adjustments applicable to prior years, $671.677; total.
Cash
366,979
64,954
155,000 shs__ _ $1,210,298 $1,202,098 $1,704,616; balance Jan. 311927. $18,680,722.
Accts. receivable
1,750
Dealers' deposits__
19,700
19,934
Notes receivable_ _
(b) Property surplus, balance Feb. 11926. $9,936,580; depreciation and
Inventories
523,408
662,080 Accts. payable__ _ 179,605
121,078 amortization of increased values resulting from property appraisals, $134,17.033
24,027 Accr'd sects
10,183 820; cancellation of appreciation on property destroyed in connection with
Deferred items__ _
28,877
5,714
3,010 building alterations. $136,994; balance Jan. 31 1927. $9,664.765; common
10,000 Res. for discounts_
by, outside co...
50,000 Report card fees
4,000 capital stock (622,500 shares of no par value, issued and outstanding) at a
8,930
S. E. P. Advertls'g
1
Goodwill
stated value of $3,112.500; total transferred to account No. 1,$31,457,987
V. 123, p. 2784.
•
$1,447,644 $1,360,089
Total
$1,447,644 81,360,069
Total
-Business Improving.
Glidden Co.
After deducting 97,944 reserve for depreciation.
x
President Adrian D. Joyce says: "While sales to Feb. 1 have been
The company reports for the year ended Dec. 31 1926, net profits of
-V.123, p. 2398. slightly lower than in 1926, reports for February and March business
$126,286 after depreciation, but before taxes and charges.
are a much improved showing over corresponding period for last year.
General American Tank Car Corp.
- With the increase in color uses in bill board and magazine advertising, it is
-Annual Report.
surprising to note the increase of good color business this had on our indus1926.
Calendar Years1925.
1924.
1923.
x$2,265,014 $2,003,956 $2,046,999 $1,818,256 try. Almost every one is now using color displays in advertising.
Netincome
"Our plants are now working 24 hours a day and inventories, which at the
Preferred dividends_ _ _ _
574,425
637,439
596,013
625,142
910,710
Common dividends
760,200
760,200 beginning of the fiscal year were higher than they had been in four years,
760,200
have now hit the low mark for the same period."
-V.124, p. 1674.
Balance to surplus__ _
$779,878
$420,617
$647.743
$661,656
(Adolf) Gobel, Inc.
-Retires Additional Notes.
x For the 12 months ended Dec. 31 1926, gross rentals and sales totaled
This corporation has retired an additional $50,000 of 10
-year 6s, leaving
$19,802,892, and cost of sales, expenses and fixed charges amounted to
$17,537.879, leaving a net income of $2,265.014.
$650,000 of the issue outstanding. The company purchased $50,000 in
-Earnings per share on the outstanding 303,570 shares of common December 1926 and $100,000 on Feb. 8 1927.
• Note.
Michael Sammuller, an emdloyee of the company for over 20 years, has
stock in 1926 amounted to $5.57, compared with $4.63 a share in 1925.
been elected Treasurer -V. 124. p. 931.
Balance Sheet December 31.
1925.
1925.
1926.
1926.
-Bonds Offered.
Golden Gate Ferries, Inc.
-E. H.
LiabilitiesAssets$
1,992,733 2,560,746 Accounts payable.. 1,891,072 1,664,615 Rollins & Sons, First Securities Co., and Crocker First
Cash
193,022
Notes receivable 5,185,639 5,704,671 Accr.taxes,int.,&c. 229,353
75,689 Dividends payable 597,170
600,694 National Bank, are offering at 99 and int., to yield over
89,874
Cash value life ins_
6.60 $1,000,000 additional collateral trust sinking fund gold
Accts. receivable 1,219,413 1,731,558 Res. for conting.
taxes
473,045 bonds, series "B" 63/2%. Date Oct. 1 1926; due July 1
2,385,874 2,160,831
573,871
Inventories
581,773 Other reserves_ _ _ _
962,007 1,041,068
Investments
490,935
Tank car eq. notes10,434,000 9,444,000 1941. (See original offering in V. 123, p. 2908).
Rolling stock (tank
19,572,449 16,525,019 Preferred stock... 8,103,700 8,319,700
ears, &c.)
Preferred Stock Offered.
-The same bankers are offering
Balance applicable
estate, plants
Real
to corn. stock_a14,838,335 14,266,930 at par $550,000 additional 8% cumulative participating
and machinery_ 6,002,313 5,925,146
737,635
Prep.int.,ins., Rze. 690,276
preferred stock (see original offering in V. 123, p. 3191).
1
1
Total (ea. side)_37,629,508 36,003,076
Patents& good 1011
Company.
-Ownsthe Golden Gate Ferry Co., which now handles approx1
-V. 124, mately 90% of the San Francisco-Sausalito vehicular traffic and which
a Common stock outstanding 303,570 shares of no par value.
p• 1367.
expects to inaugurate a vehicular ferry service between San Francisco and
Berkeley in June 1927. It also owns Sears Point Toll Road Co. which is
General Baking Corp.
-Minority Withdraws Suit.
constructing a toll road from Vallejo to Sears Point, and is in process of
According to a decision handed down March 21 by Supreme Court acquiring Monticello Steamship Co., which operates between the Ferry
Justice Morschauser at White Plains, N. Y., Nicholas Weber, George R. Building, San Francisco, and Vallejo.
Weber, William Deiningen and other minority stockholders of the corporaEarnings Year Ended Dec. 31 1926.
tion are permitted to withdraw their injunction suit to restrain William R.
Ward from transferring $8,000.000 worth of class A and class B stock to Gross earnings Golden Gate Ferry Co. and Monticello Steamship Co
the General Baking Corp. Clarence L. Venner, who intervened as a plain$1.660,148
tiff, is permitted to proceed with the restraining suit provided he puts up Operating expenses, maintenance & taxes
1,065,276
a bond of $100,000.
Justice Morschauser declared: "These plaintiffs have the absolute right
Net earnings
$594,872
discontinue the respective actions and their reasons for concluding to Net earnings for first year of operation of Berkeley Service (est.)
to
449,600
discontinue are not subject to review or criticism by the court. The Net earnings for first year of operation of Sears Point Toll
motions in these actions should be granted and leave Mr. Venner intervening
Road (estimated)
107,000
chooses to continue the litigation. The injunction against
plaintiff, if he
-V. 124, p. 798.
Total estimated net earnings__
the Chase National Bank should be vacated."
- __ -- ---------------- $1,151,472
568,585
-Portable Hoist Business Merged.
- Estimated interest, depreciation & Federal ----General Electric Co.
$582,887
The entire Sprague portable hoist business of the General Electric Co. Estimated balance available for preferred stock dividends
taken,over by the Shepard Electric Crane & Hoist Co. of Montour
has been
The above estimated balance available for preferred stock dividends is
Falls, N. v., according to a recent announcement. The change took place equivalent to 3 2-3 times the dividend requirement on all Golden Gate
April 1.
presently outstanding.
have been built in the Bloomfield plan to the General Ferries, Inc., preferred stock to be
Sprague hoists
CapitalizationElectric Co. since 1903. The Shepard Co. will continue the manufacture Collateral trust gold bonds, series "A" 7%- --- Authorized. Outstanding.
$6,000,000 1 1,500,000
line and has established for this purpose a division known as the
of this
do
series "B" 655%
j 2,100,000
Sprague Hoist Division of the Shepard Electric Crane & Hoist Co., with *Pref. stk., cumul.(par $25) (incl. this offering)1
3,500,000
2,000,000
offices at 30 Church St. New York City. N. A. Hall, of the General Common stock (par
2,500.000
2,225,000
$25)
take charge of the new Shepard division.
Electric Co., will
* The remaining 31300,000 of unissued preferred stock may only
The Shepard company will furnish spare parts for obsolete types of issued with the additional restriction that consolidated net earnings be
of
current
Sprague hoists as well as for theparts for line. The General Electric Co. Golden Gate Ferries, Inc., after its bond interest and after Federal taxes,
motors which have been used on
will continue to manufacture the
but before depreciation, shall equal at least 3 times dividend requirement
and brakes,
Sprague hoists,and parts for controllerscompany. but this business will be upon all preferred stock outstanding and proposed to be issued.
handled commercially by the Shepard
Purpose -Proceeds from the sale of this preferred stock and of $1,000,000
% collateral trust gold bonds will be applied toward the purchase of all
Part of Meter Business Transferred to Bailey Meter Co.
Meter Co., recently incorporated, acquired on April 1 the the capital stock and other securities of Monticello Steamship CO., and for
The Bailey
General Electric Co. and the fluid other corporate purposes.
-V. 124. P. 1517; V. 123, P. 3191.
low meter business and patents of the
APR. 2 1927.]
THE CHRONICLE
Goodyear Tire & Rubber Co., Akron, 0.
-Bond Call.
-
Certain first mtge. 20
-year 8% sinking tund gold bonds. dated May 1
1921, aggregating 6750,000, have been called for payment May 1 next at
120 and interest at the Central Union Trust Co., N. Y. City, or at the
Union Trust Co.. Cleveland, 0.-V. 124. p. 914, 241.
Goodyear Tire & Rubber Co. of Calif. (& Subs.).
Calendar Years1926.
1925.
1924.
1923.
Net sales
$25,870,040 $24,363.237 $15,668,065 $14.444.091
Cost.sell-adm.& gen.exp 23,477.535 19.463,344 13.663.520 13,07 .762
Operating income_ _ $2,392,50 $4.89i,.892 82,004,545 $1,365,329
Other income
168,704
18,322
41.844
105,622
Profit on sale ofland_
346,060
951,032
Total earnings
$2,561,209 $4.918,214 $2,392,449 82.421.983
Interest
x286,805
133.554
203.361
332.921
Federal taxes
301,0P8
598,082
273.140
215,663
Special raw material res_
500.000
Factory exp. written off..
130.177
Pref. diva. paid_ _ _ _(21'4)1.679,097(14)1119,398(8%)699,624
Dommon diva. (30%)- _ 1.200.006
Balance, surplus
def$905.791 $2.567.180 $1.216.324 $1,743.221
x Including amortization of note discount.
Note.
-All of ge common stock is owned by the Goodyear Tire & Rubber
Co. of Akron, 0.-V. 122. p. 2200.
Goodyear Tire & Rubber Co. of Canada, Ltd.
-ReArrangement of Capital Stock Approved.
-
The stockholders on Mar. 28 approved a re-arrangement
the consolidation of the preferred stocks and the conversionof capital by
of the
mon stock of$10 par into stock of no par value,as outlined in V.124. comp.1674.
The directors have declared the 15:1% dividend arrears on the existing
7% preferred stock. payable April 15 to holders ofrecord Mar.
31.-V. 124.
p. 1674.
Gorham Mfg. Co.
-88.75 Back Dividend.
-
The directors have declared a cash dividend of 88.75 per share on
the
preferred stock, payable June 1 to holders of record May 16.
ment, the first since reorganization in 1924. is made on account ofThis payin arrears, and leaves $12.25 per share still accrued. Chairman dividends
Henry J.
Fuller states that it is the intention of the directors
quarterly dividends of $1.75 a share on this issue.hereafter to pay regular
Four years ago, when the banking house of J. E. Aldred & Co. took over
the management of the Gorham company the latter owed the banks
84,800,000. The company closed its fiscal year on Jan. 31 last with no
'
bank loans and with 81,100,000 dish on hand. The net profits for
the
latest fiscal year after reserve for taxes, depreciation, &c., were
8642,528,
compared with $59,1202 in 1926 and $325,902 in 1925.
Total current assets on Jan. 31 1927 were $6,429,019; total
bilities, including reserve for Federal income taxes, $543.217, current lialeaving net
working capital of $5,885.802. The ratio of quick assets to current liabilities was 11.8 to I.
-V. 122. P. 2956.
Gotham Silk Hosiery Co.
-Complaint Dismissed.
-
The Federal Trade Commission has dismissed the action, relative principally to price maintenance, which had been instituted against the
The Federal Trade Conurission has dismissea its complaint company.
company for the reason that the company has gone out of the agaiist the
manufacturing ana selling hosiery. The complaint involved business of
certair resale
price maintenance methods -V. 124. p. 1832.
(W. T.) Grant Co. (of Del.).
-Stock Sold.
-Blake
Brothers & Co., New York, have sold at $47 per share
57,200 shares of common stock (no par value).
Transfer agent. Guaranty Trust Co. of New York.
CapitalizationAuthorized. Outstanding.
Capital stock (no par)
Company.
-Has been organized in Delaware 550,000 shs. 507.200 shs.
standing common stock of the W. T. Grant Co.to acquire the entire out(of Mass.) whicn operates
a chain of 109 department stores located in
the
Midwest. Merchandise is sold for cash with cities in priceEast. South and
a retail
limit of $1.
Sales and Profits Year Ended January 31.
1924.
1925.
1926.
1927.
Stores
60
73
77
109
Sales
520.625.388 $25,316.334 530,411.400 $36.074,617
Profits after deprec.,
bonuses & taxes
1.360,837
1.399,872
2.126.731
The above figures are those of the Massachusetts1,825.274
Co.
The profits of $2,126.731 for the year ended
equal to $4.19 per share on each of the 507,200Jan. 31 1927. would be
shares of the Delaware
company presently to be outstanding.
Dividends.
-Dividends will be inaugurated on July 11927. at the annual
rate of $1 per share.
Balance Sheet Jan. 31 1927 (Mass. Company).
Llabilifles8% preferred stock
$2,289.900
Common stock (50,000 she.
no Par)
1,500,000
Accounts payable
127,174
Accrued accounts
784,605
Dividend payable
75,000
Reserve for re-painting stores
30,405
Surplus
4,862.043
Cash
•
52,013,502
Accounts receivable. &e____
50,169
Inventories
3,495,060
Life insurance policies
41.317
Notes Sc accounts receivable_
25,249
W.T. Grant Realty Corp.._
2,814
Sink,fund for red,of pref.stk.
2,860
Furniture & fixtures
1,164,682
Alterations At Wawa% to
leased stores
2,683,823
Prepaid expenses, taxes, &c.
189,672
Total (each side)
Hastings Coal & Coke Co.
-Receivership.
A. M.
$9,669.129
Dinsmore has been appointed receiver by Federal
at Philadelphia. This company operates a bituminous Judge Thompson
mine in Fannon,
Cambria County, Pa. The appointment was made on a
Federal Court here by J. G. Miller & Co. which owns, petition filed in
it is stated in the
petition, all the 8100,000 stock in the Hastings company,
indorsed notes to the extent of 849,850. The liabilities, the and has also
petition states,
will exceed $100000, and, while no exact figures are given as
to the assets,
It is stated that it is believed they will exceed the
liabilities on book value.
Haytian Corp. of America.
-Production Increased.
Advices from Hayti report that for the first 67 days
corporatIon has ground 92.310 tons of cane compared with of grinding the
76.741 tons for
the similar period last year. It is expetted that a total
of 175.010 tons
of cane wilt be ground this season. Approximately
one-third
pany's expected export production has been sold at prices of the comaveraging in
excess of 3c. f.o.b. Port au Prince, as compared
rereived for export sugar last year. Pcr the 8 with the price of 2.25c.
months' period ending
Feb.28 1927,local sales exceeded those of a year ago by 570.509, an
of 18%, and for the same period net earnings of local utilities increase
increased
17% over the previous year -V. 123. p. 1768.
1987
its kind in the work). This organization has acquirer, Hudson Towers at
the northwest corner of West End Ave. and 72d St., a
building
designed and built as a hospital but not completed. The 27-story was
building
sold
for $3,500,000, the cost of construction.
"Hudson Towers was erected as a hotel, sanitarium and hospital through
the energies of Dr. Leo Buerger, for some time on the staff of Mount Sinai
Hospital. He planned to have a hospital where the patient would stay
during his illness and treatment with all the members of his family. Many
physicians and many nurses also bought stock in the enterprise, expecting
to use it in their professions.
"The construction costs were over $500.000 more
estimated. Foreclosures followed and the property was than had been Blue
bought by the
Ridge Realty Co., which later sold it to the Harlem Construction Corp..
controlled by Lanzner & Baer. The Hudson Towers was financed
partly
through the issuance of $1,650,000 1st mtge. 65i% bonds sold to the
public in July 1923."
Humble Oil & Refining Co.
-Debentures Sold.
J. P. Morgan & Co. have sold at 100 and int. $25,000,000
10
-year 5% gold debentures.
Dated April 1 1927, due April 1 1937. Int. payable
City. Company will covenant to make payments of A. & 0. in N. Y.
$1.250.000
annually beginning Oct. 1 1927. Each payment is to be applied semito the
purchase for retirement of debenturzs if obtainable at or below
100% and
int., within 4 months after the receipt of such payment, or thereafter
to
the purchase for retirement of the company's 10
-year 5 % gold debenture
bonds. due July 15 1932, if obtainable at prices not exceeding such as will
yield a
% net return. Redeemable as an entirety upon 60 days' notice
on any int. date up to and incl. April 1 1932. at 104 and int., and on any
int. date thereafter prior to maturity at 102 and in
Denom. c*
and r* $1,000, $5,000 and $10.000. Guaranty Trust Co., New$1,000.
York.
trustee.
Data From Letter of W. S. Farish, President of the Company.
Company.
-Is one of the most important affiliated companies of Standard
Oil Co.(N. J.). Standard Oil Co.(N.J.) owns over 60% of this company's
outstanding capital stock.
Purpose.
-Company will complete by May 1 a large addition to its pipeline facilities from the Panhandle and West Texas areas. The proceeds of
these debentures will be used to provide funds for the construction of these
additional facilities and of a 10
-12-inch trunk pipe line, with a capacity of
40,000 barrels daily, from McCamey, Upton County, Texas. to tidewater
at Corpus Christi, Texas. a distance of about 400 miles. It is expected
that this line, and the pipe line capacity which the company now has in
West Texas, will serve this great area, which is just beginning to develop.
and which in the company's judgment will prove to be a source of production
for many years to come.
Funded Debt.
-Upon the issuance of these debentures, the company's
funded debt will consist of this issue and of 525,000.000 10
-year 5
gold debenture bonds, due July 15 1932. In comparison therewith,Si%
the
consolidated balance sheet of Dec. 311926. after giving effect to the receipt
of the proceeds of this issue, shows total net assets, after deducting all
liabilities other than funded debt, of more than 5185,000.000. As of
Dec. 31 1926, rmerves for depreciation. depletion. &c.. amounting to
$103.645.191 had been set up against plant and equipment having a book
cost of $219.040,364; resulting in a net book valuation of the company's
capital assets of $115,395.173. On the same date, current assets amounted
to 569.760,818 and current liabilities to 827,949,770. resulting in net
current assets of $41.811,048.
Capital Stock.
-Company now has outstanding 575,000.000
(par $25/ of which, as of Dec. 311926, $1,882.425 was held incapital stock
.
the treasury
available for sale to employees. Based on current quotations, the present
value of the outstanding capital stock is approximately $172,000,000.
Dividends on the capital stock have been paid each year since organization
in 1917. Since July 20 1926 quarterly dividends of 30 cents per share
regular and 20 cents per share extra have been paid.
Earnings.
-Net earnings (including those of its wholly owned subsidiary.
Humble Pipe Line Co.) for the past 4 years, after deducting charges for
depreciation and depletion reserves but before deducting Federal income
taxes, averaged about $18,756.000 annually,or more than 7 times the annual
interest requirements of $2,625,000 on the company's total funded debt
to be outstanding upon the issuance of these debentures. In 1926 such net
earnings were more than 9 times such annual interest requirements.(See
V. 124. p. 1833.)
Properties, &c Company through the properties which it directly
owns and operates, and through the pipe line facilities of its subsidiary,
'
Humble Pipe Line Co.. engages in all branches of the oil business, including
the production, purchase, transportation, refining and distribution of
petroleum and its products.
Since 1919, when the Standard Oil Co.(N. LI made its Initial investment
in the capital stock of this company. over $140,500,000 has been invested
in the company's business, in procuring additional oil lands and in adding
to its transportation, storage, refining and marketing facilities. Of this
additional investment, approximately 825.000,000 has been obtained from
the sale of debentures, approximately $73,000.000 from tin. sale of capital
stock and over $42.000,000 from the re-investment of surplus earnings.
During this period, the company's net earnings available for reserves and
for dividend payments amounted (in round figures) to 5118.000.000. of
which $58.000.000 was appropriated to depredation and depletion reserves.
518.000.000 was disbursed in cash dividends, and over $42,000.000 was reinvested in the company's property.
The investment of the above-mentioned funds during this period tit
s
found reflection in the rapid and substantial growth of the company's
business, as is shown by the following figures comparing properties and
operations in 1918 and in 1926:
As of Dec. 311918.
1926.
Developed oil lands owned & leased (acres)
516,216
9,748
Undeveloped oil lands owned & leased (acres,- _ _ _
3,173.549
152.000
Producing wells(number)
1.914
371
Refining capacity (barrels daily)
93.000
2.000
Pipe line capacity (barrels daily)
165.000
None
Years Ended Dec. 31
Crude oil produced (net to company)(barrels)- _ _ _ 4,225,000 13,707,000
Crude oil run through pipe lines (barrels)
44,000,000
None
Crude oil run through refineries (barrels)
586.000 21.500.000
Total sales of crude oil & refined products (barrels) 5.000.000 51.200.000
Company's production is obtained from its properties In Texas, Oklahoma,
Arkansas and Louisiana.
Listing.
-Application for the listing of these debentures on the New York
Stock Exchange will be made by the company in due course.
-V.124.p.1/333.
Interstate Window Glass Co.
-Sale.
-
L. C. Crill, special master, will sell the entire property of the company at
public auction April 19 at company's plant at Clarksburg. W.Va.-V. 123.
p. 1256.
Kellogg Switchboard & Supply Co.
-Annual Report.
-
Calendar earsNet profit
Depreciation
Interest
Patent amortization
Federal tax (estimated)
1926.
$978,404
146.962
4.843
32.555
100,257
1925.
1924.
$915,902 $1.055,754
155.517
141.463
1,416
312
(Richard) Hellman, Inc.(& Subs.).
-Annual Report.
107,500
91,650
Calendar Years1926.
1925.
Gross profit (after depreciation)
Net income
8693.787
5667,319
8.806.477
Selling, general and administration expenses, in- il1.644,528 $1,437.704 Preferred dividends
} 781.309
terest and Federal taxes
Common dividends
506,000
{569.25o
1,238,661
930.734
Balance
del/87.522
$300,478
$98,069
$405,867
8506,970 Adjustments
Other income
deb.7,498
18,724
32,376 Previous surplus
1,738,807
1.640,738
1,347.758
Net profit
6424,591
8539.346
Earns, per sh. on common stock
Profit and loss, surplus
$1.14
61.62 Shares of com. outstand'g (par $10)- $1,e51,285 51,738,807 $1,640,738
-V. 123, p. 2399.
316,250
x253.000
253.000
Earnings per share on common
$1.55 '
$2.64
$3.19
Horn & Hardart Co.
-Extra Dividend.
x The outstanding shares of $25 par stock were changed to 31.625 shares
The directors have declared an extra dividend of 12I•ic. per share in
addi- of $100 par 7% preferred and 316,250 shares of 810 par conunon stock on
tion to the regular quarterly dividend of 37Iic. per share on the
June 10 1926, and the exchange was made on the basis of 10 new common
stock, both payable May 1 to holders of record April 11. Like common and 1 new preferred shares for each 8 old shares held.
-V. 124. p. 1520.
amounts
were paid in the three preceding quarters.
-V. 124, p. 118.
Hudson Towers, N. Y. City.
-Foreclosure, &c.
-
The New York "Times," March 23 had the following (in part): "New
York soon will have a 85,000.000 national cancer hospital, the largest
of
-Initial Dividends.
Klots Throwing Co., Inc.
-
The directors have declared initial quarterly dividends of 1 % on the
1st pref. stock and 134% on the 6% participating pref. stock, both payable
April 1 to holders of record March 24. See also V. 124, p. 119. 518.
1988
Knox Hat Co.,inc.-51 Common Dividend.
-
Lawton Mills Corp., Boston.
-Smaller Dividend.
-
The directors have declared a dividend of $1 per share on the common
stock and one of $1 per share on the class A partic. stock., both payable
May 1 to holders of record April 15. The company on Feb. 1 last paid a
dividend of $5 per share on the class A stock.
-V. 124, p. 933.
Lackawanna Securities Co.
-Incorporated.
The company was incorporated March 29 in Delaware with an authorized
capital of 844,441 shares of no par value. The company is being organized
by the Delaware Lackawanna & Western RR.interests in furtherance of the
recently announced plan for the distribution of certain assets to the stockholders of that railroad.
-V. 124, p. 1834.
Laclede Steel Co.
-Balance Sheet Dec. 31.Assets1925.
1926.
1925.
Liabilities1926.
Property acct_ _ _43,357,513 $2,951,364 Capital stock
$2,750,000 $2,750,000
Inventories
220,289
1,058,603 1,102,829 Accounts payable_ 293,443
Notes & accts. rec. 539,874
15,472
657,348 Accrued wages.. _
11,550
Advances
122,507
1,945
1,945 Accr. exp.& taxes_ 145,001
Investments
22,127
102,285
22,915 Reserves
72,046
U. S. Govt. bonds
2,498,152 2,102,370
Surplus
and accrued int_ 407,422
510,517
Cash
372,826
47,952
Deferred charges_ 18,052 Total (each side)_$5,770,193 $5,312,923
9,881
After deducting $997,998 reserve for depreciation.
Note.
--During 1926. four quarterly dividends of 2% each were paid,
and in addition an extra disbursement of5% was made on Dec.10.-V.122,
p. 1774.
Lago Oil & Transport Corp.
-Initial Dividend-To
Increase Capital Stock-Acquisition of Additional Venezuelan
•
•
Properties.The directors have declared an initial quarterly dividend of 75c. Per
share on the outstanding capital stock, payable May 1 to holders of record
April 11.
The stockholders will vote shortly on increasing the authorized capital
stock from 4,000,000 shares of no par value to 5,500,000 shares of no
par value; that additional shares to be used for the acquisition of additional
Venezuelan properties. It is expected that this increase is to provide for
an offer to exchange one share of Lego stock for each two shares of Creole
Syndicate stock. Announcement to this effect is expected to be made
within the next week or two.
The Pan American Petroleum & Transport Co., according to this company's President, F. H. Wickett, has acquired a substantial stock interest
in the Creole Syndicate.
-V. 123, p. 3329.
Lambert Co.
-Earnings.
Consolidated Income Account for Year Ended Dec. 311926.
[Including Lambert Pharmacal Co.j
$3,321,451
Net earnings
1704
Depreciation
119:000
Federal and State income taxes (estimated)
Net profit for year
Net profit applicable to minority interest
$2,830,747
1,238,912
Net profit applicable to stock of Lambert Pharmacal Co. now
$1.591,834
owned by the Lambert Co
303,750
Divs, paid during'26 on stk prior to acquis. by the Lambert CoNet profit applicable to Lambert Co
Dividends paid on Lambert Co. stock
Balance, surplus
-V.123, p. 3045.
[VOL. 124.
THE CHRONICLE
$1,288,084
918,750
$369,334
The directors have declared a quarterly dividend of 134% on the capital
stock, payable March 31 to holders of record March 25. Previously quarterly disbursements of 23.6% were made.
-V. 124, p. 515.
Lee Rubber & Tire Corp.
-Earnings.
-Calendar Years1924.
1926.
1925.
1923.
Net sales
$12,213,077 $12,742,585 $12,586,371 $9,390,397
Cost ofgoods & gen.exp. 13,192,630 12,414.059 12,775,556 9,309,819
Net income
Other income
loss$979,553
72,132
$328,527 loss$189,185
89,575
90,845
$80,578
102.008
Total income
loss$907,421
Deduct-Interest, &c_ _ _
117,248
Dividends
$419,372 loss$99,610
119,163
134,862
$182,586
254,399
256,904
Net profit
loss$1,024,669
Previous surplus
2,253,294
Rep. Rub. Co. assets_
Adjustments
Deb.641,031
$300,209 loss$234,473loss$328,717
431,089
1,953,086
2,256,445
icCr2,204,563
Deb.68,887 Deb.50,490
Surplus
2587,594 $2,253.294 $1.953,086 $2,256,445
x Excess of book value of Republic Rubber Co. assets over market
value of capital stock issued in payment therefor.
-V.123, p. 463.
Lehigh Valley Coal Co.
-Annual Report.
Calendar Yearsx Net income
Dividends paid
Surplus
Previous surplus
Total surplus
Adjustments (Cr.)
1926.
$3,526,813
3,333,440
1924.
1925.
$101,683 $2,528,532
1,515,200 2,158,257
$193,373def$1413,517
2,962,866 3,658.871
$370,275
1,367,233
$3,156,239 $2,245,354 $1.737,508
892,443
717,512
1,921,363
Profit and loss surplus
$4,048,682 $2,962,866 $3,658,870
Certificates of interest outstanding
1,212,160
1,212,160
1,212,160
Earnings per share on certificates__ _$2.91
20.08
$2.09
x After depreciation, depletion, interest, Federal taxes. &c.
Shut Dec. 31.
Condensed &thine.
1926.
1925.
1926.
1926.
$
AssetsLiabilities$
Property & plant_77,003,996 76,364,667 :Capital stock__ _ _ 9,465,000 9,465,000
Sinking funds_ _ _ _ 4,334,833 4,168,289 Current liabilities_ 7,336,961 3,209,740
Advanced royalties 2,966,399 3,058,762 Deferred liabilities 1,870,685 2,483,996
Advanced strIpp'g 1,277,029 1,109,574 Funded debt
26,000,000 26,514,001
Cash
3,344,649 4,617,574 Dep,and other res.35,419,231 33,376,439
Other curr. assets_ 9,502,794 3,800,920 Sur, thru appl of
Deferred assets_ _ _
15,879,630 16,626,850
101,143
59,172
assets
Ins. & work comp.
Surplus from oper- 4,048,682 2,962,866
fund
1,489,346 1,459,934
Total
100,020,189 94,638,892
100,020,189 94,838,892
Total
Represented by 1,212,160 trustees certificates of interest.
Holders of Certificates of Interest Now Privileged to Vote
Through Proxy.
Holders of 85% of the certificates of interest have filed affidavits stating
they hold no stock of the Lehigh Valley RR., Coxe Bros., or the Delaware
Susquehanna & Schuylkill RR., and will, therefore, be entitled to exercise
through the trustee voting rights in respect to their interest in stock of the
coal company. Proxies have accordingly been sent to holders for voting
at the annual meeting April 11, in Philadelphia. Proxies are returnable
to the Girard Trust Co., as voting trustee.
-V. 123, p. 3329.
Loew's Theatre & Realty Corp.
-Bonds Offered.
Lawrence Portland Cement Co., Siegfried, Pa.
- Lawrence Stern & Co.; Halsey,
Kean, E. H. Rollins & Sons, Chicago, Stuart & Co., Inc., and
Debentures Sold.
-The National City Co. and
are offering at 100 and
Taylor & Co., New York, have sold at 983/i and int., to int. $10,500,000 1st lien 6% sinking fund gold bonds.
yield 5.65%, $2,000,000 15-year 53% gold debentures. •
Dated March 15 1927; due March 15 1947. Principal payable at
Dated April 1 1927; due April 1 1942. Denom.$1,000 c*. Int. payable
A.& 0. without deduction of the normal Federal income tax not exceeding
2%. Red. all or part on any int. date upon 30 days' notice, at 103, if
red. on or before April 1 1932: at 102 thereafter, if red. on or before Aprll 1
1937, and thereafter at 101. Principal and int. payable at National City
Bank, New York, trustee. Penna. and Conn. 4 mills tax and Mass.
Income tax, not exceeding 6% of the int, thereon, refunded.
Data from Letter of President Frank H. Smith, Dated March 26.
Conipany.-Ineorp. in Penna.in 1898. Is engaged in the manufacture of
Portland cement, which is sold under the well-known brand, "Dragon,"
in addition- to which it manufactures, under contract, a mason's cement
which is sold as "Hy-Test" cement. The principal properties are located
in the Lehigh Valley District, at Siegfried, Pa., andy comprise a complete
unit capable of producing 2,700,000 barrels of Portland cement and 500,000
barrels of mason's cement per annum. As a result of the quality and
proximity of the raw material reserves and the high operating efficiency
obtained in the mill, the company has always been able to produce cement
at costs which compare favorably with any in the industry. The production of this plant over a period of years is shown below:
Production in Barrels, Years Ended Dec. 31.
1921.
1922.
1923.
1925.
1926.
1924.
.
Portland
cement -1,524,100 1.443,526 1.642,626 1,789,280 2,017,656 2,427,512
"Hy-Test" .
70,331 261,751 320,221 303.196 413,649
cement __
3,120
In order to supply more economically the large and growing demand for
"Dragon" Portland cement, which it has developed in the New England
Market, the company has recently acquired a tract of land in or near
Rockland. Me. containing a large developed deposit of limestone, and is
about to construct a modern Portland cement plant, with an initial capacity
of approximately 1,000.000 barrels per annum. In addition, the company
contemplates the development of the present lime plant to an annual
capacity of 50,000 tons.
Purpose.
-Company has recently offered to its stockholders the privilege
of subscribing, at par, to $1,000,000 additional capital stock, and has
received subscriptions for the entire amount. The proceeds from the sale
of this stock and of these debentures, together with other resources, will be
used for the development of the Maine properties.
Sinking Fund.
-The trust agreement will provide for a semi-annual
sinking fund, requiring the deposit with the trustee on or before Feb. 18
1930, and semi-annually thereafter, of a sum in,each case sufficient to retire
275,000 of these debentures. Sinking fund payments may be made in
whole or in part, either in cash or in debentures. Cash deposited with the
trustee will be applied to the redemption of these debentures on the next
Interest payment date, subject to the provisions in the trust agreement.
Earnino.-Company has operated at a profit for each year since its
Incorporation in 1898, and has paid dividends without interruption since
1902, the rate having been at least 8% in each of the past 13 years. The
following statement sets forth the earnings of the company for the four
years ended Dec. 31 1926:
1923.
1926.
1924.
1925.
$743,714 $797,213 $956,346 $1,227,074
Net earnings_ a
Depreciation
133.567
154,498
195,866
243.981
642,715
760,480
983,093
610,147
Net earnings_b
a Before depreciation, interest and Federal taxes.
b After depreciation but before interest and Federal taxes.
Balance Sheet Dec. 31 1926
[Without giving effect either to sale of $1,000,000 stock or acquisition of
Rockland. Me., or to issuance of these debentures].
properties at
Liabilities
Assets
$481,444 Capital stock
24,500,000
Cash
280,993
Accts.rec.(from selling co.) 466,232 Accounts payable
2,095 Reserve for Federal taxes- 132,848
Misc, accts. receivable_ _ _
922,275 Surplus
1.131,703
Inventories
Lands,bldg.& eq.,lessres. 3,798,517
Adv. for purch. of prop_ - 300,000
55,802
Investments
Total (eacb side)
21,179
$6,045,544
Unexpired insurance
Equitable Trust Co., New York, trustee. Int. payable M. & S. at office
of the trustee or First Trust & Savings Bank, Chicago. Denom. 21,000.
$500 and $1000. Red,. all or part, at 103 and int, on or before March 15
1932; at 102 and mt. on or before March 15 1942; at 101 and int. on or
before March 15 1946, and at 100 and int. thereafter. Int. payable
without deduction for Federal income tax not in excess of 2%, and certain
State taxes refunded in Calif., D. of C., Iowa, Md., Mass., Minn., Penna.
and Conn. Samuel Armstrong, individual trustee.
Listed.
-These bonds have been listed on the Chicago Stock'Exchange
on a "when, as and if issued" basis.
Data from Letter of Marcus Loew„ President of Loew's, Inc.
Business.
-Corporation is a wholly owned subsidiary of Loew's Inc.
The latter corporation guarantees completion of the buildings (mentioned
below) and has agreed to retain control of the borrowing corporation
throughout the life of this bond issue, thus insuring supervision of Loew's
Inc.
Loew's Theatre & Realty Corp. has been organized to own in various
locations eight theatre and commercial properties, and through stock
ownership a part of four additional theatre properties, all a part of the
Loew chain. Loew's Theatre & Realty Corp. has a paid-in cash capital
of $5,000.000, all of which will be utilized in connection with these properties, and Loew's, Inc., under its guarantee, will provide whatever additional
funds may be necessary to complete the buildings.
Purpose.
-1he purpose of this issue is to reimburse the corporation, in
part, for the cost of the 12 properties.
Valuation.
-The total assets pledged as security have a valuation of
$15,976,535, of which $3.463,500 represents land owned in fee, 2366,668
represents the value of leasehold estates, 48,212,369 represents the value
of buildings and equipment, and $3,934,000 represents the value of first
mortgage and other collateral security deposited with the trustee. The
above valuations are based on appraisals of land and leaseholds made as
follows: by Brown, Wheelock: Harris, Vought & Co., Inc,. as to properties located in N. Y. City, by John F. James & Sons in Brooklyn and by
other local appraisers in the other cities; and appraisals of buildings and
equipment made by Messrs. C. W. and Geo. L. Rapp, architects.
Earnings.-Loew's. Inc., estimates the net annual earnings applicable
to the payment of interest and sinking fund of this issue at $2.016,600.
This is 3.2 times the greatest annual interest charges of 2630,000.
Sinking Fund.
-A sinking fund provides for the retirement of an aggregate principal amount of $5,250,000 of bonds, or 50% of this issue, prior
to maturity.
Security.
-Secured as follows: (a) A closed first mortgage on land
and five theatre and commercial buiidings and their equipment, all owned
In fee, located in N. Y. City; Brooklyn, N. Y.; New Rochelle, N. Y.;
Syracuse, N. Y., and Richmond, Va. (b) A closed first mortgage on
leaseholds and theatre and commercial buildings and their equipment,
located in Providence, R. I.; Canton, Ohio, and Memphis. Tenn.
(c) A collateral trust deposit of closed first mortgages having an a
gate face value of $3,110,000. These mortgages are equal to 66
%
of the cost of four properties owned by corporations, a part of the capital
stock of which in each instance is owned by Loew's Theatre & Realty
Corp. The mortgages in each instance respectively constitute a first
lien on such respective properties, which consist of the following: Loew's
Grand TheatreBldg. Fordham Road, N. Y. City (50% owned); Loew's
86th Street Theatre Bldg., Brooklyn, N. Y. (662-3% owned); Loew's
'
72d Street Theatre Bldg., N. Y. City (50% owned); and Loew's State
Theatre, Memphis, Tenn.(60% owned).
(d) A collateral trust deposit of all the stock owned by the borrowing
corporation in the corporations described in "c" above, representing a
cash investment of $.824,000.
Louisiana Oil Refining Corp.
-Acquisition.
The company has purchased the properties of the Consumers Oil Co. of
Springfield, Ohio, consisting of five filling stations and a bulk station.
V. 124, p. 1078.
Luckenbach (Steamship) Co., Inc.
-Extension of Note.
The U. S. Shipping Board has granted the company an extension from
April 1 1927 to Dec. 31 1931 on its $150,000 5% note for money owed the
Board. The falling off in the company s revenues because of unsatisfac-
APR. 2 1927.]
THE CHRONICLE
tory lower ocean rates made renewal of note necessary. The extended note
will be secured by assignment of the portion of the awards in the company's favor made by the Courts. The company owes the Shipping Board
$2,555.000, represented by seventeen $150.000 notes, two of which mature
annually in years 1927 to 1934 inclusive.
-V.107. p. 1388.
McCaskey Register Co.
-2% Back Div. on 2d Pref. Stock.
The directors have declared a back dividend of 2% on the 2d pref.stock
and the regular quarterly dividends of 13.4'% on the 1st pref. and 2% on the
2d pref. stocks, all payable April I to holders of record Mar. 24.-V. 123,
la• 1640.
McQuay-Norris Mfg. Corp.
-Resumes Dividends.
-
The directors have declared a dividend of 40c. per share on the outstanding capital stock, no par value. payable April 1 to holders of record
March 22. From July 2 1923 to April 1 1924 incl,. quarterly dividends
of 50c. per share were paid; none since.
-V. 122, D. 2052.
(R. H.) Macy & Co.
-To Increase Capital Stock.
-The
stockholders will vote April 12 on increasing the authorized
common stock from 350,000 shares to 750,000 shares, no
par value. This increase is not intended for present use,but
is intended to put the company in a favorable position for
the future.
Consolidated Income Account.
Years EndedJan. 29 '27. Jan. 30 '26. Jan. 31 '25. Feb. 2 '24.
Net sales
475,470,316 $66,505,460 $56,369,795 $51.232,360
Cost of goods sold, selling,oper.& adm.exp.,
less miscell. earnings_ _ 69,419,487 61,691,644 53,014.097 47,494,473
Provision for Fed.inc.tax
800,000
650,000
350,000
400,000
Int. on 5X% bonds.,....106,891
Preferred divs. (7%) .529,554
646,224
659,330
683,914
1989
General Balance Sheet December 31.
1925.
1926.
1926.
AssetsLiabilities$
5
$
Property, plants &
7% cum. pref.stk. 7.269,948
good-will
9,890,082 10,191,561 Common stock._ 4,511,900
Investments
848,632 7% deben. notes_ 1,700,000
742,534
344,729 Notes payable.... 126,951
603.623
Cash
Notes receivable4,782
57,315 Accounts payable_
36,815
Accts.receivable_ 1,356.080 1,319,219 Rea, for conting_ 635,897
1,560
Interest receivable
3,872 Miscell. reserve.-14,816
2,827,756 3,558,374 Surplus
Inventories
1,222,301
Expend. applic. to
135,590 Total (each side)_15,518,627
92,209
future operations
-V. 123, p. 2911.
1925.
$
7,269,948
4,511,900
1,800,000
1,000,000
137,839
585,409
12,065
1.098,288
16,459.292
Mountain & Gulf Oil Co.
-Balance Sheet Dec. 31.1925.
1926.
1926.
1925.
Assets
Liabilities
Oil lands & lessees 6,812,412 7,375,512 Capital stock
3.705,200 3,705,200'
Field inv. & eq't_y 489,727
705,195 Accounts payable_
32,658
32,179
145,830
317,890 Working ints. pay_
Cash
157,881
90,780
2,094,064 1,292,739 Contracts payable. 100,000
Bonds
350,000'
214,490
Stocks
73,000 Reserve for taxes_
110,776
67,215
185,000
Notes receivable
100,000 Unclaimed diva. &
86,193
Acc'ts receivable
152,679
dive. payable... 120,745
119,846
Invest. in other cos
53,553 Res.for minor. Int.
2,428
7,979
Deferred assets__ _ 263,962
285,452 Surplus
6,129,093 5,915,720
10,291,682 10,356,023
Total
Total
10,291,682 10,356,023x After deducting 62,949,178 reserve for depletion. y After deducting
for depreciation.
$1,848.604 reserve
-V. 124, p. 1677.
Mountain Mill Paper Co.
-Receivership Dissolved.
-
Judge William A. Burns in Superior Court at Pittsfield. Mass. recently
Mass.,
Passed favorably upon the final report of the receiver, Louis T.
and allowed the latter's petition that the receivership for the company
be dissolved. The suit was brought against the company on Dec. 8 1923
by the Lee National Bank and others. On Oct. 19 1926 the offer of the
Mountain Mill Co. to purchase the assets of the company was filed, which
offer was approved by the Court.
Balance, surplus
$4.614,383 $3,517,591 $2,346.368 $2,653,973
Profit and loss,surplus_ _$16,117,894 $12,664,132 $9,190.041 $6,679,499
Corn.shs. outst.(no par)
350,000
350.000
350.000
350.000
Earns, per corn.
sh$6910.05
913.18
.70
$7.58
x This figure does not include sales of affiliated stores.
Consolidated Balance Sheet.
Mountain States Packing Co.
-Receiver Sought.
Jan. 29 '27. Jan.30'26.
Jan.29'27. Jan.30'26.
Fraud and injustice to stockholders are charged in a suit filed Mar. 22 at
AssetsLiabilities$
$
$
Brighton, Adams County, Colo., asking that a receiver be appointed to
Cash
4,797,690 3,845,962 Accts. pay.: trade
conserve the assets of the company and its subsidiaries, according to the
Marketable secur_
creditors
47,245
47,245
1,521,481 1,293,801 Denver "Rocky Mountain News, which further adds: "Allegations are
Misc,loans & debit
Trade cred'rs for
made that 0. B. Melville, Allison Stocker and Louis K. Sigman, who are
190,849
245,103
balance
mdse. in trans 193,059
414,645 named as defendants,are scheming to'freeze out' many of the smaller stockMerch'se on hand_ 7,662,004 7,247,580
Miscellaneous_ _
109,132
123,781 holders, of which there are more than 800 in Colorado and adjoining States.
Merch'se in transit 198,526
434,377 Accr. sal.& exp___ 1,389,168 1,109,084
"The receivership action, according to plaintiff stockholders, will reopen
Sundry supplies_ _ 255,530
266,834 Accr'd int. on bds. 130,531
the bitter fight for control of the packing companies, which came under the
Investments
558,466 Divs. payable_
454,731
159,232 active management of Sigman. Stocker and Melville in Jan. 1924. Since
Inv. In MM.stores 2,422,612 2,055,889 Res.for Fed. tax__ 800,000
650,000 that time, it is set forth. Stgman has resigned as President of the company
Land, bldgs., &c..17,413,420 16,633,647 Mtges. payable._ 275,000
304,800 and has become the purchaser of the K.& B. Packing & Provision Co.,one
Prepaid expenses_ 169,461
162,656 Res, for conting_ 168,224
188,077 of the original subsidiaries of the Mountain States Packing Co. The con*Good-will
7,000,000 7,000,000
% deb, bits. 7,500,000
ditions of this sale, it is alleged, constitute a fraud upon other stockholders,
Res.for insurance79,980
65,000 and it is asked that the transaction be set aside as void.
Preferred stock._
9,099,000
"It is charged that directors of the defendant companies 'are figureheads
Corn.(350,000 shs.
and do as they are instructed by Melville and Stocker.' The entire investno par)
12,381,885 12,381,854 ment of 6900,000 is endangered by present methods of operation, it is
Earned surplus_ _16,117,894 11,614,132 alleged,and that the receivership is requested for the benefit of the plaintiffs
Total(each side)40,666,323 38.453,507 Approp. surplus.
1,050,000 'and other stockholders similarly situated. -V.118, p. 1401.
* At the rate for one-half interest in 1914.-V. 124. p. 1676.
Murray Body Corp.
-Tenders.
-
Mid-Continent Petroleum Corp.
-Acquisition.
The Detroit Trust Co.,trustee, Detroit, Mich., will until April 11 receive
The corporation has purchased the five service stations and two bulk bids for the sale to it of 1st mtge. sinking fund gold bonds dated
1924. te
stations of J. C. Goodman, located in and near Newcastle, Ind.
-V.124, an amount sufficient to exhaust $125.000. at prices not exceeding 104 and.
p. 1521.
int.-V. 124, p.244.
Montgomery Ward & Co., Chicago.
-March Sale8.1927.
1926.
1925.
1924.
Month of March
$17,892,739 $18,265,921 $16,019,974 $14,086.647
First three
45,233,923 48,377,587 41,407,105 37.863,932
-V. 124, p. 1521, 1370.
months_-
Motor Guaranty Corp.
-Bondholders' Suit.
-
The following is from the New York "Times" of March 16:
Bondholders of this defunct corporation, formed to finance the purchase
of automobiles, are seeking to hold the Chatham & Phenix National Bank
liable for the face value of the bonds, on the ground of "gross negligence.'
This litigation was made known March 15 in a decision of the Appellate
Division in Brooklyn in a suit of John A. Doyle against the Chatham &
Phenix, in which the higher court upholds an order of Supreme Court
Justice Cropsey permitting Doyle to file a new complaint.
The facts of the case are revealed in the opinion of Justice Manning,
who, explaining that Doyle is suing in behalf of himself and 10 other
bondholders who had assigned their claims to him for more than $52,000,
with interest from Jan. 1 1923, the corporation having gone into bankruptcy shortly after that date, says:
"The trust indenture of the Motor Guaranty Corp. with the defendant
was dated Feb. 1 1922 and provided for the Motor Guaranty Corp.
and pledging with the defendant . .
each bond to be issulsi lng
s treivunder, collateral security to consist of alai' or current funds, trade acceptances, or notes of dealers guaranteed by the corporation, or other first
lien mortgages; that on written request accompanied by delivery and
pledging of the aforesaid collateral, equal to at least 110% of the
of the bonds, the defendant should authenticate or certify and amount
deliver
the bonds.
"It Is further alleged that collateral totaling about $130,000 was worthless,
with the exception of $30 collected; that these bondholders were never
paid anything; that the defendant did not properly investigate the
ment of the business of the Motor Guaranty Corp., and that managethe
poration was not authorized to do business in the State of New York corand
did not have power to issue such bonds therein."
The opinion of Justice Manning says that the case was assigned to trial
before Justice Cropsey in December and that after proof
as to the 10 claims assigned to Doyle by other bondholders was offered
counsel for
the bank objected on the ground that although they assigned to the plaintiff
all the bonds and rights of the assignors, "they did not convey
causes
action against the defendant." Doyle then got permission to file a of
new
complaint, but the bank appealed, and this delayed the trial.
In upholding the complaint containing the new assignments by
the
10 other bondholders, the Appellate Division says that the appeal is based
on the contention of the bank that the amended complaint sets
forth a
new cause of action, that the setting up of a now cause of action in a supplemental complaint is barred by the Civil Practice Act. On this
point
Justice Manning declares that in his view of the case the confirmatory
assignments "do not allege any new cause of action which had not
been
alleged in the original complaint."
The case was argued by Herbert C. Smyth for the plaintiff and by
Benjamin M. Kaye for the bank.
National Cash Register Co.(Md.).-Income Account.
Income Account for Year Ending Dec. 31 1926. • •
Profits and income from all sources (after depreciation or
$1,268,349), including profits of foreign subs. & branches-- $7.533.740
Miscellaneousincome
287,327
Total
$7,821,067
Interest paid. $54,713; prov.for Fed. inc. tax,$825.175; reserve
for contingencies, $180,540
1,060,428
Net profit for the year
Dividends declared on common "A" stock
Dividends declared on common "B" stock
$6,760,639
3,300,000
1,200,000
Balance
Organization expenses written off
$2,260.639
247.911
Surplus at Dec. 31 1926
Earned per share on 1,100,000 shs. corn."A" stock (no par)
-V.124, p. 658.
$2,012,728
$6.14
New Cornelia Copper Co.
-Annual Report.
-
Calendar Years1926.
1925.
1924.
1923.
Total earnings on metals.$11,666,826 $10,235.225 $8,678,349 $5.555,717
Other income
55,727
48,417
112,083
41.739
Total iocome
$12.722.553 $10.283,642 $8,790,432 $5,597,456
Operating expenses
4,825,460 4,316,582
3,992,590
2,398,628
Salaries, office & gen.exp
107,061
85,785
73,392
65,732
Fgt., refg. & mktg.exP - 1,564,148
1,257,090
1.116,528
729,626
State and Federal taxes902.939
755,384
476,861
372,015
Miscellaneous expense_
13,092
23.891
Interest
4,719
143,654
152,682
Depreciation
603,678
995,640
906,617
722,128.
depletion
Ore
1,590.262
1,466,783
880,923
Dividends
(32%)2.880,000 :1,141,290(734)675,000 (10)900,000
Balance, deficit
sur$834,537
915,136
$471,597
693,912
Total cop. prod. (lbs.)- - 82,312,463 69,262,286 63,884,293 38,367,718
No.of shs. outst.(Par$5) 1,800.000
1,800,000
1,800.000
1,800.000
Earnings per share
a$2.06
b$0.63
b$0.32
b$0.24
a Before depletion. b After ore depleAon. x In addition to the dividends paid out of surplus, the following distributions were made from
"reserve for depletion and depreciation" as return of capital: In 1925.
$658,710; 1924. 8675,000. or 734%; in 1923. 8450,000, or 5%.
Sales of copper for 1926 were 78.465,351 lbs., for which the company
received an average of 13.947c. per lb.
MM.
-Entries covering depletion are recorded on the books of the company, but being made for income tax purposes only are omitted from the
1926 statement.
-V.124, P. 1523•
New England Steamship Co.
-Annual Report.
Mount Vernon-Woodberry Mills, Inc.
-Report.
Calendar Years1926.
1925.
1924.
1923.
Calendar Years1926.
1925.
1924.
Operating revenues
$6,615,847 $6,760,286 96,735,917 $7,865,150
Net profit from operations, &c
$932,481 $1,110,873
$200,870 Operating expenses
6,163,400 6,078.130 6,174,645
6,624.478
Other income
158,359
130.940
83.460
Net operating income.. $452,447
$561,272 $1,240,672
$682,156
Gross income
$1,090,840 $1,241.813
$284,331 Tax accruals
74,115
52,760
48,570
55,153
Interest and expense on deb. notes_ _ _
137,258
144.258
140,000
Other interest
27,775
66.349
16,078
Operating income_ __ _
$378,332
$506,118 $1,187,912
$633,586
Provision for depreciation
363.296
367.803
375,004 Other income
134,142
248,716
171,886
214,642
Provision for Federal and State taxes
75,000
40.000
Gross income
9678,605 $1,322,054
$627,048
$848.228
Net income
$623,403 def$246,752 Deduc'ns from gross inc_
$487.511
654,148
654.591
656.736
653,669
Previous surplus
1,098,287
838,382
1.266,883 Dividends
510.000
Gross surplus
$1.585,798 $1,461,785 $1,020.131
Net income
$157,906
$23,414
def$29.688
$194.559
Dividends paid on preferred stock- ($5)363,497 ($5)363,497($2.50)181749
-V. 123. p. 2912.
Surplus Dec. 31
*$1.222,301 $1,098.288
New York Dock Co.
$838,382
-New President.Earn. per share on 72,699.48 shares of
Grigori Bene.nson, head of the Benenson Investment Co.has been elected
preferred stock (par $109)
$6.62
$8.57
President to succeed W. E. Hahn,resigned. D. L. Tilly has been elected
4 Subject to accumulated dividends on preferred stock, when declared,
.
Executive Vice-President and R. W. Dowling, Vice-President.
-V. 123
of $29.50 per share.
P. 2912.
[VOL 124.
UTE CHRONICLE
1990
Noranda Mines, Ltd.
-Canadian Mine Merger.
Consolidation of three mining companies in Canada, with a present stock
valuation estimated at $55.000.000, is nearing completion, according to
reports received by Jerome B. Sullivan & Co. from its Canadian correspondents. Announcement that the deal has been closed is expected to
be made shortly.
The properties reported to be comprised in the merger are those of the
Noranda Mines, the Towagmac Mines and the Waite-Montgomery Mines.
Itis understood that the Amulet Mines were included in the original plan,
but that they have been left out for the time being.
The present authorized capital stock of the Noranda Mines. Ltd., is
2,000.000 shares(no par value),of which 1,749.400 are issued. The Towagmac Mines have an authorized capital of 1,000,000 shares of $1 par value.
Although details of the manner in which the merger is to be effected were
not made known, it is expected that Noranda Mines will be broadened out
to absorb the two other companies, although the final disposition may be
to create a holding company to operate all three properties.
The feature of the consolidation plan is that all three properties will supply
ore to the Noranda smelter, so that the Noranda company or the new company will be able to handle these ores as its own instead of in a customers
capacity. When the consolidation is completed the Amulet Mines will be
the only customer shipper.
James Y. Murdoch of Toronto is President of Noranda Mines and S. C.
Thomson and H. W. Chadbourne, mining engineers of New York, are
managing directors.
-Bonds
North American Investment Corp. (of Calif.).
Offered.-Weeden & Co., San Francisco, are offering at
94, to yield 534%, $500,000 5% collateral trust bonds.
Dated March 1 1927: due March 11947. Interest payable M.& S. at
the Bank of California, N. A., San Francisco, trustee. Denom. $1,000 c*.
Callable as a whole or in part on any int. date on 30 days' notice at 102
and int. on or before March 1 1 C42. thereafter the premium decreasing 34 o
per annum. Interest payable without deduction for normal Federal
income tax not exceeding 2%. Company agrees to refund Calif. and
Penna. personal property taxes up to 4 mills per annum.
Corporation.-Ineorp. in California Oct. 20 1925. The purpose is to
operate an investment trust modeled on the conservative principles which
have proved popular in England and other countries.
Authorized. Chttstan ding.
Capitalizations-$500.000
$5,000,000
Collateral trust bonds
916.400
3,000,000
Preferred stock
593,700
2.000,000
Common stock
Earnirgs and Expenses, 12 Months Ended Feb. 28 1927.
Gross earnings
Espouses
1 3
,9
7 347
Taxes
1,939
Amortization of discount
$94,039
Net earnings
35,953
Dividends, preferred stock
Surplus at end of period
8
tr 85
-These bonds are to be secured by the deposit with theS5 uslee
Security.
of cash and (or) collateral; cash at the rate of at least 105%, and collateral,
at market value, at the rate of at least 125% of all outstanding bonds.
Not over 5% of the required collateral shall be in securities of any one
corporation, either municipal or private, excepting those of the United
States Government, and at least 80% of the required collateral shall be in
securities listed on the London Stock Exchange, New York Stock Exchange
and (or) San Francisco Stock and Bond Exchange. Further, the total
amount of bonds outstanding shall at no time exceed the total of the out-V.
standing fully paid preferred and common stock of the company.
124, p. 1371.
-Earnings.
North Central Texas Oil Co., Inc.
Month of JanuaryNet income before depletion and depreciation
-V. 124. p. 659.
1926.
1927.
$35.254 $31.064
Novadel Process Corp.
-Common Dividend No. 2.
The directors have declared the regular quarterly dividend of 50 cents
per share on the panic. pref. stock and a quarterly dividend of 25 cents
per share on the common stock, both payable April 1 to holders of record
March 25. On Jan. 3 last an initial dividend of 6214 cents per share was
paid on the common stock for the 714 months ended Dec. 31 1926.-V.
123. p. 3332.
James & Sons appraise the building alone at $675,000.• The land has been
appraised at $275,000, or a total of $950,000.
-The owner has given the following income figures: Gross
Income.
rents, $168,800; operation and taxes, $43,750; net income, $125,050. The
highest annual interest charge is $37,050. The estimated net income is
therefore almost 334 times the greatest bond interest.
-Annual Report.
Otis Steel Co.
1924.
1923.
$151,473 $2,110,756
763.355
350,000
Calendar YearsOperating profits
Depreciation
1925.
1926.
$3,395,777 $2,884,119
720,000
720,000
Operating profit
Other income
$2,875,777 $2,164,119 loss$611,882 $1,760,756
7,672
175,158
114.753
37,659
Gross profit
Other deductions
Prov. forest. Fed. tax
$2,713,436 $2,171,791 loss$436,724 $1,875,509
514,616
1,042,417
767.404
766,121
40,000
Net income
$1,907,315 $1,404,388df$1,479,141 $1,360,893
Profit and loss surplus.. $2,583,128 $2,679,474 $1,340,341 $2,876,757
The net profits for 1926 of $1,907,314 are equal to $16.20 a share on the
prior preference stock (after giving effect to exchange of all preferred stock),
as against $11.93 a share in the preceding year. After providing $7 per
share divs, on the prior pref. stock, the earnings per share on common stock
were equal to $1.46 for 1926 and 78 cents for 1925. Divs, paid on the prior
pref. in 1926 amounted to 8398,431.-V. 124. p. 1677.
-Earnings.
Packard Motor Car Co.
PeriodGross profit
Selling, general, &c., expenses
Depreciation
Federal taxes
3 Mos. E'nd. 3 Mos.End. 6 Mos.End.
Feb. 28 '27. Nov. 30 '26. Feb. 28 '27.
$4,632,462 $4,626,735 $9,259,197
1.657,602
887,624
769.978
2,383,829
2.383.829
780,440
462,028
318,412
Balance
Other income
$1,160,243 $3,277,083 34,437,326
1,471.712
558,392
913,320
$2,073,563 $3.835,475 $5,909,038
Net profit
Earnings per share on 3.004.264
$1.96
$1.27
$0.69
shares capital stock
-V. 123. p. 3332.
-Omits Common
Pan American Western Petroleum Co.
Dividends-Earnings for Calendar Years.
The directors have voted to omit the quarterly dividend of 50 cents per
,
share usually paid April 30 on the class A and class 13 stock. This rate
had been paid since and including Oct. 30 1925.
President E.L.Doheny is quoted in substance as follows: "During 1926
the sales price of petroleum products was so little above the combined production, refining and handling expenses that a very small margin of profit
resulted, as evidenced by the figures of our accountants." He added that
the public bought nearly $35.000.000 of the company's oil products, producing districts yielded a large volume of crude, and the only unsatisfactory
condition was the small profit margin.
Mr. Doheny also stated that the 1927 outlook appeared better with a
gross operating profit of $1.135,982 the first two months, contrasted
with $875.741 the same months of 1926: after reserves for depreciation
and depletion, expenses and interest the first two months of this. year
yielded $94,523 net against a loss of $73.328 the same months of 1926.
"However," he added. "the recent decision of the U. S. Supreme Court
may result in a loss to the company this year of something over $2,000,000,
which, together with the low prices for petroleum products, Is deemed a
sufficient justification for the failure to pay the dividend at this time."
Consolidated Income Accountfor Calendar Years.
1926.
. 8.
1 5 5.179
$34,683.046 828923
Grosssales
26,562,164 19,150,428
Operating and other costs
Operating profit
Depreciation and depletion
Abandonment of properties
General and administrative expenses
Interest
Provision for Federal taxes
$8,120,882 $9,432,751
3,861,153 2.940,675
648,370
749.188
745,275
700,047
528,125
1,752,802
382,924
47,820
81,164.824 84,232.609
Net profit
Earns, per share on combined capitalstock 000,000
1925.
1926.
s class A and 400.000 shares class B, both
eo
noar
sh pa
$
$
Liabilities$8.46
$2.33
Capital stock_-_60.000.000 60,000,000 -V. 123. p. 2272.
267,000
267.000
Funded debt
903,071
Notes & accts. pay 1.317,707
-New Name.
Paramount Famous Lasky Corp.
474,828
Unadjust. credits_ 264,244
-V. 124, p. 1836.
See Famous Players-Lasky Corp. above.
1,806,774
Tax liability
4,425,086
Reserves
-Par Value of Common Shares Changed.
Penman's, Ltd.
548,765
350,468
Min. Int. In subs
41,045.431 35,877,569
The stockholders on March 7 voted to change the par value of the
Tot.(each stde)107,669,936 99,878.010 Surplus
and approved the issuance of3new no
common stock from $100 to non-par
-V. 124. p. 1079.
par shares in exchange for each $100 par common share held.
Holders of the common stock will, on and after April 4, be entitled to
Oil Well Supply Co.
-Rights.
Montreal. Canada,
The New York Stock Exchange has received notice from the company receive from the Royal Trust Co.. 105 St. James St.,
offered the right to transfer agent, an interim certificate for three fully paid common shares,
that holders of common stock of record April 7 will be
each fully paid common share, par $100. represented
subscribe on or before April 28 at $32 per snare for common stock (Dar $25) without par value. for common shares surrendered by them. See V. 124.
by the certificate for
-V.124, p. 245.
to the extent of one share for each 8 shares held.
P. 1372.
-Balance Sheet Dec. 31.Ohio Oil Co.
1928.
Assets$
29,230,258
Plant
Cash
1452.940
Notes & accts. rec. 4,102.002
33,867,609
Inventories
Investments
36,382,079
UnadJust. debits_ _ 2,535,146
1925.
i
30,015.540
1,873424
3,422,235
30,493,442
33.863,894
209,072
101 West 37th Street (635 Sixth Avenue Corp.), N. Y.
-An issue of $1,550,000 53/2%
City.
-Offers Certificates.
guaranteed Prudence-certificates is being offered by the
Prudence Co., Inc., New York.
--Earnings.
Peoples Drug Stores, Inc.(& Subs.).
Income Accountfor Year Ended Dec. 311926.
Net sales. $6.342,693; other income. 3112.519; total income_ _ _36,455.212
5.964,364
Cost of sales, oper. exp. (incl. admin. & general expenses)
Interest payable F.& A. The purchase of one of these certificates makes
$4980:028478
the certificate holder the owner of a participation equal to the amount of Operating profit
his certificate in a first mortgage made by 635 Fixth Avenue Corp. on the Other income, less deductions
newly finished modern commercial building. The mortgage is a first lien
$498,874
-story fireproof building known as 101 West 37th Street,
on the land and 23
Net profit
67.104
located on the northwest corner of 37th St. and Sixth Ave., New York.
Federal income taxes
The building, which is of fireproof, brick. steel and stone construction.
$431,770
occupies a plot fronting 99.3 ft. on Sixth Ave. and 100 ft. on West 37th St.
Net income
80,000
The ',lidding contains 9,925 sq. ft. on the grade floor and 9,823 sq. ft. from Preferred dividends
the 24 to the 16th floors. Above the 16th floor there are various setbacks.
$351.770
The upper floors are served by 4 passenger and 3freight high speed elevators.
Balance. surplus
$3.51
There are 10stores on the ground floor,9 on Sixth Ave. and one on 37th St.,
1524.s
per share on 100.000 no par common shares
also practically the entire basement floor has been laid out for purposes of -V. 1p
Earning4, .
all of which will add considerably to the income of the building.
a restaurant.
-The building is over 65% rented. The annual gross rentals
Earnings.
-Resumes Common Divs.Perry Fay Co., Elyria, Ohio.
are estimated at over $336,000.
A dispatch from Elyria states that after a lapse of six years the company
-This property has been conservatively appraised as follows: has resumed common dividends with the declaration of a dividend of 50c.
Value.
Land. $1,060,000; building, $1.267,000; total, $2,327.000.
holders of record March 31.-V. 106, p. 2349.
-These certificates are a legal investment for trust a share. payable April 5 to
Legal Investment.
companies, estates, trustees and guardians in the State of New York.
-Sale.
Powers Accounting Machine Corp.
-The payment of both principal and int. is guaranteed by the
Guaranty.
-V. 115. p. 655.
See Remington Rand, Inc., below.
Prudence Co., Inc.
142-144 Joralemon Street Corp., Brooklyn, N. Y.
-Commonwealth Bond Corp., New
Bond Certificates Offered.
York, is offering at prices to yield from 6% to 06%, according to maturity, $570,000 1st mtge. 63/3% bond certificates.
Prin-
-Annual Report.
Phelps-Dodge Corp.
(Including Operations of Subsidiary Companies Owned.)
1923.
1925.
1924.
1926.
Calendar Years$38,424,039 $39,707,084 $35,838,489 829.735,620
Gross income
Cost of fuel, metal and
31.175,849 31,753,604 30,646,445 26,431,055
merchandise
1,946,055
2,335,653
2,467.046
Depreciation of plants_ - 2,278,522
832,932
428,429
765,116
Interest
4,409,094
6,029,274
5,817,264
6,211.687
Depletion of mines
Dated June 1 1927. Due serially, June 1 1929 to June 1 1942.
cipal and int, payable at Central Mercantile Bank & Trust Co., New York,
the office
trustee, and for the convenience of i avostors may be collected at Bond cerNew York.
of the Commonwealth Bond Corp.. 50 East 42d St.,notice at 102 and int.
$947.598 $1.153,681 $3,937,958 $3.883.5'6
Net loss
red. on any int. date upon 30 days'
tificates are
(554%)2.750,000(4)2,000,060(4)2,000,000(4)2,000,000
The normal Federal income tax not in excess of2% will be paid or refunded. Dividends
Penna. and Conn. 4 mills taxes, the Maryland 414 mills securities tax,
The
$3,697,597 $3,153,681 $5,937,998 $5,883,516
534 mills tax and the
Balance, deficit
the District of Columbia 5 mills tax. the Virginia
77,784,852 80,938,533 86,876,531 92,760,047
Balance, forward
Mass.6% income tax refunded.
-story and cellar, fireproof, steel, brick and
completed 13
-A
Building.
Profit & loss surplus.. _ $74,087,255 877,784,852 $80,938,533 $86,876,531
highest type of construction. John F.
concrete office building of the
APE. 2 1927.]
THE CHRONICLE
1991
Consolidated Balance Sheet Dec. 31.
similar jurisdiction over the chain of enormous theatres to be built in New
York and elsewhere by the Rosy Circuit.
1926.
1925.
1926.
1925.
Assets"This entire chain of theatres will, therefore, benefit through manageLiabilities
$
Mines & clalms_161,119,692 161,405,838 Capital stock_ __ 50,000,000 50,000,000 ment by a man who has directed many of the large and important theatres
Bldgs. & plants_ 36,973,084 35,703,669 Deferred stock.
•1,540,446 of New 'York, and who has become a world figure through his radio broadInventories.... 2,173,361 2,435,728 Acc'ts payable__ 4,620,237 7,036,399 casting and his comprehensive use or the motion picture in connection with
Investments ___
music and ballet presentations. All of the theatres will be designed by
808,296
916,790 Dividends payse (P.
able
750,000
500,000 Walter W. Ahlschlager, architect of the Roxy Theatre."
D. M. Co.)...
Mr. Rothafel, expressing his pleasure over the transaction, said: "This
995,453 Depreciation &
929,654
Metals & ores on
affiliation brings to us the forceful personality of William Fox, one of the
depletion rehand
3,751,744 3,989,049 serve
95,458,290 86,923,580 pioneers of the industry. I have known Mr. Fox intimately for 15 years,
Mktable. secur. 2,630,361 3,308,984 Surplus
74,087,255 77,784,852 and have admired his great fearlessness, his vision and his great success in
Acets receivable 6,186,130 7,183,842
building his corporation to rank as one of the great forces in the motion
Cash
picture industry. He seeks an ideal which he sees exemplified in the
5,113,707 2,003,568
Mktable sec.held
theatre which we have the honor to direct."
asst. reserve_
540,190
Herbert Lubin, who in conjunction with Roxy conceived and developed
Stripp'g & prep.
the Roxy Theatre, said:
expenses
4,689,562 5,842,356 Total (each sIde)224,915,781 223.785,277
"This affiliation is an ideal one for all concerned, as William Fox wil
* £316,530 outstanding preference stock of Arizona Copper Co.. Ltd., furnish the Rosy Theatre with superb attractions and Roxy will give them
a most sumptuous presentation."
-V. 124. p. 660, 936
now retired.
-V. 122, p. 3353.
Pittsburgh Steel Co.
-Omits Common Dividend.
-
The directors have voted to omit the quarterly dividend of 1% usually
paid on the common stock on April 1. This rate had been paid since
and Incl. April 1 1921. In addition extra dividends of 1% in cash and
25% in stock were paid in October 1923 on the common stock.
President H. D. Williams stated that the common dividend had been
earned but large additions to plant including a $4,000,000 tube mill made
it advisable to discontinue the payment.
-V. 123, p. 1887.
St. Regis Paper Co.-Tenders.Thc Equitable Trust Co., trustee, 37 Wall St.. N. Y. City, will until
April 7 receive bids for the sale to it of 5
-year 6% gold debentures. due
April 1 1931, to an amount sufficient to exhaust $250,000 now held in the
sinking fund, at prices not to exceed 102 and int.-V. 122. p. 2006.
Safeway Stores, Inc.
-Sales and Profits.
-
The company and subsidiaries report for the six months ended Dec. 31
1926, after interest, taxes and depreciation, net prcfits of $798,736, equivalent after preferred dividends at $12.21, or at the annual rate of $24.43
Pressed Steel Car Co.
-Whelan Group Dominate.
George J. Whelan and his associates in the Universal Pipe & Radiator per share on the 55,069 shares of common stock. For the year ended
Co., it is stated, have acquired over 50% of the 123,378 shares of outstand- Dec. 31 1926, consolidated net profits were reported at $1.496,880 after
ing common stock. Mr. Whelan says he and his associates are thoroughly Interact, taxes and depreciation, equivalent after allowing for one year's
in accord with the present management and that they have acquired the dividends on $3,600,000 preferred stock outstanding at Dec. 31 to $22.60
holdings because they believe in the future of the company, which has just a share on the common stock. These earnings compare with consolidated
passed through two bad years. The new interests believe the company is profits of $1,308,404 reported in 1925, or $19.18 a common share, based
on the same capitalization.
now on the upgrade. They expect a good year in the equipment industry.
Consolidated net sales for 1926 are reported at $52,711,332. compared
Since Jan. 1 last the company has booked about $6.000,000 worth of
freight car business, which was more than the company booked in the first with sales of $338,691,930 reported for 1925.
6 months of 1926.
Consolidated Balance Sheet as at Dec. 31 1926.
The Whelan group, it is stated, has also acquired a substantial interest
Assets
Liabilities
in the Walworth Co., manufacturers and distributors of plumbers'supplies. Cash in bank on on hand
$642,079 Notes payable. bank
$513,000
Mr. Whelan, it is stated, is thoroughly in harmony with the present man- Accounts receivable
330,737 Accounts payable, trade
1.049,311
agement of this company and expects it will have a successful year.
- Inventories
5.751,081 Advs. from predecessor cos_ __ 1,131,022
V.124.p.1232.
Prepaid expensm
118,732 Accr'd Habits., incl.Fed. taxes 400,666
Investments and advances__ _ _
51,586 DIVIdends payable
173,000
Provincial Paper Mills Co., Ltd.
-New Control.
Fixed assets
y2,199,319 Deposits on leases
30,380
A Toronto dispatch says the acquisition of control of this company
Mtge. on real est. de bldgs__ _ _ 250,000
by the Dominion Securities Corp. Ltd., headed by E. R. Wood, inSurplus reserved
200,000
volving about $800,000, has been announced. This enterprise was formerly
'
7% preferred stock
'3 600,000
controlled by American capital chiefly in Michigan.
Total
$9,093,534 Common stock
x1,746,156
Tho dispatch further states: "The xnajority common stock has been
x Represented by 55,069 shares of no par value. y After depreciation of
purchased for $135 a share and the same offer is being made to minority
shareholders. It is proposed to retire the preferred stock at $107 a share. $973,228.-V. 124, p. 1525.
It is not unlikely that the company's bonds will also be retired and some
new financing may be announced in the near future."
Salt Creek Producers Association, Inc.
-Larger Div.
-V. 124, p. 1372.
The directors have declared a quarterly dividend of 75c. Per share.
payable May 2 to holders of record April 15. Previously the company paid
Pyrene Manufacturing Co.
-Annual Report.
quarterly dividends of 621ic. per share.
-V. 124, p. 1525.
Calendar Years1926.
1925.
1924.
1923.
Profit after taxes
x$348.411 x$318,894 x$230.413 y$209,572
Sears, Roebuck & Co., Chicago.
-March Sales.
Dividends paid (10%)
146,316
146,316
146,316
146,316
1927.
Increase. •
1926.
Month of March
Balance, surplus
$23,254,260 $21,996,406 $1,257.854
$202,095
$172,578
884,097
$63,256 First three months
Profit and loss surplus_ _ 2,086,125
66,300,802 66,009,868
290.934
1,884,029
1.711.451
1,647.906 -V. 124, p. 1837, 1374.
Shares of capital stock
outstanding (par $10)
146.316
146,316
146,316
1.16.316
(Frank G.) Shattuck Co.
-Annual Report.
Earns. perch . on cap.stk.
$2.38
$2.18$1.58
x Profit after reserve for U.S.income taxes (and in 1926 including $1.43
Calendar Years1926.
1925. • •
$51.345
derived from sale of stock of a subsidiary). y Subject to U.S.income taxes Sales
$13.247.470 $11,439,401'
(which amounted to $20,552, as shown in 1924 report).
Gross trading profit
2.436,797 $4,039,069
-V.123.P• 3333.
Other income-Rents, interest and discount
96,188
334,233
Realty Associates, Brooklyn, N. Y.
-Dividends.
-
The directors have declared out of the
2d preferred stock and $2.50 per share onearnings a dividend of 5% on the
the common
April 15 to holders of record April 5.-V. 124, p. 935.stock, both payable
Remington Rand, Inc.
-Acquisition.
-
Pros. J. 11. Rand Jr. announces that the corporation has acquired
cash the capital stock of tbe Powers Accounting Machine Corp. as for
well
as the Accounting & Tabulating Machine Corp., a subsidiary which
handles
the Powers corporation's foreign business.
The Powers corporation's main plant is in Wilkes-Barre. Pa., and it
has a printing plant in Now Brunswick, N. J.
-V.1,124,. 1836.
Replogle Steel Co.
-Reorganization Plan Approved.
-The
stockholders on March 29 approved a plan of reorganization
as outlined in V. 124, p. 1678.
•
Rio Tinto (Mines) Co., Ltd.
-Final Dividend.
-
Total
General and administrative expenses
Depreciation
Federal income taxes
$2,532,985 $4,373,303
685.484 2,726,858
376,633
283,672
156,427
152,653.
Net profit
Common dividends
$1,314,440 $1,210,113
600,000
637.250
Balance,surplus
Shares of capital stock outstanding (no par)
Earnings per share on capital stock
-V. 124, p. 122.
(A. 0.) Smith Corp.
-Earnings.
-
$714,440
300,000
$4.38
$572.863
300.000
$4 03
The report for the six months ending Jan. 31 1927 shows profit and
Income. after deducting all manufax Wring, selling and administration
expenses, including depreciation on plants and equipment, but before
providing for interast on 10-year 63. % stud bonds and Federal and State
The company has declared a final dividend for the year 1926
Income taxes, of 82,169,806. After interest :Lad allowance for Federal
share on the ordinary shares, making the dividend rate for the of 308. Per and State income taxes, net profit was $1,607,849. Total surplus as of
year 50%.
the same as was paid in 1925.-V. 123, p. 2274.
Jan. 31 1927 was $7.874.719, which after dividends of $257,949 left a
net surplus of $7,616,770.
(Wm. A.) Rogers, Ltd.
-To Pay Back Dividends.
The balance sheet as of Jan. 31 1927 shows total current and working
The directors have announced that the remaining dividend
arrears, assets of $9.425.310, compared with current and accrued liabilities. of
amounting to 111%, will be paid on the preferred stock as of
April 1. $5.259,721. Total assets were $23.523.650.-V. 123, p. 1887.
In 1926 the company paid four regular quarteny dividenas of
111% and,
a dividend of 111% on account of accruals.
Standard Oil Co. (Kentucky).
-Annual Report.
Calendar YearsCalendar Years1926.
1926.
1925.
1925.
1924.
1924.
1923.
1923.
Profits f
Net profits
$271,211
$8,306,620 $8,272,201 $6.151,941 $6,286,182
$216.004
$137.632
$380,381
Depree. of plants
111.175
115.063
2,704,671
2,693,723
112.731
2.681,796
112.124 Cash dividends (16%) - 2.716,135
Reserve for Federal tax_
21,000
997.052
12,725
1,083,711
769.000
3,795
767.000
46,745 Res. Fed, taxes curr. yr.
Preference div. (7%)_ _ 78,596
78,596
78,596
78,596
do acct. arrears__ _(1 %)19,649
(
Balance, surplus
34.593.434 $4,483,819 $2,689,218 $2.837,386
(3Si 7)39,298
Payment to Can. Wir.
.
Profit & loss, surplus__ _$15,858.319 $11,264,886 $6,899,817 $4,210.599
A. Rogers, Ltd., re
Shares capital stock outdiv. guaranty
standing (par $25)
680,500
x35.000
677,192
674.576
671,360
35,000
Earns. per sh.on cap.stk.
$10.74
$10.61
$7.98
$8.24
Balance, surplus
$40,791
$9,619 def$131.787
$107,916
Balance Sheet Dec. 31.
Profit and loss,surplus_ _
$1S3,905
$93,115
$83,495
$215,283
1926.
1925.
Coin. ells. out.(par $100)
1925.
1926.
15.000
15.000
15,000
15.000
Assets$
Earns, per corn, scare
$
Liabilities
$
$2.72
$0.64
None
$7.19 Plant improvements
Capital stock
x Final payment.-‘. 122, p. 3223.
17,012,560 16,929,809
& equip
29,575,721 25,476,644 Accounts payable_ 5,455,370 6,312,196
Roxy Circuit, Inc.
-New Theatre Purchased by Fox
- Merchandise rec., 8,254,982 8,108,654 Accrued deprec_ _10.262,648 7 909,721
accts.
Playhouse Will Be Capstone of Chain, All Under Rothafel's Cash, trivestments12,876,390 10,933,147 Penns. & ann. res_l 781,580 {300,000
&c.,
Insurance fund_.
363,784
Direction-Deal Involves Over $15,000,000.
Fed, tax reserve
1,336,616 1,438,048
Surplus
15,858,319 11,264,886 The new Roxy Theatre, 7th Ave. and 50th St., was sold March 25 by
Herbert Lubin and associates to the Fox Theatres Corp., it was announced
Total
50,707,093 44,518,445
Total
50,707,093 44,518,445
by President William Fox. S. L. Rothafel (Rosy), who conceived the
of the great playhouse, continues as the director of the theatre and 2 idea
Changes in Personnel.new
•
ones to be added to the Roxy chain under Fox control.
W. E. Smith, formerly Vice-President, has been elected President, sucAt the time the theatre was opened (March 11) it was reported that
-V. 124.
house and site had cost approximately $10,000.000. It is stated that the ceeding S. W. Coons, who has been made Chairman of the board.
the P. 1233.
consideration paid oy the Fox Theatres is over $15.000,000.
Stock already issued in the Roxy Circuit totals 125,000 shares of class A
Standard Oil Co. of New Jersey.-Bayway Plant.
and 350,000 shares of common. White, Weld & Co.,it is said, hold 176,000
The company
shares of the latter. Mr. Fox said details of new financing had not yet been are now shut states that 100 of its 180 cracking units at its Bayway plant
worked out, so he was not ready to make any announcement for the benefit crude oil and down. It is stated that under the present reduced prices of
gasoline, the company has found it better to run most of the
of those who had invested in the undertaking.
crude through primary distillation and store the balance for cracking later
Mr. Fox said he had been negotiating for the purchase of the theatre for on when
considerably on
gasoline prices
6 months. With that deal completed the Fox Theatres Corp. has bought evaporation as well as are higher. By so doing, it savesdistillates which
reducing the amount of cracking of
controlling interest in the two new theatres of the Rory Circuit,
Inc.
Ground for one, to be called the Roxy Mansion, is now being broke., at is a more expensive operation at a time when gasoline prices ate relatively
-V. 124, p. 1082. 518.
Lexington Ave. between 58th and 59th Streets A third,the Roxy Midway„ low.
is to be built at Broadway and 72d St. These three, in addition to 9 being
Standard Oil Co. of New York.
-Acquisition.
built in Brooklyn, Detroit, St. Louis, Newark,Philadelphia, San Francisco,
The company has
of 42
Los Angeles, Washington and Kansas City, will make a total of 42 theatres stations in greater acquired Bohol Bros., which operates chainSobol retail
Bros.
New York. The present management of
for the Fox Corporation.
will continue, although the Standard Oil Co. of New York will form a new
Mr. Fox's formal announcement of his purchase says:
subsidiary company called Sobol Bros., Inc. These stations have always
"Under the new arrangement Roxy will continue his personal direction handled Socony
products
are reported
and supervision of the Roxy Theatre in New York and will also exercise prosperity in recent years.and is stated thatto have enjoyed exceptional
It
their retail gallonage output
1992
Is larger than any other private chain of service stations in the United
States.
-V.124. p. 1374, 1082.
Stewart-Warner Speedometer Corp.
-Wins Suit.
The U. S. Circuit Court of Appeals at Cincinnati has upheld the Bassick
Alemite Co.. a suosidiary, In 6 cases against companies selling repair and
replacement parts similar to those manufactured by Bassick Alemite for
automobiles. The decision, regarded as one of the most sweeping patent
decisions in some time, is directly in favor of the corporation's subsidiary,
Bassick Alemite Co., makers of the Alemite lubrication system used on
nearly all automobiles. Under the decision the infringing concerns are
stopped from marketing repair and replacement parts involved in the court
action. This large volume of business will now go back to the Bassick
Alemite Co According to officials of the Stewart Warner Speedometer
Corp.. the suits were the most important involving sales and profits that
the company has had in the courts for years.
-V. 124, p. 1525.
• Sun Realty Co.
-Bonds Offered.
-Alvin H. Frank & Co.,
Hunter, Dulin & Co., Union Bank & Trust Co. of Los Angeles
are offering at 101 and int. for the 1930, 1931 and 1932 maturities,and at 100 and int.for all other maturities,:31,500,000
1st mtge. 63.4% gold serial bonds.
Dated April 1 1927; due serially April 1930-1944. Denom. $1,000 and
$500. Prin. and bit.(A. & 0.) payable at Union Bank & Trust Co. of Los
Angeles, trustee. Callable all or part on any int, date on 30 days' notice
at 102 and int. Company agrees to pay normal Federal income tax up to
2%. Exempt from personal property taxes in California.
Security.
-These bonds will be secured by a first closed mortgage on the
land, owned in fee, and the New Mayfair Hotel building, together with its
complete furnishings and appurtenances thereto. The property has a
frontage of 119 ft. on West 7th and a depth of 125 ft. on both Hartford
and Stewart streets.
The bonds are also secured by a modern garage building now under construction, having a frontage of 73 ft. 6 in. on Stewart St. by 105 ft. 6 in.
In depth. This issue of bonds is also a direct obligation on the company.
which has a net worta substantiated by well-known appraisers at 416,092,564.
Company.-Incorp. in July 1921. Owns many of the strategic corners
throughout the business districts of the City of Los Angeles, the buildings
on which produce a substantial and dependable income. Among the
company's holdings are 23 completed structures in Los Angeles, which
include many of the Class A buildings in the metropolitan districts of the
city.
Earnings Years Ended Dec. 31.
1928.
1923.
1925.
1924.
Gross income
*810,866 41,163 864 $2.130.695 $2,761,403
Exp., incl. depr. & Fed. tax.. 679,017
852,670 1,498,327 2.030,713
Net income
$131,848 $311,194 8652,368 $730.690
It is estimated that the net earnings for the year 1927, which will include
the earnings from the Mayfair Hotel, will show a net profit to this company of approximately $950,000.-V. 123, p. 2533.
Telephone Investment Corp.
-Earnings Year Ended
Dec. 31 1926.
Operating and miscellaneous revenue
Operating expense
Depreciation
Taxes (including Federal)
Interest
Uncollectible revenues
Dividends paid
[Vol,. 124.
THE CHRONICLE
$715,323
1225 0
1;19
3 7 91
40.160
18.697
1,561
140,130
have the privilege of surrendering their pref. stock certificates and receiving in exchange therefor stock certificates covering 1.6 shares of new
pref. stock and 6 shares of new common stock in exchange for each share of
pref.stock so surrendered. To effect such exchange will require the issuance
of 88,000 shares of new pref. stock and 330.000 shares of new common stock.
The U. S. Distributing Corp. will issue to the U. S. Trucking Corp.
41,91034 shares of its new pref. stock and 143.246 shares of its new common stock (constituting substantially all of the remaining authorized stock
of each class, other than the 520.000 shares of new common stock to be
reserved to take care of the conversion of the new pref. stock) in consideration of United States Trucking Corp. selling and conveying all of its property, rights, privileges, franchises and good-will, including the right to use
its corporate name, to a new NewYork corp oration of the same name,
whose capital stock will be entirely owned by the U. S. Distributing Corp.
Such new corporation will assume all obligations and liabilities of the present
United States Trucking Corp., which will then be dissolved, and the above
mentioned amounts of new pref. and new common stock of the U. S. Distributing Corp. so received by the U. S. Trucking Corp. will be distributed
among its stockholders as below set forth.
The capital stock of the U. S. Trucking Corp. now outstanding is as
follows:(a 10,000 shares of 7% prior preference stock, par $100 per share,
all owned by the U. S. Distributing Corp., except 1,200 shares which are
held by an outside interest, but covered by a purchase agreement on the
part of the U. S. Distributing Corp.: (b) 26,000 shares of 4% to 8% pref.
stock, par $100 per share, 47% of which is owned by the U. S. Distributing
Corp.; (c) 23,642 shares of class "A" stock without par value, over 70%
of which is owned by the U. S. Distributing
nd (d) 45.5153i shares
of class "B" stock without par value, over 80%
Corp.,Of which is owned by the
U. S. Distributing Corp.
Upon dissolution of the U. S. Trucking Corp. the following distribution
will be made among the stockholders of that corporation: The holders of
prior preference and pref. stock will each receive one share of new pref.stock
of U. S. Distributing Corp. for each share of prior preference or pref. stock
now held; the holders of class "A" stock will receive 31 of a share of new
pref. stock and % of a share of new common stock of U. S. Distributinq
Corp. for each share of class "A" stock now held; the holders of class "B'
stock will receive 5 shares of new common stock of U. S. Distributing
Corp. for each share of class "B" stock now held.
By virtue of its ownership of stock of all classes of the present U. S.
Trucking Corp. (not including therein the above mentioned 1,200 shares
of prior preference stock), the U. S. Distributing Corp. upon the dissolution
of the fthst named corporation will become the owner of 25,18434 shares
of its own new pref.stock and 95,81034 shares of its own new common stock.
Inasmuch as these shares of stock will be retired or held in the treasury of
the U. S. Distributing Corp., as may be deemed expedient by that corporation, the outstanding capital stock of the Distributing corporation at the
7
completion of the plan will be 104,726 shares of new cony. - % cum. pref.
stock, par $100 per share, and 377.436 shares of new common stock without par value.
The new cony. pref. stock of Distributing corporation will entitle the
holders thereof to receive dividends at the rate of but not exceeding 7%
per annum,cumulative fron Jan. 1 1927 (or subsequent date issue, if issuen
after June 30 1927),and may be redeemed on any regular dividend date after
April 1 1930 on 60 days' notice at 110 and diva. The new pref. stock will
be convertible into new common stock at the option of the holder thereof
at any time on and after April 1 1930 at the rate of 4 shares of new common
stock for each share of new pref. stock. Pref, stock calied for redemption
may be so converted into common stock up to and including the date of
redemption.
Application will be made to list the new pref. and common stocks of
U. S. Distributing Corp. upon the New York Stock Exchange. See also
V. 124, p. 1234, 1376, 1525, 1683.
United States Malleable Iron Co.
-Sale.
-
The plant of the company located at Toledo, Ohio, was sold at foreclosure
March 18 to attorney Howard Lewis of the firm of Doyle & Lewis, Toledo.
stock$65.990 at the upset price of $365,000.
Net earnings
The plant originally was sold at receiver's sale and confirmation of the
80.000
Shares of ca
capital stock outstanding(par $20)
(p
$2.58 sale received from Federal court. This sale was upset, however. BondEarnings per share on capital
holders then brought foreclosure proceedings and the plant went under
-V. 124. p. 1375.
the hammer.
Tidewater Associated Oil Co.
-Syndicate Members
Understood to Have Received 83% of Participation in Common
Stock at Expiration.
-
Members of the Tidewater Associated Oil common stock syndicate
are understood to have received 83% of tneir participation in common
stock when the syndicate expired recently. Total commitmet of the
syndicate was 2,290,412 shares, or the same amount as tnere were shares
of old Associated 011 stock issued. On the basis of 83%,stock distributed
to the syndicate members was about 1,900,000 shares.
The average cost to the syndicate of the common stock is believed to
have been around 24%. Currently, Tidewater Associated common is
selling at 18%. indicating a paper loss of 6 points a share. Applied to the
1,900.000 shares this indicates a paper loss of about 811,500,000.
For syndicate members who were also participants in the underwriting
of the $46.000,000 Tidewater Associated preferred stock offering, the
paper loss on the common would be reduced a fraction of a point, according
to the proportionate amounts of common and preferred praticipations,
as there was a profit in the preferred stock underwriting. ("Wad Street
Journal.")
-V. 124, p. 1682.
United States Trucking Corp.
-Terms of Exchange.
-
See United States Distributing Corp. above.
-V. 124. p. 1683.
Utilities Coal Corp.
-Annual Report.
The mines of the corporation in 1926 produced and sold 490.658 tons
of coal as compared with 531,045 tons in the previous year. In addition
478,018 tons of coal were purchased and resold in 1926 as compared with
306.264 tons in 1925.
Construction expenditures for the year aggregated $60,863, while property
retired from service amounted to $43,671.
Income Accountfor Ca lendar Years.
1926,
1925.
1924.
1923.
Gross earnings
$1,389.149 $1,445,809 $1,339,364 $1,431,349
Oper. expenses and taxes
1.036,641
1,017,246
951,675
952,181
Gross income
Int. & other fixed chges_
Prov.for depr. & depiet_
$436,968
67,224
73,899
$428,563
71,082
79,854
$387,689
90,500
69,470
$394,708
95,744
69,571
Net inc. avail. for divs *295.845
$277,627
4227.719
$229,391
Union Tank Car Co.
-Annual Report.
Balance Sheet December 31.
Calendar Years1926.
AssetsLiabilities1926.
1925.
1926.
1925.
4,135
3
17
9
Earns, after oper. exp._ $7,219,410 $6,613,i97
$7,223,627 $8,3 2
.
3,616,755 Plant, equip. &c.$2,322.154 $2,304,963 8% pret.stock _ _ _ 8250,000 $500,000
3,401,368
Depreciation
3,494,989 3,444,899
Sk. fund deposits.
151 Common stock.... :300,000 :300,000
363
Lat. on ctfs
123,500
1st M.7% bonds_ 844,300
909,800
651,980 Bd. disc. & exp. In
592,688
Reserves562,650
452,790
processor amort.
63,948
74,859 Notes payable_
2,200
840.000
840.000
Pref. dividends (7%L....840,000
840,000
3,080 Accounts payable_ 191,495
99,831
900.000 Prepaid insurance.)
:Common dividends(5%) 1,228.220
901,125
910,370
Sundry def. chges.J.
,
1,419 Due to an. cos_
4560{
2,265
78,053
42,001
57,319 Accrued taxes_ __ _
88,796
Balance,surplus
$964,051
$965,238 $1,488,745 $2,365,399 Cash & work. fds.
9,000
55,227 Accrued interest_ _
14,775
15,922
3.499.856 U.S.ctki. of indebt
Adjust. equip't accotuat820,666
4,553
27,902
194.782 Accrued royalties_
2,730
6,438,036 Accts. receivable__
Previous surplus
8,616,176 13,792,038 12,303,292
Due from anti.cos. 235,634
Sundry curr. Habil.
3.929
57,421
72,695 Res. for deprec.,
Total surplus
$10,400,893 $14.757,276.$13,792,038 $12,303,292 Materials & suppl_
595;614
4925
deplet. & misc._ 647,825
Prem. on pref. ret
1,800,000
.
82,531
82,531
-- Capital surplus...
-Common stock dividend 6,146,800 6.141,100
Tot.(each M0_32,762,982 $2.764,496 Earned surplus_ .. 334,335
171,734
Rate
(25%) (33 1-3%)
-V. 122, p. 2194.
x Represented by 10,000 shares of no par value.
Profit & loss surplus__ $2,454,093 $8.616.176 $13,792,038 $12,303,292
180,000
Vacuum Oil Co.
-To Market Its Products in Ohio.
Sim.corn. out.(par COO)
307.340
245,644
181.150
$18.14
Earn. per share on com_
$13.19
Effective April 1, the company began marketing its products in the State
$7.13
$7.59
of Ohio through its own organization instead of through the Standard Oil
-V.I124. p. 661.
Co. of Ohio as heretofore. Branch offices have been established at Cleveland and Cincinnati and other offices will be opened at convenient points
United Hotels Co. of America.
-New Director.
Charles P. Franchot, Vice-President and General Counsel of Remington- as quickly as possible. Distributing warehouses will be established at main
centers in Ohio and it is expected that the company shortly will occupy in
Rand, Inc., has been elected a director.
-V.119, p. 3467.
that State a position of the same importance as in other States. The
company is one of the oldest manufacturer of lubricants in tne country,
United Drug Co., Boston.
-Gross Sales.
having been organized in 1866, since which time it has developed a large
1926.
First Two Months of1927.
-V. 124, p. 807, 520.
0 business in every country in tne world.
Gross sales(U. S. only)
abt.$14,500,000 abt.$13.200,00
-V.124, p. 1525, 1350.
Vanadium Corp. of America(& Subs.).-Ey
924. arnings.-
-Plan of ReadjustUnited States Distributing Corp.
-Under the amended plan of
ment of Capital as Approved.
readjustment of capital stock for the acquisition of the
assets of the United States Trucking Corp., as approved by
the stockholders on March 16,the certificate of incorporation
of this corporation will be amended so that the authorized
capital stock will consist of 130,000 shares of new convertible 7% cum. pref. stock, par $100, and 970,000 shares
of new common stock, no par value. The features of the
amended plan are outlined as follows:
Total income
$2,673,017 $2,280,090 $1,028,041
Deprec.& depleciation_z
326,461
419.343
205,545
Provision for conting's
19,414
Other charges
118,870
116.781
2,927
Federal taxes
247,655
196,821
88.735
377,227
Dividends
1,413.014
$946,727
207.426
Balance, surplus
Previous surplus
4djustments
$681,424
202,451
116,997
The holders of common stock of the Distributing Corporation are required to surrender their common stock certificates and to receive in exchange therefor stock certificates covering four-tenths of a share of new
pref. stock and 1% shares of new common stock in exchange for each share
of common stock owned. The holders of any existing pref. stock of the
Distributing Corporation who have not converted such pref. stock into
common stock (on the basis of 4 shares of common for each share of pref.)
$766,878
Profit and loss sur_ __ _ $2,664,162 $2,313.933 $1.497,712
373.334
377.137
373,334
Shs.cap.stk.outst.
(no par) 376.637
$1.83
$4.05
Earn. per sh. on cap.stk$5.26
$1.96
x After deducting all exp. incident to open, incl. those for repairs and
properties of the United States
maintenance. y Physical possession of the
Ferro Alloys Corp. was taken over on Dec. 21) and the 1924 statement
1925.
Calendar Yearsda
xNet earnings from oper. $21,592096;964 $2,181:020
9 069
9
Other income
163,053
$567,017 81,150,504
2,313,933
1.497,712
Dr216,788
334.283
$918 743
10 97
9:2
$730,833
766.879
1923.
$871,411
75,316
34,417
23.466
APR. 2 1927.]
THE CHRONTCLE
1993
Includes results of the operations of the acquired properttes for the 11-day
Dated April
period Dec. 21 to Dec. 31 incl. z Depreciation of plant, equip., patents, and int. (j. & 15 1927; due serially July 15 1930 to 1940. hid. Principal
J.) payable at Pacific
-Southwest Trust & Savings Bank,
&c., and depletion of mines.
Los Angeles, trustee, without deduction for normal Federal income tax not
The consolidated balance sheet of the company at Dec. 31 1926 revealed exceeding 2%. The first
coupon (payable July 15 1927) will represent 3
total current assets of $6.250,828 against current liabilities of only $448,930. months' interest from April
'This compares with total current assets of $5,910,528 against current lia- Red. all or part on any int. 15 to July 15. Denom. *1,000 and $500 c5
.
date
bilities of $559,794 reported at Dec. 311925. Total assets of the corpora- of M of 1% for each unexpired upon 45 days' notice at 100 plus a premium
year, or fraction thereof, of the respective
tion stood at $17,570,244 at Dec. 311926.-V. 123. p. 2150.
maturities, but not exceeding in any case a premium of 4%.
If redeemed
in part, the company will cad for payment bonds of the
Victor Talking Machine Co.
-Initial Pref. Dividends.
- standing at the premium stated above. The California last maturity outpersonal property
The directors have declared initial quarterly dividends of 1%% on the tax not exceeding 4 mills
refundable.
7% cum. prior preference stock and $1.50 per share on the $6 cum. cony.
pref. stock of no par value, payable May 1 to holders of record April 2. Data From Letter of F. J. Hagenbarth, President of the Company.
Company.
-The inception of the business of the company dates back to
Patent Ruling.
1886. From an invested capital in 1887 of $26.000, the business has grown,
The company has lost in the U. S. Supreme Court its dispute with
through reinvested earnings, to
Brunswick-Balke-Collender Co. over patent rights to the invention of the 13.723.396. Since its inception,have a net worth, as of Nov. 30 1926, of
the operations of the company have been
the
"Victrola." The company claimed priority in the invention of the two. continuously under the same management.
door cabinet machine known under the trade name of Victrola under a patent
Company is the largest and most complete sheep company in the United
granted Johnson, organizer of the company, as against a patent owned by States. The company owns in fee 65,437 acres
of
the Brunswick-Balke Co. which was issued to John B. Browning. The Idaho and Montana, of which over 29,000 acres land in the States of
Courts below sustained the validity of the patent issued to Browning, who Company's very valuable water rights aggregate are under cultivation.
35,423 miner's inches.
was formerly a mechanic in the employ of the Victor Co., for a machine Tnrough its ownership in fee of strategically located
lands and sources of
known as "Orchestra 'Phone.' The Victor Co. sought to invalidate the water supply, the company controls additional
Browning patent on the ground that it was not original and that It interfered 400,000 acres. Company's holdings of wool-be grazing areas exceeding
aring sheep are considered
with its patent.
to be among the largest in the United States, ranging from 80,000 to 140,The decision handed down by the U. S. Supreme Court in favor of the 000 head, according to the season of the year
Brunswick-Balke-Collender Co. in litigation over Victrola patents does not Company markets each year approximatel and the presence of lambs.
y
Involve damage claims, and will in no way restrict the Victor company's 700.000 pounds of wool, doing a gross business 45.000 head of sheep and
of about $1,000,000 annually.
production program in respect to the present new type talking machine.
Security.
-These bonds will be secured by
The suit was instituted, it was pointed out, to clear up counter claims to on all of the fixed property of the company, a direct first closed mortgage
comprising 65,437 acres of land
patents on door styles, to which rights have already expired, and the appeal
'from the decision of the lower Courts was therefore upon technical grounds. owned in fee, water rignts totalling 35.423 miner's inches, also properties
located in the Town of Spencer. Clark County, Idaho, practically all of
-V. 124. p. 1683
which town the company owns, together with 17 miles of electric
Dom:line; and by a first mortgage on all fixed properties hereafterlight and
acquired
Walworth Co.
-Whelan Group Acquire Interest.
by the company.
See Pressed Steel Car Co. above.
The lands, water rights and other properties securing this bond issue have
-V. 124, p. 1526.
been appraised by W. G. Swendsen. Commissioner of Reclamation of the
Wanner Malleable Castings Co.
-Earnings.
-State of Idaho, as of Sept. 29 1926, at $2.799.532. which is more than three
Income Account Year Ended Dec. 31 1926.
times the total amount of these bonds. This substantial equity should
increase materially from year to year as the annual maturities of principal
Gross sales, $1.015,606; allowances, $35,515; net sales
$980.091 are paid and land values increase.
Cost of goods sold. $843,028; selling expenses. $9,609
852.637
Earnings.
-According to an
General and administrative expense
of the company's books, the operating
57,083 Income of the company for theauditfiscal years
four
ended Nov. 30 1926, available for the payment of interest on these bonds, has averaged annually
Net profitfrom operations
$70,372 $240.552. which is more than
Other income
4 times the maximum annual interest charges
4,449 of this bond issue.
Purpose.
-The funds to be derived from the sale of these bonds will be
Total
$74.820 used by the company to retire an
Interest, $14,467; depreciation, $55.252
69.719 which will be called for payment onissue of $435.000 1st mtge. 8% bonds
July 15 1927; to pay current indebtedness incurred by the company and for other corporate purposes.
Net profit
$5,101
Non-recurring charges
45,218
(F. W.) Woolworth Co.
-Annual Review.Merrill, Lynch & Co.(members New York Stock Exchange), 120 BroadNet loss for year
$40.117 way, N. Y. City, have just
-V. 123, p. 1261.
issued the 1927 edition of their annual review
of the above company. The review gives statistics of operation for 22
Warner Sugar Corp.
years, history,financial policy of company for 16 years, and dividend record
-Return of Deposited Bonds.
The protective committee for the 1st & ref. mtge. bondholders has for the past 16 years.
-V, 124, p. 1541.
announced that the sale of the Edgewater refinery to the National Sugar
Refining Co. having been consummated, it has decided to return deposited
bonds upon surrender of the certificates of deposit at the offices of
CURRENT NOTICES.
National Bank, the depositary,free from any payment account ofthe Chase
The committee has also announced that all payments of pro rataexpenses.
-An "International Banldng Supplement" was issued gratis with the
of expenses paid upon the previous withdrawal of deposited 1st & amounts
ref. bonds "Financial Times" of London
will be refunded.
on March 21. The list of contributors in
The holders of certificates of deposit for Warner Sugar Refining
Co. chided the names of many well-known banking authorities all over the
1st mtge. 20
-year 7% sinking fund gold bonds issued under the terms of world. Important articles
are printed in French. German, Spanish and
the deposit agreement dated Sept. 2 1926. are notified that
has elected to terminate the agreement, and that holders ofthe committee Italian.
certificates of
deposit Issued thereunder, on surrender to the American Exchange
-In view of the general interest in the Chicago traction situation.
Irving
Trust Co., 60 Broadway, New York, of their certificates of
deposit
entitled to the delivery of bonds and coupons to the amount called will be Edwin L. Lobdell & Co., Inc., have prepared an analysis of the Chicago
for by traction securities based on the
their respective certificates.
city purchase price for the properties as
-V. 124. p. 1235.
established by the 1907 traction ordinances.
Weiland Dairy Co., Chicago.
-Bonds Offered.
-Folds, -Henry Zuckerman &
Co., members New York Stock Exchange, anBuck & Co., Chicago, are offering $750,000 1st mtge.
nounce the opening of an uptown New York office in the Paramount
gold bonds, convertible 54%, Series A at 97 and int.
Building. 1501 Broadway, telephone Chickering 8420. under the manageDated Feb. 1 1927; due Feb. 11942. Prin. and hit.(F. & A.) payable
at ment of Samuel H. Wallach.
Northern Trust Co., Chicago, without deduction for normal
tax not exceeding 2%. Red.,all or part,on any int, date on Federal income
or before Feb. 1
-G. L. Ohrstrom & Co., Inc.. announce the removal of their Boston
1931, on 30 days' notice at 103 and Mt., less
of 1% for
year or fraction thereof. Denom. $1,000 an 1500 c5 each subsequent office to 30 Federal St. Clifford L. Russell has been appointed assistant
.
Convertible into the company's 7% cumulative preferred stock (par
Vice-President. and Malcolm T. Curtiss,Sales Manager, in the Boston
$100)
at any time at the option of the holder on the basis of 10 shares of preferred office.
stock for each $1,000 par value of bonds.
-Kenneth M. Smith. formerly of Smith, Brady & Co.. has become
Data from Letter of Charles J. Weiland, Secretary of Company.
Company.
-An Illinois corporation. Is the third largest distributor of associated with T. Hall Keyes & Co., members New York Stock Exchange,
milk in the Chicago district, serving approximately 63,000 customers
111 Broadway, New York, in charge of their retail sales department.
at
retail on the north and northwest sides of the city and the north shore
Donald Grant. formerly of Gilbert Elliott & Co.. is now associated with
suburbs, including Evanston, Wilmette, Kenilworth, Winnetka,
Glencoe Hoit, Rose & Trotter, 74 Trinity Place,
and Highland Park. Business was established 37 years ago;
New York. as specialist in bank,
company trust
now operates 350 retail routes for the distribution of milk,
and insurance company stocks, in the trading department.
and other dairy products. Annual sales have increased from cream, butter
$1,548,000 to
The National American Co.,Inc.. has moved its offices to 26 Broadway.
$4.808,000 in the past five years and the volume of business at
increasing more rapidly than ever before. Company's facilities present is New York, where its investment securities department will
be conducted
embrace the
most modern equipment and methods for the sanitary
by its subsidiary, the National American Securities Co.. Inc.
and
transportation and handling of milk and other dairy products. economical
- Lynda Babcock Jr. and Charles A. Kahl have formed a co-partnerC.
Earnings.
-Net sales and net earnings available for
taxes, years ending Feb. 28 (one month estimated): interest and Federal ship, to deal in unlisted bonds and
preferred stocks, under the name of
1927.
1926.
Babcock. Kahl & Co.. with offices at 160 Broadway, New York.
1925.
Average.
Net sales
$4,808.000 $3.793,000 $3,002,478 $3,867,826
Net before depreciation
Charles V. Benton, member of the New York Stock Exchange, has been
340.242
273,753
260,056
291,350 admitted to partnership
Net after depreciation
237,000
in Carreau & Snedeker, of New York, which will
185,864
187,905
203,589
The above earnings do not include earnings accruing to
the comipany's give the firm two memberships on the Exchange.
holdings, amounting to 55% of the outstanding
capital stock of Wieland
Ice Cr am Co. For the year ending Dec.31 1926 these
-C.E. Welles & CO.. members New York Stock Exchange, have
amounted to $33,339
opened
and earnings after depreciation, computed to include this
amount, were an uptown New York office at 508 Park Ave., under the management of
equivalent to over 63 times maximum annual interest
requirements on Frank H. Phipps.
Series A bonds.
Sinking Fund.
-Louis de l'Aigle Munds, member New York Stock Exchange, has been
-Beginning Feb. 1 1930 a sinking fund will retire
$35.000 admitted
par value of Series A bonds each year.
as a general partner in the firm of Munds & Winslow,25 Broad St.
CapitalizationAuthorized. Outstanding. New York.
First mortgage gold bonds (this issue)
$1.500,000
$750,000
7% cumulative preferred stock (par $100)
-J. D. Choffy announces the formation of J. D. Choffy & Co. as the
1,500,000
162.800
Common stock (par $10)
1,000,000
900.300 successor firm to Choffy, Daetz & Co., with offices at 2 Rector St., New
Purpose.
-Proceeds will be used for the retirement of 1252.000 1st
mtge. York.
6% bonds, now outstanding,for additions to plant account in
the amount of
approximately $250,000, and for additional working capital.
Maynard, Oakley & Lax rence, 24 Broad St., New York. members
Ownership.
-Practically all of the company's outstanding
common stocks are owned by seven Wieland brothers, all of preferred and New York Stock Exchange, announce the admission of Melvin E. Savrin
whom are active to partnership.
In the business.
- M. Kidder & Co.
A.
Wickwire Spencer Steel Co.
New York City announce that Albert C.
(& Subs.).
-Annual Report. Hugo has been admitted as of partner in their firm.
a
Calendar Years1926.
1925.
Prof.from oper.after deduc'n for sell.,adm.& gen.exn $1.386,615
-Douglas C. MacCallum, formerly of Harris, Forbes & Co., Is now
$1,873.118 associated with
Other income ______________________________
Adams & Peck, of New York, in their sales department.
51,485
92.171
Raymond E. Tenner and Louis J. Haubert have
Total income
associated
11,438.099 11.965.290 with Zwetsch. Heinzelmann & Co., Inc., 57 William become York.
Other deductions
St.. New
147.659
408,877
Interest paid
- S. Rippe] & Co.. 18 Clinton St., Newark,N. J., are distributing a
1.732,795
1.474.523 list
Depreciation
of Investment suggestions In New Jersey municipals.
412.003
430.079
Hoguet & Co., Inc., announce the removal of their offices to the
Loss for year
$854.357
$348,189 Seamen's Bank Building, 72 Wall St., New York.
-V.123,p.2534.
-The
Wolverine Tube Co. Detroit.
Co. has been
-Joins Research Ass'n.- shares ofNew York TrustCorp. commonappointed registrar of 4,000.000
Bagdad Copper
The Copper & Brass Research Association announces that
stock.
the Wolverine
Tube Co., manufacturer of seamless brass and copper tubing,
-Gilbert L. Haight is making his headquarters with Watson & White
nas become a
member of the Association.
to specialize in unlisted securities.
-V. 123. p. 728.
Wood Live Stock Co.
-Stephens
-Bonds Offered.
-First Securities New York. & Co. are now occupying their new offices at 111 Broadway,
Co., Los Angeles, are offering at price, to yield 6.90%
for
-NV. K. Terry & Co. wish to announce the removal of their New York
all maturities $900,000 first (closed) mtge. 6%% serial
office to 25 Broad St.
gold bonds.
- 1 Lt et r. Ce .1 i.e litled tteir n amn cffice to 44 VI all St., New York
[VOL. 124.
THE CHRONICLE
1994
aeports and jilornments.
'NORFOLK & WESTERN RAILWAY COMPANY
THIRTY-FIRST ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31 1926.
Roanoke, Va. March 22nd 1927.
To the Stockholders of the Norfolk and Western
Railway Company:
Your Board of Directors submits the following report for
the year ending December 31st 1926.
MILEAGE OF ROAD AND TRACK IN OPERATION.
CAPITAL STOCK.
The aggregate amounts of Adjustment Preferred and Common capital stock authorized and issued, including 77 shares
($7,700) of Adjustment Preferred stock and 24 shares($2,400)
of Common stock held in the Company's treasury, were as
follows:
Dec. 31st 1926. Dec. 31st 1925. Inc.
Miles.
Miles.
Miles.
1,542.69
1,542.69
Main Line
127.28
BranchesjOperated as second track 127.28
533.64
533.64
'Other branches
Adjustment Preferred Stock
Common Stock
660.92
660.92
Total miles
Lines operated under lease
Lines operated under trackage rights
2,203.61
22.27
15.60
2,203,61
22.27
15.60
Total miles of road in operation__
Second track
Third track
Sidings and yard tracks
2,241.48
620.76
13.58
1,567.51
2,241.48
3.65
617.11
13.58
1.557.16 10.35
Total miles of all tracks in operation
4,443.33
4,429.33
Average miles of road operated_ _
Average miles of track operated__
2.241.48
4,434.90
Authorized.
$23.000,000
250,000,000
$273,000,000 $162,572,700 1,625.727
160,321,700 1,603,217
273.000,000
Totals, December 31 1926
Totals, December 31 1925
.52
2,240.96
4,400.77 34.13
22,510
$2.251.000
Increase (all Common Stock)
14.00
----Issued
Shares.
Par Value.
230.000
$23,000,000
139,572,700 1,395,727
FUNDED DEBT.
The aggregate Funded Debt actually outstanding was as
follows:
Incr.(+)or
(-).
Dec.311926. Dec.31 1925.
389,288.500
395.288,500
Mortgage Bonds
Convertible Bonds ($441,000
3,840,300
1,594,300
not now convertible)
26.380,000
Equipment Trust Obligations- _ 23,185,000
Deer.
+36.000,000
$120,067,800 $119.508,800
+$559.000
-2,246,000
-3,195.000
•
INCOME STATEMENT.
1926.
Operatin r Income:
Ope •ating Revenues:
Freight
Passenger _____ .:
Mail
Express __ _ _____ __ _ _
All Other Transportation
Incidental and Joint Facility Revenue
Totals
Op -sting Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic _ __
Transportation _ _ ___ _
Miscellaneous Operations
_
General _ ___ ___ _ __ __ __ _ _ _
Transportation for ____________________
Totals ______________________________________________ _
Ratio of Expenses to Total Operating Revenues
Net Revenue from Operations
Tax Accruals_ _ ____ _
Un illectible Revenue________________________________
Total Operating Income
Non-Opel-ating Income:
__________•
-Net_ _ .
Hire of Freight Cars
-Net
Hire of Other Equipment
-Net
Join I Facility Rents
Totals ___________________________________________ _
Net Rail way Operating Income
Other N n-Operating Income:
Income from Lease of Road
:ellaneous Rent Income _ _ _ _- __ _ _ _ _ _. __ _
Misc
Misc•ellaneous Non-Operating Physical fropeiii
Dividend Income_ -- ----Inco me from Funded ___________
Inco me from Unfunded Securities and Accounts
Inco me from Sinking and Other Reserve Funds
Miscellaneous Income
Totals
Gross Income
Dedudio is from Gross Income:
Rem . for Leased Roads
Mis :ellaneous Rents
•
Inte •est on Funded Debt:
Mortgage Bonds
Convertible Bonds
Equipment Obligations
Int •est on Unfunded Debt
Misc ellaneous Income Charges
Tot Is
Net Inco me
Inco one applied to Sinking and Other Reserve Funds
Divi lends on Adjustment Preferred Stock
Income lalance: Transferred to Profit and Loss
5108,703.462.59
7,663,493.63
1,120,521.12
1,067,486.65
539,244.86
1.314.829.52
$120,409,038.37
1925.
Increase (+) or
Decrease
(-).
Per
Cent.
593,370,356.89 +815,333,105.70
-367,735.32
8.031,228.95'
-29.130.43
1.149,651.55
-34.249.51
1,101,736.16
-23,108.97
562,353.83
+311,165.91
1,003,663.61
+815.190,047.38
$105,218,990.99
16.43
4.58
2.53
3.11
4.11
31.00
14.44
$16,413,152.12
21,215.215.26
1,309,177.16
30,283,219.54
270,640.43
2,269,535.47
534,025.80
$71,226.914.18
59.15%
$49.182,124.19
$11,075,000.00
12,331.66
338,094,792.53
+31,303,303.81
-440,740.93
+118,737.81
+2,143,091.86
-2,330.67
+184,985.52
+14,948.71
+$3,292,098.69
-5.42%
+311,897,948.69
+$2,475,000.00
-16,690.65
+39,439,639.34
8.63
2.04
9.97
7.62
.85
8.87
2.88
4.85
8.39
31.91
28.78
57.51
32.94
$2,418.469.07
128,812.12
280,076.96
$2,827,358.15
340,922,150.68
$2,386,617.48
167,130.10
302.051.62
$2,855,799.20
$31,510.952.39
+331,851.59
-38,317.98
-21,974.66
-$28,441.05
+89,411,198.29
1.33
22.93
7.28
1.00
29.87
$1.110.00
83.433.04
99,158.70
7,098.66
812.166.14
429.432.01
63,318.13
12,780.85
$1,508,497.53
$42,430,648.21
$1.110.00
75,873.05
81,445.71
7,048.66
488.545.33
219,459.39
87.49
6,561.34
$880,130.97
$332,391,083.36
$105,388.57
1,846.72
+37,559.99
+17,712.99
+50.00
+323.620.81
+209.972.62
+63,230.64
+6,219.51
8+628.386.56
+310.039,564.85
.
-$7,763.31
+433.68
9.96
21.75
.71
66.24
95.68
$97,625.26
2,280.40
•
$15,109,848.31
21,655,956.19
1,190,439.35
28,140,127.68
272.971.10
2,084,549.95
519,077.09
$67,934,815.49
64.57%
$37,284,175.50
$8,600,000.00
29,022.31
$28,655,153.19
4.004.240.00
113,566.37
1,106,973.14
13,274.89
225,181.81
$5,563,141.87
$36,867,506.34
63,318.13
919,692.00
$35,884.496.21
3,856.240.00
263,029.23
1,247.587.51
74.618.18
277.526.99
$5,826,237.20
$26,564,846.16
87.49
919.692.00
8251'45,066.87
+148,000.00
-149.462.86
-140,614.37
-61,343.29
-52,345.18
-8263.095.33
+310.302,660.18
+63.230.64
3.84
56.82
11.27
82.21
18.86
4.52
38.78
- -
+510,239.429.54
39.93
PROFIT AND LOSS STATEMENT.
-94.HI
71.39
30.99
7.37
23.48
1926.
Credits360,727.284.59
Balance,January 1
.
35,884.496.21
Balance from Income
Credit
54,043.46
Unrefundabie Overcharges
for Mortgage Bond
Repayment by Pocahontas Coal and Coke Company, Advances
280,000.00
Interest
21,314.36
solii______
Profit on Reid _______ __ ___________E -318,616.42
Donations for Construction of Sidings, etc
and Western Pension Reserve Fund in Reimbursement of
From Trustees of Norfolk
312.103.82
Payments to Pensioned Employees
38.680.46
Miscellaneous Credits
397,636.539.32
Total Credits
1925.
$47,361.538.06
25.645,066.67
57,065.38
Increase(+)or
Decrease (-).
+313,365,746.53
+10,239,429.54
-3,021.92
Per
Cent.
28.22
39.93
5.30
370.000.00
4.920.97
532,266.72
-90,000.00
+16,393.39
-213,650.30
24.32
333.13
40.14
32,118.53
374,002.976.33
+312,103.82
+6.561.93
+323,633,562.99
20.43
31.94
Charges
Dividend Appropriations of Surplus. Common Stock
Surplus Appropriated for Investment in Physical Property
Loss on Retired Road and Equipment
Surplus applied to Norfolk and Western Pension Reserve Fund
Miscellaneous Charges
$13,920,717.50
318,616.42
37,516.49
490.000.00
39,608.45
$10,930,694.00
532,266.72
71,471.60
1.700,000.00
41,259.42
+$2,990,023.50
-213,650.30
-33,955.11
-1,210,000.00
--1,650.97
27.35
40.14
47.51
71.18
4.00
$14,806,458.86
313,275,691.74
+81.530,767.12
11.53
$82.830.080.46
360.727,284.59
+$22.102,795.j7
36.40
Total Charges
Balance December 31
APR. 2 1927.]
THE CHRONICLE
ROAD AND EQUIPMENT.
The charges to investment in road and equipment during
the year were $16,045,620.31.
The total investment in road, equipment and miscellaneous physical property on December 31st, 1926, was
$405,148,833.20, of which $44,281,951.70 was provided by
appropriations from income and surplus. In addition $10,892,220.69 was provided by direct charges to income prior
to July 1st, 1907.
During the year 3.65 miles of double tracking on Big
Sandy Line were completed.
New equipment received and equipment rebuilt during the
year were as follows:
10 freight locomotives (steam).
3 switching locomotives (steam), rebuilt as saddle-tank locomotives.
18 all-steel passenger cars.
15 all-steel baggage and express cars.
250 steel underframe flat cars, 115,000 lbs. capacity.
229 maintenance of way camp ears (built with used material).
1 locomotive crane.
1 rail and tie unloader.
1 scale repair car.
1 oil sprayer car (built with used material).
4 automobile trucks.
Of this equipment, 10 freight locomotives (steam), 3
switching locomotives (steam), rebuilt as saddle-tank
locomotives, 250 flat cars, 115,000 lbs. capacity, 229 maintenance of way camp cars, 1 scale repair car and 1 oil sprayer
car were built at your Roanoke Shops.
ADDITIONS AND BETTERMENTS TO WAY AND
STRUCTURES.
168.61 miles of track were laid with 130-lb. rail, making a
total of 746.18 miles of track now laid with this weight of
rail.
408,008 cubic yards of stone and 31,793 cubic yards of
prepared slag were used in standard ballasting on the main
line.
Passing sidings were extended as follows: 3,630 feet on the
Norfolk Division, 24,088 feet on the Shenandoah Division,
3,862 feet on the Pocahontas Division and 1,472 feet on the
Scioto Division.
A two-story brick passenger station was constructed at
Norton, Va. The brick passenger station and frame express
building at Williamson, W. Va., were moved and reconstructed. An extension was made to the brick freight station
at Winston-Salem, N. C.
1995
The new freight classification yard at Williamson, W. Va.,
commenced in 1925, is now well under way. A motivepower office building, roundhouse foreman's office, roundhouse, electric welding and repair shop, crane runway,
storehouses and an extension to Y. M. C. A. building have
been constructed in connection with this yard. The enlarged
freight classification yard at Portsmouth, Ohio, also commenced in 1925, is nearing completion. A 130-foot roundhouse and extension to present roundhouse, office buildings,
shops, storehouses, a complete water supply for locomotives,
a 2,000-ton coaling station and ice house were completed.
Track scales were installed as follows: One each of 200
tons capacity at Island and Richlands, Va., and one of 150
tons capacity at Bluestone Power House, W. Va., replacing
100-ton scales. A 200-ton scale was moved and reconstructed
at Williamson, W. Va.
A water softening plant of 125,000 gallons per hour capacity
was constructed at Roanoke, Va.
Steel water tanks for treated water were erected as follows:
One of 400,000 gallons capacity at Roanoke, Va., one each
of 200,000 gallons capacity at Phoebe, Va., and Columbus,
Ohio, and one each of 100,000 gallons capacity at North
Fork, W. Va., Sardinia and Renick, Ohio. Service tanks of
50,000 gallons capacity were erected at Creek Junction, Va_,
Tuckerdale, N. C., Kenova, W. Va., and Ironton, Ohio.
A storage dam, having a capacity of 10 million gallons of
water, was completed at Phoebe, Va.
An electric centrifugal pump, with capacity of 1,000 gallons
per minute, was installed at Williamson, W. Va.
Automatic signals have been installed between Vera and
Clare, Ohio, and on Bluestone Branch between Cooper and
Clift, W. Va., and are in process of installation between
Roanoke, Va., and Winston-Salem, N. C.
Concrete overhead highway bridges were constructed at
Price and Roxboro, N. C.; a timber overhead bridge at
Elliston, Va., was replaced by steel overhead highway
bridge at a new location.
Thirteen grade crossings were eliminated during the year,
three by construction of overhead bridges and ten by changes
in road.
13.51 miles of fencing were built.
497 lineal feet of light steel bridges were replaced with fit steel doubled.
47 lineal feet of steel bridges were converted into rail top culverts and
ballast deck.
838 lineal feet of light steel bridges were replaced by new standard steel
structures.
49 lineal feet of steel bridges were converted into concrete beam deck
with ballast floors.
MAINTENANCE EXPENDITURES.
The expenses for Maintenance of Way and Structures were as follows:
1926.
$16.413.152.12
7.322.46
3.700.91
.1925.
$15,109,848.31
6,742.58
3,433.46
Increase.
$1,303,303.81
579.88
267.45
%
8.63
8.60
7.79
1926.
$21,215,215.26
1925.
$21,655,956.19
Increase or
Decrease.
D. $440,740.93
2.0
10,650,060.92
10,995.54
449.48
309,023.88
19,313.99
499.10
6,853,826.79
149.86
.41
923,682.01
1,876.14
4.16
387,453.84
Total Expenses
Average per mile of road operated
Average per mile of track operated
10,593,959.31
10,605.60
482.94
265,892.29
16,618.27
580.05
7,762,941.51
170.89
.57
931.934.87
1,894.83
3.96
231,820.47
The expenses for Maintenance of Equipment were as follows:
Total Maintenance of Equipment Expenses
In which are included:
Steam Locomotives: Repairs, retirements and depreciation
Average per locomotive
Average per 1,000 locomotive miles
Electric Locomotives (Double-units): Repairs, retirements and depreciation
Average per locomotive
Average per 1,000 locomotive miles
Freight Train Cars: Repairs, retirements and depreciation
Average per freight car
Average per 1,000 tons one mile
Passenger Train Cars: Repairs, retirements and depreciation
Average per passenger car
Average per 1,000 passengers one mile
Work Equipment: Repairs, retirements and depreciation
There were in the shops undergoing and awaiting classified
repairs at the close of the year 66 locomotives, or 7.0% (50
of which needed only light repairs), 9 passenger cars, or
1.6%, and 370 freight and work equipment cars, or 0.8%.
TRAFFIC AND OPERATING REVENUE
COMPARISONS.
Comparison of traffic and operating revenue figures with
those of the preceding year shows the following changes:
Number of passengers, 4,169,260_ _ _decreased
369,591
Average haul of passengers,53.20 milesincreased
1.40 miles
Revenue from passenger fares, $7,663,493.63
decreased
$367.735.32
Average rate per passenger per mile,
increased
3.455 cents
0.039 cents
Revenue freight carried, 58,188,077
increased 7,921,520 tons
tons
8.14%
2.70%
4.58%
1.14%
15.76%
I.
I.
D.
I.
I.
D.
D.
D.
D.
D.
D.
I.
I.
56,101.61
389.94
33.46
43,131.59
2,695.72
80.95
909.114.72
21.03
.16
8,252.86
18.69
.20
155,633.37
Average haul of freight, 287.33 miles_increased
15.11 miles
Revenue from freight transportation,
$108,703.462.59
increased $15.333,105.70
Average rate per ton per mile, 0.650
cents
0.032 cents
decreased
Average tons of revenue freight per
train mile, 1,483.42
166.59 tons
Increased
Shipments of coal, 45,607,247 tons_ _ _increased 7.477,540 tons
Shipments of coke, 471.957 tons
16,782 tons
increased
Shipments of ore, 801.787 tons
230,810 tons
increased
Shipments of pig and bloom iron,
218,246 tons
13.463 tons
increased
21,562 tons
Shipments oflumber, 1.593,850 tons_ _decreased
.5
3.7
6.9
16.2
16.2
14.0
11.7
12.3
28.1
.9
1.0
5.0
67.1
5.55%
16.42%
4.69%
12.65%
19.61%
3.69%
40.42%
6.57%
1.33%
ELECTRIFICATION.
Construction of foundations for overhead catenary
structures in anticipation of future extension of electrification
from Iaeger to Williamson, W. Va., was completed.
1996
THE CHRONICLE
Cross-country high-tension transmission lines between
Bluestone and Welch, W. Va., for the Jaeger to Williamson
electrification, and between Bluestone and Matoaka, W. Va.,
for interchange of electric current with the Virginian Railway,
were completed, together with new substations at Bluestone,
Welch and Matoaka, W. Va. Substations at Maybeury and
North Fork, W. Va., were extended.
AUTOMATIC TRAIN CONTROL.
Automatic train control between Roanoke and Shenandoah, Va., a distance of 132 miles, including automatic
signals, wayside train control apparatus, transmission line
and engines operating with train control device, was completed and placed in operation January 1, 1927. Automatic
train control has now been installed on the entire Shenandoah
Division of your Company's line, extending from Roanoke,
Va., to Hagerstown, Md., a distance of 239 miles.
OPERATING RESULTS.
The year 1926 was one of unusual prosperity for your
Company, the prolonged coal strike in Great Britain being
an important factor in record shipments of coal and record
earnings. Operating Revenues were $120,409,038.37, a gain
of $15,190,047.38, or 14.44%, over 1925. Freight Revenues
increased $15,333,105.70, or 16.42%, while Passengei., Mail
and Express Revenues decreased $431,115.26, or 4.19%.
Operating Expenses increased $3,292,098.69, or 4.85%,
Maintenance of Way and Structures showing an increase of
$1,303,303,81, or 8.63%, and Transportation Expenses an
increase of $2,143,091.86, or 7.62%, while Maintenance of
Equipment decreased $440,740.93, or 2.04%. The ratio of
Operating Expenses to Operating Revenues, was 59.15%, of
Transportation Expenses to Operating Revenues 25.15%,
both these ratios being materially reduced from those of the
preceding year. Net Revenue from Operations was $49,182,124.19, an increase of $11,897,948.69, or 31.91%, over the
previous year.
The results of the year's operations warranted, in the
opinion of your Directors, the payment of an extra dividend
of three dollars a share on the Company's Common stock.
TAXES.
Accruals for taxes in the year amounted to $11,075,000,
an increase of $2,475,000, or 28.78%, over the year 1925.
This amount was made up of United States Government
Taxes, $6,128,026, and State, County and Municipal Taxes,
$4,946,974. In both instances these figures show substantial increases over the preceding year, the larger United
States Government tax being due to the abnormal earnings
of the year and the increase in State, County and Municipal
taxes to materially higher assessments.
The percentage of Net Revenue from Operations consumed
by Taxes for the year ending December 31 1926 was 22.52%,
comparing with 20.59% in 1917.
RELIEF AND PENSION DEPARTMENT.
At the end of the year the Relief Fund had 22,860 members, equivalent to 70.14% of the total number of employees,
an increase in the year in number of members of 1,380 and
an increase of .99 in percentage of members to employees.
The members of the Fund contributed during the year
$785,658.62 and the Fund received additional income of
$52,949.90 from interest. Against these total receipts of
$838,608.52, death benefits aggregating $169,950.00 and
sickness and accident benefits aggregating $361,521.25 were
paid, and $307,137.27 was added to the Fund's credit balance. In the same period the Company paid the operating
expenses of the Fund, amounting to $133,740.49.
At the close of the year there were 597 employees on the
Pension Roll, a net increase of 41 in the year, with an average
pension of $550.20 per annum, compared with an average
pension of $521.64 per annum at the close of 1925.
PENSION RESERVE FUND.
In December 1926, following the precedent established
in the previous year, your Directors appropriated from Surplus $490,000, which was turned over to the Trustees of the
Pension Reserve Fund, this sum being figured from actuarial
tables as sufficient to take care of pensions to employees
retired in the year 1926,so long as they may live. This made
a total appropriation to date for this purpose of $2,190,000.
The Fund received $60,428.87 from interest and profit on
sales of securities and has paid $312,103.82 in reimbursement for pension payments by the Company in 1926, and
[Vol,. 124.
$295.13 as interest on temporary loans. At the close of the.
year the Trustees held securities of a face value of $1,732,000s
—costing with accrued interest $1,611,852.10—and $326,177.82 in cash.
POCAHONTAS COAL AND COKE COMPANY.
Earnings for the year 1926 were the largest in the Company's history, royalties on total output of coal mined and
coke manufactured amounting to $1,724,436.61 and other
income to $116,827.67, making total earnings of $1,841,264.28 compared with $1,631,017.14 in 1925. Operating
expenses were $175,919.67 and taxes $200,893.05, leaving
net earnings of $1,464,451.56. Sinking fund and interest on
funded debt, with other deductions, resulted in net income of
$453,317.18, an increase of $78,563.54 over the preceding
year. The output of coal from the Company's leased property in 1926 was 16,509,648 tons and of coke 61,078 tons.
Under the sinking fund provision of the Pocahontas Coal
Lands Purchase Money First Mortgage, dated December 2
1901, $415,184.32 accrued from royalties on coal mined during the calendar year 1926. From the beginning of the operation of the sinking fund in 1906 to December 31 1926, the
accruals from royalties have aggregated $5,771,375.87 and
those from sales of lands $204,534.45, a total of $5,975,910.32
applicable to the purchase and retirement of mortgage bonds.
Through this fund $6,731,000 of bonds have been purchased
and canceled, reducing outstanding bonds to $13,629,000.
A further payment of $420,000 has been made on account
of indebtedness incurred in previous years to meet fixed
charges; this indebtedness has now been reduced to $969,000.
PROPOSED LEASE OF THE VIRGINIAN RAILWAY
COMPANY.
Hearings upon your Company's application to the InterState Commerce Commission for authority to lease the Virginian Railway were commenced before an Examiner on
October 12 1925, and concluded January 28 1926. On
May 6 1926 the Examiner recommended a report that the
Commission find that the lease was not shown to be in the
public interest. Exceptions to the report were taken by
your Company and by the Virginian Railway Company and
argued before the full Commission on July 8 1926. On
October 22 1926 the Commission made public a report against
the lease. Further contest by litigation was considered.
The Virginian management were unwilling to co-operate in
a contest. The matter thus ended.
CHANGES IN BOARD OF DIRECTORS.
At the meeting of the Board of Directors held May 25
1926 the resignation of Theodore W. Reath as a Director was
received and accepted and the vacancy so caused was filled
by the election of Isaac T. Mann. The resignation of F. S.
Royster as a Director was received and accepted as of January 1 1927, and the vacancy so caused was filled by the election of Thomas S. Southgate.
CHANGES IN ORGANIZATION.
On September 30 1926, pursuant to the Company's Pension Regulations, Charles S. Churchill, Vice-President in
charge of Purchases, Real Estate and Valuation, was retired
and that office was discontinued.
William S. Battle, Jr., formerly General Claim Agent, was
appointed Vice-President in charge of Valuation, Real Estate
and Public Relations, a newly created office, and J. B. Baskerville, formerly Assistant General Claim Agent, was appointed General Claim Agent, both appointments being
effective October 1 1926.
Effective August 1 1926, E. S. Moore, formerly Superintendent of Transportation, was appointed General Superinterndent of Transportation, and J. R. Talbott, formerly
Superintendent of Car Service, was appointed Superintendent of Transportation.
Effective February 1 1927, G. F. Butler, formerly General
Freight Agent, was appointed Freight Traffic Manager;
S. M. Stevenson, formerly General Eastern Freight Agent,
was appointed Assistant Freight Traffic Manager, and
0. W. Cox, formerly General Coal Freight Agent, was appointed General Freight Agent.
The Board expresses to the officers and employees its
appreciation of the fidelity and efficiency with which they
have served the company throughout the year.
By order of the Board of Directors,
A. C. NEEDLES,President.
APR. 2 1927.]
UTE CHRONICLE
1997
CONDENSED GENERAL BALANCE SHEET DECEMBER 31st, 1926.
ASSETS.
Comparison with
Dec. 31st, 1925.
Investments:
Investment in Road and Equipment:
Road
Equipment
8283,953.904.79
117,114,316.94
$401,068,221.73
9,735.26
4.080.611.47
Deposits in lieu of mortgaged property sold
Miscellaneous Physical Property
Investments in Affiliated Companies:
Stocks
Bonds
Advances
82,077,341.42
447,540.00
4.719,527.51
7,244.408.93
Other Investments:
Stocks
Bonds
$29,696.40
26,929,944.93
26.959.641.33
Total Investments
Current Assets:
Cash:
In Treasury
In Transit
Held in Trust for Relief Fund
$5,685,915.28
174,938.81
1,576,400.17
317,265.01
1,637,255.47
13,707,207.20
149,078.64
74,697.68
Convertible Bonds
Equipment Obligations
Held in Treasury
23.322.758.26
+647.73
+241.214.31
—406,000.90
+169,264.52
--2.600.00
17,053.909.04
—52,364.20
+255.455.60
+4.420.359.09
7,028,709.90
23.000,000.00
7,700.00
$139,572,700.00
2,400.00
$22,992.300.00
139.570.300.00
+82.251.000.00
$162.562.600.00
$95,301,500.00
13,900.00
$95,288,500.00
1,594.300.00
+6,000,000.00
—2.246.000.00
$23,420,000.00
235,000.00
23,185.000.60
Total Deferred Liabilities
Joint Liabilities:
Norfolk and Western Railway Company and Pocahontas Coal
and Coke Company Joint Purchase Money Mortgage Bonds
Unadjusted Credits:
Tax Liability
Insurance and Casualty Reserves
Operating Reserves
Accrued Depreciation—Road
Accrued Depreciation—Equipment
Accrued Depreciation—Miscellaneous Physical Property
Other Unadjusted Credits
Total Unadjusted Credits
Corporate Surplus:
Norfolk and Western Pension Reserve
(Held by independent Trustees.)
Additions to Property through Income and Surplus:
Road __________________________
________________________________ S20,976,425.43
Equipment __________________________
___________________________ 23,305,526.27
Total Corporate Surplus
+S32.890.191.20
LIABILITIES:
Total Long Term Debt
Current Liabilities:
Traffic and Car Service Balances Payable
Audited Accounts and Wages Payable
Miscellaneous Accounts Payable
Interest Matured Unpaid
Dividends Matured Unpaid
Funded Debt Matured Unpaid
Unmatured Dividends Declared
Unmatured Interest Accrued
Total Current Liabilities
Deferred Liabilities:
Cost of Securities Purchased for Relief Fund
Other Accounts
Total Appropriated Surplus
Profit and Loss Balance
+25,000.00
+15.252.012.79
+144.738.10
+28,818.77
—5.274,246.35
+28,588.97
—157.046.35
+1.680.164.60
+98,371.62
+35.372.84
$486.767,995.92
Total Capital Stock
Long Term Debt:
Mortgage Bonds
Held in Treasury
—9,980.00
+160,320.00
+181.642.11
$5,249,918.78
369,589.14
66,407.36
Total Current Assets
Deferred Assets:
Working Fund Advances
$9,792.72
Trustees for Norfolk and Western Pension Reserve Fund
1,941.301.80
Norfolk and Western Railway Company and Pocahontas Coal and Coke Company Joint Purchase Money Mortgage Bonds
13.730.000.00
Cost of Securities held in trust for Relief Fund
1,281,264.52
Other Accounts
- 91,550.00
Total Deferred Assets
Unadjusted Debits:
Rents and Insurance Premiums paid in advance
$94,470.81
Discount on Funded Debt
1,908.272.74
Other Unadjusted Debits
5.025.966.35
Securities Issued or Assumed—Unpledged
Par Value of holdings at close of year
$258,100.00
Total Unadjusted Debits
Common
Held in Treasury
—3,950.00
+28.786.74
$439,362,618.72
Loans and Bills Receivable
Traffic and Car Service Balances Receivable
Net Balances Receivable from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Interest and Dividends Receivable
Other Current Assets
Capital Stock:
Adjustment Preferred
Held in Treasury
+814.605,060.42
+1.440,559.88
—3.195.000.00
120,067.800.00
$649,714.46
5,420,238.64
601,390.13
55,016.00
10.118.50
6,000.00
229,923.00
1,633,900.25
—52.942.84
+1.058,977.36
+82.339.43
—3,002.00
—429.25
+41,455.25
8,606.300.98
$1,281,264.52
261,233.10
+169.264.52
+86.198.57
1,542.497.62
13,730,000.00
87.827.495.55
1,417,712.76
—406.000.00
+2.101.862.72
+1.274.151.93
—1,077,159.43
+843,285.42
+2.729.370.92
+130,042.79
+440.149.30
12,482,653.10
27.603,718.91
739,323.83
1,134.559.21
51,205.463.36
$1,941.301.80
+241.214.31
+318.116.42
+500.00
44,281,951.70
$46,223,253.50
82,830,080.46
+22,102.795.87
129.053,333.96
$486,767,995.92
+832,890.191.29
[VOL. 124.
THE CHRONICLE
1998
CANADIAN PACIFIC RAILWAY COMPANY
ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1926.
The accounts of the Company for the year ended December 31 1926 show the following results:
Gross Earnings
Working Expenses (including all taxes)
$198,025,591.69
153,080,464.81
Net Earnings
Deduct Fixed Charges
$44,945,126.88
14,676,358.60
Surplus
Contributions to Pension Fund
$30.268,768.28
600,000.00
$29,668,768.28
-yearly
From this there has been charged a half
dividend on Preference Stock of 2%, paid
$2,002,971.76
October 1 1926
And three quarterly dividends on Ordinary
Stock of 1%% each, paid June 30 1926, Oc13.650,000.00
tober 1 1926,. and December 31 1926
15.652.971.76
$14,015,796.52
From this there has been declared a second
-yearly dividend on Preference Stock of
half
$2,002,971.76
2%. payable April 1 1927
a fourth quarterly dividend on Ordinary
And
4.550.000.00
Stock of 134%. payable April 1 1927
6,552,971.76
$7,462,824.76
Leaving net surplus for the year
In addition to the above dividends on Ordinary Stock. 3% was Paid
from Special Income.
SPECIAL INCOME FOR YEAR ENDED DECEMBER 31 1926.
Net Revenue from Investments and Available Resources,
$2,576,410.41
Exhibit "C"
Interest on Deposits, and Interest and Dividends on Other
2,940,485.20
Securities
2,053,882.55
Net Earnings Ocean and Coastal Steamship Lines
Telegraph and News Department,
Net Earnings Commercial
3,485,492.43
Hotels, Rentals and Miscellaneous
$11,056,270.59
Less—Payments to Shareholders in dividends: June 30 1926,
5,850,000.00
October 1 1926 and December 31 1926
$5,206,270.59
From this a dividend has been declared payable April 1 1927 $1,950,000.00
EARNINGS AND EXPENSES.
2. The working expenses for the year, including all taxes,
amounted to 77.30% of the gross earnings, and the net
earnings to 22.70%, as compared with 78.10% and 21.90%,
respectively, in 1925. Excluding taxes, the ratio of working expenses to gross earnings was 74.41% and in 1925
75.77%.
Gross earnings increased $14,669,586 over those of the
previous year, and working expenses $9,879,235. The net
earnings, before deducting fixed charges, were $44,945,126,
an increase over the previous year of $4,790,351.
The results would have been still better were it not for a
rather sharp decline in gross earnings during the month of
December, accompanied by an increase in operating expenses due to special charges made during that month and
to the extremely severe weather in which the operations of
the Company were conducted. Of the increased expenses,
$1,681,946 was in Transportation, largely attributable to
the increased volume of business handled; $2,848,282 was
in Maintenance of Way and Structures, and $3,613,922 in
Maintenance of Equipment in consequence of the policy
approved by your Directors that the physical properties of
the Company shall always be maintained in the highest
possible state of efficiency. Your Directors are of the
opinion that the results must be regarded as satisfactory,
constituting as they do the largest net revenues since 1917,
but they would be lacking in their duty if they did not point
out that the future strength of the Company will depend
upon the availability of surplus earnings for re-investment
he nein improvements and betterments of the property—t
its
cessity of which is continuous—if the Company is to do.
full share in fulfilling its two outstanding duties, namely,
reasonable
to supply the most efficient transportation at
to
rates and to make its own very substantial contribution
Canadian development and industrial expansion.
SPECIAL INCOME.
special income of the Company shows a slight
3. The
the
decrease, notwithstanding increased dividends from
Consolidated Mining and Smelting Company, due entirely
earnings of ocean and
to a moderate decrease in the net
steamship lines, to which reference is made in a
coastal
later part of this Report.
LAND SALES.
4. The sales of agricultural lands for the year were
365,665 acres for $4,714,139.16, being an average of $12.89
per acre. Included in this area were 10,737 acres of irrigated land which brought $44.99 per acre, so that the average for the balance was $11.92 per acre.
SALE OF SECURITIES.
5. During the year your Directors issued $12,000,000 of
A% per
Equipment Notes, bearing interest at the rate of 41
-year Collateral Trust Gold
/% 20
annum, and $20,000,000 41
Bonds, secured by the deposit of $25,000,000 4% Consolidated Debenture Stock, the issuance of which you had previously approved.
CANADIAN PACIFIC STEAMSHIPS, LIMITED.
6. The year 1926 showed a distinct improvement in
traffic over the previous year due to the increased number
of passengers carried, particularly in westbound third class
traffic, and to economies in operation effected by close
scrutiny of fuel and establishment charges throughout the
year.
While the net earnings were somewhat less than during
the preceding year, this was entirely due to the inclusion in
the accounts of 1925 of the refund of Excess Profits Duties
by the British Government, which was in the nature of a
special and not a recurring payment. The earnings from
strictly Steamship operations on both Oceans showed a
gratifying improvement. Further improvement is expected
during the coming season if our advance estimates of traffic
conditions prove correct.
During the year the steamships "Pretorian," "Empress
of Japan,' "Monteagle," "Borden," "Batsford" and "Marglen" were sold.
Pursuant to the authority granted at the last Annual
Meeting, contracts have been let for the construction of two
new passenger vessels of the "Montcalm" type-, and five
freight vessels, and the work of construction is being proceeded with, though delayed in its initial stages by the coal
strike in Great Britain. The passenger vessels are, however, expected to be in service by the summer of 1928 and the
freight vessels early in the same year.
BRITISH COLUMBIA COAST SERVICE.
During the year your Directors approved the purchase
7.
for the British Columbia Coast Service of the S. S. "Emperor of Port McNicoli" (re-named the "Nootka"), and
since the close of the fiscal year a contract has been entered
into with John Brown and Company, Limited, of Clydebank,
Scotland, for the construction of an additional steamer for
use between Vancouver and Nanaimo at an estimated cost
of $583,000.
HULL ELECTRIC COMPANY.
8. Your Directors have disposed of the Company's interest
In the Hull Electric Company (including the power development at Paugan Falls) through the sale of the capital stock
of that Company to the Canadian International Paper Company for the sum of $4,750,000. The purchase money has
been paid in accordance with the terms of the contract.
HOTELS.
9. The reconstruction of the burnt portion of the Chateau
Frontenac Hotel, mentioned in the last Annual Report, was
completed on time, and that portion of the hotel was opened
for operation on June 1 1926. The unique features of the old
hotel were retained to the fullest possible extent and the
whole building is now completely fireproof. The Chateau
Frontenac has been more fully patronized during the year
just closed than in any year since the original hotel was
constructed in 1892.
The reconstruction of the older portions of the Banff
Springs Hotel, mentioned in the last Annual Report, is proceeding satisfactorily, and the first portion, namely, the
North Wing, the expenditure in connection with which you
have approved, will be completed by June of this year.
Your Directors considered it advisable also to commence
APR. 2 1927.]
THE CHRONICLE
during the past Winter the reconstruction of a portion of
the South Wing, as it could be prosecuted without adding to
the ultimate cost while the North Wing was being completed. The South Wing and the requisite changes in the
present building will be completed in the Spring of 1928 at
an approximate expense of $2,992,800, exclusive of furnishings.
Your Directors, after careful consideration, have decided
that it is very much in the interests of the Company to erect
a hotel in the City of Toronto, where the hotel accommodation is quite inadequate to meet the commercial and tourist
traffic which centres in that important city. The Board
had considered such a project for some time but had refrained from asking the shareholders for their approval in
view of the extensive expenditures to which the Company
was committed at the Chateau Frontenac, Lake Louise,
Banff and Regina. Now, however, that the major portion
of the works in connection with these hotels has been completed or is approaching completion, your Directors feel
that the construction of a hotel in Toronto should not be
longer delayed. To this end the property of the present
Queen's Hotel and adjacent properties have been secured,
and the demolition of the present hotel and construction of
the new hotel will be proceeded with as soon as the necessary detailed plans have been prepared. It has been intimated in the public press that other hotel enterprises for
Toronto are contemplated, but your Directors do not feel
that the Company's plans should be in any degree altered because of these reports. Your approval of the prosecution
of the undertaking and the expenditure necessary to complete the work at the earliest reasonable date will be asked.
BRANCH LINES.
10. During the past year branch line construction in the
Western Provinces was proceeded with, 135 miles being
graded, 192 miles of track being laid and 175 miles ballasted on lines of construction of which you have previously
authorized.
Under agreement dated the first of August 1926 between
your Company and the Manitoba Great Northern
Railway
Company, a portion of the latter Company's railway between
Carman and Plum Coulee (26.22 miles in length) was
taken
over and now forms a portion of the Manitoba District.
Your Directors are of the opinion that further extensions
should be built as conditions warrant, and your authority
will be asked for proceeding with the construction and for
the issue of Consolidated Debenture Stock in aid of
the following lines, namely:
1. Moose-Jaw Southwesterly (Saskatchewan). Mileage 96 to
109 13.0 miles
2. Rosetown Northerly (Saskatchewan), Mileage 0 to 21
21.0 miles
3. Gem Colony Branch (Branch from Rosemary North) (Alberta), Mileage 0 to 8.5
8.5 miles
4. Cutknife-Whitford Lake (Alberta), Mileage 115 to 181--66.0 miles
5. Asquith to Cloan (Saskatchewan), Mileage 0 to 28
28.0 miles
6. Cassills Southerly (Alberta), Mileage 0 to 22
22.0 miles
Total
158.5 miles
It is also proposed to extend the Tuffnell-Prince
Albert
Branch of the Manitoba and North-Western Railway across
the Saskatchewan River at Nipawin, a distance of
four
miles, and to construct a branch of the same railway
south
and west from Kandahar or Foam Lake, a distance of
37
miles. The Manitoba and North-Western Railway
Company has authority to issue Bonds not exceeding
$40,000
per mile, which will, in the usual course, be acquired
by
this Company with the proceeds of the sale of Consolidat
ed
Debenture Stock to be issued for the purpose.
CAPITAL EXPENDITURES.
11. In anticipation of your confirmation, your Directors
authorized capital appropriations, in addition to those
approved at the last annual meeting, aggregating for the year
1926 $3,852,266, and ask your approval to expenditures on
capital account during the present year of $8,448,702. Of
this amount the principal items are:
Replacement and enlargement of structures In permanent form....
$615.707
Additional stations, round houses, freight sheds, and shops, and
extensions to existing buildings
1.743.576
Tie plates, rail anchors, ballasting, ditching and miscellaneous
roadway betterments
890,978
Replacement of rail in main and branch line tracks with heavier
section
1.381.730
Additional terminal and side track accommodation
839,901
Improving coaling and watering facilities
156.210
Mechanical Department, machinery at various points
183,234
Improvements in connection with Telegraph Service
331,230
British Columbia Lake and River Steamers
50,000
British Columbia Coast Steamships
39,860
Double track
995.000
1999
The balance of the amount is required for miscellaneous
works to improve facilities and effect economies over the
whole system.
MINNEAPOLIS, ST. PAUL AND SAULT STE. MARIE
RAILWAY COMPANY.
12. The results of the operations of your subsidiary, the
Minneapolis, St. Paul and Sault Ste. Marie Railway Company (including the Wisconsin Central) were not good, the
Soo Line proper showing a net surplus of $121,000 as against
a net surplus in 1925 of $1,764,000, and the Wisconsin Central showing a deficit of $105,000 in 1926, as against an
operating surplus in 1925 of $308,000. The result was
largely due to the crop failures in the districts served by
the lines of the Soo System, though a loss of $3,046,427 in
revenue from Agricultural products was partly made up by
an increase in live stock products and iron ore. The crop
failures were chiefly caused by the severe drought in May
and June and the excessive rains in August and September.
It is, however, satisfactory to know that diversification of
farming operations was given a further impetus, and the
excessive rains which had such a detrimental effect on the
1926 crop have provided plenty of sub-soil moisture.
Your Directors feel quite confident that the Soo Line will
show better earnings in the future due to the improvement
in general business conditions which should produce more
stable traffic and less fluctuation in railway earnings.
INCREASE IN STOCK.
13. At a special general meeting of the shareholders held
on October 7 1914 a resolution was adopted authorizing an
increase of the Company's Ordinary Capital Stock to the
extent of 750,000 shares of the par value of $100 each; I. e.
from $260,000,000 to $335,000,000, in order to make it accord
with the amount which the Company is empowered by
Order of the Governor-General-in-Council to issue. The
resolution provided, however, that such increase should not
be issued until the sanction of the shareholders thereto had
first been obtained at a special meeting duly called for the
purpose. As mentioned in the notice to the shareholders,
the forthcoming annual general meeting will be made special for the purpose of sanctioning the issue of such increased Stock and the disposal of it in such amounts, on such
terms and at such times as the Directors may from time to
time decide, the proceeds to be applied in improving the
Company's property, adding to its facilities and equipment
and constructing such works as in the opinion of the Directors are desirable in connection with the Company's business.
GENERAL CONDITIONS.
14. In the report covering the operations of the Company
for the year 1925, your Directors expressed the view that
Canada's financial position was then sounder than at any
time since the War and that only the adoption of definite
fiscal policies, a more rigid regard for economy in public
expenditures and a proper immigration policy were needed
to ensure a marked and speedy return to prosperous conditions. This view has been borne out by the progress made
during 1926, and it can be confidently stated that conditions
generally throughout Canada were materially better at the
close of 1926 than they were at the end of the preceding year.
While, in the opinion of your Directors, the country's progress during this and the succeeding years should be substantial, they nevertheless feel impelled to record the conviction which they still hold that public expenditures should
be carefully scrutinized and restricted.
Immigration increased materially in 1926, there being
admitted to the country 130,569 new settlers, as compared
with 80,904 during 1925, and with the co-operation of the
Government and the transportation and immigration agencies the prospects for 1927 are even better. There is in
Great Britain and in the United States an increased interest in Canada which gives promise of an influx of additional capital for the development of its natural resources
and the expansion of its industries. Mining operations are
more extensive and larger mineral areas have been opened
up for development. Substantial progress has also been
made in the pulp and paper industry and in the development of the country's valuable water powers. Another factor of great importance to the country's progress has been
the steady improvement in the morale of its people, due
largely to better agricultural conditions and to the funda-
2000
THE CHRONICLE
[VoL. 124.
mental soundness of the country asserting itself. Reduc- the same year was appointed Financial Agent of the Comtions in taxation, so necessary to release for investment the pany in London, died on the 11th of May 1926. He had
savings of the people, have taken place, and further and been connected with the Company for a period of thirtyequally necessary reductions are expected. All these fac- seven years, during which he rendered most loyal and
tors are evidence of the substantial progress which your efficient service, particularly in connection with the ComDirectors anticipated would take place when they last pany's financial arrangements in London and the marketing
of its securities there.
reported to you.
ADDITIONAL DIRECTORS.
15. A by-law will be submitted for your approval
pursuant to the terms of the amendment to your Company's
Charter obtained in 1920 increasing the number of Directors
to eighteen and providing for the method of election.
STOCK HOLDINGS.
16. The position of the holdings of the Common Stock of
the Company at the end of the fiscal year just closed was
as follows:
United Kingdom
Canada
United States
France
Other countries
53.96%
19.43%
18.74%
2.87%
5.00%
DEATH OF SIR THOMAS SKINNER.
Thomas Skinner, Bart., who was elected a Direc17. Sir
tor of the Company in May 1889, and who in November of
APPOINTMENT OF MESSRS. McKENNA AND
PEACOCK.
18. The Right Honorable Reginald McKenna, of London,
was appointed a Director to fill the vacancy created by the
death of Sir Thomas Skinner, Baronet, and Mr. E. R.
Peacock, also of London, was appointed a Director to fill
the vacancy created by the death of Sir Augustus Nanton.
RETIRING DIRECTORS.
19. The undermentioned Directors will retire from office
at the Annual Meeting. They are eligible for re-election:
Colonel Henry Cockshutt,
Sir Herbert S. Holt,
Colonel Frank S. Meighen, C.M.G.,
Mr. F. W. Molson.
For the Directors,
E. W. BEATTY, President,
Montreal, March 14 1927.
CANADIAN PACIFIC RAILWAY COMPANY—GENERAL BALANC E SHEET DECEMBER 31 1926.
ASSETS.
Property Investment:
Railway. Rolling Stock Equipment and Lake and River Steamers
Ocean and Coastal Steamships, Exhibit "A"
Acquired Securities (Cost)—Exhibit "B"
Advances to Controlled Properties and Insurance Premiums
Investments and Available Resources:
Deferred Payments on Lands and Townsites
Provincial and Municipal Securities
Miscellaneous Investments, Exhibit "C," Cost
Assets in Lands and Properties, Exhibit "D"
156.043.062.48
792,721.29
24,522,842.60
93.805,866.44
Working Assets:
Material and Supplies on Hand
Agents' and Conductors' Balances
Net Traffic Balances
Imperial, Dominion and United States Governments, Accounts due for Transportation, etc
Miscellaneous Accounts Receivable
Cash in Hand
122.892,407.82
4.985.260.78
1,249.210.09
1,174,844.80
7,303.842.08
42,813,394.86
$664,107,040.36
62,118,329.40
142,510,386.78
13,589,890.90
175,164.492.81
80,418.960.43
81,137,909,100.68
LIABILITIES.
Capital Stock:
Ordinary Stock
Four Per Cent Preference Stock
$260.000.000.00
100,148.587.78
$360,148,587.78
$304,244,882.08
40,000,000.00
Four Per Cent Consolidated Debenture Stock
Less—Collateral as below*
Ten-Year 5% Collateral Trust Gold Bonds (1934)•
Twenty-Year 43. % Collateral Trust Gold Bonds (1946)•
Twenty-Year 43.6% Sinking Fund Secured Note Certificates (1944)
Less—Purchased by Trustee and canceled
Less—Amount held by Trustee
264,244,882.08
12,000,000.00
20.000,000.00
30,000,000.00
2,135,400.00
127,864.600.00
286.989.87
Mortgage Bonds: Algoma Ilranch 1st Mortgage 5%
Current:
Audited Vouchers------------------------------------------------------------------------------------ 17.581.800.77
3.953,516.56
Pay Rolls-------------------------------------------------------------------------------------------Miscellaneous Accounts Payable-----------------------------------------------------------------------4,693,703.88
Accrued: Rentals of Leased Lines am. Coupons on Mortgage Bonds
Equipment Obligations
Reserves and Appropriations:
1903,931.88
Equipment Replacement-----------------------------------------------------------------------------Steamship Replacement------------------------------------------------------------------------------- 15,405,048.39
20,263,535.56
Fund for Contingencies and for Contingent Taxes
Reserve
Premium on Ordinary Capital Stock Sold, Less Discount on Collateral Trust Gold Bonds and Note Certificates
Net Proceeds Lands and Townsites--------------------------------------------------------------------------------------Surplus Revenue from Operation----------------------------------------------------------------------------------------Special Reserve to Meet Taxes Imposed by Dominion Government
-------------------------------------------------------------------------------------------------Surplus in other Assets
27,577,610.13
3,650,000.00
16,229,021.21
1.029,460.40
18,410,000.00
36,572,515.83
40,278,965.22
74,320,094.81
142,466,061.93
2,492,503.36
118,489,397.93
11,137,909,100.68
J. LESLIE, Vice-President and Comptroller.
AUDITOR'S CERTIFICATE.
Records of the Canadian Pacific Railway Co.for the year ending December 31 1926,
We have examined the Books and
and having compared the annexed Balance Sheet and Income Account therewith, we certify that, in our opinion, the
Balance Sheet is properly drawn up so as to show the true financial position of the Company at that date, and that the
relative Income Account for the year is correct.
PRICE, WATERHOUSE & CO., Chartered Accountants (England).
Montreal, March 11 1927.
APR. 2 1927.]
2001
THE CHRONICLE
SOUTHERN RAILWAY CMOPANY
THIRTY-THIRD ANNUAL REPORT-YEAR ENDED DECEMBER 31 1926.
Richmond, Va., March 12 1927.
To the Stockholders of Southern Railway Company:
The Board of Directors submits the following report of
the affairs of the Company for the year ended December 31
1926:
FREIGHT TRAFFIC AT NEW PEAK.
A record-breaking volume of freight was handled, the
equivalent of moving more than nine thousand million tons
a distance of one mile. This was an increase of 9.06% over
the previous year. Although the average revenue unit declined (1.25c. per ton per mile compared with 1.291c. in 1925
and with 1.531c. in 1921), by reason of an increased proportion of low-class tonnage, the increase in volume brought
In gross earnings from freight traffic which were the largest
in the Company's history: a total of $112,772,537 compared
with $106,776,762 in 1925. The healthy diversification,
which for years has been a characteristic of the Southern's
freight traffic statements, is shown by the statistics appearing in the table accompanying this report (page 35) [pamphlet report]. Particular attention is once more invited to
that table in order to correct an error in respect to railroading in the South. It will be noted that raw cotton constituted but 1.73% of the total tonnage in a year when the
cotton crop was of unprecedented size.
PASSENGER TRAFFIC SLOWS DOWN.
On the other hand, passenger traffic slowed down. The
Improvement noted in the annual report last year continued
during the first seven months of 1926. Then began a comparative decline which continued through the remainder of
the year. The passenger revenue for the period from January to July, inclusive, in 1926, was 3.51% in excess of the
same period of 1925, while for the remaining five months of
1926 it was 8.47% below the same period of 1925. The
striking and significant figures for the past three years are
as follows:
1926.
1925.
1924.
Passenger Revanue from Through
Traffic
315,947.192 $15.518,351 $13,631,225
Passenger Revenue from Local
Traffic
14,437,352 15,433.455 17.451,921
Totals
$30.384,544 $30,951,806 $31,083,146
The soft spot is not far to seek. The loss is in local travel
which has turned to motor vehicles progressively as hard
surface highways have been built by the States. From
through or long distance travel the revenue in 1926 exceeded that of 1925 by $428,841. But even here there was a
decrease in comparative growth, for the increase from
through passenger traffic in 1925 was $1,887,126 over 1924.
These last figures reflect a local condition, however; the
turn of the tide in Florida travel incident to the crescent
and decrescent phases of a conspicuous real estate boom
which for a few months attained national significance and
attracted speculative pilgrims from far and wide.
For the full year the volume of passenger traffic was the
equivalent of carrying 881 million passengers one mile, compared with 902 million the year before, a decrease of 2.34%.
REVENUE FROM OTHER SOURCES INCREASES.
Larger demands upon the Company's facilities for carrying the mails and express parcels, switching and other miscellaneous services, resulted in a revenue from these combined sources of $12,310,895, compared with $11,585,323 in
the preceding year, an increase of 6.26%.
TOTAL GROSS REVENUE EXCEEDS ANY PREVIOUS
YEAR.
The total gross revenue derived from the operation of the
railroad amounted to $155,467,976, an increase of 4.12%
over the 1925 figure of $149,313,892, and 1.73% above the
previous record of $152,817,410 reached in 1920.
OPERATING EXPENSES INCREASE
PROPORTIONATELY.
The increase of $6,154,084 in gross revenue was accompanied by an increase of $2,010,920 in the expense of conducting transportation. The percentage of gross revenue
appropriated for this vital account in 1926 was, however,
33.36, compared with 33.38 in 1925. Normally this ratio is,
of course, expected to decline with an expansion of revenue.
The spirited effort of the rank and file of the operating
department to achieve a greater spread this year failed of
realization for several reasons, among which may be mentioned the decline in passenger revenue without corresponding opportunity to reduce local passenger train mileage and
the congested conditions prevailing in connection with Florida traffic during the early part of the year. Nevertheless,
the transportation expense units continued to furnish evidence of advantage taken of the opportunity to reduce unit
costs afforded by the large volume of traffic and the improved plant, e. g.:
The average weight of freight trains in 1926 increased
4.12% over 1925 and 7.07% over 1924.
The number of gross ton miles per freight train hour increased 4.05% over 1925 and 8.09% over 1924.
The average number of cars per freight train increased
2.86% over 1925 and 7.01% over 1924.
The average freight car loading increased 3.57% over
1925 and 4.5% over 1924.
The average daily freight car mileage increased 9.7% over
1925 and 14.5% over 1924.
Loss and damage freight claims per thousand net ton
miles decreased 4.77% under 1925 and 23.22% under 1924.
The wage cost of freight train crews per thousand gross
ton miles was 4.67% under 1925 and 6.95% under 1924.
Total freight train transportation expense per thousaad
gross ton miles in 1926 was 62.69c., compared with 65.29c. in
1925, a decrease of 3.98%.
The appropriations for maintenance of the plant were
made with a view to keeping it in prime condition for the
proper handling of a heavy volume of traffic. For maintaining the roadbed and structures $21,049,999 was expended in
1926, compared with $20,437,950 in 1925. For maintaining
rolling stock $26,773,735 was expended in 1926, compared
with $25,702,134 in 1925.
A fairer estimate of the effort for efficiency can be made
by considering the progress of several years. The comparative requirements of the several general heads of operating
expenses during the last five years, expressed in the number
of cents per dollar of gross revenue required to meet them,
have been as follows:
1926.
1925.
1924.
1923.
1922.
Transportation of the traffic...33.36c. 33.380. 35.13c. 36.32c. 39.50c.
Maintainingroadbed and structures
13.54c. 13.69c. 13.73c. 13.74c. 13.46c.
Maintaining rolling stock
17.22c. 17.21c. 17.91c. 19.44c. 17.07c.
Traffic solicitation and supervision
1.99c.
1.93c.
1.95c. 1.90c.
1.93c.
General expenses
2.92c.
2.600. 2.60c. 2.72c. 2.59c.
Operating dining cars and other
Incidental services
69c
. .. .. .. .
70c
74c
67c
.67c.
Totals
69.38c. 69.53c. 72.06c. 74.710. 75.620.
EQUIPMENT RENTALS HIGHER.
There was an increase in the net charge against the Company for hire of equipment, this figure standing at $80,830
in 1926, compared with $151,464 in 1925. An explanation,
but not an excuse, for this is in order. That explanation is
found in special circumstances which may come in any year
and which cannot be entirely overcome either by reasonable
additions to owned equipment or by operating supervision.
In 1926 the contributing causes were the congestion of
Florida traffic during the early months of the year, the use
of foreign cars for bituminous coal traffic moving outside
of its normal channels as a result of the anthracite coal
strike, and the unusually large movement of peaches and
iither fruits and vegetables in refrigerator cars, rental payments for the use of which are reflected in the hire of equipment account.
TAXES CONTINUE TO CLIMB.
The tax bill for 1926 was $10,351,100, an increase of
$909,535, or 9.63%, over 1925. Being thus nearly the equivalent of the aggregate disbursement for dividends, this is a
disturbing symptom. Federal and State income taxes accounted for $3,894,035 of the total and for $745,468 of the
increase, while State and local property assessments accounted for $6,457,065 of the total and for $164,067 of the
Increase. The tax collectors took 6.7c. out of each dollar of
gross revenue in 1926, compared with 6.3c. in 1925, with
5.4e. in 1924, with 4.6c. in 1923, with 4.5c. in 1922 and with
3.6c. in 1921.
The steady tendency of increase of this fixed charge, over
which management has no control, may fairly be said to be
an element of danger in the financial outlook of the State
Governments as well as of this Company. During the past
few years of comparative prosperity the Company's revenues
have been able to bear the burden and the Government
budget maker has been alert to take advantage of his opportunity; but the public has now begun to realize that what
Is taken from a railroad for taxes in such years above a fair
contribution to the support of economical government is
taken, not from the stockholder, but from the fund which
would otherwise be available for, and in the case of the
Southern would be invested in, additions and betterments to
railroad property, of which the public would be the greatest
beneficiary in greater safety and facility in the movement
of commerce. But in the event of a severe business depression which (absit omen!) may be expected in the cycle of
commercial activity indicated by experience tables, the time
may come when an annual charge of ten millions a year
may be actually embarrassing even to the volume of revenues
of a great railroad; and it may be fairly doubted whether
the Government budget maker will then be able to reef his
sails as promptly as the managers of industry are trained to
do. If he is not able so to do, it is not improbable that Government as well as railroad may be in straits.
INTEREST AND RENTAL CHARGES REMAIN
STATIONARY.
In contrast with taxes, the fixed charges against the income which management can control have remained in sub-
[VOL. 124.
THE CHRONICLE
2002
stantial equilibrium. The total debit for rentals of leased lengthening of passing tracks to permit the operation of
railroads and for interest on bonds in 1926 amounted to $17,- heavier engines hauling longer trains, and the installation of
519,061, as compared with $17,517,651 for the preceding year. automatic electric block signals and train control devices to
expedite and protect the train movement.
INCOME FROM INVESTMENTS INCREASES.
The work of strengthening structures and lengthening
The Company's income from sources other than the opera- passing tracks was carried on upon the lines from Macon,
tion of its railroad property, including dividends and inter- Ga., to Ooltewah (near Chattanooga), Tenn., Bristol, Va.,
est on Government and corporate securities owned by it, to Ooltewah, Tenn., Memphis, Tenn., to Stevenson, Ala.
and interest on bank balances, amounted to $5,856,954 in (near Chattanooga), Richmond, Va.,to Danville, Va., Selma,
1926, an increase of $582,956, or 11%, over the like income Ala., to Suggsville, Ala., and Winston-Salem, N. C., to BarIn 1925. This was largely due to increases in dividend rates ber Junction, N. C., a total of 995 miles. The work of inby several prosperous affiliated companies in which the stalling automatic electric block signals, with train control
devices, was carried on upon the lines from Salisbury, N. C.,
Southern is a principal stockholder.
to Asheville, N. C., and from Macon, Ga., to Ooltewah,
NET INCOME HIGHER.
Tenn., a total of 366 miles. Improvements of this nature
The balance of the Company's income over fixed charges not only make it possible to render quicker and safer serIn 1926 amounted to $23,596,722, equivalent to 17.16% on vice but also tend to control the costs of operation.
the common stock after providing for the dividend on the
A total of 320 miles of new 100-lb. rail was laid during the
preferred stock, compared with $22,579,172, equivalent, af- year, replacing 85-lb. rail.
ter preferred dividend, to 16.31% on the common stock, in
The new equipment referred to in the report for last year,
the preceding year.
consisting of sixty-one locomotives, 2,750 freight cars and
fifty passenger train cars, were received from the builders
DIVIDEND DISBURSEMENTS INCREASE.
and placed in service during the year.
The preferred dividend of 5% and a dividend of 7% on
NEW PARTNERSHIP CAPITAL.
the common stock, were paid in quarterly installments, reThe offering of ten million dollars of new common stock
quiring $11,400,000, an increase of $2,400,000 over the preto the stockholders for subscription at its par value of one
ceding year, when the rate on the common stock was 5%.
These disbursements have been acclaimed by the public as hundred dollars per share to provide a part of the capital
evidence of exuberant prosperity, justifying demands upon required for the improvement budget of 1927 met with a
the Company for unprofitable investments. It is of interest, ready response from those entitled to the valuable subscripthen, to note that in the thirty-three years of the Company's tion privilege.
history (1894-1926) the preferred stockholders have re- INDUSTRIAL AND AGRICULTURAL DEVELOPMENT.
ceived an average dividend of 2.95% per annum and the comThe South has completed another year of constructive
mon stockholders a like average dividend of 0.48% per
material progress. Evidences in support of that claim are
annum.
that three hundred and sixty-two new traffic producing
SURPLUS INCOME DEVOTED TO IMPROVEMENTS. Industries were established on Southern Railway System
The year's income exceeded all disbursements by $12,196,- lines and three hundred and forty additional industrial es722, which was invested in additions and improvements to tablishments were enlarged. These industries represent
ninety-four different lines of manufacturing and distributhe Company's plant.
tion.
ADDITIONS TO THE PROPERTY.
Perhaps the most conspicuous growth has been in the
The improvement program during the year took the form cotton textile industry. That growth in the cotton growing
largely of adding to the capacity of the heavy traffic single States since the organization of Southern Railway Company
track lines through the strengthening of structures and in 1894 is graphically shown by the following chart:
BALES
MILLIONS
COTTON USED BY UNITED STATES MILLS -YEARS 1894-1926
MILLS IN COTTON GROWING STATES
NMI
MILLS IN ALL OTHER STATES
BALES
MILLIONS
5
5
4
3
3
2
0)
‘
9
C)
10
g
o t; 7 s, o) a cn ' oo
o 7'
o o
co
e
Cl0)
a 01 8 0 V e
a)
n
0) 01
*
6)
01
0)
0)
m 242ci
01 0) Cl
o)
01
2YEA-
C.
tO
'al
YEAR
It was a year of abundant harvests in the South. The TABLE 23.
-CLASSIFICATION OF TONNAGE MOVED.
following comparisons of production of certain staple agriPer Cent of
cultural commodities are compiled from reports for the
Revenue Freight Only.
Tons-- Total Tonnage.
Products of Agriculture
1926.
1925.
1926. 1925.
States south of the Potomac and Ohio rivers and east of the
Wheat
421,510
445,164
.
.98
Mississippi:
Corn
220,439
193,483
.46
.43
Corn (bushels)
Wheat (bushels)
Oats (bushels)
Apples (bushels)
Peaches (bushels)
Sweet Potaties (bushels)
gay (tons)
Tobacco (pounds)
Increase.
1926.
1925.
21
373,449,000
453,110.000
32,210,000
22,933,000
40
51,724,000
37,306,000
39
41,782,000
17.588,000 138
32
18,535,000
14,030,000
49,670,000
36,533,000
36
6,784,000
4,672,000
45
1,109,968,000 1.117,039.000
These figures connote comparative prosperity for the general farmer and the fruit grower, but as much cannot be
claimed for the cotton planter. The reports of his unprecedented crop were followed by a sharp decline in the market
price of raw cotton, which severely reduced the planter's
expected purchasing power. All business activity in the
territory suffered temporarily from that condition.
non.
With deep regret, the Board records the death on September 16 1926 of their esteemed colleague, Robert Jemison, Sr.
moommommi
To all officers and employees who have faithfully and
efficiently performed their duties during the past year the
thanks of the Board of Directors again are tendered.
Respectfully submitted, by order of the Board,
FAIRFAX HARRISON, President,
Oats
Other Grain
Flour and Meal
Other Mill Products
Hay, Straw and Alfalfa
Tobacco
Cotton
Cotton Seed and Products, except Oil
Citrus Fruits
Other I.resh Fruits
Potatoes
Other Fresh Vegetables
Dried Fruits and Vegetables
Other Products of Agriculture
Total Products of Agriculture
Products of Animals
Horses and Mules
Cattle and Calves
Sheep and Goats
Hogs
Fresh Meats
Other Packing House Products
Poultry
Eggs
Butter and Cheese
Wool
Hides and Leather
Other Products of Animals
Total Products of Animals
163,076
30,291
398.029
427,579
272,703
272,298
830,452
724,152
127,293
440,767
107,537
198,552
43,174
92,995
202,384
28,252
410.890
461,539
252,894
286,384
744,859
584,307
116,618
325,669
86,781
103,966
39,984
87,404
.34
.06
.83
.89
.57
.57
1.73
1.50
.26
.91
.22
.22
.09
.19
.44
.06
.90
1.01
.56
.63
1.63
1.28
.26
.72
.19
.23
.09
.19
4,680,847 4,370,568
9.72
9.60
31,851
92,901
5,859
26,587
51,865
98.495
18,842
25,405
11.302
1,038
78,490
36,144
45,960
97,391
6,344
27,804
44,620
91,441
17,845
23,747
76,416
35,777
.16
.08
-:i§
.08
478,779
478,045
.99
1.05
?:/82
.07
.19
.01
.06
.11
.20
.04
.05
_!
:
.
9
.10
,
.21
.01
.08
.10.
.20
.04
.05
.02
APR. 2 1927.]
THE CHRONICLE
2003
Per Cent of
ICAI3I,E 31. --GENERAL BALANCE SHEET.
Tons
Total Tonnage.
1926.
1925.
1926. 1925.
ASSETS.
27,966
20,517
.06
.05
Dec. 31 1926. Dec. 31 1925.
14,433,339 13,126,801 30.00 28.85
536,770
827,746
1.11
1.82 Investments: in Road
Investment
$385,633,116.58 $377,375,960.10
130,136
152,110
.27
.33
Investment in Equipment
134,893,740.30 125,138.853.56
1lb,735
136,737
.24
.30
224
281
Total Investment in Road and
5,560,926 4,652,398 11.55 10.22
Equipment
$520,526,856.88 $502,514,813.66
29,456
20,355
.06
.04
115,139
108.997
.24
.24
Construction Fund derived from cash
89,497
87.345
.18
.19
paid on Common Stock subscriptions_ $9,088,980.60
245,052
318.560
.50
.70
Proceeds from sale of Mortgaged Property, held by Trustees for ReinvestTotal Products of Mines
21.284.240.19.451.847 44.21 42.74
ment
$1,338,699.50
$886,622.45
Miscellaneous Physical Property
$1,003,159.12 $1.035,873.93
Products of Forests
Investments in Affiliated Companies:
Logs, Posts, Poles and Cord Wood
1,376,878 1,281.251
2.86 2.82
Stocks
$34,824,618.89 $34,910,550.73
Ties
523,213
376.416
1.09
.83
Bonds
23,015,148.16
24,033,970.19
Pulp Wood
614,308
710,634
1.28
1.56
Notes
3,955,394.29
3,981,117.94
Lumber, Timber, BoA Shooks, Staves
Advances
2,443,427.35
and Headings
2,605,057.55
4,943,441 5,091.427 10.27 11.18
Other Products of Forests
228,838
185,598 • .47
.41
Total Investments in Affiliated
Companies
Total Products of Forests
$64,238,588.69 $65,530,696.41
7.686.678 7,645.326 15.97 16.80
Manufactures and Miscellaneous
Other Investments:
Refined Petroleum andits Products
Stocks
$59,958.00
$93,809.00
1,307,815 1,237,395 2.72 2.72
Bonds
Vegetable Oils
2,378,308.21
2,378,309.21
161,901
133,249
.34
.29
Sugar, Syrup, Glucose and Molasses.. 264,312
Notes
14,448.68
14,448.68
229,078
.55
.50
Boats and Vessel Supmies
556
756
Iron, Pig and Bloom
Total Other Investments
$2,452,714.89 $2.486,566.89
393,919
405,390
.84 -JW
Rails and Fastenings
124,361
133.341
.26
.29
Total Investments
Bar and Sheet Iron, Structural Iron,
$598,648.999.68 $572,454,573.34
and Iro..1 Pipe
711,368
1.48
659,522
1.45
Other Metals, Pig, Bar, and Sheet_
56,874
58,775
.12
.13 Current Assets:
Cash
Castings, Machinery and Boilers_
$13,809,033.51 $15,953,169.28
173.302
184,271
.36
.41
Cement
United States Government Securities
24,226,250.34 22,262,617.21
998,780 2.33 2.19
1,122,882
Brick and Artificia/ Stone
Special Deposits
2,880,543.55
2,840,286.05
1.408,783 1,300,346 2.93 2.86
Lime and Plaster
Loans and Bills Receivable
19,391.89
21,210.05
351,967
364,237
.76
.77
Sewer Pipe and Drain Tile
Traffic and Car Service Balances Re173,925
.36
159,078
.35
ceivable
2,149,103.30
Agricultural Implements and Vehicles
1,789.502.06
Balances due from Agents and Conother than Automobiles
166,279
138,013
.35
.30
ductors
Automobiles and Autotrucks
34,000.05
26,947.30
227,974
178,173
.37
.50
Miscellaneous Accounts Receivable_
4,736,957.03
4,966,425.00
Household Goods and Second Hand
Material and Supplies (Table 11)
11,649,347.37
Furniture
10,771.543.01
14,096
16,203
.03
.04
1,263,971.32
Interest and Dividends Receivable_ _ _ _
Furniture (New)
892.545.69
178.277
159,339
.37
.35
Other Current Assets
Beverages
174,450.14
215,258.22
17,780
21,248
.04
.05
Ice
68.664
93,082
.14
.20
Total Current Assets
Fertilizers (all kinds)
$60,943,048.50 $59,739,503.87
1,156,492 1.336.153 2.40 2.94
Paper, Printed Matter, and Books__ _
64,171
58,737
.13
.13
Chemicals and Explosives
293,035
263,643
.61
.58 Deferred Assets:
Textiles
Working Fund Advances
$43.874.70
$57,220.79
208.671
198,520
.43
.44
Canned Goods (all Canned Food
Cash and Securities in Insurance Fund_
2,484,728.39
1,377,239.98
Products)
Cash Deposited under North Carolina
97,381
98,357
.20
.22
Other Manufactures and MiscelRailroad Lease
175,000.00
175,000.00
laneous
Other Deferred Assets
293,845.92
433,580.51
2,668,273 2,481,257 5.54 5.45
Total Manufactures and MiscelTotal Deferred Assets
$2,043,041.28
82,997.449.01
laneous
11.386.998 10.933.003 23.66 24.03
Unadjusted Debits:
Grand Total, Carload Traffic
Insurance Premiums and Rents paid in
45,517,542 42,878,789 94.55 94.22
Merchandise-All Less than Carload
Advance
$19,085.75
$22,973.88
Freight
Additions and Betterments Expendi2.624,899 2,631,062 5.45 5.78
tures: Freight Claims: Foreign Mileage
Grand Totals
and Sundry Items in SuspensA
48,142,441 45.509,851 100.00 100.00
3,532,334.86
4.118,082.86
Revenue Freight Only.
Products of MinesAnthracite Coal
Bituminous Coal
Coke
Iron Ore
Other Ores and Concentrates
Base Bullion and Matte
Clay, Gravel, Sand and Stone
Crude Petroleum
Asphaltum
Salt
Other Products of Mires
Total Unadjusted Debits--
•
TABLE 1.
---INCOME STATEMENT.
Securities of the Company held by it:
1926.
1925.
Unpledged.$37,741,200.00 $37,741,2111.00
$3.551,420.61
$4,141,056.74
Operating Revenues1926.
1925.
Freight
$112,772,537.13 $106,776,762.61
Passenger
Grand Totals
$666,140,917.80 8638,378,175.23
30,384.544.16 30,951,806.32
Miscellaneous Passenger-Train
1.182,793.76
1,091,360.81
Mail
3,392,662.24
3.314,728.55
LIABILITIES.
Express
2,770,968.50
2,596,008.71
Other Transportation
Dec. 31 1926. Dec. 31 1925.
1.485.793.52
1,353,662.60
Incidental
2,508,376.33
2,306,593.31 Capital Stock:
Common
Joint Facility
$120,000,000.00 $120,000.000.00
970,300.12
922,968.95
Outstanding for Common Stock
Receipts
Total Operating Revenues
$155,467,975.76 $149,313,891.92
Subscriptions paid in
9,138.300.00
lir Operating Expenses
Preferred
60,000,000.00 60.000.000.00
Maintenance or Way and Structures
$21,049,999.00 $20,437,949.53
Maintenance of Equipment
26.773,735.18 25,702,133.58
Total Southern Railway Company
8
Traffic
Stock
3,094,112.16
2,907,511.17
189,138,300.00 $180.000,000.00
Transportation
51,859.715.44 49,848,796.12
Miscellaneous Operations
1.240.075.27
Southern Ry.-Mobile and Ohio Stock
1,172,412.81
•
General
4,050,052.95
Trust Certificates
3,871,137.59
$5,650,200.00 $5.650,200.00
Transportation for Investment
201,101.32
-Credit
127,988.92
Total Operating Expenses
$107,866 588.68 $103 811,951.88 Long Term Debt:
Funded Debt (Table 4)
$259,213.500.00 $259.213.500.00
Net Revenue from Operations
$47,601,387.08 $45,501,940.04
Equipment Trust Obligations(Table 5)_ 36.140,800.00 32,882,000.00
Taxes
$10,351,100.41 $9,441.564V3
Uncollectible Revenues
Total Long Term Debt
43,790.95
$295,354,300.00 $292.095.500.00
48,679.39
Hire of Equipment
808,829.87
151,464.37
Joint Facility Rents
Total Capital Liabilities
868,882.81
$490,142,800.00 8477.745.700.00
774,209.90
Total Other Expenses
$12.072,604.04 $10,415,918.64 Governmental
Grants:
Operating Income
535,528.783.04 $35,086,024740
Grants since July 1 1914 In aid of ConNon-Operating Income-struction
$422.762.07
$480.839.34
Income from Lease of ELO8A1
$69,853.74
$64,607.74
Miscellaneous Rent Income
283,284.15
279,311.55 Current Liabilities:
Miscellaneous Non-Operating Physical
Traffic and Car Service Balances PayProperty
able
130,623.68
$1,396,518.74 $1.957.181.36
157.691.21
Dividend Income
2,704,441.92
Audited Accounts and Wages Payable_ _ 13.871,895.73 12,162,064.60
2,143,277.00
Income from Funded Securities1,843,423.40
Miscelianeous Accounts Payable
1,638,933.83
1,846.102.01
1,558.369.71
Income from Unfunded Securities and
Interest Matured,including interest due
Accounts
805,247.64
January 1st
2,854,811.30
776,281.92
2.812.861.50
Miscellaneous Income
20,070.10
Dividends Matured Unpaid
6,726.68
3.018.25
3.520.75
Funded Debt Matured Unpaid
Total Non-Operating Income
23.064.00
24,253.80
85.856.953.63 $5,273,998.11
.
Unmatured Dividends Accrued on
Total Gross Income
$41.385.736.67 $40,360,010761
Southern Ry.-Mobile and Ohio Stock
Deductions from Total Gross Intmne-Trust Certificates
56,502.00
56.502.00
Rent for Leased Roads
Unmatured Interest Accrued
$2,829,869.61
2,334,266.97
2.330,248.50
$2,786,202.77
Miscellaneous Rents
Unmatured Rents Accrued
31,638.35
214,875.00
214.875.00
31,314.22
Interest on Unfunded Debt
Expenses Accrued not vouchered
75,285.41
1.775,891.04
1,507.036.65
41,936.42
Miscellaneous Income Charges
Other Current Liabilities
163,030.22
1.458,105.83
490.033.25
189.946.16
Total Deductions of This Class
$3.099,823.59 $3,049,399.57
Total Current Liabilities
$24,390,955.72 824.353,874.09
Total Available Income
$38,285,913.08 $37.310,619.94
Interest; on numbed Debt
$12.'728,630.01 $12,740,852:0 Dividend Reserves
$5,100,000.00 85.100,000.00
Interest on Equipment Obligations
1,734.553.08
1,764.587.59
Dividend on Southern Railway-Mobile &
Deferred Liabilities:
Ohio Stock Trust Certificates
Sundry Deferred Liabilities
226,008.00
$3.536,157.61 $3,161,006.10
226,008.00
Total Deductions of This Class
$14,689,191.09 $14,731,447.81 Unadjusted
Credits:
Balance of Income Over Charges
$23.596,721.90 $22.579,172.13
Taxes
$4,621,014.79 83.829.611.59
Reserve for Dividends on Preferred Stock
3.000.000.00
Insurance Reserve
1.777,239.98
3,000,000.00
2,484,728.39
Balance Carried to Credit of Profit and
Operating Reserves
1.513,425.37
1.924,443.05
LOSS
Depreciation accrued on:
$20,596,721.99 $19.579,172.13
27.144.013.23
Equipment Owned
28,968.987.11
Equipment Leased from Other Companies
578,940.24
TABLE 2.
439,281.85
-PROFIT AND LOSS.
Rail Leased to Other Companies_ __ _
155.568.54
144,918.78
Credit Balance December 31 1925
Sundry Items
4,335.299.19
4,126.089.62
$85,328,655.14
Add:
Credit Balance of Income for the Year
Total Unadjusted Credits
$42,709,463.59 839.232.098.14
20,596,721.99
$105,925,377.13 Corporate Surplus:
Deduct:
dend of 7% on Common Stock
Special Appropriations for Additions to
$8.400,000.00
Property since June 30 1907
Property Retired
83,048,319.71
82.976,002.42
298,149.77
Profit and Loss
96,790.459.10 85.328.655.14
Net Miscellaneous Debits
-Balance
4315,768.26
9,134,918.03
Grand Totals
$666.140.C`17.80 8638.378,175.23
Credit Balance December 31 1926
$96,790,459.10
2004
THE CHRONICLE
[VoL. 124.
ILLINOIS POWER AND LIGHT CORPORATION
ANNUAL REPORT—FOR 1926.
Chicago, Illinois, March 10 1927.
To the Stockholders:
The Board of Directors herewith submits its report for
the year ending December 31 1926.
Consolidated Income and Expenditures Statement and
Balance Sheet of the Company and its subsidiaries, certified by our auditors, are attached hereto, together with our
explanatory notes. As will be observed, the income from
the properties increased substantially over that of last year.
While the Gross Earnings from operations were $31,189,628.96, an increase of more than 7% over last year, the Net
Earnings were $11,808,639.96, which is 11% greater than in
1925. Dividends on all of the stocks outstanding were
earned on a substantial basis, and a protective margin remained after the full payment of dividends. The Balance
Sheet shows the very satisfactory financial condition and
credit position of the Company at the end of the period.
Most of the operating divisions of the Company and subsidiaries were rendering utility service in their respective
territories many years prior to the consolidation of Illinois
Power and Light Corporation early in 1923. The history
of these divisions has been one of constant growth both in
volume and efficiency of service, so that now your Company
and subsidiaries serve in a territory of over 15,000 square
miles, comprising a large portion of the commercial, industrial, agricultural and coal areas in the Middle West.
Electric, Gas, Street Railway and Motor Coach, Heat, Water
and Ice services are rendered in more than 470 cities and
towns in this area, having a total population of over
1,300,000.
The aggregate volume of business done by the entire system in 1926 was the largest in its history. Total kilowatt
hours of electricity increased 78,006,000, or 13% over the
previous year, being conclusive evidence of the sound development of the industry and of the advisability of continuing
desirable expansion. The Gas Department also broke all
previous years' records in the amount of gas sent out, the
1926 total being 7% greater than that of 1925.
Over 18,600 electric meters were added during the year,
bringing the total of electric meters installed December 31
1926 to 251,965. During the same period the gas meters installed increased from 83,760 to 87,788.
Concentrated effort put forth under the direction of the
Division Managers in the industrial and commercial field
has shown gratifying results. Many new industrial contracts for electricity were secured during the year, which
have added to the load carried by our lines. The same
results have been accomplished in the industrial gas field
and house heating, which latter method of heating the home
is becoming more economical and popular each year.
Your Company maintains attractive display rooms in the
principal cities throughout the territory where electric and
gas appliances for domestic and industrial use are sold.
These display rooms enable the Company to demonstrate to
Its customers appliances which represent the best and most
economical means for utilizing electric and gas service in
the home, office, store, or factory. During the past year
several of these display rooms have been rebuilt or remodeled, and serve as model merchandising establishments in
their communities.
PROPERTY ADDITIONS AND IMPROVEMENTS.
Increasing demands from residential customers, constant
growth due to the addition of new customers, the expansion
of cities and growing industrial activity throughout the
territory served, necessitated extensions, additions and improvements during 1926 involving expenditures in excess
of $11,800,000, bringing the total fixed capital invested to
more than $173,000,000. Further substantial amounts will
be expended in 1927 to keep pace with the growth of the
business and continually to provide adequate service, thus
contributing to the stability and progress of general business
in the Middle West and to the advancement of the Company.
ELECTRIC DEPARTMENT.
Construction was started during 1926 on 66,000-volt steel
tower transmission lines connecting Peoria, Bloomington,
Clinton, Decatur and Riverton, and connecting Champaign,
Urbana and Danville, and on the necessary substation equipment at the various above locations. A 15,000 K.W. substation at Peoria, 7,500 K.W. substations at Bloomington,
Champaign and Danville, and a 1,000 K.W. substation at
Clinton are practically finished. The completion of these
lines and substations early in 1927 will provide an adequate
supply of electric energy in the central Illinois territory for
largely increased future requirements of the cities involved.
A 66,000-volt transmission line between Galva and Kewanee and necessary substation equipment at the latter
point will be finished early in 1927, thus extending the
original Keokuk-Galesburg-Galva line. This will greatly
increase the supply of energy available to the Kewanee
Public Service Company, which became affiliated with
Illinois Power and Light Corporation in September of last
year.
A number of 33,000-volt interconnections with other power
companies in Illinois were put under way during the year,
the most important being at Jacksonville, Duquoin and
La Salle. A line from Jacksonville to Woodson has been
completed and is in operation, making available to Jacksonville an emergency supply of electric energy from the public
utility adjoining on the south, capable of fulfilling all that
city's service requirements, if necessary. The other lines
will be completed early in 1927.
The Champaign power plant has been equipped with a
complete new electrical distributing board and switching
equipment. A new water treating plant was installed at the
La Salle power station and the capacity of the 33,000-volt
substation at this power station was increased to 14,500
kilowatts. Miscellaneous improvements have been made
over the entire system.
A 35,300 K.V.A. condensing turbine generator with the
necessary additional boiler equipment was installed in the
new Des Moines power station of Iowa Power and Light
Company, which brings the capacity of that station to over
60,000 K.V.A. An additional 5,000 K.W. distributing substation has been completed in the city of Des Moines, and
33,000-volt transmission lines were built from Des Moines
to Mitchellville and between Adel and Redfield.
The steel tower electric transmission lines started in 1925
to connect the Tecumseh plant of The Kansas Power and
Light Company with the Topeka and Atchison stations and
with the line to St. Joseph (Missouri) Electric Light &
Power Company were in successful operation during 1926,
and served a large demand for power. A new high tension
connecting line was built by The Kansas Power and Light
Company from Atchison to Seneca for delivery of substantial amounts of current to The United Power & Light Corporation (of Kansas). The latter company has operated
very successfully in central and western Kansas, and early
in 1926 became affiliated with The Kansas Power and Light
Company. Mutual advantages will result from this cooperation both to the companies and to the communities
served.
In all of the territory served by the electric department,
numerous extensions of distribution lines and services are
continually being made to furnish to as many consumers as
is economically possible the advantage and benefit of electric current in any quantity required. The property in use
at the beginning of 1926 was kept in proper repair and was
well maintained throughout the year. Renewals and replacements of various kinds were made at many places to
insure efficiency and continuity of service. Special devices
are affixed from time to time to lessen the disturbances created by severe storms, sleet, floods and other action of the
elements.
GAS DEPARTMENT.
The further development of industrial uses and house
heating by gas is being anticipated and provided for by
enlarging the capacity of generating plants and by extending the areas in which distribution can be made efficiently
and economically. The major improvements and additions
in this department last year were at Centralia, Champaign,
Danville, Decatur, East St. Louis, Jacksonville, Monmouth,
Mt. Vernon, and from Granite City to East Alton. These
included new boilers at Centralia, Champaign and Decatur;
Individual regulators on the distribution system and rearrangement of miscellaneous plant equipment at Champaign; water gas generator, backrun equipment and additional 12
-inch main at Danville; new blowers and miscellaneous equipment at Decatur, Jacksonville and Monmouth.
The new 2,000,000-cubic foot gas holder at Decatur, started
in 1925, was completed and placed in operation, a purifier
was installed at the East St. Louis plant, and a new coal
gas bench at Mt. Vernon. An 8-inch gas transmission line
was laid from near Granite City to East Alton to serve large
and important plants and consumers along its route.
ELECTRIC AND STEAM RAILROADS.
Intensive efforts have been continued to increase the
freight, express and through passenger business of the
trunk line electric railroad of the Illinois Traction System
connecting Danville, Champaign, Decatur, Bloomington,
Peoria, Lincoln and Springfield with Edwardsville, Granite City, Madison and St. Louis. Although originally designed as a passenger carrying line, great strides have been
made during the last four years in the development of such
other business, including interchanges of freight with practically all of the steam railroads. During 1926, over 3,000
tons of 90
-pound rail were laid on the Main Division, 40,000
tons of gravel ballast were placed, and over 60,000 creosoted
ties installed. New large type electric locomotives and new
cars were put in service, all of which were constructed at
our Decatur shops. A considerable amount of overhead
trolley was renewed, additional feeder lines installed, the
APR. 2 1927.]
T H Ili CHRONICLE
capacity of three railroad substations was doubled on the
main line, and crossing signal light installations increased.
The capacity of the freight house at Peoria was materially
increased, and new or extended sidings installed along the
line to accommodate larger freight business. In the Illinois
Valley Division, additional• capacity for railroad service
was installed at the La Salle power house, and improvement made in the method of furnishing energy for the
operation of the road.
Portions of the Illinois Central and Wabash railroad
tracks around Champaign and Urbana were electrified and
operating rights secured thereover, thus providing a freight
belt around these cities. Construction of a new freight
house was started at Champaign, to be finished in 1927.
On the St. Louis, Troy and Eastern Railroad, operated by
steath, additional large locomotives and all-steel hopper
bottom coal cars were placed in service to handle additional
business.
STREET RAILWAYS AND BUSSES.
Improvements and changes have been continued in
street railway lines to effect economies of operation. the
The
use of busses has been increased in place of
certain unprofitable street railway lines and to furnish service
where
the growth of the community has extended beyond existing
car tracks. A number of garages were completed or
enlarged
during 1926 in order to handle the busses efficiently.
FINANCIAL OPERATIONS.
The capital to provide for the new property extensions
and improvements described in the foregoing pages
was
tained principally through the sale of bonds and stocks. obIn addition to $6,000,000 principal amount of the
First
and Refunding Mortgage Bonds issued in January 1926,
as
stated in the annual report for the year 1925, the Company
Issued and sold in December 1926 $7,500,000
First and
Refunding Mortgage Bonds bearing interest at the
rate of
5%. The proceeds of these two issues reimbursed the
pany in part for expenditures for property additionsComImprovements, and for the retirement of $6,823,000 and
principal amount of divisional underlying bonds, a
large
of which bore higher rates of interest. This portion
included
$3,236,100 principal amount Southern Illinois
Power Company 7% Series "A" Bonds, which Light and
were called
for redemption December 1 1926. Such
refinancing of bonds
at lower rates of interest effects material
savings
charges and strengthens the financial position in interest
of the Company.
The retirement of $9,614,800 of the 7%
Debentures of the
Company and the partial refunding thereof,
of $9,500,000 new 5%% Debentures, of whichby the issuance
you
fied under date of December 31 last, have been were noticarried out
in accordance with the Company's plans. This
refunding
reduces the fixed charges on the Debentures
by a considerable amount.
Additional First Mortgage Bonds of Iowa
Power
Light Company In the principal amount of $3,000,000 and
were
sold during 1926 on favorable terms, bearing
interest at
the rate of 5%%, the proceeds of which,
together
ferred and common stock, were used in connection with prewith
additions and improvements to the new power plant the
near
Des Moines, etc., and for the acquisition of the
lines and distributing systems of the Marion transmission
County Electric Company, serving Dallas, Knoxville,
Melcher, Pershing
and Pleasantville, and formerly purchasing
current at
sale from the Des Moines Electric Light Company. wholeDuring the year approximately 9,500 persons
were added
to the list of holders of preferred stocks, bringing
number to more than 34,500 at the close of the year. the total
Through
the Investment Department and employees,
$6,300,000 par
value of 7% preferred stocks of the Company
and of Iowa
Power and Light Company and The Kansas
Light Company, and $1,500,000 of 6% preferred Power and
sold during 1926. On August 1 1926 the new stock were
series
preferred stock of the Company was offered for of 6%
sale in
Illinois, in lieu of the 7% Preferred, thereby
cost of financing through the sale of preferredreducing the
sale of 7% preferred stocks of the subsidiary stocli. The
companies in
their respective territories have been discontinued,
and
contemplated that their 6% preferred stocks will be it is
sold
(luring 1927.
2005
The Group Life Insurance begun at Christmas 1924 for
employees and those directly associated with the Company,
has been continued as an annual Christmas event. Payments in the amount of $500 have been made in one hundred and one cases of death and four permanent total disabilities, and the plan has rendered a real service.
Safety and accident prevention work has been incorporated
as an important part of operations, and the Company employees have heartily co-operated in this work.
The procedure is in accordance with recognized standard
practices. Our efforts along this line have been well
rewarded, and the results of our activities provide an incentive for greater effort. The relationship of our Company to its employees, the public in general, and especially
to the communities in which we serve, has been materially
benefited. The maximum of work in this humanitarian and
economic cause will reflect credit to the Company and stand
out as part of our service.
MANAGEMENT.
Coincident with the reorganization and refinancing, in
August 1926, of North American Light & Power Company,
which Company controls the entire Common Stock of Illinois Power and Light Corporation, certain changes occurred
In the personnel of the directors and officers of the Company. By your authority, the number of the Board of Directors was reduced from nineteen to eleven, in order to expedite the conduct of the affairs of the Company. Mr. L. E.
Fischer, who was Vice-President and General Manager of
many of the predecessor and subsidiary companies in the
early years of their successful development is now VicePresident in Charge of Operations of all the properties, and
a director of the Company. In the case of other official
changes, the present executives were previously connected
with the Company and are entirely familiar with the work
of their offices.
Effective co-ordination and co-operation between offices
and division have been continued and are assured by the
present organization. A high order of service and loyalty
is shown by the employees, which is essential to satisfactory and profitable operations.
By order of the Board of Directors.
CLEMENT STUDEBAKER, JR., President.
CERTIFICATE OF AUDIT.
March 3 1927.
The President and Board of Directors,
Illinois Power and Light Corporation, Chicago, Ill.
Gentlemen:
We certify that we have audited the books of your Corporation and of its subsidiary companies for the year ending
December 31 1926 and that in our opinion, the following
Statement of Income and Expenditures and Balance Sheet
are correctly drawn up to present the results of the operations for the year and the conditions of the Company as at
December 31 1926.
Faithfully yours,
FRAZER AND TORBET,
Certified Public Accountants.
CONSOLIDATED STATEMENT OF INCOME AND EXPENDITURES YEAR ENDING DEC. 31 1926.
Gross Earnings from Operation:
Electric light and Power
Electric and steam railroads
City railway and bus lines
Gas
Heat
Bridge
Ice
Water
Miscellaneous
$16,467.204.33
5,971,273.23
4,198,798.41
3.336,916.73
712,847.76
618,037.98
261,304.92
110.476.83
213.84
Combined gross earnings
Less inter-company items
$31,677,074.03
487,445.07
Gross earnings from operation
$31,189,628.96
Expenses and Taxes—
Operating expenses (less inter-co. S487.445.07)314,334,148.11
Maintenance
3,772,226.07
Taxes: Local and Federal
1,274,614.82
Total expenses, maintenance and taxes
19,380.989.00
(Labor, fuel and other costs of producing and distributing utility service. Expenditures for repairs to keep the
property in good operating condition. Estimated Federal,
State, and local taxes.)
Net earnings from operation
$11,808,639.96
(Balance remaining to pay interest on bonds and other
current borrowings, dividends and to provide for depreciation.)
Less fixed charges:
Interest charges, ,kc
$5,850,033.69
Bond discount amortized
262,641.68
6,112.675.37
Surplus available for dividends and depreciation
$5,695,964.59
Dividend on preferred stocks: Illinois Power and Light
Corporation and subsidiary companies
2.590.883.08
EMPLOYEE RELATIONS.
The Illinois Power and Light Hospital Association is
the
outgrowth of association work begun in 1907, and
includes
In its membership employees of the corporate family
subsidiary companies. It provides medical, hospital of
and
surgical attendance applying to accident and illness, whether
or not resulting from employment. Its death benefit provides for payment to the designated beneficiary of $1,000
at
$3,105.081.51
death of member, or upon proper proof of permanent disAppropriated for depreciation,retirements,replacements, &c. 1,721,892.47
ability pays $1,000 to the member.
(Amount appropriated from current earnings to provide
A Board of Trustees elected by the members, together
for retiring, renewing or replacing physical property.)
with the principal executive officers of the Company, conBalance
$1,383,189.04
trol the operation of the Association, and contributions are Surplus January 1 1926
1,508,040.48
deducted from members' earnings in agreement with the
$2,891.229.52
Association by-laws. Since inception, contributions by the Dividends paid on Common Stock, 1926
900,000.00
Company approximate $100,000, and employees have paid
Surplus per Balance Sheet
$1,991.229.52
(surplus earnings reinvested in physical property or
In excess of $500,000.
reflected
in current assets, &c.)
[VOL. 124.
THE CHRONICLE
2006
CONSOLIDATED BALANCE SHEEP, DECEMBER 31 1926.
ASSETS.
Fixed Capital—
$161,551,000.65
Property account
(This account represents the combined
cost of all the real estate, buildings, machinery, equipment, and other property
(except the following 1926 additions)
used in the production and distribution of
electricity, gas, heat, ice, water, and in
trume line railroad,street railway and bus
service.)
11,862,519.00
Additions, 1926
(Actual cost of new properties, extensions, improvements and betterments
made during tne calendar year 1926.)
$173,413,619.65
Current Assets—
Cash and due from banks
(Cash on hand and in various banks
and depositories.)
Notes and accounts receivable
(Charges for various utility services
rendered and for merchandise sold, which
accounts in the regular course of the
utility business are payable subsequent
to the month in which incurred: also
miscellaneous advances currently repayable.)
Materials and supplies
(Inventory at cost of the necessary
stocks of materials to be used for repairs.
maintenance, operations and extension,
also all salable merchandise.)
Prepayments
(Invoices prepaid in order that the
Company might enjoy cash discounts.
Prepaid insurance and interest.)
Miscellaneous Assets—
Investment account
(Includes the cost of securities of companies not directly controlled by the company and sundry investments.)
Sinking funds
(Cash on deposit under mortgage requirements.)
Deferred Debits—
Unamortized bond discount
(The unamortized discount on the Illinois Power & Light Corporation bonds
and on the underlying bonds. Proportionate amounts are charged off monthly
against income.)
Miscellaneous deferred debits
(Miscellaneous accounts necessary in
the conduct of the property.)
Par Value.
Treasury Securities—
$346,100
Underlying bonds
--7%. due 1953- 152.500
Debenture bonds
77 preferred stock—Iowa Power
117,300
& Light Company
7% cumulative preferred stock_ _ - 755,550
67 cumulative participating pre484,150
ferred stock
(The above securities are held pending
resale, retirement or delivery on deferred
payment purchases.)
4,383,212.52
4.119,880.52
2,595,067.41
116,729.40
11,214,889.85
134,218.89
75,447.48
209,664.37
5,293,382.65
58,485.94
5,349,868.59
325,596.64
159.736.25
117,300.00
755,550.00
484,150.00
1,842,332.89
LIABILITIES
Capital Liabilities—
$27,821,700.00
Underlying bonds
(Aggregate of the underlying bonds of
predecessor and certain subsidiary companies outstanding in the hands of the
public at December 31 1926. These
bonds are refundable under the terms of
tin Trust Indenture securing the "First
and Refunding Mortgage Bonds" of Illinois Power and Light Corporation.)
First and refunding mortgage bonds—
40,200,000.00
Series A, due 1953-6%
16,000,000.00
Series B, due 1954-5).%
7,500,000.00
Series C, due 1956-5%
(This total of bonds outstanding includes $13.500,000 principal amount sold
during the year 1926 to provide funds in
part for extensions and improvements and
for purchase or retirement of underlying
bonds.)
Bonds and preferred stock:
5,000,000.00
Iowa Power & Light Co. bonds
3,000.000.00
Iowa Power & Light Co.7% pref. stock_
The Kansas Power & Light Co. bonds....2,337,000.00
The Kansas Power az Light Co.7% pref.
1,697,600.00
stock
(Securities of subsiaiaries that are not
Mamma through Illinois Power & Light
Corporation.)
Debenture bonds. 7%,due 1953, called for
9,614,800.00
redemption on April 1 1927
(This issue will be refunded in part by
sale of $9,500,000 new debenture bonds,
5%%,due 1957.)
33,000,000.00
7% cumutative preferred stock
1,500,000.00
6% cumulative preferred stock
(345,000 shares of the par value of$100
each. Included in this amount, which is
the total issued and outstanding at the
close of the year, is the $755,550.00 par
value 7% preferred shown as treasury
stock under assets in this balance sheet.)
1,875.300.00
6% cumulative participating preferred stock
(This consists of 37.506 shares of the
par value of $50 each, being the total
amount authorized, whereof 9,683 shares
are heici in treasury and shown as such
under assets in this balance sheet.)
Common stock-400.000shares, no par val- 20.928,161.37
(These shares represent the equity provided by the common stock after deducting the full amounts of all liabilities, re'
I
PrI
serves and preferred stock at par.)
$170,474,561.37
Current Liabilities—
1,551,510.00
Notes payable
(Short term notes outstanding December 31 1926. These loans were made
temporarily to finance extensions and
improvements and miscellaneous requirements until such time as the company is
reimbursed by the sale ofstocks or bonds)
2.011.606.97
Accounts payable
(Current accounts payable cover the
purchase of construction, maintenance
and operating materials and supplies,etc.)
. 605,241.84
Consumers deposits
(Amounts on deposit with the various
offices as a guarantee for meter installations ana line extensions.)
Accrued Liabilities—
$1,007,355.96
Accrued taxes
(Accrual of all local taxes not due at the
end of the year, but payable during 1927.)
1,219,423.99
Accrued interest
(All accrued interest as of December 31
1926, due and payable in 1927.)
Deferred Liabilities—
Paving assessments levied and due in later
years
Advances on preferred stock sales
(This amount represents partial pay0
ments on 77 and 6% cumulative preferred stocks bought on deferred payment
plan.)
Miscellaneous deferred accounts
4,168,358.81
2,226,779.95
562,577.25
731,952.08
75.059.89
1,369,589.22
Reserves—
11,276,704.95
Retirement reserves
(This total is the aggregate of balances
in the accounts to provide for retirements
and depreciation of property. During
the past year there were added to the reserves the amounts of appropriations out
of 1926 earnings for this purpose: and deductions were made for property retirements, renewals and replacements.)
523,051.53
Miscellaneous reserves
(Contingent and other reserves.)
_11,799.756.48
idea.Aid
r
Surplus-1,991,229.52
At December 31 1926
(Surplus at beginning of the year, and
the remaining earnings of 1926 after operating expenses, maintenance, taxes, interest, bond discount, depreciation and
dividends on all classes of stock.)
Total assets
$192,030,275.35
$192.030,275.35
Total liabilities
ILLINOIS POWER AND LIGHT CORPORATION—COMPARATIVE STATEMENT OF EARNINGS
FOR YEARS 1923, 1924, 1925 AND 1926.
Gross Earnings:*
Electric Light and Power
Electric and Steam Railroads
City Railway and Bus Lines
Gas
Heat
Bridge
Ice
Water
Miscellaneous
1923.
11,940.968.75
5,687,563.28
4.564,425.74
2,721,070.99
620.363.15
613,965.71
127,184.32
100,190.75
104,585.31
1924.
13,171,951.54
5,287.431.54
4.169,519.87
2,973 364.20
685,777.92
591,240.78
169,027.15
101.125.16
1,239.64
1925.
14,602,311.79
5,902,051.45
4,159,302.50
3,129,463.91
672 394.65
589,691.03
254,870.47
88,303.30
21,816.59
1926.
16,467,204.33
5,971,273.23
4,198,798.41
3,336,916.73
712,847.76
618,037.98
261,304.92
110,476.83
213.84
Combined Gross Earnings
-Company
Leas Inter
26,480,318.00
245,392.71
27,150,677.80
451,248.65
29,420,005.69
515,948.33
31.677,074.03
487,445.07
Gross Earnings from Operation
Expenses and Taxes
26,234,925.29
17,115.877.78
26,699,429.15
17,592,048.71
28,904,057.36
18,294,717.89
31,189,628.96
19,380,989.00
9.119,047.53
9,107,380.44
500,585.65
10.609,339.47
203,445.31
11,808,639.96
Total Net Earnings
9,119.047.53
•After reclassification of inter-company items eliminated for 1923, 1924 and 1925.
9.607,966.09
10,812.784.78
11,808,639.96
Net Earnings from Operation
Other Income
APR. 2 1927.]
VTR CHRONICLE
2007
THE WESTERN UNION TELEGRAPH COMPANY
INCORPORATED
ANNUAL REPORT—FO R FISCAL YEAR 1926.
To the Stockholders:
Herewith is presented a review of the Company's operations for the year 1926, followed by a comparative Balance
Sheet and the Income and Surplus Accounts.
Investment in plant additions and betterments during
1926 aggregated $17,730,661, the largest property investment ever made by the Company in any one year. Improvement of the landline plant progressed: lines in congested
centres were changed from overhead to underground; additional pneumatic tubes between main and branch offices
were installed; substitution of copper wires for iron wires
continued; 64,000 miles of copper wires were strung during
the year.
The automatic multiplex telegraph system, superseding
manual operation and providing increased circuit capacity,
was extended; 66% of the Company's landline telegraph
business is now handled automatically. A modification of
the automatic telegraph system was successfully applied to
circuits connecting main and branch offices in several important cities; further application to intra-city circuits
will improve the quality of service and effect economies.
Automatic ticker transmission of full market quotations
on the New York Stock Exchange, which last year was
established between the Atlantic and Pacific Coasts, has
now been extended to Dallas, Texas, and other places in the
Southwest. The Company's engineers have developed and
placed in successful operation a system whereby news dispatches may be simultaneously and speedily transmitted
over long circuits to numerous connected stations, each
equipped with printing apparatus. An improved type of
central office messenger call circuit equipment, having
marked advantages over earlier types both as to economy
of floor space and simplicity of operation, has been
designed
and installed at St. Louis, and will be installed in other
large central offices as they are re-fitted.
The central office building constructed by the Company
at St. Louis was completed and occupied. New and modernly equipped central offices were established at Columbus, 0., Syracuse, N. Y., and Oklahoma City, Okla. The
site, acquired in 1924;for a new building to accommodate
the operating departments in New York City was enlarged
in 1926 by the purchase of adjoining real estate.
The valuation of the Company's landline properties by the
Interstate Cdmmerce Commission Is still in progress; announcement by the Commission of a tentative valuation is
not expected before July 1 1928.
On December 31 1926 the Western Union System comprised, generally, 213,307 miles of pole lines; 1,632,954
miles of wire, of which 59% is copper; 3,324 miles of landline cables; 28,821 nautical miles of ocean cables, and
24,688
telegraph offices.
•
The book value of American Telegraph & Cable Company's stock held by Western Union was reduced during
1926 by $102,144, pursuant to the plan, referred to in previous reports, for writing down the value of this stock to $10
per share at the expiry, in 1932, of the lease of the
Cable
Company's property. Western Union had for many years
owned half the stock of the Martha's Vineyard Telegraph
Company, a connecting company operating in Massachusetts; in 1926 it acquired the remaining half and the
Martha's Vineyard Company was dissolved and its entire
property merged with the Western Union System.
Stocks of materials and supplies were enlarged mainly to
provide for installation of newly developed printing telegraph apparatus for branch offices. New accounts with
connecting cable companies and with railroads added about
$1,000,000 to accounts receivable. The cash balance was
larger by $2,706,153, reflecting necessity for additional
working funds and provision for current obligations. Treasurer's accounts, bank balances, and cash on hand were
verified. The usual appropriations were made to sinking
funds.
The Company's authorized capital stock was increased
from 1,000,000 shares of $100,000,000 par value to $1,050,000 shares of $105,000,000 par value. Pursuant to an Employees' Stock Subscription Plan, approved by the stock-
holders, the additional 50,000 shares were offered to the
employees on May 15 1926 at $120 per share, payable in
installments over two years. At the end of the year 8,727
employees were paying on subscriptions for 29,763 shares.
On November 24 1926 an increase of $25,000,000 in the
bonded indebtedness was authorized, and there were issued
25-Year 5% Gold Bonds, dated December 1 1926. The
purpose of this issue was to reimburse the treasury for
expenditures made for extensions, additions and improvements to plant and equipment, outside the State of New
York, and to provide for further similar expenditures. The
proceeds realized were utilized in part for the objects indicated and the balance was placed at interest until required,
resulting in the increase of $12,389,193 in marketable securities and time loans.
Current liabilities include employees' stock subscription
Installments, commencing in 1926 and aggregating $710,603
that year, as well as interest, amounting to $104,167, accrued
on the new bond issue from December 1 1926, which latter
will be reduced by income from the invested proceeds of
such bond issue. These and other increases in current liabilities were approximately offset by the reduction of
$1,103,512 in the amount distributable to employees under
the Income Participation Plan.
The unexpended reserve for depreciation of landline plant,
amounting-to $19,080,987, was increased during the year by
$1,785,200, in line with the policy of providing for depreciation in property that must ultimately be replaced.
Adequate provision has also been made for maintenance and
depreciation of ocean cables; the unexpended balance in the
reserve for this purpose is now $9,929,355, and is greater
than a year ago by $729,050.
Gross operating revenues for 1926 were larger than those
of any previous year and exceeded the revenues of 1925 by
$7,386,863, or nearly 6%. Cable system revenues for 1926
increased about 2%; the number of words transmitted over
the Company's ocean cables was greater than in any prior
year. Net operating return for 1926 from the landline system, from which 92% of the Company's total operating
revenues is derived, was about 6.2% of the book value of
the landline property.
Operating expenses for 1926 exceeded those of 1925 by
$8,145,990, or 7.4%. In conformity with the Company's
policy to regulate wages of its employees according to their
efficiency, substantial wage increases were granted, which
added approximately $3,075,000 to the payroll for 1926, and
the wage expense was further increased by $2,775,000 for
additional operating forces required for the greater volume
of traffic. Larger payments were made for rents and taxes,
and greater provision was made for depreciation of plant in
relation to increased plant values.
The tax burden continues. Apart from income levies, the
taxes paid by the Company in the United States are 156%
greater than those of ten years ago, whereas during the
same period the property account increased by 79% and the
annual operating income by 17%. A sum equal to about
35% of the net income is now set aside annually for taxes.
The controversy relating to British income taxes, pending
since 1914, is still unsettled; substantial payments have
been made on account, and ample reserves have been provided.
Average wages per employee during 1926 were at the
highest level in the Company's history, having almost
doubled since 1916, while living costs advanced about 62%.
The working force at the end of the year consisted of 62,608
employees, including 13,343 messengers, a reduction since
a year ago of 173 employees. The three associations, representing the Company's employees of the landline system,
cable system in North America, and cable system abroad,
since their inception, have promoted the common welfare
of the employees and of the Company.
At the close of 1926 there were 25,789 stockholders; of
this number 24,194 held 100 shares or less, and of these
18,383 held 25 shares or less.
Landline and cable messages, aside from special service
for the Weather Bureau, were handled for the Government
at $041,000.less than the cost of operation, and $778,000 less
than such business would have yielded at commercial rates.
The Postmaster-General in 1926 again denied the Company's
request for an increase in the Government landline rate.
The Company will continue its efforts to obtain Government
rates sufficient at least to cover the cost of operation.
In December 1926 your Company acquired a controlling
interest in the Mexican Telegraph Company, which owns
and operates three submarine Gulf cables between the
United States and Mexico and connecting landlines into
Mexico City and other important Mexican cities.
The Company's new permalloy loaded cable between New
York and Penzance, England, via Bay Roberts, Nfld., mentioned in last year's report, was successfully laid during
the year and began operation on September 21 1926. The
cable has developed a speed in excess of the high capacity
for which it was designed and is eminently satisfactory in
other respects.
Automatic printer operation of cable circuits in effect on
two of the transatlantic cables was extended in 1926 to the
New York-Penzance and the New York-Azores permalloy
cables, effecting further economies and improvement in the
speed and quality of the service.
The speed of operation of the New York-Azores loaded
cable, laid in 1924, has been regularly established at something more than 1,500 letters per minute, for which the
cable was designed. It is operated in five printing telegraph
channels, the equivalent of five singly worked wires. The
buildings being erected by the Company at Horta, Azores,
for operating and residential purposes suffered little damage
from the severe August earthquake; completion of these
buildings has, however, been considerably delayed because
of the disturbed conditions following the disaster.
The German Atlantic Company's cable, laid during 1926,
connecting Horta, Azores, with Emden, Germany, was
formally opened for business on March 4 1027. The channels in your Company's permalloy cable will be worked with
corresponding channels in the German cable, thus re-establishing direct cable service between the United States and
Germany.
In general terms, the new permalloy cable costs about 25%
more than the old type, but its capacity is much greater
and this advance in the art requires careful study to determine what increases should be made in the allowances for
obsolescence of the old type of cables.
The recent inauguration of transoceanic radio telephone
service was an interesting development in the communication field. The advent of this service should assist in the
general expansion of commerce and correspondingly stimulate the volume of cable business. At present the cables are
frequently employed for arranging appointments for this
service.
Our view respecting the effect of radio competition on
ocean cables, as expressed in previous reports to the stockholders, remains unchanged. We are disposed to think of
Radio in terms of a medium of transmission supplementing
the resources of the cables. It is our belief that the modern
high speed ocean cable will continue to hold its pre-eminent
position in the field of international communication.
Respectfully submitted,
NEWCOMB CARLTON, President.
THE WESTERN UNION TELEGRAPH COMPANY.
COMPARATIVE BALANCE SHEET DECEMBER 31 1926 AND 1925.
ASSETS.
Increase or
Decrease.
Dec. 31 1926. Dec. 31 1925.
$
$
Properly Account:
Plant. Equipment and Real Estate,including properties controlled by
stock ownership or held under perpetual leases and merged in the
262,483,670.43 244,753,008.79 17,730,861.64
Western Union System
Amount recoverable on the expiration
lease in respect of obliof long term
1,180,000.00 1,180,000.00
gations assumed thereunder
263,663,670.43 245,933,008.79 17,730,661.64
Other Securities Owned:
Stocks of Telegraph, Cable and Other
Allied Companies operated under
term leases (not including securities
5,518,656.01
held as Lessee)
Stocks of Telegraph, Cable and Other
2,899,768.50
Companies
5,620,800.61
*102,144.60
.104,797.73
6,545,368.49
46,070,622.99 29,974,932.63 16,095,890.36
Deferred Charges to Operations
939,487.64
861,681.53
77,806.11
1,281,513.12
1,155,333.88
99,786,530.41 99,786,630.41
*100.00
1,771,550.00
*150.00
Capital Stock of Subsidiary Companies
not owned by The
Western Union Telegraph Company(par
value):
Companies controlled
by perpetual leases $1,341,600.00
Companies controlled
429,800.00
by stock ownership
1,771,400.00
Funded Debt:
Bonds of The Western
Union Telegraph Co.:
Funding and Real
Estate Mortgage
% Gold Bonds
$20,000,000.00
1950
Collateral 5% Trust
8,745,000.00
Bonds, 1938
Fifteen-Year 614%
Gold Bonds, 1936 15,000,000.00
Twenty-Five Year
5% Gold Bonds,
25.000,000.00
1951
Total_
_
$68,745,000.00
Bonds of Subsidiary
$6,500,000.00
Companies
Less—Held in Treasury 3,143,000.00
Total
Real Estate Mortgages
$3,357,000.00
$549,020.00
Total Capital Liabilities
72.651,020.00 47,559,500.00 25,091.520.00
174,208,950.41 149,117,880.41 25,091,270.00
Current Liabilities:
Audited Vouchers and Miscellaneous
994,434.66
9,855,257.69 8.860,823.03
Accounts Payable
32,908.48
11,477,617.03 11,444,708.55
Accrued Taxes (Estimated)
Interest and Guaranteed Dividends
103,561.47
640,956.96
744,518.43
Bonds and Stocks
accrued on
Unpaid Dividends(including Dividend
of $1,995,182.00 payable January 16
1,843.75
2,017,053.21 2,015,209.46
1927)
Employees'Income Participation (pay1.585,305.05 2,688,817.77 *1,103,512.72
February 15 1927)
able
29,235.64
25,679,751.41 25,650,515.77
Deferred Non-Interest Bearing Liabilities. in respect of proceeds of sales of
securities and other property, held
under leases for terms expiring in
1981 and 2010, from companies in
which The Western Union Telegraph
Company has, for the most part, a
controlling interest, payable on the
13,135,331.93 13,135,313.73
terminations of the leases
Reserves for:
Depreciation of Land Lines
Development of Ocean Cables
Maintenance of Cables
Employees' Benefit Fund
Other Purposes
CURRENT NOTICES.
—F. A. Brewer & Co., members of the Chicago Stock Exchange, 208
South La Salle St., Chicago, have prepared for distrioution a handy and
authoritative "Manual of Chain Store Securities" in response to the widespread and growing interest of the investing public in this field. It is
noteworthy that many of the most successful chain store organizations
(as demonstrated by the upward trend of their common stocks and their
records of steadily growing earnings) are not broadly known. This manual
gives data on many such companies as well as the familiar Woolworth,
Kresge, and United Cigar Store chains. To many investors, this information will be a real revelation, for comparatively few realize the remarkable
strides that have been made of recent years in this field of merchandising.
Copies of the manual may be bad on request.
1820
19,080,987.16 17,295,786 68 1,785,200.48
10,049,474.06 10,049,474 06
729,050.47
9,929,355.39 9,200,304.92
15,324.46
1,316,037.28
1,331,361.74
281,387.14
2,541,709.13 2,260,321.99
42,932,887.48 40,121,924.93 2,810,982.55
Surplus(as per Annexed Account)_
Total
_ 71,404,042.19 64,968,110.72 8,435,931.47
327,360,963.42 292.993,545.56 34,367,417.86
•D crease.
THE WESTERN UNION TELEGRAPH COMPANY.
INCOME AND SURPLUS ACCOUNTS THE YEAR ENDED DEC. 31 1928.
INCOME ACCOUNT.
$134,464,886.43
Gross Operating Revenues
Deduct:
Operating Expenses,including Repairs, Reserved for Depreciation.
Rent for Lease of Plants, Taxes, Employees' Income Participa118,774,831.89
tion, etc
$15,690,054.54
Add:
Income from Dividends and Interest
1,941,139.48
817,631,194.02
Deduct:
Interest on Bonds of The Western Union Telegraph Company...
2,426,144.81
$15,205,049.21
Balance transferred to Surplus Account
SURPLUS ACCOUNT.
$64,968,110.72
Surplus at December 31 1925
Add:
Balance from Income Account for year ended December 31 1928._ 15,205,049.21
$80,173,159.93
Deduct:
Adjustments of Surplus (Net)
Dividends paid and declared
$788,417.74
7,980,700.00
128,179.24
327,360,963.42 292,993,545.56 34,367,417.86
Increase or
Decrease.
Dec. 31 1926. Dec. 31 1925.
$
Capital Stock:
$105,000,000.00
Authorized
$99,817,100.00
Issued
30,569.59
Less—Held in Treas.
441,878.24
Current Assets:
Accounts Receivable, including Managers' and Superintendents' balances
etc. (less Reserve for Doubtful Ao16,924,293.76 15.923,949.75 1,000,344.01
counts)
Marketable Securities and Time Loans 20,107,105.37 7,717,912.31 12,389,193.08
balances,including Cash at
Treasurer's
Banks at New York and outside de9,039,223.88 6,333,070.57 2,706,153.29
positories and in transit
Sinking and Insurance Funds (Cash
and Securities)
LIABILITIES.
*2,653.13
8,523.220.24
6,987,246./3
Inventories of Material and Supplies
2,902,419.63
8,418,422.51
Total
[VOL. 124.
THE CHRONICLE
2008
Surplus at December 31 1926, as per Balance Sheet
8,769,117.74
$71,404,042.19
joined the Straus organization in 1919 as a New Jersey sales representative.
Since that time his rise in the Investment field has been rapid. During
the past two years he has bcen Director of S. W. Straus' Eastern Syndicate
Department, which handles a bond wholesale business running into many
millions of dollars annually. Mr. Lord lives in Glen Ridge, N. J. and is a
member of the Montclair Golf and Montclair Athletic Club.
—George Cole Scott, banker and railroad director of Richmond, Va.,
-P. Murphy
has been admitted as a special partner in the firm of G. M.
& Co., members of the New York Stock Exchange,52 Broadway,New York,
Mr. Scott is a director of the Chesapeake & Ohio Railway Co., Hocking
Valley RR., the First & Merchants National Bank of Richmond and other
Important corporations.
—Jesse Hyman and Alvah T. Meyer announce the formation of a copartnership under the firm name of Jesse Hyman & Co., members of the
of S. W. Straus SE Co. to New York Curb Market, with offices at 149 Broadway, New York, for the
—A. J. Lord has resigned as Vice-President
become Vice-President of the investment banking house of Shields & Co. transaction of a general bond business, specializing in all foreign bonds.
of New York. He will be in charge of the sales department. Mr. Lord Jerry Casey will be in charge of the foreign bond department.
APR. 2 1927.]
THE CHRONICLE
2009
The Commercial Markets andthe Crops
COTTON-SUGAR
-GRAIN-PROVISIONS
-COFFEE
PETROLEUM-RUBBER-HIDES
-DRY GOODS
-METALS
-WOOL
-ETC.
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 ACTIVITT."I
ports. Futures on March 31 fell 14 to 2.5 points with cost
and freight offers lower; Santos was unchanged; Rio was
unchanged to 275 reis lower. Brazil wanted to sell. Santos
stock,899,000 bags,against 1,311,000last year;Rio,201,000,
against 155,000; U. S. visible, 950,653, against 871,621.
Rio and Santos exchange,5 61-64d.; dollars, 8f$310 to 8$320.
Covering of May shorts put prices up at one time. To-day
futures closed 7 to 22 points lower with sales of 60,000 bags.
The decline was due to lower Santos and Rio cables and
dulness of trade. It is said that daily receipts at Santos will
be increased from 30,000 to 36,000 bags., Brazilian markets
were slower. Santos 4s were quoted at 16.300., a new low
price for the year. Final prices show a net decline for the
week of only 7 points. Prices closed as follows:
§pot unofficial_ _16 q-}i1July
12.871December---- 11.52
Friday Night, April 1 1927.
COFFEE on the spot was quiet with Rio 7s, 163 to 163(c.
and Santos 4s, 18 to 183'2c. Milds were firm but quiet.
Arrivals of mild coffee in the United States from March 1st
to March 28th were 230,845 bags against deliveries for the
same time of 273,942 bags. The stock of mild coffee in the
United States on March 28th was 376,433 bags against
353,075 on March 21st and 316,021 at the same time last
year. On the 26th inst. the cost and freight offers from
Santos for prompt shipment included Bourbon 4s at 16%c.
to 17.05c.; 4-5s at 16.50 to 16.700.; 5-6s at 16.35 to 16.50c.; May
13 901September
12.02'January
11.25
6s at 16.30c.; Bourbon grinders 6-7s at 15.800.; 7-8s at
SUGAR.
-Prompt Cuba was steady at 2 15-16c. to 30.;
14.65c.; part Bourbon 5-6s at 163c.; 6s at 16%c.; 3-5s at 15,000 bags sold at 2 29-32c. c. & f. and 10,000 bags of May
%
163/i to 16 15-16c.; 3s at 17%c.; Rio 7s at 15.30c.; Victoria shipment at 3c. The San Ignatio and the Limones milts
7-8s at 14.95c. Santos peaberry 3-5s at 17.15c. The local stopped grinding. Later sales were made at 2 8c. c. & f.
spot market was quiet and unchanged with Rio 7s at 163c. basis for Cuba; 15,000 bags of Porto Rico sold at 4.65c. c.i.f.
to 163c. and Santos 4s at 18 to 18%c. Later spot was Futures on the 29th inst. ended 2 points lower to 3 higher.
firmer; Rio 7s, 163.e. Well described 4s sold on the 31st Trade interests bought September rather freely. The sales
at 16840. Offers for prompt shipment from Santos were of were 68,250 tons over one-third exchanges. Receipts at
3-4s Bourbons at 16.85 to 17.45c.; 3-58 at 16% to 17.60c.; Cuban ports for the week were 227,613 tons against 258,014
4-5s at 16.60 to 16%c.; 5-6s at 16.30 to 16.35c.; 6s at 16.40c.; in the previous week,206,897 last year and 103,017 two years
6-7s at 16 to 16%c.; part Bourbon 3s at 17.70c. to 183 04 ago; exports, 123,892 against 112,963 in previous week,
4
3-5s at 165jto 17c.; 4-5s at 163 c.and 7s at 15.10c. to 15.60c. 99,250 last year and 168,482 two years ago;stock, 1,224,992,
%
Peaberry 3-4s at 17.60c.; 3-5s at 16.90e. and 4-5s at 17c.
against 1,121,271 in previous week, 1,107,066 last year and
Firm offers from Brazil on the 28th inst. included prompt 802,936 two years ago; centrals grinding, 172, against 176 in
shipments Santos Bourbon 3s at 18.7004 3-4s at 17.05c. to previous week, 175 last year and 183 two years ago. Of the
17.5504 3-5s at 16.70 to 17c.; 4-5s ta 16%c. to 16.60c.; 5s exports United States Atlantic ports received 50,214 tons;
at 163.c. to 16%c.; 5-6s at 16.35c. to 163c.; 6s at 16% to New Orleans, 33,680 tons; Galveston, 2,376 tons; Savannah,
16.30c.; Bourbon separations 6-7s at 153. to 16.60c. 7s at 2,857 tons; Europe, 24,331 tons; Shanghai, 10,434
tons.
15.8004 7-8s at 14.70c.; part Bourbon or flat bean 2-3s at
The Licht estimate of the European
193c.; 3s at 17%c. to 18.15c.; 3-4s at 17% to 17.60c.; 3-58 caused some misapprehension. Some beet sugar acreage
thought
at 16% to 17c.; 4-5s at 163 to 16.70c. On the 29th inst. actual increase will amount to 12%,others to 10%. that the
Accordcost and freight offers were generally unchanged but a few ing to the figures received from Licht direct, he
were 10 to 15 points higher. For prompt shipment from the acreage at 2,378,000 hectares (247 acresnow estimates
each), which
Santos, Bourbon 2-3s were offered at 18.60c.; 3s at 103 c.; compared with last year's estimate of 2,120,000
%
3-4s at 17.85c.;3-5s at 165 to 17.350.;4-5s at 16.60 to 16.700. and the final acreage on July 30 of 2,166,963. The hectares,
%
expected
5-6s at 16.20c.; 6s at 16.400.; 7-8s grinders at 14.700.; 7-8s increase of 11 or 12%, which is talked about, seems
separations at 15.900.; 7s separations at 15.80c.;6-7s grinders predicated on the possibility that the final acreageto be
will
at 153c.; part Bourbon 3s at 18.15 to 183c.;3-4s at 17.60c.; show an increase over Licht's present figures of 2,378,000,
%
4-5s at 16% to 16%c.; peaberry 4s at 17.45e. and 4-5s at proportionate to the increase over his March 31 1926 estimate
16.90. Rio 7s were here at 15.40c. and Victoria 8s, plus 20, and the actual acreage as shown on July 30
at 14.80c. On March 31 spot coffee was quiet with Rio 7s As some put it, stocks are rapidly increasing in last year..
Cuba the,
163 to 163c.; Santos 4s 18 to 18%c. Cost and freights total to date at shipping ports
being 1,121,271 tons. Exwere lower: Rio 7s were here at 15 to 15.100.; Victoria 7-8s ports, however, show a noticeable increase over the previous
at 153jc.; Santos Bourbon 3-5s for April-June were offered week. With additional warehousing accommodation in
at 153c.; Bourbon 5-6s for April-July at 153c.; Bourbon Cuba it is possible to store over two-thirds of their total
%
%
4-5s for May to April 1928 at 15%c. and Bourbon 48 for production which apparently
is one reason why Cuba is
December at 15.90c. Fair to good Cucuta 193 to 203c.; selling very gradually.
Bucaramanga, natural, 24 to 25c.; washed, 23 to 24%c.;
Some remark that
is being
Honda, Tolima and Giradot, 23% to 24c. Medellin, 263 present good supply more attention possible paid to the
developments
of raws than to
to 27c.
.Futures advanced on the 29th inst. 19 to 28 points on later in the year, i. e. a tight situation which may be intensified if it is true that the Cuban government will not permit
higher cables, a 15-point rise in cost-and-freight offers
covering of shorts. Rains were said to be delaying and grinding of the next crop until Jan. 1 1928. Some contend
the
movement of the Rio crop. Scarcity of such coffee therefore that the light demand for refined sugar points to the general
may be more prolonged than has been expected. Europe exhaustion of invisible supplies rather than to a decrease in
bought the distant months. That was an outstanding fea- consumption. The peak of heavy selling in the sugar futures
ture. There were vague rumors in circulation that the market seems to some to have passed. Outside interests
were buying on the 31st inst. at some advance. Prompt
Defense Committee intends to restrict the Rio and Victoria Cuban
was quiet at 2 15-16c. Havana cabled that the
receipts commencing with the new crop. If this decree should Persoverancia
finished grinding March 29th with 213,393
be enforced it would naturally have a tendency to brace the
latter months, which are selling at such remarkable discounts. tons; quota 213,393. Tahon finished on the 27th with 38,512
Some think much depends on Brazil's attitude during the quota 38,512. The President of Cuba has distributed among
next month or so, particularly as regards Rio and the cheaper the mills mentioned below the 16,798 bags under-produced
from its quota by Central Galope and the 54,885 bags
priced coffees. H Brazil offers these grades sparingly
quite possible, some think, that prices on the Exchange it is destroyed by fire in Matanzas and Trinidad which did not
will
rise nearly to a street parity. Differences may widen slightly g9 into consumption making a total Of 71,683 bags. San
Uristobal 10,000 bags; Orozoo, 3,399; Mercedita, 3,399;
but it is suggested that not many will care to receive May San Vincente,
6,000; Pureto, 2,000; Soledad (Matanzas),
coffee with the new crop right at hand and all subsequent 4,000;
Jatibonico, 4,000; Perseverancia, 6,000; Ramona,
months at great discounts. There is no particular reason,
6,000; Reforma,4,000;
it is argued, why July should sell 110 points under May and 3,000; Adela, 2,600; Constancis (Camaguey),4,000; Nela,
Trinidad, 2,000; Soledad (S. C.), 1,600;
sooner or later some look to see the two closer together.
Fidencia, 7,000;
The Institute, it is pointed out, has been trying to support 5.75 to 6.05c. Jesus Maria, 2,685. Refined was quiet at
prices by adoption, among other measures, of the following:
Leading trade
1. The capacity of regulating warehouses has been increased 30th. Decemberinterests bought December heavily on the
from four to eight million bags. 2.The new warehouses are connections also was the motor force. Houses with Cuban
being built at places where they are within easy reach of December freely, bought the later deliveries, especially
bank inspectors who wish to verify the existence of coffees of planting. F. in expectation of a reduced Licht estimate
0. Licht cabled his estimate of the European
on which advances have been made. 3. By State
beet
a railway bill of lading is now considered as equal to adecree turn sugar crop at 2,378,000 hectares, aginst last year's outletter
of 2,120,000 hectares, or an increase of 12%. This
of credit. This is of great advantage in the financing of
coffee farmers on the coming crop. 4. Definite arrange- estimate was larger than expected and caused heavy selling
on
ments have been arrived at with the Central Brazil Ry. of futures net March 31 and a decline of 3 to 7 points early.
final
decline
that
for the regulation of coffee from Sao Paulo to Rio de Janeiro. The 54,000 tons. Inwas 1 to 3 points onCuba day. Sales
were
sold on the
London a cargo of
5. A fixed agreement has been arrived at with all coffee 30th for June
shipment
producing States for the regulation of receipts in different Offerings of prompt raws to the Continent at 14s. 43/2d.
were not large despite the Licht
estimate. Porto Rican raws were offered at 2 29-32o. c.&f.
or 4.68c. delivered. But the demand was light. Refined
was dull at 5.85e. London cabled that the Java Syndicate
)
estimate their coming Java crop at 1 960,000 tons and
independent mills at 200,000 tons, totaling 2,160,000 tons.
This is smaller than expected and the recent impression was
that the crop would be 2,300,000 tons. Other cables estimated the crop at 2,147,000 tons, while the "Federal Reporter"
said that Java expects 2,300,000 tons. To-day London
cabled that terminal price was very steady with more
demand for British refined. Sellers of Cubas for April
shipment at 14s. 25jd. and for June at 14s. 6d. United
Kingdom and Continent showing interest in Cubas for
Appl-May shipment at 14s. 13/2d. Java steady. India
quiet. To-day futures here ended unchanged to 1 point
lower with sales of only 21,300 tons, in a very dull market.
Buyers are holding off, as regards the actual sugar. Refined
was slow of sale though withdrawals are on a fair scale.
Prompt raws were quoted at 2 29-32e., or 1-32e. lower than
a week ago. Futures as compared with last Friday are down
4 to 5 points. Prices were as follows:
Spot unofficial 2 29-321September _ _3.13 © 0
2.92©
December_ _3.16
May
3 03 ©3.04
July
2.93@2.94
'January
March 1928_2.81©2.82
LARD on the spot weakened and at one time prime Western was 12.96 to 13.050. in tierces. Refined Continent,
/ 13Ac., delivered New York; South America, 143 0. Brazil
13.10e.
in kegs, 15%c. Later prime Western was 13 to'
3
/
New York;refined Continent, 1338c.;South America, 14/sc.;
Brazil, 158sc. To-day spot prices were firm; prime West/
ern, 13.150. Futures fell 10 to 13 points on the 28th ult.
with ribs off 15 to 18. Stop-loss orders were caught. Hogs
declined; receipts are 166,000, against 102,000 on the same
day last week and 103,000 last year. Chicago had 25,000.
Liverpool was unchanged to 6d. lower. Packers bought on
the decline. Futures on Mar. 31 fell 5 to 7 points despite
reported buying by cash houses and packers and an advance
in hogs of 10 to 150. with smaller receipts. Later selling by
commission houses had a depressing effect. To-day futures
closed unchanged to 2 points higher. Hogs wound up at
$11.75. Lard stocks in Chicago increased in the last half
of March about 4,000,000 lbs. and for the entire month of
March 5,695,000 lbs. Western hog receipts were 54,000,
against 57,000 a year ago. Chicago expects 50,000 on
Saturday. Final prices show a decline for the week of 17
to 18 points.
DAILY CLOSING PRICES
Sat.
March delivery- _ -_cts_12.42
12.50
May delivery
12.70
July delivery
OF LARD FUTURES
Tues.
Wed.
Mon.
12.37
12.35
12.30
12.45
12.42
12.37
12.65
12.62
12.60
IN CHICAGO.
Fri.
Thurs.
12.35
12.37
12.35
12.60
12.60
PORK steady; mess, $37.50; family, $39.50 to $41.50;
fat back pork, $30 to $33. Ribs, Chicago, cash, 16e., basis
of 40 to 60 lbs. average. Beef scarce and firm; mess, $19
to $21; packet, $19 to $21; family, $21 to $22; extra India
mess, $34 to $36; No. 1 canned corned beef, $2.50; No. 2,
$4.25; 6 lbs., South America, $12.75. Cut meats steady
but quiet. New York prices: Pickled hams, 10 to 20 lbs.,
4
%
223.1 to 223c.; pickled bellies, 6 to 12 lbs., 213 to 233 c.
Bellies, clear, dry, salted, boxed, 18 to 20 lbs., 184e.
Washington wired: "American bacon and other cured pork
products have been affected adversely in the British market
by the quarantine against continental fresh pork. Quarantine has been in effect since June 2 1925 and compels
Continental producers of fresh pork to produce cured pork
instead. Cured pork has consequently flowed into Great
Britain, forcing prices down and making the market very
unattractive for the American product. There is little
promise of improvement for an indefinite period." Butter,
lower grade to high scoring, 48 to 533/2e. Cheese, 23 to
28e. Eggs, medium to select, 24 to 29e.
-Linseed was a little firmer late in the week with
OILS.
most crushers asking 10.3e. for raw oil in carlots, cooperage
basis. some quoted 10.4e. In lots of 5 barrels and more
'
10.7 to 10.9c. was asked, while for less than 5 barrels prices
ranged from 11.1 to 11.3e. Cocoanut oil, barrels, spot,
%
10 to 1034c.; Manila coast, tanks, 80.; spot, tanks, 83 c.
Chinawood, New York, drums, spot, 32d.; Pacific coast,
85.0.
tanks, spot, 28e. Crude, tanks, plant, low acid,
2
Olive-Den., $1.65 to $1.75. Soya bean, coast, tanks, 93/c.;
blown, barrels, 14e. nominal. Lard, prime 1430.; extra,
4
,
'
strained, winter, New York, 135/sc. Cod, Newfoundland,
63 to 65e. Turpentine, 69 to 74e. Rosin, $9.80 to $16.25.
Cottonseed oil sales to-day, including switches, 3,500 barrels
P. crude S. E., 7%c. bid. Prices closed as follows:
Spot
April
May
[Vou 124.
THE CHRONICLE
2010
1June
8.90
July
8.90
9.05159.10 August
.48
9.189.5 September - _9 §9.47
9.38 9.41
October
9.33
9 45159.50 November_ _ _9.28 9.27
-Bulk gasoline was lower. U. S. Motor
PETROLEUM.
gasoline in tank cars at the refiners was quoted at 93j to
3.
934o.' in tank cars delivered to the trade, 1034 to 103/s,
Of late a better export demand was reported. A large French
buyer was said to have taken 8 bulk cargoes of U. S. Motor
and 64-66 gravity 375 end point gasoline for May-December
shipment, but confirmation was lacking. The domestic
inquiry has been improving. Kerosene was quiet with
leading refiners quoting 41-43 gravity at 73/ie. and 43-46
water white at Sc. refinery. Bunker oil quiet at $1.75 f.o.b.
New York Harbor refinery. Diesel oil steady at $2.40.
Gas oil quiet. The Standard Oil Co. of California, it is
stated, cut the price of gasoline on the Pacific Coast to-day
10., the price now being $1.36, the first change in a little over
a year. This quotation is for 42 degrees gravity. The price
for the average grade is reduced about 50e. a barrel. The
output in February was the highest daily on record; that is,
2,424,000 bbls. average, or 119,000 more than in January.
New York export prices: Gasoline, cases, cargo lots, U. S.
Motor specification, deodorized, 24.40c.; bulk, refinery,
9Ae. Kerosene, cargo lots, super white, cases, 17.15c.;
bulk, 41-43 deg., 73/2c.; water white, 150 deg., cases, 18.15c.;
bulk, 43-45 deg., 78 e. Bunker oil, per bbl., f.o.b. dock,
%
$1.75. Diesel oil, Bayonne, plus 63c. lighterage. Gas oil,
Bayonne tank cars,28-34 deg.,5%c.;36-40deg.,6e. Furnace
oil, bulk, refinery, 73/Ie.; tank wagon, 38-42 deg., 12c.
Kerosene, tank wagon to store, 160.; bulk, water white,
3
delivered New York, cars, 83(e.; refinery, 43-45 deg., 7%o.;
prime white, 41-43. deg delivered tanks, 83/se.; refinery,
73/sc. Motor gasoline, garages (steel bbls.), 20c.; up-State,
20c.; single cars,delivered, 103c. Naphtha, V.M.P.
deodorized, in steel bbls., 21c.
$1.33
Elk Basin
Oklahoma, Kansas and Texas1.25
31.12 Big Muddy
8-28.9
1.33
1.20 Lance Creek
32-32.9
1.33
52 and above
1.60 Grass Creek.
1.25
Bellvue.
Louisiana and Arkansas1.00
1.20 Cotton Valley
32-32.9
2.35
1.26 Somerset Light
35.33.9
38 and above
1.32
32.85 Eureka
$3.00
Pennsylvania
$3.15 Buckeye
1.60
3.15 Illinois..
1.55 Bradford
Corning
1.71 Wyoming,37 deg.- 1.30
Cabell
1.40 Lima
1.33
1.48 Plymmitil
Wortham, 40 deg. 1.36 Indiana
- 1.77
1.60 Wooster Rock (*reek .
_ 1.25 Princeton
2.24 Gulf 0 mstal 'A".. 1.20
Smackover 24 deg. 1.25 Canadian
Corsicana heavy-- 1.10 Panhandle.44 deg. 1.12
RUBBER advanced 10 to 80 points on the 26th inst.
with London firm and in some cases Ad. higher despite
expectations of an increase in the London stock of 1,200 to
1,500 tons in the statement of the 28th uit. Outside prices
were A to Ac.in some cases; spot remained firm at 413/20.,
with March shipments from the East delayed. The.day's
business was not large, 257 tons, but the tone of the market
was unmistakably firm. May delivery in the outside market
was not wanted. At the Exchange here on March 26 April
closed at 41c.; May at 41.700.; June at 42c.; July at 42.300.;
September at 42.60e., and October at 43.10c. Outside
prices on the 26th: Smoked sheets, spot and March,
%
/
413 to 413./sc.; April, 413/2 to 4130.; April-June, 413 to
42e.• July-September, 42% to 43c.• October-December,
%
43% to 4330.; first latex crepe, 41% to 413 c. On the
/
28th, however, prices declined 20 to 60 points when it was
found that the increase in the London stock was much greater
than expected, i.e., 1,867 tons, with London off Ad. from
the early top. The stock in London is now 63,167 tons,
against 61,300 last week, 58.659 a month ago, and 12,795
last year. At the Exchange here on March 28 April closed
at 40.800.; May at 41.400.; July at 41.800., and November
at 42.70c. Outside prices: Smoked sheets, spot and
/
March, 41 to 4130.; April, 413 to 41%c.• May, 41% to
'
4130.; June, 41% to 42c.; July-September, 42A to 42%43.•
/
October-December, 43A to 43%c.; first latex crepe,
%
415 c.; clean, thin, brown crepe, 39 to 393c.; speokY,
%
brown crepe, 373c:. No. 2 amber, 393/sc.; No. 3 amber,
7
8
% to 39c.; No. 4 amber, 383./sc.; rolled brown, 35/s to
38
36%c.
New York Exchange prices on the 29th inst. were 10 points
lower. Outside prices were unchanged. Exchange sales were
332 tons. April closed on that day at 40.800.; May at
41.400. London fell Ad.; Spot and April 20 to 203/sd.
Singapore was off A to LAd. Spot 19%d. On the 30th New
York advanced 10 to 20 points. Riots at Singapore had no
effect. Akron reported that spring business was outrunning
schedules. The transactions were 340 tons. Standard
grades advanced 23/sc. though trade was only moderate in
the outside market. Later was on a par with sheets. Lower
4
plantations fell % to Me., No. 3 Amber being at 383 .and
rolled brown crepe at 353/sc. Esmeralda was nominal at
25 to 26e. Para was lower; Up-river fine Mc. lower at 32c.;
Caucho ball lc. lower at 263/20.; Up-river coarse was 253/se.
At the Exchange May closed at 41.50e. and June at 41.70e.
London advanced Ad.; spot and April 203/2 to 2034d.; May
%
203 to 203/2d. Singapore spot 19%d.
New York on Mar. 31 was firm on spot rubber. September, December and January advanced 20 points; April-May
closed 10 points lower on that day; April, 40.90c.; May,
41.40e. Outside: Smoked spot, March and April, 4134 to
413/se.; May, 413/2 to 41%c.• June, 41% to 420.; July-Sep'
42%c.; October-December, 433/2 to 433/sc.;
tember, 42
first latex crepe, 41A to 41%e.; clean, thin, brown crepe,
383 to 39c.; specky brown crepe, 373/ic.; No. 2 amber;
/
393e.; No. 3 amber, 383/s to 3830.; No. 4 amber, 38Ao.•
rolled brown, 35A to 35%e.• Paras, up-river fine spot, 3134
to 3234c.; coarse, 23% to 2,4%0.; Caucho ball-Upper, 253/s
to 260.; Island fine, 273/20. London was Ad.off on Mar.31.
Spot and April closed at 20 to 203/sd.; May, 2034 to 2035d.
Singapore, spot, 19%d.; April-May, and June, 20 Ad. Today London closed quiet and unchanged to Ad. lower;
spot and April, 20d. Here April ended at 41c.; May,41.50c.;
July at 41.90c. The spot market was dull; spot and April,
4c.
41)(
HIDES were firmer for frigorifico with a better inquiry
from the United States and Russia. Last week 47,000 hides
sold at 173/2 to 180. and 7,000 Uruguayan steers at 1840.
City packer hides have been sold ahead to April 1. Recently
700 butt brands sold at 133/se. and 1,400 Colorados at 13c.
Native bulls were it is said offered at 93/sc. Country hides
were quiet butfirm. Common dry hides were in a trifle better
demand: Orinocos, 2034c.; Savannila, 203/so. New York
41q
to
to
APR. 2 1927.]
THE CHRONICLE
2011
City calfskins 5-7s, 1.80 to 1.85e.; 7-9s, 1.80c.; 9-12s, 2.75e. were made from Pacific ports. Stocks on March 31 were
Later 2,000 Swift La Plata steers sold at $37.75 or 17 11-16c. 1 439 tons; the amount landing was 1,270 tons; arrivals for
c.&f.
the month had been 5,770 tons. Spot standard in London
•
OCEAN FREIGHTS.
-Oil tonnage was in better demand on March 31 oavanced 15s. to £310; futures were up £1 to
at one time. Grain tonnage was in good demand. United £299 10s.; sales, 100 spot and 550 futures. Spot Straits rose
Kingdom and the Continent took room for fully 2,000,000 5s. to £320; Eastern c.i.f. London advanced £2 15s. to
bushels of grain on the 28th, e., at 12e. to Antwerp, 13c. to £305 15s. on sales of 225 tons.
Rotterdam and 7 shillings to the United Kingdom for 200
LEAD early in the week was reduced to
New
loads New York and Montreal on business from the Canadian by the American Smelting & Refining Co. 7.35c. is theYork
This
lowwheat pool. Later trade became quiet. Still later the call est price this year. The St. Joseph Lead Co. sold at 7%c.
for grain tonnage revived.
East St. Louis. Lead ore was reduced $4 to $96 in the TriCHARTERS included cotton, 400,000 cubic 13ale feet, April-May,from State district. Demand was small. Later on 7.10 to
Gulf to Japan, 14c. two ports of load and discharge; 500,000 cubic bale feet, 7.123.c. was quoted
East St. Louis. In London on the 28th
May 23
-June 4. Gulf to Murmansk. 1030.; grain Black Sea to United
Kingdom, 15s. 6d. April; Buenos Aires to Antwerp, 25s. 7%d., April: coal, inst. prices declined 3s. 9d. to £26 17s. 6d. for spot and £27
six voyages from Cardiff to West Italy, 10s. 3d.; grain from San Lorenzo 7s. 6d. for futures; sales, 50 tons spot
and 1,900 futures. On
to United Kingdom-Continent, 25s. 9d. May
-June; grain, Montreal to
Mediterranean, 1934c. May 5
-15th; lumber, 1,700 standards middle April, the 30th inst. spot in London was unchanged; futures deGulf to Montevideo-Buenos Aires, 1655.: from Gulf to Rio, net form, g5 clined is. 6d. to £27 6s. 3d.; sales, 50
tons spot and 1,150
April; tankers crude 3.511 tons, net. Gulf upcoast, 35c.: clean, 8.500 tons,
prompt Black Sea to one Baltic port, 40s.; 5,500 tons, part cargo April, futures. Later there was a fair business with East St. Louis
Gulf to United-Kingdon-Continent. 55s.; time charter; 2,696 tons net, off to 7.05e.; New York was still 7.35c. In
London on
fixed in London, four or five months, delivery and re-delivery United Kingdom and Continent, 4s. 9d.: coal from Hampton Roads to Adriatic, $3.25 Mar. 31 spot was £26 17s. 6d.; futures advanced is. 3d. to
prompt; from Hampton Roads to Alexandria, $3.65 prompt; tankers: Gulf £30 2s. 6d.; sales, 50 tons spot and 1,050 futures.
to Rouen, 50s. June-July; lubricating or gas oil, from Black Sea to French
ZINC was quiet and weak. East St. Louis, 6.52% to
Atlantic, 35s. July-August; cotton,412,500 cubic bale feet, April 23
-May 3,
two Gulf ports to Murmansk,1134c.; grain from Montreal to Mediterranean 6.55c. Zinc ore was reduced $1 to
$44 in the tri-State dison 1934c. basis opening of navigation; same Antvrerp-Rotterdam, 3s. 134d.;
Hamburg, Bremen, 3s. 3d.; time charters: 4.119 tons net, prompt one trict. In London on. the 29th prices declined 3s. 9d. to
round United States and west Coast South America, $11_,000; 5'88 tons net, £29 16s. 3d. for spot and £30 is. 3d. for
futures. On the
prompt one round, West Indies,$2.40:sugar from Santo Domingo and Cuba
to United Kingdom-Continent, 218. early April; lumber from one port 30th spot zinc in London advanced Is.3d. to £29 17s. 6d.;
North Pacific to one port Japan, April, $12: 1.500 standards from Gulf to futures unchanged; sales, 50 tons spot and 550
futures.
Bahia Blanca. 170s. April; coal from Hampton Poads to La Plata, $4.05
April; grain from Columbia River to United Kingdom-Continent. 36s. 9d. Later the tone was a little firmer; East St. Louis sold at
April-May: from Montreal to Mediterranean, 36.000 qrs. May, 1934c.; 6.55 to 6.57%c. with a trifle more inquiry. In London on
37,000 qurs., from Montreal to Antwerp-Rotteradm, 1514(1.; to Hamburg March 31 spot dropped 3s.
9d. to £29 13s. 9d.; futures fell
16c. May 5-25;from Montreal to Antaerp-Rotteradm. 16 Sic.; to HamburgBremen. 1631c.; Hamburg-Bremen, 16c.: Mediterranean option. 1935c. Is. 3d. to £30 2s. 6d.; sales, 1,200 tons futures.
May 10-25.
STEEL output continues large, but the business at best is
TOBACCO has been steady enough and stocks are certain- of only fair volume. Production in the second quarter is
ly not forced on the market. They are not burdensome in expected to decrease. Certainly March for three years past
any case; quite the contrary. At the same time the demand has marked the peak in the year's output. Steel pipe sells
lacks snap. There is a steady routine demand; nothing more. less readily at Youngstown. Production at Pittsburgh
Wisconsin, binders, 25 to 30e.; binders, northern, 40 to 45c.; continues at 90%. It is outrunning shipments and new
southern, 35 to 40c.; New York State, seconds, 45c.; Ohio, business. Pipe prices may not it is suggested, be long
Gebhardt' binders, 22 to 24e.; Little Dutch, 21 to 22c.; sustained at their present level, with crude oil recently
Zimmer Spanish, 30c.; Havana, first Remedios, 850.; second declining, and some suggesting that building may slacken.
Remedios, 700. The Kentucky acreage is likely to be Tin plate manufacturers at Pittsburgh, though running at
reduced in favor of grain and fruit. On the Pacific Coast the 90% believe that output will be curtailed from now on.
early crop of tobacco promises to be large.
The demand from .can makers will decrease. A moderate
COAL was in moderate demand. Not over 35% of the reduction has taken place in price for bolts and nuts there,
soft coal output federal officials say, will be affected by a and rivets may follow suit. The Middle West is completing
general union strike in the bituminous field. Pennsylvania more sharply with the East in these lines. Merchant steel
soft coal output is likely to be increased it is said to fully bars meet with only a moderate sale. The mills have no
3,000,000 tons week and that of West Virginia and other great backlog. The same is true of strip and hot and cold
non-union fields of the South to 5,000,000 tons weekly. If rolled flats, though these latter are said to be somewhat
not everybody in the trade concurs that there is enough coal steadier than they were some weeks back. There is a modermined to last for some months. The present price of $1.60 ate demand from railroads for tank and passenger ears and
at the mine for good readily salable popular smokeless gas so forth. Steel wire is in somewhat better demand as usual
and steam, some think will be found too low. Sales of at this time of the year, notably from Illinois and Iowa.
smokeless coal at Hampton Roads were made it seems at It is said that the output of steel has been kept up at a high
about $4.25 to $4.30. Navy standard at $4.50 is readily rate for fear of a coal scarcity. In Pittsburgh they think
salable. Some small business was done at New York. that the soft coal strike will last all summer. An increased
Eastern markets were quiet and steady. Steam coal and gas demand for locomotives was reported later. Tin plate mills
coal were firmer later at Pittsburgh and tide water. On the at Youngstown are at full capacity.
-Basic was quoted 50c. higher in some
PIG IRON.
basis of February output the impending suspension should in
a week or so deduct 4,000,000 tons from the weekly figures. quarters at $19. Valley furnace after a sale of 7,500 tons.
The coal strike of soft coal miners began yesterday.
In a generally dull market this was a conspicuous feature.
COPPER early in the week sold at 13%c. Yet it was Other sections reported prices steady. It is not easy, howreported that the Western Union Telegraph Co. bought 1,300 ever, to gauge the market; there is so little business. On
tons late on Wednesday at 13c. delivered to Connecticut large tonnage some have an idea prices might be substantially
Valley or its equivalent. Copper Exporters, Inc. on the 30th reduced at least for the time being. That is surmise.. But
dropped its price 15 points to 13.50c. c.i.f. European ports. some people are convinced that it does not go very wide of
A better foreign inquiry followed. TheAmerican, Brass Co. the mark. Prices in the meantime are nominally unit is said, bought a large block on the 29th. Standard spot changed with Eastern Pennsylvania $20.50 $21; Buffalo,
in London on the 29th dropped 5s to £55; futures declined $17.50 to $18; Birmingham, $18 to $19; Virginia, $21 to $22;
2s. 6d. to £55 12s. 6d.; electrolytic eeclined 7s. 6d. to £62 Chicago, $20 to $20.50; Valley, $18; Cleveland, delivered,
2s. 6d. for spot and £62 12s. 6d.for futures; on the 30th spot $20 to $20.50. Pig iron production in 1926 was the second
standard fell 2s. 6d. to £54 75. 6d. and futures dropped largest on record. With the coal strike on, the effect on the
5s. to £55 7s. 6d.; spot electrolytic advanced 2s. 6d. to iron trade is awaited with interest.
£62 5s.; but futures declined 5s. to £62 7s. 6d. Later the
WOOL was on the whole in moderate demand with the
tone was steadier but trade was dull at 13% to 13 ,4(3. c.i.f. call for some descriptions rather better than that. Prices
Official c.i.f. price European ports, 13.50c. March sales here were steady. The market, however, has not been really
were the smallest for months. It is supposed, of course, to responsive to the foreign firmness and activity. Worsted
mean depletion of consumers supplies from absention in territory sold a little more readily. Boston reported a
buying. In London on March 31 spot standard rose 10s. "spotty" trade with prices steady and generally unchanged;
to £55 7s. 6d.;futures advanced 12s.6d. to £56;sales 100 spot Ohio and Pennsylvania fine delaine 45c. Later it wired that
and 2,400 future spot electrolytic off 5s. to £62; futures up trade was rather better. No decisive change has occurred.
2s. 6d. to £62 10s.
America is largely oblivious to the firmness of foreign markets.
In London on March 25 offerings, 11,120 bales. Demand
TIN early in the week was quiet and lower. The trade
from Britain and the Continent. Prices firm.
was awaiting March statistics. On the ;:,0th, however, ready New Zealand greasy hatIbred 56-58s, 25d., while 56s brought 23d.;
Best
prices advanced on reports that the Chinese revolution greasy crossbreds 56s sold at 21d.;50-56s at 19d.;48-50s at 17d.;46s at 14'%d
Details;
was affecting tin production and shipments in the Malaya merinos, Sydney, 2,410 bales: greasy merinos. 18% to 4030.; scoured
40 to
to
States. The market was more active on that day. Spot 2734d.; scoured,42d. Queensland, 1,492 bales: greasy merinos. 1934 to
36 to 45d. Victoria, 1.342 bales: greasy merinos. 21
31d.; scoured,
Straits sold at 685. to 683 0.; April, 68 to 6838c.; May, 27d.: scoured. 36% to 4134d. Adelaide, 355 bales: greasy merinos, 20 to
4
/
35 to 38d.
673 to 678 0., and June at 67c. Spot standard in London to 27d.:scoured. 41 to 44d. West Australia. 1,253 bales: greasy merinos, 16
/
%
Cape,229 bales: greasy merinos. 163i to 1934d.
on the 29th declined 10s. to £307, but futures advanced scoured, 32 to 36d. New Zealand. 3.292 bales: greasy crossbreds, 13 to
25d. Falklands, 748 bales: greasy crossbreds, 14 to 22d.
2s. 6d. to £296 15s.; spot Straits advanced 10s. to £318;
In
DeEastern c.i.f. London dropped 5s to £302 15s.; on the 30th mandLondon on the 28th inst. offering's, 12,400 bales.Prices
brisk from Great Britain and the Continent.
spot standard in London declined £2 5s. to £309 5s.; futures firm.
advanced £1 15s. to £298 10s. Spot Straits advanced £1
Merinos fully 5% higher than January levels; greasy crossbreds. Conti15s. to £319 15s. Eastern c.i.f. advanced 5s. to £303. nental style up 5 to 10%; Bradford sorts par to 5% higher. Best New
Zealand greasy halfbred 56-58s sold at 24d., while greasy crossbred 50s
Later trade was dull. Reports of trouble in the Far Eastern brought 1934d.; 46s, 1634.:1.; and 40-44s, 143‘d. Details: Sydney. 1.616
tin districts were denied after some advance here on the 30th. bales: scoured merinos, 25 to 4334d. Queensland, 534 bales: greasy meriVictoria, 420 bales: greasy merinos, 21 to 3034d.
to
Spot Straits of late has been nominally 683 c., April, 680.; nos, 20% 688 26%cl.greasy merinos, 2234 to 2734d. West Australia, 175
4
bales:
Adelaide,
May, 67%c.; June, 669(c,. and July, 663 c. Deliveries bales; scoured merinos, 38 to 42d. New Zealand, 5,346 bales: greasy
%
crossbreds 13 to 24d.; scoured, 19 to 28d.
to this country m March were 6,545 tons, of which 145 ton.,liNerinos, 13% to 18d.; greasy crossbreds. 1234 Puntas, 3,650 bales: greasy
to 23d.
[VoL. 124.
THE CHRONICLE
2012
In London on March 29 offerings, 10,910 bales, sold to
British and Continental markets. Merino wools firm;
greasy crossbreds irregular. Slipe and scoured descriptions
rather firm.
*Houston statistics are no longer compiled on an interior basis, but only
on a port basis. In the season s receipts 1926-27 we have included the
stock carried over from the previous season, namely, 226.636 bales.
a In 1926 Houston stocks, amounting to 599,231 bales, were included
under interior towns.
In order that comparison may be made with other years,
Best New Zealand greasy halfbred 58s realized 23Hd. and 56s 21Md.
Greasy crossbreds 50-54s were quoted 20%cl.; 50s. 1830.;48s, 170.; 445. we give below the totals at leading ports for six seasons:
14.4d. Details: Sydney, 1,085 bales; greasy merinos, 22 to 253cl •
scoured merinos, 263i to 39d. Queensland, 919 bales; greasy merinos,
Receipts at- 1926-27. 1925-26. 1924-25. 1923-24. 1922-23. 1921-22.
19 to 2530.;scoured. 25 to 38d. Victoria, 921 bales; greasy merinos,24 to
28d.; scoured, 34 to 45d.; greasy crossbreds, 14% to 24d. Cape, 297
34,589
10,546
16,594
22,330
28,042
33,704
to 3610. Adelaide, Galveston___ _
bales; greasy merinos, 17 to 20d.; scoured, 283.5
17,845
4,160
705
36,704
31,550
37,433
128 bales; greasy merinos, 21 to 26d. New Zealand, 7,276 bales; greasy FIouston*. ___
20,273
24,356
19,514
26,914
53,794
29,327
merinos, 22X to 26Md.; scoured merinos, 29 to 473id.; greasy crossbreds, New Orleans_
422
83
4,188
Mobile
1,519
2,537
3,046
13 to 2311d.; scoured, 17 to 36%cl.; slipe, 13 to 26d.
11.566
7,881
Savannah_.._
7,019
7,687
8,786
In London on the 30th best merinos were in quick demand. Brunswick_ _ 15,984
2,850
8,109
1,309
Charleston_ _ _
1,616
2,625
3,869
11,465
Prices firm.
2,258
90
452
1,743
2.287
2,841
Offerings, 9,570 bales. Best New Zealand greasy halfbred 56-585 sold Wilmington_ _
6.071
1,194
2,788
4,281
2,813
5.215
at 22d., while greasy crossbred 56s brought 1934d.; 50s, 1734d.; 48s, 1634d.; Norfolk
95
465. 15Ad.; 44-46s, 14%d., and 44s, 13gcl. Details: Sydney, 2,534 bales: N'port N.,&c_
18,064
4.294
3,144
1,837
5,683
4,179
greasy merinos,20 to 33d.; scoured. 18 to 34d.3; greasy crossbreds, 14.4 to M1others_ _ - _
22d. Queensland, 907 bales: greasy merinos, 183 to 2634d.; scoured, 3735 rot, this week
63.854 115,100
55,370
168,766 110,433 109.150
to 4634d. Victoria. 1,702 bales: greasy merinos, 24 to 29d.; scoured, 27 to
44d. West Australia, 153 bales: greasy merinos, 19 to 2330.; scoured, 40 3ince Aug. 1. _ 11499311 8447.117 8.495.122 5.963.825 5.262.785 4.756.648
to 443d. New Zealand.4,137 bales:greasy crossbreds, 12 to 22d.;scoured,
* Beginning with the season of 1928. Houston figures include movement
16 to 39d. Cape. 118 bales:scoured merinos,33% to 34Md. New Zealand
ototton previously reported by Houston as an interior town. The distincslipe, 13d. to 243id.
offered. Best tion between port and town has been abandoned.
in London on March 31, 10,930 bales
The exports for the week ending this evening reach a total
merinos and crossbreds, active. Prices steady. Europe
of 300,318 bales, of which 62,723 were to Great Britain,
the best buyer. Inferior sorts frequently withdrawn.
New Zealand greasy quarterbred 58 sold at 32304 halfbred 56-58s sold 19,969 to France, 80,975 to Germany, 11,542 to Italy,
at 22d.; greasy crossbred 48-506, 206.; 44-46s. 17d., and 36-40s, 143(d.
The auctions close on April 1. Details: Sydney, 2,414 bales; greasy me- 45,251 to Russia, 42,875 to Japan and China and 36,983 to
rinos, 18 to 31d.; scoured. 40 to 43d. Queensland, 962 bales; greasy other destinations. In the corresponding week last year
merinos, 173 to 2630.; scoured, 38 to 44d. Victoria, 1,403 bales: greasy
143,520 bales. For the season to date
merinos. 22 to 2650.; scoured, 30 to 4130.; greasy crossbreds, 17 to 21d. total exports were
Cape, 381 bales; greasy merinos, 15 to 1834d.; scoured, 33 to 38d. West aggregate exports have been 8,680,589 bales, against 6,405,Australia, 991 bales: greasy merinos, 1534 to 241.id.; scoured merinos, 32 to 260 bales in the same period of the previous season. Below
40d. Adelaide, 723 bales; scoured merinos, 35 to 44d. Tasmania. 120
bales; greasy crossbreds, 173i to 21d. New Zealand, 3,935 bales; greasy are the exports for the week:
crossbreds, 13 to 223id.
-
At Geelong on March 25 offerings, 14,500 bales;93% sold.
Attendance large. Demand good. Prices firm; America
took little. Bonded wool stocks: Carpet on Jan. 31 1927,
14,569,000 lbs., against 12,545,000 on Dec. 31 1926 and
19,070,000 on Jan. 31 last year; clothing, 15,498,000 lbs. on
Jan. 31 1927, against 16,240,000 in Dec. 31 1926 and
19,530,000 on Jan. 31 last year; combing, 58,866,000 lbs.
on Jan. 31 1927, against 59,786,000 in Dec. 31 1926 and
67,437,000 on Jan. 31 last year; mohair, 5,017,000 on Jan.
31 1927, 5,504,000 on Dec.31 1926 and 3,238,000 on Jan.31
last year; Alpaca, cashmere, 1,510,000 lbs. on Jan. 31 1927,
1,487,000 on Dec.31 1926 and 1,749,000 on Jan.31 last year;
total, 95,463,000 lbs. on Jan. 31 1927, 95,564 on Dec. 31
1926 and 1,749,000 on Jah. 31 last year.
At Wellington on March 28 offerings, 21,000 bales.
Demand sharp, partly from America. Sales, 20,500.
Prices closed firm.
Exported to
Week Ended
Japan&
GerApril 1 1927. Great
Exports from
- Britain. France. many. Ba/y. Russia. China. Other. Total.
500 18.000 10,001 20,338 59,281
4,137 6,305
Galveston
15,334 7,233 50,796
Houston
8,415 4,777 10,650 6,387
9,834 10,284 2,221 27,261 15,125 6,263 100,063
New Orleans_ _ _ - 29,285
102
102
Pensacola
682 46.988
30,499
15.807
Savannah
14,653
1:8158
3,279
9,874
Charleston
722 13,495
9,498 2,334
941
Norfolk
95
95
Newport News_ _
1.445 7,017
100
264
296 4,912
New York
59
59
Philadelphia_
300 6,545
820
1,125 4:566
Los Angeles_
1,224
1,146
78
San Francisco_
From
Merinos supers sold at 21%d. to 23d.; average sorts brought 18 to 21 Md. Aug.1 1926 to
April 1 1927.
Crossbred 48-56s sold at 173i to 21d.; 50-565 from 16 to 20d.; 48-505. 1435 Exportsfrom,
to 1834d.: 46-48s, 1334 to 163id.; 44-46s, 12% to 1530.; 40-445. 1131 to
14d., and 36-40s, 11 to 123A.
average Galveston__
At Brisbane on March 29 auctions opened with an
Houston_ ___
City.._
selection and an excellent demand. Prices par to 5% higher. TexasOrleans
New
Mobile
Jacksonville..
COTTON.
Pensacola_
Savannah.Friday Night, April 1 1927.
Charleston_
THE MOVEMENT OF THE CROP, as indicated by our Wilmington_
telegrams from the South to-night, is given below. For the Norfolk
N'port News
week ending this evening the total receipts have reached New York__
168,766 bales, against 185,888 bales last week and 227,560 Boston
Baltimore__
bales the previous week, making the total receipts since the Philadelphia
1st of August 1926, 11,499,311 bales, against 8,447,117 Los Angeles_
bales for the same period of 1925-26, showing an increase
since Aug. 1 1926 of 3,052,194 bales.
Receipts al- Galveston_ _ _ _ -Texas City_
Houston
New Orleans_ _ -Mobile
Pensacola
Savannah _ _ __
Charleston___ _ -Wilmington_ _ _ __
Norfolk
IS'port News, :c.
New York_ _
Boston
BaltimoreTotals this wee t.
Sat.
5.074
Mon.
Wed. Thurs.
Tues.
6,523 10,577
4.092
3.630
6,037 8.865
5,076 15,681
411
277
7,846
6,425
343
5,510 5.877
5,641 20,241
247 1,181
3,216
1.457
343
799
3.672
1,361
15
1.117
3,676
4,557
458
931
1,422
1.572
377
636
75
49
162
1,762
1,158
380
414
50
62,723 19,969 80,976 11,542 45,251 42,875 36,983 300,318
Total
44.730 25,937 18.100 22,806
81.969 12,756 34,023 27.242
Total 1926
Total 1925
7,000 13,990 10,957 143,520
9,423 23,185 16,720 185,298
Exported to
GerJapan&
Great
Britain. France. many. Italy. Russia. China. Other.
San Fran___
Seattle
Portrd, Ore-
Total.
550,862 338,409 518,102 194.885 72,717 410,308 434,114 2,519,397
500,440 333,944 523,554 192,671 92,053 309,934 157,234 2,109,830
754 1,789 ------------18,293 69,220
48,404
482,506 140,563 249,747 153,636 49,767 368,718 118,853 1,563,790
---- 15,699 2,653 190,096
79,232 4,365 86,147 2,000
341
____ 5,508 ------------340 10,322
4,474
_--- 76,720 34,501 823,802
253,205 2,783 451,293 5.300
--------32,688 19,258 401.403
497 274,581
74,379
____ 40,547 30,150 --------1,000 82,697
11,000
__-- 8,550 5,906 250,912
500 131,428 15,324
89,204
100
474
374
43,215 24,487 75,045 18,540 ---- 6,325 152,925 320,537
6,007
------------2,548
691
--__
2,768
400 ------------3,707
142
3,165
5,430
6 ------------4,554
210
660
-___ 13,976 2,847 138,569
57.764 19,180 41,621 3,181
5,536
320
6,325
1,254
____ 80,047
82,461
516
200
93,998
82,661
600
Total.
2,210,445 869,177 2406847 617,331 214,537 1406400 955,842 8,680,589
Total
--3.868 33,764 Total '25-'26 1,930,164 773,180 1476901 529.251 110,773 893,271 691,720 6,405,260
3,567 3,567 Total '24-'25 2.328341 797.133 1622541 565.870 116.7811 816.987 686.229 el 031 2118
3,298 37,433
730 53,794
-It has never been our practice to Include in the
NOTE.-Exporta to Canada.
587 3,046 above tables reports of cotton shipments to Canada,the reason being that v rtually all
102 the aotton destined to the Dominion comes overland and it is Impossible to get returns
102
2,236 1.5,84 concerning the same from week to week, while reports from the customs districts on
1,360 11,465 the Canadian border are always very slow in coming to hand. In view, however, of
714 2,287 the numerous inquiries we are receiving regarding the matter, we will say that for the
1,318 5,215 month of February the exports to the Dominion the present season have been 17,822
95 bales. In the corresponding month of the preceding season the exports were 19,421
95
110 bales. For the seven months ended Feb. 28 1927, there were 170,812 bales exported
61
346 as against 166.823 bales for the corresponding seven months of 1925-26.
59
1,558 1,558
Fri.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
• The following table shows the week's total receipts, the cleared, at the ports named:
total since Aug. 1 1926 and stocks to-night, compared with
On Shipboard. Not Cleared forlast year:
-00 RXA
27 CAA
1926-27.
Receipts to
April 1.
QA 4217
In ano
•
oa ano
1925-26.
This Since Aug This Since Aug
Week. 1 1926. Week. 1 1925.
--35,764 3,066,047 28,042 2,830,121
3,567 164,102
18,222
75
37,433 3,606,473 31,550 1,505.146
in KRQ IA12 'TAR
Stock.
1927.
1926.
524,560 469,664
Galveston
41,799
4,116
Texas City
722,484
a
Houston*
Port Arthur. litc
53,794 2,195,305 26,914 2,106,503 589,750 360.000
New Orleans
Gulfport
38,290
11,568
3,046 349,638 2,537 208,345
Mobile
13,322
15,754
102
Pensacola
456
25
610
13,011
617
Jacksonville
62,130
64,787
15,984 987,679 8,786 813,983
Savannah
400
Brunswick
62,641
36,370
11,465 496,338 3,869 280,339
Charleston
Georgetown
20,339
31,978
2,287 119,182 1,743 113.472
Wilmington
92,973 108,640
5,215 381.113 2,813 421,081
Norfolk
374
95
N'port News, &c_
47,231 218,398
26,668 2,111
38,904
110
New York
1.276
28,683
4,941
25,039 1,278
346
Boston
35,079
1,199
1,503
626
62,725
1,558
Baltimore
4,668
7,202
9,747
64
4,689
Philadelphia
168.766 11499311 110,433 8.447.117 2,383.955 1,137,291
Totals
April 1 at
-
Other Coast.
GerGreat
Britain. France. many. Foreign wise.
Galveston
20,000
New Orleans_ _ 12,228
Savannah
Charleston-- _ _
Mobile
2.200
Norfolk
Other ports*
4,000
7.800 13,200 50.000
2,938 6.759 37,196
2.666
3,000
2F:65
6:666
Total.
Leaving
Stock.
5.500 96.500 428.060
1.082 60.203 529,547
61,330
800
800
62,541
100
100
34.077
13 4,213
92,973
.6(56 16:6645 997.611
1-
Total 1927_ - 38,428 12,738 22,959 95,196 8,495 177,816 2.206,139
Total 1926_ - 8,359 11,341 12.247 30.809 9.704 72,460 1,064,831
Total 1925_ _ 29,002 12,712 19.114 32,945 10,140 103,913 824,968
*Estimated.
Speculation in cotton for future delivery has been, as a
rule, quiet at irregular prices. On the whole they have been
firmer, with a moderate rise. This was due largely to cold,
wet weather at the South. Already there is talk of some
delay in the crop work. There has been too much rain In
the Southwest and also at times recently in the central and
eastern belt. The weekly weather report, though In the
main better than expected, stated that the conditions in the
extreme south of Texas were not altogether favorable.
APR. 2 19271
THE CHRONICLE
2013
Some cotton there had been killed by cold weather. SouthTo-day prices declined 10 to 12 points on scattered liquiern wires have said that weather conditions were unfavor- dation, with Liverpool rather weak, the weather
at
able over much of the belt. In some cases they stressed an reported better. though this was a mistake as it later first
turned
excess of rain in the eastern belt as well as the northern out, and with the Chinese news considered more
menacing
half of the western section. In Tennessee the rainfall re- The South was selling and there was some May liquidatio .
n.
ported on Thursday was quite heavy. All over the belt it Spot markets were slightly easier. The sales
are somewhat
was cloudy or rainy. In the Southwest there was a low smaller now than at this time last year. This
barometer. Reports were to the effect that in the central new. Some weakness in New Orleans had a is something
certain effect.
belt the use of fertilizers may fall off 40 to 50%. Also, it There was a slight rally later when a report
was circuwas asserted that the lateness of the season may mean a lated showing an estimated decrease in the acreage
of 16.3%,
larger decrease in the acreage than has commonly been or 40,927,000 acres, against 49,234,000, the
expected. It has been too wet to do any plowing over con- total on Dec. 8 1926. Preparations for seedingGovernment
are
siderable sections of the belt. The lateness is not irrep- be 88% completed, against 94 a year ago. Fertilizersaid to
s used,
arable, but it is beginning to excite more talk. Some em- it is said, will be cut 30%. Diversification of
the crop is
phasis has been laid on reports of a large decrease in the reported more popular in parts of the South.
Credits are
creage in the Mississippi Valley and tributaries on account less readily granted. The farmer may be forced
to
of floods. Liverpool has, on the whole, shown considerable his cotton acreage, whether he wants to or not. In reduce
Texas
steadiness in spite of dulness in Manchester and the Chinese and Louisiana labor is said to be scarce.
Weevil is more
news. Buying by the Continent and Manchester, afl well as feared this year after a mild winter over much
of the belt.
calling by the mills, has taken liquidation and hedge sales A weevil report will be issued from Washingt
on
there. On this side there has been no heavy hedge selling. It is expected to be bullish. Cutworms, it on Monday.
seems, have
Russia has been buying to some extent. One report is that already appeared in parts of the Southwest.
Russia will take the same quantity of American cotton this were 106,815 bales. Later detailed reports Exports to-day
season that it did last season, namely 300,000 bales. At heavy rains in parts of North Carolina, 2 showed rather
inches
one time there was a rumor that Russia was buying here sections of Tennessee and quite a little in parts of in some
for the purpose of manufacturing munitions, inferentially and Georgia. There were rains in other States, Arkansas
to be used in China. This was sharply denied by the All- Carolina, Mississippi, Louisiana, Texas, Oklahoma as South
and AlaRussian Textile Syndicate. It called attention to the fact bama. They were not wanted. The wet, cold
forecast
that for gun cotton linters are used and added that Russia not promising, either. Final prices show a rise for the was
raises a sufficient supply of linters. Of course, supplies of of 21 to 23 points. Spot cotton closed at 14.40c. for week
midcotton used in war are not entirely guncotton. Much other dling, the same as a week ago.
war equipment calls for lint cotton. Meanwhile exports
The official quotation for middling upland cotton in the
have been large. Spot markets have latterly advanced. They New York market each day for the past week
has been:
have not been at all active, but the basis has been firm. Mar. 26 to April 1Sat. Mon. Tues. Wed. Thurs. Fri.
14.40 14.40 14.55 14.35 14.45 14.40
Some estimates put the East Indian crop at anywhere from Middling upland
4,760,000 bales to 4,900,000. This is considerably less than
MARKET AND SALES AT NEW YORK.
some private estimates recently circulated. It is said that
East Indian cotton continues at a disadvantage from a
Futures
SALES.
Spot Market
Market
relatively high price in competition with American, even in
Closed.
Closed.
Spot. Ccmtect Total.
the Far East, and that Bombay will continue to buy the
Quiet, unchanged_
product of this 'country. It has already taken, it is stated, Saturday-- Quiet, unchanged__ Steady
300
300
Monday --_ Steady
500 1.200
1.700
some 300,000 bales this season. Some think, too, that the Tuesday --- Steady. 15 pts. adv_ Barely steady..
500
100
600
Wednesdayiet, 20 pts. deo_ Barelysteady
civil war in China will have no great or lasting effect on Thursday __
1,019
200 1.219
Quiet. 10 Wu. &Iv-- Ready
4.900 4.900
the textile trades there. The country is so big, and its Friday
Wet.5 pts. dec.
Steady
population is put at• some 400,000,000 people. In Japan Total
week
2.319 6,400 8,719
things seem to be quieting down. Certainly no further bank Since Aug. 1
393,440 550,600 944.040
failures have been reported. In this country cotton goods
FUTURES.
-The highest, lowest and closing prices
have been quiet, or at best in only fair demand, mostly for New York
at
for the past week have been as follows:
small lots. But the tone in the main has been steady. It
was also noticed that the discount on May has not been
Saturday, Monday,
Tuesday, Wedneedag.
FridaY,
March 26. March 28. March 29. March 30. Thursday,
increased of late, in spite of more or less liquidation in that
March 31. April 1.
month. The weather has been the main feature, and as MarchRange-.
time goes on the talk of possible delay in the start of the
Closing_
crop attracts more attention. There has been rather more AprilRange
outside trading in cotton, as the stock market has at times
Closing_ 14.0514.0514.1714.0114.1114.03declined. New Orleans, which recently was inclined to be May
Range__ 14.08-14.11 14.07-14.13 14.15-14.28 14.06-14.26
bearish, has latterly taken the other tack. Contracts here
14.10-14.17 14.04-14.15
Closing_ 14.1044.11 14.09-14.10 14.22-14.23 14.06-14.08
14.16-14.17 14.08have been as a rule scarce. Certainly there has been no Juan
Range.pressure to sell. This was a characteristic, too, of the New
Closing_ 14.1714.1614.3314.1714.27Orleans and Liverpool markets.
14.18JuteRange-- 14.27-14.34 14.28-14.35 14.3644.50 14.28-14.49
On the other hand, many think that too much is being said
14.20-14.39 14.2444.39
Closing_ 14.31-14.32 14.31 14.44-14.45 14.28-14.29 14.38-14.39 14.29about the bad weather. There is plenty of time to catch up. August
Range__
The weather was bad a year ago. The season was then a
Closing_ 14.41 14.3714.5014.3414.44week or ten days late. Considerable was made of it. Wall Sept.14.35 -Range__ 14.52-14.52 14.43-14.48 14.52-14.52
Street, Carolina and Chicago interests were then buying.
Closing_ 14.5214.4414.59 -- 14.43The season was bad for some time. At length a better
14.55 -- 14.44day
Range- 14.47-14.54 14.49-14.55 14.58-14.71 14.50-14.70
came. The sequel is a matter of cotton history. The
14.5444.62 14.48-14.51
peak
Closing- 14.50-14.51 14.51-14.52 14.66-14.67 14.50-14.51
crop of last year is not expected to be repeated this
14.6214.51 year, Nov.
but it is urged it may easily turn out large enough with
Range-the
Closing_ 14.5614.5814.7314.60carry-over estimated at 7,000,000 to 8,000,000 bales to
14.71 14.60re- Dec.
lieve the world of any fear of a scarcity of American
Range... 14.62-14.68 14.65-14.72 14.72-14.89 14.69-14.88
cotton
Closing_ 14.66-14.67 14.68-14.69 14.85-14.86 14.70-14.71 14.72-14.81 14.6844.71
in the season of 1927-28. Manchester has been very
14.80-14.81 14.69-14.7(
dull. Jan.Bids from India have been unworkable. The situation
Range-- 14.64-14.70 14.68-14.74 14.76-14.93 14.72-14.91
14.77-14.84 14.7144.71
in
Closing_ 14.6914.7014.87China, to say the least, is far from favorable. British
14.7414.83 -- 14.75trade Feb.
there may be hard hit. Meanwhile there is a
Range __
noticeable
Closing_
slackening in the demand at the South for spot
14.81 March
Present stocks are large. Speculation is not at all cotton.
Range..
active.
14.82-14.81
Closing At one time liquidation of May was rather large
.an and stop
orders were caught on Wednesday. There is said
Range of future prices at New York for
to be a
week ending
rather large long account in the May delivery.
Memphis, April 1 1927 and since trading began on each option:
while it reported a fair demand for the higher grades,
Range for Week.
are hard to get, added that the low grades were not which Option forRange Since Beginning of Option.
wanted.
On Thursday Clement, Curtis & Co. estimated the
Mar. 1927
11.80 Dec. 4 1926 18.50 Sept. 8 1926
average Apr111927
decrease in the acreage at only 8.7%. That caused
12.60 Oct.
1926
selling May 1927__ 14.04 Apr. 1 14.28 Mar.29 12.02 Dec. 22 1926 16.10 July 6 1926
4
18.65 Sept. 8 1926
for a time. Wall Street's selling of cotton has at
June 1927
times July 1927__ 14.24 Apr.
12.92 Oct. 27 1926 16.00 Sept.23 1926
coincided with lower prices for stocks. At Alexandri
1 14.50 Mar.29 12.25 Dec. 4 1926 18.51 Sept. 2 1926
a of Aug. 1927
13.03 Jan. 4 1927 14.88 Mar. 2 1927
late prices have declined. The South has been a steady Sept. 1927._ 14.43 Mar.28 14.52
Oct. 1927__ 14.47 Mar.26 14.71 Mar. 26 12.00 Dec. 4 1926 14.60 Feb. 26 1927
seller. Liverpool spot sales have latterly dropped to
Mar. 29 12.46 Dec. 4 1926 14.91 Mar. 2 1927
6,000 Nov. 1927
12.75 Deo, 6 1926 14.75 Mar. 7 1927
bales. Nowhere in the cotton world has there been activity, Dec. 1927__ 14.62 Mar.26 14.89
Mar. 29 13.36 Jan. 3 1927 15.01 Mar. 2 1297
Jan. 1928__
either in the raw or manufactured product, and
specula- Feb. 1928._ 14.64 Mar.26 14.93 Mar.29 14.11 Mar. 15 1927 15.02 Mar. 2 1927
tion is everywhere quiet. If it is to awaken to new
life it Mar.1928- _ 14.82 Apr. 1 14.88 Apr. 1 14.82 Apr. 1 1927 14.88 Apr. 1 1927
must get its inspiration from some clear and
unmistaka
THE VISIBLE
sign of a larger decrease in the acreage than is now ble
ex- up by cable and SUPPLY OF COTTON to-night, as made
pected or from a fear of a late start of the crop. One
telegraph
thing, well as afloat, are this , is as follows. Foreign stocks, as
.
however, that not a few believe is, that is is highly
week's
improb- all foreign figures are brought returns, and consequently
able that the South will have the acreage and the
down to Thursday evening.
weather But to make the total
to give it anything approaching a replica of the extraordi
the complete figures for to-night
- (Priday), we add the item of exports
nary crop of last year.
from the United States,
including in it the exports of Friday only.
rui
[vol.. 124.
THE CHRONICLE
2014
April 1Stock at Liverpool
Stock at London
Stock at Manchester
1924.
1925.
911,000 649.000
1.000
2,000
86,000 139,000 113.000
- 922,000 1.052,000 763.000
5.000
262,000 291,000 1E8,000
218,000 202.000 131,000
16.000
9,000
5,000
73.000
77,000
93,000
30.000
38.000
12.000
12.000
12,000
1,000
3,000
1927. . 1926.
bales_ 1,348.000 836,000
170,000
1.518.000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
655,000
295,000
17,000
125,000
57,000
1,149,000 590,000 632,000 456,000
2.667,000 1,512.000 1,684,000 1,219.000
Total European stocks
170.000
India cotton afloat for Europe- _ 100.000 129,000 173.000 210,000
American cotton afloat for Europe 54(1.000 297,000 456,000
61.000
81,000
82,000
Egypt.Brazil,&c.,afloat for Europe 95,000
439.000 275,000 165.000 187.000
Stock in Alexandria, Egypt
577.000 845.000 808.000 947,000
Stock in Bombay. India
a2.383.955 1,137,291 928.881 584,153
Stock in U. S. ports
Stock in U. S. interior towns____ a984,188 1.679,443 753,817 586,349
9,400
U. S. exports to-day
7.795.143 5.956,734 5.059,098 3,964,502
Total visible supply
Of the above, totals of American and other descriptions are as follows:
American
bales 1,014.000 553,000 727,000 383,000
Liverpool stock
90.000
70,000 119.000
155.000
Manchester stock
1,092.000 541,000 570,000 358,000
Continental stock
549.000 297,000 456.000 210.000
afloat for Europe
American
a2.383,S55 1,137,291 928,881 584,153
U. S. port stocks
a984,188 1,679,443 753.817 586.349
U. S. interior stocks
9.400
U. S. exports to-day
' 6.178,143 4,277,734 3,564.098 2,211,502
Total American
East Indian, Brazil, &c..
334,000 283,000 184.000 266,000
Liverpool stock
1,000
2,000
London stock
23.000
20.000
16.000
15.000
Manchester stock
98.000
62.000
49.000
57.000
Continental stock
100.000 129,000 173,000 170.000
Indian afloat for Europe
61.000
81,000
82.000
95,000
Egypt, Brazil, &c., afloat
439.000 275,000 611.000 187,000
Stock in Alexandria, Egypt
577.000 845.000 808,000 947,000
Stock in Bombay, India
Total Continental stocks
1,6177000 1,679.000 1.495.000 1,753.000
6.178,143 4.277,734 3,564,098 2,211,502
7.795.143 5,956.734 5.059.098 3,964.502
Total visible supply
17.68d.
13.72d.
7.86d. 10.16d.
Middling uplands, Liverpool_. 30.60c.
19.35c. 24.55c.
Middling uplands, New York_ _ _ 14.40c.
Egypt. good Sakel, Liverpool_ _ _ - 15.15d. 17.15d. 36.30d. 22.55d,
18.00d. 20.75d. 2:3.75d.
11.00d.
Peruvian, rough good. Liverpool_
7.0rd.
8.800. 12.15d. 15.00d.
Broach, fine. Liverpool
15.900.
12.800.
9.35d.
7.50d.
Tinnevelly, good. Liverpool
a Houston stocks are now included in the port stocks, in previous years
of the interior stocks.
they formed part
Total East India, &c
Total American
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
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:
--1926-27Since
Week. Aug. 1.
12,592 522,562
5,920 289.920
20.054
417
46,033
934
5,456 207,309
16.498 503,338
-1925-26Since
Week. Aug. 1.
5.134 612,592
2,720 265,442
119
37,004
512
52.219
4,749 181,843
7.576 352,213
41,817 1,589,216
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c_ _ _ 2,014 111,014
19,486
565
Between interior towns
15.355 711.208
Inland, dtc., from South
20.810 1,501.313
A pril 1ShippedVia St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
122,175
19.442
652.379
4,079
433
14.704
17,934
841,708
19.216
793,996
Leavillg total net overland*_ _ _ _23,883
747.508
1,594
707,317
Total to be deducted
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 23,3 bales, against 1,594 bales1 for
the week last year, and that for the season to date the
aggregate net overland exhibits aa i. crease over a year ago
of 40,191 bales.
1925-26
--1926-27 Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug.1.
Week.
Takings.
168,766 11,493,311 110.433 8,447,117
at ports to April 1
Receipts
1,594
707.317
747,508
23.883
Net overland to April 1
Southern consumption to April 1_111,000 3.607,000 110,000 3.210,000
303,649 15,853,819 222.027 12.364.434
Total marketed
453,853 *51,542 1,523,358
*52.172
Interior stocks in excess
Excess of Southern mill takings
716.766
718,892
over consumption to Feb. 28_ _ 170,48.5
Came into sight during week_ __251,477
14.604.558
17,026,564
Total in eight April 1
North. spinn's' takings to April 1_ 37,975
1,544,966
1,622,347
28,561
* Decrease.
Movement into sight in previous years:
Week-April 4
1925
1924-April 5
1923-April 6
Bales.
13.518.661
10.220,651
9.928,188
Since Aug. 1Bales.
112,832 1924-25
108,407 1923-24
101,177 1922-23
QUOTATIONS FOR MIDDLING COTTON AT
-Below are the closing quotations
Continental imports for past week have been 130,000 bales. OTHER MARKETS.
The above figures for 1927 show a decrease from last for middling cotton at Southern and other principal cotton
week of 256,816 bales, a gain of 1,838, 09 over 1926, an markets for each day of the week:
increase of 2,736,04.1 bales over 1925, and an iz creme of
Closing Quotations for Middling Cotton on
3,830,641 bales over 1924.
Week Ended
-that is,
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
AT THE INTERIOR TOWNS the movement
April 1.
the receipts for the week and since Aug. 1
14.20
14.10
14.15
14.30
14.15
14.15
Galveston
Movement to April 11927.
Ship- Stocks
ments. April
I.
Week.
Receipts.
Towns.
Week. Season.
774 91,254
Ala.,Birming'm
98 24.747
Eufaula
180 120.564
Montgomery
208 94,423
Selma
700 93,839
Ark., Helena...
1,094 201,275
Little Rork
Pine Bluff._ _ 1,506 182,805
8,761
Ga.. Albany.. ...__..
827 48.812
Athens
2,090 245,453
Atlanta
4,488 348.633
Augusta
584 46,004
Columbus
1,314 99.253
Macon
344 50,312
Rome
347 163,461
La., Shreveport
41,794
Misq.,Columbus
Clarksdale___ 1,807 185,430
739 180.127
Greenwood__
350 51,800
Meridian____
276 38,390
Natchez
220 35,166
Vicksburg...
33 44,716
Yazoo City
Mo., St. Louis_ 10,557 510,567
N.C..Greensb'ro 1,165 42,140
127 18,491
Raleigh
2,851 201,660
Okla., Altus..
2,727 182,476
Chickasha
3,031 173,536
Oklahoma
S.C.,Greenville 7,825 299,825
7,773
Greenwood
Tenn„Memphis 40,828 1,978.252
7,011
249
Nashville__
404 76,838
Texas, Abilene.
312 27,971
Brenham......
32 33.643
Austin
1,558 181.296
Dallas
•
.. •
Houston_ _
242 56,218
Paris
191 60,970
San Antonio_
1,079 117,363
Fort Worth
611
165
1,710
1,147
2,456
4,386
2,581
103
3,360
4,949
4,370
300
1.583
900
2,296
12,108
9,885
37,783
25,093
23,317
35,895
38.135
2,959
15,539
49,545
94,800
3,712
6,459
24,902
45,525
6,850
4,252 57,824
6,093 50,460
335 8,052
1,248 4,245
742 13,705
586 14,089
12,592 5,829
780 24,585
1,093 5,132
3,404 8,832
3,376 9,416
3,264 13,814
8,451 80,763
3,251
52,541206.263
232 1,186
1,411
297 6.150
136 1,823
6,885 21.767
•
715
243
256 3,509
1,950 8,860
Movement to April 2 1926.
Ship- Stocks
Receipts.
meats. April
2.
Week. Season. 1Veek.
88,454 1,086 5,804
1,010
552 5.209
113 21,547
1,226 97,575 1,532 19,551
468 14,690
146 86,999
933 99,127 1,345 33,825
1,017 224,339 3,234 54,591
1,813 177,726 2,237 59,645
____I 2.101
7,906
____
915 10,696
629 31,983
2,967 202,990 2,885 45,188
3,218 331,843 5,065 73,914
1,351 80,302 2,140 3,549
561 65.941 2,470 16,167
600 12,314
310 50,220
329 19,830
2 165,687
584 5.929
126 45,936
226,172 3,118 80,560
2,486
1,517 218,846 1,759 71,385
433 67.773 1,601 13,457
421, 12,997
234 57,516
671' 17,248
150 53,959
850 13,959
52.745
10
5,219 630,631 5,134 16.259
552 18,941
1,158 57,153
48 12,909
164 30,689
1,136 139,298 2,168 12,816
1,520 188,773 1,165 16,663
1,404 167,096 1,034 27,240
5,864 268,199 7,7711 59,531
4,912 ... I 2,682
___
18,2151,696.985 21,778283.598
704
21
g
3,176
669 1,019
561 84,877
60 4,021
5,875
55
404
____
12,436
____
1,278 153,463 1,283 16,930
39,3094,568,266 68,940599,231
799 113,561 1,033 3,482
829
140
115 25,798
1,150 91,651 1,4891 9,611
New Orleans__ - 14.12
13.50
Mobile
13.98
Savannah
14.00
Norfolk
14.30
Baltimore
13.75
Augusta
13.50
Memphis
14.10
Houston
Little Rock_ _ _ _ 13.40
Dallas
Fort Worth......
14.12
13.50
13.95
13.88
14.30
13.75
13.50
14.10
13.40
13.20
13.20
14.31
14.65
14.08
14.00
14.30
13.88
13.50
14.25
13.60
13.30
13.35
14.12
13.50
13.91
13.89
14.30
13.69
13.50
14.05
13.45
13.20
13.15
14.20
13.65
14.01
14.00
14.20
13.81
13.50
14.15
13.50
13.25
13.25
14.11
13.60
13.91
13.88
14.20
13.19
13.50
14.10
13.50
13.20
13.20
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday. Monday, Tuesday. Wednesday, Thursday,
March 26. March 28. March 29. March 30. March 31.
Friday,
April 1,
March....
April
14.19-14.20 14.11-14.13
14.13-14.15 14.30-14.32 14.1214.13May
June
14.29-14.31 14.31-14.32 14.46-14.47 14.28,14.20 14.37-14.2E4-14.29
July
August.. _ _
September
14.51-14.52 14.41-14.43
14.55-14.58 14.41 October .._ 14.38-14.39 14.42November
14.54 bid 14.64-14.65 14.56-14.57
14.6814.52December_ 14.49 14.56 bid 14.67-14.59 bid
January _ _ 14.51 bid 14.55 bid 14.69February _
Tone
Quiet.
Steady
Steady
Steady
Steady
Spot
Steady
Steady
Steady Rarely wry Steady
Steady
Steady
Dotions
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that the weather during
the week has been generally favorable and field work made
good progress, except in those parts of the Leh where the
soil is still too wet.
Teras.-Some seeding has been done locally in the central
portions of this State. Early cotton has advanced slowly
weather, and some has been reported
Total, 40 towns 91,1556,373,049 139,673984,188 9,208 10698 425 147,145,1679443 because of the cool
39,3094,568,266 68,940599.231 kil:ed.
Less Houston, no long er report d
-Farm work has been moving quietly.
Mobile, Ala.
rntskl fin towns 91.1556.373.049!139.673984.188 49.8996.130.159 78.205 1080212
only on a
•Houston statistics are no longer compiled on an interior basis but we deduct There has been some increase in fertilizer shipments. Amount
year correct,
port basis. To make the comparisons with the previous
of acreage to be planted to cotton is uncertain, and a sharp
the Houston figures from last year's totals at the end of the table.
fertilizer is apparent.
above total shows that the interior stocks have de- curtailment of
The
Rain. Rainfall.
Thermometer
during the week 52,172 bales and are to-night Galveston, Texas
dry
high 74 low 64 mean 69
creased
dry
high 86 low 44 mean 65
less than at the same time last year. The Abilene
96,024 bales
1 day 0.02 in. high 86 low 66 mean 76
Brownsville
receipts at all towns have been 41,256 bales incre than the Corpus Christi
2 days 0.52 in. high 86 low 62 mean 74
2 days 0.86 in. high 80 low 56 mean 68
Dallas
last year.
same week
2 days 0.31 in. high __ low 50 mean _ _
Delrio
1 day 0.30 in. high 78 low 58 moan 68
Palestine
NEW YORK QUOTATIONS FOR 32 YEARS.
1927
1926
1925
1924
1923
1922
1921
1920
14.400.
19.35c.
24.900.
28.500.
28.85c.
18.100.
12.000.
41.75c.
1919
1918
1917
1916
1915
1914
1913
1912
28.600.
34.95c.
19.20c.
12.00c.
9.80c.
13.30c.
12.600.
10.95c.
1911
1910
1909
1908
1907
1906
1905
1904
14.40c.
14.95c.
9.95c.
10.50c,
10.95c.
11.65c.
8.15c.
15.35c.
1903
1902
1901
1900
1899
1898
1897
1898
9.90c.
9.00c.
8.19c.
9.62c.
6.31c.
6.19c.
7.31c,
7.88c.
San Antonio
Taylor
Ncw Orleans, La
Shreveport
Mobile, Ala
Savannah. Ga
Charleston, S.0
Charlotte, N. C
dry
0.08 in.
dry
1 day 0.15 in.
2 days 0.13 in.
1 day 0.66 in.
2 days 0.70 in.
1 day 0.26 in.
1 day
high 84
high __
high __
high 8.3
high 79
high 77
high 76
high 70
low 56
low 56
low __
low 46
low 47
low 39
low 48
low 33
mean 70
mean _ _
mean 70
mean 65
mean 66
mean 58
mean 62
mean 53
APR. 2 1927.]
THE CHRONICLE
2015
The following statement we have also received by tele- India and China is poor. We give
prices to-day below and
graph, showing the height of rivers at the points named at leave those for previous weeks
of this and last year for
8 a. m. of the dates given:
comparison.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge.,
Above zero of gauge_
Above zreo of gauge..
Above zero of gauge.
April 11927.
18.3
41.0
15.4
19.2
49.6
April 2 1926.
10.3
21.6
13.6
19.2
27.8
RECEIPTS FROM THE PLANTATIONS.
Receipts at Ports.
Week
Eede4 1926. I 1925. 1924.
Stocks at Interior Towns.
1926. I 1925.
1924.
1925.
1924.
Dec.
ao_ _ 323,796 213,200 306,967 1,562.86112,034.905 1,514.450325,197 247,971 246.118
Jan. 1927. 1926. 1925. 1927. I 1926.
1925.
1927. 1926. 1925.
7_ _ 238,809 151.454 234,091 1.529.80412,023,364 1,474,156 205.252 160,090 198,591
14-264,749 178.734 231,584 1 509,83311,999,693 1.441.041 284,220 155,091 198.469
21 296,254203,160201,602 1,487.991 1,979,161 1.383.626 274.402 182,628 144,187
28 258.932 171.156200.371 1,467,42911.966,783 1,306,792238,380 168.778 123.537
Feb.
4_ 235.198 173.227 179,899 1,404,1881,930,287 1,248.011!171.958 136,731 121,118
IL- 228,441 148.354 204,982 1.350,1781,912.997 1,199,953174,431 131.064 156,924
18__1208,770 148,404 167,066 1.305.58 1,893,776 1.170.853162,171 123,458 137.968
25-- 210,193 120,512 159,418 1,279,19411,866,224 1,130,368 181.807 93,687 118,931
Mar.
196,159 118.766199,633 1.224.5881,836,7901.048.699 141,54 88.669117,964
II__ 217,9751105,260185.061 1,168,28511,810,852 969.348 161.681 79,322 105.710
18._ 227,5601121,458 148,871 l.097,53111,760,002 893,950 156,80 70,608 73,473
25._ 185,88 104,414100,249 1,036,3681,730,985 837,576 124,717 75,397 43.875
April
2_ _ 168,766L110,433 109,150 984,188.1.679,443 753.817116.59 58,891 25.591
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1926 are 11,665,939 bales:
in 1925 were 9,886,401 bales, and in 1924 were 9,060,233
bales. (2) That although the receipts at the outports the
past week were 168,766 bales, the actual movement from
plantations was 116,594 bales, stocks at interior towns
having decreased 52,172 bales during the week. Last year
receipts from the plantations for the week were 58,891
bales and for 1925 they were 25,591 bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1926-27.
---Visible supply March 25
Visible supply Aug. 1
American in sight to April 1
Bombay receipts to March 31....
OtherIndia ship'ts to March 31
Alexandria receipts to March 30
Other supply to March 30*b
Week.
1925-26,
Season.
8- 0751,959
.
Total supply
Deduct
Visible supply April 1
_Week.
Season.
6,098,330
3,646,413
251.477 17,026,564
79,000 2,228,000
6,000
297.000
25,000 1,433.400
10,000
557,000
2,342,887
170,485 14,604,558
97,000 2.601,000
15,000
441,000
18,000 1.395,200
8,000
591,000
8.423.436 25,188.377 6,406,815 21,975.645
7,795.143 7,795.143 5.956.734 5.956,734
Total takings to April La
628,293 17,393,234 450,081 16.018,911
Of which American
477.293 13.086,834 310,081 11,369.711
Of which other
151.000 4.306.400 140,000 4.649,200
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 3,607.000 bales in 1926-27 and 3,210,000 bales
-26
takings not being available-and the aggregate amounts taken in 1925 by Northern
and foreign spinners. 13,786.234 bales in 1926-27 and 12,808,911
bales in
1925-26, of which 9,479,834 bales and 8.159,711 bales American.
b Estimated.
INDIA COTTON MOVEMENT FROM ALL PORTS.
1926-7.
1925-6.
Since
Week. Aug. 1.
March 31.
Receipts at-
Since
Week. Aug. 1.
For the Week.
Exports.
1924-5.
Since
Week. Aug. 1.
79,000 2,228,000 97.000 2,601.000 103,000 2.494.000
Bombay
Since August 1.
Great !Conti- 1.7apan&
Great
Britain. nent. China. Total. Britain.
Conti- iJapan &
nent.
China.
Total.
Bombay
1926-27.i 1,000 4,000, 55,000 60,000
6,000 238,000 1,199,000 1.443,000
l925
-26.I_ _ _. 13,000 61,000 74,000 34,000 381,000l,275.0001,690,000
1924-25._
__ 9,000 60,000 69,000 41,000 365,000 1,250,000
1,656,000
Other Ind!
1926-27._ 4,000 2,000
_ ___ 6,000 31,000 266,0001
297,000
1925-26l 8,000 7,000
_ _ _ _ 15,000 88,000 353.000
441,000
1924-25._
_ -_ - 2,000
____ 2,000 43.000 252,000;
295,000
Total all
1926
-27_ 5,(,00 6,000 55,000 66.000 37,00 504.000 1,199,0N
1925-26- 8.000 20.000 61.000 89,000 122,000 734,000 1,275,000 1,740,000
1924-25._
_ _ __ 11.000 60.000 71.000 84,000 617,000 1.250,000 ,131,000
1,951,00(
I
I
1
According to the foregoing, Bombay appears to show
decrease compared with last year in the week's receipts a
of
18,000 bales. Exports from all India ports record a
of 23,000 bales during the week, and since Aug. 1decrease
show a
decrease of 391,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
March 30.
_
Receipts (cantars)This week
Since Aug. 1
Exports (bales)
-
1926-27.
1925-26.
1924-25.
-
125,000
7,157.176
90,000
6.970,652
65.000
6.945,480
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
To Liverpool
To Manchester, &c
To Continent & India
To America
7.000 182,880 2,750 155,778 4,250 172.936
__-_ 151,580 9,750 202,246
_ 142,840
6,000 274,728 4,500 263.202 5.000 304.577
_--- 98,128 1,000 123,219
---- 113,112
Total exports
13.000 698,576 8,250 693.779 19,000 792.971
Note.
-A cantos is 99 lbs. Egyptian ba es weigh about 750 lbs.
This statement shows that the receipts for the week
were 125,000 canters and the foreign shipments 13.000 ending March 30
bales.
MANCHESTER MARKET.
-Our report received
cable to-night from Manchester states that the market by
in
yarns is active and in cloths is quiet. Demand for both
32s Cop
Twist.
Dec.
Receiptsfrom Plantations
1926.
1926-27.
1925-26.
85( Lb..Shill- Cotten
ings. COMMIS miaaro
to Finest.
°prat
d.
d. s. d.
e. d.
11X4:8123( 11 6 012 0
32s Coo
Twist.
8)( Lbs.87ttri- Cotton
tags. Common Hideo
to Finest.
Cords
11 6
11 7
12
12 1
012 0
012 1
012 2
012 3
d.
d.
d. s. d.
s. d.
6.89 163(017M 14 3 014 5
6.98 1614(81734 14 3 014 5
7.16 16)(01714 14 3 014 5
720 17)401814 14 4 014 6
7.26 16S4017% 14 4 014 6
11%013% 12 1
12 013% 12 2
17. 12;4014 12 8
25. 1234014S4 12 4
Mar.12%014% 12 6
12%014% 12 5
12%014% 12 5
12%014% 12 4
Apr11121601434 124
012 3
012 4
012 6
012 6
7.47
7.69
7.76
7.77
16340173f 14 0
16%01714 14 0
1634(417% 14 0
16 01735 14 0
014 4
014 3
€014 3
014 8
10.80
10.52
10.57
10.83
013 0
012 7
012 7
012 6
7.93
7.70
7.54
7.71
15%017%
15%017
1534(817
1534(817
@la 3
013 6
013 6
@136
9.95
9.90
10.08
10.15
@126
7.86 22%024
171 (8174
13.72
Jan.
14
21
28
Feb.
-
1134012%
1134013
I1% 013
12 013
14 0
13 3
13 3
13 3
(1.
9.27
10.54
10.84
10.76
10.63
SHIPPING NEWS.
-Shipments in detail:
NEW YORK
-To Liverpool
-Mar. 25-Alaunia, 118, Celtic, 96-- Bales.
214
To Manchester-Mar. 25
-Rockaway Park, 50
50
To Rotterdam-Mar.25-Noordam, 150
150
To Lisbon-Mar. 25-Caoo Ortegal, 100
100
To Bremen-Mar. 25-Repuollc, 1,212---Mar. 29
-President
Harding, 2,200_ --Mar. 30
-Berlin, 1,500
4,1.12
-Mar.26
To Bombay
-Homestead, 1,195
1.195
To Havre
-Mar. 25
-McKeesport, 296
296
-Mar. 29-Marenco, 100
To Genoa
100
-To Havre
-Mar.23
NEW ORLEANS
-Winston Salem. 3,999..Mar. 30-Syros, 3.267---Mar. 31
-De la Salle, 1.868;
Gand, 300
-Mar.23-Wintson Salem,400---Mar. 30-Wie- 9,434
To Antwerp
gand, 100Mar. 31--Gand, 700
1,200
-Mar. 23
To Ghent
-Winston Salem, 1,250_ --Mar. 30Syros, 1,197
2,447
To Manchester-Additional
-West Totant. 91_ _Mar. 24
West Gotomska, 2,676 -Mar. 29-Antillian, 1,282Mar.
31-Wayfarer,662
4.711
Liverpool
To
-Mar. 24
-West Gotoroska, 7.444.... Mar. 29Antillian, 6,792___Mar. 31-Wayfarer, 10,338
24,574
-Mar. 25
To Genoa
-West Cobalt, 2,221
2.221
To Porto Colombia
-Mar, 26-Parismina. 200 ..Mar. 30 5
Atones, 150
350
To Murmansk
-Mar. 28
-Pacific, 5,151__Mar. 31-Passat,
me
22,100
27,251
To Japan-Mar. 26
-Cape York, 15,125
15,125
To Hamburg-Additional-Raimund 100
Ili 100
To Barcelona-Mar.30
-West Loquossack. 2,005
2.005
To Dunkirk-Mar. 31-Gand. 200
h. 200
-Mar.30-Wiegand. 261
To Oporto
261
To Bremen-Mar.30-Wie and,8,492
8,492
Hamburg
-Mar.30-Wiegand, 1,692
To
HOUSTON-To Bremen-Mar. 25
-St. Oswald, 2,855--Mar. 30 1.692
ille
-Thistleros, 6.518
To Hamburg-Mar. 25
-St. Oswald, 1,147---Mar. 30- 9,373
ill
Thistleros, 130
1,277
To Barcelona-Mar. 25
-Antonio Lopez, 855...._Mar. 31
Mar Adriatic°, 3,728
4,583
-Mar. 26
To Havre
-Lowther Castle, 1,173-_-Mar. 30
Maryland, 3,604
4,777
-Mar.26
To Antwerp
-Lowther Castle 200
200
To Ghent
-Mar. 28
-Lowther Castle, 1,750
1.750
To Genoa
-Mar. 26-Nicolo Odero, 2,062---Mar. 28
-Monstela, 2,850, Carlton, 1,475
6,3r/
To Copenhagen-Mar.23
-Florida,700
700
To Japan-Mar. 28-Tritonia, 8,622
8,622
To China-Mar. 30
-Hanover, 6.712
6,712
To Liverpool
-Mar.31
-West Ekonk, 5,278
5,278
To Manchester
-Mar.31-West Ekonk, 1,137
1,137
GALVESTON-To Barcelona-Mar. 25
-Antonio Lopez, 1,920... 1,920
To Bremen-Mar.26
-St. Oswald, 3,522 ..Mar. 30-Thistleros, 2,783
6.305
-Mar. 26
To Bombay
-August Leonhardt, 13.300
-Mar.29
To Havre
-Lowther Castle, 3,088---Mar.30-Con- 13,300
ness Peak, 1,049
4,137
To Murmansk-Mar.28
-Vinland, 18.000
18,000
-Mar. 29
To Antwerp
-Lowther Castle, 50
50
To Ghent
-Mar.29
-Lowther Castle, 5,068
5,068
To Genoa-Mar. 30-Monstella, 500
500
To Japan-Mar.30-Takoaka Meru, 10,001
10,001
NORFOLK
-To Liverpool
-Mar. 26
-London Corporation, 941.._
941
-Mar. 26-Carenco, 2.334
To Genoa
2,334
To Bremen-Mar. 31-Lorain, 9,498
9.498
To Rotterdam-Mar. 31-Eastern Dawn, 600
600
-Mar. 31-Eastern Dawn, 122
To Antwerp
122
SAVANNAH-To Bremen-Mar. 25
-Park Haven, 2,525---Mar.
-Crete. 23,559--Mar. 28
26
-Liberty Glo, 3,940
30,024
To Gothenburg-Mar. 25
-Tortugas, 400
400
To Liverpool
-Mar. 28
-Eastern Victor. 2.999---Mar. 30Nordlys, 6,194
9,193
To Manchester-Mar. 28
-Eastern Victor, 5,314 ..Mar. 3(1
-Nordlys, 1,300
6.614
To Hamburg-Mar. 28
-Liberty Glo, 475
475
To Rotterdam-Mar.28
-Liberty Glo, 100
100
To Antwerp
-Mar,28
-Liberty Glo, 182
182
CHARLESTON-To Liverpool
-Mar. 25
-Eastern Victor, 5.828
Mar. 27-Nordlys, 1,050
e
6.878
To Manchester
-Mar.25
-Eastern Victor, 1,033_ _-Mar.27Nordlys, 1,963
2,996
To Bremen-Mar. 27
-Liberty Glo, 2,800
2,800
To Hamburg-Mar. 27
-Liberty Glo, 479
479
To Japan-Mar. 29
-Chattanooga, 500
500
To China-Mar. 29
-Chattanooga, 1.000
1,000
PENSACOLA-To Bremen-Mar.31-City of Alton. 102
102
SAN PEDRO-To Bremen-Mar. 22
-Osiris, 2,050Mar. 26
Montgomeryshire, 2,250
4,300
To Japan-Mar. 22
-President Adams, 100_ _ -Mar. 28
President Jefferson, 720
820
To Havre
-Mar.29
-Arizona, 1,125
1,125
To Antwerp
-Mar. 29
-Arizona. 300
300
SAN FRANCISCO
-To Liverpool
-Mar. 19
-Cardiganshire, 78
78
To Bremen-Mar. 24-7!ontgomeryshire, 1.146
1,146
NEWPORT NEWS
-To China- 7
7
95
7 , 95
PHILADELPHIA
-To Liverpool-Mar. 19
-Devonian, 59
59
Total
300.318
r...4
a
COTTON FREIGHT.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High StandDensity. ard.
Liverpool .400.
550. Oslo
Manchester .400. .550. Stockholm
Antwerp .45o. .600. Trieste
Ghent
.52340. .6734e. Flume
Havre
.50o. .650. Lisbon
Rotterdam .60e. .75c. Oporto
Genoa
.500. .650. Barcelona
Japan
High StandHigh StandDensity. ant.
Density. ard.
.50e. .60c. Shanghai .70c. .850.
.600. .75e. Bombay
.75e. .90e.
.600. .65e. Bremen
.50e. .65e.
.50e. .65c. Hamburg .50e. .65e.
.500. .65c. Piraeus
.85e. 1.00
.65e. .80e. Salonlea
.85e. 1.00
.30c., .45c. Venice
.500. .65e.
.67340. .8214c.
2016
THE CHRONICLE
[Vox,. 124.
-By cable from Liverpool we have the fol- shipping parity. The world's situation, some asserted, was
LIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port: bearish, with the expected really heavy export demand
Mar. 11. Mar. 18. Mar. 25. April 1.
hanging fire. The outlook for the growing crop is good.
31,000
34,000
33,000
62.000
Sales of the week
Some contended that the recent readjustment in prices
23,000
27,000
21.000
42,000
Of which American
7.000 has put United States wheat on a favorable export basis
1,000
1,000
5,000
Actual exports
76.000
73,000
74,000
78,000
Forwarded
on the market, became firmer.
1,306,000 1.337,000 1,330,000 1,348.000 and red wheat, long a drug
Total stocks
989,000 1,005,000 994,000 1,014.000 With the movement from Southern Hemisphere countries
Of which American
94,000
95,000
79.000
95,000
Total imports
71,000 showing signs of falling off, increased takings of United'
63,000
49,000
67,000
Of which American
290.000 287,000 284,000 276,000 States wheat for export are expected. The season of the
Amount afloat
188,000 193,000 198,000 194.000 crop scares is at hand. A report of this kind and of large
which American
Of
The tone of the Liverpool market for spots and futures ocean freight bookings infused strength into the market at
each day of the past week and the daily closing prices of one time. Bullish news at this season could cause a sudden
spot cotton have been as follows:
and rapid advance. The technical position makes the mai.ket susceptible to such reports.
Friday.
Saturday. Monday. Tuesday. Wednesday. Thursday.
Spot.
On March 31 prices rallied after an early decline of about
Market,(A fair
%c. in a dull market. Covering told. Many were awaiting
Quiet.
Good
Moderate business
Dull.
12:15 .
Quiet.
private crop reports to appear on April 1. Shorts preferred
Inquiry.
doing.
demand.
P. M.
to cover, even if the reports were expected to be favorable.
7.86
7.82
7.88
7.76
7.80
7.76
Mid.Upl'da
For the price has had a good decline in a fortnight. Prices
6,000
6,000
6,000
6,000
9,000
2,000
Sales
in the United States are on a better export basis than those
of foreign competitors for the European market. Yet export
Quiet.
Quiet
Steady
Quiet
Futures.
Quiet
Quiet
Market { 3 to 6 pta. 1 pt. dec.to 1 to 2 pta.4 to 6 pta. 5 to 7 pta. 1 to 2 Pts. sales were stated at only about 400,000 bushels. Premiums
advance.
decline.
opened
advance. 3 pta. adv. advance, advance.
at the Gulf and seaboard were firm, and offerings small.
Quiet.
Steady Q't but st'y Q't but sty
Market. 1 Steady
Quiet
Domestic milling demand lagged. The weather in the West
to 2 to 6 pta.
4
6 to 7 pia. 2pts.dec.to 7 to 10 pta. 1 to 2 pta. unchang.
and Southwest was favorable, with additional rains and
advance. 3 pta. dec. decline.
P. M.
advance. 2 pta. adv. advance.
moderate temperatures. The International Institute of
Prices of futures at Liverpool for each day are given below: Agriculture at Rome estimates the area sown to wheat in
India at 31,184,000 acres. This is an increase of 2% from
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
the area estimated on Feb. 3. Eighteen countries of the
March 26.
12i 1234 1214 4:0 1234 4:00 1234 4:00 1214 4:00 1234 4:00
to
including the Ukraine, for which
p. m.p. m p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m.p. m. Northern Hemisphere,
April,
data has been received, report winter wheat acreage at 135,d.
d.
d.
d.
d. d.
d.
d.
d.
d.
d.
d.
an increase of 3.4% over the area sown for
7.42 7.41 7.41 7.45 7.51 7.53 7.52 7.45 7..1- -- -- -- 243,000 acres,
March
7.45 7.49 7.51 7..1 7.55 7.58 7.51 .
the 1926 harvest. Germany, Hungary and Russia are the
7.43 7.
7,
April
7.52 7.52 7.51 7.55 7.59 7.61 7.60 7.60 7.63 7.5 7.55 only important wheat producing countries which have not
May
7.66 7.6 7.69 7.71 7.63 7.59
7.67 7.57 7.56 7.60 7.
June
cereal
7.6. 7.66 7.65 7.69 7.73 7.75 7.7 7.72 7.7 7.71 7.67 reported the area sown. The condition of winter
July
7.68 7.69 7.68 7.72 7.76 7.78 7.77 7.7 7.79 7.74 7.70 throughout Europe is considered generally favorable.
August
7.74
September__ __ 7.71 7.72 7.71 7.75 7.79 7.81 7.80 7.79 7.81 7.79
4
To-day prices generally closed Y to %c. higher. Duluth
7.74 7.7 7.75 7.78 7.8 7.85 7.84 7.81 7.83 7.81 7.77
October
7.79
7.86 7.
_ __ 7.76 7.78 7.77 7.80 7.: 7.86 7.86 7.
November
May durum ended at 2%c. net higher. Early in the day
7.83 7.88 7.90 7.89 7.86 7.89 7.8 7.82
_ __ 7.79 7.81 7.
December
c. Private crop statistics issued
2
/
7.82 7.84 7.83 7.86 8.90 7.92 7.92 7.88 7.91 7.89 7.84 prices were down 1 to 11
January
7.84 7.86 7.85 7.88 7.92 7.94 7.94 7.92 7.95 7.91 7.86 were considered at first rather bearish. They averaged
February
7.87 7.90 7.89 7.92 7.96 7.98 7.98 7.93 7.96 7.9 7.80
March
582,000,000 bushels of winter wheat. Covering of shorts and
buying against a larger export demand, the sales being
2
/
1,500,000 bushels, accounted for the later rally of 11 to 1%c.
BREADSTUFFS.
from the low. The rise in other grain had a stimulating
Friday Night, April 1 1927.
Flour was for a time in rather better demand from larger effect on wheat. It is a fact, too, that the increased sales
bakers and prices were steady. Buyers in general were cau- for export included fully 300,000 bushels of Duluth spring,
tious. They have recently seen wheat steadily falling to upwards of 300,000 bushels of red winter and 50,000 bushels
new levels on the crop. Buying at the "low" of the season of durum. Also, it was said that exporters took some hard
of course appeals to them; only they are afraid that new winter. Altogether It was a brighter day for the export
England and the Conlows are ahead. Export demand has been small. Export- trade. France bought freely; also, selling.
Frosts were
a halt on
ers are also observant of the lower prices for wheat coin- tinent generally. It called
in Kansas and Nebraska. That had
cident with favorable crop advices. Besides, there is the predicted, moreover,
time following the recent mild,
competition of other countries. At Minneapolis prices were some effect. A freeze at this
feared, could do considerable harm.
weaker on the 29th ult., with trade light. At Chicago de- wet weather, it is
steady or firm, despite rather large
mand was fair, mostly for prompt shipment, and prices were Cash markets were
Some notice was taken of the
firmer on rye flour. At Kansas City prices were steady, receipts at interior points.
firmness of the Duluth market and also of rye. Chicago
with a fair trade.
that they had sold the last car
Wheat declined early in the week under good crop advices, elevator interests reported
in their possession to the East. That exand despite a sharp decrease in world's shipments. Early of hard winter
as though the visible supply on
on the 28th ult., it is true, there was some advance, but it cited comment. It looks a large decrease. Argentine exran into heavy selling by commission houses. Later came Monday will show quite
6,098,000 bushels; Australian, 4,344,an upturn on covering and the strength of Liverpool. May ports for the week were North American, 6,198,000 bushels.
was especially steady on buying in Chicago, supposedly 000, and Bradstreet's
are for a total world's shipagainst sales in Winnipeg. New crop months did not stand In other words, the indications
so well as the old crop. New crop advices from the West ments of 17,224,000 bushels. The increased demand from
up
be due to heavy rains in that country.
and Southwest were generally favorable. Chicago had some France was said to
for choice hard wheat, but medium and lower Final prices show a rise for the week of % to %c., except
demand
grades were dull. Cash premiums were steady. The visible on May, which is practically the same as a year ago.
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
supply decreased 1,524,000 bushels for the week, making the
Sat, Mon. Tues. Wed. Thurs. Frt.
total 50,321,000 bushels, against 33,679,000 a year ago. May delivery
13614 13634 13631
cts_137H 13531 137
133% 132 133 13231 13231 133
Canadian visible, including bonded wheat, in the United July delivery
the week of
States was 63,031,000 bushels, a decrease for
CLOSING PRICES AT NEW YORK FOR WHEAT IN BOND.
Sat. Mon. Tues. Wed. Thurs. Fri.
1,061,000 bushels. World shipments were only 14,815,000
cts-145 144 14534 14454 14534 145H,
May delivery in elevator
bushels and the quantity on passage decreased about 5,060,- July delivery in elevator
14231 14134 14234 14214 14231 142%
000 bushels, making the total 74,152,000 bushels. One ChiDAILY CLOSING PRICES OF WHEAT IN NEW YORK.
cago dispatch said that tiaders who had been bearish on
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_14454 14334 14434 14334 14431 14434
wheat and corn were beginning to waver. Shorts have be- No. 2 red
CHICAGO.
come less confident. Less favorable crop prospects in Kan- DAILY CLOSING PRICES OF WHEAT FUTURES IN Thurs. Frs.
Sat, Mon. Tues. Wed.
sas have given something of a shock. There has been so May delivery in elevator
134
13331 134$ 133q 134
cts_134
129 128
128% 129H
1295 128
much liquidation in all grains that the technical position is July deliver! in elevator
127
126
126 127 127%
September delivery in elevator----127
called better.
IN
The sale of 100,000 bushels of red winter wheat late last DAILY CLOSING PRICES OF WHEAT FUTURESWed. WINNIPEG.
Thurs. Frt.
Sat. Mon. Tues.
13954 140
cts-140
139% 140$ 140
week at St. Louis to exporters, with 3,000 bushels at Chi- May delivery In elevator
137
137H 136H 137
137
137
cago, was supposed to mean that there was more business July delivery in elevator
127% 12631 1274 12731 127
127/1
October delivery in elevator
In domestic grain doing than was being reported, and that
Indian corn was steady for a time on the 28th ult., but
a fairly good reduction in the visible supply is likely before
demand poor and scattered liquilong. Country offerings are expected to remain small until later fell lc., with shipping was
considerable covering and
outlook for the new crop is more clearly defined. In dation. On the decline there
the
Winnipeg on the 29th ult. a big business was reported In- enough of a rally occurred practically to wipe out the early
where they were at the close
quiry from several sources on round lots and bids are in the decline and leave prices about
States visible supply decreased
market for all rail shipments now. This is unusual, as navi- on the 26th. The United That had
a bracing effect, for in
gation will soon be open. Kansas City wired March 29: last week 507,000 bushels.
there was an increase of 352,000
"Fifteen loads of wheat sold to move out of Kansas City, the same week last year
however, is still 48,330,000 bushels,
which shows that Texas and Oklahoma are not selling. bushels. The total,
ago. Yet country offerings were
There is a better class of bulls than bears." It is said that against 37,197,000 a year
May, if they sold July. The
steamers will load at Quebec with grain and silo this week; small. Cash houses bought
small. The scanty consignments make
also that Montreal will open this week. This is about the crop movement was view the situation, one of the most
earliest on record. Liverpool May was at one time this that plain. As some
is the large stocks at Chicago with the
week about 15c. over our May, or considerably less than a important features
APR. 2 1927.]
THE CHRONICLE
smallness of the cash demand. Corn is being fed freely on
farms; hogs are showing heavier weight than of late and
averaged 241 pounds last week, or 7 pounds under last year.
Low prices for corn and a good price for hogs net the
farmer more money for his corn through feeding than he
can get otherwise. More disposition to buy was noticeable.
Rallies were easier on the 29th ult. On March 31 prices
declined % to / but rallied later. Receipts were still
1c.,
2
small. Farmers are busy with field work. Shipping demand is, however, unsatisfactory. Eastern points wired
that track corn was being sold at well below a shipping
parity. Chicago was plainly at a disadvantage in some
respects. The spot track basis at Chicago was higher on
buying by local industries.
To-day prices were at one time % to %c. lower under
liquidation and the influence of wheat. Also, the cash
demand was poor. Later, however, there was enough demand to cause an upturn from the low of the morning of
% to lc. There was little pressure from the country. The
weather was threatening. Cash prices were steady. The
number of hogs in the country is estimated in a private statement as 3.3% larger than a year ago. Corn benefited from
the rally in other grain. Final prices show a rise for the
week of % to %c. on May and July, with September unchanged.
2017
spots in the grain list after long neglect. Duluth reported
an export demand there. Private crop estimates were 44,500,000 to 57,415,000, against 45,000,000 last year. Selling
against privileges later caused some reaction. Final prices
show a rise for the week, however, of 2 to 4c. To-day some
export business in barley and buckwheat was reported.
DAILY CLOSING PRICES OF RYE FUTURES IN CHIGAGo.
Sat, Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_101
100% 101% 100% 10134 103$
July delivery in elevator
99% 98
9934 9834 9934 100
September delivery in elevator.._. 96% 95% 96
96
96
96
Closing quotations were as follows:
GRAIN.
Wheat, New York.
Oats, New York—
No.2 red f.o.b
1 4434
No. 2 white
53
1 5234
No. 1 Northern
No. 3 white
51(0)52
No. 2 hard winter,f.o.b____1 50 Rye, New York—
York—
No. 2 f.o.b
Corn, New
11634
87% Barley, New York—
No.2 yellow
84%
No.3 yellow
Malting as to quality_8834@90%
FLOUR.
Spring patents
$6 90@$7 30 Rye flour patents
$6 00(436 40
Clears, first spring
6 50 675 Seminola No. 2. Psamd- 434
Sc.
585(5625 Oats goods
Soft winter straights
3950 3 10
Hard winter straights._ 675(57 15 Corn flour
205(5 2 10
Hard winter patents ___ 7 15
7 85 Barley goods—
Hard winter clears
5 75 6 50 Coarse
3 75
Fancy Minn. patents— 8 60 9 45 Fancy pearl Nos. 2. 3
and 4
City mills
8 75 9 45
7 00
For other tables usualy given here, see page 1937.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
87% 87% 87% 87% 87% 87%
No.2 yellow
PRICES OF CORN FUTURES IN CHICAGO.
DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 71% 71
72% 72t1 72% 72%
May delivery in elevator
77
76% 75 s 77% 76
July delivery in elevator
77%
79% 80% 79% 80% 80%
September delivery in elevator...... 80
FARMERS INTEND TO PLANT LARGER CROP
AREAS THAN OUTLOOK WARRANTS.—The slightly
larger acreage of the principal crops, which it is indicated,
farmers intend planting this spring, is not desirable in view
of the general agricultural outlook, but some of the shifts
in acreage contemplated may be beneficial, according to
Oats were a trifle higher at first on the 28th ult., but later an analysis of the intentions-to-plant report issued by the
reacted with other grain. The United States visible supply Bureau of Agricultural Economics, United States Departdecreased last week 1,346,000 bushels, against a decrease in ment of Agriculture, on March 23.
Farmers' plans to plant as much corn as last year would result in a
the same week last year of 1,394,000 bushels. The total is
continuation of the present level of corn prices. The intended reduction
now 38,968,000 bushels, against 53,977,000 last year. There of about 2% in acreage in the corn belt would still produec a larger crop
was a good cash demand and receipts were moderate. The than in 1926 if average yields are obtained.
Intended increases of acreage of oats and barley would
depression in other grain imposed itself on oats. Eastern crops of these grains, and this is not considered desirableproduce larger
except where
houses were buying. The Kansas weekly report said that these grains are needed for feed to be used on the farms where produced.
The slight changes intended in acreage of tame bay and grain sorghums
plowing and seeding made good progress in the central third could not materially change the present market situation.
The slight decrease in hard red spring wheat acreage appears desirable
of Kansas except in the extreme northern counties and in
the southwest, where ground was too wet to work. Oats in view of the probable increase in harvested acreage of winter wheat.
In areas not well adapted to durum wheat farmers should hesitate to
nearly all sown from the Kaw Valley south and coming up replace hard spring wheat with durum, though it may pay to substitute
cash oats
to a good stand. In the southeast and in the northern coun- some durum for intend to or barley.
reduce acreage, but it may be more profitable
Flax growers
ties soil has been too wet and not more than 25 to 50% of than other spring grains on lands that return good yields. The proposed
rice acreage
the oats crop is seeded. On March 31 prices advanced 14 to reduction inintentions toseems desirable. acreage by 15% with a
/
increase potato
Growers'
favorable
%c., with a fair shipping demand and moderate receipts. season and good yields might easily lead to a larger crop than can be sold
The weather was bad at the West and Southwest for seed- at profitable prices. In the Western States the intended increases are
most likely to have serious results if average yields are obtained.
ing. Elsewhere it was good.
The intended increase of nearly one-third in the sweet potato acreage
To-day prices ended % to %c. higher after some early over last year may result in excessive supplies in the South where moistflesh types are grown. Sweet potato producers in the Eastern Coast
pressure and a momentary decline. There were hints of ex- States, where the dry-fleshed type is grown do not intend to increase
port business. They had a more or less bracing effect, al- acreage, but may meet severe competition from the Southern regions.
indicated by farmers'
planting
Changes in
though the export buying was not supposed to be large. Intentions aretobacco acreage as with the needs of theexpressed situation
tobacco
in general in line
Receipts were moderate, but so was the cash demand. The as presented in the Outlook Report of Jan. 28 1927. An expansion of
Maryland. and certain cigar areas,
weather was unsettled. Rains would be beneficial in some acreage is indicated in the flue-cured,indicate that substantial decreases
whereas for all other areas farmers
sections, but unfavorable in others, as delaying seeding. in acreage are contemplated.
the acreage
report
Final prices show a rise of %c. on May for the week and ofPeanut growers in all sectionsincreaseintentions to IncreaseSpanish and
in production of the
this crop 38%. While some
Runner type will probably prove profitable, it Is doubtful whether a large
% to %c. lower on other months.
DAILY CLOSING PRICES OF DOMESTIC OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
as_ 4734 47
May delivery
4734 47% 47% 47%
July delivery
47% 4734 48
4734 48
47%
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 white
cts_ 5234 5255 53
53
53
53
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 4334 4334 4434 43% 4434 43%
July delivery in elevator
44
44
4434 44
4434 4434
September delivery in elevator
4334 43
4334 43
4334 4334
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts- 55
55
5534 55% 55R 55%
July delivery in elevator
53% 53% 54% 5334 54
54%
October delivery
49% 49% 49% 4934 49
49%
0
crop could be sold except at considerably lower prices.
The reduction of bean acreage of about 13% for the country as a whole
seems to be warranted by the fact that during the past two years the
acreage of beans was large enough to produce, with average yields and
average quality, several million bushels above domestic requirement.
COMMENTS CONCERNING FARMERS' INTENTIONS TO PLANT.—The Department of Agriculture at
Washington in giving out its report on March 18 of "Intentions of Farmers to Plant," also gave the following comments:
The planting intentions report issued by the Department of Agriculture
on March 18 shows that farmers now plan to substantially increase the
acreages in barley, potatoes, sweet potatoes and peanuts, and make slight
Increases in the acreages of corn, spring wheat, oats, and hay. On the
other hand, farmers plan to substantially decrease the acreages of beans
and flax and make moderate decreases in rice, grain sorghums and tobacco.
Present plans of farmers point to nearly a 2% increase in the acreage of
corn in the United States. A slight decrease is planned in the corn acreage
In the Central Corn Belt States, but this Is more than offset by a large
Increase In the Cotton Belt, where farmers plan substantial increases in
all important crops that can be substituted for cotton.
A 3% increase in the acreage of oats in the United States is now planned.
Slight increases are planned in all parts of the country, but as in the case
of corn, the greatest increases are in the South and in the drought stricken
section of the Dakotas. An increase in the acreage of barley is also planned
In all important States, except California. the increase planned for the
United States as a whole being 14%. Reports on flax indicated a decrease
of about 11%. Rice reports show a reduction of 7%. Present plans point
to a reduction of between 3 and 4% in the acreage of grain sorghums, but
the acreage actually planted will depend primarily on weather conditions.
Present plans regarding tame hay show little change except in the South,
the average for the United States being an Increase of less than 2%. The
States growing peanuts report that a substantial increase in acreage is
planned, the average for the United States being an increase of 38%•
An increase in acreage of potatoes is now planned in all States, an increase
of nearly 15% being planned in the country as a whole. Sweet potatoes
seem likely to be quite extensively planted in the Cotton States, reports
received indicating an average increase for the United States of 32
In the case of tobacco, farmers now plan to decrease the acreage about 3
The acreage of beans is expected to be substantially decreased in four of
the leading States with an average reduction for the country as a whole
of about 13%.
A detailed report regarding the effect of the present intentions of farmers
on the outlook for farming this year will be issued next Wednesday.
Rye advanced early in the week, with a good cash demand, supposedly against sales for export, but on the 28th
ult. dropped 13, to 2c. from the high of the morning, in sympathy with a decline in wheat. The export sales on the
28th were about 100,000 bushels. The United States visible
supply decreased last week 101,000 bushels, against an increase in the same week last year of 238,000 bushels. The
total is now 14,363,000 bushels, against 13,715,000 a year
ago. On March 31 prices advanced % to %c. on buying,
apparently by cash houses, and covering hedges against
recent sales for export. Further export business was reported; it was about 100,000 bushels. Large exports are
expected, when navigation reopens. Foreign advices point
to a continued export demand. Murray put the condition
at 86.4 and estimated the crop at 46,218,000 bushels. Bryant
says indicated production, 47,415,000 bushels; condition,
88.8; year ago, 80.2; two years ago, 84; April 1 10-year
average, 85.8; condition Dec. 1 1926, 86.3.
WEATHER BULLETIN FOR THE WEEK ENDED
To-day prices closed % to lc. higher after some early depression, in sympathy with wheat. Commission house buy- MARCH 29.—The general summary of the weather bulletin
ing, however, was larger. Seaboard houses were buying issued by the Department of Agriculture, indicating the inheavily at Chicago. Individual strength was a noticeable fluence of the weather for the week ended March 29, follows:
In marked contrast
characteristic of the rye market. Talk of export business States was moderately to last week, the weather over the eastern United
cool throughout the period, but temperatures were
was in the air. It naturally had a bracing effect. Some not unusually subnormal. In the western half, most of which was cold
was
rather low
during much
business was reported with the Continent. Not over 75,000 last week, the tendencywere still toseasonable. readings the 24th, of the
period, but conditions
more
About
bushels were actually reported. It was suspected, however, tures in the Southwest were 10 degrees to 12 degrees below normal,temperaand they
were 10 degrees to 15
that the sales were really larger. Rye is one of the bright The latter part of the degrees below in the Southeast on the following day.
week had slightly warmer than normal weather over
2018
UTE CHRONICLE
the western half of the country and somewhatIcoolerathan usual over the
eastern half.
Cyclones and anticyclones were not especially active during the week,
and most of the "lows" charted on the weather map for the United States
were of rather feeble character, although an energetic storm passed from
the Great Plains eastward over the Lake region on the 24-26th, attended
by quite general precipitation from the upper Mississippi Valley eastward.
Otherwise, precipitation was mostly of a local nature and generally light,
with fair weather prevailing during much of the tune over the greater part
of the country.
Chart I shows that the week was cooler than normal quite generally over
the eastern half of the country, with the minus departures of temperature
ranging from 3 degrees to 6 degrees over the area from the lower Missouri
Valley eastward and southward. In the upper Mississippi Valley and Lake
region temperatures were mostly from 1 degree to 3 degrees Abnormal, and
like conditions prevailed more locally in the Northwest and in west Gulf
sections. Otherwise,over the western halfofthe country, the week averaged
somewhat warmer than normal, the largest plus departures appearing hi
parts of the northern Great Plains and in the far Southwest where the
weekly mean temperatures were from 3 degrees to 5 degrees above normal.
In the East, freezing weather extended as far south as northwestern South
Carolina and the northern portions of Georgia and Alabama, but, in the
interior, temperatures as low as 32 degrees did not occur farther south than
the lower Ohio Valley and southeastern Missouri. Subzero weather was
reported from only one first-order station, and that in the interior of the
extreme Northeast.
Except in a few local areas, precipitation for the week was very light,
as indicated on Chart II. The totals exceeded 0.5 inch in parts of the
Southeast, at a few stations in the Southwest, and at points in the centralnorthern portion of the country and far Northwest. Otherwise, most
stations reported inappreciable amounts, or only 0.1 or 0.2 inch, with a
large area in the Southwest rainless for the period. There was more than
the average amount of sunshine in most sections of the country.
Because of the generally scanty precipitation, farm operations made
good progress, except in those sections where the soil continued too wet
from previous rains. In the Atlantic Coast States, the South, and the
Great Plains area, spring work is well advanced, but, in many central valley sections, continued wet soil from previous rains prevented active field
operations. In the East, some corn was planted as far north as North
arolina and a few potatoes were put in northward to Long Island; while
in the West, considerable oats were seeded to southern Nebraska.
There was some additional damage from frost during the week, principally to early fruit in parts of the Southeast, and apparently some harm
has been done by freezing weather at its close in upper Ohio Valley districts. While fruit is abnormally advanced to the danger stage in the
latter section, it is still more than three weeks before the average date of
last killing frost there.
The preparation of land for cotton made good advance, except in some
portions of the northwestern belt where the soil was still too wet. Some
cotton was planted in the Gulf Coast districts, while seeding in the west
was begun locally to central Texas. In Florida early cotton has come up
to a fair stand, but growth of plants in southern Texas was slow because
of cool weather, and some were reported killed.
SMALL GRAINS.—With moderately cool weather and generally ample
soil moisture, winter wheat continued to make satisfactory progress nearly
everywhere, and especially so in the Wheat States west of the Mississippi
River. In the eastern two-thirds of Kansas the crop now covers the
ground, and in the southwest condition is generally good, though growth
was slow because of cool weather. Favorable progress was also reported from the far Northwest, but the crop is showing some winterkillinE in that area. In the spring wheat belt field work was somewhat
delayed because of cool weather or wet soil, but some additional seeding
was done in the more southern districts. In the trans-Mississippi States,
considerable oats were seeded as far north as southern Nebraska, but in
the central valleys the seeding of this crop continues backward because
of wet soil. All cereal crops made good advance in the Southern States.
[vol.. 124.
THE DRY GOODS TRADE.
Friday Night, April 1 1927.
Little change was noted in conditions surrounding the
textile markets during the past week. Woolen goods continued dull, while other lines were firm and relatively
active. For instance, in the rayon division, another advance
of 10c. a pound was instituted by two of the leading manufacturers on the super-extra yarns. Most of the principal
producers were said to be well sold ahead and carrying
little or no extra stock. Reports indicated that the demand
for yarns has been active, and with buying well distributed,
the future was held to be bright with possibilities of another
advance in prices for certain grades. One of the most interesting developments of the week occurred in the floor
covering division, where the new fall lines were offered.
Throughout the week buyers representing retailers, jobbers
and wholesalers arrived from all sections of the country,
including Canada. Considerable interest is attached to the
outcome, as it will represent the expressions of buyers as to
what they think concerning sales possibilities in their
territories. A great deal of energy has been expended in
opening the lines for the fall and they are said to be one
of the most comprehensive ever offered to the trade. They
included new worsted wiltons, seamed and seamless, wool
wiltons and a number of new grades of worsted carpetings.
Buyers viewing the advance showings displayed considerable interest in the color schemes in which taupe and tan
grounds played a prominent part, as was the case with the
spring lines, although this year there has been a wider
application of the brighter colors. Factors expect a full
and steady distribution of merchandise.
DOMESTIC COTTON GOODS.—Some further decrease
In the total sales of domestic cotton goods was noticeable
during the week, although according to most reports the
volume of small lot orders for immediate shipment continued rather heavy. Usually at this time of the year, a socalled pre-Easter lull, heretofore exercising much influence,
makes its appearance. However, thus far this year the
slight quieting has failed to be as disturbing a factor as it
has been at times in the past. Orders have been received
from all sections of the country and as deliveries of certain
fabrics have been hard to procure, prices have maintained a
firm undertone. This was particularly true of wash fabrics,
filling-in orders for which were received from wholesalers
throughout the country and ran into quite a sizable total.
The Weather Bureau also furnishes the following resume Printed goods continued to lead in demand and many reof the conditions in the different States:
quests were received for the hastening of deliveries which
Virginio.—Richmond: Temperatures below normal and rainfall light
but mols.ure sufficient over most parts of State. Planting early potatoes were not due for a few weeks. The call for fine goods was
pract.cally finished. Winter grains and pastures made goon growth. also active and the outlook was said to be better than for
Frost latter part of week, but early fruit probably not awnagea.
North Carolina.—Ralelgb: Considerably cooler: generally fair. Light some time past. Many goods which were extremely scarce
These were
to heavy frost in interior; apparently little damage. Potatoes coming up commanded premiums for spot deliveries.
other truck doing fairly well, but would be benefited by
on coastal
showers. Rye, wheat, and oats good. Farm work well advanced. Some cheerfully paid by the converting trade, who were willing
corn planted in south.
to purchase larger quantities than the mills were able to
South Carolina.—Coiumbia: Nights mostly cold ana raw, with snow
broadcloths,
in up-State on 24th, cnecked growth, and frost on 25th further damaged supply. Interest centred in such goods as
peaches, pears, and plums in northwest. Spring plowing well advanced voiles, plain and corded rayon mixtures, several construcwith early corn and spring truck planting progressing. Winter cereals in
for shirtings and some of the cotgoon condition i,er erally and affording good pasturage. Apples blooming. tions of fine broadcloths
Georgia.—Atlanta: Light to heavy frosts Wednesday and Thursday ton and silk mixtures. In the gingham trade, large sales of
mornings did little damage. Moderate rains at beginning of week with
consumers were reflected in increased purchases
dry, sunny, favorable weather latter had. Though generally cool, plant- goods to
ing cotton begun in south where transplanting tobacco plants and sweet by retailers. As a result, wholesalers are still placing
, potato slips progressing rapidly. Planting potatoes active and coming orders for spring lines with mills, despite the fact that the
up well. Wheat and oats growing nicely. Truck crops good.
Florida.—Jacksonville: Showers in south fore part and well
-distributed latter are now about ready to open their fall season. Print
rains last day of previous week of great benefit to truc,c, corn, melons. cloths, 28-inch, 64 x 64's construction, are quoted at 5%c.,
citrus fruits, and potatoes. Cool nights and local frost in extreme
oats,
hc. Gray goods in the 39-inch,
north and west retarded growth to some extent. Corn and cotton fair and 27-inch, 64 x 60's, at 47
stands. Setang tobacco continued. Tomatoes and other truck doing well 68 x 72's construction, are quoted at 8c., and the 39-inch,
in north. Dry, sunshiny weather favorab.e and farm work well advanced.
Alabama.—Montgomery: Unseasonably cool first half with heavy to 80 x 80's, at 10%c.
Killing frosts in parts of north and light frost to coast. Rainfall light to
WOOLEN GOODS.—Restricted sales continued to feature
moderate, but ample. Mostly favorable for farm work, but too cool for
planting, except at close. Frosts damaged tender vegetation and truck, the markets for woolens and worsteds. Absence of new
in coast sections where damage mostly siight. Peaches and pears business in the men's wear division has been particularly
even
killed or further damaged at places in north. Cotton planting beginning
noticeable, as retailers have confined their purchases to
in scattered sections.
Mississippi.—Vicksburg: Generally light precipitation. Beginning of Immediate needs, being much puzzled by the multiplicity of
week unseasonably cool with heavy frosts in central; somewhat damaging
to tender truck. Mostly good progress in farm work, which is advanced on style designs. As a result, they have only contracted on
uplands, but retarded in much of delta region.
readily salable goods in small lots. Manufacturers were
Louisiana.—New Orleans: Mostly fair with light rains Sunday, but
wet soil from previous rains and low temperatures first part of week re- said to be ready to open their fall lines, but will probably
tarded growth. Work resumed latter part. Little rice or cotton planted. withhold them until conditions improve. In the women's
Corn generally growing well, where up; considerable yet to 'plant or replant. Sugar cane, truck, pastures and sweet potato beds generally wear division there has not been a great deal of business
doing well.
placed in new fall fabrics. Certain factors have contracted
Tues.—Houston: Fore part of week cool, following the freeze in north
and frost nearly to coastal section on 22d, which damaged tender vegeta- for a portion of their requirements, but the majority of the
tion in south-central and southwest and corn and fruit in north and west. trade has devoted most of its attention to selling spring
Light rains favorable for field work, which made good progress. Corn
responsible for a number of the
set back by cold fore part of week, but made good growth latter part. merchandise. This has been
Cotton planting extended to central Texas; growth of early planted slow leading independents delaying the showing of their fall
and some killed by cold. Condition of wheat, oats, pastures, and hardy lines. It is said that these will be withheld for a few weeks,
truck good; progress fair. Cutworms active locally.
Oklahoma.—Oklahome City: Generally clear with light to heavy frost in certain instances until after Easter.
at beginning of week. Fairly good progress in plowing and planting,
FOREIGN DRY GOODS.—Linen markets maintained a
though soil too wet in much of east. Oats generally good stand and condition. Wheat slow growth, but generally in good condition, except firm undertone, although sales fell somewhat below the total
green bugs reported in scattered localities. Corn planting under way in of the previous week. This was principally due to some
central and south. Early blooming fruits badly hurt by freeze of preceding week in central and southwest portions, but not seriously injured subsidence of buying by retailers 'who, it is claimed, have
In other sections.
immediate needs. However, wholeArkansas.—Little Rock: Continued light to moderate rains and low covered much of their
temperatures kept soil too wet and cold for farm work most of week. Corn salers continued active purchasers and placed numerous
and preparations for cotton progressed in many localities of central contracts for future needs. Orders placed were for various
planting
and southern portions. Very favorable for wheat, oats, meadows and pastures. Most kinds of truck, peaches and tender vegetables injured in some lines, such as household, dress and knicker linens, suitings,
western localities by frosts.
sheers, cambrics and embroidery and fancy linens. Local
Termessee.—Nashville: Week generally favorable for farm work in east,
attractive, especially when it
but practically none done in central and western sections until last of week. prices were considered very
Wheat progressing rapidly and much improved in appearance. Oats, rye, is considered that those for many articles were 30% higher
and barley coming nicely; clover held well during winter. Although many abroad. In primary markets prices continued to advance
peach buds frost-killed, fruit trees generally blooming heavily.
Kentucky.—Louisville: Temperatures somewhat below normal, with and stocks have been steadily diminishing. Local burlap
frosts. Fruit believed generally safe. No rain and soil drying slowly, prices
have been firm, owing to an advance in primary marbut still too wet except on dry slopes, where some plowing and early gardening done. Sowing tobacco plant beds finished. Wheat continued moder- kets. Light weights are quoted at 6.75c. and heavies at
fine. Pastures advanced and some
ate growth and mostly good;some fields
9.60c.
vestock turned on.
0
APR. 2 1927.]
THE CHRONICLE
Otate an Tity gepartnxent
MUNICIPAL BOND SALES IN MARCH.
Aggregate awards of State and municipal bonds during
March, according to our records, reached $80,102„681
which compares with $73,682,778 in February. The amount
borrowed in March a year ago was $116,823,292.
The month of March also brings to a close the first quarter
of this year, during which, according to present returns, a
total of $320,293,927 long-term State and municipal bonds
was brought out. For the same period in 1926 the total
was $332,437,479, in 1925 $326,702,507, in 1924 $295,559,537 and in 1923 $246,574,494.
The largest single flotation during March was that of
Akron, 0., which sold to a syndicate headed by the First
National Bank of New York $3,550,000.43% bonds at
101.91, a basis of about 4.28%. Other large issues disposed
of during March were as follows:
$3,400.000 Cook County, Ill., 4% jail bonds awarded to a syndicate
composed of A. B. Leach & Co., A. G. Becker & Co. and the Union Trust
Co., all of Chicago; E. H. Rollins & Sons of Boston: Eldredge & Co. and
Taylor, Ewart & Co., both of New York City, and the Central Trust Co.
of Chicago, at 99.377 a basis of about 4.08658.
Eight issues of Toledo, 0., bonds aggregating $2,765,000 awarded as
4%s to a syndicate composed of Roosevelt & Son, Geo. B. Gibbons & Co.,
Pulleyn & Co. and E. H. Rollins & Sons, all of New York City, at 102.91,
a basis of about 4.18%.
$2,590,000 Asheville. N. C.. 4% general city improvement notes
awarded to Eyer & Co. ofNew York City at 100.75, a basis of about 4 35%
Twelve issues of Oakland County, Mich., 4N% road bonds aggregating
$2.140,000, sold to a syndicate headed by Watling, Lerchen & Hayes
of Detroit at 100.528, a basis of about 4.65% •
Harris County. Tex., $1,450,000 5% road bonds awarded to a syndicate
composed of Eldredge & Co., Detroit Co. and R. M. Schmidt & Co., all
of New York City, and George L. Simpson & Co. of Dallas at 100.87, a
basis of about 4.92%.
Two issues of Cleveland, 0., bonds aggregating $1,275,000 awarded to
Roosevelt & Son of New York City as 43s at 101.44, a basis of about
3.95%.
Two issues of Seattle, Wash., 434% bonds aggregating $1,020,000, sold
as follows: $520,000 to White, Weld & Co. of New York City and Ferris &
Hardgrove of Spokane, jointly, at 100.25, a basis of about 4.22%; and
$500,000 bonds to a syndicate headed by the Marine National Bank of
Seattle at 97.13, a basis of about 4.54%.
$1,000,000 Chicago Lincoln Park District 434% improvement bonds
awarded to a syndicate composed of Blyth, Witter & Co., the Central Trust
Co. and the Union Trust Co., all of Chicago, at 103.51, a basis of about
4.07%.
Temporary loans negotiated during the month of March
amounted to $65,388,700, which included $50,000,000
borrowed by New York City. The aggregate of Canadian
bond disposals reached $1,560,282. A comparison is given
in the table below of all the various securities placed in
March in the last five years:
1927.
1926.
1925.
1924.
1923.
$
$
$
s
$
Permanent loans (U.S.) 80,102,681 116.823.292111.067,656 101,135,402 69.575,262
*Temp'ry loans (U.S.) 65,388,700 71,248,000 94,940,827 87,068,700 42,203,538
Bonds U.S. possessions
116,000
Canadian loans (perms nent)Placed in Canada_
3,046,251 4,017,141 4,365,505 11,318,409
Placed In U.8
1,080,282 5,000,000
681,000 3,000,000
Gen. fd. bds.(N.Y.C.)
480,000 8,750,000
Total
147.051 11113 204 357 543210 025 1124 103 250 507 125 212 900
*Includes temporary securities issued by New York City In March, $50,000,000
In 1927, $53,000,000 In 1928, $79,850,000 in 1925, $67,157,000 In 1924, $27,862,000
in 1923.
The number of places in the United States selling permanent bonds and the number of separate issues made during
March 1927 were 356 and 479, respectively. This contrasts
with 344 and 453 for February 1927 and with 317 and 421
for March 1926.
For comparative purposes we add the following table
showing the aggregates for March and the three months for
a series of years. In these figures temporary loans, New
York City's "general fund" bonds and also issues by Canadian
municipalities are excluded:.
Monill of
For the
March.
Three Mos.
1927
$80,102,681 $320,293,927 1909
1926
111,377,033 329,931,094 1908
1925
111,067,056 326,702,507 1907
1924
101,135,402 295,559,537 1906
1923
69,575,262 246,574,494 1905
1922
116,816,422 292,061,290 1904
1921
51,570,797 204,456,916 1903
1920
58,838,866 174,073,118 1902
1919
50,221,395 106,239,269 1901
1918
28,376,235 75,130,589 1900
1917
35,017,852 101,047,293 1899
1916
32,779,315 120,003,238 1898
1915
067.939,805 144,859,202 1897
1914
43,346,491 165,762,752 1896
1913
14,541,020 72,613,546 1895
1912
21,138.269 75,634,179 1894
1911
22,800,196 123,463.619 1893
1910
569,093.390 104.017,321 1892
a Includes $27,000,000 bonds of New York State.
z Includes $50,000,000 bonds of New York City.
Month of
For the
March.
Three AlOs.
832,680,227 $79,940,446
18,912,083 90,769,225
10,620,197 58,326,063
20,332,012 57,030,249
17,980,922 35,727,806
14,723,524 46,518.646
9,084,046 40,176,768
7,989,232 31,519,536
10,432,241 23,894,354
8.980,735 34.492,466
5,507,311
18,621,586
6,309,351 23.765.733
12,488,809 35,571,062
4,219,027 15.150,268
4,915,355 21,026,942
5,080,424 24,118,813
6,994,246
17,504,423
8,150,500 22,264,431
Owing to the crowded condition of our columns we are
obliged to omit this week the customary tables showing the
month's bond sales in detail. It will be given later.
2019
NEWS ITEMS
Arizona (State of).
-New Law Prohibits Agreement for
Payment of Expenses on Bond Issues and Requires Advertising
of Municipal Bond Sales.
-House Bill No. 192 passed by the
Legislature and signed by Governor Hunt provides that it
shall be unlawful for the Board of Supervisors in behalf of
any county, or of the Board of School trustees, or the city
or town council or the governing body of any other municipal
corporation or quasi-municipal corporation to enter into any
agreement or contract with bidders for bonds for compensation or payment of any expense for the issuance of any of
said bonds. The statute further provides that all municipal bonds must be advertised for sale for four consecutive
weeks in a newspaper and sealed bids will be required.
-Bond Bill Affecting Serial Issues to
Iowa (State of).
-A bill to require counties to issue bonds
Become a Law.
in serial form passed the House of Representatives on Mar. 24
It had previously passed the Senate, having been introduced
by C. J. Fulton of Jefferson County.
Rome (City of), Italy.
-$30,000,000 External Loan
Floated in United States. A banking syndicate composed of
he National City Co., and the First
J. P. Morgan &
National Bank, all
Co.,Of New York City, offered and quickly
sold on Tuesday, March 29, $30,000,000 6M% sinking fund
gold bonds of the city of Rome, Italy, The bonds were
offered at 91 and accrued interest to yield over 7.25% to
maturity. Date April 1 1927. Coupon bonds in denominations of $1,000, $500 and $100. Principal and interest
(A. & 0.) payable in New York City at J. P. Morgan & Co.
or at the National City Bank, at option of holder, in United
States gold coin of the present standard of weight and fineness without deduction for any Italian taxes, present or
future. A cumulative sinking fund is provided for the
retirement of the bonds of which the offering circular says:
A cumulative sinking fund, payable semi-annually beginning Jan. 11928,
and calculated to redeem the entire issue on or before maturity, is to be
applied to the purchase of the bonds if obtainable at or below 100% and
accrued interest, or, if not so obtainable, to the semi-annual redemption.
commencing April 1 1928, at 100% and accrued interest, of bonds to be
called by lot.
Further information regarding this loan may be found in
our "Department of Current Events and Discussions,"
on a preceding page.
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
ABBEVILLE COUNTY (P. 0. Abbeville), So. Caro.
-BOND DESCRIPTION
-PRICEPAID.
-The price paid for the $80,000 5% highway
bonds awarded to Braun, Bosworth & Co. of Toledo in V. 124, p. 1554,
was a premium of $5.52, equal to 100.0069, a basis of about 4.99922%•
The bonds are described as follows: Date Jan. 1 1927. Coupon bonds in
denom.of $1,000. Due $20,000 Jan. 1 1928 to 1934, incl. Interest payable
J. & J.
ABERDEEN SCHOOL DISTRICT NO. 5 (P. 0. Aberdeen), Grays
Harbor County, Wash.
-Mabel Taylor, County
-BOND OFFERING.
Treasurer, will receive sealed bids until 11 a. m. April 9 for $120,000 not
exceeding 6% coupon school bonds. Date May 1 1927. Due serially,
1929 to 1948 incl. Prin. and int. (M. & S.) payable at the office of the
above-mentioned official or at the fiscal agency of the State in N. Y. City.
A certified check for 5% of the bid required.
AMHERST, Lorain County, 0.
-BOND SALE.
-The $75,000 5%
coupon sewage disposal bonds offered on March 18-V. 124, p. 1401
were awarded to Blyth, Witter & Co., San Francisco, at a premium of
33,019.23, equal to 104.02, a basis of about 4.54%. Date Oct. 1 1926.
Due $2,000 Oct. 1 1928 and $2.000 April and Oct. 1 1929 to 1932, incl.,
and 31,500 April and Oct. 1 1933 to 1951, incl.
AQUSA,iLos Angeles County, Calif.
-BONDS VOTED.
-At the
election held on March 15-V. 124, p. 1554
-the voters authorized the
issuance of $75,000 5% city hall bonds by a count of 499 "for" to 185
against.
ARCHER COUNTY (P. 0. Archer City), Texas.
-BOND OFFERING.
-H. V. Pearston, County Judge, will receive sealed bids until April 14
for $1,500.000 534% road bonds. Denom. $1,000.
ATHENS, McMinn County, Tenn.
-Caldwell & Co'
-BOND SALE.
of Nashville, have purchased an issue of $13,500 534% school bonds at a
premium of $410. equal to 103.03, a basis of about 5.26%. Date Feb 1
1927. Due in 1947. Legality approved by Charles & Rutherford of St.
Louis.
BALTIMORE COUNTY (P. 0. Towson), Md.-BOND SALE.
The $500,000 434% public road bonds offered on March 30-V. 124, p.
1401-were awarded to J. Edward Johnson of Stein Bros. & Boyce of
Baltimcre at 102.46, a basis of about 4.07%. Date April 1 1927. Due
April 1 as follows: $40,000, 1928 to 1939 incl., and $20,000. 1940. Other
bidders were:
Rate Bid.
Bidder100.20
Baltimore Trust Co. and W. W.
Lanahan & Co
102.27
Safe Deposit & Trust Co
102.15
Harris, Forbes & Co. and Guaranty Co. of New York
102.06
Robert Garrett & Sons and Bankers Trust Co., New York
102.02
Union Trust Co. and Jenkins, Whedbee & Poe
John P. Baer & Co.; Colston, Heald & Trail; Equitable Trust Co.:
101.94
Geo. H. Stickney & Co.'and J. S. Wilson Jr. & Co
101.81
J. A. W. Iglehart & Co
101.80
National City Co. of New York
101.73
F. B. Cahn & Co
101.66
Citizens National Bank
101.63
Alex. Brown & Sons
101.52
Weilipp-Bruton & Co
100.84
Westheimer & Co. and Gillett & Co
BANTA-CARBONA IRRIGATION DISTRICT (P. 0. Tracy), San
-The First National Bank of
Joaquin County, Calif.
-BOND SALE.
Stockton, purchased on Jan. 22, at private sale $86,840 6% irrigation
bonds, at a premium of $96, equal to 100.11.
BOND SALE.
-J. R. Mason & Co. of San Francisco, purchased at
private sale during February $33,400 6% irrigation bonds at a premium of
$97, equal to 100.29.
The above bonds are part of the $233,800 issue offered on Jan. 3-V. 123,
n• 3351-on which date no bids were received. No more bonds will be
sOld„it is stated, till the latter part of the year.
-BOND SALE.
-The
BATESVILLE, Independence County, Ark.
Brown-Crummer Co. of 'Wichita, has purchased an issue of $39.600 5%
mprovement bonds at par, plus expenses and attorney's fees. Due serially
930
to 1938, incl. This corrects the report given in V. 124, p. 260.
2020
THE CHRONICLE
[von. 124.
BEACH CITY SCHOOL DISTRICT, Stark County, 0.
-BOND of Jamestown as 4.408 at 100.31. a basis of about 4.37%. Date March I
ALE.
-The $48,000 5 school bonds offered on March 2(i
S
%
-V. 124, p. 1927. Due $1,100 Sept. I 1927 to 1946, incl.
554
-were awarded to W. L. Slayton St Co. of Toledo, at a premium of.
CHATTANOOGA,Hamilton County,Tenn.
$1,356. equal to 102.82. a basis of about 4.78%. Date March 1 1926.
-BOND DESCRIPTION.
-The $57,973 paving bonds awarded to Caldwell & Co. of Nashville at
Due March 1 $2,000, 1928 to 1951, incl.
100.62 (V. 124, p. 1716) bear interest at the rate of 6% and are described
BELLVILLE, Richland County, Ohio.
-BOND SALE.
-The $26.000 as follows: Dated March 1 1927. Coupon bonds in denom. of 81.000 and
6% coupon School Ave.impt. bonds offered on March 26-V. 124, p. 1554 $500. Due serially 1928 to 1937 incl. Interest payable annually(Mar. 1)•
-were awarded to the First Citizens Corp. of Columbus at a premium of
CHELAN RIVER IRRIGATION DISTRICT (P.O. Chelan) Chelan
$79.30. equal to 103.05. a basis of about 5.04%. Date April 1 1927.
Due Oct. 1: $600, 1928,and $500, 1929 to 1932, incl. Other bidders were: County, Wash.
-BOND SALE.
-An issue of 828,000 6% irrigation bonds
BidderRate Bid.
BidderRate Bid. has been awarded at 90 recently. Due serially 1936 to 1947. incl. This
A.E. Aub & Co.,Cincinnati_ _102.76 Durfee, Niles & Co., Toledo_ _101.57 corrects the report given in V. 124, p. 1716.
Richland Say.Bk.,Mansfield_102.34 Farmers Bank,Bellville
101.50
CHELTENHAM TOWNSHIP (P. 0. Ogontz), Montgomery County,
Bellvllle Say. Bk.. Belly'lle_--101.61 Mansfield Sav.Bk.,Mansfield-100.38
Pa.
-BOND OFFERING.
-Harold C. Pike, Secretary Board of Commk,BENTON TOWNSHIP SCHOOL DISTRICT (P. 0. Benton Harbor sioners will receive sealed bids until 5 p. m.. April 11 for $400.000 434%
It. F. D,) Berrien County, Mich.
-Oscar E. coupon township bonds. Date April 1 1927. Denom. $1,000. Due
-BOND OFFERING.
Phillips, Secretary Board of Education, will receive sealed bids until April 1 1937; optional April 1 1932. Legality will be approved by Town7:30 p. m. April 4 for $32,000 not exceeding 5% school bonds. Date May 1 send, Elliott & Munson of Philadelphia. A certified check for 2% of the
1927. Due May 1931 to 1952,incl. A certified check for $500 is required. amount bid for, payable to the Township is required.
BERGEN, Genesee County, N. Y.
-BOND OFFERING.
-George R.
CHILLICOTHE, Ross
-BOND SALE.
Ohio.
-The $40.000
Thompson. Village Clerk, will receive sealed bids until 6 p. m., April 8. 5% sewer bonds offered County, 25-V. 124,
March
-were awarded
p. 1249
for 843,000 not exceeding 5% coupon or registered highway bonds. Date to Otis & Co. of Clevelandon a premium 0132,052. equal to 105.13, a basis
at
April 1 1927. Denom. $1,000. Due April 1: $5,000, 1928 and $2,000. of about 4.37%. Date Jan. 15 1927. Due Jan.
1, $2,000, 1928 to 1942,
1929 to 1947, Incl. Prin. and int, payable in gold at the Bank of %V. S. incl., and $1,000, 1943 to 1952, incl.
& C.E. House!, Bergen. in New York exchange. Legality will be approved
Bidder
u,127.
by Clay, Dillon & Vandewater of New York City. A certified check for
The Estmor Corporation (conditional), Chicago
$2,000 payable to the Village is required.
Seasongood St Mayer.Cincinnati
Premium.2,028.00
BEVERLY HILLS, Los Angeles County, Calif.
1,956.00
-BOND SALE.
-The The Guardian Trust Co., Cleveland
$480,000 water works bonds offered on March 28-V. 124. p. 1872-were A.E.Aub Sr Co., Cincinnati
1.609.00
awarded to the Security Co. of Los Angeles, as 430. at a premium of W. K. Terry & Co.. Toledo
1,607.77
The First-Citizens Corp., Columbus
$12,864, equal to 102.68. a basis of about 4.31%. Date April 15 1927.
1.476.00
The Union Trust Co., Cleveland
Due $12,000 April 1 1928 to 1967. Inci.
State Teachers etirement System, Columbus
1,400R
4 05Ohio
.2
BLACKMAN TOWNSHIP FRACTIONAL SCHOOL DISTRICT Ryan, Sutherland & Co., Toledo
1.328.00
NO. 6, Mich.
-BOND SALE.
-The National Union Bank of Jackson Ross Co. National Bank, Chillicothe
1.281.00
purchased on March 28 an issue of $85,000 4 % coupon school building W.L. Slayton & Co., Toledo
1,061.00
addition bonds at a premium of $1.535, equal to 101.80. Date March 1. Blanchet, Bowman & Wood, Toledo
221.40
Denom. $1,000. Due semi-annually.
BOND OFFERING.
-B. M.Clark, City Auditor, will receive sealed bids
BLOWING ROCK, Wautauga County, No. Caro.
- until 12 m. April 8 for $14.000 5% street impt., city's portion, bonds.
-PRICE PAID
MATURITY.
-The price paid for the $15,000 water works bonds awarded Date March 1 1927. Denom. 81.000. Due Sept. 15: $4,000, 1928 to
to Ferrebee & Co. of Andrews in V. 124, p. 1872. was par. The bonds bear 1930, incl., and $2,000, 1931. P'rin. and int. (M. & 8.) payable at the
Interest at the rate of 6% and mature as follows: $500, 1930 to 1939, incl. City Treasurer's office. A certified check for 2% of the amount of bonds
bid for, payable to the City Treasurer, is required.
BOONE COUNTY SCHOOL DISTRICT NO.4(P.O. Cedar Rapids).
Neb.-BOND SALE.
-An issue of $75,000 school bonds voted on Feb. 2,
CHILLICOTHE CITY SCHOOL DISTRICT, Ross County, Ohio.
was disposed of recently. Date Feb. 1 1927.
BOND SALE.
-The 8320.000 43457 school Series A bonds offered on
Mar. 24 C.. 124. p. 1402) were awarded to Blyth, Witter & Co. of Chicago
BOSTON, Suffolk County, Mass.- TEMPORARY LOAN -The at 103.39, a basis
Denom.
First National Bank of Boston has been awarded a $2,500,000 temporary Due $8,000 Oct. 1 of about 4.33%. Date April I 1927. 1946. and$1.000.
$8,000
1927. $8.000 April and Oct. 1 1928 to
loan on a 4.51% discount basis.
April 1 1947. Other bidders were:
BOTTINEAU, Bottineau County, No. Dak.-BOND SALE.
BidderPremium.
Premium.
-The
Bidder$42,000 6% coupon water works bonds offered on March 23-V. 124, p. Otis & Co
$8,642.00
$10,600.00 Seasongood & Mayer
1401-were awarded to the Wells-Dickey Co. of Minneapolis, at par. The Herrick Co
5,920.00
10,48 .00 First Citizens Corp
Date May 1927. Due May 1947.
Detroit Trust Co
10,106.00 W. L. Slayton & Co
8.616.00
Mississippi Valley Tr.Co- 9,988.00 Ames,Emerich & Go
9.010.00
BRAINTREE (P. 0. South Braintree), Norfolk County, Mass.
- Continental & Coming Co. 9,333.00 Title Guaranty & Trust Co. 6,880.00
NOTE OFFERING.
-Otis B. Oakman, Town Treasurer, will receive Benj. Dansard & Co
9,920.00 Halsey. Stuart
8,640.00
sealed bids until 11 a. m. April 4 for $200,000 revenue notes. Date April 8 Ryan, Sutherland & Co._ 8,224.00 W. K. Terry & & Co
Co
8.713.33
1927. Due $100,000 Nov. 7 and 14 1927.
A.B.Leach & Co
8,928.00 Assel. Goetz St Moerlein_
8,931.00
Federal Securities Corp..
7,814.40 Breed, Elliott & Harrison
7,275.00
BROCKTON, Plymouth County, Mass.
-BOND DESCRIPTION.- Tillotson & Wolcott
• 8,416.00 Taylor, Wilson & Co
8,675.00
The $304,500 4% bonds purchased by Redmond & Co. of New York Stranahan, Harris &
Chicago Trust Co
Ostia,
8,128.80
(V. 124, p. 1872) were awarded as follows:
Inc
9,152.00
$131,500 macadam pavement bonds.
81,500 surface drainage bonds.
CHIPPEWA COUNTY(P.O. Ch ppewa Falls), Wis.-BOND OFFER31.500 permanent sidewalk bonds.
ING.
-J. R. Harris, County Clem, will receive sealen bids until 2 p. m.
30,000 water bonds.
April 12 for $487.000 434% coupon highway bonds. Dated April 11927.
30.000 water bonds.
Denom. $1.000. Due April 1 as fo lows: $97.000,
The price paid was 100.689, a basis of about 3.85%. Due serially 1928 $115.000, 1932; $125.000. 1933, and $45,000. 1934. 1930: $105,000, 1931:
frin. and int. (A. &
to 1947, inclusive.
0.) payable at the office of the above-mentioned official. Delivery of the
bonds will be as follows: $50,000. July 1 and Aug. 1: 8200,000, Sept. 1, and
BURTON COUNTY (P. 0. Fowler), Ind.
-BOND SALE.
-The $187.000 on Oct. 1.
following two issues of44% coupon bonds, aggregating $40,920, offered on
March 26-V. 124, p. 1872
-were awarded to J. F. Wild & Co. of InCLAY COUNTY (P. 0. Bedford), Ind.
-BOND SALE.
-The $98.400
dianapolis at a premium of $979.50, equal to 102.39:
434% coupon road bonds offered on Feb. 23-V. 124. p. 1249
-were
$24,000 road bonds.
awarded to the Citizens' National Bank of Brazil at 102.32, a basis of
16.920 road bonds.
about 4.21%. Date Feb. 24 1927. Denom. $820. Due 1937.
Date March 15 1927. Due semi-annually, 1928 to 1937 incl.
CLEVELAND, Cuyahoga County, Ohio.
-BIDS.
-Following is a
BUTLER TOWNSHIP,Butler County,Pa.
-BOND OFFERING.
complete list
Leo McLaughlin, Secretary Board of Commissioners, will receive sealed signal bonds,of the bids for the two issues of paving, sewer and fire alarm
aggregating $1,275,000, awarded as 4345 to Roosevelt & Son
bids until 10 a. m. April 11 for $148,000 434% township bonds. Date and A. T. Bell & Co.,jointly, both
of New York,at 101.44, a basis of about
March 11927. Denom.$1,000. Due March 1 $5,000, 1932 to 1949, hid
$10,000. 1950 to 1954, incl., and $8,000, 1955. A certified check for 2% 4.03%:
BidderPrice Bid,
of the amount of the bonds is required.
White, Weld & Co
$1,290,427.50
1,290.185.25
CALAHOULA PARISH SUB-ROAD DISTRICT NO.6(P.O.Harrison Eldredge & Co
-BIDS REJECTED.
burg), La.
-H. M. Krause, President Police Jury, Wm.R. Compton Co., Old Colony Co. and Graham, Parsons
& Co
1,290,059.03
informs us that ali bids were rejected for the $15.000 6% road bonds offered
Otis & Co., Estabrook & Co. and Stone & Webster
1,289,904.75
on March 14 (V. 124, p. 1249).
First National Bank, New York. and Halsey, Stuart &
1,289,757.00
etroit
CALN TOWNSHIP SCHOOL DISTRICT(P.O.Coatesville),Chester First National
1.289,408.00
Co.,do., Lehman Bros. and the Northern Trust
-BOND OFFERING.
County, Pa.
-Annie L. Seltzer. Secretary, Board of Ames, Emerich &
Co. (Chicago)
Directors, will receive sealed bids until 6 p. in. April 6 for $60,000 434%
1,289,197.35
coupon school bonne. Datea April 11927. Denom.$1.000. Due April 1 The Herrick Co. W. A. Harriman & Co., Guardian Detroit
Co. and Phelps, Fenn & Co
$2,000 1929 to 1956 incl. ana 34.000 1957; optional after 1932. Legality
1,288,375.00
to be approved by Townsend, Elliott & Munson of Philanelphia. A cer- Seasongood & Mayer
1,288,352.00
tified check for 2% of the par value of the amount of bonds bid for, payable Blyth, Witter & Co., Howe,Snow & Betties, Inc., and R. M.
Schmidt & Co
to the District Treasurer, is required.
1,288,167.00
E. H. Rollins & Sons
1,286,692.25
CAMBRIDGE, Middlesex County, Mass.
-BOND SALE.
-The 8290,- The Guardian Trust Co. and Clark, Williams & Co
0004% coupon Main St. and Broadway widening bonds offered on March 28 Bankers Trust Co., Guaranty Co., Detroit Co. and the 1,286,348.00
-V. 124, p. 1873
-were awarded to the Cambridge Trust Co. at 101.11.
Tillotson & Wolcott Co
1,286,346.35
a basis of about 3.77%. Date April 1 1927. Due $29,000 April 1 1928 to Harris, Forbes & Co., Curtis & Sanger. the National Cityl
1937, incl. Other bidders were:
Co. and Hayden, Miller & Co
1,285,830.00
BidderAll bids were for 434% bonds, "all or none."
Rate Bid.
BidderRate Bid.
R.L.Day & Co., Boston
101.06 National City Co.,N.
CLEVELAND HEIGHTS SCHOOL DISTRICT (P. 0. Cleveland),
Redmond tz Co., N.Y
101.05 Curtis & Sanger. Boston_ ---100.911
Cuyahoga County, Ohio.
Atlantic-Merrill Oldham Corp.,
-BOND OFFERING.
-Charlotte D. Roche,.
Stone & Webster & Blodget,
Clerk-Treasurer of Board of Education, will receive sealed bids until 12 m.
Boston
100.94
Inc., New York
100.90
April 15 for 8262.000 school bonds. Date April 11927. Denom. $1,000,
CANTON, Stark County, Ohio.
-BOND SALE.
-The following four Due Oct. 1 as follows: $16,000, 1927:317.000. 1928;316.000, 1929;$17.000;
Issues of 5% impt. special assessment bonds, aggregating $180,787.19, 1930: 316.000, 1931 and 1932; 317.000. 1933: 316,000, 1934 and 1935
offered on March 28-V. 124, p. 1401-were awarded to Seasongood & 317,000. 1936; 316,000, 1937 and 1938: 317.000, 1939: 316,000, 1940 and
Cincinnati at a premium of $6,724, equal to 103.71, a basis of 1941. and $17,000, 1942. Prin. and int. (A. & 0.) payable at the legal
Mayer
depository of the Board of Education in Cleveland. .A certified check for
t4
abou.25%:
$73,524.13 Cherry Ave. bonds. Date Jan. 1 1927. Due Jan. 1 as follows: 3% of the amount of bonds bid for, payable to the Clerk of Board of Edu38,524.13, 1929; 38,000. 1930 and 1931: 88.500, 1932: $8.000. cation, is required.
1933 and 1934: 88,500. 1935, and $8.000, 1936 and 1937.
CLEWISTON DRAINAGE DISTRICT (P. 0. Clewiston), Hendry
53,816.84 Warner Road bonds. Due Feb. 1 as follows: 85,816.84, 1929,
County, Fla.
and $6,000. 1930 to 1937, incl.
-BOND OFFERING.
-F. Deane Duff. Chairman of Board
25,086.65 Ninth St. bonds. Due Jan. 1 as follows: 83,086.65, 1929; of Supervisors, will receive sealed bids until 10 a. m. April 26 for $200,000
82,500, 1930; 83.000, 1931: 82,500, 1932: $3.000, 1933; $2.500, 6% drainage bonds. The bonds will mature in such amounts annually
so that a flat tax rate can be levied in order to meet Interest and maturities.
1934; 33.000, 1935: 32.500. 1936, and $3,000, 1937.
28,356.57 Rowland Ave. bonds. Due Jan. 1 as follows: $3.359.57. 1929 A certified check for $4,000 required.
33,000, 1930; 83.250. 1931: 33,000. 1932, 33,250, 1933,$3.000,
COLUMBIA COUNTY (P.O. Hudson), N. Y.
-BOND OFFERING.
1934, 33,250, 1935: 33,000, 1936, and $3,250, 1937.
Emory C. Van Loan, Clerk Board of Supervisors, will receive sealed bids
CARBON COUNTY RURAL SCHOOL DISTRICT (P. 0. Red until 1 p. m., April 12, for the following two issues of 4, 434 and 434%
-BOND SALE.
-The State of Montana has purchased coupon or registered bonds aggregating 8516,000:
Lodge), Mont.
$442.000 highway bonds. Due April 1: $20,000, 1935 to 1955, incl.
an issue of $27.000 school bonds.
and $22,000, 1956.
CASWELL COUNTY (P. 0. Yanceyville), No. Caro.
74,000 bridge bonds. Due April 1: 85,000. 1947 to 1955, incl., $3,000,
-PURCHASER.
-V. 124, p. 1873
1956 and $26,000, 1957.
-The purchaser of the $25,000 funding bonds
-was the
Date April 1 1927. Denom. $1,000. Prin. and int.(A. & O.) payable
Drake Jones Co. of Minneapolis.
in gold at the Bankers Trust Co., New York City. Legality
CANYON CITY INDEPENDENT SCHOOL DISTRICT, Randall proved by Hawkins, Delafield & Longfellow, New York City. will be apA certified
-BONDS REGISTERED.-The State Comptroller of Texas check for 2% of the amount of bonds bid for payable to the
County, Tex.
County Treasregistered on March 22 an issue of $65,000 534% school bonds. Due urer is required.
serially.
COLUMBIA SCHOOL DISTRICT, Richland County, So. Caro.
-BOND SALE.
CELORON, Chautauqua County, N. Y.
-The BOND SALE.
-The $200,000 coupon school bonds offered on March 25$22,000 coui3on or registered street impt. bonds offered on March 29- V. 124, p. 1554
-were awarded to the National Loan & Exchange
-were awarded to the Western Reserve Securities Corp. Columbia as 4345, at par. Date April 1 1927. Due April 1 as Bank of
V. 124. p. 1873
follows:
a
APR. 2 1927.1
THE CHRONICLE
2021
Co. of
$5,000. 1928 to 1937, incl., and $10.000, 1938 to 1952, incl. The following p. 1873 was the Ballard-Hassetwere sold Des Moines. The bonds bear
at par.
interest at the rate of 44% and
is a list of other bids received for 434% bonds:
Premium.
Bidder-.
DELMAR, Md. (P.
Sussex County, Del.
-BOND
Peoples Security Co., Charleston, and Guaranty Co.of N.Y.0_ _$1,118.60 FERING.-Wiliiam B.0. Delmar),Secretary-Town Commissioners, OFHearthway,
will
Braun,Bosworth & Co., Toledo, and Detroit Trust Co., Detroit_ 3,284.00 receive sealed bids until 2 p. m. April 20 for $100,000 5% coupon sewer
Seasongood & Mayer and Provident Say. Bank & Tr. Co.. Cinc-- 1,755.00 bonds. Dated May 1 1927. Denom.$1,000. Due May 1 $1.000 1931 to
2,534.00
Federal Commerce Trust Co., St. Louis
1,856.55 1935 incl.: $2,000, 1936 to 1939 incl.: 13,000, 1940 to 1943 incl.: $4,000.
0. W. McNear & Co., Chicago
1951 incl.: $6,000,
1955 incl.;
1944 to 1947
Kauffman, Smith & Co., St. Louis,and First Nat. Bk.of St. Louis 1.617.00 $7,000, 1956,incl.: $5,000, 1948 tocertified check for 1952 torequired.
and $8.000. 1957. A
$1,500 is
780.00
Robinson-Humphrey Co., Atlanta
A. M.Law & Co., Spartanburg, and Harris, Forbes & Co., N.Y.C. 1.292.00
DES MOINES COUNTY (P. 0. Burlington), Iowa.
-BOND OFFER2,012.00 /NO.
A. B. Leach & Co., Chicago
-Sealed or auction bids will be received by the County Treasurer.
1,949.00
Stevenson, Perry, Stacy & Co.. Chicago
5400.000 coupon
2,219.95 until 1.30 p.m.. April 29 forDenom. $1,000. or registered 44% road
South Carolina National Bank
Date May 1
$40.000,
1 1930
2,029.00 bonds. incl.: optional1927. May 1 1930. Prin.Dueint.(M. Maypayable
National Loan & Exchange Bank of Columbia, S. C
after
and
& S.)
and Ames,Emerich & Co., Chic- 3,260.00 to 1939,
Second Ward Secur. Co., Mllw.,
at the County Treasurer's office. A certified check payable to F. W.
Caldwell & Co., Nashville, and Heyward-Bollen Co.. Columbia.... 1.325.00 Buser. County Treasurer, for 3% of the bid required. Successful bidder
-BOND to furnish blank bonds. Legality approved by Chapman, Cutler & Parker
COLUMBIANA COUNTY (P. 0. East Liverpool), Ohio.
SAL.
-The $33,000 5% coupon bridge bonds offered on March 23-V.124. of Chicago.
-were awarded to Blyth, Witter & Co. of Chicago at a premium
P• 1554
-BOND SALE.
DES PLAINES, Cook County, 111.
-The Northern
of $793, equal to 102.40. a basis of about 4.46%. Date April 1 1927. Trust Co. of Chicago has purchased the following two issues of 434%
Due $3.300, Oct. 1 1927 to 1936. incl.
bonds aggregating $45,000 at a premium of $516.50, equal to 101.14
is a complete list of the bids:
Following
well and pumping equipment bonds.
Rat. Bid. $17,000 incinerator and equipment ponds.
Bidder28,000
102.32
W.L. Slayton & Co
102.28
Oat's, Inc
Stranahan, Harris &
DETROIT, Wayne County, Mich.
-BONDS
-P. S.
102.27 Montieth, City Comptroller, received sealed bids until OFFERED.
Guardian Trust Co., Cleveland
April 1 for $100.000
102.27 not exceeding 434% special assmt. bonds.
Provident Savings Bank & Trust Co., Cincinnati
102.08
The Herrick Co
101.95
D1MMIT COUNTY (P. 0. Carizzo Springs), Tex.
Seasongood & Mayer
-BOND DESCRIP101.89 TION.
Well. Roth & IrvWg Co
-The 5560,000 highway bonds awarded to the J. E. Jarrett Co. of
101.88 San Antonio in V. 124. p. 1717. are described as follows: Date Aug. 10 1926.
W. K. Terry & Co
101.83 Coupon bonds bearing interest at the rate of 534% in denomination of
Ryan, Sutherland & Co
100.68 $1,000. Due serially.Aug. 10 1927 to 1965. incl. Interest payable A.& 0.
A. C. Allyn & Co
-R. W. Press-NOTE SALE.
COLUMBUS, Franklin County, 0.
DODGE CITY, Ford County, Kan.
-BOND SALE.
-The Guarantee
prich & Co. of New York, have been awarded $98,700 promissory notes, Title & Trust Co. of Wichita, purchased the following two issues of bonds,
aggregating $218,612.88 at par:
as 44s, at a premium of $39.99, equal to 100.04.
$108,612.88 44% paving bonds.
city bonds.
-BOND SALE.
-An Willa of 5110,000
COLUMBUS, Franklin County, 0.
DODGE COUNTY (P. 0. Juneau), Wis.-BOND OFFERING.
$352,000 44% City Hall Site No. 2 bonds was sold to the Sinking Fund
at par. Interest payable F. & A.
E. F. Becker, County Clerk, will receive sealed bids until 2 p. in. April 15.
for the following two issues of 44% highway bonds aggregating $202,000:
Franklin County, 0.
-NOTE $111,000 series B highway bonds. Due May 1 1929.
COLUMBUS SCHOOL DISTRICT,
OFFERING.
-W. V. Drake, Clerk-Treasurer Board of Education, will re91,000 series B highway bonds. Due May 1 1946.
ceive sealed bids until 12 m., April 4 for $500,000 promissory notes. Date
Date May 1 1927. Denom. $1,000. Successful bidder to print the
April 4 1927. Denom. $5,000. Due Dec. 15 1927. Prin. and int. pay- bonds. A certified check payable to the above-mentioned official for
able at the Clerk Board of Education's office. Bidders to base bids on 2% of the bid required.
paid. A certified check for 1% of the
interest charged and premium
DUBUQUE, Dubuque County, Iowa.
-BONDS OFFERED.
-John
amount of notes bid for payable to the Clerk-Treasurer is required. LegalStuber, City Clerk, received sealed bids on April 1 for $217,000
% dock
ity approved by Squire, Sanders & Dempsey of Cleveland.
bonds. Date April 1 1927. Due July 1 as follows: $3,000, 1929, $5,000,
Financial Statement.
1931; $5,000, 1932; 56.000, 1933; 55.000, 1934 56,000. 1935;
$592.000,000 1930. $6,000.$6,000, 1937;$16,000, 1938 and 1939; 517,000, 1940:518.000.
Assessed valuation 1926
10,602,750 $5.000, 1936; 1942; $20,000,
Bonded debt
1941; 519,000,
1943; $21.000, 1944 and
3,088,000 1946. Principal and interest payaole at the City 1945. and $22.000,
Sinking fund (investments)
Treasurer's office.
135,717 Legality approved by Chapman, Cutler & Parker of Chicago.
Cash balance
$8.29
School tax (per $1,000) 1925
Population, 1926 (est.), 315,000.
DULUTH, St. Louis County, Minn.
-BOND SALE.
-The $200,000
on March 28-V. 124,
-MATURITY
-BASIS.
-The 44% permanent improvement bonds offered Trust Co. of Chicago, p.
COOK COUNTY (P. 0. Chicago), Ill.
-were awarded to the Illinois Merchants
at a
bonds awarded to a syndicate composed of A. B. Leach 1555
$3,400,000 4% jail
102.07,
of about 4.04%. Date April 1
& Co., A. G. Becker & Co., the Union Trust Co., ail of Chicago; E. H. premium of $4.158, equal to 1928 to a basisincl.
1947.
Rollins & Sons of Boston; Eldredge & Co. and Taylor, Ewart & Co., both 1927. Due $10.000 April 1
of New York City, and the Central Trust Co. of Illinois at 99.377-V. 124, Seasongood & Mayer, Cincinnati
$4.041.00
p. 1716-a basis of about 4.08658%, mature $200.000 1929 to 1945 incl. Wells-Dickey Co., Minneapolis
3,840.00
Dated June 1 1925.
3,676.20
E. H. Rollins & Sons, Boston
Phelps, Fenn & Co., New York City
3.638.00
CORBIN, Whitley County, Ky.-PRICE PAID-INTEREST RATE. Geo. B. Gibbons & Co., New York City
3396.40
.--The price paid for the $75,000 funding bonds awarded to J. C. Mayer & Minnesota National Bank, Duluth
3 426 00
Co. and the Provident Savings Bank & Trust Co., both of Cincinnati, Northern Trust Co.. Duluth, and Guaranty Company of N. Y
3,378.00
Jointly
-V. 124, p. 1873
-was a premium of $632, equal to 100.84. The Lane, Piper & Jaffrey & Co., Minneapolis, and W. A. Harriman
bonds bear interest at the rate of5%.
& Co.. New York City
3,378.00
Second Ward Securities Co., Milw.,and Northern Trust Co., Chic. 3.280.00
-George
CORVALLIS, Benton County, Ore.
-BOND SALE.
Kalman & Co., St. Paul,and Howe, Snow & Bertles, Chicago
3,180.00
Burr, Conrad & Broome Inc. of Portland purchased an issue of $6,000 Minnesota Loan & Tr. Co., Minneap., and Estabrook & Co.,N.Y. 3,076.00
improvement bonds on March 21 at 104.06.
Northwestern Trust Co.,St.Paul,and Wm.R.Compton Co., Chi. 3.063.00
& Co., Chicago
3,060.00
-BOND Halsey, Stuart Bank, Duluth. First
CUMBERLAND COUNTY (P. 0. Fayetteville), No. Caro.
Wisconsin Co., Milwaukee,
SALE POSTPONED.
-C.C. Howard,County Auditor,informs us that the First NationalTrust Co.. Detroit
2,665.60
and Detroit
sale of $1,460,000 court house, road and funding bonds scheduled for
Co.. N.Y..-. 2,626.00
March 31, report of which appeared in V. 124. p. 1873, has been indefi- Minneapolis Trust Co., Minneap.,and Bankers TrustChicago
2,558.00
City National Bank, Duluth. and National City Co.,
nitely postponed.
American Exchange National Bank, Duluth
2,550.00
2,537.00
A. B. Leach & Co., Chicago
DAHLONEGA, Lumpkin County, Ga.-BOND OFFERING.
-W.L.
2,536.00
Ash, City Clerk, will receive sealed bids until April 4, for $35,000 5% Continental & Commercial Co., Chicago
Harris Trust & Savings Bank, Chiwo2,443.00
water works and sewer bonds.
Mississippi Valley Trust Co.,__St. Louis, and First Nat. Co., St. L_ 2,154.00
1,974.00
DANVERS, Essex County, Mass.
-BOND SALE.
-The $275,000 4% Batchelder-Wack Co., New York
-.
1,680.00
school bonds offered on March 24-V. 124. p. 1717
-were awarded to R. L. Day & Co., Boston
Estabrook & Co. of Boston at 101.28, a basis of about 3.85%. Date
EAST LIVERPOOL, Columbiana County, Ohio.
-BOND SALE.
April 1 1927. Due serially 1928 to 1947 incl. Following is a complete
The $9.540 5% sewer, city's portion, bonds offered on March 22-V. 124.
list of the bids:
BidderRat Bid. p. 1717, were awarded to the Citizens' Corp. of Columbus at a premium
of $60.86, equal to 100.63, a basis of about 4.76%. Date May 1 1927.
F. S. Moseley & Co
101.01
Due $1,940. Sept. 1 1928. and $1.900. 1929 to 1932, incl.
Merrill, Oldham & Co
101.02
Kidder, Peabody & Co
101.027
ELIZABETH CITY, Pasquotank County, No. Caro.
-BOND SALE.
Curtis & Sanger
101.09
Mar.
Shawmut Corporation
101.127 -The 5100,000 coupon street improvement bonds offered on St. 28-V.
-were awarded to the Mercantile Trust Co. of
Louis. as
124, p. 1717
National City Co
101.14
44s, at a premium of $310, equal to 100.31 a basis of about 4.71%. Date
Stone & Webster and Blodget
101.14
Feb. 1 1927. Due Feb. 1, as follows: $4,000, 1929 and 1930: 56.000,
Eldredge & Co
101.16
and 110.000. 1938 to 1942, incl.
R.L. Day & Co
101.199 1931 to 1937. incl.;a complete list
The following is
of other bids for 5% bonds:
Danvers National Bank
101.204
Premium.
BidderE. H. Rollins & Sons
101.21
$444
Ryan. Sutherland & Co., Toledo
Harris. Ferbes & Co
101.23
The L. R. Ballinger Co. and Taylor, Wilson & Co.,Inc., Cinch:matt
111
DAYTON CITY SCHOOL DISTRICT, Montgomery CO
512
-unty, 07- Seasongood & Mayer. Cincinnati
BOND OFFERING.
-0. J. Schmidt, Clerk-Treasurer Board of Education, Well, Roth & Irving, Cincinnati
290
will receive sealed bids until 12 m. April 14 for $1,200,000
336
% coupon Spitzer, Rorick & Co., Toledo
school bonds. Date Oct. 1 1926. Denom. 31,000. Due $50,000 Oct. 1 Provident Savings Bank & Trust Co., Cincinnati
1,010.00
1927 to 1950 incl. Prin. and int.(A. & 0.) payable at the National Park A. T. Bell & Co., Toledo
101
Bank, New York City. First interest payment Oct. 1 1927, which will Stranahan, Harris & Oatis, Inc., Toledo
331
be interest due from April 14 1927. A certified check for 3% of the bid, Caldwell & Co., Nashville
891
payable to the above named official, required. Legality approved by
ELL1STOWN CONSOLIDATED SCHOOL DISTRICT (P. 0. Ellis.
Squire, Sanders & Dempsey of Cleveland.
town) Union County, Miss.
-BOND DESCRIPTION.
-The $4,000 6%
Financial Statement.
school bonds awarded to the Bank of New Albany, New Albany, at par in
1924 tax valuation, Dayton School District
$335,715,430.00 V. 124. p. 1098, are described as follows: Date Sept. 1 1926. Coupon
1925 tax valuation, Dayton School District
343,580,220.00 bonds in denom. of $200. Due serially 1927 to 1946, incl. Interest payable
Bonds outstanding April 1 1927
6,294,000.00 M.& S.
Cash balance, Sinking Fund, April 1 1927
46,743.93
ELYRIA, Lorain County, Ohio.
Proposed issue under Section 7625 and following G. C
-BOND SALE.
-The $700,000 434%
1,200,000.00
bonds issued under this section since Sept. 1 1926_....1.500.000.00 coupon sewage disposal bonds offered on March 25-V. 124, p. 1402
Total
were awarded to the Herrick Co. of Cleveland and Barr Bros. & Co. of
Total bonds issued and outstanding under this section ineluding present issue
5.709,000.00 New York, jointly, at 102.53, a basis of about 4.23%. Date march 1
School tax rate for 1926
8.899 mills 1927. Due $28,000. Sept. 1 1928 to 1952, incl. Other bidders were:
Premium.
BidderAmount to be levied in 1927 for interest on
$16,180.00
Otis & co
issued since June 2 1911
bonds
$350,087.50
Ames, Emerick & Co., Detroit Trust Co. and The Northern
Amount to be levied in 1927 for Sinking Fund
15,330.00
Trust Co
338.000.00
to retire bonds issued since June 2 1911
Benj. Dansard & Co., R. M.Grant & Co., H.M.Byllesby & Co.
14,820.00
and Morris Mather & Co
Total for all Sinking Fund purposes to be levied in 1927....
$688,087.50
Population, Dayton School District(1927 estimate)
185.000 Braun, Bosworth & Co., Stranahan, Harris & Ostia, Inc. and 14,603.50
Title Guarantee & Trust Co
14,413.00
DAYTON INDEPENDENT SCHOOL DISTRICT, Liberty County, Old Colony Corp. and Gran & Co., Inc
14,356.00
-BOND OFFERING.
Tex.
-Sealed bids will be received by the Super- A. T. Bell & Co
intendent of Schools until 7.30 p. m. April 5 for 3130,000 5% school Guardian Trust Co., Illinois Merchants Trust Co. and Win. R.
bonds. Due $3,250, 1928 to 1967, incl.
Compton Co _________________
13,937.®
___ ______ and"K. G.
Continental &__________________
DECATUR COUNTY (P. 0. Greensburg), Ind.
-BOND OFFERING.
13,067.00
Becker & Co
-C. D. Samuels. County Treasurer, will receive sealed bids until 1 p. m., W.L. Slayton & Co
11,380.00
April 4 for $7,063.50 4% road bonds. Date May 15 1927. Denom. 0. W. McNear & Co. and Federal Securities Corp
9,030.00
$350„except one for $413.50. Due May 1.5413.50. 1928 and $350, 1929 to Btifel, Nicolaus & Co., A. B.Leach & Co.and Mississippi Valley
1947. incl.
8,190.00
Trust Co
DEEP RIVER, Poweshiek County, Iowa.
-PURCHASER-INTER-BOND SALE.
EPHFtATA SCHOOL DISTRICT,Lancaster Co.,Pa.
-The purchaser of the $15,000 memorial bonds sold in V. 124, -The $115,000 4 % coupon or registered school bonds offered on March
EST RATE.
2022
THE CHRONICLE
[VOL. 124.
-were awarded to Drexel & Co. of Philadelphia at
25-V. 124, p. 1402
FREEPORT, Harrison County, Ohio.
-BOND
-Karl
100.789, a basis of about 4.23% to optional date and a basis of about 4.20% C. Dicken, Village Clerk, will receive sealed bids until OFFERING.
to maturity. Date April 1 1927. Due April 1 1957; optional after April $4,000 6% Bryant Ave. impt. bonds. Date March12 m., April 14, for
1 1927. Denom.
1 1935.
$200. Due $200, March and Sept. 1 1928 to 1937, incl. A certified
check for 5% of the
ERIE, Erie County, Pa.
-BOND SALE.
-The following two issues of urer, is required. amount of bonds bid for, payable to the Village Treas4;1% bonds, aggregating $133,000 offered on March 25-V. 124. P. 1717
were awarded to C. C. Collings & Co. of Philadelphia, at a premium of
FROSTPROOF, Polk County, Fla.
-BOND SALE.
-Florida Muni$2,341.63, equal to 101.76, a basis of about 4.07%:
cipals, Inc. of Tampa, has purchased the following four issues of6% bonds.
$85,000 street impt. bonds. Due $3,000, 1928 to 1938. incl., and $4,000, aggregating $91,000 at 90:
1939 to 1951, hid.
$35,000 street impt. bonds. Date Nov. 1 1926. Due as follows: $4,000,
48,000 park bonds. Due $2,000. 1928 to 1951, incl.
1927, 1928, 1930, 1932 and 1934. and $5,000. 1929, 1931 and 1933.
Following is a complete list of the bids:
26,000 street impt. bonds. Date Feb. 1 1926. Due as follows: $2,000,
Bidder
Rate Bid.
1927, 1929, 1932 and 1934. and $3,000, 1928, 1930, 1931, 1933,
Harris, Forbes & Co., New York
101.075
1935 and 1936.
The National City Co., New York
101.578
17.000 street improvement bonds. Date March 1 1926. Due as follows:
Graham, Parsons & Co. Philadelphia
101.529
$1.000 1927, 1930. 1933 and $2,000 1928. 1929, 1931, 1932, 1934.
Prescott Lyon & Co., Pittsburgh
100.477
1935 and 1936.
R. M.Snyder & Co., Philadelphia
101.658
13.000 street improvement bonds.
A. B. Leach & Co
1185,000 101.07
The first three issues aggregating $78,000 were offered unsuccessfully on
1 48,000 101.030 Nov. 1-V. 123. p. 2163.
Guaranty Co., New York
101.459
First National Bank of Erie
GADSDEN, Etowah County, Ala.
101.58
-H. C.
-BOND OFFERING.
W. H. Newbold's Son & Co., Philadelphia
($85,000 101.416 Thomas, City Clerk, will dispose of at public sale on April 18, at 7:30 P. m..
1 48,000 101.386 $28.000 6% special assessment street improvement bonds. Dated May 1
Union Trust Co. of Pittsburg
1927. Due May 1 1937. A certified check for 1% of the bid will be
101.63
Security Savings & Trust Co
($48.000) 101.139 required.
Mellon National Bank, Pittsburg
101.595
GARRETT, De Kalb County, Ind.
-BOND SALE.
-The $30,000
Financial Statement.
Assessed valuation (real and personal) for 1927
-were
$135,791,518.00 434% refunding bonds offered on March 29-V. 124, p. 1555
awarded to the Union Trust Co. of Indianapolis at a premium of $1,006,
Estimated real valuation
165,000,000.00 equal
to 103.35, a basis of about 4.08%. Date April 1 1927. Due 1937.
Population Census 1920
102.093
Population at present time (est.)
125,000
GARRETT SCHOOL DISTRICT, De Kalb County, Ind.
-BOND
*Bonded debt (including the two issues outlined above)
$4,450,000.00 OFFERING.
-The Clerk Board of Trustees
Floating debt
170,842.31 7 p. m. April 12 for $10,000 434' school will receive sealed bids until
bonds. Date April 1 1927.
Total debt
$4,620,842.31 Denom. $1,000. A certified check for $200 is required.
Amount in sinking fund
582,768.90
GENESEE TOWNSHIP FRACTIONAL SCHOOL DISTRICT NO. 3
*Water bonds included in above
230,012.58
P. 0. Mt. Morris), Genesee County, Mich.
-BOND OFFERING.
W. W. Herrick, Secretary, Board of Education, will receive sealed bids
ESSEX COUNTY (P.0.Salem), Mass.
-NOTE SALE.
-The $203.000 until 8 p. m. April 14 for $66,000 5% coupon school bonds. Denom.
notes offered on March 29- V. 124, p. 1874
-were awarded as follows:
$1.000. Due April 1, $2,000 1935, $44,000 1936 to 1941 hid., $5,000 1942
$200,000 temporary loan, to the First National Bank of Boston,on a 3.56% to
1945 incl. and $4,000 1946 to 1950 incl. A certified check for $3,000.
discount 'basis, plus a premium of $3.25. Due Nov. 15 1927.
Payab,e to the district, is required.
3,000 Haverhill lower bridge notes, to the First National Bank of
Boston, on a 3.61% discount basis. Date April 4 1927. Due
GEORGETOWN, Bear Lake County, Idaho.
-BOND SALE.
-The
Oct. 4 1927.
$5,000 6% city bonds offered on March 25-V. 124, p. 1717
-were awarded
to the Largilliere Co. of Soda Springs.
FAIRVIEW (P. 0. North Olmstead), Cuyahoga County, Ohio.
BOND OFFERING.
-J, W. Smith, Village Clerk, wilt receive sealed bids
GETTYSBURG SCHOOL DISTRICT, Adams Codnty, Pa.
-BOND
until 12 m., April 25, for the following twelve issues of 5% coupon special OFFERING.
-I. L. Taylor, Treasurer Scheel Board, will receive sealed
assessment bonds aggregating $65,900:
bids until June 1 for $35,000 4% school bonds. Due 1932 to 1950, incl.
$14,150 West 196th St. sewer bonds. Denom. $1,000. $500 and one for
$150. Due Oct. 1: $1,150, 1928; $1,500, 1929 to 1936, incl. and
GIBSON COUNTY (P. 0. Princeton), Ind.
-BOND .SALE.
-The
$1,000. 1937.
following four issues of 4ji% bonds, aggregating $60,000 were awarded to
10,475 Wooster Ave. sewer bonds. Denom. $1,000, $275 and one for the People's American National Bank of Princeton, at a premium of $1,$200. Due Oct. 1: $1,275, 1928; $1,000. 1929 to 1936, incl. and 156.50, equal to 101.92:
$1,200. 1937.
$21,000 road bonds.
$10,500 road bonds.
9,100 West 212th St. sewer bonds. Denom. $990, except one for $1,000.
17,500 road bonds.
12,000 road bonds.
Due Oct. 1, $900, 1928 to 1936, incl. and $1,000. 1937. .
7,550 Elmore Road sewer bonds. Denom. $750, except one for $800.
GLEN RIDGE, Essex County, N. J.-i3OND OFFERING.
-John A.
Due Oct. 1: $800, 1928 and $750, 1929 to 1937, incl.
Brown, Borough Clerk, will receive sealed bids until 8 p. m. Apr. 11 for
5,050 Belvidere Ave. sidewalk bonds. Denom. $1,000. except one for an issue of 446% coupon or registered water bonds not exceeding $56,000,
$50. Due Oct. 1: $1,050. 1928 and $1.000. 1929 to 1932, incl. no more bonds to be awarded than will produce a premium of $1,000 over
3,725 West 223d St. sidewalk bonds. Denom. $750, except one for $725. $56,000. Dated Apr. 1 1927. Denom. $1,000. Due Apr. 1. $2,000 1929
Due Oct. 1: $725, 1928 and $750, 1929 to 1932, incl.
to 1945 incl. and 51,000 1946 to 1967 incl. Prin. and hit. (A. & 0.) paya3,700 Clifford Ave. sewer bonds. Denom. $400 and $300. Due Oct. 1: ble in gold at the Glen Ridge Trust Co., Glen Ridge. The bonds will be
$400. 1928; 1300, 1929; $400, 1930 to 1932, incl.; $300, 1933; prepared under the supervision of the U.5. Mtge. & Trust Co., N. Y. City,
$400, 1934 and 1935: $300, 1936 and $400, 1937.
which will certify as to the genuineness of the signatures of the officials and
3,125 West 220th St. sidewalk bonds. Denom. $600. $700 and one for the seal impressed thereon. Legality will be approved by Hawkins, Dela$625. Due Oct. 1: $625, 1928; $600, 1929 to 1931, incl., and $700 field & Longfellow, N. Y. City. A certified check for 2% of the amount of
1932.
bonds aid for, payable to the Borough, is required. These bonds were
2,950 West 217th St. sidewalk bonds. Denom. $700. $500 and one for originally scheduled for sale on Mar. 28 (V. 124, p. 1555).
$450. Due Oct. r $450. 1928; $700, 1929: $500, 1930: $700, 1931,
Financial Statement,
and $500, 1932.
2,525 West 219th St. sidewalk bonds. Denom. $500, except one for Gross Debt:
Bonds
$497.500.00
$525. Due Oct. 1: $525, 1928 and $500, 1929 to 1932, incl.
Floating debt (including temporary bonds)
272,881.37
1,850 Eastwood Ave. water main bonds. Denom. $200, $150 and one
$770,381.37
$100. Due Oct. 1: $150, 1920; $200, 1929 to 1936, inct. and Deductions:
$100. 1937.
Water debt
$220,992.67
1,700 Northwood Ave. sidewalk bonds.Denom. $400 and $300.
Due
Sinking funds other than for water bonds.
57,688.01
Oct. 1: $300, 1928; $400. 1929: $300, 1930; $400. 1931 and $300,
278,680.68
1932.
Date April 11927. Prin. and hit.(A.& 0.) payable at the First National Net
debt
$491.700.69
Bank of Rocky River. A certified check for 5% of the amount of bond
Bonds to be issued:
bid for payable to the Village Treasurer is required.
Water bonds
$56,000.00
Amount deductible
56,000.00
FLUSHING TOWNSHIP SCHOOL DISTRICT NO. 2, Genesee
County, Mich.
-BOND SALE.
-The $160,000
% coupon school Net debt, including bonds to be issued
building and equipment bonds offered on March 28-V. 124, P• 1717
$491,700.69
The amount of said debt payabout out of special assesswere awarded to the Harris Trust & Savings Bank of Chicago and the
ments is estimated at
First State & Savings Bank of Flushing at a premium o f$2,990, equal
70,950.82
to 101.86, a basis of about 4.34%. Date March 15 1927. Due March 15
Therefore the net debt payable from general taxation is only $420,749.87
as follows: $2.500, 1930 and 1931: $3,000. 1932 and 1933; $3,500, 1934:
$4.000. 1935 and 1936; 15.000. 1937 to
Assessed Valuations.
00 1941 to 1943
incl.* 16,500, 1944 to 1946 incl.; $7.000,1940 incl.• $6,0, and $7,500, Real property, including improvements, 1926
515,153,396.00
1951 hid.,
1947 to '
Personal property, 1926
1952 to 1957 incl.
'
1,581,000.00
Real and personal property, 1924
13,541,656.00
FORDYEE, Dallas County, Ark.
-Van M. Real and personal property, 1925
OFFERING.
-BOND
14.815,456.00
Hewed, Secretary Board of Commissioners, will receive sealed bids until Real and personal property, 1926
16,734,396.00
April 5 for $50,000 5 % District No. 3 street improvement bonds. Date
Tax rate (per $1,000) 1926, $35. Population, 1920 census, 4,620.
April 15 1927. Due serially in not more than 20 years. A certified check
payable to the above-mentioned official for $2.500 required.
GLOUCESTER, Essex County, Mass.
-MATURITY
-BASIS.
-The
$40.000 4% water bonds awarded to the National Bank of Gloucester
FORT LAUDERDALE, Broward County, Fla.
- V. 124, p. 1874-mature serially,
-BID REJECTED.
The only bid received for the S2.000.000 6% coupon harbor improvement sold at 101.26, a basis of about 1928 to 1957, inclusive. The bonds were
3.88%.
bonds offered on March 29-V. 124. p. I874
-was that of Parson, Son &
Co. of New York City, offering 95.10 and accrued interest. The bid was
GRAHAM, Alamance County, No. Caro.
-BOND SALE.
-The
rejected. Glenn E. Turner, City Auditor.
$40.000 funding bonds offered on March 28-V. 124. p. 1874
-were
awarded to Caldwell & Co. of Nashville as 5s, at a premium of $728. equal
FORT WORTH, Tarrant County, Tex7,-BOND OFFERING.
-0. E. to 101.82, a basis of about 4.82%. Date April 1 1927. Due April 1 as
Carr, City Manager, will receive sealed bids until 10 a. m. April 4 for the follows: $1,000. 1932 to 1951. incl.. and
.$2.000. 1952 to 1961. incl.
following two issues of 445% city bonds, aggregating 31,200.000:
$600,000 water and sewer bonds. Due as follows: $15,000. 11,32 to 1935.
GREENE COUNTY (P. 0. Greeneville), Tenn.
-BOND SALE.
incl.: 116.000. 1936 to 1939, incl.. and $17,000. 1940 to 1967, incl. following two issues of bonds aggregating $122,000 offered on March 28600,000 street improvement bonds. Due as follows: $15,000, 1932 to V. 124, p. 1556
-were awarded to the Bankers Trust Co. of Knoxville as
follows:
1935, incl., $16,000, 1936 to 1939, incl., and $17,000, 1940 to
$100,000 434% refunding road bonds at 102.350.
1967, incl.
Date Feb. 1 1927. Prin. and int. (F. & A.) payable at the Hanover
22,000 5% highway, State and Federal aid bonds at a premium of $635
National Bank, New York City. A certified check, payable ot the City
equal to 102.88.
Treasurer, for $25.000 required. Legality approved by Reed, Dougherty
Due in 20 Years.
& Hoyt of New York City. These bonds were voted at a special election
HAINES CITY, Polk County, Fla.
-BOND OFFERING.
held on Nov.24 1925. These are the bonds mentioned in V.124, p. 1874.
-Jess P.
Perrin, City Clerk, will receive sealed bids until 2 p. m. May 4 for the tolFOSTORIA, Seneca County, 0.
-BOND OFFERING.-1VIyrtle J. lowing two issues of 61 bonds, aggregating 4150,000:
Lindsey, City Auditor, will receive sealed bids until 12 m. April 12 for the 3135,000 sewerage bonds. Due $5,000 May 1 1930 to 1956 incl.
following two issues of 544% street impt. bonds, aggregating $44,575:
15,000 water works bonds. Due $1,000 May 1 1940 to 1954 incl.
$25,000 city's portion bonds. Denom. $500 and $250. Due 51.250 March
Dated May 11927. Denom. $1,000. Separate bids may be submitted
for each issue or for all or none of the bonds. Prin. and Int. (M• & S.
and Sept. 1 1928 to 1937. incl.
19,575 special assmt. bonds. Denom. $1.000 and $175. Due $2,175 payable in gold at the National Bank of Commerce of N. Y. City. A
certified check for 2% of the bid required. Legality approved by CaldMarch 1 1928 to 1936. incl.
Date April 1 1927. A certified check for 1% of the amount of bonds well & Raymond of N.Y.City.
bid for, payable to the City Treasurer is required.
HAMDEN (P. 0. New Haven), New Haven County, Conn.
-BOND
FRANKLIN COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 2 SALE.
-The $100,000 434 %, coupon or registered school, series of 1927,
(P. 0. Apalachicola), Fla.
-A. A. Core, Superin- bonds offered on March 28-V. 124, p. 1251-were
-BOND OFFERING.
tendent of Board of Public Instruction, will receive sealed bids until 12 Bradley & Co. of New Haven at 104.29, a basis of awarded to E. M.
about 4.04%. Date
In. May 3 for 150,000 6% coupon school bonds. Denom. $500. Due in April 1 1927. Due $5,000 April 1 1930 to 1949
incl.
20 years. Principal and interest payable at the Hanover National Bank
New York City. A certified check for $5,000 required.
HAMILTON, Butler County, Ohio.
-BOND SALE.
-The $41,300
Fordson Heights special assessment bonds offered on March 15FREDERICKSBURG, Spotsylvania County, Va.-BOND OFFER- 5%124,
p. 1251-were awarded to the Title Guarantee & Trust Co. of
ING.
-John F. Gouldman, Chairman Finance Committee, will receive V.
sealed bids until 2 p. m. April 11, for $100,000 coupon water improvement Cincinnati at a premium of $1,243.13, equal to 103.10. a basis of about
bonds. Date May 2 1927. Denom. $1,000. Due as follows: $3000, 4.30%. Date Feb. 1 1927. Due serially, Oct. 1 1928 to 1937, hid.
1928 to 1947, incl.; and 14.000, 1948 to 1957, incl. Successful bidder, to
HAMILTON, Butler County, Ohio.
-BOND OFFERING.
-Harry H.
pay for legal opinion and printing of the bonds. A certified check for 1%% Shuster, City Auditor, will receive sealed bids until 12
m., April 14, for
of the bid required.
$315,000 5% storm sewer impt. bonds. Date April 1, 1927. Due Oct. 1,
APR. 2 1927.]
THE CHRONICLE
2023
1928 to 1952 incl. Prin. and int.(A.& 0.) payable at the City Treasurer's
office. A certified check for 5% of the bid, payable to the City Treasurer.
is required.
Trustee, will receive sealed bids until 10 a. m. April 11 for $26,000 5% schoo
bonds. Date May 1 1927. Denom. $1,000. Due $2,000 Jan. and
July 15 1932 to 1937 incl., and $2,000 Jan. 15 1938.
-BOND SALE.
HAMILTON COUNTY (P.O. Noblesville), Ind.
-The
$100,000 43% coupon road bonds offered on Feb. 10-V. 124, p. 675
were awarded to the Fletcher Savings & Trust Co. of Indianapolis at a
premium of $3,203, equal to 103.20, a basis of about 4.25%. Date Feb. 10
1997. Due 1947.
JASPER,Hamilton County,Fla.
-BOND OFFERING.
-Paul Graham,
City Clerk, will receive sealed bids until 10 a. m. April 25 for $26000 6%
local improvement bonds. Dated April 1 1927. Due serially April 1 1928
to 1937 incl. A certified check payable to the above-mentioned official for
2% of the bid required. Legality approved by Caldwell & Raymond,
N. Y. City, whose opinion will be furnished to the successful bidder.
JASPER COUNTY SCHOOL DISTRICTS (P. 0. Bay Springs),
-The following two issues of bonds, aggregating
-BOND SALE.
Miss.
$7.000, were purchased by the Bay Springs Bank of Bay Springs recently:
$5,000 Paulding Consolidated School District bonds.
2,000 Penantly Consolidated School District bonds.
JOHNSON COUNTY(P.O.Paintsville), Ky.-BOND SALE.
-A syndicate composed of the Ashland National Bank of Ashland; Seipp, Princell
& co. of Chicago; Walter, Woody & Heimerdinger and the 'Weil, Roth &
Irving Co., both of Cincinnati, has purchased an issue of $200,000 road
bonds at a premium of $3,300, equal to 101.65.
JOHNSON COUNTY SCHOOL DISTRICT NO. 92 (P. 0. South
-BOND OFFERING.
-Harvey Morrison, Clerk, will receive
bridge), Kan.
sealed bids until 7:30 p. m. April 6 for 510,000 5% school bonds. Dated
Mar. 1 1927. Denom. $2,000. Due $2,000 Mar. 1 1943 to 1947 incl.
Int. payable M.& S. A certified check for 2% of the bonds offered required.
JORDAN, Scott County, Minn.
-CERTIFICATE SALE.
-Paine,
Webber & -Co. of Minneapolis have purchased an issue of $19,000 6%
certificates of indebtedness.
-POND OFFERING.
HAMILTON COUNTY(P.O. Cincinnati), Ohio.
-Albert Reinhardt, Clerk of Board of County Commissioners, will receive
sealed bids until 12 m. April 5 for $270,405.28 435% water bonds. Date
April 1 1927. Denom. $1,000, except one for $405.28. Due Oct. 1:
$14,405.28. 1928; $14,000, 1929 to 1937, incl., and $13,000, 1938 to 1947,
incl. Prin. and int. (A. & 0.) payable at the County Treasurer's office.
A certified check for $500 is required.
-BOND SALE.
HARLOWTON, Wheatland County, Mont,
-The
$24,000 coupon refunding bonds offered on March 17-V. 124, p. 1403
were awarded to the Land Department of the State of Montana as 5s at par.
HARRISBURG, Dauphin County, Pa.
-MATURITY.
-The $1,274,000 4% city bonds awarded to the Guaranty Co. of New York and
W. H. Newbold's Son & Co. of Philadelphia, jointly, at 100.29-V. 124,
p. 1874-a basis of about 3.87%, mature as follows: $27,400 March 1
1928 and $43,000 March 1 929 to 1957,incl. Mate March 1 1927. Coupon
bonds in denom. of $1,000 and $100. Prin. and int.(M.& S.) payable in
Harrisburg.
HARRIETSTOWN (P.O. Saranac Lake), Franklin County, N. Y.BOND SALE.
-The $320,000 5% registered town-hall site and town house
bonds offered on Mar. 30 (V. 124. p. 1874) were awarded to Batchelder,
Wack & Co. and Eastman, Dillon & Co., both of New York, jointly, at
105.66. Date Mar. 11927. Due $16,000 Mar. 1 1928 to 1947 incl.
-BOND SALE.
-The Merchants &
HARRISON, Boone County, Ark.
Planters Title & Investment Co. of Pine Bluff has purchased an issue of
$50,000 5% paving district No. 3 bonds.
-BOND OFFERING
HENDRICK S COUNTY (P. 0. Danville), Ind.
-Floyd L.'Whicker, County Auditor, will receive sealed bids until 10 a.m.,
April 2 (to-day), for the following two issues of 6% bonds aggregating
$15,782.09:
$13,610 36 ditch bonds. Denom. $1,400, except one for $1,010.36. Due
Dec. 1: $1,010.36, 1927 and $1,400. 1928 to 1936. incl.
2,171.73 ditch bonds. Denom. $200, except one for $371.73. Due
Jan. 1: $371.73, 1928 and $200, 1929 to 1936, incl.
Date Dec. 15 1926.
-BOND SALE.
HENRY COUNTY (P. 0. Mount Pleasant), la.
The White-Phillips Co. of Davenport have purchased an issue of $100,000
refunding county hospital bonds.
KINGMAN, Kingman County, Kan.
-PRICE PAID-DESCRIPTION.
-The price paid for the $106,950 43 % paving bonds awarded to
the First Trust Co. of Wichita (V. 124, p. 1541) was par. Date July 1
1927. Denom. $1,000, except one for $950. Due serially July 1 1928 to
1937, inclusive. Interest payable J. & J.
KINNEY COUNTY (P. 0. Brackettville), Tex.
-BOND OFFERING.
-Carl Kartes, County Clerk, will receive sealed bids until 2 p. m. April 11
for $150,000 5% road bonds. Dated Oct. 1 1926. Denom. $1,000.
These are the bonds offered on Mar. 14 (V. 124, p. 1403), on which date all
bids were rejected.
KIRKWOOD SCHOOL DISTRICT NO. 4, Broome County, N. Y.
-The $8,000 5% school bonds offered on March 7-V. 124.
BOND SALE.
-were awarded to the Chenango Savings Bank at a premium of
p. 1403
$125. equal to 101.56, a basis of about 4.86%. Date March 1 1927. Due
$1,000, March 1 1939 to 1946, incl.
KLAMATH COUNTY (P. 0. Klamath Falls), Ore.
-BOND OFFER-0. R. DeLap, Clerk County, Court, will receive sealed bids until
ING.
3 p. m. April 11 for $142,700 not exceeding 5% funding bonds. Dated
April 1 1927. Due April 1 as follows: $14,000, 1938 to 1945 incl.:315,000.
HICKORY TOWNSHIP SCHOOL DISTRICT (P. 0. Sharpsville, 1946.and $15,700 in 1947. A certified check for $5,000 required. Legality
-BOND OFFERING.
R. D. No. 46), Mercer County, Pa.
-0.C. Moore, approved by Teal, Winfree, McCulloch & Shuler of Portland.
Secretary School Board, will receive sealed bids until 4 p. m., April 4, for
KLAMATH COUNTY UNION HIGH SCHOOL DISTRICT NO. 2
$50,000 4%% school bonds. Date April 1. 1927. Denom. $1.000. Due
-W. S. Wiley, Clerk
-BOND OFFERING.
$10,000 April 1. 1928 to 1932 incl. Legality to be approved by Townsend, (P. 0. Klamath Falls), Ore.
Elliott & Munson of Philadelphia. A certified check for $1,000 payable Board of Education, will receive sealed bids until 7p. m.April4for $300,000
not exceeding 5%% highway bonds. Dated June 1 1927. Due as follows:
to the School District, is required.
$10,000, 1932 to 1936 incl.;$20,000, 1937 to 1944 incl., and $30.000. 1945 to
HIGHLAND PARK SCHOOL DISTRICT, Wayne County, Mich.
- 1947 incl. A certified check for 5% of the bid required.
BOND OFFERING.
-Mrs. Olive R. Calvert, Secretary of Board of EducaKOOCHICHING COUNTY (P. 0. International Falls), Minn.
tion, will receive sealed bids until 8 p. m. Akril 5 for $225,000 41,434 and
-Otis H. Gordon, County Auditor, will receive sealed
% school bonds. Date April 151927. TDenom. $1,000. Due April 15 BOND OFFERING.
1957. Prin. and semi-annual int. payable at the Highland Park State bids until April 5 for the following two issues of bonds, aggregating $109,Bank. A certified check for $5,000, payable to the District Treasurer, is 794.65:
$100.000 not exceeding 6% refunding bonds. Date June 1 1927. Detiom.
equired. Successful bidder to furnish blank bonds and legal opinion.
$1,000. Due June 1 as follows: $9,000, 1932 to 1941, inclusive,
and $10,000, 1942. Rids will be received untll 2 p. m. for this
HIGHLANDS, Macon County, No. Caro.
-BONDS NOT SOLD.
J. E. Root, Town Clerk, informs us that the $35,000 6% electric light and
issue.
power system bonds offered on March 21-V.124, p. 1556
9,794.65 not exceeding 5% highway bonds. Date April 1 1927. Denom.
-were not sold.
$1,000, except one for $794.65. Due April 1 1942. Rids will
HILDRETH SCHOOL DISTRICT, Franklin County, Neb.-BOND
be received until 3:30 p. m. for this issue.
SALE.
-An issue of $50,000 schol bonds has been disposed of recently.
A certified check, payable to the County Treasurer, for 2% of the bid
required.
HOLLAND SCHOOL DISTRICT, Ottawa County, Mich.
-BOND
SALE.
-The $40,000 4 si% school bonds offered on Mar. 14 (V. 124, p.
LAKE CITY SEPARATE ROAD DISTRICT (P. 0. Yazoo), Yazoo
1556) were awarded to the Detroit Trust Co. of Detroit at 100.37, a basis of County, Miss.
-MATURITY
-BASIS.
-The $17,500 5%% road and
about 4.23%. Date April 1 1927. Due April 1 1947.
bridge bonds awarded to the Citizens Bank & Trust Co. of Yazoo City
at 100.20-V. 124. p. 1716-a basis of about 5.48%. mature as follows:
HOOD RIVER, Hood River County, Ore.
-BOND SALE.
-The 5500. 1928 to 1932, incl., and $1,000. 1933 to 1947 incl.
$18,700 street paving bonds offered on March 21-V. 124, p. 1403
-were
awarded to the Hugh B. McGuire Co. of Portland as 6s at a premium of ..rAKE COUNTY (P. 0. Crown Point), Ind.
-BOND OFFERING.
$848.98, equal to 104.54, a basis of about 5.37%. Dated Dec. 23 1926. Otto G. Fifield, County Treasurer, will receive sealed bids until 10 a.m.
Registered bonds in denomination of $500. Due Dec. 23 1936; optional on April 5 for $10,000 5% road bonds. Date Feb. 15 1927. Denom. $500.
any interest payment date one year from date.'
Due $500 May and Nov. 15 1928 to 1937,inclusive. Legality approved by
Matson. Carter, Ross & McCord, Indianapolis.
HORNELLSV1LLE COMMON SCHOOL DISTRICT NO. 12 (P. 0.
Hornell), Steuben County, N. Y.
-BOND SALE.
-An issue of $35,000
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND OFFERING.
43 % school bonds was disposed of on March 23 at 102.01, a basis of about William. E. Whittaker, County Auditor, will receive sealed bids until
4.32%. Date April 1 1927. Denom. $1,250 and $1,000. Due April 1: 1 p. m. April 18 for the following two issues of 43 % coupon bonds, aggre$1,000, 1928 to 1937, incl., and $1,250, 1938 to 1957, incl.
gating $290,000*
$175,000 Canal St. bridge bonds. Due $8,750 July 1 1928. $8,750Jan.
HOUSTON, Chickasaw County, Miss.
-BOND SALE.
-The Comand July 1 1929 to 1937 incl. and $8.750 Jan 1 1938.
mercial Securities Co. of Memphis has purchased an issue of $8,00() 6%
115,000 bridge bonds. Due 55,750 July 1 1928, $5,750 Jan and July 1
refunding bonds. Dated Nov. 1 1926. Due $1,000 Nov. 1 1927 to 1934
1929 to 1937 incl. and $5,750 Jan. 1 1938.
incl. Legality approved by Charles & Rutherford of St. Louis.
Dated Jan. 1 1927. Denom. 31.000 and $750. Prin. and semi-annual
PRICE PAID-DESCRIPTION.
-The price paid for the $55,000 5I% int, payable at the County Treasurer's office. A certified check for 3%
school bonds awarded to the First National Bank of Memphis
-V. 123,
P. 3353
-was a premium of $503.85, equal to 100.91, a basis of about of the amount of bonds bid for,payable to the Board of County Commissioners, is required.
5.18%. Dated Feb. 1 1927. Due Feb. 1 1949. Int. payable F. & A.
LAKELAND,Polk County, Fla.
-BOND SALE.
-The $410.000 5%%
HUNTSVILLE, Madison County, Ala.
-BOND SALE.
-The $75,000 street improvement bonds offered on Mar.25(V.124,P. 1403)were awarded
school bonds offered on March 24-V. 124, p. 1403
-were awarded to to Halsey, Stuart & Co. of N. Y. City at 99.58, a basis of about 5.55%•
Caldwell & Co. of Nashville as 4s at 98.08.
Dated Jan. 1 1927. Due $41,000 Jan. 1 1928 to 1937 incl.
HYSHAM, Treasure County, Mont.
-INTEREST RATE
-MATUR-BOND OFFERING.LAKEWOOD, Chautauqua County, N. Y.
ITY.
-The $16,000 coupon water works bonds purchased by Benwell & Co.
of Denver at 100.37-V. 124, p. 1096-a basis of about 5.71%, bear interest Harry A. Sales, Village Clerk, will receive sealed bids until 8 p. m. April 4
at the rate of 5%%. The bonds mature as follows: $500. 1929 to 1934 for $59,000 not exceeding 6% coupon or registered street improvement
incl., and $1,000. 1935 to 1947 incl. Date Feb. 1 1927. Legality approved bonds. Dated Mar. 1 1927. Denom. $1,000. Due Sept. 1, $3,000 1927
and $8,000 1928 to 1934 incl. Prin. and int. payable at the Bank of
by Pershing, Nye, Frye & Tallmadge of Denver.
Jamestown, Jamestown. Legality will be approved by Thomson, Wood &
Financial Statement.
Hoffman of New York City. A certified check for $1,000, payable to the
Assessed valuation, 1926
$447,600 Village Treasurer, is required.
Total bonded debt
$50.497
L'ANSE TOWNSHIP SINGLE SCHOOL DISTRICT, Barrage
Less Water bonds
23.500
-BOND SALE.
-The $300,000 5% school bonds offered
Net bonded debt
26,997 County, Mich.
-were awarded to Thompson, Kent &
p.
Population 1920 Federal Census
360 on March 10-V. 124, at a1099
premium of $2,239, equal to 100.713, a basis
Grace, Inc., of Chicago
INMAN SCHOOL DISTRICT NO. 26, Spartanburg County, So. ofabout 4.89%. Date Jan.1 1927. Due 515,000 Jan.1 1928 to 1947,incl.
Caro.
-BOND DESCRIPTION.
-The $45,000 5%% school bonds awarded
-PRE
-ELECTION
LA SALLE COUNTY (P. 0. Catulla), Texas.
to the Robinson-Humphrey Co.of Atlanta and the Well, Roth & Irving Co.
-The J. E. Jarrett Co. of San Antonio has purchased an issue of
of Cincinnati, jointly, at 101, in V. 124. p. 1718, a oasis of about 5.44%, SALE.
are described as follows: Date Jan. 1 1927. Coupon bonds in denomina- $600,000 5%% road bonds subject to the result of an election to be held
tion of 81,000. Due Jan. 1 as follows: 41.000 1938, $2
.000 1939 to 1951, on April 23.
incl., and $3,000 1952 to 1957,incl. Principal and interest(J.& J.) payable
LEE COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 3 (P. 0.
at the Hanover National Bank, New York City. Legality approved by
-BOND SALE.
-The 558.000 6% school bonds
Fort Meyers), Fla.
Storey, Thorndike, Palmer & Dodge of Boston.
-have been disposed of. Date May 1
offered on March 21-V. 124, p. 1404
Financial Statement.
1926. Due May 1 as follows: 52.000, 1929 to 1954. incl., and $3,000, 1955
Actual value of property (estimated)
$5,000,000 and 1956.
Assessed value (1926)
863,076
Total bonded debt (including this issue)
LEET TOWNSHIP SCHOOL DISTRICT (P. 0. Fairoaks), Alle81,000
-H. D. Walker, Secretary
Sinking fund
-BOND OFFERING.
12,165 gheny County, Pa.
Net debt ___ _ _ _
of Board of Directors, will receive sealed bids until 7:30 p. m. April 22 for
68,835
Population (ealmated)
5,000 $45,000 4%% school bonds. Date April 1 1927. Denom. 51,000. Due
April * as follows: $1.000, 1928 to 1942, incl., and $2,000, 1943 to 1957.
JACKSON COUNTY (P. 0. Murphysboro), 111.
-BOND SALE.
-The incl. A certified check for $1,000 is required. These are bonds originally
$375,000 4%% court house bonds offered on Mar. 15 (V. 124. P. 1403) offered on March 25.-V. 124, p. 1718.
were awarded to the Mississippi Valley Trust Co. of St. Louis at a premium
-BOND OFFERING.
of $18,105. equal to 104.82. Due July 1 as follows: $14,000. 1929 and 1930;
LEICESTER, Livingston County, N. Y.
-The
$15,000. 1931: $16,000, 1932 and 1933; 517,000, 1934; 518.000. 1935 and Village Clerk will receive sealed bids until 7:30 p. m. April 6 for $4,500 fire
1936; $20,000, 1937 and 1938; 521,000, 1939 and 1940; 524,000, 1941;$27,- apparatus bonds.
000, 1942:$28,000, 1943 to 1945 incl., and $30,000, 1946.
-BONDS REGISTERED.
LEVELLAND, Hackley County, Tex.
JACKSON TOWNSHIP SCHOOL DISTRICT (P. 0. Seymour), The State Comptroller of Texas rezistered on Mar. 24 an Issue of $50.000
Jackson County, Ind.
-Louis Aufenberg. Schooll 6% water works bonds. Due serially.
-BOND OFFERING.
2024
THE CHRONICLE
LEWISTON, Niagara County, N. Y.
-BOND SALE.
-The $6,500 5%
coupon or registered fire equipment bonds offered on Mar. 11 (V. 124,
p. 1556) were awarded to the Bank of Niagara of Niagara Falls. Date
Mar. 1 1927. Due April 1, $1,000 1927 to 1931 Incl. and $1,500 1932.
LINCOLNTON, Lincoln County, No. Caro.
-BOND SALE.
-R. S.
Dickson & Co.of Gastonia have purchased an issue of$40,000 town bonds.
LOCKNEY, Floyd County, Tex.
-BOND SALE-The BrownCrummer Co. of Wichita, has purchased an issue of $25,000 6% water
works bonds, at 101.02.
LUCAS COUNTY (P. 0. Toledo), Ohio.
-BOND OFFERING.
Adelaide E. Schmitt, Clerk, Board of County Commissioners, will receive
sealed bids until 10 a. in. April 4 for the following three issues of 5% bonds,
aggregating $113,630:
$23,782 Local Sanitary Sewer No. 149 bonds. Denom. $1,000, except one
for $782. Due Oct. 20, $4,728 1928. $4,000 1929 and $3,000 1930
to 1934 inclusive.
85,760 Water Supply Line No. 28 bonds. Denom. $1,000, except one for
$760. Due Oct. 20, $9,760 1928, $9,000 1929 to 1932 incl. and
$8,000 1933 to 1937.
4,088 Water Supply Line No. 152 bonds. Denom. $1.000. except one
for 91,088. Due Oct. 20,$1,088 1928 and $1,000 1929 to 1931 incl.
Dated April 20 1927. Prin. and int. (A. & 0.) payable at the County
Treasurer's office. A certified check for $500 is required for each issue.
LYNN, Essex County Mass.
-TEMPORARY LOAN.
-The Merchants' National Bank of Lynn. has purchased a $400,000 temporary loan
on a 3.57% discount basis. Due July 15 1927.
McCLUSKY, Sheridan County, No. Dak.-BOND SALE.
-The
$12,000 6% coupon water-works bonds offered on March 27 (V. 124 P.
1718) were awarded to the Drake-Jones Co. of Minneapolis at a premium
of $240, equal to 102. Date March 1 1927. Due serially 1932 to 1947,
inclusive. Interest payable M. & S.
MAHASKA COUNTY (P. 0. Mahaska), Iowa.
-MATURITY
BASIS.
-The $35.000 434% ditch drainage bonds awarded to George M.
Bechtel & Co. of Davenport in V. 124, p. 1871-at 100.11, a basis of about
4.485%. mature $3,500. Oct. 1 1932 to 1941, incl.
MAINE (State of).
-BOND SALE
.-The $500,0004% coupon Kennebec
Bridge bonds offered on March 30-V. 124, p. 1718
-were awarded to a
syndicate composed of the National City Co. of New York; the Old Colony
Corp., the Atlantic-Merrill, Oldham Corp. and the First National Corp..
all of Boston. and Timberlake, Este & Co. of Portland at 100.60, a basis
of about 3.93%. Date April 1 1927. Due April 1 as follows: $10,000,
1940; $20.000. 1941 and 1942; 330.000, 1943 to 1945 incl.; $40,000, 1946
to 1949 incl., and $50,000, 1950 to 1953 incl.
MANSFIELD,Richland County, Ohio.
-BOND SALE-The $100.000
6% street paving special assessment bonds offered on Mar. 14 (V. 124, p•
1099) were awarded to the Mansfield Savings Bank & Trust Co. at a premium of $2,570, equal to 102.57. a basis of about 5.06%. Dated Mar. 1
1927. Due $10,250 Mar. 1 and $10,000 Sept. 1 1928 and 1929, $10,250
Mar. 1 1930 and $9,950 Sept. 1 1930 and $9,950 Mar. 1 and $9,700 Sept. 1
1931 and 1932.
MARATHON COUNTY (P. 0. Wausau), Wis.-BOND DESCRIPTION.
-The National City Co. of New York City, was in joint account
with the First Wisconsin Co. of Milwaukee, in the purchase of $703,000
434% highway improvement bonds at 101.92-V. 124, p. 1871-a basis
of.bout 4.21%. The bonds are described as follows: Date March 11927.
Denom. $1,000. Due March 1 as follows: $102,000. 1932; $115,000,
1933; $130,000, 1934: 1143,000. 1935: $158,000, 1936, and $55,000, 1937.
Prin. and int.(NI. & S.) payable at the County Treasurer's office. Legality
approved by Chapman, Cutler & Parker of Chicago.
MARION COUNTY SCHOOL DISTRICT NO. 24 (P. 0. Salem),
Ore.
-BOND SALE-The First National Ba k of Portland was awarded
on March 29 an issue of $130,000 5% school bonds, at 102.68. Toe Ralph
Schnee:Loch Co. of Portland was the next highest bidder offering 102.177.
MARSHALL, Madison County, No. Caro.
-BOND OFFERING.Craig L. Rudisill, Town Clerk, will receie sealed bids until 1 p. rn April 22,
for $25.000 street bonds. Due serially in 20 years. A certified check for
$500 payable to the Town Treasurer, is required.
MARSHALL COUNTY (P. 0. Plymouth), Ind.
-BOND SALE.
J. F. Wild & Co.ofIndianapolis have been awarded the following three issues
of 434% bonds, aggregating $52,800, at a premium of $1,004.50, equal to
101.90:
$16,500 road bonds.
18,300 road bonds.
18,000 road bonds.
MEDFIELD, Norfolk County, Mass.
-Lewis
-BOND OFFERING.
K. Conant. Town Treasurer, will receive sealed bids until 7:30 p. in.
April 6 for 170.000 4% coupon School Loan Act of 1926 bonds. Date
April 1 1927. Denom. $1,000. ,Due $5,000 April 1 1928 to 1941, incl.
Prin. and bat. (A. & 0.) payable at the State Street Trust Co. Boston.
The bonds are prepared under the supervision of and certified as to genuine'
ness by the First National Bank of Boston. Legality will be approved by
Ropes, Gray, Boyden & Perkins, Boston.
Financial Statement. March 9 1927.
Net valuation for year 1926
$2.422.980
Debt limit
71,641
Total gross debt, including this issue
106,000
Exempted debt
-School bonds
$70,000
$70,000
Net debt
$36,000
Borrowing capacity, $35,641.
MERCER COUNTY (P. 0. Harrodsburg), Ky.-BOND OFFERING.
B. C. Allin, County Judge will receive sealed bids until 10 a. m., April 5,
for $50,000 coupon road bonds. Due as follows: $4,000, 1932: $1.000,
1933 to 1936, incl.; $2,000, 1947 to 1949, incl.; $3,000, 1950 to 1955. incl.:
and $4,000. 1956 and 1957. Bidders to state rate of interest and furnish
blank bonds and legal opinion. Interest payable in Louisville or Cincinnati. These bonds are part of an authorized issue of $250.000 approved at an election held on March 5.
METCALFE COUNTY(P.O.Edmonton),Ky.-BOND OFFERING.Avery Saran, Judge County Court, will receive sealed bids until 10 a. m.
April 5 for $50,000 434% road and bridge bonds. Date April 15 1927.
Purchaser to state denomination desired. Due April 15 as follows:$5,000,
1937, 1939. 1941, 1943, 1945 and 1947, and $10,000, 1949 and 1951. A
certified check for $500 required.
MIAMI COUNTY RURAL HIGH SCHOOL DISTRICT NO. 3 (P.O.
-BOND SALE.
Paola), Kan.
-The Commerce Trust Co. of Kansas City,
has purchased.an issue of $60,000 414% school bonds.
MIDDLETOWN, Orange County, N. Y.
-BOND OFFERING.
I. B. A. Taylor, City Clerk, will receive sealed bids until 3 p. m. Apr. 15
for the following three issues of4% %
coupon bonds.aggregating $490,000:
9160,700 school bonds. Due May 1, $1,000 1928 to 1933 incl., $3,000
1934 to 1941 incl.. $4,000 1942 to 1946 incl., $5.000 1947 to 1950
incl., $6,000 1951 to 1954 incl., $7,000 1955 and 1956.$8,000 1957
and 1958, $9,000 1959 to 1961 incl., and $9,700 1962.
296,300 school bonds. Due May 1. $3,000 1928 to 1932 Incl., $4,000
1933 to 1937 incl., $6.000 1938 to 1942 incl., $8,000 1943 to 1947
incl.,$9,000 1948 to 1950 incl., $10,000 1951 to 1954 incl.. $12.000
1955 to 1957 incl., $14,000 1958 and 1959,$18,000 1960 and 1961.
and $14,300 1962.
43 000 school bonds. Due May 1, $1.000 1928 to 1954 incl. and $2,000
1955 to 1962 incl.
Dated May 1 1927. Legality will be approved by Thomson, Wood &
Hoffman of New York City. A certified check for 5% of the amount of
bonds bid for, payable to the City Treasurer, is required.
MINNEAPOLIS, Hennepin County, Minn.
-BOND OFFERING.
Charles E. Doell, Secretary Board of Park Commissioners, will receive
sealed bids until 2 p.m.; oral bids to be submitted after that time on April
19, for the following two issues of 434% coupon park Improvement bonds,
aggregating $210.000:
$150 000 Minnehaha Parkway improvement bonds. Date April 1 1924.
Due $15,000 April 1 1925 to 1934, incl. Interest payable A. & 0.
The City will pay the amount due on the 1925, 1926, and 1927
maturities at the time of delivery.
[VOL. 124.
60,000 St. Anthony Boulevard improvement bonds. Date May
1 1923.
Due $6,000 May 1 1924 to 1933. incl. Interest payable M.
The City will pay the amount due on the 1924, 1925, 1926& S.
and
1927 maturities at the time of delivery.
Prin. and interest payable at the City Treasurer's office or at the fiscal
agency of the City in New York. A certified check payable to C. A.
Bloomquist, City Treasurer,for 2% of the bid,required. Legality approved
by Thomson, Wood & Hoffman of New York City.
MINNEAPOLIS, Hennepin County, Minn.
-BOND OFFERING.
Edgar L. Noyes, City Clerk, will receive sealed bids until 9:30 a. m. 29 for $50,000 not exceeding 5% Layman's Cemetery bonds. Date April
May 1
1927. Denom. $1,000, $500 $100 and $50. Due $5,000 May 1 1928 to
1937. incl. Prin. and Mt. s & S.) payable at the City
(
y.
or at the fiscal agency in New York City. A certified Treasurer's office
check
C. A. Bloomquist, City Treasurer, for 2% of the bid, required. payable to
MISSISSIPPI (State of).
-BOND SALE.
-The $500,000 434% State
bonds offered on March 26-V. 124, p. 1404
-were awarded to the Rapides
Bank & Trust Co. of Alexandria, and Eldredge & Co. of New York City,
jointiy, at 101.60.'a bash; of about 4.13% to optional date, and a basis
of about 4.38% if allowed to run full term of years. Date March 1 1927.
Denom. $1,000. Due March 1 1947, optional after March 1 1932. Prin.
and int.(M.& S.) payable in New York. Legality approved by Thomson,
Wood & Hoffman of New York City.
MONROE COUNTY P. 0. Key West), Fla.
-BOND OFFERING.
D.Z. Filer, Clerk Board of County Commissioners, will receive seared bids
Until 8 p. in. April 28 for $498,000 514% highway bonds. Date June 1
1925. Denom. $1,000. Due June 1 as follows: 15,000, 1936 to 1945 incl.,
$13,000, 1946 to 1954, Incl., and $331,000, 1955. Prin. and int. (J. & D.)
payable at the National City Bank of New York City. A certified check
for 2% of the bid, required. Legality approved by Thomson, Wood &
Hoffman of New York City.
MONTVERDE, Lake County, Fla.
-BOND SALE.
-The $440,000 6%
town bonds offered on Feb. 28-V. 124. p. 955
-were awarded to the J. B.
McCrary Co. of Atlanta, at 95, a basis of about 6.39%. Date Jan. 1 1927.
Due Jan. 1 1957.
MORGAN COUNTY (P.O. Bloomington), Ind.
-BOND OFFERING.
M. W. Tackitt, County Treasurer, will receive sealed bids until 10 a. in.
April 6 for the following three issues of 43.4% road bonds, aggregating
$5,800 Baker Township bonds. Denom. $290. Due $290 May and Nov.
15 1928 to
incl.
3,445 Baker Township bonds. Denom. $172.25. Due $172.25 May and
1937.
Nov. 15 1928 to 1937, incl.
1.200 Washington Township bonds. Denom. $510. Due $510 May and
Nov. 15 1928 to 1937, incl.
MOTLEY COUNTY (P. 0. Matador), Texas.
-BOND SALE.
-The
$250.000 534% registered road bonds offered on March 14-V. 124, p.
I404-were awarded to Stifel, Nicholaus & Co. of St. Louis at a premium
of $8,000, equal to 103.20. Due serially 1927 to 1956, incl.
MOUNT UNION, Huntingdon County, Pa.
-BOND OFFERING.
C. It. Gracey, Borough Secretary, will receive sealed bids until 8 p. m.
April 18 for 850,000 434% coupon water works bonds. Denom. $1,000.
Due 1932 to 1956, incl. A certified check for $1.000 is required.
MULBERRY SCHOOL DISTRICT (P. 0. Waynesboro) Wayne
County, Miss.
-BOND SALE.
-The Meridan Finance Co. of Meridan,
has purchased an issue of $20,000 school bonds.
NEPTUNE TOWNSHIP SCHOOL DISTRICT (P. 0. Ocean Grove)
Monmouth County, N. J.
-BOND SALE.
-The 5% coupon or registered
school bonds offered on March 24-V. 124. p. 1557
-were awarded to It. M.
Grant & Co. of New York taking $49.000 (150.000 offered) at a premium
of $1.905, equal to 103.88, a basis of about 4.57%. Date Feb. 1 1927.
Due $2.000 Feb. 1 1928 to 1951, incl. and $1,000. 1952.
Other bidders were:
BidderAmt. Bid For. Price Bid.
Rufus Waples & Co
$49,000 $50,600.34
.13grnG
d arove National Bank
49.000
50,541.00
Prom
49,000
50,439.50
Batcheler, Wack & Co
49.000
50,349.50
Asbury Park & Ocean Grove Bank
50,000
50.100.00
NEVADA, Story County, Iowa.
-PRICE PAID.
-The price paid for
the $50,000 434% water works bonds awarded to George M. Bechtel
& Co. of Davenport, In V. 124, p. 1719. was a premium of $926. equal to
101.85. Date May 1 1927. Due serially 1928 to 1944, incl.
NEW ORLEANS, Orleans County, La.
-BOND AND CERTIFI
CAFE SALE.
-The following two issues, aggregating $999.600 offered on
March 29-V. 124, p. 1404
-were awarded as 434s as follows:
$966,000 permanent paving bonds, to Eldredge & Co. of New York City,
and the Hibernia Securities Co.of New Orleans,jointly, at 100.23.
Due serially 1929 to 1938 incl.
33,900 temporary surfacing certificates, to George H. Burr & Co., of
New York City. Due serially 1929 to 1931, incl.
NEWPORT BEACH, Orange County, Calif.
-PURCHASERS.
Russell Sutherlin & Co. and Elmer J. Kennedy both of Los Angeles were
the purchasers of the 1500,000 5%% harbor improvement bonds not R. H.
Moulton & Co. of Los Angeles as reported in V. 124, p. 1719. Date March
1 1927. Due March 1 as follows: $1.3.000, 1928 to 1932, incl., and $15,000.
1933 to 1961, incl.
NEW YORK CITY.
-TEMPORARY LOANS ISSUED DURING
MARCH.
-The City of New York issued short term securities in the aggregate of 550,000,000, consisting of special revenue bonds and bills, corporate
stock and tax notes during March as follows:
Special Revenue Bonds of 1927.
Rapid Transit.
Int. Rate.
Int. Rate.
Amount.
Maturity.
%
Issued Amount.
Maturity.
% Issued.
$500,000 Mar. 17 1928 3.90 Mar. 17 31,000,000 Sept. 1 1927 3.80 Mar. 1
Revenue Bills of 1927.
1,500,000 Sept. 1 1927 3.80 Mar. 1
$8,700,000 June 1 1927 3.80 Mar. 1 1,500,000 Sept. 7 1927 3.80 Mar. 7
8,500,000 June 15 1927 3.80 Mar. 7 1,000,000 Sept. 12 1927 3.80 Mar, 11
8,000,000 June 15 1927 3.80 Mar, 11
300,000 Sept. 12 1927 3.80 Mar. 11
3,500,000 June 17 1927 3.80 Mar. 17
200,000 Sept. 12 1927 3.80 Mar. 11
3.200,000 June 24 1927 3.80 Mar. 24 1,300,000 Sept. 26 1927 3.80 Mar.24
10,000,000 June 29 1927 3.80 Mar. 29
School Construction.
Corporate Stock Notes of 1927.
$500.000 Sept. 1 1927 3.80 Mar, 1
Various Municipal Purposes.
500,000 Sept. 12 1927 3.80 Mar. 11
$500,000 Sept. 19 1927 3.80 Mar. 17
250,000 Sept. 26 1927 3.80 Mar.24
Water Suyiritr.
Tax Notes of 1927.
$300,000 Sept. 1 1927 3.80 Mar. 1 $500,000 Mar. 17 1928 3.90 Mar. 17
250,000 Sept. 26 1927 3.80 Mar. 24
NILES, Trumbull County, Ohio.
-BOND SALE.
-The 113,000534%
street impt. bonds offered on Feb. 28-V. 124. p. 955
-were awarded to
Assel, Goetz & Moerlin of Cincinnat , at 104.67, a basis of about 4.01%•
Date Feb. 1 1927. Due Feb. 1 1937.
NORTHAMPTON COUNTY (P. 0. Easton), Pa.
-BOND SALE.
The 11,000,000 431% road and bridge impt. bonds offered on March 31
-V. 124. p. 1405
-were awarded to a syndicate composed of W. H. Newbold's Son & Co., Harrison, Smith & Co. and Townsend Whelen & Co.,
all of Philadelphia, at 104.27, a basis of about 0.00%. Due April 1 1957.
NORTH MUSKEGON (P. 0. Muskegon, Box R, No. 3), Muskegon
County, Mich.
-Bertha C. Elmer, City Clerk, will
-BOND OFFERING.
receive sealed bids until 2 p. in. April 2 (to-day) for $12,000 5% coupon
water bonds. Denom. $400, except one for $800. Due June 15 $400
1928 to 1955 incl. and $800 1956.
NORTH SALEM, SOMERS, SOUTHEAST AND CARMEL RURAL
SCHOOL DISTRICT NO, 1 (P. 0. Purdy Station) Westchester
County N. Y.
-BOND OFFERINO.-Cora M. Flewwellin, District
Clerk, will receive sealed bids until 3 p. in. April 11 for $177,000 not exceeding 434% coupon or registered school bonds. Date Jan, 1 1927. Denom.
$1,000 and $200. Due Jan. 1 as follows: $2,200, 1930 to 1939, Incl., $4,000.
1940 to 1949, incl., $5,000. 1950 to 1959. incl.. $6,000, 1960; $7,000, 1961:
$6,000, 1962:17.000. 1963: $6,000, 1964; 17.000. 1965;$6,000. 1966:17.000.
1967: $6.000. 1968 and $7,000, 1969. Prin, and int. (J. & J.) payable in
gold at the First National Bank. Brewster,in New York exchange. Legality
will be approved by Clay, Dillon & Vandewater of New York City. A
certified check for $1,770, payable to the Treasurer is required.
ss
Ara. 2 1927.1
•
THE CHRONICLE
2025
- 4,500 city's portion sewer bonds. Denom. $1.000 and $500. Due $1,000
-INTEREST RATE.
OAKLAND COUNTY (P. 0. Pontiac), Mich.
Mar. 1 1928 and 1929 and $500 1930 to 1934 incl.
The twelve issues of coupon special assessment bonds, aggregating $2.140,4,935 city's portion street repair bonds. Denom. 3500, except one for
000. awarded to a syndicate headed by Watling, Lerchen & Hayes of
$435. Due $500 Mar. 1 1928 to 1936 incl., and $435 1937.
Detroit (V. 124,p. 1876) bear 44% interest. The price paid was 100.528.
Date March 1 1927.
a basis of about 4.65%. Due serially, 1928 to 1938, incl.
-TEMPORARY LOAN.
PORTLAND, Cumberland County, Me.
-BOND SALE.
OGDENSBURG, St. Lawrence County, N. Y.
-was
The $150.000 44% coupon school bonds offered on March 28-V. 124 The $300,000 temporary loan offered on March 28-V. 124. p. 1876
-were awarded to H. L. Allen & Co. and the Anglo-London-Paris awarded to the Canal INTational Bank of Portland, on a 3.60% discount
p. 1405
Co., both of New York, jointly, at 102.18. a basis of about 4.04%. Due basis, plus a premium of $IG. Date April 1 1927.
$5,000 April 1 1928 to 1957. incl.
PORTLAND, Multnomah County, Ore.
-BOND SALE.
-The
-TEMPORARY LOAN.
-The 000,000 4% coupon water works bonds offered on March 29-V. 124, p.
ORANGE, Franklin County, Mass.
-were awarded to a syndicate composed of the First National Bank,
Merchants' National Bank of Boston has purchased a $75,000 temporary 1558
the Detroit Co., and Eldredge & Co., all of New York City, the Anglo
loan on a 3.65% discount basis.
.
London Paris Co. of San Francisco, the Wells-Dickey Co. of Minneapolis,
ORLEANS LEVEE DISTRICT (P.0. New Orleans), Orleans Parish, and the Ralph Schneeloch Co. of Portland, at 99.039, a basis of about
William R. Compton Co. and Eldredge Co.,
-The
-BOND SALE.
La.
4.06976%. Date April 1 1927. Due $50,000 April 1 1938 to 1957,incl.
both of New York City, jointly, purchased on March 21 an issue of $2,Financial Statement (As Officially Reported).
000,000 44% levee bonds at 100.25, a basis of about 4.73%. Dated
1338.462.420
April 1 1927. Denom. $1,000. Due April 1 as follows: $23.000, 1931 and Assessed valuation 1927
41,887,390
1932; 124,000, 1933 and 1934; $27.000, 1935 and 1936; 130.000. 1937 and Total bonded debt (including this issue)
$16,488,000
1938: $35,Q00, 1939 and 1940; 137,000, 1941: 136,000, 1942; $42,000. 1943 Less: Water debt
155,000,
2.063,678 18,551,678
Sinking fund
and 1944: F45.000. 1945: 144.000, 1946:$50,000. 1947 to 1949 incl.;
23.335.712
1950; $58,000, 1951; $61,000, 1952: 165.000, 1953; $68,000, 1954: $70.000, Net bonded debt
2A74,06
1955: $74.000. 1956; $79,000. 1957: $84,000. 1958: $87,000. 1959; 190.000, Sinking fund for water debt
Population (1920 Census), 258.888; present estimate, 350,000.
1960; 395,000. 1961: $100.000. 1962; $104,000. 1963; $112,000, 1964 and
$124,000. 1965. Prin. and int. (A. & 0.) payable in gold at the office of
PORT OF PORT ORFORD (P.O. Port Orford), Curry County, Ore.
Rouge, at the fiscal agency of the district in
the State Treasurer, Baton
-The Bank of Southwestern Oregon Marshfield, and the
New Orleans or at the New York Trust Co., New York City. Legality -BOND SALE.
approved by Thomson, Wood & Hoffman of New York City. Subject to Curry County Bank of Gold Beach, jointly purchased on March 5 an issue
call in whole or in part on any semi-annual interest date at 105 and accrued of $30,000 6% series D port bonds at 102.25, a basis of about 5.79%.
Date Jan. 1 1927. Due $3,000. Jan. 1 1942 to 1951, incl. Legality
Interest.
approved by Teal, Winfree. McCulloch & Shuler of Portland.
Financial Statement (as .Officially Reported).
$585,937,435
Assessed valuation, 1926
-BOND OFFERING.
-Frank
PORTO RICO (Government of).
7.162,500
Total bonded debt (including this issue)
McIntyre, Major-General U.S. Army and Chief of Bureau ofInsular Affairs.
Ratio of bonded debt to assessed valuation less than 14%.
Department,
Population, 1920 (U. S. Census). 387,219; population (present esti- will receive sealed bids at his office in the Warp. m. April 7 room 3042,
for $525,000
Munitions Building, Washington, D. C., until 2
mate), 433.000.
434% registered irrigation bonds. series FF to LL. Date Jan. 1 1927.
PAINESVILLE RURAL SCHOOL DISTRICT, Lake County, Ohio. Denom. $10,000. 15,000 and $1,000. Due $75,000 Jan. 1 1960 to 1966,
-BOND SALE.
-The $82.449 5% school bonds offered on March 14- incl., optional on Jan. 1 1939 or on any interest payment date thereafter
-were awarded to Ryan, Sutherland & Co. of Toledo at a at 5% above par with accrued interest. Prin. and int. (J. & J.) payable in
V. 124, p. 1252
premium of $3,547, equal to 104.302. a basis of about 4.47%. Date gold at the United States Treasury, Washington, D. C. A certified check
Dec. 1 1926. Due Oct. 1 as follows: $3,449. 1927; 13.500. 1928 and 1929; payable to the above-mentioned official for 2% of the bid, required. The
14,000, 1930, and $4,000, 1931 to 1947, incl.
Attorney-General of the United States rendered an opinion on March 26,
-The as to the legality of this issue, a copy of which will be delivered to the
PALMER, Hampden County, Mass -TEMPORARY LOAN.
successful bidder. This issue is part of the 13.325.000 bonds authorized by
$100,000 temporary loan offered on Mar.30(V. 124. p. 1876) was awarded the Porto Rican Legislature on July 21 1923, three issues, aggregating
to the Bank of Commerce & Trust Co. of Boston on a 3.62% discount basis
$2,325,000 have already been sold.
plus a premium of $2.50. Due Nov. 25 1927.
Porto Rican Statistics.
-BOND OFFERING.
-J. F. BanPANAMA CITY, Bay County, Fla.
$14,016,209.32
Receipts for year
nerman,City Clerk, will receive sealed bids until 2 p. m.Apr.8 for 177.000 Expenditures for ending June 30 1926 1926
13.625,568.12
year ending June 30
bonds. Denom. 11.000. Due $11,000 Apr. 1 1931 to
69" improvement
414,751.57
Cash on hand June 30 1926
1937 incl. Prin. and int. (A. dr 0.) payable at the Chase National Bank, Duefrom municipalities and school boards on short time loans
N.Y.City. A certified check for 2% of the bid required. The successful
12,300.00
June 30 1926
opinion of a reputable bond
bidder will be furnished with the approving
321,876,238.00
Assessed valuation of property June 30 1926
attorney.
95.258.264.00
Imports for year ending June 30 1926
98,724.851.00
PARAMUS SCHOOL DISTRICT (P. 0. Ridgewood, R. F. D.), Ber- Exports for year ending June 30 1926
-BOND SALE.
22.934,000.00
-The following two issues of5% coupon Total bonded indebtedness on Nov. 30 1926
gen County, N.J.
1,757,023.28
or registered school bonds offered on Mar.30(V.124.p. 1720) were awarded Balances in sinking funds Nov. 30 1926
to Barr Bros. & Co. of New York at a premium of $1,253, equal to 102.50,
-The seven
-BOND SALE.
PORTSMOUTH, Scioto County, Ohio.
825,000 Series A bonds. Due Apr. 1 as follows: $2,000, 1928 to 1934
incl. and $1,000, 1935 to 1945 incl.
issues of 5% coupon bonds, aggregating $300,591.53. offered on Feb. 16
25.000 Series B bonds. Due Apr. 1 as follows: $2,000, 1928 to 1934 incl. (V. 124, p. 677) were awarded as follows:
To Oatis & Co.. Cleveland.
and $1,000, 1935 to 1945 incl.
Dated April 1 1927.
$175,000.00 improvement bonds at a premium of $5,355. equal to 103.06.
a basis of about 443%. Date Jan. 1 1927. Due Jan. 1 as
PARISH UNION FREE SCHOOL DISTRICT NO. 1, Oswego
follows: $17,000 1929, $18,000 1930. $17,000 1931. 118.000
-Evelyn Chateau, Clerk Board of
County, N. Y.
-BOND OFFERING.
1932. $17,000 1933. $18.000 1934, $17,000 1935, 118,000 1936.
Education will receive sealed bids until 7 p. m. April 6 for $135,000 434%
$17,000 1937 and $18,000 1938.
coupon school bonds. Date June 11927. Denom. $1,000. Due June 1:
To W. L. Slayton & Co., Toledo.
$1,000, 1928 to 1932,incl., $2.000, 1933 to 1937. incl.. $3,000. 1938 to 1947.
$80,000.00 street improvement bonds at a premium of $2,153, equal to
Incl.. $4,000, 1948 to 1957, incl.. and $5,000. 1958 to 1967, incl. Prin. and
102.69, a basis of about 4.39%. Date Jan. 1 1927. Due
int. (J. & D.) payable at the American Exchange Irving Trust Co., New
$8,000 Jan. 1 1928 to 1937. inclusive.
York City. A certified check for 2% of the amount of the bid, payable
To Seasongood & Mayer, Weil, Roth c% Irving Co. and Prudden & Co.
to the Treasurer is required.
325,000.00 water works bonds at a premium of $1,258, equal to 105.03,
a basis of about 4.47%. Due $1,000 Nov. 1 1928 to 1952. incl.
PAULSBORO SCHOOL DISTRICT, Gloucester County, N. J.
3,430.57 sewer bonds at a premium of $3. equal to 100.08, a basis of
-Frank L. Pete, District Clerk, will receive sealed bid
BOND OFFERING.
about 4.95%. Date Jan. 1 1927. Due Jan. 1 as follows:
until 8 p. m. Apr. 11 for an issue of 5% coupon school bonds, not exceeding
$1.000 1929 to 1931, incl., and 3430.57 1932.
$169,000, no more bonds to be awarded than will produce a premium of
To Central National Bank, Portsmouth.
$1.000 over $169,000. Dated Feb. 1 1927. Denom. $1,000. Due
$7,738.68 final judgment bonds at a premium of $61.90. equal to 100.80,
Feb. 1, 15.000 192a to 1931 incl., $6,000 1932. $7,000 1933 to 1953 incl.,
a basis of about 4.73%. Date Oct. 1 1926. Due Oct. 1 as
and $1,000 1954. Prin. and int. (F. & A.) payable at the First National
follows: $1,738.65 1928 and $1,500 1929 to 1932, inclusive.
Bank & Trust Co., Paulsboro. A certified check for 2% of the'amount of
7,143.75 sewer bonds at a premium of $105. equal to 101.46. a basis
bonds bid for, payable to the Board of Education, is required.
of about 4.74%. Date Oct. 1 1926. Due Oct. 1 as follows:
-BOND SALE.
-The $60,0006% special
$1,738.65 1928 and $1,500 1929 to 1932, inclusive.
PERRY,Taylor County, Fla.
-were awarded
2,278.50 street improvement bonds at a premium of $27.33, equal to
improvement bonds offered on March 21-V. 124, p. 1405
101.10, a basis of about 4.72%. Date Oct. 1 1926. Due
to A. T. Bell & Co. of Toledo at 95.02, a basis of about 7.18%. Date
Oct. 1 as follows: $478.56 1928 and $200 1929 to 1937, incl.
April 1 1927. Due $6,000 April 1 1928 to 1937, incl.
Following is a complete list of other bids:
PERRY TOWNSHIP SCHOOL DISTRICT (P. 0. Peru), Miami
Amount Bid for
-Leroy Wildman, School Trustee,
-BOND OFFERING.
County, Ind.
3175.000 $80,000 $25,000 $7,738.68 $7.143.75 $2.278.50 $3,430.57
% school
will receive sealed bids until 10 a. m. Aprll 11 for 137.000
Prem.
Prem.
Prem.
Prem.
Prem. Prem. Prem.
bonds. Date April 1 1927. Denom.$1.000. Legality will be approved by Otis & Co
$3.00
$1.00
$16.00
•$5,355 $1,952 $1,037.50 $7.00
Smith, Remster, Hornbrook & Smith of Indianapolis.
W. L. Slayton
4,689 *2,153
804.00
& Co
PIMA COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Tucson), Ariz.
-BOND OFFERING.
-Anna W. Kellond, Secretary Board of Trustees, Prov.Says.13k.
& Tr. Co.
will receive sealed bids until April 4for the following two issues of5% bonds.
882.50
3,115 1,424
(Cincinnati)_
aggregating $210,000:
$162,000 school building bonds. Due March 1 as follows: $16,000. 1938 to Cent. Nat.Bk.,
Portsmouth
• 1945, incl., and $17.000. 1946 and 1947.
and Detroit
48.000 school ground purchase bonds. Due March 1 as follows: $4,000,
Trust Co.,
1938 to 1942, incl., $6,000. 1943 to 1945, incl., and $5.000. 1946
4,113 1,511
Detroit
and 1947.
Date March 1 1927. Denom. $1,000. Prin. and int.(M.& S.) payable Seasongood &
Mayer, Well,
n New York City. A certified check for 5% of the amount bid for,required.
Roth & Irving Co. and
PLAINFIELD, Union County, N. J.
-BOND SALE.
-An issue of
*3.00
3.00
37.00
3.00
Prudden&Co 3,590 1,643 *1,258.00
$250,000 temporary fire department bonds was recently disposed of as 6s
A. R. Aub &
-BOND SALE.- The 1.90.000
PLATTSBURG,Clinton County, N.Y.
Co., Assel,
434% water bonds offered on March 25- V. 124, p. 1876- were awarded
Goetz &
to Geo. B. Gibbons & Co., Inc., of New York. at 101.41. a basis of about - Moerlein, L.
4.21%. Date April 1 1927. Due 35.000 April 1 1928 to 1937. incl.
R. Bollinger
Co. and Tay-BOND OFFERING.
POCATELLO, Bannock County, Idaho.
lor, Wilson &
Laura S. Gough, City Clerk, will receive sealed bids until 5 p. m. April 8
4,414 2,017
Co
for $150,000
% refunding bonds. Date Jan. 1 1927. Denom, $LOW
* Successful bids.
Due 115,000 Jan. 1 1928 to 1937. incl. Interest payable J. & J. A certified
Conditional bids were as follows: Stranahan, Harris & Oatis, Inc., $432
check for 5% of the bid, required.
premium on 3 issues ($7,143.75, $7,738.65 and $2,278.56) and $25,000 issue,
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT NO.6 (P. 0. and $3,460 premium for the $80.000 and $175,000 issues. A. J. Becker
-The 120.000 6% coupon school bonds of- & Co., $7,573.50 premium for $80,000 and 3175.000 issues. A. E. Aub
-BOND SALE.
Bartow), Fla.
fered on Mar. 23 (V. 124. p. 1252) were awarded to the Brown-Crummer & Co. and associates, $7,706 premium for all or none of seven issues.
Co. of Wichita at 98.50, a basis of about 6.17%. Dated Mar. 1 1927. Stevenson, Perry & Stacy Co., $4.861.50 for 1175.000 issue or $7,083.90
Due $1,000 Mar. 1 1930 to 1949 incl.
for 180.000 and $175,000.
-The price
POLK COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 9(P. 0.
-PRICE PAID.
PRATTVILLE, Autauga County, Ala.
-BOND SALE.
-The $13.000 6% coupon school bnods paid for the 115,0006% school bonds awarded to Marx & Co.of Birmingham
Bartow), Fla.
offered on Mar. 23 (V. 124, p. 1252) were awarded to the Brown-Crummer (V. 124, p. 1720) was a discount of $1,000, equal to 93.33.
Co.of Wichita at 96.50, a basis of about 6.55%. Dated Mar. 1 1927. Due
RILEY TOWNSHIP RURAL SCHOOL DISTRICT (P.O. Pandora),
$1,000 Mar. 1 1930 to 1942 incl.
-L. Hatfield, Clerk Board
-BOND OFFERING.
Putnam County Ohio.
-BOND SALE.
PORT HURON,St. Clair County, Mich.
-The follow- of Education, will receive sealed bids until 12 in. April 18 for 350.000 5%
ing five issues of 434% bonds aggregating $36,200 offered on March 14- school bonds. Date Jan. 1 1927. Denom. $500. Due 31.500. March
-were awarded to the First National Bank of Port Huron and Sept. 1 1928 and 1929 and $2.000. March and Sept. 1 1930 to 1940.
V. 124, p. 1558
at par:
incl. Prin. and int, payable at the First National Bank, Pandora. A
$3.472 special assessment (private portion) paving bonds. Denom.
certified check for $500. payable to the Clerk is required.
except one for $472. Due $300 Mar. 1 1928 to 1937 incl., and $472
-NOTE OFFERING.
-Joseph
1938.
ROCHESTER, Monroe County, N. Y.
7.434 special assessment (private portion) sewer bonds. Denom. $1.000, C. Wilson, City Comptroller, will receive sealed bids until 2.30 p m.
except one for $434. Due Mar. 1, $1,000 1928 to 1933 incl., and April 4 for the following seven issues of notes, aggregating $2,310,000:
$1.434 in 1934.
$50,000 local impt. notes. Due Dec. 7 1927.
15,859 special assessment (private portion) street repair bonds. Denom. 900,000 overdue taxes notes. Due June 7 1927.
$1,000. $500 and one for $359. Due Mar. 1, $1,500 1928 to 1936 625,000 general revenue notes. Due June 7 1927.
625,000 school revenue notes. Due June 7 1927.
incl., $1,000 1937 and $1,359 1938.
2026
THE CHRONICLE
50.000 school construction notes. Due Dec. 7 1927.
50,000 transit subway notes. Due Dec. 7 1927.
10,000 water impt. notes. Due Dec. 7 1927.
Date April 7 1927.
ROCKPORT, Essex County, Mass.
-TEMPORARY LOAN.
-The
$50,000 temporary loan offered on March 25-V.124,P. 1876
-wasawarded
to the Shawmut Corp. of Boston on a 3.69% discount basis. Due Oct. 17
1927.
[ VOL. 124.
-
$140,000 water works bones.
6,000 fire truck and equipment house bonds.
4,000 fire truck and equipment bonds.
Denom.$1,000.
SPRING CITY, Chester County, Pa.
-BOND SALE.
$75,000
coupon borough bonds offered on March 25-V.124, p. 1406 -Theawarded
-were
to A. B. Leach & Co. of Philadelphia as 4%s at 105.07, a basis of about
4.15%. Date April 1 1927. Due April 1: $15,000, 1937; $25,000, 1947
and $35,000. 1957.
ROCKY RIVER, Cuyahoga County, °Mo.-PRICE PAID
-BASIS.
SPRINGFIELD, Greene County, Mo.-BOND DESCRIPTION.
-The $4,651 5% coupon storm sewer bonds reported sold to (leo. W.
York & Co., Inc., of Cleveland (V. 124, p. 1558) were awarded at a pre- The Harris Trust & Savings Bank of Chicago and the Federal Commerce
mium of $79, mnal to 101.69, a basis of about 4.67%. Due Oct. 1 as fol- Trust Co. of St. Louis were in joint account with the William R. Compton
Co. of St. Louis in the purchase of $855,000 4 % improvement bonds at
lows: $151. 1928; $500, 1929 to 1934 incl., and $1,000. 1936.
100.17, reported in V. 124,j3. 1720, a basis of about 4.23%. The bonds
ROCKY RIVER, Cuyahoga County, Ohio.
-BOND SALE.
-The are described as follows: Dated April 1 1927. Denom. 81.000. Due
$2,560 5% coupon bonds offered on March 15-V. 124, P. 1100
-were April 1 as follows: 540,000. 1933 and 1934;$45.000, 1935 and 1936;$50,000,
awarded to A. E. Aub & Co. of Cincinnati at a premium of $9. equal to 1937 and 1938: $55,000, 1939 and 1940; 460.000, 1941 and 1942:
$65,000,
100.35, a basis of about 4.92%. Date March 1 1927. Due $256, Oct. 1 1943 and 1944; 870,000, 1945; 875.000. 1946. and 880,000. 1947. Prin.
1928 to 1937, incl.
and hit.(A. & 0.) payable at the Harris Trust & Savings Bank in Chicago.
Legality to be approved by Chapman, Cutler & Parker of Chicago. These
ROYAL OAK TOWNSHIP SCHOOL DISTRICT NO. 6, Oakland bonds are purchased subject to
the result of an election held on April 1.
County, Mich.
-BOND SALE.
-The Detroit Trust Co. of Detroit and
Financial Statement.
the Royal Oak Savings Bank, jointly, have purchased an issue of $150,000
Estimated actual value taxable property
$80,000,000
school bonds as 4%s at a premium a $2,968, equal to 101.87.
Assessed value taxable property (1926)
38,525,945
Total bonded debt (including this issue)
RUSH COUNTY (P. 0. Rushville), Ind.
896,000
-BOND SALE.
-The $8.400
Population (estimated) 50,000.
4%% coupon Riley Township road bonds offered on March 2I
-V. 124,
p. 1720
-were awarded to the Fletcher American Co. of Indianapolis, at
STAMFORD, Fairfield County, Conn.
-TEMPORARY LOAN.
-The
a premium of $146.50. equal to 101.74, a basis of about 4.16%. Date $150,000 temporary loan offered on
March 25-V. 124. ro. I877
-was
1‘.farch 1 1927. Due $410, May and Nov. 15 1928 to 1937, incl.
awarded to the First Stamford National Bank on a 3.57% discount basis
plus a premium of $3.50. Date March 29 1927. Due Oct. 5 1927.
ST. FFtANCISVILLE, Lawrence County, M.
-BOND SALE.
-Cole,
Asine & Moore of South Bend purchased on Jan. 5 an issue of $10,000
STANDARD SCHOOL DISTRICT (P. 0. Bakersfield), Kern Coun
5%
water supply system bonds at a premium of $50, equal to 100.50, a basis of ty, Calif.
-BOND OFFERING.
-F.
about 4.92%. Dated Jan. 1 1927. Coupon bonds in denom. of $1,000. will receive sealed bids until 11 a. m.E. Smith, Clerk Board of Supervisors.
April 18
coupon
Due serially 1928 to 1946 incl. Int. payable M. & N. This corrects the bonds. Denom. $1,000. Due $8,000, 1928 for 880.0006% Prin. school
to 1937 incl.
and int.
report in V. 124. p. 677.
Payable at the County Treasurer's office. A certified check payable
to the above mentioned official for 10% of the bid, required.
ST. LOUIS, Buchanan County, Mo.-BOND SALE.
-The
STONEWALL COUNTY CONSOLIDATED COMMON SCHOOL
4%% coupon or registered water works revenue bonds offered$3,000.000
.
on March
31-V. 124. p. 1720
-PRICE PAID-INTEREST
-were awarded to syndicate composed of the Chase DISTRICT NO.31(P.0.Aspermont), Tex.
-The price paid for the 88.000 school bonds awarded to the State
Securities Corp., H. L. Allen & Co., George H. Burr & Co., Batchelder. RATE.
Wack & Co.. and Stephens & Co., all of New York City, and the Liberty Board of Education
-V. 124. p. 1720
-was par. The bonds bear interest
Central Trust Co. of St. Louis, at 100.826, a basis of about 4.16%. Date at the rate of 5%•
April 1 1927. Due April 1 as follows: $522,000, 1932; $120,000, 1933;
STRUTHERS, Mahoning County, Ohio.
-BOND SALE.
$123,000. 1934; 8129,000, 1935: $135,000. 1936: $141,000, 1937: $150,000,
-The
1938: $156,000, 1939; $162,000. 1240; $171,000, 1941: $177,000. 1942; $21,071.79 53-i% storm sewer bonds offered on March 18-V.124,p. 1253
8183,000, 1943; $195,000, 1944, $201,000, 1945, $213,000, 1946, and were awarded to the Herrick Co. of Cleveland at a premium of $1,028,
equal to 104.87, a basis of about 4.57%. Date March 15 1927. Due
$222,000, 1947.
Sept. 15 as follows: 82,000, 1928 to 1932, incl.; $1,071.79, 1933, and
ST. MARTIN PARISH (P.0.St. Martinsville), La.
-BOND SALE.
- $2,000, 1934 to 1938. incl.
The Bank of Lafayette & Trust Co. of Lafayette purchased on March 15
STURGIS, St. Joseph County, Mich.
-The Harris
-BOND SALE.
an issue of $35.000 6% road bonds.
Trust & Savings Bank of Chicago has purchased an issue of $48,000 4%%
Paving bonds. Date July 15 1926. Denom. $1,000. Due July 15 1931
SALEM, Essex County, Mass.
-BOND SALE.
-The $195.000 4% to
coupon high school addition bonds offered on March 30-V. 124, p. 18771936, incl. Prin. and hit. (J. & J.) payable at the City Treasurer's
were awarded to the Naumkeag Trust Co. of Salem,at,101.71. Date April office. •
11927. Due $13,000 April 1 1928 to 1942, incl.
Financial Statement.
Assessed valuation for taxation
$7,292,245
SALTILLO SCHOOL DISTRICT, Huntingdon County, Pa.
-BOND Total debt (thls issue included)
766,500
OFFERING.
-Paul Rupert, Secretary Board of Directors, will receive sealed Less water debt
$94,000
bids until 12 m., April 15 for $8,500 5% school bonds. Date May 1 1927. Less sinking fund
7.664
Denom. $500. Due $500, May 1 1930 to 1946, incl. A certified check for Net debt
664,836
$500 is required.
Population (est.), 7.000; 1920 (Census), 5,995.
SARASOTA, Sarasota County, Fla.
-BOND SALE.
-The $373.000
SWATARA TOWNSHIP SCHOOL DISTRICT (P. 0. Enhaut),
5% city bonds offered on March 28-V. 124, p. 1720
-were awarded to Dauphin County, Pa.
-The $100,000 4%% coupon
Caldwell & Co.of Nashville, at 90.33, a basis of about 5.79%. Date March school bonds offered on-BOND SALE.
March 29-V. 122, p. 3115
-were awarded to
11927. Due March 11947.
M. M. Freeman &Co. of Philadelphia. Date March 15 1926. Duo
SCARSDALE UNION FREE SCHOOL DISTRICT NO. 1, West- Sept. 15 $3,000 1926 to 1945 incl. and $4,000 1946 to 1955 incl.
chester County, N. Y.
-BOND OFFERING.
-0. H. Cheney, President
SWITZERLAND'COUNTY (P. 0. Vevey), Ind.
-BOND OFFERING.
Board'of Education, will receive sealed bids until 12 m.April
Treasurer, will
sealed bids until
43.1% coupon or registered school series H bonds. Date 11 for $52,500 -J. L. Pendry, County% road bonds. receiveMarch 15 1927. 10 a. in.
April 1 1927. April 4 for $23,400 4%
Date
Denom.
Denom.$1,000, except one for $500. Due April 1 $1.500.
1929 to 1945. Prin. and int. (A. & 0.) payable in gold 1928 and $3,000. $585. Due $1,170 May and Nov. 15 1928 to 1937, incl.
at the Scarsdale
National Bank & Trust Co., Scarsdale. Legality will be approved by
SWOYERVILLE SCHOOL DISTRICT (P. 0. Kingston), Luzerne
Hawkins, Delafield & Longfellow, New York City. A certified check for County, Pa.
-BOND SALE.
-The $150,000 5%% coupon school bonds
2% of the amount of bonds bid for, payaole to the Board of Education is offered on Aug. 16-V. 123, p. 745
-were awarded to M. M. Freeman &
required.
Co. of Philadelphia. Date June 30 1926. Due 830,000, June 30 1932
SCOTTVILLE FRACTIONAL SCHOOL DISTRICT NO. 6, Mason to 1936, incl.
County, Mich.
-BOND OFFERING.
SYRACUSE, Onondaga County N. Y.
-W.G. Alivay. Secretary of Board of
-BOND OFFERING.
-H. W.
Education, will receive sealed bids until 7:30 p. m. April 6 for $40.000 5% Osborn, Clty Comptroller, will receive sealed bids until 1 p. m. April 8,
school coupon bonds. Date March 1 1927. Denom. $1.000. Due for the following 5 issues of bonds aggregating $2,270,000:
$2,000, March 1 1929 to 1948. incl. Prin. and int. (M. & S.) payable at $980,000 school bonds. Due serially, 1928 to 1967, inclusive.
place designated by purchaser. A certified check for $500 is required.
520.000 water bonds. Due serially, 1928 to 1947, inclusive.
These are the bonds originally offered on Feb. 23.-V. 124. p. 824.
500,000 general impt. bonds. Due serially 1928 to 1947 inclusive.
240,000 intercepting sewer bonds. Due serially 1928 to 1947, inclusive.
SCRANTON INDEPENDENT SCHOOL DISTRICT, Eastland
30,000 traffic signal bonds. Due serially 1928 to 1932, inclusive.
County, Tex.
-BONDS REGISTERED-The State Comptroller of Texas
registered on March 22 an Issue of $9.000 5% school bonds. Due in 40 to Dated May 1 1927. Coupon bonds registrable at to principal only or as
both principal and interest. Bidders to name denomination and interest
years.
rate, the latter to be in multiples of % of 1%. Prin, and int. payable
in gold at the Equitable Trust Co. N. Y. City. A certified check for 2%
SEATTLE, King County, Wash.
-BOND SALES.
-During the month
'
of January the city of Seattle sold the following issues of 6% special im- of the face value of each issue bid for payable to the above-named official
required. Legality to be approved by Caldwell & Raymond of New York
provement bonds aggregating $687,666.62:
City.
Impt. Dist.
Purpose
Date
Financial Statement.
No. Amount.
of Bonds.
Date.
When Due.
Assessed Valuation Taxable Property
8302.315,444.00
4260 $29,482.90 Grading
Jan. 8 1927 Jan. 8 1939 Actual Valuation Taxable Property (Est.)
4313
450,000,000.00
5,921.81 Grading
Jan. 8 1927 Jan. 8 1939 Assessed Valuation Real
Property
4326
293,046,719.00
4,691.97 Sewers
Jan. 10 1927 Jan. 10 1939 Assessed Valuation Special Franchises
4330
9,101;160.00
6,005.42 Paving
Jan. 10 1927 Jan. 10 1939 Bonded Debt, including above issues
4333
27.594,711.72
1.810.65 Paving
Jan. 10 1927 Jan. 10 1939 Water Bonds,
4093 270,497.34 Trunk sewers
4,930,750.00
Jan. 17 1927 Jan. 17 1939 Water Bonds included in above
(excluding Refunding issue) issued since
4254 148,877.04 Paving
Jan. 17 1927 Jan. 17 1939
Jan. 1 1908, included in above
4253
1,940,750.00
3,036.07 Water mains
Jan. 18 1927 Jan. 18 1939
Population Census 1925
4297
4,122.99 Grading
187,062
Jan. 18 1927 Jan. 18 1939
4281 42.208.06 Water mains
Jan. 20 1927 Jan. 20 1939
TALLADEGA, Talladega County, Fla.
-MATURITY
-BASIS.
4215 11,942.85 Water mains
Jan. 21 1927 Jan. 21 1939 The $75.000 534% water works bonds
4314 28,427.86 Paving
Jan. 21 1927 Jan. 21 1939 ville at 103-V. 124. p. 1877-a basisawarded to Caldwell & Co. of Nashof about 5.23%, mature April 1 as
4317
2,742.64 Paving
Jan. 24 1927 Jan. 24 1939 follows: $2,000, 1932 to 1936, incl.:
4346
3,407.54 Grading
Jan. 24 1927 Jan. 24 1939 1942 to 1946, incl., and $5,000. 1947$3,000, 1937 to 1941, hid.; $4,000,
to 1952, incl.
4394
2,491.25 New street
Jan. 24 1927 Jan. 24 19394380 87,047.76 New street
Jan. 28 1927 Jan. 28 1939
TAYLOR TOWNSHIP SCHOOL DISTRICT NO. 7(P.O. Detroit),
4247 34,952.47 Grading
Jan. 31 1927 Jan. 31 1939 Wayne County, Mich.
-BOND OFFERING.
-John Boike, School Director, will receive sealed bids until 2 p. m. April 2 (to-day) for the following
The bonds are subject to call yearly.
two issues of 5% bonds, aggregating $15,000:
SHARONVILLE, Hamilton County, Ohio.
-BOND SALE.
$2,450 school site bonds.
-The
$1,882.79 6% coupon curb and gutter assessment bonds offered on March 2
12,550 school bonds.
-V.124. p. 825
-were awarded to the Sharonville Bank of Sharonville at
Due in ten years.
par. Date Feb. 26 1927. Denom. $190, except one,for $178.74. Due
TEMPLE, Berke County, Pa.
-BOND OFFERING.
Sept. 26 as follows: $237.79, 1928 and $235, 1929 to 1935, incl.
bach, Borough Secretary, will receive sealed bids until -Samuel T. Lein8 p. m. April 4 for
SHAWNEE, Pottawatomie County, Okla.
-BOND SALE.
-The $40,000
% borough bonds. Date May 1 1927. Denom. $1,000.
American National Co. of Oklahoma City, have purchased an issue of Due May 1, 515.000 in 1932 and 825,000 in 1957. Legality to be approved
by Townsend, Elliott & Munson of Philadelphia. A certified check for
$482,000 water works bonds.
5% of the amount of bonds bid for, payable to the borough, is required.
SHEFFIELD TOWNSHIP SCHOOL DISTRICT, Warren County,
-Chas. J. Anderson, District Treasurer, will rePa.
-BOND OFFERING.
TONAWANDA,Erie County, N. Y.
-BOND OFFERING.
-Edward F.
ceive sealed bids until 8 p. m.. April 18. for $40,000 4%% school bonds. Fries, City Treasurer, will receive sealed bids until 8 p. m. April 11 for
Date March 1 1927. A certified check for 1% of the amount of the bid is $25,000 434% coupon sewer bonds. Dated Jan. 1 1927. Denom. $1.000.
Due $1,000 Jan. 1 1933 to 1957 incl. Prin, and semi-ann, int, payable at
required.
the Chase National Bank, New York City. Legality
by
SOUTH BEND SCHOOL CITY, St. Joseph County, Ind.
-BOND Thomson, Wood & Hoffman of New York City. A will be approved for
certified check
SALE.
% school impt. bonds offered on March 30- $1,000, payable to the City Treasurer, is required.
-The $300,000
V. 124, p. 1406
the First Trust & Savings Bank of Chi-were awarded to
cago. Dated April 15 1927. Due $30,000 April 1.5 1937 to 1946 incl.
TOOELE, Tooele County, Utah.
-BOND DESCRIPTION.
$22,000 4% sanitary sewer bonds purchased by the Ashton-Jenkins -The
Insur-TEMPORARY LOAN.
SPENCER, Worcester County, Mass.
-The ance Co. of Salt Lake City. in V. 124. p. 1721. are described as follows:
380,000 temporary loan offered on March 28-V.124, p.1877
-was awarded Date April 1
Coupon bonds in denomination of 51,000. Due
to the First National Bank of Boston on a 3.63% discount basis, plus a serially 1928 to 1927. Incl. Interest payable A. & 0.
1937,
premium of $3. Due Nov. 1 1927.
TORONTO SCHOOL DISTRICT, Jefferson County, Ohio.
-BOND
SPINIMLE, Rutherford County, No. Caro.
-BOND OFFERING.- SALE.
-The $27,500
% coupon school bonds offered on March 17ALla E. Yelton, Town Cl"rw, will receive sealed bids until April 5, for the V. 124, p. 1406
-were awarded to the Herrick Co. of Cleveland at a prefollowing three issues of 6% bones, aggregating $150,000:
mium 0(81,502, equal to 105.46.
APR. 2 19271
THE CHRONICLE
Following is a complete list of the bids:
BidderPremium. BidderPremium.
Breed, Elliott & Harrison_.31,231.20 W.S. Slayton
$1,313.00
A. E. Aub & Co
1,409.00 Stevenson,Perry az Stacy.- 920.00
The Daviers Bertram Co
1,316.00 Otis & Co
1,291.00
First Citizens Corp
1.265.00 Seasongood & Mayer
1,448.00
N.S. HUI& Co
1,068.75 Well, Roth & Irving Co___ 1,276.00
S. T. R. System
1,234.00 Guardian Trust Co
1,423.00
The Herrick Co
1.502.00
TROY, Rensselaer County N. Y.
-BOND OFFERING.
-James A.
McCarthy, City Comptroller, will receive sealed bids until 10 a. m. Apr. 6
for $240,000 4% coupon or registered public impt. bonds. Date May 1
1927. Denom. $1,000. Due $12,000 May 1 1928 to 1947 incl. A certified checkfor1% ofthe par value ofthe bondspayableto the cityisrequired.
UNION COUNTY (P. 0. Elizabeth), N. J.
-BOND SALE.
-The
coupon or registered bridge and building bonds offered on March 31-were awarded to Eldredge & Co. of New York, M. M.
V. 124, p. 1877
Freeman & Co. of Philadelphia and L. F. Rotschlld & Co. of New York,
taking $2,450.000 ($2,500,000 offered) as 434s at a premium of
equal to 102.05. Date April 1 1927. Due April 1: $85.000 1928 $50,345,
to 1935,
incl.; $100,000 1936 to 1946, incl., and $120,000 1947 to 1952, incl.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-BOND SALE.
-The $34,000 4;5% road bonds offered on March 26-V. 124, p. 1721
were awarded to the Fletcher American Co. of Indianapolis at a premium
of $647.50. equal to 101.90.
VIDALIA, Concordia County, La.
-BOND OFFERING.
-Sealed bids
will be received by the Mayor until April 12 for $20,000 5% public improvement bonds.
WALTERBORO, N. Y.
-BOND OFFERING.
-E. J. Roberts,
Clerk, will receive sealed bids until 12 m. April 7 for $51,500 4M % Village
or registered paving bonds. Date April 1 1927. Denom. $1,000,coupon
except
one for $500. Due April 1. $3,000 1928 to 1943, incl., and $3,500 1944.
Principal and interest (A. & 0.) payable in gold at the National Bank of
Walterville in New York exchange or at the American Exchange Irving
Trust Co., New York City. Legality will be approved by Clay. Dillon &
Vandewater, of New York Qity. A certified check for $1,000, payable to
the village, is required.
WAPPINGER COMMON SCHOOL DISTRICT NO. 4 (P. 0. Chelsea), Dutchess County, N. Y.
-BOND OFFERING.
-Emory J. Hager.
District Clerk, will receive sealed bids until 2 p. m. April 16 for $33.000
coupon or registered school bonds. Date April 1 1927. Denom. $1.000.
Due April 1, $2,000, 1928 to 1943, incl., and $1.000. 1944. Prin. and int.
payable in gold at the Matteawan National Bank, Beacon. Legality will
be approved by Hawkins, Delafield & Longfellow of New York City.
A certified check for 2% of the amount of bonds bid for payable to the
Board of Trustees, is required.
ADD TO WINSTON-SALEM, No. Caro.
Financial Statement.
Total assessed valuation of taxable property
$130,000,000.00
Actual Value of Taxable Property (estimated)
200,000.000.00
Gross bonded debt (including proposed issue of bonds)...._ 15,610,056.84
Water bonds
$2,596,129.39
Sink.funds (for bonds other than water bonds) 161.006.49
Special assessments (actual or estimated) applicable to payment of bonded debt
4,957,056.84
Total deductions
Net bonded debt
Population (1926 est.). 77,200.
7,714,192.72
$7,895,864.12
WARWICK TOWNSHIP SCHOOL DISTRICT (P. 0. Everson,
R. F. D. No. 2), Fayette County, Pa.
-BOND OFFERING.
-E. K.
Lloyd, Secretary Board of School Directors, will receive sealed bids until
6 p. us. April 7 for $12,000 4,56% coupon school bonds. Dated April 15
,
1927. Denom. $1,000. Due April 15. $2,000 1937, 1942 and 1947,
$3,000 1952 and 1957. A certified check for 2% of the bonds bid and
for,
payable to the District Treasurer,is required.
WASHINGTON COUNTY (P. 0. Salem), Ind.
-BOND SALE.
The $34,000 5% road bonds offered on March 26-V. 124,p. 1721-were
awarded to the Union Trust Co. of Indianapolis at a premium of $1,422,
mylang.iti81,bits of alml,
a to
v 5
.
8 e
411%
.. Date March 71927. Due $1,700
WATERBURY, New Haven County, Conn.
-FINANCIAL STATEMENT.
-We are now in receipt of the following complete financial statement with regard to the offering on April 7 of the three issues of 4g%
bonds, aggregating $975,000 (V. 124. p. 1878):
Financial Statement.
Assessed valuation of taxable property, grand list
$184,595.344.00
Tax rate on list 1926, payable May 1 and Nov. 1 1927
31.90 mills
Revenues for Year 1926.
Taxes
$4,816,092.98
Miscellaneous items-Including State school funds,
licenses, assessments, water rents, grants & gifts, &c
757.306.29
Total
$5,573.399.27
Bonded Indebtedness.
Water bonds
$6.242,000 1 Isolation Hospital bonds_ - $305,000
School bonds
2,107,000Park bonds
Sewage disposal bonds.-- 428,000 Street improvement bonds 320,000
805,000
City Hall, police & fire
Storm water drainage bds_
170.000
station bonds
660.000 Improvement bonds
20,000
Sewerage bonds
182,000 Comfort station & garage
Brooklyn Bridge bonds
bonds
100,000
65,000
West Main St. Bridge bds. 150,000 Fire Department bonds
225,000
Bridge bonds
400,000 Funding bonds
1,125,000
Total bonded indebtedness
$13,304,000.00
Less water bonds outstanding
6.242,000.00
Amounts in Sinking Funds.
Street improvement bonds
Sewerage bonds, 1923
$7.062.000.00
$99,956.13
72,000.00
171.956.13
Net bonded indebtedness
$6,890,043.87
Statistics of the City of Waterbury-Population at Different Periods.
1880
33,20211900
20,27011890
51.139
1910
73,14111919
125,0001
WAYNESFIELD SCHOOL DISTRICT, Auglaize County, Ohio.BOND OFFERING.
-J. C. Stooker, Clerk Board of Education,
sealed bids until April 16 for $8,000 school bonds. These arewill receive
the bonds
offered for sale on Mar. 11 (V. 124, p. 1559)•
WAYNESVILLE, Haywood County, No. Caro.
-INTEREST RATE
BASIS.
-The $85,000 registered street improvement bonds awardedto
the Davies-Bertram Co. of Cincinnati at 101.35-V. 124, p. 1878-a basis
of about 4.84%, bear interest at the rate of 5%. Date March 1 1927.
Due March 1 as follows: $3,000, 1930 to 1936, incl.; $6.000. 1937 to 1942,
incl., and $7,000. 1943 to 1946, incl.
WEBB COUNTY (P. 0. Laredo), Tex.
-BOND DESCRIPTIO -The
highway bonus purchased by J. L. Arlin, of AustinN. 124.
$300.000 5
(V.
p. 1721) are described as follows: Date Dec. 15 1926. Denom. $1,000.
Due $10,600 Dec. 15 1927 to 1956, inclusive. Principal and interest
(J. & D.15) payable at the National Park Bank of New York City.
ity to be approved by Chapman, Cutler & Parker of Chicago. LegalFinancial Statement.
Actual valuation (estimated)
$30,000,000
Assessed valuation (1926)
17,985,850
Total bonded debt (including this issue)
961,000
Population (estimated), 50,000.
WENDELL,Gooding County,Ida.
-BOND OFFERING.
-2.E.Dyar,
City Clerk, will receive sealed bids until 2 p. m. April 8 for $6,500 6%
coupon street improvement bonds. A certified check for 5% of the bid
equired.
2027
WESTCHESTER COUNTY (P. 0. White Plains), N. Y.
-NOTE
SALE.
-The Chase Securities Corp. and Barr Bros. & Co.. both of
York have been awarded jointly $2,989,090 park improvement notes New
3.79% discount basis, plus a premium of $10. Date April 6 1927. on a
Due
June 5 1928.
WESTERVILLE, Franklin County, Ohio.
-BOND OFFERING.
W. A. Kline, Village Clerk, will receive sealed bids
until 12
for the following six issues of 5% coupon special assessment m., April 23,
bonds aggregating $72,702:
$21,365 Hiawatha Ave. paving bonds. Denom. $1,000.
$500 and
$365. Due Oct. 1: $2,000, 1928 and 1929; $2,365, 1930: one for
$2,000,
1931 to 1933, incl.; $2,500, 1934; $2,000, 1935
and 1936, and
$2.500. 1937.
27,125 Parkview Ave. water and sewer bonds. Denom.
$1,000, $500 and
one for $125. Due Oct. 1: $2,625. 1928: $2,500.
1930 to 1932, incl.; $2.500, 1933 and 1934. $3,000, 1929; $3,000.
1935; $2,500.
1936, and $3,000. 1937.
2,940 University St. water main bonds. Denom.
$300. except one for
$240. Due Oct. 1: $240, 1928 and $300, 1929 to 1937, incl.
8,136 University St. paving bonds. Denom $1,000..500
$136. Due Oct. 1: $136, 1928; $1,000, 1929; $500. and one for
1930; $1,000,
1931 and 1932; $500, 1933; $1,000. 1934 and 1935;
$500, 1936,
and $1,000, 1937.
8,910 Mossman Ave. water main and paving bonds.
Denom. $1,000.
one for $500 and one for $410. Due Oct. 1: $410,
1928; $1.000,
1929 to 1932, incl.; $500. 1933 and $1,000.
4,226 Logan Ave. paving bonds. Denom. $500. 1934 to 1937, incl.
$400, and one for $26.
Due Oct. 1: $426, 1928; $400, 1929 to 1931, incl.;
$500. 1932;
$400, 1933 to 1936, incl.. and $500, 1937.
Date April 11927. A certified check for 1% of the
amount of bonds bid
for payable to the Village Treasurer is required.
WHITE COUNTY (P. 0. Monticello), Ind.
-BOND
0. 0. Downey, County Treasurer, will receive sealed bids OFFERING.
until 10 a. m.
April 6 for the following two issues of 435% bonds,
aggregating $28.500:
$19,500 road bonds. Denom. $975. Due $975 May and
Nov. 15 1928
to 1937, inclusive.
9,000 road bonus. Denom. $450. Due $450 May and Nov.
15 1928 to
1937. inclusive.
Date March 15 1927.
WILDWOOD,Cape May County, N. J.
-BOND SALE.
-The following two issues of 5% coupon or registered bonds offered on March
29V. 124, p. 1721-were awarded to the Fidelity Trust Co. of Wildwood:
$145,000 ($150,000 offered) viaterbonds at a premium of $5.790. equal
to
103.99, a basis of about 4.70%. Due April 1 as follows:
$4.000.
1928 to 1957,incl.;$3,000, 1958 to 1965,incl., and $1,000;1966.
49.000 ($50.000 offered)street widening bonds at a premium of
$1,352.80.
equal to 102.76, a basis of about 4.69%. Due 82,000,
April 1
1928 to 1951, incl., and $1,000, 1952.
Date April 1 1927. .
WILLIAMSPORT SCHOOL DISTRICT OF LYCOMING COUNTY,
-BOND SALE.
Pa.
-The $300,000 4.10% coupon school bonds offered
March 29 (V. 124. p. 1772) were awarded to the First National Bank on
of
Williamsport at a premium of $6,882.93. equal to 102.79-a basis
of about
3.91%. 'Date April 15 1927. Due April 15 as follows:
$25,000, 1934; $29.000, 1937; $3.00O, 194G; $38,000, 1943;$29,000. 1931;
$42.000, 1946
849.000. 1949, and $55.000. 1952.
Following is a complete list of the bids:
Bidder
Price Bid
Lycoming Trust Co.and Susquehanna Trust Co., Wllliamsport
_$304,525.00
Williamsport National Bank, Williamsport
303,102.30
C. C.Collings & Co, Philadelphia
302.517.33
R. M. Snyder & Co., Philadelphia
302,205.00
M. M.
Freeman & Co., Philadelphia
302,037.00
W. H. Newbold's Sons & Co., Philadelphia
301,929.90
Edward B. Smith & Co., Philadelphia
301,739.40
Graham Parsons & Co., Philadelphia
301,664.28
Yarnall dr Co., Philadelphia
301,548.00
Mellon National Bank, Pittsburgh
301,346.17
National City Co., New York
301,227.00
Bank of N. A. Trust Co., Philadelphia
300,650.00
WINSTON-SALEM, Forsyth County, No. Caro.
The $550,000 435% coupon city hall bonds offered on -BOND SALE.
March 25-V. 124,
p. 1722
-were awarded to the Federal Commerce Trust Co. of St. Louis
and W. F. Shaffner dc Co. of Winston-Salem at a
$6.380. equal
to 101.16, a basis of about 4.36%. Due March 1 premium of$40,000.
as follows:
1928
to 1932,incl.; 318,000. 1933 to 1947,incl., and $16,000, 1948 to 1952, incl.
WINTER PARK, Orange County, Fla.
-BOND OFFERING.
-E. F.
Bellows, City Clerk, will receive sealed bids until
$210,000 6% improvement bonds. Date Jan. 1 7.30 p. m. April 25 for
1927. Denom.
Due $21,000. July 1 1928 to 1937. incl. Alternative bids may $1,000.
also be
submitted for bonds bearing a lower rate ofinterest.
payable at the National Bank of Commerce of New Prin and hit.(J. dc J.)
York City.
fied check for 2% of the bid required. Legality to be approved by A certiCaldwell
& Raymond of New York City.
WOONSOCKET, Providence County, R. I.
-BOND OFFERING.
A. J. Follett, City Treasurer, will receive sealed bids until
7.30 P. m•
April 11 for $400.000
% coupon junior high school
April 15 1927. Denom. $1,000. Due $8,000 April 15 1928bonds. Date
Principal and interest (A. & 0. 15) payable in gold at the to 1977, inl.
First National
Bank of Boston, Boston. The bonds are under the supervision
of the
First National Bank of Boston. which will certify as to their genuineness.
Legality approved by Ropes, Gray, Boyden & Perkins of Boston.
Financial Statement March 21 1927.
Assessed valuation 1926
$86.891,950.00
3% of same
2,606.758.50
Bonded debt (not including this issue)
$8.913,000.00
Note indebtedness
650,000.00
Total debt
9.563.000.00
Deductions:
Water bonds
81,039.000.00
Sewer bonds
Sinking funds (not including water & sower).. 775,000.00
1,680,760.06
3,494.760.06
Net debt
86,068.239.94
Water sinking funds
$299.691.59
Sewer sinking funds
23,568.74
WORCESTER, Worcester County, Mass.
-NOTE SALE.
-The First
National Bank of Boston purchased on March 28
the $1,000,000 revenue
notes on a 3.55% discount basis, plus a premium
of
1927. Due Nov. 15 1927. The notes are payable at $2. Date March 29
Co., Boston, or at the Bankers Trust Co., New the Old Colony Trust
approved by Storey, Thorndike, Palmer & Dodge, York City. Legality
of Boston.
YOUNGSTOWN, Mahoning County, Ohio.
-BOND OFFERING.
A. H. Williams, Director of Finance, will receive sealed
bids until 12 m.,
April 18 for $537.382.69 5% coupon or registered
improvement
special assessment bonds. Date May 10 1927. Due street1 $107,382.69.
Oct.
1928 and $107,500, 1929 to 1932, incl. Prin. and
payable at the
office of the Sinking Fund Trustees. A certifiedinterest for 2% of the
check
amount bid for payable to the Director of Finance is required.
CANADA, its Provinces and Municipalities.
BARTON TOWNSHIP (P. 0. Hamilton), Ont.-BOND OFFERING.
G. Sims, Clerk, will receive sealed
p. m. April 4 for $6,194
536% road bonds. Due in 10 years. bids until 2
BELLEVILLE, Ont.-BONDS APPROVED.
-The City Council has
approved the erection of a $550,000 school.
CHICOUTIMI, Que.-BOND OFFERING.
-J. E. Blackburn.
tary-Treasurer, School Commission, will receive sealed bids until 4 Secrep. m.
April 6 for $56,000 5% 25
-year serial bonds. Date May 1 1927. Denom.
$500.
FORT FRANCES, Ont.-BOND OFFERING.
-11. E. Mari% Town
Treasurer, will receive sealed bids until April 9 for $80,000 5.4% school
bonds. Due in 20 equal annual installments.
THE CHRONTCLE
2028
-The Imperial Bank of Canada
HUMBERSTONE,Ont.-BOND SALE.
of Toronto has been awarded $175,636.69 57;p coupon 30 installment bonds
at a premium of $769.28. equal to 100.43. Date Oct. 1 1926. Due in 30
equal installments.
L'ASSOMPTION COUNTY (P. 0. L'Asaomption), Que.-BOND
-J. E. Beauchamp, Secretary-Treasurer, will receive sealed
OFFERING.
bids until 7 p. m. April 5 for $25,000 bonds. Date Jan. 2 1927. Denom.
$100. Due serially in 20 Years.
-The $69.700 5% school bonds
LA TOQUE, Que.-BOND SALE.
-were awarded to Lagneux & Duroffered on March 22-V. 124, p. 1722
veau of Montreal at 98.08. a basis of about 5.11%. Due in 25 years.
-The ratepayers will vote
-BOND ELECTION.
LETHBRIDGE. Alta.
on a $40,000 school by-law on March 25.
-The following two issues of
NEW TORONTO Ont.-BOND SALE.
5% bonds, aggregating 378.400, offered on Mar. 21 (V. 124. p. 1722),
were awarded to the Canadian Bank of Commerce of Toronto at 98.30:
$70,750 paving bonds. Due in 15 installments.
7.650 street extension bonds. Due in 20 installments.
Other bidders were:
Rate Bid.
BidderRate Bid.
Bidder97.70
98.75 MacKay-MacKay
Bank of Nova Scotia
97.53
98.60 Royal Securities Corp
Wood. Gundy & Co
98.11 McLeod, Young,Weir & Co. 96.67
C. H. Burgess & Co
97.95
Dominion Bank
-The following two issues of
NEW TORONTO, Ont.-BOND SALE.
-were awarded to the
5% bonds, aggregating $78.400-V. 124, ie. 1722
Canadian Bank of Commerce of Toronto at 98.86,a basis ofabout 5.17%:
paving bonds. Due in 15 years.
$70.750
7.650 street extension bonds. Due in 20 years.
-R. P. Clark & Co.,
-BOND SALE.
NORTH VANCOUVER, B. C.
Ltd.. of Vancouver have been awarded five issues of bonds, aggregating
$185.143, as follows:
-year
-year bads,$53,000 5% 20
-year bonds,853.0005% 30
*50,0005% 15
-year bonds, at 98.51. a basis of about 5.11%•
bonds and $26,001 5% 15
-year bonds at 102.85, a basis of about 5.27%.
$3,142 534% 20
Following is a complete list of the bids:
$50.000 $53,000 $53.000 $26 001 $3,142
534%
58
5%
5%
5%
-Yr.
15-yr. 30-yr. 20-yr. 15-yr. 20
97.67 102.00
97.79 97.81
97.67
Read Bros. & Co
97.03 97.03 97.03 97.03 97.03
Royal Securities
98.36 98.36 98.36 102.65
98.36
A. E. Ames tz Co
98.111 98.111 98.111 98.111 102.05
V. W.Odium & Co
98.262 98.262 98.262 98.262 102.023
Royal Financial Corp
96.83 97.05 100.01
96.51
97.05
B.C.Bond Corp
-The Royal Financial Corp.
-BOND SALE.
PORT MOODY, B. C.
of Vancouver has been awarded $5,000 local improvement bonds at 98 23.
REGINA, Sask.-BIDS.-Following is a complete list of the bids for
the five issues of 5% bonds awarded to the Dominion Securities Corp. of
Toronto at 99.64, a basis of about 5.03% (V. 124. p. 1722):
Rate Bid
Bidder99.52
John MacGregor Co., Ltd., Winnipeg..
99.27
Nay & James. Regina
99.05
of Commerce. Regina
Canadian Bank
98.65
C. C. Cross & Co.. Regina
97.980
Brouse, Mitchell & Co.. Toronto
98.81
Cochran. Hay & Co., Toronto. and George Moorhouse & Co
98.75
Galloway, Cleary & Co., Regina
98.18
McLeod. Young, Weir & Co., Toronto
98.817
Fry, Mills, Spence & Co.. Toronto
99.259
Wood, Gundy & Co., Toronto
99.09
& Co., Toronto
Bell, Guinlock
99.037
Royal Securities Corp., Montreal
98.77
C. H.Burgess tic Co., Toronto
98.813
Dymcnt, Anderson & Co.. Toronto
-The $75,000 534%
ST. JOSEPH D'ALMA, Que.-BOND SALE.
coupon local improvement bonds offered on March 28-V. 124, p. 1878
were awarded to Bray, Caron & Dube of Quebec at 101.18. Date Feb.1
1927. Due serially 1952.
-The
-BONDS AUTHORIZED.
SASKATCHEWAN (Province of).
following is a list of bond issues authorized by the Local Government Board
from Mar. 5 to 12, inclusive: School Districts: Rocky Lodge, $3,000 not
NEW LOANS
[VOL. 124.
exceeding 8% 15
-years; Hodgeville, $1.000 not exceeding 6% 5-years;
Levant, $1,500 not exceeding 634% 10-years; Newnham, $4,500 not ex-years: Biggar,
ceeding 6% 15
-years; Filet, $2,000 not exceeding 6% 10
-years; Etaplee. $4,000 not exceeding 7%
$26,000 not exceeding 6% 30
15-years: and Myler, $5,500 not exceeding 7% 15-years.
BOND SALE.
-The Farmers Mutual Fire Insurance Co.of Saskatchewan
-year bonds.
has purchased an issue of $1,000 6% 10
-The following 16 issues of 5%
SASKATOON, Sask.-BOND SALE.
impt. bonds, aggregating $256,500. offered on March 23-V. 124 p. 1560were awarded to A. E. Ames & Co. of Toronto at 99.41, a basis of about
5.06%:
$50,000 collegiate institute extension bonds. Due in 30 years.
45,000 graveling road bonds. Due in 10 years.
25,000 electric light and power extension bonds. Due in 10 years.
20,000 children's shelter bonds. Due in 30 years.
20,000 electric light extension bonds. Due in 15 years.
19,000 concrete sidewalk bonds. Due in 20 years.
17,000 fire apparatus bonds. Due in 10 years.
10,000 water main and 25th St. bridge. Due in 30 years.
9,000 water connections bonds. Due in 10 years.
6.000 sewer connections bonds. Due in 10 years.
6,000 automatic half interlocking plant and 20th St. bonds. Due n
10 years.
5,500 city hospital improvement bonds. Due in 10 years.
5,000 water meters bonds. Due in 15 years.
3,500 water meters bonds. Due in 15 years.
3,000 auxiliary connection to pumping plant bonds. Due in 30 years.
2,500 city hospital improvement bonds.
Date May 1 1927.
-Thomas Foster, Mayor, wil
TORONTO, Ont.-BOND OFFERING.
receive sealed bids until 12 m. April 5 for the following six issues of 04%
coupon bonds. aggregating $8.800.000:
$2,500,000 waterfront viaduct bonds. Due serially in 30 years.
2,050,000 hydro-electric system bonds. Due serially in 20 years.
1,250,000 north-west grade separation bonds. Due serially in 30 Years.
1,250,000 dupllcate water works system bonds. Due serially in 30 years.
1.000.000 hydro-electric system bonds. Due serially in 20 years.
750.000 sewage disposal site and plant bonds. Due serially in 30 years.
Date April 1 1927. Denom. $1,000. Principal and interest (A. & 0.)
payable in Toronto or at Lloyds Bank, Ltd.. London, at holder's option,
at fixed rate of $485 2-3 per sterling pound or at the agency of the Canadian
Bank of Commerce in New York City. A certified check for 2% of the
par value of the bonds is required. Legality approved by Clarke, Swabey
& McLean of Toronto. These are the bonds mentioned in V. 124. p. 1878.
-The ratepayers will be asked to
TRAIL, B. C.
-BOND ELECTION.
vote on a $100,000 street by-law.
TRURO, N. S.
-The ratepayers have approved a
-BONDS VOTED.
816.000 waterworks by-law.
VANCOUVER, B. C.
-A syndicate composed of Wood.
-BOND SALE.
Gundy & Co. of Toronto and the Royal Bank and Pemberton & Son, both
-year Greater
of Vancouver, have purchased an issue of $1,000,000 5 to 40
Vancouver Water District bonds at 100.90, a basis of about 4.94%. Following is a complete list of the bids:
Wood, Gundy & Co., Royal Bank of Canada and Pemberton &
100.90
Son, Ltd. (Vancouver)
Gillespie, Hart & Todd, V. W.Odium & Co., Cochran, Hay & Co.
100.78
and Fry, Mills, Spence & Co
100.59
McLeod. Young, Weir & Co. and Canadian Bank of Commerce._
Royal Securities Corp., R. A. Daly & Co., Matthews & Co. and
100.53
Bank of Nova Scotia
100.38
Dominion Securities Corp
100.16
Royal Financial Corp
100.15
A. E. Ames & Co
99.61
Bank of Montreal
99.57
Dyment, Anderson & Co
-We are now informed by the
-CORRECTION.
VANCOUVER, B. C.
City Comptroller that the reported sale of $2,025,000 improvement bonds
Is erroneous.
-The following three issues of 5%
WATERLOO Ont.-BOND SALE.
-were
bonds, aggregating $33,392. offered on March 25-V. 124, p. 1878
awarded to the Waterloo Trust & Savings Co. of Kitchener at par:
$23.631 bonds. Due 1937. $4.503 bonds. Due 1947.
5,258 bonds. Due 1942.
Date May 11927.
FINANCIAL
FINANCIAL
Chartered 1831
I
BO N D' S I
MUNICIPAL
and
CORPORATION
THE DETROIT COMPANY
Incorporated
CHICAGO
NEW YORK
BOSTON SAN FRANCISCO
Correspondent of
DETROIT TRUST COMPANY
DETROIT. MICH.
We Specialize in
City of Philadelphia
3s
/
31 28
48
/
4148
/
41 2s
5s
51As
2
/
518
Biddle & Henry
1522 Locust Street
Philadelphia
WHITTLESEY
MeLEAN &CO.
Private Wire to New York
Call Canal 8437
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
Adrian H. Muller & Son
AUCTIONEERS
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Is read by Cotton men for an accurate
digest of this news.
Your services can be announced to
those readers at a moderate cost
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OFFICE NO. 55 WILLIAM STREET
Corner Pine SW-.
Regular Weekly Sales
OF
Stooks and Bonds
EVERY WEDNESDAY
Exchange Salesrooms
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Institutions Desiring
Philadelphia Connections
are invited to avail themselves
of the Banking, Trust, Real
Estate and other facilities of
this Company, which is now
serving many clients in other
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The continued growth of this
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under perpetual charterin 1836,
is evidence of the satisfactory
service rendered.
GIRARD
TRUST COMPANY
Broad & Chestnut Sta., Philadelphia
@FedFRASER